Brunello Cucinelli — Earnings Release 2018

May 10, 2018

1Q 18 Results

May 10th , 2018

Brunello Cucinelli

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press release 10th May 2018

" We are very satisfied with our business in the first months of the year; considering the current sell out rates of the 2018 spring summer collection, the excellent sales campaign of the 2018 Fall Winter collection and the high quality of sales, we can confirm our expectations for double-digit growth in both revenues and profit next year.

A most heartfelt thank you to all our employees who, with their work, help us fulfill our longed-for desire to work and live in the utmost respect for "human privacy".

Privacy protects our intimacy; we need a fair amount of privacy in order to strike a balance between public and private life and to promote our wellbeing".

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€ mln	1Q 17	1Q 17 Adj**	1Q 18	YoY % Chg
Net Revenues*	134.1	136.0	148.3	+9.1%
			Constant exchange rates +12.2%
Italy	26.1	26.1	27.2	+4.4%
Rest of Europe	41.7	41.7	48.0	+14.9%
North America	41.4	41.6	42.5	*** +2.2%
Greater China	10.4	10.4	13.7	+31.2%
RoW	14.5	16.2	17.1	*** +5.3%

* Since 1 st January 2018, the Group introduced methodology to calculate revenues in line with IFRS15, to be effective also for coming quarters

** 1Q 17 has been adjusted, in line with IFRS15 methodology, to make an homogeneous comparison with 1Q 18

*** North America and RoW reported high-single digit increase at constant exchange rates

Revenues Breakdown

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Revenues Highlights

Rest of Europe

Very solid results across all areas and in all channels, with a very interesting performance in Russia and ex-URSS countries, supported by top-end customers, noting the enthusiasm, extreme care and attention with which they experience the purchase of our brand

Greater China

Strong increase, albeit from starting figures that are still limited, with positive performance in Mainland China, as well as Taiwan and Macao

Mainland China growth supported by results in existing network and the positive contribution by one boutique opening, some selected selling surface increase and new spaces dedicated to the brand in most exclusive multibrand boutiques

Italy

We are especially pleased with 1Q 18 sales performance, considering Italy to be a market of high strategic value, an extremely important window for the brand's image and a "thermometer" of the appreciation of the collections

North America

High single digit performance at constant currency, with a very interesting sell-out performance in all distribution channels, both monobrand and multibrand

Sell-through increase in multibrand channel, with a further increase compared with last year, following a very positive orders collection

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Rest of the World

Solid results in all geographical areas, supported by an increase in the demand from customers who are attracted by a brand that we believe to be one of the symbols of the Made in Italy sector

Positive contribution to sales growth by new monobrand wholesale opening in the prestigious Dubai Mall at the end of 1Q 18

Revenues by Distribution Channel

€ mln

* 1Q17 revenues reported last year (57.9€ mln) have been restated, applying the same methodology, to make an homogenous comparison with 1Q 18

1Q 18

Annex

FY 2017 adjusted (IFRS 15)

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€ mln

	FY 2017	FY 2017
Net Revenues	503 6 ,	adjusted 511 7 ,
Other operating income	2 1 ,	2 1 ,
Revenues	505 7 ,	513 8 ,
COGS	-175 7 ,	-175 7 ,
First Margin	330 0 ,	338 1 ,
%	65 2% ,	65 8% ,
SG&A	-242 5 ,	-250 6 ,
%	48 0% ,	48 8% ,
EBITDA	87 5 ,	87 5 ,
%	17 3% ,	17 0% ,
D&A	-22 8 ,	-22 8 ,
%	4 5% ,	4 4% ,
EBIT	64 7 ,	64 7 ,
before Income taxation	59 4 ,	59 4 ,
Net Income	52 5 ,	52 5 ,
Tax Rate	11 7% ,	11 7% ,

FY	FY
2017	2017
	adjusted

Net Income (FY 2017 excl. Patent Box)	42,1	42.1
Tax Rate	29,2%	29,2%

Net Revenues adjusted, applying IFRS15, move up from €503.6 mln to 511.7€ mln, increasing €8.1 mln

SG&A adjusted, applying IFRS15, move up from €242.5 mln to 250.6€ mln, increasing the same amount (€8.1 mln)

EBITDA (absolute value) not affected by IFRS 15, remaining €87.5 mln EBITDA Profitability moves down from 17.3% to 17.0%.

Investor Relations

Significant Shareholdings*

Trust Brunello Cucinelli (Fedone s.r.l.)	51.0%
FMR LLC (Fidelity)	10.0%
Oppenheimer Funds	4.9%
Other	34.1%

Board of Directors

Brunello Cucinelli	Chairman and C.E.O.
Moreno Ciarapica	Director and C.F.O.
Riccardo Stefanelli	Director and Co-C.E.O.
Luca Lisandroni	Director and Co-C.E.O.
Camilla Cucinelli	Director
Giovanna Manfredi	Director
Carolina Cucinelli	Director
Andrea Pontremoli	Lead Independent Director
Candice Koo	Independent Director
Matteo Marzotto	Independent Director
Massimo Bergami	Independent Director

Investor Relations & Corporate Planning Director

Pietro Arnaboldi	Brunello Cucinelli S.p.A.
mail: pietro.arnaboldi@brunellocucinelli.it	Viale Parco dell'Industria, 5
	Solomeo (PG)
Tel. +39 075 6970079	Italia

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* As of the date of this document based on Consob major shareholdings disclosures

This presentation may contain forward looking statements which reflect Management's current views and estimates.

The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements.

Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

Figures as absolute values and in percentages are calculated using precise financial data. Some of the differences found in this presentation are due to rounding of the values expressed in millions of Euro.

The Manager in Charge of preparing the Corporate accounting documents, Moreno Ciarapica, declares pursuant to and to the effects of article 154-bis, paragraph 2 of Legislative Decree no. 58 of 1998 that the disclosures included in this release correspond to the balances on the books of account and the accounting records and entries.