可持續發展報告 —— 二零二五年 致利益相關者 函件 p. 4-7 1 Prada集團 負責任管理 p. 47-62 2 p. 109-141 3 關注地球 p. 63-108 4 關注人員 關注文化 p. 142-155 5 p. 8-46 附件 方法附註 p. 156-167 6 7 p. 168-189 p. 190-193 獨立核數師 報告8 3 索引 面對複雜且充滿挑戰的環境，我們再一年取得穩 健的業績。我們旗下品牌始終保持吸引力和文化 底蘊，而收購Versace更標誌著我們發展歷程中 的歷史性里程碑。我們以嚴謹的態度應對行業 變革，不斷提升執行標準，加強與客戶的對話， 並將員工置於組織的核心位置。展望未來，我們 已充分準備好駕馭新的市場格局，鍥而不捨追求 卓越，同時始終堅定致力於可持續發展與追求 本真創意」。 Andrea Guerra 行政總裁兼執行董事 索引 4 「 行政總裁致辭 本集團於二零二五年再創佳績，標誌著連續二十個季度實現增 長，如此穩健表現源自品牌吸引力、嚴謹的執行力及強大的組織 架構。 儘管環境充滿不確定性與波動，我們旗下品牌仍然在時尚與文化 領域展現其底蘊和領導地位。 過去十二 ...

Via A. Fogazzaro n. 28, 20135 Milan, Italy Registry of Companies of Milan Monza Brianza Lodi, Italy: No. 10115350158 意大利米蘭蒙扎布里亞納洛迪公司註冊處：編號10115350158 (Incorporated under the laws of Italy as a joint-stock company with limited liability) （根據意大利法律註冊成立的股份有限公司） (Stock code 股份代號 : 1913) Dear non-registered shareholder(s), 1 April 2026 Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications With reference to the notification letter dated 15 March 2024 titled "Arrangement ...

Via A. Fogazzaro n. 28, 20135 Milan, Italy Registry of Companies of Milan Monza Brianza Lodi, Italy: No. 10115350158 意大利米蘭蒙扎布里亞納洛迪公司註冊處：編號10115350158 (Incorporated under the laws of Italy as a joint-stock company with limited liability) （根據意大利法律註冊成立的股份有限公司） (Stock code 股份代號 : 1913) Personal Identification Number 個人識別號碼 Dear Shareholder, PRADA S.p.A. (the "Company") Online Annual General Meeting ("Online AGM") of the Company You should allow ample time to check into the online platform to complete the login ...

