Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited takeno responsibility for the contents of this announcement, make no representation as to its
accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of thisannouncement.

Prada S.p.A.
(Stock Code: 1913)

ANNOUNCEMENT
OF THE CONSOLIDATED RESULTS
FOR THE SIX-MONTH PERIODENDED JUNE 30, 2024-

Prada Group reported net revenues of Euro 2,549 million, up by 17% at constantexchange rates on the same period of 2023;-

Retail net sales increased by 18% at constant exchange rates on the same periodof 2023;-

Retail net sales of the Prada brand increased by 6% and Miu Miu by 93%, atconstant exchange rates;-

Double-digit growth in Japan +55%, Middle East +20%, Europe +18% and Asia
Pacific +12%, all at constant exchange rates; Americas increased by 7%;-

EBIT of Euro 575 million, corresponding to 22.6% of net revenues, increasing by
17% versus the same period of 2023 (Euro 491 million, 22% of net revenues);-

Group net income of Euro 383 million, up 26% versus the same period of 2023;-

Net financial position positive for Euro 265 million as of June 30, 2024.

1

Presentation of the Prada Group
Prada S.p.A. (“Prada” or the “Company”), together with its subsidiaries(collectively the “Group” or the “Prada Group”), is listed on the Hong Kong Stock
Exchange (HKSE code: 1913). The Prada Group is a leading player in the luxury
goods industry, where it operates with the Prada, Miu Miu, Church’s and Car
Shoe brands producing and distributing leather goods, footwear and ready-towear. It also operates in the food sector with the Marchesi 1824 brand, in themost prestigious sailing races with Luna Rossa and in the eyewear and beauty
industries under licensing agreements.
The Group owns 26 production facilities (23 in Italy, 1 in the United Kingdom, 1
in France and 1 in Romania) and its products are sold in 70 countries worldwide
mainly through its directly operated stores, which numbered 593 as of June 30,2024. The Prada Group’s products are also sold directly through the brands’ ecommerce activity and indirectly in selected high-end department stores, by
independent retailers in very exclusive locations and by important e-tailers.
The Company is a joint-stock company with limited liability, registered anddomiciled in Italy. Its registered ofﬁce is at via Fogazzaro 28, Milan. As of June30, 2024 (the reporting date of these unaudited Interim Condensed
Consolidated Financial Statements), 79.98% of the share capital was owned by
Prada Holding S.p.A., a company domiciled in Italy, and the remainder consistedof floating shares listed on the Main Board of the Hong Kong Stock Exchange.

Basis of presentation
The financial information presented herein refers to the group of companies
controlled by the Company, the operating parent company of the Prada Group,
and it is based on the unaudited Interim Condensed Consolidated Financial
Statements for the six-month period ended June 30, 2024.
This announcement has been prepared consistently with the accounting
standards and policies used to prepare the 2023 Annual Report, since none of
the new standards and amendments to existing standards that became effective
during the period had a material impact on the figures and disclosures provided.
At the date of presentation of this document, there were no differences between
the International Financial Reporting Standards (“IFRS”) endorsed by theEuropean Union (“EU”) and applicable to the Prada Group and those issued by
the International Accounting Standard Board (“IASB”), except for the following
amendments to existing standards that have not been endorsed yet.
IFRSs also refer to all International Accounting Standards (“IAS”) and allinterpretations of the International Financial Reporting Interpretations
Committee (“IFRIC”), previously called the Standing Interpretations Committee(“SIC”).

2

Amendments to existing standards issued by the IASB, endorsed by theEuropean Union and applicable to the Prada Group from January 1, 2024.
Amendments to existing standards
Amendments to IAS 1 Presentation of Financial Statements:
Classification of Liabilities as Current or Non-current –Deferral of Effective Date - Non-current Liabilities with
Covenants
Amendments to IFRS 16 Leases: Lease Liability in a Sale andLeaseback (issued on 22 September 2022)
Amendments to IAS 7 Statement of Cash Flows and IFRS 7
Financial Instruments: Disclosures: Supplier Finance
Arrangements (issued on 25 May 2023)

Effective date forPrada GroupEU endorsement dates

January 1, 2024

December 2023

January 1, 2024

November 2023

January 1, 2024

May 2024

The introduction of these amendments did not have any effect on these
Consolidated Financial Statements.
Amendments to existing standards issued by the IASB, but not yet endorsed by
the European Union as of June 30, 2024.
Amendments to existing standards
Amendments to IAS 21 The Effects of Changes in Foreign
Exchange Rates: Lack of Exchangeability (issued on 15 August2023)
Amendments to the Classification and Measurement of
Financial Instruments (Amendments to IFRS 9 and IFRS 7)(issued on 30 May 2024)

3

Date of possible
application

EU endorsement status

January 1, 2025

Not endorsed yet

January 1, 2026

Not endorsed yetKey financial information
Key economic indicators(amounts in thousands of Euro)six months
ended
June 302024(unaudited)

six months
ended
June 30
2023(unaudited)

Net revenues
EBIT (*)% incidence on net revenues
Net income of the Group
Earnings per share (Euro)Net operating cash flow (**)

2,548,634
575,11922.6%
383,499
0.150
580,484

2,232,379
491,41922.0%
305,168
0.119
181,753(*) Non-IFRS measure equal to Earnings before Interest and Taxation(**) Non-IFRS measure equal to net cash flow from operating activities less repayment of lease liability

Key financial position indicators(amounts in thousands of Euro)

June 302024(unaudited)

December 31
2023(audited)

Net operating working capital (*)
Net invested capital (right of use assets included) (**)
Net financial surplus / (deficit) (***)
Group shareholders’ equity

779,869
5,825,290
265,383
3,919,867

734,7425,790,789
196,908
3,853,795(*) Non-IFRS measure equal to the sum of trade receivables (net), inventories (net) and trade payables(**) Non-IFRS measure equal to the sum of the total consolidated shareholders’ equity, the lease liability and net financial surplus/(deficit)(***) Non-IFRS measure equal to short-term and long-term financial payables due to third parties and related parties, net of cash andcash equivalents and short-term and long-term financial receivables due from third parties and related parties

Highlights of the six-month period ended June 30, 2024
In the first half of 2024 the Prada Group achieved a solid performance reflecting
strong brand momentum and desirability. The high-quality growth, delivered atboth Prada and Miu Miu, rests on unique creativity, dynamism, and a disciplined
execution of the strategy amidst increasingly complex industry and geopolitical
dynamics.
Group’s net revenues grew by 17.4% at constant exchange rates compared to
the first half of 2023, a performance driven by full price, like-for-like volumes.
At brand level, Prada’s retail net sales recorded solid growth of 5.5% over theperiod; Miu Miu’s retail net sales grew by 92.7% yoy, a remarkable performancereflecting strength across all categories and regions.
The EBIT margin (22.6%) showed further expansion, notwithstanding higher
investments. The Group closes the period with a healthy balance sheet and a
net cash position of Euro 265 million.
At Prada, the positive momentum continued as the brand capitalised on its
creative strength, high-impact initiatives, and engagement with audiences. The
positive performance was supported 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
4

