Annual report
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III ANNUAL REPORT 2025 – MONCLER GROUP ANNUAL REPORT 2025
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I ANNUAL REPORT 2025 – MONCLER GROUP ANNUAL REPORT INDEX BOARD OF DIRECTORS’ REPORT ................................................................................. 1 SECTION ONE ............................................................................................................................................... 2 Chairman’s letter .................................................................................................................................................. 2 Group financial highlights ................................................................................................................................... 3 Corporate bodies .................................................................................................................................................. 4 Group chart at 31 December 2025 ..................................................................................................................... 5 Group structure ..................................................................................................................................................... 6 Moncler Group ...................................................................................................................................................... 9 History .................................................................................................................................................................. 10 Values .................................................................................................................................................................... 13 Group Strategy ..................................................................................................................................................... 15 Business model ..................................................................................................................................................... 16 Brand Protection ................................................................................................................................................. 25 Moncler and the financial markets ................................................................................................................... 27 SECTION TWO ............................................................................................................................................ 31 Introduction .......................................................................................................................................................... 31 Performance of the Moncler Group .................................................................................................................. 32 Performance of the Parent Company Moncler S.p.A. ..................................................................................... 41 Main risks ............................................................................................................................................................. 43 Corporate governance ....................................................................................................................................... 50 Related-party transactions ................................................................................................................................. 51 Atypical and/or unusual transactions ............................................................................................................... 51 Treasury shares ..................................................................................................................................................... 51 Significant events occurred during the Financial Year 2025 ........................................................................ 52 Significant events occurred after the reporting date ..................................................................................... 53 Sustainability ratings update ............................................................................................................................ 54 Business outlook .................................................................................................................................................. 55 Other information ............................................................................................................................................... 56 Motion to approve the financial statements and the allocation of the result for the year ended 31 December 2025 .................................................................................................................................................. 58
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MONCLER GROUP – ANNUAL REPORT 2025 II SECTION THREE – CONSOLIDATED SUSTAINABILITY STATEMENT ...................................................... 59 GENERAL INFORMATION ................................................................................................................................ 60 ENVIRONMENT ................................................................................................................................................. 123 SOCIAL. .............................................................................................................................................................. 188 GOVERNANCE................................................................................................................................................. 250 CONSOLIDATED FINANCIAL STATEMENTS .......................................................... 270 CONSOLIDATED FINANCIAL STATEMENTS ..................................................................................................271 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STA TEMENTS .......................................... 277 1. General information about the Group ........................................................................................................ 277 2. Summary of material accounting principles used in the preparation of the consolidated financial statements .......................................................................................................................................................... 283 3. Scope for consolidation ............................................................................................................................... 301 4. Comments on the consolidated income statement .................................................................................. 304 5. Comments on the consolidated statement of financial position ............................................................. 310 6. Segment information .................................................................................................................................... 329 7. Commitments and guarantees given .......................................................................................................... 329 8. Contingent liability ..................................................................................................................................... 330 9. Information about financial risks ............................................................................................................... 330 10. Other information ....................................................................................................................................... 334 11. Significant events after the reporting date ............................................................................................... 342 SEPARATE FINANCIAL STATEMENTS ..................................................................... 344 SEPARATE FINANCIAL STATEMENTS ............................................................................................................. 345 EXPLANATORY NOTES TO THE SEPARATE FINANCIAL STATEMEN TS ...................................................... 351 1. General information ....................................................................................................................................... 351 2. Material accounting principles ................................................................................................................... 355 3. Comments on the income statement........................................................................................................... 368 4. Comments on the statement of financial position ..................................................................................... 371 5. Commitments and guarantees given .......................................................................................................... 385 6. Contingent liability ...................................................................................................................................... 385 7. Information about financial risks ................................................................................................................ 386 8. Other information ......................................................................................................................................... 387 9. Significant events after the reporting date ............................................................................................... 395 10. Motion to approve the financial statements and the allocation of the result for the year ended 31 December 2025 ................................................................................................................................................ 395
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III ANNUAL REPORT 2025 – MONCLER GROUP ATTESTATION OF THE CONSOLIDATED FINANCIAL STATEMENT S PURSUANT TO ART. 154 BIS OF LEGISLATIVE DECREE 58/98 INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANC IAL STATEMENTS ATTESTATION OF SUSTAINABILITY REPORTING PURSUANT TO A RTICLE 81-TER, PARAGRAPH 1, OF CONSOB REGULATION NO. 11971 OF MAY 14, 1999, AND SUBSEQUENT AMENDMENTS AND INTEGRATIONS INDEPENDENT AUDITOR’S REPORT ON THE CONSOLIDATED SUST AINABILITY STATEMENT ATTESTATION OF THE SEPARATE FINANCIAL STATEMENTS PURS UANT TO ART. 154 BIS OF LEGISLATIVE DECREE 58/98 INDEPENDENT AUDITORS’ REPORT ON THE SEPARATE FINANCIA L STATEMENTS REPORT OF THE BOARD OF STATUTORY AUDITORS
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MONCLER GROUP – ANNUAL REPORT 2025 1 1 BOARD OF DIRECTORS' REPORT SECTION ONE SECTION TWO
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2 ANNUAL REPORT 2025 – MONCLER GROUP SECTION ONE CHAIRMAN’S LETTER Dear Shareholders, As we reflect on 2025, a year marked by evolving consumer behaviours and a continuously volatile global environment, I am reminded of the importance of clarity, consistency, and collective commitment. Despite the challenges around us, our Group delivered solid results, with €3.13 billion in revenues, an EBIT margin of 29.2%, and net cash at €1.5 billion. These achievements speak to the strength of our brands and, above all, to the dedication and talent of the people who bring them to life every day. Over the past year, we continued to invest in what defines our identity. At Moncler, we worked to further reinforce the three dimensions of the brand – Grenoble , Collection , and Genius – strengthening their relevance and resonance across seasons and geographies. At Stone Island, we continued to invest in the brand’s unique culture of research and experimentation, expanding its community and enhanc ing its retail experience through an increasingly consumer ‑centric approach. Across both brands, our Direct ‑to ‑Consumer channel remained central to our strategy, supported by ongoing progress in retail excellence and operational discipline. We continued to work to embed sustainability in the way we operate. We have been progressively expanding the use of recycled, organic, and other certified materials across our collections, while working closely with our supply chain to generate broader improvements. Although our commitment has been acknowledged by leading ESG rating agencies, we are aware that continued progress is essential. Along this journey we have defined new objectives for the years ahead. More than anything, 2025 confirmed once again that our people remain the heart of the Group. Across our stores, facilities, offices, and regional hubs, our people showed a strong commitment to doing things with care and with purpose. Their ability to adapt, to collaborate across regions and functions, and to nurture our culture of creativity and authenticity is what keeps our brands strong and meaningful. As we look ahead to 2026, the global context remains uncertain, but our direction is clear. Earlier this year, we announced the appointment of Leo Rongone as Group CEO starting in April 2026, a step that strengthens our organisation for the next phase of our journey. His experience and leadership will help us address future challenges and opportunities in the most effective way, while I will take on the role of Executive Chairman, ensuring continuity in creative direction and long ‑term strategic vision. I will be fully involved, every day, with the same energy and commitment. With the trust of our shareholders, the strength of our brands, and – most importantly – the dedication of our people, I am confident that we will continue to shape our future with clarity, ambition, and authenticity. REMO RUFFINI CHAIRMAN AND CHIEF EXECUTIVE OFFICER
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MONCLER GROUP – ANNUAL REPORT 2025 3 GROUP FINANCIAL HIGHLIGHTS 1 REVENUES (EUR M) EBIT (EUR M) NET INCOME (EUR M) NET CAPITAL EXPENDITURE (EUR M) FREE CASH FLOW (EUR M) 2 NET FINANCIAL POSITION (EUR M) 3 1 This note applies to all pages : data including IFRS 16 impacts from 2019, unless otherwise stated. Data are rounded at the first decimal. 2 Free cash flow excludes the impacts related to the implementation of IFRS 16. 2022 free cash flow reflects the impact of the Stone Island brand value realignment. 3 The net financial position presented here is based on the definition used by the Group, which excludes lease liabilities. 581 694 880 1040 1194 1420 1628 1440 2046 2603 2984 3109 3132 0 500 1000 1500 2000 2500 3000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 166 202 253 298 341 414 492 369 603 775 894 916 913 0 200 400 600 800 1000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 76 130 168 196 250 332 359 300 411 607 612 640 627 0 100 200 300 400 500 600 700 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 34 50 66 62 73 92 121 90 125 167 174 187 216 0 25 50 75 100 125 150 175 200 225 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 58 87 119 211 244 362 340 196 550 328 549 587 529 0 150 300 450 600 750 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (171) (111) (50) 106 305 450 663 855 730 818 1034 1309 1458 -200 0 200 400 600 800 1000 1200 1400 1600 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 28.7 % 29.0% 28.7% 28.6% 28.6% 29.2% 30.2% 25.6% 29.5% 29.8% 30.0% 29.5% % ON REVENUES 29.2%
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4 ANNUAL REPORT 2025 – MONCLER GROUP CORPORATE BODIES BOARD OF DIRECTORS Remo Ruffini Chairman and Chief Executive Officer Marco De Benedetti Vice Chairman Non-Executive Director Alexandre Arnault Non-Executive Director François -Henri Bennahmias Independent Director Cesare Conti Independent Director Control, Risk and Sustainability Committee Related Parties Committee Roberto Eggs Executive Director Bettina Fetzer Independent Director Related Parties Committee Gabriele Galateri di Genola Non-Executive Director Control, Risk and Sustainability Committee Alessandra Gritti Independent Director Lead Independent Director Control, Risk and Sustainability Committee Nomination and Remuneration Committee Related Parties Committee Diva Moriani Non-Executive Director Nomination and Remuneration Committee Sue Nabi Independent Director Luciano Santel Executive Director Maria Sharapova Independent Director Geoffroy Van Raemdonck Independent Director Anna Zanardi Independent Director Nomination and Remuneration Committee BOARD OF STATUTORY AUDITORS Riccardo Losi Chairman Carolyn Dittmeier Standing Auditor Nadia Fontana Standing Auditor Federica Albizzati Alternate Auditor Lorenzo Mauro Banfi Alternate Auditor EXTERNAL AUDITORS Deloitte & Touche S.p.A.
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MONCLER GROUP – ANNUAL REPORT 2025 5 GROUP CHART AS OF 31 DECEMBER 2025
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6 ANNUAL REPORT 2025 – MONCLER GROUP GROUP STRUCTURE The Consolidated Financial Statements of the Moncler Group (“Group”) at 31 December 2025 includes Moncler S.p.A. (“Moncler” or “Parent Company”), Industries S.p.A., Sportswear Company S.p.A. (sub- holding companies directly controlled by Moncler S.p.A.), and 52 consolidated subsidiaries in which the Parent Company holds indirectly a majority of the voting rights, or over which it exercises control, or from which it is able to derive benefits through its power to govern both its financial and operating policies. The affiliated company ALS Luxury Logistic S.r.l., in which a 30% ownership interest is held, is not consolidated and is accounted for using the equity method. Consolidation area Moncler S.p.A. Parent company which holds the Moncl er and Stone Island brands Industries S.p.A. Sub-holding company for the Moncler brand, directly involved in the management of foreign companies, in the distribution channels (wholesale and retail in Italy) and licensee of the Moncler brand Industries Yield S.r.l. Company that manufactures a pparel products Moncler Asia Pacific Ltd Company that manages DOS i n Hong Kong SAR and in Macau SAR Moncler Australia PTY Ltd Company that manages DOS in Australia Moncler Belgium S.p.r.l. Company that manages DOS i n Belgium Moncler Brasil Comércio de moda e acessòrios Ltda. Company that manages DOS in Brazil Moncler Canada Ltd Company that manages DOS in Cana da Moncler Denmark ApS Company that manages DOS in Den mark Moncler Deutschland GmbH Company that manages DOS i n Germany and Austria Moncler España S.L. Company that manages DOS in Spa in Moncler France S.à.r.l. Company that manages DOS in France Moncler Holland B.V. Company that manages DOS in th e Netherlands Moncler Hungary KFT Company that manages DOS in Hun gary Moncler Ireland Limited Company that manages DOS in Ireland Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti. Company that manages DOS in Turkey Moncler Japan Corporation Company that manages DOS and distributes and promotes goods in Japan Moncler Kazakhstan LLP Company that manages DOS in Kazakhstan Moncler Korea Inc. Company that manages DOS and dis tributes and promotes goods in South Korea
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MONCLER GROUP – ANNUAL REPORT 2025 7 Moncler Malaysia SDN. BHD. Company that will manag e DOS in Malaysia Moncler Mexico, S. de R.L. de C.V. Company that manages DOS in Mexico Moncler Mexico Services, S. de R.L. de C.V. Company in the process of winding up Moncler Middle East FZ-LLC Holding Company for the Middle East Moncler New Zealand Limited Company that manages DO S in New Zealand Moncler Norway AS Company that manages DOS in Norwa y Moncler Prague s.r.o. Company that manages DOS in t he Czech Republic Moncler Shanghai Commercial Co., Ltd Company that manages DOS in China Moncler Singapore Pte. Limited Company that manages DOS in Singapore Moncler Suisse SA Company that manages DOS in Switz erland Moncler Sweden AB Company that manages DOS in Swed en Moncler Taiwan Limited Company that manages DOS in Taiwan Region Moncler UAE LLC Company that manages DOS in the Uni ted Arab Emirates Moncler UK Ltd Company that manages DOS in the Unit ed Kingdom Moncler Ukraine LLC Company that managed DOS in Ukr aine, now inactive Moncler USA Inc. Company that manages DOS and promo tes and distributes goods in North America Moncler (Thailand) Co., Ltd. Company that manages D OS in Thailand White Tech Sp.zo.o. Company that manages quality co ntrol of down Sportswear Company S.p.A. Sub-holding company for t he Stone Island brand, directly involved in the management of foreign companies, in the distribution channels (wholesale and retail in Italy) and licensee of the Stone Island brand. Stone Island Amsterdam B.V. Company that manages D OS in the Netherlands Stone Island Antwerp B.V.B.A. Company that manages DOS in Belgium Stone Island Austria GmbH Company that manages DOS in Austria Stone Island Canada Inc. Company that manages DOS i n Canada Stone Island China Co., Ltd Company that manages D OS in China Stone Island España S.L. Company that manages DOS i n Spain Stone Island France S.a.s.u. Company that manages D OS in France Stone Island Germany GmbH Company that acts as Agen t for Germany and Austria and manages DOS in Germany Stone Island Hong Kong Limited Company that manages DOS in Hong Kong Stone Island Japan Inc. Company that manages DOS a nd promotes and distributes goods in Japan
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8 ANNUAL REPORT 2025 – MONCLER GROUP Stone Island Korea Co., Ltd Company that manages DO S and promotes and distributes goods in South Korea Stone Island Macau Limited Company that manages DOS in Macau Stone Island (UK) Retail Ltd Company that manages DOS in UK Stone Island Suisse SA Company in the process of wi nding up Stone Island Sweden AB Company that manages DOS in Sweden Stone Island USA Inc. Company that manages DOS and promotes and distributes goods in USA Stone Island Denmark ApS Company that manages DOS i n Denmark
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MONCLER GROUP – ANNUAL REPORT 2025 9 MONCLER GROUP With its brands Moncler and Stone Island, Moncler Group represents the expression of a new concept of luxury that goes beyond conventions and is always in search of uniqueness, creativity and innovation. Alongside supporting its brands through shared corporate services and knowledge, Moncler Group aims to maintain their strong independent identities based on authenticity and deep connections with their communities while taking inspiration from the worlds of art, culture, music, and sports. Operating in all key international markets, the Group distributes its brands’ collections in more than 70 countries through directly operated physical and digital stores as well as selected multi-brand doors, department stores and e-tailers. MONCLER BRAND The Moncler brand was founded in 1952 in Monestier-de-Clermont, a small village in the mountains near Grenoble, France. In 2003, Remo Ruffini acquired Moncler and started a repositioning process through which the brand developed an even more distinctive style. Moncler evolved from a range of products designed exclusively for performance and the outdoors into versatile collections that can be worn by people of all genders, ages, identities, and cultures across every occasions. While outerwear remains the brand's defining category, it has been gradually and naturally integrated with complementary products. Under his leadership, Moncler pursues a philosophy aimed at creating products that are unique, of the highest quality, versatile and constantly evolving while always remaining true to the brand’s DNA, guided by the motto “born in the mountains, living in the city”. Creativity, search for uniqueness, quality, and energy have always been the distinctive features of the Moncler brand that over the years has been able to evolve while remaining consistent with its heritage and identity, in a continuous search for an open dialogue with its many consumers in the world. STONE ISLAND BRAND A culture of material research, innovation and functionality are the values that have always defined Stone Island, an apparel brand founded in 1982 by Massimo Osti, with a center of excellence in Ravarino – a small town in the region of Emilia-Romagna – and intended to become a symbol of extreme research on fibres and fabrics, applied to an innovative design. It is truly through the study of form and the "handling" of materials that Stone Island finds its own language, which has extreme research and maximum functionality as founding pillars. Each Stone Island piece is born from a perfect synthesis between experimentation and usability, between the study of fabrics and rationality. The study of uniforms and work clothes becomes the Stone Island observatory in defining a concept in which the function of the garment goes beyond ae sthetics. An on-going and in-depth investigation on the transformation and ennobling of fibres and fabrics, and on the unique ability to intervene on the finished garment through continuous dyeing experiments have led, over the years, to the discovery of materials and production techniques never previously used and to the development of more than 60,000 different dye recipes.
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10 ANNUAL REPORT 2025 – MONCLER GROUP HISTORY MONCLER BRAND 1952, THE ORIGINS The name Moncler traces back to its roots: it is an abbreviation of Monestier-de-Clermont, a mountain village near Grenoble, France, where the brand was founded by René Ramillon and André Vincent. In its early days, Moncler produced quilted sleeping bags, a lined hooded cape, and tents, designed to meet the needs of high-altitude mountain workers. The brand’s first jackets were then created to protect them against the harshest conditions. 1954, THE EXPEDITIONS French mountaineer Lionel Terray noticed their strong technical performance, and the specialist line "Moncler pour Lionel Terray" was created. In 1954, Moncler's coats were chosen to equip the Italian expedition to K2 by mountaineers Achille Compagnoni and Lino Lacedelli. In 1955, they equipped the Makalu expedition, and in the 1964, the Alaskan expeditions. 1968, THE OLYMPICS For the Winter Olympics in Grenoble, Moncler became the official supplier of the French downhill ski team. 1980, CITY ICONS In the 80s, Moncler made its entrance into the city, becoming the iconic garment of a generation of youth. 2003, REMO RUFFINI ACQUIRES MONCLER Remo Ruffini took over the helm of Moncler and launched a global brand reset that, while remaining faithful to the brand’s roots and heritage, elevated it to a luxury positioning. 2006, HAUTE COUTURE In 2006 with Moncler Gamme Rouge and in 2009 with Moncler Gamme Bleu , the Moncler universe was further enhanced with its Haute Couture collection, ended in 2017. In 2010, the Moncler Grenoble collections made their debut in New York, a modern version of the original Moncler technical clothing used for both on and off the slopes, blending contemporary style with performance. 2013, THE LISTING On 16 December 2013, Moncler was listed on the Italian Stock Exchange of Milan. Shares were offered at EUR 10.2 and rose over 40% the first day, representing Europe’s greatest success story in recent years. 2018, MONCLER GENIUS Moncler launched Moncler Genius , an innovative creative and communication project that redefined the brand’s impact and relevance in the digital era, through collaborations with external designers and constant dialogue and engagement with its community through monthly editorial projects and collection launches. 2020, STONE ISLAND JOINS THE MONCLER GROUP In December, Moncler announced that it had signed a n agreement for the acquisition of Stone Island. This agreement
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MONCLER GROUP – ANNUAL REPORT 2025 11 was finalised on 31 March 2021, when Stone Island became part of the Moncler Group. 2022, EVOLUTION OF THE BRAND INTO THREE DIMENSIONS AND THE 70 TH ANNIVERSARY Moncler launched a new chapter, evolving the brand into three dimensions: Moncler Collection , Moncler Grenoble and Moncler Genius . In the same year, Moncler celebrated the 70 th anniversary with an extraordinary event in the most iconic place in Milan, Piazza Duomo, dedicated product launches and a 70- day programme of events and worldwide experiences with the aim of engaging and connecting its communities. 2023, MONCLER GENIUS EVOLVES INTO A PLATFORM FOR CO-CREATION In 2023, Moncler Genius evolved into a platform for co- creation teaming up with partners from multiple industries spanning art, design, entertainment, music, sport and culture to bring new energy to the brand and a new meaning to the world of luxury. STONE ISLAND BRAND 1982, THE ORIGINS The first collection of Stone Island was born from the creative mind of Massimo Osti, inspired by the military uniforms and realised with Tela Stella – a fabric that recalls the waxed jackets corroded by the sea and by the sun – resulted from the study of a rigid, full-bodied, two-sided and two-tone truck tarpaulin which underwent a heavy stone wash procedure. To this, a “Badge” – a fabric label showing the Stone Island Compass Rose – was applied. 1983, GFT ACQUIRES 50% OF STONE ISLAND GFT, Gruppo Finanziario Tessile – an Italian compan y controlled by the Rivetti family – acquired 50% of the Stone Island brand. These are the years of the foundation and consolidation of the brand’s aesthetics characterised by the extreme research on textile, fabric treatment, and garment dyeing techniques. 1993, THE RIVETTI FAMILY TOOK FULL CONTROL Carlo Rivetti, together with his sister Cristina, took full control of the Stone Island brand, through Sportswear Company S.p.A. In 1996 Paul Harvey was appointed as the brand’s designer. 2005, THE JUNIOR COLLECTION Stone Island Junior – a collection created for children and teenagers between 2 and 14 years old – was launched. 2008, THE EXPANSION Carlo Rivetti took over the Creative Direction. The e-commerce platform stoneisland.com was launched, accessible from about 45 countries. The company also released the Stone Island Shadow Project – an exploration platform for a new generation of urban menswear that represents the continuous investigation of new aesthetic-functional codes. 2017, TEMASEK Temasek, an investment company based in Singapore, acquired from the Rivetti family 30% of Sportswear Company S.p.A., the company owning the Stone Island brand.
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12 ANNUAL REPORT 2025 – MONCLER GROUP 2020, STONE ISLAND JOINS THE MONCLER GROUP In December, Stone Island announced its entry into the Moncler Group. 2022, THE 40 TH ANNIVERSARY Stone Island celebrated its 40 th anniversary with dedicated product launches and an iconic installation in Miami, followed by events that involved all the main communities of the brand. 2023, ROBERT TRIEFUS APPOINTED CEO OF STONE ISLAND Robert Triefus was appointed Chief Executive Officer of Stone Island. Under his leadership, the brand started a new chapter in its evolution to drive worldwide resonance and strengthen its unique positioning. 2024, THE NEW GLOBAL COMMUNICATION CAMPAIGN AND E-COMMERCE INTERNALIZATION 2024 marked the beginning of Stone Island’s next chapter of evolution, which was officially opened during the Milan Fashion Week in January with the launch of the new global advertising campaign and the unveiling of “The Compass Inside” brand manifesto. Furthermore, Stone Island completed the internalisation of its e-commerce (.com site), implementing a new front-end concept for the platform, designed to enhance brand storytelling and customer experience.
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MONCLER GROUP – ANNUAL REPORT 2025 13 VALUES MONCLER BRAND Moncler is by its nature an ever-evolving brand, pushing towards reinvention and continuous development. Over time, its values have been taking on new meanings while always remaining true to the brand identity. At the heart of Moncler’s corporate culture lies one ultimate goal: to unleash the extraordinary within each one of us. It is a uniqueness based on the commitment to set increasingly challenging goals, on the willingness to celebrate everyone’s talent, on the awareness that every action has an impact on our society and our environment, on the capacity to create warmth in every relationship and on the strive for timeless brand distinction. PUSH FOR HIGHER PEAKS We constantly strive for better, as individuals and as a team. Inspired by our continuous pursuit of excellence, we are always learning and committed to set new standards. We are never fully satisfied. ONE HOUSE, ALL VOICES We love to bring all voices in, letting everyone’s talent shine. We celebrate all perspectives, leverage our multiplicity and speak to every generation by letting all voices sing. We play a beautiful harmony. EMBRACE CRAZY We strive for timeless brand distinction. We are unconventional and unique. We foster our inner genius and our creative edge. We bring bold dreams, crazy and apparently unreacha ble ideas to life, always with great rigor. We feed our energy as we believe that everything truly great was often born crazy. BE WARM We were born to keep people warm. We are an emotion al brand. We bring the warmth of human connections int o everything we do, from the things we make, to the relationships we build. We celebrate everyone’s achievements, big and small, with empathy and trust. CREATE AND PROTECT TOMORROW We believe in a positive, brighter and better tomorrow. We are agents of real and meaningful change. We rise to and act on the social and environmental challenges the world and its societies are facing.
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14 ANNUAL REPORT 2025 – MONCLER GROUP STONE ISLAND BRAND Stone Island has come to represent LAB & LIFE together through its commitment to continuous research and innovation combined with the community that has grown around the brand through its unique universal intersection with generations, geographies and cultures. LAB LIFE CULTURE LAB is the constant, deep and relentless research into the transformation and enhancement of fibres and fabrics, which leads to the discovery of new materials and product ion techniques that have never been previously used in the clothing industry. LIFE is the lived experience, the identity, the community of those who are proud to wear Stone Island. It is the strong and recognisable aesthetic that originates from the study of uniforms and working clothes, recreated with new needs in mind, to define a project where the function of the garment is never just aesthetic. ENDLESS PASSION FOR ENDLESS KNOW-HOW The product-centred ethos spreads through both the Stone Island collection and all those living the brand, every day, inside and outside of the company.
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MONCLER GROUP – ANNUAL REPORT 2025 15 GROUP STRATEGY Moncler Group adopts an organizational and corporate structure that safeguards the identity and autonomy of its brands while fostering synergies and economies of scale to support and enhance the growth potential of each entity. Moncler Group’s strategy is underpinned by five pillars. CONTROLLING THE VALUE OF EXCELLENCE Moncler Group protects and leverages the most strategic stages where creativity, quality, and brand equity are built. From design and R&D to prototyping, production both in-house and through selected partners, distribution, and client experience, the Group retains control, ensuring that every stage embodies its highest standards. Over the years, it has developed strong internal know- how, embracing the value of technical and industrial craftsmanship. NURTURING COMMUNITIES AND CULTURAL RELEVANCE Moncler Group nurtures a cultural ecosystem that fosters belonging and amplifies global resonance. Both Moncler and Stone Island are committed to creating meaningful brand experiences and moments to foster authentic engagement. By transforming audiences into communities, the brands nurture deeper connections that extend well beyond traditional customer relationships. FOSTERING INNOVATION TO SHAPE OUR FUTURE Innovation at Moncler Group is a mindset that embraces all business areas: from creativity and industrial craftsmanship to the digital ecosystem and beyond. By combining rigorous researc h and technical expertise, heritage with vision, Moncler and Stone Island stand at the forefront of cultural and creative innovation, turning experimentation into a disciplined driver of value creation. ENSURING AN ELEVATED AND CONSISTENT MULTICHANNEL EXPERIENCE Moncler Group relies on an integrated multichannel distribution model that turns every point of contact into a true brand destination, where the universe of each brand can be experienced beyond just retail. The approach combines a global network of distinctive mono- brand stores in iconic luxury and cultural locations, a curated selection of third-party partners, and a fully integrated digital platform that brings each brand’s identity to life worldwide. Online and offline channels operate within a unified omnichannel strategy, ensuring personalized and coherent interactions that reflect Moncler’s and Stone Island’s values while supporting ongoing experimentation with the most advanced technological innovations. GROWING RESPONSIBLY At Moncler Group, the value of results is measured not only by what is achieved but by how it is achieved, grounded in the belief that long-term success is built through creating shared value. Environmental and social factors have become integral to the business model and are embedded in the way the Group operates, shaping decisions, processes, and relationships acr oss the organization.
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16 ANNUAL REPORT 2025 – MONCLER GROUP BUSINESS MODEL Moncler Group’s integrated and flexible business model is geared towards having direct control of the phases adding the greatest value, putting the pursuit of ever-increasing quality and the satisfaction of consumers at the heart of all its work. MONCLER BRAND MONCLER – COLLECTIONS Moncler’s success is based on a unique brand strategy aimed at developing innovative products that are strongly rooted in the brand’s history. The journey, which began in 2003 when Remo Ruffini acquired the company, has always been consistent and pursued without compromise. Creativity, search for uniqueness, quality, and innovation are the pillars through which Moncler defines its vision of luxury. Three distinct yet complementary dimensions define Moncler’s unique brand universe: Moncler Collection, Moncler Grenoble, and Moncler Genius . Moncler Collection , the brand’s signature mainline collection, is designed to transcend seasons, trends, and generations, offering modern icons for metropolitan lifestyles. Drawing from the brand’s elevated outdoor DNA, with a spirit designed to travel from the mountain to the city, it combines timeless and elegant designs with functionality and craftsmanship. Moncler Grenoble draws directly from the brand’s mountain heritage and is designed for on and off the slopes moments, blending high performance with high style. Reinforcing the brand’s history at the forefront of technical innovation, it encompasses collections for all seasons and conditions: from skiwear to cocooning après-ski looks and lightweight layering systems for the great outdoors. Moncler Genius is a platform for co-creation that challenges the boundaries of possibility at the intersection of art, design, entertainment, music, tech, sport, and culture. It goes beyond fashion and luxury, engaging with the world’s most inspiring minds and communities to unleash creativity at its fullest. The three dimensions are expressed through collections for Men’s, Women’s and Enfant , reflecting the brand’s DNA while responding to the diverse needs of both global and local customers. The Moncler collections are complemented by footwear, bags, backpacks, accessories, eyewear and perfumes. Moncler’s team of fashion designers is organized by collection and works under the close supervision of Remo Ruffini, who sets design guidelines and oversees their consistent implementation across all collections and product categories. The Moncler Design Department is supported by the Merchandising and Product Development teams, which help bring the designers' creative ideas to life in the final products. MONCLER – PRODUCTION Moncler’s products are designed, manufactured and distributed according to a business model featuring direct control of all phases where the greatest value is added. Moncler directly manages the entire creative phase, the purchase of raw materials, the development of prototypes and the quality control process. The two main product categories, outerwear and knitwear, are partly managed internally and partly assigned to third party manufacturers (façon
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MONCLER GROUP – ANNUAL REPORT 2025 17 manufacturers) that take care of the “cut-make-trim” phase, while for accessories and shoes Moncler uses third party manufacturers. The purchase of raw materials is one of the main areas of the value chain. All raw materials must comply with the highest qualitative standards in the industry, be innovative and able to offer advanced functional and aesthetic features. Moncler only buys the best white goose down from Europe, North America and Asia. While textiles and garment accessories (buttons, zips, etc.) are purchased mainly in Italy and Japan. Moncler currently uses more than 300 suppliers of raw materials: the top 36 suppliers account for more than 80% of the total procurement value 4. The “cut-make-trim” phase for outerwear products is conducted both by third party manufacturers (façon manufacturers) and in the Moncler manufacturing plants in Trebaseleghe and in Piombino Dese (Padua) and in the plant in Romania that currently employs more than 2,200 people. The hub in Romania was established in 2015, then was moved in 2016 to its current location, which has been expanded in 2022 to significantly increase its production capacity. Investments in R&D also continue to automate some stages of outerwear production, reducing processing times. The Italian production hub was established in 2021, with production lines operating on double shifts and technologies inspired by the Lean Production and Industry 4.0 paradigms, ensuring processes control and continuous improvement, generating positive impacts on sustainability and value creation for the local community. In 2024, a new production plant was inaugurated in the Veneto region of Italy, dedicated to the production of knitwear – now the second most significant product category in terms of contribution to revenues. With this addition, Moncler aims to progressively increase the share of this business managed internally, further enhancing control over quality and sustainability across the value chain. The adoption of new technologies makes it possible to optimise manufacturing processes, ensuring high quality standards and greater efficiency in production. At the same time, the facility plays a central role in R&D, with a dedicated focus on experimenting with new yarns and applying cutting- edge manufacturing techniques. The third-party suppliers (façon manufacturers) working for Moncler are mainly located in Eastern European countries, which are currently able to ensure quality standards that are among the highest in the world for the production of down jackets. Moncler oversees these suppliers directly by conducting audits designed to check aspects related to product quality, brand protection and compliance with current laws, Moncler Code of Ethics and the Supplier Code of Conduct. For the production, the brand uses 125 suppliers, split between façon and finished products manufacturers: the first 30 suppliers cover about 80% of the total procurement value. DOWN Throughout its history, down has been at the heart of Moncler outerwear, and has gradually come to be identified with the brand itself. A combination of lengthy experience and continuous research and development has enabled the company to gain unique expertise in this area, both in terms of knowledge of down as raw material and in terms of garment manufacturing process. 4 Based on Orders' Value.
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18 ANNUAL REPORT 2025 – MONCLER GROUP Moncler ensures that all its suppliers comply with the highest quality standards. Over the years, these standards have been – and indeed remain – a key point of product differentiation: only the best fine white goose down is used in the brand’s garments. Fine-down content and fill power are the main indicators of down quality. Moncler down contains at least 90% fine-down and boasts a fill power equal to or greater than 710 (cubic inches per 30 grams of down), resulting in a warm, soft, light and uniquely comfortable garment. Each batch of down is subjected to a two-step checking procedure to assess its compliance with 11 key parameters, set in accordance with the strictest international standards and the stringent quality requirements imposed by the Company. In 2025, more than 950 tests were performed. But for the Company, “quality” is more than this: the origin of its down and the respect for animal welfare are also fundamental for Moncler. When sourcing and purchasing raw materials, Moncler considers these aspects as important as the quality of the material itself. Since 2016, all Moncler down is certified with the DIST internal protocol. (Please refer to dist.moncler.com) MONCLER – DISTRIBUTION Moncler is present in all major markets both through the retail channel, consisting of directly operated stores (DOS 5), the online store and the e-concessions, and through the wholesale channel, represented by multi-brand doors, shop-in-shops in luxury department stores, airport locations and online luxury multi-brand retailers (e-tailers). Moncler’s strategy is aimed at the control of the distribution channel, not only retail but also wholesale and digital, which is operated through a direct organisation. As of 31 December 2025, the network of Moncler mono-brand boutiques counted 295 directly operated stores (DOS), a net increase of 9 units compared with 31 December 2024. The Moncler brand also operated 49 mono-brand wholesale stores, a net decrease of 7 units compared with 31 December 2024. MONCLER 31/12/2025 31/12/2024 Net openings 2025 Asia 146 143 3 EMEA 98 96 2 Americas 51 47 4 RETAIL 295 286 9 WHOLESALE 49 56 -7 Moncler also continues to develop the digital channel. Following the internalization of the .com site completed in 2021 and the subsequent implementation of the new front-end concept of the platform, the evolution continues with constant updates, in order to improve the experience and the customer journey. In 2025, Moncler launched its redesigned Moncler.com, a new digital brand destination that redefines the online experience, advancing from a point of distribution into a platform where product takes center stage, leveraging the power of AI. 5 Including free standing stores, concessions, travel retail stores and factory outlets.
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MONCLER GROUP – ANNUAL REPORT 2025 19 MONCLER – MARKETING AND COMMUNICATION Moncler was born in the mountains. Born to protect, to keep warm. Born to deal with extremes. A dynamic company by nature, Moncler has always been driven by a relentless pursuit of innovation through disruptive creativity. With a clear purpose to push the boundaries of luxury and bring it to places never seen before, Moncler channels creativity in everything it does. It pursues increasingly ambitious goals, welcomes new voices, and embraces its boldest side. Constantly redefining the possibilities of creativity and performance, Moncler stands as far more than a luxury brand: it is the brand of the extraordinary. Today, to fully realize its potential, Moncler is defined by three key brand dimensions: Moncler Collection, Moncler Grenoble, and Moncler Genius . Each plays a crucial role in shaping the brand’s future through unique initiatives and a narrative that strengthens its identity. If Moncler Genius is the dimension that embodies the brand’s interpretation of evolving cultural codes and creative collaborations, Moncler Grenoble is an expression of a more technical inclination tailored for the outdoors, while Moncler Collection features a style reminiscent of the most iconic pieces. Throughout 2025, Moncler continued to explore new ways to connect with diverse audiences and deepen its influence across fashion, culture, and performance through brand experiences and moments. Following memorable chapters in Madrid and Paris, Moncler Collection unveiled new chapters in the cities of New York and London. The Spring 2025 Collection , featuring New York actor Penn Badgley, interprets city-driven elegance through the lens of Moncler’s signature codes. The Pre-Fall 2025 edition stars Brooklyn and Nicola Peltz Beckham, showcasing looks that embody metropolitan sophistication and understated elegance, set against the scenic neighbourhoods of London. In March, the Moncler Grenoble Fall/Winter 2025 collection was unveiled in Courchevel during a show held on the runway of the Courchevel Altiport, which turned into a catwalk at 2,008 meters above sea level. Surrounded by snow-covered peaks, in the crispest, purest, en plein air scenario, the Moncler Grenoble show was the high-altitude crescendo of a weekend-long celebration of mountain life and togetherness. Moncler Grenoble ’s enduring commitment to reach higher grounds became tangible, conveying the message that altitude is an attitude, but also a passion, a commitment, and a DNA filament, as the brand was born in the mountains. In May, Moncler debuted at Met Gala, stepping onto fashion’s most iconic stage for the very first time. In a celebration of craftsmanship and style, Moncler Genius co-creator Edward Enninful and Moncler Chairman and CEO Remo Ruffini hosted a curated lineup of cultural icons and friends of the brand, dressed in bespoke Moncler designs. In 2025, Moncler continued to evolve its seasonal offering with Moncler Collection Summer and Moncler Grenoble Spring/Summer , enhancing its ability to serve customers all year round. Moncler Collection reimagined summer city dressing through lightweight, breathable fabrics, while Moncler Grenoble unveiled the ultimate layering system for the outdoors. In October, Moncler unveiled Warmer Together , a global brand campaign expressing the brand’s enduring vision of warmth as a value that goes beyond protection from the cold. Rooted in the belief that true warmth comes from human connection, the campaign reflected Moncler’s core values of affection, closeness and shared experience. For the first time, Al Pacino and Robert De Niro appeared together in a brand campaign, bringing to life a narrative shaped by authenticity, mutual respect, and long-standing friendship. Their relationship became the lens through which Moncler explored the emotional dimensions of warmth, articulated across five themes—Friendship, Respect, Connection, Trust, and Warmth. Developed through a series of striking black-and-white images and
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20 ANNUAL REPORT 2025 – MONCLER GROUP short films, Warmer Together reinforced Moncler’s positioning as a brand that combines performance and protection with a deeper sense of connection, celebrating the idea that warmth is strongest when shared. For Moncler Genius , the year marked a continued push beyond creativity, expanding its boundaries through the launch of collections presented during The City of Genius , an extraordinary immersive event held in Shanghai at the end of 2024. MONCLER – DIGITAL The Group continues to pioneer new ways to understand, communicate, and engage with its global community, blending heritage with cutting-edge innovation. Following the successful 2023 expansion of e-commerce in China via Tmall and the 2024 launch of the Australian digital flagship, Moncler has entered a new phase of its digital transformation. In September 2025, Moncler unveiled the redesigned Moncler.com, a brand destination that redefines the online journey, transforming e-commerce into an immersive experience. Developed in partnership with R/GA and enabled by Google Generative AI, the platform leverages Google Veo 3 video generation tool to bring still imagery to life. This technology allows the brand to illustrate not just the look of a garment, but its movement and technical nuances, creating a "digital native" environment where storytelling, product, and service converge. The platform is now live in 38 countries and 9 languages, offering deep exploration into Moncler’s three dimensions: Moncler Collection, Moncler Genius , and Moncler Grenoble . Each product page is designed to unfold like a narrative, guiding visitors through the discovery of the unique craftsmanship of every piece. This evolution has already yielded significant engagement, with visitors spending 27% more time per session and mobile engagement increasing by 49%. The Digital, Engagement & Transformation function, established in 2020, remains the core driver of this strategy, spreading a digital-first culture throughout the Group. Key departments within this function include: D-Intelligence, D-Operations and Consumer Engagement. D-Intelligence analyzes qualitative and quantitative data to identify growth opportunities and improve the omnichannel client experience. D-Operations manages the execution of the digital strategy to ensure a seamless experience across the flagship site and the newly launched Moncler app, which extends the platform’s immersive storytelling to mobile. Consumer Engagement focuses on understanding and onboarding new clients through elevated loyalty programs like Moncler Peaks , while leveraging AI-driven personalization to tailor content to individual interests. Moncler maintains a robust global presence on social platforms including Instagram, TikTok, and LinkedIn, as well as region-specific channels like WeChat and Douyin in China, LINE in Japan, and Kakao Talk in Korea.
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MONCLER GROUP – ANNUAL REPORT 2025 21 STONE ISLAND BRAND STONE ISLAND – COLLECTIONS Stone Island has consistently pushed fabric technology and experimentation, particularly focusing on functionality, resulting in an immediately recognisable signature of cut, form, materiality and colour. Alongside the Stone Island men’s collection, the brand offers the Stone Island Junior collection – a declination for children and teenagers from 2 to 14 years old. The Stone Island offering, in addition to the Main collection, is structured into three sub-collections, each designed to meet the needs of different market segments: Stone Island Ghost , featuring entirely monochromatic garments with a sophisticated aesthetic; Stone Island Marina , strongly inspired by the navy world and the brand's archival pieces; and Stone Island Stellina , offering looks with high-performance functionality and essential design. The Autumn_Winter ’025–’026 collection saw the introduction of Stone Island Denim Research garments, distinguished by a new black badge featuring the compass logo in indigo blue. These pieces carry forward the brand’s heritage of innovation, once again pushing the boundaries of research. STONE ISLAND – RESEARCH AND DEVELOPMENT Four decades dedicated to textile research, experimentation, study of the garment’s function and innovation, often investigating worlds far from clothing, have made Stone Island a brand defined by its unique and distinctive research and an essential point of reference for the world of apparel and design today. Important challenges also faced thanks to the commitment of the creative team, who managed to transfer its vision into the product, with passion and enthusiasm, pushing its research efforts in uncharted territories. STONE ISLAND – PRODUCTION The complete product development cycle is managed internally, at its Headquarters in Ravarino, in Emilia-Romagna. Stone Island’s mission has always been to pursue product innovation through continuous deployment of know-how and all-around research on fibres, yarns, fabrics, finishes and dying, while cultivating the ambition to offer a product that is unique in its category. To achieve this mission, product development has been carefully managed through an internal and integrated system in which modelling, prototypes and dyeing combine with established external partnerships in both research and execution. The value chain – when it comes to the selection of ancillary materials and components, as well as to manufacture and dyeing – is managed under the strict supervision of Company technicians at established partners that are aligned with the Company’s ethical and regulatory codes. Fabrics and yarns are supplied by the best Italian and foreign companies, in particular from Japan and Korea. Manufacturing is in Italy, in the Mediterranean basin and in the Far East, at established third-party companies trained in the know-how needed to satisfy the brand’s standards of quality and sustainability.
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22 ANNUAL REPORT 2025 – MONCLER GROUP STONE ISLAND – DISTRIBUTION The Stone Island brand is distributed globally both through the wholesale channel and with direct presence (retail stores). The brand is currently present in the most important department stores in the world, also with dedicated spaces (shop-in-shops), in the best multi-brand boutiques and in the main e-tailers, besides having developed a network of 95 directly managed mono-brand stores as well as the online store. In 2024, the e-commerce (.com site) was internalized, accompanied by the implementation of a new front-end concept for the platform, designed to enhance user experience and align with Stone Island’s new global communication strategy. In line with the Group's strategy aimed at the integrated development of its distribution channels, Stone Island has been steadily advancing on the path toward greater control of distribution on international markets, through a progressive direct management of the markets previously managed by distributors, which was completed in 2025, and through the expansion of the DTC channel. At the same time, the Company keeps enhancing its control and doors’ selection in the wholesale segment, a channel of strategic importance for Stone Island, with the aim of further elevating the positioning of the brand itself. In 2025 the wholesale channel accounted for 45% of revenues while the remaining 55% was generated by directly managed stores and the online channel. As of 31 December 2025, the network of Stone Island mono-brand stores comprised 95 directly operated stores (DOS), a net increase of 5 units compared with 31 December 2024. The Stone Island brand also operated 11 mono-brand wholesale stores, a net increase of 2 units compared with 31 December 2024. STONE ISLAND 31/12/2025 31/12/2024 Net openings 202 5 Asia 54 56 -2 EMEA 32 27 5 Americas 9 7 2 RETAIL 95 90 5 WHOLESALE 11 9 2 STONE ISLAND – MARKETING, COMMUNICATION AND DIGITAL MED IA The product is the absolute protagonist in every marketing activity, starting from the brand narrative. Over the years, the brand has created a strong and recognisable iconography entrusted to the multiculturalism expressed by the faces of the models and the direct photo shoot on a white background where the garments are perfectly legible. Stone Island’s tone of voice is direct and informative. Without adjectives, it is closer to the rigour of industrial design than to the world of fashion. In 2024, Stone Island unveiled its “The Compass Inside” manifesto and launched the first of its “Community as a Form of Research” advertising campaigns. A creative direction led by Ferdinando Verderi which sees members of its community wearing emblematic items from the collection, shot by
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MONCLER GROUP – ANNUAL REPORT 2025 23 photographer, David Sims. Those featured in the campaigns to date include actor Jason Statham, musicians Dave and Liam Gallagher, and the first ever female community member in a Stone Island campaign, DJ and producer Peggy Gou. Among the name s unveiled during 2025 are also actor Alessandro Borghi, undisputed heavyweight champion Oleksandr Usyk, Hall of Fame basketball champion Carmelo Anthony, and acclaimed designer Clint 419. “The Compass Inside” is a declaration of values and beliefs that are innate to Stone Island. Founded in 1982 with a mission to put material research and innovation at the centre of its product development and collections, “The Compass Inside” speaks to every member of the ever-growing Stone Island global community with a shared purpose that gives Stone Island its unique strength. Over time Stone Island got closer to the music world, an important brand’s communication tool, with STONE ISLAND PRESENTS, a project for international music events featuring since 2015 high profile talents from the electronic music scene and more, and with STONE ISLAND SOUND, founded in 2020, a project that supports contemporary music production with the aim of promoting local communities while building an ideal world sound map. STONE ISLAND SOUND evolved in 2024, creating a platform to explore sound through the communities who create it, through partnerships with artists and creators, with sound distributed via Apple Music and Spotify. In April 2025, during Milan Design Week, the brand presented Studio One , a week-long cultural activation that, through live sessions by international musicians, rappers, and DJs, introduced Stone Island’s custom hi-fi audio system for the first time, engaging over 16,000 visitors. The second edition of Studio One took place in New York in September 2025, coinciding with the opening of the new Stone Island flagship store. In 2023, Stone Island announced a global multi-year partnership with Frieze, a leading international contemporary art and culture platform. Starting from October 2023, Stone Island is the Official Partner of Focus, the section dedicated to emerging galleries, supporting their participation in the fair and of Frieze 91, the global membership program that provides access to the communities and art-shaping contemporary culture. In October 2025, after having supported a total of 168 galleries, Stone Island announced the renewal of the global partnership with Frieze Focus for a further two years. Both the brand’s website and its social media platforms offer a window on the world of Stone Island. Stoneisland.com has been entirely rebuilt and brought in-house, to create a truly authentic Stone Island experience. The modular design allows for an ever-evolving narrative, whether it be the LAB of Stone Island’s product research and development, or the LIFE of the global communities who make Stone Island their own. Meanwhile, a virtual manifestation of the brand’s itinerant Selected Works exhibition offers visitors the chance to be immersed in Stone Island‘s renowned archive. Stone Island is present on Instagram and the other main social media platforms. In January 2025, Stone Island inaugurated its new Milan showroom in Via Tortona 31, as part of the Opificio 31 complex of former industrial buildings converted to new use. Designed by Benedetto Camerana Studio, the new space spans a total area of 1,750 square metres across three levels, in addition to an outdoor garden. STONE ISLAND – THE COLLABORATIONS The common thread that runs through the history of Stone Island’s collaborations is that they take place with mutual respect between collaborators. This was the case for the ante litteram collaborations launched, already in 2009, with Adidas and New Balance; and this further strengthened with other important collaborations including Supreme from 2014 to today, Nike from
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24 ANNUAL REPORT 2025 – MONCLER GROUP 2016 to 2019, Persol in 2020, and reciprocal know how capsule with Dior and Kim Jones in 2024, while long term partnerships continue with Porter and New Balance.
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MONCLER GROUP – ANNUAL REPORT 2025 25 BRAND PROTECTION The Moncler Group dedicates significant effort and considerable resources to safeguarding the value, uniqueness and authenticity of its products and protecting its intellectual and industrial property (IP) rights relating to both Group brands, an essential foundation for protecting its clients. The internal department specialising in IP and Brand Protection focuses, first of all, on administrative protection: protecting Group brands in current and potential countries and product categories of commercial interest, including product forms and characteristics and product and process inventions, in addition to protecting copyrighted works. Enforcement of IP rights and the fight against counterfeiting involve a wide range of activities, such as training and coordinating customs authorities, filing the relevant applications in the various countries, monitoring and taking investigative action in the physical and online market, removing illegal content from the web, organising raids and seizures with the local authorities in many countries and, finally, taking civil, criminal and administrative actions. In 2025 the Group continued to hold a significant number of training sessions for Italian and foreign customs officers and enforcement authorities. In particular, during the year, 41 training sessions were held for the Moncler brand, and 21 training sessions were held for the Stone Island brand. In 2025 constant efforts to combat counterfeiting led, at the global level, to more than 3,000 cases of seizure for the Moncler brand and more than 1,500 cases for the Stone Island brand, removing from the market approximately 195,300 and 176,900 finished products, respectively, as well as 123,600 and 234,700 counterfeit branded items respectively, such as logos and labels intended for the production of garments and accessories in infringement of the Group's IP rights. Increasing attention is paid to the digital channel, monitored on a daily basis to undertake enforcement activities on search engines, marketplaces, websites and social networks every day. In the case of Stone Island, during 2025 more than 62,000 online auction listings of counterfeit products were removed, more than 160 sites in violation were closed, nearly 17,000 pages linked to counterfeit products were delisted and more than 255,000 posts, accounts and sponsored advertisements on major social networks were removed. In the case of Moncler, 2025 saw a reduction of more than 118,000 auction listings of counterfeit products, the blocking of more than 200 sites, the removal from major search engines of more than 18,000 links to sites offering non- original products for sale and the removal of more than 364,000 posts, ads and accounts promoting fake Moncler products through social networks. To strengthen its strategy of fighting online counterfeiting, both brands are continuing their plans to bring civil lawsuits for counterfeiting in the United States against sellers who promote the international sale of counterfeit products on digital platforms, resulting in a strong deterrent for counterfeiters. To increase protection of its end clients, in 2021 Moncler began to enhance its authenticity- traceability system, now characterised by a unique alphanumeric code and an NFC (Near Field Communication) tag, allowing the end consumer to immediately receive feedback on the nature of the garment purchased by scanning the NFC with a sm artphone or tablet and keeping the verification mode active on the code.moncler.com website, managed directly by Moncler. Where necessary, Moncler also compiles expert reports for defrauded customers who wish to recover sums paid in the unwitting purchase of a counterfeit garment from the relevant electronic payment services companies. Similarly, since Spring-Summer 2014 Stone Island has been using the Certilogo® technology and experience to provide clients with the opportunity to verify the authenticity of the products. Starting in Autumn-Winter 2020-2021, this technology was also extended to Stone Island
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26 ANNUAL REPORT 2025 – MONCLER GROUP Junior garments, allowing – for all garments – the generation of an "anti-counterfeiting report" that can be used with payment institutions to obtain credit for the purchase of an unauthentic garment. Confirming the Group’s commitment to applying brand protection procedures, aimed at regulating the methods for verifying design and creative content, in 2025 Cultural Assessment and Risk Mitigation areas were strengthened.
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MONCLER GROUP – ANNUAL REPORT 2025 27 MONCLER AND THE FINANCIAL MARKETS 2025 was characterized by a complex and evolving global backdrop, marked by persistent geopolitical and macroeconomic uncertainty. While the conflict between Russia and Ukraine remained unresolved, its impact on energy markets proved more contained than in prior years. At the same time, tensions in the Middle East stayed elevated, generating episodic volatility across financial markets. In addition, the announcement of new U.S. trade measures on Liberation Day in April 2025 marked a significant turning point for global markets, reigniting concerns around protectionism and its potential impact on global growth and supply chains, contributing to a sharp depreciation of the U.S. dollar. Despite these challenges, financial markets proved resilient. The easing cycle initiated by central banks in late 2024 continued into 2025, as inflation across major developed economies gradually converged towards target levels. Lower interest rates supported economic activity and financial conditions, helping offset uncertainty linked to geopolitical developments and renewed trade frictions. Major equity markets delivered strong performances (S&P Global Broad Market Index: +20%). U.S. equities were supported by steady GDP expansion, easing financial conditions and sustained investments in AI and digital infrastructure, driving S&P 500 to a 16% gain. European markets also posted strong returns (EuroSTOXX50: +18%), with Italy outperforming, benefiting from strong performance in selected sectors – particularly banking – leading the FTSE MIB to a +31% increase. In Asia, market dynamics were more differentiated. In China, economic activity remained subdued, as structural challenges in the real estate sector and cautious consumer behaviour continued to weigh on growth. However, a combination of targeted fiscal measures, accommodative monetary policy and renewed government support for consumption and private enterprise led to a gradual improvement in sentiment during the second half of the year. Equity market performance partly offset the decline in the property sector, supporting consumer confidence (Shanghai Stock Exchange Index: +18%; Hang Seng Index: +28%). Japanese equities extended their strong momentum, despite some moderation linked to currency dynamics (NIKKEI 225: +26%). Within this broader context, following a challenging 2024, 2025 proved to be another year of heightened volatility for the luxury sector, with a challenging first half of the year followed by improving trends in the second part of the year. Chinese demand remained weak, although signs of stabilization began to emerge in the second part of the year, supported by the equity market rally and an easier comparable base. American consumers were a key driver of demand, supported by resilient high-end spending and a very strong stock market performance. Europe showed signs of normalization, with trends impacted by lower tourism flows due to volatile exchange rates. Overall, it was a year of strategic adjustment, during which luxury companies increasingly focused on internal execution, implementing efficiency measures across their organizations to protect margins, while also addressing pricing strategies and refocusing on creativity. This was reflected in a historically high number of designer appointments and management reshuffles across the sector. On balance, investors regained confidence in the industry’s long-term fundamentals, and the luxury sector ended the year with a +9% gain, albeit underperforming the MSCI Europe (+32%) and FTSE MIB (+31%). Moncler delivered a positive stock market performance during the year, outperforming several sector bellwethers and high-quality names, including LVMH, Brunello Cucinelli, Hermès and Prada, against a backdrop in which investors remained focused on brand-specific turnaround stories supported by an easing macro environment and new ma nagement team appointments, with Burberry and Kering emerging as top performers after years of share price decline.
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28 ANNUAL REPORT 2025 – MONCLER GROUP Share performance 1 year (2025) 2 years (2025 - 2024) 5 years (2025 - 2021) Burberry 29.5% (10.4%) (29.1%) Kering 26.3% (24.6%) (49.4%) Richemont 24.8% 48.6% 114.8% Zegna 24.1% (11.4%) n.a. Ferragamo 21.6% (32.6%) (48.1%) Moncler 7.7% (1.4%) 9.5% Swatch 2.0% (26.4%) (30.3%) LVMH 1.5% (12.1%) 26.2% Cucinelli (6.6%) 11.1% 175.7% Hermès (8.6%) 10.6% 141.2% Prada (25.2%) 0.8% (12.1%) Luxury goods sector average 8.8% (4.3%) 29.9% FTSE MIB 31.5% 48.1% 102.2% (source: FACTSET at 31 December 2025) Moncler's market capitalisation was EUR 15.1 billion as at 31 December 2025, compared with EUR 14.0 billion as at 31 December 2024, and in the year recorded a positive Total Shareholder Return (TSR) of +10.2%. The number of shares was 274,805,954 as at 31 December 2025. Moncler’s significant shareholders are shown in the chart below.
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MONCLER GROUP – ANNUAL REPORT 2025 29 SHAREHOLDING 18.2% Double R S.r.l. Market 8.6% Morgan Stanley 5.2% Capital Research and Management Company 5.1% BlackRock Inc. 4.5% Venezio Investments Pte. Ltd. 1.2% Treasury shares 57.2% Other shareholders Source: Consob, Moncler Last update: 18 November 2025 During the course of 2025, the Group maintained an ongoing dialogue with the financial community (investors and analysts), also in light of the volatility of the sector and the unpredictability of global macroeconomic events. The Investor Relations team, assisted by Group management, participated in industry conferences, roadshows in major financial markets and meetings and calls with fund managers, buy-side and sell-side analysts. Such events were in either physical presence or virtual format.
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30 ANNUAL REPORT 2025 – MONCLER GROUP FINANCIAL CALENDAR The main events in 2026 related to the Moncler Group reporting timeline are provided below 6 : Date Event Thursday, 19 February 2026 Board of Directors for t he Approval of the Draft Financial Statements and the Consolidated Financial Statements at 31 December 2025 Tuesday, 21 April 2026 Annual Shareholders’ Meeting for Approval of the Financial Statements at 31 December 2025 Tuesday, 21 April 2026 Board of Directors for the A pproval of the Interim Management Statement at 31 March 2026 Wednesday, 22 July 2026 Board of Directors for the Approval of the Half-Year Financial Report at 30 June 2026 Wednesday, 21 October 2026 Board of Directors for t he Approval of the Interim Management Statement at 30 September 2026 6 A conference call/meeting with institutional investors and equity research analysts will take place following the Board of Directors.
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MONCLER GROUP – ANNUAL REPORT 2025 31 SECTION TWO 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.
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32 ANNUAL REPORT 2025 – MONCLER GROUP PERFORMANCE OF THE MONCLER GROUP ECONOMIC RESULTS Following is the reclassified consolidated income statement for FY 2025, compared with FY 2024 financial data. (EUR 000) FY 2025 % on revenues FY 2024 % on revenu es REVENUES 3,132,128 100.0% 3,108,924 100.0% YoY performance +1% +4% GROSS PROFIT 2,446,197 78.1% 2,426,557 78.1% Selling expenses (956,000) (30.5%) (937,349) (30.2%) General & Administrative expenses (357,432) (11.4%) (351,656) (11.3%) Marketing expenses (219,409) (7.0%) (221,228) (7.1%) EBIT 913,356 29.2% 916,324 29.5% Net financial income / (expenses) (26,184) (0.8%) (6,515) (0.2%) EBT 887,172 28.3% 909,809 29.3% Taxes (260,504) (8.3%) (270,213) (8.7%) Tax rate 29.4% 29.7% GROUP NET RESULT 7 626,670 20.0% 639,596 20.6% 7 Net result: EUR 626,668 thousand, including non-controlling interest (EUR 639,596 thousand in 2024).
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MONCLER GROUP – ANNUAL REPORT 2025 33 CONSOLIDATED REVENUES In 2025, Moncler Group reached consolidated revenues of EUR 3,132.1 million, up 3% at constant exchange rates, cFX, (+1% at current exchange rates) compared with 2024. These results include Moncler brand revenues of EUR 2,720.9 million and Stone Island brand revenues of EUR 411.2 million. In the fourth quarter, Group revenues were EUR 1,290.8 million, up 7% cFX compared with the same period of 2024. The Moncler and Stone Island brands recorded revenues equal to EUR 1,167.7 million and EUR 123.1 million respectively in Q4. MONCLER GROUP: REVENUES BY BRAND MONCLER GROUP FY 2025 FY 2024 % vs 2024 EUR 000 % EUR 000 % rep FX cFX Moncler 2,720,934 86.9% 2,707,315 87.1% +1% +3% Stone Island 411,194 13.1% 401,609 12.9% +2% +4% REVENUES 3,132,128 100.0% 3,108,924 100.0% +1% +3% ANALYSIS OF MONCLER BRAND REVENUES In 2025, Moncler brand revenues were EUR 2,720.9 million, up 3% cFX compared with 2024. In the fourth quarter, revenues for the brand amounted to EUR 1,167.7 million, up 6% cFX YoY, driven by a positive development in both channels . MONCLER BRAND: REVENUES BY GEOGRAPHY MONCLER FY 2025 FY 2024 % vs 2024 EUR 000 % EUR 000 % rep FX cFX Asia 1,416,039 52.0% 1,378,955 50.9% +3% +7% EMEA 913,751 33.6% 949,328 35.1% -4% -3% Americas 391,144 14.4% 379,032 14.0% +3% +5% REVENUES 2,720,934 100.0% 2,707,315 100.0% +1% +3% In 2025, revenues in Asia (which includes APAC, Japan and Korea) were EUR 1,416.0 million, up 7% cFX compared with 2024. In the fourth quarter, revenues in the region were up 11% cFX YoY, showing broad- based acceleration compared with the previous quarter, despite a challenging comparable base. All countries grew in the quarter, supported by a positive contribution from both local customers and tourists, with China and Korea outperforming. EMEA recorded revenues of EUR 913.8 million, -3% cFX compared with 2024. In the fourth quarter, revenues in the region were down 3% cFX YoY, with traffic in the DTC channel still impacted by relatively subdued tourism trends in the region.
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34 ANNUAL REPORT 2025 – MONCLER GROUP Revenues in the Americas increased by 5% cFX compared with 2024 to EUR 391.1 million. In the fourth quarter, revenues in the region were up 9% cFX YoY, supported by continued solid growth in local consumption, notwithstanding a tougher comparable base, and by a positive performance registered in the wholesale channel. MONCLER BRAND: REVENUES BY CHANNEL MONCLER FY 2025 FY 2024 % vs 2024 EUR 000 % EUR 000 % rep FX cFX DTC 2,359,610 86.7% 2,331,896 86.1% +1% +4% Wholesale 361,324 13.3% 375,420 13.9% -4% -4% REVENUES 2,720,934 100.0% 2,707,315 100.0% +1% +3% In 2025, the DTC channel recorded revenues of EUR 2,359.6 million, up 4% cFX compared with 2024. Revenues in the fourth quarter of 2025 increased by 7% cFX YoY, registering the best quarterly performance in the year. Underlying trends improved in all regions despite a tough multi-year comparable base, with Asia and the Americas driving the growth, while EMEA was weaker, still affected by subdued traffic. The physical channel continued to outperform the online channel, particularly in EMEA and the Americas. In 2025, revenues from stores open for at least 12 months (Comparable Store Sales Growth 8) were down 1% compared with 2024. The wholesale channel recorded revenues of EUR 361.3 million, a decline of 4% cFX compared with 2024. In the fourth quarter, the wholesale channel turned positive, up 2% cFX YoY. The channel, however, continues to be subject to ongoing efforts to upgrade the quality of the distribution through further network optimisation. 8 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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MONCLER GROUP – ANNUAL REPORT 2025 35 ANALYSIS OF STONE ISLAND BRAND REVENUES In 2025, Stone Island brand revenues reached EUR 411.2 million, an increase of 4% cFX compared with 2024. In the fourth quarter, revenues for the brand amounted to EUR 123.1 million, up 16% cFX YoY, with all regions up double digits, sustained by solid growth both in the DTC and in the wholesale channels. STONE ISLAND BRAND: REVENUES BY GEOGRAPHY STONE ISLAND FY 2025 FY 2024 % vs 2024 EUR 000 % EUR 000 % rep FX cFX Asia 116,262 28.3% 105,201 26.2% +11% +16% EMEA 268,739 65.4% 268,910 67.0% 0% 0% Americas 26,193 6.4% 27,498 6.8% -5% -2% REVENUES 411,194 100.0% 401,609 100.0% +2% +4% In 2025, Asia (which includes APAC, Japan and Korea) reached EUR 116.3 million revenues, growing 16% cFX compared with 2024. In the fourth quarter, the region grew by 22% cFX YoY, accelerating sequentially across all areas in the region, with China and Japan continuing to outperform. In 2025, EMEA recorded revenues of EUR 268.7 million, flat at constant exchange rates compared with 2024. In the fourth quarter, revenues were up 12% cFX YoY, driven by the continued solid performance of the DTC channel and the improvement registered in the wholesale channel. Revenues in the Americas were down 2% cFX compared with 2024. In the fourth quarter, revenues were up 26% cFX YoY, with both the DTC and wholesale channels growing at a double-digit pace. STONE ISLAND BRAND: REVENUES BY CHANNEL STONE ISLAND FY 2025 FY 2024 % vs 2024 EUR 000 % EUR 000 % rep FX cFX DTC 226,379 55.1% 208,935 52.0% +8% +11% Wholesale 184,815 44.9% 192,674 48.0% -4% -4% REVENUES 411,194 100.0% 401,609 100.0% +2% +4% In 2025, the DTC channel grew by 11% cFX compared with 2024 to EUR 226.4 million. In the fourth quarter, revenues in this channel were up 16% cFX YoY, further accelerating compared to the previous quarter. All regions registered a solid performance, with the Americas and Asia outperforming. Both the physical and the online channels grew at a solid double-digit pace. The wholesale channel recorded revenues of EUR 184.8 million, down 4% cFX compared with 2024. In the fourth quarter, revenues increased by 17% cFX YoY, due to a different timing of deliveries in Q3 vs
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36 ANNUAL REPORT 2025 – MONCLER GROUP Q4 that had negatively impacted performance in the third quarter of the year. The Group continued its efforts to improve the quality of the distribution network.
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MONCLER GROUP – ANNUAL REPORT 2025 37 MONCLER GROUP INCOME STATEMENT RESULTS In 2025, the consolidated gross profit was equal to EUR 2,446.2 million, with an incidence on revenues of 78.1%, in line with 2024. In 2025, selling expenses were EUR 956.0 million, compared with EUR 937.3 million in 2024, with a 30.5% incidence on revenues, slightly higher than 2024. General and administrative expenses were EUR 357.4 million, with a 11.4% incidence on revenues, compared with EUR 351.7 million in 2024 (11.3% on revenues), which included a one-off income of EUR 7.5 million related to an insurance refund received following the December 2021 malware attack. Marketing expenses were EUR 219.4 million, representing 7.0% of revenues, compared with 7.1% in 2024. The lower marketing spending in the second half of 2025 compared with the same period of 2024 (and the related incidence on sales) is mainly due to a different phasing of marketing activities in H1 vs H2 compared with the previous fiscal year. Group EBIT was EUR 913.4 million with a margin of 29.2%, compared with EUR 916.3 million in 2024 with a margin of 29.5%, showing resilience despite a more challenging trading environment. In 2025, net financial expenses were EUR 26.2 million, compared with EUR 6.5 million in 2024, including EUR 40.6 million of interest on lease liabilities (vs EUR 31.4 million in 2024). The increase was driven by a higher interest expenses on lease liabilities as well as a lower level of interest income due to lower interest rates. The tax rate in 2025 was equal to 29.4%, broadly in line with 2024. The Group net result was equal to EUR 626.7 million, compared with EUR 639.6 million registered in 2024, with a margin of 20.0% vs 20.6% in 2024.
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38 ANNUAL REPORT 2025 – MONCLER GROUP MONCLER GROUP CONSOLIDATED BALANCE SHEET AND CASH FL OW ANALYSIS Following is the reclassified consolidated balance sheet statement as of 31 December 2025 and 31 December 2024. (EUR 000) 31/12/2025 31/12/2024 Brands 999,354 999,354 Goodwill 603,417 603,417 Fixed assets 589,341 510,136 Right-of-use assets 1,018,330 848,173 Net working capital 303,638 255,548 Other assets / (liabilities) 23,136 20,076 INVESTED CAPITAL 3,537,216 3,236,704 Net debt / (net cash) (1,458,046) (1,308,751) Lease liabilities 1,109,099 924,077 Pension and other provisions 36,374 34,710 Shareholders' equity 3,849,789 3,586,668 TOTAL SOURCES 3,537,216 3,236,704 NET WORKING CAPITAL Net consolidated working capital as of 31 December 2025 was EUR 303.6 million compared with EUR 255.5 million as of 31 December 2024, equal to 9.7% of revenues (8.2% as of 31 December 2024), reflecting the continuous and rigorous control of working capital levels. The YoY increase was primarily attributable to higher inventory levels, following the strategic decision to front-load purchases of key raw materials. (EUR 000) 31/12/2025 31/12/2024 Payables (527,322) (540,914) Inventory 538,827 470,080 Receivables 292,133 326,382 NET WORKING CAPITAL 303,638 255,548 % on revenues 9.7% 8.2% NET FINANCIAL POSITION As of 31 December 2025, the net financial position based on the definition used by the Group, i.e. excluding the effect related to IFRS 16, was positive and equal to EUR 1,458.0 million compared with
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MONCLER GROUP – ANNUAL REPORT 2025 39 EUR 1,308.8 million of net cash as of 31 December 2024. As required by the IFRS 16 accounting standard, the Group accounted lease liabilities equal to EUR 1,109.1 million as of 31 December 2025 compared with EUR 924.1 million as of 31 December 2024. The total net financial position, including the lease liabilities, was positive and equal to EUR 348.9 million (EUR 384.7 million as of 31 December 2024). (EUR 000) 31/12/2025 31/12/2024 Cash 1,226,277 1,187,978 Financial debt net of financial credit 231,769 120, 773 NET FINANCIAL POSITION EXCLUDING LEASE LIABILITIES 1,458,046 1,308,751 Lease liabilities (1,109,099) (924,077) TOTAL NET FINANCIAL POSITION 348,947 384,674 Following is the reclassified consolidated cash flow statement FY 2025 and FY 2024. (EUR 000) FY 2025 FY 2024 EBIT 913,356 916,324 D&A & Other non-cash adjustments 119,733 136,711 Change in net working capital (48,090) (15,348) Change in other current / non-current assets / (liabilities) 5,658 (18,647) Net capex (215,594) (186,675) OPERATING CASH FLOW 775,063 832,365 Net financial result 14,426 24,916 Taxes (260,521) (269,791) FREE CASH FLOW 528,968 587,490 Dividends paid (353,231) (311,014) Changes in equity and other changes (26,442) (1,418) NET CASH FLOW 149,295 275,058 Net Financial Position 9 - Beginning of Period 1,308,751 1,033,693 Net Financial Position 9 - End of Period 1,458,046 1,308,751 CHANGE IN NET FINANCIAL POSITION 9 149,295 275,058 9 The net financial position presented here is based on the definition used by the Group, which excludes lease liabilities.
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40 ANNUAL REPORT 2025 – MONCLER GROUP Net cash flow in 2025 was positive and equal to EUR 149.3 million after the payment of EUR 353.2 million of dividends (of which EUR 0.2 million related to dividends distributed in 2024), compared to a positive net cash flow of EUR 275.1 million in 2024. NET CAPITAL EXPENDITURE In 2025, net capital expenditures were EUR 215.6 million (6.9% of revenues) compared with EUR 186.7 million in 2024 (6.0% of revenues) reflecting higher investments in the distribution network and in infrastructure projects, including the new corporate headquarters. Out of the total capex amount, investments related to the distribution network were equal to EUR 136.3 million, while investments related to infrastructure were equal to EUR 79.3 million. (EUR 000) 31/12/2025 31/12/2024 Distribution 136,278 104,070 Infrastructure 79,316 82,605 NET CAPEX 215,594 186,675 % on revenues 6.9% 6.0%
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MONCLER GROUP – ANNUAL REPORT 2025 41 PERFORMANCE OF THE PARENT COMPANY MONCLER S.P.A. The Board of Directors also approved the 2025 results of the parent company Moncler S.p.A. Revenues were equal to EUR 490.4 million in 2025, compared with revenues of EUR 491.9 million in 2024, mainly including the proceeds of the licensing of the Moncler and Stone Island brands. General and administrative expenses, including stock-based compensation costs, were EUR 76.1 million, equal to 15.5% on revenues (17.1% in 2024). Marketing expenses were EUR 100.6 million (EUR 82.5 million in 2024), equal to 20.5% on revenues (16.8% in 2024). In 2025, net financial income was equal to EUR 214.2 million compared with EUR 416.6 million of net financial income in 2024, which included EUR 219.0 million in dividend payment received from the subsidiaries (EUR 436.0 million in 2024). In 2025, taxes were equal to EUR 89.8 million compared with EUR 90.0 million in 2024. Net result was EUR 438.2 million, a decrease of 33% compared with EUR 651.9 million in 2024, mainly due to the above-mentioned lower dividend payment received from the subsidiaries in 2025 vs 2024. Moncler S.p.A balance sheet includes shareholders’ equity of EUR 1,899.9 million at 31 December 2025, compared with EUR 1,783.5 million at 31 December 2024, and a net financial position positive and equal to EUR 23.1 million (compared to a negative net financial position of EUR 115.4 million as of 31 December 2024), including the lease liabilities derived from the application of the IFRS 16 accounting principle equal to EUR 0.8 million.
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42 ANNUAL REPORT 2025 – MONCLER GROUP MONCLER S.P.A.: RECLASSIFIED INCOME STATEMENT (EUR 000) FY 2025 % on revenues FY 2024 % on revenu es REVENUES 490,449 100.0% 491,918 100.0% General & Administrative expenses (76,081) (15.5%) (84,110) (17.1%) Marketing expenses (100,559) (20.5%) (82,517) (16.8%) EBIT 313,809 64.0% 325,291 66.1% Net financial income / (expenses) 214,159 43.7% 416,641 84.7% EBT 527,968 107.6% 741,932 150.8% Taxes (89,802) (18.3%) (90,046) (18.3%) NET RESULT 438,166 89.3% 651,886 132.5% MONCLER S.P.A.: RECLASSIFIED BALANCE SHEET STATEMENT (EUR 000) 31/12/2025 31/12/2024 Intangible assets 1,003,800 1,002,558 Tangible assets 844 1,141 Investments 1,022,158 1,000,012 Other non-current assets / (liabilities) (134,315) (89,575) Total non-current assets / (liabilities) 1,892,487 1,914,136 Net working capital 8,481 37,917 Other current assets / (liabilities) (18,192) (48,679) Total current assets / (liabilities) (9,711) (10,762) INVESTED CAPITAL 1,882,776 1,903,374 Net debt / (net cash) (23,065) 115,358 Pension and other provisions 5,922 4,537 Shareholders' equity 1,899,919 1,783,479 TOTAL SOURCES 1,882,776 1,903,374
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MONCLER GROUP – ANNUAL REPORT 2025 43 MAIN RISKS The regular management of its business and the development of its strategy expose the Moncler Group to various types of risks that could adversely affect the Group's operating results and its financial position. These risks are integrated into the corporate enterprise risk management (ERM) process. The entity responsible for managing ERM promotes coordination between the internal functions involved, in order to ensure consistency and effectiveness in overseeing and monitoring the main risks within the corporate organisation. The ERM model considers the main types of risk that may jeopardize the achievement of strategic objectives, impact corporate assets and compromise the value of the Moncler and Stone Island brands or the Company’s reputation. The model is integrated and functional within relevant decision-making processes, as well as in the development of products and services. The main risks are identified starting from the analysis of the context in which the Group operates and from the results of the materiality analysis. Risk assessment considers four dimensions, including: the impact that a risk could have on the organization should it materialize; the probability that the risk may occur; the speed with which a risk could spread throughout the organization should it occur; and the interconnection of a risk with other risks. The analyses are carried out using quantitative and qualitative methodologies depending on the type of event. The assessment enables to estimate the likelihood of occurrence and the impact. Risks are subsequently classified on a four-level scale and consequently prioritized based on the Risk Appetite. The Group’s Risk Management process is based on the Risk Appetite Framework, namely the system of principles and rules (risk appetite, risk tolerance, Key Risk Indicators) defined to determine the overall level of risk that the Group is willing to assume in pursuing its objectives. This approach considers all risks potentially relevant for the sustainability of the business in the medium to long term. For each level of the Framework (adverse, prudent, flexible, open), the Risk Manager defines: the level of risk appetite (significant, moderate, low) and the corresponding tolerance value (high, significant, medium, no tolerance) for risks assessed through qualitative analyses; the maximum EBIT value at risk and the related tolerance, calculated on the basis of the strategic plan forecasts for risks assessed through quantitative analyses. If the assessment of a risk exceeds the established risk appetite levels and tolerance thresholds, additional corrective and mitigation actions are identified and implemented. The most important business risks are monitored by the Control, Risks and Sustainability Committee and periodically examined by the Board of Directors, which takes them into account in developing the strategy. RISKS RELATED TO ARMED INTERSTATE CONFLICTS Several armed interstate conflicts have major global consequences not only in terms of severe humanitarian crisis, but also in terms of economic effects on the global markets, reflected among other things in increases in lead times and cost of transport, in energy and raw material costs. The Group has no suppliers of raw materials nor manufacturing sites located in affected territories. However, the escalation of the conflicts could have unpredictable repercussions on neighbouring countries where the Group produces, with an impact on production capacity, e.g. as a result of the temporary disruption in the power supply, and on procurement times and costs.
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44 ANNUAL REPORT 2025 – MONCLER GROUP The situation is constantly monitored in order to be able to react promptly to any intensification of the conflicts. RISKS ASSOCIATED WITH THE MARKETS IN WHICH THE GROU P OPERATES AND GENERAL GEOPOLITICAL AND ECONOMIC CONDITIONS The Group operates in the luxury goods sector, where there is a significant correlation between the demand for goods and the level of wealth, the level of economic growth and political stability in the countries where demand is generated. The Group’s ability to develop its business also depends on the political stability and economic situation of the various countries in which it operates. Although Moncler operates in a significant number of countries around the world, reducing the risk of a high concentration of the business in limited geographical areas, any deterioration in economic, social or political conditions in one or more markets in which it operates could have negative consequences for sales and economic and financial results. Although the new customs tariffs that came into force during 2025 have so far had effects that the Group has been able to absorb, their strengthening or the introduction of further export restrictions resulting from trade or financial sanctions could affect sales, especially in specific geographical areas. The possible introduction by national or supranational entities of constraints on the movement of individuals – as a result, for example, of international crises or pandemics –, terrorist attacks, as well as the tensions in Asia-Pacific area, could also affect sales, particularly in relation to specific geographical areas. In particular, in recent years the importance of Asian markets for the luxury goods sector has increased, reaching around half of turnover for the Moncler brand at the end of 2025, whereas Stone Island, having only recently begun its international expansion, particularly in Asia and America, remains more exposed to the European market (65% of revenues in fiscal year 2025). CYBER RISKS AND PERSONAL DATA PROTECTION RISKS The rapid technological evolution and growing organisational complexity of the Group, together with the increasing sophistication and frequency of cyber attacks, do not exclude the potential risk to the Group of cyber attacks through the use of innovative attack techniques that can now also exploit the potential of artificial intelligence. Furthermore, the localization of data in countries that do not guarantee adequate levels of protection or that may limit access to data, also as a result of geopolitical tensions, represents an additional risk for the Group in terms of loss of confidentiality, service disruption and reputational damage. Moncler is investing significantly in its model for managing cyber risks with a view to business continuity and data protection, adopting the best technologies and methodologies for vulnerability identification and system protection, ensuring the presence of qualified cyber security expertise, staff training and a careful process of periodic risk assessment and review. For more information, please refer to Section Three – Consolidated Sustainability Reporting.
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MONCLER GROUP – ANNUAL REPORT 2025 45 RISKS RELATED TO THE SUPPLY OF HIGH-QUALITY RAW MAT ERIALS Moncler and Stone Island brand products require high-quality raw materials, including, but not limited to, down, nylon, cotton and wool. The price and availability of raw materials depend on a wide variety of factors, which are largely beyond the Group's control and difficult to predict. Although the Group has always managed to ensure a supply of raw materials adequate to its production requirements in terms of quantity and quality, hypothetical further tensions on the supply side could lead to difficulties in supply and a further increase in costs, with negative consequences for the Group's economic results. In order to minimise the risks associated with the potential unavailability of raw materials in the timescales required for production, Moncler adopts a multi-sourcing strategy for supplier diversification and plans purchases with a medium-term time horizon. In addition, suppliers of raw materials must meet precise contractual quality, composition and performance requirements and comply with applicable laws on worker protection, working conditions, local labour laws, respect for animal welfare, the environment and the use of hazardous chemicals. In the area of workers' rights, the Moncler Group includes, among its supplier qualification criteria, company audits carried out by qualified professionals. For more information, please refer to Section Three – Consolidated Sustainability Reporting. Finally, the Group assesses and monitors the risks related to the impact that climate change may have on the availability of key raw materials, in particular cotton, wool and down. For further details regarding these analyses, please refer to Section Three – Consolidated Sustainability Reporting. RISKS RELATED TO BRAND IMAGE, REPUTATION AND RECOGN ITION The luxury goods sector is influenced by changing consumer tastes, preferences and lifestyles in the various regions in which it operates. The Moncler Group's success is significantly influenced by the image, reputation and recognition of its brands. If in the future the Group is not able, through its products and initiatives, to maintain the image, reputation and recognition of its brands, sales and economic results may be affected. The Group therefore constantly strives to maintain and increase the strength of the Moncler and Stone Island brands, with a focus on product quality, innovation, communication and the development of its distribution model according to criteria of selectivity, quality and sustainability, including when it comes to the selection of counterparties with which to operate. The Group integrates sustainability assessments, including those related to compliance with local values (religious, cultural and social) into its communication and marketing strategies, out of a belief that the continuous creation of value for all its stakeholders is a fundamental priority in strengthening its reputation. RISKS RELATED TO RELATIONS WITH THIRD-PARTY PRODUCE RS The Moncler Group directly manages the development of its collections as well as the purchase or selection of raw materials, whereas for the garment manufacturing phase it relies on both own factories and independent third parties that operate under the Group's close supervision (façon manufacturers).
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46 ANNUAL REPORT 2025 – MONCLER GROUP Although the Group does not depend to a significant extent on any façon manufacturer, the suspension or termination of a relationship with some of the most significant façon manufacturers could adversely affect the Group's business, with consequences for its sales and earnings. The Moncler Group constantly monitors the supply chain of third-party manufacturers in order to ensure, in addition to requirements of high quality and financial reliability, full compliance with labour laws, worker safety regulations, environmental laws, and human rights, as well as with the principles of its Supplier Code of Ethics and Conduct through audits at third party contractors and their sub-suppliers. The Moncler Group also participates in technical wo rking groups organized by industry associations, aimed at harmonizing controls along the production supply chain. For further information on supply chain controls, please refer to Section Three – Consolidated Sustainability Reporting. RISKS ASSOCIATED WITH THE RETAIL DISTRIBUTION NETWO RK With the Moncler brand, the Moncler Group generates most of its revenues through the retail channel, consisting of directly operated single-brand stores (DOSs) and the online store, whereas the Stone Island brand has progressively reduced its exposure to the wholesale channel and it now has a balanced exposure between the two channels. Over the years, the Group has demonstrated its ability to open new stores in the most prestigious locations in major world cities and in top-tier department stores, despite the competition between operators in the luxury goods sector to secure such positions, which is very strong. In addition, by its nature, the retail business has a higher incidence of fixed costs, mainly relating to lease agreements. Although management has demonstrated its ability to develop profitable retail business over the years, a potential slowdown in sales in specific geographical areas could reduce the Group's ability to turn a profit. ENVIRONMENTAL RISKS For more information, please refer to Section Three – Consolidated Sustainability Reporting. IMPACT OF CLIMATE CHANGE ISSUES ON THE GROUP'S CONS OLIDATED BALANCE SHEET For more information, please refer to Section Three – Consolidated Sustainability Reporting. RISKS ASSOCIATED WITH DEPENDENCE ON KEY PERSONNEL For more information, please refer to Section Three – Consolidated Sustainability Reporting.
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MONCLER GROUP – ANNUAL REPORT 2025 47 RISKS RELATED TO THE COUNTERFEITING OF BRANDS AND P RODUCTS AND THE PROTECTION OF INTELLECTUAL PROPERTY RIGHTS The luxury goods market is characterised by the counterfeiting of brands and products. The Moncler Group has made significant investments in the adoption of innovative technologies that enable tracking of products throughout the value chain to prevent and mitigate the effects of counterfeiting of its brands and products and to protect its intellectual property rights in the territories where it operates. However, the presence on the market of significant quantities of counterfeit products could still adversely affect the brand image, with a negative impact on sales and financial performance. RISKS RELATED TO THE EVOLUTION OF THE REGULATORY FR AMEWORK The Moncler Group operates in a complex international context and is subject, in the various jurisdictions in which it operates, to laws and regulations that are constantly monitored with regard to the health and safety of workers, environmental protection, rules on the manufacture and composition of products, consumer protection, personal data protection, industrial and intellectual property rights protection, rules on competition and on suppliers management, tax and customs rules, and in general all the relevant regulatory provisions. The Group operates in accordance with applicable provisions of law and has established processes that ensure knowledge of the specific local regulations in the contexts in which it operates and of the regulatory changes that are gradually made. However, since legislation on certain matters, for example taxation, is characterised by a high degree of complexity, an interpretation other than that applied by the Group may still have a significant impact on economic results. In this regard, the Moncler Group is involved in a programme to negotiate advance pricing agreements with the tax authorities of the main countries in which the Group operates, some finalised and some still in progress. In addition, the enactment of new legislation or amendments to existing legislation that impose more stringent standards – for example with regard to cybersecurity or product compliance – may entail, by way of example, costs of adapting operations, production methods or characteristics of the products or may limit the Group's operations, with negative consequences for its financial performance. RISKS ASSOCIATED WITH EXCHANGE RATE PERFORMANCE The Moncler Group also operates on international markets in currencies other than the Euro, mainly the Chinese Yuan Renminbi, Japanese Yen, US Dollar, Korean Won and British Pound. It is therefore exposed to risk arising from the fluctuation of exchange rates, to an extent equal to the amount of transactions (mainly revenues) not covered by transactions of the opposite sign expressed in the same currency. The Group has a strategy in place aimed at gradually hedging the risks associated with exchange rate trends, limited to “transaction” risks, and has adopted a strict policy on currency risk that sets the minimum hedging limit per currency at the beginning of each sales campaign at 75%, and the minimum hedging limit per currency at the end of the sales campaign at 90%. However, due in part to "translation" risk – deriving from the conversion into euro of the financial statements of foreign companies expressed in local currency – significant changes in exchange rates may entail changes (positive or negative) in the Group's results and financial position.
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48 ANNUAL REPORT 2025 – MONCLER GROUP For further information, see the specific section of the Notes to the Financial Statements 9.1. RISKS ASSOCIATED WITH INTEREST RATE PERFORMANCE The Group does not avail itself of significant lines of credit as it is fully able to finance its own operations. In addition, the Group has the option of using loans from third parties, specifically banks. If it chose to use such loans, it would be subject to the risk of interest rate changes. In order to hedge part of the risk relating to an increase in rates, the Group may carry out hedging activities. However, any significant fluctuations in interest rates could lead to an increase in financial expenses, with negative consequences for the Group's results. For further information, see the specific section of the Notes to Financial Statements 9.1. CREDIT RISKS The Moncler Group operates in accordance with credit monitoring policies aimed at reducing the risks arising from the insolvency of its wholesale customers. These policies are based on preliminary analysis of the reliability of customers and on guaranteed forms of insurance cover and/or payment methods. In addition, the Group does not have significant credit concentrations. However, the emergence of significant delinquency by certain customers could still result in losses on receivables, with negative consequences for the Group's results. The Moncler Group monitors and manages its exposure to wholesale customers with significant positions with particular care, including by applying for and obtaining bank guarantees and cash deposits in advance of shipments. For further information, see the specific section of the Notes to the Financial Statements 9.2. LIQUIDITY RISKS The Group implements financial planning activities aimed at reducing liquidity risk, including in view of the seasonal nature of the business, particularly for the Moncler brand. Based on evolving financial needs, where necessary, lines of credit are planned with the banking system to meet these needs, according to a corresponding distinction between short-term and long- term lines of credit. In addition, to face the risk of loss of available capital, the Group follows strict rules to spread its deposits and cash and cash equivalents in a balanced manner over an adequate number of highly rated banks, while avoiding concentration and using only very low-risk financial products. For further information, see the specific section of the Notes to the Financial Statements 9.3. RISKS ASSOCIATED WITH TECHNOLOGICAL INNOVATION The Moncler Group pays particular attention to the technological innovation of its processes and collections, as well as to the constant improvement of its customers' experience. In this context, inadequate technological innovation could result in the loss of a competitive advantage over other companies operating in the sector. Conversely, the introduction of new technologies, such as the adoption of artificial intelligence tools, while representing an important
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MONCLER GROUP – ANNUAL REPORT 2025 49 opportunity, must be managed both in terms of regulatory risks and the availability of adequate skills within the Group.
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50 ANNUAL REPORT 2025 – MONCLER GROUP CORPORATE GOVERNANCE The corporate governance system adopted by Moncler S.p.A. (the "Company", "Moncler", or "Parent Company") plays a central role in the clear and responsible conduct of the group headed by Moncler (the “Group”) operations, significantly contributing to the creation of sustainable value in the medium to long-term for both shareholders and all stakeholders. Such system is constructed in accordance with the recommendations for listed companies approved by the Corporate Governance Committee of Borsa Italiana (the "Corporate Governance Code"), to which Moncler adheres, with the statutory and regulatory provisions governing Italian listed companies, and with national and international best practices and it is based on four pillars: the pivotal role of administrative and control bodies; the transparency of managerial decisions; the careful and diligent monitoring of related-party transactions and handling of privileged information; compliance with the values defined in the Code of Ethics and company policies along with the effectiveness and efficiency of the internal control and risk management system (the “ICRMS”). Moncler has adopted the traditional Italian system of managing and control, consisting of two corporate bodies appointed by the Shareholders' Meeting (which expresses through its resolutions the will of the Shareholders): a Board of Directors (as of the date of this Report, composed of 15 members, 3 of whom are executive and 12 non-executives of whom 8 are independent) to whom broad powers are devolved under the Articles of Association and a Board of Statutory Auditors, with the function of supervising, among other things, the management and the compliance with the law and the Articles of Association. The statutory audit is carried out by Deloitte & Touche S.p.A., a registered auditing firm to which the Ordinary Shareholders' Meeting, held on 22 April 2021, entrusted the relevant activity for the nine- year period 2022-2030, following a selection process coordinated by the Board of Statutory Auditors. The Board has established three Board Committees with proposing, advisory, and investigative functions, namely the Control, Risks and Sustainability Committee, the Nomination and Remuneration Committee and the Related Party Transactions Committee. The Chairman and Chief Executive Officer, Remo Ruffini, is assisted by a Strategic Committee, having primarily an advisory function, which on an ongoing basis supports the Chairman and Chief Executive Officer in defining and implementing strategic decisions, thus ensuring uniformity and sharing of Moncler’s founding values. Its areas of responsibility include the review of the Business Plan and Sustainability Plan and all strategic decisions including, but not limited to, those related to the development of the distribution network, marketing plans, investments, entry into new markets, and environmental and social initiatives. Within the ICRMS a Supervisory Body was established (composed of 3 members, 2 of whom are external including the Chairman) with the task of ensuring the effectiveness and adequacy of Moncler’s mechanisms and internal controls, as well as of the organisational and management model pursuant to the Legislative Decree 231/2001 adopted by the Company, reporting on its implementation.
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MONCLER GROUP – ANNUAL REPORT 2025 51 In addition to the Supervisory Body, the Compliance Function (which operates as a Level II control function), the Internal Audit Function (which operates as a Level III control function), the Director in charge of the ICRMS, the Control, Risks and Sustainability Committee and the Board of Statutory Auditors play an important role within the ICRMS among others. For further information regarding, among other things, the corporate governance system adopted by Moncler and the adherence to the principles and recommendations of the Corporate Governance Code, please refer to the "Report on Corporate Governance and Ownership Structure" prepared pursuant to Art. 123-bis of the Consolidated Law on Finance, available on the Company's website www.monclergroup.com, “Governance / Documen ts and procedures” Section, and to Section Three – Consolidated Sustainability Reporting. RELATED-PARTY TRANSACTIONS Information relating to related party transactions are provided in Note 10.1 to the Consolidated Financial Statements and Note 8.1 to the Separate Financial Statements. ATYPICAL AND/OR UNUSUAL TRANSACTIONS There are no positions or transactions deriving from atypical and/or unusual transactions that could have a significant impact on the results and financial position of the Group and the Parent Company. TREASURY SHARES Moncler owns 3,207,654 Company shares at 31 December 2025, equal to 1.2% of the current share capital.
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52 ANNUAL REPORT 2025 – MONCLER GROUP SIGNIFICANT EVENTS OCCURRED DURING THE FINANCIAL YEAR 2025 APPOINTMENT OF THE BOARD OF DIRECTORS On 16 April 2025, the Ordinary Shareholders’ Meeting of Moncler has appointed the new Board of Directors, composed of 15 members, for the three-year period 2025-2027, which will remain in office until the Shareholders’ Meeting called for the approval of the Financial Statements as of 31 December 2027. The Board of Directors is composed as follows: Remo Ruffini (Chairman and Chief Executive Officer), Marco De Benedetti (Vice-Chairman and Non-Executive Director), Alexandre Arnault (Non-Executive Director), François-Henri Bennahmias (Independent Director), Cesare Conti (Independent Director), Robert Philippe Eggs (Executive Director), Bettina Fetzer (Independent Director), Gabriele Galateri di Genola (Non-Executive Director), Alessandra Gritti (Independent Director and Lead Independent Director), Diva Moriani (Non-Executive Director), Sue Nabi (Independent Director), Luciano Santel (Executive Director), Maria Sharapova (Independent Director) Geoffroy van Raemdonck (Independent Direc tor) and Anna Zanardi (Independent Director). DIVIDENDS On 16 April 2025, the Ordinary Shareholders' Meeting of Moncler approved Moncler's Financial Statements at 31 December 2024 and approved the distribution of a gross dividend of EUR 1.30 per share (EUR 1.15 per share in the previous year). The payment related to this distribution was equal to EUR 353.2 million, of which EUR 0.2 million related to dividends distributed in 2024 (out of the approved dividend distribution of EUR 351.8 million) . BY-LAWS AMENDMENTS On 20 March 2025, Moncler's Extraordinary Shareholders' Meeting approved the proposed amendments to the Bylaws concerning (i) the number of members of the Board of Directors and the appointment of the Board of Directors (establishing, among other things, that two members shall be elected from the minority list in the case of a Board composed of more than 12 members and if the candidates for the first two seats are of different gender); (ii) the Board's competence to appoint the Chairman and Vice Chairman, specifying what is already provided for by Art. 2380 of the Italian Civil Code; (iii) the possibility that the meetings of the Board of Directors and the Board of Statutory Auditors be held exclusively by means of tele-communication; (iv) the competence of the Board for the appointment of the Manager in charge of certifying the sustainability statement. MONCLER UAE LLC On 10 April 2025, Moncler Middle East FZ-LLC acquired from local shareholder its share in Moncler UAE LLC equal to 51% of the share capital, for an amount of EUR 2.6 million. Following this purchase, Moncler, through the subsidiaries Industries S.p.A. and Moncler Middle East FZ-LLC, holds the entire share capital of Moncler UAE LLC. STONE ISLAND JAPAN INC. On 14 October 2025, Stone Island Japan Inc. acquired from the Japanese shareholder its share in Stone Island Japan Inc. equal to 20% of the share capital, for an amount of EUR 2.9 million.
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MONCLER GROUP – ANNUAL REPORT 2025 53 Following this purchase, Moncler, through the subsidiary Sportswear Company S.p.A., holds the entire share capital of Stone Island Japan Inc.. SIGNIFICANT EVENTS OCCURRED AFTER THE REPORTING DATE BARTOLOMEO RONGONE TO BE GROUP CHIEF EXECUTIVE OFFIC ER, REMO RUFFINI EXECUTIVE CHAIRMAN On 20 January 2026, Moncler S.p.A. announced the arrival of Bartolomeo “Leo” Rongone as Group Chief Executive Officer, starting from 1 April 2026, in order to strengthen its organisational structure. In this new organizational setup, Remo Ruffini will be Executive Chairman maintaining the responsibility for Creative Direction, and continuing to play a primary role in the governance and in defining the Group’s strategic direction. ROBERTO EGGS STEPS DOWN FROM CHIEF BUSINESS & GLOBAL MARKET OFFICER ROLE AND REMAINS ON THE BOARD OF DIRECTORS OF MONCLER S.P.A. A S A NON-EXECUTIVE MEMBER On 20 January 2026, Moncler S.p.A. announced that Roberto Eggs, effective from 1 March 2026, will step down from the role of Chief Business and Global Market Officer to pursue a new professional chapter. Eggs will continue his collaboration with the Group as a non-Executive Director of Moncler S.p.A. Board of Directors.
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54 ANNUAL REPORT 2025 – MONCLER GROUP SUSTAINABILITY RATING UPDATE MSCI For the third consecutive year, Moncler Group was rated with the highest score “AAA” by MSCI ESG Research that provides sustainability ratings on global public and a few private companies on a scale from “AAA” to “CCC”, according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers. CDP Moncler Group received for the third consecutive year the top score “A” (on a scale from “D-” to “A“) and has been confirmed on the Climate “A list” by CDP, for its leadership in corporate transparency and management of climate change issues. S&P GLOBAL For the seventh consecutive year, Moncler Group obtained the highest score (90/100) in the “Textiles, Apparel & Luxury Goods” industry in the S&P Global Corporate Sustainability Assessment 2025 (data as of 19 February 2026). FTSE4Good INDEX SERIES Moncler Group has been included for the first time in the FTSE4Good Index Series, in both the FTSE4Good Developed Index and the FTSE4Good Europe Index, with a score of 4.4 out of 5.
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MONCLER GROUP – ANNUAL REPORT 2025 55 BUSINESS OUTLOOK Entering 2026, the global geopolitical and macroeconomic landscape remains characterised by a high level of uncertainty and volatility. Against this backdrop, the Group remains focused on executing its strategy with discipline and agility, mindful of the challenges in the operating environment, yet committed to pursuing and shaping new opportunities, while maintaining a clear sense of direction and continuing to invest in its organisation and distinctive brands. In an ever-evolving world, the Group remains true to its identity and values, never compromising the long-term value of its brands. Guided by a culture that blends creativity and innovation, the Group is well positioned to navigate volatile market dynamics and deliver sustainable, long-term value to all its stakeholders. These principles underpin the Group’s key strategic priorities illustrated below. STRENGTHENING OF ALL MONCLER BRAND DIMENSIONS GLOBALL Y, ALL YEAR AROUND . During 2026, Moncler will continue to reinforce its three complementary brand dimensions – Moncler Grenoble, Moncler Collection and Moncler Genius – through distinctive events and tailored marketing strategies focused on unlocking their respective potential across all regions. Moncler Grenoble , the dimension most closely tied to the brand DNA, will continue to elevate its signature blend in the performance luxury space, with dedicated marketing initiatives and a complete collection suitable for all the seasons of the year. This approach will further authenticate this core dimension and firmly assert Moncler's leadership as the most authentic luxury brand for the outdoors. Moncler Collection , the expression of contemporary luxury , will continue to explore ways to elevate the product proposition, re-imagine iconic pieces, and enhance the brand’s ability to serve its customers all year around through relevant collections and concepts. Moncler Genius will continue its path of constant evolution in the creative luxury space, maintaining its role as brand recruiter and powerful connector with the world of creativity and community of creators. FURTHER EVOLVING THE STONE ISLAND BRAND LEGACY, WIT H THE PRODUCT AS ABSOLUTE PROTAGONIST. In 2026, building on the momentum achieved over the course of 2025, Stone Island will continue the journey toward its full potential by further strengthening global brand awareness through an intentional marketing approach aimed at driving consideration among new target segments. This will continue to be achieved by amplifying the brand DNA, which is deeply rooted in a unique identity and a value matrix grounded in the culture of research and experimentation. The brand narrative will continue to position the product as the absolute protagonist, aiming to elevate the product offering by expanding core categories and maximizing desirability through iconic pieces and sub-collections, while reinforcing the relevance of the total-look approach as a distinctive signature. The brand will also continue to enhance its existing distribution network and retail excellence capabilities, reinforcing a highly selective omnichannel and consumer-centric strategy across all touchpoints to deliver an authentic and elevated client experience. SUSTAINABLE AND RESPONSIBLE GROWTH . Moncler Group believes in a sustainable and responsible development according to shared value that is reflective of stakeholder expectations and consistent with its long-term strategy. This approach is based on the commitment to set increasingly ambitious goals as well as on the awareness that every action has an impact on society and the environment in which we operate. Our actions are built on clear strategic priorities: fighting climate change and protecting nature, with an increasingly circular approach to products; promoting high social standards along the supply chain; maintaining strong relationships with clients, supporting local communities; fostering the development and well-being of employees.
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56 ANNUAL REPORT 2025 – MONCLER GROUP OTHER INFORMATION RESEARCH AND DEVELOPMENT Since the Moncler Group’s success depends in part on the image, prestige and recognition of the brands, and in part on the ability to manufacture a set of collections in line with market trends, the Group conducts research and development in order to design, create and implement new products and new collections. Research and development costs are expensed in the income statement as they occur on an accrual basis. RECONCILIATION BETWEEN NET RESULT AND SHAREHOLDERS’ EQUITY OF THE PARENT COMPANY AND THE GROUP’S AMOUNTS The reconciliation between the Group’s net result and shareholders’ equity at the end of the period and the parent Company Moncler’s S.p.A. net result and shareholders’ equity is detailed in the following table : Reconciliation between result and ne t equity of the Parent and the Group (EUR 000) Result 2025 Net Equity 31/12/25 Result 2024 Net Equity 31/12/24 Parent Company balance 438,166 1,899,919 651,886 1,783,479 Inter-group dividends (274,610) 0 (606,217) 0 Net income and equity of consolidated companies, net of the carrying value of investments 547,318 1,811,032 657,313 1,567,954 Allocation of the excess cost resulting from the acquisition of the subsidiaries and the corresponding Equity 0 605,298 0 605,298 Elimination of the intercompany profit and losses (85,161) (337,323) (61,500) (284,933) Translation adjustments 0 (86,138) 0 (41,167) Effects of other consolidation entries 957 (43,094) (1,886) (44,051) TOTAL GROUP SHARES 626,670 3,849,694 639,596 3,586,580 Minority interest (2) 95 - 88 TOTAL 626,668 3,849,789 639,596 3,586,668 SECONDARY OFFICES The Company does not have any secondary offices.
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MONCLER GROUP – ANNUAL REPORT 2025 57 CERTIFICATION PURSUANT TO ART. 2.6.2, PARAGRAPH 8 A ND 9 OF THE RULES OF THE MARKETS ORGANISED AND MANAGED BY THE ITALIAN STOCK EXCHANGE In relation to art. 15 of Consob Regulation adopted with resolution n. 20249 on 28 December 2017 as amended and integrated, concerning the conditions for the listing of companies with subsidiaries established and regulated under the laws of countries outside the European Union and of significance for the consolidated financial statements, please note that the above mentioned regulation is applicable to five companies belonging to the Group (Moncler Japan, Moncler USA, Moncler Asia Pacific, Moncler Shanghai and Moncler Korea) and that adequate procedures to ensure full compliance with said rules have been adopted and that the conditions referred to in that Article 15 were met. CERTIFICATION PURSUANT TO ARTICLE 16, PARAGRAPH 4 O F THE MARKETS REGULATION ADOPTED BY CONSOB WITH RESOLUTION 20249 OF 28 DECEMBER 2017 Moncler S.p.A. is controlled by Remo Ruffini through Ruffini Partecipazioni Holding S.r.l. (RPH) and Double R S.r.l. (DR, formerly Ruffini Partecipazioni S.r.l.). In particular, Remo Ruffini holds the entire share capital of RPH, which controls DR, that at 31 December 2025 held 18.2% of the share capital of Moncler S.p.A. Moncler S.p.A. is not managed or coordinated by Ruffini Partecipazioni Holding S.r.l.; for relative evaluations, reference is made to the Report on Corporate Governance and Ownership Structure, available at www.monclergroup.com, "Governance / Shareholders' Meeting" section.
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58 ANNUAL REPORT 2025 – MONCLER GROUP MOTION TO APPROVE THE FINANCIAL STATEMENTS AND THE ALLOCATION OF THE RESULT FOR THE YEAR ENDED 31 DECEMBER 2025 Shareholders, We invite you to approve the Moncler Group consolidated financial statements as at and for the year ended 31 December 2025 and the Moncler S.p.A.’s separate financial statements. We recommend that you approve the distribution of a gross dividend of EUR 1.40 per ordinary share based on the net results for the year 2025 of Moncler S.p.A. equal to EUR 438.2 million. The total amount to be distributed as a dividend, having taken into consideration the number of shares as of today, net of the shares which are directly owned by the Company, is equal to EUR 380.2 million, with a 61% pay-out on the consolidated income 10 . Milan, 19 February 2026 For the Board of Directors The Chairman and Chief Executive Officer Remo Ruffini 10 Subject to change due to the possible use and/or purchase of treasury shares.
