Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no 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 this announcement. Prada S.p.A. (Stock Code: 1913) ANNOUNCEMENT OF THE CONSOLIDATED RESULTS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2026 (Unless otherwise stated, all variations are presented at constant exchange rates. Organic growth is calculated at constant exchange rates, excluding the contribution of Versace .) - Net revenues of Euro 3,048 million, up 16% yoy, +5% organic; - Retail sales of Euro 2,633 million, up 12% yoy, +3% organic, against double -digit comps of +10% in the first semester of 2025; second quarter improving to +5% organic, despite greater impact of the Middle East conflict; - Solid performance at Prada, with retail sales at +3% yoy, accelerating to +6% in the second quarter, driven by like-for-like, full price sales; - Retail sales at +3% at Miu Miu, with the second quarter in line with the first quarter, notwithstanding a more pronounced exposure to the Middle East and against +40% in the second quarter of 2025; - All regions except Middle East reporting quarter -on-quarter improvements, with notable strength in Americas, Japan and Asia Pacific; - Versace progressed in line with expectations, contributing to the semester with net revenues of Euro 305 million; - Steady EBIT Adjusted margin on organic basis; - EBIT Adjusted margin of 17.4%, or Euro 530 million, including the dilutive impact of Versace and negative foreign exchange differences; - Healthy cash flow generation and balance sheet with net debt position of Euro 693 million.
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2 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 identification number: 1913). The Prada Group is a global leader in the luxury industry and a pioneer in its unconventional dialogue with contemporary society across diverse cultural spheres. Home to prestigious brands as Prada, Miu Miu, Versace, Church’s, Car Shoe, the historic Pasticceria Marchesi 1824 and Luna Rossa, the Group remains com mitted to enhancing their value by increasing their visibility and desirability over time. Promoting creativity and sustainable growth, the Group offers its brands a shared vision that gives each of them the opportunity to stand out and express their essence. With 24 owned factories (22 in Italy, 1 in the United Kingdom, and 1 in Romania) and around 18,000 employees, the Group designs and produces ready-to-wear, leather goods, footwear and jewellery collections, and distributes its products in more than 70 countries, through 8 32 Directly Operated, e-commerce channels and selected e -tailers and department stores. The Prada Group also operates in the eyewear and beauty sectors through licensing agreements with industry leaders. The Company is a joint -stock company with limited liability, registered and domiciled in Italy. Its registered office is located at Via A. Fogazzaro 28, Milan. As of June 30, 2026 (the reporting date of these 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 consisted of floating shares listed on the Main Board of the Hong Kong Stock Ex change. The ultimate indirect shareholders of Prada Holding S.p.A. are Ms. Miu ccia Prada Bianchi and Mr. Patrizio Bertelli. Basis of presentation The financial information presented herein refers to the group of companies controlled by the Company, the operating parent of the Prada Group, and it is based on the unaudited Interim Condensed Consolidated Financial Statements for the six-month period ended June 30, 2026. This announcement has been prepared in accordance with the accounting standards and policies adopted for the preparation of the 2025 Annual Report. No new standards or amendments to existing standards that became effective during the period had a material impact on the Group’s figures or disclosures. As of the date of presentation of th is document, there were no differences between the I FRS Accounting Standards endorsed by the European Union (“IFRS”) and those issued by the International Accounting Standard Board (“IASB”), except for the standards and amendments not yet endorsed, as described below. IFRSs also include all International Accounting Standards (“IAS”) and all interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”), formerly known as the Standing Interpretations Committee (“SIC”).
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3 Amendments to existing standards issued by the IASB, endorsed by the European Union and applicable to the Prada Group from January 1, 2026. Amendments to existing standards Effective date for Prada Group EU endorsement dates Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024) January 1, 2026 May 2025 Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024) January 1, 2026 June 2025 Annual Improvements Volume 11 (issued on 18 July 2024) January 1, 2026 July 2025 These amendments had no impact on Interim Condensed Consolidated Financial Statements. New standard issued by the IASB, endorsed by the European Union, but not yet applicable to the Prada Group because it is effective for annual periods beginning on or after January 1, 2027. New standard Effective date for Prada Group EU endorsement dates IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024) January 1, 2027 February 2026 New standards and amendments to existing standards issued by the IASB but not yet endorsed by the European Union as of June 30, 2026. New standards and amendments to existing standards Date of possible application EU endorsement status IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024) January 1, 2027 Not endorsed yet Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 21 August 2025) January 1, 2027 Not endorsed yet Amendments to the Fair Value Option in IAS 28 Investments in Associates and Joint Ventures (issued on 26 June 2026) January 1, 2027 Not endorsed yet Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025) January 1, 2027 Not endorsed yet IFRS 20 Regulatory Assets and Regulatory Liabilities (issued on 27 May 2026) January 1, 2029 Not endorsed yet
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4 Key financial information Key economic indicators (amounts in thousands of Euro) six months ended June 30 2026 (unaudited) six months ended June 30 2025 (unaudited) Net revenues 3,048,014 2,740,035 EBIT Adjusted (*) 530,152 618,545 % on net revenues 17.4% 22.6% EBIT (**) 522,999 607,294 % on net revenues 17.2% 22.2% Profit for the period attributable to the owners of Prada S.p.A. 326,857 385,883 Basic and diluted earnings per share (Euro) 0.128 0.151 Net operating cash flow (***) 414,457 467,548 (*) Non-IFRS measure equal to EBIT before non-recurring expenses (**) Non-IFRS measure equal to earnings before net financial expenses and income taxes (***) Non-IFRS measure equal to net cash flow from operating activities , less payment of lease liabilities Key financial position indicators (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Net operating working capital (*) 956,160 899,342 Net invested capital (**) 8,409,159 8,223,456 Net financial position - surplus / (deficit) (***) (692,748) (465,810) Equity attributable to the owners of Prada S.p.A. 4,585,067 4,644,229 (*) Non-IFRS measure equal to the sum of trade receivables, inventories and trade payables (**) Non-IFRS measure equal to the sum of total equity, lease liabilities and net financial position (***) Non-IFRS measure equal to current and non- current financial liabilities due to third parties and related parties, less cash and cash equivalents and current and non-current financial assets with third parties and related parties Highlights of the six-month period ended June 30, 2026 The Group closes the first six months of the year with solid results, accelerating in the second quarter on a positive first quarter. Group’s net revenues increased by 16% year -on-year at constant exchange rates, +5% on an organic basis [1]. The retail channel was the engine of growth, up 12% year-on-year, +3% organic, against double -digit comps of +10% in the first semester of 2025. At brand level, Prada delivered a solid performance with retail net sales at +3% year-on-year. Miu Miu continued to enjoy a healthy performance with retail net sales up by 3% in the period, against demanding comps (+40%) and a more pronounced adverse impac t from the conflict in Middle East. Versace progressed in line with expectations, contributing to the semester with net revenues of Euro 305 million. [1] calculated at constant exchange rates, excluding the contribution of Versace
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5 The EBIT Adjusted margin of 17.4% reflects the dilutive impact of Versace consolidation and significant foreign exchange headwinds; on organic basis , margins were steady compared to the first semester of 2025. Thanks to a healthy cash generation, the Group closes the period with a solid balance sheet and a net financial deficit of Euro 693 million, which reflects capex cash-out of Euro 247 million and dividends payment of Euro 403 million. Prada reported broad -based improvements across regions, notably in Americas, Japan and Asia Pacific. T he performance was underpinned by like- for-like, full -price sales, sustained by dynamic product offering across all categories and compelling architecture. Cultural initiatives and one -of-a-kind projects continued to celebrate the brand’s multifaceted universe and its ability to play at the intersection of heritage and innovation. At Miu Miu, trends remained robust in Americas, Asia Pacific and Japan, with Europe still subdued albeit improving. The brand's contemporary spirit continued to nurture desirability alongside enriched product offering and elevated retail experiences. At Versace, the strategic focus was centred on elevating the quality of the topline and improving retail execution. The arrival of Pieter Mulier in July marked the beginning of the creative repositioning journey. As for investments, the Group continued to adopt a long-term minded approach to capital deployment. The retail network remained the key area of focus, with balanced investments across new openings, renovations and relocations. Following 14 openings and 25 closures , the Group ends the period with 832 Directly Operated Stores. Equal attention was also paid to the ongoing strengthening of the industrial platform and the advancement of the multi -year digital transformation process. Finally, the Group continued to make tangible progress across its key sustainability priorities. The transition plan towards lower-impact raw materials continued to drive responsible procurement and product innovation. Chemical management also advanced further, alongside efforts to decarbonise the supply chain in collaboration with industry peers. Und er the People pillar, DE&I and gender equity remained key areas of focus, supported by training and awareness programmes. Finally, the Group also reaffirmed it s commitment to culture through the SEA BEYOND project and the Forestami initiative, further expanding their impact by engaging younger generations and fostering environmental awareness through education.
