自願公告 股東大會通告 本公告按自願基準向PRADA S.p.A.（「本公司」）全體股東提供有關根據意大利法律及本公 司的公司章程，本公司須於年度股東大會日期前三十日內刊發的資料。本公司根據香港 聯合交易所有限公司證券上市規則（「上市規則」）須向其股東提供年度股東大會的資料及 文件將於適當時候刊發及派送。 *⋯*⋯* Prada S.p.A.（「Prada」或「本公司」）將於二零二六年四月三十日（星期四）中歐時間上午十 時正（對應香港時間下午四時正）單次召開週年股東大會（「股東週年大會」）（「大會」），以 討論及議決以下事項： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 註冊辦事處位於Via A. Fogazzaro n. 28, Milan (Italy) 意大利米蘭蒙扎布里亞納洛迪公司註冊處：編號10115350158 （根據意大利法律註冊成立的股份有限公司） （股份代號：1913） 議程 *⋯*⋯* – 1 – 1. 呈列Prada截至二零 ...

Core Viewpoint - Prada Group reported a 5.3% increase in net revenue for 2025, reaching €5.72 billion (approximately ¥45.8 billion), with a net profit growth of 2% to €852 million (approximately ¥6.8 billion), indicating a significant slowdown compared to the previous year's growth rates of 17% in revenue and 25% in net profit [2][4]. Financial Performance - The group's gross margin improved slightly to 80.3% in 2025 from 79.8% in 2024 [2]. - Retail sales for the Prada brand remained stable at €3.4 billion, while Miu Miu saw a 35% increase in retail sales to €1.595 billion [6][12]. - The overall performance of the luxury goods sector showed that only Brunello Cucinelli achieved double-digit growth alongside Prada, with revenue growth of 10.1% and net profit growth of 10.5% [4]. Market Performance - The Asia-Pacific region, particularly China, was the largest revenue source for Prada, with a 10.9% increase to €1.7 billion, accounting for 33% of total retail sales [13]. - The Americas experienced the highest growth rate at 17.7%, reaching €932 million, while Europe and Japan also saw positive growth [13]. Strategic Developments - Prada Group's acquisition of Versace for €1.25 billion is seen as a strategic move to cultivate a second tier of luxury brands, with plans to relaunch the Atelier Versace haute couture line and phase out the lower-priced Versace Jeans Couture line [9][12]. - The group aims to reduce the proportion of Versace sales through outlet stores, which previously accounted for over 30% of sales, and to enhance full-price sales [12]. Operational Changes - The group opened 31 new stores and closed 17, resulting in a total of 843 directly operated stores after integrating Versace's 220 stores [16]. - Prada Group employs approximately 18,000 staff across 25 owned factories, with 23 located in Italy [16].

Group 1 - The core viewpoint of the article highlights Prada Group's financial performance for the year ending December 31, 2025, showcasing significant growth in revenue and profit metrics [1] - The company reported a net revenue of €5.718 billion, reflecting a year-on-year growth of 9.1% at constant exchange rates [1] - Adjusted EBIT for the year was €1.324 billion, with an adjusted EBIT margin of 23.2% [1] - The annual profit reached €852 million, which is an increase of 1.6% compared to 2024 [1]

Core Viewpoint - Prada Group's 2025 net profit aligns with expectations, showing a slight increase in revenue and net profit, with a focus on organic growth targets for 2026 [1][2] Financial Performance - In 2025, Prada Group's revenue is expected to grow organically by 8% to €5.718 billion, slightly above the previous forecast of €5.642 billion [1] - Excluding Versace, the EBIT margin remains stable at 23.6% compared to 2024 [1] - Net profit is projected to increase by 2% to €852 million, with a net profit margin of 14.9%, in line with the forecast of €848 million [1] Management Goals - Management aims for organic revenue growth above industry levels for Prada, Miu Miu, and the group as a whole in 2026 [1] - The target for controlling Versace's losses is set to be within €100 million by 2026, with plans for profitability recovery by 2027 [1] Market Trends - The company is encouraged by the robust performance in 2025, particularly noting a significant acceleration in demand from the Chinese market in Q4 2025 [1] - The uncertainty regarding Versace's loss scale has been largely eliminated, which is expected to support the group's valuation recovery [1] Earnings Forecast and Valuation - For 2026, revenue forecasts are adjusted to €6.562 billion, reflecting an 8% increase, while EBIT and net profit forecasts are reduced by 15% and 12% respectively [1] - The 2027 revenue forecast is also increased by 5% to €6.882 billion, with EBIT and net profit forecasts adjusted downwards by 18% and 15% respectively [1] Valuation Confidence - Given the recent improvement in Chinese market demand and manageable Versace losses, confidence in the group's valuation uplift has increased [2] - The company maintains an outperform rating with a target price of HKD 75, implying a 72.9% upside potential from the current stock price [2]