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MONCLER GROUP – ANNUAL REPORT 2025 59 SECTION THREE CONSOLIDATED SUSTAINABILITY STATEMENT CONTENTS GENERAL INFORMATION ................................ ................................ ................................ ........... 60 ENVIRONMENT ................................ ................................ ................................ ............................ 123 E1 Climate change ............................................................................................................................................ 124 E2 Pollution ....................................................................................................................................................... 156 E3 Water and marine resources ..................................................................................................................... 160 E4 Biodiversity and ecosystems ...................................................................................................................... 165 E5 Resource use and circular economy ......................................................................................................... 172 SOCIAL ................................ ................................ ................................ ................................ .......... 188 S1 Own workforce ............................................................................................................................................. 189 S2 Workers in the value chain ........................................................................................................................ 221 S4 Consumers and end-users ......................................................................................................................... 234 Entity-specific - Support for communities ..................................................................................................... 243 GOVERNANCE ................................ ................................ ................................ ............................ 250 G1 Business conduct ......................................................................................................................................... 251 ADDITIONAL INFORMATION ................................ ................................ ................................ ..... 261
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60 ANNUAL REPORT 2025 - MONCLER GROUP ESRS 2 GENERAL INFORMATION [BP-1] General basis for preparation of sustainability statements ...............................................................61 [BP-2] Disclosures in relation to specific circumstances ............................................................................... 62 [GOV-1] The role of the administrative, management and supervisory bodies; [GOV-2] Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ...................................................................................................................................... 63 [GOV-3] Integration of sustainability-related performance in incentive schemes .................................... 72 [GOV-4] Statement on due diligence .............................................................................................................. 74 [GOV-5] Risk management and internal controls over sustainability reporting ........................................ 76 [SBM-1] Strategy, business model and value chain........................................................................................ 77 [SBM-2] Interests and views of stakeholders ..................................................................................................96 [SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ................................................................................................................................................................. 102 [IRO-1] Description of the processes to identify and assess material impacts, risks and opportunities 108 [IRO-2] Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement .......... 111 [MDR-M] Metrics in relation to material sustainability matters ................................................................. 122
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MONCLER GROUP – ANNUAL REPORT 2025 61 [BP-1] GENERAL BASIS FOR PREPARATION OF SUSTAINABILITY STATEMENTS The Moncler Group’s 2025 Consolidated Sustainabilit y Statement (also “Sustainability Statement” or “Statement”) is prepared in compliance with Legi slative Decree No. 125 of 6 September 2024 and the European Sustainability Reporting Standards (ESRS). The qualitative and quantitative data and informati on contained in the 2025 Sustainability Statement refer to the performance of the Moncler Group (hereinafter also “the Group”) for the year ended 31 December 2025. This Statement has been prepared on a consolidated basis, including the data of the parent company (Moncler S.p.A.) and its subsidiaries; therefore, the scope of consolidation corresponds to that of the Group consolidated financial statements. It should be noted that the paragraph dedicated to the description of the corporate governance model refers to the parent company, Moncler S.p.A., which plays a central role in the clear and responsible conduct of the Moncler Group’s operations. The impacts, risks and opportunities related to the upstream value chain (e.g. the supply chain) and downstream value chain (e.g. clients) identified as a result of the double materiality process also fall within the reporting scope. Moncler Group’s Sustainability Statement has been approved by the Board of Directors, after being examined by the Control, Risks and Sustainability C ommittee and is subject to the issuance of a conformity opinion by the auditing firm, Deloitte & Touche S.p.A., in the form of a limited assurance . This is the English translation of the original Ita lian document “Rendicontazione Consolidata di Sostenibilità”. In any case of discrepancy between the English and the Italian versions, the original Italian document is to be given priority of interpretation for legal purposes.
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62 ANNUAL REPORT 2025 - MONCLER GROUP [BP-2] DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES The Group reports information useful for disclosure according to the requirements of Article 8 of the Delegated Act of the EU Taxonomy Regulation 852/202 0 and takes also into account the recommendations of the Task Force on Climate-relate d Financial Disclosures (TCFD) for the voluntary dissemination of transparent reporting on climate change-related risks and opportunities. The paragraph “[IRO-2] Disclosure Requirements in E SRS covered by the undertaking’s sustainability statement”, includes the list of Disclosure Requirements, the adoption of phase-in measures, extended by the provisions of Commission Delegated Regulation ( EU) 2025/1416 of 11 July 2025, and information derived from other European directives and regulations. The information reported with reference to each Disclosure Requirement depends on the results of th e double materiality analysis, also carried out in 2025. To ensure an accurate representation of performance and the reliability of the data, the use of estimates is limited. Any estimates, which mainly concern data relating to the upstream and/or downstream value chain, are reported in the description of the reference indicators. For the metrics related to the calculation of scope 3 emissions and indirect water consumption, where the upstream and/or downstream value chain data have been estimated on the basis of indirect sources, the estimation methodology and any related areas of uncertainty are described in section “[E1-6] Scope 1, 2, 3 GHG emissions and total GHG emissions” in the paragraph “Scope 3 CO 2e emissions” and in section “[E3-2] Actions and resources related to water”. When referring to short-, medium- and long-term time horizons, reference is made respectively to periods of one year, within five years and more than five yea rs, in line with the provisions of paragraph 6.4 of ESRS 1. In 2025, there were no changes in the preparation a nd presentation of sustainability information compared with 2024. The Group describes the data relating to the reporting period (1 January 2025 - 31 December 2025), also providing data relating to the previous year for comparison.
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MONCLER GROUP – ANNUAL REPORT 2025 63 [GOV-1] THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES; [GOV-2] INFORMATION PROVIDED TO AND SUSTAINABILITY MATTERS ADDRESSED BY THE UNDERTAKING’S ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES CORPORATE GOVERNANCE SYSTEM The corporate governance system adopted by Moncler S.p.A (hereinafter also “Moncler” or the “Company”) plays a central role in the clear and re sponsible conduct of the operations of the Moncler Group (the “Group”), significantly contributing to the creation of sustainable medium-to- long-term value for both shareholders and all stakeholders, in accordance with the best principles of social responsibility applicable in all countries in which Moncler operates. This system is built in compliance with the recomme ndations of the Corporate Governance Code approved by the Corporate Governance Committee of B orsa Italiana S.p.A., to which Moncler adheres, as well as the laws and regulations governing listed companies, based on four pillars: the central role of governing and control bodies; the transparency of management decisions; the careful and informed monitoring of transactions with related parties and the handling of inside information; compliance with the values set out in the Code of E thics and company policies, along with the effectiveness and efficiency of the Internal Control and Risk Management System (ICRMS). Moncler has adopted a traditional governance and co ntrol system, consisting of two corporate bodies appointed by the Shareholders’ Meeting , which expresses the will of the Shareholders with its resolutions: the Board of Directors (which, in turn, appoints three Board Committees ) and the Board of Statutory Auditors . As part of the ICRMS adopted by Moncler, the Supervisory Body has also been appointed. In addition to the latter, the Compliance Function, which operates as a second-level control function, the Internal Audit function, which operates as a th ird-level control function, the Director in charge of the ICRMS, the Control, Risks and Sustainability Committee and the Board of Statutory Auditors all play important roles within the ICRMS.
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64 ANNUAL REPORT 2025 - MONCLER GROUP INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM Board of Directors Composition The Board of Directors 1 is composed of 15 members 2 3, including 3 executive and 12 non-executive members, the majority of whom are independent. As reported in the press release of 20 January 2026, as of 1 April Bartolomeo “Leo” Rongone will join Moncler as Chief Executive Officer. Remo Ruffini will be Executive Chairman, maintaining the responsibility for Creative Direction, while Roberto Eggs, as of 1 March, will step down from the role of Chief Business Strategy and Global Market Officer and Executive Director of Moncler, maintaining the role of non-Executive member of the Company’s Board of Directors. The following table shows the composition of the Board as of the date of this Statement. MEMBER POSITION Remo Ruffini Chairman and CEO Marco De Benedetti Vice-Chairman and Non-Executive Director Alexandre Arnault Non-Executive Director François-Henri Bennahmias Non-Executive and Indepen dent Director Cesare Conti Non-Executive and Independent Director Roberto Eggs Executive Director Bettina Fetzer Non-Executive and Independent Direct or Gabriele Galateri di Genola Non-Executive Director Alessandra Gritti Non-Executive and Independent Di rector 1 Seven meetings of the Board of Directors were held in 2025 (with an average attendance of around 95%). For information on the activities carried out (as well as on the composition of the Board and its functions), please see the Report on Corporate Governance and Ownership Structures available at www.monclergroup.com in the “Governance/Documents and procedures” section. 2 For more information on the curriculum vitae of ea ch Director, please refer to the profiles on the Mon cler website at www.monclergroup.com in the “Governance/Board of Di rectors” section, as well as the Report on Corporat e Governance and Ownership Structures in the “Governance/Documents and procedures” section. 3 It should be noted that Italian law does not provide for forms of collective representation of employees within corporate bodies and, therefore, there are no employees’ representatives within it.
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MONCLER GROUP – ANNUAL REPORT 2025 65 Diva Moriani Non-Executive Director Sue Nabi Non-Executive and Independent Director Luciano Santel Executive Director Maria Sharapova Non-Executive and Independent Direc tor Geoffroy van Raemdonck Non-Executive and Independen t Director Anna Zanardi Non-Executive and Independent Director Moncler believes that corporate bodies composed of members with different skills, professional experience and cultural heritage can offer the oppor tunity to take the best decisions for a Group operating in an international context. Moncler has therefore adopted a Diversity Policy 4 that has been applied to the current Board of Directors, appointed by the Shareholders’ Meeting of 16 April 2025. This document describes the characteristics considered optimal for the composition of the Board of Directors, as well as the Board of Statutory Auditors, with th e aim of including different professional profiles in terms of gender, ethnicity, age and seniority. The monitoring and any updating of the Diversity Policy are entrusted to the Board of Directors, which acts wit h the support of the Nomination and Remuneration Committee and, where necessary, the Board of Statutory Auditors. The criteria defined in the Diversity Policy take i nto account the results of the annual self-assessme nt process (Board review), through which, in accordanc e with the provisions of the Code of Corporate Governance, the Board of Directors periodically evaluates the functioning, size and composition of the Board and its Committees, ensuring continuous alignment with the Group’s strategic needs. For the 2025 financial year, the composition of the Board of Directors reflects the commitment to diversity, with a female component equal to 40% of the total (six women, compared with nine men, representing a ratio of 67%). The percentage of ind ependent directors is 53% (8 out of 15 members). Further details on skills and other aspects of diversity are shown in the graphs below. Also in order to further develop the skills of the Directors and Statutory Auditors, the Company periodically organises induction sessions, with the aim of providing adequate knowledge of the Company, the sector in which it operates, the main trends that may have an effect on its growth strategy, its products, business dynamics, potential sustainability risks and the relevant legislative and regulatory framework, which may affect strategic decision-making. During the year, numerous sessions were held for the benefit of the newly appointed Board of Directors, also dedicated to sustainability topics. In particular, with reference to environmental and social topics, an update of the regulatory reference framework, th e evolution of the Group’s sustainability path, the targets of the 2020-2025 Strategic Sustainability Plan, the results achieved and the initiatives launched, as well as the new 2026-2028 Sustainability Plan were presented. Also in 2025, the double materiality analysis and the list of identified relevant impacts, risks and opportunities were reviewed by the Control, Risks and Sustainability Committee and subsequently shared with the Board of Directors (see also pages 102-107). 4 Adopted by the Board of Directors on 18 December 2018 and last updated, after assessment by the CNR, on 13 February 2025, in view of the renewal of the Board of Directors approved by the Shareholders’ Meeting of 16 April 2025. The text is available in the “Governance/Documents and procedures” and “Gove rnance/ Shareholders’ Meeting” sections of the webs ite at www.monclergroup.com.
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66 ANNUAL REPORT 2025 - MONCLER GROUP SENIORITY (at 31 December 2025) 1 year 40% 1 to 3 years 13% 4 to 6 years - >6 years 47% Role The Board of Directors plays a central role in guiding and managing the Company and the Group. In addition to the powers granted by law and the By laws, the Board of Directors has exclusive 93% 80% 73% 80% 73% 73% 60% 60% 60% 40% International Experience Management Experience Industry Experience Financial Experience Accounting Governance Marketing Entrepreneurial Experience ESG & CSR IT & Technology Innovation AGGREGATE SKILLS 80% 80% 60% Management Experience Financial Experience Entrepreneurial Experience EXPERTISE 13% 13% 60% 13% Age below 45 Between 45 and 56 Between 57 and 65 Age above 65 AGE RANGE
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MONCLER GROUP – ANNUAL REPORT 2025 67 responsibility for the most important decisions from an economic and strategic point of view, as well as for those instrumental in the guidance of the business with regard to sustainability matters. Within the scope of its powers, the Board, in line with the provisions of the Corporate Governance Code: examines and approves the Group’s Business Plan in which the strategic objectives and actions to be taken are defined, including those related to sustainability matters; periodically monitors the implementation of the Bus iness Plan and evaluates the general performance, periodically comparing the results achieved with those planned; defines the nature and level of risk compatible with the Company’s strategic objectives, also including in its assessments the relevant sustainability risks; assesses the adequacy of the organisational, admini strative and accounting structure of the Company and its strategically important subsidiarie s, with particular reference to the ICRMS, ensuring that risks, including sustainability risks (e.g. related to climate change, biodiversity and human rights), are correctly identified, measured, managed and monitored. In addition, the Board of Directors plays a signific ant role in overseeing social and environmental issues related to the Group’s business and its interactions with stakeholders. With the support of the Control, Risks and Sustainability Committee, the Board examines and approves, inter alia : the strategic sustainability guidelines and the rel ated action plan ( Sustainability Plan ), which includes short and medium/long-term objectives rela ted to the material impacts, risks and opportunities for the Group, including climate change, the energy transition and the protection of human rights; the Board of Directors is also inf ormed at least every six months about the progress of the projects that contribute to the achievement of the objectives of the Sustainability Plan; social and environmental policies; the Sustainability Statement prepared in compliance with Directive 2022/2464/EU (Corporate Sustainability Reporting Directive — CSRD) and, at least annually, the results of the double materiality assessment in line with the European Su stainability Reporting Standards (ESRS), an important process for identifying and assessing sus tainability impacts, risks and opportunities (see also pages 102-107; 108-110). the Remuneration Policy, which provides, inter alia , for the integration of sustainability targets into the remuneration system (both short- and medium/long-term) and the consequent alignment of the remuneration of top management with the Grou p’s sustainability strategy (see also page 72-73). Board Committees The Board of Directors, taking into account the recommendations set out in the Code of Corporate Governance, has established three internal Board Committees with propositional, advisory and oversight functions: the Control, Risks and Sustain ability Committee, the Nomination and Remuneration Committee and the Related Parties Committee. Control, Risks and Sustainability Committee Composition The Control, Risks and Sustainability Committee in office was appointed by the Board of Directors at its meeting held on 16 April 2025. It will remain in office until the approval of the 2027 financial statements and is composed of the following Directors who have the appropriate skills and professional experience to carry out the tasks of the Control, Risks and Sustainability Committee: Alessandra Gritti (as Chairman), Cesare Conti and Gabriele Galateri di Genola.
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68 ANNUAL REPORT 2025 - MONCLER GROUP Role The Control, Risks and Sustainability Committee ass ists the Board of Directors, with a preparatory, propositional and consultative role, i n the assessments and decisions relating to the Internal Control and Risk Management System (ICRMS). The Control, Risks and Sustainability Committee also assists the Board of Directors in ap proving the periodic financial and sustainability reports. In particular, as outlined in its regulations, the Committee assists the Board of Directors, among others, with: o the supervision of sustainability matters, with a focus on impacts, risks and opportunities, related to the business activity and the dynamics o f interactions with stakeholders, as well as the definition of sustainability strategy an d the related action plan, including topics such as climate change, biodiversity and human rights; o the definition of the guidelines of the ICRMS to ens ure that the main risks relating to Moncler and its subsidiaries (including material su stainability risks) in the medium and long term are properly identified and adequately mea sured, managed and monitored, determining the criteria for compatibility between the risks thus identified and the sound and correct management of the Company consistent wi th the strategic targets identified; o the periodic review, at least once a year, of the a dequacy and effectiveness of the ICRMS with respect to the characteristics of the Company and the risk profile assumed, as well as its overall effectiveness. Regarding sustainability matters, the Control, Risks and Sustainability Committee, among other things, in assisting the Board of Directors: o on an annual basis, reviews the progress of the Sus tainability Plan, the Sustainability Statement and the results of the double materiality assessment in line with the requirements of the European Sustainability Reporting Standards (ESRS) (see also pages 82-87; 102-107); o reports to the Board of Directors at least every si x months on the progress of projects that contribute to achieving the targets of the Sustainability Plan; o supports, with adequate oversight activity, the ass essments and decisions of the Board of Directors relating to the management of risks de riving from prejudicial events of which the Board of Directors has become aware of. As part of its activities, the Control, Risks and Sustainability Committee, at least every six months, requests updates from the Sustainability Unit on sustainability topics and the related actions taken, including the evaluation and management of impacts, risks and opportunities related to environmental, social and governance (ESG) matters. The Sustainability Unit, guided by the Chief Sustai nability Officer, is responsible for proposing the Group’s sustainability strategy, identifying, p romptly reporting to top management,managing and monitoring, in collaboratio n with the relevant departments, the impacts, risks and opportunities related to sustainability matters. In particular, the Unit: o in order to define a sustainability strategy, identifies areas for improvement and related projects in collaboration with the heads of the relevant departments and, on this basis, formulates a draft for the Sustainability Plan (planning phase); o submits the Sustainability Plan to the Strategic Committee of Moncler and Stone Island, two internal committees within the Group co mposed of Executive Directors, strategic managers and other function managers, who analyse its content and feasibility. In the final phase, the Sustainability Plan is assessed by the Control, Risks and Sustainability Committee, which expresses its o pinion to the Board of Directors, which is responsible for final approval;
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MONCLER GROUP – ANNUAL REPORT 2025 69 o identifies the officers responsible for achieving the objectives set out in the Sustainability Plan, who have the resources, instruments and know-how necessary for its implementation (management phase). The achievement of these targets is linked to the Management By Objectives (MBO) system as well as to medium/long-term incentive plans. 72-73; 125; 203-204); o to ensure the commitments made are upheld, requests an account of the progress of the projects from the various functions and, in turn, i nforms the Control, Risks and Sustainability Committee every six months (control phase); o provides annual updates on the Sustainability Plan, in order to report on the state of implementation of the projects and to set new targe ts where necessary, with the awareness that sustainability is not a destination, but a process of continuous improvement; o draws up the Sustainability Statement and spreads t he culture of sustainability within the Group; o promotes dialogue with stakeholders and, in particu lar together with the Corporate Affairs & Compliance and Investor Relations departme nts, with institutional investors and responds to requests for information from susta inability rating agencies and Socially Responsible Investors (SRI). In order to increasingly integrate sustainability i nto the business, within each company department the so-called Ambassadors were then identified, with the responsibility of ra ising awareness of social and environmental issues in the departments in which they operate and promoting sustainability initiatives consistent wit h the Group’s goals, and the Sustainability Data Owners , who are instead responsible, each within their ow n area, for the data and information published in the Sustainability Stateme nt, as well as for achieving the targets contained in the Sustainability Plan for the relevant topics. In this context, the Group has also established an ESG Committee at executive level. The Committee, chaired by the Chief Sustainability Office r, brings together the executive representatives of the Group’s main corporate functions and plays a central role in overseeing and guiding the management of environmental and soc ial topics, favouring a structured and integrated approach. In particular, the Committee f acilitates cross-functional coordination in cases requiring collaborative, cross-team efforts an d is responsible for monitoring progress against the targets defined in the Group’s Sustainability Plan. Nomination and Remuneration Committee The Company has a single Nomination and Remuneratio n Committee, in accordance with the provisions of Articles 4 and 5 of the Corporate Governance Code. The Committee was appointed by the Board of Directo rs at its meeting on 16 April 2025 and will remain in office until the approval of the 2027 financial statements. The Nomination and Remuneration Committee is composed of the following Directors who have the necessary expertise and professional experience to fulfil the Committee’s duties: Alessandra Gritti (as Chairman), Diva Moriani and Anna Zanardi. The composition, meetings, objectives, duties and a ctivities of the Committee are fully aligned with the recommendations of the Corporate Governance Code. Related Parties Committee The Related Parties Committee was appointed by the Board at its meeting on 16 April 2025 and will remain in office until the approval of the 2027 financial statements. The Committee is composed of the following Directors who possess the necessary expertise and professional experience to fulfil the Committee’s duties: Cesare Conti (as Chairman), Alessandra Gritti and
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70 ANNUAL REPORT 2025 - MONCLER GROUP Bettina Fetzer. The main task of the Related Parties Committee is to express opinions on related- party transactions submitted for its review in accordance with the terms and provisions set forth in the regulation issued by Consob with Resolution No. 17221 of 12 March 2010 regarding related party transactions (the RPT Regulation) and the relevant procedure adopted by the Company (the RPT Procedure) 5. Board of Statutory Auditors Composition The current Board of Statutory Auditors 6 was appointed by the Shareholders’ Meeting of 18 A pril 2023 and will remain in office until the date of appr oval of the financial statements for the 2025 financial year. The Board is composed as follows: MEMBER POSITION Riccardo Losi Chairman of the Board of Statutory Au ditors Carolyn Dittmeier Standing auditor Nadia Fontana Standing auditor Lorenzo Mauro Banfi Alternate Auditor Federica Albizzati Alternate Auditor Among the Standing Auditors, the female component i s equal to 67% of the total (two women compared with one man, representing a ratio of 200%) and the average age is 64. The members in office exhibit characteristics that ensure an adequat e level of diversity, including in terms of educational and professional background, with all the Statutory Auditors having gained experience in the field of tax and corporate consultancy. The m embers of the Board of Statutory Auditors also participate in induction sessions organised by the Group, including sessions on sustainability matters. Role The Board of Statutory Auditors is responsible for overseeing compliance with the provisions of current laws and regulations, monitoring compliance with the law and the Bylaws, as well as compliance with the principles of proper management. In particular, the Board of Statutory Auditors verifies the adequacy and functioning of the organis ational, administrative and accounting structures adopted by the Company, as well as the c orrect implementation of the corporate governance rules established by the applicable regulations. As part of these duties, the Board of Statutory Auditors supervises compliance with the provisions of Decree 125; the Board of Statutory Auditors is therefore responsible for overseeing the adequacy of all procedures, processes and structures related to the preparation of the Sustainability Statement, and for verifying compliance with the applicable re gulations. The Board of Statutory Auditors also acts as the Internal Control and Audit Committee pu rsuant to Article 19 of Legislative Decree No. 39/2010 and, therefore, is required to carry out th e tasks provided for therein (including the obligation to monitor the Sustainability Statement process). Supervisory Body The current Supervisory Body was appointed by the B oard of Directors at its meeting held on 16 April 2025 and will remain in office until the date o f approval of the financial statements for the 5 The RPT Regulation and RPT Procedure are available on the Moncler website at www.monclergroup.com in the “Governance/Documents and Procedures” section. 6 For information on the curricula vitae of the Stat utory Auditors, please refer to the profiles on the Moncler website at www.monclergroup.com in the “Governance/Board of St atutory Auditors” section, as well as to the Report on Corporate Governance and Ownership Structures in the “Governance/Documents and procedures” section.
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MONCLER GROUP – ANNUAL REPORT 2025 71 2027 financial year. It is composed of Carlo Alberto Marchi, as Chairman and external member, Lorenzo Mauro Banfi, external member, and the Head o f the Internal Audit Department, Riccardo Greghi, as an internal member. The Supervisory Body has the task of supervising the effectiveness and adequacy of Moncler’s internal control system as well as the organisational, management and control model adopted by the Company (Model 231) pu rsuant to Legislative Decree No. 231/2001 (Decree 231). For full compliance with Decree 231, the Supervisory Body reports to the Board of Directors and is not linked to the operational stru ctures hierarchically, so as to ensure its full autonomy and independence in the performance of its functions. Auditing firm The statutory audit is carried out by Deloitte & Touche S.p.A. (Deloitte), an auditing firm registered in the relevant official register, to which the Ordinary Shareholders’ Meeting, held on 22 April 2021, assigned the auditing mandate for the nine-year period 2022-2030, following a selection process coordinated by the Board of Statutory Auditors. Additionally, Deloitte has been entrusted with the assurance engagement for the Sustainability Report.
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72 ANNUAL REPORT 2025 - MONCLER GROUP [GOV-3] INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE SCHEMES Moncler’s remuneration policy, submitted for approval to the Shareholders’ Meeting, includes the integration of sustainability targets into both the short-term and medium/long-term incentive remuneration systems. This approach ensures that to p management’s remuneration is aligned with the Group’s sustainability strategy. The Nomination and Remuneration Committee and, with reference to ESG indicators, the Control, Risks and Sustainability Committee, are responsible for reviewing, prior to the Board of Director, the sustainability targets and verifying their achievement. The Board of Directors, in turn, is required to approve the definition of these targets and to verify that they have been achieved. With reference to 2025, the Policy provided for a s hort-term and a medium/long-term variable component applicable to the Chairman and CEO, the E xecutive Directors and the Strategic Managers. In particular: • The short-term incentive (Management By Objective or MBO ), which included the achievement of at least 34 targets out of 36 of the 2020-2025 Sustainability Plan, included in the ESG indicator, representing 10% of the total. By 2025, 35 out of 36 targets have been achieved. • The medium/long-term incentive (Long-Term incentive or LTI ), under whichthe second and final cycle of the 2022 Performance Shares Plan was compl eted in 2025 and which included an ESG indicator among the targets representing 15% of the total. All three ESG targets in the reporting period were achieved: o in 2025, carbon neutrality was maintained at direct ly managed company sites worldwide (production sites, offices, logistics hub and stores) through the use of 100% of electricity from renewable sources, 98% hybrid and electric vehicles in the Group’s corporate car fleet and the compensation of unavoidable residual emissions; o over 60% of the nylon used in the 2025 collections is made of recycled material; o Equal Pay certification has been achieved for the Moncler Brand worldwide. In addition, the Moncler Group received the top score (A) for the third consecutive year and has been confirmed on Climate “A List” by CDP for its le adership in corporate transparency and management of climate change issues. The over perfo rmance mechanism was therefore applied. Meanwhile, the 2024 Performance Shares Plan is currently in progress and includes an ESG indicator (representing 15% of the total) consisting of the three targets relating to: o completion of the training programme on Diversity, Equity & Inclusion topics by 100% of management (managers, senior managers, executives and senior executives) by 2026; o 55% of the nylon used in the 2026 collections is made of “preferred” material (e.g. recycled nylon, bio-based nylon); o achieving certification, by 2026, for the new Moncler Headquarters, according to the LEED for Building Design and Construction standard, which certifies the environmental efficiency of buildings, and according to the WELL standard re lating to the comfort and working conditions of employees. Finally, at the Shareholders’ Meeting on 21 April 2 026, the Policy for 2026 will be submitted, which provides, for the CEO 7, the Executive Chairman, the Executive Directors and the Strategic Managers: 7 As indicated in the press release of 20 January 2026, as of 1 April, Bartolomeo “Leo” Rongone will join Moncler as Chief Executive Officer. Remo Ruffini will be Executive Chairman, maintaining responsibility for Creative Direction, and Roberto Eggs, as of 1 March,
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MONCLER GROUP – ANNUAL REPORT 2025 73 a short-term incentive, which includes among the ta rgets an ESG indicator, representing 15% of the total. This indicator is based on the annual targets of the 2026-2028 Sustainability Plan (see also page 87-94), defined for the relevant year. The se targets are specifically related to clear strategic priorities: fighting climate change and protecting nature, with an increasingly circular approach to products; promoting high social standar ds along the supply chain; maintaining strong relationships with clients, supporting local communities; fostering the development and well-being of employees; a medium/long term incentive, represented by share-based incentive plans which, with reference to the 2026 Performance Shares Plan (which will als o be submitted for approval to the next Shareholders’ Meeting), include among the targets a n ESG indicator representing 15% of the total, consisting of the following three targets: o the achievement of at least 65% of yarns and fabrics used in the 2028 collections made with “preferred” materials 8; o 50% of key suppliers 9 using electricity exclusively from renewable sources by 2028; o the completion by 2028 of five three-year programmes dedicated to the corporate population, aimed at promoting continuous training, improving skills development and enhancing the well-being of the Group’s employees, as well as strengthening their sense of belonging. In addition, as an over-performance criterion, all of the above plans provide for an additional target that reflects the achievement of a high rating for t he Group’s sustainability performance by one of the leading ESG rating agencies: for example, S&P G lobal, CDP, MSCI Research, Sustainalytics or FTSE Russell. will cease to be Chief Business Strategy & Global Market Officer and Executive Director of Moncler, maintaining the role of non- executive member of the Company’s Board of Directors. 8 Materials that aim to have a lower impact compared to conventional solutions used by the Moncler Group (for example materials that are recycled, organic, from regenerative agriculture or certified according to specific standards). 9 Suppliers selected on the basis of their emissions impact, expenditure significance and their strategic importance to the business.
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74 ANNUAL REPORT 2025 - MONCLER GROUP [GOV-4] STATEMENT ON DUE DILIGENCE Below is reported the mapping of the information provided in this Document regarding the due diligence process , in accordance with the provisions of the European Sustainability Reporting Standards (ESRS) , in particular GOV-4: FUNDAMENTAL ELEMENTS OF DUE DILIGENCE PARAGRAPHS IN THE SUSTAINABILITY STATEMENT • Embedding due diligence in governance, strategy and business model • GOV-1 The role of the administrative, management and supervisory bodies; GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies • GOV-3 Integration of sustainability-related performance in incentive schemes • SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model • Engaging with affected stakeholders in all key steps of due diligence • GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies • SBM-2 Interests and views of stakeholders • IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities • E1-2 Policies related to climate change mitigation and adaptation • S1-1 Policies related to own workforce • S1-2 Processes for engaging with own workers and workers’ representatives about impacts • S2-1 Policies related to value chain workers • S2-2 Processes for engaging with value chain workers about impacts • S4-2 Processes for engaging with consumers and end-users about impacts • G1-1 Corporate culture and business conduct policies (whistleblowing system) • Identifying and assessing adverse impacts • IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities o E1 IRO-1 related to climate o E3 IRO-1 related to water o E4 IRO-1 related to biodiversity and ecosystems • S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions • Taking action to address those adverse impacts • Actions and resources related to: o E1-3 climate change o E3-2 water o E4-3 biodiversity and ecosystems o S1-4 workforce o S2-4 workers in the value chain • E1-1 Transition plan for climate change mitigation • S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns • S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns
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MONCLER GROUP – ANNUAL REPORT 2025 75 • Tracking the effectiveness of these actions and communicating • Actions and resources related to: o E1-3 climate change o E3-2 water o E4-3 biodiversity and ecosystems o S1-4 workforce o S2-4 workers in the value chain • Metrics and targets related to: o climate change (E1-4 to E1-7) o water (metrics related to water consumption and SBM-1) o biodiversity and ecosystems (E4-4) o workforce (S1-5 to S1-17) o value chain workers (S2-5)
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76 ANNUAL REPORT 2025 - MONCLER GROUP [GOV-5] RISK MANAGEMENT AND INTERNAL CONTROLS OVER SUSTAINABILITY REPORTING The Sustainability Statement is subject to both internal controls, involving the data owners and the Sustainability Unit, within the Internal Control System on Sustainability Reporting, and external controls by the auditing firm. The Internal Control System on Sustainability Reporting is a structured system of control processes, roles, responsibilities, tools and procedures desig ned to ensure the accuracy and completeness of environmental, social and governance information. It is designed according to the best practices in the field of internal control, in particular taking into account the Internal Control - Integrated Framework (CoSO Framework) 10 , which is the methodological reference adopted by the Moncler Group for the setting, updating and assessing of all the components of the internal control system. The system also operates in alignment with current regulations and corporate governance best practices and is fully incorporated into the Group’s Internal Control and Risk Management System. The scope of application of the Internal Control Sy stem on Sustainability Reporting is defined through an analysis based on the potential risk of misstatement in reporting. This analysis is developed on four assessment drivers: complexity 11 , priority/materiality of the topic 12 , ownership 13 and potential impact due to misstatement of the data. Thanks to this analysis, the indicators subject to reporting were categorised into three levels of risk (high, medium, low) and the Group companies that contribute most significantly to reporting were identified. The potential reporting risks relate mainly to any inaccuracy and incompleteness of the data collected, any errors in the calculation of the indicators and any lack of alignment with ESRS requirements. Based on the defined scope, risks mitigating control s have been identified, namely Process Level Controls , Entity Level Controls and Group Wide Controls . All risks and related controls are reported within the “Risk & Control Matrix”, which is the summary tool to assess their effectiveness and identify any strengthening actions. During 2025, the Internal Audit Function carried ou t independent testing in order to ascertain the adequacy and correct functioning of the controls im plemented. The summary results were communicated to the Executive Officer, the supervisor y bodies and the Control, Risks and Sustainability Committee. 10 Reference model developed by the Committee of Spon soring Organizations of the Treadway Commission for the design, implementation and evaluation of internal control systems. 11 The level of complexity increases when the process of collecting data and/or calculating the indicator requires aggregations, estimates or the use of calculation formulas. 12 Depending on Management priorities, analyses conducted on historical data and industry publications. 13 “Widespread” or “concentrated”.
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MONCLER GROUP – ANNUAL REPORT 2025 77 [SBM-1] STRATEGY, BUSINESS MODEL AND VALUE CHAIN The Moncler Group, with its Moncler and Stone Islan d brands (Brands), stands out for an offering characterised by creativity and innovation, combine d with a constant pursuit of excellence in materials. The collections, Men, Women and Children , include clothing, as well as accessories, footwear and bags. Moncler offers products of the highest quality, feat uring a unique design and constantly evolving, maintaining a strong consistency with the Brand’s D NA. The collections have three dimensions: Moncler Collection , which embodies the essence of a metropolitan, con temporary style; Moncler Grenoble, representing a more technical focus on outdoor activities; and Moncler Genius, which brings together creative talents from art, design, entertainment, music, technology, sport and culture to reinterpret Moncler’s codes. Stone Island has always focused on fabric technology and experimentation, aiming for functionality, which translates into an immediately recognisable i mpression in terms of cut, shape, material and colour. Alongside the Stone Island Men ’s collections, the Brand offers the Stone Island Junior collection, a dedicated line for children and teena gers aged 2 to 14. Stone Island’s offering, in addition to the Main collection, is divided into three sub-collections, each oriented to meet the needs of different market segments: Stone Island Ghost , totally monochromatic garments with sophisticated aesthetics; Stone Island Marina , strongly inspired by the naval world and garments in the Brand’s archive; and Stone Island Stellina , which offers looks with high-performance features and essential design. Both Brands combine tradition and research, driven by the desire to evolve continually in order to remain contemporary. This evolution is also reflected in the Group’s commitment to sustainability: in recent years, the collections have been developed by progressively introducing lower environmental impact raw materials (recycled, organic or certified in line with specific standards) compared to conventional ones (see also page 175-176). The Moncler Group distributes the collections, alwa ys in compliance with applicable local legislation, in over 70 countries through a network that includes directly operated physical and digital stores, selected multi-brand retailers, sho p-in-shops within department stores and airports online luxury multi-brand retailers (e-tailers). Du ring the reference year, the Group further strengthened the link with its community in the reg ions where it operates, through targeted campaigns and dedicated events. The international presence of the Moncler Group is reflected in the distribution of its employees. The EMEA Region, including Italy, hosts the majorit y of the workforce, with 5,657 employees (66% of the total), due to the presence of the corporate and production sites of Moncler and Stone Island. In the Americas Region, the Group has 656 employees (8% of the total), and 2,220 in Asia (26% of the total) (see also pages 212; 262-263). The Moncler Group strategy is underpinned by five main pillars : overseeing and enhancing the most strategic phases in which creativity, quality and brand value take shape; strengthening authentic links with its communities and amplifying the global relevance of the Brands through unique brand experiences; making innovation an appr oach that permeates every area of the business, from creativity to production, up to the digital ecosystem and beyond; adopting a multi- channel distribution model that transforms each poi nt of contact into an authentic brand experience, where the universe of each brand comes to life well beyond the retail dimension; and finally, promoting sustainable growth, by continuing to incorporate environmental and social considerations into its operations. The Moncler Group has adopted a business model , described below, which allows it to directly control the highest value-added phases of the value chain, from production to distribution, to ensure optimal management and a consistent, high-quality client experience.
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78 ANNUAL REPORT 2025 - MONCLER GROUP PRODUCTION AND PROCUREMENT Moncler directly manages the entire creative process, the research and selection of raw materials, the development of prototyping and quality control. Production relies on a combination of internal resources and collaborations with façon manufacturers, particularly for outerwear and knitwear. In 2020, Moncler started a process of partial insourcing of production, a strategic decision intended to strengthen control over the production cycle and ensure excellence through cutting-edge technologies. This approach aims to protect company know-how, consolidate internal skills and strengthen Research and Development to drive produc t innovation, while maintaining the agility necessary to respond quickly to market needs. The C ompany has a production site in Romania, a “smart factory” in Trebaseleghe (Padua) and a knitwear plant in Padernello di Paese (Treviso). For the supply of raw materials, Moncler carefully choo ses materials that meet the highest quality standards, in line with its sustainability targets (see also pages 87-94). Stone Island manages the product development cycle internally, at its office i n Ravarino (Modena), focusing on innovation through research into fibres, yarns, finishing and dyeing. The Company has adopted an integrated system that combines modelling, prototyping and dye ing, supported by external partnerships for research and execution. The selection of materials and manufacturing processes is supervised by internal technicians, with suppliers based in Italy, Japan and South Korea. In 2025, a total of 620 14 suppliers were involved in the production of Moncl er and Stone Island products, divided into raw material suppliers, façon manufacturers, finished products suppliers and service providers (see also page 222). The majority of suppliers (app roximately 89%) are located 15 in the EMEA Region, primarily in Italy. The Group distributes its purchasing expenditure, so as to avoid situations of dependence on its supplie rs that could represent a risk for the business. In terms of supplier concentration, the top 35 supplie rs account for more than 50% of the value of orders. The Group is committed to closely monitorin g the concentration level and promptly identifying any critical situations that could compromise the continuity of supply. In this context, the Group takes measures to mitigate these risks and, where possible, favours the use of local suppliers located close to the main sites. This approach not only allows for logistical advantages but also contributes to reducing greenhouse gas (GHG) emissions, while generating value and creating job opportunities in the communities where the Group is actively present. 16 14 Excluding suppliers with sales order of less than 1,000 euros per year. 15 For façon manufacturers and finished product suppliers, the geographic location is the country the product was “made in”; for service providers and raw material suppliers, it is the country where the supplier’s head office is registered. Percentages calculated on the number of suppliers. 16 Percentages calculated on the number of suppliers.
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MONCLER GROUP – ANNUAL REPORT 2025 79 71% 18% 10% 1% SUPPLIERS BY GEOGRAPHICAL AREA 15 Italy EMEA (excl. Italy) Asia Americas 63% 26% 10% 1% SUPPLIER BY TYPE 16 Raw materials Façon manufacturers Finished products Services 46% 35% 17% 2% VALUE OF ORDERS BY GEOGRAPHICAL AREA Italy EMEA (excl. Italy) Asia Americas
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80 ANNUAL REPORT 2025 - MONCLER GROUP To the suppliers involved in the production of the garments are add ed indirect suppliers, which provide goods and services not directly related to the production of the product, including construction companies and security, cleaning, porterage and maintenance, logistics and consulting services. SALES CHANNELS AND CLIENT EXPERIENCE For both Brands, distribution takes place through D irect-to-Consumer (DTC) and wholesale channels, with a network of mono-brand stores and a strong direct online presence. In 2025, Moncler strengthened its direct presence t hrough new, carefully selected openings and relocations to more strategic positions, while Ston e Island, in line with the Group’s strategy aimed at the integrated development of its distribution c hannels, has been steadily advancing towards greater control of distribution on international markets, through progressive direct management of the markets previously managed by distributors, completed in 2025, and through the expansion of the DTC channel. For both Moncler and Stone Island, the omnichannel approach is central to the distribution model and includes services aimed at providing clients wi th greater flexibility during the purchasing process, allowing them to book or order a garment online and try it in store or receive it directly at home, as well as buy garments conveniently from home through distance sales. Aware that every moment of contact with the client is an opportunity to welcome, learn, tell, engage and collect feedback, the Group defines each project and initiative with the aim of improving the shopping experience, involving clients more and mor e in the world of Moncler and Stone Island. With this in mind, Moncler has developed the Retail Excellence project, extended in 2021 to Stone Island under the name of Omnichannel Excellence , to strengthen the Direct-to-Customer (DTC) culture. The project involved several areas, ranging from the redesign of the client experience to the organisation of stores and sales staff and the redefinition of processes and operating methods, with the aim of knowing and engaging consumers and build ing their loyalty through an increasingly omnichannel approach. Ensuring consistency between all client contact points is fundamental for the Group, which has also extended the principles of retail excellence to all its wholesale channel partners, such as mono- brands, airports, selected multi-brands and departm ent stores. This approach includes sales force training, client experience personalisation, after-sales services and integrated communication. For this channel, the Group has adopted a selective dis tribution system, updated regularly, which ensures compliance with qualitative and quantitative criteria to maintain the correct positioning of the Brand. The system establishes rules for selecting distributors, displaying products, staff skills and packaging, ensuring alignment with the image and values of the Brand. Both Brands periodically subject their business partners to audits carried out by both internal staff and by independent third-parties to verify complian ce with its service and quality principles, in accordance with the ISO 9000 standard. LOGISTICS Over the years, the Group has focused its efforts on increasing the automation and standardisation of processes, continuing to integrate the main logi stics service providers into its IT systems. At the same time, an internal competence centre has been d eveloped to ensure control and business continuity and to reduce the impact of processes. S tone Island’s logistics and distribution system is integrated into the Group’s model, with many flows a ligned with those already developed for Moncler. This enables improved operational efficiency, thanks to the creation of synergies between spaces, resources in logistics hubs and transport.
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MONCLER GROUP – ANNUAL REPORT 2025 81 2020 -2025 SUSTAINABILITY PLAN The Group continues to integrate environmental and social aspects into its way of operating, as demonstrated by the 2020-2025 Strategic Sustainability Plan, now completed. The Plan focused on five strategic priorities: climate change and biodiv ersity, circular economy, responsible sourcing, valuing diversity and supporting local communities. As part of the Plan, the Group strengthened the management of climate impacts by defining targets for reducing greenhouse gas emissions based on scie ntific criteria and launching a programme to involve suppliers in decarbonisation pathways, and consolidating the commitment to achieve net zero emissions (Net Zero) by 2050. Circular economy initiatives have included, starting from 2023, the recycling of nylon production scraps at its sit es and in the production chain, and have helped to increase the use of “preferred” 17 materials in the collections, reaching over 55% of yarns and fabrics with from lower impact materials than conve ntional solution, i.e. recycled, organic, from regenerative agriculture or certified according to s pecific standards, by 2025. The Sustainability Plan also helped to increase the traceability of ra w materials and to promote the continuous improvement of social and environmental standards t hroughout the supply chain through close collaboration with its business partners. In parall el, awareness-raising initiatives were carried out, both internal and external, aimed at fostering and enhancing diversity and promoting an increasingly equitable and inclusive culture, and g ender equal pay certification under EDGE 18 methodology was obtained worldwide for the Moncler brand. In the reference period, the Group also supported local communities through high socia l value projects, with particular attention to initiatives aimed at protecting vulnerable children and families from the cold. 17 Materials that aim to have a lower impact compared to conventional solutions used by the Moncler Group (for example materials that are recycled, organic, from regenerative agriculture or certified according to specific standards). 18 A prestigious international certification that confi rms a company’s commitment to gender equality and t he promotion of an inclusive and fair work environment. The EDGE certification represents a globally recognised standard for assessing and improving equality and inclusion policies within companies, providing a concrete framework to identify targeted and measurable actions.
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82 ANNUAL REPORT 2025 - MONCLER GROUP LEGEND Target overachieved Target achieved Target partially achieved Target on time o Target delayed TARGETS 2025 RESULTS ACT ON CLIMATE & NATURE Reduce CO 2 emissions [SDG 7; 13] 2030 Reduction of 70% in absolute scope 1 and 2 CO 2e emissions vs 2021 (in line with the Science-Based Targets initiative “1.5°C” ambition) 2030 Reduction of 52% in scope 3 CO 2e emissions per product unit sold vs 2021 (in line with the Science Based Targets initiative “Well Below 2°C” ambition) 2050 Net Zero -46% absolute scope 1 and 2 CO 2e emissions vs 2021 +3% absolute scope 3 CO 2e emissions vs 2021 Ongoing 100% carbon neutral at all directly managed corporate sites worldwide ( production sites, offices, logistics hub and stores ) Ongoing 100% renewable energy at all directly managed corporate sites worldwide ( production sites, offices, logistics hub and stores) Ongoing 90% of low environmental impact vehicles in the Group’s corporate car fleet worldwide Ongoing LEED certification for new corporate buildings Ongoing LEED certification for new stores 19 Carbon neutrality maintained at directly managed corporate sites worldwide ( production sites, offices, logistics hub and stores ) 100% of electricity used at all directly managed corporate sites worldwide from renewable sources ( production sites, offices, logistics hub and stores ) 98% hybrid and electric vehicles in the Group’s corporate car fleet worldwide LEED certification for Building Design and Construction obtained for the new Moncler Headquarters Continued the LEED certification process at the Group’s new stores worldwide Compensated unavoidable residual emissions through projects certified on the voluntary market and focusing respectively on circular economy and renewable energy 19 Excluding shop-in-shops.
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MONCLER GROUP – ANNUAL REPORT 2025 83 Ongoing Promotion of measures for energy efficiency and renewable energy throughout the supply chain Continued the supply chain engagement programme that includes, in addition to energy assessment activities aimed at identifying concrete actions for the reduction of energy consumption and the promotion of energy from renewable sources, support for suppliers in defining CO 2 emissions reduction targets according to internationally recognised standards Safeguard biodiversity [SDG 6; 12; 14; 15] 2025 Support for initiatives of Zero Deforestation and sustainable forest management All paper, cardboard and wood materials used by the Group are made exclusively from recycled and/or reused raw materials and/or raw materials certified by the Forest Stewardship Council (FSC) and/or the Programme for the Endorsement of Forest Certification (PEFC) Supported a project promoted by the Office National des Forêts (ONF) for the planting of over 900 trees in the municipal forest of Monestier-de-Clermont Ongoing Launch of regenerative agriculture projects in the cotton and wool supply chains to reduce and/or avoid the impacts on biodiversity Wool supply chain: continued the regenerative agriculture project in Australia with PUR Projet , with a biodiversity monitoring and carbon absorption system for resilient and fertile ecosystems Cotton supply chain: continued support for the Unlock project by extending the programme to new farmers and geographical areas in South Asia ; continued collaboration with the Ecosystem Services Market Consortium , continuing projects in Tennessee and launching new projects in Texas THINK CIRCULAR & BOLD Use lower impact materials compared to conventional solutions 20 [SDG 12] 2025 Over 50% of yarns and fabrics will be from “preferred” materials >55% of the yarns and fabrics used in the SS and FW 2025 collections made with “preferred” materials (>43% in the SS and FW 2024 collections) 20 The value considers the total weight of yarns and fabrics used for the production of the Spring/Summe r (SS) and Fall/Winter (FW) 2025 collections.
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84 ANNUAL REPORT 2025 - MONCLER GROUP 2025 50% “preferred” nylon used in the 2025 collections >60% of the nylon used in the SS and FW 2025 collections is made of recycled material (>50% in the SS and FW 2024 collections) 2025 50% “preferred” cotton used in the 2025 collections >55% of cotton used in the SS and FW 2025 collections is organic or recycled ( ~37% in the SS and FW 2024 collections) 2025 100% of merino wool used in the 2025 collections will be certified mulesing free 2025 70% wool certified under specific standards (for example Responsible Wool Standard – RWS, Nativa, Sustainawool) 100% of the merino wool used in the SS and FW 2025 collections made with mulesing free certified materials ( ~93 % in the SS and FW 2024 collections) >70% of the wool used in the SS and FW 2025 collections made with certified materials, for example Responsible Wool Standard – RWS, Nativa, Sustainawool ( ~70 % in the SS and FW 2024 collections) Extend the product’s ability to last over time [SDG 12] Ongoing At least 55% of nylon production scraps (Group’s direct production sites and Moncler Brand outerwear suppliers) recycled 100% of nylon scraps sent for recycling from own direct sites. Recycling, extended to the Moncler external outerwear production network, reaches more than 55% of total nylon scraps also in 2025 Ongoing Extra-Life “advanced” repair service developed at global level Extra-Life “advanced” repair service for Moncler garments available in all Regions Use lower impact packaging compared with convention al solutions [SDG 14] Ongoing 100% packaging for end clients made with “preferred” materials 100% of packaging for Moncler and Stone Island end clients made with “preferred” materials
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MONCLER GROUP – ANNUAL REPORT 2025 85 Ongoing Zero single-use virgin plastic from fossil origin Zero single-use virgin plastic from fossil origin Ongoing 100% of packaging used in logistics processes made with “preferred” materials 100% of the Group’s logistics packaging made with “preferred” materials BE FAIR Strengthen traceability systems of raw materials [S DG 12] Ongoing 100% of down suppliers also compliant with the new “human rights” and “environmental” modules included in the DIST Protocol (Stone Island will adopt the same environmental and social modules in its Responsible Down Standard - RDS certified supply chain) 100% of down suppliers also compliant with the new “human rights” and “environmental” modules included in the DIST Protocol (Stone Island adopted the same environmental and social modules in its Responsible Down Standard - RDS certified supply chain) Ongoing Key raw materials traced Key raw materials (cotton, down, nylon, polyester and wool) traced Promote a fair and safe workplace [SDG 8] 2025 At least 80% of “critical suppliers” 21 aligned with the highest levels of the Moncler Group’s social compliance standard >90% of “critical suppliers” aligned with the highest levels of the Moncler Group’s social compliance standard 507 ethical, social and environmental audits carried out during the year. 100% of outerwear suppliers audited on ethical and social aspects in the three-year period 2023-2025, and additional monitoring systems introduced (e.g. visits outside working hours, monitoring of energy consumption by time bands) 21 Includes suppliers selected on the basis of econom ic value, continuity of the relationship with the G roup and sustainability parameters, that are assessed according to different risk levels associated with the type of raw materi als, production processes and potential violation of human rights in the country in which they operate.
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86 ANNUAL REPORT 2025 - MONCLER GROUP Ongoing Promotion of health, safety and environmental certifications at supplier sites Continued awareness-raising activities for suppliers to promote the importance of certification processes 2025 100% of “critical suppliers” evaluated and involved in a living wage analysis 22 100% of “critical suppliers” evaluated and involved in a living wage analysis NURTURE UNIQUENESS Promote an inclusive culture through training [SDG 4; 5] 2025 Update of the PIUMA Leadership model , the company’s performance review system, with a focus on inclusivity Launched BEYOND, the new performance evaluation model Ensure representation [SDG 4; 5] 2025 ≥ 50% women in total workforce ≥50% women in all management positions ≥ 50% women in junior management positions ≥ 50% women in top management positions ≥ 50% women in management positions of revenue-generating functions ≥ 50% of women in STEM-related (Science, technology, engineering and mathematics) positions 71% women in total workforce 53% women in all management positions 55% women in junior management positions 43% women in top management positions (percentage increased compared with previous years, but target not fully achieved) 54% women in management positions of revenue-generating departments 61% of women in STEM-related positions 22 Living wage analyses are valid for three years.
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MONCLER GROUP – ANNUAL REPORT 2025 87 Creating a system of procedures and policies to support Diversity, Equity & Inclusion (DE&I) Ongoing Strengthening employees protection systems Launch of new internal communication campaign on the whistleblowing procedure 2025 Equal pay certification at global level (Moncler Brand perimeter) Equal Pay certification achieved for the Moncler Brand worldwide 2025 Publishing a DE&I report 2025 DE&I Report published in February 2026 Value people [SDG 3] Ongoing Annual repetition of the employee satisfaction survey at global level Carried out the ninth internal employee satisfaction survey, MONVoice , with an 81% response rate involving 7,307 people at Group level GIVE BACK Protect people from the cold 2025 150,000 people in need protected from the cold (2020-2025) Over 163,000 people in need protected from the cold (2020-2025) Create shared value [SDG 11] Ongoing 100% of eligible employees enabled to undertake volunteer activities during working hours 100% of eligible employees enabled to undertake volunteer activities during working hours Based on the results achieved and the evidence that emerged during the period of implementation of the 2020-2025 Plan, the Group has defined a new 2 026-2028 Sustainability Plan 23 . The Plan, called SIDE by SIDE , is based on the belief that the results we aspire to cannot be achieved individually, but are the result of a shared path, in which each step forward is shaped by dialogue, collaboration and trust, built with the people and organisations that accompany the Group on its journey. In line with this approach, the 2026-2028 Plan, an integral part of the Group’s Business 23 Approved on 19 February 2026 by the Board of Directors of Moncler S.p.A.
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88 ANNUAL REPORT 2025 - MONCLER GROUP Plan and the result of the collaboration of all cor porate functions, is divided into four strategic pillars that will guide the Group’s actions and commitments in all environmental and social aspects. Safeguard Planet The Group is committed to supporting the transition to a low-carbon model by fostering the acceleration of decarbonization pathways across its operations, logistics and supply chain, while also reducing its environmental footprint through a focus on biodiversity and ecosystem, and the proactive management of chemical safety. Un derpinning this approach is an increasingly strong drive to adopt a circular produ ct approach, embedded from the design stage, thus promoting physical durability, innovation and the efficient use of resources. Inspire Fairness The Group is strengthening the focus and actions ai med at supporting a responsible supply chain, through the consolidation and expansion of monitoring and verification systems. At the same time, it promotes the increase of awareness am ong suppliers and workers in the supply chain, through training programmes and shared initi atives, aimed at improving social and environmental practices in a structural and lasting way. Display Warmth The Group values every interaction with its clients as an opportunity to listen and learn, strengthening relationships based on trust. At the same time, its commitment extends to communities, translating the vocation of protection into concrete initiatives. Evolve a Legacy of Care The Group promotes the growth of its people through training and continuous development, fostering work environments in which everyone can express their potential. Strengthening the sense of belonging and paying attention to physical and emotional well-being are central elements in translating the Group’s values into dai ly behaviours based on respect, listening and shared responsibility. For each strategic priority, the Group has defined a series of commitments based on a careful analysis of the areas where it can amplify positive impacts and reduce negative ones. This analysis takes into account both industry-specific challenges and the expectations of stakeholders, including the financial community, clients, suppliers, associa tions and employees. By integrating risk management with the exploitation of opportunities, the Plan aims to disseminate structured practices along the entire value chain, ensuring co nsistency between strategy, governance and operational processes. In identifying the strategic drivers and the relative commitments of the Plan, the priorities set in the 2030 Agenda for Sustainable Development ( Sustainable Development Goals – SDGs) were also taken into account, thereby contr ibuting to achieving them. Of the 17 macro- goals described in the SDGs (such as tackling climate change and combating inequality), the Group contributes to 12, either directly or through organisations with which it collaborates.
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MONCLER GROUP – ANNUAL REPORT 2025 89 “SIDE by SIDE” 2026-2028 SUSTAINABILITY PLAN TARGETS SAFEGUARD PLANET Fight against climate change [SDG 7; 13] 2030 Reduction of 70% in absolute scope 1 and 2 CO 2e emissions vs 2021 (in line with the Science- Based Targets initiative “1.5°C” ambition) 2026 • Building Guidelines and the related implementation plan, which identify electrification and energy efficiency solutions to be applied acros s directly managed corporate sites (production sites, offices, logistics hub and stores) Ongoing • 100% renewable energy at all directly managed corpo rate sites worldwide ( production sites, offices, logistics hub and stores ) Ongoing • LEED certification for new corporate buildings and new stores 24 2028 • ≥45% of corporate fleet vehicles with emissions below 50g of CO ₂/km 25 2030 Reduction of 52% in scope 3 CO 2e emissions per product unit sold vs 2021 (in line with the Science Based Targets initiative “Well Below 2°” am bition) - Target under review and subject to new validation by SBTi - 2028 • ≥65% of yarns and fabrics made with “preferred” materials in the 2028 collections 26 • ≥70% “preferred” nylon in the 2028 collections 26 • ≥65% “preferred” cotton in the 2028 collections 26 • ≥75% of wool certified under specific standards (for example Responsible Wool Standard – RWS, Nativa, Sustainawool) in the 2028 collections 26 Ongoing • Supporting key suppliers 27 in developing decarbonisation plans • Promoting the adoption of renewable energy 28 across the supply chain 2028 • Identifying and starting the implementation of new low-carbon logistics solutions 29 Net Zero by 2050 24 Excluding shop-in-shops. 25 Target is subject to the implementation of Commission Implementing Decision (EU) 2023/1623. 26 The value considers the total weight of yarns and fabrics used for the production of the Spring/Summer (SS) and Fall/Winter (FW) 2028 collections. 27 Intending suppliers selected on the basis of their emissions impact, spend relevance and and strategic importance to the business. 28 For example, through the switch from conventional energy supply contracts to renewable electricity contracts or the purchase of Energy Attribute Certificates (EACs), including Guarantees of Origin (GOs), Renewable Energy Certificate (REC), New Zealand Energy Certificates (NZECs), Non-Fossil Value Certificates (NFCs) and International Renewable Energy Certificates (I-RECs). 29 For example, this includes initiatives aimed at ad opting alternative transport modes with lower emiss ion intensity, such as intermodal solutions combining maritime and rail transport.
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90 ANNUAL REPORT 2025 - MONCLER GROUP Nature protection [SDG 3; 6; 12; 15] Safeguard biodiversity 2026 • Adoption of new high-efficiency dyeing machinery ca pable of reducing water withdrawal by 50% 30 compared to previous solutions (Stone Island brand) 2028 • 100% of garment dyeing suppliers (tier 1) involved in a capacity-building programme on water management (Stone Island brand) 2028 • Analysis of the sourcing areas of yarns and fabrics made with traced strategic raw materials 31 to identify potential water-stressed areas and exploring initiatives for impact mitigation 2028 • DIST protocol integrated with a dedicated section to biodiversity Ongoing • Continuing and developing regenerative agriculture projects within the cotton and wool supply chains Ongoing • All paper, cardboard and wood materials used made exclusively from recycled and/or reused raw materials and/or raw materials certified by the Forest Stewardship Council (FSC) and/or the Programme for the Endorsement of Forest Certification (PEFC) Management of substances with potential environment al impact 2026 • Introducing voluntary parameters in wastewater anal yses (in addition to legal requirements) at least for 80% of “critical supplie rs” of yarns and fabrics with in-house wet-production processes 2028 • Defining a Group approach on fibre fragmentation 2026 • Water-repellent treatments and fabrics purchased fo r production not involving the intentional use of PFAS 32 30 Using the same dyeing process. 31 At least 80% by volume of fabrics and yarns made of cotton, nylon, polyester and wool. 32 Per- and Polyfluoroalkyl Substances (PFAS).
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MONCLER GROUP – ANNUAL REPORT 2025 91 Development of circularity models [SDG 9; 12; 14] Minimising product and packaging impact 2028 • >25% of Moncler’s collection prototypes developed u sing 3D technology to minimise physical samples Ongoing • ≥55% of nylon production scraps (Group’s direct pro duction sites and Moncler brand outerwear suppliers) sent for recycling 2028 • Implementing reuse solutions for logistics packaging 2028 • Using at least 70% post-consumer plastic material i n packaging made from 100% recycled plastic Ongoing • Zero single-use virgin plastic from fossil origin • 100% of packaging for end-clients and logistics pro cesses made with “preferred” materials 2028 • Launch of a programme for the reuse, donation or recycling of Visual Merchandising and event equipment (Moncler brand) Extension of product life 2028 • Defining guidelines for product and packaging devel opment to promote and facilitate recyclability and repairability 2026-2028 • Progressively extending the Extra-Life 2.0 “advance d” repair service to the Stone Island brand and broadening the types of repairable interventions for the Moncler brand 2027 • Covering iconic Moncler Maya and Moncler Bady model s with a lifetime repair warranty 33 INSPIRE FAIRNESS Enhancement of the audit model [SDG 8; 12] 2028 • ≥80% of the supplier base aligned with the highest levels of the Moncler Group’s social and environmental compliance standard 34 35 33 For technical returns. 34 Those whose ethical, social and environmental audit results indicate a low or moderate risk level. The risk level is determined on the basis of a quantitative assessment of any non-compliances found, weighted according to their severity, and reflects compliance with applicable regulatory requirements and the Group’s internal standards, in particular in the health and safety area, workers’ rights and environmental impacts. 35 The target refers to the suppliers included in the audit plan.
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92 ANNUAL REPORT 2025 - MONCLER GROUP 2027 • Transitioning “critical suppliers” from a three-year audit plan to a two-year audit plan 2026 • Transitioning high-risk suppliers 36 from a three-year audit plan to an annual audit plan 2028 • ≥80% of façon manufacturers and finished product suppliers covered by a due diligence programme based on a half-yearly documentary collec tion to identify potential risks in the value chain (in addition to the standard audit plan) Supplier awareness programmes [SDG 8; 12] 2028 • Roll-out of a programme to raise supplier awareness on the protection of migrant workers 2028 • 100% of “critical suppliers” and those at potential wage risk involved in a living wage analysis with consequent improvement programmes for non-aligned suppliers 2028 • Offering training programmes on ESG topics to enhan ce workers’ competencies at “critical suppliers” 2028 • Including environmental and/or social clauses (for example the adoption of renewable energy, certifications, etc.) in supplier contracts DISPLAY WARMTH Dedication to clients [SDG 9] 2026-2028 • Progressively expanding contact channels to strengt hen active listening experience of clients 2026-2028 • Progressive strengthening of Client Advisors’ abili ty to customise in-store service based on client preferences 2026 • ≥80 VIBE score on client satisfaction (Moncler brand) 2028 • Introduction of the Net Promoter Score for client s atisfaction assessment (Stone Island brand) Ongoing • Updating internal procedures and documentation rela ted to data management and protection 36 Includes façon manufacturers and finished products suppliers located in high-risk countries, identified using the proprietary methodology of an international partner specialised in ESG topics and through media monitoring activities.
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MONCLER GROUP – ANNUAL REPORT 2025 93 Contribution to the community [SDG 11] 2028 • 150,000 people in need protected from the cold over the three-year period 2028 • ~8 million euros invested in supporting local communities over the three-year period 2028 • 10 scholarships for employees’ children 2028 • 3 scholarships for creatives in underrepresented categories EVOLVE A LEGACY OF CARE Promotion of training and development activity [SDG 4] Continuous training and upskilling 2026 • Updating the Leadership Academy annually with innov ative content for retail and corporate population and launching a new Academy for the Operations teams 2026-2028 • Launching and rolling out of the three-year Business and Market Acumen programme aimed at keeping the workforce updated on market trends 2026-2028 • Launching and rolling out of the three-year Upskilling Digital and Tech programme on the use of artificial intelligence and on the enhan cement of data literacy in daily activities 2028 • Moncler and Stone Island purchasing departments tra ined in environmental and social topics Personalised development pathways 2028 • Launching the Shadowing Executive programme to promote entrepreneurship and professional development among young talents Protection of the sense of belonging [SDG 3; 5] Understanding employee needs 2026 • Launching two “pulse” surveys per year to ensure a continuous employee listening channel and timely actions
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94 ANNUAL REPORT 2025 - MONCLER GROUP 2028 • 100% of top management 37 trained in the prevention of bullying and harassment Promoting diversity, equity & inclusion 2026-2028 • Launching and rolling out of the three-year Invisible Disabilities programme to foster an inclusive culture, with a focus on neurodiversity and chronic illnesses Ongoing • Supporting gender balance in the workforce by category 38 Fostering well-being [SDG 3; 8] 2028 • Definition of a well-being policy 2026-2028 • Launching and rolling out of the three-year Emotional Balance programme to support employee well-being with a focus on psychological safety 2026-2028 • Launching and rolling out of the three-year Longevity programme , a pathway dedicated to employee well-being with sporting challenges, nutritional advice and food workshops tailored to age and preferences Ongoing • 100% of the Group’s employees are paid aligned with the living wage 37 Includes executives and senior executives. 38 Includes the following categories: ≥50% 1) women in total workforce; 2) women in management positions on total management positions; 3) women in junior management positions on total junior management positions; 4) women in management positions of revenue-generating functions on total management positions of revenue-generating functions; 5) women in STEM-related (Science, Technology, Engineering, and Mathematics) positions on total STEM positions; and ≥40% 6) women in top management positions on total top management positions.
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MONCLER GROUP – ANNUAL REPORT 2025 95 The Moncler Group Sustainability Plan is strongly e mbedded in its overall business strategy. This integration makes it complex to analytically distin guish the costs and investments associated with individual projects and activities that contribute to achieving the targets of the Sustainability Plan. In many cases, in fact, multiple interconnected fac tors have to be considered, with overlaps that make it difficult to isolate specific cost or benefit e lements in order to provide separate estimates. Consequently, only the most significant amounts rela ting to the 2024 and 2025 reporting periods are listed below: (millions of euros) 2024 2025 Investments Operating costs Investments Operating costs ACT ON CLIMATE & NATURE 6.6 2.8 6.3 2.9 THINK CIRCULAR & BOLD 39 0.3 84.3 0.2 98.9 BE FAIR 0.3 1.2 0.1 1.4 NURTURE UNIQUENESS - 3.6 - 4.3 GIVE BACK - 3.6 - 4.1 Also, in the area of financial products, Moncler is testing and adopting new mechanisms related to sustainability performance. In November 2020, Moncl er signed an exchange risk hedging agreement with a premium in terms of improvement of the hedging strike on currencies, based on the recognition of high standards of sustainability by an external, independent rating body. In accordance with its business strategy, the Group intends to continue on this path of continuous investment in the supply chain, in particular in the purchase of “preferred” materials and in actions for the implementation of the climate strategy. How ever, it is difficult to provide precise numerical information, but a trend in line with 2025 is expected for investments and operating costs. 39 The value refers to the total cost of “preferred” materials purchased during the year. It is not poss ible to determine the cost differential between “preferred” and conventional materials.
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96 ANNUAL REPORT 2025 - MONCLER GROUP [SBM-2] INTERESTS AND VIEWS OF STAKEHOLDERS The Moncler Group places great importance to mainta in a constant and solid relationship with all its stakeholders. Stakeholders represent a wide range of different int erests: establishing and maintaining stable, long-lasting relationships based on ongoing dialogu e and active engagement is crucial for the creation of shared, long-term value. By understanding the specific expectations of the va rious categories of stakeholders, Moncler and Stone Island are able to understand their needs, anticipate potential critical issues and guide their own actions and plans more effectively. Precisely identifying their stakeholders and organising the most effective channels, while constantly monitoring their expectations and opinions, are the starting point for setting up a robust engagement process. Through dedicated functions, the Group pursues a pr oactive approach to the many stakeholders with which it constantly interacts around the world , promoting constant dialogue and embracing their needs. Both Brands are aware that these occas ions for dialogue are mutual opportunities for growth and enrichment. In recent years, the Group h as been committed to redesigning new approaches to dialogue, with the aim of interacting with its community with an increasingly digital native approach. In 2025, some stakeholder groups, particularly empl oyees, workers’ representatives, investors and analysts, trade associations and non-governmental organisations, were involved in the performance of the double materiality analysis to determine the materiality of the main impacts related to sustainability matters (see also page 108-110). The following table shows the stakeholder map, the interaction channels and the main expectations, and is updated periodically through internal surveys with the company departments responsible for daily management of relations with each specific category. STAKEHOLDERS INTERACTION TOOLS AND CHANNELS STAKEHOLDER EXPECTATIONS Employees People satisfaction survey, MONVoice Ongoing dialogue with the Human Resources Department Annual meetings to discuss the performance assessment, review the growth path and set individual goals Meetings to share corporate results and future objectives Meetings to raise awareness and provide information on health and well-being Training meetings and digital courses Company intranet and newsletter plan Training sessions for young talents, MONCampus Information on the Group’s strategies and results Responsible business management Clear objectives and reward system Training and professional development Stimulating, safe working environment Diversity, equal opportunities and inclusion Engagement in company life Promotion of well-being, health and safety
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MONCLER GROUP – ANNUAL REPORT 2025 97 Business platform Meetings with management, Thank Boss It’s Friday! Onboarding programmes for new employees Volunteering programmes Online survey on specific topics Trade union organisations, employee representatives Meetings with trade union representatives Responsible business management Involvement and timely information on issues relevant to the company population Update on the progress of in- company training Preparation of a clear and transparent Sustainability Statement End client Direct, ongoing relationship with sales personnel Client service Interactions via phone, mail, email and social media Creation of customised initiatives and experiences Market research and focus groups Systematic collection of client feedback (e.g. VIBE) Quality, safety and product’sability to last over time Products manufactured respecting the environment, people and animals Style, uniqueness, innovation and a complete product range High level of service during and after sales Competent, professional and empathetic sales personnel Personalised shopping and interaction experiences Wholesale clients In-person and online training meetings Ongoing dialogue via phone or email Visits to stores University testimonials Product quality and innovation Safety and transparency in environmental, social and animal welfare aspects throughout the supply chain Brand reputation
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98 ANNUAL REPORT 2025 - MONCLER GROUP Suppliers and business partners Institutional meetings Ad hoc meetings for defining and sharing standards Seasonal and annual training meetings Dedicated portal Daily interactions Continuity of supply Compliance with contractual conditions Involvement in the definition of supply standards, including social and environmental criteria, and timeliness in announcing new requirements Collaboration and support in managing any production issues Local communities Meetings with representatives of associations, organisations and local communities Meetings to identify initiatives or projects managed directly or in collaboration Support or funding initiatives Support for awareness- raising activities Investors and analysts (traditional and sustainability) Shareholders’ Meeting Conference calls or periodic meetings following significant communications Price-sensitive communications and information Seminars, industry conferences, roadshows and meetings Daily dialogue (meetings, telephone and email) Institutional website Questionnaires on sustainability performance Consolidation and strengthening of knowledge of the Group and its business model Value creation (return on investment and business sustainability) Transparent, accountable management Timeliness and open dialogue Adequate management of risks, including social and environmental risks Media Press days Interviews with top management Press conferences Media plan Fashion shows/events Availability, timeliness and accuracy of information Information on trends in future seasons
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MONCLER GROUP – ANNUAL REPORT 2025 99 Institutional website Ongoing dialogue Local authorities, public authorities, regulators, trade associations and non- governmental organisations Ad-hoc meetings Participation in working groups Identification and development of joint projects Participation in publicly beneficial projects Inclusion of environmental, social and animal welfare aspects in the company's strategies and procurement system Communication of corporate objectives relating to environmental, social and animal welfare aspects Active participation in discussion roundtables Efficient use of raw materials Sustainability elements in stores The Corporate Affairs & Compliance Function periodi cally updates the Nomination and Remuneration Committee, as well as the Board of Dir ectors, on the results of the intense engagement activities carried out annually with inv estors and the Proxy Advisors , both ahead of the Shareholders’ Meeting and afterwards, in order to incorporate useful insights for possible future developments. This activity includes discussions on environmental, social and governance (ESG) topics. In addition, on an annual basis, the results of the MONVoice survey are analysed in detail by the Nomination and Remuneration Committee. These result s are fundamental for checks related to human resources policies.
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100 ANNUAL REPORT 2025 - MONCLER GROUP Relations with organisations, institutions and asso ciations The Moncler Group believes in dialogue and collaboration and takes part in multiple organisations, associations and working group at both national and international level, with a contribution of about 650,000 euros (700,000 euros in 2024). There are various areas of activity, ranging from the promotion of Italian fashion and its sustainabi lity initiatives to the fight against counterfeiting, the protection of the Brand, the promotion of femal e talent, support for innovation and support in formulating changes in national and international regulations. Below are the main associations in which the Group participates: Anti-Counterfeiting Group (ACG) : a non-profit association that aims to protect con sumers from counterfeiting through training programmes and the establishment of a collaborative environment between companies and the main local authorities (approximately 3,900 euros). INDICAM : an association for the fight against counterfeiting, active on several fronts, including the spread of a culture of anti-counterfeiting amon g operators, public authorities and the general public; the improvement of anti-counterfeiting legislation; and collective investigations among its members in cooperation with Italian diplo matic authorities for the protection of brands abroad (3,000 euros). SNB-REACT (Coöperatieve Vereniging SNB-REACT) : a non-profit association that promotes measures against counterfeiting. Union des Fabricants (Unifab) : a French association engaged in the defence of in tellectual property rights, also present in Tokyo and Beijing, supports its members in combating counterfeiting in Asia and in the management of relations with local authorities. ECCK (European Chamber of Commerce in Korea) : a Korean association dedicated to protecting and promoting the interests of companies based in the countries of the European Union (EU) and the European Free Trade Association (EFTA) active in South Korea. The association focuses on: facilitating dialogue with local governments; collecting and sharing information on business, economic and regulatory de velopments; and lobbying to strengthen and reaffirm the local government’s commitment to c ombating counterfeiting in physical and online markets. Assonime : an association of Italian joint-stock companies t hat works to improve industrial, commercial, administrative and tax legislation in I taly, with particular regard to company regulations, conducts studies and publications, and represents the point of view of businesses in relations with Italian, European and international institutions. Camera Nazionale della Moda Italiana : an association that aims to promote and coordinate the Italian fashion sector and train young Italian designers. Club 231 : an initiative aimed at fostering the discussion of legislative developments in the area of Legislative Decree No. 231/2001, favouring the e xchange of knowledge and skills gained both in the corporate field and in the legal and academic field. Fondazione Altagamma : a foundation that brings together undertakings at the highest levels of the Italian cultural and creative industries, re cognised as authentic ambassadors of Italian style worldwide, whose mission is to contribute to their growth and competitiveness. PREVILINE ASSISTANCE (Intercompany Welfare Fund for companies that are clients of the ASS. GENERALI S.p.A. Group) : a national association open to companies that exc lusively pursues welfare purposes for its members, through t he provision of benefits in the form of both mutual aid and insurance, by signing agreements with insurance companies. Unione degli industriali della provincia di Padova : a national association aimed at improving the competitiveness of the local manufacturing system through the development of infrastructure and the promotion of the transfer of knowledge and a modern work culture, as well as a strong spirit of individual and collective initiative, innovation and applied research.
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MONCLER GROUP – ANNUAL REPORT 2025 101 Valore D : an Italian association of large companies committ ed to supporting and promoting women’s leadership and talent as a valuable contribution to business growth (8,000 Euros). By participating in the aforementioned associations and others, the Group is committed to supporting some particularly important topics for its business and the industry, such as, for example, membership of associations involved in industrial and production topics in the fashion industry, with a contribution of over 150,000 euros, and associati ons involved in ESG (environmental, social and governance) topics, with a contribution of around 355,000 euros. In particular, since 2019, Moncler has been part of The Fashion Pact , a coalition of leading global fashion and textile companies that, together with s uppliers and distributors, promotes a shared commitment to environmental priorities. Over the years, The Fashion Pact has revised and updated its strategy, adopting a more structured, implementation-orientated approach to operations along the entire value chain. The current strategy focuses in particular on the p rotection and restoration of biodiversity, recognising the need to go beyond merely reducing negative impacts and to actively contribute to the regeneration of natural ecosystems. At the same time, it supports actions aimed at reducing the environmental impact of production processes, with a particular focus on the most energy-intensive phases, and seeks to encourage the use of materials with a lower environmental impact, from the earliest stages of the supply chain. One further pr iority area is the transition to energy from renewable sources, considered essential to reduce greenhouse gas emissions throughout the supply chain of the fashion industry. Within The Fashion Pact, Moncler is present both on the Steering Committee, a committee of various the CEOs of member brands, which aims to maintain a dialogue between company executives, sharing ideas, guidelines and progress, and on the Operations Committee, the body that identifies the actions, working groups and awareness-raising activities to be implemented in order to achieve the priorities set by the Steering Committee. MONCLER IN SUPPORT OF ASSOCIATIONS TO FIGHT AGAINST CLIMATE CHANGE The Group is aware of the importance of building pa rtnerships and collaborations with academia, civil society, institutions and businesses with the aim of joining forces and creating new synergies t o fight climate change. In this regard, over the last few years it has joined associations working in th is area, including: The Fashion Pact , a coalition that includes among its main objectiv es the fight against climate change and that is committed to tra in, inform and supportits member companies in the processes of transformation and innovation requ ired to reduce their environmental impacts; Camera Nazionale della Moda Italiana , which is engaged in advocacy activities with all Italian brands to promote a responsible fashion approach th at is based, among others, on principles for reducing the environmental impact of business activ ities and respect for human rights; Fondazione Altagamma , which promotes the reduction of environmental imp act among its members; and Re.Crea , a consortium founded to responsibly organise the management of end-of-life textile and fashion products and to promote the research and development of innovative recycling solutions. By joining these associations in all the countries in which it operates, the Moncler Group takes a position aligned with the principles set out in its Environm ental Policy, which is inspired by the 2015 Paris Agreement, the United Nations Environment Programme (UNEP), the European Green Deal, the Global Compact and the objectives described in the UN Sustainable Development Goals (SDGs). The Chief Marketing & Corporate Strategy Officer is res ponsible for effective application of these principles and periodically updates, together with the Sustainability Unit, the Control, Risks and Sustainability Committee. The Sustainability Unit a lso has to monitor, on a constant basis, the alignment of the commitments of these associations with those of the Group. Moncler believes that this alignment is essential to the collective achie vement of the challenging goals that these associations have set for themselves and is committ ed to proactively promoting its environmental goals in the event of any misalignment with the associations of which it is a member.
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102 ANNUAL REPORT 2025 - MONCLER GROUP [SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL Below are the actual and potential impacts, theoret ical risks (the assessment did not take into account the mitigation actions implemented by the G roup) and opportunities, divided into the sustainability sub-topics outlined by the European Sustainability Reporting Standards (ESRS), which the Group has identified and assessed as material in the context of the double materiality assessment, including the updates that resulted from the process carried out in 2025, described on pages 108-110. The material sustainability matters that arose from this analysis are the priorities on which the Group has structured the Strategic Sustainability Plan. For each impact, risk or opportunity (IRO), the pha se of the value chain in which it is mainly concentrated is specified, whether in the Group’s own activities or upstream or downstream of these activities. In addition, the time horizon in which the Group expects that the effect of the impact, risk or opportunity will or could materialise is described. Finally, if an impact is potential in nature, this is indicated. Strategic priorities of the 2020- 2025 Sustainability Plan Relevant IROs for ESRS topics Sub- topic/Sub-sub- topic Upstream value chain Own operations Downstrea m value chain Time horizon ACT ON CLIMATE & NATURE E1 - Climate change Negative impact on the environment due to direct and indirect greenhouse gas emissions from its operations (scope 1 and 2). - Climate change mitigation - Energy Short term Negative impact on the environment due to indirect greenhouse gas emissions from upstream and downstream activities (scope 3). - Climate change mitigation - Energy Short term Theoretical physical risks deriving from the intensification of extreme and chronic climatic phenomena (heavy rainfall, tornadoes, heat or cold waves, storm surges, fires, drought phenomena, etc.), which could affect physical sites, resulting in the possible interruption or reduction of production levels (business continuity). Climate change adaptation Long term Theoretical risk associated with changes in client purchasing dynamics, with potential preferences for lower-impact products or lighter-weight garments. Climate change adaptation Long term
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MONCLER GROUP – ANNUAL REPORT 2025 103 Strategic priorities of the 2020- 2025 Sustainability Plan Relevant IROs for ESRS topics Sub- topic/Sub-sub- topic Upstream value chain Own operations Downstrea m value chain Time horizon Theoretical reputational risk of failure to achieve the climate targets defined in the Sustainability Plan (scope 1, 2 and 3). - Climate change mitigation - Energy Medium term E2 – Pollution Theoretical reputational risk arising from non-compliance with air, water and soil quality regulations by suppliers . -Pollution of soil -Pollution of air -Pollution of water Short term E3 – Waters and marine resources Potential negative impact on aquifers due to excessive water withdrawal and the consequent effect on the ecological balance of bodies of water, in particular in areas with high water stress. - Water withdrawals - Water consumption Medium term E4 – Biodiversity and ecosystems Potential negative impact on ecosystems and living organisms resulting from soil degradation, caused by unsustainable practices such as intensive use of natural resources and deforestation, with potential loss of biodiversity. - Land use change - Impacts on the extent and condition of ecosystems Medium term THINK CIRCULAR & BOLD E5 – Resource use and circular economy Opportunity to obtain a competitive advantage through the promotion and researching of solutions with low environmental impact to be integrated into the design and production of products, with a view to circular economy (for example, use of "preferred" materials, eco-design, recovery/recycling/reuse of production waste, repair of garments, etc.). -Use of “preferred” materials (entity specific ) -Resource outflows related to products and services Short term NEW Theoretical reputational risk, related to the possibility that warehouse management practices will not comply with the the circular principles economy and the new provisions on the destruction of unsold items. Resource outflows related to products and services Short term
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104 ANNUAL REPORT 2025 - MONCLER GROUP Strategic priorities of the 2020- 2025 Sustainability Plan Relevant IROs for ESRS topics Sub- topic/Sub-sub- topic Upstream value chain Own operations Downstrea m value chain Time horizon S4 - Consumers and end-users Theoretical risk of sanctions or prohibition of selling specific products due to non compliance with new applicable products compliance regulations, particularly those concerning the use of potentially harmful substances. Health and safety Short term NURTURE UNIQUENESS S1 - Own workforce Positive impact on employee well-being and satisfaction that may result from the promotion of dedicated benefits, such as life insurance, pension plans, prevention, wellness and nutrition programmes, nurseries and fitness centres, in addition to flexible working hours. - Work-life balance - Secure employment - Working time Short term Positive impact on employee skills and knowledge through training programmes, which keep the workforce engaged and motivated. Training and skills development Short term Positive impact on employees through the offer of competitive remuneration packages and stimulating job opportunities and career paths. Adequate wages Short term Potential negative impact on the health and safety of employees due to occupational injuries and diseases in production environments. Health and safety Short term Potential negative impact on own workforce resulting from incidents of discrimination. - Diversity - Employment and inclusion of people with disabilities Short term NEW Positive impact on employees related to support for social dialogue and respect for the principles of freedom of association and collective bargaining. - Collective bargaining - Social dialogue - Freedom of association Short term Theoretical risk of loss and attraction of talent and key figures at different levels of the organisation, due to a competitive and constantly evolving labour market, in terms of wages and career paths, such Adequate wages Short term
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MONCLER GROUP – ANNUAL REPORT 2025 105 Strategic priorities of the 2020- 2025 Sustainability Plan Relevant IROs for ESRS topics Sub- topic/Sub-sub- topic Upstream value chain Own operations Downstrea m value chain Time horizon as that of the fashion/luxury sector. Opportunity to strengthen the company’s skills and know-how through the process of partial internalisation of production. Training and skills development Medium term BE FAIR S2 - Workers in the value chain Potential negative impact on value chain workers caused by the potential violation of human and labour rights along the supply chain in certain countries. - Child labour - Forced labour Short term Potential negative impacts on workers in the value chain due to the high seasonal variability in production planning that is typical in the fashion sector, which can compromise employment stability, for example leading to an increase in the use of temporary workers or layoffs. Secure employment Short term NEW Potential negative impact on workers in the value chain in the event of any non-compliance with labour standards and the guarantee of adequate working conditions (e.g. working hours and wages). - Working time - Adequate wages Short term Theoretical reputational risk arising from the failure by suppliers to comply with working standards and adequate working conditions (e.g. adequate working time, work-life balance, secure employment), as well as the absence of social dialogue. - Collective bargaining - Social dialogue - Freedom of association - Secure employment - Work-life balance - Working time Short term Theoretical reputational risk deriving from the provision, by suppliers, of inadequate wages. Adequate wages Short term Theoretical reputational risk due to the lack of health and safety management systems or the occurrence of high- consequences incidents and/or diseases along the value chain. Health and safety Short term
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106 ANNUAL REPORT 2025 - MONCLER GROUP Strategic priorities of the 2020- 2025 Sustainability Plan Relevant IROs for ESRS topics Sub- topic/Sub-sub- topic Upstream value chain Own operations Downstrea m value chain Time horizon Theoretical reputational risk caused by the potential violation of human and labour rights along the value chain. - Child labour - Forced labour Short term G1 - Business conduct Potential negative impact on animal welfare due to the use of raw materials of animal origin in the collections. Animal welfare Short term Potential negative impact on the stability of suppliers’ cash flows, caused by improper management of payment practices. Management of relationships with suppliers, including payment practices Short term Theoretical reputational risk deriving from non-compliance with the principles of animal welfare and the Group’s standards in this regard along the supply chain of raw materials of animal origin. Animal welfare Short term Opportunity to strengthen relationships with suppliers through proactive engagement in response to sustainability challenges, such as decarbonisation and strengthening skills on social and environmental topics. By promoting collaboration and dialogue, the Moncler Group is able not only to respond to growing environmental and social expectations, but also to improve operational resilience and overall supply chain performance. Management of relationships with suppliers, including payment practices Medium term Relevant IROs not related to the strategic priorities of the Sustainability Plan S4 - Consumers and end-users PRIVACY Theoretical risk of receiving sanctions for non-compliance with data protection regulations and related reputational risk. Privacy Short term
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MONCLER GROUP – ANNUAL REPORT 2025 107 IROs for entity-specific topics GIVE BACK Support for communities Positive impact on communities through the promotion and sponsorship of initiatives that support non-profit organisations through cash contributions, donations of clothing and organisational support for national and international programmes. N.A. Short term The chapters of this Document describe, for each to pic area, the relevant impacts, explaining how they affect people and the environment, whether they derive from the strategy and business model and whether they are generated through the Group’s own activities or from business relationships. The actions implemented by the Group to mitigate th e negative impacts and material theoretical risks as well as those implemented to pursue opport unities and positive impacts identified are also described, highlighting their actual and potential effects. In addition, the chapters detail the approach taken by the Group to make its strategy and business model resilient to potential risks, also highlighti ng the measures taken to prevent, mitigate and respond to the potential effects of these risks. In relation to the risks and opportunities identifie d as relevant, the Moncler Group did not find, during the reporting period, any actual financial effects on its financial position, operating result or cash flows. Furthermore, at the date of publication of this Document, no elements have emerged that might suggest the existence of a significant ri sk of impairments or adjustments, in the next financial year, of the book values of the assets and liabilities reported in the Group’s Consolidated Financial Statements.
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108 ANNUAL REPORT 2025 - MONCLER GROUP [IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND OPPORTUNITIES For the Moncler Group, the materiality analysis has always been an important tool for identifying the most significant environmental and social priori ties for its stakeholders and for the industry, in line with its strategy and business impacts, to ide ntify and manage risks and opportunities and to define the contents of the sustainability reporting. With the entry into force of EU Directive 2022/2464 on the Corporate Sustainability Reporting Directive (CSRD), the double materiality analysis was introduced, considering two complementary perspectives: impact materiality , which concerns the identification and assessment of the impacts that the Group has (or could have) on the environme nt and people, and financial materiality , which focuses on the theoretical risks and opportun ities arising from environmental, social or governance issues that may negatively or positively affect the financial position, operating result, cash flows, access to finance or cost of capital. Since 2024, the Group’s Sustainability Unit, with t he support of a specialised company, has been conducting a double materiality analysis process aligned with the requirements of the sustainability reporting standards, the European Sustainability Re porting Standards (ESRS), structured into the following phases, as indicated in the “IG1: Materia lity Assessment Implementation Guidance” guidelines issued by the European Financial Reporting Advisory Group (EFRAG): • Understanding the context through an in-depth analysis of the Group’s activities, its business relationships, the context in which it operates and the relevant stakeholders. The goal is to gather the necessary information to map the phases of the value chain, identify the actors involved in each of them, assess the positive, nega tive, actual and potential impacts as well as identify risks and opportunities. In addition to the in-depth analysis of internal documentation, a benchmarking analysis is conducted to compare the Group with its industry peers, identifying relevant sustainability issues and ensuring a compr ehensive and best practice-aligned perspective. To deepen the understanding of the ext ernal context, the legislative landscape in which the Group operates and the issues of interest to clients and investors are also considered, as well as the ESG macro-themes described in authoritative articles and scientific publications. • Identification of impacts, risks and opportunities based on the list of topics and sub-topics provided by the ESRS 40 and in the light of what emerged from the analysis of the internal and external context, the list of risks identified throu gh the Group's integrated risk management model (Enterprise Risk Management – ERM), the relevant sustainability topics published in the 2024 Sustainability Statement and the results of the due diligence processes. In the majority of cases, the identified impacts have corresponding risks and/or opportunities. The identification of potentially material impacts, risks and opportunities for the Group has also been carried out thanks to the support of public da tabases that facilitate the identification of sectoral impacts. In the process of identifying and assessing impacts , risks and opportunities, the Moncler Group takes into consideration all the geographical areas in which it operates, as well as the various activities along its value chain. In addition, where necessary, the specificities linked to individual countries, production sites or business relationships are highlighted. The list of impacts, risks and opportunities identified was subsequently approved b y the competent functions during the assessment phase. 40 Application Requirement (AR) 16 ESRS 1, in Appendix B of Annex II of the CSRD.
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MONCLER GROUP – ANNUAL REPORT 2025 109 • Assessment and determination of material theoretica l impacts, risks and opportunities. Each risk and each opportunity are assessed as part of the Group’s Enterprise Risk Management process, while the impacts are assessed by the relevant functions. In particular, for the purposes of the assessment, an analysis is performed to determine whether the generation of the impact, risk or opportunity emerges predominantly in the Gr oup's own activities and/or along its value chain (in the case of the value chain, both upstrea m and downstream impacts, risks and opportunities are considered), also taking into acc ount the short, medium or long-term time horizon 41 in which the impact, risk or opportunity occurs or may occur. In line with the provisions of ESRS, the functions assess the impacts taking into account their materiality , measured through scale , scope and irremediable character (the latter only for negative impacts) and likelihood (only for potential impacts). Scale is defined as t he measure of the benefit deriving from a positive impact or th e severity of a negative impact, scope represents the extent of the impact and irremediabl e character indicates the extent to which a negative impact can be remedied. The risks and opportunities are instead assessed considering, in addition to the likelihood , the magnitude , defined according to the scale and nature of the related financial, reputational or compliance effects. It is important to point out that negative impacts and risks are identified and assessed without taking into account mitigation actions, while, in the case of positive impacts and opportunities, the enhancement actions already implemented by the Group. The assessment scales described above, whether qualitative or quantitative, were defined based on those used to assess corporate risks according t o the Group’s Enterprise Risk Management system. Opportunities were identified and assessed in continuity with the priorities according to which the Strategic Sustainability Plan is being de veloped. In line with what has been done in the past regarding social and environmental risks, and also with the aim of including opportunities and their management, the Group updates the ERM register with the results of the double materiality analysis. This approach aims to optimise the monitoring and strategic and operational management of these aspects, ensuring a more integrated vision that is consistent with business priorities. For the double materiality analysis carried out in 2025, internal and external stakeholders of the Group were involved, expanding the 2024 panel in te rms of both the categories represented and the number of individuals interviewed. Internal sta keholders include the corporate functions of Moncler and Stone Island and the members of the Mon cler Sustainability Unit, as experts in environmental and social topics related to the strategic pillars of the Sustainability Plan, a sample of employees 42 and the Group’s employee representatives 43 . As external stakeholders, in addition to investors and sustainability experts, representa tives of associations and organisations active in social and environmental themes and university prof essors were also consulted through individual interviews aimed at collecting opinions and feedbac k on the analysis carried out and the results obtained. To determine the sustainability matters relevant fo r reporting purposes, the results of the assessments of each impact, risk and opportunity we re reported within two separate matrices: one for impacts and the other for risks and opportunities 44 . This distinction has become necessary to give, in the case of impacts, a greater weight to signific ance than likelihood of occurrence, as required by ESRS standards (ESRS 1 - General requirements, paragraph 45) for potential negative human rights impacts. 41 The Moncler Group considered the following time horizons: short term within the next reporting year, medium term within five years and long term over five years. 42 Involved via an online questionnaire. 43 Workers’ representatives were informed and involved through interviews on sustainability information, in line with the provisions of Articles 3 and 4 of Legislative Decree No. 125 of 6 September 2024, transposing Directive (EU) 2022/2464 (CSRD). 44 Impacts were identified in the matrix based on thei r materiality (consisting of the maximum value amon g the assessments assigned to the variables of scale, scope and irremediability, where applicable) and likelihood (equal to the maximum value on the scale for actual impacts). The coordinates of risks and opportunities in the matrix, meanwhile, correspond to the magnitude of the financial, reputational or compliance effect and its likelihood.
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110 ANNUAL REPORT 2025 - MONCLER GROUP The materiality threshold has been defined, for both impacts and for risks and opportunities, in the medium-high and high materiality areas of these matrices. The results of the materiality analysis, following approval by the members of the Strategic Committee and after assessment by the Control, Risk s and Sustainability Committee, were subsequently presented to the Board of Directors for approval for reporting purposes. The analysis carried out led to the definition of a list of 32 relevant impacts, risks and opportunities based on financial or impact materiality perspective s, attributable to all the Topical Standards provided by the ESRS, except for “S3 Affected communities” with respect to which no impacts, risks or opportunities have emerged, above the materialit y threshold, in relation to the sub-sub-topics identified by the standard, including the economic, social and cultural, civil and political rights of communities and the rights of indigenous people, confirming the 2024 analysis. The Group reserves the right to carry out, in the future, specific analyses to re-assess the analysis performed. In line with the priorities of the Sustainability Plan, an entity-specific topic (not provided for by the sector-agnostic ESRS) emerged as material since the Group considered it as one of the strategic pillars on which several initiatives have been implemented for years: support for communities . The results of the double materiality analysis confi rmed the list of topics reported in the 2024 Sustainability Statement. The only changes relate to the inclusion of a theoretical reputational risk related to the possibility that warehouse managemen t practices will not comply with the circular economy principles and the new provisions on the de struction of unsold goods, as well as the inclusion of two social impacts: a positive impact relating to the promotion and guarantee of social dialogue and the principles of freedom of associati on and collective bargaining, and a potential negative impact, referring to workers in the value chain, related to possible non-compliance with labour standards and the safeguarding of adequate working conditions. In order to ensure the alignment of the analysis with regulatory developments and the business in which it operates, the Group plans to regularly update the double materiality analysis at least once a year.
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MONCLER GROUP – ANNUAL REPORT 2025 111 [IRO-2] DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE UNDERTAKING’S SUSTAINABILITY STATEMENT After clarifying in the paragraph “[IRO-1] Descript ion of the processes to identify and assess material impacts, risks and opportunities” the way in which the Moncler Group determines the information to be disclosed with respect to the IRO s it has assessed as material, the following are the disclosure requirements that the Group has fulfi lled in the preparation of the Sustainability Statement, including the information elements deriv ing from other EU legislative acts listed in Appendix B of Annex II of the CSRD. Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS 2 – General Information ESRS 2 BP -1 General basis for preparation of sustainability statements Par. [BP-1] General basis for preparation of sustainability statements ESRS 2 BP -2 Disclosures in relation to specific circumstances Par. [BP-2] Disclosures in relation to specific circumstances ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies Par. [GOV -1] The role of the administrative, management and supervisory bodies; [GOV-2] Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ESRS 2 GOV-1 Board’s gender diversity, paragraph 21 (d) SFDR : Annex I, Table 1, Indicator no. 13 Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II Par. [GOV-1] The role of the administrative, management and supervisory bodies; [GOV-2] Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ESRS 2 GOV-1 Percentage of board members who are independent, paragraph 21 (e) Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II Par. [GOV-1] The role of the administrative, management and supervisory bodies; [GOV-2] Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ESRS 2 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies Par. [GOV-1] The role of the administrative, management and supervisory bodies; [GOV-2] Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ESRS 2 GOV -3 Integration of sustainability-related performance in incentive schemes Par. [GOV-3] Integration of sustainability- related performance in incentive schemes ESRS 2 GOV -4 Statement on due diligence Par. [GOV-4] Statement on due diligence ESRS 2 GOV -4 Statement on due diligence, paragraph 30 SFDR : Annex I, Table 3, Indicator no. 10 Par. [GOV-4] S tatement on due diligence ESRS 2 GOV -5 Risk management and internal controls over sustainability reporting Par. [GOV- 5] Risk management and internal controls over sustainability reporting 45 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability reporting in the financial services sector (SFDR) (OJ L 317, 9.12.2019, page 1). 46 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudenti al requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation) (OJ L 176, 27.6.2013, page 1). 47 Regulation (EU) 2016/1011 of the European Parliamen t and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to m easure the performance of investment funds and amen ding Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, page 1). 48 Regulation (EU) 2021/1119 of the European Parliamen t and of the Council of 30 June 2021 establishing t he framework for achieving climate neutrality and amending Regulatio n (EC) No 401/2009 and Regulation (EU) 2018/1999 (“ European Climate Law”) (OJ L 243, 9.7.2021, page 1).
