Moncler Group | Annual Report 2024 Board of Directors’ Report 66 Moncler Group | Annual Report 2024 Board of Directors’ Report 67

Moncler Group income statement results

In 2024, the consolidated gross prof it was equal to EUR 2,426.6

million, with an incidence on revenues of 78.1% compared

with 77.1% in 2023. The increase in margin is primarily driven

by the positive channel mix, with a higher incidence of

the

DTC channel at both Moncler and Stone Island.

In 2024, selling expenses were EUR 937.3 million,

compared

with 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. General and administrative

expenses were 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.

Marketing expenses were EUR 221.2 million, representing 7.1%

of revenues, compared with 7.0% in 2023. The higher

marketing spending in the second half of 2024 compared

with

the same period of 2023 (and the related incidence on sales)

is mainly due to a dif ferent phasing of marketing activities in H1

vs H2 compared with the previous f iscal year.

Depreciation and amortisation, excluding those related

to the rights of use recorded in application of IFRS 16, were

EUR 120.7 million, compared with EUR 114.2 million in 2023.

Group EBIT was EUR 916.3 million with a margin of 29.5%,

compared with EUR 893.8 million in 2023 with a margin of 30.0%,

showing resilience despite a more challenging trading environment.

In 2024, net f inancial expenses were EUR 6.5 million,

compared with EUR 23.2 million in 2023, including EUR 31.4

million of interest on lease liabilities (vs EUR 29.0 million

in 2023). The decrease was driven by a higher level of interest

income due to higher interest rates and good cash

management. The tax rate in 2024 was equal to 29.7%, in line

with 2023.

The Group net result was equal to EUR 639.6 million,

compared with EUR 611.9 million registered in 2023,

representing an increase of 5% year on year, with a margin

of 20.6% vs 20.5% in 2023.

Moncler Group consolidated balance sheet

and cash f low analysis

Following is the reclassif ied consolidated balance sheet statement

as of 31 December 2024 and 31 December 2023.

Net working capital

Net consolidated working capital as of 31 December 2024

was EUR 255.5 million compared with EUR 240.2 million

as of 31 December 2023, equal to 8.2% of revenues

(8.0% as of 31 December 2023), ref lecting the continuous

and rigorous control of working capital levels.

EUR/000 31/12/2024 31/12/2023

Brands 999,354 999,354

Goodwill 603,417 603,417

Fixed assets 510,136 442,098

Right-of-use assets 848,173 737,501

Net working capital 255,548 240,200

Other assets / (liabilities)20,076 3,177

INVESTED CAPITAL 3,236,704 3,025,747

Net debt / (net cash)(1,308,751)(1,033,693)

Lease liabilities 924,077 805,177

Pension and other provisions 34,710 39,834

Shareholders’ equity 3,586,668 3,214,429

TOTAL SOURCES 3,236,704 3,025,747

EUR/000 31/12/2024 31/12/2023

Payables(540,914)(538,586)

Inventory 470,080 453,178

Receivables 326,382 325,608

NET WORKING CAPITAL 255,548 240,200

% on revenues 8.2% 8.0%