Moncler - Annual Report 2022

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Sede Legale: Via Tortona, 25 - 20144 Milano | Capitale Sociale: Euro 10.328.220,00 i.v. Codice Fiscale/Registro delle Imprese di Milano Monza Brianza Lodi n. 03049560166 - R.E.A. n. MI-1720239 | Partita IVA: IT 03049560166

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INDEPENDENT AUDITOR S REPORT PURSUANT TO ARTICLE 14 OF LEGISLATIVE DECREE No. 39 OF JANUARY 27, 2010

AND ARTICLE 10 OF THE EU REGULATION 537/2014

To the Shareholders of Moncler S.p.A. REPORT ON THE AUDIT OF THE SEPARATE FINANCIAL STATEMENTS Opinion We have audited the separate financial statements of Moncler S.p.A. (the Company ), which comprise the statement of financial position as at December 31, 2022, statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the separate financial statements, including a summary of significant accounting policies. In our opinion, the accompanying separate financial statements give a true and fair view of the financial position of the Company as at December 31, 2022, and of its financial performance and its cash flows for the year then ended 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. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements applicable under Italian law to the audit of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate financial statements of the current period. These matters were addressed in the context of our audit of the separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Impairment test on the Stone Island brand Description of the key audit matter

In the separate financial statements as at December 31, 2022, the caption Brands and other intangible assets - net includes for Euro 775 million the value assigned to the Stone Island brand (hereinafter referred to as the Brand ) contributed by Sportswear Company S.p.A. to the Company following the demerger enacted at the end of 2021. Such Brand, being an intangible asset with an indefinite useful life, is not amortized but, as provided by International Accounting Standard IAS 36 Impairment of assets , is tested for impairment at least annually comparing its carrying amount with the recoverable value, determined as value in use using the discounted cash flows method, estimated through the application of the so-called Royalty Relief method. The management evaluation process is complex and is based on assumptions regarding, among other things, forecasting the Brand's expected cash flows and determining an appropriate discount rate (WACC) and long-term growth rate (g-rate). These assumptions are influenced by future expectations of sales performance, which is the basis for the calculation, and by market conditions. In light of the magnitude of the value included in the separate financial statements, the subjectivity of the estimates for the determination of the Brand cash flows as well as key variables of the impairment model, we considered the impairment test a key audit matter of the Company's separate financial statements. Note 4.2 of the separate financial statements provides the information on the test carried out, including a sensitivity analysis which illustrates the effects of variations in the key variables used for the impairment test.

Audit procedures performed

We have first examined how management determined the Brand value in use, analyzing 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 Company

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 deviations and the reliability of the planning process;

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

213212 MONCLER GROUP 2022