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112 ANNUAL REPORT 2025 - MONCLER GROUP Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS 2 SBM-1 Strategy, business model and value chain Par. [SBM-1] Strategy, business model and value chain Also for fiscal year 2025, regarding paragraph 40 (letters b, c ), the phase-in option is provided for the disclosure of information, as defined in Delegated Regulation (EU) 2025/1416 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities, paragraph 40 (d) i SFDR : Annex I, Table 1, Indicator no. 4 Third pillar : Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, Table 1 – Qualitative information on environmental risk and Table 2 – Qualitative information on social risk Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II Not material as the Group is not involved in activities related to those indicated ESRS 2 SBM-1 Involvement in activities related to the production of chemicals, paragraph 40 (d) ii SFDR : Annex I, Table 2, Indicator no. 9 Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II ESRS 2 SBM-1 Participation in activities related to controversial weapons, paragraph 40 (d) iii SFDR : Annex I, Table 1, Indicator no. 14 Benchmark regulation : Article 12 (1) of Delegated Regulation (EU) 2020/1818 and Annex II to Delegated Regulation (EU) 2020/1816 ESRS 2 SBM-1 Involvement in activities related to tobacco cultivation and production, paragraph 40 (d) iv Benchmark regulation : Article 12(1) of Delegated Regulation (EU) 2020/1818 and Annex II to Delegated Regulation (EU) 2020/1816 ESRS 2 SBM -2 Interests and views of stakeholders Par. [SBM-2] Interests and views of stakeholders ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Par. [SBM -3] Material impacts, risks and opportunities and their interaction with strategy and business model For fiscal year 2025, the phase-in option is provided for in relation to the disclosure of information relating to future financial effects as required in paragraph 48 (e) , as defined in Delegated Regulation (EU) 2025/1416 ESRS 2 IRO -1 Description of the processes to identify and assess material impacts, risks and opportunities Par. [IRO-1] Description of the processes to identify and assess material impacts, risks and opportunities ESRS 2 IRO -2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement Par. [IRO-2] Disclosure requirements in ESRS covered by the undertaking’s sustainability statement ESRS E1 – Climate change ESRS 2 GOV -3 E1 Integration of sustainability-related performance in incentive schemes Par. [E1 GOV-3] Integration of sustainability-related performance in incentive schemes ESRS E1 -1 Transition plan for climate change mitigation Par. [E1-1] Transition plan for climate change mitigation ESRS E1-1 Transition plan to reach climate neutrality by 2050, paragraph 14 EU climate legislation : Article 2(1) of Regulation (EU) 2021/1119 Par. [E1-1] Transition plan for climate change mitigation ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks, paragraph 16 (g) Third pillar : Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 1: Banking portfolio – Indicators of potential transition risk related to climate Par. [E1-1] Transition plan for climate change mitigation
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MONCLER GROUP – ANNUAL REPORT 2025 113 Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement change: Credit quality of exposures by sector, emissions and residual maturity Benchmark regulation : Article 12 (1) (d) to (g) and (2) of Delegated Regulation (EU) 2020/1818 ESRS 2 SBM -3 E1 Material impacts, risks and opportunities and their interaction with strategy and business model Par. [E1 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 IRO -1 E1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities Par. [E1 IRO-1] Description of the processes to identify and assess material climate- related impacts, risks and opportunities ESRS E1 -2 Policies related to climate change mitigation and adaptation Par. [E1-2] Policies related to climate change mitigation and adaptation ESRS E1 -3 Actions and resources in relation to climate change policies Par. [E1-3] Actions and resources in relation to climate change policies ESRS E1 -4 Targets related to climate change mitigation and adaptation Par. [E1-4] Targets related to climate change mitigation and adaptation ESRS E1-4 GHG emission reduction targets, paragraph 34 SFDR : Annex I, Table 2, Indicator no. 4 Third pillar : Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 3: Banking portfolio – Indicators of potential transition risk related to climate change: alignment metrics Benchmark regulation : Article 6 of Delegated Regulation (EU) 2020/1818 Par. [E1-4] Targets related to climate change mitigation and adaptation ESRS E1 -5 Energy consumption and mix Par. [E1-5] Energy consumption and mix ESRS E1 -5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors), paragraph 38 SFDR : Annex I, Table 1, Indicator no. 5 and Annex I, Table 2, Indicator no. 5 Par. [E1-5] Energy consumption and mix ESRS E1-5 Energy consumption and mix, paragraph 37 SFDR : Annex I, Table 1, Indicator no. 5 Par. [E1-5] Energy consumption and mix ESRS E1 -5 Energy intensity associated with activities in high climate impact sectors, paragraphs 40 to 43 SFDR : Annex I, Table 1, Indicator no. 6 Par. [E1-5] Ene rgy consumption and mix ESRS E1 -6 Gross Scopes 1, 2, 3 and Total GHG emissions Par. [E1-6] Gross Scopes 1, 2, 3 and Total GHG emissions ESRS E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions, paragraph 44 SFDR : Annex I, Table 1, Indicator nos. 1 and 2 Third pillar : Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 1: Banking portfolio – Indicators of potential transition risk related to climate change: Credit quality of exposures by sector, emissions and residual maturity Benchmark regulation : Articles 5 (1), 6 and 8 (1) of Delegated Regulation (EU) 2020/1818 Par. [E1-6] Gross Scopes 1, 2, 3 and Total GHG emissions ESRS E1-6 Gross GHG emission intensity, paragraphs 53 to 55 SFDR : Annex I, Table 1, Indicator no. 3 Third pillar : Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 3: Banking portfolio – Indicators of potential transition risk related to climate change: alignment metrics Benchmark regulation : Article 8 (1) of Delegated Regulation (EU) 2020/1818 Par. [E1-6] Gross Scopes 1, 2, 3 and Total GHG emissions
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114 ANNUAL REPORT 2025 - MONCLER GROUP Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS E1 -7 GHG removals and GHG mitigation projects financed through carbon credits Par. [E1-7] GHG removals and GHG mitigation projects financed through carbon credits ESRS E1-7 GHG removals and carbon credits, paragraph 56 EU climate legislation : Article 2(1) of Regulation (EU) 2021/1119 Par. [E1-7] GHG removals and GHG mitigation projects financed through carbon credits ESRS E1-8 Internal carbon pricing In 2025, the Moncler Group did not apply internal carbon pricing schemes to support its decision-making and incentivise the implementation of climate-related policies and targets ESRS E1 -9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities Also for fiscal year 2025, the Moncler Group decided to use the phase-in option – with the timelines defined in Delegated Regulation (EU) 2025/1416 – in relation to the disclosure of the expected financial effects of physical and material transition risks. It is the responsibility of the Group to structure itself to provide the required information and data within a time frame compatible with their mandatory disclosure ESRS E1-9 Exposure of the benchmark portfolio to physical climate-related risks, paragraph 66 Benchmark regulation : Annex II to Delegated Regulation (EU) 2020/1818 and Annex II to Delegated Regulation (EU) 2020/1816 ESRS E1-9 Disaggregation of monetary amounts for acute and chronic physical risk, paragraph 66(a) ESRS E1-9 Location of significant assets at material physical risk, paragraph 66(c) Third pillar : Article 449a of Regulation (EU) No 575/2013; paragraphs 46 and 47 of Commission Implementing Regulation (EU) 2022/2453; Template 5: Bank portfolio – Indicators of potential physical risk related to climate change: exposures subject to physical risk ESRS E1-9 Breakdown of the carrying value of the undertaking’s real estate assets by energy efficiency classes, paragraph 67(c) Third pillar : Article 449a of Regulation (EU) No 575/2013; point 34 of Commission Implementing Regulation (EU) 2022/2453; Template 2: Banking portfolio – Indicators of the potential transition risk related to climate change: loans secured by real estate – Energy efficiency of collateral ESRS E1-9 Degree of portfolio exposure to climate-related opportunities, paragraph 69 Benchmark regulation : Annex II to Delegated Regulation (EU) 2020/1818 ESRS E2 – Pollution ESRS 2 IRO -1 E2 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities Par. [E2 IRO-1] Description of the processes to identify and assess material pollution- related impacts, risks and opportunities ESRS E2 -1 Policies related to pollution Par. [E2-1] Policies related to pollution ESRS E2 -2 Actions and resources related to pollution Par. [E2-2] Actions and resources related to pollution ESRS E2 -3 Targets related to pollution Par. [E2-3] Targets related to pollution ESRS E2 -4 Pollution of air, water and soil This aspect was found to be material by the double materiality analysis only with reference to the upstream value chain. Consequently, it is not reported in 2025 as the Moncler Group has decided to make use of the phase-in option granted for value chain metrics ESRS E2-4 Quantity of each pollutant listed in Annex II of Regulation E-PRTR (European Pollutant Release and Transfer Register) emitted into air, water and soil, paragraph 28 SFDR : Annex I, Table 1, Indicator no. 8; Annex I, Table 2, Indicator no. 2; Annex 1, Table 2, Indicator no. 1; Annex I, Table 2, Indicator no. 3 ESRS E2-5 Substances of concern and substances of very high concern Not material as it was found to be not material by the 2025 double materiality assessment ESRS E2-6 Anticipated financial effects from pollution-relatedrisks and opportunities For fiscal year 2025, the Moncler Group decided to use the phase-in option – with the timelines defined in Regulation (EU) 2025/1416 – in relation to the disclosure of the expected financial effects of pollution- related risks and opportunities. It is the responsibility of the Group to structure itself to provide the required information and data within a time frame compatible with their mandatory disclosure ESRS E3 – Marine waters and resources
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MONCLER GROUP – ANNUAL REPORT 2025 115 Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS 2 IRO -1 E3 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities Par. [E3 IRO-1] Description of the processes to identify and assess material water- related impacts, risks and opportunities ESRS E3-1 Policies related to water and marine resources Par. [E3-1] Policies related to water ESRS E3-1 Marine waters and resources, paragraph 9 SFDR : Annex I, Table 2, Indicator no. 7 Par. [E3-1] Policies related to water ESRS E3-1 Dedicated policy, paragraph 13 SFDR : Annex I, Table 2, Indicator no. 8 Not material as no Group sites are located in areas of high water stress ESRS E3-1 Sustainability of the oceans and seas, paragraph 14 SFDR : Annex I, Table 2, Indicator no. 12 Not material as it was found to be not material by the 2025 double materiality assessment ESRS E3-2 Actions and resources related to water and marine resources Par. [E3-2] Actions and resources related to water and marine resources ESRS E3 -3 Targets related to water and marine resources Par. [E3-3] Targets related to water and marine resources ESRS E3 -4 Water consumption Par. [E3-4] Water consumption From the double materiality assessment, this aspect emerged as material only in relation to the value chain. In light of the findings, the reporting of this indicator may be limited to own operations. Consequently, Moncler provides information on direct and indirect water consumption to ensure continuity with what is reported in the Consolidated Sustainability Statement and Consolidated Non-Financial Statements of previous years ESRS E3-4 Total water recycled and reused, paragraph 28 (c) SFDR : Annex I, Table 2, Indicator no. 6.2 ESRS E3-4 Total water consumption in m 3 compared with net revenue from own operations, paragraph 29 SFDR : Annex I, Table 2, Indicator no. 6.1 ESRS E3 -5 Anticipated financial effects from material water and marine resources-related risks and opportunities Not material as it was found to be not material by the 2025 double materiality assessment ESRS E4 – Biodiversity and ecosystems ESRS E4 -1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model Not material as it was found to be not material by the 2025 double materiality assessment ESRS 2 SBM -3 E4 Material impacts, risks and opportunities and their interaction with strategy and business model Par. [E4 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 SBM-3 E4 paragraph 16 (a) i SFDR : Annex I, Table 1, Indicator no. 7 Par. [E4 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 SBM-3 E4 paragraph 16 (b) SFDR : Annex I, Table 2, Indicator no. 10 Par. [E4 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 SBM-3 E4 paragraph 16 (c) SFDR : Annex I, Table 2, Indicator no. 14 Par. [E4 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 IRO -1 E4 Description of the processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities Par. [E4 IRO-1] Description of the processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities ESRS E4-2 Policies related to biodiversity and ecosystems Par. [E4-2] Policies related to biodiversity and ecosystems ESRS E4-2 Sustainable land/agriculture practices or policies, paragraph 24 (b) SFDR : Annex I, Table 2, Indicator no. 11 Par. [E4-2] Policies related to biodiversity and ecosystems
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116 ANNUAL REPORT 2025 - MONCLER GROUP Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS E4-2 Sustainable oceans/seas practices or policies, paragraph 24 (c) SFDR : Annex I, Table 2, Indicator no. 12 Par. [E4-2] Policies related to biodiversity and ecosystems ESRS E4-2 Policies to address deforestation, paragraph 24 (d) SFDR : Annex I, Table 2, Indicator no. 15 Par. [E4-2] Policies related to biodiversity and ecosystems ESRS E4-3 Actions and resources related to biodiversity and ecosystems Par. [E4-3] Actions and resources related to biodiversity and ecosystems ESRS E4 -4 Targets related to biodiversity and ecosystems Par. [E4-4] Targets related to biodiversity and ecosystems E4-5 - Impact metrics related to biodiversity and ecosystems change This aspect was found to be material by the 2025 double materiality assessment only with reference to the upstream value chain. Consequently, it is not reported in 2025 as the Moncler Group has decided to make use of the phase-in option granted for value chain metrics E4 -6 - Anticipated financial effects from biodiversity and ecosystem-related risks and opportunities Not material as it was found to be not material by the 2025 double materiality assessment ESRS E5 – Resource use and circular economy ESRS 2 IRO -1 E5 Description of the processes to identify and assess material resource use and circular economy- related impacts, risks and opportunities Par. [E5 IRO-1] Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities ESRS E5-1 Policies related to resource use and circular economy Par. [E5-1] Policies related to resource use and circular economy ESRS E5-2 Actions and resources related to resource use and circular economy Par. [E5-2] Actions and resources related to resource use and circular economy ESRS E5-3 Targets related to resource use and circular economy Par. [E5-3] Targets related to resource use and circular economy ESRS E5-4 Resource inflows Not material as it was found to be not material by the 2025 double materiality assessment ESRS E5 -5 Resource outflows Par. [E5-5] Resource outflows ESRS E5-5 Non-recycled waste, paragraph 37 (d) SFDR : Annex I, Table 2, Indicator no. 13 Par. [E5-5] Resource outflows ESRS E5 -5 Hazardous waste and radioactive waste, paragraph 39 SFDR : Annex I, Table 1, Indicator no. 9 Par. [E5-5] Resource outflows ESRS E5-6 Anticipated financial effects from resource use and circular economy- related risks and opportunities For fiscal year 2025, the Moncler Group decided to use the phase-in option – with the timelines defined in Delegated Regulation (EU) 2025/1416 – in relation to the disclosure of the expected financial effects of material risks and opportunities arising from the use of resources and impacts related to the circular economy. It is the responsibility of the Group to structure itself to provide the required information and data within a time frame compatible with their mandatory disclosure ESRS S1 – Own workforce ESRS 2 SBM-2 S1 Interests and views of stakeholders Par. [S1 SBM-2] Interests and views of stakeholders ESRS 2 SBM -3 S1 Material impacts, risks and opportunities and their interaction with strategy and business model Par. [S1 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 SBM-3 S1 Risk of incidents of forced labour, paragraph 14 (f) SFDR : Annex I, Table 3, Indicator no. 13 Par. [S1 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model
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MONCLER GROUP – ANNUAL REPORT 2025 117 Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS 2 SBM-3 S1 Risk of incidents of child labour, paragraph 14 (g) SFDR : Annex I, Table 3, Indicator no. 12 Par. [S1 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS S1-1 Policies related to own workforce Par. [S1-1] Policies related to own workforce ESRS S1-1 Human rights policy commitments, paragraph 20 SFDR : Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11 Par. [S1-1] Policies related to own workforce Par. [S2-1] Policies related to value chain workers ESRS S1 -1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II Par. [S1-1] Policies related to own workforce Par. [S2-1] Policies related to value chain workers ESRS S1 -1 Processes and measures for preventing trafficking in human beings, paragraph 22 SFDR : Annex I, Table 3, Indicator no. 11 Par. [S1 -1] Policies related to own workforce Par. [S2-1] Policies related to value chain workers ESRS S1-1 Workplace accident prevention policy or management system, paragraph 23 SFDR : Annex I, Table 3, Indicator no. 1 Par. [S1-1] Pol icies related to own workforce ESRS S1 -2 Processes for engaging with own workers and workers’ representatives about impacts Par. [S1-2] Processes for engaging with own workers and workers’ representatives about impacts ESRS S1 -3 Processes to remediate negative impacts and channels for own workers to raise concerns Par. [S1-3] Processes to remediate negative impacts and channels for own workers to raise concerns ESRS S1-3 Grievance/complaints handling mechanisms, paragraph 32 (c) SFDR : Annex I, Table 3, Indicator no. 5 Par. [S1-3] Processes to remediate negative impacts and channels for own workers to raise concerns Par. [G1-1] Policies and practices on business conduct and corporate culture ESRS S1 -4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions Par. [S1-4] Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions ESRS S1 -5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Par. [S1-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities ESRS S1-6 Characteristics of the undertaking’s employees Par. [S1-6] Characteristics of the undertaking’s employees ESRS S1 -7 Characteristics of non - employee workers in the undertaking’s own workforce Par. [S1-7] Characteristics of non-employee workers in the undertaking’s own workforce ESRS S1 -8 Collective bargaining coverage and social dialogue Par. [S1-8] Collective bargaining coverage and social dialogue ESRS S1-9 Diversity metrics Par. [S1-9] Diversity metrics ESRS S1-10 Adequate wages Par. [S1-10] Adequate wages ESRS S1-11 Social protection Par. [S1-11] Social protection ESRS S1-12 Persons with disabilities Par. [S1-12] Persons with disabilities ESRS S1 -13 Training and skills development metrics Par. [S1-13] Training and skills development metrics ESRS S1-14 Health and safety metrics Par. [S1-14] Health and safety metrics ESRS S1-14 Number of fatalities and number and rate of work-related accidents, paragraph 88 (b) and (c) SFDR : Annex I, Table 3, Indicator no. 2 Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II Par. [S1-14] Health and safety metrics The Moncler Group has decided to make use of the phase- in option for the disclosure of information relating to non-employee workers
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118 ANNUAL REPORT 2025 - MONCLER GROUP Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness, paragraph 88 (e) SFDR : Annex I, Table 3, Indicator no. 3 Par. [S1-14] Health and safety metrics The Moncler Group has decided to make use of the phase- in option for the disclosure of information relating to non-employee workers ESRS S1 -15 Work -life balance metrics Par. [S1-15] Work-life balance metrics ESRS S1 -16 Compensation metrics (pay gap and total compensation) Par. [S1-16] Compensation metrics (pay gap and total compensation) ESRS S1-16 Unadjusted gender pay gap, paragraph 97 (a) SFDR : Annex I, Table 1, Indicator no. 12 Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II Par. [S1-16] Compensation metrics (pay gap and total compensation) ESRS S1-16 Excessive CEO pay ratio, paragraph 97(b) SFDR : Annex I, Table 3, Indicator no. 8 Par. [S1-16] Compensation metrics (pay gap and total compensation) ESRS S1-17 Incidents, complaints and severe human rights impacts Par. [S1- 17] Incidents, complaints and severe human rights impacts ESRS S1-17 Incidents related to discrimination, paragraph 103 (a) SFDR : Annex I, Table 3, Indicator no. 7 Par. [S1- 17] Incidents, complaints and severe human rights impacts ESR S1-17 Non-respect of UNGPs on Business and Human Rights and OECD, paragraph 104 (a) SFDR : Annex I, Table 1, Indicator no. 10 and Annex I, Table 3, Indicator no. 14 Benchmark regulation : Annex II to Delegated Regulation (EU) 2020/1816 and Article 12 (1) of Delegated Regulation (EU) 2020/1818 Par. [S1- 17] Incidents, complaints and severe human rights impacts ESRS S2 – Workers in the value chain ESRS 2 SBM-2 S2 Interests and views of stakeholders Par. [S2 SBM-2] Interests and views of stakeholders ESRS 2 SBM -3 S2 Material impacts, risks and opportunities and their interaction with strategy and business model Par. [S2 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 SBM-3 S2 Significant risk of child labour or forced labour in the value chain, paragraph 11(b) SFDR : Annex I, Table 3, Indicator nos. 12 and 13 Par. [S2 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS S2-1 Policies related to value chain workers Par. [S2-1] Policies related to value chain workers ESRS S2-1 Human rights policy commitments, paragraph 17 SFDR : Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11 Par. [S2-1] Policies related to value chain workers ESRS S2-1 Policies related to value chain workers, paragraph 18 SFDR : Annex I, Table 3, Indicator nos. 11 and 4 Par. [S2-1] Policies related to value chain workers ESRS S2-1 Non-respect of UNGPs on Business and Human Rights and OECD, paragraph 19 SFDR : Annex I, Table 1, Indicator no. 10 Benchmark regulation : Annex II to Delegated Regulation (EU) 2020/1816 and Article 12, paragraph 1, of Delegated Regulation (EU) 2020/1818 Par. [S2-1] Policies related to value chain workers ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 Benchmark regulation : Commission Delegated Regulation (EU) 2020/1816, Annex II Par. [S2-1] Policies related to value chain workers ESRS S2-2 Processes for engaging with value chain workers about impacts Par. [S2-2] Processes for engaging with value chain workers about impacts ESRS S2 -3 Processes to remediate negative impacts and channels for value chain workers to raise concerns Par. [S2-3] Processes to remediate negative impacts and channels for value chain workers to raise concerns
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MONCLER GROUP – ANNUAL REPORT 2025 119 Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS S2 -4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions Par. [S2-4] Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain, paragraph 36 SFDR : Annex I, Table 3, Indicator no. 14 Par. [S2-4] Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions ESRS S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Par. [S2-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities ESRS S3 – Affected communities ESRS 2 SBM -2 S3 Interests and views of stakeholders Found to be non-material by the 2025 double materiality analysis ESRS 2 SBM -3 S3 Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 S3 -1 Policies related to affected communities ESRS S3-1 Human rights policy commitments, paragraph 16 SFDR : Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11 ESRS S3-1 N-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines, paragraph 17 SFDR : Annex I, Table 1, Indicator no. 10 Benchmark regulation : Annex II to Delegated Regulation (EU) 2020/1816 and Article 12 (1) of Delegated Regulation (EU) 2020/1818 ESRS S3-2 Processes for engaging with affected communities about impacts ESRS S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns ESRS S3 -4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions ESRS S3-4 Human rights issues and incidents, paragraph 36 SFDR : Annex I, Table 3, Indicator no. 14 ESRS S3 -5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities ESRS S4 – Consumers and end -users ESRS 2 SBM -2 S4 Interests and views of stakeholders Par. [S4 SBM-2] Interests and views of stakeholders ESRS 2 SBM -3 S4 Material impacts, risks and opportunities and their interaction with strategy and business model Par. [S4 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ESRS S4 -1 Policies related to consumers and end-users Par. [S4-1] Policies related to consumers and end-users ESRS S4-1 Policies related to consumers and end-users, paragraph 16 SFDR : Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11 Par. [S4-1] Policies related to consumers and end-users
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120 ANNUAL REPORT 2025 - MONCLER GROUP Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines, paragraph 17 SFDR : Annex I, Table 1, Indicator no. 10 Benchmark regulation : Annex II to Delegated Regulation (EU) 2020/1816 and Article 12 (1) of Delegated Regulation (EU) 2020/1818 Par. [S4-1] Policies related to consumers and end-users ESRS S4 -2 Processes for engaging with consumers and end-users about impacts Par. [S4-2] Processes for engaging with consumers and end-users about impacts ESRS S4 -3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns Par. [S4- 3] Processes to remediate negative impacts and channels for consumers and end-users to raise concerns ESRS S4 -4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions Par. [S4-4] Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions ESRS S4-4 Human rights issues and incidents, paragraph 35 SFDR : Annex I, Table 3, Indicator no. 14 Par. [S4-4] Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions ESRS S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (consumers and end-users) Par. [S4-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Entity specific topic – Support for communities Support for communities Par. [Entity specific] Material impacts, risks and opportunities and their interaction with strategy and business model Par. [Entity specific] Policies related to support for communities Par. [Entity specific] Taking action on material impacts on support for communities and approaches to managing material risks and pursuing material opportunities for support for communities, and effectiveness of those actions Par. [Entity specific] Targets related to managing material negative impacts, enhancing positive impacts and managing material risks and opportunities ESRS G1 – Business Conduct ESRS 2 GOV -1 G1 The role of the administrative, management and supervisory bodies Par. [G1 GOV-1] The role of the administrative, management and supervisory bodies ESRS 2 IRO -1 G1 Description of the processes to identify and assess material impacts, risks and opportunities Par. [IRO-1] Description of the processes to identify and assess material impacts, risks and opportunities ESRS G1-1 Corporate culture and business conduct policies Par. [G1-1] Policies and practices on business conduct and corporate culture ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) SFDR : Annex I, Table 3, Indicator no. 15 Par. [G1-1] Policies and practices on business conduct and corporate culture ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) SFDR : Annex I, Table 3, Indicator no. 6 Par. [G1-1] Policies and practices on business conduct and corporate culture
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MONCLER GROUP – ANNUAL REPORT 2025 121 Disclosure requirement /information element/entity-specific topic Obligations under other EU legislation 45;46;47;48 Location in the Sustainability Statement ESRS G1-2 Management of relationships with suppliers Par. [G1-2] Management of relationships with suppliers ESRS G1-3 Prevention and detection of corruption and bribery Par. [G1 -1] Policies and practices on business conduct and corporate culture [GOV-1] The role of the administrative, management and supervisory bodies; [GOV-2] Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies Although it was found to be non-material by the 2025 double materiality analysis, the Moncler Group provides information on corruption and bribery ( ESRS G1-3 Par. 18 a, b, c; 20; 21 a, b, c ), to ensure continuity with what is reported in the 2024 Consolidated Sustainability Statement and the Consolidated Non- Financial Statements of previous years ESRS G1 -4 Confirmed incidents of corruption or bribery Par. [G1-1] Policies and practices on business conduct and corporate culture Although it was found to be non-material by the 2025 double materiality analysis, the Moncler Group provides information on corruption and bribery ( ESRS G1-4 Par. 25 a), to ensure continuity with what is reported in the 2024 Consolidated Sustainability Statement and the Consolidated Non-Financial Statements of previous years ESRS G1-4 Fines for violation of anti- corruption and anti-bribery laws, paragraph 24 (a) SFDR : Annex I, Table 3, Indicator no. 17 Benchmark regulation : Annex II to Delegated Regulation (EU) 2020/1816 ESRS G1-4 Standards of anti-corruption and anti- bribery, paragraph 24 (b) SFDR : Annex I, Table 3, Indicator no. 16 ESRS G1-5 Political influence and lobbying activities Par. [G1-1] Policies and practices on business conduct and corporate culture Although it was found to be non-material by the 2025 double materiality analysis, the Moncler Group provides information related to political influence and lobbying activities ( ESRS G1-5 Par. 27 ), to ensure continuity with what is reported in the 2024 Consolidated Sustainability Statement and the Consolidated Non- Financial Statements of previous years ESRS G1 -6 Payment practices Par. [G1-6] Payment practices
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122 ANNUAL REPORT 2025 - MONCLER GROUP [MDR-M] METRICS IN RELATION TO MATERIAL SUSTAINABILITY MATTERS The metrics adopted in relation to each relevant su stainability matter are described in the individual chapters of this Document, in accordance with the requirements of the European Sustainability Reporting Standards (ESRS). Each metric is clearly identified through n ames and/or descriptions and, depending on the case, the method ologies applied, the significant assumptions adopted and any limitations of the methodologies th emselves are detailed. In addition, whether the measurement has been validated by an external body, if different from the auditing firm, is also indicated. If the unit of measurement is expressed in currency, the one of the Group's financial statements is applied. The entity-specific metrics are reported in the paragraph on actions and targets in order to contextualise their progress .
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MONCLER GROUP – ANNUAL REPORT 2025 123 ENVIRONMENT E1 Climate change E2 Pollution E3 Water and marine resources E4 Biodiversity and ecosystems E5 Resource use and circular economy
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124 ANNUAL REPORT 2025 - MONCLER GROUP E1 CLIMATE CHANGE [E1 GOV-3] Integration of sustainability-related performance in incentive schemes ............................. 125 [E1 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model; [E1 IRO-1] description of the processes to identify and assess material climate-related impacts, risks and opportunities ..................................................................................................................................... 125 [E1-1] Transition plan for climate change mitigation ................................................................................... 128 [E1-2] Policies related to climate change mitigation and adaptation ...................................................... 130 [E1-3] Actions and resources in relation to climate change policies .......................................................... 131 [E1-4] Targets related to climate change mitigation and adaptation ...................................................... 139 [E1-5] Energy consumption and mix ............................................................................................................... 142 [E1-6] Gross scope 1, 2, 3 and total GHG emissions ..................................................................................... 143 [E1-7] GHG removals and GHG mitigation projects financed through carbon credits ........................... 149 EU Taxonomy ...................................................................................................................................................... 151
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MONCLER GROUP – ANNUAL REPORT 2025 125 [E1 GOV-3] INTEGRATION OF SUSTAINABILITY- RELATED PERFORMANCE IN INCENTIVE SCHEMES Moncler’s Remuneration 1 Policy is defined in line with the governance model adopted by the Company and with the recommendations of the Code of Corporate Governance. With reference to the short- and medium/long-term variable component of the Executive Directors and Strategic Managers, the Policy includes sustainability targets, including climate-related targets. As detailed in ESRS 2 GOV-3 (see also page 72-73), the Remuneration Policy for 2025, with reference to the Chairman and CEO, Executive Directors and St rategic Managers, provided for a short-term variable component (Management By Objectives – MBO) as well as a medium/long-term component (Long-Term Incentive – LTI); both components provide for an ESG KPI (with the MBO accounting for 10% and the LTI accounting for 15%). In particular, for 2025: the short-term variable component (Management By Objectives – MBO) included ESG objectives related to the 2020-2025 Sustainability Plan, with reference to the relevant year. With regard to the pillar of the Plan relating to c ombating climate change, the objectives included, inter alia, improving energy efficiency and reducing CO 2 emissions. the medium/long-term variable component (Long Term Incentive - LTI) includes sustainability matters both in the current Performance Shares Plan (2024), and in the one concluded in 2025 (2022 Performance Shares Plan – second cycle). Spec ifically, this last Plan included an ESG KPI that, in relation to combating climate change, concerned the maintenance in 2025 of the carbon neutrality of the Group’s offices through, amo ng other activities, the use of 100% of electricity from renewable sources, 90% of low-emis sion vehicles in the company’s fleet and the compensation of non-avoidable residual emissions (see also pages 72-73). Both plans (2022 and 2024 Performance Shares Plans) provide for a over performance criterion linked to the achievement of a high assessment of the Group’s sustainability performance by one of the leading ESG rating agencies (see also page 73). [E1 SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL; [E1 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL CLIMATE-RELATED IMPACTS, RISKS AND OPPORTUNITIES For the purposes of the double materiality assessme nt, the Group has identified and assessed the impacts, risks and opportunities related to climate change (the assessment did not take into account the mitigation actions implemented by the Group). For the assessment of impacts, the Group relied on data and information collected over the years for the calculation and monitoring of energy consumption and greenhouse gas emissions along the entire value chain, in accordance with the guidelin es of the Greenhouse Gas Protocol (see also pages 142-148). The assessments highlighted the act ual impacts of emissions generated by production processes and activities, attributable to the following types: 1 For more information on Moncler’s remuneration system, please refer to the 2026 Remuneration Report containing the Policy that will be submitted to the Shareholders’ Meeting on 2 1 April 2026 and to the previous versions available on the website at www.monclergroup.com, in the “Governance/Remuneration” section.
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126 ANNUAL REPORT 2025 - MONCLER GROUP direct emissions (scope 1), generated in the directly managed corpo rate sites worldwide, including production sites, offices, the logistics hub and stores ; indirect emissions (scope 2) attributable to the consumption of purchased electricity, relating to the directly managed corporate sites worldwide, including production sites, offices, the logistics hub and stores ; emissions along the value chain (scope 3), including upstream and downstream value chain activities. For the assessment of risks and opportunities relat ed to climate change, the Group also took into account the results of the analyses carried out on a voluntary basis since 2021, according to the recommendations of the Task Force on Climate-relate d Financial Disclosures (TCFD), which focus on four fundamental pillars: Governance, Strategy, Risk Management, Metrics and Targets. These analyses are coordinated by the head of the Risk Ma nagement Function responsible for the integrated management of risks (Enterprise Risk Management – ERM), on behalf of the Director in charge of the Internal Control and Risk Management System (ICRMS), in collaboration with the Sustainability Unit. The results of the assessments are integrated into the ERM model, which estimates the probability of occurrence and the fina ncial effect of the risks. This approach helps identify and monitor, over time, the assets and bus iness areas that require greater efforts in the transition towards a lower-impact model, as well as define targeted mitigation actions to ensure a resilient business strategy. These analyses aim to understand climate evolution and the trends that could influence business activities, providing a solid basis for adapting operational strategies in the long term. The results are periodically shared with the Control, Risks and Sustainability Committee, ensuring effective supervision and integration into the business strategy. As part of the process for the identification of climate-related risks, the Group has identified: • physical risks , i.e. related to the physical impact of climate ev ents, identified through tools such as climate risk maps (for example, for water-related risks such as flood risk, the Aqueduct Water Risk Atlas was used); • transition risks , i.e. arising from the process of transition to a low-carbon economy, linked for example to changes in public policies, regulations, technology and client choices. The analyses are carried out considering both direc tly managed sites and the value chain, with particular attention to raw materials and production sites in the supply chain. The identified risks are analysed qualitatively and quantitatively and the relevant assessments are updated periodically, using climate scenarios consistent with TCFD recommendations and based on scientific projections. Regarding physical risks, an assessment was perform ed on the basis of the climate scenarios identified by the Intergovernmental Panel on Climate Change (IPCC) i.e. RCP 2 2.6 3, RCP 4.5 and RCP 8.5. Specifically, the RCP 4.5 and RCP 8.5 scena rios present an intermediate emissions scenario, aligned with the Paris Agreement, and a b usiness-as-usual scenario with increasing greenhouse gas emissions and limited climate policies, respectively. The analysis is performed over three different time horizons to assess how climate events can evolve and affect the business. In particular: • short term (within the year): aligned with the Group’s strategic business plan timeline; • medium term (by 2030): aligned with the Group’s sci ence-based emission reduction commitments in line with the Science Based Targets initiative; 2 Representative Concentration Pathway. 3 The most ambitious IPCC climate scenario, aimed at limiting the global temperature rise to well below 2°C. It forecasts an average increase of between +0.4°C and +0.8°C compared with pre-industrial levels, in line with the targets of the Paris Agreement.
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MONCLER GROUP – ANNUAL REPORT 2025 127 • long term (by 2050): consistent with the Group’s Ne t Zero commitment and in line with international scientific evidence provided by the IP CC, as well as the goals of the Paris Agreement to limit the global temperature rise to 1.5°C. With regard to transition risks, an analysis was ca rried out on the basis of the two scenarios identified by the International Energy Agency (IEA), which outlines the main potential pathways of the energy system evolution: a scenario that reflect s existing and planned government policies, without achieving the goal of containing the temperature increase within 2°C, and a decarbonised scenario (Sustainable Development Scenario – SDS), which considers the pursuit of the main energy goals of sustainable development, including full ac cess to energy and the containment of the temperature increase to well below 2°C and with advanced economies expected to reach net zero emissions by 2050. Also for transition risks, the a nalysis was carried out over three different time horizons in line with what was done for physical risks. Since 2022, the Group has started to quantify, in t erms of financial implications, the risks and opportunities identified and, since 2023, has added to its supply chain analyses by also considering the potential effects that acute physical events 4, such as droughts and floods, and chronic events 5, such as the increase in average temperature, may have on the supply of raw materials and on price volatility. In this context, in 2025, the Group updated the analyses of cotton and down, conducted according to the RCP 4.5 and RCP 8.5 scenarios, extending them to wool. For these raw materials, the literature studies ana lysed during the project showed that acute physical risks may temporarily decrease their yield, resulting in moderate price spikes, whose financial impact on the Group was not deemed significant. With regard to chronic physical risks , meanwhile, the analysis showed how changes in cli matic conditions have a range of different effects on the g rowth and development of plants and animals in the various countries of supply. In the long term, the occurrence of these events causes variations in yields: the expected effect is potentially negati ve for raw materials of animal origin (down and wool) and positive 6 for those of vegetable origin (cotton). In this case also, the analysis carried out on the Group’s data found a negligible financial effe ct, with an estimated increase in annual operating costs that is not material. In general, the results of the scenario analysis, w hich include assessments of potential financial impacts arising from physical and transition risks and the identification of mitigation measures with the allocation of related financial resources, provi de the basis for the definition of the Group’s climate strategy. With the aim of continuing to add to the metrics and targets used to measure the financial effect of climate-related risks and opportunities, the Group is committed to pursuing its assessments of climate-related impacts, risks and opportunities in the short-, medium- and long-term. Further details regarding the elements of the analy ses are publicly reported in the annual CDP Climate Change questionnaire 7. The results of the above analyses are the starting point for the assessments carried out as part of the double materiality process (see also pages 102-97; 98-100), which took into account only the theoretical risks that exceeded the materiality thr eshold : the physical risk deriving from the intensification of extreme and chronic climatic phenomena (e.g. heavy rainfall, heat or cold waves, drought phenomena, etc.), which could affect physic al sites leading to the possible interruption or reduction of production levels (business continuity ) and the risk associated with changes in client purchasing dynamics, also following the increase in average temperatures 8. In addition, through 4 Extreme, sudden and short-lived weather events, which can have immediate and significant impacts on pe ople, infrastructure, economic activities and supply chains (Task Force on Climate-related Financial Disclosures – TCFD). 5 Long-term, gradual but persistent climate change that can structurally alter natural systems, infrastructure and business models (Task Force on Climate-related Financial Disclosures – TCFD). 6 According to the analysis conducted in the Group’s main sourcing areas, the sum of local effects would result in an increase in global cotton yields, with a potential reduction in prices. 7 Available on the Company's website www.monclergroup.com , in the “Sustainability/Report” section. 8 Despite the expected increase in average seasonal temperatures and the potentially shorter winter seasons by 2050, there is also evidence of the increase in extreme weather ev ents, as demonstrated by studies by the MIT (Massac husetts Institute of
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128 ANNUAL REPORT 2025 - MONCLER GROUP the double materiality analysis, a theoretical repu tational risk was identified, linked to the failure to achieve the climate targets defined in the Sustainability Plan (see also page 92). [E1-1] TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION The Moncler Group considers the fight against clima te change as a priority and is committed both to reducing its carbon footprint and to mitigating the risks and potential effects that climate change may have on its activities. Tackling climate change is a collective challenge that transcends the corporate boundaries and its entire value chain, go ing beyond national borders and involving all sectors, including companies, governments and non-governmental organisations. The Moncler Group’s climate strategy represents a k ey pillar of the sustainability strategy, confirmed in the new 2026-2028 Sustainability Plan. The Plan, examined and approved by the Board of Directors on the recommendation of the Con trol, Risk and Sustainability Committee (see also pages 67-69; 87-94), sets out the Group’s comm itment to reducing emissions not only in its own sites, but also along the value chain, from the extraction of raw materials to the production of garments, to the transportation and end-of-life management of finished products. The Group’s climate strategy is based on a phased a pproach that is constantly monitored and is subject to annual review. In particular, the Moncler Group is committed to reducing, by 2030, absolute scope 1 and scope 2 CO 2e emissions by 70% (in line with the “1.5°C” ambiti on) and scope 3 CO 2e emissions by 52% per unit of product sold compared with 2021 9 10 (in line with the “Well-Below 2°C” ambition). These targets, submitted in 2022 and formally approved by the Science Based Targets initiative (SBTi) 11 , Technology), NSF (National Science Foundation) and GIST (Gwangju Institute of Science and Technology). These factors, when combined, are difficult to assess in terms of potential impact. 9 The absolute value of scope 1 and scope 2 (market-based) emissions in 2021, which is the base year of the target, is 5,065 tonnes of CO 2e (scope 1 and scope 2 market-based are 2,332 and 2,733 tonnes of CO 2e, respectively). 10 The 2021 scope 3 absolute value considered for the target base year is equal to 206,932 tonnes of CO 2e. In line with the recommendations of the Science Based Targets initiative, the scope 3 emissions covered by the target d o not include emissions associated with the use of sold product. 11 The SBTi (Science Based Targets initiative) is an initiative that sets science-based emission reduction targets in order to strengthen the competitive position of companies that want to move to a low-carbon economy . Launched in 2015 through a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), it aims to guide companies on a structured decarbonisation journey towards a significant and scientifically based reduction of greenhouse gas emissions.
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MONCLER GROUP – ANNUAL REPORT 2025 129 were considered consistent with the contribution re quired of companies to limit the maximum increase in global temperatures compared with pre-industrial levels. In 2025, the Moncler Group conducted an internal an alysis 12 to review its decarbonisation target for scope 3 emissions and align it with best practi ces that consider a more virtuous commitment in the absolute target. This proposal is currently bei ng assessed by the SBTi. The scope 1 and scope 2 emissions target remains unchanged, as the scope has not undergone significant changes. As part of the climate strategy, adopting renewable energy, improving operational efficiency and using “preferred” 13 materials are some of the main levers to reduce gr eenhouse gas (GHG) 14 emissions, in accordance with the goals set by the United Nations 2030 Agenda for Sustainable Development (Sustainable Development Goals – SDGs). The details of the actions and initiatives envisaged by the climate strategy are described in the section “E1-3 Actions and resources in relation to climate change policies” (see pages 131-138), where the progress during the year is also detailed. The resources necessary for its implement ation are integrated into the Group’s financial planning, which also includes operating costs and i nvestments in line with what is reported as “eligible” and “aligned” in reporting relating to the EU Taxonomy. The Group also remains committed to achieving net zero emissions (Net Zero) 15 throughout the entire value chain by 2050, in line with the efforts requi red under the Paris Agreement 16 to limit the increase in the global average temperature to 1.5°C . In this regard, the Group’s goal will be structured into two complementary phases to be comp leted by 2050 compared with 2021, in line with the Science Based Targets initiative: reduce scope 1, 2 and 3 GHG emissions by 90%; offset all residual emissions with carbon removals. Source: Science Based Targets initiative (SBTi) With this in mind, the Moncler Group is exploring w hich carbon removal projects and carbon storage activities could support its path toward achieving Net Zero. 12 Considering elements such as, for example, the base year, the target year, the applicability of the Forest, Land and Agriculture (FLAG) guidelines, etc.. 13 Materials that aim to have a lower impact compared to conventional solutions used by the Moncler Group (for example materials that are recycled, organic, from regenerative agriculture or certified according to specific standards). 14 With reference to the targets set, there are no locked-in greenhouse gas (GHG) emissions associated with the assets owned. As a result, there are no identified risks that these emissions could hinder the achievement of GHG emission reduction targets. Despite this, the Group continues to constantly monitor its assets to ensure the necessary flexibility to adapt to sustainability and emission reduction targets. 15 According to the United Nations Intergovernmental Panel on Climate Change (IPCC), net zero emissions are achieved when the complex balance between greenhouse gas (GHG) emissions produced and those absorbed by the ecosystems is achieved through offsetting mechanisms. In particular, to contribute to the achievement of net zero emissions, companies have to reduce emissions and offset residual emissions. According to the Science Based Targets initiative, the achievement of Net Zero involves scope 1, 2 and 3 GHG emissions. 16 The Moncler Group, given the nature of its business, is not excluded from the EU Paris-aligned Benchmark (EU PAB), a financial instrument introduced by the European Union to help investors support the transition to a low-carbon e conomy, in line with the goals of the Paris Climate Agreement.
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130 ANNUAL REPORT 2025 - MONCLER GROUP Moncler is committed to reporting and communicating its impact on climate change and the results of mitigation activities in a transparent way throu gh the Sustainability Statement and the CDP Climate Change questionnaire. [E1-2] POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION The Moncler Group’s Environmental Policy , in line with the values and principles described in the Code of Ethics and the Supplier Code of Conduct, co nfirms its commitment to improving its environmental performance over time by preventing o r minimising actual and potential negative impacts on natural resources and people along the value chain through a risk-based approach and the definition of targets. In particular, the Policy defines the Group’s ambiti ons regarding the reduction of greenhouse gas (GHG) emissions, both in terms of mitigation and ad aptation to climate change, the protection of biodiversity, water and waste management, products made with “preferred” materials and the promotion of a culture of sustainability. The Policy is based on the Paris Climate Agreement of 2015, the United Nations Environment Programme (UNEP), the European Green Deal and the p rinciples of the Global Compact and demonstrates the Group’s aims to contribute directl y, or through organisations with which it collaborates, to the objectives described by the UN Sustainable Development Goals (SDGs). The Moncler Group applies the Environmental Policy to all its own operations and encourages the adoption across its entire supply chain. Specificall y, the Moncler Group requires its suppliers and business partners to comply with all applicable environmental regulations in the countries in which they operate as well as the environmental safeguarding principles included in the Group’s Supplier Code of Conduct. In the process of selecting potential partners to w ork with, the Group’s due diligence process involves an assessment of how environmental matters are managed. To ensure full compliance with the Policy, the Moncler Group undertakes to invest technical, economic and professional resources. With specific reference to climate change, the Envir onmental Policy reaffirms the Group’s commitment to mitigating its impact, by reducing direct and indirect GHG emissions in line with the objective of the Paris Climate Agreement, to transp arently quantifying, monitoring and communicating its direct and indirect GHG emissions and to adapting its business model to the effects of climate change. This includes identifying , assessing and managing the risks and opportunities both at its sites and along the supply chain. With regard to direct GHG emissions, the Environmen tal Policy includes the Group’s commitments regarding: 100% electricity from renewable sources for owned and directly managed sites worldwide; alignment with the best environmental standards env isaged for its corporate sites and stores, minimising energy consumption and promoting the well-being of its employees and clients; regular monitoring of business travel and increasin g the number of vehicles with lower environmental impact compared with the conventional solutions in the Group’s car fleet (see also page 134); maintaining carbon neutrality at its corporate site s by implementing various initiatives to reduce GHG emissions and compensating residual dire ct emissions through projects certified according to the highest standards.
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MONCLER GROUP – ANNUAL REPORT 2025 131 With regard to indirect GHG emissions, the Policy includes the following commitments: promoting the involvement of its suppliers by encou raging the use of energy from renewable sources and the reduction of GHG emissions in line with a science-based approach; reducing the environmental impact of the supply cha in by promoting the use of “preferred” materials in collections; reducing the environmental impacts related to transport by identifying and promoting the use of more efficient solutions without affecting operatio nal efficiency and compliance with delivery times; encouraging its employees to adopt alternative lowe r impact transportation compared with conventional solutions and providing the shuttle se rvice at production sites to reduce the impact of urban mobility. Adopted at Group level, the Environmental Policy was approved by the Board of Directors in 2017 after receiving the opinion of the Control, Risk an d Sustainability Committee, and was updated in 2024. The process of defining and updating the Policy involves the relevant corporate functions, to ensure that it is always aligned with international best practices (see also page 126) and updated according to changes in context or progress towards environmental objectives. The document is available in Italian and English, both on the corporate intranet and on the Group’s website (monclergroup.com). [E1-3] ACTIONS AND RESOURCES IN RELATION TO CLIMATE CHANGE POLICIES The following describes the actions taken by the Mo ncler Group to implement an effective environmental management system at its directly man aged sites and to reduce scope 1, 2 and 3 greenhouse gas (GHG) emissions and therefore the Gr oup’s impacts, as well as to mitigate the theoretical risks identified related to climate chan ge. These actions represent a concrete commitment that the Group will continue to take for ward in the future, consolidating and strengthening the implementation of its climate strategy. Initiatives for reducing energy consumption and scope 1 and 2 emissions For several years, the Group has been adopting certified environmental management systems at its directly managed sites that require careful monitor ing of specific indicators and continuous improvement plans. In 2025, the certification of the Environmental Management System according to the ISO 14001 standard was maintained at the production sites in Romania and Italy, at the Italian corporate sites and at the logistics hub of Castel San Giovanni (Piacenza), and obtained for the new Moncler Headquarters in Milan. Since 2024, the offices, the logistics Hub and some o f the production sites in Italy have been equipped with an Energy Management System that is ISO 50001-certified . This certification was also extended during the year to the Stone Island Hub in Ravarino (Modena), the production site in Romania and the knitwear plant in Padernello di Pae se (Treviso), with the commitment to also extend it to the Stone Island showroom in Milan. As part of this certification process, the Moncler Group has adopted an Energy Policy that includes the commitments described in the Environmental Policy, focusing on energy consumption management and continuously improving its energy performance. In order to reduce energy consumption and GHG emiss ions, the Moncler Group is implementing various activities at its directly managed sites ( production sites, offices, logistics hub and stores ):
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132 ANNUAL REPORT 2025 - MONCLER GROUP Use of electricity from renewable sources In line with its commitments, since 2023 the Moncle r Group has sourced electricity only from renewable sources for its directly managed corporate sites worldwide, a key tool for the Group’s decarbonisation path. This result was achieved through: o installation of photovoltaic panels: at the logistics hub of Castel San Giovanni (Piacenza) and the Padernello di Paese plant (Treviso), the ph otovoltaic systems contributed to the generation of over 1,000 MWh and 12 MWh of energy r espectively in 2025. At the same time, Stone Island, through the photovoltaic plant at the site in Ravarino (Modena), produced about 116 MWh of energy. The photovoltaic system installed at the new Moncler Headquarters in Milan is also scheduled to come into operation in 2026; o purchase of electricity from renewable sources : also in 2025, the Group continued to switch conventional energy supply contracts into renewable electricity contracts worldwide. Where no renewable energy supply is available from the energy provider, the Group has continued to purchase Energy Attribute Certificates (EACs), including Guarantees of Origin (GOs), Renewable Energy Certificates (RECs), New Zea land Energy Certificates (NZECs), Non-Fossil Value Certificates (NFCs), Korean Renewab le Energy Certificates (K-RECs) and International Renewable Energy Certificates (I–RECs). The purchase cost of Energy Attribute Certificates is an integral part of the Group’s annu al financial planning, which takes into account both potential expansions of the retail cha nnel, with a consequent increase in energy consumption, and potential changes in the price of the certificates. These initiatives have allowed the Group to keep th e scope 2 (market-based) GHG emissions related to the consumption of purchased electricity at zero at all sites worldwide. Energy efficiency initiatives With regard to energy efficiency, the Moncler Group, as part of its Energy Management System, regularly carries out energy diagnostics aimed at i dentifying new opportunities for improving energy performance. These analyses allow to understand energy use profiles in depth, identify any inefficiencies and define targeted interventions. Based on the evidence collected, the Group implements a continuous improvement process t o support the achievement of the decarbonisation and energy efficiency objectives. Dur ing 2025, the diagnoses concerned the Group’s Italian sites, which are characterised by higher levels of consumption. In particular, in 2025, the installation of energy- efficient lighting systems and optimisation of heating and air conditioning systems continued, bot h at existing sites and in new buildings. These actions have been supported by ongoing invest ments in the integration of innovative systems and high-efficiency equipment, in line with the technical requirements of EU Taxonomy Regulation 852/2020. Specifically, in Moncler’s corporate offices, in conti nuity with what has been done in recent years, the activity of replacing traditional lighti ng systems with Light-Emitting Diode (LED) 17 bulbs and thermal insulation systems has continued to ensure greater energy efficiency. At the Milan sites, the vast majority of lighting systems consist of more energy-efficient solutions compared to conventional ones; at corporate offices i n Trebaseleghe (Padua) approximately 95% of lighting systems are low-consumption, while this percentage stands at around 80% at the Ravarino (Modena) site. To date, the entire production site in Romania and the logistics hub in Castel San Giovanni (Piacenza) are equipped with LED systems. The new k nitwear plant in Padernello di Paese (Treviso), also fully equipped with LED lighting systems, has also been fitted with a photovoltaic system covering the entire roof of the building and a Building Management System (BMS) aimed at the integrated management of all technolog ical functions of the space, from access 17 The latest-generation LEDs, in addition to offering excellent light quality, ensure an estimated energy saving of up to 80% compared with the lighting systems previously used, while also generating less residual heat. In terms of environmental impact, they have an average lifespan that is significantly longer than traditional lights and are almost entir ely made from recyclable material.
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MONCLER GROUP – ANNUAL REPORT 2025 133 control to lighting and air conditioning, in order to manage energy consumption more efficiently. In addition, in 2025 the renovation work carried out at the Ravarino Hub (Modena) resulted in optimisation of the internal ventilation and the installation of LED systems and heat pump heating systems . In the dyeing department, work is under way to im plement a solar thermal system to support production, replace the b oilers with heat pumps, install a process system for pre-heating water and replace the window s and doors to improve the building’s energy efficiency. Finally, as part of the design of the new Moncler H eadquarters complex in Milan, the Group has created a high-performance building envelope ai med at reducing thermal losses, and has provided for the installation of advanced air conditioning systems based on groundwater and air heat pumps, integrated with a photovoltaic system with an installed capacity of about 360 kWp and a solar thermal system consisting of 76 panels. Regarding the stores, to date, more than 99% 18 of Moncler stores worldwide (100% in the United States, South Korea, Japan and Europe) are equipped with LED lighting systems. The same types of systems are planned for Stone Island’s new stores worldwide. In line with previous years, also in 2025 the Group continued to implement activities aimed at renewing store electrical systems using new technologies that ensure energy saving. In this regard, in 2021 Moncler began equipping stores with supervisory Building Management Systems (BMS) for more efficient management of energy consumption . In continuity with the initiatives carried out, the Group has set itself the objective of defining the new Building Guidelines , accompanied by the relative implementation plan, ai med at identifying and implementing electrification and energy efficiency solutions at the directly managed corporate sites . LEED and BREEAM environmental certifications In 2021 the Group initiated an environmental and energy certification process for its stores and all new corporate buildings according to the LEED standard. By adopting this certification, which requires the implementation of energy efficienc y measures, the Group is committed to implementing best practices in energy management for each new project. Since 2023, the Moncler Group has undertaken every year to obtain LEED certification for new stores 19 . Given this commitment, the Moncler Group currently has: o eight stores certified according to the LEED standar d for Building Operations and Maintenance and two stores under certification; o 43 stores certified according to the LEED standard for Interior Design and Construction and 18 stores under certification. With regard to the production sites, having obtaine d LEED Building Design and Construction certification for the extension of the production si te in Romania, the Group obtained the same certification in 2025 for the new knitwear plant at Padernello di Paese (Treviso). Alignment with the same criteria is also under way for the renovat ion of the Stone Island building used for dying. With regard to offices, in 2025 the Group obtained bo th the LEED certification for Design and Construction for the new Hub in Ravarino (Modena) a nd, in February 2026, the LEED certification for Building Design and Construction for the new Moncler Headquarters in Milan. 18 Excluding shop-in-shops, where lighting systems ar e provided by the host department stores (14 worldw ide) and on which, therefore, Moncler cannot take action. However, by the end of 2025, these shop-in-shops had been equip ped with LED lighting systems. 19 Excluding shop-in-shops.
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134 ANNUAL REPORT 2025 - MONCLER GROUP Lastly, BREEAM In-Use certification (Excellent level) was obtained for the logistics hub in Castel San Giovanni (Piacenza), proving a more efficient man agement of the building and an energy and environmental performance improvement. Low environmental impact car fleet During the year, the Group continued to introduce l ow environmental impact vehicles (hybrid and electric cars) into the car fleet, exceeding its target and bringing the ratio of such vehicles to 98% , in line with 2024. Based on the results achieved, the Group has set a new target for 2028 aimed at ensuring that at least 45% of its car fleet consists of vehicles with emissions of less than 50g of CO ₂ per kilometre travelled 20 . Scope 3 emissions mitigation initiatives Due to the nature of its business model, in which p roduction is mainly managed through suppliers, the Moncler Group’s most significant environmental i mpacts are indirect (scope 3), accounting for around 99% of the Group’s total emissions. To reduc e the indirect impact associated with the production and distribution of products, and within the limits of their sphere of influence, Moncler and Stone Island encourage production and logistics partners to apply environmental best practices. “Preferred” materials Among the raw materials used, including materials f or finished products and packaging, wool and cotton are the main source of GHG emissions, followed by synthetic materials, such as nylon and polyester. To reduce this impact, for several years, the Moncl er Group has been progressively replacing conventional materials with alternatives from recyc led, organic or regenerative agricultural origin that guarantee a reduction of emissions gene rated and therefore represent a key lever of the Group’s climate strategy. This approach not only supports the corporate commitment against climate change but also contributes to the mitigation of other environmental impacts (see also pages 83-85; 175-176). Following the achievement of the intermediate objectives defined in the previous Sustainability Plan, the Group has further strengthened its pathwa y by setting new targets. In particular, the Group’s 2028 21 collections must include: o ≥70 % “preferred” nylon; o ≥65% “preferred” cotton; o ≥75% of wool certified to specific standards (e.g. Res ponsible Wool Standard – RWS , Nativa, Sustainawool). In 2025, in particular, the Group used more than 55 % recycled or organic cotton, more than 60% recycled nylon and more than 70% certified wool, such as Responsible Wool Standard (RWS), Nativa and Sustainawool. Thanks to the purchase of these materials, with the exception of wool, for which an emission factor has not yet been defined that promotes the benefit of the transition to a lower impact solution, the Group avoided the emission of over 11,000 22 tonnes of CO 2e in 2025 compared with the purchase of the equival ent conventional raw materials. Support for these results also came from the Raw Ma terial Manual23 , published in 2024, which summarises the criteria and thresholds to guide the choice of materials and accessories with a 20 Target is subject to the implementation of Commission Implementing Decision (EU) 2023/1623. 21 The value considers the total weight of yarns and fabrics used for the production of the Spring/Summer (SS) and Fall/Winter (FW) 2028 collections. 22 The value is calculated considering the emissions that would have been generated if the Group had use d conventional raw materials. 23 Available on the Company’s website www.monclergroup.com , in the “Sustainability” section.
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MONCLER GROUP – ANNUAL REPORT 2025 135 lower environmental impact than conventional solutions and in line with best practices in animal welfare (see also page 173-174). The Moncler Group is also committed to reduce the consumption of packaging materials and to research and apply lower impact alternatives compar ed to conventional solutions. In recent years, the Group has launched a series of programmes for improving packaging design, focused mainly on recyclability, re-usability 24 and durability, as well as on reducing the materia ls used (see also pages 174; 178-182). Since 2022, the packaging for the end client has be en made with “preferred” materials, and the same has applied to logistics packaging since 2023. More details on the progress made in 2025 with resp ect to “preferred” materials are provided on pages 83-85; 168-169; 170-171; 175-176; 184-185. Regenerative agriculture Since 2023, the Moncler Group has supported project s dedicated to regenerative agriculture practices along the cotton and wool supply chains, with mitigation effects on both GHG emissions and impacts on biodiversity, and the impl ementation of new impact measurement methodologies in line with the latest reference sta ndards. In particular, among the projects launched on the cotton supply chain, the Group has joined a regenerative agriculture project developed in Tennessee, in collaboration with Ecosystem Services Market Consortium (ESMC) 25 , which promotes reduced tillage, the use of cover crops and efficient nutrient management, enabling the removal over the years of approximately 195 tonnes of CO 2e from the atmosphere, increasing the soil’s carbon sequestration capacity in the interested areas. The impacts of the project have been verified and certified by SustainCERT 26 (see also pages 83; 169). Regarding the wool supply chain, the Group continue d to support the project launched in Australia, together with PUR Projet 27 , which in 2025 saw the finalisation of the farm base lines that will be used to monitor the activities implemented in the field (see also pages 83; 169). Decarbonisation of the supply chain In 2025, emissions generated by production processe s along the supply chain, from the processing of raw materials to the assembly of garm ents, represented around 30% of the Group’s scope 3 emissions. Within these activities, the weaving, dyeing and finishing processes are the phases with the highest emission intensity, accounting for about 65% of these emissions. The Group actively collaborates with its suppliers to monitor energy consumption and define targets and plans aimed at reducing their carbon footprint. In recent years, it has begun mapping energy consum ption and the type of energy used along the supply chain in order to integrate these data i nto the Group’s carbon footprint and to identify, together with its suppliers, opportunitie s for energy efficiency improvements and for the transition to energy from renewable sources. This activity continued in 2025, with the collectio n and integration of primary data relating to energy consumption and the type of energy used at over 170 production sites of direct suppliers and their sub-suppliers. To date, about 30% of the electricity consumed at these sites comes from renewable sources, of which 20% derives from s elf-production from photovoltaic systems installed in situ and the remaining 80% derives from certified renewable sources. Considering the same scope of suppliers and the rel ated production sites mapped in the last two years, the percentage of suppliers that have pr ocured electricity exclusively from renewable sources (self-produced or purchased certified) has increased by 12%. 24 This refers to the ability of a product to be used multiple times for the same purpose without losing its functionality, performance or quality. 25 A non-profit organisation that recognises and rewards farmers for their environmental practices. 26 Official certification body for the Gold Standard for the Global Goals, a robust standard aimed at ensuring that climate actions also contribute to the Sustainable Development Goals. 27 An organisation active in insetting since 2008, PUR Projet is a certified B Corp and a global leader i n the implementation of nature-based solutions.
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136 ANNUAL REPORT 2025 - MONCLER GROUP This process, supported by external partners for th e data verification phase, allows the Group to both improve the quality of the data used and mo nitor over time the virtuous actions implemented by its suppliers. In 2025, the Group continued to provide advisory support , in collaboration with the Apparel Impact Institute 28 , with the aim of accelerating the transition to low-emission practices in its supply chain. In particular, 13 suppliers were involved, within the Carbon Target Setting (CTS) programme, which provides for a structured pathway of support in the definition of GHG emission reduction targets, in the increased use of energy from renewable sources and in the preparation of a medium/long-term decarbonisation plan. The CTS programme has also allowed to identify potential economic support tools (e.g., government incentives) to support the implementation of these measures, thus favouring more concrete and feasible decarbonisation strategi es. The Group will continue to collaborate with suppliers that have more energy-intensive proc esses and to stimulate the adoption of renewable energy in the supply chain. Moreover, the Group has launched an awareness-raising campaign along the supply chain, aimed at promoting environmental best practices in the sector. This activity was carried out both through dedicated workshops with first- and sec ond-level suppliers and through the sharing of the Climate & Energy Toolkit, through co rporate procurement channels, which provides practical tools for an effective understand ing of how to monitor and accelerate the transition to lower-emission production models compared to conventional ones. Aware that the decarbonisation of the supply chain requires a collective commitment on the part of the entire sector, the Group has joined the European Accelerator, an initiative led by The Fashion Pact, which brings together the main lu xury groups with the aim of accelerating decarbonisation through shared actions and common t ools. The first phase of the programme, which immediately involved a panel of suppliers, fo cused on simplifying reporting by developing a questionnaire dedicated to collecting the main environmental data, thus promoting a more efficient and harmonised approach to measuring supply chain performance. To further strengthen this approach, the Moncler Gr oup has set up a Committee within the Sustainability Committee, dedicated to overseeing t he supply chain decarbonisation programme. Composed of key figures from top manageme nt, Purchasing & Procurement team managers, the Sustainable Supply Chain team and the Sustainability Unit, the Committee combines strategic and operational expertise, ensur ing an integrated multidisciplinary approach. Among others, its main responsibilities i nclude guiding the supplier engagement strategy for emissions reduction, overseeing the ac tivities implemented and monitoring progress, in order to ensure the achievement of the Company's decarbonisation targets. This body represents a fundamental pillar in promoting a n effective energy transition throughout the supply chain, favouring collaboration between corporate functions and suppliers. Logistics system initiatives The Logistics Function, which in recent years has developed sustainability skills, has carried out several initiatives to contain environmental impacts and logistics costs, including: o engineering of routes to reduce distances travelled; o streamlining of transport frequencies in the flows entering the production hubs, to minimise travel and optimise flows; o promotion of the use of means of transport with lower environmental impact through the definition of Sustainability Minimum Requirements ; o space-efficient packaging to deliver the same volume of product in less space; o use of packaging with a lower environmental footprint than conventional packaging. 28 The Apparel Impact Institute (AII) is an international non-profit organisation that promotes decarbonisation in the clothing and footwear supply chain, promoting solutions for energy efficiency and the use of renewable energy.
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MONCLER GROUP – ANNUAL REPORT 2025 137 In particular, during the year, the Group continued the development of its logistics processes, focusing on increasing the level of automation and standardisation. The integration systems between the main logistics service providers and th e corporate IT platforms have been strengthened. 2025 marked the first year in which the logistics in tegration between the Moncler and Stone Island brands became fully operational, allowing th e two models to fully exploit synergies in distribution. At the same time, the process of integrating industrial logistics was initiated. The Group also promotes a shared culture with its l ogistics partners for the adoption of more efficient modes of transport. To support this commitm ent, it has progressively introduced Sustainability Minimum Requirements (SMRs), aimed at the reduction and mitigation of CO 2 emissions, into logistics service supply contracts. SMRs are already mandatory in the main contracts in the EMEA Region and will be progressiv ely extended to other suppliers and operational areas. In recent years, Moncler has made changes to the pa ckaging used to transport finished products, achieving a reduction in handled volumes. This has led to a reduction in the need for means of transport and, consequently, in the enviro nmental impacts generated in terms of atmospheric emissions. In addition to these, the Gr oup is considering other actions to be integrated in the coming years (see also page 91). Lastly, also in 2025, Moncler compensated last-mile emissions for the e-commerce channel in South Korea and Japan, and for the Americas and EME A Regions, for which it continued to use the UPS ® carbon neutral service 29 . In 2024 this option was also extended to the Ston e Island brand’s e-commerce flows. Initiatives to promote sustainable mobility of empl oyees The Moncler Group is aware of the impact of urban m obility and encourages its employees to adopt solutions with a low environmental impact. Over the years, the Group has launched several init iatives to reduce the environmental impact of commuting and, at the same time, to offer convenient alternative services for its employees. For example, in 2025, the car pooling initiative for employees at the Trebaseleghe site (Padua) continued. This initiative, encouraged by the Group through a contribution to employees who make their cars available, enables Moncler’s people to benefit from opportunities to socialise with their colleagues, while also limiting the environmental impact of travel. In addition, in the same year, Moncler continued to promote the use of bicycles by making them available at the Milan site to all employees requesting them, with the aim of encouraging individual mobility as an alternative to using private transport for urban travel and travel between offices. At its production site in Romania, the Moncler Grou p continued to provide a shuttle bus service . This commuting system, which benefited around 1,53 0 people, prevented the emission of around another 3,600 tonnes of CO 2e30 that would have been generated if each employee had travelled by private means. For the corporate sites in Italy, the Mobility Mana ger is responsible for promoting sustainable mobility for employees through the development of a Work Home Travel Plan (WHTP), which is updated annually. In 2025, thanks to the survey dedicated to updating the PSCL, it was possible to explore employees’ commuting modes, inc luding those to be adopted to reach the new Moncler Headquarters. In fact, based on the con tinuous updating of the mapping of corporate sites and the gathering of information th rough this survey in order to analyse workplace accessibility, the transport solutions us ed by employees, the distance travelled, the time spent and possible areas of intervention were identified in order to reduce pollutant 29 The UPS carbon-neutral programme offsets emissions associated with client’s shipments through several projects, including reforestation and reducing methane gas use. 30 The value is calculated considering the emissions that would have been generated if employees had not used the shuttle service but had used private cars.
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138 ANNUAL REPORT 2025 - MONCLER GROUP emissions and promote alternative commuting modes. This process in 2025 led, for example, to the activation of a shuttle service to reach the ne w Moncler Headquarters. The new Headquarters, also designed to promote low-impact m obility, has about 100 parking spaces with charging points for electric vehicles, confirming the Group’s commitment to encouraging the use of low-emission vehicles by employees. Lastly, in 2025, the Group again offered mobility services to employees in Italy, such as sharing mobility and the purchase of public transport season tickets . In 2025, the CO 2e emissions related to commuting represented about 6% of Scope 3, in line with 2024. Initiatives to mitigate theoretical risks related t o climate change The Group has put in place a series of measures to mitigate the effects of the theoretical risk deriving from the intensification of extreme and chronic wea ther phenomena (for example heavy rainfall, heat or cold waves, drought phenomena, etc.), which could affect the physical sites, resulting in the potential interruption or reduction of production l evels (operational continuity). In particular, it adopts insurance coverage aimed at limiting the eco nomic impact deriving from any damage due to extreme weather phenomena and regularly assesses physical risks related to climate (for example, the exposure of the area to hydrogeologica l and geomorphological risks). Based on the results of the risk assessments, the Group adjusts site planning in order to minimise its exposure to the identified risks. In addition, the Group has defined action plans to deal quickly and effectively with any potential emergency situations relating to its logistics services in order to ensure business continuity. Compared with the risk associated with changes in the purchasing dynamics of clients with potential preferences for lower impact products or lighter garments, the Group began to introduce products with “preferred” materials into its collections for years, from the bio-based down jacket (see also page 175) in 2019, to the range of garments created with recycled fabrics in the 2021 Moncler Grenoble collection and the launch, in the Moncler collections, of a selection of “Born To Protect” jackets, a project that became a total look in 2022, including sustainable garments and accessories. Currently, thanks to the collaboration of the Desig n, Fabric and Research and Development, and Operations and Merchandising teams, the Group is pr ogressively integrating into the collections fabrics and yarns with a lower impact than conventional solutions (over 55% in the 2025 collections). In addition, Moncler has expanded the range of products over the years, including, along with other new categories (including t-shirts, sweatshirts, kn itwear, shoes and other accessories), lightweight down jackets, which can be worn at milder temperatu res, or multilayer solutions that offer more opportunities for use. Environmental sustainability training The Moncler Group provides a course for all employees, with the aim of raising awareness and increasing knowledge of environmental matters. The course can be accessed through various devices and is available on the Group’s digital platforms. Organis ed into four modules, the course explores several topics, including: climate change, biodiversity, wa ter resource management, resource efficiency and circularity. The climate change module guides employees through the challenges and opportunities of one of the most pressing issues of our time. It presents a clear overview of the fundamental concepts, ranging from the definition and classification of greenhouse gases to the global and local impacts of climate change. The module also explores the topic of the carbon fo otprint as a tool to measure the emissions of an organisation and describes the main mitigation strategies adopted by the Moncler Group to reduce its impact. All the modules were updated during 2025. Also, as part of training programmes, the Indirect Purchasing team, which is responsible for managing renovation and construction works for both existing and new sites, took part in specific courses on building energy assessments and efficiency initiatives.
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MONCLER GROUP – ANNUAL REPORT 2025 139 [E1-4] TARGETS RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION The following provides a detailed overview of the targets included in the 2020-2025 Sustainability Plan and the results achieved during the year, relating to the Act on Climate & Nature pillar, which outline the Group’s future commitments to promoting the implementation of concrete environmental initiatives, in line with what is defined in the Environmental Policy. The targets for the use of “preferred” materials that contribute to the reduction of scope 3 emissions are reported on pages 83-85; 168-169; 170-171; 175-176; 184-185. LEGEND Target overachieved Target achieved Target partially achieved Target on time o Target delayed TARGETS 2025 RESULTS ACT ON CLIMATE & NATURE Reduce CO 2 emissions [SDG 7; 13] 2030 Reduction of 70% in absolute scope 1 and 2 CO 2e emissions vs 2021 (in line with the Science Based Targets initiative “1.5°C” ambition) 31 2030 Reduction of 52% in scope 3 CO 2e emissions per product unit sold vs 2021 (in line with the Science Based Targets initiative “WellBelow 2°C” ambition) 2050 Net Zero -46% absolute scope 1 and 2 CO 2e emissions vs 2021 +3% absolute scope 3 CO 2e emissions vs 2021 Ongoing 100% carbon neutral at all directly managed corporate sites worldwide ( production sites, offices, logistics hub and stores ) Ongoing 100% renewable energy at all directly managed corporate sites worldwide ( production sites, offices, logistics hub and stores) Ongoing 90% of low environmental impact vehicles in the Group’s corporate car fleet worldwide Carbon neutrality maintained at directly managed corporate sites worldwide ( production sites, offices, logistics hub and stores ) 100% of electricity used at directly managed corporate sites worldwide from renewable sources ( production sites, offices, logistics hub and stores ) 98% hybrid and electric vehicles in the Group’s corporate car fleet worldwide 31 Targets defined in line with the scope of the Group’s GHG inventory.
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140 ANNUAL REPORT 2025 - MONCLER GROUP Ongoing LEED certification for new corporate buildings Ongoing LEED certification for new stores 32 LEED certification for Building Design and Construction obtained for the new Moncler Headquarters Continued the LEED certification process at the Group’s new stores worldwide Compensated unavoidable residual emissions through projects certified on the voluntary market and focusing respectively on circular economy and renewable energy Ongoing Promotion of measures for energy efficiency and renewable energy throughout the supply chain Continued the supply chain engagement programme that includes, in addition to energy assessment activities aimed at identifying concrete actions for the reduction of energy consumption and the promotion of energy from renewable sources, support for suppliers in defining CO 2 emissions reduction targets according to internationally recognised standards Safeguard biodiversity [SDG 6; 12; 14; 15] 2025 Support for initiatives of Zero Deforestation and sustainable forest management All paper, cardboard and wood materials used by the Group are made exclusively from recycled and/or reused raw materials and/or raw materials certified by the Forest Stewardship Council (FSC) and/or the Programme for the Endorsement of Forest Certification (PEFC) Supported a project promoted by the Office National des Forêts (ONF) for the planting of over 900 trees in the municipal forest of Monestier-de-Clermont Ongoing Launch of regenerative agriculture projects in the cotton and wool supply chains to reduce and/or avoid the impacts on biodiversity Wool supply chain: continued the regenerative agriculture project in Australia with PUR Projet , with a biodiversity monitoring and carbon absorption system for resilient and fertile ecosystems 32 Excluding shop-in-shops.
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MONCLER GROUP – ANNUAL REPORT 2025 141 Cotton supply chain: continued support for the Unlock project by extending the programme to new farmers and geographical areas in South Asia ; continued collaboration with the Ecosystem Services Market Consortium , continuing projects in Tennessee and launching new projects in Texas For the targets of the new 2026-2028 Sustainability Plan, see page 89; 91.
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142 ANNUAL REPORT 2025 - MONCLER GROUP [E1-5] ENERGY CONSUMPTION AND MIX ENERGY CONSUMPTION Direct and indirect energy consumption at the Moncl er Group’s sites is mainly due to production activities in Italy and Romania and to the Italian logistics Hub in Castel San Giovanni (Piacenza), as well as to facility heating, air conditioning an d lighting and the use of IT equipment at the corporate offices and at the Moncler and Stone Island stores. In 2025, the Moncler Group recorded energy consumpt ion of 68,022 MWh at its sites, marking an increase of about 9% compared with 2024, attributab le to the increase in direct production, the acquisition and leasing of new buildings, the growt h of the workforce (+4%) and the expansion of the direct store network. Despite the increase in c onsumption, the share of fossil sources in total energy consumption continued to decrease in 2025 (-1% compared with 2024). DIRECT ENERGY CONSUMPTION (MWh) 33 2024 2025 Total energy consumption 62,289 68,022 Total energy consumption from fossil sources 11,558 12,370 Fuel consumption from coal and coal products - - Fuel consumption from crude oil and petroleum products 34 3,550 4,547 Consumption from natural gas fuel35 8,008 7,823 Fuel consumption from other non-renewable sources - - Consumption of purchased or acquired electricity, h eat, steam and cooling from fossil sources - - Share of fossil sources in total energy consumption 19% 18% Consumption from nuclear sources - - Share of consumption from nuclear sources in total energy consumption - - Total consumption of energy from renewable sources 50,731 55,652 Fuel consumption from renewable sources, including biomass (also industrial and municipal waste of biological origin, biogas, renewable hydrogen, etc.) - - Consumption of purchased or acquired electricity, h eat, steam and cooling from renewable sources 36 50,271 54,656 Consumption of self-generated non-fuel renewable energy 37 460 996 Share of renewable sources in total energy consumpt ion 81% 82% Non-renewable energy generation - - Renewable energy generation 496 1,153 33 For the calculation of electricity and gas consumption, data were collected for the first ten months of the year, where available, while for the remaining months or in the case of partial information, consumption was estimated. 34 The data include fuel consumption and related fuel emissions for emergency generators and the car fleet with reference to the global perimeter. In 2025, the Group’s car fleet included more than 95% hybrid and electric vehicles, to which the respective vehicle consumption factors have been applied. For the calculation, GLEC Framework 3.1 conversion factors were applied. 35 The data include the total energy consumption calculated on the basis of the information collected through the utility bills. For the calculation, DEFRA 2024 conversion factors were applied. 36 This figure includes green energy certified through Energy Attribute Certificates (EACs), including Renewable Energy Certificates (RECs)/Guarantees of Origin (GOs)/International Renewable Energy Certificates (I-RECs)/Non-Fossil Certificates (NFCs)/Korean Renewable Energy Certificates (K-RECs). 37 This figure includes the consumption of electricity from the photovoltaic systems installed on the Group’s sites.
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MONCLER GROUP – ANNUAL REPORT 2025 143 Total energy consumption from activities in high climate impact sectors per net revenues 38 from activities in high climate impact sectors 39 20.04 21.72 [E1-6] GROSS SCOPE 1, 2, 3 AND TOTAL GHG EMISSIONS MONCLER GROUP GHG EMISSIONS In 2025, total scope 1, 2 (market-based) and 3 emis sions amounted to 227,376 tonnes of CO 2e, registering a reduction in absolute terms of 1% compared with 2024. SCOPE 1, 2 AND 3 EMISSIONS 40 (TONNES OF CO 2e) 2024 2025 Total scopes 1 and 2 (location-based) and scope 3 emissions 248,126 245,992 Total scopes 1 and 2 (market-based) and scope 3 emissions 230,368 227,376 The standard methodology used to calculate the Grou p’s GHG emissions is consistent with the principles and guidelines of the Greenhouse Gas Protocol Initiative (GHG Protocol). GHG emissions are reported in CO 2 equivalent (CO 2e), a metric that allows the emissions of various g reenhouse gases to be compared, based on their global warming potential (GWP) 41 . The GHG emissions considered include CO 2, CH 4, N2O and HFC. The reference period considered for the calculation of 2025 Group emissions corresponds to the fiscal year 01.01.2025– 31.12.2025 for all categori es, with the exception of those related to materials used for the production of finished garments. For these categories, specifically Category 3.1 – Purchased goods and services and Category 3.12 – End-of-life treatment of sold products, the data considered refer to the materials used in the SS and FW 2025 collections. Scope 1 and 2 CO 2e emissions In 2025, the Moncler Group’s scope 1 and 2 (market-based) emissions amounted to 2,742 tonnes of CO 2e. Despite an increase compared with last year 42 , these emissions are in line with the climate targets defined by the Group, decreasing by about 46% compared with the 2021 base year 43 . In particular, total scope 1 emissions increased co mpared with 2024, due to extraordinary events such as the use of emergency generators at some Gro up sites. As confirmation of the Group’s commitment to pursuing its GHG emission reduction t argets, in 2025 the consumption of natural gas (whose emissions represent about 52% of scope 1 ) decreased compared with 2024. This result 38 The Group companies operate in the sales and retai l sector (NACE Section G), classified as high climate impact. All revenues generated and energy consumption are attributed to these activities. Revenues correspond to what is reported in item 4.1 Revenues in the Explanatory Notes to the Consolidated Financial Statements. 39 High climate impact sectors are those listed in NA CE Sections A to H and Section L (as defined in Regulation (EU) 2019/2088 and Annex 1 of the relevant Delegated Regulation regarding rules on disclosure of sustainable investments). 40 In 2024 and 2025, no biogenic emissions related to GHG emissions generated by the Group’s operations and its value chain were detected. 41 Calculations are based on the GWP factors provided by the IPCC AR5 global assessment. 42 In 2025, scope 1 emissions increased by 15% compared with 2024, while scope 2 (market-based) emissions remained unchanged at zero, resulting in an overall 15% increase in total scope 1 and scope 2 (market-based) emissions year on year. 43 The average percentage annual reduction of scope 1 and scope 2 emissions (market-based) against the 2030 reduction target compared with the 2021 base year is 7%.
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144 ANNUAL REPORT 2025 - MONCLER GROUP was also achieved following a series of investments made for the electrification of natural gas consumption through the installation of heat pumps. With regard to scope 2 emissions (market-based), th e emissions generated by the purchase of electricity amounted to 0 tonnes of CO 2e, in line with the Group’s commitment of continuin g to source electricity exclusively from renewable sources. SCOPE 1 AND 2 EMISSIONS 44 (TONNES OF CO 2e) 2024 2025 Direct emissions (scope 1) 2,382 2,742 Natural gas 35 1,450 1,416 Diesel34 264 341 45 Petrol34 607 881 46 Refrigerant fluids 61 104 Percentage of scope 1 emissions from regulated emissions trading schemes 47 - - Indirect emissions ( scope 2) Location-based 17,758 18,616 Market-based - - Total emissions (scopes 1 and 2) Location-based 20,140 21,358 Market-based 2,382 2,742 The reduction in scope 1 and 2 (market-based) CO 2e emissions normalised by revenues, is around 63% of emissions per million euros of revenues compared with 2021 48 . 44 For the calculation of emissions, financial control was considered, which coincides with operational control, for all scope 1 and scope 2 emissions. Furthermore, the DEFRA 2024 and GLEC Framework 3.1 emission factors for scope 1 wer e applied for the calculation, while the IEA 2025 factors were applied for scope 2. 45 Diesel consumption in 2025 increased compared with 2024, due to extraordinary power outages at some of the Group’s sites, which required the use of emergency generators. 46 The increase in emissions compared with 2025 is ma inly linked to the introduction of petrol hybrid co mpany cars to replace vehicles powered exclusively by diesel, resulting in an increase in the petrol consumed in 2025. 47 The Group, at the moment, operates outside the Emissions Trading System (ETS) regulated emissions market, as it does not fall within the sectors or activities subject to the monitoring and trading obligations of the European ETS. 48 The 2021 figures include the Moncler Group, assuming Stone Island is consolidated from January 1st. The value of scope 2 and 1 CO 2e emissions (market-based) normalised on 2021 revenues is 2.37.
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MONCLER GROUP – ANNUAL REPORT 2025 145 SCOPE 1 AND 2 INTENSITY UNIT OF MEASUR EMENT 2024 2025 Scope 1 and 2 intensity for net revenues 49 Intensity of scope 1 and 2 emissions - Location-based tCO 2e/ mn € 6.48 6.82 Intensity of scope 1 and 2 emissions - Market-based 0.77 0.88 Scope 1 and 2 intensity per employee Intensity of scope 1 and 2 emissions - Location-based tCO 2e/n umber of employe es 2.46 2.50 Intensity of scope 1 and 2 emissions - Market-based 0.29 0.32 Scope 3 CO 2e emissions With reference to GHG emissions generated along the value chain, in 2025 the Group's scope 3 emissions, calculated for all significant categorie s (see also pages 146-149), amounted to approximately 224,634 tonnes of CO 2e, registering a decrease of approximately 2% 50 in absolute terms compared with the previous year. The GHG emissions generated by the production of ra w materials, textile processing and production of finished garments represent about 70% of the Group’s scope 3 emissions. In 2025, Moncler continued the process of improving the completeness of the quality of the data included in emissions calculations thanks to the information collected through the traceability process and the in-depth collection of data on suppliers’ energy co nsumption. The inclusion in the collections of “preferred” materials, such as nylon and polyester made from recycled raw materials and organic cotton, avoided about 11,000 tonnes of CO 2e (for more details on the Group’s progress made on “preferred” materials, see pages 83-85; 168-169; 170-171; 175-176; 184-185). The Group expects that over the years these choices, along with the other activities taken on the value chain (see also pages 135-136) and in the logistics system (see also page s 136-137) will continue to contribute over the years to the reduction of GHG emissions in line with the commitments made under the SBTi. Emissions related to the Group’s industrial and dis tribution logistics 51 in 2025 amounted to 25,643 tonnes of CO 2e52 , registering a slight increase compared with the previous year, mainly attributable to some shipments made by air due to exceptional logistical needs. Emissions related to business travel and commuting decreased compared with 2024, despite the increase in the number of Group employees (+4% compared with 2024). Below are the scope 3 emissions, broken down by the categories considered significant for the Group. 49 Revenues correspond to what is reported in item 4.1 Revenues in the Explanatory Notes to the Consolidated Financial Statements. 50 The average percentage annual reduction of scope 3 emissions against the 2030 reduction target compared with the 2021 base year is approximately 1.5%. 51 Distribution logistics are responsible for managem ent of transport and distribution of finished produc ts to clients. Industrial logistics involve the management of the flow of materials from the upstream value chain. 52 Well-to-Wheels (WtW) value. Emissions from logistics transport have been calculated in accordance with the GLEC Framework 3.1.
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146 ANNUAL REPORT 2025 - MONCLER GROUP SCOPE 3 EMISSIONS (TONNES OF CO 2e) 2024 2025 Scope 3 emissions 53 227,986 224,634 54 3.1 Purchased goods and services 55 56 163,121 158,159 3.2 Capital goods 57 9,257 9,874 3.3 Fuel- and energy-related activities 1,309 1,361 3.4 Transportation and distribution 23,329 25,643 of which by ship 169 133 of which by air 21,403 23,792 of which by road/train 1,757 1,718 3.5 Waste 122 184 3.6 Business travel 2,993 3,016 3.7 Employee commuting 13,175 12,928 3.8 Upstream leased assets 58 - - 3.9 Third-party warehouses 569 672 3.10 Processing of sold products 59 - - 3.11 Use of sold product 10,384 9,885 3.12 End-of-life treatment of sold products 3,727 2 ,912 3.13 Downstream leased assets 60 - - 3.14 Franchises 61 - - 3.15 Investments 62 - - For more details on the methodology for the calculation of the scope 3 categories, see the following table. 53 The figure is calculated by applying location-based emission factors to all scope 3 categories, except for the “Purchased goods and services” category. The emissions associated with this category, for which primary data is available, have been included in the calculation by applying the relevant market-based emission factors. 54 The percentage of scope 3 emissions calculated from primary data in 2025 is approximately 76%. 55 CO 2e emissions have been calculated using regionalised e mission factors for both the cultivation and farmin g phase of raw materials and for the production processes along the supply chain of the most important material codes for the Group. This was made possible thanks to the information collected for the purposes of the Group’s traceability goals. 56 Primary data on energy consumption from certain su ppliers were used, gathered both through onsite energy assessments and through a campaign to collect specific information on the energy practices adopted at the production sites of direct and indirect suppliers. 57 Since 2024, a more accurate methodology was used t o calculate the Capital goods category, as more gra nular data was available. 58 This category does not apply to the Moncler Group, as the Group does not use leased assets from third parties whose impacts are not already included in the scope 1 and 2 reporting. 59 This category is not applicable to the Moncler Group since the sold products do not require further processing or transformation. 60 This category is not applicable to the Moncler Group as it does not own assets leased to other companies. 61 This category is not applicable to the Moncler Group business model, as the Group does not own franchises. 62 This category is not applicable to the Moncler Group since all the companies in which the Group invests are fully consolidated, therefore emissions are already included in scope 1 and 2 data. SCOPE 3 CATEGORY CALCULATION METHODOLOGY Purchased goods and services This category includes CO 2 emissions from the purchase of raw materials and the production of finished garments. For each r aw material (such as nylon, wool, cotton, polyester, down and others), e missions were calculated by considering volumes in terms of weigh t, composition and country of origin, where available. For the production processes (weaving, knitting, dyeing, assembly and finishing), CO 2 emissions were estimated based on the volumes, the processes involved and the country in which the processing took place. For the 2025 calculation, primary data on energy
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MONCLER GROUP – ANNUAL REPORT 2025 147 consumption and the specific energy mix were collec ted from direct and indirect suppliers. Specific emission factors were applied to each purc hased material to accurately estimate their impact during the raw material production and processing phases. For most fibres and all processes, the data source was the World Apparel & Footwear Life Cycle Assessment Database (WALDB). Datasets related to other countries not available in WALDB were adapted according to the national energy mix. Capital goods This category includes CO 2e emissions related to CapEx investments in 2025, related to activities linked to manufacturing machinery, new openings, renovations and expansions of stores and buildings, and IT software and hardware. Emission factors were applied to monetary values to estimate the impact in CO 2e. For this category, the Exiobase3 multi- regional input-output database, adjusted for the 2025 inflation rate, was used. Fuel- and energy- related activities This category includes CO 2e emissions from upstream activities related to direct and indirect energy consumption already reported in scopes 1 and 2. Emissions are calculated by multiplying energy c onsumption by a specific emission factor (source: IEA 2025). “Well-to-tank” emission factors were applied to calculate indirect emissions. Transportation and distribution This category includes CO 2e emissions resulting from inbound and outbound logistics managed by the Group. Data related to logistics flows are mapped and updated when necessary, in collaboration with Moncler’s logistics partners. The most material flows include: the transportation of yarns and fabrics from suppli ers to the logistics Hub at Castel San Giovanni, Piacenza; the transportation of yarns and fabrics to garment manufacturers; the transportation of finished products from garmen t manufacturers to the logistics Hub at Castel San Gi ovanni, Piacenza; the transportation of finished products from distribution centres to the network of stores and the e-commerce channel ma naged directly by Moncler. The emission factors applied to calculate the Group ’s logistics emissions are based on the GLEC Framework 3.1. Waste This category includes CO 2e emissions calculated using the volumes and type of waste (hazardous and non-hazardous) generated by the Moncler Group's operations, assuming an average distance of 50 km for the collection of waste by truck. To assess the total i mpact in CO 2e, the following disposal methods were considered: recycling, incineration with energy recovery, and other recovery operations and other disposal operations (e.g. landfill). The emission factors us ed are taken from Ecoinvent 3.11. Business travel This category includes CO 2e emissions calculated considering the total number of trips made by employees (divided between train and air travel). Emissions were calculated by multiplying the total distance travelled (in km) by the CO 2e emission factor corresponding to the means of transport used (source: GLEC 3.1). The data for this category were provided by the tra vel agencies collaborating with the Moncler Group. Emissions in this category for the last two months of the year were estimated on the b asis of data on distance travelled and means of transport used in the previous ten months. Employee commuting This category includes CO 2 emissions calculated using information collected through a survey aimed at investigating the means of transport used by Group employees (both corporate and retail) worldwide (Italy, EMEA - excluding Italy, Americas, Asia). Each employee’s workdays were
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148 ANNUAL REPORT 2025 - MONCLER GROUP split between “commuting” and “remote working” to d ifferentiate in- person days from remote working days. Specific emission factors from Ecoinvent 3.11 were used, based on the means of transport used by employees. Upstream leased assets This category is not applicable to the Moncler Group, as emissions related to assets leased by the Moncler Group are included in scope 1 and 2 emissions. Third-party warehouses Energy data from third-party warehouses were collec ted through dedicated surveys. The emission factors applied are based on IEA 2025 parameters. Processing of sold products This category is not applicable to the Moncler Grou p since the sold products do not require further processing or transformation. Use of sold products This category includes CO 2e emissions and is calculated based on the total units sold during the reporting year by the Moncler Group and the relevant garment care information. The calculation was based on the indirect use phase (e.g., washing, ironing, drying) reported on the product-specific care labels, used to estimate the maintenance processes applicable during the life cycle of each product category. Specific emission factors were applied to each prod uct category, taking into account the materials and the type of maintenance required (source: WALDB). End-of-life treatment of sold products The Moncler Group does not directly manage this phase but has estimated its impact in accordance with the GHG Protocol. Dep ending on material volumes, disposal methods (e.g. recycling and recov ery) and packaging, specific emission factors were used to calculate CO 2e emissions (source: Ecoinvent 3.11). Downstream leased assets This category is not applicable to the Moncler Grou p as it does not own assets or real estate leased to other companies. Franchises This category is not applicable to the Moncler Grou p business model, as the Group does not own franchises. Investments This category is not applicable to the Moncler Grou p since all the companies in which the Group invests are fully cons olidated, therefore emissions are already included in scope 1 and 2 data.
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MONCLER GROUP – ANNUAL REPORT 2025 149 [E1-7] GHG REMOVALS AND GHG MITIGATION PROJECTS FINANCED THROUGH CARBON CREDITS CARBON NEUTRALITY In 2025, the Group maintained carbon neutrality 63 for all directly managed sites worldwide. To maintain climate neutrality, and in line with wh at was done in previous years, scope 1 and 2 (market-based) emissions were reduced (-46% compared with the 2021 base year) , while unavoidable residual emissions were compensated through three projects certified on the voluntary market and focused on the circular economy and renewable energy. The first project supported, certified according to G old Standard, relates to the expansion of a highly energy efficient plastic waste recycling plant in Romania. This initiative adds to the contribution towards the implementation of two projects that aim to increase access to energy from renewable sources: a photovoltaic plant, certified a ccording to the Verified Carbon Standard, in the Mauritius islands, and an off-shore wind plant, certified according to the Gold Standard, in Vietnam. The three projects are important not only from an environmental point of view but also from a social perspective as they have created new job opportunities and raised awareness among local communities on environmental topics and the importance of recycling and of management of local resources. To monitor the reduction and compensation of greenh ouse gas emissions at its sites, the Group, on an annual basis: • monitors the implementation of the Group guidelines for the procurement of renewable energy; • collaborates with the relevant corporate department s to continuously identify areas for improvement in energy efficiency; • monitors energy consumption and related CO 2 emissions using dedicated company tools and with the support of a consulting firm; • collaborates with recognised partners to purchase r enewable energy certificates (EACs) and CO 2 credits aligned to major international standards s uch as the Gold Standard or Verified Carbon Standard (VCS). In line with the requirements of the SBTi, the carb on credits purchased from these projects do not contribute to the scope 1 and 2 emission reduction trajectories defined by the Group. 63 Achieving carbon neutrality includes various CO 2 emission reduction activities such as purchasing e nergy from renewable sources, using more efficient lighting systems, using vehicles with low environmental impact and compensating residual emissions with carbon credits generated by positive impact projects. Each credit, certified according to international standards, such as the Gold Standard or Verified Carbon Standard (VCS), certifies that a tonne of CO 2 has been reduced or removed from the atmosphere.
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150 ANNUAL REPORT 2025 - MONCLER GROUP CARBON CREDITS 64 Unit of measureme nt 2024 2025 Carbon credits outside the value chain, verified according to recognised quality standards tCO 2e 2,400 2,742 of which from removal projects - - of which from mitigation projects 2,400 2,742 Share from removal projects % - - Share from mitigation projects 100 100 Breakdown by type of standard Gold Standard % 83 67 Verified Carbon Standard 17 33 Other recognised standards - - Share from projects developed in the EU 42 36 64 The carbon credits purchased by the Group are not included within the corresponding adjustments provided for in Article 6 of the Paris Agreement.
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MONCLER GROUP – ANNUAL REPORT 2025 151 EU TAXONOMY Regulation (EU) 2020/852 65 introduced the Taxonomy into the European regulato ry system to determine whether economic activity can be consider ed environmentally sustainable and to stimulate transparency in green finance transaction s by identifying the degree of environmental sustainability of an investment. Environmentally friendly economic activities are assessed on the basis of whether they contribute to six environmental objectives: • climate change mitigation; • climate change adaptation; • sustainable use and protection of water and marine resources; • transition to the circular economy, including with regards to the reduction and recycling of waste; • pollution prevention and control; • protection of biodiversity and ecosystems. To be considered environmentally sustainable, activ ities must meet specific criteria, including: contributing positively to at least one of the six environmental objectives; complying with the technical criteria identified by delegated acts ado pted by the European Commission; not having negative impacts on any of the other objectives (DN SH – do no significant harm criterion); and being carried out in accordance with minimum safeguarding guarantees. Regulation (EU) 2020/852 requires information to be provided on the share of turnover, capital expenditures (CapEx) or operating expenses (OpEx) a ssociated with economic activities that are Taxonomy-eligible and aligned. CALCULATION METHODOLOGY AND RESULTS OF THE INDICATO RS PROVIDED FOR IN THE TAXONOMY REGULATION Turnover: Based on the interpretation of the current applicab le requirements, the Group determined that its main commercial activities are not among those currently identified by the regulations of reference for the two environmental objectives mentioned abov e, and consequently are not considered admissible on the date of preparation of this Document. For the calculation of the turnover indicator the c onsolidated net turnover was used as the denominator. With regard to the numerator, in view of the above-mentioned considerations and of the interpretation of the Taxonomy Regulation, at the date of publication of this Document, no part of the turnover obtained from the sale of products or services associated with economic activities considered eligible and aligned in relation to the objectives of the Taxonomy has been identified. 65 Commission Delegated Regulation (EU) 2026/73 introduced some changes regarding the reporting methods and information templates provided for in the EU Taxonomy; the provisions contained therein apply from 1 January 2026 with reference to the 2025 financial year. However, considering what is defined in Article 4 of this Regulation, undertakings are a llowed to postpone the implementation of the new regulations from fiscal year 2026. For the 2025 financial year, the Moncler Group has therefore decided to prepare the Taxonomy disclosure in accordance wi th the methods and models previously in force, exer cising the permitted option.
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152 ANNUAL REPORT 2025 - MONCLER GROUP Proportion of turnover from products or services as sociated with Taxonomy-aligned economic activities – Disclosure covering the year 2025 Share of turnover/Total turnover Taxonomy-aligned by objective Taxonomy-eligible by objective CCM - - CCA - - WTR - - CE - - PPC - - BIO - - CapEx: For the capital expenditures (CapEx) indicator calc ulation, the denominator considered the increases in tangible fixed assets and intangible a ssets during the year, before depreciation and any revaluations, including those arising from rest atements and reductions in value, for 2025, and excluding changes in fair value. In particular, the denominator includes acquisitions of tangible fixed assets (IAS 16), intangible assets (IAS 38) and assets for rights of use (IFRS 16). With regard to the numerator, increases in fixed as sets related to the purchase of output from economic activities included in the Taxonomy relating to the measures implemented that contribute to the objective set by the legislation called “climate change mitigation” were considered eligible. These activities mainly include investments in construction work related to the opening of new stores or production plants and the expansion and renovation of company offices and existing stores with a particular focus on energy efficiency improvements and energy consumption reductions for these buildings. These investments fall under the economi c activities categorised as “7.2 Renovation of existing buildings”, “7.3 Installation, maintenance and repair of energy efficiency equipment” and “7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings” of Reg ulation (EU) 2020/852. In particular, in 2025, these investments concerned, for activity 7.2, the renovation of some buildings in Ravarino (Modena), while, for economic activities 7.3 and 7.5, investments relating to some of the new store openings of both Moncler and Stone Island were taken into account. The alignment analysis was carried out by verifying both the adherence of the aforementioned activities to the technical screening requirements and DNSH criteria relating to the climate change mitigation objective and compliance with the minimum safeguards in carrying out the activity. Financial year 2025 2025 Substantial contribution criteria DNSH criter ia (“Does Not Significantly Harm”) Economic Activities Code Turnover Proportion of Turnover, year 2025 Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Minimum Safeguards Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year 2024 Category enabling activity Category transitional activity Text Mln € % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0.00 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% of which enabling 0.00 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 % 0.0% 0.0% E of which transitional 0.00 0.0% 0.0% 0.0% T A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Turnover of Taxonomy eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 0.00 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A. Turnover of Taxonomy-eligible activities (A.1+A.2) 0.00 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy non- eligible activities 3,132.13 100.0% TOTAL 3,132.13 100.0%
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MONCLER GROUP – ANNUAL REPORT 2025 153 With reference to the analysis for the verification of alignment with the technical screening requirements and the DNSH criteria of the Taxonomy, the adoption of energy efficiency requirements in building measures at all directly m anaged sites was considered, in line with the objectives related to the "Act on climate & nature" pillar of the Group's 2020-2025 Strategic Sustainability Plan, with a particular focus on the guidelines implemented by Moncler and Stone Island for the design of new openings and relocation of stores and new company buildings, ensuring the integration of criteria for obtaining LEED cert ification. These analyses, specific to each of the three activities (7.2, 7.3 and 7.5), were carried out by a specialised third party that supported the Group in monitoring and verifying the alignment of each construction project taken into consideration with the Taxonomy requirements, from the design phases to the construction site phases. With regard to the verification of compliance with the minimum safeguards, as part of the due diligence activities on compliance with the princip les of the Code of Ethics, the Group has has ensured that the suppliers involved in the activiti es described above comply with corporate standards on human and workers’ rights, anti-corruption practices and good governance, taxation and fair competition. Based on the analyses conducted, it was determined that the share of capital expenditure classified as “aligned” is approximately 1.2% 66 , corresponding to the totality of investments related to eligible activities. Proportion of CapEx from products or services assoc iated with Taxonomy-aligned economic activities – Disclosure covering the year 2025 66 The alignment percentage rises to 3.7% excluding the impact of right-of-use assets accounted for in accordance with IFRS 16. Financial year 2025 2025 Substantial contribution criteria DNSH criteria (“D oes Not Significantly Harm”) Economic Activities Code CapEx Proportion of CapEx, year 2025 Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Minimum Safeguards Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx, year 2024 Category enabling activity Category transitional activity Text Mln € % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) Renovation of existing buildings CCM 7.2 1.74 0.3% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.7% T Installation, maintenance and repair of energy efficiency equipment CCM 7.3 5.45 0.8% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.5% E Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings CCM 7.5 0.73 0.1% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.1% E CapEx of environmentally sustainable activities (Taxonomy -aligned) (A.1) 7.92 1.2% 1.2% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 2.3% of which enabling 6.18 0.9% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0.6% E of which transitional 1.74 0.3% 0.3% Y Y Y Y Y Y Y 1.7% T A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) CapEx of Taxonomy -eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 0.00 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A. CapEx of Taxonomy eligible activities (A.1+A.2) 7.92 1.2% 1.2% 0.0% 0.0% 0.0% 0.0% 0.0% 2.3% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy non-eligible activities 636.39 98.8% TOTAL 644.31 100.0%
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154 ANNUAL REPORT 2025 - MONCLER GROUP Share of CapEx/Total CapEx Taxonomy-aligned by objective Taxonomy-eligible by objective CCM 1.2% 1.2% CCA - - WTR - - CE - - PPC - - BIO - - OpEx: When calculating the operating expenditures (OpEx) indicator, the denominator comprises all the non-capitalised direct costs related to research and development, short-term leasing, maintenance and repair, as well as any other direct expenses co nnected to the daily maintenance of property, plant and equipment of the company or third parties to which such tasks are outsourced, necessary to ensure the continuous and effective functioning of such assets. Expenses relating to the daily operation of property, plant and equipment such as raw materials, cost of employees using the machine, electricity or fluids necessary for the operation of such assets were not included. Regarding the numerator, the costs included in the denominator relating to the purchase of output from eligible and aligned economic activities accor ding to the Taxonomy and/or relating to the measures implemented that contribute to the objective set by the legislation called “climate change mitigation” were taken into account. In particular, the costs related to maintenance activities aimed at ensuring the operation of energy systems for ene rgy efficiency and for the reduction of energy consumption at company premises were included, which are associated with the economic activity categorised as “7.3 Installation, maintenance and r epair of energy efficiency equipment” in Regulation (EU) 2020/852. The alignment analysis was carried out following the same process used by the Group for CapEx. Based on the analyses carried out, it was found that the share of operating expenses considered “aligned” is approximately 2.8%, equal to all operating expenses relating to eligible activities. Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – Disclosure covering the year 2025 Financial year 2025 2025 Substantial contribution criteria DNSH criter ia (“Does Not Significantly Harm”) Economic Activities Code OpEx Proportion of OpEx, year 2025 Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Minimum Safeguards Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) OpEx, year 2024 Category enabling activity Category transitional activity Text Mln € % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) Installation, maintenance and repair of energy efficiency equipment CCM 7.3 0.86 2.8% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.0% E OpEx of environmentally sustainable activities (Taxonomy- aligned) (A.1) 0.86 2.8% 2.8% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0.0% of which enabling 0.86 2.8% 2.8% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0.0% E of which transitional 0.00 0.0% 0.0% Y Y Y Y Y Y Y 0.0% T A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 0.00 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A. OpEx of Taxonomy eligible activities (A.1+A.2) 0.86 2.8% 2.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES OpEx of Taxonomy non-eligible activities 29.70 97.2% TOTAL 30.56 100.0%
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MONCLER GROUP – ANNUAL REPORT 2025 155 Share of OpEx/Total OpEx Taxonomy-aligned by objective Taxonomy-eligible by objective CCM 2.8% 2.8% CCA - - WTR - - CE - - PPC - - BIO - - Nuclear and fossil gas activities With reference to the disclosure pursuant to Articl e 8, paragraphs 6 and 7 of Regulation (EU) 2021/2178, which requires the use of the templates provided in Annex XII for reporting activities related to nuclear energy and fossil fuels, templat es 2 to 5 have been omitted as they are not representative of the Company’s business activities. Row Nuclear energy related activities 1. The undertaking carries out , funds or has exposures to research . development. demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO 2. The undertaking carries out . funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. NO 3. The undertaking carries out . funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NO Fossil gas related activities 4. The undertaking carries out . funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO 5. The undertaking carries out, funds or has exposures to construction, refurbishment. and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. NO 6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NO
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156 ANNUAL REPORT 2025 - MONCLER GROUP E2 POLLUTION [E2 IRO-1] Description of the processes to identify and assess material pollution-related impacts, risks and opportunities ............................................................................................................................................. 157 [E2-1] Policies related to pollution ................................................................................................................. 157 [E2-2] Actions and resources related to pollution ....................................................................................... 158 [E2-3] Targets related to pollution ................................................................................................................ 159
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MONCLER GROUP – ANNUAL REPORT 2025 157 [E2 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL POLLUTION-RELATED IMPACTS, RISKS AND OPPORTUNITIES In the context of the double materiality analysis, a theoretical risk of non-compliance with regulations aimed at reducing environmental pollution of water, air and soil along the supply chain was confirmed (the assessment did not take into account the mitigation actions implemented by the Group). Some activities, in fact, such as the culti vation, production and finishing of certain raw materials, may involve the use of certain types of chemicals . To date, the aforementioned risk has not been consi dered material for the Group’s internal production processes, which are mainly related to t he manufacturing of garments, laboratory testing and research and development activities tha t involve a limited and managed quantity of chemicals. In relation to environmental pollution, an emerging theme in the fashion industry is fibre fragmentation , namely the release of fibres from textile products throughout their life cycle. When referring to fibres in general, whether natural or synthetic, the term “microfibres” is used; when the fibres are of synthetic origin, they are referred to as microplastics 1. To date, the available research on microfibre release is still insufficient to fully u nderstand its potential impacts and the extent of the effects. For example, there is no unique, standa rdised approach that can monitor and identify microfibre release throughout the product’s lifecycl e, and there is limited knowledge of the environmental impacts related to different types of fibres and the factors influencing their release. At the same time, the most effective strategies to reduce this phenomenon are still under study. The Group, aware of the importance of this topic, colla borates with suppliers and organisations and participates in dedicated working groups to better understand the causes and extent of the phenomenon and then identify feasible solutions and/or mitigation actions. Within this context, the Group is also committed to raising awareness among clients to limit any environmental impacts during the use of its products. In particular, to minimise the deterioration of materials and reduce the risk of microfibre release, useful information has been included on labels and in the dedicated sections of each Brand’s website, providing guidance on garment composition and care. Most of the garments that mainly contain synthetic fibres are outerwear, which are typically not subjected to frequent washing. Recognising the need for greater scientific knowledge on this topic, the Moncler Group reserves the right to reassess the materiality of the issue of fi bre fragmentation as further evidence becomes available, with the goal of defining a Group-wide approach to the topic by 2028. [E2-1] POLICIES RELATED TO POLLUTION In line with the principles defined in the Group’s Code of Ethics, the Supplier Code of Conduct and the Environmental Policy (see also pages 130-131; 2 23; 252), the Group is committed to complying with applicable regulations and simultaneously requires its suppliers to do the same, promoting high environmental standards, for both its direct activities and along the supply chain, in order to prevent pollution incidents and potential impacts on the environment and local communities. In addition, the use of chemicals is regulated by t he Group’s Product Restricted Substances List (PRSL) , which applies to products and materials, and in t he Group’s Manufacturing Restricted Substances List (MRSL) , which applies to production processes. These documents take into account 1 For the source of the definitions, please refer to the document “Glossary of words used in textile ind ustry” provided by the Microfibre Consortium. Available at: www.microfibreconsortium.com .
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158 ANNUAL REPORT 2025 - MONCLER GROUP applicable laws as well as voluntary parameters and are in line with the Group’s commitment to adopting a proactive approach to identify and progr essively replace and/or regulate potentially hazardous chemicals. Suppliers are contractually re quired to comply with these guidelines, which are also published on the corporate website at monclergroup.com (see also page 236). The Group’s MRSL has been defined considering key in dustry standards (e.g. Zero Discharge of Hazardous Chemicals - ZDHC, to which Stone Island h as adhered since 2019) and includes for further insights and specific requirements. The PRSL was developed with the support and verifica tion of consultants and testing and certification companies, considering the requirement s of major industry standards (including the American Apparel and Footwear Association – AAFA and the Camera Nazionale della Moda Italiana), certification schemes of independent bodi es, and taking into account the specific characteristics of the products of both Brands. The Document lists the names of the relevant chemicals and formulations, which suppliers are enc ouraged to improve and find alternatives for, the CAS (Chemical Abstract Service) registry number , the analysis methods and detection limits to be used, along with the reference parameters to be complied with. [E2-2] ACTIONS AND RESOURCES RELATED TO POLLUTION The Group, aware of the importance of regulating th e chemicals used in production processes, monitors the application of its standards along the supply chain in order to prevent possible contamination of water, sludge, materials, and products. In particular, the MRSL and the PRSL define both the substances that suppliers and sub-suppliers must monitor at various production phases and in th e products/materials, as well as the related reference parameters to be respected in order to prevent and/or mitigate the risk of potential issues related to the products, materials and processes, a nd provide the basis for a proper production methodology and root-cause analysis. The MRSL and PRSL regulate over 350 chemicals and apply to all levels of the supply chain involved in the production of materials and products. In addition, suppliers and sub-suppliers, particula rly those managing wet processes, are encouraged to proactively develop a chemicals manag ement system to monitor and test, also through qualified third parties, chemicals, wastewater and sludge, as well as materials, components, products and treatments. This includes the continuo us updating of formulation inventories (chemicals inventory) and the related documentation , as well as batch traceability and screening and/or testing of different chemical formulations, a t least seasonally, if not on a sample basis or during inspections. In addition, Moncler and Stone Island require their suppliers to adopt rigorous practices for handling, storing, transporting and disposing of chemicals. Such practices aim to prevent pollution caused by accidental spills, leaks or improper discharges. Suppliers are required to verify that what is provi ded complies with the legal requirements or, if these are more restrictive, with the requirements of the Group, and, in case of issues, to investigate the causes and to apply the appropriate corrective actions, always in compliance with the applicable regulations in the specific country/State of selling 2. Both Brands monitor compliance with the requirements based on a sampling procedure that identifies the samples to be tested, the frequency and the tests to be performed by the Grou p and the suppliers. Testing activities, carried out seasonally, begin with the materials research p hase and continue through the prototyping, sampling and production phases (see also pages 240-241). The samples and substances to be tested are selecte d taking into account the type of materials (fabrics, leather, etc.) used, the formulations use d in the production process (e.g. dyes, finishing 2 None of the Group’s 2025 revenues are associated with products containing substances classified as hazardous in concentrations above the limits established by the applicable legislation in the Country or State of sale.
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MONCLER GROUP – ANNUAL REPORT 2025 159 agents, etc.), the availability of documentation, t he frequency and quantities used in the supply chain, etc. Tests on components, water, chemical formulations a nd finished products are conducted through ISO 17025 accredited third-party testing laboratories and are commissioned by both the suppliers and the Group. In addition to these tests, in the context of ethic al, social and environmental audits, Moncler and Stone Island pay particular attention to the enviro nmental compliance of their suppliers. During these controls, the Group verifies that suppliers co mply with the applicable regulations and have adequate environmental management systems in place. A key element of the audit concerns the management and storage methods of hazardous chemica ls; it is verified that suppliers adopt appropriate safety measures, such as secondary containment systems, and that they have updated Material Safety Data Sheets that are easy to access and legible. Additionally, compliance with wastewater regulations, proper waste management and the availability of environmental training programmes for employees are monitored (see also pages 138). In addition to the standard environmental module included in the ethical, social and environmental audits, in 2025, 13 specific environmental audits we re carried out (nine in 2024) on a sample of fabric, finishing and dyeing suppliers. In addition, wastewater analyses on 62 (60 in 2024) companies with wet processes were examined, coverin g a sample of fabric, dyeing, spinning and tanning suppliers. No critical non-compliance was f ound during these activities. Given the materiality of the matter, the new Plan provides fo r the introduction of voluntary parameters in wastewater analyses (in addition to those required by law) for at least 80% of the critical suppliers 3 of yarns and fabrics with internal wet production processes. Finally, the risks that may arise during the cultiv ation phases from some natural raw materials are mitigated through the commitment to increase the us e of certified cotton according to organic certification schemes (GOTS or OCS) that limit the u se of pesticides, chemical fertilisers and other harmful practices, promoting instead methods that a re careful to protect ecosystems and biodiversity (see also page 84; 169; 175). [E2-3] TARGETS RELATED TO POLLUTION The Group aims to continue with the mitigation acti vities described above in the coming years, strengthening its commitment to the monitoring and management of chemicals. This includes continuously updating key documents, such as the MR SL and PRSL, to align with regulations while maintaining a proactive approach to identifying and progressively replacing and/or regulating potentially hazardous chemicals. In this context, a target has been set that, from 2 026, water- repellent treatments and fabrics purchased for prod uction will not involve the intentional use of PFAS 4. 3 Includes suppliers selected on the basis of econom ic value, continuity of the relationship with the G roup and sustainability parameters that are assessed according to different risk levels associated with the type of raw materials, production processes and potential violation of human rights in the country in which they operate. 4 Per- and Polyfluoroalkyl Substances (PFAS).
