Moncler

Environmental & Social Information • Mar 25, 2024

CONTENTS

Letter to stakeholder The results of our efforts

1. MONCLER GROUP

Values and purpose Group strategy Moncler Group: a history of innovation deeply rooted in tradition Market presence Financial performance Results Creating value for stakeholders

2. RESPONSIBLE BUSINESS MANAGEMENT

Governance Model Corporate Governance Sustainability Governance Code of Ethics Risk management Enterprise Risk Management Model Environmental, social and compliance risks

Sustainable value creation Materiality analysis

Dialogue with stakeholders Sustainability Plan

3. NURTURE UNIQUENESS

Employees in numbers

Geographical areas and professional categories Age, length of service and education Nationality of local management Employment contracts Turnover Management and development Recruitment Training Remuneration Benefits Development Employee engagement Diversity, equity and inclusion Occupational health and safety

Management system From prevention to control Training and information Health and well-being Industrial relations

4. BE FAIR

Supply chain profile Supply Chain Excellence Responsible sourcing Supply chain due diligence Animal welfare and traceability Dialogue to grow together Client brand experience Wholesale Excellence Understanding and fulfilling client expectations Fight against counterfeiting Transparent and responsible communication Digital strategy

5. THINK CIRCULAR & BOLD

Style

Lower-impact products and materials Product

Packaging

Quality and safety Product quality and safety

Down quality

6. ACT ON CLIMATE & NATURE

Environmental policy and management system Fight against climate change Resources consumption and management Water Waste Safeguard biodiversity

7. GIVE BACK

Supporting communities

Support to the populations in emergency situations Support to scientific research Initiatives for the social and economic development of communities

8. APPENDIX

Guide to the report Additional information Statement of assurance GRI content index Glossary Contacts

LETTER TO STAKEHOLDERS

Every day, at Moncler and Stone Island, we work to continue integrating sustainability into our business model.

We do it with passion, ingenuity, humility, and the necessary concreteness.

We do it with the sense of urgency that environmental and social challenges require.

We are on a transformational journey which requires significant changes in the way we work.

This collective, transversal path involves the way we work within the company as well as the way we

collaborate across the value chain. It's the only way to achieve results on a larger scale.

It is thanks to the great contributions of our people that our ambitions are transformed into a reality, year after year.

In 2023, more than 25% of yarns and fabrics used in our collections were made from lower impact raw materials when compared with conventional materials, and more than 40% of our nylon came from recycled sources.

We only use energy from renewable sources in our locations and stores, and have reduced direct emissions by 50% compared to 2021. At the same time, our commitment to steer the supply chain along the complex but necessary path towards decarbonization remains ongoing.

On a personal level, I am very pleased that we now offer the children of employees at our production center in Romania access to a world-class kindergarten offering innovative education in several languages, according to the Reggio Children approach.

This is one of the projects I care about the most. Because children, in Bacau and around the world, remind us that the time to build a better future is now.

REMO RUFFINI CHAIRMAN AND CHIEF EXECUTIVE OFFICER

THE RESULTS OF OUR EFFORTS

"We judge the value of our results also by how we achieved them because long-term success comes from creating shared value."

REMO RUFFINI

LEADER IN ESG RATINGS

first place for the fifth year in a row in the Dow Jones Sustainability World and Europe indices in the Textiles, Apparel & Luxury Goods sector; achieved, for the first year, the top score (A) in the 2023 CDP Climate Change Questionnaire and AAA score from MSCI ESG Research

100%

of electricity used at directly managed corporate sites worldwide (offices, stores, production sites and logistics hub) from renewable sources (~90% in 2022)

-50%

in scope 1 and 2 CO2e emissions vs 20211

CARBON NEUTRAL2

in directly managed corporate sites worldwide (offices, stores, production sites and logistics hub)

> 25%

of yarns and fabrics used in the SS and FW 2023 collections is made with "preferred"3 materials (7% in 2022)

> 40%

of the nylon used in the SS and FW 2023 collections is made with recycled material (15% in 2022)

100% OF NYLON SCRAPS RECYCLED

from own direct sites. Recycling extended to Moncler external outerwear production network, reaching 55% of total outerwear nylon scraps

² It is the result of a process to monitor, reduce and offset the residual and unavoidable CO2 emissions generated by the Group in its direct operational management worldwide.

