59 bOaRD OF DIREcTORS REPORT58 MONCLER GROUP 2022bOaRD OF DIREcTORS REPORT

In accordance with article 40, paragraph 2 bis of the Legislative Decree 127 of 09/04/91, the Parent company has prepared the Di- rectors Report as a single document for both the separate financial statements of Moncler S.p.a. and the Group consolidated financial statements.

EcONOMIc RESULTS

Following is the consolidated income statement for FY 2022 and FY 2021.

(Euro/000) FY 2022 % on revenues FY 2021 % on revenues REVENUES 2,602,890 100.0% 2,046,103 100.0% YoY performance +27% +42% GROSS MARGIN 1,987,843 76.4% 1,566,906 76.6% Selling expenses (757,393) (29.1%) (588,269) (28.8%) General & administrative (283,967) (10.9%) (233,490) (11.4%) expenses Marketing expenses (171,936) (6.6%) (142,082) (6.9%) EBIT 774,547 29.8% 603,065 29.5% Net financial (27,216) (1.0%) (21,608) (1.1%) EBT 747,331 28.7% 581,457 28.4% Taxes (140,625) (5.4%) (170,070) (8.3%) Tax Rate 18.8% 29.2% GROUP NET RESULT 606,697 23.3% 411,367 20.1%

cONSOLIDaTED REVENUE In 2022, Moncler Group reached consolidated revenue of EUR 2,602.9 million up 25% at constant FX ( cFX ) compared to 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.

In the fourth quarter the Group reached revenue equal to EUR 1,046.3 million up 19% cFX compared to Q4 2021. This result in- cludes Moncler brand revenues equal to EUR 949.3 million, and Stone Island brand revenue equal to EUR 97.0 million.

MONcLER GROUP: REVENUE bY bRaND

MONCLER GROUP FY 2022 FY 2021 % vs 2021 % vs 2021 % vs 2019 EUR 000 % EUR 000 % rep FX cFx cFx Moncler 2,201,758 84.6% 1,824,166 89.2% +21% +19% +36% Stone Island 401,132 15.4% 221,936 10.8% +29%9 +28%9 +63% REVENUES 2,602,890 100.0% 2,046,103 100.0% +27% +25% +61%

aNaLYSIS OF MONcLER bRaND REVENUE In 2022, Moncler brand revenues were equal to EUR 2,201.8 million, up 19% cFX growth compared to 2021. In the fourth quarter, the brand revenue amounted to EUR 949.3 million increasing 16% cFX compared to Q4 2021 and 52% compared to Q4 2019.

MONcLER: REVENUE bY GEOGRaPHY

MONCLER FY 2022 FY 2021 % vs 2021 % vs 2021 % vs 2019 EUR 000 % EUR 000 % rep FX cFx cFx asia 1,029,327 46.8% 894,817 49.1% +15% +14% +45% EMEa 804,361 36.5% 624,469 34.2% +29% +29% +27% americas 368,070 16.7% 304,881 16.7% +21% +12% +35% REVENUES 2,201,758 100.0% 1,824,166 100.0% +21% +19% +36%

In 2022, revenues in asia (which includes aPac, Japan and Ko- rea) were EUR 1,029.3 million, +14% cFX compared to 2021. In the fourth quarter, asia grew 12% cFX versus Q4 2021 and 56% cFX versus Q4 2019, driven by the acceleration of Korea and a solid per- formance in Japan. The performance in the aPac region was pe- nalized during the months of October and November by the severe covid restrictions in Mainland china, which were eased at the be- ginning of December, prompting a recovery in stores traffic.

EMEa reported revenues of EUR 804.4 million in 2022, grow- ing +29% cFX compared to 2021, driven by a solid performance of the DTc channel (both physical and online), while wholesale was

INTRODUcTION

PERFORMaNcE OF THE MONcLER GROUP

impacted by the conversions of some shop-in-shops and e-tailers. Revenues in the fourth quarter accelerated sequentially, up 30% versus Q4 2021 and +52% versus Q4 2019, driven by strong lo- cal demand. Italy, France and Germany contributed the most to the quarterly growth.

americas registered revenues of EUR 368.1 million in 2022, +12% cFX compared to 2021 and +35% cFX versus 2019. In the fourth quarter the region grew +5% cFX compared to the last quar- ter of 2021 and +38% cFX compared to Q4 2019, driven mainly by the DTc channel.

MONcLER: REVENUE bY cHaNNEL

MONCLER FY 2022 FY 2021 % vs 2021 % vs 2021 % vs 2019 EUR 000 % EUR 000 % rep FX cFx cFx DTc 1,772,003 80.5% 1,429,219 78.3% +24% +22% +43% Wholesale 429,755 19.5% 394,947 21.7% +9% +6% +14% REVENUES 2,201,758 100.0% 1,824,166 100.0% +21% +19% +36%

In 2022, the Direct-To-consumer (DTc10) channel achieved rev- enues of EUR 1,772.0 million, +22% cFX compared to 2021 and +43% cFX compared to 2019. The fourth quarter registered +18% cFX versus Q4 2021 and +55% cFX versus Q4 2019, despite the covid restrictions implemented in Mainland china, mostly in the months of October and November.

The cSSG11 for the DTc channel was +15% compared to 2021.

The wholesale channel revenues were EUR 429.8 million with +6% cFX growth compared to 2021 and +14% cFX versus 2019. In the fourth quarter revenues generated by this channel were up 1% cFX compared to Q4 2021 and +21% cFX compared to Q4 2019.

aNaLYSIS OF STONE ISLaND bRaND REVENUE In 2022, Stone Island brand revenues were equal to EUR 401.1 mil- lion up 28% cFX compared with EUR 310.0 million recorded in the 12-month proforma of 2021 (of which EUR 88.1 million generated in the first quarter 2021 and not consolidated in the Group s results), and +63% cFX compared 2019. In the fourth quarter the brand reg- istered +48% cFX compared to Q4 2021.

STONE ISLaND bRaND: REVENUE bY GEOGRaPHY

STONE ISLAND FY 2022 FY 202112 % vs 2021 % vs 2021 % vs 2019 EUR 000 % EUR 000 % rep FX cFx cFx asia 278,670 69.5% 241,162 77.8% +16% +16% +42% EMEa 80,177 20.0% 39,912 12.9% +101% +101% +210% americas 42,285 10.5% 28,951 9.3% +46% +34% +69% REVENUES 401,132 100.0% 310,024 100.0% +29% +28% +63%

EMEa, which is the most important region for the brand contrib- uting EUR 278.7 million of revenues, grew by 16% cFX in 2022 compared with the same period of the previous year pro-forma, ac- celerating in the fourth quarter with +21% cFX versus Q4 2021. Ita- ly, UK and France led the growth of the region in the year.

asia reached EUR 80.2 million revenues growing 101% cFX compared with 2021 pro-forma, driven by the conversion 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, up 34% cFX compared with 2021 pro-forma, with growth driven by a good performance of the collections in the wholesale channel.

9 Pro-forma growth calculated on 12-month revenues of the period from 1 January to 31 December 2021 equal to EUR 310 million.

10 The DTc channel includes revenues from DOS, from direct online and from e-concessions.

11 cSSG considers DOS (excluding outlets) open for at least 52 weeks and the online store; stores that have been expanded and/or relocated are not included.

12 Pro-forma data related to the period from 1 January to 31 December 2021.