Core Insights - The report from Citi indicates that Prada's retail sales for Q3 this year largely met market expectations, showing a year-on-year growth of 7.6% when calculated at constant exchange rates [1] - Retail sales for the Prada and Miu Miu brands also aligned with market expectations, with Prada experiencing a year-on-year decline of 0.8% and Miu Miu seeing a year-on-year increase of 29% [1] - Over a two-year period, both brands demonstrated stable quarterly performance, with Prada's core brand growing by 1% in both Q2 and Q3 of this year, while Miu Miu grew by 136% and 134% respectively [1] Valuation and Market Position - Citi maintains a target price of HKD 50 for Prada and a "Outperform" rating, citing that Prada is still expanding its market share [1] - The valuation of Prada appears low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1] Market Performance - In terms of market performance, the Chinese market for Prada's core brand is still experiencing negative growth, but there has been a quarter-on-quarter improvement in Q3 [1] - Positive growth was recorded in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter enhancements [1] - Looking ahead, sales have continued to improve since October, although management has indicated that the fourth quarter will present challenging comparisons, with the last six weeks being crucial [1]

每经AI快讯，普拉达(01913.HK)绩后高开逾3%，截至发稿，涨3.46%，报47.9港元，成交额814.88万港 元。 ...

Core Viewpoint - Prada's stock opened over 3% higher following the release of its financial results, indicating positive market sentiment towards the company's performance [1] Financial Performance - For the nine months ending September 30, 2025, Prada Group reported a net revenue of €4.07 billion, representing a 9% year-over-year increase at constant exchange rates [1] - Retail sales net revenue also increased by 9% year-over-year at constant exchange rates [1] - Prada's retail sales net revenue decreased by 2% year-over-year at constant exchange rates, while Miu Miu's retail sales net revenue surged by 41% [1] Regional Performance - All regions reported growth in retail sales net revenue at constant exchange rates compared to the same period in 2024: - Middle East: +21% - Americas: +15% - Asia-Pacific: +10% - Europe: +6% - Japan: +3% [1]

Core Insights - Prada Group reported an unaudited revenue of €4.07 billion for the nine months ending September 30, 2025, reflecting a 9% year-over-year growth at constant exchange rates [1] Revenue Performance - Retail sales net revenue increased by 9% year-over-year at constant exchange rates [1] - Prada brand retail sales net revenue decreased by 2% year-over-year [1] - Miu Miu brand retail sales net revenue increased significantly by 41% year-over-year [1] Regional Sales Growth - All regions experienced growth in retail sales net revenue, with the following increases: - Middle East: +21% [1] - Americas: +15% [1] - Asia-Pacific: +10% [1] - Europe: +6% [1] - Japan: +3% [1]

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of EUR 4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [9][10] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [10] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% overall and 29% in Q3 [10] - Church's also returned to double-digit growth in the quarter [11] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [11] - The Americas experienced a 15% increase in retail sales over the nine months, with Q3 at +20% [11] - Europe grew by 6% in the nine months, with Q3 trends remaining positive [11] Company Strategy and Development Direction - The company is committed to creative leadership and plans to continue investing in creativity and desirability [13] - There is a focus on maintaining a selective approach to store openings, with plans to close underperforming locations while expanding in key areas [29] - The company aims to balance its product offerings across different price levels and segments [44] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement [20][70] - The company is optimistic about the upcoming holiday period and expects to see continued improvement in Q4 [13][14] - Management emphasized the importance of the last six weeks of the year for overall performance [21] Other Important Information - The company is awaiting authorizations for the Versace acquisition, which is not yet closed [18] - Management highlighted the importance of maintaining a strong brand identity while exploring new product segments [44] Q&A Session Summary Question: Initial priorities for Versace integration - The transaction is not closed yet, and authorizations are still pending [18] Question: Current trading and improvement in Q3 - The company observed a plateau in China, with better-than-expected holiday performance [20] Question: Wholesale trends in Q3 - No exceptional timing of shipments was noted [22] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements [28] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has seen store growth, while Prada is taking a more cautious approach [29] Question: Margin expectations for the upcoming year - The company is on track to deliver on margin expectations, with Q4 being crucial [37] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX issues for 2025, but 2026 may face challenges [42] Question: Aspirational customers returning - There are weak signals of improvement, but the market remains on a plateau [52] Question: Growth by category in Q3 - Leather goods showed significant growth for both Prada and Miu Miu [109]