shows confirmed the appeal of the brand's aesthetic codes. Collaborations withcelebrated talents boosted the unveiling of a bold reinterpretation of the iconic
Galleria bag and the presentation of the Re-Nylon collection campaign.
As for Miu Miu, the brand kept shining as excitement continued to rise amongits community, fuelled by acclaimed fashion shows and engaging activations.
The brand’s very positive commercial response extended across all categories,
with impactful communication initiatives, including the new Leather Goods
campaign, fostering the brand’s desirability. Special projects like Miu Miu
Upcycled and successful collaborations kept the brand in the spotlight.
Moreover, 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.
At retail level, the upgrade of the network progressed at pace with 36
renovations and relocation projects completed in the first six months of the year,
confirming the Group’s unwavering commitment to elevate the client experienceand support retail execution. Following 9 openings and 22 closures, the Groupends the period with 593 Directly Operated Stores.
Alongside retail initiatives, further progress was made in the digital evolution
and in the strengthening of the supply chain, with a capex spending of Euro 15
million and Euro 32 million dedicated to Industrial and IT projects, respectively.
Of note, in May the Group unveiled the expansion of a key facility in Torgiano(PG) specialised in knitwear and employing 214 resources. In addition to
supporting the production cycle from design to manufacturing, the plant will be
instrumental in preserving the know-how by hosting a new edition of the Prada
Academy in September.
The Group also 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 particularattention to leather, cotton, viscose, polyester and nylon, as well as paper andplastic 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 to the Group's key sustainability objectives.
On the People side, the Group set the pillars of its 3-year DE&I roadmap, withinitiatives encompassing gender equality in top management, training, parenting
policies and the development of sustainability-linked leadership behaviours.
Moreover, the remuneration of a higher proportion of key executives has been
linked to sustainability.
Finally, the Group’s commitment to culture and ocean conservation continued
with the launch 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.

5

Consolidated Statement of profit or loss for the six-month
period ended June 30, 2024 (includes Non-IFRS Measures)(amounts in thousands ofEuro)

six months
%
ended
on
June 30net
2024
revenues(unaudited)

six months
%
ended
on
June 30
net
2023
revenues(unaudited)change%changeNet sales (Note 1)
Royalties
Net revenues

2,487,804
60,8302,548,634

97.6%
2.4%
100%

2,184,896
47,4832,232,379

97.9%
2.1%
100%

302,908
13,347316,255

13.9%
28.1%
14.2%

Cost of goods sold(514,673)-20.2%(438,984)-19.7%(75,689)

17.2%

Gross margin

2,033,961

79.8%

1,793,395

80.3%

240,566

13.4%(81,659)-3.2%(72,489)-3.2%(9,170)12.7%(219,250)-8.6%(187,274)-8.4%(31,976)

17.1%(978,470)-38.4%(894,587)-40.1%(83,883)

9.4%(179,463)-7.0%(147,626)-6.6%(31,837)21.6%(1,458,842)-57.2%(1,301,976)-58.3%(156,866)

12.0%

575,11922.6%

491,41922.0%

83,70017.0%(4,410)-0.2%(19,292)-0.9%

14,882-77.1%(33,791)-1.3%(27,342)-1.2%(6,449)

23.6%

111

0.0%

226

0.0%

(115)

-50.9%(38,090)-1.5%(46,408)

-2.1%

8,318

-17.9%

Income before taxation

537,02921.1%

445,01119.9%

92,018

20.7%

Taxation(151,316)-5.9%(138,381)-6.2%(12,935)

9.3%

Net income for the period

385,71315.1%

306,630

13.7%

79,083

25.8%

2,214

0.1%

1,462

0.1%

752

51.4%

383,49915.0%

305,168

13.7%

78,331

25.7%

Product design anddevelopment costs
Advertising andcommunications costs
Selling costs
General and administrative
costs
Total operating expenses
Operating income – EBITInterest and other financial
income / (expenses), net
Interest expenses on leaseliability
Dividends from investments
Total financial income /(expenses)

Net income – Non-controllinginterests
Net income – Group6

Consolidated Statement of financial position
Notes

June 302024(unaudited)

December 31
2023(audited)

4
5

661,260
378,719
864,403
17,202689,519
405,151
782,978
17,550

6

125

138

7

253,654
2,175,363

267,4122,162,748

8
8
9

2,076,944
853,038
2,071,808
36,154
392,009
133,684
1,105

2,032,876
846,024
2,024,552
41,610374,847
131,504
890

369

-

5,565,111
7,740,474

5,452,303
7,615,051

415,768
182,127
6,043
463,253
252,459
7,879
273,086
1,600,615

411,289
148,338
5,858
453,387
121,823
7,543
302,143
1,450,381

1,737,678
208,076
66,90355,39736,48398,0952,202,632
3,803,247

1,699,599
338,42260,87549,86735,731
103,367
2,287,861
3,738,242

Share capital
Total other reserves
Translation reserve
Net income for the period
Equity attributable to the owners of the Group
Equity attributable to Non-controlling interests
Total equity

255,882
3,162,419
118,067
383,499
3,919,867
17,3603,937,227

255,882
2,833,889
92,998671,026
3,853,795
23,014
3,876,809

Total liabilities and total equity

7,740,474

7,615,051(amounts in thousands of Euro)
AssetsCurrent assets
Cash and cash equivalents
Trade receivables, net
Inventories, net
Derivative financial instruments – current
Receivables due from, and advance payments to,related parties - current
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right of use assets
Investments in equity instruments
Deferred tax assets
Other non-current assets
Derivative financial instruments – non-current
Receivables due from, and advance payments to,related parties - non-current
Total non-current assets
Total assets

10

Liabilities and equity
Current liabilities
Lease liabilities – current
Short-term financial payables and bank overdrafts
Payables due to related parties – current
Trade payables
Tax payables
Derivative financial instruments – current
Other current liabilities
Total current liabilities
Non-current liabilities
Lease liabilities – non-current
Long-term financial payables
Long-term employee benefits
Provisions for risks and charges
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities

11
12
13

14

7

Consolidated Statement of changes in equity(amounts in thousands of Euro, except number of shares)
Equity(amounts inthousands of Euro)

Number ofshares(inthousands)

Balance as ofDecember 31, 2022

2,558,824 255,882

Allocation of 2022
net income
Dividends
Monetary revaluation
IAS 29Comprehensive
income / (loss)
for the period(recyclable to P&L)
Comprehensive
income / (loss)
for the period(not recyclable to
P&L)
Balance as ofJune 30, 2023
Share capital increase
Monetary revaluation
IAS 29Comprehensive
income / (loss)
for the period(recyclable to P&L)
Comprehensive
income/(loss) for theperiod (notrecyclable to P&L)
Balance as ofDecember 31, 2023
Allocation of 2023
net income
Dividends
Acquisition of
additional sharesfrom Non-controllinginterests
Monetary revaluation
IAS 29Other movements
Comprehensive
income / (loss)
for the period(recyclable to P&L)
Comprehensive
income/(loss) for theperiod (notrecyclable to P&L)
Balance as ofJune 30, 2024

Share
Share Translation
premium
capitalreserve
reserve

-

-

Cash
flow
hedge
reserve

Actuarial
reserve

112,646

410,047

10,060(7,107)

-

-

-

-

Fair Value
investmentsin equity
instruments
reserve

Other
reserves

Total
other
reserves(10,405) 2,245,901 2,648,496

EquityEquityNet
attributable attributabl
incometo owners
e to Nonfor theof the controlling
periodGroupinterests

Total
equity465,1933,482,217

465,193 (465,193)

-

-

-

-

465,193(281,471) (281,471)

18,805 3,501,022

-

-

-

-

-

-

-

-

(281,471)(250)(281,721)

-

-

-

-

-

-

-

2,409

2,409

-

2,409

-

2,409

-

-

(15,657)

-

7,451

-

-

-

7,451

305,168

296,962

1,270

298,232

-

-

-

-

-

-

1,299

-

1,299

-

1,299

-

1,299

2,558,824 255,882

96,989410,047

17,511(7,107)(9,106) 2,432,032 2,843,377

305,168

3,501,416

19,825 3,521,241

-

-

-

-

-

-

-

-

-

-

-

2,571

2,571

-

-

-

-

-

-

-

4,434

4,434

-

4,434

-

4,434

-

-

(3,991)-(11,215)---(11,215)

