47 bOaRD OF DIREcTORS REPORT46 MONCLER GROUP 2022bOaRD OF DIREcTORS REPORT

In 2022 Moncler faced a year of extreme volatility and unpredict- ability in the macroeconomic situation, which affected both the global financial markets and the luxury sector.

Russia s invasion of Ukraine in February 2022 created a strong, long-lasting global political instability.

The sanctions imposed on Russia as a result of the con- flict and the strong repercussions on the energy market generat- ed strong tensions on raw materials, primarily energy-related ones, leading to significant price increases in Europe and america and to the highest inflation levels recorded in many years.

The operating environment was particularly volatile also in china, where an unexpected increase in covid cases in the sec- ond and fourth quarters of the year led the chinese government to implement again severe restrictions in all the country s major cit- ies to contain the spread of the virus, with a strong negative impact on travel, consumption, and the country s entire economic and so- cial backbone.

The complicated macroeconomic dynamics and the threat of a possible global recession resulted in severe volatility on financial markets throughout the year.

In 2022 all Western equity indices recorded double-digit de- creases: the global index (S&P Global Index, bMI) was down by 29%. In Europe the EuroSTOXX50 was down 12%, the FTSE MIb ended the year at -13% and in the United States the S&P 500 came in at -19%.

Markets also struggled in asia: in Japan, the NIKKEI 225 fell by 9%, in Hong Kong the Hang Seng Index (HSI) closed down 15% and in china the Shanghai Stock Exchange index (SSE composite) declined by 13%, with the uncertainty related to the covid situation and the deteriorating macroeconomic data in the country weigh- ing heavily.

Despite their operational resilience, luxury stocks on aver- age declined and valuation multiples contracted. In 2022 the value of the shares of companies operating in the luxury goods sector de- creased by 13% on average. brunello cucinelli and burberry were the only two companies to post a positive performance, up 14% and 12% respectively, while all other stocks saw a decline in value. Tod s, Kering and Salvatore Ferragamo in particular underperformed, with their stock values falling by 39%, 33% and 27%, respectively. The Moncler stock also performed negatively, reaching 49.5 at the end of 2022, down by 23% over the previous 12 months.

Share performance 1 year (2022) 2 years (2022-2021) 5 years (2022-2018) brunello cucinelli 13.8% 93.6% 155.8% burberry Group 11.7% 13.4% 13.3% Ermenegildo Zegna -0.1% n.a. n.a. Swatch Group -5.7% 8.9% -33.8% Hermès -5.9% 64.3% 223.8% LVMH -6.5% 33.1% 177.1% Prada -11.6% -13.9% 55.8% compagnie Financiere Richemont -12.4% 49.7% 35.8% Moncler -22.7% -1.3% 89.8% Salvatore Ferragamo -26.8% 4.0% -25.6% Kering -32.7% -20.0% 30.1% TOD S -38.6% 6.4% -50.3% Luxury goods sector average -11.5% 21.7% 61.1% FTSE MIB average -13.3% 6.6% 8.5%

(source: FacTSET at 31 December 2022)

Moncler's market capitalisation was EUR 13.5 billion as at 31 De- cember 2022, compared to 17.5 billion as at 31 December 2021, and in the year recorded a Total Shareholder Return (TSR) of -22%. The number of shares was 273,682,790 as at 31 December 2022. Moncler s significant shareholders are shown in the chart below.

MONcLER aND THE FINaNcIaL MaRKETS SHaREHOLDING

During the course of 2022, the Group maintained an ongoing dialogue with the financial community (investors and analysts), also in light of the volatility of the sector and the unpredictability of global macroeconomic events, which required continuous dialogue with investors and analysts. The Investor Relations team, assisted by Group management, participated in industry conferences, roadshows in major financial markets and meetings and calls with fund managers, buy-side and sell-side analysts. Such events were in either physical presence or virtual format, depending on the health measures in the country of reference. On 5 May 2022 the Group organised a Capital Markets Day attended by over 80 representatives of the financial community (from analysts to investors) and an audience of over 450 people connected via webcast.

FINaNcIaL caLENDaR as a partial amendment of the information contained in the 2023 calendar of corporate events published on 26 October 2022, Mon- cler S.p.a. hereby notifies that the annual Shareholders Meeting of Shareholders will be held on 18 april 2023 instead of 20 april 2023.

The main events in 2022 related to the Moncler Group report- ing timeline are provided below8:

DATE EVENT Tuesday, 28 February 2023 board of Directors for the approval of the Draft consolidated Results at 31 December 2022 Tuesday, 18 april 2023 annual Shareholders Meeting for approval of the Full Year Financial Statements at 31 December 2022 Thursday, 4 May 2023 board of Directors for the approval of the Interim Management Statement at 31 March 2023 Wednesday, 26 July 2023 board of Directors for the approval of the Half-Year Financial Report at 30 June 2023 Thursday, 26 October 2023 board of Directors for the approval of the Interim Management Statement at 30 September 2023

MaRKET

10.1% Morgan Stanley Investment Management co.

5.0% capital Research and Management company

4.2% blackRock Inc.

1.8% of treasury shares

55.2% Other shareholders

23.7% Double R S.r.l.

SOURcE consob, Moncler

LaST UPDaTED 1 February 2023

8 a conference call/meeting with institutional investors and equity research analysts will take place following the b.o.D.