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160 ANNUAL REPORT 2025 - MONCLER GROUP E3 WATER [E3 IRO-1] Description of the processes to identify and assess material water-related impacts, risks and opportunities ...................................................................................................................................................... 161 [E3-1] Policies related to water ....................................................................................................................... 161 [E3-2] Actions and resources related to water ............................................................................................. 162 [E3-3] Targets related to water ...................................................................................................................... 164
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MONCLER GROUP – ANNUAL REPORT 2025 161 [E3 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL WATER-RELATED IMPACTS, RISKS AND OPPORTUNITIES Aware that water is a resource to be protected, sin ce 2022 the Group has been periodically assessing its impact on water resources through a “water footprint” analysis. This process, which constitutes the starting point for assessments of the double materiality analysis, allows the monitoring and quantification of both direct water consumption related to offices, stores, production sites and the logistics hub, and indirect consumption along the supply chain during raw materials extraction and production phas es as well as in the processing and assembly stages for finished garments. The activity, also carried out in 2025 in collabora tion with a specialised external partner, was conducted following the principles defined by ISO 14 046: Water Footprint – Principles, requirements and guidelines. The water footprint ca lculation method combines the direct and indirect consumption data with the Available Water Remaining (AWARE) water risk index, which reflects water scarcity in each analysed geographical area. To date, the results of these analyses have confirme d that the most significant consumption, and therefore the potential negative impacts on aquifer s due to excessive water withdrawal and the consequent effect on the ecological balance of water bodies, primarily occur along the supply chain, particularly during the production phases of natural and animal-derived raw materials, such as cotton and wool (the assessment did not take int o account the mitigation actions implemented by the Group). Due to the nature of the Group’s business, direct w ater consumption, in contrast, is less significant and mainly relates to sanitary services and, to a m inimal extent, steam production for ironing facilities and the dyeing facility in Stone Island’s prototyping department. Since 2024, the Group has integrated the water footprint results with a more specific assessment of water stress and risk in the areas in Italy and Romania where its offices, production sites and logistics hub are located, as well as along the supply chain of “critical suppliers” (see also page 85) involved in processes characterised by significant water cons umption, such as dyeing and finishing. The analysis was carried out using a public available A queduct Water Risk Atlas tool from the World Resources Institute, which identifies areas of high water stress, i.e. those where the ratio between the water withdrawn annually and the water available is more than 40%. This additional analysis showed that, again in 2025, neither the Group’s sites nor those of its “critical suppliers” are located in high water stress areas. With a view to continuous improvement, the Group is committed to continuing and expanding the analys is carried out on the sourcing areas for yarns and fabrics made with traced strategic raw material s 1 in order to identify potential water stress areas and explore initiatives to mitigate impacts. [E3-1] POLICIES RELATED TO WATER The Moncler Group, as stated in the Code of Ethics, the Environmental Policy and the Supplier Code of Conduct (see also pages 130-131; 223; 252), promotes the efficient use of natural resources, including water resources , regularly assesses water consumption at its sites and along the supply chain and identifies potential risks associated with the scarcity, quality and quantity (see also page 157) of water, both at its directly managed corpora te sites worldwide ( production sites, offices, logistics hub and stores ) and along the supply chain. 1 At least 80% by volume of yarns and fabrics made of cotton, nylon, polyester and wool.
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162 ANNUAL REPORT 2025 - MONCLER GROUP The Group is committed to ensuring compliance with applicable environmental laws concerning water through audits conducted by independent third -party entities, as well as identifying opportunities for innovation and programmes to reduce water consumption. [E3-2] ACTIONS AND RESOURCES RELATED TO WATER Over the last few years, the Group has launched a s eries of activities aimed at identifying improvement actions in the management of water reso urces and contributing to the commitments defined in the Environmental Policy. Regarding direct consumption , the Group adopts an Environmental Management Syst em according to the ISO 14001 standard at the producti on sites in Italy and Romania, the Italian corporate sites and at the logistics hub in Castel San Giovanni (Piacenza), whose objectives include the efficient use of water resources. In addition, in 2021 the Group initiated the process of obtaining environmental and energy certification for its store s and all new corporate buildings according to the LEED standard, which requires efficiency measures , including those related to water consumption (see also pages 82; 133). In support of this initiative, awareness-raising events were organised dedicated to the Purchasing & Procurement team, aimed at highlighting the importance of designing new sites in accordance with these requirements. With regard to direct consumption (relating to office s, stores, production sites, and logistics hub), the Group’s main source of water supply is municipal aqueducts. In fact, this consumption is primarily associated with sanitary facilities and, to a lesse r extent, with steam production for ironing departments or the dyeing facility in Stone Island’ s prototyping department. Consequently, the wastewater is comparable to that of residential bui ldings and is therefore discharged into the sewage system. Despite low direct water consumption , the Group has launched water efficiency management programmes based on the results of periodic consumption assessment and monitoring with the aim of identifying further opportunities f or improvement. In this context, the renovation of Stone Island’s dyeing department involved the insta llation of new dyeing machinery designed to reduce environmental impacts compared with previously adopted solutions, while maintaining high quality standards (see also pages 90). New technologies, among others, allow optimization of processes and the “liquor ratio”, i.e. the ratio of the amount of water used to the weight of the material treated, minimising the use of auxiliary m aterials, such as salts and alkalis, as well as the steam requirement, with a consequent improvement in the energy and environmental efficiency of the dyeing department. In 2025, water consumption amounted to 795 m3, showing a slight decrease compared with 2024 (-25%) following the temporary closure of the Ravar ino dyeing facility due to renovation work on the building. DIRECT WATER CONSUMPTION 2 (m 3) 2024 2025 Water withdrawals 72,920 72,386 Water consumption 1,057 795 Water discharges 3 71,863 71,591 The most significant indirect water consumption occurs during the production phase of raw materials of natural and animal origin purchased by the Group. Regarding synthetic fibres, the highest water consumption is recorded during the pr ocessing and dyeing stages of yarns and 2 For the direct water consumption of offices, production sites and logistics hub, primary data were used. For the water consumption of stores and outlets, water withdrawals data, coll ected from a sample of LEED-certified stores, were u sed; water consumption indices were then applied to this sample to estimate total consumption across the entire network of directly managed stores and outlets. 3 Since the Group’s direct withdrawals are primarily based on consumption similar to sanitation services, almost all of the water withdrawn is discharged into urban water systems. Water consumption represents the portion of water not returned to the system due to evaporation losses, mainly caused by extraction and pre-sanitisation treatment and wastewater treatment.
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MONCLER GROUP – ANNUAL REPORT 2025 163 fabrics. The Group is committed to engaging its dyeing suppliers in a capacity-building programme on water management, with the aim of strengthening skills and promoting more efficient practices by 2028. In 2025, indirect water consumption along the suppl y chain, related to the production and processing of raw materials, amounted to 4,554,248 m ³, marking a decrease compared with 2024 (-16%). This reduction is due both to the lower amo unt of cotton used by the Group, and to the increased use of “preferred” materials which have a lower impact on the water resources. INDIRECT WATER CONSUMPTION 4 (m 3) 2024 2025 Indirect water consumption for the production of finished products 5,428,118 4,554,248 of which for raw materials 5 4,347,017 3,524,849 of which for processing 6 1,081,101 1,029,399 Regarding the raw materials production phase, in 20 25, the Group continued its regenerative agriculture projects in the supply chains of natural and animal fibres such as cotton and wool. These initiatives not only help restore the ecological functions of the areas involved but also increase the soil’s capacity to store water, thereby improving its resilience to increasing drought conditions (see also pages 83; 168-169; 170). Again during the year, the long-term research proje ct launched in 2022 in collaboration with the Umberto Veronesi Foundation continued. The project focused on identifying the mechanisms used by specific cotton varieties to survive or optimise growth in drought situations. The study aims to understand how to improve the resilience of species selected for agriculture in a less favourable environmental scenario with limited water resources. In particular, over the last two years, the study included the implementation of an experimental field in Milan, where 90 selected cotton varieties were analysed to represent the widest possible geog raphical distribution of a cultivation region. For each variety, the morphological, physiological and molecular traits were measured. These data, along with the environmental variables (such as rad iation and temperature) recorded during the experiment, were then correlated using statistical models to identify key genes and biological processes with greater drought resistance. The 2025 results demonstrate substantial genetic variability in growth and responses to environmenta l conditions, providing valuable insights both for improving cultivated cotton varieties and for u nderstanding natural plant adaptation mechanisms. This research could contribute to the d evelopment of cotton varieties better suited to arid climates and/or characterised by lower water r equirements, maintaining high productivity levels even in a context of climate change. With regard to processing processes, the Carbon Tar get Setting program (see also page 136) includes also supplier engagement sessions focused on reducing water consumption generated either during production processes or in support of them. Among the main measures promoted are the recovery and reuse of clean cooling water and w astewater and the recovery of heat from hot wastewater flows and flue gases, as well as interventions on networks and the management of steam and hot water. The Group is also committed to developing projects aimed at managing water resources along the entire supply chain, both in the production phase of raw materials and in the processing phase. 4 Indirect water consumption related to the production, extraction and processing of raw materials was estimated using data on the materials used, which were already considered for calculating the “Purchased goods an services” category of scope 3 emissions, thus ensuring consistency in the calculation perime ter. The analysis is mainly based on the World Appa rel Life Cycle Database (WALDB), which collects data on the production of the major textile fibres, both natural and synthetic, in their main countries of origin, also including specific information on processing. In turn, the WALDB is based on Ecoinvent, the leading global database for the Life Cycle Assessment (LCA) of apparel products. 5 Indirect water consumption associated with the production and extraction of raw materials, such as cotton-growing, the livestock- raising phase for wool and transformation processes for synthetic fibres. 6 Indirect water consumption associated with process ing such as spinning, weaving, dyeing, manufacturin g, ironing, garment dyeing, etc.
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164 ANNUAL REPORT 2025 - MONCLER GROUP Finally, since 2024, the Moncler Group has provided all employees with a course on environmental sustainability, which includes the topic of water resource management. The module was designed to provide employees with the necessary tools to understand key concepts, including water stress, and explores the calculation of an organisation’s water footprint, analysing both direct and indirect consumption (see also page 138). [E3-3] TARGETS RELATED TO WATER In addition to assessing and/or continuing with the mitigation activities described above, the Group has defined specific objectives in the 2026-2028 Sust ainability Plan aimed at strengthening the efficient management of water resources across the en tire supply chain, from suppliers to internal production phases (see also page 90). Furthermore, the Group aims to continue refining the analyses carried out to date by incorporating increasingly granular data, also in view of compliance with the requirements of the Corporate Sustainability Reporting Directive. This includes engaging upstream suppliers to collect information on water consumpti on in their production processes, identifying theoretical risks and solutions to mitigate potential impacts and continuing to promote regenerative agriculture projects. For the targets of the new 2026-2028 Sustainability Plan, see page 90.
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MONCLER GROUP – ANNUAL REPORT 2025 165 E4 BIODIVERSITY AND ECOSYSTEMS [E4 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ................................................................................................................................................................. 166 [E4 IRO-1] Description of the processes to identify and assess material biodiversity and ecosystem- related impacts, risks and opportunities ....................................................................................................... 166 [E4-2] Policies related to biodiversity and ecosystems ............................................................................... 167 [E4-3] Actions and resources related to biodiversity and ecosystems ...................................................... 167 [E4-4] Targets related to biodiversity and ecosystems ............................................................................... 170
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166 ANNUAL REPORT 2025 - MONCLER GROUP [E4 SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL The Moncler Group periodically conducts analyses to monitor the location of its directly managed corporate sites ( production sites, offices, logistics hub and stores ) and its supply chain with respect to ecologically vulnerable areas. These analyses serve as the foundation for the assessments carried out as part of the double materiality analysis (see also pages 102-107; 108-110). To date, the Group’s sites are not located in biodiversity -sensitive areas and no activities are carried out there that could generate material impa cts related to soil degradation, deforestation and desertification. With regard to the supply chain, in certain areas and for some natural raw materials such as wool, cashmere, down and cotton, potential negative impac ts on ecosystems and living organisms have been identified. These impacts could stem from soil degradation, for example, as a result of possible intensive farming practices, unregulated grazing ac tivities or deforestation phenomena (the assessment did not take into account the mitigation actions implemented by the Group). [E4 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL BIODIVERSITY AND ECOSYSTEM-RELATED IMPACTS, RISKS AND OPPORTUNITIES Since 2021, the Moncler Group has periodically cond ucted analyses of its potential impact on biodiversity, leveraging the active collaboration o f its suppliers and the information gathered through the raw materials traceability process, whi ch is a key component of the identification and assessment of the impacts across the supply chain. This approach, which is aligned with the new techni cal guidelines for setting the Science Based Targets for Nature 1 of the Science-Based Targets Network (SBTN) initiative, was updated with the support of a qualified third party. As part of the analysis update, initiated in 2024, the Group assessed both the “state of nature”, defined through a set of indicators capable of descr ibeing environmental conditions in physical, chemical and biological terms in the areas in which it operates, and the “pressures on nature”, attributable to the five drivers 2 of biodiversity loss identified by the Intergovernmental Science- Policy Platform on Biodiversity and Ecosystem Servi ces (IPBES) 3. These pressures were analysed through Life Cycle Assessment (LCA) studies aimed at estimating the potential impacts r elated, in particular, to land use, water consumption and water and soil pollution. The study was applied to both directly managed site s and to the sourcing areas of raw material with potentially significant impacts in terms of biodiversity, with particular reference to natural raw materials, mainly wool, cashmere, down and cotton. During 2025, the analysis was progressively extended to additional materials, also including paper and cardboard used for packaging, thereby expanding the scope of the assessment along the value chain. 1 The SBTN guidelines outline new methodologies for implementing and measuring targets on a scientific basis for freshwater and soil. These methodologies, which are being validated by a small group of companies in various sectors, can then be used on a large scale by companies that wish to define such targets. 2 Land-use change, direct exploitation of organisms, climate change, pollution and invasive alien species. 3 The Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) is an international scientific body that assesses the state of biodiversity and ecosystem services. IPBES has identified five main drivers of biodiversity loss: land-use change, direct exploitation of natural resources, climate change, pollution and invasive alien species.
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MONCLER GROUP – ANNUAL REPORT 2025 167 Based on the evidence gathered, the Group has identified its priorities for intervention, considering the significance of the potential impacts, the urgency of the action s and their technical and economic feasibility, as reflectedin the new 2026-2028 Sustainability Plan (see also page 90). [E4-2] POLICIES RELATED TO BIODIVERSITY AND ECOSYSTEMS As outlined in the Environmental Policy , the Moncler Group is committed to: promoting the protection of natural habitats and an imal welfare in areas where its production sites and supply chains are located, recognising th e importance of safeguarding ecosystems and biodiversity; collaborating with its suppliers and external partners to assess the impact on biodiversity along the various stages of the supply chain by mapping the sourcing areas of strategic raw material (such as down, cotton, wool, etc.) with the aim of identifying and managing potentialissues; defining and progressively implementing a biodiversity strategy aimed at: o avoiding operations in or near biodiversity-relevant areas, whether globally or nationally; o adopting measures to minimise the intensity and extent of unavoidable impacts; o promoting the restoration of essential ecological f unctions in affected ecosystems, where possible, through more responsible procurement proc esses that favour lower-impact management practices for pastures, agricultural land, and forest. [E4-3] ACTIONS AND RESOURCES RELATED TO BIODIVERSITY AND ECOSYSTEMS Based on the results of the biodiversity impact ana lysis, and in order to mitigate potential risks, a series of actions have been prioritised following t he AR 3T (Avoid, Reduce, Restore and Regenerate, and Transform) framework , both within the Group’s activities and along its supply chain. The actions implemented concern: Avoid Key raw materials traced, including with the aim of identifying areas that are at potential risk for biodiversity An essential activity for environmental analyses, n ot only concerning biodiversity, but also climate change, as well as for social assessments, is the traceability of products and production processes. This practice is assuming an increasingly central role in business strategies , with a view to identifying and assessing risks, opportunities and impacts across the supply chain. Since 2023, the Group has traced, at regional level, over 80% 4 by volume for each of the nylon, polyester, cotton and wool fabrics and yarns, in ad dition to the 100% traceability already achieved for down raw material since 2015. In parti cular, raw materials of natural and animal origin, specifically cotton and wool, were traced from the growing or farming stages, including, where applicable, the processes of spinning, weavin g, knitting, dyeing and finishing. Synthetic raw materials, specifically nylon and polyester, were traced from the spinning phase, including, where applicable, weaving, dyeing, printing and finishing processes. Depending on the material type and the maturity of technical solutions available on the market, various activities and projects to verify the infor mation have been explored. These include laboratory tests and certifications to ensure the r eliability and robustness of the collected 4 The value is calculated on the total weight of materials used for the production of the SS and FW 2025 collections.
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168 ANNUAL REPORT 2025 - MONCLER GROUP information. For example, based on the sample defin ed, isotope tests are used for cotton materials to verify the declared geographical origin, while DNA tests are carried out for organic cotton materials to investigate the presence of genetically modified organisms (GMOs). Finally, for materials made from recycled polyester, tests are conducted to investigate the presence of specific indicators relating to the recycled content. For certified materials (such as GOTS, OCS, GRS, etc.), suppliers are required to provide certi fications and/or documents proving compliance with the required standard. In 2025, activities to enhance digitalisation and t he consolidation of traceability data continued, through a platform managed in collaborat ion with a third-party entity, optimising the data collection from suppliers. The project is crucial in deepening the understanding of supply chain dynamics and improving the quality of primary data, enabling more accurate carbon and water footprint analyses. Promotion of sustainable forest management The Group uses paper, cardboard and wood materials made exclusively from recycled and/or reused raw materials and/or from responsibly manage d supply chains, which guarantee the absence of deforestation, through recognised certif ications, such as the Forest Stewardship Council (FSC) and the Programme for the Endorsement of Forest Certification (PEFC). In 2025, 100% of paper and cardboard materials were FSC or PEFC certified and, as previously mentioned, 100% of the wood used in logistics processes was reused. Reduce Progressive introduction of “preferred” materials, including recycled materials As stated in the Raw Materials Manual (see also pages 173-174), the Group is progressive ly introducing “preferred” materials into its collecti ons. These include, in addition to organic materials, materials certified according to specific standards and recycled ones, which help reduce the use of virgin raw materials. To date, 100% of strategic raw materials comply with the Raw Materials Manual. In the Group’s 2025 collections, over 55% of yarns and fabrics are made with preferred materials, a 12 percentage-point increase compared with 2024 (see also page 83). Use of reused wood in logistics processes For years, the Group has been using in its logistic s processes pallets and other wooden tools made from reused wood. Restore and regenerate Increasing the use of raw materials sourced from agricultural or farming practices with a lower impact on biodiversity compared with traditional methods The Group, as described in the Raw Materials Manual (see also pages 173-174), with regard to natural raw materials, is progressively including in its collections materials certified according to standards such as, for example, the Global Organic Textile Standard (GOTS), RegenAgri, the Organic Content Standard (OCS), the Responsible Alpaca Standard (RAS), the Responsible Mohair Standard (RMS) and the Responsible Wool Standard (RWS), all of which aim to reduce environmental impact and protect biodiversity. These standards promote responsible land use, combat deforestation and seek to preserve natural ecosystems, while limiting pollution and land degradation. Over 55% of the cotton used in the 2025 collections5 comes from organic farming practices (over 37% in 2024) and over 70% of the wool is certified a ccording to specific standards, a slight increase compared with 2024 (see also page 84). 5 The value is calculated on the total weight of materials used for the production of the SS and FW 2025 collections.
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MONCLER GROUP – ANNUAL REPORT 2025 169 Support for reforestation and territorial enhancement In 2025, Moncler supported a project promoted by th e Office National des Forêts (ONF) in an area of over a hectare recently purchased by the mu nicipality of Monestier-de-Clermont, the town where the brand was founded in 1952. The initi ative involved the planting of more than 900 trees and the creation of an educational pathwa y with interpretive panels and rest areas. The project was carried out in close collaboration with the competent authorities, the ONF teams and the local forestry technician. This interventio n combines reforestation, environmental awareness and landscape enhancement, strengthening the connection between Moncler and its place of origin. Promotion of regenerative agriculture projects Since 2022 the Group has been committed to supporti ng regenerative agricultural practices in the cotton and wool chains, with mitigation effects on both the impact on biodiversity and greenhouse gas emissions. Regenerative agriculture is an approach aimed at improving soil health and fertility, increasing its capacity to ab sorb carbon from the atmosphere, while also protecting water resources and biodiversity. Since 2023, the Group has joined two specific projec ts related to the cotton supply chain: the Unlock Programme pilot project in India and the United States, promo ted by The Fashion Pact , and the Cotton 2040 project of the Ecosystem Services Market Consortium (ESMC) 6 in various Southern US States, including Alabama and Tennessee, both aimed at supporting cotton farmers in the application of regenerative agricultural pra ctices. In 2025, the Group continued to support the Unlock collective project , helping to extend the programme to new farmers, explore new geographical areas and enhance technological solutions to support small cotton producers in South Asia, and continued its collaboration with ESMC by taking the projects forward in Tennessee and launching new ones in Texas. In 2023, the Group also joined a regenerative agriculture project in the wool chain in Australia with PUR Projet 7, promoting the use of regenerative farming practices during the animal rearing phases. During 2025, the project provided for a phase of analysis of specific indicators, including altitude, slope, soil moisture, radiometric indicat ors and soil depth, to better understand biodiversity and carbon distribution, key elements for resilient and fertile ecosystems. The data collected helped to update and refine the baseline values, which are fundamental for monitoring the environmental benefits of the project over time. The Group’s commitment to supporting projects that promote and implement regenerative agriculture practices in the cotton and wool supply chains will continue over the next three years. Transform Participation in biodiversity working groups For several years, the Group has been actively involved in working groups and roundtables with industry peers and experts in the field, such as the SBTi, the SBTN and The Fashion Pact , to gain deeper insights into the issues related to biodiver sity and the impact of various activities on it, also with the aim of supporting collaborative proje cts (see also the section “Promotion of regenerative agriculture projects”). 6 A non-profit organisation that recognises and rewards farmers for their environmental practices. 7 An organisation active in insetting since 2008, PU R Projet is a certified B Corp and a global leader i n the implementation of nature-based solutions.
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170 ANNUAL REPORT 2025 - MONCLER GROUP [E4-4] TARGETS RELATED TO BIODIVERSITY AND ECOSYSTEMS The Group’s commitment on the subject will continue in the coming years. Below are the 2020-2025 Sustainability Plan targets and the results achieve d during the year concerning biodiversity protection: LEGEND Target overachieved Target achieved Target partially achieved Target on time o Target delayed TARGETS 2025 RESULTS ACT ON CLIMATE & NATURE Safeguard biodiversity [SDG 6; 12; 14; 15] 2025 Support for initiatives of Zero Deforestation and sustainable forest management All paper, cardboard and wood materials used by the Group are made exclusively from recycled and/or reused raw materials and/or raw materials certified by the Forest Stewardship Council (FSC) and/or the Programme for the Endorsement of Forest Certification (PEFC) Supported a project promoted by the Office National des Forêts (ONF) for the planting of over 900 trees in the municipal forest of Monestier-de-Clermont Ongoing Launch of regenerative agriculture projects in the cotton and wool supply chains to reduce and/or avoid the impacts on biodiversity Wool supply chain: continued the regenerative agriculture project in Australia with PUR Projet , with a biodiversity monitoring and carbon absorption system for resilient and fertile ecosystems Cotton supply chain: continued support for the Unlock project by extending the programme to new farmers and geographical areas in South Asia ; continued collaboration with the Ecosystem Services Market Consortium , continuing projects in Tennessee and launching new projects in Texas THINK CIRCULAR & BOLD Use lower impact materials compared to conventional solutions [SDG 12] 2025 Over 50% of yarns and fabrics will be from “preferred” materials >55% of the yarns and fabrics used in the SS and FW 2025 collections made with “preferred” materials (>43% in the SS and FW 2024 collections)
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MONCLER GROUP – ANNUAL REPORT 2025 171 2025 50% “preferred” cotton used in the 2025 collections >55% of cotton used in the SS and FW 2025 collections is organic or recycled (~37% in the SS and FW 2024 collections) 2025 70% wool certified under specific standards (for example Responsible Wool Standard – RWS, Nativa, Sustainawool) >70% of the wool used in the SS and FW 2025 collections made with certified materials, for example Responsible Wool Standard – RWS, Nativa, Sustainawool (~70% in the SS and FW 2024 collections) Use lower impact packaging compared with conventional solutions [SDG 14] Ongoing 100% packaging for end clients made with “preferred” materials 100% of packaging for Moncler and Stone Island end clients made with “preferred” materials Ongoing Zero single-use virgin plastic from fossil origin Zero single-use virgin plastic from fossil origin Ongoing 100% of packaging used in logistics processes made with “preferred” materials 100% of the Group’s logistics packaging made with “preferred” materials BE FAIR Strengthen traceability systems of raw materials [SDG 12] Ongoing Key raw materials traced Key raw materials (cotton, down, nylon, polyester and wool) traced For the targets of the new 2026-2028 Sustainability Plan, see page 90.
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172 ANNUAL REPORT 2025 - MONCLER GROUP E5 RESOURCE USE AND CIRCULAR ECONOMY [E5 IRO-1] Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities ........................................................ 173 [E5-1] Policies related to resource use and circular economy .................................................... 173 [E5-2] Actions and resources related to resource use and circular economy........................... 175 [E5-3] Targets related to resource use and circular economy .................................................... 184 [E5-5] Resource outflows ................................................................................................................. 186
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MONCLER GROUP – ANNUAL REPORT 2025 173 [E5 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL RESOURCE USE AND CIRCULAR ECONOMY-RELATED IMPACTS, RISKS AND OPPORTUNITIES As part of the double materiality analysis, the ass essment of fashion industry dynamics, client expectations, public opinion and ESG investor perspectives has identified circular economy as an opportunity. In this context, the Moncler Group is committed to adopting an increasingly circular business model, strengthening its competitive advantage and positioning itself as a brand focused on environmental and social issues. Implementing a circular economy model requires fully integrating environmental considerations into both products and processes, acting on multiple fronts. These range from the selection of materials, such as the use of recycled raw materials, to initiatives aimed at extending product use and lifespan, such as dedicated repair services. Garment design also plays strategic role, enabling recovery and recycling. Additionally, packaging distribution and usage that involve processes and materials capable of ensuring a lower environmental impact. T hese are all aspects that require an aptitude for innovation, experimenting with new solutions an d collaborating with all actors in the supply chain. Although these activities may involve initia l investments, the development of innovative technologies and the redefinition of some processes - including warehouse management, where a potential theoretical reputational risk may arise f rom non-compliance with the Group’s circular economy principles and new regulations on the destr uction of unsold goods – this transition that represents an opportunity to collaborate across the entire value chain, generating benefits for both the business and the environment. [E5-1] POLICIES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY The Moncler Group, as defined in the Environmental P olicy (see also pages 130-131), is committed to: designing and manufacturing high quality products that are made to last over time; promoting the adoption of circular economy models a nd eco-design approaches based on both products and production processes, addressing various aspects such as the selection of “preferred” 1 materials, to the design of garments aimed at faci litating recycling/recovery, the use of production processes and packaging with lowe r environmental impact, and initiatives to extend product use and lifespan (such as dedicated garment repair services); conducting annual environmental impact assessments of specific materials and components through Life Cycle Assessment (LCA) analyses in line with ISO standards, to identify and make the appropriate changes to the design and material selection phases; progressively increasing the share of certified and lower-impact raw materials in collections, prioritising the most widely used, such as recycled nylon and “preferred” cotton (recycled, organic or regenerative). Regarding “preferred” materials, the Moncler Group published the Raw Materials Manual on the corporate website, a guide that defines shared crite ria for the Research & Development and Purchasing & Procurement teams. This tool has the s pecific aim of guiding decisions related to the research, selection and purchase of raw materials, considering the related environmental, social and animal welfare impacts. 1 Materials that aim to have a lower impact compared to conventional solutions used by the Moncler Group (for example materials that are recycled, organic, from regenerative agriculture or certified according to specific standards).
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174 ANNUAL REPORT 2025 - MONCLER GROUP The Manual provides an overview of the general char acteristics of the main raw materials used, including fabrics and yarns consisting of nylon, po lyester, cotton, wool and down, describing a number of other specific raw materials as well. Thei r critical points (hot spots) are identified and targeted actions to mitigate them are outlined. The Manual also details two types of requirements: mandatory requirements (must-haves): essential criteria to be met within the raw materials supply chain; good practice requirements: best recommended practices for the selection of raw materials, considered part of the Group's improvement path and additional to the mandatory requirements. The guidelines in the Raw Materials Manual are periodically reviewed and updated to include additional raw materials and ensure continuous alignment with the evolution of both the Group and the regulatory framework. This process relies on th e advice of industry experts to identify best practices in line with the Group's proactive approach. For logistical and production packaging, as well as the one intended for the end-client, and for use in the offices, in 2021 the Group introduced a Packaging Manual , prepared with the technical support of experts and in line with international s tandards, which defines the guidelines for the choice of “preferred” materials to be used for the creation of packaging and display items for points of sale and shop windows, in order to guide all fun ctions at Moncler and Stone Island responsible for designing and selecting these items. The guidelines are based on key principles, including: reducing the amount of materials used; simplifying the structure of products with a view t o eco-design by favouring mono-material or easily-disassembled articles to promote reuse and recyclability; reducing the use of virgin raw materials, especially if from fossil origin, by favouring materials from renewable sources or recycling; designing items that can be used for a long time, re-used and recycled; selecting materials that have a validated environme ntal performance supported by documentary evidence and measurements, and, where possible, certified; using only materials that comply with the Group’s Restricted Substances List (RSL). These guidelines have been shared with all the head of department involved in their implementation and application in the areas of creativity and desi gn, purchasing, research and development, sustainability and communication, through specific training sessions. In the context of waste management , as outlined in the Environmental Policy , the Moncler Group is committed to: minimising the generation of waste at its productio n sites, offices and stores, monitoring the volumes of waste produced; properly managing waste, in particular recycling/re covery activities of non-hazardous waste, and applying best practices for the disposal of hazardous materials at corporate offices, warehouses, production sites and logistics and distribution hubs; managing all waste produced at its sites exclusivel y through authorised and recognised partners; establishing a continuous dialogue with partners and organisations to promote knowledge of the circular economy and identifying new solutions to reuse the generated waste, with a particular focus on textile production scraps, through processes that allow for their reuse for the same original purpose, thus reducing the need f or new resources (for more details, see pages 176-177).
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MONCLER GROUP – ANNUAL REPORT 2025 175 [E5-2] ACTIONS AND RESOURCES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY Reviewing the various stages of the product life cy cle with a circular economy perspective is increasingly becoming an area of attention in order to minimise the resources used, extend garment lifespan and promote material recovery. PRODUCT Use of “preferred” materials 2 For several years, the Group has been introducing into its collections products made with “preferred” materials. “Preferred” are those that aim to have a lower impact compared to the conventional solutions used by the Moncler Group, such as materi als that are recycled, organic, from regenerative agriculture or certified according to specific standards. The journey began in 2019 with the bio-based down j acket, designed with materials of plant and natural origin. The range of garments created with recycled fabrics in the Moncler Grenoble collection continued, with the launch in January 20 21 of a selection of “Born To Protect” jackets, made entirely of materials with a lower impact than the conventional materials used by the Brand. In 2022, the Moncler Born to Protect range was expanded to become a total look, includi ng, in addition to jackets, various types of garments and accessories, all made from fabrics and components with a low environmental impact, certifie d according to specific sustainability standards. In 2023, the Fall/Winter collection continued to evolve: in addition to these fabrics and components, R•DIST down, specifically DIST down recy cled through an innovative mechanical process, was used in some down jackets (see also page 177). Since 2023, in addition to focusing on specific proj ects, the Moncler Group, in line with the commitments made in the 2020-2025 Sustainability Pl an, and on the basis of the Raw Material Manual, has been progressively introducing raw materials with a lower impact than the conventional materials used by the Group in the Moncler and Stone Island collections. Through the collaboration of its Design, Fabric Research and De velopment, Operations and Merchandising teams, and with the involvement of the supply chain , the Group has successfully integrated over 55% of fabrics and yarns made with “preferred” materials into the 2025 collections, thus achieving its pre-established public target. This result was achieved by adopting over 60% recycled nylon, over 50% recycled polyester, over 55% cotton from o rganic or recycled practices, over 70% certified wool (e.g. the Responsible Wool Standard, Nativa or Sustainawool), 100% certified alpaca (Responsible Alpaca Standard) and 100% certified mohair (Responsible Mohair Standard). The achievement of these important results was also supported by a comprehensive training programme dedicated to “preferred” materials, which enhanced the internal awareness of the various teams by encouraging greater responsibility across all corporate functions, as well as the collaboration resulting from sharing common objectives linked to the use of raw materials with lower environmental impact. The training content explored the main international certifications (including GOTS, GRS, RWS, OCS, etc.) and the related environm ental and social assessment criteria applicable along the supply chain, for both natural and synthetic fibres relevant to the Group’s products. Since 2021, Stone Island, in addition to materials, has also integrated new treatments into its collection, maintaining the technical and performan ce aspect of its products but with lower environmental impacts, such as reduced water consum ption treatments compared with the 2 The values for the “preferred” materials in the paragraph below take into account the total weight of yarns and fabrics used for the production of the Spring/Summer (SS) and Fall/Winter (FW) 2025 collections.
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176 ANNUAL REPORT 2025 - MONCLER GROUP conventional solutions in the Soft Shell e.dye® Wat erless Colour System™ 3, as confirmed by experimental data and the Environmental Product Declaration (EPD). The assessment of the environmental impact of materials and products is a key issue that, for years, the Group has also addressed through Life Cycle Assessment (LCA) analyses, aimed at quantifying the potential impacts throughout the life cycle and based on a structured methodology consistent with the main reference standards, including ISO 14040, 14044 and 14067 . To date, about 80% of the Group’s products have been assessed using the LCA methodology. During the year, in continuity with the path taken, the Group further evolved its approach, with the aim of identifying tools and potential partners cap able of supporting an increasingly structured and digitised data collection, while ensuring high flexibility and speed of analysis. This evolution reflects a regulatory context that is undergoing con tinuous and rapid change, which requires increasingly structured, comparable and verifiable d ata to support a timely and integrated assessment of environmental impacts in procurement and design choices. To continue spreading the culture of sustainability and provide technical knowledge to the Sales Assistants, a dedicated training programme has been created with the aim of increasing knowledge in terms of good environmental and social practices and the characteristics, certifications and corporate objectives of the “preferred” materials a nd components used in the collections. This program involves the entire sales force. Adoption of recycling solutions One of the phases of the circular economy model to which the Group has devoted particular attention in recent years is the reuse of production scrap materials through more efficient resource management. To this end, the Group actively works at its production sites and with various suppliers, to reduce scrap and waste, and consequently textile waste, by optimising the use and cutting of fabrics, while implementing the infrastructure needed to recycle and maintain the intrinsic value of unavoidable scrap. Through recycling networks, prod uction scrap can be turned into recycled raw materials, driving the production of new materials and contributing to the promotion of a circular economy. These activities have led to the inclusion in the r ecycling process of all nylon production scrap generated at the Moncler Group’s direct sites in It aly and Romania. Since 2023, the project has also been extended to the Moncler brand’s outerwear production network, leading to the recycling of more than 55% of total nylon scrap, also in 2025 . This was made possible thanks to the collaboration of the Moncler Sustainable Innovation Department, which set the scope, parameters and methods of recycling, and the Operations and Su pply Chain Department, which implemented the Nylon Scrap Management Process . According to the process, during the year nylon scr aps were classified and collected by line operators into specific recycling categories, weighed, recorded, stored and sent to the recycler. In order to monitor the correct assignment of nylon sc raps to the respective recycling category, the Group carried out physical and process checks at th e sites, as well as differential scanning calorimetry analyses performed on a sample basis at third-party laboratories. At the recycler’s site, nylon scrap may undergo unravelling processes or ma y be subject to shredding, melting, cooling, extrusion and subsequently cutting of the material into chips to be used as a “secondary raw material”. At Stone Island, the project to recover cotton scraps generated by suppliers during garment production, by subjecting them to a mechanical recy cling process, was continued. This process results in yarns containing at least 50% recycled c otton, used to make 10 models, including outerwear, trousers, sweatshirts, t-shirts and swea ters, for the 2026 winter collection. In addition, the finished garments obtained from the recycling of waste materials were treated with a 3 Fabric made using the e.dye® Waterless Color System™ technology, a polyester dyeing system that reduces water consumption compared with conventional dyeing processes.
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MONCLER GROUP – ANNUAL REPORT 2025 177 dye based on iron oxides. The entire process was ve rified by a third-party organisation that validated the recycled content of the materials and their origin from production scraps. Moncler, again with the aim of reducing production waste, since 2024 has been enhancing the “smart factory” in Trebaseleghe (Padua) by introducing a filtering system designed to optimise the management of processing scraps. This system allows dispersed down to be collected and subjected to a filtering process that removes impurities and makes it usable again. Thanks to constant collaboration with its suppliers to identify innovative solutions from a circular economy perspective for the business, Moncler has, since 2021, combined its expertise in down with that of a supplier specialised in recycling technol ogies, resulting in a machine that through an innovative mechanical process, allows for the recyc ling of DIST down. In 2023, the patenting process was finalised in Italy and also launched at the international level. The initiative, complemented by new collaborations with recyclers a ctive in the various Regions in which the Group operates, has made it possible to send an increasing volume of down from Moncler garments to recycling. By 2025, more than 10 tonnes of down had been recycled and certified accor ding to the R•DIST module of the DIST protocol, which define s the requirements necessary to obtain certification for recycled down. The Moncler Group continues to work on refining the system for selecting and recycling garments that cannot be sold in collaboration with several international companies that are leaders in fabric reuse and recycling practices. Depending on the category, products are recycled and put to various uses, such as the creation of new yarns or components for jackets and the production of furnishings and objects, which have been used at the new Headquarters, for example. In this direction, in 2022 the Moncler Group joined the Re.Crea consortium, under the coordination of the Camera Nazionale della Moda Italiana. The consortium was founded to organise the management of textile and fashion products at end of life and to promote rese arch and development of innovative recycling solutions. Through participation in industry associations such as the Re.Crea consortium, the Group is aware of the positive contribution it can make b oth to constructive dialogue with other brands and to the sector on this topic, producing benefits for the environment. The Group’s commercial strategy is based on the pri nciple of scarcity and, from an operational point of view, on effective inventory management, tr anslating into efficient production planning and the right quantities at the right time and in the right place in order to minimise inventories. This approach, combined with a high level of sell-through, allows to limit the amount of unsold products. In the event that seasonal garments, specifically th ose that are offered for one season only (which differ from carry-overs, which can be reoffered for several seasons) remain unsold, they are placed in the outlet channel operated by the Company or ma rketed through “Family and Friends” sales initiatives. In collaboration with some non-governm ental organisations (NGOs), some of them are donated to people in difficult situations through the Warmly Moncler programme, designed to protect people from the cold. Lastly, the limited n umber of remaining products are all recycled through innovative and also experimental processes. Ability to last over time Some of the key principles of the circular economy, such as garments’ durability, have always been a part of Moncler's DNA. The high quality of its products and the way they stand above fashion and trends ensure that they have a very long average life. Thi s characteristic was the foundation of the Extra-Life project, a service aimed at giving Moncler jackets a second life by making specific repairs, thanks to an efficient personalised service that can also carry ou t repairs on damaged fabrics, thus extending the product life. The project is active in all the regions where Moncler operates and, from 2026, will also be extended to the Stone Island brand. This initiative is part of a process of increasing clients’ awaren ess of how they can contribute to avoiding the environm ental impact associated with the production, purchase and disposal of new garments. In 2025, through this initiative and the other serv ices of the after-sales channel, the Moncler brand handled more than 43,000 requests for repairs of garments used by its clients, equal to about 40 tonnes, 95% of which were fulfilled. All garments that cannot be repaired or returned to clients are recycled.
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178 ANNUAL REPORT 2025 - MONCLER GROUP In terms of how clients should use products in order to increase their ability to last over time, information has also been included on product labels and in the appropriate “composition and care” section of the site that provides guidance on garment care and washing. Search for innovative solutions The Group’s innovation journey is based on an open innovation model that encourages the exploration and development of ideas, solutions, sk ills, processes and materials, in collaboration with universities, innovation centres and suppliers of different sectors, as well as accelerator hubs and research bodies. For this reason, the Group, wh ich aims for continuous improvement, invests in research and development every year in order to exp lore and identify solutions with less environmental impact, including those related to packaging, “preferred” materials and circularity. In this regard, specific projects and programmes are included. As an example, in 2025, in the context of the new Moncler Headquarters in Milan, designed to high environmental standards, the Sustainable Innovation team collaborated with several external partners to create materials that find new life by transforming into functional elemen ts, some of which are patented . These include: the carpet and the bases of the office chairs are partly made fr om nylon production waste and the sound-absorbing panels, some cabinets and desks con tain recycled textile fibres, while some external flooring is made from recycled shoe soles. The Sustainable Innovation team, among its various activities, also works closely with the Operations and Supply Chain teams in identifying partners in the various Regions that can provide the most innovative, cutting-edge techniques for recycling the main product categories. At the same time, with the Sustainability Unit, it takes part i n working groups with external organisations to identify circularity solutions aimed at reducing the impact of materials. PACKAGING The Moncler Group is committed to reducing packagin g materials, as well as to the research and application of lower-impact alternatives to convent ional solutions. In recent years, the Group has also initiated several improvement programmes for p ackaging design, with a particular focus on recyclability and reusability 4. All packaging products for end-clients that are u sed in logistics processes are made with "preferred" materials. In order to promote recyclability , where possible, the use of a single material for the packaging of each item was provided for, and at the Castel San G iovanni (Piacenza) logistics hub a recycling process was continued, involving a private partner operating at the facility to ensure proper, effective management of the recycling of packaging materials. In addition, the Group’s offices and stores are equipped with containers for separate collection and staff are made aware of the correct methods of waste management, giving priority to recycling and recovery. In 2025, in line with 2024, 80% of the materials used for packaging (both logis tical and intended for end-clients) were both recyclable and recycled. With regard to reusability 4, 77% of packaging intended for end-clients was reusable. The Group undertakes, where possible, to further re duce its packaging volumes, year after year. Among the initiatives related to weight reduction and the materials used , Stone Island, in 2021, replaced the traditional stone paper used for shopp ing bags with recycled paper, thus reducing the weight of each bag by 35%. Furthermore, over th e years the Group has eliminated the single- use plastic packaging used for the logistical trans portation of shoes, and a procedure has been introduced to optimise the amount of packaging used for the internal shipment of samples of fabric and accessories between the various corporate functions, with consequent savings in the materials used. In addition, bands were eliminated from the Group’s logistics packaging in 2023. For several years, Moncler’s e-commerce channel has allowed clients to choose between two types of packaging made from “preferred” materials: 4 This refers to the ability of a product to be used multiple times for the same purpose without losing its functionality, performance or quality.
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MONCLER GROUP – ANNUAL REPORT 2025 179 “Signature” packaging: products are presented in a reusable Moncler box, tied with a tricolour ribbon. The outer logistics box is made of 100% rec ycled paper from responsibly managed forests, while the inner box is made up of more tha n 50% recycled sources. The inner garment covers, as well as the hangers, included with the d own jackets, are made from post-consumer recycled plastic materials. In addition, last-mile delivery is done through the “UPS ® carbon neutral” service for the Americas and EMEA Regions, whereas for Korea and Japan Moncler neutralises emissions through offsetting projects (see also page 137); “Signature Light” packaging (used for 82% of orders in 2025) that uses a reduced number of packaging layers and product packaging with lightweight and reusable materials. The external logistics box is always made from 100% recycled paper from responsibly managed forests, while the inner bags, as well as the hangers, are made of post-consumer recycled plastic. Also for this type of packaging, the last mile delivery takes place through the “UPS® carbon neutral” service for the Americas and EMEA Regions, with emissions compensating in Korea and Japan (see also page 137). Regarding the application of alternatives with a lower impact compared to conventional ones, for the total materials used in total packaging 5, in the case of both Moncler and Stone Island, 74% is represented by paper and cardboard from responsi bly managed forests and made from 86% recycled materials (2 percentage points more than i n 2024). Around 14% of the materials used in Group’s packaging are recycled plastics. Since 2023 , all single-use virgin plastic from fossil origin has been eliminated. The third most used material ( 9%) is wood, consisting of reused logistics pallets. The remaining materials include synthetic fibres, 100% recycled; natural materials; artificial materials; and metals and other. In particular: 5 Includes the packaging used for logistics, production, end clients and offices, ordered in 2024 and 2025. 6 Recyclable but not through municipal collection system. MATERIAL TYPE USED IN TOTAL PACKAGING 5 2024 2025 % of material type over total Moncler Group % of material type over total Moncler Group Paper and cardboard (kg) 72% 2,949,295 74% 2,695,344 Recycled 84% 86% Recyclable 100% 100% Reusable 4 32% 23% FSC or PEFC certified 100% 100% Plastic (kg) 16.8% 685,318 13.8% 501,507 Recycled 99% 100% Bio -based 1% - Recyclable 100% 100% Compostable 1% - Reusable 4 27% 35% Wood (kg) 7% 298,697 9% 318,733 Recycled and/or reused 100% 100% Recyclable 100% 100% Reusable 4 100% 100% Synthetic fibres (kg) 2% 66,685 1% 44,047 Recycled 100% 100% Recyclable 6 100% 100% Reusable 4 93% 86% Metal (kg) 1% 49,051 1% 49,491 Recycled and/or reused 81% 82% Recyclable 100% 100% Reusable 4 99% 98%
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180 ANNUAL REPORT 2025 - MONCLER GROUP Packaging for the end-client 8 Since 2022, all of the Moncler Group’s packaging fo r end-clients has been made from “preferred” and mostly reusable 4 materials, i.e. that are made to last. In particul ar, all paper 9 and cardboard comes from responsibly managed forest s (FSC and PEFC certification) and is made from 86% recycled materials, 2 percentage poin ts higher than in the previous year. This increase was mainly possible thanks to the switch to 100% recycled paper . The second most used material is plastic, 100% recy cled and reusable 4. In particular, accessories such as the garment covers zippers and bags used in the e-commerce channel are made from recycled plastic, as well as hangers, which have been redesigned with a removable hook, thus promoting a correct recycling process. I n 2024, moreover, the Moncler Group transitioned from purchasing hangers made from 100% pre-consumer recycled plastic to hangers made from 100% post-consumer recycled plastic. The third most used material for packaging for end- clients is 100% recycled synthetic fibres, used for garment bags as well as for accessory and knitwear bags. Natural fabrics, nearly all of which are certified o rganic cotton, are mainly used for all accessories bags. 7 Composite materials that cannot be separated. 8 Packaging intended for end clients ordered in 2024 and 2025. 9 Paper is mainly used for shopping bags (100% recycled), gift boxes, tags and shoe boxes. Natural fibres (kg) 1% 32,939 1% 12,310 Recycled - - Recyclable 100% 100% Reusable 4 100% 100% Other (kg)7 0.2% 6,928 0.2% 7,602 Recycled 4% 4% Recyclable 100% 100% Reusable 4 55% 47% Bio -based - - Artificial fibres (kg) - - - - Recycled - - Recyclable 6 - - Reusable 4 - - MATERIAL TYPE USED IN PACKAGING FOR END -CLIENTS 8 2024 2025 % of material type over total Moncler Group % of material type over total Moncler Group Paper and cardboard (kg) 79% 1,241,052 76% 877,391 Recycled 84% 86% Recyclable 100% 100% Reusable 4 74% 71% FSC or PEFC certified 100% 100% Plastic (kg) 12% 182,817 15% 177,324 Recycled 100% 100% Recyclable 100% 100% Reusable 4 99% 100% Synthetic fibres (kg) 4% 66,685 4% 43,927 Recycled 100% 100% Recyclable 6 100% 100% Reusable 4 93% 86%
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MONCLER GROUP – ANNUAL REPORT 2025 181 Logistics packaging 10 The materials most used for the Group’s logistics p ackaging are paper and cardboard from responsibly managed forests (FSC or PEFC certificati on) and 86% made up of recycled materials, 2 percentage points more than in 2024. Plastic is 99% recycled and 1% compostable and bio-based. Since 2023, all the packaging used in logistics consists only of “preferred” materials. MATERIAL TYPE USED IN LOGISTICS PACKAGING 10 2024 2025 % of material type over total Moncler Group % of material type over total Moncler Group Paper and cardboard (kg) 68% 1,679,408 74% 1,800,622 Recycled 84% 86% Recyclable 100% 100% Reusable 4 - - FSC or PEFC certified 100% 100% Plastic (kg) 19% 475,301 12.5% 305,137 Recycled 99% 99% Bio -based 1% 1% Recyclable 100% 100% Compostable 1% 1% Reusable 4 - - Wood (kg) 12% 298,697 13% 318,733 Recycled and/or reused 100% 100% Recyclable 100% 100% Reusable 4 100% 100% Metal (kg) 0.9% 11,901 0.4% 13,085 Recycled and/or reused 100% 92% Recyclable 100% 100% Reusable 4 96% 92% Other (kg)7 0.1% 868 0.1% 1,091 Recycled - 8% Recyclable 100% 100% Reusable 4 - - 10 Logistics packaging ordered in 2024 and 2025. Metal (kg) 2% 37,150 3% 36,402 Recycled and/or reused 76% 78% Recyclable 100% 100% Reusable 4 100% 100% Natural fibres (kg) 2% 32,939 1% 12,310 Recycled - - Recyclable 6 100% 100% Reusable 4 100% 100% Other (kg)7 1% 6,060 1% 6,511 Recycled 4% 3% Recyclable 100% 100% Reusable 4 63% 55%
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182 ANNUAL REPORT 2025 - MONCLER GROUP Single-use plastic 11 The impact of plastic on the environment, especiall y single-use virgin plastic, has become a very important issue for the planet. The Group prog ressively reduced the use of single-use virgin plastic from fossil origin until its complete phase out in 2023. To date, 99% of the single-use plastic ordered by t he Group consists of recycled plastic, and 1% of compostable plastic. The decision to replace single-use virgin plastic with mainly recycled plastic stems from a Life Cycle Assessment conducted with Politecnico of Milan to identify the best alternative from an environmental and technical-performance point of vi ew. This analysis showed that recycled plastic reduces CO 2 emissions by 35% and water consumption by 60% comp ared with virgin plastic. In addition to preferring recycled plastic s, the weight of many single-use items was reduced by 10%, thus allowing a reduction in unit w eight and a decrease in the use of raw materials. SINGLE USE PLASTIC 11 Moncler Group 2024 2025 Plastic (kg) 503,921 328,038 Recycled 99% 99% Bio -based 1% 1% Recyclable 100% 100% Compostable 1% 1% Paper 12 All the paper and cardboard used by the Group come from responsibly managed forests (FSC or PEFC). Given their significant use, these materia ls are constantly the focus of improvement projects, linked to the reduction of their use wher e possible and to the increase in the percentage of recycled material. To date, 85% of the Group’s paper is made up of recycled material, 13 percentage points higher than in 2024. PAPER 12 Moncler Group 2024 2025 Paper (kg) 3,489,471 2,743,701 Recycled 72% 85% Recyclable 100% 100% Reusable 4 27% 23% FSC or PEFC certified 100% 100% 11 Includes total single-use plastics ordered in 2024 and 2025, not just the one used for packaging. 12 Includes the total paper ordered in 2024 and 2025, not just the one used for packaging.
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MONCLER GROUP – ANNUAL REPORT 2025 183 WASTE The waste generated by the Moncler Group's direct a ctivity mainly comprises packaging material, office waste and textile processing scraps. The actions taken by the Group in the area of waste management are closely aligned with the objectives defined in the Environmental Policy to minimise waste generation, maximise its recycling and reduce the environmental impacts of its activit ies on air, soil and water. In this regard, all corporate sites, production sites and the logistics hub, where the amount of waste generated is higher than at other sites, the Company implements an environmental management system certified according to the ISO 14001 standard. In 2025, the Group generated around 1,912 tonnes of waste at these sites, about 13% less than in 2024. This increase is mainly due to the generation of waste for some extraordinary activities 13 carried out at the Group’s sites (see also page 187 ). In particular, no waste generated at its corporate offices, production sites and logistics hub was sent to landfill or incineration without heat recovery. This result was achieved thanks to a series of prog rammes aimed to maximise the material sent to recycling networks, implemented with the support of companies specialised in proper waste disposal. In recent years, the Group has implemented ad hoc procedures and processes for the management of textile materials, including inventories, fabric scraps and unsold garments. In this regard, in 2025 the Group sent around 99% of all textile waste material for recycling, in line with the figure for 2024. This was made possible by continuous dialogue with partners and organisations to explore innovative solutions and i ntegrate recycling programmes to minimise the material sent to waste-to-energy and/or landfills. In particular, the Sustainable Innovation team cont inued its research and collaboration with external partners to identify solutions for the rec ycling and recovery of textile material of finished garments. In 2025, as in previous years, no unsold garments were sent to incineration with energy recovery or to landfill; rather, they were recycled to recover fabric, yarn or other materials. With regard to textile scraps and their re-use and recovery, since 2024, the Group continues to actively collaborate, at its production sites and w ith various suppliers, to contribute to reducing scrap and losses, and consequently textile waste, by optimising the use and cutting of fabrics, while implementing the infrastructure needed to recycle a nd maintain the intrinsic value of unavoidable scrap. For example, also in 2025, 100% of the nylon production scraps from the Group’s direct sites was sent for recycling. For more details on the dis posal method, broken down by waste type see also pages 186-187. Reducing the amount of waste sent to incineration o r landfill has helped to avoid the greenhouse gas emissions associated with waste treatment, with a positive impact not only on the environment, but also on the alignment with the Group’s emission reduction targets. Moncler actively engages its employees, encouraging them to properly dispose of waste in accordance with local regulations and/or best pract ices. To support this commitment, since 2024 the Group has provided a course, which includes a m odule dedicated to the efficient use of resources and circularity. The course, updated in 2 025 to include the Group’s results from the previous year, covers key concepts such as the dist inction between renewable and non-renewable resources and the main characteristics of the waste produced, and explores the benefits of a circular approach in the fashion industry. Lastly, as previously described, the Group is a mem ber of Re.Crea, the consortium founded by industry brands, coordinated by the Camera Nazionale della Moda Italiana, to manage textile and fashion products at the end of their lives and to p romote the research and development of innovative recycling solutions. 13 Increase mainly due to an extraordinary septic tank emptying operation at a production site.
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184 ANNUAL REPORT 2025 - MONCLER GROUP [E5-3] TARGETS RELATED TO RESOURCE USE AND CIRCULAR ECONOMY Below is the detailed overview of the targets in th e 2020-2025 Sustainability Plan and the results achieved during the year relating to the Think Circular & Bold pillar, which confirm the Group’s voluntary commitments to promoting its dedication to the circular economy. LEGEND Target overachieved Target achieved Target partially achieved Target on time o Target delayed TARGETS 2025 RESULTS THINK CIRCULAR & BOLD Use lower impact materials compared to conventional solutions 14 [SDG 12] 2025 Over 50% of yarns and fabrics will be from “preferred” materials >55% of the yarns and fabrics used in the SS and FW 2025 collections made with “preferred” materials (>43% in the SS and FW 2024 collections) 2025 50% “preferred” nylon used in the 2025 collections >60% of the nylon used in the SS and FW 2025 collections is made of recycled material (>50% in the SS and FW 2024 collections) 2025 50% “preferred” cotton used in the 2025 collections >55% of cotton used in the SS and FW 2025 collections is organic or recycled (~37% in the SS and FW 2024 collections) 2025 100% of merino wool used in the 2025 collections will be certified mulesing free 2025 70% wool certified under specific standards (for example Responsible Wool Standard – RWS, Nativa, Sustainawool) 100% of the merino wool used in the SS and FW 2025 collections made with mulesing free certified materials (~93% in the SS and FW 2024 collections) >70% of the wool used in the SS and FW 2025 collections made with certified materials, for example Responsible Wool Standard – RWS, Nativa, Sustainawool (~70% in the SS and FW 2024 collections) 14 The value considers the total weight of yarns and fabrics used for the production of the Spring/Summer (SS) and Fall/Winter (FW) 2025 collections.
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MONCLER GROUP – ANNUAL REPORT 2025 185 Extend the product’s ability to last over time [SDG 12] Ongoing At least 55% of nylon production scraps (Group’s direct production sites and Moncler Brand outerwear suppliers) recycled 100% of nylon scraps sent for recycling from own direct sites. Recycling, extended to the Moncler external outerwear production network, reaches more than 55% of total nylon scraps also in 2025 Ongoing Extra-Life “advanced” repair service developed at global level Extra-Life “advanced” repair service for Moncler garments available in all Regions Use lower impact packaging compared with conventional solutions [SDG 14] Ongoing 100% packaging for end clients made with “preferred” materials 100% of packaging for Moncler and Stone Island end clients made with “preferred” materials Ongoing Zero single-use virgin plastic from fossil origin Zero single-use virgin plastic from fossil origin Ongoing 100% of packaging used in logistics processes made with “preferred” materials 100% of the Group’s logistics packaging made with “preferred” materials For the targets of the new 2026-2028 Sustainability Plan, see page 91.
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186 ANNUAL REPORT 2025 - MONCLER GROUP [E5-5] RESOURCE OUTFLOWS 15 The data refers to offices, the logistics hub in Italy and the production site in Romania. It does not include waste directly managed by local municipalities. The data does not include waste generated in the stores in the Group’s retail network. This figure was estimated using primary waste volume data collected for a sample subject to LEED certification. The was te relates mainly to packaging material from the products sold. The estimated total is about 1,061 tonnes. 16 Increase mainly due to an extraordinary septic tank emptying operation at a production site. 17 The data mainly refer to obsolete or decommissioned electronic devices. The Group did not generate radioactive waste in 2025, in line with 2024. RESOURCE OUTFLOWS BY TYPE 15 (tonnes) 2024 2025 Non -hazardous waste 1,688.2 1,908.7 Paper and cardboard 675.2 747.3 Mixed packaging 317.5 277.2 Wood 260.0 266.6 Plastic 148.5 155.9 Fabric 216.8 278.1 Metal 49.9 35.3 Glass - - Other 20.3 148.3 16 Hazardous waste 17 3.7 3.0 Total waste produced 1,691.9 1,911.7 RESOURCE OUTFLOWS BY DESTINATION 15 (tonnes) 2024 2025 Waste generated 1,691.9 1,911.7 Hazardous waste diverted from disposal 2.9 1.8 Hazardous waste diverted from disposal with preparation for reuse - - Hazardous waste diverted from disposal with recycling 2.5 1.5 Hazardous waste diverted from disposal with other recovery operations 0.4 0.3 Non -hazardous waste diverted from disposal 1,683.7 1,806.3 Non-hazardous waste diverted from disposal with preparation for reuse - - Non-hazardous waste diverted from disposal with recycling 1,421.1 1,496.1 Non-hazardous waste diverted from disposal with other recovery operations 262.6 310.2 Hazardous waste directed to disposal 0.8 1.2 Hazardous waste directed to disposal with incineration - - Hazardous waste directed to disposal in landfill - - Hazardous waste directed to disposal with other disposal operations 0.8 1.2 Non -hazardous waste directed to disposal 4.5 102.416
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MONCLER GROUP – ANNUAL REPORT 2025 187 The percentage of non-recycled waste in 2025 was higher than in 2024, as some extraordinary activities were carried out at the Group’s sites in 2025, such as, for example, the renovation works and transfer to new sites and the emptying of septic tanks at a production plant, which resulted in an increase in waste not destined for recycling. The percentage of non-r ecycled waste decreases to 14%, excluding that generated by these extraordinary activities, record ing a downward trend compared with the previous year (16%). Non-hazardous waste directed to disposal with incineration - - Non-hazardous waste directed to disposal in landfill - - Non-hazardous waste destined for disposal with other disposal operations 4.5 102.4 Non -recycled waste 268.2 414.2 Percentage of non -recycled waste 16% 22%
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188 ANNUAL REPORT 2025 - MONCLER GROUP SOCIAL S1 Own workforce S2 Workers in the value chain S4 Consumers and end-users Entity-specific - Support for communities
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MONCLER GROUP – ANNUAL REPORT 2025 189 S1 OWN WORKFORCE [S1 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ................................................................................................................................................................. 190 [S1-1] Policies related to own workforce ......................................................................................................... 191 [S1 SBM-2] Interests and views of stakeholders; [S1-2] Processes for engaging with own workers and workers’ representatives about impacts ........................................................................................................ 194 [S1-3] Processes to remediate negative impacts and channels for own workforce to raise concerns ... 196 [S1-4] Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions ............................................................................................................................................................................ 197 [S1-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities ................................................................................................. 209 [S1-6] Characteristics of the undertaking’s employees; [S1-9] Diversity metrics ....................................... 211 [S1-7] Characteristics of non-employee workers in the undertaking’s own workforce ............................ 215 [S1-8] Collective bargaining coverage and social dialogue ...................................................................... 215 [S1-10] Adequate wages .................................................................................................................................. 216 [S1-11] Social protection ................................................................................................................................... 216 [S1-12] Persons with disabilities ...................................................................................................................... 216 [S1-13] Training and skills development metrics ........................................................................................... 217 [S1-14] Health and safety metrics ................................................................................................................... 218 [S1-15] Work-life balance metrics .................................................................................................................. 219 [S1-16] Compensation metrics (pay gap and total compensation) ........................................................... 220 [S1-17] Incidents, complaints and severe human rights impacts ................................................................ 220
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190 ANNUAL REPORT 2025 - MONCLER GROUP [S1 SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL People are central element to the implementation of the Moncler Group’s business strategy and in creating long-term value. Thanks to its people, the Group can face market challenges supporting its Brands in reaching their potential. For this reason , the Group is aware of how essential it is to effectively identify and manage the impacts, risks a nd opportunities related to the workforce, ensuring that people are supported and valued throu gh policies, programmes and initiatives that promote well-being and professional development and favour the attraction and retention of talent. The actual positive impacts on the Moncler Group wo rkforce confirmed through the double materiality analysis are linked to the strategy and business model focusing on promoting employee well-being and satisfaction through dedicated benefi ts, flexible working hours, competitive remuneration packages and stimulating career paths, supported by training and skills development programmes. The analysis carried out in 2025 also highlighted a further positive impact related to the support for social dialogue and respect for the principles of freedom of association and collective bargaining. All of these policies, initi atives and practices help to strengthen the Group’s competitive position as an attractive and responsible employer. With reference to both the potential negative impacts, which may arise from sy stemic situations or individual events (such as work-related accidents, in particular in the areas most exposed to risk, such as production environments, occupational illnesses and incidents of discrimination), and the potential risks related to the difficulty of attracting and retaining talent and key figures in the fashion/luxury sector, the Group has adopted targeted mitigation measures that include the continuous improvement of working conditions, the promotion of a safety cultu re, the implementation of policies to ensure equity and inclusivity and the offer of competitive remuneration packages. Among the opportunities identified in the double materiality analysis emerged the strengthening of internal skills and know-how through the partial internalisation of production. In the Moncler Group, employees are divided into three main categories: " corporate ", which includes employees in strategic and support functio ns, " retail ", which includes the personnel employed in stores, and " production ", which refers to those involved in manufacturing activities and garments production. The organisation of roles and responsibilities includes five macro-categories: executives and senior executives represent the top levels of business functions or units and are responsible for formulating the business or functional strategies, with a direc t impact on the overall performance of the company. Managers are responsible for the implementation of operational activities and processes generally through direct management of a team of pe ople; this category also includes senior managers , who lead the implementation of business or functi onal strategies by coordinating resources. Professionals are individuals with specialist skills and manage activities or processes relevant to the organisation and, in some cases, they may be responsible for coordinating a group of experts. White-collars perform specialised operating dutiesor tasks generally assigned by their officer of reference, while workers are involved in areas closely related to the produ ction and logistics processes. In addition to these categories there are the non-employee workers who, although not formally included in the personnel, contributes to the achie vement of business objectives. Key categories include interns, consultants and temporary workers.
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MONCLER GROUP – ANNUAL REPORT 2025 191 [S1-1] POLICIES RELATED TO OWN WORKFORCE The principles guiding the management and protection of the Group’s people are outlined in the Code of Ethics, the Human Rights Policy and the human resources policies. These principles are inspired by the highest reference standards in this area, and compl y with current regulations and collective labour agreements, where present (see also pages 223-224; 252-253). These documents cover various key areas, such as recruitment , selection and hiring to health and safety , equal opportunities , collective bargaining , employee growth and development , remuneration and parental leave . Specifically, the Diversity, Equity and Inclusion Committee is responsible for promoting diversity in all its forms and assessing and developing internal policies in line with the Group’s business vision. Published on the corporate intranet, these policies are constantly monitored by the Group’s Chief People & Organisation Officer, to ensure their effective implementation. RECUITMENT , SELECTION AND HIRING The Group’s Recruitment, Selection and Hiring Policy was recently updated based on the results of an internal survey on diversity topics, with the aim of making selection and hiring processes clearer, more structured, objective and inclusive. The Document outlines the various phases of the recruitment and selection process, from the analysis of organisational needs up to the choice and management of the internal or external channels used to collect applications. The Policy also governs th e management of specific situations, such as, by way of example, the inclusion of employees with disabilities. The Policy is inspired by the principles and values of the Code of Ethics, including the commitment to offering equal opportunities and ensuring non-dis crimination based on ethnicity, skin colour, religion, marital status, age, nationality, disabil ity, gender identity, affective orientation or other personal characteristics. This Policy is aimed, in particular, at Group emplo yees involved in the recruitment, selection and hiring processes, who are directly responsible for the correct application of the guidelines defined and the fair and transparent management of applications . DEVELOPMENT AND TRAINING With the Equal Opportunity for Professional Development and Growth Policy , the Group is committed to offering equal professional growth oppo rtunities for all employees, without discrimination based on ethnicity, skin colour, rel igion, marital status, age, nationality, disability , gender identity, emotional orientation, political o pinions, social background, or any other form of discrimination recognised at national and international levels. The Policy was developed in response to what emerge d from the action plan developed after the EDGE certification process 1 (see also pages 203; 220), which in 2024 also incl uded a survey addressed to employees at the Headquarters. The Policy is based on key principles such as equit able access to learning and development opportunities, which is always based on competencie s, qualifications and performance. Moreover, development programmes are accessible to all employ ees regardless of geographical location, department or professional category and are open to permanent, fixed-term, full-time, project- based or temporary workers. Another core principle is the application of merito cratic criteria for performance evaluation and career advancement, which reward contribution to bu siness success. The Policy ensures transparency and fairness in the evaluation criteria and in career development paths, with regular feedback and discussion with managers, also to align with evolving business needs. 1 A prestigious international certification that confi rms a company’s commitment to gender equality and t he promotion of an inclusive and fair work environment. The EDGE certification represents a globally recognised standard for assessing and improving equality and inclusion policies within companies, providing a concrete framework to identify targeted and measurable actions.
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192 ANNUAL REPORT 2025 - MONCLER GROUP Responsibility for the application of this Policy is shared among the Human Resources Department, the managers and the employees, who play an active role in their own growth programmes. REMUNERATION As stated in the Human Rights Policy , the Moncler Group has a remuneration system desig ned to attract, motivate and retain people with the profes sional qualities required for the company’s business growth. The Group defines and updates the r emuneration system of the Company’s staff, taking into account specific criteria, including ext ernal market benchmark, internal equity, role characteristic, and the assigned responsibilities, as well as the distinctive skills of people. This i s always done with an approach focused on impartialit y, equal opportunities, meritocracy, and maximum objectivity, avoiding any form of discrimin ation This is always done with an approach focused on impartiality, equal opportunities, merit ocracy, and maximum objectivity, avoiding any form of discrimination. In all the countries where it operates, the Group o ffers entry level salaries equal to or above the minimum required by law or collective bargaining, without gender-based differences, including with regard to the overtime pay and benefits. Remuneratio n takes into account the cost of living and essential needs to ensure a decent standard of living (living wage) for employees and their families. The Group also ensures compliance with contractually agreed payment schedules. As a publicly listed company, Moncler has adopted a Remuneration Policy for Directors, Statutory Auditors and Strategic Managers, defined in line wit h best market practices and the recommendations of the Corporate Governance Code. This Policy, reviewed by the Nomination and Remuneration Committee and approved by the Board of Directors, is then submitted for binding approval by the Shareholders at the Ordinary Shareholders' Meeting. It is periodically updated with the support of the People & Organisation and Corpor ate Affairs & Compliance functions, also following discussions with investors and proxy advisors. For more details, please refer to the Report on the Policy regarding Remuneration and Fees Paid, available on the monclergroup.com website. Regarding international mobility, the Group adopts a Global Mobility Policy , which establishes guidelines to ensure fair, competitive and consiste nt economic treatment among employees in different countries. This Policy represents one of t he fundamental pillars for both personal development and business success, reinforcing the i mportance of internal mobility as a strategic lever. FAMILY LEAVE In 2024, the Moncler Group introduced the New Parents Policy to promote parenting and improve the well-being and work-life balance of its people, regardless of gender, marital status or affective orientation. The Policy establisheda global minimum standard 2 ensuring a fully paid leave of 16 weeks for all new parents employed by the Moncler and Stone Island brands 3, taking into account both fixed and variable components of compensation, and supplement ing any amounts provided locally by authorities, laws and collective bargaining agreements. Among the other measures planned to facilitate the return from leave and family management, there is also the option for parents to request flexible hours and additional paid leave up to the age of three for the child, to manage health-related needs – for example, in case of illness, paediatric visits, day hospital appointments and vaccinations – while, depending on the employee’s role, there is the possibility of adopting remote working methods and accessing counselling services to support emotional well-being. 2 This Policy sets out common minimum standards in all countries in which the Group operates and aims to meet or exceed the local legal conditions for paid leave of up to 16 weeks. 3 The new measure applies to all new parents of the Group, whether employed full-time or part-time and under permanent and fixed-term contracts, who have been employed for at least six months.
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MONCLER GROUP – ANNUAL REPORT 2025 193 Additionally, the Moncler Group is committed to sharing this Policy with the external partners with which it collaborates, encouraging them to adopt similar benefits for their employees. PREVENTION OF BULLYING AND HARASSMENT In 2025, the Group strengthened its commitment to p reventing and combating all forms of bullying, harassment, discrimination or abuse in the workplace, in line with the principles of equity, inclusion and respect for individual dignity, by adopting the Anti-Harassment and Anti-Bullying Global Policy and establishing a principle of zero tolerance towards behaviour that is personally offensive or harmful. The Policy provides for safe and anonymous reporting pr ocedures to enable employees to report incidents of bullying and harassment without fear of retaliation, mandatory training programmes for all managers on prejudice prevention, inclusive language and emp athetic management, and periodic monitoring of the organisational environment through active liste ning initiatives aimed at promptly identifying situations of distress. Added to this are internal awareness campaigns, aimed at promoting awareness, mutual respect and an inclusive work culture. These measures help to create a safe, fair and inclusive working environment, based on trust and the well-being of people, supported by dedicated governance systems that monitor the effectiveness of the Policy and allow it to be measured over time, ensuring consistency with international standards and with the Group’s strategic sustainability targets. HEALTH AND SAFETY One of the initiatives developed by the Group for the protection and promotion of health and safety in the workplace is the implementation of a managem ent system in compliance with the highest health and safety standards. In this regard, the Mo ncler Group's commitment is detailed in the Occupational Health and Safety Management Policy , reviewed and approved by the Group’s Board of Directors and circulated to all employees worldwide. The Document, in line with what is defined in the Human Rights Policy, reiterates the Group's commitment to safeguarding employees, clients, suppliers and, in general, all those who enter the sphere of influence of Moncler and Stone Island, establishing the principles and application guidelines to be applied across all business activity. These principles include: a dynamic and preventative evaluation of activities, allowing risks to be eliminated and, where this is not possible, to be reduced according to the best available practices; continuous improvement in all activities with a safety impact by defining and prioritising specific action plans; enhancement of knowledge, competence and awareness of all employees through targeted training and practices. The Group's health and safety management system is overseen by the Chief Corporate & Supply Officer, who is responsible for its implementation. I n addition, the Group's Board of Directors receives quarterly updates on the management of hea lth and safety issues from the managers in charge. In 2025, the Group obtained the renewal of the mana gement system certification under the ISO 45001 standard worldwide in all offices, including the new Moncler Headquarters and the new Stone Island showroom in Milan, as well as in the directly operated stores and the logistics hub and production sites.
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194 ANNUAL REPORT 2025 - MONCLER GROUP [S1 SBM-2] INTERESTS AND VIEWS OF STAKEHOLDERS; [S1-2] PROCESSES FOR ENGAGING WITH OWN WORKERS AND WORKERS’ REPRESENTATIVES ABOUT IMPACTS The Moncler Group recognises the fundamental import ance of active listening and employee engagement in promoting a corporate culture based o n sharing and participation. In this context, the Engagement & Internal Communication Department, within the People & Organisation Function, has the task of developing strategies and tools that promote the involvement of colleagues. INTERNAL SURVEYS AND OTHER ENGAGEMENT TOOLS During 2025, several initiatives continued, sharing some common characteristics: fostering collaboration among people, encouraging moments of exchange and mutual understanding, facilitating the flow of information and creating a shared culture and vision with the aim of further strengthening team spirit and the sense of belonging at the Moncler Group. In this context, the launch of the annual employee engagement survey, MONVoice , played an important role. The survey collects employees feedb ack, enabling a better understanding of their needs and helping to guide company policies and actions in a targeted way. The analysis provides a global snapshot of the Group’s positioning across 12 dimensions, with the aim of identifying strengths and areas for improvement to enhance overall performance. The ninth edition of MONVoice involved 7,307 people worldwide, with a questionnaire of 28 closed questions and two open questions, inviting employee s to provide suggestions on areas for improvement and the factors that motivate them. Among the main areas of identified were “respect and empowerment of people” and the “flexibility and support of managers”. The Group’s ability to “o rganise work in a structured way” has been identified as an area for improvement, together with the “remuneration and benefits system”. To ensure that the improvement process focused on p eople originates from the people themselves, the results are shared across the entire Group thro ugh dedicated communications and sharing sessions. PEOPLE SATISFACTION SURVEY Moncler Group 2024 2025 Employees involved (no.) 6,777 7,307 Eligible population coverage (%) 100 100 Engagement rate (%) 76 76 Total response rate (%) 92 81 4 of which women (%) 92 78 Among the initiatives aimed at fostering interaction between employees and the Group's top management , the Thank Boss It's Friday! programme continued. This global initiative, launc hed in 2019, allows employees to share insights and suggestions with top management in the spirit of open dialogue. In 2025, approximately 134 employees took part in these sessions. 4 This reduction is attributable to a technical issue in the data collection process that prevented the recording of the questionnaires completed within the first few days of launch. Despi te the shortfall that reduced the response rate, th e collected data remain representative and reliable for overall analyses.
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MONCLER GROUP – ANNUAL REPORT 2025 195 In addition, several meetings were organised, open to all employees, during which financial performance, business results and updates on the most relevant projects were presented. To foster engagement and internal communication , in 2025, the Crafters of Tomorrow platform was launched globally, an open and inclusive space designed to promote the sharing of ideas, stimulate creativity and give voice to the boldest initiatives, strengthening a culture based on collaboration and listening. In addition, the new Milan Headquarters was conceived not only as an architectural operation, but as a broader corporate journey. Alongside the development of the physical spaces, a structured communication plan wa s defined and supported by a dedicated website, aimed at keeping all employees informed ab out the features and services of the new Headquarters. Launched in July, the plan promoted a co-design approach and active participation, from the choice of the headquarters’ name to the definition of the services offered, placing people’s needs at the center and reinforcing a sense of belonging. Another key moment to promote teamwork and engage e mployees is corporate volunteering , a tool that fosters social responsibility and a cultu re of diversity and collaboration. With Legambiente, in 2025, awareness-raising activities on environmental impact continued, including park and beach clean-ups, conservation projects, the creation of urban gardens and the restoration of public spaces in several Italian cities. Since 2021, Moncler has been promoting the Be Warm project in collaboration with Officine Buone, encouraging employees to offer their artistic talent to healthcare facilities, providing moments of relief and positivity for patients, their families, and hospital staff. In 2025, the initiative was further enriched through the involvement of Stone Island em ployees, who participated in a photography course and created images inspired by the “Pics for a Smile” concept, aimed at spreading joy. The photographs will be displayed in the facilities hos ting families traveling for medical treatment. SInce 2024, the Group has also supported the associ ation Casa Lontani da Casa through the “Stanze e Favole Blu” project, creating welcoming s paces for families travelling for medical treatments and providing podcast fairy tales for children. The Group’s Regional also actively contributed to a wide range of volunteering initiatives, engaging in projects ranging from environmental conservation to social activities, demonstrating a strong spirit of collaboration and a proactive approachin addressing both local and global challenges. INDUSTRIAL RELATIONS Another key aspect of employee engagement for the M oncler Group concerns industrial relations. The Group recognizes and safeguards the right of its employees to be represented by trade unions and maintains relations with these bodies based on mutual recognition, dialogue and cooperation. Trade union relations and negotiations are managed in accordance with the highest principles of transparency and fairness and in strict compliance with applicable laws. The Moncler Group bases its policy of industrial relations on constructive dialogue, aiming to involve employee representatives and maintain a good work e nvironment. The pursuit of shared solutions has resulted in a total absence of conflict . Thanks to the collaborative environment established over the years, also in 2025 no company strikes or trade union protests by workers directly employe d by Group companies, nor any cases in which the freedoms of association and collective bargaini ng were violated or found to be at risk, were registered. During 2025, periodic meetings with trade union representatives led to the definition of important agreements that introduced improvements with respect to the reference national agreement. In this context, in Italy, for the Moncler brand, t he signing of the supplementary agreement marked a significant step forward in strengthening policies aimed at employee well-being, through the enhancement ofinsurance systems, the expansion o f welfare measures and the provision of dedicated economic increases. At the same time, spe cific agreements were defined regarding flexibility for production plants, with the aim of e nsuring efficient, shared and scheduled
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196 ANNUAL REPORT 2025 - MONCLER GROUP management of overtime and and workloads, in full c ompliance with the national collective bargaining agreement, while also maintaining a balance between production needs and employee protection. For the Stone Island brand, initiatives relating to health and safety and smart working were shared, together with agreements and services for corporate sites, complementing the solutions already available on the Group’s CAREPLAC E portal. New training projects and actions were also presented, defined on the basis of the res ults of the latest edition of the MONVoice internal climate analysis. Lastly, initiatives supp orting the relocation of employees from Ravarino (Modena) to the new Product Hub were presented. Th is hub has been designed according to principles orientated focused on health and safety protection, quality and innovation in workspaces, well-being and social interaction, as well as environmental aspects. At the production site in Romania, in 2025, the provisions of the collective factory agreement, signed in 2024, were implemented. Among the various measures, this included an increase in the value of meal vouchers and the provision of bonuses to suppo rt social needs. Industrial relations were constructive and continuous, with no conflicts recorded. The Group is aware that certain strategic decisions may have an impact on its employees. In this regard, in the event of significant organisational c hanges (such as restructuring processes or other operations with a material impact), it has always i mplemented—and will continue to implement— all procedures for prior information and consultation of employees as required by law. As confirmation of this commitment, during the merge r of Pespow S.r.l. into Industries Yield, the Group complied with all legal requirements regardin g prior information and consultation, as well as the protection of employees’ rights. [S1-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR OWN WORKFORCE TO RAISE CONCERNS The information on the channels made available to t he workforce to report any concerns and activate their management, together with the proces ses defined in the Company to address or collaborate in the resolution of any negative impacts on workers, is described on pages 253-254.
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MONCLER GROUP – ANNUAL REPORT 2025 197 [S1-4] TAKING ACTION ON MATERIAL IMPACTS ON OWN WORKFORCE, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO OWN WORKFORCE, AND EFFECTIVENESS OF THOSE ACTIONS The Nurture Uniqueness pillar of the Group’s sustainability strategy focu ses on enhancing and motivating people within the organisation. The targ ets and actions identified are the result of an in-depth analysis of those areas where it is possib le to maximise the positive impact and reduce both negative impacts and potential risks. These commitments are confirmed and reinforced in th e new strategy with the Evolve a Legacy of Care pillar, conceived as a real “agreement” with people, to promote a culture in wh ich authenticity, balance and growth are closely linked , and where everyone can feel recognised, valued and encouraged to fully develop their potential. RECRUITMENT , SELECTION AND HIRING The current constantly transforming scenario requir es new skills, professionalism and adaptability. To effectively address these challenges, the Group i s committed to creating an international working environment, characterised by distinctive s kills and the sharing of ideas and experiences, thus stimulating creativity and innovation. In this context, the recruitment, selection and hiring processes play a strategic role and are supported by targeted initiatives. The Employee Value Proposition (EVP), defined in 2024 and continuously updated, outlines what makes Moncler and Stone Island distinctive as emplo yers and helps attract talent in line with the corporate culture and values. Operational initiatives to support the recruitment, selection and hiring processes include internal job posting which promotes internal mobility between functions and regions. Each employee, through a dedicated area on the company platform, can apply for the open positions most aligned with their profile, level of experience and professional aspirations, up to ten days in advance of the external publication of the announcement. In Moncle r in 2025, the positions filled via internal job posting accounted for around 23% at the global level. Specifically, they accounted for around 35% in Europe, 14% in America and 19% in Asia. In Stone Island, approximately 22% of searches were covered through internal job posting during the year. Particularly important for market research are also collaborations with the top vocational schools, universities and business schools worldwide, with w hich the Group has established strong relationships, offering internship pathways for students and recent graduates, involvement in project development, participation in working group s and visits to operational sites. To access the most diversified talent pool possible, the Moncler G roup has identified a panel of universities recognised by the QS Sustainability Ranking for the ir ability to attract students while ensuring a high level of diversity. For several years, selection processes for students have been initiated in each of the Group’s Regions, resulting in company internships. Moncler and Stone Island offer several internship opportunities each year, providing high- potential young people with the chance to experience the company and gain valuable training. In 2025, around 190 internships were activated within the Group, both curricular and extra-curricular. In particular, Moncler’s Italian corporate sites ho sted young interns from nine different countries during the year. Among these two types of internships, 28% resulted in job contracts in 2025.
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198 ANNUAL REPORT 2025 - MONCLER GROUP In 2025, Moncler continued its collaborative activi ties with partner schools and universities, organising meetings for students . On these occasions, workshops, business cases and recruitment sessions have been planned, based on programmes defi ned ad hoc for each institution. As part of the Executive Master’s in Luxury Management (EMiLUX ) at SDA Bocconi , Moncler continued to participate in the Behind the Scenes project, hosting two female students, at the Galle ria Vittorio Emanuele store in Milan, for an immersive experienc e in the retail channel alongside the Client Advisors. The collaboration with the Master’s in Business Administration (MBA) Luxury Bu siness Management of SDA Bocconi also continued, with inte rventions dedicated to the presentation of the operational and client management activities of the Moncler brand. During the year, the partnership with the Università Cattolica del Sacro Cuore (Milan) for the Master’s in Luxury Goods Management (EMLUX) included four sessions dedicated to retail merchandising, offering students the opportunity to work on a concrete business chal lenge and to gain a deeper understanding of how the sector and related professional roles function. Moncler also hosted a delegation of students from the Master’s of Business Administration (MBA) and Master’s in Management (MiM) programmes of the London Business School , offering the opportunity to discuss with top management retail excellence , activities and the training courses and performanc e evaluation of the Moncler sales force, as well as the Stone Islan d brand. For the eighth consecutive year, the collaboration with the Ecole Hôtelière de Lausanne (EHL) continued, aimed at identifying new talent to be included in the retail channel, which led to the launch of the Moncler Global Retail Graduate Programme . The year-long programme accompanies recent gradua tes on a structured path of development, preparing them for future role s of responsibility in luxury retail. Through an immersive training path, focused on customer experi ence, operations and sales management, participants acquire a complete overview of the glo bal retail environment, in line with Moncler’s high standards of excellence. At the same time, Moncler collaborates with Central Saint Martins , a prestigious London school of art, design and fashion, part of the University of the Arts in London, through a scholarship programme aimed at supporting students from histori cally underrepresented backgrounds by covering university fees and, if necessary, living expenses. Stone Island, in continuity with its commitment to the academic world, organised a project with the students of the Università Bocconi in Milan focused on real business challenges. Thanks to these initiatives, the Group has consolid ated its attractiveness, as demonstrated by the significant number of applications received. In 2025, in fact, over 100,000 curricula were received through the company portal, an increase compared with 2024, continuing a constant positive trend over the years. Finally, in 2025, a digital tool to support the selection process was introduced during the selection phase. Through a structured and personalised video interview for each role in the store, candidates have the opportunity to present their experiences q uickly and effectively. An artificial intelligence system analyses the answers and generates a detaile d, unbiased profile, shared with both the recruiter and the candidate. This profile provides o pportunities for reflection and suggestions for further exploration, making the selection more tran sparent, fair and orientated towards personal and professional development. Particular attention was paid to the pre-boarding phase, with training modules and informal sessions to gradually introduce future employees to the Group. TRAINING For the Moncler Group, training and development represent essential strategic elements to promote both individual and collective growth and ensure the Group’s competitiveness over time. Investing in human capital means, on the one hand, strengthening the skills of employees and promoting continuous improvement, and on the other, ensuring that the organisation is always ready to face the new challenges of the market with profe ssionalism and an innovative spirit. This commitment not only helps with personal development , reducing the risk of losing key figures, but also helps to build a solid team ready to face future challenges with always up-to-date and cutting- edge competencies.
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MONCLER GROUP – ANNUAL REPORT 2025 199 To promote accessible and continuous learning, the Moncler Group has introduced several dedicated platforms . Moncler offers MINE , a platform active since 2022 that regularly updat es the entire company workforce, both corporate and retail, on company news, training opportunities and internal initiatives. Meanwhile, in 2024, Stone Island launched EXPLORE [The Compass] , an interactive portal that enables employees to access training content, online courses and tools for continuous professional development. In 2025, the Leadership Academy was further strengthened as a training and development programme structured for managerial and leadership skills, with personalised pathways t hat support each person from the start of their career to more senior roles. The training offer was designed, in fact, to respond to the specific needs of the different levels of seniority, supporting the development of key skills in line with the evolution of the business and with the Group’s priorities. The Training Programmes of the Leadership Academy include: eMpower , a programme launched in 2023 that represents a ta ngible commitment by the Moncler Group to developing and empowering young professionals , including interns and new hires. Structured around three key pillars – Learning, Networking and Inspirational Talks – eMpower is a three-year pathway designed to facil itate the integration of new generations and develop essential skills for both professional and personal growth. Learning , the first pillar, focuses on the development of fundamental skills, t hrough technical and advanced courses in areas such as digital tools, effective communication and collaboration and time management. Networking fosters the creation of a solid professional networ k through social events, team building activities and volunteer initiatives, help ing to strengthen the sense of community among participants. Finally, Inspirational Talks offers the opportunity to meet managers and leaders of the Group, promoting the sharing of expe riences, values and strategic vision, and providing reference models useful in facing the cha llenges of the world of work. In 2025, 226 employees participated for a total of 826 hours of training. Connections is a learning programme launched in 2024 for all employees of the offices of Moncler and Stone Island in Italy, which will be progressively extended to the Group’s Regions. The programme focuses on building a culture of coll aboration, innovation and excellence and is divided into three main pillars. The Excellence pillar is focused on achieving high performance, encouraging employees to pursue ambiti ous goals and maintain the highest quality standards. Collaboration promotes teamwork and cross-functional networking, fostering the development of solid professional rel ationships and a collaborative corporate culture. Lastly, Innovation encourages the adoption of new ideas and a mindset open to change, pushing employees to explore creative solutions and tackling business challenges in a resilient way. In 2025, the pathway was further enriched with new courses, including “Emotional Power” and “Beyond Barriers: the Impact of Teamwork”, desi gned to develop soft skills, emotional awareness and the ability to work effectively in a group. In 2025, 183 employees were involved in the various courses organised for them, for a to tal of over 1,900 hours, with an increase compared with 2024. Building Leadership and Building Bridges are two programmes designed for managers, senior managers and executives , with the aim of developing skills for effective an d inclusive leadership, capable of guiding teams towards excell ent results and fostering the creation of cohesive and positive work environments. The Building Leadership programme strengthens managerial competencies, pre paring participants to face the challenges of organisation al complexity and promoting an inclusive environment orientated towards high performance. In 2025, the programme involved 15 managers from Moncler and Stone Island, with diverse backgrounds, with a total of about 230 hours of training delivered on key topics such as communication, delegation, stress and conflict management, constructive feedback and inclusive lea dership. Each participant had access to an individual coaching programme, supplemented with practical sessions and exercises, aimed at translating learning into concrete actions in their work context.
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200 ANNUAL REPORT 2025 - MONCLER GROUP Building Bridges , meanwhile, continued to be the first global leader ship programme of the Moncler Group, designed to foster an inclusive and positive culture in the Company. Created in response to feedback from the 2024 Inclusion Survey, the programme is designed to equip managers with the skills necessary to create safe w ork environments, where every opinion is respected and valued. The pathway provides practical tools to support an inclusive and collaborative work environment. The programme represents a long-term c ommitment aimed at integrating inclusive leadership at all levels of the organisat ion, with the goal of involving 100% of management (managers, senior managers, executives and senior executives) by 2026. In 2025, about 3,300 hours were delivered to a total of 544 participants involved worldwide. Within the Leadership Academy , function managers and regional presidents are inv olved in activities designed to strengthen team cohesion and align the leadership with the Group’s evolving challenges. In 2025, a Leadership Offsite was organi sed, an event in collaboration with IMD Business School, designed to address the emerging c hallenges of the industry and the Group. The initiative involved alternating immersive sessions, strategic workshops and opportunities for discussion on topics such as inclusive leadership a nd change management in global contexts. This event fostered a shared reflection on business prior ities and strengthened cohesion and alignment among leaders, stimulating an even more integrated and innovation-orientated managerial vision. In parallel with the Leadership Academy training programmes, the Group’s commitment to involving employees in development paths continued, including: MONCampus , an initiative designed to accelerate the growth of young talent at Moncler and Stone Island, by offering an interactive global development pathway for skills enhancement and knowledge exchange. The edition that started in 2024 ended in 2025, with the involvement of 23 participants from all the Regions in which the Group operates. Thanks to the collaboration with POLI.Design of the Politecni co di Milano, participants were able to access new content on leadership, innovation and pr oject management, working on strategic projects assigned directly by the leadership. The presentation of the final projects represented the culmination of the journey, highlighting the co ntribution of the young talents and their cross-cutting impact within the Group. MAKERS LAB , a global initiative that aims to promote the transfer of technical skills among Moncler and Stone Island employees. The programme, through the contribution of internal experts (Subject Matter Experts (SME)), creates opportunities for cross-learning by stimulating the sharing of know-how about processes and tools, and strengthening collaboration between the two brands’ functions. In 2025, around 1,070 ho urs of professional development were delivered, reaching more than 450 employees globally. MATE is Moncler’s internal technical academy, created to maintain and pass on the artisanal know-how of the product through specialised training. The p rogramme is designed for new graduates from technical and vocational schools offe ring advanced skills in sample production, prototyping and quality control, with a focus on down jacket creation. In 2025, MATE expanded with the opening of two classes, one at the Moncler production plant in Trebaseleghe (Padua) and the other at the Milan hea dquarters, for a total of 17 participants and over 13,580 hours of training. The programme wa s also extended to Stone Island with the Stone Island Atelier Project . At the same time, the Pattern Making School in Romania, active since 2018, continues to train young local talents in modelling and development, strengthening local skills and productivity. The Retail Graduate Programme, a programme launched in March 2025 in collaboratio n with the École Hôtelière de Lausanne (EHL), with the aim of strengthening the skills of retail staff . The programme involved 13 young talents from Moncler boutiques in all the Regions, for a total of 598 hours. The course combined practical experience in- store and a training plan structured in six
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MONCLER GROUP – ANNUAL REPORT 2025 201 digital modules and one in-person module, dedicated to key topics such as hospitality management, customer psychology in the luxury segment, new trends and customer relationship management. The training course was enriched by talks by Moncler ma nagement and contributions from external experts across different sectors. The programme ended with the presentation of innovative projects aimed at applying the concept of hospitality in sto res, consolidating the link between service excellence and brand culture. In addition, to support the development of skills i n the retail channel, an advanced digital platform based on artificial intelligence was introd uced in 2025, which uses role-playing scenarios to teach managerial and relational skills in an immersive, realistic and measurable way. The Store Managers were able to experiment wit h different communication approaches, improve the quality of their feedback and strengthen their effectiveness in managing the team. The programme involved over 260 Store Managers glob ally, registering a 76% participation rate for a total of over 100 hours of training, con firming the adoption and impact of the pathway. In continuity with the training and skills development programmes, in 2025 Moncler paid particular attention to strengthening the corporate culture , promoting initiatives for all employees, in order to consolidate the Company’s distinctive values and behaviours. For each corporate value, short multimedia pieces were created: accessible to all, these have enabled an agile and engaging exploration of the expected behaviours and best pra ctices associated with Moncler values. Globally, the Live the Culture pathway for executives was launched, aimed at stre ngthening the sharing of Moncler’s distinctive values and behaviours. In Italy, Coffee and Culture initiatives were also organised, i.e. informal sessions for discussi on and open dialogue between colleagues, intended to promote corporate culture and active participation. In addition to the specialised programmes, the Monc ler Group continues to offer mandatory training courses . In 2025, the provision of the e-learning module o n Legislative Decree 231 continued, making the Group’s ethical principles ac cessible to all employees, together with the various courses on compliance, including the mandat ory course on global anti-corruption, as well as courses on GDPR and cybersecurity, to protect company data. An online course on market abuse was introduced, aimed at raising awareness within t he organisation. Mandatory training in accordance with Legislative Decree 81/2008 continued at the Italian and Romanian sites, while in the other Regions where the Group operates, trainin g was provided in accordance with local regulations on occupational safety, with the aim of raising employees’ awareness of occupational risks and promoting a safe and compliant working environment. The Group also offers courses on cross-cutting issues, such as human rights, DE&I and environmental sustainability. A global DE&I Essentials module to promote an inclusive culture has been active since 2024, along with a module on Unconscious Bias to ra ise awareness of the need to overcome this. During 2025, in the Americas Region, United Kingdom and South Korea, e-learning modules were delivered on issues related to the recognition of harassment in the workplace. Lastly, in the environmental field, the global cours e designed to raise employees’ awareness of global environmental challenges, on topics such as climate change, biodiversity, water resource management, etc., continued.
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202 ANNUAL REPORT 2025 - MONCLER GROUP DEVELOPMENT In 2025, the Group introduced BEYOND , the new annual performance evaluation model , designed to support the evolution of the organisation and its strategic aims. The model is based on leadership principles consistent with the Group’s values, which guide behaviour, collaboration and the assumption of responsibility in different organi sational contexts. The leadership principles are defined for the Moncler and Stone Island brands and for the specificities of the different business areas, making the assessment more consistent with the corporate roles and contexts. The model measures performance by assessing the lev el of knowledge and behaviours within the organisation as an expression of individual leadership, and then comparing them with the expected standard for the specific role. This makes it possib le to verify the level of adherence of individuals to their roles and to enhance the impact of individ ual performance, determining possible training and development paths. The assessment is based on values of which every employee must be an ambassador and promoter: integrity, passion, harmony with company culture, ability to build trust-based relationships, global vision and the drive towards innovation. Specifically, one of the dimensions in which each employee is evaluated is a specific area for assessing the compliance of their behaviour with the principles of the Group’s Codes of Ethics. The evaluation system, which aims to improve busine ss performance, has a medium-to-long-term perspective and is therefore one of the key processes for managing and developing people, defining succession plans and retaining the best talent laying the basis of the salary review process, ensuring equity, equal opportunities, meritocracy and market competitiveness. The employee self-assessment is an important step in the evaluation process. It enables employees to compare the perception of their performance with that of the Company. In the assessment process, each manager evaluates h is or her staff using a digital platform. In addition, where applicable, the functional manager is also involved in the assessment. This assessment is subsequently circulated to and finalised within a committee of senior managers, with the aim of ensuring the comparison and calibration of the assessments, thus making them even fairer and more objective. The process ends with the shari ng of the assessment by the manager and the employee, in a conversation, in which the results a chieved are emphasised, the areas for improvement identified are discussed and an action p lan to strengthen future performance is shared. The process is thus structured to include v arious steps in order to make the performance evaluation system multidimensional. The assessment process is applied to all organisational roles, both corporate and retail, at a global level, including the worker populations at all the Group’s production sites. The launch of the new model involved all functions and levels of the organisation, through dedicated training sessions and internal communication initiatives, aimed at promoting the understanding and adoption of the new model. The objective is to strengthen the culture of continuous growth and the enhancement of the potential of each person, suppor ting internal mobility, the diversity of career pathways and the ability to successfully face the challenges of a constantly evolving environment. In addition to this structured annual evaluation pr ocess, the Group promotes continuous processes of agile conversation between managers and employees throughout the year, allowing them to give and receive constant feedback to raise awareness and review objectives and obstacles to achieving performance.
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MONCLER GROUP – ANNUAL REPORT 2025 203 REMUNERATION To ensure the proper application of its remuneratio n policy, the Group monitors that entry-level salaries, without differences between men and women, are equal to or or higher than the minimum required by law or collective bargaining agreements in all the countries in which it operates. This commitment is also confirmed by the annual living wa ge analysis conducted across the entire workforce, including the production site in Romania , according to the Fair Wage Network methodology (see also pages 225; 229-230). In addition, the Group implements an annual remuner ation review process to reward the performance of its employees, promoting a culture b ased on meritocracy. In line with its fair and transparent approach, the Group obtained EDGE certification from an impartial third party in 2025 relating to pay equity for the Moncler brand globally, after achieving this at the Italian level. The remuneration package of 85% of the eligible wor kforce includes a variable component, appropriately balanced with respect to the fixed component and the individual contribution to the Company's strategic objectives. The variable component may be short-term (Management By Objectives or MBO) for the store managers and corporate population; a sales commission for retail staff, at both team and individual level; or medium-/long-term (Long Term Incentive). The MBO system, in particular, is mainly based on annual quantitative objectives of an economic and financial nature, primarily Group consolidated EBIT, and on qualitative objectives of significant strategic and operational importance for the relevant function. These also include the achievement of the targets set out in the Strategic Sustainability Plan (see also pages 87-94). For each beneficiary, the MBO system establishes a combination of objectives: collective objectives, related to the economic and financial performance of the Group; individual and team objectives, focused on the oper ational and strategic performance of the department to which the individual belongs involving several colleagues; project objectives, related to the achievement of milestones relevant to the specific function. This system is applied to professionals, managers, executives and senior executives at the corporate sites, as well as to the store management team. The mechanism encourages the achievement of outstanding results, providing for incremental rewa rds for overperformance, where the assigned objectives are achieved at a level above target. Lastly, the MBO system aligns performance objective s with risk management, as identified by Enterprise Risk Management (ERM), fostering a corpo rate culture oriented toward risk assessment and management as an integral part of employees’ decision-making processes. Regarding the integration of Sustainability Plan commitments, within the variable component of the remuneration package, specific sustainability-related objectives are assigned to each employee of the eligible population, relating to their role or area of competence. With regard to the Chairman and Chief Executive Officer, the Executive Directors and the Strategic Managers, the MBO system, as well as the economic and financial profile of the Group, focuses on achieving the targets of the Sustainability Plan de fined for the year. These objectives also include areas such as fighting climate change and protecting biodiversity, promoting the circular economy, sourcing from a responsible supply chain, valuing d iversity and supporting local communities, as well as people engagement objectives and Diversity, Equity & Inclusion (DE&I) topics (see also pages 72-73; 125). In addition, with regard to the short-term variable component, retail employees are provided with incentive systems based not only on individual and but also store performance that reward excellence and service quality, along with the contribution to business development. As a medium/long-term incentive system , the Moncler Group currently uses Performance Shar e Plans for key positions within the management popul ation. This approach allows the incentive
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204 ANNUAL REPORT 2025 - MONCLER GROUP process for managers and key resources of the Group to be linked to actual company’s results, steer people towards strategies aimed at pursuing sustain able medium/long-term results, align the interests of beneficiaries with those of shareholder s and investors and develop policies aimed at attracting and retaining talented professionals. Since 2020, an ESG (Environmental, Social and Gover nance) indicator has been included in the Performance Share Plans, that entails the achieveme nt of specific sustainability targets (see also pages 72-72; 125). BENEFITS The remuneration package offered to employees includ es a wide range of benefits. In particular, there are pension plans and supplementary healthcar e plans, life insurance and financial support in case of disability. In addition, services such a s the company canteen or replacement meal vouchers are available, along with additional corpo rate welfare initiatives to support employee well-being. The benefits offered by the Group to its employees are linked to their professional category to which they belong, regardless of the type of contract (fix ed/permanent; full-time/part-time) and follow guidelines applied internationally, with possible c hanges depending on the local policy of the relevant country. To develop remuneration policies that not only rewa rd work performance but also respond in a timely manner to the non-financial needs of its people, Moncler has developed corporate welfare plans, currently in Italy, the United Kingdom and South Korea, to ensure greater care and attention to the well-being of people. In particular, for all Italian employees, these plans apply to categories up to the managers of the corporate sites employed under permanent or apprenticeship contracts, in force at 31 December of each year and provide a wide range of benefits and services, also offered in part to the employee's family, from reimbursemen t of school expenses to vouchers, from leisure solutions to wellness packages. In Italy there is also the option of paying a portion of welfare credit to supplementary pension funds. In the context of corporate welfare, during the yea r, the corporate employees of the Trebaseleghe office who used of the nursery and kindergarten servi ces received full financial support from the Company, supporting their family needs and allowing for a better work-life balance. In addition, in 2023, a kindergarten was opened for the children of the employees of the production site in Romania. The facility accommodates over 60 children, who are offered an innovative educational experience based on one of the most int ernationally renowned teaching approaches developed by the Reggio Children organisation. This innovative approach fosters an environment that encourages children's potential and promotes e xperiential learning through interactions, autonomy, exploration and communication. The kindergarten has obtained "gold" certification from WELL, the world's leading building certification pro gramme, with the highest standards of health and well-being. In addition, starting from 2024, the New Parents Po licy has been introduced (see also pages 192- 193, 219) which guarantees additional hourly flexibi lity measures for all new parents employed by the Group, as well as defining a fully paid minimum leave, in addition to what is provided locally. At the production centre in Romania, additional fina ncial support was provided to employees in case of personal emergencies. Finally, Moncler and Stone Island participate in su pplementary healthcare funds that offer additional benefits compared with the National Healt h Service; a total of 1,825 Italian employees were enrolled during the year.
