PRADA spa

PRESS RELEASE

PRADA GROUP: SOUND RESULTS AND SOLID PROGRESS IN THE EVOLUTIONARY

JOURNEY OF THE GROUP

Milan, 4 March 2025 – The Prada S.p.A. Board of Directors reviewed and approved today
the consolidated financial results for the full year ended 31 December 2024.

Key highlights (growth percentage at constant currency)

• Enduring brand relevance and disciplined execution drove positive trajectory
on both revenue and margins
• Net Revenues of €5.4 bln, up 17% yoy, well above-market
• Retail Sales of €4.8 bln, up 18% yoy, driven by like-for-like, full price volumes;
strong and consistent Q4, also up 18% yoy
• Another year of solid growth for Prada, with Retail sales up 4% yoy
• Record year for Miu Miu, with Retail growth at +93% yoy
• Double-digit growth in Asia Pacific, Europe, Japan and Middle East; Americas
in sequential improvement, showing double-digit growth in H2
• Further margin expansion with EBIT Margin at 23.6%, €1.3 bln
• Group Net Income up 25% yoy, €839 mln
• Healthy Balance Sheet with Net Cash Position of €600 mln
• Continuous progress on the strategic investment plan with Capex of €493 mln

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented:

“We are pleased to see that our strategy continued to deliver above-market performance,
notwithstanding the challenging environment. This success underscores the enduring
relevance of our brands, which comes from an unwavering focus on product innovation, quality,
craftmanship and a unique ability to read contemporaneity. Drawing on multi-year investment
initiatives across industrial capacity and know-how, our manufacturing platform and our people
continue to be a differentiator in an ever-evolving sector that demands quality, agility and
efficiency. Furthermore, a strong link with culture and creative dynamism are distinctive
elements of this Group and allow us to broaden boundaries, as evidenced by the participation
to the 37th Americas Cup and the partnership to design the new NASA’s spacesuit. Our Group
and its organisation have strengthened over the past years and notwithstanding the
uncertainties around us, we have entered 2025 with confidence continuing to work and invest
for long-term sustainable growth.”
Andrea Guerra, Group Chief Executive Officer, added:

“We ended 2024 with very positive results across our brands, marking four consecutive years
of double-digit, like-for-like growth, coupled with margin expansion and cash generation,
resulting in a very sound balance sheet. We continued to make progress in terms of brand
desirability, retail productivity and strength of our organisation, with disciplined and rigorous
execution across the board. Over the year, Prada confirmed its solid growth trajectory and Miu
Miu reached a whole new level of visibility and scale, driven by a well-diversified total look
offering. Looking forward, while being mindful that the complex industry dynamics are likely to
persist, our priorities remain unchanged. At Prada, we have a clear opportunity to continue to
drive market share, while at Miu Miu we shall consolidate its success; to do that, we will continue
to sharpen the positioning of our brands, to enrich product portfolios and to foster customer
engagement. Our investments across retail, industrial capabilities and technology will continue
to support our growth and the organisation in its evolutionary journey. For the year ahead, we
retain our ambition to deliver solid, sustainable, and above-market growth.”

Key figures

FY-23 FY-24 change at change at

€ mln € mln reported fx constant fx
Net Revenues 4,726 5,432 +15% +17%
Retail Sales 4,190 4,849 +16% +18%
Wholesale Sales 433 461 +6% +7%
Royalties 104 122 +17% +17%

Gross Margin 3,802 4,337 +14%

Margin 80.4% 79.8%
EBIT 1,062 1,280 +21%
Margin 22.5% 23.6%
Group Net Income 671 839 +25%
Margin 14.2% 15.4%

Cash Flow from Operations 1,265 1,560

Capital Expenditure 753 493

Net Operating Working Capital 735 808

Net Financial Position 197 600
High desirability for Prada and Miu Miu

Prada continued to carve the cultural landscape leveraging its distinctive identity and
polyhedric DNA. The creative dialogue translated once again into acclaimed menswear and
womenswear fashion shows. The consistent like-for-like growth trajectory was supported by
a well-balanced category mix. Leather Goods offering was further enriched, with very good
reception of newness and ongoing celebration of icons, while creative dynamism continued
to generate high appreciation of Ready-To-Wear collections. Signature events and
collaborations fostered the brand's multifaceted universe, highlighting its cultural relevance;
unconventional activations in exclusive venues further elevated the customer experience
worldwide and enriched the brand’s narrative.

