H1-24
Results Presentation

Milan, July 30th 2024
1July 30th 2024

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2July 30th 2024

AgendaAndrea Guerra – Group CEOHighlights and Business Update
Lorenzo Bertelli - Group CMO and Head of CSR
Key Marketing Initiatives and ESG Update
Andrea Bonini - Group CFO
H1-24 Financial Review
Andrea Guerra - Group CEO
Closing Remarks
Q&A Session

3July 30th 2024

Solid H1-24 with Group Retail Sales +18%

and EBIT margin of 22.6%

Positive Q2 building on
solid start to the year
amidst an uncertain
environment

High quality Retail Sales
growth, with abovemarket performance atboth Prada and Miu Miu

EBIT margin
improvement
notwithstanding higher
investments

Ongoing investments
support theevolutionary journeyof the GroupNet Revenues€2.5 bln+17% constant fx

Prada +6%
Miu Miu +93%
Retail, constant fx

EBIT Margin22.6%€575 mln

Capex€169 mln

Continuous focus on retail excellence as strong identity, creativity and dynamism foster desirability

4July 30th 2024

Prada• Creative strength, distinctive positioning anddisciplined execution drove solid performance• Continued success of Prada’s unique aesthetic codes
supporting cultural relevance and desirability• Growth enabled by well balanced product category mix- Bold reinterpretation of icons (e.g. Galleria)
coupled with newness (e.g. Buckle, Soft Lux) in
Leather Goods; ongoing focus on optimal coverageof strategic price points- Creative dynamism continued to generate good
traction in Ready-to-Wear and Footwear• Unwavering focus on Retail execution, continued
progress with room for further improvement• Higher communication investments with events that
capture the multifaceted identity of the brand, elevatethe client experience and foster engagement with thebrand’s community

5July 30th 2024

Miu Miu• Strong performance built on clear and distinctive identity,positioning and communication• The brand contemporary interpretation of beauty continued tocaptivate the audience• Dynamic creativity drove high desirability across categories- Further strengthening of the Leather Goods category, withsuccessful introduction of new styles (e.g. Ivy, Beau) alongsidecelebrated icons (e.g. Arcadie, Wander) and well-received archive
reinterpretations (Aventure)- Remarkable appreciation for RTW- Viral products and trend-setting collaborations drove strong
performance in Footwear• Significant uplift in productivity and profitability metrics; focus on
longevity and sustainability of performance• Reinvestment to continue strengthening the foundations andprogress towards the brand’s full potential

6

July 30th 2024

AgendaAndrea Guerra – Group CEOHighlights and Business Update
Lorenzo Bertelli - Group CMO and Head of CSR
Key Marketing Initiatives and ESG Update
Andrea Bonini - Group CFO
H1-24 Financial Review
Andrea Guerra - Group CEO
Closing Remarks
Q&A Session

7

July 30th 2024

PradaImpactful initiatives amplify the brand values and foster engagement with the audience

Acclaimed fashion shows andcampaigns fuel brand’s visibility

High-level partnerships pushbrand’s boundaries further

Events and activations nurture
Pradaness and its global reach• Prada's Menswear and Womenswear fashionshows confirm the brand’s creative energy
momentum• Continuous partnership between Prada Linea
Rossa and top Red Bull athletes, drawing on thebrand's expertise in high-performance sportswear• Prada Mode presented the exclusive #3 edition ofThe Double Club in Los Angeles, a project curated
by Carsten Höller• New campaign featuring Scarlett Johansson
celebrates bold reinterpretation of iconic Galleria• Launch of new docu-series with National
Geographic Creative Works as part of Prada'scommitment to education and social responsibility
through the SEA BEYOND program in partnershipwith UNESCO• Successful #3 iteration of Prada Frames, held
during Milan’s Salone del Mobile• Emma Watson and Benedict Cumberbatch
starred in Re-Nylon Collection campaign

8• Pop-up stores in multiple locations presented anexclusive selection of products in a vibrant andcharming atmosphere

July 30th 2024

Miu Miu
Excitement continues to rise among the Miu Miu community

Campaigns andfashion shows keep
the brand in the spotlight

Special projects and impactful
collaborations extend the brand's
influence and broaden its audience• The excellent reception of Fall / Winter 2024
collection reflects the brand's continuedmomentum• The #5 Miu Miu Upcycled collection, focusing ondenim, celebrates vintage fashion andencourages circular design practices• Launch of new 2024 Leather Goods campaign
starring Gigi Hadid, supporting the iconic Arcadieand Wander• Iconic New Balance 530 running shoe revisitedby Miu Miu and new Church’s x Miu Miu drop

• Successful response to the evocative Endless
Summer and L’Été campaigns

9Miu Miu’s distinctive voiceinspires and engages
its community worldwide• Launch of Miu Miu’s first Literary Club, “WritingLife”, a two-day event reinforcing Miu Miu's
commitment to nurturing contemporary culturaldebates• Introduction of itinerant Miu Miu Summer Reads,
a series of special initiatives aimed at igniting theconversation about empowerment and inspiring
women’s literary works