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6 Consolidated Statement of profit or loss for the six-month period ended June 30, 2026 (includes non-IFRS measures) (amounts in thousands of Euro) six months ended June 30 2026 (unaudited) % on net revenues six months ended June 30 2025 (unaudited) % on net revenues change % change Net sales 2,931,971 96.2% 2,673,143 97.6% 258,828 9.7% Royalties 116,043 3.8% 66,892 2.4% 49,151 73.5% Net revenues (Note 1) 3,048,014 100% 2,740,035 100% 307,979 11.2% Cost of goods sold (660,298) -21.7% (545,453) -19.9% (114,845) 21.1% Gross margin 2,387,716 78.3% 2,194,582 80.1% 193,134 8.8% Product design and development costs (90,946) -3.0% (79,895) -2.9% (11,051) 13.8% Advertising and communications costs (307,322) -10.1% (254,359) -9.3% (52,963) 20.8% Selling costs (1,242,125) -40.8% (1,064,293) -38.8% (177,832) 16.7% General and administrative costs (217,171) -7.1% (177,490) -6.5% (39,681) 22.4% Operating expenses (1,857,564) -60.9% (1,576,037) -57.5% (281,527) 17.9% Recurring operating income – EBIT Adjusted 530,152 17.4% 618,545 22.6% (88,393) -14.3% Non-recurring expenses (7,153) -0.2% (11,251) -0.4% 4,098 -36.4% Operating income – EBIT 522,999 17.2% 607,294 22.2% (84,295) -13.9% Interest and other financial expenses (37,637) -1.2% (20,174) -0.7% (17,463) 86.6% Interest and other financial income 15,957 0.5% 12,777 0.5% 3,180 24.9% Interest expenses on lease liabilities (52,018) -1.7% (41,982) -1.5% (10,036) 23.9% Net financial expenses (73,698) -2.4% (49,379) -1.8% (24,319) 49.2% Profit before income taxes 449,301 14.7% 557,915 20.4% (108,614) -19.5% Income taxes (121,269) -4.0% (170,923) -6.2% 49,654 -29.1% Profit for the period 328,032 10.8% 386,992 14.1% (58,960) -15.2% Profit for the period att. to non-controlling interests 1,175 0.0% 1,109 0.0% 66 6.0% Profit for the period att. to the owners of Prada S.p.A. 326,857 10.7% 385,883 14.1% (59,026) -15.3%
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7 Consolidated Statement of financial position (amounts in thousands of Euro) Notes June 30 2026 (unaudited) December 31 2025 (audited) Assets Current assets Cash and cash equivalents 1,020,558 1,261,676 Trade receivables 4 397,794 468,466 Inventories 5 1,137,922 1,059,042 Derivative financial instruments - current 17,737 20,592 Receivables due from, and advance payments to, related parties - current 6 225 185 Other current assets 7 251,017 232,289 Total current assets 2,825,253 3,042,250 Non-current assets Property, plant and equipment 8 2,530,733 2,459,155 Goodwill 8 1,518,063 1,517,902 Intangible assets 8 383,768 382,085 Right of use assets 9 2,972,719 2,983,620 Investments in equity instruments and associates 67,352 67,523 Deferred tax assets 421,353 391,997 Other non-current assets 10 159,671 157,827 Derivative financial instruments - non-current 5,542 5,761 Receivables due from, and advance payments to, related parties - non-current 6,429 4,817 Total non-current assets 8,065,630 7,970,687 Total assets 10,890,883 11,012,937 Liabilities and equity Current liabilities Lease liabilities – current 566,979 524,699 Current financial liabilities and bank overdrafts 124,160 439,861 Liabilities due to related parties - current 11 86 21 Trade payables 12 579,556 628,166 Income tax liabilities 38,371 41,603 Other taxes liabilities 103,083 87,404 Derivative financial instruments - current 31,054 10,475 Other current liabilities 13 434,847 467,212 Total current liabilities 1,878,136 2,199,441 Non-current liabilities Lease liabilities - non-current 2,541,302 2,567,180 Non-current financial liabilities 1,595,655 1,292,505 Long-term employee benefits 59,413 75,928 Provisions for risks and charges 14 88,489 83,336 Deferred tax liabilities 38,401 42,897 Other non-current liabilities 81,357 85,883 Total non-current liabilities 4,404,617 4,147,729 Total liabilities 6,282,753 6,347,170 Share capital 255,882 255,882 Other reserves 3,954,387 3,533,026 Translation reserve 47,941 3,385 Profit for the period 326,857 851,936 Equity attributable to the owners of Prada S.p.A. 4,585,067 4,644,229 Equity attributable to non-controlling interests 23,063 21,538 Total equity 4,608,130 4,665,767 Total liabilities and total equity 10,890,883 11,012,937
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8 Consolidated Statement of changes in equity (amounts in thousands of Euro, except number of shares) (*) For additional information, please refer to Note 2 to the Consolidated Financial Statements in the Annual Report 2025 Equity (amounts in thousands of Euro) Number of shares (in thousands) Share capital Translation reserve Share premium reserve Cash flow hedge reserve Defined benefit plans reserve Other reserves Total other reserves Profit for the period Equity attributable to the owners of Prada S.p.A. Equity attributable to non- controlling interests Total equity Balance as of December 31, 2024 (*) (audited) 2,558,824 255,882 148,959 410,047 (8,064) (9,314) 2,696,895 3,089,564 838,907 4,333,312 20,065 4,353,377 Allocation of 2024 profit - - - - - - 838,907 838,907 (838,907) - - - Dividends - - - - - - (419,647) (419,647) - (419,647) (250) (419,897) Monetary revaluation IAS 29 - - - - - - 6,062 6,062 - 6,062 - 6,062 Acquisition of additional shares from non-controlling interests - - - - - - (196) (196) - (196) 196 - Comprehensive income / (loss) for the period - - (134,243) - (12,346) - - (12,346) 385,883 239,294 (358) 238,936 Balance as of June 30, 2025 (*) (unaudited) 2,558,824 255,882 14,716 410,047 (20,410) (9,314) 3,122,021 3,502,344 385,883 4,158,825 19,653 4,178,478 Acquisition of additional shares from non-controlling interests - - - - - - (3.766) (3.766) - (3.766) 128 (3,638) Monetary revaluation IAS 29 - - - - - - 4,777 4,777 - 4,777 - 4,777 Comprehensive income / (loss) for the period - - (11,331) - 29,449 222 - 29,671 466,053 484,393 1,757 486,150 Balance as of December 31, 2025 (audited) 2,558,824 255,882 3,385 410,047 9,039 (9,092) 3,123,032 3,533,026 851,936 4,644,229 21,538 4,665,767 Allocation of 2025 profit - - - - - - 851,936 851,936 (851,936) - - - Dividends - - - - - - (424,765) (424,765) - (424,765) - (424,765) Monetary revaluation IAS 29 - - - - - - 8,520 8,520 - 8,520 - 8,520 Comprehensive income / (loss) for the period - - 44,556 - (14,330) - - (14,330) 326,857 357,083 1,525 358,608 Balance as of June 30, 2026 (unaudited) 2,558,824 255,882 47,941 410,047 (5,291) (9,092) 3,558,723 3,954,387 326,857 4,585,067 23,063 4,608,130