Investment Rating - The report maintains a positive outlook on Prada, indicating a strong start to 2026 but with mixed guidance for the year ahead [5][7]. Core Insights - Prada's sales and profitability for Q4 of FY2025 met expectations, with organic sales growth of +5% for Q4 and +7.8% for the full year, aligning with Visible Alpha's forecasts [6]. - The company faces potential headwinds from slowing growth in Miu Miu and dilution effects from Versace, which may impact the overall growth outlook [5][6]. - The strategic focus for 2026 includes optimizing channels and integrating Versace, with a plan to close more stores than open new ones [8]. Summary by Relevant Sections Financial Performance - For FY2025, Prada's Q4 organic sales growth was +5%, and full-year growth was +7.8%, consistent with market expectations [6]. - Retail sales growth for Q4 and the full year was +8% and +6% respectively, driven by same-store growth and low single-digit area growth [6]. - The EBIT margin for H2 and FY2025 was 23.7% and 23.2%, reflecting a decline due to Versace's dilution effect [6]. Market Outlook - The beginning of FY2026 shows strong performance from Prada, with robust sales during the Chinese New Year and stable performance in the U.S. market [7]. - Miu Miu is expected to see low single-digit growth in the first half of 2026, while Versace's sales are projected to decline in the mid to high single digits [7]. Strategic Initiatives - Prada plans to focus on the integration of Versace and channel optimization, with a significant emphasis on creative innovation under the new creative director Pieter Mulier [8]. - The company aims to stabilize the number of Miu Miu stores at 170-175 after adding 5-10 new locations [8]. Catalysts - Key catalysts for growth include the unexpected momentum of Miu Miu and Prada brands, benefiting from well-received designs and series releases, as well as improvements in consumer sentiment among key demographics [9].

Group 1 - The core viewpoint of the article indicates that Prada's stock fell over 4% following the release of its financial results, reflecting market reaction to the performance and outlook of the company [1] - For the fiscal year ending December 31, 2025, Prada reported a net revenue of €5.718 billion, representing a year-on-year growth of 9.1% at constant exchange rates [1] - Adjusted EBIT for the period was €1.324 billion, with an adjusted EBIT margin of 23.2% [1] - The net profit for the year was €852 million, which is an increase of 1.6% compared to 2024 [1] - The company proposed a final dividend of €0.166 per share [1] Group 2 - On a brand level, Prada's retail sales net revenue decreased by 1%, while Miu Miu's retail sales net revenue increased by 35% [1] - The newly acquired Versace reported a net revenue of €684 million but incurred an operating loss, with expectations of continued losses due to leadership transition and initial positioning adjustments [1] - Versace is projected to continue generating similar operating losses through 2026 [1]

Core Viewpoint - Prada's stock fell over 4% following the release of its financial results, indicating market reaction to the company's performance and outlook [1] Financial Performance - For the 12 months ending December 31, 2025, Prada reported a net revenue of €5.718 billion, reflecting a year-on-year growth of 9.1% at constant exchange rates [1] - Adjusted EBIT was €1.324 billion, with an adjusted EBIT margin of 23.2% [1] - The annual profit reached €852 million, which is an increase of 1.6% compared to 2024 [1] - The company proposed a final dividend of €0.166 per share [1] Brand Performance - Retail sales for the Prada brand decreased by 1%, while Miu Miu's retail sales increased by 35% [1] - The newly acquired Versace generated a net revenue of €684 million but incurred an operating loss [1] - It is anticipated that the transition in creative leadership and initial repositioning measures will lead to a decline in Versace's revenue, with expected continued operating losses through 2026 [1]

