63 BOARd OF dIReCTORS RePORT62 BOARd OF dIReCTORS RePORT MONCLER GROUP 2023

net cash flow in 2023 was positive and equal to eUR 215.5 million after the payment of eUR 303.4 million of dividends.

NET CAPITAL EXPENDITURE In 2023, net capital expenditures were eUR 174.1 million compared with eUR 167.1 million in 2022. Investments related to the distribu- tion network were equal to eUR 100.7 million, of which more than half dedicated to renovation and expansion projects. Investments related to infrastructure were equal to eUR 73.3 million, mainly re- lated to Information Technology, production and logistics.

(EUR 000) 31/12/2023 31/12/2022 distribution 100,738 99,428 Infrastructure 73,330 67,670 NET CAPEX 174,068 167,098 % on revenues 5.8% 6.4%

EBITDA RECONCILIATION

(EUR 000) FY 2023 % on revenues FY 2022 % on revenues EBIT 893,839 30.0% 774,547 29.8% d&A 114,170 3.8% 105,644 4.1% Rights-of-use-amortisation 177,530 5.9% 159,273 6.1% Stock-based compensation 39,966 1.3% 37,015 1.4% EBITDA Adj. 1,225,505 41.1% 1,076,479 41.4% Rents associated to rights-of-use (202,163) (6.8%) (181,718) (7.0%) EBITDA Adj. Pre IFRS 16 1,023,342 34.3% 894,761 34.4%

The Board of directors also approved the 2023 results of the parent company Moncler S.p.A.

Revenues were equal to eUR 473.0 million in 2023, an in- crease of 13% compared to revenues of eUR 418.7 million in 2022, mainly including the proceeds of the licensing of the Moncler and Stone Island brands.

General and administrative expenses, including stock-based compensation costs, were eUR 80.0 million, equal to 16.9% on reve- nues (16.1% in 2022). Marketing expenses were eUR 98.4 million (eUR 73.8 million in 2022), equal to 20.8% on revenues (17.6% in 2022).

In 2023, net financial expenses were equal to eUR 24.2 mil- lion compared to eUR 4.4 million in 2022.

In 2023, taxes were equal to eUR 74.7 million compared to positive eUR 5.7 million in 2022, for the tax benefit deriving from the Stone Island brand value realignment.

net income was eUR 195.7 million, a decrease of 30% com- pared to eUR 278.8 million in 2022, due to the above-mentioned non-recurring item.

Moncler S.p.A balance sheet includes shareholders equi- ty of eUR 1,398.6 million at 31 december 2023, compared to eUR 1,467.6 million at 31 december 2022, and a net financial position negative and equal to eUR 600.6 million (eUR 487.1 million as of 31 december 2022), including the lease liabilities derived from the ap- plication of the IFRS 16 accounting principle.

MONCLER S.P.A.: FY 2023 INCOME STATEMENT

(EUR 000) FY 2023 % on revenues FY 2022 % on revenues REVENUES 473,022 100.0% 418,707 100.0% General & Administrative expenses (80,003) (16.9%) (67,392) (16.1%) Marketing expenses (98,421) (20.8%) (73,832) (17.6%) EBIT 294,598 62.3% 277,482 66.3% net financial income / (expenses) (24,178) (5.1%) (4,391) (1.0%) EBT 270,420 57.2% 273,091 65.2% Taxes (74,685) (15.8%) 5,745 1.4% NET RESULT 195,735 41.4% 278,836 66.6%

PERFORMANCE OF THE PARENT COMPANY MONCLER S.P.A.

MONCLER S.P.A.: FY 2023 BALANCE SHEET STATEMENT

(EUR 000) 31/12/2023 31/12/2022 Intangible Assets 1,001,862 1,001,405 Tangible Assets 4,821 6,750 Investments 970,787 948,756 Other non-current Assets / (Liabilities) (47,370) (2,699) Total non-current assets/(liabilities) 1,930,100 1,954,212 net working capital 55,829 65,185 Other current assets/(liabilities) 24,862 (53,569) Total current assets/(liabilities) 80,691 11,616 INVESTED CAPITAL 2,010,791 1,965,828 net debt/(net cash) 600,564 487,121 Pension and other provisions 11,639 11,092 Shareholders equity 1,398,588 1,467,615 TOTAL SOURCES 2,010,791 1,965,828

The regular management of its business and the development of its strategy expose the Moncler Group to various types of risks that could adversely affect the Group s operating results and its fi- nancial position. These risks are integrated into the corporate en- terprise risk management (eRM) process. The entity responsible for managing eRM promotes coordination between the internal functions involved, in order to ensure consistency and effective- ness in overseeing and monitoring the main risks within the corpo- rate organisation.

The most important business risks are monitored by the Con- trol, Risks and Sustainability Committee and periodically examined by the Board of directors, which takes them into account in devel- oping the strategy.

RISKS RELATED TO THE RUSSIA-UKRAINE AND THE ISRAELI-PALESTINIAN CONFLICTS The conflict between Russia and Ukraine, which began on 24 Feb- ruary 2022, and the conflict between Israel and Palestine, which began on 7 October 2023, have major global consequences not only in terms of severe humanitarian crisis, but also in terms of eco- nomic effects on the global markets, reflected among other things in increases in lead times and cost of transport, in energy and raw material costs.

The Moncler Group shut down its business activities in Rus- sia after the conflict outbreak and it runs negligible activities in Is- rael and Palestine.

The Group has no suppliers of raw materials in Russia, Ukraine, Israel or Palestine, nor manufacturing sites located there. However, the escalation of the conflicts could have unpredictable repercussions on neighbouring countries where the Group pro- duces, with an impact on production capacity, e.g. as a result of the temporary disruption in the power supply, and on procurement times and costs. The situation is constantly monitored in order to be able to react promptly to any intensification of the conflicts.

RISKS ASSOCIATED WITH THE MARKETS IN WHICH THE GROUP OPERATES AND GENERAL GEOPOLITICAL AND ECONOMIC CONDITIONS The Group operates in the luxury goods sector, where there is a sig- nificant correlation between the demand for goods and the level of wealth, the level of economic growth and political stability in the countries where demand is generated. The Group s ability to devel- op its business also depends on the political stability and econom- ic situation of the various countries in which it operates.

Although Moncler operates in a significant number of coun- tries around the world, reducing the risk of a high concentration of the business in limited geographical areas, any deterioration in eco- nomic, social or political conditions in one or more markets in which it operates could have negative consequences for sales and eco- nomic and financial results.

The possible introduction by national or supranational enti- ties of constraints on the movement of individuals as a result, for example, of international crises or pandemics , terrorist attacks, as well as the tensions in Asia-Pacific area and the introduction of any export limitations as a result of trade or financial sanctions, could also affect sales, particularly in relation to specific geographical ar-

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