PERFORMANCE OF THE PARENT COMPANY MONCLER S.P.A.

The Board of Directors also approved the 2021 preliminary finan- cial statements of the parent company Moncler S.p.A.

Revenues rose to EUR 302.1 million in 2021, an increase of 27% compared to revenues of EUR 238.6 million in 2020, mainly including the proceeds of the licensing of the Moncler brand.

General and administrative expenses, including stock- based compensation costs, were EUR 55.0 million, equal to 18.2% on revenues (16.6% in 2020). Marketing expenses were EUR 58.6 million (EUR 40.1 million in 2020), equal to 19.4% on revenues (16.8% in 2020).

In 2021, net financial interest was equal to EUR 1.7 million compared to an income of EUR 68 thousand in 2020.

In 2021, taxes were equal to EUR 50.4 million (compared to positive EUR 14.9 million in 2020, which benefitted from the re- alignment of the fiscal recognition of the Moncler brand).

Net income was EUR 136.5 million, a decrease of 22% com- pared to EUR 173.9 million in 2020, due only to the fiscal impact.

As of 30 December 2021, following the partial demerger of Sportswear Company S.p.A. (company that owns the Stone Island brand) in favour of Moncler S.p.A., the assets of Sportswear Com- pany S.p.A. have been assigned to the latter, represented by the Stone Island brand and all the assets and contracts that make up the Style and Marketing divisions.

Thus, Moncler S.p.A as of 31 December 2021 includes in the balance sheet a shareholders equity of EUR 1,363.5 million (EUR 747.4 million as of 31 December 2020) and a net financial position negative and equal to EUR 370.4 million (compared to EUR 115.4 million of cash as of 31 December 2020), including the lease li- abilities derived from the application of the IFRS 16 accounting principle. This change is attributable to the Stone Island transac- tion.

MONCLER S.P.A.: FY 2021 INCOME STATEMENT

(EUR/000) FY 2021 % on revenues FY 2020 % on revenues REVENUES 302,093 100.0% 238,601 100.0% General & Administrative expenses (54,996) (18.2%) (39,637) (16.6%) Marketing expenses (58,600) (19.4%) (40,052) (16.8%) EBIT 188,497 62.4% 158,912 66.6% Net financial (1,651) (0.5%) 68 0.0% EBT 186,846 61.9% 158,980 66.6% Taxes (50,364) (16.7%) 14,950 6.3% NET INCOME 136,482 45.2% 173,930 72.9%

MONCLER S.P.A.: FY 2021 STATEMENT OF FINANCIAL POSITION

(EUR/000) 31/12/2021 31/12/2020 Intangible Assets 1,001,460 225,635 Tangible Assets 6,957 1,401 Investments 924,670 312,663 Other Non-current Assets / (Liabilities) (217,709) 161 Total non-current assets/(liabilities) 1,715,378 539,860 Net working capital 52,704 119,924 Other current assets/(liabilities) (32,516) (26,223) Total current assets/(liabilities) 20,188 93,701 INVESTED CAPITAL 1,735,566 633,561 Net debt/(net cash) 370,397 (115,416) Pension and other provisions 1,658 1,619 Shareholders equity 1,363,511 747,358 TOTAL SOURCES 1,735,566 633,561

MAIN RISKS

The Moncler Group, through the normal business management and the development of its strategy, is exposed to different types of risks that could adversely affect the Group s operating results and fi nancial position. The most important business risks are monitored by the Control, Risks and Sustainability Committee and peri- odically reviewed by the Board of Directors, which is responsible for the development of the strategy.

RISKS RELATED TO THE COVID-19 PANDEMIC The Covid-19 pandemic, which spread globally starting from January 2020 and continued throughout 2021, has led all the countries worldwide, including Italy, to face a complex health emergency, with social, political, economic and geopolitical im- plications. In this context, the Moncler Group continued to imple- ment actions aimed at safeguarding the health and safety of its employees, while at the same time working to strengthen its man- agerial flexibility. However, it cannot be excluded that the uncer- tainly of the pandemic evolution, linked to the transmission of new variants may continue to influence the results of the next years, for example by limiting the international mobility of customers.

RISKS ASSOCIATED WITH THE CONFLICT BETWEEN RUSSIA AND UKRAINE The conflict between Russia and Ukraine, which began on 24 Feb- ruary 2022, is causing significant consequences globally not on- ly for the serious humanitarian crisis that originated, but also for the possible economic impacts on global markets, which were im- mediately reflected not only in increases in the costs of some raw materials such as gas and oil, but also in sharp reductions in the equity values of the major world markets.

The Moncler Group has currently suspended its commer- cial activities in Ukraine and Russia, closing both the direct store in Kiev and in Moscow, suspending the activity of the online chan- nels and the shipments to the wholesale channel, for the part not yet sent, of Spring/Summer collections.

The exposure to the Russian and Ukrainian markets, includ- ing Russian tourists who buy in other markets, is less than 2% of the Group s annual revenues.

The Group has no suppliers of raw materials in Russia and Ukraine or production sites located there. However, it cannot be excluded that a worsening of the conflict could have unpredict- able impacts on other neighbouring countries where the Group produces, with an impact on production capacity and procure- ment costs. The situation is constantly monitored in order to be able to react promptly to any worsening of the conflict.

RISKS ASSOCIATED WITH THE MARKETS IN WHICH THE GROUP OPERATES AND WITH GENERAL GEOPOLITIC AND ECONOMIC CONDITIONS Moncler Group operates in the luxury goods sector, which is char- acterised by a high correlation between the demand of goods and the trend in wealth, economic growth and political stability in the markets where the demand is generated. Thus, the Group s ability to develop its business depends to a significant extent on the po- litical stability and the economic situation of the various countries in which it operates.

Although Moncler operates in a significant number of coun- tries around the world, thereby reducing the risk of high concen- tration of the business in specific geographical areas, the possible deterioration of economic, social and political conditions in one or more markets in which it operates may have a negative impact on sales and financial results.

The introduction by national or supranational bodies of re- strictions on the movement of people as a consequence, for example, of international crises or pandemics as well as the in- troduction of any restrictions on exports following trade or finan- cial sanctions could also have an impact on revenues, especially in relation to certain geographical areas in which the Group oper- ates. In particular, the Asian region in recent years has further in- creased its importance both for the luxury goods sector and for the Group, representing for the Moncler brand at the end 2021 about half of its revenues; while Stone Island, having only recently begun its international expansion, particularly in Asia and Ameri- ca, remains more exposed to the European market (75% of the 12 months of FY 2021 revenues).

BOARD OF DIRECTORS REPORT70 71 MONCLER GROUP

2021BOARD OF DIRECTORS REPORT