Milan, 5 March 2026 – The Prada S.p.A. Board of Directors reviewed and approved today the consolidated financial results for the full year ended 31 December 2025.

Key highlights (growth percentage at constant currency)¹

• Positive results underpinned by enduring brand relevance and disciplined execution in challenging environment 
• Completion of Versace acquisition on 2 December 2025 
• Net Revenues of €5.718 bln, up 9% yoy, +8% organic, against high comps throughout the year; 20 consecutive quarters of growth for the Group 
• Retail Sales of €5.102 bln, up 9% yoy, +8% organic, driven by like-for-like, full price sales; Q4 at +9% yoy, +6% organic, against challenging comps (+18%)
• Prada delivered a solid and resilient performance, with Retail sales at -1% yoy, showing sequential improvement in H2 and positive in Q4
• Sustained growth for Miu Miu, up 35% yoy; Q4 at +20% on +93% in FY-24
• Steady EBIT Adj. Margin ex. Versace, in context of significant investments and strong FX headwinds
• EBIT Adj. Margin at 23.2%, €1,324 mln, including dilutive impact of Versace
• Group Net Income up 2% yoy, at €852 mln
• Continuous progress on the strategic investment plan, with Capex of €535 mln²
• Healthy Balance Sheet thanks to significant cash generation, with Net Debt Position of €466 mln

Retail Sales by brand (growth percentage at constant currency)

The Retail channel delivered +9.3% yoy growth, +8.2% organic, driven by like-for-like, full price sales; Q4 at +9.3% yoy, +5.6% organic, a solid performance against same challenging comps in the prior-year period (+18%).

Prada confirmed good resilience over the period, with Retail Sales at -1.0% and Q4 in further sequential improvement at +0.4%, despite the more challenging comps. The brand continued to express its ability to innovate through trend-setting fashion shows and successful product launches, spanning from new propositions to the reinterpretation of the icons, driving a well-balanced performance. Enhanced retail concepts contributed to strengthening the client engagement: new hospitality venues in Shanghai and Singapore, the landmark retail opening in New York and the refined setting of Prada Alexandra House in Hong Kong are some of the key milestones in the evolution of the store footprint over the year. Through initiatives such as Prada Mode, Prada Frames and Sound of Prada, the brand continued to shape the cultural conversation.

Miu Miu delivered sustained growth throughout the year, with Retail Sales up 35%, against exceptionally high comparatives in FY-24 (+93%); Q4 at +20%, on +84% in Q4-24, with growth well balanced across product categories and regions. The brand’s vibrant creativity, whose irreverent language continued to offer portraits of multifaceted femininity, fascinated the audience with resonant campaigns and fashion shows. A mix of opening and renovations elevated the store network for an enhanced customer journey: Wuhan, London and Tokyo were among the most significant projects unveiled over the period. Through special initiatives such as 30 Blizzards and signature formats including Tales & Tellers, Women’s Tales, Literary Club and Summer Reads, Miu Miu’s voice continued to be at the forefront of the cultural debate, engaging with its community in intimate conversations on female empowerment.

ESG

The Group continued to execute its sustainability strategy across all pillars: Planet, People, Culture.

Throughout the year, the Group further advanced its environmental agenda through targeted initiatives across its operations and supply chain. Investments in green energy and low-impact solutions enabled the Group to exceed its approved science-based target for Scope 1 and 2 GHG emissions, alongside continued progress in raw-materials conversion towards lower impact solutions, supply-chain data collection, water stewardship and responsible chemical management.

The Group also reinforced its long-term commitment to fostering a fair and inclusive workplace. Key milestones include the achievement of the Gender Equality Certification (UNI/PdR 125:2022) and the rollout of Worldwide People Culture Forums, together with training programmes supporting the implementation of the Global DE&I roadmap. The year also marked the 25th anniversary of the Prada Group Academy, a testament to the Group’s long-standing commitment to preserving artisanal know-how and overseeing the generational transition.

In partnership with UNESCO, through the SEA BEYOND project, the Group strengthened its commitment to ocean education. This included the opening of the first Ocean Literacy Centre in Venice, the launch of the SEA BEYOND Multi-Partner Trust Fund for Connecting People and Ocean, and the hosting of an educational exhibition at Prada Rong Zhai in Shanghai. Successful partnerships with Forestami, promoting awareness of the value of urban greenery, and with Fondazione Gianni Bonadonna, supporting cancer research, were also renewed during the year.

Versace

The acquisition of Versace marked a significant milestone in the Group’s strategic evolution, adding a highly complementary brand to the portfolio.

Since completion, announced on December 2nd, the governance of the brand has been strengthened at both strategic and creative level with the confirmation of Emmanuel Gintzburger as the brand’s CEO, the appointment of Lorenzo Bertelli as Executive Chairman and Pieter Mulier as Chief Creative Officer.

Alongside the creative transition, gradual channel repositioning will be a key strategic priority, with specific focus on supporting high-quality, full-price sales and distribution, and the sharing of retail routines and best practices to elevate in-store execution. The integration process is well underway across functions, with full separation from Capri Holdings expected to be completed in the second half of 2026.

Looking at 2027 and beyond, efforts will be concentrated on driving desirability, with the introduction of Pieter Mulier’s first collection rooted in the brand’s original spirit and DNA. Network optimisation and initiatives to improve productivity will progress alongside the gradual rationalisation of the off-price channel. In parallel, the Group will continue to progress the integration of relevant functions, alongside the convergence of Prada Group’s and Versace’s digital transformation journeys.

In FY-25 Versace reported Net Revenues of €684 mln. In 2026, the creative leadership transition and the initial repositioning steps are expected to translate into some degree of topline contraction. The Group has taken decisive action on operating expenses, generating initial synergies and savings that will be selectively reinvested in strategic areas. Versace incurred operating losses in FY-25 and, all above factors considered, it is expected to continue incurring operating losses of not dissimilar magnitude in FY-26.

2025 dividend

The Board of Directors will propose to the Shareholders’ General Meeting, convened for April 30th, 2026, a dividend distribution of € 0.166 per share.

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