Prada S.p.a. · HKEX:1913
Prada — Prada Spa Ord — H1 2026 Earnings Presentation
26 slides from Prada's earnings presentation, Jul 30, 2026
Slide 1: H1-26 Results Presentation
H1-26 Results Presentation Milan, July 30th 2026 1 July 30th 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document is for information purposes only and does not constitute an offer, solicitation, invitation or recommendation to subscribe for or purchase any securities, or other products or to provide any investment advice or service of any kind. This document
Slide 3: Today's Speakers
Today’s Speakers Andrea Guerra Lorenzo Bertelli Andrea Bonini Group CEO Group CMO Group CFO Group Head of Sustainability Versace Executive Chairman 3 July 30th 2026
Slide 4: Agenda
Agenda Highlights and Business Update Andrea Guerra Brand Overview and ESG Update Lorenzo Bertelli H1-26 Financial Review Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 4 July 30th 2026
Slide 5: Robust H1-26 with Net Revenues at +16%; Solid Growth and Steady Profitability on Organic Basis
Robust H1-26 with Net Revenues at +16%; Solid Growth and Steady Profitability on Organic Basis Effective execution supporting solid H1-26 Retail Sales +12%, +3% organic (1), performance against double-digit comps in H1-25 strengthening to +5% in Q2 Enduring brand relevance driving Prada +3%, +6% in
Slide 6: Prada Group
Prada Group • Net Revenues of €3.0 bln in H1-26, up 16% yoy, +5% organic (1), with Q2 at +7% • Focused execution, striving for excellence across product, retail, communication and strong team routines • All Regions except Middle East reporting QoQ improvements, with notable strength in Americas, Jap
Slide 7: Agenda
Agenda Highlights and Business Update Andrea Guerra Brand Overview and ESG Update Lorenzo Bertelli H1-26 Financial Review Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 7 July 30th 2026
Slide 8: Prada
Prada A universe of creativity, culture and extraordinary brand experiences Fashion shows and campaigns Cultural initiatives and one-of-a-kind Landmark destinations elevated the Prada showcased Prada’s vibrant creativity projects celebrated the brand universe experience • Acclaimed Menswear and Wome
Slide 9: Miu Miu
Miu Miu Enduring brand desirability Fashion shows, campaigns and talents Signature cultural initiatives Special projects broadened the brand celebrated the brand identity strengthened Miu Miu’s distinctive voice reach • Fashion shows continued to generate strong • Tales & Tellers and Literary Club c
Slide 10: Versace
Versace Well-defined path forward • Clear strategic priorities and execution timeline • Performance in line with expectations - Setting the basis for gradual repositioning towards full price as quality of topline remains key focus - Efforts centred on improving retail execution - Selective closures
Slide 11: ESG
ESG Progressing on our objectives for PLANET for PEOPLE for CULTURE • Raw materials conversion plan to lower • WW People Culture Forums delivering • Renewed support to key educational impact alternatives strengthening responsible meaningful progress on DE&I priorities initiatives through SEA BEYOND
Slide 12: Agenda
Agenda Highlights and Business Update Andrea Guerra Brand Overview and ESG Update Lorenzo Bertelli H1-26 Financial Review Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 12 July 30th 2026
Slide 13: Key Financials
Key Financials Solid organic growth and profitability, healthy balance sheet H1-26 Net Revenues H1-26 EBIT H1-26 Net Cash Flow pre-divid. €3,048 mln €530 mln €176 mln +11% reported / +16% at constant fx (1) / +5% organic (2) Retail Sales (€ mln) and organic growth (%) (2) EBIT / EBIT Adj. (€ mln) an
Slide 14: Net Revenues by Channel
