1H 22 Preliminary Revenues

July 12th , 2022

Brunello Cucinelli

Press Release 12 th July 2022

The performance in the first half of 2022 was particularly good, with significant sales in terms of both quantity and quality. The autumn season began with excellent results and remarkable value in terms of image, so all this leads us to imagine a record year, with sales growth

of around 15%.

In the great capital cities worldwide we have set up spaces that we call Casa Cucinelli and which we feel are bestowing nobility and prestige onto the brand. The substantial order intake for the Spring-Summer 2023 men's collection leads us to envisage a healthy growth of around 10% for next year.

1H 22 Preliminary Sales - Overview

The first half of 2022 reports excellent results, with revenue growth of +32.3%; second quarter increased by +46.4% enabling us to achieve our best quarterly performance ever, reaching a turnover of €218.3 million

The strong growth in demand in Europe, North America and the Middle East allowed us to more than balance the constraints of the Russian market and the lower than expected growth of the Chinese market, affected by restrictions related to the pandemic in recent months

All continents, however, reported very healthy growth, with sales also increasing in China on both a half-year and quarterly basis

Positive contribution from both retail and wholesale channel, with retail accounting for almost 60% of halfyear sales and the wholesale channel around 40% incidence expected by year end to be very similar)

Very strong contribution of physical retail highlighting the great and widespread desire to return to 'live' shops

Digital component of our sales, which is always very important for our image, continuing on a sustained growth path, but at a more 'normal' speed compared to the peaks of 2020 and 2021

The solidity of the first half results seems to us to have structural connotations that lead us to update our endof-year estimates, imagining for 2022 a growth in sales of around +15%

For the year 2022, we also envisioned a small financial gift for our Human Resources as a gesture of gratitude and support at a time of higher inflation than in previous years

Revenues by Region

€ mln

€ mln	1H 21	1H 22 prel.	YoY % Chg
Net Revenues	313.8	415.2	+32.3%
			Constant exchange rates +28.3%
Europe	95.9	115.7	+20.7%
Italy	41.0	49.1	+19.7%
Americas	100.0	152.6	+52.7%
Asia	76.9	97.8	+27.2%

Revenues Highlights

Very solid growth, with 2Q 22 showing a further improvement despite the continuing restrictions on sales to Russian customers, with the very important contribution of Continental Europe, both in the large cities and in the provinces covered by the wholesale presence; the start of sales in the resorts was decidedly positive

Europe continued to benefit from local customer purchases and mobility on a regional basis, to which was added, in the latter part of the half-year, the return of the international customer

Significant increases in revenue in the Middle East, Japan and South Korea, with growth, albeit limited, also in China, both on a half-year and quarterly basis

Result in China, achieved despite the constraints related to the pandemic, supported not only by the responsiveness of sales at the end of the restrictive measures, but also by positioning in the highest luxury segment, the centrality of the Ready to Wear offer and the absence of logos

Results benefited both by presence in 2 nd tier cities within exclusive specialty stores, and by the strong recovery in the last few weeks of international tourism in the main cities and resorts

Significant return of the American and Middle Eastern customer

Strongly structural demand from the American clients, which make our long-term growth path solid; we remain very confident about the contribution the US market can continue to make to our short, medium

At the distribution level, we strongly believe in the potential of existing sales areas and we still see a positive contribution from a limited number of new openings and expansions of existing boutiques

The increases reported in the first half of the year also benefited from the fact that in 2021 the weight of sales was proportionately higher in the second half of the year than in the first

Revenues by Distribution Channel

€ mln

€ mln	1H 21	1H 22 prel.	YoY % Chg
Net Revenues	313.8	415.2	+32.3%

Retail	165.5	243.2	+47.0%
Wholesale	148.3	172.0	+16.0%

Monobrand Network

Retail Monobrand

117 boutiques as of June '22
114 boutiques as of December '21
112 boutiques as of June '21

Wholesale Monobrand

30 boutiques as of June '22 30 boutiques as of December '21 31 boutiques as of June '21

Distribution Channel

Retail Channel

The progressive growth in the first 6 months of 2022 is related both to like-for-like sales, with the sell-outs of the collections confirming and further improving the positive trend of the beginning of the year, and to the contribution of sales of new spaces

Flagship stores opened, the opening of important boutiques, the prestigious expansion of existing spaces, and the conversions to the direct management of spaces within the Luxury Department Stores, contribute to the result achieved

