115 COnSOLIdATed FInAnCIAL STATeMenTS114 COnSOLIdATed FInAnCIAL STATeMenTS MONCLER GROUP 2023

Investments Registered office Share capital Currency % of ownership Parent company (in associates for consolidation) Moncler Sweden AB Stockholm (Sweden) 1,000,000 SeK 100.00% Industries S.p.A. Moncler norway AS Oslo (norway) 3,000,000 nOK 100.00% Industries S.p.A. Moncler Mexico, Mexico City (Mexico) 33,000,000 Mxn 99.00% Industries S.p.A. S. de R.L. de C.V. 1.00% Moncler USA Inc Moncler Mexico Services, Mexico City (Mexico) 11,000,000 Mxn 99.00% Industries S.p.A. S. de R.L. de C.V. 1.00% Moncler USA Inc Moncler Ukraine LLC Kiev (Ukraine) 47,367,417 UAH 99.99% Industries S.p.A. 0.01% Moncler Suisse SA Moncler new Zealand Limited Auckland (new Zeland) 2,000,000 nZd 100.00% Industries S.p.A. Moncler Malaysia Sdn. Bhd. Kuala Lumpur (Malesia) 1 MYR 100.00% Industries S.p.A. Sportswear Company S.p.A. Bologna (Italy) 10,084,166 eUR 100,00% Moncler S.p.A. Stone Island Retail S.r.l. Bologna (Italy) 99,000 eUR 100.00% Sportswear Company S.p.A. Stone Island Germany Gmbh Munich (Germany) 500,000 eUR 100.00% Sportswear Company S.p.A. Stone Island Antwerp Bvba Antwerp (Belgium) 400,000 eUR 100.00% Sportswear Company S.p.A. Stone Island Amsterdam BV Amsterdam (Holland) 25,000 eUR 100.00% Sportswear Company S.p.A. Stone Island Usa Inc new York (USA) 2,500,000 USd 100.00% Sportswear Company S.p.A. Stone Island Canada Inc Toronto (Canada) 500,000 CAd 100.00% Sportswear Company S.p.A Stone Island China Co. Ltd Shanghai (China) 2,500,000 eUR 100.00% Sportswear Company S.p.A. Stone Island France S.a.s. Saint Priest (France) 50,000 eUR 100.00% Sportswear Company S.p.A. Stone Island distribution S.r.l. Bologna (Italy) 50,000 eUR 100.00% Sportswear Company S.p.A. Stone Island Korea Co., Ltd. (*) Seoul (South Korea) 30,500,000 KRW 51.00% Sportswear Company S.p.A. Stone Island (UK) Retail Limited London (United Kingdom) 1,000,000 GBP 100.00% Sportswear Company S.p.A. Stone Island Japan Inc. (*) Tokyo (Japan) 400,000,000 JPY 80.00% Sportswear Company S.p.A. Stone Island Suisse SA Chiasso (Switzerland) 3,000,000 CHF 100.00% Sportswear Company S.p.A. Stone Island Sweden AB Stockholm (Sweden) 3,000,000 SeK 100.00% Sportswear Company S.p.A. Stone Island españa S.L. Barcelona (Spain) 3,000 eUR 100.00% Sportswear Company S.p.A. Stone Island Austria GmbH Vienna (Austria) 500,000 eUR 100.00% Sportswear Company S.p.A. Stone Island Hong Kong Limited Hong Kong (China) 500,000 HKd 100.00% Sportswear Company S.p.A. Stone Island Macao Macao (China) 5,500,000 MOP 100.00% Sportswear Company S.p.A. Limited

(*) Fully consolidated (without attribution of interest to third parties) (**) Share capital value and % of ownership take into consideration the treasury shares held by the same.

In relation to the scope of consolidation, please note that during the 2023, compared to 31 december 2022, the companies Stone Is- land Austria Gmbh, Stone Island españa S.L., Stone Island Macau Limited and Stone Island Hong Kong Limited were established.

