121 COnSOLIdATed FInAnCIAL STATeMenTS120 COnSOLIdATed FInAnCIAL STATeMenTS MONCLER GROUP 2023

As at 31 december 2022

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Licence Key money Software Other Assets Goodwill Total rights intangible in progress assets and advances 01/01/2022 999,354 0 68,576 105,728 31,455 6,961 603,417 1,815,491 Acquisitions 0 0 3,883 26,186 921 7,622 0 38,612 disposals 0 0 (116) (170) 0 (336) 0 (622) Changes in consolidation area 0 0 0 0 0 0 0 0 Translation adjustment 0 0 106 (123) (2) (2) 0 (21) Other movements, 0 12 3,114 6,441 385 (5,751) 0 4,201 including transfers 31/12/2022 999,354 12 75,563 138,062 32,759 8,494 603,417 1,857,661

ACCUMULATED AMORTIZATION AND IMPAIRMENT BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Licence Key money Software Other Assets Goodwill Total rights intangible in progress assets and advances 01/01/2022 0 0 (53,557) (59,298) (29,145) 0 0 (142,000) depreciation 0 0 (3,724) (17,514) (925) 0 0 (22,163) disposals 0 0 94 131 0 0 0 225 Changes in consolidation area 0 0 0 0 0 0 0 0 Translation adjustment 0 0 (249) 118 0 0 0 (131) Other movements, 0 (12) (3,085) 42 (414) 0 0 (3,469) including transfers 31/12/2022 0 (12) (60,521) (76,521) (30,484) 0 0 (167,538)

The increase in the caption software pertained to the investments in information technology to support the business and the corpo- rate functions.

Please refer to the directors report for additional information related to investments made during the year.

5.2 IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE AND GOODWILL

The captions Brands, Other intangible fixed assets with an indef- inite useful life and Goodwill deriving from previous acquisitions have not been amortised, but have been tested for impairment by management.

The impairment tests on the Moncler brand and on the Stone Island brand were performed by comparing its carrying value with that derived from the discounted cash flow method applying the Royalty Relief Method, based on which the cash flows are linked to the recognition of a royalty percentage applied to revenues that the brand is able to generate.

The recoverable amount of Moncler goodwill and of Stone Island goodwill have been tested based on the asset side ap- proach which compares the value in use of the corresponding group of cash-generating unit with the carrying amount of its net invested capital.

For the 2023 valuation of the Moncler and Stone Island brand and goodwill, the expected cash flows and revenues are based on the 2024-2026 Business Plan approved by the Board of directors on 14 december 2023 and for the years from 2027-2028 on the basis of management estimates consistent with the expected de- velopment plans.

The g rate used was 2.5%. The discount rate was calculated using the Weighted Average

Cost of Capital (WACC), by weighting the expected rate of return on invested capital, net of hedging costs from a sample of companies within the same industry. The calculation took into account fluctua- tion in the market as compared to the previous year and the result- ing impact on interest rates. The weighted average cost of capital (WACC) was calculated at 8.9% for the Moncler brand and at 9.5% for Stone Island.

The results of the sensitivity analysis indicated that the car- rying amounts of the Moncler brand and goodwill are confirmed in

all scenarios of reasonable changes of the benchmarks. The Stone Island brand and goodwill up to a WACC of 9.7% and 9.9% respec- tively, all other parameters being equal.

It is also underlined that the market capitalisation of the Com- pany, based on the average price of Moncler share in 2023, showed a significant positive difference with respect to the Group net equi- ty, implicitly confirming again the value of the intangibles registered.

5.3 NET PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENTS

(Euro/000) 31/12/2023 31/12/2022 Gross value Accumulated depreciation Net value Net value and impairment Land and buildings 1,413,415 (648,266) 765,149 800,742 Plant and equipment 63,313 (38,686) 24,627 22,249 Fixtures and fittings 192,141 (132,117) 60,024 46,210 Leasehold improvements 441,456 (278,323) 163,133 141,008 Other fixed assets 49,679 (38,038) 11,641 11,002 Assets in progress 57,906 0 57,906 53,279 Total 2,217,910 (1,135,430) 1,082,480 1,074,490

The change in property, plant and equipment is included in the fol- lowing tables:

As at 31 december 2023

GROSS VALUE PROPERTY, PLANT AND EQUIPMENT

(Euro/000) Land and Plant and Fixtures Leasehold Other Assets in progress Total buildings Equipment and fittings improvements fixed assets and advances 01/01/2023 1,296,502 53,936 166,449 386,389 43,717 53,279 2,000,272 Acquisitions 171,572 5,767 29,924 61,723 7,178 31,597 307,761 disposals (28,170) (365) (4,622) (11,393) (1,071) (120) (45,741) Translation adjustment (27,169) 17 (2,595) (13,216) (510) (749) (44,222) Other movements, 892 3,958 3,300 17,426 365 (26,101) (160) including transfers 31/12/2023 1,413,415 63,313 192,141 441,456 49,679 57,906 2,217,910

ACCUMULATED DEPRECIATION AND IMPAIRMENT PPE

(Euro/000) Land and Plant and Fixtures Leasehold Other fixed Assets in progress Total buildings Equipment and fittings improvements assets and advances 01/01/2023 (495,760) (31,687) (120,239) (245,381) (32,715) 0 (925,782) depreciation (180,504) (7,571) (18,077) (52,490) (6,672) 0 (265,314) disposals 11,172 611 4,306 11,116 874 0 28,079 Translation adjustment 15,354 (20) 1,894 8,418 323 0 25,969 Other movements, 1,472 (19) 2 11 152 0 1,618 including transfers 31/12/2023 (648,266) (38,686) (132,117) (278,323) (38,038) 0 (1,135,430)

As at 31 december 2022

GROSS VALUE PROPERTY, PLANT AND EQUIPMENT

(Euro/000) Land and Plant and Fixtures Leasehold Other fixed Assets in progress Total buildings Equipment and fittings improvements assets and advances 01/01/2022 1,024,942 47,437 154,740 333,106 37,239 29,410 1,626,874 Acquisitions 286,875 4,064 13,706 53,497 5,483 42,280 405,905 disposals (14,886) (760) (4,880) (10,403) (851) (2,254) (34,034) Changes in 5,554 33 1,659 266 120 323 7,955 consolidation area Other movements, (5,983) 3,162 1,224 9,923 1,726 (16,480) (6,428) including transfers 31/12/2022 1,296,502 53,936 166,449 386,389 43,717 53,279 2,000,272