July 30th 2024

ESG
Ongoing focus on key areasfor PLANET

for PEOPLE• Ambitious low-impact raw material conversion
targets in place and implementation plan on track• Set the pillars of 3-year DE&I roadmap and signed
strategic partnership to drive DE&I agenda• Launch of the third SEA BEYOND educationalmodule• Chemical stewardship, raw material traceability andwater data collection were other key areas of focus• MBO linked to ESG targets for higher proportion ofkey executives• Successful launch of “Ocean Literacy WorldConference”, the first conference dedicated to ocean
education in collaboration with UNESCO-c. 80% raw material suppliers engaged withZDHC->70% leather procurement covered bytraceability system-Launched water risk assessment for keysuppliers, with 80% coverage target• Strengthening of performance management systemwith sustainability-linked leadership behaviours

for CULTURE• Second cycle of the Forestami Academy, a PradaGroup’s project in partnership with Forestami• Trained procurement teams and strategic suppliers
to pursue key sustainability objectives

10

July 30th 2024

AgendaAndrea Guerra – Group CEOHighlights and Business Update
Lorenzo Bertelli - Group CMO and Head of CSR
Key Marketing Initiatives and ESG Update
Andrea Bonini - Group CFO
H1-24 Financial Review
Andrea Guerra - Group CEO
Closing Remarks
Q&A Session

11

July 30th 2024

Key Financials
Sustained growth; solid profitability
H1-24 Net Revenues€2,549 mln (+14% vs. H1-23 / +17% at constant fx)
Retail Sales (€ mln) and growth (%) (1)H1-24 EBIT
€575 mln

H1-24 Cash Flow from Operations€652 mln

EBIT / EBIT Adj. (2) (€ mln) and margin (%)

Cash Flow from Operations (3) andNet Financial Position (€ mln) (4)
+45%
17.4%

+18%

22.0%

22.6%

179

283

265

652
509

2,263
1,975
575

1,678491

321

331

H1-22

(1) At constant fx (%)

H1-23(2) EBIT Adjusted for H1-22

H1-24

H1-22

H1-23(3) Cash flow from operating activities, less repayment of lease liabilities

12H1-24

H1-22

H1-23

H1-24

(4) (Net debt) / Net cash position

July 30th 2024

Net Revenues by Channel
Consistent delivery of high-quality, like-for-like Retail growth€ mln% at constant fx

H1-23

Retail

H1-24

H1-24
vs.
H1-23

Q2-24
vs.
Q2-23

1,975

2,263

+18%+18%

Wholesale

210

225

+8%+14%

Royalties

47

61+28%

+33%

Total

2,232

2,549

+17%

Wholesale
9%+18%•Solid Retail performance driven by like-for-like, full price volumes•Growth in Wholesale driven by duty-free channel; continued control of independents•

Sustained Royalty growth supported by both eyewear and fragrances•

Negative FX impact of 330 bps on performance at current exchange rates

13Royalties
2%

Retail89%

July 30th 2024

Retail Sales by Brand
Continued above-market growth at both Prada and Miu Miu€ mln% at constant fx

H1-23

Prada

H1-24

H1-24
vs.
H1-23

Q2-24
vs.
Q2-23

1,668

1,708

+6%+5%Miu Miu285

530+93%+95%

Church’s1315+15%+10%

Other (1)910+12%+11%

Total1,975

2,263

+18%

+18%

Church's Other
0%1%Miu Miu
23%Prada75%• Solid growth at Prada, driven by like-for-like, full price sales- Challenging comps in APAC
- Growth across all categories and genders• Remarkable organic growth trajectory at Miu Miu- Strength across all categories and regions• Good performance through the semester at Church’s(1) Includes Marchesi and Car Shoe

14

July 30th 2024

Retail Sales by Geography
Double-digit growth across regions, further slight improvement in Americas€ mln% at constant fx

H1-23

Asia Pacific

H1-24

H1-24vs.
H1-23

Q2-24vs.
Q2-23

716

774+12%+8%Europe582

682+18%+19%

Americas361387+7%+9%

Japan

224

309

+55%+65%

Middle East92

110+20%

+25%

1,975

2,263

+18%+18%

TotalMiddle
East 5%

Japan
14%
APAC
34%

Americas17%
Europe30%• Asia Pacific progressed well over the period, albeit moderated in Q2 on a tougher comparison base andincreasing spending outside the area

• Continued and stable double-digit growth in Europe, supported by both domestic and tourist spending• Positive performance in Americas with Q2 showing a further slight sequential improvement• Japan best performing region, further accelerating in Q2, supported by solid local demand and strong tourism
flow• Solid performance in Middle East across the period with Q2 showing acceleration
15

July 30th 2024

Profitability
EBIT margin improvement notwithstanding higher investments
€ mln

H1-23

% on Net
Revenues

H1-24% on Net
Revenues

H1-24
vs. H1-23

Gross Margin

1,793

80.3%

2,034

79.8%

+13%

Selling

895

40.1%

978

38.4%

+9%

Advertising and Comm.

187

8.4%

219

8.6%

+17%

Product Design and Dev.

