growth for the year to +20% cFX. This result was driven in particu- lar by the DTC channel in both US and Canada.

MONCLER: REVENUE BY CHANNEL

MONCLER Fiscal Year 2021 Fiscal Year 2020 % vs 2020 % vs 2019 EUR/000 % EUR/000 % rep FX cFX cFX DTC 1,429,219 78.3% 1,089,496 75.6% +31% +33% +16% Wholesale 394,947 21.7% 350,913 24.4% +13% +15% +8% REVENUES 1,824,166 100.0% 1,440,409 100.0% +27% +28% +14%

In 2021, the DTC channel achieved revenues of EUR 1,429.2 mil- lion growing +16% cFX compared to 2019. The fourth quarter reg- istered a strong acceleration, up +31% cFX compared to the same period of 2019 with improving results in all regions.

The comparable growth for existing stores opened for at least 52 weeks at constant exchange rates (Comp Store Sales Growth, CSSG13) was +23% compared to 2020 and +1% compared to 2019.

The wholesale channel revenues were EUR 394.9 million with an 8% cFX growth compared to 2019. In the fourth quarter revenues of the wholesale channel grew by 19% cFX compared to the same period of 2019, confirming the strength of the Brand and the great appreciation of the collections.

As of 31 December 2021, the network of mono-brand Mon- cler boutiques counted 237 directly operated stores (DOS), +4 units compared to 30 September 2021 and +18 units compared to 31 December 2020. Included amongst the most important stores opened in the fourth quarter are Zurich Globus and Auckland, in addition to some important relocations/expansions including the significant opening of the flagship in Rome Piazza di Spagna. The brand operates 64 wholesale shop-in-shops (SiS), unchanged compared to 30 September 2021.

MONCLER: MONO-BRAND DISTRIBUTION NETWORK

MONCLER 31/12/2021 30/09/2021 31/12/2020 Asia 117 115 104 EMEA 84 82 80 Americas 36 36 35 RETAIL 237 233 219 WHOLESALE 64 64 63

ANALYSIS OF STONE ISLAND BRAND REVENUE In 2021 (1 January 31 December), Stone Island generated EUR 310.0 million revenues, up 26% compared to the same period of 2019, of which EUR 221.9 million generated since 1 April and con- solidated in Moncler Group.

In the fourth quarter, Stone Island registered revenues equal to EUR 65.6 million.

EMEA is the largest region for Stone Island, contributing to 77% of the revenues in the consolidated period. Italy is the main market in EMEA and accounts for about a third of the region s rev- enues, followed by the United Kingdom, Germany and the Neth- erlands. Asia contributed 13% of Stone Island revenues for the consolidated period and Americas the remaining 10%.

The wholesale channel represented 71% of total revenue in the consolidated period with very good performances in all mar- kets. Significant also the development of the DTC channel, both physical and digital.

As of 31 December 2021, the network of mono-brand Stone Island stores was made up of 30 retail and 58 mono-brand whole- sale stores.

13 CSSG considers DOS (excluding outlets) open for at least 52 weeks and the online store; stores that have been expanded and/or relocated are not in- cluded.

MONCLER GROUP INCOME STATEMENT RESULTS

COST OF GOODS SOLD AND GROSS MARGIN In 2021, Moncler s consolidated gross margin reached EUR 1,566.9 million, equal to 76.6% of revenues compared to 75.6% in 2020 and 77.7% in 2019. The reduction in margin compared to 2019, a year in which results were not impacted by the pandem- ic, is entirely attributable to the consolidation of the Stone Island brand, given its higher exposure to the wholesale channel.

OPERATING EXPENSES AND EBIT In 2021, selling expenses were EUR 588.3 million, or 28.8% of revenues compared to 32.2% in 2020 and to 30.0% in 2019. The Group recorded a reduction in the percentage of selling expenses on revenues, even compared to 2019, thanks to a greater control over costs relating to the management of the stores, in particu- lar in terms of rents and personnel. Selling expenses include EUR 285.6 million of rents before the application of IFRS 16 (EUR 240.2 million in 2020 and EUR 254.8 million in 2019).

General and administrative expenses were EUR 233.5 mil- lion, equal to 11.4% of revenues compared to 12.0% in 2020 and 10.5% in 2019. The higher incidence versus 2019, in line with management s expectations, is substantially linked to the in- crease not only in overhead costs but also in those related to the internalisation of the e-commerce.

The stock-based compensation plans, included in selling, general and administrative expenses, were equal to EUR 28.6 mil- lion compared to EUR 31.0 million in 2020 and EUR 29.4 million in 2019.

Marketing expenses were EUR 142.1 million, representing 6.9% of revenues substantially in line with the 7.0% recorded in 2019, and higher than the 5.8% in 2020, when marketing expens- es were significantly reduced as a consequence of the pandemic.

Depreciation and amortisation, excluding those related to right-of-use assets, rose to EUR 88.8 million, compared to EUR 80.2 million in 2020 and EUR 70.0 million in 2019, with an inci- dence on revenues of 4.3%.

EBIT was equal to EUR 603.1 million, compared to EUR 368.8 million in 2020 and EUR 491.8 million in 2019, represent- ing an EBIT margin of 29.5% (25.6% in 2020 and 30.2% in 2019).

In 2021, net financial expenses were EUR 21.6 million, compared to EUR 23.3 million in 2020 and EUR 21.1 million in 2019, includ- ing lease liabilities arising from the application of the IFRS 16 ac- counting principle for EUR 19.5 million in 2021 (EUR 22.0 million in 2020 and EUR 20.2 million in 2019).

The tax rate was 29.2% in 2021, compared to 13.1% in 2020 and 23.8% in 2019, two years in which non-recurring tax benefits were accounted. Net income was EUR 411.4 million in 2021, equivalent to 20.1% of revenues, compared to EUR 300.4 million in 2020 and EUR 358.7 million in 2019.

BOARD OF DIRECTORS REPORT66 67 MONCLER GROUP

2021BOARD OF DIRECTORS REPORT