Full Year 2025 Prada SpA Earnings Call Transcript
Key Points
- Prada SpA (PRDSF) reported a 9% increase in net revenues for 2025, reaching EUR5.7 billion at constant FX, marking the fifth consecutive year of growth.
- Retail sales grew by 8% organically, driven by like-for-like full price sales with positive contributions from both average price and full price volumes.
- MIU MIU brand delivered sustained growth with retail sales increasing by 35%, reaching EUR1.6 billion, and contributing 31% to group retail sales.
- The company continued to invest in digital technology and AI tools, enhancing product value and customer engagement.
- Prada SpA (PRDSF) maintained a healthy balance sheet with a net debt position of EUR466 million after significant investments, including the acquisition of Versace.
- Prada SpA (PRDSF) faced significant FX headwinds, impacting revenue growth by 380 basis points.
- The company anticipates a mid-single-digit top line contraction for Versace in 2026 due to channel repositioning and creative leadership changes.
- The Middle East region experienced moderating trends in the second half of the year due to high comps and geopolitical tensions.
- Prada brand showed resilience but closed the year at minus 1% growth, indicating challenges in maintaining momentum.
- The integration of Versace is expected to result in EBIT margin dilution for the group in 2026, with improvements anticipated only from 2027 onwards.
Good day, and thank you for standing by. Welcome to the Prada Group full-year 2025 results presentation. (Operator Instructions) And please note that today's conference is being recorded.
I would now like to turn the conference over to Mr. Andrea Bonini, Group CFO. Please go ahead, sir.
Good afternoon, everyone, and thank you for joining Prada's Group's full-year 2025 results conference call. This is Andrea Bonini Group Chief Financial Officer, and I'm delighted to be with you again. I'm joined by Mr. Andrea Guerra and Mr. Lorenzo Bertelli.
The agenda for today's presentation is on page 4, and as always, it will be followed by Q&A. As a reminder, during today's call, we may discuss forward-looking statements, which are subject to risks, uncertainties and factors beyond our control that could cause the actual outcome and returns to differ materially from such statements. Please refer to the disclaimers included on slide 2 of our presentation.
With that, I will
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