Miu Miu’s subversive aesthetics continued to captivate the audience and kept the brand in
the spotlight, cementing its positioning. Its immediate, instinctive and irreverent creativity
drove a widespread appreciation across all categories and regions; new and ongoing
exclusive collaborations continued to resonate and reach new audiences. Miu Miu’s deep
connection with culture resulted in artistic collaborations and special events that fueled
contemporary debate with a distinctive voice to be reckoned with. The brand's fashion shows
increasingly featured crossovers with various artistic disciplines, offering a new layer of
reflection on contemporary society.

High quality Retail Sales growth throughout the period (growth percentage at constant
currency)
The Retail channel delivered +18% yoy growth, driven by like-for-like, full price volumes,
with a consistent and strong Q4 performance of +18% yoy.
Retail Sales of the Prada brand increased by +4% yoy in the period, including a solid Q4 at
+4% yoy, accelerating vs. Q3 and sustained by all categories.
Miu Miu’s remarkable organic growth, +93% yoy, was supported by all categories and
regions, ending the year with an excellent Q4 at +84% yoy.
Retail Sales by geography

FY-23 FY-24 change at change at

€ mln € mln reported fx constant fx
Asia Pacific 1,446 1,604 +11% +13%
Europe 1,312 1,532 +17% +18%
Americas 767 830 +8% +9%
Japan 484 656 +36% +46%
Middle East 180 227 +26% +26%
Retail Sales 4,190 4,849 +16% +18%

Asia Pacific saw a good performance over the year, at +13%, despite the challenging
market conditions in the region and improving in Q4 across all main areas.
Europe grew +18% over the year, supported by both domestic and tourist spending.
The Americas progressed positively throughout the year, at +9%, entering in double-digit
territory in H2.
Japan was the best performing region in 2024 with growth of +46%, with remarkably solid
domestic demand, but also very positive touristic flows. Q4 continued to register high
growth.
Middle East also achieved a solid performance throughout the year, at +26%, fueled by
both domestic demand and tourist spending.

ESG

The Group continued to execute on its sustainability strategy across all pillars: Planet, People
and Culture.
Work on climate change remains a key focus for the Group, with progress being made in
reducing GHG emissions. The scope of the work expanded during the year to include
understanding the impact of the Group's procurement on the key dimensions of biodiversity.
The Group’s purpose to be Drivers of Change drove the People agenda, with a very strong
focus on inclusion and equality, achieving 46% female representation in top and senior
management positions and defining a new global parental policy to also promote work-life
balance.
The Culture pillar continues to be distinctive for the Group, which reaffirmed its strong
commitment to water conservation with the funding and multiple activities in support of the SEA
BEYOND project.
2024 dividend

The Board of Directors will propose to the Shareholders’ General Meeting, convened for April
30th, 2025, a dividend distribution of € 0.164 per share.

For further information:

Prada Group Press Office
[email protected]

About Prada Group

Pioneer of a dialogue with contemporary society across diverse cultural spheres and an influential leader in luxury fashion,
Prada Group founds its identity on essential values such creative independence, transformation, and sustainable
development, offering its brands a shared vision to interpret and express their spirit. The Group owns some of the world’s
most prestigious luxury brands, Prada, Miu Miu, Church's, Car Shoe, the historic Pasticceria Marchesi and Luna Rossa,
and works constantly to enhance their value by increasing their visibility and appeal. The Group designs, manufactures
and distributes ready-to-wear collections, leather goods and footwear in more than 70 countries through a network of 609
stores (at December 31, 2024) as well as e-commerce channels, selected e-tailers and department stores around the
world. The Group, which also operates in the eyewear and beauty sector through licensing agreements, has 26 owned
factories and 15,216 employees. For more information, please visit www.pradagroup.com.
 APPENDIX

1. 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%

Operating expenses -2,740 -58.0% -3,057 -56.3%

EBIT 1,062 22.5% 1,280 23.6%

Total financial expenses -90 -1.9% -91 -1.7%

EBT 971 20.6% 1,189 21.9%

Income taxes -298 -6.3% -345 -6.4%

Minority income 2 0.1% 4 0.1%

Group net income / (Loss) 671 14.2% 839 15.4%

2. 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 capital 5,791 6,195

Consolidated shareholders’ equity 3,877 4,419

Net financial position (surplus) / deficit -197 -600

Long term lease liability 1,700 1,941

Short term lease liability 411 434

Total 5,791 6,195