61 BOARd OF dIReCTORS RePORT60 BOARd OF dIReCTORS RePORT MONCLER GROUP 2023

STONE ISLAND BRAND: REVENUES BY CHANNEL

STONE ISLAND FY 2023 FY 2022 % vs 2022 EUR 000 % EUR 000 % rep FX cFX dTC 172,844 42.0% 149,153 37.2% +16% +19% Wholesale 238,214 58.0% 251,979 62.8% -5% -5% REVENUES 411,058 100.0% 401,132 100.0% +2% +4%

In 2023, the wholesale channel recorded revenues of eUR 238.2 million, down 5% cFx compared to 2022. In the fourth quarter, rev- enues declined by 6% YoY, primarily due to the strict volume control adopted in the management of this channel to continuously im- prove the quality of the distribution network.

The dTC channel grew by 19% cFx compared to 2022 to eUR 172.8 million, representing 42% of total 2023 revenues. In the fourth quarter, revenues in this channel were up 16% cFx YoY, main- ly driven by the very solid performance of Asia and eMeA.

In 2023, the consolidated gross profit was equal to eUR 2,300.8 mil- lion, with an incidence on revenues of 77.1% compared with 76.4% in 2022. The increase in margin is primarily driven by the channel mix, with a higher incidence of the dTC channel.

In 2023, selling expenses were eUR 868.1 million, compared with eUR 757.4 million in 2022, with a 29.1% incidence on reve- nues (in line with 2022). General and administrative expenses were eUR 331.2 million, with a 11.1% incidence on revenues, compared with eUR 284.0 million in 2022 (10.9% on revenues). The higher in- cidence of these costs is mainly linked to the ongoing investments in the organization.

Marketing expenses were eUR 207.7 million, representing 7.0% of revenues, compared with 6.6% in 2022. The lower market- ing spending in the second half of 2023 vs 2022 (and the related in- cidence on sales) is entirely due to a different phasing of marketing activities in H1 vs H2 compared to the previous year.

depreciation and amortisation, excluding those related to the rights of use recorded in application of IFRS 16, were eUR 114.2 million.

Group eBIT was eUR 893.8 million with a margin of 30.0%, compared with eUR 774.5 million in 2022 with a margin of 29.8%.

In 2023, net financial expenses were eUR 23.2 million, par- tially compensated by interest income, compared with eUR 27.2 million in 2022, mainly related to lease liabilities ex IFRS 16.

The tax rate in 2023 was equal to 29.7% compared to 18.8% in 2022. In 2022, taxes reflected a one-off positive impact of the Stone Island brand value realignment for eUR 92.3 million.

The Group net result was equal to eUR 611.9 million, com- pared with eUR 606.7 million in 2022, which was impacted by the above-mentioned non-recurring item.

MONCLER GROUP INCOME STATEMENT RESULTS

MONCLER GROUP CONSOLIDATED BALANCE SHEET AND CASH FLOW ANALYSIS Following is the reclassified consolidated balance sheet statement as of 31 december 2023 and 31 december 2022.

(EUR 000) 31/12/2023 31/12/2022 Brands 999,354 999,354 Goodwill 603,417 603,417 Fixed assets 442,098 388,325 Right-of-use assets 737,501 773,517 net working capital 240,200 191,674 Other assets / (liabilities) 3,177 4,470 INVESTED CAPITAL 3,025,747 2,960,757 net debt / (net cash) (1,033,693) (818,223) Lease liabilities 805,177 837,397 Pension and other provisions 39,834 39,297 Shareholders equity 3,214,429 2,902,286 TOTAL SOURCES 3,025,747 2,960,757

NET WORKING CAPITAL net consolidated working capital was eUR 240.2 million compared with eUR 191.7 million as of 31 december 2022, equal to 8.0% of revenues (7.4% as of 31 december 2022). The increase in net work- ing capital YoY was mainly driven by the inventory position, due to a different phasing of production compared to the previous year to better serve all global markets. All other metrics are in line with previous year, reflecting the continuous and rigorous control of the working capital levels.

(EUR 000) 31/12/2023 31/12/2022 Payables (538,586) (482,425) Inventory 453,178 377,549 Receivables 325,608 296,550 NET WORKING CAPITAL 240,200 191,674 % on revenues 8.0% 7.4%

NET FINANCIAL POSITION As of 31 december 2023, the net financial position (excluding the effect related to IFRS 16) was positive and equal to eUR 1,033.7 million compared with eUR 818.2 million of net cash as of 31 de- cember 2022. As required by the IFRS 16 accounting standard, the Group accounted lease liabilities equal to eUR 805.2 million as of 31 december 2023 compared with eUR 837.4 million as of 31 de- cember 2022.

(EUR 000) 31/12/2023 31/12/2022 Cash 998,799 882,254 Financial debt net of financial credit 34,894 (64,031) NET FINANCIAL POSITION 1,033,693 818,223 Lease liabilities (805,177) (837,397)

Following is the reclassified consolidated cash flow statement FY 2023 and FY 2022.

(EUR 000) FY 2023 FY 2022 EBIT 893,839 774,547 d&A 114,170 105,644 Other non-current assets / (liabilities) 15,333 14,570 Change in net working capital (48,526) (42,832) Change in other curr. / non-curr. assets / (liabilities) 3,694 (212,342) net capex (174,068) (167,099) OPERATING CASH FLOW 804,442 472,488 net financial result 5,788 (3,977) Taxes (260,791) (140,786) FREE CASH FLOW 549,439 327,725 dividends paid (303,443) (160,960) Changes in equity and other changes (30,526) (78,129) NET CASH FLOW 215,470 88,636 net Financial Position - Beginning of Period 818,223 729,587 net Financial Position - end of Period 1,033,693 818,223 CHANGE IN NET FINANCIAL POSITION 215,470 88,636