Prada (1913) Q2 2025 earnings summary

Executive summary

• Net revenues reached €2.74 billion for H1 2025, up 9–9.1% 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); gross margin stable at 80.1% year-over-year.

• Retail sales accounted for 89.5–90% of net revenues, up 10% at constant FX; wholesale declined 1–1.3%.

• Adjusted EBIT was €619 million (22.6% margin), up 8% year-over-year.

• Net income was €386 million, flat year-over-year; CapEx was €247 million.

• Net operating cash flow was €467.5 million; free cash flow €173.6 million.

Outlook and guidance

• Management remains committed to delivering solid, sustainable, above-market growth, balancing prudence with long-term investment amid ongoing macro and sector challenges.

• No major changes expected for H2; cyclical negatives anticipated to subside.

• Wholesale expected to recover in H2, ending the year stable and in line with expectations.