365,858

350,652629

351,281

-

-

-

-

-

(3,040)333-(2,707)-(2,707)(11)(2,718)2,558,824 255,882

92,998410,047

6,296(10,147)(8,773) 2,436,466 2,833,889

671,026

3,853,795

671,026 (671,026)

-

-

-

-

(350,559)(250)(350,809)

5,101

-

5,101

(9,576)(4,475)23,014 3,876,809

-

-

-

-

-

-

-

671,026

-

-

-

-

-

-

-

(350,559) (350,559)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,651

7,651

-

7,651

-

7,651

-

-

-

-

-

(1,768)(1,768)-(1,768)

1,768

-

5,101

-

-

25,069

-

(700)

-

-

-

(700)

383,499

407,8682,404

410,272

-

-

-

-

-

-

8,773

(10,994)(2,221)-(2,221)-(2,221)

2,558,824 255,882

118,067

410,047

5,596(10,147)- 2,756,923 3,162,419

383,499

3,919,867

8

17,360 3,937,227

Consolidated Statement of cash flows for the six-month
period ended June 30, 2024
six months
ended
June 302024(unaudited)

six months
ended
June 30
2023(unaudited)

537,029445,011220,359

221,203

131,070

108,869

5,776
12,60933,791
11,7373,917
2,510
35,662
27,342
17,298Other current assets and liabilities
Cash flows from operating activities
Interest paid (net), including interest paid on lease liability
Taxes paid
Net cash flows from operating activities(5,131)
19,890(100,076)
25,976(21,904)
871,126(39,272)(32,577)
799,277(26,038)(2,179)(56,615)(7,591)(49,045)
720,344(21,918)(304,922)
393,504

Purchases of property, plant and equipment and intangible assets
Disposals of equity instruments
Acquisition of additional shares from Non-controlling interests
Dividends from investments
Net cash flows utilised by investing activities(182,916)
2,969(4,589)111(184,425)(149,204)229(148,975)

Dividends paid to shareholders of Prada S.p.A.
Dividends paid to Non-controlling shareholders
Repayment of lease liabilities
Loans from related parties
Repayment of current portion of long-term borrowings – third parties
Change in short-term borrowings – third parties
Capital injection in associates
Net cash flows utilised by financing activities(331,060)(250)(218,793)(47,617)(50,816)(648,536)(266,818)(250)(211,751)
1,500(47,335)(24,032)(4,509)(553,195)

Change in cash and cash equivalents, net of bank overdrafts
Foreign exchange differences
Opening cash and cash equivalents, net of bank overdraft
Closing cash and cash equivalents, net of bank overdraft(33,684)
5,441
689,503661,260(308,666)(16,620)
1,091,557
766,271(amounts in thousands of Euro)

Income before taxation
Profit or loss adjustments
Depreciation of the right of use assets
Depreciation and amortization of property, plant and equipment andintangible assets
Impairment of the right of use assets
Impairment of property, plant and equipment and intangible assets
Non-monetary financial (income) expenses
Interest expenses on lease liability
Other non-monetary (income) expenses
Balance sheet changes
Other non-current assets and liabilities
Trade receivables, net
Inventories, net
Trade payables

9Consolidated Statement of comprehensive income for thesix-month period ended June 30, 2024
six months
ended
June 302024(unaudited)

six months
ended
June 30
2023(unaudited)

385,713306,630

24,559(8,398)25,25925,259(15,849)(15,849)

(912)
212
(700)

9,820
(2,369)7,451(2,221)

1,299

Change in Fair Value in equity instruments reserve
Tax impact
Change in Fair Value in equity instruments reserve less tax impact(2,221)(2,221)

1,299
1,299

Comprehensive income for the period - Consolidated

408,051

299,531

2,404

1,270

405,647

298,261(amounts in thousands of Euro)Net income for the periodA)

Items that may be reclassified subsequently to P&L:

Foreign exchange differences on translation of foreign operations
Tax impact
Change in translation reserve less tax impact
Gains / (losses) on cash flow hedging instruments
Tax impact
Change in Cash Flow Hedge reserve less tax impact
B)

Items that will not be reclassified subsequently to P&L:

Comprehensive income for the period – Non-controlling interests
Comprehensive income for the period – Group10

Notes to the consolidated results for the six-month period
ended June 30, 2024
1. Analysis of net revenues(amounts in thousands of Euro)Net revenues
Retail net sales (Directly Operated
Stores and e-commerce)
Wholesale net sales (independent
customers and franchisees)
Royalties
Total net revenues

six months
ended
June 302024(unaudited)

six months
ended
June 30
2023(unaudited)

2,262,591 88.8%

1,974,710 88.5%

225,213%%changechangecurrent constantexc. rates exc. rates(*)

Q2-24 vs
Q2-23%
changeconstantexc. rates
(*)

14.6%

18.2%

18.5%

8.8%

210,186

9.4%

7.1%

7.8%

13.8%

60,830 2.4%
2,548,634 100%

47,4832,232,379

2.1%
100%

28.1%
14.2%

28.1%
17.4%

33.1%
18.3%

Retail net sales by brand
Prada
Miu Miu
Church's
Other
Total retail net sales

1,707,710 75.5%
530,129 23.4%
14,656 0.6%
10,096 0.4%
2,262,591 100%

1,667,909 84.5%
285,160 14.4%
12,665 0.6%
8,976 0.5%
1,974,710 100%

2.4%
85.9%
15.7%
12.5%
14.6%

5.5%
92.7%
15.4%
12.2%
18.2%

4.6%
95.4%
9.6%
11.1%
18.5%

Retail net sales by geographic area
Asia Pacific
EuropeAmericasJapan
Middle East
Total retail net sales

774,435 34.2%
682,192 30.2%
386,961 17.1%
308,612 13.6%
110,391 4.9%
2,262,591 100%

715,724
582,112361,073
223,587
92,214
1,974,710

8.2%
17.2%
7.2%
38.0%
19.7%
14.6%

12.0%
18.3%
7.0%
55.0%
19.8%
18.2%

8.3%
18.6%
8.9%
64.6%
24.8%
18.5%

(*) calculated excluding the effect of the hyperinflation in Turkey

11

36.2%
29.5%
18.3%
11.3%
4.7%
100%

2. Number of stores
June 30, 2024
Owned
Franchises

December 31, 2023
Owned
Franchises

June 30, 2023
Owned
Franchises

Prada
Miu Miu
Church’s
Car Shoe
Marchesi 1824

417
139
28
2
7

18
6
-

428
141
28
2
7

20
5
-

426
141
28
2
6

22
6
-

Total

593

24

606

25

603

28

June 30, 2024
Owned
Franchises

December 31, 2023
Owned
Franchises

June 30, 2023
Owned
Franchises

Asia Pacific
EuropeAmericasJapan
Middle East

200
195
92
84
22

22
2

196
200
102
85
23

23
2

192
200
102
86
23

25
3

Total

593

24

606

25

603

28

3. Earnings and dividends per share
Earnings per share basic and diluted
Earnings per share are calculated by dividing the net profit attributable to theGroup’s shareholders by the weighted average number of ordinary shares
outstanding.

