179 SePARATe FInAnCIAL STATeMenTS178 SePARATe FInAnCIAL STATeMenTS MONCLER GROUP 2023

ACCUMULATED AMORTIZATION BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other Total intangible assets 01/01/2023 0 (483) (7,721) (8,204) depreciation 0 (41) (898) (939) disposals 0 0 0 0 Other movements, including transfers 0 0 0 0 31/12/2023 0 (524) (8,619) (9,143)

As at 31 december 2022

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other Total intangible assets 01/01/2022 999,354 641 8,788 1,008,783 Acquisitions 0 0 826 826 disposals 0 0 0 0 Impairment 0 0 0 0 Other movements, including transfers 0 0 0 0 31/12/2022 999,354 641 9,614 1,009,609

ACCUMULATED AMORTIZATION BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other Total intangible assets 01/01/2022 0 (438) (6,885) (7,323) depreciation 0 (45) (836) (881) disposals 0 0 0 0 Other movements, including transfers 0 0 0 0 31/12/2022 0 (483) (7,721) (8,204)

4.2 IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE The caption Brands, which has an indefinite useful life, has not been amortised, but has 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.

For the 2023 valuation of the Moncler and Stone Island brand, 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 2027-2028 on the basis of management estimates consistent with the expected development 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 amount of the Moncler brand is confirmed in all scenarios of reasonable changes of the benchmarks. The Stone Island brand up to a WACC of 9.7%, all other parameters being equal.

3.6 INCOME TAX

The tax impact on the income statement is detailed as follows:

(Euro/000) 2023 2022 Current income taxes (30,064) (209,134) deferred tax income (expenses) (44,622) 214,879 Income taxes charged in the income statement (74,686) 5,745

In 2022, income taxes reflected the one-off positive net impact of the realignment of the tax value of the Stone Island brand equal to eUR 92.3 million. This operation entailed the payment of a substi- tute tax for 16% of the brand s value, equal to eUR 124.1 million, registered under current taxes and the release of eUR 216.4 million in previously-recognised deferred taxes payable.

For the breakdown of deferred tax assets and liabilities by na- ture, please see paragraph 4.5.

The reconciliation between the theoretical tax burden by applying 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 Amount 2022 2022 2023 2022 Profit before tax 270,420 273,091 Income tax using the Company s (64,901) 24.0% (65,542) 24.0% theoretic tax rate Temporary differences 38,404 14.2% 1,298 (0.5)% Permanent differences (47) (0.0)% (101) 0.0% Other differences (3,520) (1.3)% (144,789) 53.0% deferred taxes recognized (44,622) (16.5)% 214,879 (78.7)% in the income statement Income tax at effective tax rate (74,686) 27.6% 5,745 (2.1)%

The caption Other differences includes current IRAP and, in 2022, the substitute tax paid in relation to the realignment of the Stone Is- land trademark s tax value to the statutory value.

4.1 BRANDS AND OTHER INTANGIBLE ASSETS

BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) 2023 2022 Gross value Accumulated Net value Net value depreciation and impairment Marchi 999,354 0 999,354 999,354 Software 641 (524) 117 158 Altre immobilizzazioni immateriali 11,010 (8,619) 2,391 1,893 Totale 1,011,005 (9,143) 1,001,862 1,001,405

Intangible assets changes for the years 2023 and 2022 are shown in the following tables:

As at 31 december 2023

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other Total intangible assets 01/01/2023 999,354 641 9,614 1,009,609 Acquisitions 0 0 1,366 1,366 disposals 0 0 0 0 Impairment 0 0 0 0 Other movements, including transfers 0 0 30 30 31/12/2023 999,354 641 11,010 1,011,005

4 COMMENTS ON THE STATEMENT OF FINANCIAL POSITION