PRADA spa
PRESS RELEASEPRADA GROUP: VERY POSITIVE Q4 ENDS A YEAR OF STRONG PROGRESS
AND RESULTS, FULLY DELIVERING ON AMBITIONS
Milan, 7 March 2024 – The Prada S.p.A. Board of Directors reviewed and approved
today the consolidated financial results for the full year ended 31 December 2023.
Key highlights (growth percentage at constant currency)• Net Revenues of €4.7 bln, up 17% yoy, fueled by high desirability of both
Prada and Miu Miu•Retail Sales of €4.2 bln, up 17% yoy, with strong Q4 up 17% yoy•Consistent delivery with 12 consecutive quarters of high-quality like-forlike growth•Another year of double-digit, above-market Retail growth for Prada at +12%yoy•

Exceptional momentum for Miu Miu with Retail growth at +58% yoy•

Outstanding performance in Japan, followed by Asia Pacific and Europe•

Further profitability improvement with EBIT Margin at 22.5%, €1.1 bln•

Group Net Income up 44% yoy, €671 mln•

Net Cash Position of €197 mln, after €759 mln of capex cash-out, includingstrategic real estate investments•Solid progress on the strategic, organisational and digital evolution of theGroup

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented:“We are pleased with the strong results achieved in 2023, underpinned by our brands’
desirability. The Group delivered high-quality growth in revenue and profits, building on
outstanding creative momentum, further improving its profitability, and stepping up
investments to support the growth of tomorrow.”“Innovation, dynamism, and flexibility will be even more key to our success in 2024, and I
am confident that our reinforced organisation will be able to further evolve the Group.”Andrea Guerra, Group Chief Executive Officer, added:“We have successfully delivered on our ambitions in 2023, with excellent performanceachieved consistently through the year, as brand desirability grows stronger fuelled by a
combination of product, communication, and retail initiatives. Retail productivity andprofitability improved for the third consecutive year, thanks to once again strong doubledigit, like-for-like growth.”“Looking ahead, we are mindful of this high comparison base as well as persisting macroand geopolitical uncertainties. Against this backdrop, our priority for 2024 remains to drive
brand desirability and retail excellence further. As with 2023, while quarterly growthtrajectory may not be linear through the year, we retain our firm ambition of deliveringsolid, sustainable, above-market growth.”

Key figures

Net Revenues
Retail Sales
Wholesale Sales
Royalties

FY-22
€ mln
4,201
3,737
388
76

FY-23
€ mln
4,726
4,190
433
104

change atreported fx+13%+12%+12%+36%

Gross Margin
MarginEBIT Adjusted1
MarginEBIT
MarginGroup Net Income
Margin

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

3,802
80.4%
1,062
22.5%
1,062
22.5%
671
14.2%+15%

Cash Flow from Operations2
Capital Expenditure

9652761,265753

Net Operating Working Capital
Net Financial Position

691535735
197change atconstant fx+17%+17%+13%+36%

+26%
+37%
+44%

Continued positive momentum for Prada and Miu Miu
Prada had a successful year characterised by sustained desirability, a significant
evolution of the organisation, and rigorous execution. Both Menswear andWomenswear fashion shows were highly acclaimed, confirming the enduring successof the brand’s creative codes and its cultural relevance in the industry. Impactfulcommunication and a strong talent strategy boosted visibility and interest globally. Awell-balanced product category mix drove growth and resilience, thanks to the ability
to continuously innovate and to successfully interpret contemporaneity. The unveilingof several activations, including the spectacular Pradasphere II exhibition in Shanghai,
contributed to deliver a distinctive brand experience worldwide, while exclusive
collaborations such as the partnership with Axiom Space on NASA’s lunar spacesuits
continued to surprise and delight audiences.
Miu Miu confirmed its outstanding performance, supported by the strong foundations
laid in recent years across brand, product, distribution, and talent. Strong brandmomentum enabled growing awareness and desirability for the brand, resulting in aremarkable commercial response across all categories. 2023 saw multiple successful
launches across Leather Goods and Footwear, as well as a strong performance in
Ready-To-Wear, cementing the brand positioning as trend-setter. Brand heat wasalso supported by powerful campaigns and several talent activations, while successful
event formats and special projects continued to foster the Miu Miu global community.