Group net income in Euro
Weighted average number of ordinary shares in issue
Basic and diluted earnings per share in Euro,
calculated on weighted average number of shares

six months
ended
June 302024(unaudited)

six months
ended
June 30
2023(unaudited)

383,499,246

305,167,809

2,558,824,000

2,558,824,000

0.150

0.119

Dividends paid
During the six-month period ended June 30, 2024, the Company distributed
dividends of Euro 350,558,888 (Euro 0.137 per share), as approved at theAnnual General Meeting held on April 24, 2024 to approve the December 31,
2023 financial statements.
The dividends and the related Italian withholding tax due (Euro 18.3 million),determined by applying the ordinary Italian tax rate to the entire amount of thedividends distributed to the beneficial owners of the Company’s shares held
12

through the Hong Kong Central Clearing and Settlement System, were paid in
May 2024 and July 2024, respectively.

4. Trade receivables, net
June 302024(unaudited)

December 31
2023(audited)

Trade receivables – third parties
Allowance for bad and doubtful debts
Trade receivables – related parties

390,288(13,419)
1,850

414,621(11,341)
1,871

Total

378,719

405,151(amounts in thousands of Euro)The change in the allowance for bad and doubtful debts is set forth below:
June 302024(unaudited)

December 31
2023(audited)

Opening balance (audited)

11,341

11,595

Exchange differences
Increases
Reversals
Utilization

35
2,782
(559)
(180)

(244)
2,979
(173)
(2,816)

Closing balance (unaudited)

13,41911,341(amounts in thousands of Euro)An aging analysis of the trade receivables, before accounting for the allowancefor bad and doubtful debts, is shown below:(amounts inthousands of Euro)

June 30
Not
2024
overdue(unaudited)

Overdue (in days)

Trade receivables

392,138 324,281

33,296

7,702

Total June 30, 2024
(unaudited)392,138 324,281

33,296

7,702(amounts inthousands of Euro)

December 31
Not2023
overdue(audited)

Trade receivables
Total Dec. 31, 2023
(audited)1 ≤ 3031 ≤ 60 61 ≤ 90

91 ≤ 120

> 120

3,538

5,908

17,413

3,538

5,908

17,413

Overdue (in days)
1 ≤ 3031 ≤ 60

61 ≤ 9091 ≤ 120> 120

416,492 331,052

55,306

9,854

3,717

2,570

13,993

416,492 331,052

55,306

9,854

3,717

2,570

13,99313

An aging analysis of the trade receivables, after accounting the allowance forbad and doubtful debts, is shown below:
June 302024(unaudited)(amounts inthousands of Euro)

Overdue (in days)

Not
overdue1 ≤ 3031 ≤ 60

61 ≤ 9091 ≤ 120> 120

Trade receivables lessallowance for bad anddoubtful accounts

378,719

322,750 33,219

7,697

3,514

5,798

5,741

Total June 30, 2024
(unaudited)

378,719

322,750 33,219

7,697

3,514

5,798

5,741

(amounts inthousands of Euro)

December 31
2023(audited)

Overdue (in days)

Not
overdue1 ≤ 3031 ≤ 60

61 ≤ 9091 ≤ 120> 120

Trade receivables lessallowance for bad anddoubtful accounts

405,151

329,418 54,350

8,780

3,578

2,548

6,477

Total Dec. 31, 2023
(audited)

405,151

329,418 54,350

8,780

3,578

2,548

6,477

5. Inventories, net(amounts in thousands of Euro)

Raw materials

June 302024(unaudited)

December 31
2023(audited)

126,188

115,531Work in progress

52,60938,580Finished products

803,648726,295

Return assets

9,556

12,942

Allowance for obsolete and slow-moving inventories(127,598)(110,370)

Total

864,403782,978

The stock increase was largely attributable to the need to support sales growth.
In the first semester of 2024, the inventory allowance was increased, net of theutilisations and reversal, by Euro 17.2 million with allocations for slow-moving
products and raw materials.

14

The changes in the allowance for obsolete and slow-moving inventories in thesix-month period of 2024 are as follows:Rawmaterials

Finishedproducts

Total
allowance forobsolete andslow-moving
inventories

Opening balance (audited)

41,66368,707110,370

Exchange differences
Increases
Utilisation
Reversals

2
3,750
-

36
14,696(1,225)(31)

38
18,446(1,225)(31)

Closing balance (unaudited)

45,41582,183

127,598(amounts in thousands of Euro)

6. Receivables due from, and advance payments to, related parties current
June 302024(unaudited)

December 31
2023(audited)-

2

Other receivables and advances

125

136

Total

125

138

June 302024(unaudited)

December 31
2023(audited)

VAT

41,41838,317

Taxation and other tax receivables

56,15982,853(amounts in thousands of Euro)

Financial receivables

7. Other current assets(amounts in thousands of Euro)

Other assets

12,48015,063

Prepayments

137,629

124,244

5,968

6,935

253,654

267,412

Guarantee deposits
Total

15

8. Capital expenditure
The changes in the net carrying amount of property, plant and equipment forthe six-month period ended June 30, 2024 are shown below:(amounts inthousands of Euro)Land Production Leasehold Furniture
AssetsOther
and plant and improve&under
tangiblesbuildings machinery
ments
fittings
construction

Opening balance(audited)

1,186,896

74,640330,544302,205

67,28471,307 2,032,876

1,339

5,996

46,852

15,405

3,352

64,065(13,982)(6,894)(58,755)(22,174)(5,696)

(36)

(39)

(119)

(62)

(6)

(450)

(712)

17,532

41

(881)

1,468

(12)

(544)

17,604

3,932

1,648

27,591

3,931

367(37,307)

162

Impairment

-

(45)

(2,373)(3,269)

(15)

(74)

(5,776)

Revaluation IAS 29

-

-

3,243

14

(1)

26

3,282

1,195,681

75,347346,102297,518

65,273

Additions
Depreciation
Disposals
Exchangedifferences
Other movements

Closing balance(unaudited)

Total net
carrying
amount137,009- (107,501)

97,023 2,076,944

The increase in leasehold improvements and furniture & fittings regarded
primarily restyling and relocation projects for the retail premises.
The assets under construction at the end of the period concern retail andindustrial projects.
The changes in the net carrying amount of intangible assets for the six-month
period ended June 30, 2024 are shown below:(amounts inthousands of Euro)

Opening balance(audited)
Additions
Amortization
Disposals

Trademarks
andintellectual Goodwill
propertyrightsStore
AssetsOtherlease Softwareinintangibles
acquisition
progress

176,786 515,507
534-(5,286)-12 103,485

Total net
carrying
amount231

50,003846,024

5,567-

25,59331,694

1,553 (19,811)

(25)

-

(23,569)

-

-

-

-

(68)

-

(97)

(165)

830

-

2

7

(2)

(1)

836

Other movements--(1,567)

31,6808 (31,903)(1,782)

Closing balance(unaudited)

172,864 515,507

Exchange differences- 120,860

212

43,595853,038

Impairment test
As required by IAS 36 "Impairment of Assets”, intangible assets with indefinite
useful lives are not amortised, but they are tested for impairment at least once
16

per year. The Group does not report intangible assets with indeﬁnite useful lives
apart from goodwill. As of June 30, 2024, the goodwill recognised in the
consolidated financial statements is Euro 515.5 million, and it is allocated to thefollowing cash generating units (“CGUs”):
June 302024(unaudited)

December 31
2023(audited)

Prada
Miu Miu

424,262
91,245424,262
91,245

Total

515,507515,507(amounts in thousands of Euro)

No indications of impairment emerged during the reporting period. However,since values in use and fair values are measured on the basis of estimates andassumptions, management cannot guarantee that the value of goodwill or othertangible or intangible assets will not be subject to impairment in the future.