Core Viewpoint - Prada Group reported a net revenue of €5.718 billion for the 12 months ending December 31, 2025, reflecting a 9.1% year-on-year growth at constant exchange rates, marking five consecutive years of growth [1][2] Financial Performance - Adjusted EBIT was €1.324 billion with an adjusted EBIT margin of 23.2%, indicating stable profitability despite significant investments and adverse currency factors [2] - Net profit for the year was €0.852 billion, an increase of 1.6% compared to 2024 [1] - The company proposed a final dividend of €0.166 per share [1] Strategic Developments - The acquisition of Versace is highlighted as a significant milestone in the group's strategic development, enhancing the product portfolio with complementary brands [1] - The brand's innovative strength is showcased through leading fashion shows and successful product launches, contributing to balanced performance across its offerings [2] Brand Performance - Prada brand experienced a resilient performance with retail sales net revenue declining by 1% over the 12 months [1] - Miu Miu showed continuous growth, with retail sales net revenue increasing by 35% in 2025 [1] Operational Enhancements - The upgraded retail concept has improved customer engagement, with new dining venues in Shanghai and Singapore, the opening of a landmark retail store in New York, and the refined layout of the Prada Alexandra House in Hong Kong marking important milestones in store development [2]

Financial Data and Key Metrics Changes - The Prada Group reported net revenues of EUR 5.7 billion, an increase of 9% compared to fiscal year 2024 at constant FX, and an organic growth of 8% year-over-year, marking the fifth consecutive year of growth at the group level [20][21] - Retail sales totaled EUR 5.1 billion, up 8% organically versus fiscal year 2024, and up 28% versus fiscal year 2023 at constant FX [21] - EBIT adjusted reached EUR 1.32 billion with a margin of 23.2%, including the dilutive impact of Versace [21][27] - Net income increased by 2% to EUR 852 million compared to fiscal year 2024 [27] Business Line Data and Key Metrics Changes - Prada brand closed the year at -1%, with Q4 showing sequential improvement, particularly in Mainland China, Korea, Japan, and the Americas [24] - Miu Miu retail sales grew by 35% to EUR 1.6 billion, with Q4 sales up by 20% against a high base of +84% in 2024 [25] - Church's brand continued to show positive trajectory driven by like-for-like sales [25] Market Data and Key Metrics Changes - Asia Pacific region grew by 11%, with Q4 performance in line with Q3 despite higher comps [26] - Europe saw a 5% increase over the year, with softer trends in the second half due to strong multi-year comps and lower tourism [26] - The Americas experienced consistent double-digit growth, with sales up 18% [26] - Japan delivered growth of 3%, with improvements in Q4 driven by local demand and increased traveler flows [26] Company Strategy and Development Direction - The company is focused on enhancing product intrinsic value and upgrading digital technology and AI tools to improve customer engagement and store hospitality [6][8] - The acquisition of Versace is seen as a new chapter, with plans for channel repositioning towards quality and full-price sales [30][32] - The company aims to maintain a steady profitability while investing in strategic areas such as digital evolution and retail enhancements [8][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment in 2025 but expressed confidence in the company's ability to navigate through it, expecting solid performance in 2026 [4][10] - The company anticipates a normalization of growth, particularly for Miu Miu, with expectations of single-digit growth in the first half of 2026 [10][38] - Management highlighted the importance of agility and efficiency in the current market landscape [41] Other Important Information - The company completed the acquisition of Versace on December 2, 2025, consolidating one month of contribution from the brand into its financials [20] - The gross margin reached 80.3%, up by 50 basis points, driven by operating leverage and channel mix [27] - The board proposed a dividend per share of EUR 0.166, maintaining a stable payout ratio of 50% [29] Q&A Session Summary Question: Expectations for Prada's growth in 2026 - Management refrained from providing specific guidance but indicated that if conditions are favorable, double-digit growth for Miu Miu is possible [46][48] Question: Versace's team and store rationalization - The team is a mix of internal and external hires, with a focus on full-price retail and rationalization of the outlet channel [51][52] Question: Revenue contraction for Versace - Expected store closures and rationalization will contribute to a mid-single-digit contraction in revenue for Versace [58][60] Question: Middle East exposure and store operations - The situation in the Middle East is evolving, with varying conditions across different countries [64] Question: Prada brand cluster trends - Significant improvement in the Chinese cluster, while European demand remained resilient [87] Question: Miu Miu's growth expectations - Cautious assumptions for growth in H1, with potential for positive surprises [90] Question: Versace's margin improvement timeline - Management believes that improvements can start to be seen from 2027, with a focus on synergies and efficiencies [96]

