MONCLER ANNUAL REPORT AT 31 DECEMBER 2020BOARD OF DIRECTORS REPORT 4948

PERFORMANCE OF THE MONCLER GROUP FINANCIAL RESULTS

CONSOLIDATED REVENUES ANALYSIS

In 2020 Moncler recorded revenues of 1,440.4 million euros, compared to revenues of 1,627.7 million euros in 2019, a decrease of 11% at constant exchange rates and of 12% at current exchange rates. In the fourth quarter, despite the persistence of the negative effects of the measures undertaken to contain the pandemic, the Group generated revenues of 675.3 million euros, up 8% at constant exchange rates and 7% at current exchange rates, mainly driven by the strong expansion of the Chinese market, the growth of Korea and Japan and the excellent performance of the online channel.

Asia registered a positive performance in 2020 with 2% growth at constant exchange rates, and +26% in the fourth quarter. Mainland China led the performance of the Region with strong double-digit growth in the year with an acceleration in the last quarter, which was followed by Korea and Japan, both also improving in the last months of the year.

In EMEA (excl. Italy), revenues decreased by 18% at constant and current exchange rates, with a slightly improved performance in the fourth quarter (-13%). This was supported by good local demand which partially offset the lack of tourists despite the temporary closure of some stores. Germany, Scandinavia and Russia recorded the strongest performance in the year and also in the fourth quarter, with excellent results in both channels.

Italy recorded a 34% revenue decline in the year, and in the fourth quarter. The performance was significantly impacted by the stringent measures implemented to contain the Covid-19 pandemic, which not only limited the inflow of tourists but also

FY 2020 Consolidated Income Statements (Euro/000) FY 2020 % on revenues FY 2019 % on revenues

Revenues 1,440,409 100.0% 1,627,704 100.0%

YoY performance -12% +15%

Gross margin 1,089,634 75.6% 1,265,280 77.7%

Selling expenses (463,583) (32.2%) (488,759) (30.0%)

General & Administrative expenses (173,444) (12.0%) (171,570) (10.5%)

Marketing expenses (83,786) (5.8%) (113,152) (7.0%)

EBIT 368,821 25.6% 491,799 30.2%

Net financial (23,302) (1.6%) (21,072) (1.3%)

EBT 345,519 24.0% 470,727 28.9%

Taxes (45,153) (3.1%) (112,032) (6.9%)

Tax Rate 13.1% 23.8%

Net income 300,351 20.9% 358,685 22.0%

YoY performance -16% +8%

Revenues by Region

Fiscal Year 2020 Fiscal Year 2019 YoY growth %

(Euro/000) % (Euro/000) % At current

exchange rates At constant

exchange rates

Asia 717,860 49.8% 715,244 43.9% +0% +2%

EMEA (excl.Italy) 379,538 26.3% 463,530 28.5% -18% -18%

Italy 122,345 8.6% 184,989 11.4% -34% -34%

Americas 220,666 15.3% 263,942 16.2% -16% -15%

Total Revenues 1,440,409 100.0% 1,627,704 100.0% -12% -11%

INTRODUCTION

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 financial statements of Moncler S.p.A. and the Group consolidated financial statements.