Net revenues increased 9% at constant currency to €5.72 billion, marking the company’s 20th consecutive quarter of growth, while retail sales rose 9% to €5.10 billion, driven by full-price demand and like-for-like performance.
Group net income edged up 2% year-on-year to €852 million, with an adjusted EBIT margin of 23.2%, slightly diluted by the late-year consolidation of Versace.
Performance across brands was mixed. Prada showed resilience, with retail sales down 1% for the year but returning to growth in the fourth quarter. In contrast, Miu Miu delivered standout momentum, with retail sales surging 35% year-on-year, albeit against strong prior comparatives.
Regionally, the Americas led growth with an 18% increase, while Asia Pacific rose 11% and Europe posted a more modest 5% gain.
The group also completed its acquisition of Versace in December 2025, adding €65 million in revenues for the year. The brand reported €684 million in annual sales but operated at a loss, which is expected to continue into 2026 as repositioning efforts begin.
Cash generation remained strong, with operating cash flow reaching €1.67 billion, supporting €617 million in capital expenditure and leaving the group with a net debt position of €466 million.
Looking ahead, Prada expects the integration of Versace to weigh on margins in the near term, with a return to margin expansion targeted from 2027.
