Moncler S p A : H1 2022 Financial Results

H1 2022 REVENUES UP 46% AT CONSTANT EXCHANGE RATES AT EUR 918M. STRONG PERFORMANCE FOR BOTH BRANDS MONCLER AND STONE ISLAND.

The Board of Directors of Moncler S.p.A. has approved the Half-year Financial Report for the period ended 30 June 20221.

• GROUP CONSOLIDATED REVENUE: EUR 918.4 million, an increase of 48% compared with EUR 621.8 million in the first half of 2021 (+46% at constant exchange rates, cFX) and +62% cFX on H1 2019.
• • MONCLER BRAND: revenues at EUR 724.3 million, +27% cFX compared with the first half of 2021 and +28% cFX on the same period of 2019;
  • • Continued the strong double-digit growth also in the second quarter at +23% cFX compared with the same period of previous year and +30% cFX compared with the second quarter of 2019.
  • STONE ISLAND BRAND: revenues at EUR 194.1 million in the first half of 2022 up +33% cFX compared with the first half of 2021 pro-forma since the Stone Island consolidation occurred on
    1 April 2021;
  • • Q2 at +35% cFX compared with same period of previous year driven by a solid growth in all regions.
• EBIT: EUR 180.2 million with a margin on revenues of 19.6% compared with EUR 92.82 million with a margin of 14.9% in the first half of 2021.
• GROUP NET RESULT: EUR 211.3 million compared with EUR 58.7 million in the first half of 2021, including also the extraordinary tax benefit of EUR 92.3 million for the Stone Island brand tax value realignment.
• GROUP NET FINANCIAL POSITION3: EUR 356.3 million in cash (EUR 729.6 million at 31 December 2021 and EUR 233.9 million at 30 June 2021), after EUR 156.4 million of dividends' payment, EUR 48.4 million of shares' buy-back, and EUR 124.1 million of substitute tax payment for the Stone Island brand tax value realignment. At 30 June 2022, lease liabilities were EUR 739.9 million (EUR 710.1 million at 31 December 2021 and EUR 734.9 million at 30 June 2021).

1. This applies to all pages of this press release: all data includes IFRS 16 impact if not otherwise stated, growth rates at constant exchange rates if not otherwise stated, rounded figures to the first decimal place.
2. Net of the impact of the Purchase Price Allocation (PPA) adjustments and other costs related to the acquisition of the Stone Island brand in the first half of 2021.
3. Excluding lease liabilities.

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REMO RUFFINI, Chairman and Chief Executive Officer of Moncler S.p.A., commented: "Even though the first half of the year was marked by strong macroeconomic and geopolitical instability, we have exceeded our expectations, reaching 918 million euros in revenues and growth of a 46% at constant exchange rates. We also reported great operating margins along with solid economic and financial indicators, driven by the contribution of both brands, Moncler and Stone Island.

While the overall context remains uncertain and volatile, we head into our most important part of the year with confidence, underpinned by our strategy and the operational flexibility that has always made us stand out, together with a financial solidity and a clear vision oriented towards the continuous strengthening of the Brands.

This year also marks two important anniversaries: 70 years for Moncler and 40 years for Stone Island. In the upcoming months, we are preparing to celebrate our heritage with a range of dedicated initiatives and various projects for the years to come, always maintaining an awareness that there is no future without a past, and that the past alone is not enough to ensure a bright future."

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Milan, 27 July 2022 - The Board of Directors of Moncler S.p.A. met today to review and approve the Half-year Financial Report at 30 June 2022.

In the first six months of 2022 Moncler Group reached consolidated revenues of EUR 918.4 million up 46% cFX compared with the same period in 2021 and +62% cFX compared with the first half of 2019. These results include Moncler brand revenues equal to EUR 724.3 million and Stone Island brand revenues equal to EUR 194.1 million.

In the second quarter, Group revenues were EUR 328.5 million, up 26% cFX compared with the same period of 2021 and +69% cFX compared with the second quarter of 2019, which did not include the Stone Island brand. In the second quarter, the Moncler and Stone Island brands registered revenues equal to EUR 250.9 million and EUR 77.6 million respectively.

Moncler Group: Revenue by Brand

1. Stone Island Q2 revenues included in the Group's H1 results as the consolidation occurred on 1 April 2021.
2. Pro-formadata determined comparing consolidated revenues of the first six months of 2021 equal to EUR 144.3 million.

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MONCLER BRAND

In the first six months of 2022, Moncler brand revenues were EUR 724.3 million, +27% cFX compared with the same period of 2021 and +28% cFX compared with H1 2019.

