MONCLER GROUP CONSOLIDATED BALANCE SHEET AND CASH FLOW ANALYSIS Following is the reclassified consolidated statement of financial position as of 31 December 2021, 31 December 2020 and 31 De- cember 2019.

(EUR/000) 31/12/2021 31/12/2020 31/12/2019 Intangible assets 1,673,491 437,890 434,972 Tangible assets 257,126 212,189 212,917 Right-of-use assets 656,196 590,798 593,623 Other non-current assets/(liabilities) (8,564) 177,817 90,658 Total non-current assets/(liabilities) 2,578,249 1,418,694 1,332,170 Net working capital 148,842 165,011 128,166 Other current assets/(liabilities) (223,741) (151,457) (160,244) Total current assets/(liabilities) (74,899) 13,554 (32,078) INVESTED CAPITAL 2,503,350 1,432,248 1,300,092 Net debt/(net cash) (729,587) (855,275) (662,622) Lease liabilities 710,069 640,251 639,207 Pension and other provisions 23,774 20,135 17,139 Shareholders equity 2,499,094 1,627,137 1,306,368 TOTAL SOURCES 2,503,350 1,432,248 1,300,092

NET WORKING CAPITAL Net working capital increased to EUR 148.8 million, equivalent to 7.0% of revenues, improving significantly compared to 11.5% as of 31 December 2020, which includes the impacts of the pan- demic, but also lower compared to 7.9% as of 31 December 2019, demonstrating the strict control exercised over the Group s work- ing capital.

(EUR/000) 31/12/2021 31/12/2020 31/12/2019 Payables (348,953) (211,903) (248,621) Inventory 263,521 202,770 208,868 Receivables 234,274 174,144 167,919 NET WORKING CAPITAL 148,842 165,011 128,166 % on LTM revenues 7.0% 11.5% 7.9%

NET FINANCIAL POSITION The net financial position as of 31 December 2021 was positive and equal to EUR 729.6 million compared to EUR 855.3 million as of 31 December 2020 and EUR 662.6 million as of 31 December 2019.

As required by the accounting standard IFRS 16, as of 31 December 2021, the Group accounted lease liabilities of EUR 710.1 million compared to EUR 640.3 million as of 31 December 2020 and EUR 639.2 million as of 31 December 2019.

(EUR/000) 31/12/2021 31/12/2020 31/12/2019 Cash 932,718 923,498 759,073 Net financial debt (net of financial credit) (203,131) (68,223) (96,451) NET DEBT 729,587 855,275 662,622 Lease liabilities (710,069) (640,251) (639,207)

Following is the reclassified consolidated statement of cash FY 2021, FY 2020 and FY 2019.

(EUR/000) FY 2021 FY 2020 FY 2019 EBIT 603,065 368,821 491,799 D&A 88,803 80,164 69,988 Other non-current assets/(liabilities) 11,810 12,411 13,021 Change in net working capital 92,301 (36,845) (24,959) Change in other curr./non-curr. assets/(liabilities) 51,844 (91,895) 24,875 Capex, net (124,681) (90,369) (120,848) OPERATING CASH FLOW 723,142 242,287 453,876 Net financial result (2,139) (1,306) (917) Taxes (170,685) (45,436) (112,996) FREE CASH FLOW 550,318 195,545 339,963 Dividends paid (120,679) - (101,708) Stone Island Transaction (551,157) - - Changes in equity and other changes (4,170) (2,892) (25,742) NET CASH FLOW (125,688) 192,653 212,513

Net Financial Position - Beginning of Period 855,275 662,622 450,109 Net Financial Position - End of Period 729,587 855,275 662,622 CHANGE IN NET FINANCIAL POSITION (125,688) 192,653 212,513

Free cash flow in 2021 was equal to EUR 550.3 million, compared to EUR 195.5 million in 2020 and EUR 340.0 million in 2019.

NET CAPITAL EXPENDITURE In 2021, net capital expenditure was EUR 124.7 million, increas- ing from EUR 90.4 million in 2020, year in which different projects have been postponed due to pandemic, and substantially in line compared to EUR 120.8 million in 2019.

(EUR/000) 31/12/2021 31/12/2020 31/12/2019 Distribution 75,976 54,913 75,295 Infrastructure 48,705 35,456 45,553 NET CAPEX 124,681 90,369 120,848 % on revenues 6.1% 6.3% 7.4%

EBITDA RECONCILIATION

(EUR/000) FY % on revenues FY % on revenues FY % on revenues 2021 adj 2020 2019 EBIT 603,065 29.5% 368,821 25.6% 491,799 30.2% D&A 88,803 4.3% 80,164 5.6% 69,988 4.3% Rights-of-use-amortisation 137,490 6.7% 120,812 8.4% 101,135 6.2% Stock-based compensation 28,587 1.4% 31,026 2.2% 29,386 1.8% EBITDA Adj. 857,945 41.9% 600,823 41.7% 692,308 42.5% Rents associated to rights-of-use (154,267) (7.5%) (139,427) (9.7%) (117,500) (7.2%) EBITDA Adj. pre IFRS 16 703,678 34.4% 461,396 32.0% 574,808 35.3%

BOARD OF DIRECTORS REPORT68 69 MONCLER GROUP

2021BOARD OF DIRECTORS REPORT