9. Right of use assets
The changes in the net carrying amount of the right of use assets for the sixmonth period ended June 30, 2024 are shown below:(amounts in thousands of Euro)

Real estate

Other

Total net
carrying amountOpening balance (audited)

2,020,536

4,016

2,024,552

New contracts, initial direct costs and remeasurements

263,754

1,676

265,430

Depreciation(219,162)(1,197)(220,359)

Contracts termination

(250)

-

(250)

Exchange differences(1,375)(1)(1,376)

Revaluation IAS 29

3,811

-

3,811

2,067,314

4,494

2,071,808

Closing balance (unaudited)

The right of use assets increased by Euro 47.3 million, mainly as a result of newleases and remeasurements of existing leases totaling Euro 265.4 million, net of
depreciation of Euro 220.4 million and foreign exchange differences negative
impact of Euro 1.4 million.
The increase for new leases, initial direct costs and remeasurements is
attributable to lease renewals (largely in Asia and Europe) and theremeasurement of the liability to adjust it to indexes commonly used in the realestate industry (mainly the consumer price index).
Right of use assets “other”, amounting to Euro 4.5 million, includes plant,
machinery, vehicles and hardware.

17

10. Other non-current assets
June 302024(unaudited)

December 31
2023(audited)

Guarantee deposits

74,50770,510Prepayments for commercial agreements

43,82045,907Pension fund surplus

4,777

4,652

Other long-term assets

10,58010,435

Total

133,684

131,504(amounts in thousands of Euro)

The guarantee deposits refer primarily to security deposits paid under retailleases.

11. Payables due to related parties - current
June 302024(unaudited)

December 31
2023(audited)

6,043

5,853

-

5

6,043

5,858

(amounts in thousands of Euro)

June 302024(unaudited)

December 31
2023(audited)

Trade payables – third parties

456,120447,615

Trade payables – related parties

7,133

5,772

463,253453,387(amounts in thousands of Euro)

Financial payables
Other payables
Total

12. Trade payables

Total

An aging analysis of the trade payables at the reporting date is shown below:(amounts inthousands of Euro)

June 302024(unaudited)

Not
overdue

Overdue (in days)
1 ≤ 30 31 ≤ 60

61 ≤ 9091 ≤ 120> 120

Trade payables

463,253

421,574 20,364

3,693

3,021

2,276

12,325

Total June 30, 2024
(unaudited)463,253

421,574 20,364

3,693

3,021

2,276

12,32518

(amounts inthousands of Euro)

December 31
2023(audited)

Overdue (in days)

Not
overdue1 ≤ 30 31 ≤ 60

61 ≤ 9091 ≤ 120> 120

Trade payables

453,387

372,015 56,875

8,958

3,473

1,694

10,372

Total December 31, 2023
(audited)

453,387

372,015 56,875

8,958

3,473

1,694

10,372

13. Other current liabilities(amounts in thousands of Euro)

June 302024(unaudited)

December 31
2023(audited)

Payables for capital expenditure

76,43892,137

Accrued expenses and deferred income

32,86924,052Other payables

163,779

185,954

Total

273,086

302,143

14. Provisions for risks and charges
The changes in the provisions for risks and charges for the six-month period
ended June 30, 2024 are as follows:(amounts in thousands of Euro)

Provision forlegal disputes

Provision fortax disputes

Other
provisions

Total

1,133

582

48,152

49,867

5

4

260

269

Opening balance (audited)
Exchange differences
Reversals

(575)

-

(294)

(869)

Utilisation

(393)

(79)

(1,002)(1,474)

Increases

367

-

7,237

7,604

Closing balance (unaudited)

537

507

54,35355,397

The provisions for risks and charges represent Directors’ best estimate of the
maximum outflow of resources needed to settle liabilities deemed to beprobable. In the Directors’ opinion, based on the information available to them,
the total amount accrued for risks and charges at the reporting date is adequate
in respect of the liabilities that could arise from them.
Tax disputes
Since 2016, Prada Asia Pacific Ltd (a retail subsidiary wholly owned by Prada
S.p.A.) has been providing Prada S.p.A. with commercial services to support its
wholesale distribution business in Asia Pacific, for remuneration (in place until
2021) disclosed, as early as the 2016 tax year, to the Italian Tax Authority
through the submission of an advance pricing agreement application and various
explanatory documents.
19

The Italian Tax Authority started discussions on the topic on October 2022 and,in order not to have the 2016 and 2017 fiscal years time barred, on April 28,
2023 and on April 26, 2024 respectively, it issued tax notices (IRES and IRAP) in
which it challenged in full the deductibility of the remuneration paid to Prada
Asia Pacific Ltd in both fiscal years, setting higher taxes (amounting to c. Euro
10.8 million for 2016 and c. Euro 9.8 million for 2017) and interests (amounting
to c. Euro 2.3 million for 2016 and c. Euro 2 million for 2017).
In these tax notices the Italian Tax Authority recognised (i) the possibility for
Prada S.p.A. to deduct the amount that, in the opinion of the Italian Tax
Authority, it should have recognised to Prada Asia Pacific Ltd, without however
quantifying it, and (ii) the non-application of penalties, by virtue of thecorrectness of the Transfer pricing contemporaneous documentation preparedby Prada S.p.A..
The Italian Tax Authority has not yet formalized a final position. Prada S.p.A.
has filed an appeal against these tax notices both for 2016 and 2017 within thelegal deadlines and discussions with the Italian Tax Authority are still ongoing.
The Company, also supported by the opinion of a leading tax consultancy firm,at this stage believes that there is no basis for recording a tax liability in relation
to this case.
Other risk provisions
The other risk provisions amount to Euro 54.4 million as of June 30, 2024,
primarily referring to contractual obligations to restore leased commercial
properties to their original condition, and include also other liabilities forcustoms duty risks for an amount of Euro 3.7 million, consisting of Euro 1 million
for a mistaken customs classification of footwear imported into the UnitedStates and Euro 2.7 million for risks of assessments regarding priceadjustments, split among a few non-EU countries.

Management discussion and analysis for the six-month
period ended June 30, 2024
(growth percentages at constant exchange rates, unless differently specified)
The Prada Group generated net revenues of Euro 2,548.6 million in the sixmonth period ended June 30, 2024, up by 17.4% compared to the same periodof 2023. Exchange rate fluctuations reduced growth by 3.2%, to 14.2%.
During the six-month period of 2024, retail net sales increased by 18.2% against
the same period of 2023, driven by full price like-for-like sales. Over the period,
retail net sales accounted for 88.8% of total net revenues, therefore in line with
2023 level.
As of June 30, 2024, the Group operated 593 stores, following 9 openings and
22 closures over the period.
Sales in the wholesale channel rose by 7.8% compared to the corresponding
period of 2023, supported by duty free stores channel and with a controlled
evolution of independent wholesale, in line with the Group strategy.
20Royalty income grew by 28.1% on the same period of 2023, a strong
performance driven by the contribution of both eyewear and fragrances.

BrandsPrada retail net sales increased by 5.5% yoy, a high-quality performance driven
by full price like-for-like sales. Growth was spread across all product categories
and genders, and delivered against a challenging comparison in China and in therest of Asia Pacific countries.
Miu Miu retail net sales reported a remarkable organic performance in the sixmonth period at +92.7% yoy, with strong growth across regions and productcategories.
During the semester Church's retail net sales reported a growth of 15.4% yoy.
The net revenues by brand amounted to Euro 1,924.9 million for Prada, Euro595.4 million for Miu Miu, Euro 17.7 million for Church’s, and Euro 10.7 million
for the other brands.