Financial Performance - The company's net revenue for the year ending December 31, 2025, was €3,043 million, an increase of 2.2% from €2,977 million in the previous year[19]. - The gross profit margin increased to 67.1%, compared to 68.2% in the previous year, with a gross profit of €2,041 million[19][20]. - EBIT for the year was €1,052 million, representing a margin of 34.6%, up from 33.8% the previous year[19][20]. - Operating expenses decreased as a percentage of net revenue, contributing to the improved EBIT margin[20]. - The financial loss net amount was €748.5 million, a decrease of €1,158 million compared to the previous reporting date[31]. - Financial liabilities increased by €1,419 million due to financing arrangements for the acquisition of the Versace Group[32]. - Cash and cash equivalents amounted to €833.9 million, up from €601.7 million in the previous year[30]. - Net cash flow from operating activities was €888 million, while net cash used in investing activities was €1.521 billion[33]. - Total revenue for the year ended December 31, 2025, reached €3,042,769,056, an increase from €2,976,971,031 in 2024, representing a growth of approximately 2.2%[149]. - Net profit for the year ended December 31, 2025, was €795,593,167, down from €849,706,977 in 2024, showing a decrease of approximately 6.4%[149]. - Total assets increased to €7,062,447,190 in 2025 from €5,288,542,681 in 2024, marking a growth of about 33.6%[148]. - Total liabilities increased to €3,403,395,599 in 2025 from €2,023,476,774 in 2024, indicating a rise of about 68%[148]. Strategic Initiatives - The group reported a solid performance in a challenging environment, marking a significant milestone with the acquisition of Versace, which enhances the product portfolio with complementary brands[12]. - Prada brand showcased its innovative strength through trend-setting fashion shows and successful product launches, contributing to balanced brand performance[12]. - Miu Miu's vibrant and eclectic creative expression continues to resonate with diverse female imagery, attracting significant audience engagement through advertising and fashion shows[12]. - The company focused on enhancing retail relationships by investing in store layouts and controlling the opening and expansion of new stores for both Prada and Miu Miu brands[12]. - The company is committed to strengthening industrial capabilities by expanding production facilities and enhancing control over strategic production processes[12]. - A minority stake investment in Rino Mastrotto, a global provider of materials and custom services for the luxury goods industry, reflects the company's dedication to long-term partnerships[14]. - The company is advancing its digital development and beginning to reap the benefits of years of investment in this area[15]. - The company plans to enhance brand appeal and optimize its retail and wholesale networks, including adjustments to discount channels and pricing strategies[18]. - The company continues to invest in technology and digitalization to enhance retail and production capabilities[27]. Sustainability and Social Responsibility - The group is executing its sustainability strategy across all pillars, including environmental initiatives and responsible management of resources[16]. - The company achieved significant milestones in promoting a fair and inclusive work environment, including gender equality certification and the establishment of a global talent culture forum[16]. - The 25th anniversary of the Prada Group Academy underscores the company's commitment to preserving craftsmanship and ensuring generational continuity[16]. - The company has partnered with UNESCO on the SEA BEYOND project to strengthen its commitment to marine education[17]. - The group has established a sustainability strategy focusing on greenhouse gas reduction and the use of low-impact materials in products and packaging[48]. - The company is focusing on evolving strategies to meet stakeholder expectations and adapt to market changes, with a particular emphasis on reducing carbon emissions and transitioning to environmentally friendly materials[50]. - The company is committed to sustainability through initiatives like Sea Beyond and Forestami Academy, promoting a culture of sustainability internally and externally[50]. Governance and Compliance - The board consists of 11 members, with approximately 45% being female directors, reflecting a commitment to diversity[83]. - The independent auditor for the financial statements is KPMG S.p.A., appointed for a three-year term until December 31, 2027[73]. - The company has adopted governance practices that align with applicable laws and regulations, ensuring transparency and shareholder rights[80]. - The board held a total of seven meetings in the fiscal year 2025 to discuss overall corporate strategy and evaluate financial performance, achieving an average attendance rate of 92.20%[86]. - The board is responsible for continuous assessment of internal controls and risk management effectiveness[89]. - The company emphasizes compliance with legal regulations and internal controls as part of its operational strategy[92]. - The company has implemented various controls to enhance cash management efficiency, addressing potential risks related to cash shortages in stores[52]. - The company has adopted a new shareholder communication policy on July 30, 2024, ensuring compliance with current listing rules[143]. Risk Management - The group faces risks related to losing strategic retail locations due to unfavorable lease negotiations, which could negatively impact financial performance[38]. - The group actively monitors the market to secure suitable professional skills and crafts, while establishing retention measures based on performance management processes and incentive plans[37]. - The group manages supply chain risks by contracting with multiple suppliers to avoid concentration and ensuring compliance with quality and ethical standards[43]. - Credit risk is primarily attributed to trade receivables from wholesale channels and business partners, with the company managing this risk through customer credit monitoring and diversification of financial counterparties[51]. - The company faces foreign exchange risk due to its international operations, which may adversely affect revenues and expenses; it uses derivative contracts to hedge this risk[54]. - Interest rate risk is managed through the use of derivatives to convert floating-rate debt into fixed-rate debt[54]. Human Resources and Talent Management - The group emphasizes the importance of talent management and retention, implementing training programs through the Prada Academy to cultivate necessary professional skills[37]. - The group has a balanced distribution of stores to mitigate operational risks, with production primarily located in Italy across multiple factories[46]. - The company's compensation policy aims to attract, reward, and retain employees, considered key to business success, with a focus on market-competitive compensation[113]. - The compensation structure includes fixed, variable, direct, and deferred components, linked to the group's annual performance and specific departmental goals[114]. Financial Reporting and Accounting - The company is set to adopt new international financial reporting standards effective January 1, 2025, which have been approved by the EU[164]. - The company has not yet completed the assessment of the impact of new standards and amendments that are not applicable as of December 31, 2025[167]. - Revenue from the sale of goods is recognized when all criteria are met, with provisions for returns based on historical experience and other relevant data[199]. - Current and deferred tax expenses are recognized in profit or loss, excluding those related to business combinations or directly recognized in equity[200].

