63 bOaRD OF DIREcTORS REPORT62 MONCLER GROUP 2022bOaRD OF DIREcTORS REPORT

EbITDa REcONcILIaTION

(EUR/000) FY 2022 % on revenues FY 2021 % on revenues EBIT 774,547 29.8% 603,065 29.5% D&a 105,644 4.1% 88,803 4.3% Rights-of-use-amortisation 159,273 6.1% 137,490 6.7% Stock-based compensation 37,015 1.4% 28,587 1.4% EBITDA Adj. 1,076,479 41.4% 857,945 41.9% Rents associated to rights-of-use (181,718) (7.0%) (154,267) (7.5%) EBITDA Adj. pre IFRS 16 894,761 34.4% 703,678 34.4%

The board of Directors also approved the 2022 financial statements of the parent company Moncler S.p.a. Revenues rose to EUR 418.7 million in 2022, an increase of 39% compared to revenues of EUR 302.1 million in 2021, mainly includ- ing the proceeds of the licensing of the Moncler and Stone Island brands.

General and administrative expenses, including stock-based compensation costs, were EUR 67.4 million, equal to 16.1% on rev- enues (18.2% in 2021). Marketing expenses were EUR 73.8 million (EUR 58.6 million in 2021), equal to 17.6% on revenues (19.4% in 2021).

In 2022, net financial interest was equal to EUR 4.4 million compared to EUR 1.7 million in 2021.

In 2022, taxes were positive and equal to EUR 5.7 million (compared to negative EUR 50.4 million in 2021), for the tax benefit deriving from the Stone Island brand value realignment.

Net income was EUR 278.8 million, an increase of 104% com- pared to EUR 136.5 million in 2021.

Moncler S.p.a balance sheet includes shareholders equity of EUR 1,467.6 million at 31 December 2022, compared to 1,363.5 million euros at 31 December 2021, and a net financial position negative and equal to EUR 487.1 million (compared to EUR 370.4 million as of 31 December 2021), including the lease liabilities de- rived from the application of the IFRS 16 accounting principle.

MONcLER S.P.a.: FY 2022 INcOME STaTEMENT

(EUR/000) FY 2022 % on revenues FY 2021 % on revenues REVENUES 418,707 100.0% 302,093 100.0% General & administrative expenses (67,392) (16.1%) (54,996) (18.2%) Marketing expenses (73,832) (17.6%) (58,600) (19.4%) EBIT 277,482 66.3% 188,497 62.4% Net financial (4,391) (1.0%) (1,651) (0.5%) EBT 273,091 65.2% 186,846 61.9% Taxes 5,745 1.4% (50,364) (16.7%) NET RESULT 278,836 66.6% 136,482 45.2%

MONcLER S.P.a.: FY 2022 STaTEMENT OF FINaNcIaL POSITION

(EUR/000) 31/12/2022 31/12/2021 Intangible assets 1,001,405 1,001,460 Tangible assets 6,750 6,957 Investments 948,756 924,670 Other Non-current assets / (Liabilities) (2,699) (217,709) Total non-current assets/(liabilities) 1,954,212 1,715,378 Net working capital 65,185 52,704 Other current assets/(liabilities) (53,569) (32,516) Total current assets/(liabilities) 11,616 20,188 INVESTED CAPITAL 1,965,828 1,735,566 Net debt/(net cash) 487,121 370,397 Pension and other provisions 11,092 1,658 Shareholders equity 1,467,615 1,363,511 TOTAL SOURCES 1,965,828 1,735,566

PERFORMaNcE OF THE PaRENT cOMPaNY MONcLER S.P.a.

The regular management of its business and the development of its strategy expose the Moncler Group to various types of risks that could adversely affect the Group s operating results and its finan- cial position. These risks are integrated into the corporate enter- prise risk management (ERM) process. The entity responsible for managing ERM promotes coordination between the internal func- tions involved, in order to ensure consistency and effectiveness in overseeing and monitoring the main risks within the corporate or- ganisation.

The most important business risks are monitored by the con- trol, Risks and Sustainability committee and periodically examined by the board of Directors, which takes them into account in devel- oping the strategy.

RISKS RELaTED TO THE cOVID-19 PaNDEMIc The covid-19 pandemic, which has spread globally since January 2020 and is still ongoing, has led all countries in the world, including Italy, to face a complex health emergency, with social, geopolitical and economic implications. although the spread of vaccines has reduced the danger of the virus and led to a relaxation of measures by governments at a global level, the uncertainty of the evolution of the pandemic situation, linked to the transmission of new variants of the virus, could again affect the results in the coming financial years, for example by restricting the international mobility of cus- tomers or by limiting the operation of stores in some periods. In this context, the Moncler Group continues to maintain business conti- nuity plans aimed at safeguarding the health and safety of its em- ployees, management flexibility and production processes ready for implementation.

RISKS RELaTED TO THE RUSSIa-UKRaINE cONFLIcT The conflict between Russia and Ukraine, which began on 24 Feb- ruary 2022, is having major global consequences not only in terms of severe humanitarian crisis, but also in terms of economic effects on global markets, which have immediately been reflected not only in the increase in the costs of certain commodities such as natural gas and oil, and consequently in electricity, but also in sharp de- clines in share values on the world s major markets.

The Moncler Group shut down its business shortly after the conflict broke out, closing both its Kiev and Moscow direct stores, halting online channel activity and shipping to the wholesale chan- nel in Russia. The exposure to the Russian and Ukrainian markets, including tourists of Russian nationality buying in other markets, was less than 2% of the Group s annual turnover in 2021 (before the start of the conflict).

The Group does not have suppliers of raw materials in Russia and Ukraine or any manufacturing sites located there. However, the escalation of the conflict could have unforeseeable repercussions on other neighbouring countries where the Group has production, with an impact on production capacity, for example as a result of the temporary disruption the power supply, and on procurement costs. The situation is constantly monitored to react promptly to any intensification of the conflict.

RISKS aSSOcIaTED WITH THE MaRKETS IN WHIcH THE GROUP OPERaTES aND GENERaL GEOPOLITIcaL aND EcONOMIc cONDITIONS The Group operates in the luxury goods sector, where there is a sig- nificant correlation between the demand for goods and the level of wealth, the level of economic growth and political stability in the countries where demand is generated. The Group s ability to devel- op its business also depends on the political stability and econom- ic situation of the various countries in which it operates.

although Moncler operates in a significant number of coun- tries around the world, reducing the risk of a high concentration of the business in limited geographical areas, any deterioration in eco- nomic, social or political conditions in one or more markets in which it operates could have negative consequences for sales and eco- nomic and financial results.

The possible reintroduction by national or supranational enti- ties of constraints on the movement of individuals as a result, for example, of international crises or pandemics as well as the in- troduction of any export limitations as a result of trade or financial sanctions, could also affect sales, particularly in relation to specif-

MaIN RISKS