Markets
Over the period the Group delivered double-digit growth across all regions,excluding Americas which nevertheless reported a further slight improvement.
In Asia Pacific, retail net sales rose by 12%, albeit moderated in the second
quarter on a tougher comparison base and increasing spending outside the area.
In Europe, retail net sales rose by 18.3%, with a continued and stable growth
supported by local clients and tourists spending.
In the Americas, retail net sales rose by 7%, with the second quarter showing afurther slight sequential improvement.
Japan reconfirmed as the best performing region in the semester, as retail net
sales increased by 55%, supported by a solid local demand and strong tourism
flow. Japan reported a further acceleration in the second quarter.
Retail net sales in the Middle East also delivered a solid performance (+19.8%),
with the second quarter showing acceleration.

Operating results
The gross margin for the six-month period ended June 30, 2024 corresponded
to 79.8% on net revenues, down from the 80.3% of the same period of 2023.
Excluding the effect of exchange rate differences, gross margin was
substantially stable.
Operating expenses totaled Euro 1,458.8 million, up by Euro 156.9 million
versus the same period of 2023. The increase was attributable primarily tovariable costs resulting from the sales increase, higher marketing spend,
personnel expenses, and other general and administrative costs.
The operating income for the period, or EBIT, was Euro 575.1 million, 22.6% of
net revenues, compared to the Euro 491.4 million (22% of net revenues) of thesame period of 2023.

21

Financial expenses and taxation
The net financial expenses of Euro 38.1 million were Euro 8.3 million lower than
the same period of 2023. The decrease was largely attributable to lower
exchange rate losses partially offset by higher interest expense on the leaseliability.
The taxation for the six-month period ended June 30, 2024 was Euro 151.3
million, corresponding to 28.2% of the profit before tax.

Net income
The net income for the six-month period ended June 30, 2024 amounted toEuro 385.7 million (15.1% of net revenues), versus Euro 306.6 million (13.7% of
net revenues) reported in the same period of 2023.

22

Net invested capital
The following table reclassifies the statement of financial position to provide
information on the composition of the net invested capital:(amounts in thousands of Euro)

June 302024(unaudited)

December 31
2023(audited)

Right of use assets
Non-current assets (excluding deferred tax assets), net
Trade receivables, net
Inventories, net
Trade payables
Net operating working capital
Other current assets (excluding items of financial position)
Other current liabilities (excluding items of financial position)
Other current assets / (liabilities), net
Provision for risks
Post-employment benefits
Other long-term liabilities
Deferred taxation, net
Other non-current assets / (liabilities), net
Net invested capital

2,071,808
3,057,105
378,719
864,403(463,253)
779,869
262,007(524,450)(262,443)(55,397)(66,903)(54,275)
355,526
178,951
5,825,290

2,024,552
3,006,998
405,151
782,978(453,387)
734,742
276,123(422,541)(146,418)(49,867)(60,875)(57,459)
339,116
170,915
5,790,789

Shareholder's equity – Group
Shareholder's equity – Non-controlling interests
Total consolidated shareholders' equity
Long-term financial, net surplus / (deficit)
Short-term financial, net surplus / (deficit)
Net financial surplus / (deficit)
Net financial surplus / (deficit) to consolidated shareholders' equity ratio(3,919,867)(17,360)(3,937,227)(207,707)
473,090
265,383-6.7%(3,853,795)(23,014)(3,876,809)(338,422)
535,330
196,908-5.1%

Long-term lease liabilities
Short-term lease liabilities
Total lease liabilities
Net financial surplus / (deficit), including lease liabilities
Shareholders’ equity and net financial surplus / (deficit), including
lease liabilities(1,737,678)(415,768)(2,153,446)(1,888,063)(1,699,599)(411,289)(2,110,888)(1,913,980)(5,825,290)(5,790,789)

The net invested capital as of June 30, 2024 amounts to Euro 5,825 million,
with equity of Euro 3,937 million and lease liabilities of Euro 2,153 million; thenet financial position at the end of the period is a surplus of Euro 265.4 million.
The right of use assets increased by Euro 47.3 million, mainly as a result of newleases and remeasurements of existing leases totaling Euro 265.4 million, net of
depreciation of Euro 220.4 million and foreign exchange differences negative
impact of Euro 1.4 million.
The non-current assets, excluding deferred tax assets, (net) rose by Euro 50.1
million (Euro 3,057 million as of June 30, 2024 versus Euro 3,007 million as ofDecember 31, 2023) following capital expenditures of the year amounting toEuro 168.7 million, against depreciation, amortisation and writedowns of Euro
136.8 million and foreign exchange differences positive impact of Euro 18.4
million.
23

(amounts in thousands of Euro)

Retailsix months
ended
June 302024(unaudited)

six months
ended
June 30
2023(unaudited)

116,843

94,650Real estate

2,369

-

Production, logistics and corporate

49,49155,856

Total

168,703150,506

The Group continued to invest in store restyling / relocation projects and in theindustrial area, as well as in the advancement of the technological and digitalroadmap in the retail, manufacturing and corporate areas.
The net operating working capital as of June 30, 2024 is Euro 779.9 million, up
by Euro 45.1 million from December 31, 2023: trade receivables decreased byEuro 26.4 million, inventories increased by Euro 81.4 million, and trade
payables increased by Euro 9.9 million.
The other current liabilities (net) amount to Euro 262.4 million as of June 30,
2024, up by Euro 116 million from December 31, 2023, essentially due to theincrease of the income tax liability.
The other non-current assets (net) of Euro 179 million as of June 30, 2024 rose
by Euro 8 million from December 31, 2023.

Net financial position
The following table provides details of the net financial position:
June 30 December 31
2024
2023
(unaudited)(audited)(amounts in thousands of Euro)Bank borrowing – non-current(208,076)(338,422)

Financial payables and bank overdrafts - current
Payables to related parties - current
Total financial payables – current(182,127)(6,043)(188,170)(148,338)(5,853)(154,191)

Total financial payables(396,246)(492,613)

Cash and cash equivalents
Financial receivables from related parties - non-current
Financial receivables from related parties - current

661,260
369-

689,5192

Total financial receivables and cash and cash equivalents

661,629

689,521

Net financial surplus / (deficit)

265,383

196,908

The net operating cash flow for the six-month period, after the payment of thelease liability (Euro 218.8 million), was positive for Euro 580.5 million, which
also benefitted from a calendar shift in the payment of Euro 67.1 million in24

income taxes from June to July 2024. After the cash outflows for investing
activities (Euro 184.4 million), dividend payments (Euro 331.3 million), net of therevaluation of the items of the net financial position (Euro 4.6 million) and otherminor items, the net financial surplus reached Euro 265.4 million at the end of
the period.
June 302024(unaudited)

June 30
2023(unaudited)

Cash flow from operating activities

871,126

720,344

Net cash, interest received (paid)
Lease liabilities: interest paid
Tax paid(5,480)(33,792)(32,577)

5,424(27,342)(304,922)

Net cash flow from operating activities

799,277

393,504

Repayment of lease liabilities(218,793)(211,751)

Net operating cash flow

580,484

181,753

Net cash flow utilized by investing activities(184,425)(148,975)

Free cash flow

396,059

32,778(amounts in thousands of Euro)To provide greater financial flexibility, on April 17, 2024 Prada S.p.A. signed a
new Euro 800 million Sustainability-Linked Revolving Credit Facility (5-year
duration), replacing the existing Euro 400 million facility.
The total amount of undrawn lines of credit as of June 30, 2024 is equal to Euro
1,252 million (Euro 768 million as of December 31, 2023), consisting of Euro858 million of committed lines and Euro 394 million of uncommitted lines.
All financial covenants were fully complied with as of June 30, 2024 and they
are expected to be complied with within the next 12 months as well.
The following table sets forth the lease liabilities:(amounts in thousands of Euro)

June 302024(unaudited)

December 31
2023(audited)Long-term lease liabilities
Short-term lease liabilities

1,737,678
415,768

1,699,599
411,289

Total

2,153,446

2,110,888

The lease liabilities increased from Euro 2,111 million as of December 31, 2023
to Euro 2,153 million as of June 30, 2024, primarily as a result of
remeasurements for lease extensions or modifications for Euro 263 million netof the payments of the period for Euro 218.8 million and termination ofcontracts of Euro 1.6 million.
The lease liabilities were concentrated mainly in Japan, the U.S.A. and Italy.
25

The net financial indebtedness, including the lease liabilities, amounted to Euro
1,888 million as of June 30, 2024 (Euro 1,914 million as of December 31, 2023).

