Prada S.p.a. · HKEX:1913
Prada — Prada Spa Ord — FY2024 Earnings Presentation
27 slides from Prada's earnings presentation, Mar 4, 2025
Slide 1: FY-24 Results Presentation
FY-24 Results Presentation Milan, March 4th 2025 1 March 4th 2025
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: Agenda
Agenda Patrizio Bertelli - Chairman and Executive Director Highlights Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Guerra - Group CEO Business Update Andrea Bonini - Group CFO FY-24 Financial Review Andrea Guerra - Group CEO Priorities for FY-25 and Cl
Slide 4: Sound results and solid progress in the evolutionary journey of the Group
Sound results and solid progress in the evolutionary journey of the Group Enduring relevance Above-market, Further profitability Steadfast progress of our brands in a consistent, like-for-like improvement coupled in the strategic challenging performance at both with substantial investment plan envir
Slide 5: Agenda
Agenda Patrizio Bertelli - Chairman and Executive Director Highlights Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Guerra - Group CEO Business Update Andrea Bonini - Group CFO FY-24 Financial Review Andrea Guerra - Group CEO Priorities for FY-25 and Cl
Slide 6: Prada: Showcasing Prada's polyhedric DNA
Prada Showcasing Prada’s polyhedric DNA Acclaimed fashion shows and impactful Signature events and exclusive experiences Partnerships and collaborations campaigns kept amplifying brand’s strength gave voice to the unique brand universe pushed fashion boundaries • Prada continued to propose a creativ
Slide 7: Miu Miu: Sparking conversations around the brand
Miu Miu Sparking conversations around the brand Miu Miu's artistic collaborations dug New and ongoing collaborations expanded Ongoing strong brand momentum in the brand’s cultural DNA brand boundaries and audiences • Miuccia Prada's singular vision and distinctive • Miu Miu's deep connection with cu
Slide 8: Focus on key areas to deliver on sustainability commitments
Focus on key areas to deliver on sustainability commitments for PLANET for PEOPLE for CULTURE CLIMATE GENDER EQUALITY AND INCLUSION SEA BEYOND • -61% Scope 1&2 GHG emissions (vs. • 46% women in top & senior • ~35,000 students reached by the 3rd SEA 2019 baseline), exceeding 2026 Science- management
Slide 9: Agenda
Agenda Patrizio Bertelli - Chairman and Executive Director Highlights Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Guerra - Group CEO Business Update Andrea Bonini - Group CFO FY-24 Financial Review Andrea Guerra - Group CEO Priorities for FY-25 and Cl
Slide 10: Prada Group
Prada Group • Further steps forward in the journey we have laid out for the Group and its brands - Executing with discipline and consistency - Continuing to develop our skills and capabilities all round, from manufacturing to retail • Conscious of the strength of our brand portfolio: distinctive ide
Slide 11: Prada
Prada • Another solid year delivering above-market performance thanks to the distinctive creative identity and dynamism, and ability to read contemporaneity • Its polyhedric soul gives Prada authority to continue to carve the cultural landscape, creating unique experiences • Unwavering commitment to
Slide 12: Miu Miu
Miu Miu • Very solid year as Miu Miu continues to strengthen its foundations and sharpen its positioning and identity • The brand maintains the spotlight captivating with its subversive aesthetics and sparking cultural conversations • Widespread appreciation of a broader and well- diversified produc
Slide 13: Agenda
Agenda Patrizio Bertelli - Chairman and Executive Director Highlights Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Guerra - Group CEO Business Update Andrea Bonini - Group CFO FY-24 Financial Review Andrea Guerra - Group CEO Priorities for FY-25 and Cl
Slide 14: Key Financials
Key Financials Substantially improved P&L and healthy balance sheet FY-24 Net Revenues FY-24 EBIT FY-24 Cash Flow from Operations €5,432 mln (+15% vs. FY-23 / +17% at constant fx) €1,280 mln €1,560 mln Retail Sales (€ mln) and growth (%) (1) EBIT / EBIT Adj. (2) (€ mln) and margin (%) Cash Flow from