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9 Consolidated Statement of cash flows for the six-month period ended June 30, 2026 (amounts in thousands of Euro) six months ended June 30 2026 (unaudited) six months ended June 30 2025 (unaudited) Profit before income taxes 449,301 557,915 Profit or loss adjustments Depreciation of the right of use assets 297,879 236,166 Depreciation and amortisation of property, plant and equipment and intangible assets 179,979 160,559 Impairment of property, plant and equipment and intangible assets 675 1,003 Financial expenses 20,356 26,635 Interest expenses on lease liabilities 52,018 41,982 Other non-monetary (income) expenses 8,886 (6,724) Balance sheet changes Other non-current assets and liabilities (25,387) (10,573) Trade receivables 80,830 31,792 Inventories (70,751) (66,600) Trade payables (52,192) (25,284) Other current assets and liabilities (42,271) (29,034) Cash flows from operating activities 899,323 917,837 Interest paid including interest on lease liabilities (66,317) (41,695) Income taxes paid (146,467) (187,003) Net cash flows from operating activities 686,539 689,139 Purchases of property, plant and equipment and intangible assets (247,134) (270,388) Purchase of equity instruments - (23,557) Loans to related parties (1,612) (2,268) Net cash flows from investing activities (248,746) (296,213) Dividends paid to owners of Prada S.p.A. (402,652) (397,800) Dividends paid to non-controlling interests - (250) Payment of lease liabilities (272,082) (221,591) Reimbursement of long-term loans to related parties - (2,580) Repayment of current portion of long-term borrowings – third parties (24,297) (131,706) Proceed from long-term borrowings – third parties 307,598 10,160 Change in short-term borrowings – third parties (300,907) (32,404) Net cash flows from financing activities (692,340) (776,171) Change in cash and cash equivalents, net of bank overdrafts (254,547) (383,245) Foreign exchange differences 13,429 (30,286) Opening cash and cash equivalents, net of bank overdrafts 1,261,676 1,011,523 Closing cash and cash equivalents, net of bank overdrafts 1,020,558 597,992
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10 Consolidated Statement of comprehensive income for the six-month period ended June 30, 2026 (amounts in thousands of Euro) six months ended June 30 2026 (unaudited) six months ended June 30 2025 (unaudited) Profit for the period 328,032 386,992 Change in Translation reserve 44,906 (135,710) Gains / (losses) on cash flow hedging instruments (18,854) (16,254) Tax impact 4,524 3,908 Change in Cash flow hedge reserve less tax impact (14,330) (12,346) Items that may be reclassified subsequently to profit or loss: 30,576 (148,056) Total comprehensive income for the period 358,608 238,936 Comprehensive income for the period att. to non-controlling interests 1,525 (358) Comprehensive income for the period att. to the owners of Prada S.p.A. 357,083 239,294
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11 Notes to the consolidate d results for the six-month period ended June 30, 2026 1. Analysis of net revenues (amounts in thousands of Euro) six months ended June 30 2026 (unaudited) six months ended June 30 2025 (unaudited) % change current exc. rates % change constant exc. rates (*) % organic change constant exc. rates (**) Q2-26 vs Q2-25 % change constant exc. rates (*) Q2-26 vs Q2-25 % organic change constant exc. rates (**) Net revenues Retail net sales (Directly Operated Stores and e-commerce) 2,632,518 86.4% 2,453,381 89.5% 7.3% 12.4% 3.1% 14.7% 5.1% Wholesale net sales (independent customers and franchisees) 299,453 9.8% 219,762 8.0% 36.3% 40.4% 19.6% 40.6% 21.4% Royalties 116,043 3.8% 66,892 2.4% 73.5% 73.5% 11.9% 65.6% 9.7% Total net revenues 3,048,014 100% 2,740,035 100% 11.2% 16.2% 4.7% 18.4% 6.7% Retail net sales by brand Prada 1,620,958 61.6% 1,646,788 67.1% -1.6% 3.3% 3.3% 6.3% 6.3% Miu Miu 763,276 29.0% 780,140 31.8% -2.2% 2.5% 2.5% 2.6% 2.6% Versace 219,497 8.3% - - - - - - - Church's 15,766 0.6% 15,370 0.6% 2.6% 4.6% 4.6% 7.3% 7.3% Other 13,021 0.5% 11,083 0.5% 17.5% 17.9% 17.9% 6.9% 6.9% Total retail net sales 2,632,518 100% 2,453,381 100% 7.3% 12.4% 3.1% 14.7% 5.1% Retail net sales by geographic area Asia Pacific 922,283 35.0% 838,371 34.2% 10.0% 14.6% 6.5% 15.9% 7.9% Europe 752,146 28.6% 727,562 29.7% 3.4% 4.5% -3.8% 6.9% -1.6% Americas (***) 571,990 21.7% 439,738 17.9% 30.1% 37.4% 17.3% 40.1% 19.1% Japan (***) 288,307 11.0% 310,297 12.6% -7.1% 5.7% 2.4% 11.2% 7.6% Middle East 97,792 3.7% 137,413 5.6% -28.8% -24.1% -24.1% -26.2% -26.2% Total retail net sales 2,632,518 100% 2,453,381 100% 7.3% 12.4% 3.1% 14.7% 5.1% (*) calculated by applying 2025 exchange rates to 2026 figures (**) calculated at constant exchange rates, excluding the contribution of Versace (***) the Group revised the allocation of Hawaii from Japan to the Americas. Comparative information has been restated accordingly
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12 2. Number of stores As of June 30, 2026, the Group operated 832 stores, following 14 openings and 25 closures. (*) the Group revised the allocation of Hawaii from Japan to the Americas. Comparative information has been restated accordingly 3. Earnings and dividends per share Earnings per share are calculated by dividing the profit for the period attributable to the owners of Prada S.p.A. by the weighted average number of ordinary shares outstanding. six months ended June 30 2026 (unaudited) six months ended June 30 2025 (unaudited) Profit for the period att. to the owners of Prada S.p.A. (in Euro) 326,857,099 385,882,747 Weighted average number of ordinary shares in issue 2,558,824,000 2,558,824,000 Basic and diluted earnings per share in Euro, calculated on weighted average number of shares 0.128 0.151 June 30, 2026 (unaudited) December 31, 2025 (audited) June 30, 2025 (unaudited) Owned Franchises Owned Franchises Owned Franchises Prada 416 16 423 16 426 16 Versace 210 - 220 - - - Miu Miu 168 6 162 6 156 6 Church’s 26 - 27 - 28 - Car Shoe 2 - 2 - 2 - Marchesi 1824 and other Food and Beverage 10 - 9 - 8 - Total 832 22 843 22 620 22 June 30, 2026 (unaudited) December 31, 2025 (audited) June 30, 2025 (unaudited) Owned Franchises Owned Franchises Owned Franchises Asia Pacific 314 20 318 20 215 20 Europe 244 - 245 - 200 - Americas (*) 150 - 152 - 101 - Japan (*) 96 - 100 - 77 - Middle East 28 2 28 2 27 2 Total 832 22 843 22 620 22
