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Impairment test on the brand and the goodwill related to Stone Island CGU Description of the key audit matter

The consolidated financial statements of the Group as at December 31, 2022 show Brands and other intangible assets - net equal to Euro 1,087 million and Goodwill equal to Euro 603 million. These captions include the brand and goodwill allocated to the Stone Island cash generating unit ( CGU ) for Euro 775 million and Euro 447 million respectively. These assets are considered to be intangibles of indefinite useful life and are therefore not amortized but, as required by the International Accounting Standard IAS 36 impairment of assets , tested for impairment at least annually comparing the recoverable amount of the CGU, determined according to the value in use methodology, and the carrying amount, which takes into account both goodwill and other tangible and intangible assets allocated to the CGU. The management evaluation process is complex and is based on assumptions regarding, among other things, forecasting the of CGU expected cash flows and determining an appropriate discount rate (WACC) and long-term growth rate (g-rate). These assumptions are influenced by future expectations and market conditions. In light of the magnitude of the goodwill and brand value recorded in the consolidated financial statements pertaining to the Stone Island CGU, the subjectivity of estimates relating to the determination of CGU cash flows and the key variables of the impairment model, we considered the impairment test a key audit matter of the consolidated financial statements. Note 5.2 of the consolidated financial statements provides information on the tests carried out in respect of intangible assets and goodwill, including a sensitivity analysis which illustrates the effects of changes in key variables used for the impairment test.

Audit procedures performed

We have first examined how management determined the CGU s value in use, analyzing the methods and assumptions used by management in developing the impairment test. As part of our audit, we have, among other things, carried out the following procedures, also with the support of experts: recognition and understanding of the process adopted by the Moncler

Group in executing the impairment test; analysis of the reasonableness of the main assumptions adopted in

forecasting cash flows also with analysis of sector data and obtaining information from management;

comparison of actual results with original plans in order to assess the nature of the deviations and the reliability of the planning process;

assessment of the reasonableness of the discount rate (WACC) and long- term growth rate (g-rate);

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verification of the clerical accuracy of the model used to determine the CGU s value in use;

verification of the correct determination of the carrying amount of the CGU;

verification of the sensitivity analysis prepared by management. We have also examined the adequacy and compliance of the information provided by the Group on the impairment test with respect to IAS 36 provisions.

Responsibilities of the Directors and the Board of Statutory Auditors for the Consolidated Financial Statements The Directors are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of national regulations issued pursuant to art. 9 of Italian Legislative Decree no. 38/05, and, within the terms established by law, for such internal control as the Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Directors are responsible for assessing the Group s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they have identified the existence of the conditions for the liquidation of the parent company Moncler S.p.A. or the termination of the business or have no realistic alternatives to such choices. The Board of Statutory Auditors is responsible for overseeing, within the terms established by law, the Group s financial reporting process. Auditor s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (ISA Italia) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with International Standards on Auditing (ISA Italia), we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements,

whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

207206 MONCLER GROUP 2022