Financial Performance - Prada Group achieved a net revenue of €5.7 billion, reflecting an 8% increase year-over-year[11] - The adjusted EBIT margin increased to 23.2%, with a 3% growth at current exchange rates[13] - Prada Group reported a total equity of €255,882,400, equivalent to 2,558,824,000 shares at €0.10 per share[146] - The Group achieved a net profit of €854,922 thousand, which is a 1.4% increase compared to €843,400 thousand in 2024[150] - The cost of goods sold was €1,125,444 thousand, resulting in a gross profit margin of 80.3%, up from 79.8% in the previous year[150] - The Group's operating cash flow was reported at €1,201,882 thousand, slightly down from €1,212,784 thousand in 2024[152] - The net financial position showed a deficit of €465,810 thousand, impacted by capital expenditures of €595 million and financing for the Versace acquisition[152] - The recurring operating income (adjusted EBIT) was €1,323.6 million, representing 23.2% of net revenue, slightly down from 23.6% in 2024[174] - Net profit for the year was €854.9 million, accounting for 15.0% of net revenue, compared to €843.4 million (15.5%) in 2024[176] Retail and Market Presence - Retail sales remain the primary growth engine, driven by full-price sales[11] - The company operates 843 directly operated stores globally, with a significant presence in Europe, Asia-Pacific, and the Americas[16] - The company operates multiple subsidiaries globally, with 100% ownership in several key markets, ensuring strong control over its operations[109][110] - The company has established a significant retail footprint in Asia, with operations in countries such as Japan, South Korea, and Singapore[130] - The number of stores increased to 843, with 31 new openings and 17 closures, including 220 stores from the integration of Versace, primarily in the Asia-Pacific region[165] - Retail sales for the Prada brand experienced a decline of 1% over the 12-month period, while Miu Miu saw a significant increase of 35% in retail sales[153] Strategic Acquisitions and Investments - The acquisition of Versace, completed in early December, marks a historic milestone for the group and opens a new chapter[11] - Prada Group announced the successful acquisition of Versace from Capri Holdings, marking a significant step in its development journey[69] - The group made a minority equity investment in Rino Mastrotto, a global provider of luxury materials, to strengthen industrial capabilities[156] - The group established a €1,500 million syndicated financing agreement for the acquisition of Versace, including a €1,000 million term loan and a €500 million bridge loan[183] Sustainability and Corporate Responsibility - The group emphasizes sustainable development as a fundamental responsibility and a significant opportunity[12] - Prada Group's commitment to sustainability is reflected in its zero-fur policy and the launch of products made from regenerated nylon[53] - The group launched its first jewelry collection made from 100% recycled gold, named Eternal Gold, in 2022[58] - Prada Group's sustainable development strategy is built on three pillars: Earth, People, and Culture, with a focus on reducing environmental impact and enhancing stakeholder engagement[98] - The company has established a sustainability committee to assist the board in evaluating sustainability issues and making informed decisions[98] - The group continues to execute its sustainability strategy, making progress in environmental initiatives and achieving gender equality certification[158] Brand and Product Development - The company has invested heavily in capital expenditures to enhance retail, digital, and industrial capabilities[11] - Prada Group signed a global licensing agreement with L'Oréal for high-end cosmetics in 2023, enhancing its presence in the beauty sector[64] - The company is set to return to the beauty sector with a new line of cosmetics and skincare products in 2023[62] - The company emphasizes the use of exclusive custom fabrics and leathers, adhering to strict technical and style specifications to ensure product quality[91] - The group is focused on digital development, yielding results from years of investment in information systems[157] Employee and Cultural Initiatives - Prada Group employs approximately 18,000 staff across 25 owned factories, with 23 located in Italy[19] - Prada Group achieved UNI/PdR 125:2022 gender equality certification, demonstrating its commitment to creating an inclusive workplace[69] - The group celebrated the 25th anniversary of the Prada Academy, a platform for skill development and knowledge transfer to younger generations[69] - The company is committed to enhancing diversity, equity, and inclusion, focusing on employee well-being and engagement[100] - The group established a global talent culture forum to improve employee welfare and work-life balance[100] Risk Management and Operational Stability - The group is actively managing risks related to brand protection and talent retention to ensure operational stability and financial performance[189][190] - The business may face interruptions due to geopolitical tensions, public health events, and quality control failures, potentially leading to economic and reputational losses[199] - The group has balanced store distribution to mitigate risks, with operations primarily in Italy across multiple factories and ongoing online sales initiatives[200]

Core Viewpoint - Citi maintains a "Outperform" rating on Prada (01913) with a target price of HKD 48, citing attractive risk-reward dynamics [1] Sales Forecast - The firm predicts a 1% organic sales growth at constant exchange rates for Prada in the first quarter of this year, excluding Versace [1] - Including Versace's approximately 10% consolidation impact and around 700 basis points of foreign exchange headwinds, the report anticipates a year-on-year sales growth of about 6% [1] Brand Performance - By brand, retail net sales for Prada and Miu Miu are expected to grow by 0.5% and 3% respectively at constant exchange rates [1] - While Prada continues its growth momentum from Q4 of last year, Miu Miu faces challenging comparative bases, particularly with a high business share in the Middle East and Africa (MEA) [1] Business Segments and Regional Performance - The firm expects wholesale and licensing businesses to maintain positive year-on-year growth [1] - Regionally, the Americas and Asia-Pacific are showing robust performance, while Europe is experiencing weakness due to a decline in tourist numbers, and the Middle East is under significant pressure [1] Future Outlook - As the comparative base pressure for Miu Miu gradually eases by 2026 and the investments in Prada start to yield results, stronger sales performance is anticipated in the second half of this year [1]

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]