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PRESS RELEASEPRADA GROUP REPORTS SOLID H1-24 WITHRETAIL SALES UP 18% YOY AND EBIT MARGIN OF 22.6%
Milan, 30 July 2024 – The Prada S.p.A. Board of Directors reviewed and approved
today the consolidated financial results for the first half ended 30 June 2024.
Key highlights (growth percentage at constant currency)•Net Revenues of €2,549 mln, up 17% yoy, as strong brand identity,
creativity and dynamism continued to foster desirability•Retail Sales of €2,263 mln, up 18% yoy, driven by like-for-like and full pricevolumes•

Continued above-market performance of Prada with Retail Sales growth of+6% yoy•

Miu Miu remained on a strong trajectory, with Retail Sales up 93% yoy•

Double-digit growth in Asia Pacific, Europe, Japan and Middle East; furtherslight sequential improvement in the Americas•

EBIT Margin of 22.6%, or €575 mln, notwithstanding higher investments•

Healthy balance sheet with Net Cash Position of €265 mln

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented:“The solid results recorded in the first half of the year reflect the strength of our brands
and the disciplined execution of the Group’s strategy. We are satisfied with the abovemarket performance and high-quality, like-for-like growth trajectory that we have achievedin an increasingly uncertain market environment. The flexibility of our organisation gives
us confidence in the Group’s ability to navigate the months ahead, as we continue to invest
across our business.”
Andrea Guerra, Group Chief Executive Officer, added:“The Group has successfully delivered 14 consecutive quarters of high-quality, like-forlike growth, with a positive Q2 building on a solid start to the year. Prada remained on asound trajectory and Miu Miu confirmed its strong performance, with both brands
capitalising on their unique identity, creativity, and positioning. In the current
macroeconomic and geopolitical context, industry dynamics have become morechallenging; this requires us to be agile and sharp on our product range, communicationand overall positioning, to continue to drive client engagement and to progress in ourjourney towards retail excellence. While being vigilant, we remain committed to ourstrategy and to our ambition to deliver solid, sustainable and above-market growth.”

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Key figures

Net Revenues
Retail Sales
Wholesale Sales
Royalties

H1-23
€ mln
2,232
1,975
210
47

H1-24
€ mln
2,549
2,263
225
61

Gross Margin
MarginEBIT
MarginGroup Net Income
Margin

1,793
80.3%
491
22.0%
305
13.7%

2,034
79.8%
575
22.6%
383
15.0%

Cash Flow from Operations 1
Capital Expenditure

509
151

652
169

Net Operating Working Capital
Net Financial Position

723
283

780
265

change atreported fx+14%+15%+7%+28%change atconstant fx+17%+18%+8%+28%

Ongoing excitement around Prada and Miu Miu
Prada’s momentum continued as the brand capitalised on its creative strength, highimpact initiatives, and engagement with audiences. The positive performance wassupported by a well-balanced category mix: newness and icons continued to sustain
Leather Goods, while creative dynamism drove Ready-To-Wear and Footwear traction.
Successful menswear and womenswear shows confirmed the appeal of the brand's
aesthetic codes. Collaborations with celebrated talents boosted the unveiling of a bold
reinterpretation of the iconic Galleria bag and the presentation of the Re-Nylon
collection campaign.
Miu Miu kept shining as excitement continued to rise among its community, fuelled byacclaimed fashion shows and engaging activations. The brand’s very positive
commercial response extended across all categories, with impactful communication
initiatives, including the new Leathergoods campaign, fostering the brand’s desirability.
Special projects like Miu Miu Upcycled and successful collaborations kept the brand in
the spotlight. Moreover, the Miu Miu’s distinctive voice continued to nurture
contemporary cultural debates and inspire its community worldwide with the launch of
Miu Miu’s first Literary Club “Writing Life” and the introduction of the itinerant Miu Miu
Summer Reads.

1 Cash flow from operating activities, less repayment of lease liabilities

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Solid Retail Sales throughout the period (growth percentage at constant currency)
The Retail channel recorded growth of +18% yoy, with solid performance in Q2 at+18%, continuing to be driven by like-for-like, full price volumes.
Retail Sales at Prada increased in H1 by +6% yoy, with Q2 at +5%; Miu Miu recordeda strong H1 at +93% yoy, with Q2 at +95%.
Retail Sales by geography

Asia Pacific
EuropeAmericas
JapanMiddle East
Retail Sales

H1-23
€ mln
716
582
361
224
92
1,975

H1-24
€ mln
774
682
387
309
110
2,263

change atreported fx+8%+17%+7%+38%+20%+15%change atconstant fx+12%+18%+7%+55%+20%+18%

Asia Pacific progressed well in the period, +12%, albeit moderating in Q2 on thebackdrop of a tougher comparison base and increasing spending outside the area.
Europe continued to grow at double-digit rate in the semester, +18%, supported by bothdomestic and touristic spending.
The Americas delivered a positive performance in H1, +7%, with Q2 registering afurther slight sequential improvement.
Japan reconfirmed as the best performing region in the semester, +55%, supported
by healthy local demand and strong tourism flow.
Middle East registered a solid performance in H1, +20%, despite persistinggeopolitical tensions in the region.

Continuing our ESG journey
The Group continued to build on its climate strategy, focusing on reducing the impact of
its operations in terms of Scope 3 GHG emissions through an ambitious plan of transition
to lower-impact raw materials, with particular attention to leather, cotton, viscose,polyester and nylon, as well as paper and plastic for packaging. Chemical stewardship,
raw material traceability and water data collection were also key areas of focus.
Over the period, the Group further strengthened the governance overseeing the supply
chain and trained procurement teams and strategic suppliers to reinforce the alignment tothe Group's key sustainability objectives.
On the People side, the Group set the pillars of its 3-year DE&I roadmap, with initiatives
encompassing gender equality in top management, training, parenting policies and thedevelopment of sustainability-linked leadership behaviours. Moreover, the remunerationof a higher proportion of key executives has been linked to sustainability.
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Finally, the Group’s commitment to culture and ocean conservation continued with thelaunch of the third SEA BEYOND educational module involving almost 35,000 students in
56 countries and a very successful international conference dedicated to ocean education,
held in Venice in partnership with UNESCO.

For further information:
Prada Group Press Officecorporatepress@prada.com
www.pradagroup.com

About Prada GroupPioneer of a dialogue with contemporary society across diverse cultural spheres and an influential leader in luxury
fashion, Prada Group founds its identity on essential values such creative independence, transformation, andsustainable development, offering its brands a shared vision to interpret and express their spirit. The Group owns
some of the world’s most prestigious luxury brands, Prada, Miu Miu, Church's, Car Shoe, the historic Pasticceria
Marchesi and Luna Rossa, and works constantly to enhance their value by increasing their visibility and appeal.
The Group designs, manufactures and distributes ready-to-wear collections, leather goods and footwear in morethan 70 countries through a network of 593 stores (at June 30, 2024) as well as e-commerce channels, selected etailers and department stores around the world. The Group, which also operates in the eyewear and beauty sector
through licensing agreements, has 26 owned factories and 14,913 employees.

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APPENDIX
1. Condensed P&L

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2. Condensed Balance Sheet

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