Prada: Key themes ahead of 1H26

研报英文原文证据摘录

Prada: Key themes ahead of 1H26

30 June 2026

Luca Solca +41 582 723 126 luca.solca@bernsteinsg.com

Yi-Peng Khoo, CFA +44 20 7676 6822 yi-peng.khoo@bernsteinsg.com

Eric Chen, CFA +852 2123 2628 eric.chen@bernsteinsg.com

Maria Meita +44 20 7170 0540 maria.meita@bernsteinsg.com

Specialist Sales

Alix Turner +44 20 7762 4044 alix.turner@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with Prada

Group, in the lead up to their 2Q26/1H26 reporting, and provide an update of the key themes on the company below.

Retail commentary by Brand: We believe the main Prada brand continues to improve sequentially, driven by stronger full-price sales. Miu

Miu, on the other hand, will likely remain broadly in-line with 1Q26’s trends, notwithstanding a greater negative impact from the war in the

Middle East. This comes in slight contrast to prior commentary which pointed to ambitions to deliver a sequential improvement between

1Q26 to 2Q26. Miu Miu saw a -2.6% headwind from the conflict in 1Q26, with the overall impact likely larger for 2Q26. At a Group level, the

estimated impact of the war will likely land at ~2-3% (vs. -1% in 1Q26), with Miu Miu suffering from a higher exposure to the region (a HSD %

of sales). There is a roughly 50/50 split between tourist and locals for the Prada Group as a whole.

By region: All regions ex. the Middle East are improving sequentially, with the US the most buoyant. Prada continues to see constant

improvement in China and among Chinese nationals, following 1Q26’s trend. South Korea is performing well and represents a HSD

contribution to sales.

Wholesale: Wholesale is expected to be positive for the quarter, albeit to a lesser extent than that of 1Q26.