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MONCLER GROUP – ANNUAL REPORT 2025 205 SUPPORT FOR PEOPLE Moncler’s initiatives in support of its employees reflect its ongoing commitment to their well-being, by offering concrete tools to help manage difficult situations , such as serious illnesses, specialist medical visits and bereavement. Among these measure s, the Company provides additional paid leave for medical appointments, an extended protected period in case of serious illnesses (up to a maximum of 24 months) and leave for family bereavement and serious illnesses, as well as two paid days a year for voluntary activities. In this context, in 2023, Moncler introduced CAREPLACE , a portal dedicated to employee well- being , offering support for the work-life balance. Accessible to all corporate employees in Italy and their families, CAREPLACE is divided into three mai n areas: family care, lifestyle and pet care. Within each area, employees have access to a variet y of services, including on-demand services, online group meetings and experts. The “on-demand services” section includes a wide ra nge of services, such as babysitting, study support, domestic services, caregiving and pet-sitt ing, with the ability to view the profiles of the selected professionals and contact them directly. The “group meetings” section offers a wide range of free online meetings with professionals in the family care, lifestyle and pet care areas, ranging from fitness and meditation sessions to family- related meetings with psychologists and psychothera pists. All meetings are free and take place in group mode. The “Experts” section is dedicated to highly qualifi ed professionals in various areas ready to meet employees’ needs. Group online meetings on CAREPLAC E were also extended to the families of employees, allowing them to participate in and benefit from this opportunity. At the same time, several years ago, Moncler launch ed MINDCARE , a psychological counselling service that was initially available to corporate employees in Italy and which in 2024 was extended to all Group members globally, including retail emp loyees. In collaboration with MINDWORK, a company specialising in counselling, the project off ers five free, anonymous and confidential psychological sessions, accessible online at any ti me, with professionals specialising in different areas of well-being, including stress management, career coaching and parental support. In 2025, the service recorded a total of around 240 sessions. In addition, the Group promotes employee well-being and work-life balance through the advance planning of collective closure periods, in line wit h the characteristics of different categories of workers, and by encouraging the informed and regular management of individual leave , in order to ensure that employees can take full advant age of their right to paid annual leave during the year. In this context, the Group carefully assesses and considers any requests for part-time work, accepting them where compatible with the characteristics of the role. The year 2025 was a fundamental strategic step for the Moncler brand, with the transfer of all corporate employees to the new Headquarters in Mila n: Casa Moncler . The project has begun a new phase in the organisation of workspaces and corporate life, transforming the headquarters into an ecosystem orientated towards well-being, collabo ration and innovation. To support physical well-being , the headquarters includes a company gym with dedicated equipment and a timetable of classes. Among the main innovations, a corporate concierge service has been introduced to simplify the management of daily tasks, including activities related to postal services, laundry, shoe repair and the management of small external purchas es. Particular attention has been paid to mobility , with dedicated solutions and a company shuttle to ensure efficient, safe travel, while, to support parenting , “The Nest” has been created: a private, welcoming space for breastfeeding, confirming our commitment to inclusivity, respect for individual needs and people’s well-being. The new company restaurant is a place for meeting and conviviality, offering a varied, seasonal menu that includes freshly prepared dishes, with vegetar ian and vegan options, as well as options for specific dietary requirements, and flexible solutions such as lunch boxes and takeaways, which can be managed through a dedicated app.
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206 ANNUAL REPORT 2025 - MONCLER GROUP HEALTH AND SAFETY The Moncler Group, through its health and safety management system , operates in full compliance with the requirements of specific regulat ions applicable in the countries in which it operates, with an approach aimed at continuous impr ovement. The system also includes specific procedures for investigating accidents, occupationa l diseases, illness or workplace incidents to identify the circumstances and possible causes and, if necessary, to plan and prioritise actions and interventions to prevent their recurrence in the future. At the Moncler and Stone Island headquarters, a tea m of specialised personnel is responsible for ensuring workplaces that are safe and that comply w ith applicable legislation, setting health and safety guidelines, coordinating monitoring efforts a nd, where necessary, improving safety conditions, supervising the activities of designers and architects and maintaining relations with the safety representatives of Italian workers. Every employee plays a key role. Spreading a culture of safety and individual responsibility, as well as creating risk awareness, are indeed pivotal to maintaining a safe working environment. A great deal of attention is also paid to the safet y of workers and contractors that work at Group sites. In Italy, all business relations with contractors require the signing of a document attesting the assessment of risks associated with conducting business at the company (interference risks) and the application of strict prevention in activities involving risks . From prevention to control and monitoring The Moncler Group devotes attention and considerabl e energy to prevention activities in order to limit accidents as much as possible. Although there are no high-risk activities, the Gro up adopts a preventive approach . Before the opening of a new workplace, whether an office or stor e, a thorough health and safety risk assessment is carried out through specific inspections conducted with the support of specialised experts. Existing offices and stores are subject to p eriodic compliance checks , through documentary analysis and inspections (verification o f working environments and equipment). If necessary, an improvement plan is formulated with the prioritisation of measures t o address the identified risks and the integration of action plans with quantified objectives. Progresses made in the mitigation and prevention of health and safety issues and identified risks with regard to the goals of the improvement plan are periodically asse ssed and reported internally. A specific, detailed emergency response plan with measures for preparedness and response to emergency situations is also provided for each Group site. During 2025, occupational health and safety inspect ions continued at the corporate sites in Italy, the logistics hub in Castel San Giovanni (Piacenza) and the production site in Romania. The results, recorded by both internal and external personnel, led to the adoption of specific actions to reduce risks and prevent potential negative impacts on workers. In Italy, the Group organises periodic safety meeti ngs, attended by employers or their delegates representing the two Brands, company physicians, th e officers of the prevention and protection service and workers’ safety representatives. During the meetings, analyses and results are shared with regard to risks assessment, accident rate and the absenteeism rate 5, training and the personal protective equipment used. In 2025, an IT system was introduced in the corporate offices that allows site managers to carry out structured controls on the various areas using specific checklists. The observations collected are then used to update and support the improvement plans of the individual sites, ensuring a continuous 5 Absenteeism rate: (days of absence - net of vacation and maternity/paternity leave)/number of working days. In 2025, for the Group’s production sites in Italy and Romania, the rate was 3.0%, down from 3.3% in the previous year. The value is aligned between men and women, at 3.2% for men and 3.0% for women.
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MONCLER GROUP – ANNUAL REPORT 2025 207 process of monitoring and optimisation. All indicat ors relating to accident rates are constantly monitored and assessed (see also pages 218-219; 266-267). At the same time, the prevention activities already consolidated over the years have continued, including the careful management of workspaces, awareness-raising and communication initiatives, the monitoring of the correct application of improvement initiatives and the sharing of contractual requirements and high standards of health and safet y management, in accordance with the provisions of the Code of Ethics, the Group Supplier Code of Conduct and current legislation. In addition, for the Group’s production sites, ergonomic assessments have been conducted on some workstations in the ironing and sewing department in Romania and the assembly lines of the “smart factory” in Trebaseleghe (Padua). These evaluations were essential for developing improvement plans aimed at reducing worker fatigue and maximising productivity. For the Piombino site, the risk assessment document related to repetitive movements (Occupational Repetitive Actions - OCRA) is being drafted, aimed at identifying any critical issues and defining specific ergonomic measures to ensure the safety and well-being of workers. The installation of new LED lighting systems for the new premises continued, not only enhancing efficient use of energy but also improving working conditions. Another issue that is regularly overseen is monitoring of noise in the workplace, which can cause a range of health problems for workers. At all the corporate offices and production sites, noise measurements are carried out annually to check compliance with the permitted limits in each area. The assessment of air quality , light , temperature and humidity is also key in the prevention of uncomfortable situations in the workplace, affecting both the physical health and the psychological well-being of workers. Specifically, the Moncler Gro up, in order to ensure proper workplace ventilation at the corporate sites in Trebaseleghe (Padua) and Romania and at the Stone Island site in Ravarino (Modena), where there are various micro-climatic conditions due to different processing phases, continued to introduce latest-generation ve ntilation systems, which are periodically checked. In 2025, microclimate analyses were conducted in some stores, revealing no critical issues. Moncler and Stone Island take a holistic approach to employee well-being, focusing attention on work-related stress issues . In 2025, the assessment of work-related stress at the corporate site in Ravarino was renewed: for all the offices, the result s of this assessment showed a “low” risk. The assessment will be updated in 2027. Despite the “lo w” risk score obtained, the Company will continue to implement a series of actions aimed at continuous improvement: the stress assessment was in fact used as a basis for the planning and im plementation of additional organisational or management measures aimed at preventing or minimising stress-related harm on worker health. Health and safety training and communications and h ealth and well-being programmes People training is part of the prevention activity promoted by the Moncler Group. During the year 2025, about 50,000 hours of health and safety training were delivered with specific training courses, dedicated and tailored to the various prof essional profiles and risk levels, in order to transfer knowledge and skills and create a safety culture. The majority of employees have received general workplace safety training in compliance with the law. For those at the Company who occupy positions of responsibility and coordination, additional training has been provided, specific to officers, to f acilitate the monitoring and compliance of workers with conduct in line with the legal and company’s health and safety rules. The Moncler Group’s commitment to the promotion and protection of the health of its employees extends beyond the limits of its business activitie s and occupational risks. Information on prevention and well-being activities and programmes continued. Moreover, the Moncler Group is committed to establishing agreements with local healthcare centres to ensure employees have access to the best medical centres at the most favourable rates. In 2025, the traditional corporate welfare initiati ves continued at the production site in Romania, including on-site annual blood tests, free eye exam inations, and financial support for purchasing
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208 ANNUAL REPORT 2025 - MONCLER GROUP prescription glasses. Also in 2025, the influenza va ccination campaign was also organised, extended to all employees of the various corporate offices, confirming the Group’s commitment . The Moncler Group’s commitment to the well-being of its employees includes various programmes that promote work flexibility and an optimal work-li fe balance (see also page 192; 219). In particular, the Group supports all employees in org anising their time, offering flexible schedules that can be customised according to individual need s and, where applicable, introducing the possibility for corporate employees to work remotely.
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MONCLER GROUP – ANNUAL REPORT 2025 209 [S1-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES Below are the details of the targets and results ac hieved during the year of the 2020-2025 Sustainability Plan, relating to the Nurture Uniqueness pillar, which confirm the Group’s commitments to promoting the application of policies in the area of human resources. LEGEND Target overachieved Target achieved Target partially achieved Target on time o Target delayed TARGETS 2025 RESULTS NURTURE UNIQUENESS Promote an inclusive culture through training [SDG 4; 5] 2025 Update of the PIUMA Leadership model , the company’s performance review system, with a focus on inclusivity Launched BEYOND, the new performance evaluation model Ensure representation [SDG 4; 5] 2025 ≥ 50% women in total workforce ≥ 50% women in all management positions ≥ 50% women in junior management positions ≥ 50% women in top management positions ≥ 50% women in management positions of revenue-generating functions ≥ 50% of women in STEM-related (Science, technology, engineering and mathematics) positions 71% women in total workforce 53% women in all management positions 55% women in junior management positions 43% women in top management positions (percentage increased compared with previous years, but target not fully achieved) 54% women in management positions of revenue-generating departments 61% of women in STEM-related positions
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210 ANNUAL REPORT 2025 - MONCLER GROUP Creating a system of procedures and policies to support Diversity, Equity & Inclusion (DE&I) Ongoing Strengthening employees protection systems Launch of new internal communication campaign on the whistleblowing procedure 2025 Equal Pay certification at global level (Moncler Brand perimeter) Equal Pay certification achieved for the Moncler Brand worldwide 2025 Publishing a DE&I report 2025 DE&I Report published in February 2026 Value people [SDG 3] Ongoing Annual repetition of the employee satisfaction survey at global level Carried out the ninth internal employee satisfaction survey, MONVoice , with an 81% response rate involving 7,307 people at Group level For the targets of the new 2026-2028 Sustainability Plan, see pages 93-94.
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MONCLER GROUP – ANNUAL REPORT 2025 211 [S1-6] CHARACTERISTICS OF THE UNDERTAKING’S EMPLOYEES; [S1-9] DIVERSITY METRICS At 31 December 2025, the Moncler Group had a total of 8,533 6 employees, an increase on 2024 (+4%, equal to 358 more people). This growth was mainly driven by the opening of new direct stores, the expansion of production sites and the strengthening of the corporate structure. Gender 2024 2025 Women 5,709 6,028 Men 2,466 2,505 Other n.a. n.a. Not disclosed n.a. n.a. Total 8,175 8,533 With regard to gender differences, the percentage of women in the total workforce is predominant. The proportion of women is more than 70%, in line with 2024. Number of employees at top management level7 2024 2025 Women 60 62 % of total top management 41% 43% Men 87 81 % of total top management 59% 57% Other n.a. n.a. % of total top management n.a. n.a. Not disclosed n.a. n.a. 6 The values in this chapter are reported taking into account the actual number of people (headcount - HC) at 31 December 2025, enhancing the Moncler Group’s people-orientated approach. This method represents the total number of employees, regardless of the type of contract or work commitment (full-time, part-time, temporary, etc.), offering a clear and i mmediate view of the workforce. The total number of employees corresponds to the figure reported in item 4.9 Personnel expen ses of the Explanatory Notes to the Consolidated Financial Statements. 7 Value includes executives and senior executives. 2,466 2,505 5,709 6,028 2024 2025 NUMBER OF EMPLOYEES Women Men 8,175 8,533
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212 ANNUAL REPORT 2025 - MONCLER GROUP % of total top management n.a. n.a. Total 147 143 The geographical area where most of the workforce is concentrated is EMEA, including Italy (66%). The corporate sites, production sites and logistics hub are located in this Region, as well as the Moncler and Stone Island stores. At the individual country level, in addition to Italy (27%), employees are mainly located in Romania (25%), Chin a 8 (10%) and Japan (9%), followed by the United States (6%). Country 2024 2025 Italy 2,282 2,335 Romania 1,959 2,150 China 9 883 882 Japan 773 788 United States 464 521 South Korea 438 464 France 358 359 United Kingdom 195 178 Germany 159 143 Switzerland 104 99 Canada 89 97 Austria 78 77 Other countries 393 440 Total 8,175 8,533 The professional category with the highest number of employees is that of white-collar workers, who represent 51% of the workforce. The categories experiencing the highest growth are that of workers (+9%), as a direct result of the process of partial internalisation of production and the consequent expansion of production sites, followed by managers (+6%), mainly due to the Group’s ongoing investment in coordinating staff directly involved in the implementation of key activities and 8 China includes employees in Chinese mainland, Hong Kong SAR, Macao SAR and Taiwan Region. 39% 27% 26% 8% EMPLOYEES BY GEOGRAPHICAL AREA EMEA (excl. Italy) Italy Asia Americas
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MONCLER GROUP – ANNUAL REPORT 2025 213 processes. The percentage of women in the manageria l category (managers, senior managers, executives and senior executives) is equal to 53%. The greatest concentrations of employees are in the “30-50” age group, followed by the “under 30” age group. The average age is 38 years. In 2025, 88% of employees had permanent contracts, of which 94% full-time. Fixed-term contracts represent around 12% of the to tal and are mainly linked to the seasonality of some business and retail activities. During the year, 357 fixed-term contracts were transformed into permanent contracts, demonstrating the Group’s comm itment to consolidating and retaining people. Women account for 72% of employees with per manent contracts and 61% of employees with fixed-term contracts. 51% 29% 10% 8% 2% EMPLOYEES BY PROFESSIONAL CATEGORY White-collars Workers Professionals Managers Executives and senior executives 59% 25% 16% EMPLOYEES BY AGE GROUP 30-50 <30 >50
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214 ANNUAL REPORT 2025 - MONCLER GROUP Women Men Other Not disclosed Total 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Number of employees 5,709 6,028 2,466 2,505 n.a. n.a. n.a. n.a. 8,175 8 ,533 Number of permanent employees 5,134 5,412 2,058 2,108 n.a. n.a. n.a. n.a. 7,192 7 ,520 Number of fixed - term employees 575 616 408 397 n.a. n.a. n.a. n.a. 983 1,013 Number of employees on variable hours - - - - - - - - - - Number of full-time employees 5,182 5,508 2,172 2,263 n.a. n.a. n.a. n.a. 7,354 7 ,771 Number of part-time employees 527 520 294 242 n.a. n.a. n.a. n.a. 821 762 EMEA AMERICAS ASIA Total 2024 2025 2024 2025 2024 2025 2024 2025 Number of employees 5,429 5,657 576 656 2,170 2,220 8,175 8,533 Number of permanent employees 4,852 5,097 482 528 1,858 1,895 7,192 7,520 Number of fixed -term employees 577 560 94 128 312 325 983 1,013 Number of employees on variable hours - - - - - - - - Number of full-time employees 4,910 5,172 434 482 2,010 2,117 7,354 7,771 Number of part-time employees 519 485 142 174 160 103 821 762 In 2025, the Group’s negative turnover was 13.5% 9, down compared with 2024 (17.8%). This value decreases to 10.7% when considering only employees with permanent contracts. This figure is linked to typical trends in retail staff, a phenomenon considered “physiological” related to the competitive context of the business sector. During the year, ap proximately 1,910 people were hired under permanent or fixed-term contracts, of whom approxim ately 66% were women and 44% younger than 30. A total of 1,552 10 people left the Group. 9 The negative turnover is calculated by dividing the fixed-term and permanent employees who left the Group during 2025 on a voluntary basis or due to dismissal, retirement or death (1,151) with the total workforce (8,533) at 31 December 2025. In 2025, the voluntary turnover was 11% (10.1% in 2024). 10 The figure includes, in addition to employees who left the Group on a voluntary basis or due to dismis sal, retirement or death, also those who left the Group at the end of a fixed-term contract.
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MONCLER GROUP – ANNUAL REPORT 2025 215 [S1-7] CHARACTERISTICS OF NON-EMPLOYEE WORKERS IN THE UNDERTAKING’S OWN WORKFORCE At the end of 2025, 604 people were employed under other forms of collaboration (internships, temporary work, etc.) in accordance with the law and in relation to business needs. Around 68% of these are internships, considered an important mean s of sourcing the Group’s future talent, while 32% are workers with temporary agency contracts, wi th prospects of gradual stabilisation within the workforce. 2024 2025 Total number of non -employee workers in own workforce 538 604 Total number of non -employee workers in own workforce – self-employed workers and workers provided by companies that mainly carry out placement activities 11 155 12 193 Total number of non -employee workers in own workforce – internships 383 411 [S1-8] COLLECTIVE BARGAINING COVERAGE AND SOCIAL DIALOGUE All employees in Italy, Romania, South Korea, Franc e, Austria, Spain, Netherlands, Belgium, Brazil and the Czech Republic, as well as a portion of employees in Switzerland, are covered by collective bargaining agreements, with coverage of approximately 65% of the workforce worldwide. In Italy, Romania and France, all employees are covered by workers’ representatives. Collective bargaining coverage Social dialogue Coverage rate Employees – European Economic Area (EEA) by Country Employees – Outside the European Economic Area by Region Workplace representation (EEA only) by Country 0-19% EMEA (excluding EEA countries), Americas 20-39% Asia 40-59% 60-79% 80-100% Italy, Romania, France, Austria, Spain, Netherlands, Belgium, Czech Republic Italy, Romania, France 11 The data does not include the category of consultants and self-employed workers who carry out regular working activity at the Group’s sites. 12 Revised value.
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216 ANNUAL REPORT 2025 - MONCLER GROUP [S1-10] ADEQUATE WAGES All Group employees, regardless of gender, receive entry-level salaries that are equal to or higher than the minimum required by law or collective bargaining, as also highlighted by the annual living wage analysis conducted on the entire workforce 13 according to the Fair Wage Network methodology, described on pages 225; 229-230. [S1-11] SOCIAL PROTECTION The social protection levels offered by the Group t o its employees comply with the legal standards in force in the countries in which it ope rates and, in some cases, are improved thanks to the adoption of specific policies. One example is the New Parents Policy (see pages 195; 204), which introduces a global minimum standard that pro vides 16 weeks of fully paid leave for all new parents employed by the Moncler and Stone Islan d brands, regardless of gender, marital status and sexual and affective orientation, taking into account both the fixed and variable components of pay, and including any amounts locall y recognised by authorities, laws, and collective bargaining agreements. Regarding illness, unemployment (from the start of the employment relationship), workplace injuries, acquired disability and retirement, the G roup adheres to local legislation to ensure coverage of these events for employees. It should b e noted that in 10 countries (Italy, Japan, United Kingdom, United Arab Emirates, Ireland, Denm ark, Norway, Netherlands, Sweden and Spain), local regulations impose limitations on con tribution requirements, company seniority or participation in pension funds. [S1-12] PERSONS WITH DISABILITIES The Group manages the inclusion of people with disa bilities in accordance with the rules and practices laid down by applicable laws and encourag es the various company departments to employ people with disabilities. Each placement is assessed by respecting and considering the needs and abilities of each individual, ensuring ap propriate workstations and, where necessary, by adjusting working hours. In this way, people are protected and placed in the best position to perform at their best. At 31 December 2025, there were 111 employees with disabilities in Italy, Romania, South Korea, Germany and China, with an increase of 13% compared with 2024. In the coming years, the Group will continue to plan to integrate additional people with varying degrees of disability, including through collaboration with institutions f ocused on targeted job placement. 13 In 2025, in all the countries where the Group operates, employees receive an average salary above the living wage, in line with 2024.
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MONCLER GROUP – ANNUAL REPORT 2025 217 [S1-13] TRAINING AND SKILLS DEVELOPMENT METRICS DEVELOPMENT The evaluation process is applied to all organisational roles, both corporate and retail, at a global level. During the year, 7,303 people were evaluated in the Group (86% of the workforce at the end of the year), of which 72% were women and 28% were men, equal to 100% 14 of the eligible population 15 . In addition to this structured annual assessment process, the Group promotes continuous processes of flexible conversation between managers and emplo yees throughout the year, allowing them to give and receive ongoing feedback to raise awarenes s and review objectives and obstacles to achieving performance. TRAINING In 2025, more than 3.3 million euros were invested in training, an increase of 14% compared with 2024, and 313,119 hours of training were delivered (around 290,500 in 2024) for more than 8,105 employees (7,607 in 2024). The increase in training hours is attributable to the expansion of the courses for the sales force and corporate functions, as well as to the strengthenin g of technical and professional training programmes at production sites. The trained people were 49% white-collars, followed by workers (30%), professionals (10%), managers (9%), and executives and senior executives (2%). The average hours per capita were 36.7 (about 42 fo r women and 24 for men), a slight increase compared with 2024 (35.5). In 2025, the largest investment focused on technica l and professional training, which accounted for 76% of the courses delivered both for sales workforce and corporate employees. In addition, the commitment to health and safety training was mainta ined, accounting for 16% of hours delivered. Lastly, around 8,900 hours of human rights training were delivered (+34% compared to 2024). 14 The percentage was calculated on the 2025 eligible workforce employed under permanent contract, the database on which the 2025 assessment process was implemented. 15 The eligible population includes all employees in service as of September 30 of the reporting year. The criterion was revised in 2025 in light of the new “BEYOND” performance evaluation model; therefore, no comparable data is available for 2024. 76% 16% 8% TYPE OF TRAINING Professional Occupational health and safety Other
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218 ANNUAL REPORT 2025 - MONCLER GROUP [S1-14] HEALTH AND SAFETY METRICS All employees of Moncler and Stone Island and workers of service providers working at the Group’s sites, such as security, cleaning, porterage and ma intenance companies, are covered by the Company’s health and safety management system accor ding to the ISO 45001 standard, which provides for audits by internal functions and external bodies. In 2025, there were 30 employee accidents, in line with 2024 (28). These accidents mainly occurred in the retail channel and related to the daily acti vity carried out at the point of sale. No fatal accidents were recorded during the year, either amo ng employees or among the workers of the service providers working at the Group's sites. Occupational illness, i.e. illness caused by a gradual and progressive harmful effect on the worker’s body, in a direct causal relationship with the work carried out, are monitored by the Group in order to identify the conditions of working environments that may have facilitated them, check for any residual risks and take the necessary corrective actions, in order to prevent them from recurring. In 2025, no cases of work-related illness were recorded. Employees 2024 2025 Percentage of own workers who are covered by the health and safety management system based on legal requirements and (or) recognised guidelines and standards 100% 100% Number of fatalities in own workforce as result of work-related injuries and work-related ill health - - Number of fatalities in own workforce as result of work-related injuries - - Number of fatalities in own workforce as result of work-related ill health - - Number of recordable work-related accidents for own workforce 28 30 Rate of recordable work-related accidents for own workforce 2.0 2.0 Number of cases of recordable work-related ill health of own workforce - - Number of days lost to injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health 1,387 1,298 19% 81% TYPE OF TRAINING Mandatory Non-mandatory
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MONCLER GROUP – ANNUAL REPORT 2025 219 2024 2025 Number of fatalities as result of work-related injuries and work-related ill health of other workers working on undertaking's sites - - Number of fatalities as result of work-related injuries of other workers working on undertaking's sites - - Number of fatalities as result of work-related ill health of other workers working on undertaking's sites - - In 2025, the Group continued its commitment to monitoring accident rates for the employees of the service provider that manages the logistics hub in Castel San Giovanni (Piacenza), which is SA8000 certified, with the aim of ensuring optimal working conditions. The workplace severity 16 rate at the logistics hub was 0.09 (0.11 in 2024) whereas the w orkplace frequency 17 rate was 2.66 (3.25 in 2024). In addition, monitoring was also extended to other service providers considered more exposed to security risk, registering a total frequency rate for all monitored suppliers of 3.89 (4.25 in 2024). [S1-15] WORK-LIFE BALANCE METRICS During 2025, 87% of Moncler Group employees, in line with 2024 (86%), were entitled to all types of family-related leave, including maternity, paternity, parental and caregiving leave. Among these employees, 814 effectively took advantage of these leave options, representing 11% of those eligible (8% in 2024), with a distribution of 82% among female employees and 18% among male employees. The Group’s commitment to supporting parenthood and the work-life balance of its employees is also demonstrated by the adoption of the New Parents Policy (described on pages 192-193). In addition, most employees are entitled to family caregiving leave in accordance with national legislation in the countries where such leave is provided. In countries where it is not mandated, the Group supports employees with appropriate measures to safeguard the well-being of those who need it. 16 Severity rate: (number of days lost due to workplace accidents/total number of hours worked) x 1,000. 17 Frequency rate: (number of accidents/total number of hours worked) x 1,000,000.
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220 ANNUAL REPORT 2025 - MONCLER GROUP [S1-16] COMPENSATION METRICS (PAY GAP AND TOTAL COMPENSATION) In 2025, the average gender pay gap within the Group, calculated by considering the average pay difference between men and women for each job level and weighted according to the workforce distribution across professional categories, stands at 6% (7% in 2024). In particular, women’s salary levels show differences of between 3% and 23% compa red with those of men, except for the managerial category, where women’s salaries are hig her. These differences reflect employees’ average salaries in the various organisational cate gories and therefore do not consider criteria such as length of service, level of responsibility, individual performance and career path prior to joining the Group. If calculated as the arithmetic mean of salary levels, without considering, among other factors, the distribution of professional cat egories, the average gender pay gap would be around 31% (32% in 2024). Since 2023, in line with the aim of obtaining equal pay certification, the Group adopted the methodology developed by EDGE 18 to conduct pay analyses in order to identify and explain any unexplained gaps . In 2025, EDGE certification was achieved worldwid e for the Moncler brand: the analysis, which involved over 85% of employees, showed unexplained wage variances under the 5% threshold. The ratio of the total remuneration received by the Chairman and Chief Executive Officer for 2025 to the total median annual remuneration of all Group employees is 124:1 (192:1 in 2024). [S1-17] INCIDENTS, COMPLAINTS AND SEVERE HUMAN RIGHTS IMPACTS In 2025, 53 reports of potential violations of the Code of Ethics relating to working conditions and human rights were received through the reporting ch annels made available to employees, such as the whistleblowing system (29 in 2024). Of these, 11 cases concerned incidents of harassing and/or violent and/or discriminatory behaviour (seven in 2024). Based on the investigations conducted, in seven cases it was decided to terminate the employm ent relationship; in three cases, various measures were adopted, including temporary suspensi ons and awareness-raising activities for the parties concerned by the Human Resources Department of the respective Regions, while one case is still under investigation. None of the incidents described above gave rise to fines or sanctions or compensation for damages. Finally, there were no severe human rights incidents during the year. 18 The process to obtain equal pay certification invol ves an in-depth analysis of compensation within the Company, gender representation at all organisational levels, human resources policies applied in the Company and emplo yees' perceptions of diversity, equity and inclusion. These perceptions are expressed through an anonymous survey. In parti cular, the compensation analysis is conducted using a linear regression met hodology, which is weighted considering factors suc h as role, geographical purpose of the position, experience and performance, without gender discrimination. The process is divided into several phases: first, an analysis is carried out that assesses compensation based on objective variables. If disparities emerge, they are examined and, if not justified by legitimate factors such as experience or performance, action plans are adopted to eliminate them. Finally, an external body verifies that the Company complies with international standards, certifying compliance with the criteria of equal pay required by the EDGE methodology.
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MONCLER GROUP – ANNUAL REPORT 2025 221 S2 WORKERS IN THE VALUE CHAIN [S2 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ................................................................................................................................................................ 222 [S2-1] Policies related to value chain workers ............................................................................................. 223 [S2-2] Processes for engaging with value chain workers about impacts ................................................. 225 [S2-3] Processes to remediate negative impacts and channels for value chain workers to raise concerns; [S2-4] taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions ........................................................................................................................ 226 [S2-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities ................................................................................................. 232
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222 ANNUAL REPORT 2025 - MONCLER GROUP [S2 SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL The value chain of the Moncler Group includes, in t he upstream phase, the workers of the supplier companies (including those involved in the producti on of raw materials, façon manufacturers, finished product suppliers and service providers) and, in the downstream phase, the workers of the business partners of the wholesale channel. As part of the double materiality analysis, potential negative impacts and risks (the assessments did not take into account the mitigation actions implemented by the Group) were identified mainly amo ng workers in the upstream phases of the value chain namely those within the supply chain. The Moncler and Stone Island supply chains reflect the complexity typical of the fashion sector and are characterised by a network of suppliers with wh om the Group maintains direct contractual relationships (Tier 1) which, in turn, may collaborate with other operators (Tier n) where authorised. In 2025, there were 620 Tier 1 suppliers 1, an increase compared with the previous year. Suppliers (Tier 1 and Tier n) are divided into four main categories: raw materials, façon manufacturers, finished products and services. Raw material suppliers primarily provide fabrics, yarns, down, leather and production accessories (buttons, zippers, ribbons, elastics, etc.). The fa brics mainly come from Italy, Japan, South Korea, China and France. Suppliers of yarn and production accessories are mainly Italian, while the down suppliers are European, North American and Asian. Façon manufacturers are suppliers that employ workers with strong levels of technical expertise to which the Group entrusts the production of finished products or intermediate phases of processing (dying, embroidery, etc.), while providing them wit h all the raw materials needed. This macro- category also includes dyeing plants that perform g arment dyeing, a process that Stone Island entrusts directly to selected suppliers, mainly loc ated in Italy. The entire manufacturing process is monitored by Group production and quality technicians, who verify its compliance with the required standards through rigorous ongoing field audits. Thr ough this process, outerwear, trousers, skirts, dresses, all tricot knitwear and some cut-and-sewn knitwear are produced. The façon manufacturers are mainly located in Italy and Eastern Europe, are as where a long manufacturing tradition guarantees technical expertise and adequate product ion capacity. In particular, Italy is characterised by strong expertise in very complex and unusual processes. Finished products suppliers are suppliers whose workers, having received the t echnical design of the product, are responsible for the complete creation of the garment, including the raw materials sourcing phase, according to the Group standards; i n addition, Moncler may provide its finished products suppliers with some key raw materials such as down, nylon and logoed materials. During garment production there is constant interaction between the supplier and the Group experts, who make on-site visits and scrupulously supervise the process, to ensure that the final product meets the expected high level of quality. Some cut-and-sew kn itwear (mainly t-shirts and polo shirts), some soft accessories (such as hats and gloves), shoes a nd bags, and small leather goods are mainly produced in this way. In particular, suppliers of c ut-and-sewn knitwear are based in Europe and Türkiye; shoes are made by suppliers in Asia and ba gs and small leather goods are made by European suppliers, mainly Italian. Service providers support the Moncler Group in its pattern making, prototyping and quality control processes and are mainly based near its corporate sites. Indirect suppliers are partners that provide goods and services not di rectly related to product manufacturing. This category includes construction, security, cleaning, porterage and maintenance, logistics and consulting services companies. 1 Excluding suppliers with sales orders of less than 1,000 euros per year.
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MONCLER GROUP – ANNUAL REPORT 2025 223 The heterogeneity of the suppliers, their geographi cal distribution, the nature of some processes and services and the seasonal variability of production could lead to potential negative impacts on workers in the supply chain on some matters related to human rights (for example forced or child labour, the right to collective bargaining, etc.), as well as inadequate labour standards (management of contracts and hours, payment of wage s, health and safety systems at work, etc.) and job stability. Such impacts could result in potential reputational risks for the Group. To address these challenges, the Group dedicates si gnificant resources to the prevention of risks and the monitoring of potential violations of applicable laws and its own standards along the supply chain. In this context, the fundamental prerequisit e is the traceability of the supply chain, which provides increasingly in-depth knowledge and at the same time enables the definition of a structured system of due diligence, with a particular focus on suppliers whose workers could be in situations of greater vulnerability. [S2-1] POLICIES RELATED TO VALUE CHAIN WORKERS The Moncler Group has adopted specific policies in o rder to promote a responsible value chain in the countries in which it operates, and to manage o r mitigate theoretical risks and potential negative impacts. The Codes of Ethics of the Moncler brand and the Stone Island brand encompass the set of values that both Brands recognise, share and promote, incl uding with their partners. Employees and collaborators are required to act with honesty and integrity and to build relationships with stakeholders based on mutual trust, so that growth is guided by the principle of shared value. In particular, through the Codes, the Group requires i ts partners to make the same commitment and, among other requirements, not to knowingly enter in to relationships of any kind, either directly or indirectly, with parties who in any way violate the rules on adequate labour standards, with particular, but not exclusive, reference to the figh t against child labour and forced labour as well as the protection of health and safety (see also page 252-253). The Group's Supplier Code of Conduct sets out expectations for how partners should opera te. It consists of six sections (Labour and Human Rights, which includes a prohibition on forced and child labour, Health and Safety, the Environment, Animal Health and Welfare, Product and Service Safety and Quality and Business Ethics) and contains the m andatory requirements that suppliers must comply with in order to begin or continue working with the Group. The Group's Human Rights Policy , which is an integral part of the Code of Ethics a nd is prepared with the technical support of the International Lab our Organization (ILO), defines the principles underlying the Group's commitment to respecting and promoting fundamental human rights and preventing or mitigating any negative impact of its activities through an approach based on risk assessment criteria at all levels of its value chain. These documents are inspired by the main laws, regu lations and national and international standards in the field of corporate social responsib ility, corporate governance, human rights and environmental protection, such as the International Bill of Human Rights of the United Nations, the Universal Declaration of Human Rights and the Chart er of Fundamental Rights of the European Union, the decent work standards set out in the con ventions of the International Labour Organization (ILO), the OECD (Organization for Econ omic Cooperation and Development) Guidelines for Multinational Enterprises of the Org anization for Economic Cooperation and Development, the Ten Principles of the United Nations Global Compact, etc.. Codes and Policies are updated periodically to respond to stakeholder needs and expectations, to ensure alignment with international best practices , and to integrate them in light of emerging sustainability issues. The Group Board of Directors is the body responsibl e for approving, adopting and supervising compliance with the documents described above.
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224 ANNUAL REPORT 2025 - MONCLER GROUP The documents are published, in Italian and English , on the monclergroup.com website in the “Sustainability/Governance and Politics” section. All suppliers 2, during the contractual phase, are required to sign the Code of Ethics, with its related Policies, and the Supplier Code of Conduct. By signing, suppliers commit to respecting its principles and ensuring that their own subcontractors comply with them, as well as displaying these documents in the workplace to make them easily accessible to workers. Moncler publishes an annual Modern Slavery Statement 3 to transparently communicate its approach to managing human rights issues. In partic ular, the document describes the measures taken, as required by the law of the United Kingdom entitled “Modern Slavery Act 2015 – Section 54”, by the law of Canada entitled “Fighting Agains t Forced Labour and Child Labour in Supply Chains Act” and by the “California Transparency in Supply Chains Act of 2010”, to prevent and combat any forms of modern slavery, forced labour, child labour and human trafficking within its direct scope and along its supply chain. 2 Approximately 95% of significant Group contracts include compliance with the Brands’ Code of Ethics. 3 Available on the website www.monclergroup.com in the “Sustainability/Governance and Politics” section.
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MONCLER GROUP – ANNUAL REPORT 2025 225 [S2-2] PROCESSES FOR ENGAGING WITH VALUE CHAIN WORKERS ABOUT IMPACTS The Group attaches great importance to dialogue and sharing good practices with its suppliers, both in the technical field for the benefit of business activities, and in the social and environmental field, to promote responsible behaviour. The Sustain ability Unit, the Operations & Supply Chain Department and the Internal Audit Function work closely together to ensure continuous engagement throughout the supply chain. This engagement takes place to multiple channels, ranging from informal periodic meetings to more structured insti tutional occasions. To further strengthen this relationship and simplify the exchange of information and documentation, a dedicated web portal is available for the Group’s suppliers. Recognising the importance of also considering feed back from suppliers’ employees, the ethical, social and environmental audits conducted by qualified third parties on behalf of the Group include dedicated interviews . These interviews involve a representative sample of workers at the audited suppliers and are conducted anonymously without the presence of management to foster an environment in which people can express themselves freely. The interviews explore key topics such as working conditions, respect for human rights and employee well-being, as well as labour law compliance concer ning applicable regulations and standards, awareness and understanding of the Group’s grievanc e mechanisms, freedom of association and compliance with health and safety regulations. Particular attention is given to the most vulnerable categories, such as migrant and/or refugee workers, to ensure that their specific needs and conditions are adequately protected. A further channel through which the Group is update d and made aware of issues related to suppliers’ workers is its close collaboration with bodies and organisations with expertise in human rights. For example, the Group actively colla borates with the Fair Wage Network, an independent organisation that is dedicated to promo ting fair wage practices in global supply chains. The Fair Wage Network updates its database annually to living wage levels in each country, i.e. the salary sufficient to cover basic needs, involving workers from different companies in various sectors through surveys and interviews to offer an up-to-date overview of real economic conditions in global supply chains. In addition, the Moncler Group relies on the suppor t of the ILO Helpdesk for Business, a reference point for corporate managers and workers on interna tional labour standards and good industrial relations to protect social dialogue and working conditions. Thanks to the ongoing dialogue with the experts from these international organisations, the Group gains an in-depth and up-to-date understanding of t he industry challenges and priorities, thus enhancing both its ability to make informed and res ponsible decisions and the quality of dialogue with the counterparty and its workers.
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226 ANNUAL REPORT 2025 - MONCLER GROUP [S2-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR VALUE CHAIN WORKERS TO RAISE CONCERNS; [S2-4] TAKING ACTION ON MATERIAL IMPACTS ON VALUE CHAIN WORKERS, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO VALUE CHAIN WORKERS, AND EFFECTIVENESS OF THOSE ACTIONS To promote proper and responsible management of workers throughout the value chain, the Group has adopted an integrated due diligence system in line with the OECD (Organisation for Economic Co-operation and Development) guidelines, which includes, in addition to the definition of standards and policies that suppliers must adher e to, risk analysis processes, mitigation actions, third party compliance verification by specialised entities and, when necessary, remediation plans, as well as the availability of whistleblowing and grievance platforms. The due diligence process covers the verification of compliance with human rights recognised in the Group Human Rights Policy, including, among others, the prohibition of forced labour, child labour, all forms of discrimination and human trafficking, freedom of association and the right to collective bargaining, the promotion of fair wages and working hours and the protection of occupational health and safety. This process also extends to env ironmental issues such as fight against climate change, biodiversity protection and water consumption management. The Sustainability Unit, with the Internal Audit Fu nction, the Legal Function and the Operations & Supply Chain Department constantly strengthens and updates the due diligence process in response to emerging regulations. The process is complemented by a whistleblowing system that enables the collection and management of reports of behaviour that is unlawful or does not comply with the required standards. This system, which ensures the anonymity for the whistleblower, can be used not only by the Group’s employees but also by any external party, including workers in the value chain (see also pages 253-254). Suppliers are required to display the Code of Ethic s in workplaces, detailing the whistleblowing channels and procedures. The Group is committed to verifying, during ethical, social and environmental audits, that suppliers’ workers are a ware of the existence and operation of the whistleblowing system. The due diligence process is based on the definition and adoption of specific policies, essential to promote the transparent and responsible management of the supply chain, which are described on pages 223-224, and is divided into the following steps: Risk assessment The risk analysis is carried out using various tool s and applies to the various entities within the value chain. It includes all the Moncler Group sites, existing and potential business relationships (e.g. mergers or acquisitions), potential and actual suppliers, sub-suppliers and their employees, including women, children, indigenous peoples and local communities, in any way connected to or affected by, directly or indirectly, the Group’s activities. In particular, every year, the Group, with the technical support of a specialised and independent international partner, conducts a specific risk assessment of environmental impacts and human rights violations along the value chain. The analys is, carried out at country level, covers all stages of the production process. As a result of th is project, the potential risk profile by
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MONCLER GROUP – ANNUAL REPORT 2025 227 geographical area for each of the main human rights was mapped, including decent wages, health and safety at work, discrimination in the wo rkplace, child labour, forced labour, inadequate working hours, human trafficking, migrant workers, freedom of association and collective bargaining. The theoretical risk assessment analysis confirmed t hat the services and production processes carried out by the Group at directly managed sites do not present a significant risk profile for any human rights violations, while those managed by the Group's direct suppliers and their supplychains are characterised by diversified levels of risk. In particular, the stages of the chain relating to cotton cultivation and the intermediate processing of the finished product might potentially be characterised by higher risk profiles than the other stages. For this reason, for years the Group has implemented structured monitori ng and prevention processes aimed at mitigating these risks throughout the entire supply chain. Among the human rights analysed within the supply chain, ensuring decent wages has emerged as one potentially at risk. The Group is committed to monitoring this matter throug h specific analyses of the living wage (see also pages 229-230). Lastly, the country-level anal ysis revealed the presence of higher potential risks in Southeast Asian countries, where the Group’s supply chain has a very limited presence. The Operations & Supply Chain and Purchasing & Procurement teams are periodically involved in training activities in which the results of huma n rights risk assessment activities along the supply chain are shared. Prevention and mitigation of impacts The risk analysis process is essential to prevent negative impacts and define mitigation actions, such as prioritising ethical-social and environmental audit plans and integrating the results into the selection process for new suppliers. To this end, the Group has developed and implements several tools aimed at preventing and mitigating the potential impacts on workers in the supply chain; of these, the most extensive and relevant tool is carrying out ethical, social and environmental audits at supplier sites. The ethical, social and environmental audits are carried out both on potential suppliers, to assess their suitability for establishing a busines s relationship with the Group, and on existing suppliers, to verify ongoing compliance with applicable laws and the principles outlined in the corporate Codes. For the latter, any violation of t he Group’s requirements constitutes a contractual breach, granting Moncler and Stone Isla nd the right to request the immediate termination of the existing contract in the event o f serious non-compliance or, in less severe cases, the implementation of a timely corrective action plan. In order to ensure maximum impartiality, audits are regularly entrusted to qualified, accredited, independent third-party entities with recognised expertise. The audits, regarding social aspects, focus on verifying respect for fundamental human and labour rights, with particular attention to the issues of forced labour, child labour, freedom of association, working hours, guaranteed minimum wage, and, not least, health and safety. The Group’s proprietary checklist, used to perform audits, is regularly updated to take account of changes in reference standards and local and int ernational regulations. It was developed based on a benchmarking analysis of the main standa rds and methodologies recognised by industry and developed through multi-stakeholder processes, including SMETA 4, the Responsible Business Alliance, amfori BSCI 5 and other international management systems and initiatives. This tool has been subsequently adapted to the specificit ies of the Group’s supply chains and is periodically reviewed with the technical support of the International Labour Organization (ILO) and certification and consulting companies (including SGS, Control Union, IDFL and KPMG). As part of the evolution of the DIST Protocol, which includes specific modules on human rights and environmental aspects, the checklist has been furth er updated and validated by the Multi- 4 Sedex Members Ethical Trade Audit. 5 Business Social Compliance Initiative.
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228 ANNUAL REPORT 2025 - MONCLER GROUP Stakeholder DIST Forum, with input from independent experts and international organisations (see also page 256-257). The Group defines, manages and updates an audit plan which covers all façon manufacturers and suppliers of finished products, aiming for them to be audited at least once every three years. In light of the new 2026-2028 Sustainability Plan, the Group intends to progressively strengthen this approach, increasing the frequency of controls according to a risk-based criterion, aiming to achieve, in the next few years, biennial audits for “critical suppliers” and annual audits for of high-risk suppliers 6. During the three-year period 2023-2025, Moncler carried out 978 ethical, social and environmental audits (on both suppliers and subcontractors). These activities covered 100% of the volumes assigned to outerwear façon man ufacturers, providers of other outerwear processing (dying, printing, embroidery, etc.), sup pliers of shoes and bags, knitwear and soft accessories; 83% of the volumes assigned to tanneri es and 74% of modelling and prototyping suppliers. Stone Island, which has an ethical, social and envi ronmental audit plan to ensure the highest coverage of suppliers in its supply chain, also carried out 464 ethical, social and environmental audits during the same three-year period (on both suppliers and sub-suppliers), equal to around 100% of the value of orders assigned to finished product suppliers and façon manufacturers. Moreover, in 2025, both Brands also conducted ethical, social and environmental audits on their main raw materials suppliers representing 76% of total material purchases for Moncler and 87% for Stone Island. In particular, with regard to the down supply chain, 100% of Moncler’s suppliers were also found to comply with the new human rights and environmental compliance modules officially included in the DIST Protocol. Those envir onmental and social modules were also applied to the verification processes of all of Stone Island’s RDS-certified down suppliers. Lastly, ethical, social and environmental audits al so continued to be carried out on strategic service suppliers (logistic platforms and external quality control platforms), for which no material non-compliance was identified. These verification activities were accompanied by au dits of animal welfare and down traceability (see also pages 256-258). The Group, again with the goal of preventing impact s on suppliers’ workers and, at the same time, the potential risks for Moncler and Stone Isl and, has also applied since 2024 a selection procedure for new suppliers and sub-suppliers. The evaluation of a new supplier involves an on- site visit carried out by the quality team to asses s the supplier’s alignment with the Group’s quality standards and to report any observable soci al and environmental critical issues. After this technical analysis, the evaluation process for new façon manufacturers and new suppliers of finished products involves a documentary audit of the compliance and financial aspects of the counterparty and the performance of a preliminary ethical, social and environmental audit by a third party. For raw material suppliers, meanwhile, the process requires the filling in of an environmental and social assessment questionn aire supported by documentary evidence and subsequently, if critical issues arise in the responses, an on-site audit. 6 Includes façon manufacturers and finished products suppliers located in high-risk countries, identified using the proprietary methodology of an international partner specialised in ESG topics and through media monitoring activities. 7 These are complemented by other types of visits, i ncluding visits outside working hours, energy consumption checks to identify potential production activities carried out at nigh t, and semi-annual document audits on tax, social s ecurity and corporate compliance. NUMBER Moncler Group 2023 2024 2025 Ethical, social and environmental audits 389 546 50 7 7 Animal welfare and traceability audits – down supply chain 156 210 205 Total 545 756 712
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MONCLER GROUP – ANNUAL REPORT 2025 229 The Group thus commits to not include in its supply chain companies that do not comply with the Group's quality standards and basic ethical, social and environmental principles. The results of the audit activities, including the prior audits, are regularly shared by the Sustainability and Internal Audit Functions with the Operations & Supply Chain and Purchasing & Procurement teams. This ongoing dialogue enables the management of relationships with suppliers to be reviewed, also taking into account potential risks and impacts on workers in the supply chain. Over the years, following a risk-based approach, the Group has progressively strengthened its supplier and sub-suppliers monitoring system by com plementing traditional audits with additional measures. These include half-yearly documentary checks on tax, social security and corporate compliance; on-site visits also conducted outside working hours ; energy consumption controls to identify any production activities carried out a t night; analysis of production capacity; and inventories of materials and finished products at the laboratories. With reference to wage practices, which is another matter being addressed in the fashion industry, in the Supplier Code of Conduct and in the Human Rights Policy, the Group recognises the importance of guaranteeing wages that are align ed with the law or binding collective agreements in force in the countries where it operates and, in any case, adapted to the cost of living, the basic needs of employees, discretionary profit, market benchmarks and the type of professional services. The Group requires its suppliers to provide to the workforce a fair level of compensation and career development that reflects th eir knowledge, skills, abilities and professional experience, as well as benefits, salary and non-salary incentives. Like the Group, suppliers are expected to both prov ide all the benefits required by the law, including but not limited to social security, paren tal leave, annual holidays and calendar holidays, and engage in regular social dialogue on compensation issues. In addition, all suppliers are required to full cover taxes and othe r recruiting and hiring costs for workers, including migrant workers, temporary workers and fixed-term contracts. Since 2021, the Group has carried out, with the sup port of a third party, specific analyses of the living wage at both its corporate offices and at its suppliers. In particular, Moncler partners with the Fair Wage Network, an independent organisation dedicated to progressing fair wage practices across global supply chains. The methodol ogy adopted involves collaboration with companies and suppliers to assess wage practices by administering questionnaires to be completed by both workers and managers, in order to identify any problems and suggest improvement actions. The Fair Wage Network assessment methodology is structured around 12 aspects, covering the entire spectrum of wage indicators: the living wage is therefore only one of the dimensions analysed, with other aspects and variables of the w ages practices and pay systems being evaluated (such as wage negotiation with workers’ r epresentatives through collective bargaining, the presence of grievance mechanisms for complaints on remuneration issues, etc.). Another area of the analysis involves comparing the results of the assessment with sector and country benchmarks. The implementation of this analysis and the gradual extension to other Group suppliers have been assessed and prioritised on the basis of the r isk profile associated with the geographical location of the supplier and other factors, such as the presence of collective labour agreements, which ensure dialogue and respect for social and en vironmental aspects. In this regard, over 70% of the Moncler Group’s suppliers are located in Italy and are covered by collective bargaining agreements. At the end of 2025, the Group reached its target of evaluating and involving 100% of the critical suppliers (see also page 85) in a living wage analysis. The analysis, which in the last three years has involved more than 16,000 workers of the Group' s suppliers, confirmed that all of these workers receive remuneration in line with or above the local minimum wage applicable under applicable regulations. In particular, it was found that more than 85% of the workers involved in the assessment receive a salary in line with the specific living wage calculated for the reference country (where possible, the Region) and parameterized according to specific
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230 ANNUAL REPORT 2025 - MONCLER GROUP indicators for that country, such as the average fertility rate and the average number of people per household who receive an income from work. For raw materials suppliers, one lever that helps m itigate potential human rights risks is the progressive introduction of raw materials certified according to standards such as, for example, the Responsible Wool Standard (RWS), the Responsibl e Alpaca Standard (RAS) and the Responsible Mohair Standard (RMS) (see also page 13 5). These standards include criteria that go beyond simple animal welfare and also cover social aspects. The Group also uses training and capacity building as tools to prevent potential negative impacts and at the same time promote responsible ma nagement of social and environmental issues along the supply chain. In this context, training on the Code of Ethics con tinued in 2025 through a dedicated module available on the supplier portal, which includes a specific section on the principles of respect for human rights. Participation in this course is r equired for all suppliers upon registration on the portal. Moreover, the Group, with the support of the International Training Centre of the International Labour Organization (ITCILO), continued to offer spe cific human rights training to both its employees and its suppliers. The course is translat ed into all languages relevant to the Group and is updated annually. To date, about 110 suppliers have attended the training course through a platform made available by the Group. Capacity-building programmes have also continued on key topics such a s the living wage (see also pages 259-260) and on the importance of adopti ng energy efficiency mechanisms and promoting renewable energy throughout the supply ch ain (see also pages 83; 136-137; 140), involving a total of 66 suppliers during the year (41 in 2024). In addition to the ongoing awareness-raising activi ties on ethical, social, environmental and animal welfare issues, Moncler supports some suppli ers considered strategic by offering the advice of experts in health and safety to improve knowledge of the topic, as well as operational support to handle investments in technologically advanced machinery for particular processes (eight suppliers in 2025). The programme was also extended to Stone Island suppliers in 2022. Adoption of corrective or remedial measures If audit activities reveal violations of applicable laws or principles set out in the Group’s Codes and Policies, the Company requires the supplier to implement appropriate actions to resolve the non-compliance (see also page 231). Notwithstanding the zero-tolerance approach for major breaches, for which the Group reserves the right to terminate immediately the exi sting contractual relationship with the supplier, both Brands are committed to supporting their supply chain in raising awareness and driving continuous improvement, requiring the implementation of corrective actions where needed. Following each audit, an improvement plan i s issued and its implementation is then verified. The Group undertakes to proactively support all suppliers in implementing the agreed corrective actions. In order to verify that corrective measures are effectively implemented by the agreed deadline, the Group carries out both on-site and documentary follow-up audits. With regard to the 507 audits carried out on ethica l and social aspects in 2025, at year-end more than 94% of these were in line with the highest Group’s social and environmental standards (more than 90% including critical suppliers). Collaboration was ended with around 2% of them (10 suppliers), and the remaining 4% turned out to have non-compliances at the end of 2025, as the audit activity took place just before the la st months of the year and not all the actions aimed at remediating the non-compliances had yet been closed. In 2025, with particular reference to social aspects, 89 of the 507 audits found non-compliances and the relative improvement plan was issued. The m ain areas of non-compliance related to occupational health and safety (79%) and, in 17% of cases, aspects relating to management of
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MONCLER GROUP – ANNUAL REPORT 2025 231 employment relationships (non-compliance relating to pay and salary (8%), working hours (5%) and employment contract management (4%), and, in only 4% of cases, human rights issues. For the least critical non-compliances, it was agreed w ith the suppliers to promptly implement a resolution plan, while in the most critical cases, the collaboration with the supplier was terminated. Finally, the Group examines each situation to assess whether any non-compliance identified has resulted in negative impacts on workers; in the eve nt of proven negative impacts, the Group verifies whether or not these fall within the scope of its responsibility by assessing their correlation with the performance of its activities. If such a correlation exists, the Group takes measures to remedy the impacts on workers in the value chain, collaborating, where necessary, with the competent authorities at national and inte rnational level and with its suppliers and partners to adequately address these situations. The Group also expects suppliers and business partners to implement mitigation and remediation measures for human rights violations in their activities, integrating these obligations into their contracts. The due diligence process has contributed to streng then over time the awareness and culture of human rights, as well as the risks associated with them, both within the Company and along the supply chain. The actions taken have proven their effectiveness ov er time, leading to the selection of suppliers with progressively lower risk and demonstrating that non-compliances, solved thanks to the improvement plans implemented during the three-year audit cycles, do not recur in subsequent audits. Finally, in 2025 the Group participated in the Business & Human Rights Accelerator of United Nations (UN Global Compact ) aimed at companies in different sectors. The programme, structured in thematic working groups, represented an opportunity for discussion and in-depth analysis of the main aspects of human rights management in supply c hains, helping to strengthen internal skills in the area of identification and assessment of impacts , due diligence processes, definition of mitigation measures and stakeholder involvement. Th e Accelerator envisaged, as a final outcome, the elaboration of an action plan; this output was added to by the Group in the context of the process of defining the new 2026-2028 Sustainability Plan, with the incorporation of targets and specific actions in the Inspire Fairness pillar, in particular to support the strengthening of supplier audit and supervision mechanisms and empowerment an d training initiatives along the supply chain. At the same time, the Group has actively collaborated with other operators in the textile and luxury goods sectors, institutions, trade associations and stakeholders in the working groups on the protection of labour throughout the supply chain. Over the last year, the topic has, in fact, assumed increasing importance in the sector in Italy, highl ighting the need to promote legality, transparency and decent working conditions. Through constant dialogue with the institutional and associative system, the Group has contributed to the sharing of good practices and the development of shared approaches, confirming its commitment to s upporting business models based on respect for human rights and the dignity of people.
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232 ANNUAL REPORT 2025 - MONCLER GROUP [S2-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES Below are the details of the targets in the 2020-20 25 Sustainability Plan and the results achieved during the year relating to the Be Fair pillar, which confirm the Group’s commitments to continuing to promote a traceable and responsible supply chain. LEGEND Target overachieved Target achieved Target partially achieved Target on time o Target delayed TARGETS 2025 RESULTS BE FAIR Strengthen traceability systems of raw materials [SDG 12] Ongoing 100% of down suppliers also compliant with the new “human rights” and “environmental” modules included in the DIST Protocol (Stone Island will adopt the same environmental and social modules in its Responsible Down Standard – RDS certified supply chain) 100% of down suppliers also compliant with the new “human rights” and “environmental” modules included in the DIST Protocol (Stone Island adopted the same environmental and social modules in its Responsible Down Standard - RDS certified supply chain) Ongoing Key raw materials traced Key raw materials (cotton, down, nylon, polyester and wool) traced Promote a fair and safe workplace [SDG 8] 2025 At least 80% of “critical suppliers” aligned with the highest levels of the Moncler Group’s social compliance standard >90% of “critical suppliers” aligned with the highest levels of the Moncler Group’s social compliance standard 507 ethical, social and environmental audits carried out during the year . 100% of outerwear suppliers audited on ethical and social aspects in the three-year period 2023- 2025, and additional monitoring systems introduced (e.g. visits outside working hours, monitoring of energy consumption by time bands) Ongoing Promotion of health, safety and environmental certifications at supplier sites Continued awareness-raising activities for suppliers to promote the importance of certification processes
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MONCLER GROUP – ANNUAL REPORT 2025 233 2025 100% of “critical suppliers” evaluated and involved in a living wage analysis 8 100% of “critical suppliers” evaluated and involved in a living wage analysis For the targets of the new 2026-2028 Sustainability Plan, see page 91-92. 8 Living wage analyses are valid for three years.
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234 ANNUAL REPORT 2025 - MONCLER GROUP S4 CONSUMERS AND END-USERS [S4 SBM-3] Material impacts, risks and opportunities and their interaction with strategy and business model ................................................................................................................................................................ 235 [S4-1] Policies related to consumers and end-users ................................................................................... 235 [S4-2] Processes for engaging with consumers and end-users about impacts ........................................ 236 [S4-3] Processes to remediate negative impacts and channels for consumers and end-users to raise concerns ............................................................................................................................................................ 238 [S4-4] Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions ........................................................................................................................ 239 [S4-5] Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities ................................................................................................. 242
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MONCLER GROUP – ANNUAL REPORT 2025 235 [S4 SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL The theoretical risks associated with clients, confirmed in the double materiality analysis carried out in 2025, concern issues related to client data mana gement and protection as well as compliance with applicable laws for products intended for sale (the assessments did not take into account the mitigation actions implemented by the Group). The management and protection of client data repres ent a strategic element of Moncler Group’s operations, on the one hand, and its trust-based re lationship with stakeholders, on the other: the collection, storage and use of data play a crucial role in the personalisation of the offer and client relationships management, both in-store and online. Specifically, the assessments conducted showed that non-compliance with the regulations on data management and protection applicable in the various countries where Moncler a nd Stone Island operate may represent a potential risk for the Group in terms of both sanctions and reputation. Another theoretical risk that emerged from the analysis concerns potential non-compliance with the applicable regulations related to products compliance intended for sale in the selling country/State, especially with reference to the use of potentially harmful chemical substances. The evolution of applicable regulations in terms of product compliance, such as the REACH regulation 1 in Europe, the Chinese GB requirements 2 and the Japanese JIS 3 requirements, requires careful monitoring and adjustment when necessary. Non-compliance could result in consequences not only in economic terms, with direct losses due to restrictions on distribution, sanctions, product recalls or sales bans, but also in terms of reputation, undermining the perception of the brand as a symbol of quality, sustainability and responsibility. [S4-1] POLICIES RELATED TO CONSUMERS AND END- USERS DATA MANAGEMENT AND PROTECTION The Moncler Group, in line with the principles set out in the Code of Ethics and the Human Rights Policy (see also pages 223; 252-253), recognises an d protects the right to privacy of its clients, as well as employees, collaborators, suppliers and par tners. The Company is committed to using and processing personal data collected in the countries where it operates in compliance with applicable regulations, such as EU Regulation 2016/679, the General Data Protection Regulation (GDPR). To this end, Moncler and Stone Island have adopted internal procedures, tools and guidelines, including the Data Protection Master Policy , which provides rules and instructions for the processing of personal data (of clients, employees and third parties), data retention periods, and identifies and defines the individuals involved in th e process, their respective roles and responsibilities; the register of personal data processing activities; the procedure for assessing the impact on personal data protection (Data Protection Impact Assessment – DPIA); the procedure for the management of data breaches ; the regulation on the use of IT tools by employees ; and the information technology systems capable of ensuring an increasingly high level of security. These documents, processes and tools are regularly monitored and, if necessary, updated to reflect any new regulations or rules, as well as changes in the Group’s organisational structure or 1 Registration, Evaluation, Authorisation and Restriction of Chemicals. 2 National Standard of the People’s Republic of China. 3 Japanese Industrial Standards.
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236 ANNUAL REPORT 2025 - MONCLER GROUP technological developments. Privacy responsibilitie s lie with the Board of Directors, which in turn appointed the Executive Director and Chief Corporate & Supply Officer as the Privacy Delegates. PRODUCT COMPLIANCE In line with the provision of the Code of Ethics, t he Group is committed to ensuring that products meet client expectations and comply with the regula tory requirements of the specific markets in which they are sold. In accordance with the Supplier Code of Conduct (se e also page 223), the Group contractually requires its manufacturing partners to operate in c ompliance with applicable international legislation regarding chemicals and performance. In particular, partners are contractually bound to adhere to the guidelines outlined in the Compliance Specifications, which detail the main compliance requirements of both Brands for their suppliers and sub-suppliers, including dyeing plant s, laundries and embroidery factories. The Specifications are updated periodically, taking into account inte rnational regulations as well as voluntary parameters and commitments undertaken by Moncler and Stone Island, which include the Group’s Manufacturing Restricted Substances List (M RSL) and Product Restricted Substances List (PRSL). These define both the substances that suppliers and sub-suppliers must monitor in the various production phases and in the products/materials, an d the related reference parameters to be respected to prevent and/or mitigate the risk of an y critical issues related to the products. In addition, for Moncler, the Manual of Performances is included in the Specifications for performance and physical and mechanical requirements. For more information on PRSL and MRSL, see also pages 157-158). [S4-2] PROCESSES FOR ENGAGING WITH CONSUMERS AND END-USERS ABOUT IMPACTS Listening to clients is a fundamental strategic act ivity to ensure that the service offered is increasingly in line with their desires and expectations. A continuous dialogue with clients not only allows the Group to respond promptly and accurately to their needs but also helps to mitigate theoretical risks and reduce potential negative imp acts, fostering a relationship of trust and transparency. In this way, the Group is able to quickly adapt to market trends, constantly improving the experience offered and consolidating its reputation. The VIBE project, implemented at a global level by the Monc ler brand, involves the systematic collection of feedback from local clients after each purchase through a s hort questionnaire that analyses, on a scale of satisfaction from 1 to 5, v arious aspects of the experience in store, with a particular focus on the quality of service provided. The aim of the project is to support the Client Adv isor in gaining a deeper understanding of their client, with the aim of building a lasting relationship and identifying and addressing any potential dissatisfaction. With a view to continuous improvement, during the y ear VIBE was updated and refined both in content and methodology to gather more detailed inf ormation on the client experience and continue the path towards excellence, setting increasingly ambitious goals. The day after the purchase, clients receive a summa ry of their purchase and a six-question survey by email or SMS. Client feedback is immediately not ified in the clienteling app available to the Client Advisor, who can view the comment left by th e client and thank them in order to strengthen the relationship. In case of dissatisfaction, the Store Manager will be tasked with finding a solution that fully meets the client’s expectations and initiatives aimed at improving the in-store experience.
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MONCLER GROUP – ANNUAL REPORT 2025 237 In 2025, the Moncler brand recorded a VIBE score of 87 4 (on a scale of 1 to 100). The Company aims to maintain a high performance in 2026 as well, consolidating the progress made. Moncler also has a worldwide direct client communication channel , the Client Service. It is not only a service unit aiming to become the main point of contact for the clients, but also represents a channel for constant dialogue with a view to continuous improvement. The service handles support requests from clients from the various channels, bo th physical and digital, in an omnichannel perspective at global level. In 2025, the Company c ontinued to strengthen the process of digitalising the Client Service by enhancing its so cial media presence, using instant messaging, implementing web chat and launching the process of integrating clienteling activities. Client interactions have also been improved through specific engagement activities aimed at supporting Client Advisors in identifying and custo mising touchpoints, including launches of new products or new collections ( Product Moments ), cross-cutting occasions such as international holidays ( Festivity Moments ), and personal ones such as birthdays ( Personal Client Moments ). Each of them represents an important opportunity for Mon cler to create value for its clients, build relationships of trust and deliver a highly distinctive and engaging experience. Furthermore, in an environment characterised by inc reasingly intense interaction between Client Advisors and clients and growing integration between the physical and digital channels, Moncler’s clienteling app, MonClient , has taken on a role of fundamental importance. Th e application is based on the centralised and integrated management of the Client Relationship Management (CRM) calendar, enabling Client Advisors to manage appointments, plan and record activities related to Client Moments , check product availability, make sales, enhance the client database and handle after-sales requests. In 2025, the features of the MonClient app were again improved. As use of technology by clients accelerates, Moncle r’s clienteling is becoming increasingly relational and supported by social platforms as wel l as by digital tools such as video messaging, digital appointments, distance sales and phygital events, creating new synergies between physical stores and digital channels, accompanying clients in discovering the Brand. In 2025, the Stone Island brand continued to streng then the direct relationship with clients thanks to MyStoneCompass (MSC), an app that allows Client Advisors to stay in touch with clients and offer a personalised experience, including in the after-s ales phase. Thanks to MSC, Client Advisors can analyse the purchase history and profile of the cli ent, providing a highly personalised experience built around the specific needs and preferences of each individual. This integrated system allows for a more comprehensive understanding of client preferences and behaviours, optimising the offer and improving the overall experience. This relation al and personalised approach has also been reflectedin dedicated experiential initiatives: for the first time in 2025, a limited number of customers were offered the opportunity to participa te in an exclusive Customer Experience, which included a visit to the headquarters in Ravarino (Modena) and a day inside the showroom, with the possibility of buying selected garments in preview. Also for the after-sales service, the VIBE After Sale index has also been implemented worldwide for the Moncler brand, in order to allow the system atic collection of clients feedback. As with the VIBE Score, in 2025 the VIBE After Sale index was also updated in terms of content and calculation methods. The questionnaire evaluates, through a rat ing scale from 1 to 5, aspects related to the service performed, the proposed repair solution, th e quality and the timing of the intervention. During the year, Moncler achieved a VIBE After Sale score of 77 (on a scale of 1 to 100). The Company is committed to maintaining a high performance in 2026 as well, with the aim of ensuring excellent satisfaction standards for all clients using after-sales services. In addition, the Moncler brand commissioned a quant itative study based on the CAWI (Computer Aided Web Interviews ) methodology to understand consumers’ perceptions of various areas of interest, including sustainability and its role in purchasing decisions. The research was carried out on a representative sample of individuals, all sharing a strong passion for fashion and luxury goods; 4 This figure cannot be compared with previous years as the method of collecting feedback has changed.
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238 ANNUAL REPORT 2025 - MONCLER GROUP it was conducted in the United Kingdom, the United States and Chinese mainland, involving 10,204 participants. The surveys were carried out in two p eriods of the year, allowing for timely and continuous data collection. The data had been colle cted anonymously through certified panel providers and subsequently analysed in aggregate fo rm, ensuring the highest level of privacy protection. Lastly, the Group is a member of, and actively coll aborates with, various trade associations in various areas, in order to remain constantly update d on market trends and client needs and take prompt action to meet their expectations. Depending on the engagement activities, operational responsibility is managed by different corporate functions, including Retail, Omnichannel, Client Service and Aftersales, as well as Media & Brand Partnership. [S4-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR CONSUMERS AND END-USERS TO RAISE CONCERNS Clients can use different tools and moments to expr ess opinions, raise concerns or ask questions. These include: direct interactions with the Client Advisors (either in person or through instant messaging platforms), the Client Service , accessible via the channels listed in the “Contac t Us” section of the moncler.com and stoneisland.com websites, offering options such as telephone, email, instant messaging systems and live chat, and finally the whistleblowing channel (see also page 253- 254). The reports and requests received are managed by th e relevant company departments, with the aim of providing timely responses and effective solutions. Specifically, with regard to the protection of priv acy, both Brands have established an email box at dpo@moncler.com and dpo@stoneisland.com through which the respective Data Protection Officers (DPO) can be contacted with requests for i nformation, n clarifications about the handling of personal data, or to report any violations of privacy laws. These addresses are in addition to the existing add resses, privacy@moncler.com and privacy@stoneisland.com , as well as the dedicated addresses for each Group Region, which allow any interested party to contact Moncler and Stone Island on any privacy-related issue. Any reports and requests regarding privacy are mana ged in full compliance with applicable legislation and in accordance with the internal pro cedures adopted, in order to give it the highest priority, and through structured processes that pro vide for the in-depth analysis of the case, the implementation of any corrective measures and, wher e necessary, prompt notification of parties concerned and competent authorities.
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MONCLER GROUP – ANNUAL REPORT 2025 239 [S4-4] TAKING ACTION ON MATERIAL IMPACTS ON CONSUMERS AND END-USERS, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO CONSUMERS AND END-USERS, AND EFFECTIVENESS OF THOSE ACTIONS DATA MANAGEMENT AND PROTECTION The protection and proper processing of personal data is an important area for the Moncler Group, which has become increasingly important in recent years. To ensure compliance with personal data protection regulations, such as EU Regulation 2016/679, the General Data Protection Regulation (GDPR), in E urope and equivalent regulations in other areas of the world, the Group adopts a structured a pproach that includes procedures, described above, and dedicated measures. This approach applies to the management not only of client data, but also to that of employees, suppliers and other stakeholders. Moncler and Stone Island have appointed a Data Protection Officer (DPO) with the task of monitoring the compliance of their respective compa nies with the GDPR and all legal and regulatory provisions relating to the protection of personal data, as well as providing the companies and employees with the necessary support regarding the protection of personal data. A DPO has also been appointed for the Group's German subsidia ries and a responsible person has been appointed for privacy and cybersecurity in Chinese mainland, in accordance with local law. The privacy governance system adopted by Moncler in cludes the Privacy Committee , which is responsible for ensuring proper coordination and exchange of information between the companies and the DPO, in order to obtain the necessary suppo rt and monitor and implement regulatory adjustment in business processes. The Privacy Commi ttee, which meets every one or two months, is composed of the General Counsel, the Head of Corpor ate Affairs & Compliance and the heads of the functions designated as Privacy Representatives for the areas of Information Technology, Customer Relationship Management (CRM), People & Or ganisation, as well as other colleagues from the Legal, Compliance and Digital Functions. A t Stone Island, there is a privacy office which, in coordination with Moncler, monitors and manages all privacy issues. Moncler’s Data Protection Officer provides periodic u pdates on privacy-related issues to the Control, Risk and Sustainability Committee , which then informs the Board of Directors. Similarly, the Worldwide Information & Technology Transformati on Function provides periodic updates on cybersecurity issues, a topic on which the Group is constantly working to mitigate the potential risks related to any operational interruptions caused by cyberattacks, with the aim of ensuring business continuity and information protection. During 2025, regular meetings were held, and the monitoring activity continues, including assessing the privacy impacts of artificial intelligence, updating the necessary documentation and procedures necessary to ensure ongoing compliance with the GDP R, as well as with local regulations in the countries where the Group’s companies operate, incl uding the applicable privacy legislation in Korea. Throughout 2025, privacy auditsand related follow-u p activities were also conducted by the Group’s Internal Audit Function, with the support of external consultants, with specific reference to compliance with the applicable regulations in countries such as Canada, Chinese mainland and the United States.
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240 ANNUAL REPORT 2025 - MONCLER GROUP Any violations of procedures implemented by Moncler and Stone Island under the GDPR by employees are covered by the disciplinary system ad opted by the Group. To date, no disciplinary proceedings have been initiated for such breaches. In 2025, Moncler received about 1,789 requests of v arious kinds through the official channels, including requests for deletion from the database p ursuant to Article 17 of the GDPR, requests for access rights pursuant to Article 15 of the GDPR, and inquiries about data management. As for Stone Island, about 198 requests were received through official channels in 2025. In 2025, the Moncler Group was not notified of any c omplaints to the Italian Data Protection Authority pursuant to Article 77 of the GDPR. Finally, employee training on the main provisions o f the GDPR continued via e-learning and the training programme on privacy legislation applicable in Chinese mainland was launched. PRODUCT COMPLIANCE To mitigate the theoretical risk of potential non-c ompliance with the applicable regulations that define the compliance of products intended for sale in the selling country/State, particularly concerning the use of potentially harmful chemical substances, the Group has adopted a cross- cutting throughout the value chain and among the va rious corporate functions that includes the monitoring of raw materials and production processe s, close collaboration with suppliers, and the updating of its standards to keep pace with regulatory developments. For the Moncler Group, quality, in a holistic sense , has always been, and will continue to be, a priority. From the early stages of design and selection of raw materials, compliance with applicable laws and corporate quality standards are the top pr iorities for the Group. The quality of the down, nylon and cotton, as well as the other raw materials used to produce the garments of the two Brands, is combined with ongoing research and experimentati on in order to obtain an excellent final product. To achieve these standards, the Group care fully selects its suppliers and submits the raw materials to strict sampling plans that include che cks of composition, potentially hazardous chemicals used and physical and mechanical characte ristics, essential to achieve the expected technical performance. In addition to mitigation actions such as the tests and control procedures described in the chapter “ESRS E2 – Pollution”, raw materials such as access ories (e.g. buttons, zippers, etc.) present on the garments can be subjected to further sampling in or der to assess their technical compatibility with the fabrics and with the recommended maintenance, for example resistance during washing; as for fabrics, physical and mechanical properties can be tested, such as changes in size during washing, pilling, colour fastness, seam sliding, tear resist ance, water repellency, etc. To support these activities, a new laboratory was inaugurated at the new Moncler Headquarters in Milan in September 2025, in addition to the one operating in Trebaseleghe (Padua), with the aim of further expanding the operational capacity to assess the pe rformance of new materials and treatments according to the Group’s standards, monitor the continuity of performance of established materials and support the development of research projects. At Stone Island, special attention is paid to the garment dyeing process, and production accessories and fabrics are subjected to in-depth preliminary t ests including compatibility with the treatment and the presence of impurities and other components that could result in anomalies in the dyeing phase in order to implement changes and optimisations to the process where necessary. Suppliers are required to verify that what is provi ded complies with the legal requirements or, if more restrictive, with those of the Group and, in t he event of problems, to investigate the causes, applying the appropriate corrective actions, always in compliance with the regulations applicable in the specific country/State where the products are sold. The Group constantly monitors evolution of the applicable regulations and adapts its standa rds accordingly. For example, regarding emerging regulations on perfluoroalkyl and polyfluoro alkyl substances (PFAS), the Moncler Group operates in compliance with the applicable regulations of the specific country/State in which it sells its products.
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MONCLER GROUP – ANNUAL REPORT 2025 241 In terms of technical quality in the product manufacturing process, the experts at both Moncler and Stone Island’s quality management division during t he supplier selection phase carefully examine whether the partner has adequate skills and technol ogies to enable the production of garments in line with the required standards, and that can ensu re consistent and uniform quality levels. These experts then monitor the progress of the garments d uring the production process and compliance with the product quality standards on a regular bas is. Before entering the manufacturing process, each model undergoes several fittings to verify the attention to every detail, alignment with design and pattern specifications, and ensure maximum comfort and fit. Lastly, all Moncler and Stone Island products undergo an in-depth final quality inspection before being placed on the market. These controls, through a structured process subject to a protocol, thoroughly check and ensure the aesthetics, characteristics, size, labelling and functionality of each of the two Brands’ garments. Since 2023, the depart ment responsible for managing the quality of Moncler brand products has obtained certification of its Quality Management System, in accordance with the ISO 9001:2015 standard, ensuring constant improvement within the Company in the satisfaction of clients and suppliers. Final ly, in this last phase, the Group implements and verifies the effectiveness of a complex anti-counterfeiting protocol using cutting-edge technology. TRANSPARENT AND RESPONSIBLE COMMUNICATION The strongest and most lasting relationships are bu ilt on trust and transparency, fundamentalprinciples for the Moncler Group. For th is reason, every communication and marketing initiativeis carefully planned and execut ed with particular attention how, what, and to whom to communicate. To formalise this awareness and commitment, the Gro up adopted the Ethical Marketing & Advertising Policy . All the images and messages delivered through the v arious online and offline communication channels are carefully defined so as to be in line with company values, to respect human dignity, to be non-discriminatory and to not evoke violent b ehaviour or dangerous conduct. Special attention is paid to the communication of the children’s collection, which aims to ensure absolute respect for the fundamental principles underlying the protection of minors. Although the Group does not currently adhere to specific voluntary codes or standards relating to advertising activity, it complies with all applicable regulations in force in each of the countries where it operates and constantly monitors the evolution of regulations, including those on unfair commercial practices and greenwashing. As evidence of this ongoing commitment, marketing, advertising and promotional activities for the Grou p’s products have never resulted in cases of non-compliance with existing regulations. Always with a view to responsible communication wit h clients, product labels also play a very important role in providing clear, transparent and accurate information. Moncler and Stone Island guarantee full compliance with applicable na tional and international regulation on product information. In line with this commitment, they actively collaborate with their suppliers to obtain information regarding materials, also per forming tests according to the sampling procedure, and regarding the processes used during the various production phases. All garments feature a global label with information on the composition of the various components, washing and care instructions and the country of manufacture. Where required, all information is translated into at least ten languages. In addition, customised labels/tags are applied to garments intended for sp ecific markets. For garments containing specific categories of raw materials, additional in formation is included such as, in the case of down, the common name of the animal and percentage of down and feathers. At Moncler in particular, with regard to down, a “DIST-certified down” label has been inserted into all garments, guaranteeing that the down in the garment is certified according to principles set out in the DIST (Down Integrity System & Traceability) technical Protocol, which governs animal farming methods and respect for animal welfare, as well as the traceability and technical quality of down. Similarly, Stone Island features special tags specifying that the duck down used in its garments is certified according to the Respo nsible Down Standard (RDS) protocol. In addition, specific editorial tags on outerwear prov ide a description of the specific features of the innovative materials and treatments used.
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242 ANNUAL REPORT 2025 - MONCLER GROUP [S4-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES DATA MANAGEMENT AND PROTECTION In terms of data management and protection, the Gro up is committed to updating internal procedures and documents to align with to regulator y developments and best practices , to providing continuous training and/or specific sessio ns to the various corporate functions and to continuing the verification activities by the Internal Audit Function. PRODUCT COMPLIANCE The Group aims to continue with the mitigation acti vities described above in the coming years, strengthening its commitment to the monitoring and management of chemicals. This includes continuously adapting key documents, such as the MR SL and PRSL, to evolving regulations while maintaining a proactive approach to identifying and progressively replacing and/or regulating potentially hazardous chemicals. In this context, t he target has been set that, from 2026, water- repellent treatments and fabrics purchased and will not involve the intentional use of PFAS 5. For the targets of the new 2026-2028 Sustainability Plan, see pages 90; 92. 5 Per- and Polyfluoroalkyl Substances (PFAS).
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MONCLER GROUP – ANNUAL REPORT 2025 243 ENTITY SPECIFIC SUPPORT FOR COMMUNITIES [Entity specific] Material impacts, risks and opportunities and their interaction with strategy and business model…………………………………………………………………………….......…................................................................244 [Entity specific] Policies related to support for communities ..................................................................... 244 [Entity specific] Actions and resources related to support for communities ............................................. 244 [Entity specific] Monitoring the effectiveness of policies and actions related to support for communities through targets ................................................................................................................................................ 249
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244 ANNUAL REPORT 2025 - MONCLER GROUP [ENTITY SPECIFIC] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL The Moncler Group has always been committed to prom oting initiatives and projects, and to supporting charitable organisations through cash co ntributions, donating clothes and organisational support for the benefit of communities . This active support stems from the awareness that a company can only thrive by being in harmony with and fully respecting the community. This commitment is one of the pillars of the Group's Sustainability Strategy, called “Give Back” . The responsibility for the initiatives is entrusted to the Chief Marketing & Corporate Strategy Officer, in collaboration with the Sponsorship & Philanthrop y team, which is specifically tasked with identifying, developing and managing initiatives ai med at the well-being of communities and supporting philanthropic projects and sponsorships in line with corporate values. This team is also responsible for building partnerships with non-profi t organisations, cultural institutions, charitable entities and other relevant organizations an as well as d monitoring the results and impact generated by the supported projects. The positive impact of these activities has also emerged as significant within the double materiality analysis. [ENTITY SPECIFIC] POLICIES RELATED TO SUPPORT FOR COMMUNITIES The relationship with local communities is addresse d both in the Code of Ethics and in the Human Rights Policy (see also pages 223-224; 252-253). In its Code of Ethics, the Group commits to participating in initiatives of cultural or social value, and in the Human Rights Policy it aims to establish a t ransparent and constructive dialogue with the communities surrounding its activities, both direct ly and through collaboration with various organisations. Additionally, the Code of Ethics also underlines the commitment to paying attention to possible personal or business conflicts of interest, assessing the reliability of the beneficiaries and their consistency with the Group’s values and offeri ng contributions in accordance with the applicable laws. Awareness of the importance of res pect for the environment is also reiterated, understood as a common resource to be safeguarded f or the benefit of the community and future generations with a view of sustainable development. [ENTITY SPECIFIC] ACTIONS AND RESOURCES RELATED TO SUPPORT FOR COMMUNITIES The Group’s commitment to supporting the community is embodied in initiatives, mainly relating to support for populations in emergency situations, scientific research and social development, as well as the fight against poverty, and art and culture, with attention in each area to both people and the environment. These are complemented by activities for local comm unities near the Group’s main sites that stem from the dialogue with local authorities and the co mmunity. Local personnel working at the main Moncler and Stone Island sites interact and maintain an ongoing dialogue with the representatives of communities and local authorities to understand their needs and expectations, as well as to assess the impact of business activities on the population , thereby ensuring social consensus. In 2025, the
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MONCLER GROUP – ANNUAL REPORT 2025 245 resources allocated by the Moncler Group to support local communities totalled more than 4 million euros 1, in line with 2024 (+11%). 2 3 Initiatives for the social and economic development of communities Through Warmly Moncler projects, the Company works with various associations to protect people most in need from the cold. Over the years, Moncler has been protecting the mos t vulnerable families living in some of the world’s coldest areas, where the already extreme living conditions intensify with the arrival of winter, making survival a daily struggle. This has been pos sible through Moncler’s support for UNICEF, the United Nations Children’s Fund, which provides huma nitarian assistance to children and their communities, and other associations such as UNHCR, the UN Refugee Agency, which protects the rights and well-being of refugees around the world, and the Francesca Rava – N.P.H. Foundation. In the period 2020-2025, the Company protected over 163,000 4 people, including children and their families, from the cold, distributing basic n ecessities, newborn kits, blankets and clothes. Through this initiative, the Company exceeded the t arget of 150,000 beneficiaries set by the Sustainability Plan and, overall, has supported over 195,000 people since 2017. 1 The amount is calculated on the basis of the London Benchmarking Group (LBG) model, a framework used to classify and measure the contribution of companies to communities. This model includes three main areas of intervention: co mmunity investments, donations and commercial initiatives with social impact. It also classifies each intervention according to the type of contribution, i.e.: direct financial donations; donations of goods , services or corporate resources (in kind); active involvement of employees through volunteering activities (time); and management costs. For more information, visit the website at www.csisolutions.co.za/lbg- model.php. 2 Management costs of organising employee volunteer activities during working hours. 3 Monetary value of hours volunteered by employees during regular working hours. 4 The figure for people protected from the cold is ca lculated considering various factors: for donations of items, one protected person is attributed for each item donated; for cas h donations, the number of protected people is defin ed by the beneficiary association in relation to the amount of the annual donation.
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246 ANNUAL REPORT 2025 - MONCLER GROUP Support to scientific research Moncler has always believed in research and innovation as key drivers for continuous development and improvement. This belief even stretches beyond the Company boundaries. Moncler is committed to ensuring that research is constantly supported, also in medical and scientific sectors, and therefore actively supports researchers through grants and scholarships. In 2025, around 300,000 euros were donated for scholarships and grants to s upport researchers from the Umberto Veronesi Foundation and for donations supporting various associations and foundations, including the Città della Speranza Foundation, the Vidas Foundation and the European Institute of Oncology (IEO). Umberto Veronesi Foundation The Umberto Veronesi Foundation was established in 2003 to promote scientific oncological research, prevention campaigns, health education an d scientific dissemination. Scientific research is supported through research grants for doctors and researchers in the most advanced fields of oncology. Since its establishment, the Foundation has funded more than 2,500 doctors and scientists engaged in cutting-edge scientific pr ojects and over 150 research projects. Moreover, the Foundation is active in the field of s cientific divulgation through conferences, projects with schools, awareness-raising campaigns and publications. Since 2013, Moncler has supported scientific research on female cancers and has helped to promote the importance of prevention. Also in 2025, Moncler supported a researcher from the Umberto Veronesi Foundation, engaged in the study o f breast cancer. Moncler also continued to support the Foundation in its commitment to paediatric oncology, contributing to the creation of the Italian PALM ( Paediatric Acute Leukemia of Myeloid origin ) network, an international research and treatment project coordinated by the Bambin Gesù Paediatric Hospital, aimed at the first clinical trial in Europe of the gene therapy using CAR-NK cells and the development of new diagnostic methods for acute myeloid leukaemia, a highly aggressive blood cancer that affects around 70 children a year in Italy. Lastly, to promote research into the effects of climate change on the environment, since 2022 Moncler has been supporting a research project by t he Umberto Veronesi Foundation on the adaptability of certain plant species to less favourable climatic conditions. The study focuses in particular on identifying the mechanisms used by sp ecific varieties of cotton to survive or optimise growth in drought conditions. The goal of the research is to understand how to improve the resilience of selected species for agriculture in a less favourable environmental scenario and with limited water resources. Initiatives for the social and economic development of communities Moncler is committed to contributing to the well-being of the community in which it operates, both by promoting independent projects, and by supportin g organisations working in the social sphere on issues such as young people assistance, diversit y and inclusion, and the spread of a culture of respect for the environment. Young people and their future have always been a key concern for Moncler, which for many years has been supporting struggling young people to prov ide them with access to medical care, an adequate level of education and a clear growth path , through cooperation with associations and foundations such as Francesca Rava – N.P.H., Dynamo Camp, Comunità San Patrignano, and, since 2024, the TOG Foundation (“Together to Go”). In 2025, Moncler also strengthened its commitment through new collaborations with organizations activ e in the health sector, including the Theodora Foundation, supporting the Visit Programmes, initia tives involving specially trained professionals who provide emotional support and respite care to h ospitalised children and their families in different hospitals, and the Città della Speranza Fo undation, contributing to the purchase of equipment for the treatment of pediatric oncology and autoimmune diseases.
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MONCLER GROUP – ANNUAL REPORT 2025 247 TOG Foundation The TOG Foundation was established with the aim of providing specialised care to children with complex neurological conditions. Over the years, it has become a centre of excellence in the field of rehabilitation, education and school guida nce for children with these disabilities, also offering support to their families. A pioneer in the use of innovative technologies to promote the motor, cognitive and communicative development of children, the TOG Foundation, with the support of Moncler, has been able to further develop the study and application of Eye-tracking. This technology enables communication for children or young people with ver bal difficulties or severe neurological conditions, who would otherwise be unable to expres s themselves, helping to improve their quality of life and rehabilitation pathways. To date, 15 children use two Eye-tracking devices at the TOG centre. With the aim of integrating this advanced technolog y into the homes of families and thus into the daily lives of children, fostering communicatio n and cognitive development for an increasing number, Moncler has been supporting a two-year project entitled “ Communicating, playing, learning: a new Eye-tracking for children with complex neurological diseases ”, since 2024. Thanks to this project, four more devices used on a rotating basis by children have been added, with the aim of promoting their prescription and individual purchase through the National Health Service ; two more machines supplied within the TOG Centre ha ve also been added to offer an assessment service that is also a ccessible to children not monitored by the Foundation. At the same time, from 2026 the TOG Fou ndation will conduct research on the impact of this technology. Another issue that is of great importance to the Mo ncler Group is diversity , equity and inclusion . The Group is aware of how discrimination can pose a threat to the community while at the same time recognizing the importance of fostering a sens e of welcome and valuing of diversity. For this reason, it implements several initiatives aimed at promoting an increasingly inclusive culture through donations to organisations, including Yolk, the LeBron James Foundation and the Camera Nazionale della Moda Italiana (CNMI) for the CNMI Fashion Trust initiative, which aims to support and promote emerging talent in the fashion industry. In addition, in 2025 Moncler collaborated with the Shanghai Fashion Design Association (SFDA), spo nsoring two scholarships to support the development and promotion of young creatives. Moncler also supports activities and projects relat ed to the protection and preservation of the environment . In particular, in recent years the Company has su pported the Ev-K2-CNR Association’s Keep Karakorum Clean and Keep K2 Clean initiatives, aimed at cleaning up the mountains, and has developed a voluntary project wi th Legambiente to reduce plastic use and promote plastic recycling. EvK2CNR Association EvK2CNR is a recognised, not-for-profit association that promotes international cooperation and social and environmental development projects, as well as scientific research activities in mountain regions. The association’s activity, which is also carried out in collaboration with international organisations such as the UNDP (Unite d Nations Development Programme), the WMO (World Meteorological Organization), the ICIMOD (International Centre for Integrated Mountain Development), the WWF (World Wide Fund for Nature) and the UNEP (United Nations Environment Programme), as well as local organisati ons, focuses on studying and monitoring climate change, climate change adaptation measures , safeguarding biodiversity and the development of mountain populations. Among the resu lts achieved by the association is the creation of important nature conservation and protection areas, such as the Central Karakoram National Park and the Deosai National Park, as well as the ecological corridor that connects them, an area that covers more than 16,000 km ² in total, benefiting around 300,000 people.
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248 ANNUAL REPORT 2025 - MONCLER GROUP United by a passion and respect for mountains, EvK2CNR and Moncler have been collaborating since 2014 to promote programmes for the restoratio n of degraded glacial areas and environmental regeneration and education initiatives, such as Keep Karakorum Clean and Keep K2 Clean . Thanks to these initiatives, developed in collabo ration with local institutions and populations, the base camps are annually cleared of waste, including that released by the melting of the glaciers, and returned to their natural condition. Thanks to the collaboration with the authorities of the Central Karakorum National P ark (CKNP) and Gilgit-Baltistan Province (Pakistan), a waste separation and collection syste m was established and further expanded in 2025, allowing for the collection of over 43 tonnes of solid and organic waste during the year. These activities were carried out by CKNP staff supported by local entities, while environmental education activities to raise awareness among the P akistani workers on the importance of preserving parks and glaciers and to strengthen nat ure protection projects in the region, were continued by EvK2CNR in close cooperation with the government of Gilgit-Baltistan (Pakistan), stakeholders and the local population. Finally, the One Health initiative, a system of lab oratories dedicated to studying and safeguarding the health of nature and animals , continued. In particular, thanks to the collaboration with Moncler, within the Water 4 Development project, supported by the Italian Agency for Development Cooperation and carried out by EvK2CNR Italy in partnership with the UNDP, specific laboratories focused on glaciology and water quality were activated in 2025 at the Karakorum International University and on anima l and plant health monitoring at the University of Baltistan.
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MONCLER GROUP – ANNUAL REPORT 2025 249 [ENTITY SPECIFIC] MONITORING THE EFFECTIVENESS OF POLICIES AND ACTIONS RELATED TO SUPPORT FOR COMMUNITIES THROUGH TARGETS Below are the details of the targets in the 2020-20 25 Sustainability Plan and the results achieved during the year relating to the Give Back pillar, which confirm the Group’s future commitment s to supporting local communities through volunteering initiatives or project sponsorship. LEGEND Target overachieved Target achieved Target partially achieved Target on time o Target delayed TARGETS 2025 RESULTS GIVE BACK Protect people from the cold 2025 150,000 people in need protected from the cold (2020-2025) Over 163,000 people in need protected from the cold (2020-2025) Create shared value [SDG 11] Ongoing 100% of eligible employees enabled to undertake volunteer activities during working hours 100% of eligible employees enabled to undertake volunteer activities during working hours For the targets of the new 2026-2028 Sustainability Plan, see page 93.
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250 ANNUAL REPORT 2025 - MONCLER GROUP GOVERNANCE G1 Business conduct
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MONCLER GROUP – ANNUAL REPORT 2025 251 G1 BUSINESS CONDUCT [G1-1] Business conduct policies and corporate culture ............................................................................. 252 [G1-2] Management of relationships with suppliers ................................................................................... 259 [G1-6] Payment practices ............................................................................................................................... 260
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252 ANNUAL REPORT 2025 - MONCLER GROUP This section, in accordance with the European Sustainability Reporting Standards (ESRS) on business conduct (ESRS G1), describes the corporate culture, the Company’s values, as well as the Codes and Policies that guide behaviours and principles to be followed in business management, with particular reference to the topics identified as re levant in the double materiality assessment, namely relationships with suppliers and attention t o animal welfare (the assessments did not take into account the mitigation actions implemented by the Group). In addition, to ensure continuity with what was reported in previous years’ Sustainability Documents, subjects such as corruption prevention, contributio ns to political parties and lobbying activities were also addressed, even though they were not identified as relevant. [G1-1] BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE CODE OF ETHICS The Code of Ethics and corporate policies are one of the pillars of t he Group's corporate governance system and govern the way the Moncler br and, the Stone Island brand and their respective employees, partners, clients and shareholders operate. The Codes of Ethics of Moncler and Stone Island enc ompass the set of values that both Brands recognise, share and promote, in the knowledge that conduct inspired by the principles of diligence, honesty and loyalty is an important driver of econo mic and social development. Employees and partners are required to act with honesty, passion and integrity and to build relationships with stakeholders based on mutual trust, so that growth is guided by the principle of shared value. The Codes establish clear rules of conduct for the persons they cover, regulating various aspects including relations with employees, suppliers, clie nts and authorities; respect for human rights, protection of industrial and intellectual property, confidential information and privacy; respect for fair competition; proper administrative and financi al management; attention to the environment; anti-corruption and money laundering; and the respo nsible use of corporate assets and the management of conflicts of interest, contributions and sponsorships. The Codes of Ethics apply to all employees, supplie rs, contractors, consultants, partners, and external collaborators of the two Brands, and apply in a consistent manner across all countries where Moncler and Stone Island operate. In the even t of non-compliance, disciplinary measures and/or sanctions will be applied until the terminat ion of the existing employment contract or business relationship. The Board of Directors is the competent body to dec ide on the adoption and subsequent amendments to the Code of Ethics, as well as being involved in managing any ethical issues of particular importance. The Head of the Corporate Af fairs & Compliance Function, as part of the second-level control, monitors the proper conduct o f the Group’s operations in compliance with relevant legal and regulatory constraints, internal procedures and the values of the Code of Ethics. This role also ensures the management of corporate compliance aspects. Human Resources and the Function Managers, meanwhile, actively support staff training and awareness-raising, ensuring that all employees understand and respect the provisions of the Code of Ethics. The Codes are periodically updated to align with international best practices and further integrate them with emerging sustainability and business conduct topics. Both Codes are inspired by the main existing national and international regulations on corporate social responsibility, corporate governance, human rights and the environment, such as the International Bill of Human Rights of the United Nations, the Universal Declaration of Hu man Rights and the Charter of Fundamental Rights of the European Union, the decent work stand ards set out in the conventions of the International Labour Organization (ILO), and the OE CD (Organization for Economic Cooperation and Development) Guidelines for Multinational Enter prises of the Organization for Economic Cooperation and Development (OECD). The Codes of Ethics also refer to the key principles outlined
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MONCLER GROUP – ANNUAL REPORT 2025 253 in the Supplier Code of Conduct. The Group's corpor ate policies, including the Anti-Corruption Policy, the Environmental Policy, the Human Rights Policy, the Health and Safety Management Policy, etc., are to be considered an integral part of the Codes. The Codes are made available to employees in the mo st appropriate manner, in accordance with local customs, and are available in Italian and English, as well as in Romanian for the Moncler Code of Ethics. The documents can be freely downloaded from the company’s intranet and internet sites. An online training programme is regularly provided to all Moncler employees, including temporary and part-time employees, to ensure correct understanding of the contents of the Code and virtuous behaviour consistent with the requirements of the C ode, while Stone Island employees in Italy are trained on these topics through a specific module within the 231 Model course. ORGANISATION, MANAGEMENT AND CONTROL MODEL The Codes of Ethics, together with the Anti-Corruption Model, are a fundamental and integral part of the Organisation, Management and Control Models adopted by Moncler and Stone Island pursuant to Legislative Decree 231/2001. Both Model s consist of a set of principles and rules of conduct, operational procedures and disciplinary co des, aimed at preventing the commission of offences and promoting ethical behaviour by those w ho operate on behalf of Group’s companies. The Organisation, Management and Control Models of both Moncler and Stone Island are periodically updated in light of regulatory and org anisational changes. The most recent updates related to the addition of new types of offences, such as those relating to payment instruments other than cash and offences against cultural heritage, a s well as the transposition of EU developments relating to the management of the whistleblowing channel. The body responsible for overseeing the adequacy of and compliance with the Organisation, M anagement and Control Model and its guiding principles is the Supervisory Body. The Sup ervisory Body works in coordination with the Group’s Internal Audit function, which reports dire ctly to the Board of Directors and operates with complete autonomy, without responsibility for operational areas. Internal Audit conducts checks on various compliance issues, including privacy, taxat ion, health and safety, labour law aspects and anti-corruption measures, to verify compliance with the principles of the Code of Ethics. In 2025, the Internal Audit function, with regard to the con trol activities on the Group’s Italian companies, continued to also carry out various checks on significant corporate processes (payments, purchases, services and consultancy, charge-backs to suppliers , sales, receipts, credit management, payroll management, etc.), as well as on the main areas ide ntified as “sensitive” within the Model. With regard to the Group’s foreign subsidiaries, during the year the Internal Audit Function carried out checks and tests on the adequacy of the internal control system and financial reporting procedures for companies operating in Chinese mainland, South Korea, Japan, the United States and the United Kingdom, including to identify and/or prevent potential fraudulent conduct. As part of management of store operations (management of receipts and sal es, management of stock, protection of company assets and prevention of theft), the Intern al Audit Function draws up an annual plan of audits at stores. Stores are generally selected according to criteria of significance of revenues, risk indicators and geographical diversification. The function continued to monitor inventories, missing products detected during product handling and at th e warehouses and compliance with the sales procedure. WHISTLEBLOWING SYSTEM At Group level, a whistleblowing system is in place, with the aim of effectively managing and quickly detecting reports about any illegal behaviour and failure to comply with the rules, regulations, internal procedures and value principles, and adopting the appropriate measures while providing the option of anonymity of the whistleblower. Any stakeholder, whether internal or external to the Group, who, in good faith, reports an anomalous behaviour or an alleged or actual violation of the Code, is protected from retaliation, discrimination or penalisation. Once a report has been received through the whistle blowing channels, the Head of Internal Audit promptly analyses all the information and responds to the whistleblower; if the issue raised is very serious
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254 ANNUAL REPORT 2025 - MONCLER GROUP and/or complex, the Head of Internal Audit is taske d with starting an immediate investigation, also requesting support from other corporate functions, such as Asset Protection, Legal, Compliance, Human Resources, ICT and Sustainability, as well as from competent external consultants, in order to conduct investigations and controls aimed at understanding what happened . For example, in response to any reports of discrimination or harassment, the Head o f Internal Audit promptly involves the Human Resources Function of the Region in question. Where appropriate, in relation to the seriousness of the incident, immediate measures are put in place, up t o termination of the contract with the employee, other staff member or supplier involved. The whistleblower is notified of the closure of the investigation in traceable form via an IT platform. At least every six months, the Internal Audit Function reports to the Board of Directors on the cases investigated. The Moncler Group has provided whistleblowers with an ad hoc web platform and telephone lines – which are managed by a specialised third party and available at all times at the global level – for recording and managing reports from employees, suppliers, clients and counterparties of all the Group companies. The Web platform is available in Italian , English, Chinese, Japanese, Korean, French, German, Turkish, Arabic and Romanian, while the tel ephone operators speak the language of all the countries where the Group is present through its ne twork of stores. The platform ensures, inter alia, full compliance with international privacy regulations (processing of sensitive and personal data). In 2025, the whistleblowing procedure was again shared with the entire company via ad hoc newsletters and is available on the company intranet. The human resources managers of the Regions were made aware of the importance of whistleblowing and how t o report it through one-to-one meetings or video conferences. In addition, the mandatory course on t he Code of Ethics includes a section dedicated to the use of the whistleblowing channel. ANTI-CORRUPTION The Group adopts Anti-Corruption Model , approved by the Board of Directors and based on a targeted risk assessment and a regulatory analysis of corruption offences in the countries in which the Group operates, selected on the basis of the Co rruption Perception Index of the country and the value of the invoice generated by the company in the country. This allows for the identification of areas theoretically at risk of corruption and the internal controls that are either in place or need to be strengthened. The Group's Anti-Corruption Policy also defines the guiding principles and controls that the Group's employees, partners and counterparties are required to follow to prevent incidents of corruption. In particular, the Policy defines: regulatory monitoring responsibilities; management and reporting of cases of non- compliance; and specific measures to control corruption risk. The following areas were identified as theoretically exposed to the risk of corruption: relationships with public administration; relationships with suppliers and external consultants; relationships with agents and intermediaries; relationships with busin ess partners for joint ventures and directors; management of donations/sponsorships/gifts and samples; and human resources management. For each of the above-mentioned areas, principles o f conduct and operating rules have been formulated in both the Anti-Corruption Policy and i n the Codes of Ethics, as well as in the policies governing behaviour to be held when carrying out activities relating to the areas mentioned above. The policies and procedures of the Group’s Anti-Corruption Model have been circulated and shared globally. In addition, all Group employees are regu larly offered specific training on active and passive corruption. In particular, an e-learning pl atform training programme was introduced in 2024, aimed at strengthening the culture of integri ty and implementing effective anti-corruption measures, thus helping to mitigate potential risks and maintain high ethical standards. The Internal Audit Function periodically carries ou t on-site audits at Group companies in order to verify the actual adoption of controls to mitigate corruption risk in the areas identified as most at risk. In particular, audits are carried out annuall y on marketing costs, sponsorships, donations and gifts, management of consultants and professional a ssignments, employee recruitment, supplier management, payments, expenses and entertainment costs. During these audits, the various departments involv ed are made aware of the importance of complying with the established control protocols. The audit results are shared with the Control, Risk
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MONCLER GROUP – ANNUAL REPORT 2025 255 and Sustainability Committee and the Supervisory Bo dies of Moncler and Stone Island. At least every six months, the Board of Directors receives a nd assesses the results of the audit activities carried out by the Group Internal Audit Function, h aving first consulted the Control, Risk and Sustainability Committee, which is an internal Board committee. No cases of either active or passive corruption were ascertained in 2025, in line with 2024. The Moncler Group manages relationship with political parties and their representatives according to the highest principles of transparency and ethics. Also in 2025, the Moncler Group did not make any contributions to political parties, lobbying activities or any other activities beyond those with associative purposes. The political commitments and contributions made by the Group's employees are understood to be personal and entirely voluntary. With regard to lobbying , the Group mainly operates through industry associ ations, without excluding the residual possibility of interacting directly with institutions, always in accordance with the principles described above, in order to ensure that the activities and decisions taken are aligned with the Group's Environmental Policy. COMPLIANCE The Moncler Group, as described above, operates bas ed on the highest ethical principles of transparency, integrity and loyalty, formalised in the Moncler and Stone Island Codes of Ethics, complying with the applicable laws in the countries where it operates, while concentrating efforts on building relationships of trust with its stakeholders. In confirmation of the above, during 2025 no final decisions were handed down against the Group companies in any of the following areas: unfair com petition and antitrust; product health and safety; product labelling; marketing, including adv ertising, promotion and sponsorship; disputes impacting the community; environment; or intellectual property. ANIMAL WELFARE Animal welfare is an area of particular attention for the Moncler Group. As outlined in the Supplier Code of Conduct and con firmed within the Raw Materials Manual, all partners are required to comply with current animal health and welfare regulations and to observe strict standards of protection covering every stage of animal treatment. In particular, suppliers must ensure respect for th e “Five Freedoms” in the welfare of farm animals: freedom from thirst and hunger; freedom from physical and thermal discomfort; freedom from pain, injury and disease; freedom to express natural behaviours; and freedom from fear and pain. The Code requires suppliers to take all necessary m easures to protect the behavioural, biological and emotional needs of animals, protecting the biodiversity of ecosystems in the sourcing areas and providing the origin of materials of animal origin. The Group also undertakes not to use materials derived from endangered species according to the CITES Convention ( Convention on International Trade in Endangered Spe cies of Wild Fauna and Flora ). Down Down is one of the most important raw materials for Moncler. All suppliers are not only required to meet the highest quality standards, but also to act responsibly and with full respect for animal welfare. In order to safeguard animal welfare, Moncler requires and verifies that its down suppliers comply with the stringent requirements laid down in the Moncler Technical Protocol, DIST (Down Integrity System & Traceability) 1. The DIST Protocol, first applied in 2015, regulate s methods of breeding white geese and the traceability and techn ical quality of down. Moncler only purchases down that has obtained DIST certification. 1 Available at dist.moncler.com.
