Prada (1913) Q3 2025 earnings summary

Executive summary

• Net revenues reached €4.1 billion for the first nine months of 2025, up 8.9%–9% year-over-year at constant FX, marking 19 consecutive quarters of growth, driven by strong retail and like-for-like sales across all regions.

• Retail sales grew 9%–9.3% year-over-year, representing nearly 90% of total net revenues, with consistent growth in all quarters and regions.

• Miu Miu delivered exceptional growth, up 41%–41.4% in nine months and 29% in Q3, increasing its share of group retail sales to 32%.

• Prada brand showed resilience, with a -2% to -1.6% performance in nine months and Q3 nearing flat, supported by all key regions.

• Asia Pacific, Americas, and Middle East posted double-digit growth; Europe and Japan showed positive trends, with local demand offsetting softer tourism.

Financial highlights

• Retail revenues reached €3,647 million, up 9% year-over-year; wholesale grew 4%–4.4%, mainly from duty-free, and royalties increased 11%–11.4% supported by eyewear and beauty.

• Q3 revenues rose 8% year-over-year, maintaining momentum despite challenging prior-year comparisons.

• Exchange rates negatively impacted group revenue by 2.6%–2.7% (260 bps) in nine months and 470 bps in Q3, with further headwinds expected.

Outlook and guidance

• Management remains committed to creative leadership, brand desirability, and continued investment in people and retail excellence.

• Q4 is expected to be crucial, with the last six weeks of the year being paramount for performance.

• FX headwinds are expected to be managed by hedging in 2025, but may pose a risk in 2026.

• Pricing policy will continue with biannual maintenance and regional adjustments in 2026.

• Industry is stabilizing into a "new normal," but visibility remains limited; focus remains on prudence and long-term strategy.