Prada (1913) Q4 2025 earnings summary

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.