INDEX

1 BOARD OF DIRECTORS REPORT 16 SECTION ONE 19 Chairman s letter 20 Group Financial Highlights 22 Corporate bodies 23 Group chart 24 Group structure 25 Moncler Group 26 History 30 Values 32 Group Strategy 33 Business model 39 Brand Protection 40 Human capital 46 Sustainability 49 Moncler and the financial markets

62 SECTION TWO 64 Introduction 64 Performance of the Moncler Group 70 Performance of the Parent Company Moncler S.p.A. 71 Main risks 76 Corporate governance 78 Related-party transactions 78 Atypical and/or unusual transactions 78 Treasury shares 78 Significant events occurred during the Financial Year 2021 80 Significant events occurred after the reporting date 81 Business outlook 82 Other information 83 Motion to approve the financial statements and the allocation of the result for the year ended 31 December 2021

2 CONSOLIDATED FINANCIAL STATEMENTS 96 CONSOLIDATED FINANCIAL STATEMENTS

104 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 106 1. General information about the Group 109 2. Summary of significant accounting principles used in the preparation of the consolidated financial statements 123 3. Scope for consolidation 126 4. Comments on the consolidated income statement 129 5. Comments on the consolidated statement of financial position 142 6. Segment information 143 7. Commitments and guarantees given 143 8. Contingent liability 143 9. Information about financial risks 146 10. Other information 152 11. Significant events after the reporting date

3 SEPARATE FINANCIAL STATEMENTS 166 SEPARATE FINANCIAL STATEMENTS

174 EXPLANATORY NOTES TO THE SEPARATE FINANCIAL STATEMENTS 176 1. General information 178 2. Significant accounting principles 189 3. Comments on the income statement 190 4. Comments on the statement of financial position 199 5. Commitments and guarantees given 199 6. Contingent liability 199 7. Information about financial risks 200 8. Other information 205 9. Significant events after the reporting date 206 10. Motion to approve the financial statements and the allocation of the result for the year ended 31 December 2021

216 ATTESTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO ART. 154 BIS OF LEGISLATIVE DECREE 58/98

217 INDEPENDENT AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

224 ATTESTATION OF THE SEPARATE FINANCIAL STATEMENTS PURSUANT TO ART. 154 BIS OF LEGISLATIVE DECREE 58/98

225 INDEPENDENT AUDITORS REPORT ON THE SEPARATE FINANCIAL STATEMENTS

230 REPORT OF THE BOARD OF STATUTORY AUDITORS

246 GLOSSARY

248 CONTACTS

12 13 MONCLER GROUP

2021 INDEX