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256 ANNUAL REPORT 2025 - MONCLER GROUP Among the basic requirements that must be respected across the entire supply chain include the following: down must be exclusively sourced from farmed white geese and as a by-product of the food chain; no form of live-plucking or forced feeding is permitted . The Protocol, drafted taking into consideration the peculiarities of Moncler’s supply chain, is the result of open and constructive dialogue within the scope of a multi-stakeholder forum set up in 2014, which considered the expectations of the vari ous stakeholders to ensure a scientific and holistic approach to the topic of animal welfare an d product traceability. The forum, chaired by a professor of Management at the Ca’ Foscari Universi ty of Venice with specific knowledge and expertise in sustainability issues, consists of Mon cler people, experts from the Department of Veterinary Medicine of the University of Milan, the Polish National Institute of Animal Husbandry Koluda Wielka, Compassion in World Farming (a non-governmental organisation dedicated to the welfare of farm animals), representatives from certification and consulting companies (SGS, Control Union, IDFL and KPMG), and, starting in 2023, follo wing the inclusion in the DIST protocol of specific modules on human rights and environmental compliance, representatives of the International Labour Organization. Based on the bel ief that dialogue is a source of improvement, the twelfth multi-stakeholder forum was held in Mar ch 2026, during which the results of the certification process were discussed and the outcom es of the activities carried out to identify the main environmental impacts along the down supply chain were shared. The DIST Protocol assesses animal welfare from an innovative perspective . In addition to the traditional approach that focuses on the environmen t in which the animal lives (in terms of availability of food and water, adequate space for movement, etc.), the Protocol, in line with the European Commission guidelines, also assesses welfa re by carefully observing the animal through the so-called Animal-Based Measures (ABMs) 2. ABMs allow a direct assessment of an animal's condition, by observing how geese respond to the different factors of the environment in which they live (outcome approach). The DIST Protocol features nine ABMs, including but not limited to measures designed to identify unusual behaviours or aspects such as plumophagia 3, dislocated or broken wings, feather irregularities and abnormal b eak colour. These situations can be associated with environments in which welfare of geese is comp romised by various factors, including high animal density, inadequate diet, lack of pasture or inappropriate animal management. Another important, innovative indicator introduced in the Protocol is the evaluation of the human- animal interaction through the response to a specific test (the HAR test, Estep and Hetts, 1992). All down suppliers must strictly comply with the Pr otocol's requirements to ensure raw material traceability, animal welfare and the highest quality at every link of the down supply chain. To verify compliance with the principles set out in the Protocol, Moncler constantly carries out strict field audits throughout its almost entirely vertically integrated down supply chain. The down supply chain includes different types of entities: farms; slaughterhouses where animals are mainly slaughtered for meat production and where down is s ubsequently collected; and companies responsible for washing, cleaning, sorting and proc essing the raw material. Façon manufacturers who realise the finished products downstream the do wn purchasing process also have to be taken into account. 2 Animal-Based Measures are indicators that can be directly observed on animals and that assess their actual conditions in relation to their ability to adapt to specific farming enviro nments. These measures include physiological, pathological and behavioural indicators. 3 Plumophagia is an abnormal behaviour in avian species that consists of pecking the feathers of another bird or tearing them with the beak.
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MONCLER GROUP – ANNUAL REPORT 2025 257 To ensure the utmost impartiality of audits : audits are commissioned and paid directly by Moncler and not by the supplier; the audit and certification process is carried out b y a qualified third-party entity, whose auditors are trained by veterinarians and zootechni cians of the Department of Veterinary Medicine at the University of Milan; the certification authority is in turn audited by another accredited external certification body. In particular, in 2025, 205 third-party on-site audits were carried out, verifying all entities in the supply chain. Where auditors found minor non-compli ances, farms were required to take timely corrective action before obtaining certification. N o cases of live-plucking of animals or forced- feeding were found during audits at any farm. To transparently communicate the Company’s commitme nt in this area, a tag indicating “DIST- certified down” is included in all Moncler’s jackets. This important result was achieved by extending down traceability according to DIST Protocol across the entire supply chain, all the way through the finished product. In order to promote constant improvement, Moncler is committed to involving and raising awareness throughout its supply chain, including through trai ning activities. In this regard, in 2025, training on the traceability procedure continued for façon m anufacturers of outerwear and knitwear. In addition, again during the year, several online tra ining sessions were held with the auditors of the third-party specialised firm that conducts on-site audits, focusing on the requirements in the new modules on human rights and environmental compliance. The DIST Protocol is a stringent and innovative doc ument and is intended to remain so. This is why it is constantly evolving and is subject to periodi c review through the multi-stakeholder forum. However significant these results may be, Moncler h as no intention to stop there. Rather, it is determined to continue to strive to promote increasingly ambitious standards, while welcoming the insights provided by stakeholders. Stone Island is also committed to ensuring that the down used in its products is obtained in a manner respectful of animal welfare. Since 2019, the Compa ny has only purchased duck down certified according to the Responsible Down Standard (RDS) protocol. The standard aims to ensure that the down used comes from farms that protect animal welf are throughout the production chain and full traceability of certified materials. In particular, since 2023, a label with the RDS logo and certification information is applied to all Stone I sland brand products containing down in accordance with the standard’s guidelines. In addit ion, since 2023, all suppliers in the RDS- certified down supply chain have been subject to th ird-party audits to ensure compliance with the Group’s new human rights and environment modules. Down quality Since the beginning of the Company’s history, down has been the heart of all its jackets, gradually becoming the identity of the Brand itself . Thanks to its long experience and constant research and development, Moncler now has unique expertise in terms of both its understanding of the raw material and the garment manufacturing p rocess. Moncler requires its suppliers to comply with the highest quality standards, which over the years have been, and continue to be, a key element of product differentiation. However, for the Company, “quality” is more than that: the origin of the down used and respect for animal welfare are also fundamental for Moncler and are taken into account in the raw materials purchasing process as much as quality. In particular, the technical quality of Moncler down is ensured by a complex process that ensures that only the best white goose down is used to make garments. Each batch of down is double- checked to verify it complies with 11 parameters, relating to quality (as well as aspects of hygiene and health), identified by the strictest international regulations and the restrictive requirements established by the Company: first through sophisticated analysis by an accredited independent
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258 ANNUAL REPORT 2025 - MONCLER GROUP body and then through further tests carried out at Moncler's internal laboratory, home to highly- specialised down technicians. In 2025, a total of 950 tests were carried out. Down cluster content and fill power are the main indicators of down quality. Moncler garments contai n at least 90% white goose down cluster and only 10% feathers/small feathers. This high per centage of down cluster guarantees a high fill power, i.e. the capacity of the down to occupy volume: the higher the fill power, the greater the performance in terms of lightness, thermal capacity and insulating properties. Moncler down has a minimum fill power level of 710 (cubic inches per 30 grams of down) translating into warm, soft and light garments, able to offer unique comfort. Fur The Moncler Group, by adhering to the Fur-Free Retailer Policy , has undertaken not to using animal fur in its collections. The word “fur” refers to any skin with hair from animals raised or caught in the wild exclusively or primarily for their fur, for example fox, mink, coyote, finn raccoon, ermine, rabbit, etc. Short and long hair shearling from livestock primar ily raised for meat, (e.g. calf, cow, sheep, lamb and goat) do not fall under the above definition of “fur”. To ensure that such animals are indeed a by-product of the food supply chain, the Group requ ires a third-party audit to be carried out on the supply chain. The last collection of the Moncler brand that inclu ded fur was the Fall/Winter 2023 collection, while Stone Island has not used fur since 2018. As an alternative to fur, the Group also uses synthetic materials. Wool To safeguard animal welfare, the Moncler Group has defined specific targets for the various types of wool used. In particular, since the 2025 collections, it has exclusively purchased mulesing free certified merino wool, meaning wool from sheep not subjected to the practice of mulesing, which consists of removing a portion of skin around the tail to preve nt parasitic infections. At the same time, over 70% of wool is certified according to specific stan dards (e.g. Responsible Wool Standard (RWS), Nativa or Sustainawool) 4 In addition, the Group uses only alpaca and mohair certified according to the Responsible Alpaca Standard (RAS) and Responsible Mohair Standard (RMS ), respectively (see also pages 169; 175; 230). 4 The value considers the total weight of yarns and fabrics used for the production of the SS and FW 2025 collections.
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MONCLER GROUP – ANNUAL REPORT 2025 259 [G1-2] MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS The Moncler Group recognises the importance of buil ding strong partnerships with its suppliers based on trust and shared values. It requires its suppliers to comply with the principles of the Code of Ethics and the Supplier Code of Conduct. It has also adopted a Purchasing Policy , responsibility for which lies with the Chief Corporate & Supply Officer, who guides the way the Company operates in its relations with the supplier. This Policy, wh ich defines roles, responsibilities and fundamental principles for the management of purchases, ensurin g transparency, fairness and regulatory compliance, applies to all Group Companies and regu lates the process of suppliers selection, qualification and relationships management . With reference to the selection and qualification process, the ethical, legal, economic and financial reliability of potential suppliers, as well as their technical, organisational and management skills, ha ve to be verified and monitored. In addition, by means of different tools depending on the type o f supplier (see also pages 85; 158-159; 227- 233; 267-268), compliance with the requirements on the environment, health and safety, workers’ rights and other aspects reported in the Code of Et hics and the Supplier Code of Conduct is ascertained. In the management of suppliers, the Pu rchasing Policy contains a commitment to respect payment times, with particular attention to small and medium-sized enterprises (SMEs), and to collaborate in the planning of deliveries, ensur ing clear timings, a shared understanding of production plans and the optimisation of the manage ment of peak orders, thus favouring a cooperative and efficient relationship. The Group also undertakes to build lasting relationships with its suppliers and to behave responsibly in the even t of any interruption of relations. In addition, training and capacity-building programmes are plann ed in social matters, including the topic of the living wage (see also page 230) and environment al programmes, on the importance of energy efficiency mechanisms and the promotion of renewabl e energy along the supply chain (see also pages 83; 136-137; 140). These programmes are a fun damental part of promoting a culture of change, improving the social and environmental performance of the suppliers. A key element of the supplier management model is t he identification of critical suppliers 5, involved in targeted actions and initiatives. This identification process is based on a risk-based approach that takes into account, in addition to th eir importance to the Group in terms of the economic value of the orders commissioned, quality, delivery times, financial dependence of the supplier, and the Group's ability to ensure the sup ply of goods and services if it has to replace a supplier quickly, and specific sustainability parameters, such as: the potential risk relating to human rights in the reference country, the sourcing of ke y raw materials and the supply of strategic processes for the Group, with a particular focus on raw materials of animal origin or that can be associated with determined social or environmental impacts. Lastly, to ensure supply chain excellence, Moncler has implemented a vendor rating system that assigns an overall supplier rating also considering sustainability aspects. Each indicator is weighted and helps to assess a supplier based on the results achieved in each area. The vendor rating macro- areas are: sustainability and compliance (working conditions and respect for human rights, observance of chemical substance standards, indicators relating to the results of compliance tests carried out on products, environmental practices, animal welfare, etc.); quality (rate of production defects, quality complaints reported to client service, etc.); delivery service level (flexibility, delivery punctuality, etc.); cost (price competitiveness, logistics costs, etc.); innovation (technological capacity, aptitude for innovation, etc.); financial sustainability (degree of economic resilience of the supplier). 5 To date, the majority of workers of the Group’s critical suppliers are women (approximately 70%), and the percentage of migrant workers is around 2%.
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260 ANNUAL REPORT 2025 - MONCLER GROUP Regarding indirect suppliers, i.e. suppliers of goo ds and services not related to the product, since 2018 a qualification process has been in place to g ather information about the organisation, the financial-economic situation and the social and env ironmental practices of these suppliers. Since 2025, the assessment model has been further strengthened through the introduction of a specific section dedicated to sustainability matters. Based on international principles, standards and guidelines such as the Global Compact, the ISO 26000 standard and t he OECD Guidelines, the model allows the social and environmental performance of indirect su ppliers to be assessed and compared in a structured way. The tool includes 75 criteria divided into four areas: economic/financial; environmental, with questions related to waste management, emissio ns calculation and logistics organisation; labour and human rights; and health and safety. The model applies to the categories of suppliers identified in the theoretical risk assessment phase of potential human rights violations. These include, in particul ar, manufacturers, maintenance and service providers an d, from this year, also logistics and transport providers. The Group also continued to raise awareness among s uppliers who are not certified, underlining the importance of these tools as a stra tegic element for continuous improvement and for the adoption of increasingly high operating sta ndards. Compared with the previous year, there was significant progress in the ESG practices adopte d by these indirect suppliers: 68% (57% in 2024) have adopted a code of ethics, while over 60% have launched environmental and social initiatives, demonstrating a growing commitment to sustainability. Finally, around half of the suppliers have at least one quality certification, and more than 30% are cer tified according to the ISO 14001 and ISO 45001 standards. [G1-6] PAYMENT PRACTICES The Moncler Group pays invoices according to the agreed contractual terms and in compliance with market standards. In particular, for the “services”6 category, which accounts for 64% of the annual invoices in terms of value, the Group pays within approximately 60 days of the invoice date, in line with the standard payment term. The practices and average payment times described also apply to SMEs. In 2025, the average time taken by the Group to pay invoices from suppliers across all purchasing categories was 67 days, in line with 2024. It shoul d be noted that there are no legal proceedings currently pending due to late payment. 6 The “services” category also includes façon manufacturers.
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MONCLER GROUP – ANNUAL REPORT 2025 261 ADDITIONAL INFORMATION Below is additional information to support what is reported in the 2025 Consolidated Sustainability Statement. EMPLOYEES BY GEOGRAPHIC AREA AND GENDER Moncler Group 2024 2025 Total Men Women Total Men Women Italy 2,282 28.3% 71.7% 2,335 28.1% 71.9% EMEA (excl. Italy) 3,147 23.4% 76.6% 3,322 22.0% 78.0% Americas 576 48.4% 51.6% 656 47.9% 52.1% Asia 2,170 37.1% 62.9% 2,220 36.3% 63.7% Total 8,175 30.2% 69.8% 8,533 29.4% 70.6% EMPLOYEES BY PROFESSIONAL CATEGORY AND GENDER Moncler Group 2024 2025 Total Men Women Total Men Women Executives and senior executives 147 59.2% 40.8% 143 56.6% 43.4% Managers 666 45.0% 55.0% 704 45.0% 55.0% Professionals 894 33.9% 66.1% 888 33.3% 66.7% White-collars 4,239 37.1% 62.9% 4,357 36.6% 63.4% Workers 2,229 9.1% 90.9% 2,441 8.9% 91.1% Total 8,175 30.2% 69.8% 8,533 29.4% 70.6% EMPLOYEES BY AGE GROUP AND GENDER Moncler Group 2024 2025 Total Men Women Total Men Women <30 2,160 37.8% 62.2% 2,105 36.9% 63.1% 30-50 4,772 29.6% 70.4% 5,001 29.5% 70.5% >50 1,243 18.9% 81.1% 1,427 17.9% 82.1% Total 8,175 30.2% 69.8% 8,533 29.4% 70.6% EMPLOYEES BY TYPE OF CONTRACT AND GENDER Moncler Group 2024 2025 Total Men Women Total Men Women Permanent contract 7,192 28.6% 71.4% 7,520 28.0% 72.0% Fixed-term contract 983 41.5% 58.5% 1,013 39.2% 60.8% Total 8,175 30.2% 69.8% 8,533 29.4% 70.6%
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262 ANNUAL REPORT 2025 - MONCLER GROUP EMPLOYEES BY TYPE OF CONTRACT AND GEOGRAPHIC AREA Moncler Group 2024 2025 Total Permanent contract Fixed -term contract Total Permanent contract Fixed -term contract Italy 2,282 92.9% 7.1% 2,335 92.4% 7.6% EMEA (excl. Italy) 3,147 86.8% 13.2% 3,322 88.5% 11.5% Americas 576 83.7% 16.3% 656 80.5% 19.5% Asia 2,170 85.6% 14.4% 2,220 85.4% 14.6% Total 8,175 88.0% 12.0% 8,533 88.1% 11.9% EMPLOYEES BY TYPE OF CONTRACT AND GENDER Moncler Group 2024 2025 Total Men Women Total Men Women Full-time 7,354 29.5% 70.5% 7,771 29.1% 70.9% Part-time 821 35.8% 64.2% 762 31.8% 68.2% Total 8,175 30.2% 69.8% 8,533 29.4% 70.6% PERMANENT EMPLOYEES BY TYPE OF CONTRACT AND GENDER Moncler Group 2024 2025 Total Men Women Total Men Women Full-time 6,793 28.6% 71.4% 7,094 28.1% 71.9% Part-time 399 28.6% 71.4% 426 26.5% 73.5% Total 7,192 28.6% 71.4% 7,520 28.0% 72.0% NEW HIRES AND DEPARTING EMPLOYEES BY GENDER Moncler Group 2024 2025 Total Men Women Total Men Women New hires 3,029 1,018 2,011 1,910 650 1,260 Departing employees 2,364 862 1,502 1,552 611 941 NEW HIRES AND DEPARTING EMPLOYEES BY AGE Moncler Group 2024 2025 Total <30 30 -50 >50 Total <30 30 -50 >50 New hires 3,029 1,323 1,397 309 1,910 840 899 171 Departing employees 2,364 986 1,133 245 1,552 655 7 60 137
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MONCLER GROUP – ANNUAL REPORT 2025 263 NEW HIRES AND DEPARTING EMPLOYEES BY PROFESSIONAL C ATEGORY AND GENDER Moncler Group 2024 New hires Departing employees Total Men Women Total Men Women Executives and senior executives 19 68.4% 31.6% 14 64.3% 35.7% Managers 107 44.9% 55.1% 80 53.8% 46.3% Professionals 119 32.8% 67.2% 112 38.4% 61.6% White -collar s 2,147 39.8% 60.2% 1,800 39.8% 60.2% Workers 637 10.0% 90.0% 358 14.0% 86.0% Total 3,029 33.6% 66.4% 2,364 36.5% 63.5% Moncler Group 2025 New hires Departing employees Total Men Women Total Men Women Executives and senior executives 9 33% 67% 17 59% 41% Managers 68 53% 47% 83 49% 51% Professionals 83 40% 60% 89 40% 60% White -collars 1,287 42% 58% 1,136 44% 56% Workers 463 9% 91% 227 10% 90% Total 1,910 34% 66% 1,552 39% 61% N EW HIRES AND DEPARTING EMPLOYEES BY GEOGRAPHIC AREA Moncler Group 2024 Total EMEA (including Italy) Americas Asia New hires 3,029 1,958 300 771 Departing employees 2,364 1,507 317 540 Moncler Group 2025 Total EMEA (including Italy) Americas Asia New hires 1,910 1,108 314 448 Departing employees 1,552 874 239 439
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264 ANNUAL REPORT 2025 - MONCLER GROUP EMPLOYEES BY COUNTRY Moncler Group 2024 2025 Number % Number % Italy 2,282 27.9 2,335 27.4 Romania 1,959 24.0 2,150 25.2 China 1 883 10.8 882 10.3 Japan 773 9.5 788 9.2 United States 464 5.7 521 6.1 South Korea 438 5.4 464 5.4 France 358 4.4 359 4.2 United Kingdom 195 2.4 178 2.1 Germany 159 1.9 143 1.7 Switzerland 104 1.3 99 1.2 Canada 89 1.1 97 1.1 Austria 78 1.0 77 0.9 Other countries 393 4.8 440 5.2 Total 8,175 100 8,533 100 RATIO BETWEEN WOMEN'S AND MEN'S SALARY LEVELS 2 WOMEN PRESENCE Moncler Group 2024 2025 Target Share of women in total workforce 70% 71% ≥ 50% by 2025 Share of women in all management positions, including junior, middle and senior management, executives and senior executives 52% 53% ≥ 50% by 2025 Share of women in junior management positions on total junior managers 56% 55% ≥ 50% by 2025 Share of women in top management positions on total top managers 41% 43% 3 ≥ 50% by 2025 Share of women in management positions of revenue-generating functions on total managers in revenue-generating functions 55% 54% ≥ 50% by 2025 Share of women in STEM 4-related positions on total of STEM-related positions 61% 61% ≥ 50% by 2025 1 China includes the employees of Chinese mainland, Hong Kong SAR, Macao SAR and Taiwan Region. 2Remuneration levels are adjusted on the basis of the cost of living index in Italy. 3 Percentage increased compared with previous years, but target not fully achieved. 4 Science, technology, engineering and mathematics. 77% 104% 89% 97% 88% EXECUTIVES AND SENIOR EXECUTIVES MANAGERS PROFESSIONALS WHITE-COLLARS WORKERS MEN'S REMUNERATION = 100
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MONCLER GROUP – ANNUAL REPORT 2025 265 EMPLOYEES BY ETHNICITY (AMERICAS) Moncler Group 2024 Percentage of total workforce Share in allmanagement positions , including junior, middle and senior management African -American 14% 8% Asian 29% 29% Hispanic 22% 9% White 9% 18% Caucasian 15% 28% Other or missing 11% 8% Moncler Group 2025 Percentage of total workforce Share in all management positions , including junior, middle and senior management African -American 11% 10% Asian 29% 23% Hispanic 23% 10% White 11% 20% Caucasian 14% 28% Other or missing 12% 10% TYPE OF TRAINING HOURS Moncler Group 2024 Total Men Women Mandatory 58,914 11,161 47,754 Italy 11,864 3,041 8,823 EMEA (excl. Italy) 38,034 4,913 33,121 Americas 1,489 656 833 Asia 7,527 2,550 4,977 Non-mandatory 231,623 45,289 186,334 Italy 34,617 5,360 29,257 EMEA (excl. Italy) 130,452 15,372 115,080 Americas 13,363 6,792 6,571 Asia 53,190 17,765 35,425 Total 290,537 56,450 234,088 HOURS Moncler Group 2025 Total Men Women Mandatory 58,141 11,269 46,872 Italy 11,978 3,644 8,334 EMEA (excl. Italy) 36,901 4,419 32,482 Americas 1,193 527 666 Asia 8,070 2,680 5,390 Non -mandatory 254,978 47,697 207,281 Italy 30,476 7,260 23,216
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266 ANNUAL REPORT 2025 - MONCLER GROUP EMEA (excl. Italy) 158,915 16,914 142,001 Americas 9,902 4,382 5,520 Asia 55,684 19,141 36,543 Total 313,119 58,966 254,154 TRAINING BY AGE GROUP Moncler Group Moncler Group HOURS 2024 2025 Total Men Women Total Men Women <30 76,529 14,368 62,161 87,578 16,375 71,203 30-50 152,394 33,321 119,074 155,615 33,911 121,704 >50 61,614 8,761 52,853 69,926 8,680 61,246 Total 290,537 56,450 234,088 313,119 58,966 254,154 AVERAGE HOURS OF TRAINING BY PROFESSIONAL CATEGORY A ND GENDER Moncler Group HOURS 2024 2025 Total Men Women Total Men Women Executives and senior executives 12.5 12.1 12.9 17.4 17.5 17.3 Managers 19.9 18.9 20.7 22.4 23.4 21.6 Professionals 22.4 21.9 22.6 22.6 20.0 24.0 White-collars 24.6 19.3 27.8 22.8 19.6 24.7 Workers 67.8 62.9 68.3 71.8 59.9 73.0 Total 35.5 22.9 41.0 36.7 23.5 42.2 ACCIDENTS BY GENDER AND GEOGRAPHIC AREA NUMBER Moncler Group 2024 2025 Total Men Women Total Men Women Total number of accidents in the workplace 25 9 16 29 7 22 Italy 12 5 7 13 2 11 EMEA (excl. Italy) 9 3 6 10 4 6 Americas 4 1 3 2 1 1 Asia - - - 4 - 4 Total number of accidents commuting to/from work 3 1 2 1 1 - Italy 2 1 1 1 1 - EMEA (excl. Italy) 1 - 1 - - - Americas - - - - - - Asia - - - - - - Total number of accidents in the workplace and commuting to/from work 28 10 18 30 8 22
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MONCLER GROUP – ANNUAL REPORT 2025 267 ACCIDENTS AND DAYS LOST DUE TO ACCIDENTS Moncler Group 2024 2025 Total Men Women Total Men Women Accidents (No.) 28 10 18 30 8 22 in the workplace 25 9 16 29 7 22 commuting to/from work 3 1 2 1 1 - Days lost due to accidents 1,387 679 708 1,298 239 1,059 in the workplace 1,369 674 695 1,282 223 1,059 commuting to/from work 18 5 13 16 16 - ACCIDENT INDICATORS (IN THE WORKPLACE AND COMMUTING TO/FROM WORK) BY GENDER Moncler Group 2024 2025 Total Men Women Total Men Women Incidence rate 5 3.43 4.06 3.15 3.52 3.19 3.65 Severity rate 6 0.10 0.17 0.07 0.09 0.06 0.10 Frequency rate 7 2.01 2.45 1.83 2.02 1.87 2.08 SUPPLY CHAIN INDICATORS Moncler Group 2024 2025 Tier 1 suppliers (No.) 589 620 “Critical suppliers” (No.) 133 86 8 Tier 1 “critical suppliers” 44 40 non-Tier 1 “critical suppliers” 89 46 Value of orders with “critical suppliers” (%) 50% 4 5% 2024 2025 Assessment of suppliers on ethical, social and environmental aspects (No.) 546 507 Assessment of suppliers on , ethical, social and environmental aspects, which resulted to be not in line with the highest social and environmental standards applied by the Group and with which a corrective action plan was shared to solve non-compliances (No.) 33 29 Of which cases where collaboration with the supplier was interrupted 16 10 Of which cases where suppliers were supported in implementing the corrective action plan 17 19 “Critical s uppliers ” subject to assessment of ethical, social and environmental aspects (No.) 133 86 5 Incidence rate: (number of workplace accidents/total number of employees) x 1,000. 6 Severity rate: (number of days lost due to workplace accidents/total number of hours worked) x 1,000. In 2025, the total hours worked amounted to approximately 14.9 million for the Group. 7 Frequency rate: (number of accidents/total number of hours worked) x 1,000,000. 8 The reduction reflects the reorganisation of Stone Island’s supply chain, with a progressive concentration on façon manufacturers, in order to ensure greater direct control over production processes.
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268 ANNUAL REPORT 2025 - MONCLER GROUP “Critical suppliers ” assessed according to social, ethical, and environmental aspects, which resulted to be not in line with the highest social and environmental standards applied by the Group and with which a corrective action plan was shared to solve non-compliances (No.) 6 8 Of which “critical suppliers” with which collaboration was terminated - - Of which “critical suppliers ” supported in the implementation of the corrective action plan 6 8 2024 2025 Suppliers involved in capacity building programmes on environmental and social topics (No.) 41 66 Of which “critical suppliers” 27 25 RAW MATERIALS % OF VOLUMES USED 9 2024 2025 Nylon 18% 18% Cotton 36% 32% Polyester 18% 20% Down 6% 6% Wool 7% 7% Other 10 15% 17% WASTE GENERATED 9 The table does not include data relating to the qu antities of packaging materials. In addition, the values consider the weight of the materials used for the production of the SS and FW 2024 and 2025 collections. 10 Includes materials from other raw materials such as silk, viscose, etc. 11 Increase mainly due to an extraordinary septic-tank emptying operation at a production plant. WASTE BY DESTINATION (TONNES) 2024 2025 Total waste recycled or recovered 1,431.2 1,502.6 Total waste disposed 260.7 409.1 of which landfilled - - of which incinerated with energy recovery 255.4 305 .5 of which incinerated without energy recovery - - of which transferred to other disposal operations 5 .3 103.6 11
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MONCLER GROUP – ANNUAL REPORT 2025 269 SCOPE 3 INDIRECT CO2e EMISSIONS Reporting period: 01.01.2021 – 31.12.2021 12 TONNES OF CO2e Moncler Group 2021 Indirect emissions (scope 3) 217,226 Purchased goods and services 155,867 Capital goods 15,416 Fuel- and energy-related activities 802 Third-party warehouses 407 Transportation and distribution 23,493 of which by ship 311 of which by air 20,899 of which by road/train 2,283 Waste generated in operations 72 Business travel 592 Employee commuting 6,822 Use of sold product 10,294 End-of-life treatment of sold products 3,461 12 The 2021 figures include the Moncler Group, considering Stone Island to be consolidated from January 1.
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270 ANNUAL REPORT 2025 – MONCLER GROUP 2 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Income Statement Comprehensive Income Financial Position Changes in Equity Cash Flows EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS General information about the Group Summary of material accounting principles used in t he preparation of the Consolidated Financial Statements Scope for consolidation Comments on the consolidated income statement Comments on the consolidated statement of financial position Segment information Commitments and guarantees given Contingent liabilities Information about financial risks Other information Significant events after the reporting date This English version of the consolidated financial statements of Moncler Group constitutes a non-offic ial version which has not been prepared in accordance with the provisions of the C ommission Delegated Regulation (EU) 2019/815. The o fficial version of the financial statements, which was prepared in accorda nce with the aforementioned Regulation, has been tr anslated into the English language solely for the convenience of internationa l readers. Accordingly, only the original text in I talian language is authoritative.
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MONCLER GROUP – ANNUAL REPORT 2025 271 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT Consolidated income statement (Euro/000) Notes 2025 of which related parties (note 10.1) 2024 of which related parties (note 10.1) Revenue 4.1 3,132,128 1,398 3,108,924 1,393 Cost of sales 4.2 (685,931) (29,304) (682,367) (30,640) Gross profit 2,446,197 2,426,557 Selling expenses 4.3 (956,000) (1,935) (937,349) (2,818) General and administrative expenses 4.4 (357,432) (41,608) (351,656) (43,704) Marketing expenses 4.5 (219,409) (221,228) Operating result 4.6 913,356 916,324 Financial income 4.7 25,814 28,965 Financial expenses 4.7 (51,998) (35,480) Result before taxes 887,172 909,809 Income taxes 4.8 (260,504) (270,213) Net Result including Minority 626,668 639,596 Non-controlling interests (2) 0 Net result, Group share 626,670 639,596 Earnings per share (unit of Euro) 5.17 2.31 2.36 Diluted earnings per share (unit of Euro) 5.17 2.31 2.36
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272 ANNUAL REPORT 2025 – MONCLER GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Consolidated statement of comprehensive income (Euro/000) Notes 2025 2024 Net profit (loss) for the period 626,668 639,596 Gains/(Losses) on fair value of hedge derivatives 5.17 4,310 (660) Gains/(Losses) on exchange differences on translating foreign operations 5.17 (44,971) (873) Items that are or may be reclassified to profit or loss (40,661) (1,533) Other Gains/(Losses) 5.17 209 (85) Items that will never be reclassified to profit or loss 209 (85) Other comprehensive income/(loss), net of tax (40,452) (1,618) Total Comprehensive income/(loss) 586,216 637,978 Attributable to: Group 586,218 637,978 Non controlling interests (2) 0
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MONCLER GROUP – ANNUAL REPORT 2025 273 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Consolidated statement of financial position (Euro/000) Notes 31 December 2025 of which related parties (note 10.1) 31 December 2024 of which related parties (note 10.1) Brands and other intangible assets - net 5.1 1,108,645 1,106,784 Goodwill 5.1 603,417 603,417 Property, plant and equipment - net 5.3 1,498,380 1,250,879 Investments in associates 5.4 2,532 3,854 Other non-current assets 5.10 56,308 51,396 Deferred tax assets 5.5 317,583 286,780 Non-current assets 3,586,865 3,303,110 Inventories and work in progress 5.6 538,827 470,080 Trade account receivables 5.7 292,133 176 326,382 383 Tax assets 5.13 8,028 12,207 Other current assets 5.10 56,246 50,829 Other current financial assets 5.9 251,128 154,004 Cash and cash equivalent 5.8 1,226,277 1,187,978 Current assets 2,372,639 2,201,480 Total assets 5,959,504 5,504,590 Share capital 5.17 54,961 54,961 Share premium reserve 5.17 745,309 745,309 Other reserves 5.17 2,422,754 2,146,714 Net result, Group share 5.17 626,670 639,596 Equity, Group share 3,849,694 3,586,580 Non controlling interests 95 88 Equity 3,849,789 3,586,668 Long-term borrowings 5.16 938,490 761,188 Provisions non-current 5.14 24,225 22,828 Pension funds and agents leaving indemnities 5.15 12,149 11,882 Deferred tax liabilities 5.5 155,052 103,282 Other non-current liabilities 5.12 35 73 Non-current liabilities 1,129,951 899,253 Short-term borrowings 5.16 189,968 196,120 Trade account payables 5.11 527,322 8,226 540,914 11,783 Tax liabilities 5.13 134,899 136,171 Other current liabilities 5.12 127,575 5,019 145,464 5,946 Current liabilities 979,764 1,018,669 Total liabilities and equity 5,959,504 5,504,590
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274 ANNUAL REPORT 2025 – MONCLER GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity Other comprehensive income Other reserves (Euro/000) Notes Share capital Share premium Legal reserve Cumulative translation adj. reserve Other OCI items IFRS 2 reserve FTA reserve Retained earnings Result of the period, Group share Equity, Group share Equity, non controlling interest Total consolidate d Net Equity Group shareholders' equity at January 1, 2024 5.17 54,926 745,309 10,985 (40,294) (5,433) 57,144 (21,482) 1,801,249 611,931 3,214,335 94 3,214,429 Allocation of Last Year Result 0 0 7 0 0 0 0 611,924 (611,931) 0 0 0 Changes in consolidation area 0 0 0 0 0 0 0 0 0 0 0 0 Dividends 0 0 0 0 0 0 0 (311,197) 0 (311,197) 0 (311,197) Share capital increase 35 0 0 0 0 0 0 (35) 0 0 0 0 Other movements in Equity 0 0 0 0 0 19,154 3,945 22,365 0 45,464 (6) 45,458 Other changes of comprehensive income 0 0 0 (873) (745) 0 0 0 0 (1,618) 0 (1,618) Result of the period 0 0 0 0 0 0 0 0 639,596 639,596 0 639,596 Group shareholders' equity at December 31, 2024 5.17 54,961 745,309 10,992 (41,167) (6,178) 76,298 (17,537) 2,124,306 639,596 3,586,580 88 3,586,668 Group shareholders' equity at January 1, 2025 5.17 54,961 745,309 10,992 (41,167) (6,178) 76,298 (17,537) 2,124,306 639,596 3,586,580 88 3,586,668 Allocation of Last Year Result 0 0 0 0 0 0 0 639,596 (639,596) 0 0 0 Changes in consolidation area 0 0 0 0 0 0 0 0 0 0 0 0 Dividends 0 0 0 0 0 0 0 (353,046) 0 (353,046) 0 (353,046) Share capital increase 0 0 0 0 0 0 0 0 0 0 0 0 Other movements in Equity 0 0 0 0 0 (17,588) 1,242 46,288 0 29,942 9 29,951 Other changes of comprehensive income 0 0 0 (44,971) 4,519 0 0 0 0 (40,452) 0 (40,452) Result of the period 0 0 0 0 0 0 0 0 626,670 626,670 (2) 626,668 Group shareholders' equity at 31 December 2025 5.17 54,961 745,309 10,992 (86,138) (1,659) 58,710 (16,295) 2,457,144 626,670 3,849,694 95 3,849,789
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MONCLER GROUP – ANNUAL REPORT 2025 275 CONSOLIDATED STATEMENT OF CASH FLOWS Consolidated statement of cash flows Year 2025 of which related parties Year 2024 of which related parties (Euro/000) Cash flow from operating activities Consolidated result 626,668 639,596 Depreciation and amortization 336,684 306,844 Net financial (income)/expenses 26,184 6,515 Equity-settled share-based payment transactions 33,361 46,954 Income tax expenses 260,504 270,213 Changes in inventories - (Increase)/Decrease (70,387) (13,801) Changes in trade receivables - (Increase)/Decrease (4,440) 207 (3,676) 4,109 Changes in trade payables - Increase/(Decrease) (2,749) (3,557) (1,169) (38,543) Changes in other current assets/liabilities (9,014) (927) (15,444) (1,388) Cash flow generated/(absorbed) from operating activities 1,196,811 1,236,032 Interest and other bank charges received 23,116 26,338 Income tax paid (251,473) (263,236) Changes in other non-current assets/liabilities (7,939) (9,628) Net cash flow from operating activities (a) 960,515 989,506 Cash flow from investing activities Purchase of tangible and intangible fixed assets (220,114) (195,195) Proceeds from sale of investments 1,200 0 Proceeds from sale of tangible and intangible fixed assets 4,520 8,520 Net investments in government bonds and short term bank deposit (85,643) (80,753) Net cash flow from investing activities (b) (300,037) (267,428) Cash flow from financing activities Repayment of borrowings 0 (1,513) Repayment of current and non-current lease liabilities (240,927) (210,715) Short-term borrowings variation (8,101) (11,931) Dividends paid to shareholders (353,231) (311,014) Net cash flow from financing activities (c) (602,259) (535,173) Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c) 58,219 186,905 Cash and cash equivalents at the beginning of the period 1,187,972 998,799 Effect of exchange rate changes (19,915) 2,268 Net increase/(decrease) in cash and cash equivalents 58,219 186,905 Cash and cash equivalents at the end of the period 1,226,276 1,187,972
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276 ANNUAL REPORT 2025 – MONCLER GROUP On behalf of the Board of Directors of Moncler S.p.A. Remo Ruffini Chairman and Chief Executive Officer
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MONCLER GROUP – ANNUAL REPORT 2025 277 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL INFORMATION ABOUT THE GROUP 1.1. THE GROUP AND ITS CORE BUSINESS The parent company Moncler S.p.A. is a company esta blished and domiciled in Italy, with its registered office located at Via Stendhal 47 Milan, Italy, and registration number of 04642290961. Moreover, the parent company Moncler S.p.A. is de-f acto controlled by Remo Ruffini through Ruffini Partecipazioni Holding S.r.l. (RPH) and Double R S. r.l. (DR): more specifically, Remo Ruffini owns the entire share capital of RPH, a company controlling DR which, in turn, as of 31 December 2025 holds a shareholding representing 18.2% of the share capital of Moncler S.p.A. The Consolidated Financial Statements as at and for the year ended 31 December 2025 include the Parent Company and its subsidiaries (hereafter referred to as the "Group"). To date, the Group's core businesses are the creati on, production and distribution of clothing for men , women and children, shoes, eyewear and other access ories under the Moncler and Stone Island brand name. 1.2. BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINAN CIAL STATEMENTS 1.2.1. RELEVANT ACCOUNTING PRINCIPLES The 2025 Consolidated Financial Statements have bee n prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union. IFRS also inclu des all International Accounting Standards ("IAS") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), previously known as the Standing Interpretations Committee ("SIC"). The Consolidated Financial Statements include the c onsolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated st atement of cash flows and the explanatory notes to the Consolidated Financial Statements. 1.2.2. PRESENTATION OF THE FINANCIAL STATEMENTS The Group presents its consolidated income statemen t by destination, the method that is considered most representative for the business at hand. This method is in fact consistent with the internal reporting and management of the business. With reference to the consolidated statement of fin ancial position, a basis of presentation has been chosen which makes a distinction between current and non-current assets and liabilities, in accordance with the provisions of paragraph 60 and thereafter of IAS 1. The consolidated statement of cash flows is prepared under the indirect method.
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278 ANNUAL REPORT 2025 – MONCLER GROUP In accordance with the provisions of IAS 24, relate d-party transactions with the Group and their impact, if significant, on the consolidated stateme nt of financial position, consolidated income statement and consolidated statement of cash flows are reported below. The consolidated financial statements are presented in thousands of Euros while, unless otherwise indicated, the data contained in the explanatory notes are presented in millions of Euros. With reference to the consolidated statement of cas h flows, in application of IFRS 10, the cash flows deriving from the payment of dividends are reported in the financing activities section, while the cas h flows relating to the payment/collection of interests are reported in the operating activities section. 1.2.3. BASIS FOR MEASUREMENT The Consolidated Financial Statements have been pre pared on the historical cost basis, except for the measurement of certain financial instruments (i.e. derivatives), which are measured at fair value as required by IFRS 9, and on a going concern basis. The Consolidated Financial Statements are presented in thousand euros, which is the functional currency of the markets where the Group mainly operates. 1.2.4. DIRECTORS' ASSESSMENT ON THE ASSUMPTION OF BUSINESS CONTINUITY Based on the results of the current year and foreca sts for future years, the management believes that there are no factors rendering business continuity uncertain. In particular, the Group's financial strength and its cash and cash equivalents at the e nd of the year guarantee a high level of financial independence to support Moncler's operational needs and development programs. For 2026, business operations are fully guaranteed, both in terms of p roduct offerings across the various markets and distribution channels and in the ability to manage and organise business activities. 1.2.5. USE OF ESTIMATES AND VALUATIONS The preparation of the Consolidated Financial State ments and the related explanatory notes in conformity with IFRS requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disc losure of contingent assets and liabilities at the reporting date. The estimates and related assumptio ns are based on historical experience and other relevant factors. The actual results could differ f rom those estimates. The estimates and underlying assumptions are reviewed periodically and any varia tion is reflected in the consolidated income statement in the period in which the estimate is revised if the revision affects only that period or even in subsequent periods if the revision affects both current and future periods. In the event that management’s estimate and judgmen t have a significant impact on the amounts recognised in the Consolidated Financial Statements or in case that there is a risk of future adjustme nts on the amounts recognised for assets and liabilitie s in the period immediately after the reporting dat e, the following notes will include the relevant information. The estimates pertain mainly to the following captions of the Consolidated Financial Statements: Impairment of non-current assets and goodwill; Impairment of trade receivables (bad debt provision); Allowance for returns; Impairment of inventories (obsolescence provision);
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MONCLER GROUP – ANNUAL REPORT 2025 279 Recoverability of deferred tax assets; Provision for losses and contingent liabilities; Lease liabilities and right of use assets; Incentive systems and variable remuneration; IAS 29 hyperinflation; Financial liabilities for the purchase of minority interests; IFRIC 23: uncertainty over income tax treatments. Impairment of non-current assets and goodwill Non-current assets include property, plant and equi pment, intangible assets with indefinite useful lif e and goodwill, investments and other financial assets. Management periodically reviews non-current assets for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is estimated based on the present value of future cash flows expected to derive from the asset or fro m the sale of the asset itself, at a suitable disco unt rate. When the recoverable amount of a non-current asset is less than its carrying amount, an impairment loss is recognised immediately in profit or loss an d the carrying amount is reduced to its recoverable amount determined based on value-in-use calculation or its sale’s value in an arm’s-length transaction, with reference to the most recent Group business plan. For a description of the risks associated with the markets in which the Group operates and the general geopolitical and economic conditions, pleas e refer to the Main Risks section in the Board of Directors’ Report. Impairment of trade receivables The bad debt provision represents management’s best estimate of the probable loss for unrecoverable trade receivables. For the description of the criteria applied to estimate the bad debt provision, ple ase refer to paragraph 2.10 Financial instruments - Tra de receivables, financial assets and other current and non-current receivables. Allowance for returns The allowance for returns reflects management's bes t estimate of the asset arising from expected product returns and the associated liability for future refunds. Impairment of inventory The Group manufactures and sells mainly clothing go ods that are subject to changing consumer needs and fashion trends. As a result, it is necessary to consider the recoverability of the cost of invento ries and the related required provision. Inventory impai rment represents management’s best estimate for losses arising from the sales of aged products, tak ing into consideration their saleability through th e Group’s distribution channels.
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280 ANNUAL REPORT 2025 – MONCLER GROUP Recoverability of deferred tax assets The Group is subject to income taxes in numerous ju risdictions. Judgment is required in determining th e provision for income taxes in each territory. The G roup recognises deferred tax assets when it is expected that they will be realised within a period that is consistent with management estimates and business plans. Provision for losses and contingent liabilities The Group could be subject to legal and tax litigat ions arising in the countries where it operates. Litigation is inevitably subject to risk and uncert ainties surrounding the events and circumstances associated with the claims and associated with local legislation and jurisdiction. In the normal course of business, management requests advice from the Group legal consultants and tax experts. The recognition of a provision is based on management’s best estimate when an outflow of resources is probable to settle the obligation and the amount ca n be reliably estimated. In those circumstances where the outflow of resources is possible or the amount of the obligation cannot be reliably measured, the contingent liabilities are disclosed in the notes to Consolidated Financial Statements. Lease liabilities and right of use assets According to IFRS 16 accounting standard, with refe rence to multi-annual lease agreement, the Group recognises the asset for the right of use and the l iability for the lease. The asset for the right of use is initially valued at cost or at the present value of the rental costs provided by the contract, and the n subsequently at cost net of accumulated depreciatio n and impairment losses, and adjusted to reflect the revaluation of the lease liability. The Group values the lease liability at the present value of the payments due for unpaid leases at the effective date, discounting them using the interest rate determined taking into account the term of th e lease contracts, the currency in which they are den ominated, the characteristics of the economic environment in which the contract was stipulated and the credit adjustment. The lease liability is subsequently increased by th e interest accrued on this liability and decreased by the payments due for the lease made and is revalued in the event of a change in the future payments due for the lease deriving from a change in the ind ex or rate, in the event of a change in the amount that the Group expects to pay as a guarantee on the residual value or when the Group changes its valuation with reference to the exercise or otherwise of a purchase, extension or cancellation option. Lease contracts in which the Group acts as a lessee may provide for renewal options with effects, therefore, on the duration of the contract. Relative certainty that this option will (or won’t) be exercised can influence, even significantly, the amount of lease liabilities and right of use assets. Incentive systems and variable remuneration For the description of the determination of the fai r value of share-based incentive payments for the Moncler Group management, please see paragraph 2.13. The accounting policy adopted by the Group provides for the IFRS2 reserve to be released and reclassified as retained earnings when the Board of Directors resolves on the allocation of Moncler Rights to each beneficiary.
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MONCLER GROUP – ANNUAL REPORT 2025 281 IAS 29 Hyperinflation Furthermore, IAS 29, should have been applied for t he Turkish subsidiary starting from the financial statements as at 31 December 2022, as well as 31 De cember 2025, because Turkey continued to meet the criteria for a hyperinflationary economy during the year. However, the accounting effects of applying that accounting standard are not significa nt and thus have not been considered in the preparation of this Annual Report. Financial liabilities for the purchase of minority interests and IFRIC 23 For an estimate of financial liabilities related to the purchase of minority interests and IFRIC 23: uncertainty over income tax treatments see paragraphs 2.20 and 2.16. 1.3. IMPACT OF CLIMATE CHANGE ISSUES The Group defined a climate strategy aimed at reduc ing greenhouse gas (GHG) emissions, with the intention of positively contributing to the global goal of combating climate change, in line with the requirements of the Paris Agreement on climate. Thi s strategy, integrated into the Group's business model, includes medium and long-term objectives. In particular, the Group committed to reducing abso lute scope 1 and scope 2 CO2e emissions by 70% by 2030 (in line with the "1.5°C" ambition) and scope 3 CO2e emissions per unit of product sold by 52% compared to 2021 (in line with the "Well-Below 2°C" ambition). These objectives, submitted in 2022 and formally approved by the Science Based Targets initiative (SBTi) 1 were deemed consistent with the contribution required of companies to limit the max imum increase in global temperature compared to pre-industrial levels. In 2025, the Group conducted an internal analysis t o review its decarbonisation target for scope 3 emissions and align it with best practices that see a more virtuous commitment in the absolute target. This proposal is currently being assessed by the SB Ti. The scope 1 and scope 2 emissions target remain s unchanged, as the scope has not undergone significant changes. Furthermore, Moncler Group committed to achieving n et zero emissions (Net Zero 2) along the entire value chain by 2050. The main actions undertaken to achieve these objectives include: use of electricity from renewable sources (both purchased and self-generated); implementation of energy efficiency activities (Bui lding Management System - BMS, lighting systems, more efficient heating and cooling, improv ement of building thermal insulation, and promotion of environmental standards for buildings); adoption of low-emission vehicles in the Group's car fleet; obtaining LEED certifications for new stores 3 and new corporate buildings. 1 Promoted by CDP, United Nations Global Compact, Wo rld Resources Institute (WRI) and World Wide Fund f or Nature (WWF), the Science Based Targets initiative establishes and promotes best-practice in defining science-based targe ts, as well as assessing companies' objectives. 2 Achieving Net Zero involves the overall balance betwe en greenhouse gas (GHG) emissions produced and those abs orbed by ecosystems, through neutralisation mechanisms. Speci fically, to contribute to Net Zero, companies must r educe emissions and neutralise residual emissions.
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282 ANNUAL REPORT 2025 – MONCLER GROUP For Scope 3 emissions: progressive introduction of "preferred" materials in collections; promotion of regenerative agriculture projects; decarbonization of the supply chain through energy efficiency measures and the adoption of renewable energy sources. The impact of climate change has also been evaluate d in relation to estimates and assessments made in the financial statements. As of the reporting date, there are no significant effects on the figures presented in the Group's Consolidated Financial Statements. An Environmental, Social and Governance (ESG) indic ator was added to the Performance Share Plans starting from 2020 with a weight of 15% and which foresees the achieve ment of sustainability objectives. 3 Excluding Shop-in-shop.
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MONCLER GROUP – ANNUAL REPORT 2025 283 2. SUMMARY OF MATERIAL ACCOUNTING PRINCIPLES USED IN THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS The accounting principles set out below have been a pplied consistently for fiscal year 2025 and the prior year. 2.1. BASIS OF CONSOLIDATION The Consolidated Financial Statements comprise thos e of the Parent Company and its subsidiaries, of which the Parent owns, directly or indirectly, a ma jority of the voting rights and over which it exerc ises control, or from which it is able to benefit by virtue of its power to govern the subsidiaries’ financial and operating policies. The financial results of the subsidiaries are prepa red for the same reporting period as the Parent Company, using consistent accounting policies. Subsidiaries are consolidated from the date on whic h control is transferred to the Group and cease to be consolidated from the date on which control is t ransferred out of the Group. Where the Group loses control of a subsidiary, the Consolidated Financial Statements include the results for the portion of the reporting period during which the Parent Company ha d control. In the Consolidated Financial Statements, non-controlling interests are presented separately within equity and in the statement of income. Changes in the parent’s ownership interest, that do not result in a loss of control or changes that represent acquisition of non-controlling inter ests after the control has been obtained, are accounted for as changes in equity. In preparing the Consolidated Financial Statements, the effects, the balances as well as the unrealize d profit or loss recognised in assets resulting from intra-group transactions are fully eliminated. Investments in associates Investments in associates are accounted for using t he equity method whereas the initial recognition is stated at acquisition cost and adjusted thereafter for the post-acquisition change in the investor’s share of net assets. On acquisition of the investment any difference between the cost of the investment and the investor’s share of the net fair value of the a ssociate’s assets and liabilities is included in th e carrying amount of the investment. If the investor’s share of losses of the associate equals or exceeds its interest in the associate, the investor’s interest is reduced to zero and additional losses are provided for and a liability is recognised to the extent that th e investor has incurred a legal obligation or has t he intention to make payments on behalf of the associate. However, the accounting effects deriving from the a pplication of the above principle are not material and therefore have not been considered in the preparation of this Annual Report. 2.2. FOREIGN CURRENCY Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency).
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284 ANNUAL REPORT 2025 – MONCLER GROUP Transactions in foreign currencies Foreign currency transactions are recorded by apply ing the spot exchange rate at the date of the transaction. Monetary assets and liabilities denomi nated in foreign currencies, which are held at year - end, are translated into the functional currency at the exchange rate ruling at the reporting date. Exchange differences arising on the settlement on t he translation of monetary transactions at a rate different from those at which they were translated at initial recognition are recognised in the consolidated income statement in the period in which they arise. Translation of the results of overseas businesses Assets and liabilities of overseas subsidiaries inc luded in the Consolidated Financial Statements are translated into the Group’s reporting currency of E uros at the exchange rate ruling at the reporting date. Income and expenses are translated at the ave rage exchange rate for the reporting period, as it is considered to approximate at best the actual exc hange rate at the transaction date. Differences arising on the adoption of this method are recognis ed separately in other comprehensive income and are presented in a separate component of equity as translation reserve until disposal of the foreign operation. Goodwill and fair value adjustments aris ing on the acquisition of a foreign operation are treated as assets and liabilities of the foreign op eration and translated at the exchange rate ruling at the reporting date. The main exchange rates used to convert into Euro t he Consolidated Financial Statements of foreign subsidiaries as at and for the years ended 31 December 2025 and 31 December 2024 are as follows:
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MONCLER GROUP – ANNUAL REPORT 2025 285 Average rate Rate at the end of the period Year 2025 Year 2024 As at 31 December 2025 As at 31 December 2024 AED 4.149900 3.975000 4.315200 3.815400 AUD 1.751800 1.639700 1.758100 1.677200 BRL 6.307200 5.828300 6.436400 6.425300 CAD 1.578700 1.482100 1.608800 1.494800 CHF 0.937000 0.952600 0.931400 0.941200 CNY 8.118500 7.787500 8.226200 7.583300 CZK 24.687900 25.119800 24.237000 25.185000 DKK 7.463400 7.458900 7.468900 7.457800 GBP 0.856790 0.846620 0.872600 0.829180 HKD 8.810400 8.445400 9.146400 8.068600 HUF 397.767500 395.303900 385.150000 411.350000 JPY 169.043500 163.851900 184.090000 163.060000 KRW 1,605.450000 1,475.400000 1,696.940000 1,532.150000 KZT 589.530000 507.910000 592.330000 544.980000 MOP 9.074600 8.698800 9.420800 8.310700 MXN 21.670500 19.831400 21.118000 21.550400 MYR 4.833900 4.950300 4.768200 4.645400 NOK 11.717300 11.629000 11.843000 11.795000 NZD 1.942200 1.788000 2.038000 1.853200 PLN 4.239700 4.305800 4.221000 4.275000 RON 5.042400 4.974600 5.096800 4.974300 RUB 94.306600 100.187300 92.093800 106.102800 SEK 11.066300 11.432500 10.821500 11.459000 SGD 1.475600 1.445800 1.510500 1.416400 TRY 44.816100 35.573400 50.483800 36.737200 TWD 35.148800 34.748300 36.862000 34.056600 UAH 47.109800 43.490100 49.794700 43.685500 USD 1.130000 1.082400 1.175000 1.038900 2.3. BUSINESS COMBINATIONS Business combinations are accounted under the acquisition method. Under this method, the identifiable assets acquired and the liabilities assumed are measured initially at their acquisition-date fair values. The costs incur red in a business combination are accounted as expenses in the periods in which the services are rendered. Goodwill is determined as the excess of the aggrega te of the considerations transferred, of any non- controlling interests and, in a business combination achieved in stages, the fair value of previously held equity interest in the acquiree compared to the net amounts of fair value of assets transferred and liabilities assumed at the acquisition date. If the fair value of the net assets acquired is greater than the acquisition cost, the difference is recognised directly in the statement of income at the acquisition date. Non-controlling interests could be measured either at their fair value at the acquisition date or at t he non-controlling interests’ proportionate share of t he identifiable net assets. The election of either method is done for each single business combination.
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286 ANNUAL REPORT 2025 – MONCLER GROUP If the initial accounting for a business combinatio n is incomplete by the end of the reporting period in which the combination occurred, the Group shall report in the financial statements provisional amounts for the items for which the accounting is incomplet e. During the measurement period, that shall not exceed one year from the acquisition date, the prov isional amounts are retrospectively adjusted to reflect new information obtained about facts and ci rcumstances that existed at the acquisition date and, if known, would have affected the measurement of assets and liabilities recognised at that date. 2.4. NON-CURRENT ASSETS AVAILABLE FOR SALE AND DISCONTIN UED OPERATIONS Non-current assets available for sale and discontin ued operations are classified as available for sale when their values are recoverable mainly through a probable sale transaction. In such conditions, they are valued at the lower of their carrying value or fair value, net of cost to sell if their value is m ainly recoverable through a sale transaction instead of continued use. Discontinued operations are operations that: include a separate line of business or a different geographical area; are part of a single coordinated plan for the dispo sal of a separate major line of business or geographical area of activity; consist of subsidiaries acquired exclusively for the purpose of being sold. In the consolidated income statement, non-current a ssets held for sale and disposal groups that meet the requirements of IFRS 5 to be defined as "discontinued operations", are presented in a single caption that includes both gains and losses, as well as losses or gains on disposal and the related tax effect. The comparative period is subsequently restated in accordance with IFRS 5. As far as the financial position is concerned, non- current assets held for sale and disposal groups th at meet the requirements of IFRS 5 are reclassified as current assets and liabilities in the period in wh ich such requirements arise. The comparative financial statements are not restated or reclassified. 2.5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at acquisi tion or manufacturing cost, not revalued net of accumulated depreciation and impairment losses ("im pairment"). Cost includes original purchase price and all costs directly attributable to bringing the asset to its working condition for its intended use. Depreciation Depreciation of property, plant and equipment is ca lculated and recognised in the consolidated income statement on a straight-line basis over the estimated useful lives as reported in the following table:
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MONCLER GROUP – ANNUAL REPORT 2025 287 Category Depreciation period Land No depreciation Buildings From 10 to 33 years Plant and equipment From 6 to 12 years Fixtures and fittings From 5 to 10 years Electronic machinery and equipment From 3 to 5 years Leasehold improvements Useful life of improvements Rights of use Lease period Other fixed assets Depending on market conditions generally within the expected utility to the entity Leased assets are depreciated over the shorter of t he lease term and their useful lives unless it is reasonably certain that the Group will take ownership of the asset by the end of the lease term. Depreciation period is reviewed at each reporting period and adjusted if appropriate. Gain/losses on the disposal of property, plant and equipment Gains and losses on the disposal of property, plant and equipment represent the difference between the net proceeds and net book value at the date of sale. Disposals are accounted when the relevant transaction becomes unconditional. 2.6. INTANGIBLE ASSETS Goodwill Goodwill arising from business combination is initi ally recognised at the acquisition date as describe d in the notes related to “Business combinations”. Goodwill is included within intangible assets with an indefinite useful life, and therefore, is not amortised but subject to impairment test performed annually or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. After the initial recognition, goodwill is measured at acquisition cost less accumulated impairment. As part of the IFRS first time adoption, the Group chose not to apply IFRS 3 “Business combinations” retrospectively regarding acquisitions made prior to the transition date (1 January 2009); consequently, goodwill resulting from acquisitions prior to the t ransition date to IFRS is still recorded under Ital ian GAAP, prior to any eventual impairment. For further details please refer to note 2.7 "Impairment of non-financial assets". Brands Separately acquired brands are shown at historical cost. Brands acquired in a business combination are recognised at fair value at the acquisition date. Brands have an indefinite useful life and are carri ed at cost less accumulated impairment. Brands are not amortised but subject to impairment test perfor med annually or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. For further details please refer to note 2.7 "Impairment of non-financial assets".
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288 ANNUAL REPORT 2025 – MONCLER GROUP Intangible assets other than goodwill and brands License rights are capitalised as intangible asset and amortised on a straight-line basis over their useful economic life. The useful economic life of license rights is determined on a case-by-case basis, in accordance with the terms of the underlying agreement. Key money are capitalised in connection with the op ening of new directly operated store (“DOS”) based on the amount paid. Key money in general have a definite useful life which is generally in line with the lease and as such are accounted for together with the related rights of use pursuant to IFRS 16. However, in certain circumstances, key money have a n indefinite useful life on the basis of legal protection or common practice that can be found in jurisdictions or markets that state that a refund could be received at the end of the lease period. I n these limited cases key money are not amortised but subject to impairment test at least annually in accordance with what set out in the note related t o impairment of non-financial assets. Software (including licenses and separately identif iable external development costs) is capitalised as intangible assets at purchase price, plus any direc tly attributable cost of preparing that asset for i ts intended use. Software and other intangible assets that are acquired by the Group and have definite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation of intangible assets with a definite useful life Intangible assets with a definite useful life are a mortised on a straight line basis over their estima ted useful lives as described in the following table: Category Depreciation period License rights Based on market conditions within the licence period or legal limits to use the asset Key money Based on market conditions generally within the lease period Software From 3 to 5 years Order backlog Based on fulfillment of the order backlog identified in PPA Other intangible assets Based on market conditions generally within the period of control over the asset 2.7. IMPAIRMENT OF NON-FINANCIAL ASSETS At least once a year the Group verifies whether the re is any indication that intangible assets with a definite useful life and property, plant and equipm ent have become impaired. If such evidence exists, the carrying amount of the assets is reduced to its recoverable amount. Goodwill and assets with an indefinite useful life are not subject to amortisation and are tested annually or more frequently for impairment, wheneve r events or changes in circumstance indicate that the carrying amount may not be recoverable. When the recoverable amount for individual asset ca nnot be reliably estimated, the Group determines the recoverable amount of the cash-generating unit (“CGU”) to which the asset belongs. The recoverable amount is the higher of an asset’s fair value less costs to sell and value-in-use. The Gro up determines the value in use as the present value of future cash flows expected to be derived from the asset or from the cash-generating unit, gross of ta x effects, by applying an appropriate discount rate that reflects market time value of money and the ri sks inherent to the asset. An impairment loss is recognised for the amount by which the carrying amount exceeds its recoverable amount.
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MONCLER GROUP – ANNUAL REPORT 2025 289 With the exception of impairment losses recognised on goodwill, when the circumstances that led to the loss no longer exist, the carrying amount of the asset is increased to its recoverable amount and cannot exceed the carrying amount that would have been det ermined had there been no loss in value. The reversal of an impairment loss is recognised immediately in the consolidated income statement. As of 2019, IFRS 16 requires the recognition of a r ight of use asset and a liability for the obligatio n to pay rent in the financial statements. Any impairment of the asset for the right of use must be calcula ted and recognised in accordance with the provisions of IAS 36. For the purpose of any impairment test on rights of use and other assets with a definite useful life t o Moncler and Stone Island business, the following CG Us have been identified, which coincide with the organisational units responsible for monitoring individual markets (“Regions”): - EMEA; - Americas; - APAC; - Mainland China; - Japan; - Korea. The fixed assets of each individual CGU is subject to impairment tests in the presence of triggering events (for the individual CGU) identified by a possible impairment and signalled by the following key performance indicators: - divestment plans; - below expectation performance indicators; - operational losses. The impairment test is carried out with the following methods: - calculation of the CGU's recoverable amount, includ ing the carrying value of the lease liability from the gross value in use; - comparison of the CGU's recoverable value with the carrying value, the latter also calculated considering the carrying value of the lease liability. In calculating the value in use, the discount rate used is the WACC for the geographical area to which it belongs, the aggregate value of which determines the Group WACC. With regard to goodwill and the Moncler and Stone I sland brands, impairment testing is carried out with reference to the flows expected from the m anagement of the entire business relating to each of the two brands. 2.8. LEASED ASSETS On 13 January 2016, the IASB published the new stan dard IFRS 16 Leases, which replaces IAS 17. This standard was endorsed by the European Union, with i ts publication on 9 November 2017. IFRS 16 is effective for financial statements commencing on or after 1 January 2019. The new standard eliminates the difference in the recognition of operating and finance leases, even despite elements that simplify its adoption, and introduces the concept of control in the definition of a lease. To determine whether a contract is a lease, IFRS 16 establishes that the c ontract must convey the right to control the use of an identified asset for a given period of time.
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290 ANNUAL REPORT 2025 – MONCLER GROUP At the lease commencement date, the Group recognise s the right of use asset and lease liability. The right of use asset is initially valued at cost, including the amount of the initial measurement of the lease liability, adjusted for the rent payments made on o r before the commencement date, increased by the initial direct costs incurred and an estimate of co sts to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site o n which it is located or restoring the underlying a sset to the condition required by the terms and conditions of the lease, net of the received lease incentives. The right of use asset is amortised on a straight-l ine basis from the commencement date to the end of the lease term, unless the lease transfers ownershi p of the underlying asset to the Group at the end o f the lease term. In this case, the right of use asse t will be amortised over the useful life of the und erlying asset, determined on the same basis as that of prop erty and machinery. In addition, the right of use asset is regularly decreased for any impairment los ses and adjusted to reflect any changes deriving from subsequent remeasurement of the lease liability. The Group values the lease liability at the present value of the payments due for unpaid leases at the commencement date, discounting them using the interest rate implicit in the lease. The payments due for the lease included in the measurement of the lease liability include: fixed payments (including substantially fixed payments); payments due for lease which depend on an index or rate, initially measured using an index or rate on the commencement date; amounts that are expected to be paid as a residual value guarantee; and the payments due for the lease in an optional renew al period if the Group is reasonably certain to exercise the renewal option, and early terminati on cancellation penalties, unless the Group is reasonably certain not to terminate the lease in advance. The lease liability is measured at amortised cost using the effective interest criterion and remeasured in the event of a change in the future payments due fo r the lease deriving from a change in the index or rate, in the event of a change in the amount that t he Group expects to pay as a guarantee on the residual value or when the Group changes its measur ement with reference to the exercise or otherwise of a purchase, extension or cancellation option or in the event of revision of in-substance fixed payments due. When the lease liability is remeasured, the lessee makes a corresponding change in right of use asset. If the right of use asset carrying value is reduced to zero, the lessee recognises the change in profit/( loss) for the year. In the statement of financial position, the Group r eports right of use assets that do not meet the definition of real estate investments in the item P roperty, plant and equipment and lease liabilities in the item Borrowings. For contracts signed before 1 January 2019, the Gro up establishes whether the agreement was or contained a lease by checking if: fulfilment of the agreement depended on the use of one or more specific assets; and the agreement transferred the right to use the asset. Other assets subject to leases is classified as ope rating leases and is not recognised in the Group's statement of financial position. Payments relating to operating leases were recognised as a straight- line cost over the lease term, while incentives granted to the lessee were recognised as an integral part of the overall lease cost over the lease term.
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MONCLER GROUP – ANNUAL REPORT 2025 291 2.9. INVENTORY Raw materials and work in progress are valued at th e lower of purchase or manufacturing cost calculated using the weighted average cost method a nd net realisable value. The weighted average cost includes directly attributable expenditures fo r raw material inventories and labour cost and an appropriate portion of production overhead based on normal operating capacity. Provisions are recorded to reduce cost to net reali sable value taking into consideration the age and condition of inventory, the likelihood to use raw m aterials in the production cycle as well as the saleability of finished products through the Group’s distribution channels (outlet and stock). 2.10. FINANCIAL INSTRUMENTS Trade receivables and debt securities issued are re cognised when they are originated. All other financial assets and liabilities are initially reco gnised at the trade date, i.e., when the Group beco mes a contractual party to the financial instrument. Except for trade receivables that do not comprise a significant financing component, financial assets are initially measured at fair value plus or minus, in the case of financial assets or liabilities not measured at FVTPL, the transaction costs directly attributable to the acquisition or issue of the financial asset. At the time of initial recognition, trade re ceivables that do not have a significant financing component are valued at their transaction price. On initial recognition, a financial asset is classi fied based on its valuation: at amortised cost, at fair value through other comprehensive income (FVOCI) an d at fair value through profit/(loss) for the period (FVTPL). Financial assets are not reclassified after initial recognition, unless the Group changes its business model for managing financial assets. In that case, all the financial assets concerned are reclassified on the first day of the first reporting period following the change in business model. A financial asset shall be measured at amortised co st if both of the following conditions are met and if it is not designated at FVTPL: the financial asset is held as part of a business m odel whose objective is to hold the financial assets in order to collect the related contractual cash flows; and the contractual terms of the financial asset provid e for cash flows at certain dates consisting solely of payments of principal and interest on the amount of principal to be repaid. At the time of subsequent measurement, assets belonging to this category are valued at amortised cost, using the effective interest rate. The effects of m easurement are recognised among the financial income components. These assets are also subject to the impairment model described in the paragraph Trade receivables, financial assets and other current and non-current receivables. A financial asset shall be measured at FVOCI if bot h of the following conditions are met and if it is not designated at FVTPL: the financial asset is held as part of a business m odel whose objective is achieved both through the collection of the contractual cash flows and through the sale of the financial assets; and the contractual terms of the financial asset provid e for cash flows at certain dates consisting solely of payments of principal and interest on the amount of principal to be repaid. On initial recognition of a security not held for t rading, the Group may make an irrevocable choice to present subsequent changes in fair value in the oth er components of the comprehensive income statement. This choice is made for each asset.
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292 ANNUAL REPORT 2025 – MONCLER GROUP At the time of subsequent measurement, the measurem ent made at the time of recognition is updated and any changes in fair value are recognised in the statement of comprehensive income. As for the category above, these assets are subject to the imp airment model described in the paragraph Trade receivables, financial assets and other current and non-current receivables. All financial assets not classified as valued at am ortised cost or at FVOCI, as indicated above, are valued at FVTPL. All derivative financial instruments are included. On initial recognition, the Group may irrevocably d esignate the financial asset as measured at fair value through profit/(loss) for the period if this eliminates or significantly reduces a misalignment in accounting that would otherwise result from measuri ng the financial asset at amortised cost or at FVOCI. At the time of subsequent measurement, financial as sets measured at FVTPL are valued at fair value. Gains or losses arising from changes in fair value are recognised in the consolidated income statement in the period in which they are recognised under financial income/expenses. Financial assets are derecognised from the financia l statements when the contractual rights to receive cash flows from them expire, when the contractual r ights to receive cash flows from a transaction in which all the risks and rewards of ownership of the financial asset are materially transferred or when the Group neither transfers nor retains materially all the risks and rewards of ownership of the financial asset and does not retain control of the financial asset. Financial liabilities are classified as valued at a mortised cost or at FVTPL. A financial liability is classified at FVTPL when it is held for trading, it represents a derivative or is designated as such o n initial recognition. Financial liabilities at FVTPL are measured at fair value and any changes, includ ing interest expense, are recognised in profit or loss for the period. Other financial liabilities are measured at amortised cost using the effective interest method. Interest expense and exchange rate gains/(losses) are recognised in profit/(loss) for the period, as are any gains or losses from derecognition. The Group’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, other current and non-current ass ets and liabilities, investments, borrowings and derivative financial instruments. Cash and cash equivalents Cash and cash equivalents include cash and short-term deposits held with banks and most liquid assets that are readily convertible into cash and that hav e insignificant risk of change in value. Bank overdrafts are recorded under current liabilities o n the Group’s consolidated statement of financial position. Trade receivables, financial assets and other current and non-current receivables Trade and other receivables, generated when the Gro up provides money, goods or services directly to a third party, are classified as current assets, ex cept for items with maturity dates greater than twe lve months after the reporting date. Current and non-current financial assets, other cur rent and non-current assets, trade receivables, excluding derivatives, with fixed maturity or deter minable payment terms, are recognised at amortised cost calculated using the effective interest method. When financial assets do not have a fixed maturit y, they are valued at cost. Notes receivable (due date greater than a year) with interest rate below that of the market rate are valued using the current market rate. The financial assets listed above are valued based on the impairment model introduced by IFRS 9 or by adopting an expected loss model, replacing the IAS 39 framework, which is typically based on the valuation of the incurred loss.
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MONCLER GROUP – ANNUAL REPORT 2025 293 For trade receivables, the Group adopts the so-call ed simplified approach, which does not require the recognition of periodic changes in credit risk, but rather the accounting of an Expected Credit Loss ("ECL") calculated over the entire life of the credit (so-called lifetime ECL). In particular, the policy implemented by the Group provides for the stratification of trade receivable s based on the days past due and an assessment of the solvency of the counterparty and applies different write-down rates that reflect the relative expectations of recovery. The Group then applies an analytical valuation of impaired receivables based on a debtor’s reliability and ability to pay the du e amounts. The value of receivables is shown in the statement of financial position net of the related bad debt provision. Write-downs, made in accordance with IFR S 9, are recognised in the consolidated income statement net of any positive effects associated with reversals of impairment. Financial liabilities, trade payables and other current and non-current payables Trade and other payables arise when the Group acqui res money, goods or services directly from a supplier. They are included within current liabilit ies, except for items with maturity dates greater t han twelve months after the reporting date. Financial liabilities, excluding derivatives, are r ecognised initially at fair value which represents the amount at which the asset was bought in a current t ransaction between willing parties, and subsequently measured at amortised cost using the e ffective interest method. Financial liabilities tha t are designated as hedged items are subject to the hedge accounting requirements. Derivatives instruments Consistent with the provisions of IFRS 9, derivativ e financial instruments may be accounted for using hedge accounting only when: the hedged items and the hedging instruments meet the eligibility requirements; at the beginning of the hedging relationship, there is a formal designation and documentation of the hedging relationship, of the Group's risk management objectives and the hedging strategy; the hedging relationship meets all of the following effectiveness requirements: o there is an economic relationship between the hedge d item and the hedging instrument; o the effect of credit risk is not dominant with resp ect to the changes associated with the hedged risk; o the hedge ratio defined in the hedging relationship is met, including through rebalancing actions, and is consistent with the ris k management strategy adopted by the Group . Fair value hedge A derivative instrument is designated as fair value hedge when it hedges the exposure to changes in fair value of a recognised asset or liability, that is attributable to a particular risk and could aff ect profit or loss. The gain or loss on the hedged item , attributable to the hedged risk, adjusts the carr ying amount of the hedged item and is recognised in the consolidated income statement .
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294 ANNUAL REPORT 2025 – MONCLER GROUP Cash flow hedge When a derivative financial instrument is designate d as a hedging instrument for exposure to variability in cash flows, the effective portion of changes in fair value of the derivative financial instrument is recognised among the other components of the comprehensive income statement and stated in the cash flow hedge reserve. The effectiv e portion of changes in fair value of the derivativ e financial instrument that is recognised in the other components of the comprehensive income statement is limited to the cumulative change in the fair val ue of the hedged instrument (at present value) sinc e the inception of the hedge. The ineffective portion of changes in fair value of the derivative financi al instrument is recognised immediately in the profit/(loss) for the period. If the hedge ceases to meet the eligibility criteri a or the hedging instrument is sold, matures or is exercised, hedge accounting ceases prospectively. W hen hedge accounting for cash flow hedges ceases, the accrued amount in the cash flow hedge r eserve remains in equity until, in the case of a hedge of a transaction that results in the recognit ion of a non-financial asset or non-financial liabi lity, it is included in the cost of the non-financial ass et or non-financial liability on initial recognitio n or, in the case of other cash flow hedges, it is reclassified in profit or loss for the period in the same pe riod or periods in which the hedged expected future cash flows affects profit/(loss) for the period. If no more hedged future cash flows are expected, t he amount shall be reclassified immediately from the cash flow hedge reserve and the reserve for hedging costs to profit/(loss) for the period. If hedge accounting cannot be applied, gains or los ses, arising from the fair value measurement of a derivative financial instrument, are immediately recognised in income statement. Following the hedging relationships put in place, r evenues in foreign currencies are translated in the consolidated financial statements at the corresponding forward rate for the relative hedged volume. 2.11. EMPLOYEE BENEFITS Short-term employee benefits, such as wages, salari es, social security contributions, paid leave and annual leave due within twelve months of the consol idated statement of financial position date and all other fringe benefits are recognised in the year in which the service is rendered by the employee. Benefits granted to employees, which are payable on or after the termination of employment through defined benefit and contribution plans, are recognised over the vesting period . Defined benefit schemes Defined benefit schemes are retirement plans determ ined based on employees’ remuneration and years of service. The Group obligation to contribute to employees’ benefit plans and the related current service cost are determined by using an actuarial valuation defined as the projected unit credit method. The cumulative net amount of all actuarial gains and losses are re cognised in equity within other comprehensive income. The amount recognised as a liability under the defi ned benefit plans is the present value of the relat ed obligation, taking into consideration expenses to b e recognised in future periods for employee service in prior periods. Defined contribution schemes Contribution made to a defined contribution plan is recognised as an expense in the income statement in the period in which the employees render the related service.
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MONCLER GROUP – ANNUAL REPORT 2025 295 Up to 31 December 2006 Italian employees were eligi ble to defined benefit schemes referred as post- employment benefit (“TFR”). With the act n. 296 as of 27 December 2006 and subsequent decrees (“Pension Reform”) issued in early 2007, the rules and the treatment of TFR scheme were changed. Starting from contribution vested on or after 1 Jan uary 2007 and not yet paid at the reporting date, referring to entities with more than 50 employees, Italian post-employment benefits is recognised as a defined contribution plan. The contribution vested up to 31 December 2006 is still recognised as a defined benefit plan and accounted for using actuarial assumptions. 2.12. PROVISION FOR RISKS AND CHARGES Provisions are recognised when the Group has a pres ent legal or constructive obligation as a result of past events, for which it is probable that an outfl ow of economic resources will be required to settle the obligation and where the amount of the obligation can be reliably estimated. Restructuring provision is recognised when the Grou p has a detailed formal restructuring plan and the plan has been implemented or the restructuring plan has been publicly announced. Identifiable future operating losses up to the date of a restructuring are not included in the provision. Changes in estimates are recognised in the income statement in the period in which they occur. 2.13. SHARE-BASED PAYMENTS The fair value at grant date of the incentives gran ted to employees in the form of share-based payments, that are equity settled, is usually inclu ded in expenses with a matching increase in equity over the period during which the employees obtain t he incentives rights. The amount recognised as an expense is adjusted to reflect the actual number of incentives for which the continued service conditions are met and the achievement of non-market condition s, so that the final amount recognised as an expense, is based on the number of incentives that fulfil these conditions at the vesting date. In case the incentives granted as share-based payments whose conditions are not to be considered to maturity, the fair value at the grant date of the share-based pay ment is measured to reflect such conditions. With reference to the non-vesting conditions, any differ ence between amounts at the grant date and the actual amounts will not have any impact on the Consolidated Financial Statements. The fair value of the amount payable to employees related to share appreciation rights, settled in cash, is recognised as an expense with a corresponding in crease in liabilities over the period during which the employees unconditionally become entitled to re ceive the payment. The liability is measured at year-end and the settlement date based on the fair value of the share appreciation rights. Any changes in the fair value of the liability are recognised in profit or loss for the year. 2.14. REVENUE RECOGNITION Based on the five-step model introduced by IFRS 15, the Group recognises revenues after identifying the contracts with its clients and the related services to be provided (transfer of goods and/or services), determining the consideration which it believes it is entitled to in exchange for the provision of eac h of these services and assessing the manner in which th ese services are provided (at a given time or over time). Wholesale sales are recognised when goods are dispa tched to trade customers, reflecting the transfer of risks and rewards. The provision for returns and discounts, recorded as a revenue adjustment, is estimated and accounted based on future expectation , taking into consideration historical return trends and is recorded as a variable component of t he contractual consideration with the concurrent
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296 ANNUAL REPORT 2025 – MONCLER GROUP recognition of a liability for returns and of the c orresponding asset in the statement of financial position. Variable components of the consideration (for examp le, the effect of returns) are recognised in the financial statements only when it is highly probabl e that there will be no significant adjustment to t he amount of revenue recognised in the future. Retail sales are recognised at the date of transactions with final customers. Royalties received from licensee are accrued as earned on the basis of the terms of the relevant royalty agreement which is typically based on sales volumes. Upon receipt of an advance payment from a client, t he Group recognises the amount of the advance payment for the obligation to transfer assets in th e future under Other current liabilities and derecognises this liability by recognising the revenue when the assets are transferred. 2.15. BORROWING COSTS Borrowing costs are recognised on an accrual basis taking into consideration interest accrued on the net carrying amount of financial assets and liabilities using the effective interest rate method. 2.16. TAXATION Tax expense, recognised in the consolidated income statement, represents the aggregated amount related to current tax and deferred tax. Current taxes are determined in accordance with enf orced rules established by local tax authorities. Current taxes are recognised in the consolidated in come statement for the period, except to the extent that the tax arises from transactions or events whi ch are recognised directly either in equity or in o ther comprehensive income. Deferred tax liabilities and assets are determined based on temporary taxable or deductible differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group Consolidated Financial Statements. Current an d deferred tax assets and liabilities are offset when income taxes are levied by the same tax author ity and when there is a legally enforceable right to offset the amounts. Deferred tax liabilities and assets are determined using tax rates that have been enacted by the reporting date and are expected to be enforced when the related deferred income tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are not discounted. Deferred tax assets recognised on tax losses and on deductible differences are recognised to the extent that it is probable that future taxable profits wil l be available against which the temporary differen ces can be utilised. Tax liabilities include the estimate of risks assoc iated with uncertainties on the tax treatments adop ted for determining income taxes in accordance with the new IFRIC 23. These uncertainties can arise from: i) unclear or complex tax rules; ii) changes in tax regulations or clarifications by tax authorities; iii) ongoing tax audits and/or disputes; iv) public info rmation on ongoing tax assessments and/or disputes involving other entities.
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MONCLER GROUP – ANNUAL REPORT 2025 297 2.17. EARNINGS PER SHARE The Group presents the basic and diluted earnings p er share. The basic earnings per share is calculated by dividing the profit or loss attributable to holders of the Company shares by the weighte d average of the number of shares for the financial year (defined as equal to the share capital), adjusted to consider any treasury shares held. The diluted e arnings per share is calculated by adjusting the profit or loss attributable to shareholders and the weighted average of the number of company shares as defined above, to consider the effects of all potential shares with a dilution effect. 2.18. SEGMENT INFORMATION For the purposes of IFRS 8 Operating Segments, the Group's business can be classified to two operating segments, relating to the Moncler and the Stone Isl and business, aggregated into a single segment, with similar characteristics to those required by the Standard. It should be noted that the two brands, Moncler and Stone Island, have a similar economic and commercial profile and jointly represent 100% of th e Group’s revenues. The main economic indicators measured to determine that the operating segments, Moncler and Stone Island, have similar characteristics are: • long-term financial performance (in particular, t he average gross margin) • currency risks, competition risks, operational ri sks and financial risks. In addition, Moncler and Stone Island offer product s of a similar nature, with similar production processes and customers, and use the same distribution channels. Therefore, a single information segment has been identified at 31 December 2025, as in previous years. Revenues Detailed information on revenues by distribution ch annel and by geographical area for each brand, together with the related comments, is provided in section 4.1. Geographical information With regard to the breakdown by geographical area o f fixed assets, it is specified that the assets recorded under the “Trademarks and other intangible assets” item and under the “Goodwill” item, which represent 48% of the total (EUR 1,712 million ), are mainly located in Italy. Tangible assets mai nly relate to investments in the store network and ther efore the location reflects the territorial structu re of the network. 2.19. FAIR VALUE IFRS 13 is the only point of reference for the fair value measurement and related disclosures when suc h an assessment is required or permitted by other sta ndards. Specifically, the principle defines fair va lue as the consideration received for the sale of an asset or the amount paid to settle a liability in a regular transaction between market participants at the meas urement date. In addition, the new standard replaces and provides for additional disclosures re quired in relation to fair value measurements by other accounting standards, including IFRS 7. IFRS 13 establishes a hierarchy that classifies wit hin different levels the inputs used in the valuati on techniques necessary to measure fair value. The levels, presented in a hierarchical order, are as follows:
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298 ANNUAL REPORT 2025 – MONCLER GROUP level 1: Fair values measured using quoted prices ( unadjusted) in active markets for identical assets or liabilities; level 2: it Fair values measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either d irectly (i.e. as prices) or indirectly (i.e. derive d from prices); level 3: Fair values measured using inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). 2.20. PUT AND CALL AGREEMENTS WITH MINORITY SHAREHO LDERS The Group records, in the caption short-term and long-term borrowings, the financial liabilities relating to put options granted to minority shareholders at the present value of the option exercise price. On the initial recognition of the liability, this value is reclassified from equity by reducing the minority share if the terms and conditions of the put option give the Group access to the economic benefits associated with the share of the capital option. The Group acc ounts for this share as if it had already been purchased in application of the anticipated interes t method. According to IAS 32, the recognised financial liability is equal to the best estimate o f the option’s strike price and is subsequently remeasured at each closing date in accordance with IFRS 9. The accounting policy adopted by the Group provides for the recognition to equity of any change in the value of the liability. 2.21. ACCOUNTING STANDARDS AND RECENTLY PUBLISHED I NTERPRETATIONS Accounting standards, amendments and interpretations effective from 1 January 2025 TITLE ISSUE DATE EFFECTIVE DATE ENDORSMENT DATE EU REGULATION AND DATE OF PUBLICATION Lack of Exchangeability (Amendment to IAS 21) August 2023 1 January 2025 12 November 2024 (UE) 2024/2862 13 November 2024 The adoption of this amendment had no impacts on the Group's consolidated financial statements. New standards and interpretations not yet effective and not early adopted by the Group At the date when these annual financial statements were prepared, the European Union's competent authorities concluded the approval process needed f or the adoption of the accounting standards and amendments described below. With reference of the a pplicable principles, the Group has decided not to exercise the option of the early adoption, if applicable.
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MONCLER GROUP – ANNUAL REPORT 2025 299 TITLE ISSUE DATE EFFECTIVE DATE ENDORSMENT DATE EU REGULATION AND DATE OF PUBLICATION Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) May 2024 1 January 2026 27 May 2025 (EU) 2025/1047 28 May 2025 Contracts Referencing Nature-dependent Electricity – Amendment to IFRS 9 and IFRS 7 December 2024 1 January2026 30 June 2025 (EU) 2025/1266 1 July 2025 Annual improvements – Volume 11 (Amendments to IAS 7 and IFRS 1, 7, 9, 10) July 2024 1 January2026 9 July 2025 (EU) 2025/1331 10 July 2025 We do not expect to see any significant effects on the Group’s consolidated financial statements, from adopting these amendments. In addition, at the date of these financial stateme nts, the competent bodies of the European Union had not yet completed their endorsement process for the following accounting standards and amendments: TITLE ISSUE DATE EFFECTIVE DATE OF IASB DOCUMENT APPROVAL DATE BY EU Standards IFRS 14 Regulatory deferral accounts January 2014 1 January 2016 Postponed pending the conclusion of the IASB project on “rate-regulated activities”. IFRS 18 Presentation and disclsoure in financial statements April 2024 1 January 2027 Q1 2026 IFRS 19 Subsidiaries without public accountability: disclosures May 2024 1 January 2027 TBD Amendments Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 and IAS 28) September 2014 Available for optional adoption/effective date deferred indefinitely Postponed pending the conclusion of IASB project on the equity method Amendments to IFRS 19 Subsidiaries without public accountability: disclosures August 2025 1 January 2027 TBD Translation to a hyperinflationary presentation currency (Amendments to IAS 21) November 2025 1 January 2027 TBD
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300 ANNUAL REPORT 2025 – MONCLER GROUP Disclosures about Uncertainties in the Financial Statements (Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37) November 2025 N/A Material accompanying IFRS Accounting Standards (i.e., Implementation Guidance, Illustrative Examples) is not an integral part of the Standards and, consequently, the related amendments are not subject to EU endorsement. The Group will comply with these new standards and amendments based on their relevant effective dates when endorsed by the European Union. The directors are currently evaluating the possible effects of the introduction of IFRS 18. They did n ot expect to see any significant effects on the Group’ s Consolidated Financial Statements from adopting the other standards and amendments.
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MONCLER GROUP – ANNUAL REPORT 2025 301 3. SCOPE FOR CONSOLIDATION As at 31 December 2025 the Consolidated Financial S tatements of the Moncler Group include the figures, on a line-by-line basis, of the parent com pany Moncler S.p.A. and 54 subsidiaries, as detaile d in the following table: Investments (in associates for consolidation) Registered office Share capital Currency % of ownership Parent company Moncler S.p.A. Milan (Italy) 54,961,191 EUR Industries S.p.A. Milan (Italy) 15,000,000 EUR 100.00% Moncler S.p.A. Moncler Deutschland GmbH Munich (Germany) 700,000 EUR 100.00% Industries S.p.A. Moncler España S.L. Barcelona (Spain) 50,000 EUR 100.00% Industries S.p.A. Moncler Asia Pacific Ltd Hong Kong (China) 300,000 HKD 100.00% Industries S.p.A. Moncler France S.à.r.l. Paris (France) 8,000,000 EUR 100.00% Industries S.p.A. Moncler USA Inc New York (USA) 9,001,000 USD 100.00% Industries S.p.A. Moncler UK Ltd London (United Kingdom) 3,000,000 GBP 100.00% Industries S.p.A. Moncler Japan Corporation (**) Tokyo (Japan) 99,475 ,500 JPY 100.00% Industries S.p.A. Moncler Shanghai Commercial Co. Ltd Shanghai (China) 82,483,914 CNY 100.00% Industries S.p.A. Moncler Suisse SA Chiasso (Switzerland) 10,000,000 CHF 100.00% Industries S.p.A. Moncler Belgium S.p.r.l. Bruxelles (Belgium) 1,800, 000 EUR 100.00% Industries S.p.A. Moncler Denmark ApS Copenhagen (Denmark) 2,465,000 DKK 100.00% Industries S.p.A. Moncler Holland B.V. Amsterdam (Holland) 18,000 EUR 100.00% Industries S.p.A. Moncler Hungary KFT Budapest (Hungary) 150,000,000 HUF 100.00% Industries S.p.A. Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti. (*) Istanbul (Turkey) 1,000,000 TRY 51.00% Industries S.p.A. Moncler Brasil Comércio de moda e acessòrios Ltda. Sao Paulo (Brazil) 39,000,000 BRL 95,00% 5,00% Industries S.p.A. Moncler USA Inc Moncler Taiwan Limited Taipei (China) 10,000,000 TWD 100.00% Industries S.p.A. Moncler Canada Ltd Vancouver (Canada) 36,001,000 CAD 100.00% Industries S.p.A. Moncler Prague s.r.o. Prague (Czech Republic) 200,000 CZK 100.00% Industries S.p.A. White Tech Sp.zo.o. Katowice (Poland) 369,000 PLN 70.00% Industries S.p.A. Moncler Korea Inc. (**) Seoul (South Korea) 2,550,000,000 KRW 100.00% Industries S.p.A. Moncler Middle East FZ-LLC Dubai (United Arab Emirates) 50,000 AED 100.00% Industries S.p.A. Moncler Singapore PTE, Limited Singapore 5,000,000 SGD 100.00% Industries S.p.A. Industries Yield S.r.l. Bacau (Romania) 78,587,000 RON 99,00% 1,00% Industries S.p.A. Moncler Deutschland GmbH Moncler UAE LLC Dubai (United Arab Emirates) 1,000,000 AED 100.00% Moncler Middle East FZ - LLC Moncler Ireland Limited Dublin (Ireland) 350,000 EUR 100.00% Industries S.p.A. Moncler Australia PTY LTD Melbourne (Australia) 2,5 00,000 AUD 100.00% Industries S.p.A. Moncler Kazakhstan LLP Almaty (Kazakhstan) 1,195,00 0,000 KZT 99,79% 0,21% Industries S.p.A. Moncler Suisse SA Moncler Sweden AB Stockholm (Sweden) 1,000,000 SEK 100.00% Industries S.p.A. Moncler Norway AS Oslo (Norway) 3,000,000 NOK 100.00% Industries S.p.A. Moncler Mexico, S. de R.L. de C.V. Mexico City (Mexico) 50,000,000 MXN 99,00% 1,00% Industries S.p.A. Moncler USA Inc Moncler Mexico Services, S. de R.L. de C.V. Mexico City (Mexico) 0 MXN 99,00% 1,00% Industries S.p.A. Moncler USA Inc
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302 ANNUAL REPORT 2025 – MONCLER GROUP Moncler Ukraine LLC Kiev (Ukraine) 136,409,457 UAH 99,997% 0,003% Industries S.p.A. Moncler Suisse SA Moncler New Zealand Limited Auckland (New Zealand) 2,000,000 NZD 100.00% Industries S.p.A. Moncler Malaysia Sdn. Bhd. Kuala Lumpur (Malesia) 1 MYR 100.00% Industries S.p.A. Moncler Thailand Co., Ltd Bangkok (Thailandia) 132, 000,000 THB 99,00% 1,00% Industries S.p.A. Moncler Asia Pacific Ltd Sportswear Company S.p.A. Bologna (Italy) 10,084,16 6 EUR 100.00% Moncler S.p.A. Stone Island Germany Gmbh Monaco (Germany) 500,000 EUR 100.00% Sportswear Company S.p.A. Stone Island Antwerp Bvba Antwerp (Belgium) 400,000 EUR 100.00% Sportswear Company S.p.A. Stone Island Amsterdam BV Amsterdam (Holland) 25,000 EUR 100.00% Sportswear Company S.p.A. Stone Island Usa Inc New York (USA) 5,000,000 USD 100.00% Sportswear Company S.p.A. Stone Island Canada Inc Toronto (Canada) 5,500,000 CAD 100.00% Sportswear Company S.p.A. Stone Island China Co. Ltd Shanghai (China) 20,133,300 CNY 100.00% Sportswear Company S.p.A. Stone Island France S.a.s. Saint Priest (France) 50,000 EUR 100.00% Sportswear Company S.p.A. Stone Island Korea Co., Ltd. (*) Seoul (South Korea) 30,500,000 KRW 51.00% Sportswear Company S.p.A. Stone Island (UK) Retail Limited London (United Kingdom) 1,000,000 GBP 100.00% Sportswear Company S.p.A. Stone Island Japan Inc. (**) Tokyo (Japan) 320,000, 000 JPY 100.00% Sportswear Company S.p.A. Stone Island Suisse SA Chiasso (Switzerland) 100,000 CHF 100.00% Sportswear Company S.p.A. Stone Island Sweden AB Stockholm (Sweden) 3,000,000 SEK 100.00% Sportswear Company S.p.A. Stone Island España S.L. Barcelona (Spain) 3,000 EUR 100.00% Sportswear Company S.p.A. Stone Island Austria GmbH Vienna (Austria) 500,000 EUR 100.00% Sportswear Company S.p.A. Stone Island Denmark ApS Copenaghen 6,000,000 DKK 100.00% Sportswear Company S.p.A. Stone Island Hong Kong Limited Hong Kong (China) 4,500,000 HKD 100.00% Sportswear Company S.p.A. Stone Island Macao Limited Macao (China) 5,500,000 MOP 100.00% Sportswear Company S.p.A. (*) Fully consolidated (without attribution of interest to third parties) (**) Share capital value and % of ownership take into consideration the treasury shares held by the same. In relation to the scope of consolidation, please n ote that during the 2025, compared to 31 December 2024 the companies Moncler (Thailand) Co., Ltd and Stone Island Denmark ApS were established. We highlighted that: On 10 April 2025, Moncler Middle East FZ-LLC acquir ed from local shareholder its share in Moncler UAE LLC equal to 51% of the share capital, for an amount of EUR 2.6 million. Following this purchase, Moncler, through the subsidiaries In dustries S.p.A. and Moncler Middle East FZ- LLC, holds the entire share capital of Moncler UAE LLC. On 14 October 2025, Stone Island Japan Inc. acquired from the Japanese shareholder its share in Stone Island Japan Inc. equal to 20% of the share c apital, for an amount of EUR 2.9 million. Following this purchase, Moncler, through the subsi diary Sportswear Company S.p.A., holds the entire share capital of Stone Island Japan Inc.
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MONCLER GROUP – ANNUAL REPORT 2025 303 Please note that Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti. and Stone Island Korea are fully consolidated, without attribution of interest to third parties, in accordance with the anticipated interest principle in light of the agreements in place between those companies’ shareholders. The associated company ALS Luxury Logistic S.r.l., held at 30%, is not consolidated and is value using the cost method. The stake in the associated company Star Color S.r.l. was sold in June.
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304 ANNUAL REPORT 2025 – MONCLER GROUP 4. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 4.1. REVENUES Revenues by brand (Euro/000) 2025 % 2024 % Total revenues 3,132,128 100.0% 3,108,924 100.0% Moncler 2,720,934 86.9% 2,707,315 87.1% Stone Island 411,194 13.1% 401,609 12.9% In 2025, Moncler Group reached consolidated revenue of EUR 3,132.1 million up 0.7% compared to the 2024. These results include Moncler brand revenue e qual to EUR 2,720.9 million and Stone Island brand revenue equal to EUR 411.2 million. ANALYSIS OF MONCLER BRAND REVENUES In 2025, Moncler brand revenues were equal to EUR 2 ,720.9 million, up 0.5% growth compared to 2024. Revenues by geography Sales are broken down by geographical area as reported in the following table: Revenues by region (Euro/000) 2025 % 2024 % Variation % Variation Asia 1,416,039 52.0% 1,378,955 50.9% 37,084 2.7% EMEA 913,751 33.6% 949,328 35.1% (35,577) (3.7)% Americas 391,144 14.4% 379,032 14.0% 12,112 3.2% Total 2,720,934 100.0% 2,707,315 100.0% 13,619 0.5% In 2025, revenues in Asia (which includes APAC, Jap an and Korea) were EUR 1,416.0 million, up 2.7% compared with 2024, despite a challenging comparable base, with China outperforming. EMEA recorded revenues of EUR 913.8 million, -3.7% compared with 2024, with traffic in the DTC channel impacted by subdued and lower tourism trends than the levels of the previous year. Revenues in the Americas increased by 3.2% compared with 2024 to EUR 391.1 million. Supported by solid growth in local consumption in the DTC channe l, partially offset by the decline recorded in the wholesale channel.
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MONCLER GROUP – ANNUAL REPORT 2025 305 Revenues by channel Revenues by distribution channels are broken down as follows: (Euro/000) 2025 % 2024 % Total revenues 2,720,934 100.0% 2,707,315 100.0% of which: - Wholesale 361,324 13.3% 375,419 13.9% - DTC 2,359,610 86.7% 2,331,896 86.1% Revenues are made through two main distribution cha nnels, DTC and wholesale. The DTC channel includes stores that are directly managed by the Br and (free-standing stores, concessions, e-commerce and factory outlet), while the wholesale channel in cludes stores managed by third parties that sell Moncler products either in single-brand spaces (i.e . shop-in-shop) or inside multi-brand stores (both physical and online). In 2025, the DTC channel recorded revenues of EUR 2 ,359.6 million, up 1.2% compared with 2024. With Asia and Americas driving the growth, while EM EA was weaker, affected by subdued traffic, especially from tourists. The wholesale channel recorded revenues of EUR 361.3 million, a decline of 3.8% compared with 2024. Impacted by the ongoing efforts to upgrade the qual ity of the distribution through further network optimisation. ANALYSIS OF STONE ISLAND BRAND REVENUE In 2025, Stone Island brand revenues reached EUR 411.2 million, a increase of 2.4% compared with EUR 401.6 million recorded in 2024. Revenues by geography Revenues by region (Euro/000) 2025 % 2024 % Variation % Variation Asia 116,262 28.3% 105,201 26.2% 11,061 10.5% EMEA 268,739 65.4% 268,910 67.0% (171) (0.1)% Americas 26,193 6.4% 27,498 6.8% (1,305) (4.7)% Total 411,194 100.0% 401,609 100.0% 9,585 2.4% Asia (which includes APAC, Japan and Korea) reached EUR 116.3 million revenues in 2025, growing 10.5% compared with 2024, supported by the growth recorded across all areas in the region, with China and Japan outperforming. In 2025, EMEA recorded revenues of EUR 268.7 millio n flat compared with 2024, driven by the solid performance of the DTC channel which offset the decline recorded in the wholesale channel. Revenues in the Americas were down 4.7% to EUR 26.2 million, recording a positive performance in the DTC channel offset by the decline in the wholesale channel.
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306 ANNUAL REPORT 2025 – MONCLER GROUP Revenues by channel (Euro/000) 2025 % 2024 % Total revenues 411,194 100.0% 401,609 100.0% of which: Wholesale 184,815 44.9% 192,674 48.0% DTC 226,379 55.1% 208,935 52.0% In 2025, the DTC channel grew by 8.3% compared with 2024 to EUR 226.4 million, representing 55.1% of total 2025 revenues. All regions registere d a solid performance, with Asia outperforming. Please note that both the physical and the online channels grew compared to 2024. The wholesale channel recorded revenues of EUR 184. 8 million down 4.1% compared to 2024, due to the continuous commitment to improve the quality of the distribution network. 4.2. COST OF SALES In 2025, cost of sales increase by EUR 3.6 million in absolute terms (+0.5%), going from EUR 682.4 million in 2024 to EUR 685.9 million in 2025. Cost of sales as a percentage of sales in 2025 remained the same as in 2024, equal to 21.9%. 4.3. SELLING EXPENSES In 2025 selling expenses amounted to EUR 956.0 mill ion (EUR 937.3 million in 2024), with a 30.5% incidence on revenues, higher than 2024 (30.2%) 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 276.6 million (EUR 283.4 million of total rent costs in 2 024), personnel costs for EUR 241.8 million (EUR 22 9.4 million in 2024) costs for depreciation of the righ t of use for EUR 198.6 million (EUR 171.1 million i n 2024) and other amortisation and depreciation for EUR 78.9 million (EUR 82.4 million in 2024). The item also includes accounting costs related to stock-based compensation plans for EUR 5.3 million (EUR 7.4 million in 2024). 4.4. GENERAL AND ADMINISTRATIVE EXPENSES In 2025, general and administrative expenses amount ed to EUR 357.4 million, with a 11.4% incidence on revenues, compared with EUR 351.7 million in 202 4 (11.3% on revenues). In 2024, general and administrative expenses included a one-off income o f 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 28.1 million (EUR 39.6 million in 2024). 4.5. MARKETING EXPENSES Marketing expenses were EUR 219.4 million, represen ting 7.0% of revenues in respect to 7.1% recorded in 2024.
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MONCLER GROUP – ANNUAL REPORT 2025 307 4.6. OPERATING RESULT In 2025, the operating result of the Moncler Group amounted to EUR 913.4 million, compared to EUR 916.3 million in 2024, with a margin of 29.2%, comp ared with a margin of 29.5% in 2024, showing resiliency despite a more challenging trading environment. 4.7. FINANCIAL INCOME AND EXPENSES The caption is broken down as follows: (Euro/000) 2025 2024 Interest income and other financial income 25,814 28,965 Total financial income 25,814 28,965 Interests expenses and other financial charges, excluded interests on lease liabilities (2,826) (3,174) Foreign currency differences - negative (9,193) (1,703) Total financial expenses, excluded interests on lease liabilities (12,019) (4,877) Total financial income/(expenses) excluded interests on lease liabilities 13,795 24,088 Interests on lease liabilities (39,979) (30,603) Total financial income/(expenses) (26,184) (6,515) The financial expenses shown in the income statemen t equal to EUR 51,998 thousand (EUR 35,480 thousand in 2024) include financial expenses, exclu ded interests on lease liabilities equal to EUR 12,019 thousand (EUR 4,877 thousand in 2024) and in terest on lease liabilities equal to EUR 39,979 thousand (EUR 30,603 thousand in 2024). 4.8. INCOME TAX The income tax effect on the consolidated income statement is as follows: (Euro/000) 2025 2024 Current income taxes (264,785) (260,476) Deferred tax (income) expenses 4,281 (9,737) Income taxes charged in the income statement (260,504) (270,213) The tax rate in 2025 was equal to 29.4%, compared to 29.7% in 2024. The Group falls within the scope of the application of the “Global Minimum Tax” regulation, commonly known as “Pillar II”. The impact of the ta xes resulting from this regulation is not significant.
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308 ANNUAL REPORT 2025 – MONCLER GROUP For the breakdown of deferred tax assets and liabilities by nature, please see paragraph 5.5. The reconciliation between the theoretical tax burd en by applying the theoretical rate of the parent company, and the effective tax burden is shown in the following table: Reconciliation theoretic-effective tax rate Taxable Amount 2025 Tax Amount 2025 Tax rate 2025 Taxable Amount 2024 Tax Amount 2024 Tax rate 2024 (Euro/000) Profit before tax 887,172 909,809 Income tax using the Company's theoretic tax rate (212,921) 24.0% (218,354) 24.0% Temporary differences (6,253) 0.7% 8,653 (1.0)% Permanent differences (17,562) 2.0% (28,501) 3.1% Other differences (28,049) 3.2% (22,273) 2.4% Deferred taxes recognized in the income statement 4,281 (0.5)% (9,737) 1.1% Income tax at effective tax rate (260,504) 29.4% (270,213) 29.7% 4.9. PERSONNEL EXPENSES The following table lists the details of the main p ersonnel expenses by nature, compared with those of the previous year: (Euro/000) 2025 2024 Wages and salaries and Social security costs (390,821) (368,214) Accrual for employment benefits (25,726) (24,558) Total (416,547) (392,772) Personnel expenses increased by 6.1%, from EUR 392.8 million in 2024 to EUR 416.5 million in 2025. The remuneration related to the members of the Boar d of Directors is commented separately in the related-party section (note 10.1). The costs related to the stock based compensation plans, equal to EUR 33.4 million (EUR 47.0 million in 2024) are separately commented in note 10.2. The following table analyses the number of employee s (full-time-equivalent) in 2025 compared to the prior year:
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MONCLER GROUP – ANNUAL REPORT 2025 309 Average FTE by area FTE 2025 2024 Italy 2,287 2,181 Other European countries 3,121 2,828 Asia and Japan 2,050 1,939 Americas 489 468 Total 7,947 7,416 The actual number of employees of the Group as at 3 1 December 2025 was 8,533 unit (8,175 as at 31 December 2024). 4.10. DEPRECIATION AND AMORTISATION Depreciation and amortisation are broken down as follows: (Euro/000) 2025 2024 Depreciation of property, plant and equipment (302,018) (275,306) Amortization of intangible assets (34,666) (31,538) Total Depreciation and Amortization (336,684) (306,844) The increase in both depreciation and amortisation is mainly due to investments made for the development and maintenance of the distribution net work, IT investments, and to the investments to support operations. The amortisation related to the right of use amount ed to EUR 215.1 million (EUR 186.2 million in 2024) , as explained in paragraph 5.3. Please refer to comments made in notes 5.1 and 5.3 for additional details related to investments made during the year.