Events after the reporting dateNo significant events to be reported.

OutlookThe management is pleased with the Group’s performance for the first half ofthe year, which was delivered on the backdrop of increasingly complex industry
and geopolitical dynamics. For the months ahead, priority will remain to nurture
the brands’ desirability to continue to drive client engagement, and to progressin the journey towards retail excellence. While the current environment requires
to be vigilant, the management has confidence in the Group’s strategy andremains committed to the ambition to deliver solid, sustainable and abovemarket growth.

Corporate Governance Practices
The Company is committed to maintaining the highest standards of corporate
governance to create long-term sustainable value for all its stakeholders,
including its shareholders.
The corporate governance model adopted by the Company consists of a set ofrules, standards and structured procedures aimed at establishing efficient andtransparent operations within the Group, to protect the rights of the Company’s
shareholders, to enhance shareholder value and to uphold the Group’s
credibility and reputation. The corporate governance model adopted by theCompany complies with the applicable laws and regulations in Italy, where theCompany is incorporated, as well as the principles of the Corporate Governance
Code (the “Code”) in Appendix C1 to the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”).

Compliance with the Code
The Board of Directors of the Company (the “Board”) has reviewed theCompany’s corporate governance practices and it is satisfied that such practices
have complied with the code provisions set out in the Code throughout the six
months from January 1, 2024, to June 30, 2024 (the “Reviewed Period”), savefor Code Provision F.2.2, as Mr. Patrizio Bertelli (Chairman of the Board) was
not able to attend the annual general meeting of the Company held on April 24,
2024 (the “AGM”) due to other business commitments. In his absence, Mr. Paolo
Zannoni (Executive Deputy Chairman of the Board) assumed the Chairman’srole and duties at the AGM, ensuring the meeting proceeded smoothly witheffective communication with the Shareholders.
The Company will continue to review and evaluate such practices from time totime to ensure that it complies with the Code and aligns with the latest
developments.
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The Board
The Board is responsible for setting up the overall strategy, as well as reviewing
the operation and financial performance of the Company and the Group. The
current members of the Board were appointed at the AGM for a term of threefinancial years, ending on the date of the shareholders’ meeting to be called toapprove the financial statements for the year ending December 31, 2026. The
Board is currently made up of eleven directors, of which six are Executive
Directors and five are Independent Non-Executive Directors, namely:
–
–
–
–
–
–
–
–
–
–
–

Mr. Patrizio BERTELLI (Chairman of the Board and Executive Director)
Mr. Paolo ZANNONI (Executive Deputy Chairman of the Board andExecutive Director)
Mr. Andrea GUERRA (Chief Executive Officer and Executive Director)
Ms. Miuccia PRADA BIANCHI (Executive Director)
Mr. Lorenzo BERTELLI (Executive Director)
Mr. Andrea BONINI (Chief Financial Officer and Executive Director)
Mr. Yoël ZAOUI (Lead Independent Director and Independent NonExecutive Director)
Ms. Marina Sylvia CAPROTTI (Independent Non-Executive Director)
Ms. Cristiana RUELLA (Independent Non-Executive Director)
Ms. Pamela Yvonne CULPEPPER (Independent Non-Executive Director)
Ms. Anna Maria RUGARLI (Independent Non-Executive Director).

During the Reviewed Period, the Board held three meetings on January 25,
March 7, and April 24, 2024.
The Board has established the Audit and Risk Committee, the Remuneration
Committee, the Nomination Committee, and the Sustainability Committee. In
compliance with the Code, the Board has recommended an Independent NonExecutive Director to serve as the Chairperson for each Committee. The
Chairperson is to be determined by the members of such Committee. The Termsof Reference and composition of the Audit and Risk Committee, theRemuneration Committee and the Nomination Committee are published on thewebsites of both the Company and The Stock Exchange of Hong Kong Limited(the “Stock Exchange”). The Terms of Reference of the Board Committees are
no less exacting than those set out in the Code.

Audit and Risk Committee
The Company has established an Audit and Risk Committee in compliance with
Rule 3.21 of the Listing Rules, where at least one member possesses related
financial management expertise to perform the duties of the Audit and Risk
Committee. The Board appointed on April 24, 2024, the current members of the
Audit and Risk Committee, being three Independent Non-Executive Directors,
namely Mr. Yoël Zaoui (Chairman), Ms. Anna Maria Rugarli and Ms. Cristiana
Ruella, for a term of three financial years, ending on the date of theshareholders’ meeting to be called to approve the financial statements for theyear ending December 31, 2026.
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The primary duties of the Audit and Risk Committee are to assist the Board inproviding an independent view on the independence, adequacy, effectivenessand efficiency of the internal audit function, the Company’s financial reporting
process and its internal control and risk management system, to oversee theexternal audit processes, the internal audit process and financial controls
activity, to implement the Company’s risk management functions, to assess theCompany’s business model and strategies, to examine the work plan of internal
audit, to review the relationship with the External Auditor by reference to thework performed by the External Auditor, as well as their independence, fees
and terms of engagement, and to perform any other duties and responsibilities
assigned to it by the Board.
During the Reviewed Period, the Audit and Risk Committee held three meetings
on January 22, March 4, and April 22, 2024, with an attendance rate of 77.78%
to, among others, examine and recommend to the Board the approval of the2024 budget of the Group and its updates, to evaluate the methodology applied
to the impairment test, to discuss the status of the major pending litigations of
the Group and the internal audit and risk management activities, and to review,for the 2023 Year, the annual results and the Sustainability Report, thecontinuing connected transactions, the recapitalization of certain subsidiaries,
and the unaudited financial results for the first quarter ended March 31, 2024.
The Audit and Risk Committee held two further meetings on July 15 and July29, 2024 to, among others, appoint the Chairperson of the Audit and Risk
Committee, review the interim results for the Reviewed Period, provide updates
on the selection process for the External Auditor, and on ongoing litigations,review the recapitalization of certain subsidiaries and related-parties
transactions, present the 2024 Audit Plan, the reports of the Supervisory Board
and Audit and Risk Committee for the Reviewed period, and the Internal Audit
annual report.