¹ The scope 1 and 2 (market-based) CO2e emissions were calculated assuming Stone Island consolidated from 1 January 2021.

³ Materials that aim to deliver reduced impacts compared to the conventional equivalents used by the Moncler Group (for example recycled, organic, or certified according to specific standards).

ELIMINATED SINGLE-USE VIRGIN PLASTIC FROM FOSSIL ORIGIN

100% LOGISTIC PACKAGING MADE WITH "PREFERRED" RAW MATERIALS

NEW MONCLER KINDERGARTEN

for the employees' children of the production hub in Romania, offering innovative education according to the Reggio Children approach

51%

women in management positions

NEW PARENTS POLICY

adopted worldwide

100%

outerwear manufacturers audited on ethical-social criteria (2021-2023)4

100%

of down suppliers compliant with the new human rights and environmental modules included in the DIST Protocol

+33% (3.6 million euros)

the investment to support local communities vs 2022

~140,000

people most in need protected from the cold over the past seven years (2017-2023)

⁴ The figure also includes audits on ethical and social aspects carried out by Stone Island prior to its integration into the Moncler Group.

MONCLER GROUP

Values and purpose

Group strategy

1

The Moncler Group: a history of innovation

deeply rooted in tradition

Market presence

Financial performance

VALUES AND PURPOSE

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.

Moncler has a very strong corporate culture and uniqueness characterised by its ability to unleash the extraordinary that is hidden in 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 unreachable 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 emotional brand. We bring the warmth of human connections into 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.

THE PURPOSE OF MONCLER IS TO UNLEASH THE EXTRAORDINARY IN EVERYBODY

Stone Island brand

Stone Island is LAB & LIFE together. It is continuous research, identity, community. Stone Island is a transversal and authentic brand, that has its foundations in the product.

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 production 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.

GROUP STRATEGY

The Moncler Group has, as main strategic objective, the development of its brands in an authentic way while enhancing their strong uniqueness, also through a constant contamination of diverse entrepreneurial and managerial cultures as well as business knowledge and technical know-how.

The Moncler Group strategy is underpinned by four pillars.

BECOME A LEADER IN THE NEW LUXURY SEGMENT

The Moncler Group with its two brands – Moncler and Stone Island – represents the expression of a new concept of luxury, far from the traditional stereotypes, which embraces the search for experientiality, inclusivity, sense of belonging to a community and contamination of different worlds including those of art, culture, music and sport.

United by "beyond fashion, beyond luxury" philosophy, Moncler and Stone Island intend to consolidate in the new luxury segment, strengthening their ability to interpret the evolving cultural codes of the new generations.

BUILD A GLOBAL GROUP ABLE TO FULLY ENHANCE ITS BRANDS' POTENTIAL AT GLOBAL LEVEL

Under the leadership of Remo Ruffini, Moncler has followed a growth strategy inspired by two key principles: to become a global brand and to be more direct to consumers.

The Moncler Group aims at sharing knowledge and experience with both its brands to fully capture their growth potential globally, maintaining their unique positioning while strengthening their direct to consumers' approach.

DEVELOP ALL DISTRIBUTION CHANNELS WITH AN OMNICHANNEL APPROACH, SUPPORTED BY A STRONG DIGITAL CULTURE

Engaging directly with clients through every channel and touch point, involving them, understanding their expectations – even when unspoken – and creating unique and distinctive experiences in its stores, are the cornerstones of the relationship that the Group strives to develop with its community to never stop surprising it. The Group is pursuing a strategy of integrated development of its distribution channels knowing that thinking, defining and implementing its strategy digitally is key to sustain future growth.