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310 ANNUAL REPORT 2025 – MONCLER GROUP 5. COMMENTS ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5.1. GOODWILL, BRANDS AND OTHER INTANGIBLE ASSETS Brands and other intangible assets 31 December 2025 31 December 2024 (Euro/000) Gross value Accumulated amortization and impairment Net value Net value Brands 999,354 0 999,354 999,354 Licence rights 12 (12) 0 0 Key money 65,487 (59,357) 6,130 8,857 Software 238,573 (149,106) 89,467 83,977 Other intangible assets 37,959 (33,794) 4,165 3,440 Assets in progress 9,529 0 9,529 11,156 Goodwill 603,417 0 603,417 603,417 Total 1,954,331 (242,269) 1,712,062 1,710,201 Intangible assets changes are shown in the following tables: As at 31 December 2025 Gross value Brands and other intangible assets (Euro/000) Brands Licence rights Key money Software Other intangible assets Assets in progress and advances Goodwill Total 1 January 2025 999,354 12 65,733 203,961 35,800 11,156 603,417 1,919,433 Acquisitions 0 0 0 29,368 2,079 7,884 0 39,331 Disposals 0 0 0 (454) (69) (200) 0 (723) Changes in consolidation area 0 0 0 0 0 0 0 0 Translation adjustment 0 0 (246) (1,434) (17) (43) 0 (1,740) Other movements, including transfers 0 0 0 7,132 166 (9,268) 0 (1,970) 31 December 2025 999,354 12 65,487 238,573 37,959 9,529 603,417 1,954,331
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MONCLER GROUP – ANNUAL REPORT 2025 311 Accumulated amortization and impairment Brands and other intangible assets (Euro/000) Brands Licence rights Key money Software Other intangible assets Assets in progress and advances Goodwill Total 1 January 2025 0 (12) (56,876) (119,984) (32,360) 0 0 (209,232) Amortization 0 0 (2,720) (30,431) (1,515) 0 0 (34,666) Disposals 0 0 0 431 69 0 0 500 Changes in consolidation area 0 0 0 0 0 0 0 0 Translation adjustment 0 0 239 877 13 0 0 1,129 Other movements, including transfers 0 0 0 1 (1) 0 0 0 31 December 2025 0 (12) (59,357) (149,106) (33,794) 0 0 (242,269) As at 31 December 2024 Gross value Brands and other intangible assets (Euro/000) Brands Licence rights Key money Software Other intangible assets Assets in progress and advances Goodwill Total 1 January 2024 999,354 12 67,939 169,096 34,102 11,652 603,417 1,885,572 Acquisitions 0 0 0 32,890 2,284 9,063 0 44,237 Disposals 0 0 0 (257) (222) 0 0 (479) Translation adjustment 0 0 187 248 (1) 62 0 496 Other movements, including transfers 0 0 (2,393) 1,984 (363) (9,621) 0 (10,393) 31 December 2024 999,354 12 65,733 203,961 35,800 11,156 603,417 1,919,433 Accumulated amortization and impairment Brands and other intangible assets (Euro/000) Brands Licence rights Key money Software Other intangible assets Assets in progress and advances Goodwill Total 1 January 2024 0 (12) (56,181) (98,127) (31,362) 0 0 (185,682) Amortization 0 0 (2,948) (27,146) (1,444) 0 0 (31,538) Disposals 0 0 0 45 57 0 0 102 Translation adjustment 0 0 (149) (74) 1 0 0 (222) Other movements, including transfers 0 0 2,402 5,318 388 0 0 8,108 31 December 2024 0 (12) (56,876) (119,984) (32,360) 0 0 (209,232) The increase in the caption software pertained to t he investments in information technology to support the business and the corporate functions.
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312 ANNUAL REPORT 2025 – MONCLER GROUP Please refer to the Directors’ report for additiona l information related to investments made during th e year. 5.2. IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE AND GOODWILL The captions Brands, Other intangible fixed assets with an indefinite useful life and Goodwill derivin g from previous acquisitions are not amortised, but have been tested for impairment by management. The impairment tests on the Moncler brand and on th e Stone Island brand were performed by comparing its carrying value, respectively equal to EUR 223.9 million and EUR 775.5 million, with that derived from the recoverable discounted cash flow m ethod applying the Royalty Relief Method, based on which the cash flows are linked to the recogniti on of a royalty percentage applied to revenues that the brand is able to generate. The recoverable amount of Moncler goodwill and of Stone Island goodwill, registered for an amount of EUR 155.6 million and EUR 447.8 million respectivel y, have been tested based on the "asset side" approach which compares the value in use of the corresponding group of cash-generating unit with the carrying amount of its net invested capital. The expected cash flows and revenues used for the purposes of the above tests are based on the 2026- 2028 Business Plan approved by the Board of Directo rs on 18 February 2026 and, for the years 2029- 2030 on the basis of management estimates consisten t with the trajectories contained in the above Business Plan. The "g" rate used was 2.5%. The discount rate was calculated using the Weighted Average Cost of Capital (WACC), by weighting the expected rate of return on invested capital, net of hedging costs from a sample of companies within the same industry. The calculation took into accoun t the implications of the updated macroeconomic context on interest rates. The weighted average cos t of capital (WACC) was calculated at 8.8% for the Moncler brand and at 9.1% for Stone Island. The results of the sensitivity analysis indicated t hat the carrying amounts of the Moncler brand and goodwill are confirmed in all scenarios of reasonab le changes of the benchmarks. The Stone Island brand and goodwill up to a WACC of 9.4% and 9.5% respectively, all other parameters being equal. It is also underlined that the market capitalisatio n of the Company, based on the average price of Moncler share in 2025, showed a significant positiv e difference with respect to the Group net equity, implicitly confirming again the value of the intangibles registered.
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MONCLER GROUP – ANNUAL REPORT 2025 313 5.3. NET PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment 31 December 2025 31 December 2024 (Euro/000) Gross value Accumulated depreciation and impairment Net value Net value Land and buildings 1,917,841 (839,232) 1,078,609 888,465 Plant and Equipment 85,145 (53,379) 31,766 25,554 Fixtures and fittings 240,295 (154,976) 85,319 62,910 Leasehold improvements 521,793 (337,892) 183,901 182,317 Other fixed assets 58,569 (46,803) 11,766 11,429 Assets in progress 107,019 0 107,019 80,204 Total 2,930,662 (1,432,282) 1,498,380 1,250,879 The change in property, plant and equipment is included in the following tables: As at 31 December 2025 Gross value Property, plant and equipment (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2025 1,698,338 71,153 213,056 507,357 55,131 80,204 2,625,239 Acquisitions 452,135 5,967 27,542 38,276 7,188 100,863 631,971 Disposals (160,254) (1,000) (6,011) (17,807) (3,721) (1,838) (190,631) Changes in consolidation area 0 317 0 0 18 0 335 Translation adjustment (92,398) (295) (8,682) (31,786) (1,224) (2,824) (137,209) Other movements, including transfers 20,020 9,003 14,390 25,753 1,177 (69,386) 957 31 December 2025 1,917,841 85,145 240,295 521,793 58,569 107,019 2,930,662 Accumulated depreciation and impairment PPE (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2025 (809,873) (45,599) (150,146) (325,040) (43,702) 0 (1,374,360) Depreciation (218,816) (8,669) (16,122) (51,327) (7,084) 0 (302,018) Disposals 137,827 844 4,290 17,476 3,430 0 163,867 Changes in consolidation area 0 (122) 0 0 (12) 0 (134) Translation adjustment 50,272 167 6,936 21,064 911 0 79,350 Other movements, including transfers 1,358 0 66 (65) (346) 0 1,013 31 December 2025 (839,232) (53,379) (154,976) (337,892) (46,803) 0 (1,432,282)
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314 ANNUAL REPORT 2025 – MONCLER GROUP As at 31 December 2024 Gross value Property, plant and equipment (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2024 1,413,415 63,313 192,141 441,456 49,679 57,906 2,217,910 Acquisitions 309,508 5,311 16,974 58,816 5,090 54,199 449,898 Disposals (40,648) (341) (4,229) (10,006) (1,340) (7,321) (63,885) Translation adjustment 25,115 (34) 2,378 4,856 270 577 33,162 Other movements, including transfers (9,052) 2,904 5,792 12,235 1,432 (25,157) (11,846) 31 December 2024 1,698,338 71,153 213,056 507,357 55,131 80,204 2,625,239 Accumulated depreciation and impairment PPE (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2024 (648,266) (38,686) (132,117) (278,323) (38,038) 0 (1,135,430) Depreciation (189,437) (7,863) (20,111) (51,041) (6,854) 0 (275,306) Disposals 29,516 238 4,044 9,648 1,273 0 44,719 Translation adjustment (16,073) 3 (2,234) (3,945) (225) 0 (22,474) Other movements, including transfers 14,387 709 272 (1,379) 142 0 14,131 31 December 2024 (809,873) (45,599) (150,146) (325,040) (43,702) 0 (1,374,360) The changes related to the right of use assets aris ing from the application of the IFRS 16 are reporte d here below: Right of use assets (Euro/000) Land and buildings Other fixed assets Total 1 January 2025 845,815 2,358 848,173 Acquisitions 449,376 1,775 451,151 Disposals (22,360) (107) (22,467) Depreciation (216,128) (1,893) (218,021) Changes in consolidation area 0 0 0 Translation adjustment (42,003) (3) (42,006) Other movements, including transfers 1,500 0 1,500 31 December 2025 1,016,200 2,130 1,018,330
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MONCLER GROUP – ANNUAL REPORT 2025 315 The increases in 2025 refer to new lease agreements for the opening or relocation of retail stores, th e renewal of existing lease agreements, mainly in the AMERICAS, APAC and EMEA regions and the new corporate headquarter in Milan. In addition to the above mentioned effect arising f rom the application of the IFRS 16, the changes in property plant and equipment in 2025 show an increa se in gross value of the items plant and equipment, fixture and fittings, leasehold improvem ents and assets in progress and advances: all of these items are mainly related to the development o f the distribution network, the investments for the expansion of the production sites, for the logistic and for the new corporate headquarter. Please refer to the Directors’ report for an analysis of investments made during the year. Based on the business performance recorded in the p eriods under analysis and the updated forecasts of future trends, no potential indicators of impair ment were identified and no specific impairment tes ts were performed on these items. 5.4. INVESTMENTS IN ASSOCIATES The item investments in associates includes the 30% investment in the company ALS Luxury Logistic S.r.l., logistics partner of the Group. The stake i n the associated company Star Color S.r.l. was sold in June. 5.5. DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Deferred tax assets and deferred tax liabilities ar e offset only when there is a law within a given ta x jurisdiction that provides for such right to offset . The balances were as follows as at 31 December 20 25 and 31 December 2024: Deferred taxation (Euro/000) 31 December 2025 31 December 2024 Deferred tax assets 317,583 286,780 Deferred tax liabilities (155,052) (103,282) Net amount 162,531 183,498 In view of the nature of the net deferred tax asset s, mainly refered to temporary differences, and the reasonable expectation of future taxable income bas ed on the results achieved in the recent past and on what is expected in the Business Plan 2026-2028 (approved by the Board of Directors on 18 February 2026), the recoverability of the deferred tax assets recognised in the financial statements i s considered highly probable. The change in deferred tax assets and liabilities, without taking into consideration the right of offs et of a given tax jurisdiction, is detailed in the following table:
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316 ANNUAL REPORT 2025 – MONCLER GROUP Deferred tax assets (liabilities) (Euro/000) Opening balance - January 1, 2025 Taxes charged to the income statement Taxes accounted for in Equity Effect of currency translation Other movements Closing balance - December 31, 2025 Tangible and intangible assets 27,561 624 0 (1,573) 1,779 28,391 Financial assets 0 (59) 0 5 54 0 Inventories 201,781 40,692 0 (20,263) 0 222,210 Trade receivables 1,824 1,029 0 (115) 0 2,738 Derivatives 1,069 (6) (307) (2) 0 754 Employee benefits 4,418 503 (32) (400) 0 4,489 Provisions 25,612 6,292 0 (2,986) 1 28,919 Trade payables 8,423 (2) 0 (10) 0 8,411 Other temporary items 13,710 5,485 (1) (681) (357) 18,156 Tax loss carried forward 2,382 13 0 (185) 1,305 3,515 Tax assets 286,780 54,571 (340) (26,210) 2,782 317,583 Tangible and intangible assets (99,565) (47,723) 0 944 (3,139) (149,483) Financial assets (303) 0 0 0 0 (303) Inventories (2,377) (488) 0 2 0 (2,863) Trade receivables 0 (421) 0 8 0 (413) Derivatives (522) 0 (1,354) 0 0 (1,876) Employee benefits (24) 0 0 0 0 (24) Provisions 0 0 0 0 0 0 Trade payables (238) 181 0 21 0 (36) Other temporary items (253) (1,839) 301 (515) 2,252 (54) Tax loss carried forward 0 0 0 0 0 0 Tax liabilities (103,282) (50,290) (1,053) 460 (887) (155,052) Net deferred tax assets (liabilities) 183,498 4,281 (1,393) (25,750) 1,895 162,531
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MONCLER GROUP – ANNUAL REPORT 2025 317 Deferred tax assets (liabilities) (Euro/000) Opening balance - January 1, 2024 Taxes charged to the income statement Taxes accounted for in Equity Effect of currency translation Other movements Closing balance - December 31, 2024 Tangible and intangible assets 27,597 (393) 0 97 260 27,561 Inventories 180,685 22,945 0 1,400 (3,249) 201,781 Trade receivables 4,372 (2,595) 0 46 1 1,824 Derivatives 269 22 798 (1) (19) 1,069 Employee benefits 3,548 809 42 (29) 48 4,418 Provisions 20,060 5,699 0 (146) (1) 25,612 Trade payables 7,981 458 0 (16) 0 8,423 Other temporary items 6,789 6,848 0 (91) 164 13,710 Tax loss carried forward 896 996 0 20 470 2,382 Tax assets 252,197 34,789 840 1,280 (2,326) 286,780 Tangible and intangible assets (56,437) (42,670) 0 (458) 0 (99,565) Financial assets (303) 0 0 0 0 (303) Inventories 263 (262) 0 0 (2,378) (2,377) Derivatives (530) 0 8 0 0 (522) Employee benefits (14) 0 0 0 (10) (24) Provisions 0 0 0 0 0 0 Trade payables (5,197) (117) 0 (12) 5,088 (238) Other temporary items (816) (1,477) (599) 34 2,605 (253) Tax loss carried forward 0 0 0 0 0 0 Tax liabilities (63,034) (44,526) (591) (436) 5,305 (103,282) Net deferred tax assets (liabilities) 189,163 (9,737) 249 844 2,979 183,498 The taxable amount on which deferred tax assets hav e been calculated is detailed in the following table:
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318 ANNUAL REPORT 2025 – MONCLER GROUP Deferred tax assets and liabilities (Euro/000) Taxable Amount 2025 Closing balance - December 31, 2025 Taxable Amount 2024 Closing balance - December 31, 2024 Tangible and intangible assets 109,448 28,391 106,840 27,561 Inventories 892,539 222,210 810,473 201,781 Trade receivables 10,134 2,738 6,528 1,824 Derivatives 3,133 754 4,440 1,069 Employee benefits 17,230 4,489 17,252 4,418 Provisions 99,305 28,919 88,354 25,612 Trade payables 27,906 8,411 29,984 8,423 Other temporary items 73,619 18,156 55,671 13,710 Tax loss carried forward 14,647 3,515 11,512 2,382 Tax assets 1,247,961 317,583 1,131,054 286,780 Tangible and intangible assets (541,720) (149,483) (370,786) (99,565) Financial assets (1,263) (303) (1,264) (303) Inventories (10,262) (2,863) (8,512) (2,377) Trade receivables (1,568) (413) 0 0 Derivatives (7,816) (1,876) (2,175) (522) Employee benefits (99) (24) (98) (24) Provisions 0 0 0 0 Trade payables (129) (36) (872) (238) Other temporary items (222) (54) (1,009) (253) Tax loss carried forward 0 0 0 0 Tax liabilities (563,079) (155,052) (384,716) (103,282) Net deferred tax assets (liabilities) 684,882 162,531 746,338 183,498 5.6. INVENTORY As at 31 December 2024 Inventory amounted to EUR 53 8.8 million (EUR 470.1 million as at 31 December 2024) and is broken down as follows: Inventory (Euro/000) 31 December 2025 31 December 2024 Raw materials 193,684 161,512 Work-in-progress 55,132 59,876 Finished products 623,252 558,659 Inventories, gross 872,068 780,047 Obsolescence provision (333,241) (309,967) Total 538,827 470,080
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MONCLER GROUP – ANNUAL REPORT 2025 319 Inventory (gross amount) increased by approximately EUR 92.0 million (+11.8%) and mainly included raw materials and finished products for the forthcoming seasons. The obsolescence provision was calculated using man agement’s best estimate based on the season needs and the inventory balance based on passed sal es trends through alternative channels and future sales volumes. This assumption is expressed differe ntly for the Regions in which the Group operates, taking into account the characteristics of each market. The change in the obsolescence provision is summarised in the following table: Obsolescence provision - movements (Euro/000) January 1, 2025 Accrued Used Translation Difference December 31, 2025 Obsolescence provision (309,967) (67,910) 29,712 14,924 (333,241) Obsolescence provision - movements (Euro/000) January 1, 2024 Accrued Used Translation Difference December 31, 2024 Obsolescence provision (262,437) (87,449) 41,647 (1,728) (309,967) 5.7. TRADE RECEIVABLES As at 31 December 2025 Trade receivables amounted t o EUR 292.1 million (EUR 326.4 million as at 31 December 2024) and they are as follows: Trade receivables (Euro/000) 31 December 2025 31 December 2024 Trade account receivables 307,458 341,782 Allowance for doubtful debt (15,042) (15,267) Allowance for discounts (283) (133) Total, net value 292,133 326,382 Trade receivables are mainly related to the Group’s wholesale and concession business and they include balances with a collection time not greater than three months. During 2025 and 2024, there were no concentration o f credit risk greater than 10% associated to individual customers. Please refer to note 9.1 for information regarding the exposure of trade receivables to currency risks. The change in the allowance for doubtful debt and sales return is detailed in the following tables:
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320 ANNUAL REPORT 2025 – MONCLER GROUP Doubtful debt and discounts allowance (Euro/000) January 1, 2025 Changes in consolidation area Accrued Used Translation Difference December 31, 2025 Allowance for doubtful debt (15,267) 0 (1,113) 840 498 (15,042) Allowance for discounts (133) 0 (169) 0 19 (283) Total (15,400) 0 (1,282) 840 517 (15,325) Doubtful debt and discounts allowance (Euro/000) January 1, 2024 Changes in consolidation area Accrued Used Translation Difference December 31, 2024 Allowance for doubtful debt (14,764) 0 (514) 164 (153) (15,267) Allowance for discounts (783) 0 0 658 (8) (133) Total (15,547) 0 (514) 822 (161) (15,400) The allowance for doubtful debt was calculated in accordance with management’s best estimate based on the ageing of accounts receivable as well as the solvency of the oldest accounts and also taking into consideration any balances turned over into collect ion proceedings. Trade receivables written down are related to specific balances that were past due and for which collection is uncertain. In addition , the bad debt provision includes an estimate of the expected loss relating to trade receivables "in bonis" to take into account the risks associated with the economic context and also covers any risk of revocation on trade receivables. 5.8. CASH AND CASH EQUIVALENT As at 31 December 2025 the caption cash and cash eq uivalent amounted to EUR 1,226.3 million (EUR 1,188.0 million as at 31 December 2024) and includes cash and cash equivalents mainly represented by the funds available at banks. The amount included in the Consolidated Financial S tatements corresponds to the nominal value and represents the fair value at the date of the financ ial statements. The credit risk is in fact limited since the other parties are class A financial institutions. The consolidated statement of cash flows includes t he changes in cash and cash at banks which mainly include cash and positive balances with banks. The following table shows the reconciliation betwee n cash and cash in bank with those included in the consolidated statement of cash flows:
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MONCLER GROUP – ANNUAL REPORT 2025 321 Cash and cash equivalents included in the Statement of ca sh fl ows (Euro/000) 31 December 2025 31 December 2024 Cash on hand and at banks 1,226,277 1,187,978 Bank overdraft and short-term bank loans (1) (6) Total 1,226,276 1,187,972 5.9. OTHER CURRENT FINANCIAL ASSETS The caption other current financial assets refers t o the market valuation of the existing derivative financial instruments to hedge the exchange rate ri sk equal to EUR 16.1 million (EUR 4.6 million in 2024), the remunerated deposits with a maturity of over 3 months, equal to EUR 215.0 million (EUR 80.0 million in 2024) and the government bonds depo sit equal to Euro 20.0 million (EUR 69.4 million in 2024). 5.10. OTHER CURRENT AND NON-CURRENT ASSETS Other current and non-current assets (Euro/000) 31 December 2025 31 December 2024 Prepayments and accrued income - current 30,373 20,773 Other current receivables 25,873 30,056 Other current assets 56,246 50,829 Prepayments and accrued income - non-current 189 59 Security / guarantees deposits 51,227 46,522 Investments in other companies 166 160 Other non-current receivables 4,726 4,655 Other non-current assets 56,308 51,396 Total 112,554 102,225 Other current receivables mainly comprise the recei vable due from the tax authority for value added tax. Deposits are mostly related to the amounts paid on behalf of the landlord as a guarantee to the lease agreement. The caption investments in other companies includes mainly the stake in the Re.Crea consortium. There are no differences between the amounts includ ed in the Consolidated Financial Statements and their fair values. 5.11. TRADE PAYABLES As at 31 December 2025 Trade payables amounted to E UR 527.3 million (EUR 540.9 million as at 31 December 2024) and included current payables due to suppliers for goods and services. These
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322 ANNUAL REPORT 2025 – MONCLER GROUP payables pertained to amounts that are payable with in the upcoming year and did not include amounts that will be paid after 12 months. In 2025 and 2024 there were no outstanding position s associated to individual suppliers that exceed 10% of the total value. There are no differences between the amounts includ ed in the Consolidated Financial Statements and their respective fair values and there are no significant positions overdue. Please refer to note 9.1 for an analysis of trade payable denominated in foreign currencies. 5.12. OTHER CURRENT AND NON-CURRENT LIABILITIES Other current and non-current liabilities (Euro/000) 31 December 2025 31 December 2024 Deferred income and accrued expenses - current 713 631 Advances and payments on account to customers 15,358 21,528 Employee and social institutions 71,699 78,429 Tax accounts payable, excluding income taxes 34,378 34,621 Other current payables 5,427 10,255 Other current liabilities 127,575 145,464 Deferred income and accrued expenses - non-current 35 73 Other non-current liabilities 35 73 Total 127,610 145,537 The caption taxes payable includes mainly value added tax (VAT) and payroll tax withholding. 5.13. TAX ASSETS AND LIABILITIES Tax assets amounted to EUR 8.0 million as at 31 Dec ember 2025 (EUR 12.2 million as at 31 December 2024). Tax liabilities amounted to EUR 134.9 million as at 31 December 2025 (EUR 136.2 million as at 31 December 2024). They are recognised net of current tax assets, where the offsetting relates to the same tax jurisdiction and tax system. Please note that following the tax audit conducted by the subsidiary Industries S.p.A. in 2024 and relating to the 2018 financial year, a Tax Assessme nt Notice was issued in 2025 which reports some findings related to transfer price methodologies, w hich reflect those already identified in the previo us notices relating to the 2016 and 2017 financial years. The Company believes that the findings raised are u nfounded and has therefore taken action in the appropriate forums to protect its position and, also supported by the opinion of the primary consultants in charge, is confident that the correctness of its actions will emerge as a result of the dispute initiated. Please also note that, in order to limit the effect s of a possible double taxation, for each year of t ax audit, the Mutual Agreement Procedures have been activated in the countries involved.
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MONCLER GROUP – ANNUAL REPORT 2025 323 5.14. NON-CURRENT PROVISIONS Provision changes are shown in the following table: Provision for contingencies and losses (Euro/000) January 1, 2025 Increase Decrease Translation differences Other movements December 31, 2025 Tax litigations (30) 0 0 0 0 (30) Other non current contingencies (22,798) (5,866) 3,878 1,186 (595) (24,195) Total (22,828) (5,866) 3,878 1,186 (595) (24,225) Provision for contingencies and losses (Euro/000) January 1, 2024 Increase Decrease Translation differences Other movements December 31, 2024 Tax litigations (11,164) 0 11,134 0 0 (30) Other non current contingencies (16,526) (6,422) 2,423 (104) (2,169) (22,798) Total (27,690) (6,422) 13,557 (104) (2,169) (22,828) The caption other non current contingencies include s costs for restoring stores, costs associated with ongoing disputes, expected costs and product warranty costs. The accrual for tax litigations made in previous ye ars concerns research and development tax credits relating to the years 2015-2019, accrued on the bas is of RM no. 41 of 26 July 2022, in which the Itali an Revenue Agency revised its position regarding eligibility for the benefit. With reference to this item, the parent company Moncler S.p.A. and the subsidiary Sp ortswear Company S.p.A decided for the partial repayment of this tax credit for an amount equal to EUR 8.8 million paid in 2024, releasing the residual amount to the income statement. 5.15. PENSION FUNDS AND AGENTS LEAVING INDEMNITIES Pension funds and agents leaving indemnities as at 31 December 2025 are detailed in the following table: Employees pension funds (Euro/000) January 1, 2025 Increase Decrease Translation differences Other movements December 31, 2025 Pension funds (8,233) (1,692) 715 371 89 (8,750) Agents leaving indemnities (3,649) 0 250 0 0 (3,399) Total (11,882) (1,692) 965 371 89 (12,149) Employees pension funds (Euro/000) January 1, 2024 Increase Decrease Translation differences Other movements December 31, 2024 Pension funds (7,655) (1,663) 973 217 (105) (8,233) Agents leaving indemnities (4,489) 0 840 0 0 (3,649) Total (12,144) (1,663) 1,813 217 (105) (11,882)
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324 ANNUAL REPORT 2025 – MONCLER GROUP The pension funds pertain mainly to the Italian ent ities of the Group. Following the recent welfare reform, beginning on 1 January 2007, the liability has taken the form of a defined contribution plan. Therefore, the amount of pension fund (TFR) accrued prior to the application of the reform and not yet paid to the employees as at the date of the Consoli dated Financial Statements is considered as a defined benefit plan, changes in which are shown in the following table: Employees pension funds - movements (Euro/000) 31 December 2025 31 December 2024 Net recognized liability - opening (4,698) (4,792) Changes in consolidation area 0 0 Interest costs (150) (138) Service costs (841) (782) Payments 715 971 Actuarial Gains/(Losses) 87 43 Net recognized liability - closing (4,887) (4,698) The actuarial valuation of employee termination ben efits (TFR) is based on the Projected Unit Credit Cost method. Reported below are the main economic a nd demographic assumptions utilised for actuarial valuations. Assumptions Discount rate 3.40% Inflation rate 2.25% Nominal rate of wage growth 2.25% Labour turnover rate 15.57% Probability of request of advances of TFR 0.80% Percentage required in case of advance 70.00% Life Table - Male M2024 (*) Life Table - Female F2024 (*) (*) Table ISTAT - resident population The following table shows the effect of variations, within reasonable limits, in key actuarial assumptions on defined benefit plan obligations at year end.
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MONCLER GROUP – ANNUAL REPORT 2025 325 Sensitivity analysis (Euro/000) Variation Discount rate +0.5% (133) Discount rate -0.5% 140 Rate of payments Increases x (+0.5%) 6 Rate of payments Decreases x (-0.5%) (7) Rate of Price Inflation Increases (+0.5%) 94 Rate of Price Inflation Decreases (-0.5%) (94) Rate of Salary Increases (+0.5%) 22 Rate of Salary Decreases (-0.5%) (22) Increase the retirement age (+1 year) (5) Decrease the retirement age (-1 year) 6 Increase longevity (+1 year) (0) Decrease longevity (-1 year) 0 5.16. FINANCIAL LIABILITIES Financial liabilities are detailed in the following table: Borrowings (Euro/000) 31 December 2025 31 December 2024 Bank overdraft and short-term bank loans 1 6 Short-term portion of long-term bank loans 0 0 Short-term financial lease liabilities 176,915 178,284 Other short-term loans 13,052 17,830 Short-term borrowings 189,968 196,120 Long-term portion of long-term bank loans 0 0 Long-term financial lease liabilities 932,456 745,921 Other long-term borrowings 6,034 15,267 Long-term borrowings 938,490 761,188 Total 1,128,458 957,308 Short-term borrowings as at 31 December 2025 includ e bank overdraft and short-term bank loans, short-term financial lease liabilities arising from the application of IFRS 16 and, under other short- term loans, mainly the current portion of financial liabilities payable to non-banking third parties. Long-term borrowings include long-term financial le ase liabilities arising from the application of IFR S 16 and financial liabilities payable to non-bank third parties.
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326 ANNUAL REPORT 2025 – MONCLER GROUP Financial lease liabilities amounted to EUR 1,109.4 million (EUR 924.2 million in 2024) and are detailed in the following table: Financial lease liabilities (Euro/000) 31 December 2025 31 December 2024 Short-term financial lease liabilities 176,915 178,284 Long-term financial lease liabilities 932,456 745,921 Total 1,109,371 924,205 The changes in financial lease liabilities during 2025 are reported in the following table: IFRS 16 Ex IAS 17 Financial lease liabilities (Euro/000) 1 January 2025 924,077 128 924,205 Acquisitions 428,721 242 428,963 Disposals (240,789) (138) (240,927) Financial expenses 40,612 40 40,652 Changes in consolidation area 0 0 0 Translation adjustment (43,522) 0 (43,522) 31 December 2025 1,109,099 272 1,109,371 The following table shows the breakdown of the long -term borrowings in accordance with their maturity date: Ageing of Long-term borrowings (Euro/000) 31 December 2025 31 December 2024 Within 2 years 152,703 145,299 From 2 to 5 years 323,592 313,640 Beyond 5 years 462,195 302,249 Total 938,490 761,188 The following table shows the breakdown of the long -term borrowings, excluded financial lease liabilities, in accordance with their maturity date: Ageing of Long-term borrowings excluded lease liabilities (Euro/000) 31 December 2025 31 December 2024 Within 2 years 4,100 2,177 From 2 to 5 years 1,934 13,090 Beyond 5 years 0 0 Total 6,034 15,267
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MONCLER GROUP – ANNUAL REPORT 2025 327 The non-discounted cash flows referring to the lease liabilities are shown below. Ageing of lease liabilities not discounted (Euro/000) 31 December 2025 31 December 2024 Within 1 year 219,739 209,938 From 1 to 5 years 594,629 527,408 Beyond 5 years 560,886 344,551 Total 1,375,254 1,081,897 Finally, the caption other short-term loans include s also the negative fair value, equal to EUR 4.7 million (compared to EUR 9.4 million negative as at 31 December 2024), related to the contracts to hedge the exchange rate risk. Please refer to note 9.3 for more details. The net financial position is detailed in the following table: Net financial position (Euro/000) 31 December 2025 31 December 2024 A. Cash 1,226,277 1,187,978 B. Cash equivalents 0 0 C. Other current financial assets 251,128 154,004 D. Liquidity (A)+(B)+(C) 1,477,405 1,341,982 E . Current financial DEBT (13,053) (17,836) F. Current portion of non-current financial debt (176,915) (178,284) G. Current financial indebtedness (E)+(F) (189,968) (196,120) H. Net current financial indebtedness (G)+(D) 1,287,437 1,145,862 I. Non current financial debt (932,456) (745,921) J. Debt instruments 0 0 K. Non-current trade and other payables (6,034) (15,267) L. Non-current financial indebtedness (I)+(J)+(K) (938,490) (761,188) M. Total financial indebtedness (H)+(L) 348,947 384,674 Net financial position as defined by the ESMA Guidelines of 4 March 2021 (Consob Warning notice no. 5/21 to the Consob Communication DEM/6064293 of 28 July 2006). 5.17. SHAREHOLDERS’ EQUITY Changes in shareholders' equity for 2025 and the co mparative period are included in the consolidated statements of changes in equity. As at 31 December 2025 the subscribed share capital constituted by 274,805,954 shares was fully paid and amounted to EUR 54,961,191 with a nominal value of EUR 0.20 per share. As at 31 December 2025 3,207,654treasury shares wer e held, equal to 1.2% of the share capital, for a total value of EUR 127.7 million. The legal reserve and premium reserve pertain to the parent company Moncler S.p.A. In 2025 the Parent Company distributed dividends to the Group Shareholders for a gross unit amount of EUR 1.30 per ordinary share, for an amount of EUR 353.0 million (EUR 353.2 million dividends paid in 2025), compared to EUR 1.15 per share of EUR 311.2 million distributed in 2024 (EUR 311.0 million dividends paid in 2024).
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328 ANNUAL REPORT 2025 – MONCLER GROUP The change in the IFRS 2 reserve is due to the acco unting treatment of the performance share plans, i.e., to the recognition of the figurative cost for the period relating to these plans and the reclassification to retained earnings of the cumulative figurative cost of the plans already closed. The change in retained earnings mainly relates to t he allocation of 2024 result, the dividend distributions, the above-mentioned reclassification of the IFRS 2 reserve and the adjustment to the market value of the financial liabilities to non-banking third parties. The caption FTA reserve includes the effects of the initial application of the IFRS 16. The caption other reserves includes other comprehen sive income comprising the exchange rate translation reserve of financial statements reporte d in foreign currencies, the reserve for hedging interest rate risks and exchange rates risks and th e reserve for actuarial gains/losses. The translati on reserve includes the exchange differences emerging from the conversion of the financial statements of the foreign consolidated companies. The hedging res erve includes the effective portion of the net differences accumulated in the fair value of the de rivative hedge instruments. Changes to these reserves were as follows: Other comprehensive income Cumulative translation adj. reserve Other OCI items (Euro/000) Value before tax effect Tax effect Value after tax effect Value before tax effect Tax effect Value after tax effect Reserve as at January 1, 2024 (40,294) 0 (40,294) (7,149) 1,716 (5,433) Changes in the period (873) 0 (873) (994) 249 (745) Translation differences of the period 0 0 0 0 0 0 Reversal in the income statement of the period 0 0 0 0 0 0 Reserve as at December 31, 2024 (41,167) 0 (41,167) (8,143) 1,965 (6,178) Reserve as at January 1, 2025 (41,167) 0 (41,167) (8,143) 1,965 (6,178) Changes in the period (44,971) 0 (44,971) 5,912 (1,393) 4,519 Translation differences of the period 0 0 0 0 0 0 Reversal in the income statement of the period 0 0 0 0 0 0 Reserve as at 31 December 2025 (86,138) 0 (86,138) (2,231) 572 (1,659) Earning per share Earning per share for the years ended 31 December 2 025 and 31 December 2024 is included in the following table and is based on the relationship be tween net income attributable to the Group and the number of outstanding shares. The diluted earnings per share is in line with the basic earnings per share as at 31 December 2025 as there were no significant dilutive effects arising from stock based compensation plans. It should be noted that, for the diluted earnings p er share calculation, the treasury share method has been applied, prescribed by IAS 33 paragraph 45 for stock-based compensation plans.
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MONCLER GROUP – ANNUAL REPORT 2025 329 Earnings per share 2025 2024 Net result of the period (Euro/000) 626,670 639,596 Average number of shares related to parent's Shareholders 271,465,505 270,522,873 Earnings attributable to Shareholders (Unit of Euro) 2.31 2.36 Diluted earnings attributable to Shareholders (Unit of Euro) 2.31 2.36 6. SEGMENT INFORMATION For the purposes of IFRS 8 "Operating segments", th e activity carried out by the Group can be identified in the operating segments referring to t he Moncler business and the Stone Island business. However, these operating segments were aggregated i nto a single reportable segment, consistent with the core principle of IFRS 8, as the segments have similar economic characteristics and share common features, i.e.: the nature of the products; the nature of the production processes; the type of customers; the distribution channels. The presentation of revenues by region is based on clients’ geographical location. 7. COMMITMENTS AND GUARANTEES GIVEN 7.1. COMMITMENTS The Group does not have significant commitments ari sing from operating lease contract or other contractual cases that do not fall within the scope of IFRS 16. 7.2. GUARANTEES GIVEN As at 31 December 2025 the Group had given the following guarantees: Guarantees and bails given (Euro/000) 31 December 2025 31 December 2024 Guarantees and bails given for the benefit of: Third parties/companies 59,078 62,284 Total guarantees and bails given 59,078 62,284 Guarantees pertain mainly to lease agreements for the stores.
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330 ANNUAL REPORT 2025 – MONCLER GROUP 8. CONTINGENT LIABILITIES As the Group operates globally, it is subject to le gal and tax risks which may arise during the performance of its ordinary activities. Based on in formation available to date, the Group believes tha t at the date of preparation of this document there are no further potential liabilities in addition to those already recorded in the provisions accrued in the Consolidated Financial Statements. 9. INFORMATION ABOUT FINANCIAL RISKS The Group's financial instruments include cash and cash equivalents, loans, receivables and trade payables and other current receivables and payables and non-current assets as well as derivatives. The Group is exposed to financial risks related to its operations: market risk (mainly related to exchange rates and interest rates), credit risk (as sociated with both regular client relations and financing activities), liquidity risk (with particu lar reference to the availability of financial reso urces and access to the credit market and financial instruments) and capital risk. Financial risk management is carried out by Headqua rters, which ensures primarily that there are sufficient financial resources to meet the needs of business development and that resources are properly invested in income-generating activities. The Group uses derivative instruments to hedge its exposure to specific market risks, such as the risk associated with fluctuations in exchange rates and interest rates, on the basis of the policies established by the Board of Directors. 9.1. MARKET RISK Foreign exchange rate risk The Group operates internationally and is exposed t o foreign exchange rate risk primarily related to the U.S. Dollar, the Japanese Yen and the Chinese R enminbi and to a lesser extent to the Hong Kong Dollar, British Pound, Korean Won, Canadian Dollars , Swiss Franc, Taiwan Dollars, Singapore Dollars, Australian Dollars, Mexican Pesos, Norwegian Kroner, New Zealand Dollars and Swedish Kroner. The Group regularly assesses its exposure to financial market risks and manages these risks through th e use of derivative financial instruments, in accordance with its established risk management policies. The Group’s policy permits derivatives to be used o nly for managing the exposure to fluctuations in exchange rates connected with future cash flows and not for speculative purposes. During 2025, the Group put in place a policy to hed ge the exchange rates risk on transactions with reference to the major currencies to which it is ex posed: USD, JPY, CNY, HKD, GBP, KRW, CAD, CHF, TWD, SGD, AUD, MXN, NOK, NZD and SEK. The instruments used for these hedges are mainly Cu rrency Forward Contracts and Currency Option Contracts. The Group uses derivative financial instruments as cash flow hedges for the purpose of redetermining the exchange rate at which forecasted transactions denominated in foreign currencies will be accounted for. Counterparties to these agreements are major and diverse financial institutions. The exposure of contingent assets and liabilities d enominated in currencies is detailed in the followi ng table (the Euro amount of each currency):
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MONCLER GROUP – ANNUAL REPORT 2025 331 Details of the balances expressed in foreign currency 31 December 2025 (Euro/000) Euro JP Yen US Dollar CN Yuan HK Dollar CH Franc GB Pound KR Won CA Dollar Other Total Cash and cash equivalent 930,308 34,326 49,220 105,987 10,191 8,365 21,414 20,981 5,674 39,811 1,226,277 Financial assets 231,355 8,212 1,266 2,360 263 0 2 1,198 0 6,472 251,128 Trade receivable 69,688 43,855 6,021 117,433 769 116 7,973 30,158 4,425 11,695 292,133 Other current assets 25,233 5,123 7,079 6,290 91 467 2,464 2,941 1,030 5,528 56,246 Other non-current assets 11,176 15,260 2,567 12,795 6,463 835 2,717 1,654 539 2,302 56,308 Total assets 1,267,760 106,776 66,153 244,865 17,777 9,783 34,570 56,932 11,668 65,808 1,882,092 Trade payables (355,432) (45,451) (54,324) (39,790) (4,570) (3,988) (5,153) (4,195) (3,770) (10,649) (527,322) Borrowings (517,696) (42,911) (250,889) (76,938) (27,409) (44,754) (57,622) (5,929) (25,821) (78,489) (1,128,458) Other current payables (92,048) (3,543) (10,587) (7,389) (1,144) (850) (4,824) (1,923) (773) (4,494) (127,575) Other non-current payables (35) 0 0 0 0 0 0 0 0 0 (35) Total liabilities (965,211) (91,905) (315,800) (124,117) (33,123) (49,592) (67,599) (12,047) (30,364) (93,632) (1,783,390) Total, net foreign positions 302,549 14,871 (249,647) 120,748 (15,346) (39,809) (33,029) 44,885 (18,696) (27,824) 98,702 Details of the balances expressed in foreign currency 31 December 2024 (Euro/000) Euro JP Yen US Dollar CN Yuan HK Dollar CH Franc GB Pound KR Won CA Dollar Other Total Cash and cash equivalent 881,353 84,795 24,489 87,653 21,358 5,702 8,506 26,254 6,286 41,582 1,187,978 Financial assets 154,004 0 0 0 0 0 0 0 0 0 154,004 Trade receivable 70,965 53,521 27,422 120,174 5,518 1,788 162 33,072 3,399 10,361 326,382 Other current assets 17,514 3,277 4,700 12,731 1,652 982 206 1,601 3,102 5,064 50,829 Other non-current assets 10,452 11,403 2,922 12,893 1,610 5,663 264 1,329 917 3,943 51,396 Total assets 1,134,288 152,996 59,533 233,451 30,138 14,135 9,138 62,256 13,704 60,950 1,770,589 Trade payables (337,775) (56,814) (44,709) (50,608) (14,169) (4,452) (4,532) (6,875) (4,568) (16,412) (540,914) Borrowings (382,789) (34,927) (267,702) (89,298) (50,399) (10,018) (36,570) (1,752) (12,019) (71,834) (957,308) Other current payables (100,012) (3,232) (15,965) (8,315) (5,016) (1,259) (1,753) (2,178) (508) (7,226) (145,464) Other non-current payables (73) 0 0 0 0 0 0 0 0 0 (73) Total liabilities (820,649) (94,973) (328,376) (148,221) (69,584) (15,729) (42,855) (10,805) (17,095) (95,472) (1,643,759) Total, net foreign positions 313,639 58,023 (268,843) 85,230 (39,446) (1,594) (33,717) 51,451 (3,391) (34,522) 126,830 At the reporting date, the Group had outstanding hedges for EUR 195.0 million (EUR 248.9 million as at 31 December 2024) against receivables still to be c ollected and outstanding hedges for EUR 725.9 million (EUR 646.0 million as at 31 December 2024) against future revenues; the Group also had outstanding hedges in place on trade payables in fo reign currency for EUR 4.2 million (EUR 3.8 million at 31 December 2024) against payables still to be paid and hedges for EUR 7.9 million (EUR 7.6 million at 31 December 2024) against future costs. As far as the currency transactions are concerned, it should be noted that a + / -1% change in their exchange rates would have the following effects:
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332 ANNUAL REPORT 2025 – MONCLER GROUP Details of the transactions expressed in foreign currency (Euro/000) JP Yen US Dollar CN Yuan HK Dollar KR Won GB Pound Other Effect of an exchange rate increase amounting to +1% Revenue 3,543 3,565 6,450 623 2,806 879 2,532 Operating profit 2,077 1,617 3,766 276 1,561 405 540 Effect of an exchange rate decrease amounting to -1% Revenue (3,472) (3,494) (6,322) (611) (2,750) (862) (2,481) Operating profit (2,036) (1,585) (3,692) (270) (1,530) (397) (529) With reference to the provisions of IFRS 13, it sho uld be pointed out that the category of financial instruments measured at fair value are mainly attri butable to the hedging of exchange rates risk. The valuation of these instruments is based on the disc ounting of future cash flows considering the exchange rates at the reporting date (level 2 as explained in the section related to principles). Interest rate risk The Group's exposure to interest-rate risk is mainl y related to cash and cash equivalents and it is centrally managed. 9.2. CREDIT RISK The Group has no significant concentrations of fina ncial assets (trade receivables and other current assets) with a high credit risk. The Group's polici es related to the management of financial assets ar e intended to reduce the risks arising from non solve ncy of wholesale customers. Sales in the retail channel are made through cash and credit cards. In addition, the amount of loans outstanding is constantly monitored, so that the Group's exposure to bad debts is not significant and the percentage of writeoffs remains low. The maximum exposure to c redit risk for the Group at 31 December 2025 is represented by the carrying amount of trade receiva bles reported in the Consolidated Financial Statements. As far as the credit risk arising from other financ ial assets other than trade receivables (including cash and short-term bank deposits) is concerned, the theoretical credit risk for the Group arises from defa ult of the counterparty with a maximum exposure equal t o the carrying amount of financial assets recorded in the Consolidated Financial Statements, as well as the nominal value of guarantees given for third parties debts or commitments indicated in note 7 of the Explanatory Notes. The Group operates with banks and financial institutions of p rimary standing and has policies that limit the amount of credit exposure in different banks. 9.3. LIQUIDITY RISK Liquidity risk arises from the ability to obtain fi nancial resources at a sustainable cost in order fo r the Group to conduct its daily business operations. The factors that influence this risk are related to th e resources generated/absorbed by operating activitie s, by investing and financing activities and by availability of funds in the financial market.
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MONCLER GROUP – ANNUAL REPORT 2025 333 Following the dynamic nature of the business, the G roup has centralised its treasury functions in orde r to maintain the flexibility in finding financial so urces and maintain the availability of credit lines . The procedures in place to mitigate the liquidity risk are as follows: centralised treasury management and financial plann ing. Use of a centralised control system to manage the net financial position of the Group and its subsidiaries; obtaining adequate credit lines to create an adequa te debt structure to better use the liquidity provided by the credit system; continuous monitoring of future cash flows based on the Group budget. Management believes that the financial resources av ailable today, along with those that are generated by the current operations will enable the Group to achieve its objectives and to meet its investment needs and the repayment of its debt at the agreed upon maturity date. It should also be noted that, with reference to the provisions of IFRS 13, financial liabilities relat ing to commitment to purchase minority interests are accou nted for at fair value based on valuation models primarily attributable to level 3, as explained in the section related to the basis for measurement. It is reported in the following table an analysis o f the contractual maturities (including interests), for financial liabilities and for derivative financial assets. Contractual cash flows Non derivative financial liabilities Total book value Total within 1 year 1-2 years 2-5 years more than 5 years (Euro/000) Bank overdraft 0 0 0 0 0 0 Self-liquidating loans 0 0 0 0 0 0 Financial debt to third parties 0 0 0 0 0 0 Unsecured loans 0 0 0 0 0 0 Financial lease liabilities 1,109,371 1,109,371 176,915 148,603 321,658 462,195 Contractual cash flows Derivative financial liabilities Total book value Total within 1 year 1-2 years 2-5 years more than 5 years (Euro/000) Interest rate swap hedging 0 0 0 0 0 0 Forward contracts on exchange rate hedging (11,395) (11,395) (11,395) 0 0 0 - Outflows 4,733 4,733 4,733 0 0 0 - Inflows (16,128) (16,128) (16,128) 0 0 0
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334 ANNUAL REPORT 2025 – MONCLER GROUP 9.4. OPERATING AND CAPITAL MANAGEMENT RISKS In the management of operating risk, the Group's ma in objective is to manage the risks associated with the development of business in foreign markets that are subject to specific laws and regulations. The Group has implemented guidelines in the following areas: appropriate level of segregation of duties; reconciliation and constant monitoring of significant transactions; documentation of controls and procedures; technical and professional training of employees; periodic assessment of corporate risks and identification of corrective actions. As far as the capital management risk is concerned, the Group's objectives are aimed at the going concern issue in order to ensure a fair economic re turn to shareholders and other stakeholders while maintaining a good rating in the capital debt marke t. The Group manages its capital structure and makes adjustments in line with changes in general e conomic conditions and with the strategic objectives. 10. OTHER INFORMATION 10.1 RELATED PARTY TRANSACTIONS Set out below are the transactions with related par ties deemed relevant for the purposes of the “Related-party procedure” adopted by the Group. The “Related-party procedure” is available on the C ompany’s website (www.monclergroup.com, under “Governance/Corporate documents”). Transactions and balances with consolidated compani es have been eliminated during consolidation and are therefore not commented here. During 2025, related-party transactions mainly rela te to trading transactions carried out on an arm's length basis with the following parties: Yagi Tsusho Ltd, until March 28, 2024, was the coun terparty to the transaction which led to the establishment of Moncler Japan Ltd. and acquired fi nished products from Moncler Group companies (EUR 36.5 million until March 28 2024) an d then sold them to Moncler Japan Ltd. (EUR 38.4 million until March 28 2024) pursuant to contracts agreed upon the company’s establishment. These transactions, in the financial statements, were indicated in the cost of sales item for Euro 6.1 million in 2024. On 28 March 2024 , the Group acquired the stake held by Yagi Tsusho Ltd in Moncler Japan Ltd, reaching 100% owne rship of the same. From that date, Yagi Tsusho Ltd no longer qualifies as a related party. Gokse Tekstil Kozmetik Sanayi ic ve dis ticaret lim ited sirketi, company held by the minority shareholder of Moncler Istanbul Giyim ve Tekstil Ti caret Ltd. Sti, provides services to that company. Total costs incurred for these services fo r 2025 amounted to EUR 0.2 million (EUR 0.2 million in 2024). The company La Rotonda S.r.l., owned by a manager o f the Moncler Group, acquires finished products from Industries S.p.A. and provides servic es to the same. Total revenues generated by the Group to this entity in 2025 amounted to EUR 1. 4 million (EUR 1.4 million in 2024) and total costs incurred amounted to EUR 0.2 million (EUR 0.2 million in 2024).
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MONCLER GROUP – ANNUAL REPORT 2025 335 The company Rivetex S.r.l., a company referable to Carlo Rivetti and his family members, rents a building to Moncler Group; as of April 16, 2025, Carlo Rivetti is no longer a member of the Board of Directors of Moncler S.p.A. and therefore, from that date, Rivetex S.r.l. no longer qualifies as a related party. In 2025 total costs (until April 16, 2025) amounted to EUR 0.2 million (EUR 0.5 million in 2024). Mr Fabrizio Ruffini, brother of the Chairman of the Board of Directors and Chief Executive Officer of Moncler S.p.A., provides consultancy ser vices relating to research, development and quality control for Moncler branded products. Total costs recognised for 2025 amounted to EUR 0.6 million (EUR 0.6 million in 2024). The company ALS Luxury Logistics S.r.l., is an associated company that provides logistics services; in 2024 the total costs amounted to EUR 47.8 millio n (EUR 45.4 million in 2024), of which EUR 29.3 million recorded in the item cost of sales (EU R 28.7 million in 2024), EUR 18.4 million recorded in the item general and administrative expenses (EUR 16.6 million in 2024) and EUR 0.1 million in the item selling expenses (EUR 0.1 million in 2024). The companies Industries S.p.A. and Sportswear Comp any S.p.A. adheres to the Parent Company Moncler S.p.A. VAT and fiscal consolidation. Compensation paid to directors, board of statutory auditors and executives with strategic responsibilities Compensation paid to the members of the Board of Directors in 2025 amounted to EUR 6,933 thousand (EUR 8,068 thousand in 2024). Compensation paid to the members of the Board of Auditors in 2025 amounted to EUR 200.0 thousand (EUR 200.0 thousand in 2024). In 2025 total compensation paid to executives with strategic responsibilities amounted to EUR 4,951 thousand (EUR 3,882 thousand in 2024). In 2025 the costs relating to performance share pla ns (described in paragraph 10.2) referring to members of the Board of Directors and Key managemen t personnel amounted to EUR 11,888 thousand (EUR 16,293 thousand in 2024). The following tables summarise the afore-mentioned related-party transactions that took place during 2024 and the prior year.
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336 ANNUAL REPORT 2025 – MONCLER GROUP (Euro/000) Type of relationship Note 31 December 2025 % 31 December 2024 % Yagi Tsusho Ltd Distribution agreement a 0 0.0% 36,484 (5.3)% Yagi Tsusho Ltd Distribution agreement a 0 0.0% (38,399) 5.6% Gokse Tekstil Kozmetik Sanayi ic ve dis ticaret limited sirketi Service agreement b (165) 0.0% (167) 0.0% La Rotonda S.r.l. Trade transactions c 1,398 0.0% 1,393 0.0% La Rotonda S.r.l. Trade transactions d (152) 0.0% (157) 0.0% Rivetex S.r.l. Trade transactions d (209) 0.0% (520) 0.1% Fabrizio Ruffini Service agreement b (552) 0.2% (553) 0.2% ALS Luxury Logistics S.r.l. Service agreement d (68) 0.0% (65) 0.0% ALS Luxury Logistics S.r.l. Service agreement b (18,425) 5.2% (16,618) 4.7% ALS Luxury Logistics S.r.l. Service agreement a (29,304) 4.3% (28,725) 4.2% Directors, board of statutory auditors and executives with strategic responsibilities Labour services b (22,466) 6.3% (26,366) 7.5% Executives with strategic responsibilities Labour services d (1,506) 0.2% (2,076) 0.2% Total (71,449) (75,769) a effect in % based on cost of sales b effect in % based on general and administrative expenses c effect in % based on revenues d effect in % based on selling expenses
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MONCLER GROUP – ANNUAL REPORT 2025 337 (Euro/000) Type of relationship Note 31 December 2025 % 31 December 2024 % Yagi Tsusho Ltd Trade payables a 0 0.0% 0 0.0% Yagi Tsusho Ltd Trade receivables b 0 0.0% 0 0.0% La Rotonda S.r.l. Trade receivables b 176 0.1% 383 0.1% La Rotonda S.r.l. Trade payables a (37) 0.0% (38) 0.0% Fabrizio Ruffini Trade payables a (137) 0.0% (139) 0.0% ALS Luxury Logistics S.r.l. Trade payables a (8,052) 1.5% (11,606) 2.1% Directors, board of statutory auditors and executives with strategic responsibilities Other current liabilities c (5,019) 3.9% (5,946) 4.1% Total (13,069) (17,346) a effect in % based on trade payables b effect in % based on trade receivables c effect in % based on other current liabilities The following tables summarise the weight of relate d-party transactions on the Consolidated Financial Statements as at and for the years ended 31 December 2025 and 2024: (Euro/000) 31 December 2025 Revenue Cost of sales Selling expenses General and administrative expenses Total related parties 1,398 (29,304) (1,935) (41,608) Total consolidated financial statements 3,132,128 (685,931) (956,000) (357,432) Weight % 0.0% 4.3% 0.2% 11.6% (Euro/000) 31 December 2025 Trade receivables Trade Payables Other current liabilities Total related parties 176 (8,226) (5,019) Total consolidated financial statements 292,133 (527,322) (127,575) Weight % 0.1% 1.6% 3.9% (Euro/000) 31 December 2024 Revenue Cost of sales Selling expenses General and administrative expenses Total related parties 1,393 (30,640) (2,818) (43,704) Total consolidated financial statements 3,108,924 (682,367) (937,349) (351,656) Weight % 0.0% 4.5% 0.3% 12.4%
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338 ANNUAL REPORT 2025 – MONCLER GROUP (Euro/000) 31 December 2024 Trade receivables Trade Payables Other current liabilities Total related parties 383 (11,783) (5,946) Total consolidated financial statements 326,382 (540,914) (145,464) Weight % 0.1% 2.2% 4.1% 10.2 STOCK-BASED COMPENSATION PLANS The Consolidated Financial Statements at 31 Decembe r 2025 reflects the values of the Performance Shares Plans approved in 2022 and 2024. The costs related to stock-based compensation plans in 2025 are equal to EUR 33.4 million compared to EUR 47.0 million in 2024. On 21 April 2022, the Ordinary Shareholders’ Meetin g also approved, pursuant to art. 114-bis of the Consolidated Law on Finance, the adoption of a Stoc k Grant Plan denominated "2022 Performance Shares Plan” addressed to Executive Directors, Key Managers, employees and collaborators, therein including Moncler’s external consultants and of its subsidiaries. The object of this plan is the free granting of the Moncler shares in case certain Performance Targets are achieved at the end of the vesting period of 3 years. The Performance Targets are expressed based on the following indices of the Group in the vesting period, adjusted by the conditions of over/under pe rformance: (i) Net Income, (ii) Free Cash Flow and (iii) ESG (Environmental Social Governance). The proposed maximum number of shares serving the P lan is equal to n. 2,000,000 resulting from allocation of treasury shares. The above plan provides for a maximum of 3 cycles o f attribution. As regards the first attribution cyc le, on 4 May 2022 the Board of Directors resolved the g ranting of 971,169 Moncler Rights. On 4 May 2023, executing the second attribution cycle, the B oard of Directors approved the assignment of a maximum of 436,349 Moncler Rights. As regards the first allocation cycle: The 3-year vesting period ended with the approval o f the Draft Financial Statements as at December 31, 2024; The performance targets were met, together with the over-performance condition. Therefore, No. 991,856 shares (including No. 128,129 shares de riving from over-performance) were assigned to the beneficiaries through the use of own shares. As at 31 December 2025 there are still in circulati on 361,062 rights related to the second cycle of attribution, whose effect on the income statement i n 2025 amounts to EUR 7.9 million, while there are no rights in circulation relating to the first cycl e of attribution, whose effect on the income statem ent in 2025 amounts to EUR 2.4 million. On 24 April 2024, the Ordinary Shareholders’ Meetin g approved, pursuant to art. 114-bis of the Consolidated Law on Finance, the adoption of a Stoc k Grant Plan denominated "2024 Performance Shares Plan” addressed to Executive Directors, Key Managers, employees and collaborators, therein including Moncler’s external consultants and of its subsidiaries. The object of the Plan is the free granting of the Moncler shares in case certain Performance Targets are achieved at the end of the vesting period of 3 years. The Performance Targets are expressed based
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MONCLER GROUP – ANNUAL REPORT 2025 339 on the following indices of the Group in the vestin g period, adjusted by the conditions of over/under performance: (i) Net Income, (ii) Free Cash Flow and (iii) ESG (Environmental Social Governance). The proposed maximum number of shares serving the P lan is equal to n. 2,000,000 resulting from allocation of treasury shares. On 24 April 2024 the Board of Directors resolved the granting of 1,109,219 Moncler Rights. As at 31 December 2025 there are in circulation 988 ,614 rights, whose effect on the income statement in 2024 amounts to EUR 21.3 million. As stated by IFRS 2, these plans are defined as Equity Settled. For information regarding the performance share pla ns described above, please see the company's website, www.monclergroup.com, in the "Governance/Shareholders’ Meeting" section. 10.3 SUBSIDIARIES AND MINORITY INTERESTS Following are the financial information of the subsidiaries that have significant minority interests . Summary of subsidiary's financial information 31 December 2025 (Euro/000) Assets Liabilities Net equity Revenues Profit/(Loss) Profit/(Loss) attributable to minority White Tech Sp.zo.o. 357 40 317 258 (7) (2) Summary of subsidiary's financial information 31 December 2024 (Euro/000) Assets Liabilities Net equity Revenues Profit/(Loss) Profit/(Loss) attributable to minority White Tech Sp.zo.o. 369 49 320 241 1 0 Cash Flow 2025 (*) (Euro/000) White Tech Sp.zo.o. Operating Cash Flow 146 Free Cash Flow 141 Net Cash Flow 145 Cash Flow 2024 (*) (Euro/000) White Tech Sp.zo.o. Operating Cash Flow (215) Free Cash Flow (214) Net Cash Flow (209) (*) Amounts showed according to the Cash Flow Statements included in the Directors' Report
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340 ANNUAL REPORT 2025 – MONCLER GROUP 10.4 SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS It should be noted that in the Group, during the 20 25, there were no significant non-recurring events and transactions. 10.5 ATYPICAL AND/OR UNUSUAL TRANSACTIONS It should be noted that during 2025 the Group did n ot enter into any atypical and/or unusual transactions. 10.6 FINANCIAL INSTRUMENTS The following table shows the carrying amount and f air values of financial assets and financial liabilities, including their levels in the fair val ue hierarchy for financial instruments measured at fair value. It does not include fair value information f or financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. (Euro/000) December 31, 2025 Current Non-current Fair value Level Financial assets measured at fair value Interest rate swap used for hedging - - - Forward exchange contracts used for hedging 16,128 - 16,128 2 Sub-total 16,128 - 16,128 Financial assets not measured at fair value Trade and other receivables (*) 292,133 51,227 Cash and cash equivalents (*) 1,461,277 - Sub-total 1,753,410 51,227 - Total 1,769,538 51,227 16,128 (Euro/000) December 31, 2024 Current Non-current Fair value Level Financial assets measured at fair value Interest rate swap used for hedging - - - Forward exchange contracts used for hedging 4,648 - 4,648 2 Sub-total 4,648 - 4,648 Financial assets not measured at fair value Trade and other receivables (*) 326,382 46,522 Cash and cash equivalents (*) 1,337,335 - Sub-total 1,663,716 46,522 - Total 1,668,364 46,522 4,648
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MONCLER GROUP – ANNUAL REPORT 2025 341 (Euro/000) December 31, 2025 Current Non-current Fair value Level Financial liabilities measured at fair value Interest rate swap used for hedging - - - 2 Forward exchange contracts used for hedging (4,733) - (4,733) 2 Other financial liabilities (8,317) (6,034) (14,351) 3 Sub-total (13,050) (6,034) (19,084) Financial liabilities not measured at fair value Trade and other payables (*) (548,107) - Bank overdrafts (*) (1) - Short-term bank loans (*) - - Bank loans (*) - - IFRS 16 financial loans (*) (176,915) (932,456) Sub-total (725,023) (932,456) - Total (738,073) (938,490) (19,084) (Euro/000) December 31, 2024 Current Non-current Fair value Level Financial liabilities measured at fair value Interest rate swap used for hedging - - - 2 Forward exchange contracts used for hedging (9,446) - (9,446) 2 Other financial liabilities (8,383) (15,267) (23,650) 3 Sub-total (17,829) (15,267) (33,097) Financial liabilities not measured at fair value Trade and other payables (*) (572,697) - Bank overdrafts (*) (6) - Short-term bank loans (*) - - Bank loans (*) - - IFRS 16 financial loans (*) (178,284) (745,921) Sub-total (750,987) (745,921) - Total (768,817) (761,188) (33,097) (*) Such items refer to short-term financial assets and financial liabilities whose carrying value is a reasonable approximation of fair value, which was therefore not disclosed.
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342 ANNUAL REPORT 2025 – MONCLER GROUP 10.7 FEES PAID TO INDEPENDENT AUDITORS Fees paid to independent auditors are summarised below: Audit and attestation services (Euro) Entity that has provided the service Fees 2025 Audit Deloitte & Touche S.p.A. 477,780 Network Deloitte & Touche S.p.A. 233,756 Attestation services Deloitte & Touche S.p.A. 229,510 Network Deloitte & Touche S.p.A. - Other services Deloitte & Touche S.p.A. - Network Deloitte & Touche S.p.A. - Total 941,046 10.8 DISCLOSURE PURSUANT TO ITALIAN LAW N. 124/2017 With regard to the requirements of Law 124/2017, it should be noted that in 2025: For the purposes of the above requirements and with regard to any other grants received falling among the cases provided for, reference is also made to t he specific Italian national register, which can be consulted by the public. 10.9 MACROECONOMIC ENVIROMENT Regarding the introduction of additional tariffs in the United States, is not expected to have a significant direct impact that would influence the financial statements; however, the Group is monitoring the potential indirect impact that the t ariffs could have on consumer confidence, inflation and exchange rates, also considering the uncertainty of the current macroeconomic environment. 11. SIGNIFICANT EVENTS AFTER THE REPORTING DATE BARTOLOMEO RONGONE TO BE GROUP CHIEF EXECUTIVE OFFI CER, REMO RUFFINI EXECUTIVE CHAIRMAN On 20 January 2026, Moncler S.p.A. announced the ar rival of Bartolomeo “Leo” Rongone as Group Chief Executive Officer, starting from 1 April 2026, in order to strengthen its organisational structure. In this new organizational setup, Remo Ruffini will be Executive Chairman maintaining the responsibility for Creative Direction, and continui ng to play a primary role in the governance and in defining the Group’s strategic direction. Moncler S.p.A. benefited from a tax credit related to research and development of EUR 613 thousand and the art bonus credit of EUR 19 thousand; Industries S.p.A. benefited from the “Industria 4.0 ” tax credit of EUR 519 thousand and the tax credit related to research and development of EUR 70 thousand; Sportswear Company S.p.A. benefited from the tax cr edit related to research and development of EUR 178 thousand.
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MONCLER GROUP – ANNUAL REPORT 2025 343 ROBERTO EGGS STEPS DOWN FROM CHIEF BUSINESS & GLOBA L MARKET OFFICER ROLE AND REMAINS ON THE BOARD OF DIRECTORS OF MONCLER S.P.A. AS A NON-EXECUTIVE MEMBER On 20 January 2026, Moncler S.p.A. announced that R oberto Eggs, effective from 1 March 2026, will step down from the role of Chief Business and Globa l Market Officer to pursue a new professional chapter. Eggs will continue his collaboration with the Group as a non-Executive Director of Moncler S.p.A. Board of Directors. *** The Consolidated Financial Statements, comprised of the consolidated income statement, consolidated statement of comprehensive income, consolidated sta tement of financial position, consolidated statement of changes in equity, consolidated statem ent of cash flows and explanatory notes to the Consolidated Financial Statements give a true and f air view of the financial position and the results of operations and cash flows and corresponds to the ac counting records of the Parent Company and the companies included in the consolidation. On behalf of the Board of Directors of Moncler S.p.A. Remo Ruffini Chairman and Chief Executive Officer
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344 ANNUAL REPORT 2025 – MONCLER GROUP 3 SEPARATE FINANCIAL STATEMENTS SEPARATE FINANCIAL STATEMENTS Income statement Comprehensive income Financial position Changes in equity Cash flows EXPLANATORY NOTES TO THE SEPARATE FINANCIAL STATEMENTS General information Significant accounting principles Comments on the income statement Comments on the statement of financial position Commitments and guarantees given Contingent liabilities Information about financial risks Other information Significant events after the reporting date Motion to approve the financial statements and the allocation of the result for the year ended 31 December 2025 Moncler S.p.A. Registered office: Via Stendhal 47, MILAN – ITALY Share capital: EUR 54,961,190.80 fully paid-in – Registration number CCIAA: MI-1763158 Tax code: 04642290961 This English version of the financial statements of Moncler S.p.A. constitutes a non-official version which has not been prepared in accordance with the provisions of the Commission De legated Regulation (EU) 2019/815. The official vers ion of the financial statements, which was prepared in accordance with t he aforementioned Regulation, has been translated i nto the English language solely for the convenience of international readers . Accordingly, only the original text in Italian la nguage is authoritative.
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MONCLER GROUP – ANNUAL REPORT 2025 345 SEPARATE FINANCIAL STATEMENTS INCOME STATEMENT Income statement (Euro) Notes 2025 of which related parties (note 8.1) 2024 of which related parties (note 8.1) Revenue 3.1 490,449,410 488,937,249 491,917,863 489,342,566 General and administrative expenses 3.2 (76,081,310) (18,397,884) (84,110,153) (21,185,371) Marketing expenses 3.3 (100,559,303) (125,281) (82,517,128) (51,801) Operating result 313,808,797 325,290,582 Financial income 3.5 224,503,730 3,917,639 438,583,530 2,465,380 Financial expenses 3.5 (10,344,418) (10,202,925) (21,942,605) (21,442,132) Result before taxes 527,968,109 741,931,507 Income taxes 3.6 (89,801,811) (90,045,750) Net result 438,166,298 651,885,757
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346 ANNUAL REPORT 2025 – MONCLER GROUP COMPREHENSIVE INCOME Statement of comprehensive income Note 2025 2024 (Euro) Net profit (loss) for the period 438,166,298 651,885,757 Gains/(Losses) on fair value of hedge derivatives 4.16 (1) 1 Items that are or may be reclassified to profit or loss (1) 1 Actuarial Gains/(Losses) on pension funds 4.16 48,493 45,651 Items that will never be reclassified to profit or loss 48,493 45,651 Other comprehensive income/(loss), net of tax 48,492 45,652 Total Comprehensive income/(loss) 438,214,790 651,931,409
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MONCLER GROUP – ANNUAL REPORT 2025 347 FINANCIAL POSITION Statement of financial position 31 December 2025 of which related parties (note 8.1) 31 December 2024 of which related parties (note 8.1) (Euro) Notes Brands and other intangible assets - net 4.1 1,003,800,148 1,002,557,770 Property, plant and equipment - net 4.3 843,804 1,140,559 Investments in subsidiaries 4.4 1,022,157,899 1,000,012,420 Other non-current assets 4.9 258,600 258,600 Deferred tax assets 4.5 3,905,144 4,125,602 Non-current assets 2,030,965,595 2,008,094,951 Trade accounts receivable 4.6 866,362 968,558 Intra-group accounts receivable 4.6 49,152,810 49,152,810 67,875,527 67,875,527 Income taxes 4.15 932,131 4,772,267 Other current assets 4.9 16,590,857 6,408,197 Other current assets intra-group 4.9 18,560,746 18,560,746 14,866,857 14,866,857 Intra-group financial receivables 4.8 1,439,887 1,439,887 104,441,993 104,441,993 Cash and cash equivalent 4.7 137,379,161 130,655,043 Current assets 224,921,953 329,988,442 Total assets 2,255,887,548 2,338,083,393 Share capital 4.16 54,961,191 54,961,191 Share premium reserve 4.16 745,308,990 745,308,990 Other reserve 4.16 661,482,485 331,323,321 Net result 4.16 438,166,298 651,885,757 Equity 1,899,918,964 1,783,479,259 Long-term borrowings 4.14 416,610 245,193 Intra-group long-term borrowings 4.14 0 0 150,000,000 150,000,000 Provisions non-current 4.13 2,972,664 1,900,000 Employees pension fund 4.12 2,949,274 2,637,165 Deferred tax liabilities 4.5 138,478,850 93,959,388 Non-current liabilities 144,817,398 248,741,746 Short-term borrowings 4.14 337,610 209,535 Intra-group short-term borrowings 4.14 115,000,000 115,000,000 200,000,000 200,000,000 Trade accounts payable 4.10 34,283,272 29,728,196 Intra-group accounts payable 4.10 7,255,263 7,255,263 1,198,734 1,198,734 Tax liabilities 4.15 19,353,342 13,968,921 Other current liabilities 4.11 14,460,442 3,139,015 15,200,656 4,013,472 Other current liabilities intra-group 4.11 20,461,258 20,461,258 45,556,346 45,556,346 Current liabilities 211,151,186 305,862,388 Total liabilities and equity 2,255,887,548 2,338,083,393
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348 ANNUAL REPORT 2025 – MONCLER GROUP CHANGES IN EQUITY Statement of changes in equity Other reserves Share capital Share premium reserve Legal reserve Other comprehensive income IFRS 2 reserve Revaluation reserve FTA reserve Retained earnings Result of the period Net Equity (Euro) Notes Shareholders' equity at 1 January 2024 4.16 54,925,535 745,308,990 10,985,107 (128,830) 57,042,417 85,963 (19,585) 334,653,447 195,734,596 1,398,587,640 Allocation of Last Year Result 0 0 7,131 0 0 0 0 195,727,465 (195,734,596) 0 Share capital and reserves increase 35,656 0 0 0 0 0 0 (35,656) 0 0 Dividends 0 0 0 0 0 0 0 (311,197,411) 0 (311,197,411) Other movements in Equity 0 0 0 45,652 19,153,903 0 0 25,003,718 0 44,203,273 Result of the period 0 0 0 0 0 0 0 0 651,885,757 651,885,757 Shareholders' equity at 31 December 2024 4.16 54,961,191 745,308,990 10,992,238 (83,178) 76,196,320 85,963 0 244,131,978 651,885,757 1,783,479,259 Shareholders' equity at 1 January 2025 4.16 54,961,191 745,308,990 10,992,238 (83,178) 76,196,320 85,963 0 244,131,978 651,885,757 1,783,479,259 Allocation of Last Year Result 0 0 0 0 0 0 0 651,885,757 (651,885,757) 0 Share capital and reserves increase 0 0 0 0 0 0 0 0 0 0 Reclassification 0 0 0 0 0 0 0 0 0 0 Dividends 0 0 0 0 0 0 0 (353,046,070) 0 (353,046,070) Other movements in Equity 0 0 0 48,492 (17,587,842) 0 0 48,858,827 0 31,319,477 Result of the period 0 0 0 0 0 0 0 0 438,166,298 438,166,298 Shareholders' equity at 31 December 2025 4.16 54,961,191 745,308,990 10,992,238 (34,686) 58,608,478 85,963 0 591,830,492 438,166,298 1,899,918,964
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MONCLER GROUP – ANNUAL REPORT 2025 349 CASH FLOWS Statement of cash flow (Euro) 2025 of which related parties (note 8.1) 2024 of which related parties (note 8.1) Cash flow from operating activities Net result of the period 438,166,298 651,885,757 Depreciation and amortization 2,032,602 2,346,788 Net financial (income)/expenses (214,159,312) (416,640,925) Equity -settled share -based payment transactions 9,125,505 14,931,734 Income tax expenses 89,801,811 90,045,750 Changes in trade receivables - (Increase)/Decrease 18,824,913 18,722,717 29,463,625 28,896,864 Changes in trade payables - Increase/(Decrease) 10,814,145 6,056,529 (11,888,333) (3,118,623) Changes in other current assets/liabilities (10,812,570) (874,456) (8,471,142) (1,189,855) Cash flow generated/(absorbed) from operating activities 343,793,392 351,673,254 Interest paid (10,227,331) (21,530,593) Interest received 5,301,190 2,533,600 Income tax paid (147,064,511) (137,234,307) Income tax received from fiscal consolidation 83,545,633 83,545,633 142,674,667 142,674,667 VAT received from Fiscal Consolidation (1,107,433) (1,107,433) 20,756,616 20,756,616 Changes in other non-current assets/liabilities 1,418,552 721,991 Net cash flow from operating activities (a) 275,659,492 359,595,228 Cash flow from investing activities Purchase of tangible and intangible fixed assets (2,150,806) (2,312,047) Dividends received 219,000,000 436,049,930 Net cash flow from investing activities (b) 216,849,194 433,737,883 Cash flow from financing activities Repayment of current and non-current lease liabilities (555,646) (1,067,540) Borrowings variation, other than bank borrowings (131,997,893) (131,997,894) (351,560,714) (351,560,714) Dividends paid to shareholders (353,231,034) (311,014,039) Net cash flow from financing activities (c) (485,784,573) (663,642,293) Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c) 6,724,113 129,690,818 Cash and cash equivalents at the beginning of the period 130,654,965 964,147 Net increase/(decrease) in cash and cash equivalents 6,724,113 129,690,818 Cash and cash equivalents at the end of the period 137,379,078 130,654,965
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350 ANNUAL REPORT 2025 – MONCLER GROUP On behalf of the Board of Directors Remo Ruffini Chairman and Chief Executive Officer
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MONCLER GROUP – ANNUAL REPORT 2025 351 EXPLANATORY NOTES TO THE SEPARATE FINANCIAL STATEMENTS 1. GENERAL INFORMATION 1.1. MONCLER S.P.A. Moncler S.p.A. (the “Company” or “Moncler”) is a co mpany established and domiciled in Italy, with its registered office located at Via Stendhal 47 Milan, Italy, and registration number of 04642290961. The Company is de-facto indirectly controlled by Re mo Ruffini through Ruffini Partecipazioni Holding S.r.l. (RPH) and Double R S.r.l. (DR): more specifi cally, Remo Ruffini owns the entire share capital o f RPH, a company controlling DR which, in turn, as of 31 December 2025 holds a shareholding representing 18.2% of the share capital of Moncler S.p.A. It is the Parent Company for the Moncler Group (her einafter referred to as the "Group") and 54 other subsidiaries. The main activity of the Company is the Moncler and Stone Island brands management, including increasing awareness through dedicated communication and marketing campaigns. The Moncler Group companies run their businesses in accordance with the guidelines and the strategies set up by Moncler’s Board of Directors. The Company also prepares the Consolidated Financia l Statements and the Management Report is a single document as permitted by 40/2 bis, letter. B Legislative Decree 127/91. 1.2. BASIS FOR THE PREPARATION OF THE SEPARATE FINANCIAL STATEMENTS 1.2.1. RELEVANT ACCOUNTING PRINCIPLES The 2025 separate financial statements (“financial statements”) have been prepared in accordance with International Financial Reporting Standards (" IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the Europe an Union. IFRS also includes all International Accounting Standards ("IAS") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), previously kno wn as the Standing Interpretations Committee ("SIC"). The financial statements include the statement of f inancial position, the income statement, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows and the explanatory notes to the financial statements.
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352 ANNUAL REPORT 2025 – MONCLER GROUP 1.2.2. PRESENTATION OF THE FINANCIAL STATEMENTS The Company presents its income statement by destin ation, the method that is considered most representative for the business at hand. This method is in fact consistent with the internal reporting and management of the business. With reference to the statement of financial positi on, a basis of presentation has been chosen which makes a distinction between current and non-current assets and liabilities, in accordance with the provisions of paragraph 60 and thereafter of IAS 1. The statement of cash flows is prepared under the indirect method. 1.2.3. BASIS FOR MEASUREMENT The financial statements have been prepared on the historical cost basis, possibly modified in accordance with IFRS 9 for the measurement of certa in financial instruments and on a going concern basis. The financial statements are presented in thousand euros, which is the functional currency of the markets where the Company mainly operates. The explanatory notes have been prepared in thousands of Euros unless stated otherwise. 1.2.4. DIRECTORS' ASSESSMENT ON THE ASSUMPTION OF BUSINESS CONTINUITY Based on the results of the current year and foreca sts for future years, the management believes that there are no factors rendering business continuity uncertain. In particular, the Companies’ financial strength and its cash and cash equivalents at the e nd of the year guarantee a high level of financial independence to support Moncler's operational needs and development programmes. For 2026, business operations are fully guaranteed, both in t erms of product offerings across the various market s and distribution channels (from which the active ro yalties recognized by the subsidiaries for the use of the owned brands name derive), and in the ability to manage and organise business activities. 1.2.5. USE OF ESTIMATES AND VALUATIONS The preparation of the financial statements and the related explanatory notes in conformity with IFRS requires that management makes estimates and assump tions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the reporting date. The actual results could differ from those estimates. The estimates and underlying assumptions are review ed periodically and any variation is reflected in the income statement in the period in which the est imate is revised if the revision affects only that period or even in subsequent periods if the revision affects both current and future periods. In the event that management’s estimate and judgmen t have a significant impact on the amounts recognised in the financial statements or in case t hat there is a risk of future adjustments on the amounts recognised for assets and liabilities in th e period immediately after the reporting date, the following notes will include the relevant information. The estimates pertain mainly to the following captions of the Consolidated Financial Statements: impairment of non-current assets with indefinite useful lives and investments;
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MONCLER GROUP – ANNUAL REPORT 2025 353 provision for losses and contingent liabilities. Incentive systems and variable remuneration. Recoverable amount of non-current assets with indef inite useful lives (brand) and investments ("impairment") Management periodically reviews non-current assets, assets held for sale and investments in subsidiaries for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is estimated based on the present value of future cash flows expected to derive from the asset or from the sale of the asset itself, at a suitable discount rate. When the recoverable amount of a non-current asset is less than its carrying amount, an impairment loss is recognised immediately in the income statem ent and the carrying amount is reduced to its recoverable amount determined based on value-in-use calculation or its sale’s value in an arm’s length transaction, with reference to the most recent Group business plan. Provision for losses and contingent liabilities The Group could be subject to legal and tax litigat ions arising in the countries where it operates. Litigation is inevitably subject to risk and uncert ainties surrounding the events and circumstances associated with the claims and associated with local legislation and jurisdiction. In the normal course of business, management requests advice from the Group legal consultants and tax experts. The recognition of a provision is based on management’s best estimate when an outflow of resources is probable to settle the obligation and the amount ca n be reliably estimated. In those circumstances where the outflow of resources is possible or the amount of the obligation cannot be reliably measured, the contingent liabilities are disclosed in the notes to Consolidated Financial Statements. Incentive systems and variable remuneration For the description of the determination of the fai r value of share-based incentive payments for the Moncler Group management, please see paragraph 2.9. 1.3. IMPACT OF CLIMATE CHANGE ISSUES The Group defined a climate strategy aimed at reduc ing greenhouse gas (GHG) emissions, with the intention of positively contributing to the global goal of combating climate change, in line with the requirements of the Paris Agreement on climate. Thi s strategy, integrated into the Group's business model, includes medium and long-term objectives. In particular, the Group committed to reducing abso lute scope 1 and scope 2 CO2e emissions by 70% by 2030 (in line with the "1.5°C" ambition) and scope 3 CO2e emissions per unit of product sold by 52% compared to 2021 (in line with the "Well-Below 2°C" ambition). These objectives, submitted in 2022 and formally ap proved by the Science Based Targets initiative (SBTi) 1 were deemed consistent with the contribution requi red of companies to limit the maximum increase in global temperature compared to pre-industrial levels. 1 Promoted by CDP, United Nations Global Compact, Wo rld Resources Institute (WRI) and World Wide Fund f or Nature (WWF), the Science Based Targets initiative establishes and promotes best-practice in defining science-based targe ts, as well as assessing companies' objectives.
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354 ANNUAL REPORT 2025 – MONCLER GROUP In 2025, the Group conducted an internal analysis t o review its decarbonisation target for Scope 3 emissions and align it with best practices that see a more virtuous commitment in the absolute target. This proposal is currently being assessed by the SBTi. The Scope 1 and Scope 2 emissions target remains unchanged, as the scope has not undergone significant changes. Furthermore, Moncler Group committed to achieving n et zero emissions (Net Zero 1) along the entire value chain by 2050. The main actions undertaken to achieve these objectives include: use of electricity from renewable sources (both purchased and self-generated); implementation of energy efficiency activities (Bui lding Management System - BMS, lighting systems, more efficient heating and cooling, improv ement of building thermal insulation, and promotion of environmental standards for buildings); adoption of low-emission vehicles in the Group's car fleet; obtaining LEED certifications for new stores 2 and new corporate buildings. For Scope 3 emissions: progressive introduction of "preferred" materials in collections; promotion of regenerative agriculture projects; decarbonization of the supply chain through energy efficiency measures and the adoption of renewable energy sources. The impact of climate change has also been evaluate d in relation to estimates and assessments made in the financial statements. As of the reporting date, there are no significant effects on the figures presented in the Group's Consolidated Financial Statements. An Environmental, Social and Governance (ESG) indic ator was added to the Performance Share Plans starting from 2020 with a weight of 15% and which foresees the achieve ment of sustainability objectives. 1 Achieving Net Zero involves the overall balance betwe en greenhouse gas (GHG) emissions produced and those abso rbed by ecosystems, through neutralisation mechanisms. Speci fically, to contribute to Net Zero, companies must r educe emissions and neutralise residual emissions. 2 Excluding Shop-in-shop.
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MONCLER GROUP – ANNUAL REPORT 2025 355 2. MATERIAL ACCOUNTING PRINCIPLES The accounting principles set out below have been a pplied consistently for fiscal year 2025 and the prior year. 2.1. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at acquisi tion or manufacturing cost, not revalued net of accumulated depreciation and impairment losses (“im pairment”). Cost includes original purchase price and all costs directly attributable to bringing the asset to its working condition for its intended use. Depreciation Depreciation of property, plant and equipment is ca lculated and recognised in the income statement on a straight-line basis over the estimated useful lives as reported in the following table: Category Depreciation period Land No depreciation Buildings From 10 to 33 years Plant and equipment From 6 to 12 years Fixtures and fittings From 5 to 10 years Electronic machinery and equipment From 3 to 5 years Leasehold improvements Useful life of improvements Rights of use Lease period Other fixed assets Depending on market conditions generally within the expected utility to the entity Leased assets are depreciated over the shorter of t he lease term and their useful lives unless it is reasonably certain that the Group will take ownership of the asset by the end of the lease term. Depreciation methods, useful lives and residual val ue are reviewed at each reporting period and adjusted if appropriate. Gain/Losses on the disposal of property, plant and equipment Gains and losses on the disposal of property, plant and equipment represent the difference between the net proceeds and net book value at the date of sale. Disposals are accounted when the relevant transaction becomes unconditional. 2.2. INTANGIBLE ASSETS Brands Separately acquired brands are shown at historical cost. Brands acquired in a business combination are recognised at fair value at the acquisition date. Brands have an indefinite useful life and are carri ed at cost less accumulated impairment. Brands are not amortised but subject to impairment test perfor med annually or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. For further details please refer to note 2.5 “Impairment of non-financial assets”.
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356 ANNUAL REPORT 2025 – MONCLER GROUP Intangible assets with a definite useful life Software (including licenses and separately identif iable external development costs) is capitalized as intangible asset at purchase price, plus any direct ly attributable cost of preparing that asset for it s intended use. Software and other intangible assets that are acquired by the Group and have definite useful lives are measured at cost less accumulated a mortization and accumulated impairment losses. Amortisation of intangible assets with a definite useful life Intangible assets with a definite useful life are a mortised on a straight line basis over their estima ted useful lives as described in the following table: Category Depreciation period License rights Based on market conditions within the licence period or legal limits to use the assets Software From 3 to 5 years Other intangible assets Based on market conditions generally within the period of control over the asset 2.3. NON-CURRENT ASSETS AVAILABLE FOR SALE AND DISCONTIN UED OPERATIONS Non-current assets available for sale and discontin ued operations are classified as available for sale when their values are recoverable mainly through a probable sale transaction. In such conditions, they are valued at the lower of their carrying value or fair value, net of cost to sell if their value is m ainly recoverable through a sale transaction instead of continued use. Discontinued operations are operations that: include a separate line of business or a different geographical area; are part of a single coordinated plan for the dispo sal of a separate major line of business or geographical area of activity; consist of subsidiaries acquired exclusively for the purpose of being sold. In the income statement, non-current assets held fo r sale and disposal groups that meet the requirements of IFRS 5 to be defined as "discontinu ed operations", are presented in a single caption that includes both gains and losses, as well as losses or gains on disposal and the related tax effect. The comparative period is subsequently restated in accordance with IFRS 5. As far as the financial position is concerned, non- current assets held for sale and disposal groups th at meet the requirements of IFRS 5 are reclassified as current assets and liabilities in the period in wh ich such requirements arise. The comparative financial statements are not restated nor reclassified. 2.4. INVESTMENTS Investments in subsidiaries, associates and others are accounted for as follows: at cost, inclusive of any additional charges; or in accordance with IFRS 9.
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MONCLER GROUP – ANNUAL REPORT 2025 357 The Company recognises dividends from subsidiaries, associates and others in its income statement when the right to receive such dividends has materialised. 2.5. IMPAIRMENT OF NON-FINANCIAL ASSETS At least once a year the Company verifies whether t here is any indication that intangible assets with a definite useful life, property, plant and equipment and investements have become impaired. If such evidence exists, the carrying amount of the assets is reduced to its recoverable amount. Assets with an indefinite useful life are not subje ct to amortisation and are tested annually or more frequently for impairment, whenever events or chang es in circumstance indicate that the carrying amount may not be recoverable. When the recoverable amount for individual asset ca nnot be reliably estimated, the Company determines the recoverable amount of the cash-gener ating unit (“CGU”) to which the asset belongs. The recoverable amount is the higher of an asset’s fair value less costs to sell and value-in-use. The Group determines the value in use as the present va lue of future cash flows expected to be derived from the asset or from the cash-generating unit, gr oss of tax effects, by applying an appropriate discount rate, also gross of tax effects, that refl ects market time value of money and the risks inher ent to the asset. An impairment loss is recognised for the amount by which the carrying amount exceeds its recoverable amount. With the exception of impairment losses recognised on goodwill, when the circumstances that led to the loss no longer exist, the carrying amount of the asset is increased to its recoverable amount and cannot exceed the carrying amount that would have been det ermined had there been no loss in value. The reversal of an impairment loss is recognised immediately in the income statement. 2.6. LEASED ASSETS On 13 January 2016, the IASB published the new stan dard IFRS 16 Leases, which replaces IAS 17. This standard was endorsed by the European Union, with i ts publication on 9 November 2017. IFRS 16 is effective for financial statements commencing on or after 1 January 2019. The new standard eliminates the difference in the recognition of operating and finance leases, even despite elements that simplify its adoption, and introduces the concept of control in the definition of a lease. To determine whether a contract is a lease, IFRS 16 establishes that the c ontract must convey the right to control the use of an identified asset for a given period of time. At the lease commencement date, the Company recognises the right of use asset and lease liability. The right of use asset is initially valued at cost, including the amount of the initial measurement of the lease liability, adjusted for the rent payments made on o r before the commencement date, increased by the initial direct costs incurred and an estimate of co sts to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site o n which it is located or restoring the underlying a sset to the condition required by the terms and conditions of the lease, net of the received lease incentives. The right of use asset is amortised on a straight-l ine basis from the commencement date to the end of the lease term, unless the lease transfers ownershi p of the underlying asset to the Company at the end of the lease term. In this case, the right of use a sset will be amortised over the useful life of the underlying asset, determined on the same basis as t hat of property and machinery. In addition, the right of use asset is regularly decreased for any i mpairment losses and adjusted to reflect any change s deriving from subsequent remeasurement of the lease liability.
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358 ANNUAL REPORT 2025 – MONCLER GROUP The Company values the lease liability at the prese nt value of the payments due for unpaid leases at the commencement date, discounting them using the interest rate implicit in the lease. The payments due for the lease included in the measurement of the lease liability include: – fixed payments (including substantially fixed payments); – payments due for lease which depend on an index o r rate, initially measured using an index or rate on the commencement date; – amounts that are expected to be paid as a residual value guarantee; and – the payments due for the lease in an optional renewal period if the Company is reasonably certain to exercise the renewal option, and early termination cancellation penalties, unless the Company is reasonably certain not to terminate the lease in advance. The lease liability is measured at amortised cost using the effective interest criterion and remeasured in the event of a change in the future payments due fo r the lease deriving from a change in the index or rate, in the event of a change in the amount that t he Company expects to pay as a guarantee on the residual value or when the Company changes its meas urement with reference to the exercise or otherwise of a purchase, extension or cancellation option or in the event of revision of in-substance fixed payments due. When the lease liability is remeasured, the lessee makes a corresponding change in right of use asset. If the right of use asset carrying value is reduced to zero, the lessee recognises the change in profit/( loss) for the year. In the statement of financial position, the Company reports right of use assets that do not meet the definition of real estate investments in the item P roperty, plant and equipment and lease liabilities in the item Borrowings. The Company recognises the related payments due for leases as a cost on a straight-line basis over the lease term. For contracts signed before 1 January 2019, the Com pany established whether the agreement was or contained a lease by checking if: – fulfilment of the agreement depended on the use of one or more specific assets; and – the agreement transferred the right to use the asset. Other assets subject to leases are classified as op erating leases and are not recognised in the Company's statement of financial position. Payments relating to operating leases are recognised as a straight-line cost over the lease term, while incen tives granted to the lessee are recognised as an integral part of the overall lease cost over the lease term. 2.7. FINANCIAL INSTRUMENTS Trade receivables and debt securities issued are re cognised when they are originated. All other financial assets and liabilities are initially reco gnised at the trade date, i.e., when the Company becomes a contractual party to the financial instrument. Except for trade receivables that do not comprise a significant financing component, financial assets are initially measured at fair value plus or minus, in the case of financial assets or liabilities not measured at FVTPL, the transaction costs directly attributable to the acquisition or issue of the financial
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MONCLER GROUP – ANNUAL REPORT 2025 359 asset. At the time of initial recognition, trade re ceivables that do not have a significant financing component are valued at their transaction price. On initial recognition, a financial asset is classi fied based on its valuation: at amortised cost, at fair value through other comprehensive income (FVOCI) an d at fair value through profit/(loss) for the period (FVTPL). Financial assets are not reclassified after initial recognition, unless the Company changes its busine ss model for managing financial assets. In that case, all the financial assets concerned are reclassified on the first day of the first reporting period following the change in business model. A financial asset shall be measured at amortised co st if both of the following conditions are met and if it is not designated at FVTPL: the financial asset is held as part of a business m odel whose objective is to hold the financial assets in order to collect the related contractual cash flows; and the contractual terms of the financial asset provid e for cash flows at certain dates consisting solely of payments of principal and interest on the amount of principal to be repaid. At the time of subsequent measurement, assets belonging to this category are valued at amortised cost, using the effective interest rate. The effects of m easurement are recognised among the financial income components. These assets are also subject to the impairment model described in the paragraph Trade receivables, financial assets and other current and non-current receivables. A financial asset shall be measured at FVOCI if bot h of the following conditions are met and if it is not designated at FVTPL: the financial asset is held as part of a business m odel whose objective is achieved both through the collection of the contractual cash flows and through the sale of the financial assets; and the contractual terms of the financial asset provid e for cash flows at certain dates consisting solely of payments of principal and interest on the amount of principal to be repaid. On initial recognition of a security not held for t rading, the Company may make an irrevocable choice to present subsequent changes in fair value in the other components of the comprehensive income statement. This choice is made for each asset. At the time of subsequent measurement, the measurem ent made at the time of recognition is updated and any changes in fair value are recognised in the statement of comprehensive income. As for the category above, these assets are subject to the imp airment model described in the paragraph Trade receivables, financial assets and other current and non-current receivables. All financial assets not classified as valued at am ortised cost or at FVOCI, as indicated above, are valued at FVTPL. All derivative financial instruments, if any, are included. On initial recognition, the Company may irrevocably designate the financial asset as measured at fair value through profit/(loss) for the period if this eliminates or significantly reduces a misalignment in accounting that would otherwise result from measuri ng the financial asset at amortised cost or at FVOCI. At the time of subsequent measurement, financial as sets measured at FVTPL are valued at fair value. Gains or losses arising from changes in fair value are recognised in the consolidated income statement in the period in which they are recognised under financial income/expenses. Financial assets are derecognised from the financia l statements when the contractual rights to receive cash flows from them expire, when the contractual r ights to receive cash flows from a transaction in
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360 ANNUAL REPORT 2025 – MONCLER GROUP which all the risks and rewards of ownership of the financial asset are materially transferred or when the Company neither transfers nor retains materiall y all the risks and rewards of ownership of the financial asset and does not retain control of the financial asset. Financial liabilities are classified as valued at a mortised cost or at FVTPL. A financial liability is classified at FVTPL when it is held for trading, it represents a derivative or is designated as such o n initial recognition. Financial liabilities at FVTPL are measured at fair value and any changes, includ ing interest expense, are recognised in profit or loss for the period. Other financial liabilities are measured at amortised cost using the effective interest method. Interest expense and exchange rate gains/(losses) are recognised in profit or loss for the period, as are any gains or losses from derecognition. The Company’s financial instruments consist primari ly of cash and cash equivalents, accounts receivable, accounts payable, other current and non -current assets and liabilities, investments, borrowings (mainly towards companies belonging to t he Group) and, if any, derivative financial instruments. Cash and cash equivalents Cash and cash equivalents include cash and short-term deposits held with banks and most liquid assets that are readily convertible into cash and that hav e insignificant risk of change in value. Bank overdrafts are recorded under current liabilities on the Company’s statement of financial position. Trade receivables and other current and non-current receivables Trade and other receivables generated when the Comp any provides money, goods or services directly to a third party are classified as current assets, except for items with maturity dates greater than twelve months after the reporting date. Receivables are valued if they have a fixed maturit y, at amortised cost calculated using the effective interest method. When financial assets do not have a fixed maturity, they are valued at cost. Receivables with a maturity of over one year, which are non-interest bearing or which accrue interest below market rates, are discounted using market rates. The financial assets listed above are valued based on the impairment model introduced by IFRS 9 or by adopting an expected loss model, replacing the IAS 39 framework, which is typically based on the valuation of the incurred loss. For trade receivables, the Company adopts the so-ca lled simplified approach, which does not require the recognition of periodic changes in credit risk, but rather the accounting of an Expected Credit Lo ss ("ECL") calculated over the entire life of the credit (so-called lifetime ECL). In particular, the policy implemented by the Compan y provides for the stratification of trade receivables based on the days past due and an asses sment of the solvency of the counterparty and applies different write-down rates that reflect the relative expectations of recovery. The Company then applies an analytical valuation of impaired receiva bles based on a debtor’s reliability and ability to pay the due amounts. The value of receivables is shown in the statement of financial position net of the related bad debt provision. Write-downs made in accordance with IFRS 9 are recognised in the consolidated income statement net of any positive effects associated with reversals of impairment.
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MONCLER GROUP – ANNUAL REPORT 2025 361 Trade payables and other current and non-current payables Trade and other payables arise when the Company acq uires money, goods or services directly from a supplier. They are included in current liabilities, except for items with maturity dates greater than twelve months after the reporting date. Payables are stated, at initial recognition, at fai r value, which usually comprises the cost of the transaction, inclusive of transaction costs. Subseq uently, they are stated at amortised cost using the effective interest method. Financial liabilities (if any) The classification of financial liabilities has not changed since the introduction of IFRS 9. Amounts due to banks and other lenders are initially recognised at fair value, net of directly attributable incide ntal costs, and are subsequently measured at amortised c ost, applying the effective interest rate method. I f there is a change in the expected cash flows, the v alue of the liabilities is recalculated to reflect this change on the basis of the present value of the new expected cash flows and the internal rate of retur n initially determined. Amounts due to banks and othe r lenders are classified as current liabilities, un less the Company has an unconditional right to defer the ir payment for at least 12 months after the reference date. Loans are classified as non-current when the company has an unconditional right to defer payments for at least twelve months from the reporting date. Derivative instruments (if any) Consistent with the provisions of IFRS 9, derivativ e financial instruments may be accounted for using hedge accounting only when: the hedged items and the hedging instruments meet the eligibility requirements; at the beginning of the hedging relationship, there is a formal designation and documentation of the hedging relationship, of the Company's risk man agement objectives and the hedging strategy; the hedging relationship meets all of the following effectiveness requirements: o there is an economic relationship between the hedge d item and the hedging instrument; o the effect of credit risk is not dominant with resp ect to the changes associated with the hedged risk; o the hedge ratio defined in the hedging relationship is met, including through rebalancing actions, and is consistent with the ris k management strategy adopted by the Company. Fair value hedge A derivative instrument is designated as fair value hedge when it hedges the exposure to changes in fair value of a recognised asset or liability, that is attributable to a particular risk and could aff ect profit or loss. The gain or loss on the hedged item , attributable to the hedged risk, adjusts the carr ying amount of the hedged item and is recognised in the consolidated income statement.
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362 ANNUAL REPORT 2025 – MONCLER GROUP Cash flow hedge When a derivative financial instrument is designate d as a hedging instrument for exposure to variability in cash flows, the effective portion of changes in fair value of the derivative financial instrument is recognised among the other components of the comprehensive income statement and stated in the cash flow hedge reserve. The effectiv e portion of changes in fair value of the derivativ e financial instrument that is recognised in the other components of the comprehensive income statement is limited to the cumulative change in the fair val ue of the hedged instrument (at present value) sinc e the inception of the hedge. The ineffective portion of changes in fair value of the derivative financi al instrument is recognised immediately in the profit/(loss) for the period. If the hedge ceases to meet the eligibility criteri a or the hedging instrument is sold, matures or is exercised, hedge accounting ceases prospectively. W hen hedge accounting for cash flow hedges ceases, the accrued amount in the cash flow hedge r eserve remains in equity until, in the case of a hedge of a transaction that results in the recognit ion of a non-financial asset or non-financial liabi lity, it is included in the cost of the non-financial ass et or non-financial liability on initial recognitio n or, in the case of other cash flow hedges, it is reclassified in profit or loss for the period in the same pe riod or periods in which the hedged expected future cash flows affects profit/(loss) for the period. If no more hedged future cash flows are expected, t he amount shall be reclassified immediately from the cash flow hedge reserve and the reserve for hedging costs to profit/(loss) for the period. If hedge accounting cannot be applied, gains or los ses arising from the fair value measurement of a derivative financial instrument are immediately recognised in the income statement. 2.8. EMPLOYEE BENEFITS Short-term employee benefits, such as wages, salari es, social security contributions, paid leave and annual leave due within twelve months of the statem ent of financial position date and all other fringe benefits are recognised in the year in which the service is rendered by the employee. Benefits granted to employees which are payable on or after the termination of employment through defined benefit and contribution plans are recognised over the vesting period. Defined benefit schemes Defined benefit schemes are retirement plans determ ined based on employees’ remuneration and years of service. The Company’s obligation to contribute to employees ’ benefit plans and the related current service cost is determined by using an actuarial valuation defined as the projected unit credit method. The cumulative net amount of all actuarial gains and lo sses are recognised in equity within other comprehensive income. With reference to defined benefit plans, the increa se in present value of the defined benefit obligati on for employee service in prior periods (past service cost) is accounted as an expense on a straight-lin e basis over the average period until the benefits become vested. The amount recognised as a liability under the defi ned benefit plans is the present value of the relat ed obligation, taking into consideration expenses to b e recognised in future periods for employee service in prior periods.
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MONCLER GROUP – ANNUAL REPORT 2025 363 Defined contribution schemes Contribution made to a defined contribution plan is recognised as an expense in the income statement in the period in which the employees render the related service. Up to 31 December 2006 Italian employees were eligi ble to defined benefit schemes referred as post- employment benefit (“TFR”). With the act n. 296 as of 27 December 2006 and subsequent decrees (“Pension Reform”) issued in early 2007, the rules and the treatment of TFR scheme were changed. Starting from contribution vested on or after 1 Jan uary 2007 and not yet paid at the reporting date, referring to entities with more than 50 employees, Italian post-employment benefits is recognised as a defined contribution plan. The contribution vested up to 31 December 2006 is still recognised as a defined benefit plan and accounted for using actuarial assumptions. 2.9. SHARE-BASED PAYMENTS The fair value at grant date of the incentives gran ted to employees in the form of share-based payments that are equity settled is usually include d in expenses, with a matching increase in equity, over the period during which the employees obtain t he incentives rights. The amount recognised as an expense is adjusted to reflect the actual number of incentives for which the continued service conditions are met and the achievement of non-market condition s, so that the final amount recognised as an expense is based on the number of incentives that fulfill these conditions at the vesting date. In case the incentives granted as share-based payments whose conditions are not to be considered to maturity, the fair value at the grant date of the share-based pay ment is measured to reflect such conditions. With reference to the non-vesting conditions, any differ ences between amounts at the grant date and the actual amounts will not have any impact on the financial statements. The fair value of the amount payable to employees related to share appreciation rights, settled in cash, is recognised as an expense with a corresponding in crease in liabilities over the period during which the employees unconditionally become entitled to re ceive the payment. The liability is measured at year-end and the settlement date based on the fair value of the share appreciation rights. Any changes in the fair value of the liability are recognised in profit or loss for the year. 2.10. PROVISIONS FOR RISKS AND CHARGES Provisions for risks and charges are recognised whe n the Company has a present legal or constructive obligation as a result of past events, for which it is probable that an outflow of resources will be required to settle the obligation and where the amount of the obligation can be reliably estimated. Changes in estimates are recognised in the income statement in the period in which they occur. 2.11. REVENUE RECOGNITION Based on the five-step model introduced by IFRS 15, the Group recognises revenues after identifying the contracts with its clients and the related services to be provided (transfer of goods and/or services), determining the consideration which it believes it is entitled to in exchange for the provision of eac h of these services and assessing the manner in which th ese services are provided (at a given time or over time). Variable components of the consideration are recognised in the financial statements only when it is highly probable that there will be no significan t adjustment to the amount of revenue recognised in the future.
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364 ANNUAL REPORT 2025 – MONCLER GROUP Royalties received from licensee are accrued as earned on the basis of the terms of the relevant royalty agreement which is typically based on sales volumes. 2.12. BORROWING COSTS Borrowing costs are recognised on an accrual basis taking into consideration interest accrued on the net carrying amount of financial assets and liabilities using the effective interest rate method. 2.13. TAXATION Tax expense recognised in the consolidated income s tatement represents the aggregate amount related to current tax and deferred tax. Current tax is determined in accordance with enforc ed rules established by local tax authorities. Current taxes are recognised in the consolidated in come statement for the period, except to the extent that the tax arises from transactions or events whi ch are recognised directly either in equity or in o ther comprehensive income. Deferred tax liabilities and assets are determined based on temporary taxable or deductible differences arising between the tax bases of assets and liabilities and their carrying amounts in the Company’s financial statements. Current and deferred tax assets and liabilities are offset when income taxes are levied by the same tax authority and when there is a legally enforceable right to offset the amounts. Deferred tax liabilities and assets are determined using tax rates that have been enacted by the reporting date and are expected to be enforced when the related deferred income tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are not discounted. Deferred tax assets recognised on tax losses and on deductible differences are recognised to the extent that it is probable that future taxable profits wil l be available against which the temporary differen ces can be utilised. Tax liabilities include the estimate of risks assoc iated with uncertainties on the tax treatments adop ted for determining income taxes in accordance with the new IFRIC 23. These uncertainties can arise from: i) unclear or complex tax rules; ii) changes in tax regulations or clarifications by tax authorities; iii) ongoing tax audits and/or disputes; iv) public info rmation on ongoing tax assessments and/or disputes involving other entities. 2.14. FOREIGN CURRENCY The amounts included in the financial statements of each Group company are prepared using the currency of the country in which the company conducts its business. Foreign currency transactions Foreign currency transactions are recorded at the e xchange rate in effect at the transaction date. The assets and liabilities denominated in foreign curre ncies at the reporting date are translated at the exchange rate prevailing at that date. Exchange dif ferences arising from the conversion or settlement of these items due to different rates used from the time of initial recognition are recorded in the income statement.
