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Good day and thank you for standing by. Welcome to the Prada Group 2026 half-year results conference call and webcast. At this time all participants are in a listen-only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session please press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question please press star 1 1 again. Please be aware that we'll take and answer one question at a time before moving to the next question. And please also 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 Group's first half 2026 results call. This is Andrea Bonini, Group C 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 session 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 including on slide 2 of our presentation. With that I will hand over to Mr Guerra.

Hello and welcome from my side as well. With the end of 2025, for sure we have completed a fantastic cycle of constant growth and expansion for our Prada Group. I think we have been all very pleased for this long journey and I think that we also paved and created the foundations for the new cycle. In 2026, as we already talked about it earlier in the year, We are building a new cycle. And a new cycle which is pretty simple and is made of a constant solid growth for Prada, a normalized but substantial growth for Miu Miu, and a new brand and creative journey through important milestones for Versace. I think that these are very important objectives and also very simple ways of saying that we want to build again this new cycle of growth on our three main brands. At the end of these first semesters, we have been able to accomplish our fundamental objectives on all three brands, I would add Church included. So we are Happy of this first six months and ready for the next. In details, this means that the group overall growth at constant FX first half has been 16%. Organic without Versace and at constant FX at 5% with an acceleration in Q2 at plus 7% on a 6% of a year ago. Going to the brands. Prada. Solid growth and maybe something more. Since January we have seen an acceleration on all important KPIs regarding new clients, regional spread, average price. We have been dynamic. We've offered a number of different projects to the market that have been appreciated. We have grown all categories. and always keeping in mind that Middle East is reducing our 6% growth in Q2 by 100 bps. Miu Miu, we had to normalize, we normalized. We're yet today normalizing but with great desirability and love for a brand. This is something that it's there and will continue to be there. and this will remain our North Star without shortcuts. We had to adapt mentally to a new way of doing in a new world of normalized growth. Took some weeks, maybe some months between the end of the year and beginning of the year. I think that today we are ready and committed. We delivered a positive 3% on a 40% of a year ago. On top of this, I think that we are also well equipped for the second half with a complete new collection of leather goods that I think can really help us in maintaining the rhythm. Middle East impact In Q2 has been something around 300 basis points. So I Would say that the mu mu effect from the Middle East has been quite big Versace First six months of the year in line with expectations top online and bottom line Having said so This means that we worked hard on many different things in these first six months. Organizations, synergies, costs, journey, commercial milestones. It's a long journey, but I think that we started it. Since July the 1st, Peter Muglieri is on board and we are extremely happy about it. Now we have another tough six months with no show And we need to fight. We need to get all the right opportunities and not burn any of them. We are all working on it. So even for the Versace brand, these first six months have been in line with our desires. Thank you. Now, Lorenzo, you can take it from here and I will be back for our closing remarks.