PRADA spa
PRESS RELEASEPRADA GROUP: STRONG BRAND IDENTITY DRIVES EXCELLENT PERFORMANCE
Margin targets achieved; accelerated trajectory for remaining mid-term targets due todisciplined execution of the Group strategy

Milan, 9 March 2023 - The Prada S.p.A. Board of Directors today reviewed and approved
the Consolidated Financial Results for the Full Year ended 31 December 2022.
Key highlights (growth percentage at constant currency)•High desirability of both Prada and Miu Miu•Net Revenues of €4.2 bln, up 21% yoy•Retail Sales of €3.7 bln, up 24% yoy•

Continued strength across all products categories: Leather Goods +18%, ReadyTo Wear +27%, and Footwear +29% yoy•Gross Margin at 78.8% of Revenues, equal to €3.3 bln•

EBIT Adjusted Margin at 20.1% of Revenues, equal to €845 mln•

Strengthened Net Cash Position of €535 mln•

Strong progress against remaining revenue target and ESG commitments setat November 2021 Capital Markets Day•

Fundamental governance changes to further evolve Prada GroupPatrizio Bertelli, Executive Director, commented:“Prada Group delivered excellent results in 2022, underpinned by brand momentum, greater
client engagement and rigorous strategy execution. The Retail channel drove ourperformance, achieving strong and broad-based organic growth at both Prada and Miu Miu.
We performed well across all product categories and geographies, more than offsetting
weakness in China due to Covid-19. We continued to develop our sustainability capabilities
and activities, ensuring they remained linked to the identities of our brands and relevant to ourclients. The recent changes to our governance structure mark a fundamental evolution for theGroup. In 2022, we further strengthened our positioning and our organisation, and in thecurrent year we will accelerate the execution of our strategy. We intend to stay on a path ofsteady and sustainable growth as we work towards the full potential of our brands.”

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Andrea Guerra, Group Chief Executive Officer, added:“I have joined the Prada Group at an exciting time of evolution, and I have found great energy.
The Group’s growth potential is large, thanks to its extraordinary creative vision and industrialstrength. We will further invest in the desirability of our brands, in the renovation of our retail
network and in manufacturing capabilities. Execution will remain critical in the coming years,
and we shall continue to build retail excellence, developing more frequent and stronger
connections with our clients. In 2023, we expect revenue growth to remain solid and above
market average. China has restarted to be an engine of growth; however, in this ever-changing
scenario, we will remain vigilant and maintain a disciplined approach to costs and capital
allocation.”

Key figures

Net Revenues
Retail SalesWholesale Sales
Royalties

FY-21
€ mln
3,366
2,931
386
49

FY-22€ mln
4,201
3,737
388
76

change atreported fx+25%+28%+0%+55%

Gross Margin
MarginEBIT Adjusted1
MarginEBITMargin
Group Net Income
Margin

2,547
75.7%
499
14.8%
489
14.5%
294
8.8%

3,312
78.8%
845
20.1%
776
18.5%
465
11.1%+30%

Capital Expenditure
Net Operating Cash Flow

217751

276
696

Net Operating Working Capital
Net Financial Position

602
238691535

change atconstant fx+21%+24%-2%+55%+69%+59%+58%

Prada and Miu Miu: bold brand heat
In Q4 2022, the Prada Group was the only luxury company to feature its two main brands
within the top five of the Lyst Index: Prada ranked first, and Miu Miu fourth.
Lyst also nominated Miu Miu “Brand of the Year”.
Over the year, successful product launches for both brands, effective talent strategy andlively event formats, contributed to the dialogue with growing audiences and strengthened
brand awareness.

1EBIT Adjusted excludes other non-recurring income and expenses that, for the twelve months ended December 31, 2022,
consisted of € 42 mln writedown of non-current assets in Russia, € 19 mln writedown of the Church’s brand, and € 8 mln forsettlement of a litigation.

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Retail Sales: remarkable performance drives growth at both Prada and Miu Miu(growth percentage at constant currency)
The Retail channel saw sustained growth throughout the year, with sales up 24% yoy driven by
like-for-like, full price sales.
Growth was balanced across Leather Goods (+18%), Ready To Wear (+27%) and Footwear(+29%) categories.
Online Sales saw double-digit growth, following investments in the channel, including to improve
the omni-channel experience. Penetration remains stable at 7% of Retail Sales.
Both Prada and Miu Miu grew strongly, with positive contribution from both average price and full
price volumes.
In particular, Prada revenues grew by 25% yoy showing sustained brand momentum. Miu Miu
revenues were up 20% yoy with a sharp acceleration in H2, driven by highly successful products,
fashion shows and events.

Retail Sales by geography

Asia Pacific
EuropeAmericas
JapanMiddle East
Retail Sales

FY-21
€ mln
1,192
749572
297
121
2,931

FY-22€ mln
1,2321,187782369
167
3,737

change atreported fx+3%+59%+37%+24%+38%+28%change atconstant fx-2%+63%+22%+31%+23%+24%

Asia Pacific declined by 2% yoy to €1,232 mln impacted by multiple lockdowns in China. Thiswas offset by the strong performance in Korea and South-East Asia. The region returned tomoderate growth in H2, with sales up 3%.
A strong performance in Europe saw broad-based, sharp growth of 63%, sustained bydomestic sales and an uptick in tourism throughout the year.
The Americas generated growth of 22% over the year with a normalisation in H2 due to theincreasingly strong comparatives and outbound tourist flows.
Japan grew 31%, with an acceleration in H2, and Middle East also saw solid growththroughout the year, up 23% in total.

ESG: continued progress against strategy
The Group further strengthened ESG governance to accelerate progress against its
strategy.
In 2022 the Group focused on reducing Scope 1 & 2 emissions, with investments inrenewable energy, electrification of industrial sites’ heating systems, green company car
fleet and self-produced energy from owned photovoltaic systems.
In August, the Group also joined the Re.Crea Consortium, founded with other prominent
Italian luxury brands, to manage product end-of-life and promote circularity.

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The Group has also defined a Diversity, Equity and Inclusion (DE&I) roadmap whose
implementation will start over the course of this year.
Finally, the Sea Beyond educational programme in partnership with UNESCO-IOC
continued, with even greater ambitions for 2023.

2022 dividend
The Board of Directors propose to the Shareholders’ General Meeting, convened for April
27th, a dividend distribution of € 0.11 per share.

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

About Prada Group
Pioneer 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 and sustainable
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, andworks constantly to enhance their value by increasing their visibility and appeal. The Group designs, manufactures anddistributes ready-to-wear collections, leather goods and footwear in more than 70 countries through a network of 612 stores(at December 31st 2022) as well as e-commerce channels, selected e-tailers and department stores around the world. TheGroup, which also operates in the eyewear and fragrances sector through licensing agreements, has 24 owned factories andmore than 13,700 employees. For more information, please visit www.pradagroup.com.

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APPENDIX

1. Condensed P&L

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2. Condensed Balance Sheet