NEWS

Milan, 30^th July 2024 - The Prada S.p.A. Board of Directors reviewed and approved today the consolidated financial results for the first half ended 30 June 2024.

Key highlights (growth percentage at constant currency)

• Net Revenues of €2,549 mln, up 17% yoy, as strong brand identity, creativity and dynamism continued to foster desirability

• Retail Sales of €2,263 mln, up 18% yoy, driven by like-for-like and full price volumes

• Continued above-market performance of Prada with Retail Sales growth of +6% yoy

• Miu Miu remained on a strong trajectory, with Retail Sales up 93% yoy

• Double-digit growth in Asia Pacific, Europe, Japan and Middle East; further slight sequential improvement in the Americas

• EBIT Margin of 22.6%, or €575 mln, notwithstanding higher investments

• Healthy balance sheet with Net Cash Position of €265 mln

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

“The solid results recorded in the first half of the year reflect the strength of our brands and the disciplined execution of the Group’s strategy. We are satisfied with the above-market performance and high-quality, like-for-like growth trajectory that we have achieved in an increasingly uncertain market environment. The flexibility of our organisation gives us confidence in the Group’s ability to navigate the months ahead, as we continue to invest across our business.”

Andrea Guerra, Group Chief Executive Officer, added:

“The Group has successfully delivered 14 consecutive quarters of high-quality, like-for-like growth, with a positive Q2 building on a solid start to the year. Prada remained on a sound trajectory and Miu Miu confirmed its strong performance, with both brands capitalising on their unique identity, creativity, and positioning. In the current macroeconomic and geopolitical context, industry dynamics have become more challenging; this requires us to be agile and sharp on our product range, communication and overall positioning, to continue to drive client engagement and to progress in our journey towards retail excellence. While being vigilant, we remain committed to our strategy and to our ambition to deliver solid, sustainable and above-market growth.”