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13 Dividends paid During the six -month period ended June 30, 2026, the Company distributed dividends of Euro 424,764,784 (Euro 0.166 per share), as approved by Annual General Meeting held on April 30, 2026. The dividends and the related Italian withholding tax due (Euro 2 2.1 million), determined by applying the ordinary Italian tax rate to the entire amount of the dividends distributed to the beneficial owners of the Company’s shares held through the Hong Kong Central Clearing and Settlement System, were paid in May 2026 and July 2026, respectively. 4. Trade receivables (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Trade receivables – third parties 417,499 498,803 Allowance for bad and doubtful debts (22,375) (34,548) Trade receivables – related parties 2,670 4,211 Total 397,794 468,466 The change in the allowance for bad and doubtful debts is set forth below: (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Opening balance 34,548 14,062 Change in the consolidation scope - 12,124 Exchange differences 383 (633) Increases 1,097 12,522 Reversals (7,685) (3,093) Utilisation (5,968) (434) Closing balance 22,375 34,548 An aging analysis of the gross trade receivables and the related allowance for bad and doubtful debts is shown below: (amounts in thousands of Euro) June 30 2026 (unaudited) Not overdue Overdue (in days) 1 ≤ 30 31 ≤ 60 61 ≤ 90 91 ≤ 120 > 120 Trade receivables – gross amount 420,169 374,869 11,703 4,318 4,985 2,887 21,407 Allowance for bad and doubtful debts (22,375) (2,913) (357) (58) (162) (654) (18,231) Trade receivables 397,794 371,956 11,346 4,260 4,823 2,233 3,176
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14 (amounts in thousands of Euro) December 31 2025 (audited) Not overdue Overdue (in days) 1 ≤ 30 31 ≤ 60 61 ≤ 90 91 ≤ 120 > 120 Trade receivables – gross amount 503,014 450,731 12,476 8,005 5,834 3,713 22,255 Allowance for bad and doubtful debts (34,548) (6,806) (1,448) (2,161) (2,583) (2,582) (18,968) Trade receivables 468,466 443,925 11,028 5,844 3,251 1,131 3,287 5. Inventories (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Raw materials 146,182 148,581 Work in progress 63,846 59,237 Finished products 1,099,563 1,020,172 Return assets 21,807 24,176 Provision for obsolete and slow-moving inventories (193,476) (193,124) Total 1,137,922 1,059,042 The changes in the provision for obsolete and slow -moving inventories in the six-month period of 2026 were as follows: (amounts in thousands of Euro) Raw materials Finished products Total provision Opening balance (audited) 52,193 140,931 193,124 Exchange differences 3 1,898 1,901 Increases 2,443 5,867 8,310 Utilisation - (4,259) (4,259) Reversals (2,922) (2,678) (5,600) Closing balance (unaudited) 51,717 141,759 193,476
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15 6. Receivables due from, and advance payments to, related parties - current (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Financial assets 81 63 Other receivables and advances 144 122 Total 225 185 7. Other current assets (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) VAT 42,553 51,489 Income tax receivables 34,991 29,667 Advances on advertising campaigns 25,126 24,649 Rental costs 20,282 19,634 Other taxes receivables 18,572 24,250 Insurance 11,726 8,841 Advances to suppliers 5,950 5,781 Guarantee deposits 5,302 5,662 Other 86,515 62,316 Total 251,017 232,289 8. Capital expenditure The changes in the carrying amount of property, plant and equipment for the six-month period ended June 30, 2026 are shown below: (amounts in thousands of Euro) Land and buildings Production plant and machinery Leasehold improve- ments Furniture & fittings Other tangibles Assets under construction Total carrying amount Opening balance (audited) 1,257,359 84,726 506,492 395,905 59,306 155,367 2,459,155 Additions 3,070 7,590 43,483 15,360 35,949 86,136 191,588 Depreciation (14,764) (8,473) (79,503) (36,234) (7,948) - (146,922) Disposals (1) - (10) (89) (9) (43) (152) Exchange differences 13,171 (10) 9,316 5,098 229 661 28,465 Other movements 11,064 7,166 21,937 11,548 33,342 (88,307) (3,250) Impairment - - (329) (338) (8) - (675) Revaluation IAS 29 - - 2,467 37 20 - 2,524 Closing balance (unaudited) 1,269,899 90,999 503,853 391,287 120,881 153,814 2,530,733
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16 The increase in leasehold improvements and furniture and fittings primarily related to restyling and relocation projects for the retail premises. The increase in other tangibles primarily related to the acquisition of the aircraft. The assets under construction at the end of the period concern retail and industrial projects. The changes in the carrying amount of goodwill and intangible assets for the six- month period ended June 30, 2026 are shown below: (amounts in thousands of Euro) Goodwill Trademarks and intellectual property rights Software Other intangibles Assets in progress Total intangible assets Opening balance (audited) 1,517,902 157,551 169,292 335 54,907 382,085 Additions 114 490 11,916 500 21,467 34,373 Amortisation - (2,703) (30,194) (160) - (33,057) Exchange differences - 336 73 29 6 444 Other movements 47 57 33,098 (29) (33,203) (77) Closing balance (unaudited) 1,518,063 155,731 184,185 675 43,177 383,768 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 per year. The Group does not report intangible assets with indefinite useful lives other than goodwill and trademarks. Consistently with last year, the groups of cash generating units (“CGUs”) - which represent the lowest level within the Group at which management tests goodwill for impairment - correspond to the brands (the operating segments identified for segment reporting purpose in compliance with IFRS 8). As of June 30, 2026, the goodwill recognised in the consolidated financial statements amounted to Euro 1,518.1 million, and it is allocated to the following group of CGUs: (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Versace 1,002,395 1,002,395 Prada 424,395 424,262 Miu Miu 91,273 91,245 Total 1,518,063 1,517,902 No indications of impairment have been identified during the period. However, as value in use is measured on estimates and assumptions, management cannot
