Prada (1913) Q2 2026 earnings summary

Executive summary

• Net revenues reached €3,048 million in H1 2026, up 16% year-over-year at constant FX and 5% organic, with Q2 organic growth accelerating to 7%.

• Retail sales rose 12% (+3% organic), with Q2 showing improved momentum despite Middle East conflict impacts.

• Prada and Miu Miu maintained strong brand momentum, with Prada accelerating in Q2 and Miu Miu normalizing after exceptional prior growth.

• Versace performed in line with expectations, beginning a creative repositioning under new leadership.

• The group maintained a 22-quarter streak of organic growth, despite FX headwinds and geopolitical impacts.

Financial highlights

• EBIT Adjusted margin was 17.4% (€530 million), steady year-on-year on an organic basis, with dilution mainly from Versace integration and FX.

• Net income was €327 million (10.7% of net revenues), down from €386 million in H1 2025.

• Gross margin was 78.3%, down from 80.1% in H1 2025.

• Net financial debt stood at €693 million, reflecting capex and dividend payments.

• CapEx for H1 was €226 million, focused on retail expansion, renovations, and digital transformation.

Outlook and guidance

• Management targets continued solid growth for Prada, normalized but substantial growth for Miu Miu, and a creative repositioning for Versace.

• Miu Miu is expected to grow 5–10% long term; mid-single-digit growth is seen as a solid normalized level.

• Gross margin is expected to remain similar in H2 as in H1.

• CapEx as a percentage of sales is expected to decrease from the current fiscal year.

• The group remains confident in brand desirability and aims for above-market growth, despite ongoing macroeconomic and geopolitical uncertainty.