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of €4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [9][10] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [10] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% overall and 29% in Q3 [10] - Church's also returned to double-digit growth in the quarter [11] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [11] - Europe experienced a 6% increase, while the Americas had a 15% growth in the nine months, accelerating to 20% in Q3 [11] - The Middle East delivered a solid performance with a 21% increase in the nine months [12] Company Strategy and Development Direction - The company remains committed to creative leadership and plans to continue investing in creativity and desirability [13] - There is a focus on enhancing retail excellence and optimizing store locations, with plans to close underperforming stores while expanding in key areas [29][86] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement [20][71] - The company is optimistic about the upcoming holiday period and expects to see continued improvement in Q4 [13][14] Other Important Information - The company is cautious about store expansion, particularly for Prada, while Miu Miu has seen successful store openings [29] - The impact of exchange rates on revenue was noted, with a negative effect of approximately 260 basis points in the first nine months [10] Q&A Session Summary Question: Update on Versace integration - Management clarified that the transaction is not yet closed and is awaiting authorizations [18] Question: Current trading and improvement drivers - Management indicated that the recent improvements are consistent with previous trends, with a plateau observed in China and a strong local customer base in Japan [20] Question: Wholesale trends in Q3 - Management confirmed there were no exceptional factors affecting wholesale trends [22] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements across regions [28] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has successfully opened new stores, while Prada is taking a more cautious approach to expansion [29] Question: Margin expectations for the upcoming year - Management did not provide specific guidance but indicated that they are on track to meet previous margin improvement targets [36][41] Question: FX headwinds for H2 and 2026 - Management acknowledged potential FX headwinds but emphasized that hedging strategies would mitigate impacts for 2025 [42] Question: Aspirational customer trends - Management noted weak signals of improvement but emphasized that the current environment is a plateau [53] Question: Pricing policy for 2026 - Management plans to maintain a similar pricing strategy as in previous years, with adjustments based on regional differences [108] Question: Growth by product category in Q3 - Leather goods showed significant growth for Prada, while ready-to-wear remained the cornerstone for Miu Miu [110]

Financial Data and Key Metrics Changes - The group recorded net revenues of €4.1 billion in the first nine months of the year, up 9% compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 against the same comparatives in the prior year period [9] - Wholesale was up 4% in the first nine months and up 19% in Q3 [10] - Royalties grew by 11% over the period, supported by Eyewear and Beauty [11] - Exchange rates negatively impacted group revenue by approximately 260 basis points during the first nine months and 470 basis points over the quarter [11] Business Line Data and Key Metrics Changes - Prada brand delivered a resilient performance with a decline of 2% in the nine months, while Miu Miu reported sustained growth of 41% and 29% in the quarter [12] - Churches returned to double-digit growth in the quarter [12] Market Data and Key Metrics Changes - Asia Pacific delivered double-digit growth of 10% over the first nine months, with Q3 showing similar trends [13] - The Americas saw retail sales up 15% in the nine months, with Q3 at 20% [14] - Japan grew by 3% over the nine months, with Q3 down 1% but improving quarter on quarter [14] - The Middle East delivered solid performance, up 21% in the nine months, with Q3 moderation at 10% [14] Company Strategy and Development Direction - The company remains committed to creative leadership and plans to continue investing in creativity and desirability [16] - The strategy includes a cautious approach to store expansion, focusing on high-potential locations while closing underperforming stores [36] - The company aims to balance its product mix and explore opportunities in higher price segments [55] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in China, with expectations of gradual improvement but not returning to previous growth rates [78][120] - The company is optimistic about the upcoming holiday period and expects to see benefits from retail investments [18] - Management emphasized the importance of the last six weeks of the year for performance [18] Other Important Information - The company is focused on maintaining a balance between high-end and accessible products, with ongoing efforts to innovate in product offerings [55] - The company is also exploring opportunities in the jewelry category, with a new collection launched recently [83] Q&A Session Summary Question: Update on Versace integration - The transaction is not yet closed, pending authorizations [22] Question: Current trading and improvement drivers - Observations indicate a plateau in China, with local demand driving improvements in various regions [24][25] Question: Wholesale trends in Q3 - No exceptional timing of shipments was noted; trends are consistent [27] Question: Cluster trends for key product brands - All clusters showed positive performance, with local transactions driving improvements [34] Question: Store expansion plans - Miu Miu has executed store expansions, while Prada is taking a more cautious approach [36] Question: Margin expectations for the full year - Management remains on track for margin improvement, with Q4 being crucial [45] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX issues for 2025, with potential headwinds in 2026 [51] Question: Pricing strategy for next year - The company plans to maintain its pricing strategy with adjustments based on regional differences [112] Question: Growth by category in Q3 - Leather goods showed significant growth for both Prada and Miu Miu [114]

