Moncler Group | Annual Report 2024 Consolidated Financial Statements 366 Moncler Group | Annual Report 2024 Consolidated Financial Statements 367

Revenues by channel

In 2024, the DTC channel grew by 20.9% compared with 2023

to EUR 208.9 million, representing 52% of total 2024 revenues.

Thanks to Asia and EMEA which outperformed.

The wholesale channel recorded revenues of EUR 192.7

million down 19.1% compared to 2023, impacted by challenging

market trends as well as by the strict volume control adopted

i

n the management of this channel to continuously improve

the

quality of the network.

4.2 Cost of sales

In 2024, cost of sales decreased by EUR 1.0 million in absolute

terms (-0.1%), going from EUR 683.4 million in 2023

to EUR 682.4 million in 2024. Cost of sales as a percentage

of sales has decreased, going from 22.9% in 2023

to 21.9% in 2024.

4.3 Selling expenses

In 2024 selling expenses amounted to EUR 937.3 million

(EUR 868.1 million in 2023), with a 30.2% incidence on revenues,

higher than 2023 due to the progressive shift toward a more

DTC-led business model.

Selling expenses mainly include rent costs excluded from

the application of the IFRS 16 for EUR 283.4 million (EUR

247.3 million of total rent costs in 2023), personnel costs for

EUR 229.4 million (EUR 217.9 million in 2023) costs for

depreciation of the right of use for EUR 171.1 million (EUR

162.3 million in 2023) and other amortisation and depreciation

for EUR 82.4 million (EUR 80.2 million in 2023).

The item also includes accounting costs related

to stockbased compensation plans for EUR 74 million EUR

61 million in 2023

EUR/000 2024%2023%

TOTAL REVENUES OF WHICH:401,609 100.0% 411,058 100.0%

Wholesale 192,674 48.0% 238,214 58.0%

DTC 208,935 52.0% 172,844 42.0%

4.4 General and administrative expenses

In 2024, general and administrative expenses amounted to

EUR 351.7 million, with a 11.3% incidence on revenues,

compared with EUR 331.2 million in 2023 (11.1% on revenues),

ref lecting continuous investments in the organization.

In the 2024, general and administrative expenses included

a one-of f income of EUR 7.5 million related to an insurance

refund received following the December 2021 malware attack.

The item also includes accounting costs related

to stock-based compensation plans for EUR 39.6 million

(EUR 33.8 million in 2023).

4.5 Marketing expenses

Marketing expenses were EUR 221.2 million, representing

7.1% of revenues in respect to 7.0% recorded in 2023.

4.6 Operating result

In 2024, the operating result of the Moncler Group amounted

to EUR 916.3 million, compared to EUR 893.8 million in 2023,

with a margin of 29.5%, compared with a margin of 30.0% in

2023, showing resiliency despite a more challenging

trading environment.

4.7 Financial income and expenses

The caption is broken down as follows:

The f inancial expenses shown in the income statement

equal

to EUR 35480 thousand EUR 34545 thousand

in 2023 include

f inancial expenses excluded interests

on lease liabilities

equal to EUR 4877 thousand EUR

6287 thousand in 2023

and interest on lease liabilities

equal to EUR 30603 thousand

EUR 28258 thousand in 2023

EUR/000 2024 2023

Interest income and other f inancial income 28,965 11,341

TOTAL FINANCIAL INCOME 28,965 11,341

Interests expenses and other f inancial charges, excluded

interests on lease liabilities

(3,174)(4,077)

Foreign currency differences — negative(1,703)(2,210)

TOTAL FINANCIAL EXPENSES, EXCLUDED INTERESTS

ON LEASE LIABILITIES

(4,877)(6,287)

Total f inancial income/(expenses) excluded interests on lease

liabilities

24,088 5,054

Interests on lease liabilities(30,603)(28,258)

TOTAL FINANCIAL INCOMEEXPENSES651523204