Financial Data and Key Metrics Changes - The Prada Group reported net revenues of EUR 5.7 billion, an increase of 9% compared to fiscal year 2024 at constant FX, and an organic growth of 8% year-over-year, marking the fifth consecutive year of growth at the group level [21][22] - Retail sales totaled EUR 5.1 billion, up 8% organically versus fiscal year 2024, and up 28% versus fiscal year 2023 at constant FX [22] - EBIT adjusted reached EUR 1.32 billion with a margin of 23.2%, including the dilutive impact of Versace [22][28] - Net income increased by 2% to EUR 852 million compared to fiscal year 2024 [28] Business Line Data and Key Metrics Changes - Prada brand closed the year at -1%, with Q4 showing sequential improvement, particularly in Mainland China, Korea, Japan, and the Americas [25] - Miu Miu retail sales grew by 35% to EUR 1.6 billion, with Q4 sales up by 20% against a high base of +84% in 2024 [26] - Church's brand maintained a positive trajectory driven by like-for-like sales [26] Market Data and Key Metrics Changes - Asia Pacific region showed growth of 11%, with Q4 performance in line with Q3 despite higher comps [27] - Europe experienced a 5% growth over the year, with softer trends in the second half due to strong multi-year comps and lower tourism [27] - The Americas saw consistent double-digit growth, with sales up 18% [27] - Japan delivered growth of 3%, with improvements in Q4 driven by local demand and increased traveler flows [27] Company Strategy and Development Direction - The company is focused on enhancing digital capabilities and hospitality standards, investing in strategic digital plans and AI tools [6][8] - The acquisition of Versace is seen as a new chapter, with plans for channel repositioning towards quality and full-price sales [32][34] - The company aims to maintain a strong relationship with clients and improve retail execution while navigating the challenges of the current market environment [41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging year for the industry, with a significant loss of consumer engagement over the past few years [5] - The company expects solid performance for Prada in 2026, with a cautious outlook for Miu Miu due to high comps from the previous year [10][39] - Management emphasized the importance of agility and efficiency in the current operating environment [41] Other Important Information - The company completed the acquisition of Versace on December 2, 2025, consolidating one month of contribution from the brand into its financials [21] - The gross margin reached 80.3%, up by 50 basis points, driven by operating leverage and channel mix [28] Q&A Session Summary Question: What is the expected growth for Prada in 2026? - Management refrained from providing specific guidance but indicated that if conditions are favorable, double-digit growth for Miu Miu is possible [46][48] Question: What are the expectations for the wholesale channel? - Management expects to maintain similar growth percentages as in previous years, with cautious inventory management [80] Question: Can you elaborate on the store openings and closures expected this year? - The retail network will see a balance of openings and closures, with Miu Miu expected to add 5-10 stores while Prada may close more than it opens [81] Question: What is the anticipated revenue contraction for Versace? - Management indicated a mid-single-digit contraction at constant FX for Versace, with efforts to limit operating losses to a two-digit figure [60][61] Question: When will Pieter Mulier present his first collection for Versace? - The first show of Pieter Mulier is expected at the beginning of next year, with changes to the collection anticipated thereafter [102]