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17 exclude the possibility that goodwill or other tangible and intangible assets may be subject to impairment in future periods. 9. Right of use assets The changes in the carrying amount of the r ight of use assets for the six-month period ended June 30, 2026 are shown below: (amounts in thousands of Euro) Real estate Other Total carrying amount Opening balance (audited) 2,973,870 9,750 2,983,620 New contracts, initial direct costs and remeasurements 250,537 1,442 251,979 Depreciation (295,772) (2,107) (297,879) Contracts termination (17,558) (2) (17,560) Exchange differences 48,814 (153) 48,661 Revaluation IAS 29 3,898 - 3,898 Closing balance (unaudited) 2,963,789 8,930 2,972,719 Right of use assets decreased by Euro 10.9 million, mainly reflecting new leases and remeasurements of existing leases totalling Euro 252.0 million, less depreciation of Euro 297.9 million, contracts termination of Euro 17.6 million and positive foreign exchange rate differences of Euro 48.7 million. Additions relating to new leases, initial direct costs and remeasurements primarily related to lease renewals (mainly in Asia, Europe and America s) and the remeasurement of the liability to reflect indexes commonly used in the real estate sector, principally the consumer price index. “Other” right of use assets, amounting to Euro 8.9 million, include plant and machinery, vehicles and hardware. 10. Other non-current assets (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Guarantee deposits 98,819 96,755 Prepayments for commercial agreements 35,473 37,560 Pension fund surplus 4,148 4,097 Other non-current assets 21,231 19,415 Total 159,671 157,827 The guarantee deposits primarily referred to security deposits paid under retail leases.
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18 11. Liabilities due to related parties - current (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Other liabilities 86 21 Total 86 21 12. Trade payables (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Trade payables – third parties 576,317 620,715 Trade payables – related parties 3,239 7,451 Total 579,556 628,166 The following tables summarize trade payables by maturity date: (amounts in thousands of Euro) June 30 2026 (unaudited) Not overdue Overdue (in days) 1 ≤ 30 31 ≤ 60 61 ≤ 90 91 ≤ 120 > 120 Trade payables 579,556 523,317 31,126 6,871 2,939 2,157 13,146 Total June 30, 2026 (unaudited) 579,556 523,317 31,126 6,871 2,939 2,157 13,146 (amounts in thousands of Euro) December 31 2025 (audited) Not overdue Overdue (in days) 1 ≤ 30 31 ≤ 60 61 ≤ 90 91 ≤ 120 > 120 Trade payables 628,166 579,723 24,770 8,699 2,522 4,225 8,227 Total December 31, 2025 (audited) 628,166 579,723 24,770 8,699 2,522 4,225 8,227
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19 13. Other current liabilities (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Short-term benefits for employees and other personnel 131,852 157,293 Payables for capital expenditure 105,530 125,383 Provision for returns from customers 71,140 75,510 Accrued expenses and deferred income 56,786 55,301 Customer advances 55,316 47,190 Other 14,223 6,535 Total 434,847 467,212 14. Provisions for risks and charges The changes in provisions for risks and charges for the six-month period ended June 30, 2026 are as follows: (amounts in thousands of Euro) Provision for legal disputes Provision for tax disputes Other risk provisions Total Opening balance (audited) 2,712 6,107 74,517 83,336 Exchange differences - 9 2,414 2,423 Reversals - (862) (1,700) (2,562) Utilisation (52) (84) (2,341) (2,477) Increases 300 40 7,429 7,769 Closing balance (unaudited) 2,960 5,210 80,319 88,489 Provisions for risks and charges represent Directors’ best estimate of the maximum outflow of resources required to settle probable liabilities. In the Directors’ opinion, based on the information available at the reporting date, the total amount provided is adequate to cover the obligations that may arise. Other risk provisions amounted to Euro 80.3 million as of June 30, 2026, mainly relating to contractual obligations to restore leased commercial properties to their original condition for Euro 65.2 million and to the Group’s commitments in connection with the SEA BEYOND project.
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20 Management discussion and analysis for the six- month period ended June 30, 2026 (In the comments below, unless otherwise stated, all variations are presented at constant exchange rates. Organic growth is calculated at constant exchange rates, excluding the contribution of Versace .) In the six months ended June 30, 2026, the Prada Group generated net revenues of Euro 3,048.0 million, up 16.2% compared with the corresponding period of 2025 (+4.7% organic growth). Foreign exchange rate fluctuations had an approximately 5% negative impact, resulting in reported growth of 11.2%. Retail net sales increased by 12.4% year -on-year (+3.1% organic growth), against double digit comps of +10.1% in the first semester of 2025. Organic growth accelerated to 5.1% in the second quarter of 2026, despite greater impact of the conflict in Middle East. During the period, the retail channel accounted for 86.4% of total net revenues. Wholesale net sales increased by 40.4% (+19.6% organic growth) over the period, sustained by both independent wholesale and duty-free. Royalty income grew by 73.5% year-on-year (+11.9% organic growth), a positive trend supported by contributions from both eyewear and beauty. Brands Prada reported a solid performance, with retail net sales up 3.3% in the first semester, with growth accelerating to 6.3% in the second quarter, supported by broad-based improvements across regions, notably in the Americas, Japan and Asia Pacific. The performance was underpinned by like-for-like, full-price sales. Miu Miu continued to enjoy a healthy performance, with retail net sales up 2.5% year-on-year. The second quarter confirmed a positive growth trajectory, with an increase of +2.6% in line with the first quarter, against demanding comps (+40.5% in the second quarter of 2025) and a more pronounced adverse impact from the conflict in the Middle East. Versace performed in line with expectations, with strategic focus centred on elevating quality of the topline and improving retail execution. Church’s retail net sales maintained a positive trajectory, with an increase of 4.6% compared with the same period of 2025. Net revenues by brand amounted to Euro 1,834.0 million for Prada, Euro 875.6 million for Miu Miu, Euro 305.3 million for Versace, Euro 19.3 million for Church’s, and Euro 13.8 million for the other brands.
