117 COnSOLIdATed FInAnCIAL STATeMenTS116 COnSOLIdATed FInAnCIAL STATeMenTS MONCLER GROUP 2023

AnALYSIS OF STOne ISLAnd BRAnd ReVenUe In 2023, Stone Island brand revenues were equal to eUR 411.1 mil- lion up +2.5% compared with eUR 410.1 million recorded in 2022.

ReVenUeS BY GeOGRAPHY

REVENUES BY GEOGRAPHY

(Euro/000) 2023 % 2022 % Variation % Variation Asia 89,441 21.8% 80,177 20.0% 9,264 11.6% eMeA 287,506 69.9% 278,670 69.5% 8,863 3.2% Americas 34,111 8.3% 42,285 10.5% (8,174) (19.3)% Total 411,058 100.0% 401,132 100.0% 9,926 2.5%

eMeA continues to be the most important region for the brand and contributed eUR 287.5 million to 69.9% of revenues in 2023.

Asia reached eUR 89.4 million revenues with the strong per- formance of Japan and the Chinese mainland fully compensating for a weaker performance of the Korean market.

Americas registered revenues of eUR 34.1 million, with a de- cline of -19.3% as performance continued to be impacted by chal- lenging trends mostly among department stores, as well as by the ongoing efforts in upgrading the quality of this channel.

ReVenUeS BY CHAnneL

REVENUES BY CHANNEL

(Euro/000) 2023 % 2022 % Total revenues 411,058 100.0% 401,132 100.0% of which: Wholesale 238,214 58.0% 251,979 62.8% dTC 172,844 42.0% 149,153 37.2%

The wholesale channel recorded revenues of eUR 238.2 million down -5.5% compared to 2022, primarily due to the strict volume control adopted in the management of this channel to continuously improve the quality of the distribution network.

The dTC channel reported sales of eUR 172.8 million, rep- resenting 42% of total 2023 revenues. In the fourth quarter, mainly driven by the very solid performance of Asia and eMeA.

4.2 COST OF SALES

In 2023, cost of sales increased by eUR 68.4 million in absolute terms (+11.1%), going from eUR 615.0 million in 2022 to eUR 683.4 million in 2023. Cost of sales as a percentage of sales has de- creased, going from 23.6% in 2022 to 22.9% in 2023.

4.3 SELLING EXPENSES

In 2023 selling expenses amounted to eUR 868.1 million (eUR 757.4 million in 2022), with an increase of eUR 110.7 million com- pared to 2022.

Selling expenses in 2023 represented 29.1%, as in the 2022. Selling expenses mainly include rent costs excluded from the

application of the IFRS 16 for eUR 247.3 million (eUR 195.4 million of total rent costs in 2022), personnel costs for eUR 217.9 million (eUR 177.2 million in 2022) costs for depreciation of the right of use for eUR 162.3 million (eUR 146.6 million in 2022) and other amortisa- tion and depreciation for eUR 80.2 million (eUR 77.9 million in 2022).

The item also includes costs related to stock-based compen- sation plans for eUR 6.1 million (eUR 6.2 million in 2022).

4.4 GENERAL AND ADMINISTRATIVE EXPENSES

In 2023, general and administrative expenses amounted to eUR 331.2 million, up eUR 47.2 million when compared to last year.

General and administrative expenses represented 11.1% of turnover, in respect to 10.9% in 2022.

The item also includes costs related to stock-based compen- sation plans for eUR 33.8 million (eUR 30.8 million in 2022).

4.5 MARKETING EXPENSES

Marketing expenses were eUR 207.7 million, representing 7.0% of revenues in respect to 6.6% recorded in 2022.

4.6 OPERATING RESULT

In 2023, the operating result of the Moncler Group amounted to eUR 893.8 million, compared to eUR 774.5 million in 2022, repre- senting an eBIT margin of 30.0% (29.8% in 2022).

4.7 FINANCIAL INCOME AND EXPENSES

The caption is broken down as follows:

(Euro/000) 2023 2022 Interest income and other financial income 11,341 3,537 Foreign currency differences - positive 0 0 Total financial income 11,341 3,537 Interests expenses and other financial charges (4,077) (4,328) Foreign currency differences - negative (2,210) (4,480) Total financial expenses (6,287) (8,808) Total net excluded interests on lease liabilities 5,054 (5,271) Interests on lease liabilities (28,258) (21,945) Total net (23,204) (27,216)

4.8 INCOME TAX

The income tax effect on the consolidated income statement is as follows:

(Euro/000) 2023 2022 Current income taxes (266,827) (380,856) deferred tax (income) expenses 8,094 240,231 Income taxes charged in the income statement (258,733) (140,625)

The tax rate in 2023 was equal to 29.7%. In 2022, taxes reflected a one-off positive impact of the Stone Island brand value realignment for eUR 92.3 million.

For the breakdown of deferred tax assets and liabilities by na- ture, please see paragraph 5.4.

The reconciliation between the theoretical tax burden by ap- plying the theoretical rate of the parent company, and the effective tax burden is shown in the following table:

RECONCILIATION THEORETIC-EFFECTIVE TAX RATE

(Euro/000) Taxable Tax Amount Tax rate Taxable Tax Amount Tax rate Amount 2023 2023 2023 Amount 2022 2022 2022 Profit before tax 870,635 747,331 Income tax using the (208,952) 24.0% (179,359) 24.0% Company s theoretic tax rate Temporary differences (6,012) 0.7% (23,920) 3.2% Permanent differences (26,048) 3.0% (6,669) 0.9% Other differences (25,814) 3.0% (170,908) 22.9% Deferred taxes recognized 8,094 (0.9)% 240,231 (32.1)% in the income statement Income tax at effective tax rate (258,733) 29.7% (140,625) 18.8%