1 EBIT Adjusted excludes other non-recurring income and expenses for FY-22.
2 Cash flows from operating activities less repayment of lease liability.

High quality Retail Sales growth throughout the period (growth percentage atconstant currency)
The Retail channel delivered +17% yoy growth, with a strong Q4 performance of+17% yoy, accelerating vs. Q3 (+10%), reflecting solid underlying growth and also aneasier basis of comparison in China.
Including Q4, the Group has reported 12 consecutive quarters of Retail growth, driven
by full price like-for-like sales, with positive contributions from both volumes andaverage price. This growth has resulted in solid improvements in productivity, which
remains a key priority for the future.
Retail Sales of the Prada brand increased by +12% yoy in the period, including solid
growth in Q4 (+10% yoy), accelerating vs. Q3 across all categories.
Miu Miu’s excellent full-year organic growth, +58% yoy, was supported by all
categories and regions, ending the year with a remarkable Q4 at +82% yoy.

Retail Sales by geography

Asia PacificEuropeAmericas
JapanMiddle East
Retail Sales

FY-22€ mln1,2321,187782369
167
3,737

FY-23€ mln
1,446
1,312
767
484
180
4,190

change atreported fx+17%+10%-2%+31%+8%+12%change atconstant fx
+24%
+14%
0%
+44%
+10%
+17%

Asia Pacific saw strong growth over the year, +24%, also considering the volatilebasis of comparison in 2022, impacted by multiple lockdowns in China.
Europe grew +14% over the year, as a result of strong domestic and tourist spending.
Growth was significant in H1, and Q1 in particular, with more normalised but solid
performance thereafter.
The Americas remained flat over the full year period with a sequential improvement inQ4, supported by some repatriation of spending.
Japan was the best performing region in 2023 with growth of +44%, driven primarily
by local clients, and with increasing presence of tourists.
Middle East delivered a solid performance in the year, at +10%, despite theintensified geopolitical headwinds.

ESG
The Group continues to reduce the impact of its operations, in line with its climate
strategy. It is making strong progress towards its 2026 Science-Based Targets for Scope
1&2, reducing GHG emissions by 58%, compared to a 2019 baseline.
Work also continues on initiatives to reduce Scope 3 GHG emissions in line with theGroup’s 2029 Science-Based Target. Specifically, the Group is focusing upstream on thetransition of some key raw materials such as cotton and synthetic fibers to lower impact
alternatives, as well as improving efficiencies and measuring the environmental impact
of its iconic materials and products through LCA. Most recently, the Group has invested
in sustainable aviation fuels (SAF) contributing to the decarbonisation of the aviationindustry.
More than 75% of the Group’s leather and textile suppliers are also involved in theZDHC (Zero Discharge of Hazardous Chemicals) program. This aims to better manage
hazardous chemicals in manufacturing processes and therefore reduce the impact on
the ecosystem. As part of this, the Group has set new certification targets for leather andviscose.
On the People part of our ESG strategy, the Group is particularly proud of its initiatives
centered on gender equality and the achievement of 44% women in its leadership team.
Of note, a new Chief People Officer was appointed in September 2023.
The Group’s commitment to culture and water conservation continues, with increased
funding to support the SEA BEYOND education program, which has been expanded toinclude scientific research and humanitarian projects, with a focus on increasing oceanawareness.

2023 dividend
The Board of Directors will propose to the Shareholders’ General Meeting, convened forApril 24th, 2024, a dividend distribution of €0.137 per share.

For further information:
Prada Group Press Officecorporatepress@prada.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, 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, footwear and jewelry
in more than 70 countries through a network of 606 stores (at December 31, 2023) as well as e-commercechannels, selected e-tailers and department stores around the world. The Group, which also operates in theeyewear and beauty sector through licensing agreements, has 26 owned factories and 14,876 employees. For
more information, please visit www.pradagroup.com.

APPENDIX
1. Condensed P&L

2. Condensed Balance Sheet