FOLLOW A SUSTAINABLE GROWTH PATH TO CREATE VALUE FOR ALL STAKEHOLDERS

Moncler has been progressively strengthening its commitment to a long-term, sustainable and responsible growth, fully integrated into the Group's strategy and entirely embraced by Stone Island as well. The Group's plan is based on five strategic priorities: climate change and biodiversity, circular economy and innovation, responsible supply chain, enhancement of diversity and support for local communities.

MONCLER GROUP: A HISTORY OF INNOVATION DEEPLY ROOTED IN TRADITION

Born on 1 April 2021, Moncler Group, with its two brands – Moncler and Stone Island –, represents the expression of a new concept of luxury, which embraces the search for experientiality, inclusivity, a sense of belonging to a community and the mixing of diverse meanings and worlds including those of art, culture, music and sport. United by the "beyond fashion, beyond luxury" philosophy, these two Italian brands strengthen their ability to interpret the evolving cultural codes of the new generations.

Alongside maintaining their brands' identities highly independent and based on authenticity, on the constant search for uniqueness and on the extraordinary bond with the consumers' communities, the Group intends to bring together its entrepreneurial and managerial cultures as well as business knowledge and technical knowhow of its brands to strengthen their competitiveness and enhance their important growth potential, while sharing the culture of sustainability.

Moncler brand

The Moncler brand was born in 1952 in Monestier-de-Clermont, a small village in the mountains near Grenoble, with a focus on sports clothing for the mountain.

In 2003, Remo Ruffini purchased Moncler and started a process of repositioning through which the brand took on an even more distinctive and exclusive style, evolving from a line of products used purely for sport purposes to versatile lines that clients of all gender, age, identity and culture can wear on any occasion and where outerwear, while being the brand's identifying category, is 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".

Tradition, uniqueness, quality, consistency 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 DNA, 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 and Carlo Rivetti, with a center of excellence in Ravarino – a small town in the province of Modena – 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 aesthetics.

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.

Group revenues close to 3.0 billion euros

Moncler is confirmed for the fifth year in a row at the top of the Textiles, Apparel & Luxury Goods sector in the Dow Jones Sustainability World and Europe indices

The Group achieved, for the fist year, the highest rating (A) in CDP Climate Change questionnaire, as well as AAA score from MSCI ESG Research, is awarded the Sustainalytics 2024 Industry Top-Rated Badge and Regional Top-Rated Badge, and placed second in the Specialised Retail Europe examined by Moody's ESG Solutions in the ESG Overall Score rankings with a score of 65/100

With a live event at the Olympia in London, The Art of Genius, Moncler is unveiling Genius' new vision, which has evolved into a co-creation platform for creative minds in sectors ranging from fashion to art, design, entertainment, music and sport, thereby connecting the Brand with new communities

Moncler is expanding its production headquarters in Romania with a space of an additional 8,000 square metres equipped with the most advanced technologies for the production, research, and development of high-performance products. The company is also opening a kindergarten for the employees' children that offers an innovative education developed by the Reggio Children organization.

Robert Triefus appointed CEO of Sportswear Company S.p.A. (licensee of the Stone Island brand) with effect from 1 June 2023

Moncler and EssilorLuxottica announce an exclusive license agreement that includes the design, manufacture, and global distribution of Moncler sunglasses and eye frames

Moncler opens in St. Moritz, its first flagship store entirely dedicated to Moncler Grenoble

2022

Group revenues exceed 2.6 billion euros

Moncler is confirmed for the fourth year in a row at the top of the Textiles, Apparel & Luxury Goods sector in the Dow Jones Sustainability World and Europe indices

