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Prada (1913) investor relations material
Prada Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenues for H1 2025 reached €2,740 million, up 9–9.1% year-over-year at constant FX, driven by strong retail sales and brand momentum despite macro headwinds and lower tourist spending in some regions.
Retail net sales rose 10% at constant FX, with Miu Miu up 49% and Prada down 2% year-over-year; all regions posted growth, led by Middle East (+26%) and Americas (+12%).
EBIT Adjusted was €619 million (22.6% margin), up 8% year-over-year; net income was €386 million, stable year-over-year.
The Group maintained a net financial surplus of €352 million after significant dividend payments and capex.
Announced acquisition of Versace for €1.25 billion and a 10% equity investment in Rino Mastrotto Group.
Financial highlights
Net revenues: €2,740 million (+9% at constant FX); retail sales up 10%, wholesale declined 1%, royalties up 10%.
Gross margin was 80.1% of net revenues, stable year-over-year.
Adjusted EBIT was €619 million (22.6% margin), up 8% year-over-year; net income stable at €386 million.
Net operating cash flow was €467.5 million, with free cash flow of €173.6 million for the period.
CapEx was €247–294 million, with 40–50% of full-year spend in H1.
Outlook and guidance
Management expects cyclical negatives to subside, with easier comps in H2 and a cautiously positive outlook.
Strategic objectives remain unchanged, focusing on reacceleration of Prada and sustainable performance at Miu Miu.
Commitment to deliver solid, sustainable, and above-market growth despite cyclical headwinds.
No major changes in strategy; focus remains on agility, efficiency, and maintaining full-price discipline.
Wholesale expected to recover in H2, ending the year stable and in line with expectations.
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Frequently asked questions
Italian Luxury
Prada S.p.A. is an Italian luxury fashion house with over 100 years of heritage and history. It is famous for its leather handbags, travel accessories, shoes, ready-to-wear garments, and a variety of other fashion accessories. Prada’s design language and image are distinctly rooted in European luxury, and its products are sold globally through a network of stores operated by the company as well as through partnerships with various retailers. The company is headquartered in Milan, Italy, and its shares are listed on the Hong Kong Stock Exchange.
Mario and Martino Prada
Founded in 1913 by Mario Prada and his brother Martino as a leather goods shop in Milan, Italy, the store initially sold leather products and imported English steamer trunks and handbags. The Prada brand was built on a foundation of high-quality materials and sophisticated craftsmanship, which set the stage for its future luxury persona. The company's leadership eventually passed to Mario Prada’s daughter, Luisa, and then to her daughter, Miuccia Prada, who joined the company in 1970. Under Miuccia's leadership, Prada transformed from a traditional luxury brand into a beacon of high fashion and innovation. She introduced the now-iconic nylon bags and expanded the company’s product line to include ready-to-wear collections. The 1980s and 1990s marked significant growth and expansion for Prada, and the brand became synonymous with understated elegance and luxury, distancing itself from the more ostentatious fashion trends of the time.
The Product Portfolio
Prada is known for its range of luxury products and craftsmanship and produces a wide range of different products. The brand is famous for its leather handbags, but Prada also offers an extensive selection of footwear, ready-to-wear clothing, and much more. Additionally, Prada’s product range includes items like belts, eyewear, scarves, and other similar accessories. The company is one of the most well-known luxury houses globally, together with names such as LVMH, Kering, and Christian Dior.
Getting Products to Consumers
The company operates a network of boutiques worldwide, located in high-end shopping districts, luxury malls, and various exclusive locations. In addition to its standalone stores, Prada also distributes its products through franchise-operated stores, multi-brand boutiques, and luxury department stores.
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