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of €4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant foreign exchange rates [7] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [8][9] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [9] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% for the same period and 29% in Q3 [9][10] - Church's also returned to double-digit growth in the quarter [10] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [10] - Europe experienced a 6% increase in retail sales over the nine months, while the Americas reported a 15% growth, accelerating to 20% in Q3 [10] - Japan's growth was modest at 3% over the nine months, with Q3 down 1% but showing improvement [10] Company Strategy and Development Direction - The company is committed to maintaining its creative leadership and investing in desirability, with a focus on retail excellence and product innovation [12] - There is a cautious approach to store expansion for Prada, with plans to open 6-8 new stores while closing underperforming locations [23] - The company aims to balance its product offerings across different price points and categories, with a focus on high-value segments [34] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement rather than a return to previous high growth rates [17][47] - The company is optimistic about the upcoming holiday season and expects continued improvement in sales [12] - Management emphasized the importance of the last six weeks of the year for overall performance [12] Other Important Information - The company is experiencing a normalization in traffic levels, which is impacting sales performance [5] - The impact of foreign exchange rates is expected to be significant in Q4, with a negative effect of approximately 260 basis points in the first nine months [9] Q&A Session Summary Question: Initial priorities for Versace integration - The transaction is not yet closed, and the company is awaiting necessary authorizations [16] Question: Current trading and improvement in Q3 - Management observed a plateau in China, with some positive signs during holidays, but overall conditions remain stable [17] Question: Wholesale trends in Q3 - There were no exceptional factors affecting wholesale trends; the growth was consistent [19] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements [21] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has seen successful store openings, while Prada is taking a more cautious approach to expansion [23] Question: Margin expectations for the upcoming year - Management did not provide specific guidance on margins but indicated that they are on track to meet previous targets [27] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX impacts for 2025, but 2026 may face challenges [31] Question: Pricing policy for next year - The company plans to maintain its pricing strategy with regular adjustments [68] Question: Growth by category in Q3 - Miu Miu's ready-to-wear category and Prada's leather goods showed the most significant growth [70]

9M-25 Revenue Milan, October 23rd 2025 0 October 23rd 2025 Disclaimer The information contained in this document is for information purposes only and does not constitute an offer, solicitation, invitation or recommendation to subscribe for or purchase any securities, or other products or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or us ...

Group 1 - Prada Group reported a net revenue of €4.07 billion for the nine months ending September 30, 2025, representing an 8.9% increase compared to the same period in 2024. Currency fluctuations reduced growth by 2.6%, resulting in a reported growth of 6.3% [1] - Retail sales net revenue increased by 9.3% during the period, driven by year-on-year and full-price sales, with all regions showing growth. As of September 30, 2025, retail sales net revenue accounted for 89.6% of total net revenue [1] - Wholesale channel sales increased by 4.4% compared to 2024, primarily driven by the duty-free channel, aligning with the group's ongoing selective strategy towards independent wholesalers [1] Group 2 - Licensing income increased by 11.4% compared to 2024, driven by contributions from eyewear and cosmetics [1] - Retail sales net revenue in the Asia-Pacific region achieved double-digit growth (+10.4%), with improved trends in mainland China during the quarter [1] - Retail sales net revenue in Europe showed strong performance (+6.3%), remaining stable from the second quarter, with local demand continuing to improve despite a weakening tourism sector [1] Group 3 - Retail sales net revenue in the Americas increased by 14.8%, with accelerating growth in the third quarter, indicating good progress [1] - In Japan, retail sales net revenue increased by 2.6% due to robust local demand and growth in tourism, showing improvement in the third quarter [2] - The Middle East's retail sales net revenue demonstrated steady performance (+21.1%), recording moderate growth in the third quarter compared to a high base [2]