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Prada (1913) investor relations material

Prada Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Net revenues reached EUR 5.7 billion, up 9% year-over-year at constant FX, with organic growth at 8%, supported by investments in retail, industrial, and IT infrastructure.

  • Retail sales totaled EUR 5.1 billion, up 8% organically, with Miu Miu delivering 35% retail sales growth to EUR 1.6 billion and increasing its group contribution to 31%.

  • Versace was acquired for $1,395 million in December 2025, adding 220 stores and EUR 684 million in net revenues, with integration and creative leadership transition underway.

  • Net income rose 2% to EUR 852 million, with a proposed dividend of EUR 0.166 per share.

  • All regions delivered growth, with Americas up 18%, Asia Pacific up 11%, Europe up 5%, Japan up 3%, and Middle East up 15%.

Financial highlights

  • EBIT adjusted reached EUR 1.32 billion (23.2% margin), reflecting Versace's dilutive impact.

  • Gross margin improved to 80.3% (+0.5pp YoY).

  • CapEx totaled EUR 617 million, focused on retail, industrial, and digital investments.

  • Net debt stood at EUR 466 million after significant CapEx, Versace acquisition, and dividends.

  • Board proposes a dividend of EUR 0.166 per share, totaling EUR 425 million (50% payout ratio).

Outlook and guidance

  • Ambition for above-market, sustainable organic growth at Prada, Miu Miu, and group level in 2026.

  • Versace expected to see a mid-single digit top-line contraction at constant FX in 2026, with stabilization and improvement from 2027.

  • Miu Miu anticipated to achieve double-digit growth if market conditions remain favorable.

  • Continued FX headwinds and lower hedging benefits anticipated in 2026.

  • CapEx as a percentage of sales expected to decrease from current levels.

Versace's path to profitability post-repositioning?
Re-accelerate Prada brand retail sales growth?
Future capex priorities given financial deficit?
FY25 Real Estate Capex increase rationale?
Versace EBIT margin dilution: When will it reverse?
What's the FY26 leverage target?
Miu Miu H1 single-digit growth rationale?
Versace margin improvement drivers for 2027?
Middle East store closures and client exposure?
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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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