Remuneration Committee
The primary duties of the Remuneration Committee are to makerecommendations to the Board on the Company’s policy and structure for the
remuneration package of Directors and senior management and theestablishment of a formal and transparent procedure for developing policies onsuch remuneration. The recommendations of the Remuneration Committee arethen submitted to the Board for consideration and adoption, where appropriate.
The Board appointed on April 24, 2024, the current members of theRemuneration Committee being two Independent Non-Executive Directors, Ms.
Anna Maria Rugarli (Chairwoman) and Mr. Yoël Zaoui, and the Executive
Director and Executive Deputy Chairman, Mr. Paolo Zannoni, for a term of threefinancial years, ending on the date of the shareholders’ meeting to be called toapprove the financial statements for the year ending December 31, 2026.
During the Reviewed Period, the Remuneration Committee held two meetingson March 5 and April 24, 2024, with an attendance rate of 100%, to review andrecommend, among others, the aggregate basic remuneration of the Board, toappoint its Chairperson, to determine the additional remuneration of the28

directors vested with special authorities and to review the remuneration of the
new members of the Board and of the new Statutory Auditors.
The Remuneration Committee held a further meeting on July 9, 2024, to review
and discuss fringe benefits and provide an update on the existing long-term
incentive (“LTI”) plans.

Nomination Committee
The primary duties of the Nomination Committee are to determine the policy forthe nomination of Directors and to make recommendations to the Board forconsideration and, where appropriate, adoption on the structure, size andcomposition of the Board itself, on the selection of new Directors and on the
succession plans for Directors. In discharging its duties, the Nomination
Committees has considered the Board Diversity Policy and the Directors’
Nomination Policy.
The Board appointed on April 24, 2024, the current members of the Nomination
Committee being two Independent Non-Executive Directors, Ms. Cristiana
Ruella (Chairwoman) and Ms. Pamela Yvonne Culpepper, and one Executive
Director, Mr. Lorenzo Bertelli for a term of three financial years, ending on thedate of the shareholders’ meeting to be called to approve the financial
statements for the year ending December 31, 2026.
During the Reviewed Period, the Nomination Committee held two meetings on
February 20, and March 5, 2024, with an attendance rate of 66.67%, to verify
the independence of the Independent Non-Executive Directors for the 2023
Year, to recommend the structure of the Board and the election andappointment of eleven directors in total at the AGM, and to recommend the
proposed candidates for both the Board and the Board of Statutory Auditors,
whose appointment is subject to the approval at the AGM.

Sustainability Committee
The Sustainability Committee assists and supports the Board with proposing andadvisory functions in its assessments and decisions on sustainability, meaning
the processes, initiatives and activities aimed at overseeing the Company’scommitment to sustainable development along the value chain and strategy.
Moreover, the Committee supports the preparation and review of non-financial
reports, including the annual Sustainability Report, and communications
concerning sustainability to be submitted to the Board for approval.
The Board appointed on April 24, 2024, the current members of the
Sustainability Committee being two Independent Non-Executive Directors, Ms.
Pamela Yvonne Culpepper (Chairwoman) and Ms. Anna Maria Rugarli, and one
Executive Director, Mr. Lorenzo Bertelli for a term of three financial years,
ending on the date of the shareholders’ meeting to be called to approve thefinancial statements for the year ending December 31, 2026.
During the Reviewed Period, the Sustainability Committee held two meetings on
January 31 and February 29, 2024, with an attendance rate of 100%, to provide
updates on progresses and achievements in ESG, and to approve theSustainability Report for the 2023 Year and the industrial roadmap for29

supporting sustainability in the Group’s operations for the year ending
December 31, 2024, to discuss the establishment of the Diversity, Equity &Inclusion (“DE&I”) executive committee of Prada USA Corp. and the new DE&I
Group governance.
The Sustainability Committee held a further meeting on July 11, 2024 to, among
others, appoint the Chairperson of the Sustainability Committee, and provide
updates on the latest initiatives and achievements in the Corporate andIndustrial Sustainability strategy and activities.

Board of Statutory Auditors
Under Italian law, a joint-stock company is required to have a board of statutory
auditors, appointed by the shareholders for a term of three financial years, withthe authority to supervise the Company on its compliance with the applicablelaws, regulations, its By-laws, the principles of proper management and, inparticular, on the adequacy and functioning of the organizational, administrative
and accounting structure adopted by the Company.
The following persons were elected as statutory auditors or alternate statutory
auditors (as the case maybe) at the AGM for a term of three financial years,
ending on the date of the shareholders’ meeting to be called to approve thefinancial statements for the year ending December 31, 2026:- Mr. Roberto SPADA – Chairman of the Board of Statutory Auditors- Ms. Maria Luisa MOSCONI – Statutory Auditor- Ms. Patrizia ARIENTI – Statutory Auditor- Ms. Stefania BETTONI – Alternate Statutory Auditor- Mr. Cristiano PROSERPIO – Alternate Statutory Auditor
During the Reviewed Period, the Board of Statutory Auditors held four meetings.

“Organismo di Vigilanza” (Supervisory Body)
In compliance with Italian Legislative Decree 231 of June 8, 2001 (the “Decree”),
the Company established an “Organismo di Vigilanza” (Supervisory Body) whose
primary duty is to ensure the functioning, effectiveness and enforcement of theCompany’s Organization, Management and Control Model, adopted by theCompany pursuant to the same Decree. The “Organismo di Vigilanza” has threemembers appointed by the Board and selected among qualified andexperienced individuals. The Board appointed on April 24, 2024, the current
members of the “Organismo di Vigilanza” being Ms. Stefania Chiaruttini(Chairwoman), Mr. Armando Simbari, and Mr. Roberto Spada, Chairman of theBoard of Statutory Auditors for a term of three financial years, ending on thedate of the shareholders’ meeting to be called to approve the financial
statements for the year ending December 31, 2026.

Dividends
The Company may distribute dividends subject to the approval of theshareholders in a shareholders’ general meeting.
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No dividends have been declared or paid by the Company in respect of the
Reviewed Period.
On March 7, 2024, the Board recommended for the 2023 Year the payment ofa final dividend of Euro 0.137 per share, representing a total dividend of Euro
350,558,888. The shareholders approved the distribution and payment of the
final dividend at the AGM. The dividend was paid on May 17, 2024, while therelevant withholding tax has been paid in July 2024.

Directors’ Securities Transactions
The Company has adopted a set of written procedures governing Directors’securities transactions on terms no less exacting than those set out in the Model
Code for Securities Transactions by Directors of Listed Issuers as set out inAppendix C3 of the Listing Rules (the “Model Code”). In response to specificenquiries by the Company, all Directors confirmed that they complied with therequired standard set out in the Model Code and the Company’s procedure at
all applicable times during the Reviewed Period. There were no incidents of noncompliance during the Reviewed Period.
The Company has also adopted a set of written procedures governing securities
transactions carried out by the relevant employees who are likely to possess
inside information in relation to the Company and its securities. This set ofprocedures is on terms no less exacting than those set out in the Model Code.

Purchase, Sale, or Redemption of the Company’s Listed
Securities
During the Reviewed Period, neither the Company nor any of its subsidiaries
purchased, sold, or redeemed any of the Company’s listed securities. The
Company did not hold any treasury shares during the Reviewed Period.

Publication of Interim Results Announcement and Interim
Report
The interim results announcement of the Company is published on the websitesof Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and theCompany at www.pradagroup.com. The interim report will be available on thesame websites and dispatched to the shareholders of the Company in due
course.
By Order of the Board
Prada S.p.A.
Mr. Paolo Zannoni

Executive Deputy Chairman

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Milan (Italy), July 30, 2024

As at the date of this announcement, the Company’s executive directors are Mr. Patrizio
BERTELLI, Mr. Paolo ZANNONI, Ms. Miuccia PRADA BIANCHI, Mr. Andrea GUERRA,
Mr. Andrea BONINI and Mr. Lorenzo BERTELLI; and the Company’s independent nonexecutive directors are Mr. Yoël ZAOUI, Ms. Marina Sylvia CAPROTTI, Ms. Cristiana
RUELLA, Ms. Pamela Yvonne CULPEPPER and Ms. Anna Maria RUGARLI.

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