115 CONSOLIDATED FINANCIAL STATEMENTS114 CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP 2022

In relation to the scope of consolidation, the following changes compared to 31 December 2021:

Stone Island Korea Co. Ltd. was set up as a joint venture, in which the majority interest is held by Sportswear Company S.p.A., which manages the Stone Island business directly in Korea;

Stone Island Japan Inc. was set up as a joint venture, in which the majority interest is held by Sportswear Company S.p.A., which manages the Stone Island business directly in Japan;

Officina della Maglia S.r.l. and Stone Island Logistic S.r.l. were merged into Sportswear Company S.p.A.;

Stone Island Distribution S.r.l., Stone Island (UK) Retail Ltd, Stone Island Suisse SA, Stone Island Sweden AB and Moncler Malaysia SDN. BHD. were incorporated.

Please note that Moncler Korea Inc., Moncler Istanbul Giyim ve Tek- stil Ticaret Ltd. Sti. and Moncler Japan Corporation, same as in the previous periods, and Stone Island Korea and Stone Island Japan Inc. are fully consolidated, without attribution of interest to third par- ties, in accordance with the anticipated interest principle in light of the agreements in place between those companies shareholders.

4.1 REVENUES

REVENUES BY BRAND

(Euro/000) 2022 % 2021 % Total revenues 2,602,890 100.0% 2,046,103 100.0% Moncler 2,201,758 84.6% 1,824,166 89.2% Stone Island 401,132 15.4% 221,936 10.8%

In 2022, Moncler Group reached consolidated revenue of EUR 2,602.9 million up 27.2% compared to the same period of 2021. These results include Moncler brand revenue equal to EUR 2.201,8 million and Stone Island brand revenue equal to EUR 401.1 million.

ANALYSIS OF MONCLER BRAND REVENUES In 2022, Moncler brand revenues were equal to EUR 2,201.8 million, up 20.7% growth compared to 2021.

REVENUES BY GEOGRAPHY Sales are broken down by geographical area as reported in the fol- lowing table:

(Euro/000) 2022 % 2021 % Variation % Variation Asia 1,029,327 46.8% 894,817 49.1% 134,510 15.0% EMEA 804,361 36.5% 624,469 34.2% 179,892 28.8% Americas 368,070 16.7% 304,881 16.7% 63,189 20.7% Total 2,201,758 100.0% 1,824,166 100.0% 377,591 20.7%

In 2022, revenues in Asia (which includes APAC, Japan and Ko- rea) were equal to EUR 1,029.3 million registering a +15.0% growth compared to the same period of 2021, thanks to the continued ex- cellent performance of Korea and Japan. The performance in the APAC region was penalized during the months of October and No- vember by the severe Covid restrictions in Mainland China, which were eased at the beginning of December, prompting a recovery in stores traffic.

EMEA reported revenues of EUR 804.4 million in 2022, grow- ing +28.8% compared to 2021, driven by a solid performance of the DTC channel (both physical and online), while wholesale was im- pacted by the conversions of some shop-in-shops and e-tailers.

Americas registered revenues of EUR 368.1 million in 2022, +20.7% compared to 2021, driven mainly by the DTC channel.

4 COMMENTS ON THE CONSOLIDATED INCOME STATEMENT

REVENUES BY CHANNEL Revenues by distribution channels are broken down as follows:

(Euro/000) 2022 % 2021 % Total revenues 2,201,758 100.0% 1,824,166 100.0% of which: Wholesale 429,755 19.5% 394,947 21.7% DTC 1,772,003 80.5% 1,429,219 78.3%

Revenues are made through two main distribution channels, DTC and wholesale. The DTC channel includes stores that are directly managed by the Brand (free-standing stores, concessions, e-com- merce and factory outlet), while the wholesale channel includes stores managed by third parties that sell Moncler products either in single-brand spaces (i.e. shop-in-shop) or inside multi-brand stores (both physical and online).

In 2022, the DTC channel recorded revenues of EUR 1,772,0 million growing +24.0% compared to 2021.

The wholesale channel registered revenues equal to EUR 429.8 million with a 8.8% growth compared to 2021.

ANALYSIS OF STONE ISLAND BRAND REVENUE In 2022, Stone Island brand revenues were equal to EUR 401.1 mil- lion up +29% compared with EUR 310.0 million recorded in the 12-month proforma of 2021 (of which EUR 221.9 million generated from 1 April 2021 and consolidated in the Moncler Group).

REVENUES BY GEOGRAPHY

(Euro/000) 2022 % 2021 % Variation % Variation Asia 80,177 20.0% 28,517 12.8% 51,660 181.2% EMEA 278,670 69.5% 172,236 77.6% 106,434 61.8% Americas 42,285 10.5% 21,183 9.5% 21,102 99.6% Total 401,132 100.0% 221,936 100.0% 179,196 80.7%

EMEA is the most important region for Stone Island and contrib- uted EUR 278.7 million to 69.5% of revenues in 2022. Italy, UK and France led the growth of the region in the year.

Asia reached EUR 80.2 million revenues, driven by the con- version into retail of Korea and Japan, while APAC suffered in the fourth quarter due to the Covid-19 restrictions in Mainland China.

Americas registered revenues of EUR 42.3 million, with growth driven by a good performance of the collections in the wholesale channel.

REVENUES BY CHANNEL

(Euro/000) 2022 % 2021 % Total revenues 401,132 100.0% 221,936 100.0% of which: Wholesale 251,979 62.8% 158,069 71.2% DTC 149,153 37.2% 63,867 28.8%

The wholesale channel, which continues to represent the majori- ty of the revenues (62.8% of total), with EUR 252.0 million sales in 2022, grew compared with 2021 pro-forma, driven by a good suc- cess of the collections across all markets, and despite the conver- sions into retail occurred during the year.

The DTC channel (representing 37.2% of the total revenues) reported sales of EUR 149.2 million, driven by the already-men- tioned conversion of Korea and Japan and the solid double-digit performance in EMEA and Americas. The direct online channel reg- istered a strong double-digit growth.

4.2 COST OF SALES

In 2022, cost of sales increased by EUR 135.9 million in abso- lute terms (+28.3%), going from EUR 479.2 million in 2021 to EUR 615.0 million in 2022. Cost of sales as a percentage of sales has in- creased, going from 23.4% in 2021 to 23.6% in 2022.