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21 Markets Asia Pacific continued to show strength, with retail net sales increasing by 14.6% year-on-year (+6.5% organic growth). Prada made further progress in the second quarter, driven by solid execution and positive trends across the region. Miu Miu reported robust growth throughout the period. In Europe, retail net sales were up 4.5% year -on-year (-3.8% organic growth), with the second quarter showing some improvement, supported by a recovery in both tourist spending and local demand. Americas remained buoyant, up 37.4% year -on-year (+17.3% organic growth). Performance accelerated in the second quarter, supported by higher local demand. Both Prada and Miu Miu continued to benefit from strengthened organisations and investments. Japan reported a positive performance, up 5.7% year -on-year (+2.4% organic growth), improving in the second quarter supported by solid local consumption and increased traveller demand. The Middle East was down 24.1% year-on-year (-24.1% organic growth), as the conflict extended throughout the second quarter. Local consumption remained relatively resilient, improving quarter-on-quarter. Wholesale net sales by geographic area amounted to Euro 119.4 million in Europe, Euro 95.1 million in Asia -Pacific, Euro 77.0 million in the Americas, Euro 5.7 million in the Middle East, Euro 0.2 million in Japan and Euro 2.1 million in other countries. Royalties were entirely attributable to Europe. Operating results For the six -month period ended June 30, 2026, gross margin amounted to 78.3% of net revenues, compared with 80. 1% in the corresponding period of 2025. Operating expenses, excluding non-recurring items, amounted to Euro 1,857.6 million, reflecting a year-on-year increase of Euro 281.5 million (+17.9%). Recurring operating income, or EBIT Adjusted, amounted to Euro 530.2 million, representing 1 7.4% of net revenues . Excluding Versace and negative foreign exchange impact, the EBIT Adjusted margin was steady year-on-year. Net financial expenses and income taxes Net financial expenses amounted to Euro 73.7 million, an increase of Euro 24.3 million compared with the corresponding period of 2025, mainly driven by higher bank debt and interest expenses on lease liabilities. Income taxes for the six-month period ended June 30, 2026 totalled Euro 121.3 million, corresponding to an effective tax rate of 27.0% of profit before income taxes.
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22 Profit for the period Profit for the period amounted to Euro 328.0 million (10.8% on net revenues), compared with Euro 387.0 million (14.1% on net revenues) in the corresponding period of 2025. Net invested capital The following table reclassifies the s tatement of f inancial position to provide information on the composition of the net invested capital: (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Right of use assets 2,972,719 2,983,620 Non-current assets (excluding deferred tax assets), net 4,629,655 4,552,692 Trade receivables 397,794 468,466 Inventories 1,137,922 1,059,042 Trade payables (579,556) (628,166) Net operating working capital (*) 956,160 899,342 Other current assets, net 258,524 242,502 Other current liabilities (excluding items of financial position) (597,064) (596,214) Other current assets / (liabilities), net (338,540) (353,712) Provisions for risks and charges (88,489) (83,336) Long-term employee benefits (59,413) (75,928) Other long-term liabilities, net (45,885) (48,322) Deferred taxes, net 382,952 349,100 Other non-current assets / (liabilities), net 189,165 141,514 Net invested capital (**) 8,409,159 8,223,456 Equity attributable to the owners of Prada S.p.A. (4,585,067) (4,644,229) Equity attributable to non-controlling interests (23,063) (21,538) Total equity (4,608,130) (4,665,767) Non-current financial deficit, net (1,589,226) (1,287,688) Current financial surplus, net 896,478 821,878 Net financial position - surplus / (deficit) (***) (692,748) (465,810) Net financial position - surplus / (deficit) to total equity ratio 15.0% 10.0% Lease liabilities - non-current (2,541,302) (2,567,180) Lease liabilities - current (566,979) (524,699) Total lease liabilities (3,108,281) (3,091,879) Net financial position - surplus / (deficit), including lease liabilities (****) (3,801,029) (3,557,689) Total equity and net financial position - surplus / (deficit), including lease liabilities (8,409,159) (8,223,456) (*) Non-IFRS measure equal to the sum of trade receivables, inventories and trade payables (**) Non-IFRS measure equal to the sum of total equity, lease liabilities and net financial position (***) Non-IFRS measure equal to current and non-current financial liabilities due to third parties and related parties, less cash and cash equivalents and current and non-current financial assets with third parties and related parties (****) Non-IFRS measure equal to net financial position, including lease liabilities Net invested capital as of June 30, 2026 amounted to Euro 8,409 million, comprising (i) total equity of Euro 4,608 million, (ii) lease liabilities of Euro 3,108 million and (iii) a net financial deficit of Euro 692.7 million.
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23 Right of use assets decreased by Euro 10.9 million, mainly reflecting new leases and remeasurements of existing leases totalling Euro 252.0 million, less depreciation of Euro 297.9 million, contracts termination of Euro 17.6 million and positive foreign exchange rate differences of Euro 48.7 million. Non-current assets (excluding deferred tax assets), net, rose by Euro 77.0 million to Euro 4,630 million as of June 30, 2026, compared with Euro 4,553 million as of December 31, 2025. The change primarily reflects capital expenditure of Euro 226.1 million, less amortisation and depreciation for Euro 180.7 million, and positive foreign exchange rate differences of Euro 28.9 million. Total capital expenditure for property, plant and equipment and intangible assets in the six months ended June 30, 2026 amounted to Euro 226.1 million, as detailed below: (amounts in thousands of Euro) six months ended June 30 2026 (unaudited) six months ended June 30 2025 (unaudited) Retail 121,269 124,570 Real estate - 13,466 Industrial, logistics and corporate 104,806 109,082 Total 226,075 247,118 The Group continued to strengthen its business through balanced investments in its store network, including new openings, renovations and relocations, alongside ongoing initiatives to reinforce its industrial capabilities and advance its technological and digital roadmap. As of June 30, 2026, net operating working capital amounted to Euro 956.2 million, an increase of Euro 56.8 million compared with December 31, 2025. The change reflects higher inventories of Euro 78.9 million and a reduction in trade payables of Euro 48.6 million, partly offset by a reduction in trade receivables of Euro 70.7 million. At period -end, the contribution of Versace to net operating working capital amounted to Euro 129.1 million. The Group continued to demonstrate effective underlying working capital management, maintaining a stable working capital incidence on net sales compared to the prior year. Other current assets/(liabilities), net, amounted to Euro 338.5 million as of June 30, 2026, compared with Euro 353.7 million as of December 31, 2025. The decrease mainly reflects a reduction in payables related to fixed assets. Other non-current assets/(liabilities), net, amounted to Euro 189.2 million as of June 30, 2026, representing an increase of Euro 47.7 million compared with December 31, 2025, mainly reflecting changes in deferred taxes and in long - term employee benefits.
