158 SEPARATE FINANCIAL STATEMENTS MONCLER GROUP 2022

CASH FLOWS

(Euro/000) 2022 of which 2021 of which related parties related parties (note 8.1) (note 8.1) Cash flow from operating activities Net result of the period 278,835,705 136,481,615 Depreciation and amortization 2,173,448 1,351,600 Net financial (income)/expenses 4,391,237 1,651,309 Equity-settled share-based 10,799,165 6,507,510 payment transactions Income tax expenses (5,744,959) 50,363,722 Changes in trade receivables (28,501,769) (27,810,906) 50,980,920 51,942,353 - (Increase)/Decrease Changes in trade payables 15,893,747 4,866,703 15,072,092 2,367,148 - Increase/(Decrease) Changes in other current 3,924,394 121,586 8,496,403 3,188,956 assets/liabilities Cash flow generated/(absorbed) 281,770,968 270,905,171 from operating activities Interest paid (4,259,534) (1,449,348) Interest received 4,651 33,122 Income tax paid (241,954,657) (78,659,157) Income tax received from fiscal consolidation 59,529,068 59,529,068 17,446,765 17,446,765 VAT received from Fiscal Consolidation (761,345) (761,345) 11,918,361 11,918,361 Changes in other non-current assets/liabilities 254,326 55,937 Net cash flow from operating activities (a) 94,583,477 220,250,851

Cash flow from investing activities Purchase of tangible (1,265,748) (1,113,719) and intangible fixed assets Stone Island transaction 0 (578,267,579) Net cash flow from investing activities (b) (1,265,748) (579,381,298)

Cash flow from financing activities Repayment of current (1,360,098) (618,547) and non-current lease liabilities Borrowings variation, 129,419,761 129,419,762 419,035,978 418,973,761 other than bank borrowings Transaction related to equity (48,351,741) 0 Dividends paid to shareholders (160,960,599) (120,679,237) Net cash flow from financing activities (c) (81,252,677) 297,738,194 Net increase/(decrease) in cash 12,065,052 (61,392,253) and cash equivalents (a)+(b)+(c) Cash and cash equivalents 901,130 62,293,383 at the beginning of the period Net increase/(decrease) 12,065,052 (61,392,253) in cash and cash equivalents Cash and cash equivalents 12,966,182 901,130 at the end of the period

On behalf of the Board of Directors

REMO RUFFINI CHAIRMAN AND CHIEF EXECUTIVE OFFICER