59 BOARd OF dIReCTORS RePORT58 BOARd OF dIReCTORS RePORT MONCLER GROUP 2023

In accordance with Article 40, paragraph 2 bis of the Legislative decree 127 of 09/04/91, the Parent Company has prepared the directors Report as a single document for both the separate finan- cial statements of Moncler S.p.A. and the Group consolidated fi- nancial statements.

ECONOMIC RESULTS Following is the consolidated income statement for FY 2023, com- pared with FY 2022 financial data.

(EUR 000) FY 2023 % on revenues FY 2022 % on revenues REVENUES 2,984,217 100.0% 2,602,890 100.0% YoY performance +15% +27% GROSS PROFIT 2,300,830 77.1% 1,987,843 76.4% Selling expenses (868,062) (29.1%) (757,393) (29.1%) General & Administrative expenses (331,231) (11.1%) (283,967) (10.9%) Marketing expenses (207,698) (7.0%) (171,936) (6.6%) EBIT 893,839 30.0% 774,547 29.8% net financial income / (expenses) (23,204) (0.8%) (27,216) (1.0%) EBT 870,635 29.2% 747,331 28.7% Taxes (258,733) (8.7%) (140,625) (5.4%) Tax rate 29.7% 18.8% GROUP NET RESULT 611,931 20.5% 606,697 23.3%

CONSOLIDATED REVENUES In 2023, Moncler Group reached consolidated revenues of eUR 2,984.2 million, up 17% cFx compared with the same period in 2022. These results include Moncler brand revenues of eUR 2,573.2 million and Stone Island brand revenues of eUR 411.1 million.

In the fourth quarter, Group revenues were eUR 1,177.9 mil- lion, up 16% cFx compared with the same period of 2022. The Moncler and Stone Island brands recorded revenues equal to eUR 1,076.9 million and eUR 101.0 million respectively in Q4.

MONCLER GROUP: REVENUES BY BRAND

MONCLER GROUP FY 2023 FY 2022 % vs 2022 EUR 000 % EUR 000 % rep FX cFX Moncler 2,573,159 86.2% 2,201,758 84.6% +17% +19% Stone Island 411,058 13.8% 401,132 15.4% +2% +4% REVENUES 2,984,217 100.0% 2,602,890 100.0% +15% +17%

ANALYSIS OF MONCLER BRAND REVENUES In 2023, Moncler brand revenues were eUR 2,573.2 million, an in- crease of 19% cFx compared to 2022.

In the fourth quarter, revenues for the brand amounted to eUR 1,076.9 million, up 17% cFx YoY, accelerating sequentially com- pared to the growth registered in Q3.

MONCLER BRAND: REVENUES BY GEOGRAPHY

MONCLER FY 2023 FY 2022 % vs 2022 EUR 000 % EUR 000 % rep FX cFX Asia 1,291,377 50.2% 1,029,327 46.8% +25% +30% eMeA 910,489 35.4% 804,361 36.5% +13% +14% Americas 371,294 14.4% 368,070 16.7% +1% -1% REVENUES 2,573,159 100.0% 2,201,758 100.0% +17% +19%

In 2023, revenues in Asia (which includes APAC, Japan and Ko- rea) were eUR 1,291.4 million, up 30% cFx compared to 2022. In the fourth quarter, revenues in the region grew by 28% cFx YoY, ac- celerating compared to the third quarter, mainly thanks to a strong growth registered in the Chinese mainland, whose performance in Q4 2022 was affected by Covid restrictions. Japan, Korea and the rest of APAC continued to record a very solid performance, all growing at a double-digit pace in the fourth quarter.

eMeA recorded revenues of eUR 910.5 million, +14% cFx compared to 2022. In the fourth quarter, revenues in the region in- creased by 7% cFx YoY, slightly improving compared to the previ- ous quarter, despite a very high Q4 2022 comparable base. This

INTRODUCTION

PERFORMANCE OF THE MONCLER GROUP

acceleration was driven by the dTC channel, with a positive contri- bution from both tourists and locals. Chinese, Korean and American customers remained the strongest contributors to tourist purchas- es in the region.

Revenues in the Americas declined by 1% cFx compared to 2022 to eUR 371.3 million. In the fourth quarter, revenues in the re- gion were up 3% cFx YoY, with a positive dTC business offsetting the decline in the wholesale channel. The performance of the region in the two channels was influenced by the conversions of nord- strom and part of Saks from a wholesale to a dTC business model.

MONCLER BRAND: REVENUES BY CHANNEL

MONCLER FY 2023 FY 2022 % vs 2022 EUR 000 % EUR 000 % rep FX cFX dTC 2,163,920 84.1% 1,772,003 80.5% +22% +25% Wholesale 409,239 15.9% 429,755 19.5% -5% -6% REVENUES 2,573,159 100.0% 2,201,758 100.0% +17% +19%

In 2023, the dTC channel recorded revenues of eUR 2,163.9 million, up 25% cFx compared to 2022. Revenues in the fourth quarter of 2023 increased by 20% cFx YoY, with both eMeA and Asia improv- ing progressively compared to the previous quarter.

The direct online channel registered a positive performance in 2023. Trends in the fourth quarter improved compared to Q3.

In 2023, revenues by stores open for at least 12 months (CSSG) grew by 19% compared with 2022.

The wholesale channel recorded revenues of eUR 409.2 mil- lion, a decline of 6% cFx compared to 2022. In the fourth quarter, revenues in this channel declined by 15% cFx YoY, mainly impact- ed by the above-mentioned conversions of nordstrom and part of Saks in the US and by the ongoing efforts to upgrade the quality of the distribution network. excluding the effects of US conversions, revenues in the wholesale channel would have been slightly posi- tive in 2023.

ANALYSIS OF STONE ISLAND BRAND REVENUES In 2023, Stone Island brand revenues reached eUR 411.1 million, an increase of 4% cFx compared to 2022.

In the fourth quarter, revenues for the brand amounted to eUR 101.0 million, up 7% cFx YoY, led by double-digit growth in the dTC channel.

STONE ISLAND BRAND: REVENUES BY GEOGRAPHY

STONE ISLAND FY 2023 FY 2022 % vs 2022 EUR 000 % EUR 000 % rep FX cFX eMeA 287,506 69.9% 278,670 69.5% +3% +3% Asia 89,441 21.8% 80,177 20.0% +12% +16% Americas 34,111 8.3% 42,285 10.5% -19% -17% REVENUES 411,058 100.0% 401,132 100.0% +2% +4%

In 2023, eMeA, which continues to be the most important region for the brand, recorded revenues of eUR 287.5 million, an increase of 3% cFx compared with 2022. In the fourth quarter, revenues were up 3% cFx YoY, with a solid double-digit performance in the dTC channel more than offsetting the decline in the wholesale channel.

Asia (which includes APAC, Japan and Korea) reached eUR 89.4 million revenues in 2023, growing 16% cFx compared to 2022. In the fourth quarter, the region grew by 22% cFx, mainly driven by the strong performance of Japan and the Chinese mainland.

The Americas were down 17% cFx compared to 2022. In the fourth quarter, the region saw a decline of 14% cFx YoY as per- formance continued to be impacted by challenging trends mostly among department stores, as well as by the ongoing efforts in up- grading the quality of this channel.