HIGHLIGHTS

We are pleased to report another solid set of results in 2025, with healthy growth and sound profitability, achieved in a challenging macroeconomic and industry context. The desirability of our brands remains rooted in creativity, consistency and authenticity. Our manufacturing platform is a key strength, supporting quality, craftsmanship and the operational agility required by the market. The acquisition of Versace marks a significant step in the strategic evolution of the Group, adding a highly distinctive and complementary brand to our portfolio and contributing to our long-term growth ambitions.

The results achieved in 2025 mark five consecutive years of growth for the Group, a solid performance delivered against tough multi-year comps. Meticulous execution, built on constant attention to routines across functions, continued to underpin the progress of our brands. Over the year, Prada showed good resilience, proving to be on a solid strategic stance; Miu Miu delivered yet another year of remarkable growth. With the acquisition of Versace, we welcomed a brand with incredible heritage and awareness; this new journey will demand respect, care and patience. Looking ahead, we remain committed to the ambition to deliver above-market growth for the Group. With respect to profitability, ex Versace, we continue to aim for organic margin progression; Versace’s consolidation will drive a dilutive effect on the Group EBIT margin in FY-26, with a target to resume progressive improvement from FY-27.