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24 Net financial position The following table provides details of the net financial position: (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Non-current financial liabilities (1,595,655) (1,292,505) Current financial liabilities and bank overdrafts (124,160) (439,861) Total financial liabilities (1,719,815) (1,732,366) Cash and cash equivalents 1,020,558 1,261,676 Financial assets with related parties - non-current 6,429 4,817 Financial assets with related parties - current 80 63 Total financial assets and cash and cash equivalents 1,027,067 1,266,556 Net financial position - surplus / (deficit) (692,748) (465,810) Net operating cash flow for the six-month period, after lease liability payments of Euro 272.1 million, amounted to Euro 414.5 million. After cash outflows related to investing activities of Euro 247.1 million, dividend payments of Euro 402.7 million, positive foreign exchange effects on the net financial position of Euro 10.0 million and other minor items, the Group reported a net financial deficit of Euro 692.7 million at the end of the period. (amounts in thousands of Euro) June 30 2026 (unaudited) June 30 2025 (unaudited) Cash flow from operating activities 899,323 917,837 Net cash interest received (paid) (14,299) 287 Lease liabilities: interest paid (52,018) (41,982) Tax paid (146,467) (187,003) Net cash flow from operating activities 686,539 689,139 Payment of lease liabilities (272,082) (221,591) Net operating cash flow (*) 414,457 467,548 Purchases of property, plant and equipment and intangible assets (247,134) (270,388) Purchase of equity instruments - (23,557) Free cash flow (**) 167,323 173,603 (*) Non-IFRS measure equal to net cash flow from operating activities less payment of lease liabilities (**) Non-IFRS measure equal to net cash flow generated from operating activities after capital expenditures on property, plant and equipment, intangible assets and equity instruments, net of disposal proceeds
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25 In April 2025, in connection with the financing of the Versace acquisition, Prada S.p.A. entered into a syndicated facilities agreement for a total amount of Euro 1,500 million, comprising a Euro 1,000 million term loan facility with a five-year maturity and a bridge term loan facility of up to Euro 500 million with a maturity of up to two years. In November 2025, P rada S.p.A. drew Euro 1,000 million under the term loan facility and Euro 300 million under the bridge term loan facility. In addition, Prada S.p.A. entered into a Euro 200 million bilateral term loan facility with a seven-year maturity, which was also drawn at the acquisition closing date. In February 2026, Prada S.p.A. signed a note purchase agreement for a Euro 300 million US private placement with a 10-year bullet maturity. The transaction was undertaken to refinance and pre -emptively repay in full the bridge term loan associated with the Versace acquisition. As of June 30, 2026, the Group had undrawn cash credit lines of Euro 1,436 million available at banks (Euro 1,398 million as of December 31, 2025), of which Euro 854 million were committed credit lines and Euro 582 million were uncommitted. The Group was in full compliance with all financial covenants as of June 30, 2026 and expects to remain in compliance throughout the following 12-month period. The following table sets forth the lease liabilities: (amounts in thousands of Euro) June 30 2026 (unaudited) December 31 2025 (audited) Lease liabilities – non-current 2,541,302 2,567,180 Lease liabilities – current 566,979 524,699 Total 3,108,281 3,091,879 Lease liabilities increased from Euro 3,092 million as of December 31, 2025 to Euro 3,108 million as of June 30, 2026, primarily reflecting new contracts and remeasurements of Euro 253.0 million, less payments made during the period of Euro 272.1 million, contract terminations of Euro 19.4 million and positive foreign exchange rate differences of Euro 54.9 million. Lease liabilities were mainly concentrated in the U.S.A., Italy and Japan. Net financial indebtedness, including lease liabilities, amounted to Euro 3,801 million as of June 30, 2026, compared with Euro 3,558 million as of December 31, 2025. Events after the reporting date No significant events to be reported. Outlook The Group delivered a solid half -year performance, despite a macroeconomic and geopolitical environment that remains uncertain. Against this backdrop, we have continued to execute with discipline, delivering on the priorities we outlined
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26 at the beginning of the year. While uncertainty continues to shape the external environment, the desirability and health of our brands give us confidence as we move into the second semester. Looking ahead, we will continue to focus on rigorous execution an d long-term value creation, remaining committed to our Group ambition to deliver above-market 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 of rules, standards and structured procedures aimed at establishing efficient and transparent operations within the Group, to protect the rights of the Company’s shareholders, to enhan ce shareholder value and to uphold the Group’s credibility and reputation. The corporate governance model adopted by the Company complies with the applicable laws and regulations in Italy, where the Company is incorporated, as well as the principles set ou t in the Corporate Governance Code (the “Code”) in Appendix C1 of 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 the Company’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, 2026 to June 30, 2026 (the “Reviewed Period”), save for Code Provision F.1.3, as Mr. Patrizio Bertelli (Chairman of the Board) was not able to attend the annual general meeting of the Company held on April 30, 2026 (the “AGM”) due to other business commitments. In his absence, Mr. Paolo Zannoni (Executive Deputy Chairman of the Board) assumed the Chairman’s role and duties at the AGM, ensuring the meeting proceeded smoothly with effective communication with the shareholders. The Company will continue to review and evaluate such practices from time to time to ensure that it complies with the Code and aligns with the latest developments. 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, save for Ms. Ilaria Resta, were appointed at the annual general meeting of the Company held on April 24, 2024, for a term of three financial years, ending on the date of the shareholders’ meeting to be called to approve the financial statements for the year ending December 31, 2026. Ms. Ilaria Resta was co -opted by the Board on July 30, 2025 to fill the
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27 vacancy left by the resignation of Ms. Marina Sylvia Caprotti, Independent Non- Executive Director, and was subsequently appointed by the shareholders at the AGM, with her term of office expiring at the same time as that of the other Directors. The Board is currently made up of eleven directors – six Executive Directors and five Independent Non-Executive Directors. During the Reviewed Period, the Board held three meetings on January 22 , March 5, and April 30, 2026, to discuss the Group’s overall corporate strategy and objectives. Key agenda items included: the assessment of operational and financial performance, including the Group’s 2026 budget, the draft 2025 annual financial statements and the proposal for the allocation of the net profit, and the Q1 2026 results; the approval of financing transactions, including a private placement transaction and the issuance of bonds, in connection with the financing of the Versace acquisition; the presentation of the 2025 Sustainability Report; the review of related parties’ transactions; the convening of the AGM; and the review of the composition of the Board Committees. These meetings were held in hybrid format (in person and via electronic means), with a Directors’ attendance rate of 87.88%. The Board also held a meeting on July 30, 2026, with a Directors’ attendance rate of 90.91%, to approve, among other items, the Group's interim results for the Reviewed Period , the recapitalization of certain subsidiaries, and the simplified merger of a wholly-owned subsidiary into the Company, and to receive updates on certain compliance and regulatory matters. 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 current members of the Audit and Risk Committee consist of four Independent Non-Executive Directors, namely Mr. Yoël Zaoui (Chairman), Ms. Anna Maria Rugarli, Ms. Cristiana Ruella and Ms. Ilaria Resta. On April 30, 2026, the Board resolved to increase the number of members of the Committee to four, appointing Ms. Ilaria Resta with a term of office in line with that of the other members. The primary duties of the Audit and Risk Committee are to assist the Board in providing an independent view on the independence, adequacy, effectiveness and efficiency of the internal audit function, the Company’s financial reporting process and its intern al control and risk management system, to oversee the external audit processes, the internal audit process and financial controls activity, to implement the Company’s risk management functions, to assess the Company’s business model and strategies, to examine the work plan of internal audit, to review the relationship with the External Auditor by reference to the work performed by the External Auditor, as well as their independence, fees and terms of engagement, and to perform any other duties and responsib ilities assigned to it by the Board.
