CONSOLIDATED STATEMENT OF CASH FLOWS

(Euro/000) Year 2021 of which Year 2020 of which related parties related parties Cash flow from operating activities Consolidated result 393,553 300,366 Depreciation and amortization 246,519 200,976 Net financial (income)/expenses 21,608 23,302 Equity-settled share-based 28,432 30,927 payment transactions Income tax expenses 164,059 45,153 Changes in inventories - (Increase)/Decrease (20,557) 2,764 Changes in trade receivables 24,657 (880) (8,120) 4,402 - (Increase)/Decrease Changes in trade payables - Increase/(Decrease) 105,780 (2,331) (40,616) (5,055) Changes in other current assets/liabilities 46,293 4,572 (9,287) (3,405) Cash flow generated/(absorbed) 1,010,344 545,465 from operating activities Interest and other bank charges paid and received (362) (849) Income tax paid (146,715) (136,882) Changes in other non-current assets/liabilities 2,047 (1,284) Net cash flow from operating activities (a) 865,314 406,450

Cash flow from investing activities Purchase of tangible and intangible fixed assets (131,828) (92,561) Proceeds from sale of tangible 7,147 2,192 and intangible fixed assets Acquisition of Business Unit and cash (496,728) 0 and cash equivalent acquired Net cash flow from investing activities (b) (621,409) (90,369)

Cash flow from financing activities Repayment of borrowings (32,643) 0 Repayment of current and (146,301) (136,923) non-current lease liabilities Short-term borrowings variation (44,836) (15,735) Dividends paid to shareholders (120,679) 0 Share capital increase 0 1,116 Other changes in Net Equity (721) 0 Net cash flow from financing activities (c) (345,180) (151,542) Net increase/(decrease) in cash (101,275) 164,539 and cash equivalents (a)+(b)+(c) Cash and cash equivalents at 923,483 759,070 the beginning of the period Effect of exchange rate changes (19,493) (126) Net increase/(decrease) in cash (101,275) 164,539 and cash equivalents Cash and cash equivalents at 802,715 923,483 the end of the period

On behalf of the Board of Directors of Moncler S.p.A.

Remo Ruffini Chairman and Chief Executive Officer

CONSOLIDATED FINANCIAL STATEMENTS102 103CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP

2021