Slide 15: Net Revenues by Channel
Net Revenues by Channel Consistent delivery of high-quality like-for-like Retail growth Royalties € mln FY-24 Q4-24 2% % at constant fx Wholesale FY-23 FY-24 vs. vs. 9% FY-23 Q4-23 Retail 4,190 4,849 +18% +18% Wholesale 433 461 +7% +4% Royalties 104 122 +17% +2% Retail 89% Total 4,726 5,432 +17% +16
Slide 16: Retail Sales by Brand
Retail Sales by Brand Continued above-market growth at both Prada and Miu Miu € mln FY-24 Q4-24 % at constant fx Church's Other FY-23 FY-24 vs. vs. 1% 1% FY-23 Q4-23 Prada 3,488 3,563 +4% +4% Miu Miu Miu Miu 649 1,228 +93% +84% 25% Church’s 29 32 +10% +7% Prada 73% Other (1) 24 26 +9% +8% Total 4,19
Slide 17: Retail Sales by Geography
Retail Sales by Geography Solid growth across all regions € mln FY-24 Q4-24 Middle % at constant fx FY-23 FY-24 vs. vs. East 5% FY-23 Q4-23 Asia Pacific 1,446 1,604 +13% +16% Japan 14% Europe 1,312 1,532 +18% +16% APAC 33% Americas 767 830 +9% +11% Japan 484 656 +46% +31% Americas 17% Middle East 18
Slide 18: Profitability
Profitability Further margin expansion coupled with substantial investments € mln FY-23 % on Net FY-24 % on Net FY-24 Revenues Revenues vs. FY-23 Gross Margin 3,802 80.4% 4,337 79.8% +14% Selling 1,873 39.6% 2,083 38.3% +11% Advertising and Comm. 420 8.9% 473 8.7% +13% Product Design and Dev. 151 3.
Slide 19: Capex
Capex Steadfast progress on strategic investment plan 753 € mln Real Estate Corporate, IT & Industrial 382 Retail 493 31 138 155 324 216 FY-2 3 FY-2 4 Significant and continuous effort on retail projects, with largely renovated network to elevate and enrich the customer experience with unique hosp
Slide 20: Net Operating Working Capital
Net Operating Working Capital Further improvement over Net Sales 808 735 € mln 424 Trade Receivables 405 Inventory Trade Payables 866 783 -453 -482 FY-23 FY-24 % of Net Sales (1) 16% 15% Good control of working capital in context of significant revenue growth Inventory and overall improvement as
Slide 21: Net Financial Position
Net Financial Position Healthy Balance Sheet with Net Cash Position of €600 mln € mln Opening Net Financial Position Surplus / (Deficit) - 31/12/2023 197 Consolidated Profit / (Loss) before taxation 1,189 Depreciation and Amortisation 297 Net Working Capital -81 Tax paid -271 Capital Expenditures an
Slide 22: Agenda
Agenda Patrizio Bertelli - Chairman and Executive Director Highlights Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Guerra - Group CEO Business Update Andrea Bonini - Group CFO FY-24 Financial Review Andrea Guerra - Group CEO Priorities for FY-25 and Cl
Slide 23: Priorities for FY-25 and Closing Remarks
Priorities for FY-25 and Closing Remarks Unchanged priorities and ambitions • Solid performance in FY-24, marking further progress in the evolutionary journey of the Group and its brands • Clear opportunity to continue to drive market share at Prada and to consolidate Miu Miu’s success • Consistent
Slide 24: Agenda
Agenda Patrizio Bertelli - Chairman and Executive Director Highlights Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Guerra - Group CEO Business Update Andrea Bonini - Group CFO FY-24 Financial Review Andrea Guerra - Group CEO Priorities for FY-25 and Cl
Slide 25: Appendix
APPENDIX PRADA Group 25 March 4 2025
Slide 26: Condensed P&L
Condensed P&L € mln FY-23 FY-24 Net revenues 4,726 100% 5,432 100% COGS -925 -19.6% -1,095 -20.2% Gross profit 3,802 80.4% 4,337 79.8% Selling -1,873 -39.6% -2,083 -38.3% Advertising and communication -420 -8.9% -473 -8.7% Product design and development -151 -3.2% -158 -2.9% G&A -297 -6.3% -343 -6.3
Slide 27: Condensed Balance Sheet
Condensed Balance Sheet € mln 31 Dec 2023 31 Dec 2024 Right of use 2,025 2,279 Non current assets (excl deferred tax assets) 3,007 3,261 Net operating working capital 735 808 Other current assets / (liabilities), net -146 -318 Other non current assets / (liabilities), net 171 166 Net invested capita