72

3.2%82

3.2%

+13%

G&A

148

6.6%

179

7.0%

+22%

Total Operating Costs

1,302

58.3%

1,459

57.2%

+12%

EBIT491

22.0%

575

22.6%

+17%

Net Income305

13.7%

383

15.0%

+26%

••
•

Gross Margin 79.8%, stable excluding FX impact
OPEX +12% reported, +14% constant fx, mainly driven by variable component, higher marketing and IT spend
EBIT of €575 mln (+17% vs. H1-23) and Net Income of €383 mln (+26% vs. H1-23)

16

July 30th 2024

Capex
Progress on strategic investment plan€ mln

Corporate, IT & Industrial

16915152Retail56

117
95

H1 -2 3••H1 -2 4

Continued upgrade of the retail further elevating the in-store experience of clients; 593 DOS as of June, 30thProgress on digitalisation and vertical integration with further reinforcement of manufacturing capabilities

17

July 30th 2024

Net Operating Working Capital
Stable over Net Sales

780

735

€ mln
Trade Receivables

379
405

Inventory

Trade Payables

864

783

% of Net Sales (1)-453-463

FY-23

H1-24

16%16%(1) Net Revenues excluding Royalties

18

July 30th 2024

Net Financial Position

Solid Balance Sheet with Net Cash of €265 mln€ mln•Opening Net Financial Position Surplus / (Deficit) - 31/12/2023

197

Consolidated Profit / (Loss) before taxation

537

Depreciation and Amortisation

137

Net Working Capital-54

Tax paid-33

Capital Expenditures and Investments-184

Dividends-331

Other-3

Closing Net Financial Position Surplus / (Deficit) - 30/06/2024

265

Strong Cash Flow from Operations (1) of €652 mln (€ 509 mln in H1-23)(1) Cash flow from operating activities, less repayment of lease liabilities

19

July 30th 2024

AgendaAndrea Guerra – Group CEOHighlights and Business Update
Lorenzo Bertelli - Group CMO and Head of CSR
Key Marketing Initiatives and ESG Update
Andrea Bonini - Group CFO
H1-24 Financial Review
Andrea Guerra - Group CEO
Closing Remarks
Q&A Session

20

July 30th 2024

Closing Remarks
Reiterating our ambition to deliver solid, sustainable and above-market growth
Solid performance in the first half of 2024, delivered against
the backdrop of more complex industry and geopolitical
dynamics

Clear priorities and execution plan:• Foster desirability leveraging creativity and dynamism
while remaining true to the identity of our brands• Prioritise marketing and retail initiatives with sharp
communication; discipline on other costs• Continue on the path of retail excellence, withunwavering focus on client dialogue and retail KPIs
• Progress on strategic investment plan in retail, industrial
capacity and know-how, digital evolution• Develop internal and attract external talent
While being vigilant, we are confident in our strategy andremain committed to our ambition to deliver solid,
sustainable and above-market growth

21

July 30th 2024

AgendaAndrea Guerra – Group CEO
Highlights and Business Update
Lorenzo Bertelli - Group CMO and Head of CSR
Key Marketing Initiatives and ESG Update
Andrea Bonini - Group CFO
H1-24 Financial Review
Andrea Guerra - Group CEO
Closing Remarks
Q&A Session

22

July 30th 2024

APPENDIX

23

July 30th 2024

Condensed P&L
€m

H1-22

H1-23

H1-24

Net revenues

1,901

100%

2,232

100%

2,549

100%

COGS-423-22.3%-439-19.7%-515-20.2%

Gross profit

1,477

77.7%

1,793

80.3%

2,034

79.8%

Selling-796-41.8%-895-40.1%-978-38.4%

Advertising & Promotion-155-8.2%

-187

-8.4%

-219-8.6%

Design and Product Development

-69

-3.6%

-72

-3.2%

-82

-3.2%

G&A

-127

-6.7%

-148

-6.6%

-179

-7.0%

Operating expenses-1,147-60.3%-1,302-58.3%-1,459-57.2%EBIT Adj.

331

17.4%

491

22.0%

575

22.6%

Non-recurring items

-26

-1.4%

00.0%

00.0%

EBIT

305

16.0%

491

22.0%

575

22.6%

Total Financial expenses

-27

-1.4%

-46

-2.1%

-38

-1.5%

EBT

277

14.6%

445

19.9%

537

21.1%

Income Taxes

-88

-4.6%

-138

-6.2%

-151

-5.9%

Minority Income10.1%

10.1%

20.1%

Group net income / (Loss)

188

9.9%

305

13.7%

383

15.0%

24

July 30th 2024

Condensed Balance Sheet€ mln

31 Dec 2023

30 June 2024

Right of use

2,025

2,072

Non current assets (excl deferred tax assets)

3,007

3,057

Net operating working capital

735

780

Other current assets / (liabilities), net-146-262

Other non current assets / (liabilities), net

171

179

Net invested capital

5,791

5,825

Consolidated shareholders’ equity

3,877

3,937

Net financial position (surplus) / deficit-197-265

Long term lease liability

1,700

1,738

Short term lease liability

411

416

Total

5,791

5,825

25

July 30th 2024