Moncler scores A- in the CDP Climate Change questionnaire, is rated AA by MSCI ESG Research, is awarded the Sustainalytics 2023 Industry Top-Rated Badge and Regional Top-Rated Badge and places second in the Specialised Retail sector examined by Moody's ESG Solutions in the ESG Overall Score rankings with a score of 62/100

Moncler joins Re.Crea, a consortium founded to organise the management of end-of-life stage of textile and fashion products and to promote research and development of innovative recycling solutions

Moncler joins the UN Global Compact, a voluntary initiative of the United Nations, and commits to share, support and respect the ten universal principles relating to human rights, labour standards, environmental protection and fight against corruption

Moncler commits to achieve net zero emissions by 2050

Moncler integrates its Strategic Sustainability Plan at Group level with targets on the greater use of yarns and fabrics made with "preferred"5 materials

Moncler celebrates its 70th Anniversary

Stone Island celebrates its 40th Anniversary

⁵ Materials that aim to deliver reduced impacts compared to the conventional equivalents used by the Moncler Group (for example recycled, organic, or certified according to specific standards).

Group revenues exceeded two billion euros

Moncler makes about 30% of Genius 2021 outerwear entirely with "preferred" materials

Moncler commits to going fur6 free from 2024 collections, and Stone Island, that is not using fur since 2018, confirms its pledge not to use it also in the future

Moncler launches new communication campaign We used to climb mountains. Now we must move them to confirm the promise to protect people and the planet

Moncler is confirmed for the third year in a row at the top of the Textiles, Apparel & Luxury Goods industry in the Dow Jones Sustainability Indices (DJSI) World and Europe

Moncler for the first time participates in the CDP Climate Change questionnaire achieving an A- score, is rated A by MSCI ESG Research and qualifies for the Sustainalytics 2022 Industry Top-Rated Badge and Regional Top-Rated Badge

Moncler defines the new Strategic Sustainability Plan at Group level

Moncler completes the project of internalisation of the e-commerce channel (.com)

Moncler announces the realisation of a new headquarters, a project having experience, well-being and sustainability at the core

Moncler contributes to the construction of the largest vaccine hub in Italy and donates devices and related connections to kindergartens, elementary and middle schools in Milan (Italy)

Stone Island joins Moncler from 1 April 2021

2020

Moncler helps tackle the COVID-19 emergency by donating money, producing surgical masks, and applying a strict health and safety protocol to the benefit of employees, clients, and suppliers

Moncler is confirmed for the second year in a row as Industry Leader for Textiles, Apparel & Luxury Goods in the Dow Jones Sustainability World and Europe indices

Moncler renews its commitment to sustainable growth and presents its Strategic Sustainability Plan Moncler Born to Protect

Moncler launches the Born To Protectrange of jackets made entirely "preferred" materials

Moncler forms the Diversity, Equity and Inclusion Council

2019

For the first time, Moncler is included in the Dow Jones Sustainability World and Europe indices, as the Industry Leader of the Textiles, Apparel & Luxury Goods, and receives the S&P Global Gold Award and Industry Mover Award

Moncler joins The Fashion Pact

Moncler implements the "Path" Project to define the corporate purpose and values

Moncler launches a BIO-based and carbon neutral down jacket on the market designed with plant-based and natural materials and a range of products made with recycled materials for the Grenoble line

Moncler organizes its first Hackathon, a real 24-hour digital marathon with 450 employees from all over the world coming together in an event dedicated to accelerating and generating innovation

Moncler extends OHSAS 18001 certification globally

⁶ The term "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, etc..