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MONCLER GROUP – ANNUAL REPORT 2025 365 2.15. FAIR VALUE IFRS 13 is the only point of reference for the fair value measurement and related disclosures when suc h an assessment is required or permitted by other sta ndards. Specifically, the principle defines fair va lue as the consideration received for the sale of an asset or the amount paid to settle a liability in a regular transaction between market participants at the meas urement date. In addition, the new standard replaces and provides for additional disclosures re quired in relation to fair value measurements by other accounting standards, including IFRS 7. IFRS 13 establishes a hierarchy that classifies wit hin different levels the inputs used in the valuati on techniques necessary to measure fair value. The levels, presented in a hierarchical order, are as follows: level 1: Fair values measured using quoted prices ( unadjusted) in active markets for identical assets or liabilities; level 2: it Fair values measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either d irectly (i.e. as prices) or indirectly (i.e. derive d from prices); level 3: Fair values measured using inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). 2.16. ACCOUNTING STANDARDS AND RECENTLY PUBLISHED INTERPRETATIONS Accounting standards, amendments and interpretations effective from 1 January 2025 TITLE ISSUE DATE EFFECTIVE DATE ENDORSMENT DATE EU REGULATION AND DATE OF PUBLICATION Lack of Exchangeability (Amendment to IAS 21) August 2023 1 January 2025 12 November 2024 (UE) 2024/2862 13 November 2024 The adoption of this amendment had no impacts on the Company financial statements. New standards and interpretations not yet effective and not early adopted by the Group At the date when these annual financial statements were prepared, the European Union's competent authorities concluded the approval process needed f or the adoption of the accounting standards and amendments described below. With reference to the a pplicable principles, the Group has decided not to exercise the option of the early adoption, if applicable.
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366 ANNUAL REPORT 2025 – MONCLER GROUP TITLE ISSUE DATE EFFECTIVE DATE ENDORSMENT DATE EU REGULATION AND DATE OF PUBLICATION Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) May 2024 1 January 2026 27 May 2025 (EU) 2025/1047 28 May 2025 Contracts Referencing Nature-dependent Electricity – Amendment to IFRS 9 and IFRS 7 December 2024 1 January2026 30 June 2025 (EU) 2025/1266 1 July 2025 Annual improvements – Volume 11 (Amendments to IAS 7 and IFRS 1, 7, 9, 10) July 2024 1 January2026 9 July 2025 (EU) 2025/1331 10 July 2025 The adoption of these amendments had no impacts on the Company financial statements. In addition, at the date of these financial stateme nts, the competent bodies of the European Union had not yet completed their endorsement process for the following accounting standards and amendments: TITLE ISSUE DATE EFFECTIVE DATE OF IASB DOCUMENT APPROVAL DATE BY EU Standards IFRS 14 Regulatory deferral accounts January 2014 1 January 2016 Postponed pending the conclusion of the IASB project on “rate-regulated activities”. IFRS 18 Presentation and disclsoure in financial statements April 2024 1 January 2027 Q1 2026 IFRS 19 Subsidiaries without public accountability: disclosures May 2024 1 January 2027 TBD Amendments Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 and IAS 28) September 2014 Available for optional adoption/effective date deferred indefinitely Postponed pending the conclusion of IASB project on the equity method Amendments to IFRS 19 Subsidiaries without public accountability: disclosures August 2025 1 January 2027 TBD Translation to a hyperinflationary presentation currency (Amendments to IAS 21) November 2025 1 January 2027 TBD
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MONCLER GROUP – ANNUAL REPORT 2025 367 Disclosures about Uncertainties in the Financial Statements (Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37) November 2025 N/A Material accompanying IFRS Accounting Standards (i.e., Implementation Guidance, Illustrative Examples) is not an integral part of the Standards and, consequently, the related amendments are not subject to EU endorsement. The Group will comply with these new standards and amendments based on their relevant effective dates when endorsed by the European Union. The directors are currently evaluating the possible effects of the introduction of IFRS 18. They did n ot expect to see any significant effects on the financ ial statements from adopting the other standards and amendments.
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368 ANNUAL REPORT 2025 – MONCLER GROUP 3. COMMENTS ON THE INCOME STATEMENT 3.1. REVENUE The company recorded revenues equal to EUR 490,449 thousand in 2025, compared with EUR 491,918 in 2024 and mainly include royalty income from the use of Moncler trademark and Stone Island trademark. 3.2. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses amounted to EUR 76,081 thousand (EUR 84,110 thousand in 2024) and primarily include designing and product develop ment expenses in the amount of EUR 19,443 thousand (EUR 21,986 thousand in 2024), the personn el expenses of other functions in the amount of EUR 16,582 thousand (EUR 19,093 thousand in 2024), legal, financial and administrative expenses in the amount of EUR 4,015 thousand (EUR 3,841 thousa nd in 2024), directors' fees in the amount of EUR 6,476 thousand (EUR 7,767 thousand in 2024), auditi ng and attestation service, statutory auditors expenses, costs for supervisory body and internal a udit in the amount of EUR 844 thousand (EUR 831 thousand in 2024). This item also includes accounting costs related to stock-based compensation plans for EUR 9,324 thousand (EUR 15,105 thousand in 2024). 3.3. MARKETING EXPENSES Marketing expenses amounted to EUR 100,559 thousand (EUR 82,517 thousand in 2024) and are mostly made up of expenses related to media-plan and events. 3.4. PERSONNEL EXPENSES, DEPRECIATION AND AMORTISATION The total personnel expenses, included under genera l and administrative expenses, amounted to EUR 22,953 thousand (EUR 26,049 thousand in 2024) inclu ding social security contribution and leaving indemnity expenses. The average number of FTE (“full-time-equivalent”) in 2025 was 210 (203 in 2024). In 2025 depreciation and amortisation, again includ ed under general and administrative expenses, amounted to EUR 2,033 thousand (EUR 2,347 thousand in 2024).
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MONCLER GROUP – ANNUAL REPORT 2025 369 3.5. FINANCIAL INCOME AND EXPENSES The caption is broken down as follows: (Euro/000) 2025 2024 Interest income and other financial income 5,301 2,534 Dividends 219,000 436,050 Foreign currency differences - positive 203 0 Total financial income 224,504 438,584 Interests expenses and bank charges, excluded interests on lease liabilities (10,315) (21,543) Foreign currency differences - negative 0 (336) Total financial expenses, excluded interests on lease liabilities (10,315) (21,879) Total financial income/(expenses) excluded interests on lease liabilities 214,189 416,705 Interests on lease liabilities (30) (64) Total financial income/(expenses) 214,159 416,641 The item Interest expense mainly refers to interest accrued on the loan received from the subsidiary Industries S.p.A. In 2025 the company received dividends equal to EUR 219,000 thousand (EUR 436,050 in 2024). 3.6. INCOME TAX The tax impact on the income statement is detailed as follows: (Euro/000) 2025 2024 Current income taxes (45,061) (47,790) Deferred tax income (expenses) (44,741) (42,256) Income taxes charged in the income stateme nt (89,802) (90,046) For the breakdown of deferred tax assets and liabilities by nature, please see paragraph 4.5. The reconciliation between the theoretical tax burd en by applying the theoretical rate of the Parent Company, and the effective tax burden is shown in the following table:
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370 ANNUAL REPORT 2025 – MONCLER GROUP Reconciliation theoretic-effective tax rate Taxable Amount 2025 Tax Amount 2025 Tax rate 2025 Taxable Amount 2024 Tax Amount 2024 Tax rate 2024 (Euro/000) Profit before tax 527,968 741,932 Income tax using the Company's theoretic tax rate (126,712) 24.0% (178,064) 24.0% Temporary differences 38,505 7.3% 38,025 (5.1)% Permanent differences 49,473 9.4% 98,755 (13.3)% Other differences (6,328) (1.2)% (4,513) 0.6% Deferred taxes recognized in the income statement (44,740) (8.5)% (44,249) 6.0% Income tax at effective tax rate (89,802) 17.0% (90,046) 12.1% The caption Other differences includes current IRAP.
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MONCLER GROUP – ANNUAL REPORT 2025 371 4. COMMENTS ON THE STATEMENT OF FINANCIAL POSITION 4.1. BRANDS AND OTHER INTANGIBLE ASSETS Brands and other intangible assets 2025 2024 (Euro/000) Gross value Accumulated depreciation and impairment Net value Net value Brands 999,354 0 999,354 999,354 Software 1,523 (723) 800 170 Other intangible assets 14,635 (11,104) 3,531 2,929 Assets in progress 115 0 115 105 Total 1,015,627 (11,827) 1,003,800 1,002,558 Intangible assets changes for the years 2025 and 2024 are shown in the following tables: As at 31 December 2025 Gross value Brands and other intangible assets (Euro/000) Brands Software Other intangible assets Assets in progress and advances Total 1 January 2025 999,354 737 12,729 105 1,012,925 Acquisitions 0 292 1,739 63 2,094 Disposals 0 0 0 0 0 Impairment 0 0 0 0 0 Other movements, including transfers 0 494 167 (53) 608 31 December 2025 999,354 1,523 14,635 115 1,015,627 Accumulated amortization Brands and other intangible assets (Euro/000) Brands Software Other intangible assets Total 1 January 2025 0 (567) (9,800) (10,367) Depreciation 0 (156) (1,304) (1,460) Disposals 0 0 0 0 Other movements, including transfers 0 0 0 0 31 December 2025 0 (723) (11,104) (11,827)
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372 ANNUAL REPORT 2025 – MONCLER GROUP As at 31 December 2024 Gross value Brands and other intangible assets (Euro/000) Brands Software Other intangible assets Assets in progress and advances Total 1 January 2024 999,354 641 11,010 0 1,011,005 Acquisitions 0 96 1,891 105 2,092 Disposals 0 0 (172) 0 (172) Impairment 0 0 0 0 0 Other movements, including transfers 0 0 0 0 0 31 December 2024 999,354 737 12,729 105 1,012,925 Accumulated amortization Brands and other intangible assets (Euro/000) Brands Software Other intangible assets Total 1 January 2024 0 (524) (8,619) (9,143) Depreciation 0 (43) (1,233) (1,276) Disposals 0 0 52 52 Other movements, including transfers 0 0 0 0 31 December 2024 0 (567) (9,800) (10,367) 4.2. IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE The caption Brands, which has an indefinite useful life, are not amortised, but has been tested for impairment by management. The impairment tests on the Moncler brand and on th e Stone Island brand were performed by comparing its carrying value, respectively equal to EUR 223.9 million and EUR 775.5 million, with that derived from the recoverable discounted cash flow m ethod applying the Royalty Relief Method, based on which the cash flows are linked to the recogniti on of a royalty percentage applied to revenues that the brand is able to generate. The expected cash flows and revenues used for the purposes of the above tests are based on the 2026- 2028 Business Plan approved by the Board of Directo rs on 18 February 2026 and, for the years 2029- 2030 on the basis of management estimates consisten t with the trajectories contained in the above Business Plan. The "g" rate used was 2.5%. The discount rate was calculated using the Weighted Average Cost of Capital (WACC), by weighting the expected rate of return on invested capital, net of hedging costs from a sample of companies within the same industry. The calculation took into accoun t the implications of the updated macroeconomic context on interest rates. The weighted average cos t of capital (WACC) was calculated at 8.8% for the Moncler brand and at 9.1% for Stone Island.
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MONCLER GROUP – ANNUAL REPORT 2025 373 The results of the sensitivity analysis indicated t hat the carrying amount of the Moncler brand is confirmed in all scenarios of reasonable changes of the benchmarks. The Stone Island brand up to a WACC of 9.4%, all other parameters being equal. 4.3. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment 2025 2024 (Euro/000) Gross value Accumulated depreciation and impairment Net value Net value Land and buildings 2,079 (1,558) 521 214 Plant and Equipment 125 (124) 1 4 Fixtures and fittings 243 (227) 16 28 Leasehold improvements 151 (122) 29 56 Other fixed assets 1,242 (1,027) 215 228 Assets in progress 62 0 62 611 Total 3,902 (3,058) 844 1,141 The changes in property, plant and equipment for 2025 and 2024 is included in the following tables: As at 31 December 2025 Gross value Property, plant and equipment (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2025 1,490 125 243 151 1,146 611 3,766 Acquisitions 589 0 0 1 254 59 903 Disposals 0 0 0 (1) (158) 0 (159) Other movements, including transfers 0 0 0 0 0 (608) (608) 31 December 2025 2,079 125 243 151 1,242 62 3,902 Accumulated depreciation and impairment PPE (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2025 (1,276) (121) (215) (95) (918) 0 (2,625) Depreciation (282) (3) (12) (28) (248) 0 (573) Disposals 0 0 0 1 139 0 140 Other movements, including transfers 0 0 0 0 0 0 0 31 December 2025 (1,558) (124) (227) (122) (1,027) 0 (3,058)
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374 ANNUAL REPORT 2025 – MONCLER GROUP As at 31 December 2024 Gross value Property, plant and equipment (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2024 6,040 125 243 151 1,007 270 7,836 Acquisitions 39 0 0 0 238 838 1,115 Disposals (4,589) 0 0 0 (99) (497) (5,185) Other movements, including transfers 0 0 0 0 0 0 0 31 December 2024 1,490 125 243 151 1,146 611 3,766 Accumulated depreciation and impairment PPE (Euro/000) Land and buildings Plant and Equipment Fixtures and fittings Leasehold improvements Other fixed assets Assets in progress and advances Total 1 January 2024 (1,889) (118) (192) (67) (749) 0 (3,015) Depreciation (784) (3) (23) (28) (233) 0 (1,071) Disposals 1,397 0 0 0 64 0 1,461 Other movements, including transfers 0 0 0 0 0 0 0 31 December 2024 (1,276) (121) (215) (95) (918) 0 (2,625) The changes related to the right of use assets aris ing from the application of the IFRS 16 are reporte d here below: Right of use assets (Euro/000) Land and buildings Other fixed assets Total 1 January 2025 213 226 439 Acquisitions 590 256 846 Disposals 0 (19) (19) Depreciation (283) (248) (531) 31 December 2025 520 215 735
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MONCLER GROUP – ANNUAL REPORT 2025 375 4.4. INVESTMENTS IN SUBSIDIARIES Investments in subsidiaries are detailed in the following table: Investments in subsidiaries % ownership Carrying amount (Euro/000) Country 31 December 2025 31 December 2024 31 December 2025 31 December 2024 Industries S.p.A. Italy 100% 100% 422,371 403,370 Sportswear Company S.p.A. Italy 100% 100% 599,787 596,642 Total 1,022,158 1,000,012 Financial information related to the subsidiaries are detailed in the following table: Summary of subsidiary's financial information 31 December 2025 (Euro/000) Assets Liabilities Net equity Revenues Profit/(Loss) Industries S.p.A. 2,524,583 804,679 1,719,904 1,815,740 360,638 Sportswear Company S.p.A. 329,714 143,930 185,784 321,764 17,543 Total 2,854,297 948,609 1,905,688 2,137,504 378,181 Summary of subsidiary's financial information 31 December 2024 (Euro/000) Assets Liabilities Net equity Revenues Profit/(Loss) Industries S.p.A. 2,375,611 836,959 1,538,652 1,718,529 443,419 Sportswear Company S.p.A. 307,512 123,550 183,962 317,296 20,442 Total 2,683,123 960,509 1,722,614 2,035,825 463,861 The carrying amounts of the investments in Industri es S.p.A. and Sportswear Company S.p.A. also include the greater value recognised upon their acquisition (2008 and 2021), allocated to the goodwill associated with the Moncler and the Stone Island businesses, respectively. At the reporting date, management found that there were no risks of impairment of the amounts recognised, based on the performance of the Moncler and Stone Island businesses and expectations of the development plans. These considerations are als o supported by the impairment tests carried out on the Moncler and Stone Island business cash generati ng units described in the Moncler Group's consolidated financial statements. The increase in the value of the investment was due to the accounting treatment of the stock option and perfor mance share plans adopted by the Company and described in section 8.2.
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376 ANNUAL REPORT 2025 – MONCLER GROUP Furthermore, the market capitalisation of the Compa ny, based on the average price of Moncler share in 2025, shows a positive difference with respect t o the net equity, indirectly confirming the value o f the goodwill. Please refer to the Consolidated Financial Statemen ts for a complete list of the Group companies directly and indirectly controlled by the Company. 4.5. DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Deferred tax assets and deferred tax liabilities ar e offset only when there is a law within a given ta x jurisdiction which provides for such right to offse t. The balances were as follows as at 31 December 2025 and 31 December 2024: Deferred taxation (Euro/000) 31 December 2025 31 December 2024 Deferred tax assets 3,905 4,126 Deferred tax liabilities (138,479) (93,959) Net amount (134,574) (89,833) Changes in deferred tax assets and deferred tax liabilities are detailed in the following table: Deferred tax assets (liabilities) (Euro/000) Opening balance - 1 January 2025 Taxes charged to the income statement Taxes accounted for in Equity Other movements Closing balance - 31 December 2025 Tangible assets 1 0 0 0 1 Employee benefits 34 0 0 0 34 Provisions 456 257 0 0 713 Other temporary items 3,635 (478) 0 0 3,157 Tax assets 4,126 (221) 0 0 3,905 Intangible assets (91,544) (44,520) 0 0 (136,064) Financial assets (2,415) 0 0 0 (2,415) Tax liabilities (93,959) (44,520) 0 0 (138,479) Net deferred tax assets (liabilities) (89,833) (44,741) 0 0 (134,574)
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MONCLER GROUP – ANNUAL REPORT 2025 377 Deferred tax assets (liabilities) (Euro/000) Opening balance - 1 January 2024 Taxes charged to the income statement Taxes accounted for in Equity Other movements Closing balance - 31 December 2024 Tangible assets 1 0 0 0 1 Employee benefits 34 0 0 0 34 Provisions 0 456 0 0 456 Other temporary items 1,824 1,811 0 0 3,635 Tax assets 1,859 2,267 0 0 4,126 Intangible assets (47,022) (44,522) 0 0 (91,544) Financial assets (2,415) 0 0 0 (2,415) Tax liabilities (49,437) (44,522) 0 0 (93,959) Net deferred tax assets (liabilities) (47,578) (42,255) 0 0 (89,833) The taxable amount on which deferred taxes have been calculated is detailed in the following table: Deferred tax assets (liabilities) (Euro/000) Taxable Amount 2025 Closing balance - 31 December 2025 Taxable Amount 2024 Closing balance - 31 December 202 Tangible assets 3 1 3 1 Employee benefits 143 34 143 34 Provisions 2,973 713 1,900 456 Other temporary items 13,153 3,157 15,143 3,635 Tax assets 16,272 3,905 17,189 4,126 Intangible assets (487,683) (136,064) (328,115) (91,544) Financial assets (10,064) (2,415) (10,064) (2,415) Tax liabilities (497,747) (138,479) (338,179) (93,959) Net deferred tax assets (liabilities) (481,475) (134,574) (320,990) (89,833) The main change of the item deferred tax liabilitie s refers to the recognition of deferred tax liabili ties on trademarks following the tax realignment operations. The caption other temporary items mainly refers to the Directors’ remunerations.
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378 ANNUAL REPORT 2025 – MONCLER GROUP 4.6. TRADE RECEIVABLES Trade receivables (Euro/000) 31 December 2025 31 December 2024 Trade receivables, third parties 866 969 Trade receivables, intra-group 49,153 67,876 Total, net value 50,019 68,845 Trade receivables are originated from the marketing and communication operations of the Company related to the brand development and Group operatio ns and are mostly considered intercompany transactions. There are no trade receivables with a due date grea ter than five years. There is no difference between the book value and the fair value of trade receivables. Trade receivables from Group companies mainly relat es to the receivable from the subsidiaries Industries S.p.A. and Sportswear Company S.p.A. res ulting from the royalties for the use of the Moncle r and Stone Island trademarks. These receivables do not present collectability risks. 4.7. CASH AND CASH EQUIVALENT As at 31 December 2025, the caption cash and cash e quivalent amounted to EUR 137,379 thousand (EUR 130,655 thousand as at 31 December 2024) and includes funds available at banks. Please refer to the statement of cash flows for further information related to cash fluctuation. Cash and cash equivalents included in the Statement of cash flow (Euro/000) 31 December 2025 31 December 2024 Cash in hand and at the bank 137,379 130,655 Total 137,379 130,655 4.8. INTRA-GROUP FINANCIAL RECEIVABLES The financial receivables item, amounting to EUR 1, 440 thousand, relates to the financial receivable from the subsidiary Industries S.p.A. for cash pooling.
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MONCLER GROUP – ANNUAL REPORT 2025 379 4.9. OTHER CURRENT AND NON-CURRENT ASSETS Other current assets (Euro/000) 31 December 2025 31 December 2024 Advances on account to vendors 188 48 Prepaid expenses 15,996 4,907 Tax receivables excluding income taxes 407 1,453 Other current assets, intra-group 18,561 14,867 Total other current assets 35,152 21,275 Security / guarantees deposits 99 99 Other non current assets 160 160 Other non-current assets 259 259 Total 35,411 21,534 The caption other current taxes consists mainly of the receivable due from the tax authority related t o IRES receivable for personnel expenses not deducted for IRAP purposes as well as the VAT receivable. The caption other current assets, intra-group inclu des mainly amounts related to the fiscal consolidation. For further details, please refer to note 8.1. Deposits are mostly related to the amounts paid on behalf of the lessee as a guarantee to the lease agreement. There are no differences between the amounts includ ed in the Consolidated Financial Statements and their fair values. 4.10. TRADE PAYABLES As at 31 December 2025, the caption trade payables pertains mostly to marketing and communication services. Trade payables (Euro/000) 31 December 2025 31 December 2024 Trade payables, third parties 34,283 29,728 Trade payables, intra-group 7,255 1,199 Total 41,538 30,927 Details of the transactions with subsidiaries are provided in the note 8.1 on related parties.
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380 ANNUAL REPORT 2025 – MONCLER GROUP 4.11. OTHER CURRENT LIABILITIES As at 31 December 2025, the caption other current liabilities included the following: Other current liabilities (Euro/000) 31 December 2025 31 December 2024 Directors and audit related payables 3,139 4,013 Amounts payable to employees and consultants 3,793 6,115 Employees taxation payables 3,496 2,426 Other current liabilities 4,033 2,647 Other current liabilities, intra-group 20,461 45,556 Total 34,922 60,757 As at 31 December 2025 the caption other current li abilities intra-group mainly included the amounts related to the VAT consolidation and as at 31 Decem ber 2024 also the amounts related to fiscal consolidation. For additional information please see note 8.1. 4.12. EMPLOYEES PENSION FUND As at 31 December 2025, the caption includes the em ployee pension fund as detailed in the following table: Employees pension funds - movements (Euro/000) 31 December 2025 31 December 2024 Net recognized liability - opening 2,637 2,373 SPW Incorporation 0 0 Interest costs 87 76 Service costs 841 782 Payments (568) (548) Actuarial (Gains)/Losses (48) (46) Net recognized liability - closing 2,949 2,637 The actuarial valuation of employee termination ben efits (TFR) is based on the Projected Unit Credit Cost method. Reported below are the main economic a nd demographic assumptions utilised for actuarial valuations.
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MONCLER GROUP – ANNUAL REPORT 2025 381 Assumptions Discount rate 3.48% Inflation rate 2.25% Nominal rate of wage growth 2.25% Labour turnover rate 19.00% Probability of request of advances of TFR 0.50% Percentage required in case of advance 70.00% Life Table - Male M2024 (*) Life Table - Female F2024 (*) (*) Table ISTAT - resident population The following table shows the effect of variations, within reasonable limits, in key actuarial assumptions on defined benefit plan obligations at year end. Sensitivity analysis (Euro/000) Variation Discount rate (+0.5%) (68) Discount rate (-0.5%) 71 Rate of TFR payments Increases x (+0.5%) 3 Rate of TFR payments Decreases x (-0.5%) (3) Rate of Price Inflation Increases (+0.5%) 52 Rate of Price Inflation Decreases (-0.5%) (51) Rate of Salary Increases (+0.5%) 22 Rate of Salary Decreases (-0.5%) (22) Increase the retirement age (+1 year) (1) Decrease the retirement age (-1 year) 1 Increase longevity (+1 year) (0) Decrease longevity (-1 year) 0 4.13 PROVISIONS NON-CURRENT The item provisions non-current includes the costs associated with ongoing disputes and expected costs.
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382 ANNUAL REPORT 2025 – MONCLER GROUP 4.14. FINANCIAL LIABILITIES Borrowings (Euro/000) 31 December 2025 31 December 2024 Short-term financial lease liabilities 338 210 Intra-group short-term borrowings 115,000 200,000 Short-term borrowings 115,338 200,210 Long-term financial lease liabilities 417 245 Intra-group long-term borrowings 0 150,000 Long-term borrowings 417 150,245 Total 115,755 350,455 Borrowings amounted to EUR 115,755 thousand (EUR 350,455 thousand in 2024) and mainly refer to the financial debt with Industries S.p.A. and to the financial lease liabilities. Financial lease liabilities are detailed in the following table: Financial lease liabilities (Euro/000) Short-term financial lease liabilities 338 Long-term financial lease liabilities 417 Total 755 The changes in financial lease liabilities during 2025 are reported in the following table: (Euro/000) IFRS 16 Ex IAS17 Financial lease liabilities 1 January 2025 455 0 455 Net acquisitions 827 0 827 Disposals (556) 0 (556) Financial expenses 29 0 29 Other movements, including transfers 0 0 0 31 December 2025 755 0 755
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MONCLER GROUP – ANNUAL REPORT 2025 383 The following table show the breakdown of the long- term borrowings in accordance with their maturity date: Ageing of the Long-term borrowings 31 December 2025 31 December 2024 (Euro/000) Within 2 years 227 150,146 From 2 to 5 years 190 99 Beyond 5 years 0 0 Total 417 150,245 The non-discounted cash flows referring to the lease liabilities are shown below. Ageing of the lease liabilities not discounted (Euro/000) 31 December 2025 31 December 2024 Within 1 year 355 220 From 1 to 5 years 428 252 Beyond 5 years 0 0 Total 783 472 4.15. TAX ASSETS AND LIABILITIES Tax assets amount to EUR 932 thousand as at 31 Dece mber 2025 (EUR 4,772 thousand as at 31 December 2024). Tax liabilities amount to EUR 19,353 thousand as at 31 December 2025, net of current ta x assets (EUR 13,969 thousand as at 31 December 2024). The balance pertains to IRES and IRAP payable. 4.16. SHAREHOLDERS’ EQUITY As at 31 December 2025 the subscribed share capital constituted by 274,805,954 shares was fully paid and amounted to EUR 54,961,191 with a nominal value of EUR 0.20 per share. Changes in shareholders' equity for 2025 and the co mparative period are included in the consolidated statements of changes in equity. As at 31 December 2025, 3,207,654 , treasury shares were held, equal to 1.2% of the s hare capital, for a total value of EUR 127,670 thousand. The change in the IFRS 2 reserve is due to the acco unting treatment of the performance share plans, i.e., to the recognition of the figurative cost for the period relating to these plans and the reclassification to retained earnings of the cumulative figurative cost of the plans already closed. The change in retained earnings mainly relates to t he allocation of 2024 result, the dividend distributions and the above-mentioned reclassification of the IFRS 2 reserve. In 2025 the Company distributed dividends to the sh areholders for a gross unit amount of EUR 1.30 per ordinary share, for an amount of EUR 353,046 thousa nd (EUR 353,231 thousand dividends paid in 2025) compared to EUR 1.15 per share of EUR 311,197 thousand distributed in 2024 (EUR 311,014 thousand dividends paid in 2024). The caption FTA reserve includes the effects of the initial application of the IFRS 16.
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384 ANNUAL REPORT 2025 – MONCLER GROUP The following table includes details about how the shareholders reserve should be used: Information on reserves (Euro) Amount Possible use Available amount Non- available amount Amounts used in the previous 3 years to hedge losses Amounts used in the previous 3 years for other reason Share capital 54,961,191 - - 54,961,191 - - Reserves: - Legal reserve 10,992,238 B - 10,992,238 - - Share premium reserve 745,308,990 A, B, C 745,308,990 (*) 0 - - OCI Reserve (34,686) - - (34,686) - - Revaluation reserve 85,963 A, B 85,963 - - - FTA Reserve - A, B, C - - - - IFRS 2 Reserve 58,608,478 A, B, C - 58,608,478 - - Retained earnings 591,830,492 A, B, C 591,795,806 34,686 - 775,010,900 Total share capital and reserves 1,461,752,666 1,337,190,759 124,561,907 - 775,010,900 Non distributable amount 63,431 Distributable remaining amount 1,337,127,328 Explanation: A share capital increase - B hedge of losses - C distribution to the shareholders (*) Share premium reserve entirely available after allocating to legal reserve up to 20% of the share capital In view of the realignment of the Moncler trademark 's tax value to the statutory value, as required by Law Decree 104/2020 (the so-called “August” Decree) , art. 110, par. 8, the Retained earnings reserve has been appointed as deferred tax reserve for an amount equal to EUR 217,150,636. The caption OCI (“Other Comprehensive Income”) rese rve includes the actuarial risks related to the employee pension fund.
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MONCLER GROUP – ANNUAL REPORT 2025 385 Changes in that reserve are as follows: Other comprehensive income Employees pension fund - actuarial valuation Fair value IRS (Euro/000) Value before tax effect Tax effect Value after tax effect Value before tax effect Tax effect Value after tax effect Reserve as at 1 January 2024 (166) 38 (128) 0 0 0 Reclassification to Other reserves 0 0 0 0 0 0 Changes in the period 45 0 45 0 0 0 Translation differences of the period 0 0 0 0 0 0 Reversal in the income statement of the period 0 0 0 0 0 0 Reserve as at 31 December 2024 (121) 38 (83) 0 0 0 Reserve as at 1 January 2025 (121) 38 (83) 0 0 0 Reclassification to Other reserves 0 0 0 0 0 0 Changes in the period 48 0 48 0 0 0 Translation differences of the period 0 0 0 0 0 0 Reversal in the income statement of the period 0 0 0 0 0 0 Reserve as at 31 December 2025 (73) 38 (35) 0 0 0 5. COMMITMENTS AND GUARANTEES GIVEN 5.1 COMMITMENTS The Company does not have significant commitments a rising from operating lease contract or other contractual cases that do not fall within the scope of IFRS 16. 5.2 GUARANTEES GIVEN As at the date of the financial statements, the Com pany had no guarantees toward the Group companies nor third parties. 6. CONTINGENT LIABILITY The Company is subject to risks which may arise during the performance of its ordinary activities. Based on information available to date, management believ es that there currently are no contingent liabilities that need to be accrued in the financial statements.
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386 ANNUAL REPORT 2025 – MONCLER GROUP 7. INFORMATION ABOUT FINANCIAL RISKS The Company's financial instruments include cash an d cash equivalents, loans (mainly towards Group companies), receivables and trade payables and othe r current receivables and payables and non- current assets as well as derivatives. The Company is exposed to financial risks associate d with its operations, to interest rate risk, liqui dity risk (with reference to the availability of financial resources) and capital risk. Financial risk management is carried out by the man agement of the Company and primarily ensures that there are sufficient financial resources to me et business development needs and that the resource s are adequately invested in profitable activities. Market risk Exchange rate risk The Company operated mostly with companies in euros and, as such, the exposure to exchange rate risk is limited. As at 31 December 2025, a small po rtion of the Company’s assets and liabilities (i.e. trade receivables and payables) were denominated in a currency different from its functional currency. Interest rate risk The Company’s exposure to interest rate risk during 2025 is connected mostly to changes in interest rates relate to outstanding loans. As at 31 December 2025 the Company had no bank loan s and therefore there were no interest rate hedges, consequently any changes in interest rates at the year-end date would not have significant effects on the result of the year. The Company is not exposed to changes in currency interest rates. Credit risk The Company has no significant concentrations of cr edit risk with companies that are not part of the Group. The maximum exposure to credit risk is repre sented by the amount reported in the financial statements. As far as the credit risk arising from other financ ial assets (including cash, short-term bank deposit s and, if any, financial derivative instruments) is c oncerned, the credit risk for the Company arises fr om default of the counterparty with a maximum exposure equal to the carrying amount of financial assets recorded in the financial statements. Liquidity risk Liquidity risk arises from the ability to obtain fi nancial resources at a sustainable cost in order fo r the Group to conduct its daily business operations. The factors that influence this risk are related to th e resources generated/absorbed by operating activitie s, by investing and financing activities (mainly towards Group companies), and by availability of funds in the financial market.
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MONCLER GROUP – ANNUAL REPORT 2025 387 Management believes that the financial resources av ailable today, along with those that are generated by the current operations will enable the Company to achieve its objectives and to meet its investment needs and the repayment of its debt at the agreed upon maturity date. Operating and capital management risks In the management of operating risk, the Company’s main objective is to manage the risks associated with the development of business in foreign markets that are subject to specific laws and regulations. The Group has implemented guidelines in the following areas: appropriate level of segregation of duties; reconciliation and constant monitoring of significant transactions; documentation of controls and procedures; technical and professional training of employees; periodic assessment of corporate risks and identification of corrective actions. As far as the capital management risk is concerned, the Company's objectives are aimed at the going concern issue in order to ensure a fair economic re turn to shareholders and other stakeholders while maintaining a good rating in the capital debt marke t. The Company manages its capital structure and makes adjustments in line with changes in general e conomic conditions and with the strategic objectives. 8. OTHER INFORMATION 8.1 RELATED-PARTY TRANSACTIONS Set out below are the transactions with related par ties deemed relevant for the purposes of the “Related-party procedure” adopted by the Group. The “Related-party procedure” is available on the C ompany’s website (www.monclergroup.com), under “Governance/Corporate documents”. Transactions with subsidiaries are of a commercial nature and are conducted at market conditions similar to those conducted with third parties and are detailed as follows: Intercompany balances 31 December 2025 (Euro/000) Receivables Payables Net value Industries S.p.A. 50,764 (137,171) (86,407) Sportswear Company S.p.A. 18,019 (3,674) 14,345 Moncler France S.a.r.l. 0 (1,341) (1,341) Moncler USA Inc. 74 (136) (62) Moncler Korea Inc. 0 (141) (141) Other Group companies 297 (253) 44 Total 69,154 (142,716) (73,562)
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388 ANNUAL REPORT 2025 – MONCLER GROUP Intercompany transactions 2025 (Euro/000) Revenues Expenses/Other revenues net Net value Industries S.p.A. 424,915 (11,323) 413,592 Sportswear Company S.p.A. 64,022 144 64,166 Other Group companies 0 (1,729) (1,729) Total 488,937 (12,908) 476,029 Moncler S.p.A. granted to the subsidiary Industries S.p.A. a license to use the Moncler brand and to t he subsidiary Sportswear Company S.p.A. a license to u se the Stone Island brand. Based on the license agreements, the Company is remunerated through payments of royalties. The total amount of royalties for fiscal year 2025 amounted to EUR 488.9 million (EUR 489.7 million in 2024). Please note that Moncler S.p.A. is part of the Grou p’s fiscal and VAT consolidation and is responsible with Industries S.p.A. and Sportswear Company S.p.A. for taxes payable and the related interests. The company Rivetex S.r.l., a company referable to Carlo Rivetti and his family members, rents a building to the Company; as of April 16, 2025, Carl o Rivetti is no longer a member of the Board of Directors of Moncler S.p.A. and therefore, from tha t date, Rivetex S.r.l. no longer qualifies as a rel ated party. Until April 16, 2025 the total costs amounted to EUR 209 thousand (EUR 520 thousand 2024). Compensation paid to the members of the Board of Di rectors in 2025 are EUR 6,646 thousand (EUR 7,609 thousand in 2024). Compensation paid to the members of the Board of Au ditors in 2024 are EUR 200 thousand (EUR 200 thousand in 2024). In 2025 the costs relating to Performance Shares (d escribed in note 8.2) referring to members of the Board of Directors amount to EUR 4,845 thousand (EUR 8,638 thousand in 2024). There are no other related-party transactions. The following tables summarise the afore-mentioned related-party transactions that took place during 2025 and the prior year:
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MONCLER GROUP – ANNUAL REPORT 2025 389 (Euro/000) Type of relationship Note 31 December 2025 % 31 December 2024 % Industries S.p.A. Trade transactions c 424,915 86.6% 427,553 86.9% Industries S.p.A. Trade transactions b (5,038) 2.9% (3,864) 2.3% Industries S.p.A. Interest income d 3,918 1.7% 2,465 0.6% Industries S.p.A. Interest expense a (10,203) 98.6% (20,810) 94.8% Other Group companies Trade transactions b (1,729) 1.0% (342) 0.2% Sportswear Company S.p.A. Trade transactions c 64,022 13.1% 61,790 12.6% Sportswear Company S.p.A. Trade transactions b 144 (0.1)% (64) 0.0% Sportswear Company S.p.A. Interest expense a 0 0.0% (632) 2.9% Rivetex S.r.l. Trade transactions b (209) 0.1% (520) 0.3% Directors and board of statutory auditors Labour services b (6,846) 3.9% (7,809) 4.7% Directors Labour services b (4,845) 2.7% (8,638) 5.2% Total 464,129 449,129 a- % calculated based on total financial costs b- % calculated on operating costs c- % calculated on revenues d- % calculated based on total financial income
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390 ANNUAL REPORT 2025 – MONCLER GROUP (Euro/000) Type of relationship Note 31 December 2025 % 31 December 2024 % Industries S.p.A. Trade payables b (5,371) 12.9% (44) 0.1% Industries S.p.A. Financial debt a (115,000) 99.3% (350,000) 99.9% Industries S.p.A. Financial receivables f 1,440 100.0% 104,442 100.0 % Industries S.p.A. Debt from VAT consolidation d (16,800) 48.1% (17,991) 29.8% Industries S.p.A. Trade receivables c 40,236 80.4% 64,334 93.4% Industries S.p.A. Credit from fiscal consolidation e 9,088 25.9% 14,867 70.9% Sportswear Company S.p.A. Trade receivables c 8,546 17.1% 3,092 4.5% Sportswear Company S.p.A. Trade payables b (13) 0.0% (33) 0.1% Sportswear Company S.p.A. Credit from fiscal consolidation e 9,473 26.9% 0 0.0% Sportswear Company S.p.A. Debt from fiscal consolidation d 0 0.0% (23,988) 39.7% Sportswear Company S.p.A. Debt from VAT consolidation d (3,661) 10.5% (3,577) 5.9% Moncler Shinsegae Inc. Trade payables b (141) 0.3% 0 0.0% Moncler France S.a.r.l. Trade payables b (1,341) 3.2% 0 0.0% Moncler USA Inc. Trade payables b (136) 0.3% (838) 2.7% Moncler USA Inc. Trade receivables c 74 0.1% 75 0.1% Other Group companies Trade payables b (253) 0.6% (284) 0.9% Other Group companies Trade receivables c 297 0.6% 375 0.5% Directors and board of statutory auditors Other current liabilities d (3,139) 9.0% (4,013) 6.6% Total (76,701) (213,583) a effect in % based on total financial debt b effect in % based on trade payables c effect in % based on trade receivables d effect in % based on other current liabilities e effect in % based on other current assets f effect in % based on total financial receivables The following tables summarise the weight of relate d-party transactions on the financial statements as at and for the years ended 31 December 2025 and 2024:
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MONCLER GROUP – ANNUAL REPORT 2025 391 (Euro/000) 31 December 2025 Revenues Operating expenses Financial expenses Financial income Trade receivables Other current assets Trade payables Other payables, current Total financial debt Total financial receivables Total related parties 488,937 (18,523) (10,203) 3,918 49,153 18,561 (7,255) (23,600) (115,000) 1,440 Total financial statement 490,449 (176,640) (10,345) 224,504 50,019 35,152 (41,539) (34,922) (115,754) 1,440 Weight % 99.7% 10.5% 98.6% 1.7% 98.3% 52.8% 17.5% 67.6% 99.3% 100.0% (Euro/000) 31 December 2024 Revenues Operating expenses Financial expenses Financial income Trade receivables Other current assets Trade payables Other payables, current Total financial debt Total financial receivables Total related parties 489,343 (21,237) (21,442) 2,465 67,876 14,867 (1,199) (49,569) (350,000) 104,442 Total financial statement 491,918 (166,627) (21,943) 438,584 68,844 20,978 (30,927) (60,460) (350,455) 104,442 Weight % 99.5% 12.7% 97.7% 0.6% 98.6% 70.9% 3.9% 82.0% 99.9% 100.0% 8.2 STOCK-BASED COMPENSATION PLANS The Financial Statements at 31 December 2025 reflec ts the values of the Performance Shares Plan approved in 2022 and 2024. The costs related to stock-based compensation plans are equal to EUR 9,324 thousand in the 2024, compared with EUR 15,105 thousand in 2024. On 21 April 2022, the Ordinary Shareholders’ Meetin g also approved, pursuant to art. 114-bis of the Consolidated Law on Finance, the adoption of a Stoc k Grant Plan denominated "2022 Performance Shares Plan” addressed to Executive Directors, Key Managers, employees and collaborators, therein including Moncler’s external consultants and of its subsidiaries. The object of this plan is the free granting of the Moncler shares in case certain Performance Targets are achieved at the end of the vesting period of 3 years. The Performance Targets are expressed based on the following indices of the Group in the vesting period, adjusted by the conditions of over/under pe rformance: (i) Net Income, (ii) Free Cash Flow and (iii) ESG (Environmental Social Governance). The proposed maximum number of shares serving the P lan is equal to n. 2,000,000 resulting from allocation of treasury shares. The above plan provides for a maximum of 3 cycles o f attribution; as regards the first attribution cyc le, on 4 May 2022 the Board of Directors resolved the g ranting of 971,169 Moncler Rights. On 4 May 2023, putting into effect the second cycle of attri bution, the Moncler Board of Directors approved the assignation of a maximum number of Moncler Rights of 436,349. As regards the first allocation cycle: The 3-year vesting period ended with the approval o f the Draft Financial Statements as at December 31, 2024; The performance targets were met, together with the over-performance condition. Therefore, No. 991,856 shares (including No. 128,129 shares de riving from over-performance) were assigned to the beneficiaries through the use of own shares.
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392 ANNUAL REPORT 2025 – MONCLER GROUP As at 31 December 2025 there are still in circulati on 361,062 rights related to the second cycle of attribution. With reference to Moncler S.p.A. as at 31 December 2025 there are still in circulation 91,247 rights which effect on the income statement on the 2025 amount to EUR 1,917 thousand, while there are no rights in circulation related to the f irst cycle of attribution, which effect on the inco me statement in 2025 amount to EUR 934 thousand. On 24 April 2024, the Ordinary Shareholders’ Meetin g approved, pursuant to art. 114-bis of the Consolidated Law on Finance, the adoption of a Stoc k Grant Plan denominated "2024 Performance Shares Plan” addressed to Executive Directors, Key Managers, employees and collaborators, therein including Moncler’s external consultants and of its subsidiaries. The object of this plan is the free granting of the Moncler shares in case certain Performance Targets are achieved at the end of the vesting period of 3 years. The Performance Targets are expressed based on the following indices of the Group in the vesting period, adjusted by the conditions of over/under pe rformance: (i) Net Income, (ii) Free Cash Flow and (iii) ESG (Environmental Social Governance). The proposed maximum number of shares serving the P lan is equal to n. 2,000,000 resulting from allocation of treasury shares. On 24 April 2024 the Board of Directors resolved the granting of 1,109,219 Moncler Rights. As at 31 December 2025 there are in circulation 988 ,614 rights. With reference to Moncler S.p.A. as at 31 December 2025 there are still in circulation 297 ,291 rights, which effect on the income statement o n the 2025 amount to EUR 6.274 thousand. As stated by IFRS 2, these plans are defined as Equity Settled. For information regarding the performance share pla ns described above, please see the company's website, www.monclergroup.com, in the "Governance/Shareholders’ Meeting" section. 8.3 SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS It should be noted that in the Group, during the 20 25, there were no significant non-recurring events and transactions. 8.4 ATYPICAL AND/OR UNUSUAL TRANSACTIONS It should be noted that during 2025 the Company did not enter into any atypical and/or unusual transactions. 8.5 FINANCIAL INSTRUMENTS The following table shows the carrying amount and f air values of financial assets and financial liabilities, including their levels in the fair val ue hierarchy for financial instruments measured at fair value. It does not include fair value information f or financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
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MONCLER GROUP – ANNUAL REPORT 2025 393 (Euro/000) 31 December 2025 Current Non-current Fair value Level Financial assets measured at fair value Interest rate swap used for hedging - - - Forward exchange contracts used for hedging - - - 2 Sub-total - - - Financial assets not measured at fair value Trade and other receivables (*) 50,019 99 Cash and cash equivalents (*) 137,379 - Financial receivables (*) 1,440 Sub-total 188,838 99 - Total 188,838 99 - (Euro/000) 31 December 2024 Current Non-current Fair value Level Financial assets measured at fair value Interest rate swap used for hedging - - - Forward exchange contracts used for hedging - - - 2 Sub-total - - - Financial assets not measured at fair value Trade and other receivables (*) 68,844 99 Cash and cash equivalents (*) 130,655 - Financial receivables (*) 104,442 Sub-total 303,941 99 - Total 303,941 99 - (Euro/000) 31 December 2025 Current Non-current Fair value Level Financial liabilities measured at fair value Interest rate swap used for hedging - - - 2 Forward exchange contracts used for hedging - - - 2 Other financial liabilities - - - 3 Sub-total - - - Financial liabilities not measured at fair value Trade and other payables (*) (45,571) - Financial payables (*) (115,000) - Bank overdrafts (*) - - Short-term bank loans (*) - - Bank loans (*) - - IFRS 16 financial loans (*) (338) (417) Sub-total (160,909) (417) - Total (160,909) (417) -
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394 ANNUAL REPORT 2025 – MONCLER GROUP (Euro/000) 31 December 2024 Current Non-current Fair value Level Financial liabilities measured at fair value Interest rate swap used for hedging - - - 2 Forward exchange contracts used for hedging - - - 2 Other financial liabilities - - - 3 Sub-total - - - Financial liabilities not measured at fair value Trade and other payables (*) (33,277) - Financial payables (*) (200,000) (150,000) Bank overdrafts (*) - - Short-term bank loans (*) - - Bank loans (*) - - IFRS 16 financial loans (*) (210) (245) Sub-total (233,487) (150,245) - Total (233,487) (150,245) - (*) Such items refer to short-term financial assets and financial liabilities whose carrying value is a reasonable approximation of fair value, which was therefore not disclosed. 8.6 FEES PAID TO INDEPENDENT AUDITORS Fees paid to independent auditors are summarised below: Audit and attestation services (Euro) Entity that has provided the service Fees 2025 Audit Deloitte & Touche S.p.A. 275,420 Network Deloitte & Touche S.p.A. 0 Attestation services Deloitte & Touche S.p.A. 153,710 Network Deloitte & Touche S.p.A. 0 Other services Deloitte & Touche S.p.A. 0 Network Deloitte & Touche S.p.A. 0 Total 429,130 8.7 DISCLOSURE PURSUANT TO ITALIAN LAW N. 124/2017 Pursuant to the requirements of Law no. 124/2017, i n 2025 the company Moncler S.p.A. benefited from the tax credit relating to research and development of EUR 613 thousand and the art bonus credit of EUR 19 thousand . For the purposes of the above requirements and with regard to any other grants received falling among the cases provided for, reference is also made to t he specific Italian national register, which can be consulted by the public.
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MONCLER GROUP – ANNUAL REPORT 2025 395 9. SIGNIFICANT EVENTS AFTER THE REPORTING DATE BARTOLOMEO RONGONE TO BE COMPANY CHIEF EXECUTIVE OF FICER, REMO RUFFINI EXECUTIVE CHAIRMAN On 20 January 2026, Moncler S.p.A. announced the ar rival of Bartolomeo “Leo” Rongone as Company Chief Executive Officer, starting from 1 April 2026, in order to strengthen its organisational structure. In this new organizational setup, Remo Ruffini will be Executive Chairman maintaining the responsibility for Creative Direction, and continuing to play a pr imary role in the governance and in defining the Group’s strategic direction. ROBERTO EGGS STEPS DOWN FROM CHIEF BUSINESS & GLOBA L MARKET OFFICER ROLE AND REMAINS ON THE BOARD OF DIRECTORS OF MONCLER S.P.A. AS A NON-EXECUTIVE MEMBER On 20 January 2026, Moncler S.p.A. announced that R oberto Eggs, effective from 1 March 2026, will step down from the role of Chief Business and Globa l Market Officer to pursue a new professional chapter. Eggs will continue his collaboration with the Group as a non-Executive Director of Moncler S.p.A. Board of Directors. 10. MOTION TO APPROVE THE FINANCIAL STATEMENTS AND THE ALLOCATION OF THE RESULT FOR THE YEAR ENDED 31 DECEMBER 2025 In conclusion to these explanatory notes, we invite you to approve the Moncler S.p.A.’s separate financial statements. We propose that you resolve to distribute a gross dividend of EUR 1.40 per ordinary share based on the 2025 profit of Moncler S.p.A., which amounts to EUR 438,166,298 . The total amount to be distributed as a dividend, h aving taken into consideration the number of shares as of today, net of the shares which are directly o wned by the Company, is equal to EUR 380.2 million 41. *** The financial statements, comprised of the income s tatement, statement of comprehensive income, statement of financial position, statement of chang es in equity, statement of cash flows and explanatory notes to the financial statements give a true and fair view of the financial position and the results of operations and cash flows and corresponds to the Company’s accounting records. 41 Subject to change due to the possible use and/or purchase of treasury shares.
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396 ANNUAL REPORT 2025 – MONCLER GROUP On behalf of the Board of Directors Remo Ruffini Chairman and Chief Executive Officer
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ATTESTATION OF THE CONSOLIDATED FINANCIAL STATEMENT S PURSUANT TO ART. 154 BIS OF LEGISLATIVE DECREE NO. 58/98 1. The undersigned, Remo Ruffini, in his capacity as the Chief Executive Officer of the Company, and Luciano Santel, as the executive officer responsible for the preparation of Moncler S.p.A.’s financial statements, pursuant to the provisions of Article 154-bis, clauses 3 and 4, of Legislative Decree no. 58 of 1998, hereby attest: the adequacy with respect to the Company structure and the effective application of the administrative and accounting procedures applied in the preparation of the Company’s consolidated financial statements at 31 December 2025. 2. The assessment of the adequacy of the administrative and accounting procedures used for the preparation of the consolidated financial statements at 31 December 2025 was based on a process defined by Moncler S.p.A. in accordance with the Internal Control – Integrated Framework model issued by the Committee of Sponsoring Organizations of the Treadway Commission, an internationally-accepted reference framework. 3. The undersigned moreover attest that: 3.1 the consolidated financial statements: a) have been prepared in accordance with International Financial Reporting Standards, as endorsed by the European Union through Regulation (EC) 1606/200 2 of the European Parliament and Council, dated 19 July 2002 b) correspond to the amounts shown in the Company’s accounts, books and records; and c) provide a fair and correct representation of the financial conditions, results of operations and cash flows of the Company and its consolidated subsidiaries as of 31 December 2024 and for the year then ended. 3.2 the director’s report includes a reliable operating and financial review of the Company and of the Group as well as a description of the main risks and uncertainties to which they are exposed. 19 February 2026 CHAIRMAN OF THE BOARD OF EXECUTIVE OFFICER RESP ONSIBLE DIRECTORS AND CHIEF EXECUTIVE FOR THE PREPARATIO N OF THE OFFICER COMPANY’S FINANCIAL STATEMENTS Remo Ruffini Luciano Santel
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Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona Sede Legale: Via Santa Sofia, 28 - 20122 Milano | Capitale Sociale: Euro 10.688.930,00 i.v. Codice Fiscale/Registro delle Imprese di Milano Monza Brianza Lodi n. 03049560166 - R.E.A. n. MI-1720239 | Partita IVA: IT 03049560166 Il nome Deloitte si riferisce a una o più delle seguenti entità: Deloitte Touche Tohmatsu Limited, una società inglese a responsabilità limitata (“DTTL”), le member firm aderenti al suo network e le entità a esse correlate. DTTL e ciascuna delle sue member firm sono entità giuridicamente separate e indipendenti tra loro. DTTL (denominata anche “Deloitte Global”) non fornisce servizi ai clienti. Si invita a leggere l’informativa completa relativa alla descrizione della struttura legale di Deloitte Touche Tohmatsu Limited e delle sue member firm all’indirizzo www.deloitte.com/about. © Deloitte & Touche S.p.A. Deloitte & Touche S.p.A. Via Fratelli Bandiera, 3 31100 Treviso Italia Tel: +39 0422 5875 Fax: +39 0422 587812 www.deloitte.it INDEPENDENT AUDITOR’S REPORT PURSUANT TO ARTICLE 14 OF LEGISLATIVE DECREE No. 39 OF JANUARY 27, 2010 AND ARTICLE 10 OF THE EU REGULATION 537/2014 To the Shareholders of Moncler S.p.A. REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS Opinion We have audited the consolidated financial statements of Moncler S.p.A. and its subsidiaries (“Moncler Group” or “Group”), which comprise the consolidated statement of financial position as at December 31, 2025, and the consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at December 31, 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and adopted by the European Union and the requirements of national regulations issued pursuant to art. 9 of Italian Legislative Decree no. 38/05. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of Moncler S.p.A. (the “Company”) in accordance with the ethical requirements applicable under Italian law to the audit of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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2 Impairment test on the brand and the goodwill related to Stone Island CGU Description of the key audit matter The consolidated financial statements of the Group as at December 31, 2025 show “Brands and other intangible assets – net” amounting to Euro 1,108.6 million and “Goodwill” amounting to Euro 603.4 million. These captions include the brand and goodwill allocated to the Stone Island cash generating unit (“CGU”) for Euro 775.5 million and Euro 447.8 million respectively. These assets are considered intangibles with an indefinite useful life and are therefore not amortized; nevertheless, as required by the International Accounting Standard “IAS 36 - impairment of assets”, those are tested for impairment at least annually comparing the recoverable amount of the CGU - determined according to the value in use methodology - and the book value of its net invested capital, which includes the above-mentioned brand and goodwill among fixed assets. Management evaluation process is articulated and is based on a series of assumptions regarding, among others, forecasting CGU’s expected cash flows, determining an appropriate discount rate (WACC) and long- term growth rate (g-rate). These assumptions are influenced by expectations about the future trend of the Stone Island business as well as by market conditions. In light of the magnitude of the goodwill and brand value recorded in the consolidated financial statements pertaining to the Stone Island CGU, the level of judgement involved in the estimates pertaining to the determination of CGU future cashflows and the other key parameters of the impairment model, we considered the impairment test a key audit matter of the consolidated financial statements. Note 5.2 of the consolidated financial statements provides information on the tests carried out in respect of intangible assets, including a sensitivity analysis which illustrates the effects of changes in key parameters used for the impairment test. Audit procedures performed We have examined how management estimated the CGU’s value in use, analyzing methods and assumptions used in developing the impairment test. As part of our audit, we have, among others, carried out the following procedures, also with the support of Deloitte network experts: • detection and understanding of the process adopted by Moncler Group in executing the impairment test; • analysis of the reasonableness of main assumptions adopted in forecasting cashflows also with analysis of sector data and information obtained from management;
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3 • comparison of actual results with management’s prior forecasts, in order to assess the nature of deviations and the reliability of the planning process; • assessment of the reasonableness of the discount rate (WACC) and long-term growth rate (g-rate); • verification of the clerical accuracy of the model used to determine the CGU’s value in use; • verification of the correct determination of the CGU’s carrying amount; • verification of the sensitivity analysis prepared by management and examination of disclosure provided by the Group on the impairment test. Responsibilities of the Directors and the Board of Statutory Auditors for the Consolidated Financial Statements The Directors are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and adopted by the European Union and the requirements of national regulations issued pursuant to art. 9 of Italian Legislative Decree no. 38/05, and, within the terms established by law, for such internal control as the Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they have identified the existence of the conditions for the liquidation of the Company or the termination of the business or have no realistic alternatives to such choices. The Board of Statutory Auditors is responsible for overseeing, within the terms established by law, the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (ISA Italia) will always detect a material misstatement when it exists.
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4 Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with International Standards on Auditing (ISA Italia), we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance, identified at an appropriate level as required by ISA Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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5 We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence applicable in Italy, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report. Other information communicated pursuant to art. 10 of the EU Regulation 537/2014 The Shareholders' Meeting of Moncler S.p.A. appointed us on April 22, 2021 as auditors of the Company for the fiscal years from December 31, 2022 to December 31, 2030. We declare that we have not provided prohibited non-audit services referred to in art. 5 (1) of EU Regulation 537/2014 and that we have remained independent of the Company in conducting the audit. We confirm that the opinion on the financial statements expressed in this report is consistent with the additional report to the Board of Statutory Auditors, in its role of Audit Committee, referred to in art. 11 of the said Regulation. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS Opinion on the compliance with the provisions of the Delegated Regulation (EU) 2019/815 The Directors of Moncler S.p.A. are responsible for the application of the provisions of the European Commission Delegated Regulation (EU) 2019/815 with regard to the regulatory technical standards on the specification of the single electronic reporting format (ESEF – European Single Electronic Format) (hereinafter referred to as the “Delegated Regulation”) to the consolidated financial statements as at December 31, 2025, to be included in the annual financial report. We have carried out the procedures set forth in the Auditing Standard (SA Italia) n. 700B in order to express an opinion on the compliance of the consolidated financial statements with the provisions of the Delegated Regulation. In our opinion, the consolidated financial statements as at December 31, 2025 have been prepared in XHTML format and have been marked up, in all material respects, in accordance with the provisions of the Delegated Regulation.
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6 Opinions and statement pursuant to art. 14 paragraph 2, sub-paragraphs e), e-bis) and e-ter) of Legislative Decree 39/10 and pursuant to art. 123-bis, paragraph 4, of Legislative Decree 58/98 The Directors of Moncler S.p.A. are responsible for the preparation of the report on operations and the report on corporate governance and the ownership structure of Moncler Group as at December 31, 2025, including their consistency with the related consolidated financial statements and their compliance with the law. We have carried out the procedures set forth in the Auditing Standard (SA Italia) n. 720B in order to: - express an opinion on the consistency of the report on operations and of some specific information contained in the report on corporate governance and the ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98, with the consolidated financial statements; - express an opinion on compliance with the law of the report on operations, excluding the section related to the consolidated corporate sustainability reporting, and of some specific information contained in the report on corporate governance and ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98; - make a statement about any material misstatement in the report on operations and in some specific information contained in the report on corporate governance and ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98. In our opinion, the report on operations and the specific information contained in the report on corporate governance and the ownership structure are consistent with the consolidated financial statements of Moncler Group as at December 31, 2025. In addition, in our opinion, the report on operations, excluding the section related to the consolidated corporate sustainability reporting, and the specific information contained in the report on corporate governance and ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98 are prepared in accordance with the law. With reference to the statement referred to in art. 14, paragraph 2, sub-paragraph e-ter), of Legislative Decree 39/10, made on the basis of the knowledge and understanding of the entity and of the related context acquired during the audit, we have nothing to report.
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7 Our opinion on the compliance with the law does not extend to the section related to the consolidated corporate sustainability reporting. The conclusions on the compliance of that section with the law governing criteria of preparation and with the disclosure requirements outlined in art. 8 of the EU Regulation 2020/852 are expressed by us in the assurance report pursuant to art. 14-bis of Legislative Decree 39/10. DELOITTE & TOUCHE S.p.A. Signed by Barbara Moscardi Partner Treviso, Italy March 20, 2026 As disclosed by the Directors, the accompanying consolidated financial statements of Moncler S.p.A. constitute a non-official version which has not been prepared in accordance with the provisions of the Commission Delegated Regulation (EU) 2019/815. This independent auditor’s report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.
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ATTESTATION OF SUSTAINABILITY REPORTING PURSUANT TO ARTICLE 81-TER, PARAGRAPH 1, OF CONSOB REGULATION NO. 11971 OF MAY 14, 1999, AND SUBSEQUENT AMENDMENTS AND INTEGRATIONS 1. The undersigned, Remo Ruffini, as Chairman of the Board of Directors and Chief Executive Officer, and Luciano Santel, as the executive officer responsible for the preparation of Moncler S.p.A.’s financial statements, certify, pursuant to the provisions of Article 154-bis , paragraph 5-ter , of Legislative Decree no. 58 of 24 February 1998, that the sustainability statement included in the Board of Directors’ Report has been prepared: a) in accordance with the reporting standards applied pursuant to Directive 2013/34/EU of the European Parliament and Council of 26 June 2013, and Legislative Decree no. 125 of 6 September 2024; b) with the specifications adopted pursuant to Article 8, paragraph 4, of Regulation (EU) 2020/852 of the European Parliament and Council of 18 June 2020. 19 February 2026 CHAIRMAN OF THE BOARD EXECUTIVE OFFICER RESPONSI BLE FOR THE OF DIRECTORS AND CEO PREPARATION OF THE COMPANY’ S FINANCIAL STATEMENTS Remo Ruffini Luciano Santel
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Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona Sede Legale: Via Santa Sofia, 28 - 20122 Milano | Capitale Sociale: Euro 10.688.930,00 i.v. Codice Fiscale/Registro delle Imprese di Milano Monza Brianza Lodi n. 03049560166 - R.E.A. n. MI-1720239 | Partita IVA: IT 03049560166 Il nome Deloitte si riferisce a una o più delle seguenti entità: Deloitte Touche Tohmatsu Limited, una società inglese a responsabilità limitata (“DTTL”), le member firm aderenti al suo network e le entità a esse correlate. DTTL e ciascuna delle sue member firm sono entità giuridicamente separate e indipendenti tra loro. DTTL (denominata anche “Deloitte Global”) non fornisce servizi ai clienti. Si invita a leggere l’informativa completa relativa alla descrizione della struttura legale di Deloitte Touche Tohmatsu Limited e delle sue member firm all’indirizzo www.deloitte.com/about. © Deloitte & Touche S.p.A. Deloitte & Touche S.p.A. Via Fratelli Bandiera, 3 31100 Treviso Italia Tel: +39 0422 5875 Fax: +39 0422 587812 www.deloitte.it INDEPENDENT AUDITOR’S REPORT ON THE CONSOLIDATED SUSTAINABILITY STATEMENT PURSUANT TO ARTICLE 14-BIS OF LEGISLATIVE DECREE No. 39 OF JANUARY 27, 2010 To the Shareholders of Moncler S.p.A. Conclusion Pursuant to artt. 8 and 18, paragraph 1 of Legislative Decree no. 125 of September 6, 2024 (hereinafter also the “Decree”), we have carried out a limited assurance engagement on the consolidated sustainability statement of Moncler S.p.A. and its subsidiaries (hereinafter “Moncler Group” or “Group”) for the year ended on December 31, 2025, prepared pursuant to art. 4 of the Decree, included in the specific section of the management report. Based on the work performed, nothing has come to our attention that causes us to believe that: • the consolidated sustainability statement of Moncler Group for the year ended on December 31, 2025 is not prepared, in all material respects, in accordance with the reporting principles adopted by the European Commission pursuant to the Directive (EU) 2013/34/EU (European Sustainability Reporting Standards, hereinafter also “ESRS”); • the information included in the paragraph “EU Taxonomy” of the consolidated sustainability statement is not prepared, in all material respects, in accordance with art. 8 of Regulation (EU) No. 852 of June 18, 2020 (hereinafter also the “Taxonomy Regulation”). Basis for conclusion We conducted the limited assurance engagement in accordance with the assurance standard of the sustainability report - “Principio di Attestazione della Rendicontazione di Sostenibilità - SSAE (Italia)”. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the level of assurance that would have been obtained had we performed a reasonable assurance engagement. Our responsibilities pursuant to that standard are further described in the paragraph “Auditor’s responsibilities for the limited assurance of the consolidated sustainability statement” of this report. We are independent in accordance with the independence and other ethical requirements applicable under Italian law to the limited assurance engagement of the consolidated sustainability statement.
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2 Our firm applies International Standard on Quality Management (ISQM Italia) 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We believe that the evidence obtained is sufficient and appropriate to provide a basis for our conclusion. Responsibility of the Directors and the Board of Statutory Auditors of Moncler S.p.A. for the consolidated sustainability statement The Directors are responsible for developing and implementing the procedures performed to identify the information reported in the consolidated sustainability statement in accordance with the ESRS (hereinafter the “double materiality assessment process”) and for the description of such procedures included in paragraph “[IRO-1] Description of the processes to identify and assess material impacts, risks and opportunities” of the consolidated sustainability statement. The Directors are also responsible for the preparation of the consolidated sustainability statement, which includes the information identified as part of the double materiality assessment process, in accordance with the requirements of Art. 4 of the Decree, including: • compliance with ESRS; • compliance of the information included in the paragraph “EU Taxonomy” with art. 8 of the Taxonomy Regulation. Such responsibility involves designing, implementing and maintaining, within the terms established by the law, such internal control that the Directors determine necessary to enable the preparation of the consolidated sustainability statement in accordance with the requirements of the art. 4 of the Decree that is free from material misstatements, whether due to fraud or error. Furthermore, the abovementioned responsibility involves the selection and application of appropriate methods in elaborating information and making assumptions and estimates about specific sustainability information that are reasonable in the circumstances. The Board of Statutory Auditors is responsible for overseeing, within the terms established by law, the compliance with the provisions set out in the Decree. Inherent limitations in the preparation of the consolidated sustainability statement In reporting forward looking information in accordance with ESRS, the Directors are required to prepare such forward looking information on the basis of assumptions, as described in the consolidated sustainability statement, regarding events that may occur in the future and possible future actions of the Group. Due to the inherent uncertainty regarding any future event, including whether these events will take place and their extent and timing, the variances between actual outcomes and forward looking information could be significant.
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3 The information provided by the Group regarding Scope 3 emissions is subject to greater inherent limitations compared to those related to Scope 1 and 2 emissions. This is due to the lower availability and relative accuracy of the data used to define the information on Scope 3 emissions, both quantitative and qualitative, in relation to the value chain. Auditor’s responsibilities for the limited assurance of the consolidated sustainability statement Our objectives are to plan and perform procedures to obtain limited assurance about whether the consolidated sustainability statement is free from material misstatements, whether due to fraud or error, and to issue an assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, could influence the decisions of users taken on the basis of consolidated sustainability statement. As part of the limited assurance engagement in accordance with the Principio di Attestazione della Rendicontazione di Sostenibilità - SSAE (Italia), we exercise professional judgment and maintain professional skepticism throughout the engagement. Our responsibilities include: • considering risks to identify and assess the disclosure where a material misstatement is likely to arise, either due to fraud or error; • designing and performing procedures to verify disclosures in the sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement due to fraud is higher than the risk of not identifying a material misstatement due to error, as fraud may involve collusion, falsifications, intentional omissions, misrepresentations, or the override of internal control; • the direction, supervision and performance of the limited assurance engagement of the consolidated sustainability statement. We remain solely responsible for the conclusion on the consolidated sustainability statement. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence as the basis for expressing our conclusion. The procedures performed on the consolidated sustainability statement are based on our professional judgement and included inquiries, primarily with the personnel of the Group responsible for the preparation of information included in the consolidated sustainability statement, analysis of documents, recalculations and other procedures aimed to obtain evidence as appropriate. Specifically, we performed the following main procedures partly in a preliminary phase before year end and then in a final phase up to the the date of issuance of this report: • understanding the business model, the Group's strategies and the context in which the Group operates with reference to sustainability matters;
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4 • understanding the processes underlying the generation, collection, and management of qualitative and quantitative information included in the consolidated sustainability statement, including an analysis of the reporting perimeter; • understanding the process carried out by the Group for the identification and evaluation of material impacts, risks and opportunities, based on the principle of double materiality, with reference to sustainability matters; • identification of the information where a risk of material misstatement is likely to arise, taking into consideration, among others, risk factors related to the generation and collection of the information, to the estimates and to the complexity of the relevant calculation methods, as well as qualitative and quantitative factors related to the nature of such information; • design and performance of procedures, based on the professional judgment of the auditor of the consolidated sustainability report, to respond to identified risks of material misstatement, also with the support of Deloitte network specialists, in particular with reference to specific environmental information; • understanding of the process set up by the Group to identify eligible economic activities and determine their aligned nature according to the requirements of the Taxonomy Regulation, and verifying the related information included in the consolidated sustainability statement; • comparison of the information reported in the consolidated sustainability statement with the information included in the consolidated financial statements pursuant to the applicable financial reporting framework, or with the accounting data used for the preparation of the financial statements, or with the management data having an accounting nature; • verification of the structure and presentation of the information included in the consolidated sustainability statement in accordance with ESRS, including the information related to the materiality assessment process; • obtaining the representation letter. DELOITTE & TOUCHE S.p.A. Signed by Barbara Moscardi Partner Treviso, March 20, 2026 This independent auditor’s report has been translated into the English language solely for the convenience of international readers.Accordingly, only the original text in Italian language is authoritative .
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ATTESTATION OF THE SEPARATE FINANCIAL STATEMENTS PU RSUANT TO ART. 154 BIS OF LEGISLATIVE DECREE NO. 58/98 1. The undersigned, Remo Ruffini, in his capacity as the Chief Executive Officer of the Company, and Luciano Santel, as the executive officer responsible for the preparation of Moncler S.p.A.’s financial statements, pursuant to the provisions of Article 154-bis, clauses 3 and 4, of Legislative Decree no. 58 of 1998, hereby attest: the adequacy with respect to the Company structure and the effective application of the administrative and accounting procedures applied in the preparation of the Company’s separate financial statements at 31 December 2025. 2. The assessment of the adequacy of the administrative and accounting procedures used for the preparation of the separate financial statements at 31 December 2025 was based on a process defined by Moncler S.p.A. in accordance with the Internal Control – Integrated Framework model issued by the Committee of Sponsoring Organizations of the Treadway Commission, an internationally-accepted reference framework. 3. The undersigned moreover attest that: 3.1 the separate financial statements: a) have been prepared in accordance with International Financial Reporting Standards, as endorsed by the European Union through Regulation (EC) 1606/200 2 of the European Parliament and Council, dated 19 July 2002 b) correspond to the amounts shown in the Company’s accounts, books and records; and c) provide a fair and correct representation of the financial conditions, results of operations and cash flows of the Company as of 31 December 2024 and for the year then ended. 3.2 the director’s report includes a reliable operating and financial review of the Company, as well as a description of the main risks and uncertainties to which they are exposed. 19 February 2026 CHAIRMAN OF THE BOARD OF EXECUTIVE OFFICER RESP ONSIBLE DIRECTORS AND CHIEF EXECUTIVE FOR THE PREPARATIO N OF THE OFFICER COMPANY’S FINANCIAL STATEMENTS Remo Ruffini Luciano Santel
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Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona Sede Legale: Via Santa Sofia, 28 - 20122 Milano | Capitale Sociale: Euro 10.688.930,00 i.v. Codice Fiscale/Registro delle Imprese di Milano Monza Brianza Lodi n. 03049560166 - R.E.A. n. MI-1720239 | Partita IVA: IT 03049560166 Il nome Deloitte si riferisce a una o più delle seguenti entità: Deloitte Touche Tohmatsu Limited, una società inglese a responsabilità limitata (“DTTL”), le member firm aderenti al suo network e le entità a esse correlate. DTTL e ciascuna delle sue member firm sono entità giuridicamente separate e indipendenti tra loro. DTTL (denominata anche “Deloitte Global”) non fornisce servizi ai clienti. Si invita a leggere l’informativa completa relativa alla descrizione della struttura legale di Deloitte Touche Tohmatsu Limited e delle sue member firm all’indirizzo www.deloitte.com/about. © Deloitte & Touche S.p.A. Deloitte & Touche S.p.A. Via Fratelli Bandiera, 3 31100 Treviso Italia Tel: +39 0422 5875 Fax: +39 0422 587812 www.deloitte.it INDEPENDENT AUDITOR’S REPORT PURSUANT TO ARTICLE 14 OF LEGISLATIVE DECREE No. 39 OF JANUARY 27, 2010 AND ARTICLE 10 OF THE EU REGULATION 537/2014 To the Shareholders of Moncler S.p.A. REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the financial statements of Moncler S.p.A. (the “Company“), which comprise the statement of financial position as at December 31, 2025, and the statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at December 31, 2025, and of its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and adopted by the European Union and the requirements of national regulations issued pursuant to art. 9 of Italian Legislative Decree no. 38/05. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements applicable under Italian law to the audit of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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2 Impairment test on the Stone Island brand and the equity investment in Sportswear Company S.p.A. Description of the key audit matter In the separate financial statements as at December 31, 2025, the caption “Brands and other intangibles assets – net”, amounting to Euro 1,003.8 million, includes, for Euro 775.5 million, the value assigned to the Stone Island brand (hereinafter referred to as the “Brand”). The caption “Investments in subsidiaries”, amounting to Euro 1,022.2 million, includes, for Euro 599.8 million, the value of the equity investment in Sportswear Company S.p.A. (hereinafter the "Investment"), which incorporates the value allocated to the goodwill associated with the Stone Island business, recognized in 2021 at the time of the acquisition. The Brand, being an intangible asset with an indefinite useful life, is not amortized but, as provided by International Accounting Standard “IAS 36 Impairment of assets”, is tested for impairment at least annually comparing its carrying amount with the recoverable value, determined as value is use using the discounted cash flows method, estimated through the application of the so-called royalty relief method. The value of the Investment is tested for impairment if required by events or changes in circumstances. Management evaluation process is articulated and is based on assumptions regarding, among other things, forecasting expected cash flows and determining an appropriate discount rate (WACC) and long- term growth rate (g-rate). These assumptions are influenced by the expectations on future performance of the Stone Island business and by market conditions. In light of the magnitude of the value of the Brand and of the Investment included in the separate financial statements, the subjectivity of the estimates for the determination of the expected cash flows of the Stone Island business, as well as key variables of the impairment model, we considered the impairment test a key audit matter of the Company’s separate financial statements. Note 4.2 of the separate financial statements provides the information on the test carried out with respect to the Brand, including a sensitivity analysis which illustrates the effects of changes in the key parameters used for the impairment test. Note 4.4 of the separate financial statements provides the information about Management’s considerations regarding the Investment.
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3 Audit procedures performed We have examined how management estimated the value in use, analyzing methods and assumptions used in developing the impairment test. As part of our audit, we have, among others, carried out the following procedures, also with the support of Deloitte network experts: • detection and understanding of the process adopted by the Company in executing the impairment test; • analysis of the reasonableness of the main assumptions adopted in forecasting cashflows, also with analysis of sector data and information obtained from management; • comparison of actual results with management’s prior forecasts, in order to assess the nature of deviations and the reliability of the planning process; • assessment of the reasonableness of the discount rate (WACC) and long-term growth rate (g-rate); • verification of the clerical accuracy of the model used to determine the value in use; • verification of the sensitivity analysis prepared by management and examination of the disclosure provided by the Company on the impairment test. Responsibilities of the Directors and the Board of Statutory Auditors for the Financial Statements The Directors are responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and adopted by the European Union and the requirements of national regulations issued pursuant to art. 9 of Italian Legislative Decree no. 38/05 and, within the terms established by law, for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they have identified the existence of the conditions for the liquidation of the Company or the termination of the business or have no realistic alternatives to such choices. The Board of Statutory Auditors is responsible for overseeing, within the terms established by law, the Company’s financial reporting process.
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4 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (ISA Italia) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with International Standards on Auditing (ISA Italia), we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance, identified at an appropriate level as required by ISA Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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5 We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence applicable in Italy, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report. Other information communicated pursuant to art. 10 of the EU Regulation 537/2014 The Shareholders' Meeting of Moncler S.p.A. appointed us on April 22, 2021 as auditors of the Company for the fiscal years from December 31, 2022 to December 31, 2030. We declare that we have not provided prohibited non-audit services referred to in art. 5 (1) of EU Regulation 537/2014 and that we have remained independent of the Company in conducting the audit. We confirm that the opinion on the financial statements expressed in this report is consistent with the additional report to the Board of Statutory Auditors, in its role of Audit Committee, referred to in art. 11 of the said Regulation. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS Opinion on the compliance with the provisions of the Delegated Regulation (EU) 2019/815 The Directors of Moncler S.p.A. are responsible for the application of the provisions of the European Commission Delegated Regulation (EU) 2019/815 with regard to the regulatory technical standards on the specification of the single electronic reporting format (ESEF – European Single Electronic Format) (hereinafter referred to as the “Delegated Regulation”) to the financial statements as at December 31, 2025, to be included in the annual financial report. We have carried out the procedures set forth in the Auditing Standard (SA Italia) n. 700B in order to express an opinion on the compliance of the financial statements with the provisions of the Delegated Regulation. In our opinion, the financial statements as at December 31, 2025 have been prepared in XHTML format in accordance with the provisions of the Delegated Regulation.
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6 Opinions and statement pursuant to art. 14, paragraph 2, sub-paragraphs e), e-bis) and e-ter), of Legislative Decree 39/10 and pursuant to art. 123-bis, paragraph 4, of Legislative Decree 58/98 The Directors of Moncler S.p.A. are responsible for the preparation of the report on operations and the report on corporate governance and the ownership structure of Moncler S.p.A. as at December 31, 2025, including their consistency with the related financial statements and their compliance with the law. We have carried out the procedures set forth in the Auditing Standard (SA Italia) n. 720B in order to: - express an opinion on the consistency of the report on operations and of some specific information contained in the report on corporate governance and the ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98 with the financial statements; - express an opinion on compliance with the law of the report on operations, excluding the section related to the consolidated corporate sustainability reporting, and of some specific information contained in the report on corporate governance and ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98; - make a statement about any material misstatement in the report on operations and in some specific information contained in the report on corporate governance and ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98. In our opinion, the report on operations and the specific information contained in the report on corporate governance and the ownership structure are consistent with the financial statements of Moncler S.p.A. as at December 31, 2025. In addition, in our opinion, the report on operations, excluding the section related to the consolidated corporate sustainability reporting, and the specific information contained in the report on corporate governance and ownership structure set forth in art. 123-bis, n. 4 of Legislative Decree 58/98 are prepared in accordance with the law. With reference to the statement referred to in art. 14, paragraph 2, sub-paragraph e-ter), of Legislative Decree 39/10, made on the basis of the knowledge and understanding of the entity and of the related context acquired during the audit, we have nothing to report.
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7 Our opinion on the compliance with the law does not extend to the section related to the consolidated corporate sustainability reporting. The conclusions on the compliance of that section with the law governing criteria of preparation and with the disclosure requirements outlined in art. 8 of the EU Regulation 2020/852 are expressed by us in the assurance report pursuant to art. 14-bis of Legislative Decree 39/10. DELOITTE & TOUCHE S.p.A. Signed by Barbara Moscardi Partner Treviso, Italy March 20, 2026 As disclosed by the Directors, the accompanying financial statements of Moncler S.p.A. constitute a non- official version which has not been prepared in accordance with the provisions of the Commission Delegated Regulation (EU) 2019/815. This independent auditor’s report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.
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1 MONCLER S.p.A. Head office at Via Stendhal 47, Milan Companies Register of Milan registration number and Tax Identification 04642290961 Economic Administrative Index 1763158 * * * REPORT OF THE BOARD OF STATUTORY AUDITORS TO THE SHAREHOLDERS’ MEETING In accordance with Article 153 of Legislative Decree No. 58 of 24 February 1998 Shareholders, This report, which was prepared in accordance with Article 153 of Legislative Decree 58/1998 (the “Finance Consolidation Act” or “TUF”) relates to the activities of the Board of Statutory Auditors (the “Board”) of Moncler S.p.A. (hereinafter “Moncler” and also the “Company”) for the year ending 31 December 2025. The Board of Statutory Auditors, in its current composition, was appointed by the Shareholders' Meeting of 18 April 2023 and will remain in office until the approval of the financial statements as at 31 December 2025. During the 2025 financial year, the Board of Statut ory Auditors performed its duties in accordance with the Italian Civil Code, L egislative Decree 58/1998 (TUF), the guidelines issued by Consob in its commu nication No. 1025564 of 6 April 2001 as amended, Legislative Decree 39/2010 a s amended, the statutory provisions and the provisions issued by the Supervi sory Authorities. It also took into account the Corporate Governance Code for list ed companies published in 2020 by the Corporate Governance Committee, complia nce with which was confirmed by the Company (the “Code of Corporate Governance”), as well as the rules of conduct for the board of statutory auditor s of listed companies laid down by the Italian National Council of Accountants and Tax Consultants, most recently updated in December 2024 (the "Rules of Conduct"). The Board of Statutory Auditors also complied with the regulations applicable to entities of public interest (Article 16 of Legislat ive Decree 39/2010) such as Moncler as a publicly listed company, in its capaci ty as the “Committee for Internal Control and Accounts Auditing” by performing additional specific control and monitoring duties with regard to financial and sustainability reporting, as provided for in Article 19 of said Legislative Decr ee 39/2010 as amended by
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2 Legislative Decree 125/2024, which transposed Direc tive 2022/2464/EU (“CSRD”) into our legal system. The Board of Statutory Auditors now reports on its activities in 2025. The relevant information is provided below in accordance with the applicable provisions. 1. Activities of the Board of Statutory Auditors durin g the year ending 31 December 2025 (point 10 of Consob Communication No. 1025564/01) The Board of Statutory Auditors performed its activ ities by holding 8 meetings during the 2025 financial year. The Board also attended 7 meetings of the Board of Directors, and was present, either through all of its members or through its chairman and/or another auditor: 3 meetings of the Control, Risks and Sustainability Committee; 6 meetings of the Nomination and Remuneration Committee; 1 meeting of the Related Parties Committee. As part of its control activity the Board, among other things: oversaw compliance with laws, the company bylaws and industry regulations; oversaw compliance with the principles of sound administration; oversaw the adequacy of the Company's organisational structure for the aspects within its capacities, the internal control and administrative-accounting system, as well as the reliability of the latter in reporting operations accurately; monitored the procedures of concrete implementation of the Corporate Governance Code; checked that the criteria and verification procedures used by the Board to assess the independence requirements for directors have been properly applied; checked that the Board of directors’ policy on rela ted-party transactions conformed to the principles of Consob resolution No. 17221 of 12 March 2010 as amended, and oversaw compliance with the policy; oversaw the adoption of remuneration policies that are subject to approval by the shareholders’ meeting. Furthermore, the Board of Statutory Auditors: met with the Supervisory Body set up in accordance with Legislative Decree 231/2001, for the purposes of exchanging information; met with the Data Protection Officer (DPO) for the appropriate exchange of information and analysis of his periodic report; held meetings and exchanged information with the su pervisory bodies of the
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3 main subsidiaries; held meetings and obtained information – also by attending the meetings of the Control, Risks and Sustainability Committee – from the Financial Reporting Officer also in charge of certification of sustaina bility reporting, and from the Head of Internal Audit and the heads of other compa ny departments involved from time to time in the Board’s supervisory activities; in the context of the relations between the supervisory body and auditor (Article 150, third paragraph of the TUF) and in the light o f the Board of Statutory Auditors’ powers as the Internal Control and Accoun ts Auditing Committee (Article 19 of Legislative Decree 39/2010), held pe riodic meetings with the appointed auditors, Deloitte&Trouche S.p.A. (“Deloi tte & Touche”), to exchange information and data relevant to their res pective duties. The Board also met with Deloitte & Touche in its capacity as the body responsible for certifying sustainability reporting pursuant to Legislative Decree 125/2024. 2. Transactions of major operating and financial si gnificance. Other notable events (point 1 of Consob Communication No. 1025564/01) 2.1 Activities of the Board The Board of Statutory Auditors oversaw the Company’s compliance with the law, the company bylaws and the principles of sound admi nistration, with particular reference to operations that were significant in te rms of profit or loss, financial aspects or equity, by regularly attending the meeti ngs of the Board of Directors and by examining the documents provided. In this regard, the Board of Statutory Auditors rec eived information from the Managing Directors and the Board of directors on the activities carried out and on the most significant economic, financial and asset operations resolved and implemented by the Company, including through directly or indirectly controlled companies; that information is represented in detai l in the Directors’ Report, to which please refer. On the basis of the information made available to t he Board, it can reasonably be considered that these operations were carried out i n accordance with the law and the company bylaws, and that they were not manifest ly imprudent, reckless nor did they conflict with the resolutions passed by th e shareholders’ meeting, nor would they compromise the integrity of the Company’s assets.
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4 2.2 Significant events The main significant events that affected the Company and the Group during 2025 are also disclosed in the 2025 Annual Report and Co nsolidated Financial Statements and in the Report on Corporate Governance and Ownership Structure. These events include, in particular: (i) on 16 April 2025, the Ordinary Shareholders' Me eting of Moncler appointed the new Board of Directors, consisting of 15 member s, for the three-year period 2025-2027, which will remain in office until the Sh areholders' Meeting called to approve the Financial Statements for the year ending 31 December 2027; (ii) on 16 April 2025, the Ordinary Shareholders' M eeting of Moncler also approved the Moncler Financial Statements and the G roup's Consolidated Financial Statements as of 31 December 2024 and res olved to distribute a gross dividend of Euro 1.30 per share (Euro 1.15 per shar e in the previous year). The disbursement related to this distribution amounted to Euro 353.2 million in dividends, of which Euro 0.2 million referred to dividends distributed in 2024 (out of a total of Euro 351.8 million of approved dividend distributions); (iii) on March 20, 2025, Moncler's Extraordinary Shareholders' Meeting approved the proposed amendments to the company's bylaws con cerning, among other things, the number of members of the Board of Direc tors and the appointment of the latter (establishing, among other things, that two members be elected from the minority list in the event of a Board consisting of more than 12 members and that the candidates for the first two positions be of different genders); (iv) on 10 April 2025, Moncler Middle East FZ-LLC p urchased from the local partner its 51% stake in Moncler UAE LLC, for an am ount of Euro 2.6 million. Following this purchase, Moncler, through its subsi diaries Industries SpA and Moncler Middle East FZ-LLC, holds the entire share capital of Moncler UAE LLC; (v) on 14 October 2025, Stone Island Japan Inc. pur chased from the Japanese shareholder its stake in Stone Island Japan Inc. eq ual to 20% of the share capital, for an amount of Euro 2.9 million. Following this purchase, Moncler, through its subsidiary Sportswear Company SpA, holds the entire share capital of Stone Island Japan Inc. It should also be noted that on 20 January 2026, Mo ncler announced the appointment of Bartolomeo “Leo” Rongone as CEO of the Group, effective 1 April 2026, to strengthen its organizational structure. I n this new organizational structure, Remo Ruffini will be Executive Chairman, maintaining responsibility
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5 for the creative department and continuing to play a primary role in the governance and definition of the Group's strategic direction. On 20 January 2026, Moncler also announced that Roberto Eggs will step down as Chief Business & Global Market Officer, effective 1 March 2026, to embark on a new career. Eggs will continue his collaboration with the Group as a non-executive director on Moncler's Board of Directors. 3. Related-party and intragroup transactions. Atypi cal and/or unusual transactions (points 2 and 3 of Consob Communication No. 1025564/01) As required by Consob Regulation 17221/2010 as amen ded and by Article 2391- bis of the Italian Civil Code, the Company has a “ Related Parties Procedure ”, which was last updated on 14 June 2021 to take into account the changes made to Consob Regulation 17221/2010 by Consob Deliberation No. 21624 of 10 December 2020 (effective from 1 July 2021). Also, at the recommendation of the Board of Statuto ry Auditors, the Company is finalizing its assessments regarding an update of the procedure. The Board of Statutory Auditors considers that the procedure meets the requirements of Consob Regulation 17221/2010 in its current form: during the year the Board oversaw the Company’s compliance with these procedures. The Annual Report, which includes the Directors’ Re port, the Consolidated Financial Statements and the 2025 Separate Financia l Statements of Moncler, contains information about the income-related and e quity effects of related-party transactions and also describes the main relationships. In 2025, no operations classified as “major” under the Related Parties Procedure were brought to the attention of the Related Parties Committee. No related-party transactions were executed on an urgent basis. The Board judged as adequate the information given by the Board of Directors in the 2025 Annual Report of the Company in relation to intragroup and related party transactions. As far as the Board is aware, during the financial year 2025 no atypical and/or unusual transactions were carried out.
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6 4. Oversight of the adequacy of the organisational structure. Organisational structure of the Company and Group, relations with subsidiaries (points 12 and 15 of Consob Communication No. 1025564/01) The Board of Statutory Auditors gained knowledge on and oversaw, within the scope of its capacities, the adequacy of the Compan y's organisational structure through information obtained from the Board of Directors, the Managing Director and the heads of corporate functions, as well as du ring meetings with the Boards of Statutory Auditors of the subsidiaries. The organisational structure of the Company and of the Group, and the related developments have been described in detail in the R eport on Corporate Governance and Ownership. The Company’s organisational structure includes the duties and responsibilities of the Company’s functions, the hierarchical and functional relations between them, and the coordination arrangements. The Board of Statutory Auditors oversaw the overall adequacy of the organisational structure of the Company and of the Group and also monitored the process for the setting and granting of authorities. Within the scope of its supervisory activity, the Board of Statutory Auditors further met with the Supervisory Body, which was set up pur suant to Legislative Decree 231/2001 and whose task is to oversee the functioning and observance of the 231 Model adopted in accordance with Legislative Decree 39/2010 and of the Code of Ethics. It also obtained information about the orga nisational and procedural activities carried out pursuant to Legislative Decree 231/2001. The Board oversaw the adequacy of the instructions given by the Company to its subsidiaries pursuant to Article 114 paragraph 2 TU F, in order to duly obtain the information required to fulfil the disclosure obligations provided for by law and by Regulation (EU) No. 596/2014. In addition, in accordance with Article 151 T.U.F., the Board of Statutory Auditors exchanged information through specific meetings with the members of the Boards of Statutory Auditors of some of the main subsidiar ies on, inter alia, company operations and the adequacy of the organisational s tructure. On 20 March 2026 , the Board of Statutory Auditors obtained the Report to the Financial Statements prepared by the control body of the subsidiary Industries S.p.A. and, on 20 March 2026, the Report to the Financial Statements prepar ed by the control body of the
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7 subsidiary Sportswear Company S.p.A. The content of those reports confirm the information exchanged in the course of discussions and did not reveal any issue to be mentioned in this Report. 5. Oversight of the adequacy of the internal contro l and risk management system, and of the administration and accounting sy stem; monitoring of the financial and non-financial reporting process (points 11, 13 and 14 of Consob Communication No. 1025564/01) 5.1 Internal control and risk management system (ICRMS) The Report on Corporate Governance and Ownership Structure describes the main characteristics of the system for internal control and risk management. The ICRMS is the set of rules, procedures and organ isational structures, which operates in order to allow the effective functionin g of the Company and of the Group and in order to identify, manage and monitor the main risks to which they are exposed. The ICRMS is an integrated system that involves the whole of the organisational structure; the bodies of the Company and its departments, including the control functions, are required to make a coord inated and interdependent contribution to the functioning of this system. The Board of Statutory Auditors oversaw the adequacy of the ICRMS adopted by the Company and the Group and checked that it functioned correctly. In particular, the Board of Statutory Auditors: (i) noted the adequacy rating given by the Board of Directors in relation to the ICRMS, after consulting the control, Risks And Sust ainability Committee; in this regard, refer to the Report on Corporate Governance and Ownership Structure; (ii) examined the semi-annual report of the Control, Ris ks And Sustainability Committee provided to assist the Board of Directors; (iii) examined the documents summarising the assessment o f the adequacy and efficacy of the ICRMS, prepared by the Internal Audit Function; (iv) attended all the meetings of the Control, Risks and Sustainability Committee, obtaining information about any project the Committee considered appropriate to arrange or request in response to specific issues; (v) obtained knowledge of the trend in the organisation al structures and activities performed by the Internal Audit and Compliance Functions;
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8 (vi) acquired knowledge of the nature and type of risk m anagement activities carried out, through interviews with the Senior Ris k Manager; also for the purpose of evaluating the degree of maturity achieved by the role; (vii) examined the reports on the work done by the Intern al Audit and Compliance Functions which were brought to the atte ntion of the Control, Risks and Sustainability Committee and of the Board of Directors; (viii) verified the autonomy, independence and functionality of the Internal Audit Function, and maintained and implemented adequate, regular connections with that function; (ix) examined the Audit Plan prepared by Internal Audit and approved by the Board of Directors, observed the compliance with th e Plan and received information on the results of the audits and on the effective implementation of any mitigating or corrective actions; (x) obtained information about the changes to the set of Group procedures; (xi) examined and discussed with the auditing firm the content of the additional report pursuant to art. 11 of Regulation (EU) 537/2014. In light of the above, taking into account that the ICRMS is a constantly evolving system, our analysis and the information we have obtained did not reveal anything that would lead this Board to consider that the Com pany’s overall system of internal controls and risk management is inadequate. 5.2 Administration and accounting system, and the financial reporting process With regard to the accounting and administration sy stem and the financial reporting process, the Board of Statutory Auditors oversaw the adequacy of the mentioned system and its ability to report operations accurately. The Board of Statutory Auditors performed its overs ight activity by, inter alia, examining the reports of the Financial Reporting Officer. The Report on Corporate Governance and Ownership Structure describes the main characteristics of the system. The Board of Statutory Auditors held periodic meetings with the managers of the independent auditors for the legally required exchange of information. Discussions with the above managers to exchange information rel evant to the performance of our respective duties pursuant to Article 150, para graph 3 of the TUF, did not reveal any issue that would require a mention in this report. At the meeting on 6 February 2026, the Board of Statutory Auditors examined the content of the draft supplementary report prepared by the external auditing firm
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9 Deloitte & Touche under Article 11 of EU Regulation 537/2014 and issued on 20 March 2026, and found that the report did not revea l any significant deficiencies in the internal control system with regard to the f inancial reporting process. The content of that report was then discussed and inves tigated further during the periodic exchanges of information between the Board of Statutory Auditors and the external auditing firm. 5.3 Sustainability disclosure process The Board of Statutory Auditors points out that, st arting from the 2024 financial year, pursuant to Legislative Decree 125/2024 which implemented the CSRD, the Company is required to prepare and include sustaina bility reporting in a specific section of the report on operations ("Sustainability Reporting"). As required by Article 10, paragraph 1, of Legislative Decree 125/2024, the Board of Statutory Auditors, in carrying out the duties a ssigned to it by law, monitored compliance with the provisions of Legislative Decre e 125/2024. In particular, it monitored compliance with the provisions governing the preparation and publication of the Sustainability Reporting, also taking into account the provisions of Regulation EU 2020/852 (the so-called Taxonomy R egulation). The Board of Statutory Auditors also monitored the process of pr oducing the information included in the Sustainability Reporting. As part of its supervisory activities, including th rough attendance of meetings of the Board of Directors and its internal committees, the Board of Statutory Auditors noted that in 2025, the Company, with the support o f an external consultant, continued the project launched in 2024 aimed at bui lding a sustainability control system, in compliance with the European Sustainabil ity Reporting Standards (“ESRS”). The project included an initial phase ded icated to defining the SCIIS governance model. Subsequently, the processes, role s and responsibilities, operating model, support tools, information flows, and coordination methods between the Sustainability Function and the other corporate functions involved in the sustainability information collection process were identified. At the same time, the scope of application of the S CIIS was defined through an analysis based on the potential risk of reporting e rrors, developed on four assessment drivers . This analysis allowed the repo rting indicators to be categorized into different risk levels and the identification of the Group companies that contribute most to the disclosures. Potential reporting risks include inaccurate
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10 and incomplete data collection, errors in indicator calculations, and failure to comply with ESRS requirements. With reference to the defined perimeter, the risk m itigation controls were identified, namely Process Level Controls, Entity Level Controls and Group Wide Controls , and a risk/control matrix was constructed, the implementation of which was completed during 2025, extending it to all other relevant areas and indicators. During 2025, the Internal Audit Department conducted independent testing of the SCIIS, in line with the work done on financial reporting, with the aim of verifying the adequacy and proper functioning of the controls and reporting this to the Financial Reporting Officer and the control bodies. With regard to the Sustainability Reporting certification, Deloitte & Touche, which was awarded a nine-year mandate by the Shareholders ' Meeting in April 2021 to carry out the activities referred to in Legislative Decree 254/2016 (the so-called NFS), pursuant to the transitional provision set fo rth in Article 18 of Legislative Decree 125/2024, is also the company responsible fo r issuing the Sustainability Reporting certification. Deloitte & Touche issued the certification report o n Sustainability Reporting pursuant to Article 8 of Legislative Decree 254/201 6 on 20 March 2026, the contents of which confirm that disclosed during the exchange of information. In this report, Deloitte & Touche certified that, based on its work, no evidence has come to its attention that suggests that the Sustai nability Reporting has not been prepared, in all material respects, in accordance w ith the ESRS and that the information relating to the Taxonomy has not been p repared and provided in the Sustainability Reporting, in all material respects, in accordance with Article 8 of the Taxonomy Regulation. The Board of Statutory Auditors, in turn, notes tha t, as a result of the activities carried out, no elements of non-compliance with the relevant regulatory provisions regarding sustainability reporting have come to its attention. 6. Statutory auditing of the accounts (points 4, 7, 8 and 16 of Consob Communication No. 1025564/01) 6.1 Activities of the Board of Statutory Auditors in the 2025 financial year The mandate for the statutory audit of the Company’s financial statements and of the Group’s consolidated financial report was granted to the external auditing firm Deloitte & Touche on 21 April 2021, for the nine-ye ar period 2022-2030; during 2025 the same auditing firm also checked that the company accounts had been duly
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11 kept, and that the management events had been correctly reported in the accounting records. In accordance with Article 19 of Legislative Decree 39/2010, the Board of Statutory Auditors in its capacity as the “Internal Control and Accounts Auditing Committee” performed the required oversight of the work of the External Auditing Firm, within the limits required by the applicable regulations. During the financial year, the Board of Statutory Auditors held meetings with the managers of the auditing firm, also pursuant to Art icle 150, paragraph 3, of the Consolidated Law on Finance. As part of the oversig ht pursuant to Article 19 of Legislative Decree 39/2010, the Board of Statutory Auditors obtained information from Deloitte & Touche regarding the planning and execution of the audit activity. During the meetings, appropriate exchanges of data and information relevant to the performance of their respective duties were car ried out, and no issue which requires a mention in this report was raised. On 20 March 2026 the auditing firm issued reports pursuant to Articles 14 and 16 of Legislative Decree 39/2010, for the separate fin ancial statements and for the consolidated financial statements as at 31 December 2025. The content of the reports confirms the information exchanged in previous discussions. After attending the meetings of the Control, Risks and Sustainability Committee, which were attended by the Financial Reporting Offi cer and the managers of the independent auditors, the Board of Statutory Auditors has no observations to make as to the proper use of the accounting standards or their consistent use in the preparation of the consolidated financial report. On 20 March 2026, the External Auditing Firm also g ave the Board of Statutory Auditors a supplementary report as required by Article 11 of Regulation (EU) No. 537/2014. In an annex to that report, the External Auditing Firm also gave the Board of Statutory Auditors a declaration on independence, as required by Article 6 of Regulation (EU) No. 537/2014, which did not reveal any situation that could compromise independence. In accordance with the pr ovisions of Article 19, paragraph 1a) of Legislative Decree 39/2010, the Bo ard duly sent the supplementary report to the Board of Directors, without making any observations. In accordance with Article 19, paragraph 1e) of Leg islative Decree 39/2010, the Board of Statutory Auditors – again in its role as “Internal Control and Accounts Auditing Committee” – verified and monitored the in dependence of the auditing
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12 firm. In conducting these audits, no situations were found that would compromise the independence of the auditing firm, nor were there any causes of incompatibility, within the meaning of the applicable regulations. This has also been confirmed by the declaration given by Deloitte & Touche under Ar ticle 6, paragraph 2a) of EU Regulation 537/2014. 6.2 Activities of the Board of Statutory Auditors w ith reference to non- audit services With reference to non-audit services, at the reques t and with the support of the Board, in June 2021 the Company adopted a specific procedure governing the awarding of mandates to auditing firms and their networks, in relation to non-audit services (“Internal Procedure for the awarding of m andates for non-audit services to the auditors of the Group and companies in its network”). During 2025, in accordance with the provisions of A rticle 19, paragraph 1e) of Legislative Decree 39 2010 and Article 5, paragraph 4 of EU Regulation 537/2014, the Board of Statutory Auditors, in its role as the Internal Control and Accounts Auditing Committee, pre-reviewed the proposals subm itted for its attention regarding the conferral of non-audit services to the Auditing Firm or to companies in its network. In its assessment, the Board of Statutory Auditors verified that these services were compatible with the prohibitions imposed in Article 5 of EU Regulation 537/2014, and also the absence of potential risks to the auditors’ independence deriving from the provision of non-audit services, in view of the provisions of Legislative Decree 39/2010 (Articles 10 et seq) in the Issuers’ Regulation (Article 149-bis et seq) and the "Code of professional ethics, confidentiality and professional secrecy, as well as the independence and objectivity of persons authorised to perform the statutory auditing of the accounts" published on 30 March 2023 and adopted by decision of the State General Accounting Office of the Ministry of Economy and Finance on 23 March 2023. Where the legal requirements were met, the Board ap proved the conferral of the services to Deloitte & Touche or to other companies in its network. The fees paid for the non-audit services provided t o the Company and its subsidiaries in 2025, by the External Auditing Firm or by other companies in its network, have been itemised, with details of audit services, attestation and other
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13 services, in paragraph 10.7 of the Notes to the con solidated accounts, to which please refer. 7. Adoption of the Corporate Governance Code. Composition of the Board of Directors. Remuneration. Board Self Assessment (point 17 of Consob Communication No. 1025564/01) Moncler has adopted the Corporate Governance Code. The Board of Statutory Auditors has assessed the wa y in which Moncler has implemented the Corporate Governance Code, in the t erms illustrated in the Report on Corporate Governance and Ownership Struct ure, and has no observations to make in that regard. The Board of Statutory Auditors notes that the Board of Directors has assessed the function, size and composition of the Board and of its Committees in accordance with Article 4 of the Code of Corporate Governance. The Board self-assessment process is described in the Report on Corporate Gov ernance and Ownership Structure, to which please refer. The process and results of the Board’s self-assessment for the 2025 financial year were presented, discussed and agreed by the Board of Directors with the assistance of the external advisor at the Board meeting on 18 February 2026 which was attended by the Board of Statutory Auditors. The Board of Statutory Auditors has verified the correct application of the criteria and procedure used by the Board of Directors to evaluate the independence of the directors qualified as “independent”. Early in 2026 and in line with the recommendations of Standard Q.1.7 of the Rules of Conduct for the Boards of Statutory Auditors of Listed Companies prepared by CNDCEC, the Board of Statutory Auditors, with refer ence to the 2025 financial year, also conducted its own self-assessment with r egard to its functioning and composition. It also issued declarations about the compliance with independence, probity and integrity criteria required by the appl icable regulatory and legal framework, and discussed and shared the results of the meeting held on 6 February 2026. Through the participation of the Chairman and/or a delegate auditor at all the meetings of the Nomination and Remuneration Committee and the Control, Risks and Sustainability Committee, the Board of Statutor y Auditors has verified the
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14 corporate procedures that led to the definition of the Company’s remuneration policies, with particular reference to the criteria for the remuneration and bonuses of the heads of the Control Functions, and of the Financial Reporting Officer. 8. Opinions given by the Board of Statutory Auditors during the year (point 9 of Consob Communication No. 1025564/01) During the 2025 financial year and the first months of 2026, the Board of Statutory Auditors also issued the opinions, observations, an d certifications required by current legislation. On 12 February 2025, the Board of Statutory Auditor s, pursuant to the Corporate Governance Code (Article 6, Recommendation 33c), ga ve its favourable opinion on the approval of the Audit Plan for 2025. During the Board of Directors meeting of 18 February 2026, the Board expressed a favourable opinion regarding the 2026 Audit Plan, approved by the Board of Directors on the same date. 9. Complaints pursuant to Article 2408 of the Itali an Civil Code. Any omissions, reprehensible facts or irregularities fo und (points 5, 6 and 18 of Consob Communication No. 1025564/01) The Board of Statutory Auditors did not receive any complaints under Article 2408 of the Italian Civil Code during the 2025 financial year nor during the first months of 2026. During the course of the activities performed, and on the basis of the information obtained, no omissions, reprehensible events, irregularities or any other significant circumstances have emerged that would require a mention in this report. ***** Referring to all the considerations made in this Re port, the Board of Statutory Auditors, taking into account the specific duties of the External Auditing Firm with regard to the control of accounting and verification of the reliability of the financial statements, has no observations to make to the Shareholders’ Meeting pursuant to Article 153 of the TUF regarding approval of the Financial Statements for the year ended 31 December 2025, accompanied by the Board of Directors’ Report, or on the proposed allocation of profits for the year and the distribution of dividends as made by the Board.
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15 *** 20 March 2026 BOARD OF STATUTORY AUDITORS Riccardo Losi Carolyn Dittmeier Nadia Fontana