Net Revenues by Channel Net Revenues up double-digit, with organic Retail growth accelerating Royalties 4% € mln H1-26 H1-26 Q2-26 Q2-26 Wholesale % at constant H1-25 H1-26 vs. vs. vs. vs. 10% fx H1-25 H1-25 Q2-25 Q2-25 (organic) (organic) Retail 2,453 2,633 +12% +3% +15% +5% Wholesale 220 299 +40%
Slide 15: Retail Sales by Brand
Retail Sales by Brand Continued solid performance despite turbulences € mln H1-26 vs. Q2-26 vs. Church's Other % at constant fx H1-25 H1-26 H1-25 Q2-25 1% 0% Versace (organic) (organic) 8% Prada 1,647 1,621 +3% +6% Miu Miu 780 763 +3% +3% Versace - 219 - - Miu Miu Prada 29% 62% Church’s 15 16 +5% +7
Slide 16: Retail Sales by Geography
Retail Sales by Geography Broad-based improvement Middle € mln H1-26 H1-26 Q2-26 Q2-26 East 4% % at constant H1-25 H1-26 vs. vs. vs. vs. fx H1-25 H1-25 Q2-25 Q2-25 (organic) (organic) Japan 11% Asia Pacific 838 922 +15% +6% +16% +8% APAC Europe 728 752 +5% -4% +7% -2% 35% Americas Americas 440 572 +
Slide 17: Profitability
Profitability Steady underlying margins year-on-year € mln H1-25 % on Net H1-26 % on Net Revenues Revenues Gross Margin 2,195 80.1% 2,388 78.3% Selling 1,064 38.8% 1,242 40.8% Advertising and Comm. 254 9.3% 307 10.1% Product Design and Dev. 80 2.9% 91 3.0% G&A 177 6.5% 217 7.1% Total Operating Costs
Slide 18: Capex
Capex Remain long-term minded € mln 247 Real Estate 13 226 Corporate, IT & Industrial Retail 109 105 125 121 H1 -2 5 H1 -2 6 • Retail remains the key area of focus, with balanced investments across new openings, renovations and relocations. Constant evolution of the network with selected store closu
Slide 19: Net Operating Working Capital
Net Operating Working Capital Stable on an organic basis 899 753 956 827 € mln Trade Receivables 819 398 468 Inventory Trade Payables 377 1,059 1,138 888 -446 -628 -580 15% 15% 16% organic % of Net Sales (1) H 1 - 25 F Y- 25 H 1 - 26 • Effective working capital management, with organic incidence on
Slide 20: Net Financial Position
Net Financial Position Healthy Cash Flow and Balance Sheet with Net Debt Position of € 693 mln € mln Opening Net Financial Position Surplus / (Deficit) - 31/12/2025 -466 Consolidated Profit / (Loss) before taxation 449 Depreciation and Amortisation 181 Net Working Capital -42 Tax paid -146 Capital E
Slide 21: Agenda
Agenda Highlights and Business Update Andrea Guerra Brand Overview and ESG Update Lorenzo Bertelli H1-26 Financial Review Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 21 July 30th 2026
Slide 22: Closing Remarks
Closing Remarks • The first half of the year unfolded broadly in line with our expectations, despite a macroeconomic and geopolitical environment that remains uncertain • Against this backdrop, we have continued to execute with discipline, delivering on the priorities we outlined at the beginning of
Slide 23: Agenda
Agenda Highlights and Business Update Andrea Guerra Brand Overview and ESG Update Lorenzo Bertelli H1-26 Financial Review Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 23 July 30th 2026
Slide 24: Appendix
APPENDIX PRADA Group 24 July 30" 2026
Slide 25: Condensed P&L
Condensed P&L € mln H1-24 H1-25 H1-26 Net revenues 2,549 100% 2,740 100% 3,048 100% COGS -515 -20.2% -545 -19.9% -660 -21.7% Gross profit 2,034 79.8% 2,195 80.1% 2,388 78.3% Selling -978 -38.4% -1,064 -38.8% -1,242 -40.8% Advertising & Promotion -219 -8.6% -254 -9.3% -307 -10.1% Design and Product D
Slide 26: Condensed Balance Sheet
Condensed Balance Sheet € mln 31 Dec 2025 30 June 2026 Right of use 2,984 2,973 Non current assets (excl deferred tax assets) 4,553 4,630 Net operating working capital 899 956 Other current assets / (liabilities), net -354 -339 Other non current assets / (liabilities), net 142 189 Net invested capit