Moncler launches the new creative project Moncler Genius — One House Different Voices, a hub of creators operating in unison while cultivating their singularity to reinterpret the essence of the Moncler brand

Moncler extends OHSAS 18001 certification to all offices and stores in Europe and the United States and ISO 14001 certification to the Italian corporate offices and logistics hub in Castel San Giovanni (Piacenza, Italy)

Moncler receives the RobecoSAM Industry Mover Sustainability Award in the Textiles, Apparel & Luxury Goodssector and is included in some ECPI indices focused on both financial and ESG aspects

2017

Moncler's production site in Romania is certified as per the international standards OHSAS 18001 and ISO 14001

Moncler updates the Group Code of Ethics in line with best practices

2016

Moncler completes the set-up process at the production site in Romania, to create an industrial and technological R&D hub for down jackets and vertically integrate part of its production

The Group's turnover exceeds 1 billion euros

Moncler's offices and stores in Italy are certified as per the international standard OHSAS 18001

2015

Moncler prepares its first Sustainability Report and Sustainability Plan

A joint venture is established in South Korea. Moncler achieves direct control of all markets in which it operates

Moncler finalizes the acquisition of a first production site in Romania, where it intends to create an industrial and technological R&D hub for down jackets and vertically integrate part of its production

2014

Moncler supplies the technical gear for the K2 – 60 Years Later expedition, celebrating the 60th anniversary of the Italian conquest of K2

2013

In December 2013, Moncler is listed on the Italian Stock Exchange operated by Borsa Italiana S.p.A., with a listing price of 10.20 euros per share

2007

Moncler opens its very first urban store, on the central Rue du Faubourg Saint-Honoré in Paris

In the following years, other Moncler stores open on luxury shopping and high fashion streets around the world, starting in Milan (2008), New York (2010), and Hong Kong (2012)

2003

Remo Ruffini acquires Group shares, marking the beginning of a brand repositioning process focusing on the creation of unique, premium quality, timeless products that are versatile, innovative, and designed to be worn on any occasion

1980s

Moncler products become popular in day-to-day urban contexts, sparking a true fashion phenomenon among younger consumers, especially in Italy, France, and Japan

1968

Moncler becomes the official supplier of the French Alpine ski team at the Winter Olympics in Grenoble

1954

Moncler manufactures its first nylon down jacket

Moncler products are chosen by the Italian expedition to K2 and, in 1955, by the French expedition to Makalu

1952

On the mountains near Grenoble, in Monestier-de-Clermont, René Ramillon and André Vincent establish the Moncler brand, dedicated to mountain sports clothing

MARKET PRESENCE

Moncler brand

Moncler is present in all major markets both through the direct-to-customer (DTC) channel, consisting of directly operated stores (DOS7 ), the online store and the e-concessions, and through the wholesale channel, represented by multi-brand doors, shop-in-shops (SiS) 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 2023, the network of mono-brand Moncler boutiques counted 269 directly operated stores (DOS), +18 units compared to 31 December 2022. Some of the most important stores opened and/or converted to DOS in the year include Dallas Highland Park and Moncler Grenoble St. Moritz, in addition to some important relocations/expansions including Zurich Bahnhofstrasse, Shanghai Plaza 66, Miami Bal Harbour, Paris Galeries Lafayette and Wien Kohlmart. The brand operates 57 wholesale shop-in-shops (SiS).

NUMBER	31/12/2023	31/12/2022	Net openings 2023
Asia	130	125	5
EMEA	95	88	7
Americas	44	38	6
RETAIL	269	251	18
WHOLESALE	57	63	-6

MONCLER BRAND – MONO-BRAND STORE NETWORK

In 2023, Moncler brand revenues were EUR 2,573.2 million, an increase of 19% cFX compared to 2022.

MONCLER BRAND – REVENUES BY GEOGRAPHY

MILLION EUROS	Revenues8	%	Change vs 2022 (at current exchange rates)	Change vs 2022 (at constant exchange rates)
Asia	1,291.4	50.2	+25%	+30%
EMEA	910.5	35.4	+13%	+14%
Americas	371.3	14.4	+1%	-1%
Total	2,573.2	100.0	+17%	+19%

⁷ Including free standing stores, concessions, travel retail stores and factory outlets.

⁸ Data rounded to the last digit shown.