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28 During the Reviewed Period, the Audit and Risk Committee held three meetings on February 9, March 2, and April 27, 2026, with a 100% attendance rate. Key agenda items included the review and approval of the Company’s and Group’s 2025 draft financial statem ents – together with the 2025 impairment test, the 2026 budget, and the 2025 Sustainability Report – as well as the approval of the Group’s Q1 2026 results. The Committee also addressed governance and oversight matters, including the meeting with the external auditor, related-party transactions, pending tax and legal litigation, and internal audit and internal control activities. Finally, it reviewed the annual reports of the Supervisory Body, the Committee, and the Internal Audit function, approved the 2026 Audit Plan, and considered a draft intragroup merger plan by incorporation. The Audit and Risk Committee also held a meeting on July 27, 2026, with a 100% attendance rate, to approve, among other matters, the Group’s interim results for the Reviewed Period, and to assess the recapitalization of certain subsidiaries. The Committee also received updates on certain compliance and internal control matters. Remuneration Committee The primary duties of the Remuneration Committee are to make recommendations to the Board on the Company’s policy and structure for the remuneration package of Directors and senior management and the establishment of a formal and transparent procedure for developing policies on such remuneration. The recommendations of the Remuneration Committee are then submitted to the Board for consideration and adoption, where appropriate. The current members of the Remuneration Committee consist of 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. During the Reviewed Period, the Remuneration Committee held two meetings on February 18 and March 24, 2026, with a 100% attendance rate. Key agenda items included: the review of the remuneration structure of the Versace management, as well as of the review of the variable remuneration components of the Executive Directors and of the Group ’s top management for the 2025 financial year. The Committee also expressed a favorable opinion on the remuneration of Ms. Ilaria Resta in view of her appointment as Independent Non-Executive Director by the shareholders at the AGM. The Remuneration Committee also held a meeting on July 8, 2026, with a 100% attendance rate, to review the remuneration of certain key executive and creative roles, as well as the proposed 2026 grant under the 2025-2027 LTI Plan, and to receive an update on the EU Pay Transparency Directive. The Committee also conducted the periodic review of its own Terms of Reference. Nomination Committee The primary duties of the Nomination Committee are to determine the policy for the nomination of Directors and to make recommendations to the Board for
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29 consideration and, where appropriate, adoption on the structure, size and composition 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 current members of the Nomination Committee consist of three Independent Non-Executive Directors, Ms. Cristiana Ruella (Chairwoman ), Ms. Pamela Yvonne Culpepper and Ms. Ilaria Resta. On April 30, 2026, the Board resolved to appoint Ms. Ilaria Resta as a member of the Committee in place of Mr. Lorenzo Bertelli, with a term of office in line with that of the other members. During the Reviewed Period, the Nomination Committee held one meeting on February 3, 2026, with a 100% attendance rate. Key agenda items included: the annual assessment of the independence of the Independent Non -Executive Directors; and the annual review of the structure, size and composition of the Board, including its diversity profile in light of the Board Diversity Policy. Sustainability Committee The Sustainability Committee assists and supports the Board with proposing and advisory functions in its assessments and decisions on sustainability, meaning the processes, initiatives and activities aimed at overseeing the Company’s commitment to sustaina ble 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 current members of the Sustainability Committee consist of two Independent Non -Executive Directors, Ms. Pamela Yvonne Culpepper (Chairwoman) and Ms. Anna Maria Rugarli, and one Executive Director, Mr. Lorenzo Bertelli. During the Reviewed Period, the Sustainability Committee held a meeting on February 25, 2026, with a 100% attendance rate. Key agenda items included: the review of the 2025 Sustainability Report, ahead of its approval by the Board, together with the related external assurance process; the review of the ESG results for the 2025 financial year and of the progress of the Group’s ESG strategy across the Planet, People and Culture areas, including initiatives carried out in partnership with UNESCO; the presentat ion of the HR sustainability strategy and priorities for 2026, including pay transparency and diversity and inclusion initiatives; and the update on the supplier audit activities conducted in 2025. The Sustainability Committee also held a meeting on July 15, 2026, with a 100% attendance rate, to review the ESG results for the first half of 2026 across the Planet, People and Culture areas and the progress of the Group’s sustainability strategy, including the 2026 focus areas and the evolving ESG regulatory landscape, and to receive updates on the End-to-End Traceability Program, on the People agenda — including pay transparency and diversity and inclusion initiatives — and on the initiatives carried out in partnership with UNESCO.
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30 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, with the authority to supervise the Company on its compliance with the applicable laws, regulatio ns, its By -laws, the principles of proper management and, in particular, on the adequacy and functioning of the organizational, administrative and accounting structure adopted by the Company. The board of statutory auditors of the Company consists of Mr. Roberto Spada (Chairman), Ms. Maria Luisa Mosconi and Ms. Patrizia Arienti. The alternate statutory auditors are Ms. Stefania Bettoni and Mr. Cristiano Proserpio. During the Reviewed Period, the members of board of statutory auditors attended three meetings of the Board. Supervisory Body (Organismo di Vigilanza) In compliance with Italian Legislative Decree 231 of June 8, 2001 (the “Decree”), the Company established a Supervisory Body (Organismo di Vigilanza) whose primary duty is to ensure the functioning, effectiveness and enforcement of the Company’s Organizati on, Management and Control Model, adopted by the Company pursuant to the Decree. The Supervisory Body has three members appointed by the Board and selected among qualified and experienced individuals. The current members of the Supervisory Body consist of Ms. Stefania Chiaruttini (Chairwoman), Mr. Armando Simbari and Mr. Roberto Spada, Chairman of the Board of Statutory Auditors. Dividends The Company may distribute dividends subject to the approval of the shareholders in a shareholders’ general meeting. No dividends have been declared or paid by the Company in respect of the Reviewed Period. On March 5, 2026, the Board recommended for 2025 the payment of a final dividend of Euro 0. 166 per share, representing a total dividend of Euro 424,764,784. The shareholders approved the distribution and payment of the final dividend at the AGM. The dividend was paid on May 19, 2026, while the relevant withholding tax has been paid in July 2026. 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 in Appendix C3 of the List ing Rules (the “Model Code”). In response to specific enquiries by the Company, all Directors confirmed that they complied with the required 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 non- compliance during the Reviewed Period.
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31 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 procedure 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 websites of Hong Kong Stock Exchanges and Clearing Limited at www.hkexnews.hk and the Company at www.pradagroup.com. The interim report will be available on the same websites and dispatche d to the shareholders of the Company in due course. By Order of the Board Prada S.p.A. Mr. Paolo Zannoni Executive Deputy Chairman Milan (Italy), July 30, 2026 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 non- executive directors are Mr. Yoël ZAOUI, Ms. Ilaria RESTA, Ms. Cristiana RUELLA, Ms. Pamela Yvonne CULPEPPER and Ms. Anna Maria RUGARLI.