HIGHLIGHTS
Purpose and Values
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Message from the CEO
The results achieved in 2025 mark twenty consecutive quarters of growth for the Group, a solid performance underpinned by brand desirability, rigorous execution and a strong organisation.
Despite an uncertain and volatile environment, our brands continued to prove their relevance and leadership within the fashion and cultural debate. Over the last twelve months, net revenues were up 8% in organic terms*, to reach Euro 5.7 billion. The retail channel continued to be the primary engine of growth, driven by like-for-like full price sales.
Prada showed solidity and good resilience, with performance improving in the second half of the year, while Miu Miu sustained a strong growth trajectory across quarters.
We also progressed on our strategic investment plan, deploying significant Capex throughout the year. With a long-term mindset, we continued to strengthen the organisation across retail, digital and industrial capabilities. The acquisition of Versace, completed at the beginning of December, marked a historic milestone for the Group and the beginning of a new chapter, one that will require patience, respect and care to fully unlock its potential. Following this acquisition, the Group maintains a healthy balance sheet and maximum strategic flexibility.
The year proved complex for our industry and we recognize that the “new normal” has taken on a different shape. Over the last months, we have embraced this reset with discipline, raising the bar across our routines, and we believe we are ready and well positioned to operate in this new environment. The relentless work we have done to continuously energize our collections, elevate our stores and refine retail execution reflects our deep commitment to strengthening the way we connect with our clients, who remain at the core of all our conversations.
We also remain firmly committed to advancing our sustainability path, which we see as both a fundamental responsibility and a powerful opportunity. By investing in responsible practices, materials and processes, we aim to foster innovation, strengthen brand equity and build deeper, more trust-based relationships with our audiences.
As we step into 2026, the demand for excellence in our day-to-day execution will be greater than ever.
With change as the only constant, the ability to continuously evolve will be essential to successful execution, enabled by placing our people at the very heart of the Group.
* Calculated at constant exchange rates, excluding the contribution of Versace.
Andrea Guerra
Chief Executive Officer and Executive Director
Message from the Head of Corporate Social Responsibility
In 2025, growing geopolitical uncertainty, shifting market dynamics and a rapid evolution of ESG requirements reshaped the environment in which we operate. For our industry, this has meant navigating heightened expectations while preserving creativity, competitiveness and long-term resilience.
In this context, sustainability cannot remain a parallel track; it must be fully embedded at the core of the business and into our decision-making processes to support operational efficiency, effective risk management, long-term value creation and meaningful stakeholder engagement.
Our ambition is clear: to ensure that sustainability drives innovation and performance, contributing not only to compliance but to measurable business impact and long-term competitiveness.
Our journey is built on continuity. Over the years, we have made clear commitments to climate action, responsible sourcing, people development and community engagement through education. These commitments remain firm and continue to guide our actions today. At the same time, we recognize that to remain relevant we must evolve. As industry advances and expectations change, we are introducing new projects and refining our focus, both for the sector and for our specific business model. This balanced approach enables us to remain consistent in our direction while being adaptive in our execution.
Across the three pillars of our sustainability strategy - Planet, People and Culture - we have achieved significant progress.
On the environmental front, we continue to advance decarbonization efforts, strengthen responsible chemical management and the transition to lower impact raw materials, while promoting greater traceability. In addition, we formalized a water stewardship program, further reinforcing our commitment to biodiversity preservation.
With regard to our People strategy, we have further embedded inclusion, equal opportunity and leadership development throughout our organization. By investing in know-how preservation, celebrated during the 25th anniversary of the Prada Group Academy, training and managerial capabilities, we reinforced the foundations of a high-performing and inclusive workplace, essential elements for the Group’s sustainable long-term growth.
Finally, through our SEA BEYOND project, we continued to foster education, cultural dialogue and environmental awareness, reinforcing our role as a responsible corporate citizen and contributing to broader societal progress.
While complexity will remain a defining feature of our operating landscape, we are confident that a clear strategic direction, disciplined execution and strong stakeholder collaboration will enable us to navigate uncertainty and seize new opportunities.
Lorenzo Bertelli
Head of Corporate Social Responsibility
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