MONCLER ANNUAL REPORT AT 31 DECEMBER 2020BOARD OF DIRECTORS REPORT 5554

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

Moncler S.p.A. revenues rose to 238.6 million euros in 2020, a decrease of 13% compared to revenues of 273.3 million euros in 2019, mainly arising from proceeds of the licensing of the Moncler brand. The revenue decrease reflects the performance of the Brand s business due to the effects of the Covid-19 pandemic.

General and administrative expenses, including stock-based compensation costs, were 39.6 million euros, equal to 16.6% on revenues (13.7% in 2019). Marketing expenses were 40.1 million euros (45.4 million euros in 2019), equal to 16.8% on revenues in line with 2019. In 2020, net financial income was equal to 68 thousand euros compared to a cost of 403 thousand euros in 2019.

In 2020 taxes were positive and equal to 14.9 million euros (compared to negative 32.4 million euros in 2019), as a result of the benefit derived from the realignment of the fiscal recognition of the Moncler brand pursuant to the article 110 of the Legislative Decree no. 104/2020, August Decree . Net income was 173.9 million euros, an increase of 10% compared to 157.7 million euros in 2019.

Moncler S.p.A balance sheet includes shareholders equity of 747.7 million euros as of 31 December 2020, compared to 543.2 million euros as of 31 December 2019, and a positive net financial position of 115.4 million euros, compared to 73.8 million euros as of 31 December 2019 including the lease liabilities derived from the application of the IFRS 16 accounting principle.

FY 2020 Income Statements of the Parent Company (Euro/000) FY 2020 % on revenues FY 2019 % on revenues

Revenues 238,601 100.0% 273,340 100.0%

General & Administrative expenses (39,637) (16.6%) (37,503) (13.7%)

Marketing expenses (40,052) (16.8%) (45,383) (16.6%)

EBIT 158,912 66.6% 190,454 69.7%

Net financial result 68 0.0% (403) (0.1%)

EBT 158,980 66.6% 190,051 69.5%

Taxes 14,950 6.3% (32,401) (11.9%)

Net Income 173,930 72.9% 157,650 57.7%

FY 2020 Statement of Financial Position of the Parent Company (Euro/000) 31/12/2020 31/12/2019

Intangible asset 225,635 225,507

Tangible asset 1,401 1,717

Investments 312,663 291,296

Other non-current assets/(liabilities) 161 (64,335)

Total non-current assets 539,860 454,185

Net working capital 119,924 41,838

Other current assets/(liabilities) (26,223) (25,511)

Total current asset 93,701 16,327

Invested capital 633,561 470,512

Net debt/(net cash) (115,416) (73,806)

Pension and other provisions 1,619 1,141

Shareholders' equity 747,358 543,177

Total sources 633,561 470,512