Stone Island brand

The Stone Island brand is distributed globally both through the wholesale channel and with direct presence (retail stores). Furthermore, in some markets the brand is managed by distribution contracts with qualified and long-standing partners, selected on the basis of their high knowledge of the fashion sector. The brand is currently present in the most important department stores in the world, also with dedicated spaces (shop-inshops), in the best multi-brand boutiques and in the main e-tailers, besides having developed a network of 81 directly managed mono-brand stores as well as the online store.

In line with the Group's strategy aimed at the integrated development of its distribution channels, Stone Island has begun a path that will lead the brand to a greater control of distribution on international markets, through a progressive direct management of the markets currently managed by distributors and through the expansion of the DTC channel. Indeed, after the internalization of the distribution in the Korean and in the Japanese markets as well as internalization of DTC business in UK in 2022, at the end of 2023 Stone Island started the process to take full control of the brand distribution in the Chinese market, which will be completed over the first months of 2024.

At the same time, the Company is 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 2023 the wholesale channel accounted for 58% of revenues while the remaining 42% was generated by directly managed stores and the online channel. As of 31 December 2023, the network of mono-brand Stone Island stores was composed of 15 wholesale stores and 81 retail stores, +9 units compared to 31 December 2022. Some of the most important stores opened and/or converted to DOS in the year include Stockholm and Chengdu Swire, in addition to some important relocations/expansions including Munich and Amsterdam Bijenkorf.

STONE ISLAND BRAND - MONO-BRAND STORE NETWORK

NUMBER	31/12/2023	31/12/2022	Net openings 2023
Asia	48	44	4
EMEA	26	21	5
Americas	7	7	-
RETAIL	81	72	9
WHOLESALE	15	19	-4

In 2023, Stone Island brand revenues reached EUR 411.1 million, an increase of 4% cFX compared to 2022.

MILLION EUROS	Revenues8	%	Change vs 2022 (at current exchange rates)	Change vs 2022 (at constant exchange rates)
EMEA	287.5	69.9	+3%	+3%
Asia	89.4	21.8	+12%	+16%
Americas	34.1	8.3	-19%	-17%
Total	411.1	100.0	+2%	+4%

STONE ISLAND BRAND - REVENUES BY GEOGRAPHY

FINANCIAL PERFORMANCE

2023 Group revenues close to EUR 3 billion, up 17% with both brands accelerating in the fourth quarter. Full year EBIT at EUR 894 million with 30.0% margin. Net cash above EUR 1 billion.

RESULTS

In 2023, Moncler Group reached consolidated revenues of EUR 2,984.2 million, up 17% cFX compared with the same period in 2022. These results include Moncler brand revenues of EUR 2,573.2 million and Stone Island brand revenues of EUR 411.1 million.

ANALYSIS OF MONCLER AND STONE ISLAND BRAND REVENUES

Moncler Brand

In 2023, Moncler brand revenues were EUR 2,573.2 million, an increase of 19% cFX compared to 2022.

In 2023, the DTC channel recorded revenues of EUR 2,163.9 million, up 25% cFX compared to 2022. Revenues in the fourth quarter of 2023 increased by 20% cFX YoY, with both EMEA and Asia improving progressively compared to the previous quarter.

The wholesale channel recorded revenues of EUR 409.2 million, a decline of 6% cFX compared to 2022. In the fourth quarter, revenues in this channel declined by 15% cFX YoY, mainly impacted by the abovementioned conversions of Nordstrom and part of Saks in the US and by the ongoing efforts to upgrade the quality of the distribution network. Excluding the effects of US conversions, revenues in the wholesale channel would have been slightly positive in 2023.

Stone Island Brand

In 2023, Stone Island brand revenues reached EUR 411.1 million, an increase of 4% cFX compared to 2022.

In 2023, the wholesale channel recorded revenues of EUR 238.2 million, down 5% cFX compared to 2022. In the fourth quarter, revenues declined by 6% YoY, primarily due to the strict volume control adopted in the management of this channel to continuously improve the quality of the distribution network.