We highlighted that, in the first quarter of 2023, the Group, in accordance with pre-existing agreements, acquired, from the local partner, the last tranche (equal to 9.99% of total share capital) of the partner s stake in in Moncler Korea Inc., bringing the percentage of ownership to 100%.

Please note that Moncler UAe LLC, Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti. And Moncler Japan Corporation, same as in the previous periods, and Stone Island Korea Co., Ltd. and Stone Island Japan Inc. are fully consolidated, without attribution of in- terest to third parties, in accordance with the anticipated interest principle in light of the agreements in place between those compa- nies shareholders.

4.1 REVENUES

ReVenUeS BY BRAnd

(Euro/000) 2023 % 2022 % Total revenues 2,984,217 100.0% 2,602,890 100.0% Moncler 2,573,159 86.2% 2,201,758 84.6% Stone Island 411,058 13.8% 401,132 15.4%

In 2023, Moncler Group reached consolidated revenue of eUR 2,984.2 million up 14.7% compared to the 2022. These results in- clude Moncler brand revenue equal to eUR 2.573,2 million and Stone Island brand revenue equal to eUR 411.1 million.

AnALYSIS OF MOnCLeR BRAnd ReVenUeS In 2023, Moncler brand revenues were equal to eUR 2,573.2 million, up 16.9% growth compared to 2022.

ReVenUeS BY GeOGRAPHY Sales are broken down by geographical area as reported in the fol- lowing table:

(Euro/000) 2023 % 2022 % Variation % Variation Asia 1,291,377 50.2% 1,029,327 46.8% 262,050 25.5% eMeA 910,488 35.4% 804,361 36.5% 106,127 13.2% Americas 371,294 14.4% 368,070 16.7% 3,224 0.9% Total 2,573,159 100.0% 2,201,758 100.0% 371,401 16.9%

In 2023, revenues in Asia (which includes APAC, Japan and Ko- rea) were equal to eUR 1,291.4 million registering a +25.5% growth compared to the 2022, thanks to a strong growth registered in the Chinese mainland. The performance in the APAC region in 2022 was penalized by the severe Covid restrictions in Mainland China occurred in the last months of the year. Japan, Korea and the rest of APAC continued to record a very solid performance.

eMeA reported revenues of eUR 910.5 million in 2023, grow- ing +13.2% compared to 2022. This acceleration was driven by the dTC channel, with a positive contribution from both tourists and locals. Chinese, Korean and American customers remained the strongest contributors to tourist purchases in the region.

Americas registered revenues of eUR 371.3 million in 2023, +0.9% compared to 2022, driven mainly by the dTC channel. The performance of the region in the two channels was influenced by the conversions of nordstrom and part of Saks from a wholesale to a dTC business model.

ReVenUeS BY CHAnneL Revenues by distribution channels are broken down as follows:

(Euro/000) 2023 % 2022 % Total revenues 2,573,159 100.0% 2,201,758 100.0% of which: Wholesale 409,239 15.9% 429,755 19.5% dTC 2,163,920 84.1% 1,772,003 80.5%

Revenues are made through two main distribution channels, dTC and wholesale. The dTC channel includes stores that are directly managed by the Brand (free-standing stores, concessions, e-com- merce and factory outlet), while the wholesale channel includes stores managed by third parties that sell Moncler products either in single-brand spaces (i.e. shop-in-shop) or inside multi-brand stores (both physical and online).

In 2023, the dTC channel recorded revenues of eUR 2,163,9 million growing +22.1% compared to 2022.

The wholesale channel registered revenues equal to eUR 409.2 million a decline of 4.8% compared to 2022. This decrease is mainly impacted by the above-mentioned conversions of nord- strom and part of Saks in the US and by the ongoing efforts to up- grade the quality of the distribution network. excluding the effects of US conversions, revenues in the wholesale channel would have been slightly positive in 2023.

4 COMMENTS ON THE CONSOLIDATED INCOME STATEMENT