The growth in the second quarter registered an acceleration compared with pre-pandemic levels in all markets excluding APAC, marking revenues equal to EUR 250.9 million, up 23% cFX compared with Q2 2021 and +30% cFX compared with Q2 2019.

Moncler brand: Revenue by Geography

In Asia (which includes APAC, Japan and Korea), first-half revenues grew 16% cFX compared with the first half of 2021 and +34% compared with H1 2019, driven by a strong double-digit growth in the second quarter in Korea and Japan. In particular, revenues in Korea more than doubled compared with pre-pandemic levels in Q2. Japan followed with a solid and accelerating growth compared with the previous quarter. In APAC, the performance was negatively impacted by the lockdowns in the Chinese mainland that caused the closure of around a third of stores in April and May, while June showed a strong improvement with the reopening of all the stores.

In EMEA, revenues increased by 42% cFX in H1 2022 versus H1 2021 (+13% cFX compared with H1 2019), with an increase in the second quarter of 32% cFX compared with Q2 2021 (+18% compared with Q2 2019), driven by a solid demand of both locals and American tourists. France, Middle-East and Germany contributed the most to the growth of the second quarter.

Revenues in the Americas grew by 28% cFX compared with H1 2021 (+50% cFX compared with H1 2019) with the second quarter growing +17% cFX compared with Q2 2021 (+65% cFX compared with Q2 2019). The United States led the growth of the region.

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Moncler brand: Revenue by Channel

In the first half, the Direct-To-Consumer (DTC6) distribution channel registered revenues of EUR 555.9 million with a +31% cFX growth compared with the first half of 2021 and +29% cFX compared with the same period in 2019. The second quarter marked a +27% cFX growth compared with Q2 2021 and +24% cFX compared with Q2 2019, despite the negative effects derived from the closure of a third of the directly managed stores in the Chinese mainland, driven by the strong local demand in all other markets. In particular, Korea and Japan outperformed the other regions. E-commerce continued to register strong double-digit growth rates.

Revenues by stores open for at least 12 months (Comp-Store Sales Growth7) grew by 19% compared with the first half of 2021.

The wholesale channel reported revenues of EUR 168.3 million, an increase of 13% cFX compared with the first half of 2021 and +25% cFX compared with the same period in 2019 driven by the strong appreciation of the Spring / Summer collections.

At 30 June 2022, the network of mono-brand Moncler boutiques was made up of 238 directly operated stores (DOS), overall stable compared with 31 March 2022, but with a 1-unit increase in Asia with the opening of Sydney airport and a decrease of 1 unit in EMEA with the closure of Paris Printemps du Louvre. The Moncler brand also operates 64 wholesale shop-in-shops (SIS), a decrease of 1 unit compared with 31 March 2022.

Moncler brand: Mono-brand Distribution Network

1. The DTC channel includes revenues from DOS, from direct online and from e-concessions.
2. Comparable Store Sales Growth (CSSG) considers revenues growth from DOS (excluding outlets) open for at least 52 weeks and the online store; stores that have been expanded and/or relocated are not included.

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STONE ISLAND BRAND

In the first half of 2022, Stone Island brand revenues were equal to EUR 194.1 million up +33% cFX compared with EUR 144.3 million recorded in the same period of 2021 (of which EUR 88.1 million generated in the first quarter 2021 and not consolidated in the Group's results), and +61% compared with the first half of 2019.

Stone Island brand: Revenue by Geography

EMEA, which is the most important region for the Brand, grew by 23% cFX in the first half compared with the same period of previous year pro-forma, with same growth rates in the first and second quarter. Italy, France and Germany led the growth of the region, together representing approximately 40% of the Brand's total revenues.

Asia reached EUR 33.3 million revenues growing 78% cFX compared with the first half of 2021 pro- forma. This result was driven both by the strong organic growth in Japan and by the conversion to retail of the Korean market occurred on 1 January 2022, while APAC suffered in the second quarter due to the Covid-19 restrictions.

Americas was up 52% cFX compared with H1 2021 pro-forma, driven by both channels.

Stone Island brand: Revenue by Channel

The wholesale channel, which still represents the most important channel for the Brand, with EUR 133.0 million in the first half grew by 13% cFX compared with the first half of 2021 pro-forma, driven by the strong appreciation of Spring / Summer collections in all markets and despite the retail conversion of the Korean market.

The DTC channel grew 112% cFX compared with the first half of 2021 pro-forma, representing 31% of the half-year total revenues, driven by the already mentioned conversion of the Korean market and the

8 Pro-forma data related to the period from 1 January to 30 June 2021.

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