Basis of comparison that will become more homogeneous in the second half of the year

Wholesale Channel

Wholesale channel confirms the relative importance of both the results achieved and the strategic value of the channel

The contribution to the results achieved by both the Spring Summer 2022 and Fall Winter 2022 collections was very positive, whose order intake and first sell-outs show very high value results

Hospitality and Boutiques

Hospitality

The term "hospitality" speaks of the values of sharing and conveys a sense of family. It is an invitation to serenity and offers the joy of moments spent together

Hospitality has always been a fundamental value for our Casa di Moda: welcoming our customers and our guests and making them feel at ease is a genuine desire, from which a stimulating and sharing haring experience can be created

Our idea of hospitality is concretely realised in all our sales spaces, from the boutiques to the spaces of Casa Cucinelli.

Hospitality and Boutiques

In the boutiques, we have always imagined spaces not directly destined for sales, but which could make the customers' stay in the shops as pleasant as possible, extending the duration of their visit.

Even in the smaller formats we have always created a space to offer a small bar and cafeteria service as a sign of attention and care towards the customer.

With the expansion of the flagship stores in New York, Milan, Paris, London and Monte Carlo, the in-store bar has become a real meeting point, visited by many customers even if only for a conversation.

Hospitality and Casa Cucinelli

This idea of warm, familiar and relaxed hospitality was the "inspiring principle" in the creation of the Cucinelli Houses, spaces for meeting and fully expressing our idea of lifestyle.

The Houses are now present in Solomeo, Milan, Paris, New York, London, Tokyo and soon in Hong Kong, Shanghai and Dubai

Casa Cucinelli develops its identity in harmony with the culture of its host city, in order to create an authentic and balanced blend, an ethical and aesthetic continuum between tradition and innovation, between Italian style and local values

A library with books in foreign languages, a kitchen where flavors dialogue with one another, a large convivial living room and a cozy study area. All the rooms represent universal places of the soul, nourished by the values of time, the feelings of kindness and friendship that govern the hamlet of Solomeo

Hospitality and Casa Cucinelli

Outlook

The excellent results of the first half of 2022, the beautiful order intake and the initial sell-outs of the Fall/Winter 22 collections, confirm the extremely positive momentum of the brand and the absolute appreciation of the taste it represents. These elements allow us to imagine a beautiful 2022, a year that we consider record-breaking, with revenue growth of around +15%. The growth percentages for the first half of 2022 compared to year-end expectations benefit from the basis of comparison of 2021, where the incidence of sales, as a result of pandemic-related impacts and retail network development dynamics, was higher in the second half of the year. Compared to 2019, our growth guidance represents an increase of around +35% for the full year 2022; for the second half of 2022, the expected growth compared to 2019 is

therefore around +30%.

For 2022, we fully confirm our expectations of a complete rebalancing of margins, which we expect to return to pre-pandemic 'normal' levels, with a cash generation capable of absorbing the significant investments planned within our multi-year planning, to which we have added the investment for the acquisition of the 43% stake in the prestigious Lanificio Cariaggi Cashmere.

Just as positively, we can envisage revenue growth of around +10% in 2023. The concreteness of our estimate is supported both by the planning of ongoing activities, with the opening of new exclusive boutiques for next year and major expansions of sales space, and by the initial visibility of the Spring/Summer 23 collections.

In particular, the order collection for the men's collections is reporting excellent results, which fully confirm the appreciation expressed by the specialised press during the presentation during Milan Fashion Week and Pitti last June. The women's Spring Summer 23 collections will be presented in the coming weeks. We are therefore very proud of the path we are on, and with the same confidence we finally imagine that we can achieve a turnover of around Euro 1 billion as early as 2024.

Investor Relations

Andrea	Independent
Pontremoli	Director
Stefano Domenicali	Independent Director
Emanuela	Independent
Bonadiman	Director
Maria Cecilia La Manna	Independent Director
Ramin	Independent
Arani	Director

Board of Directors

Brunello Cucinelli	Excutive Chairman and Creative Director
Riccardo Stefanelli	C.E.O.
Luca Lisandroni	C.E.O.
Camilla Cucinelli	Director
Giovanna Manfredi	Director
Carolina Cucinelli	Director

Investor Relations & Corporate Planning Director

Pietro Arnaboldi

Brunello Cucinelli S.p.A.
Viale Parco dell'Industria, 5
Solomeo (PG)
Italia

mail: [email protected]

Tel. +39 075 6970079

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.

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