The DTC channel grew by 19% cFX compared to 2022 to EUR 172.8 million, representing 42% of total 2023 revenues. In the fourth quarter, revenues in this channel were up 16% cFX YoY, mainly driven by the very solid performance of Asia and EMEA.

Group EBIT was EUR 893.8 million with a margin of 30.0%, compared with EUR 774.5 million in 2022 with a margin of 29.8%.

The Group net result was equal to EUR 611.9 million, compared with EUR 606.7 million in 2022, which was impacted by the above-mentioned non-recurring item.

GROUP FINANCIAL HIGHLIGHTS9

NET INCOME (EUR M)

EBIT (EUR M)

NET CAPITAL EXPENDITURE (EUR M)

FREE CASH FLOW (EUR M)10

NET FINANCIAL POSITION (EUR M)

This note applies to all pages: data including IFRS 16 impacts from 2019. The net financial position excludes lease liabilities. Data rounded at the first decimal.

2022 free cash flow reflects the impact of the Stone Island brand value realignment.

VALUE CREATION FOR STAKEHOLDERS

The economic value generated and distributed represents a company's ability to create wealth and distribute it among its stakeholders. In 2023 the economic value generated by the Moncler Group amounted to 3,016 million euros, with an increase of approximately 15% compared to 2022. The economic value distributed by the Group thus increased from 2,048.1 million euros in 2022 to 2,423.6 million euros in 2023, with an increase of 18%. Around 80% of the value created by the Moncler Group was distributed to internal and external stakeholders while the remaining 20% was retained within the Group.

ECONOMIC VALUE GENERATED AND DISTRIBUTED

THOUSAND EUROS	Moncler Group
	2023	2022
Economic value generated by the Group	3,016,652	2,620,602
Revenues	2,984,217	2,602,890
Other income	23,672	18,589
Financial income	11,333	3,455
Value adjustments to financial assets	-	-
Impairment of receivables	-360	-1,323
Exchange rate gains (losses)	-2,210	-4,480
Gains (losses) from disposal of tangible and intangible assets	-7	1,389
Value adjustments of tangible and intangible assets	7	82
Economic value distributed by the Group	2,423,639	2,048,108
Economic value distributed to suppliers11	1,392,511	1,234,976
Economic value distributed to employees	422,477	336,417
Economic value distributed to lenders	32,334	26,273
Economic value distributed to shareholders12	310,657	302,525
Economic value distributed to public administration13	265,016	146,945
Economic value distributed to the community	644	972
Economic value retained by the Group	593,013	572,494
Depreciation and amortisation	291,700	264,917
Provisions	68	3,396
Reserves	301,244	304,181

FINANCIAL INSTRUMENTS LINKED TO SUSTAINABILITY PERFORMANCE

Also in the realm of financial products, Moncler is testing and adopting new mechanisms tied to sustainability performance. In November 2020 Moncler signed an exchange risk hedging agreement with a reward 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.

¹¹ Refers to suppliers of goods and services.

¹² The amount for 2023 is estimated on the basis of the proposed dividend. The amount for 2022 was adjusted on the basis of the dividend actually paid.

¹³ The economic value distributed to public administration also includes deferred taxes.

RESPONSIBLE BUSINESS MANAGEMENT

Governance model

Risk management

Sustainable value creation

Robust corporate governance, integrated risk management, dialogue with stakeholders, clear and transparent objectives must be the base of any company's daily action.

In fact, the way business is conducted, the contribution made to the society at large and the fulfilment of the commitments made are fundamental to create long-lasting value.

GOVERNANCE MODEL

CORPORATE GOVERNANCE

The corporate governance system adopted by Moncler S.p.A. (Moncler or the Company) plays a central role in the clear, responsible conduct of the operations of the Moncler Group (the Group), contributing significantly to the creation of sustainable medium-to-long term value both for shareholders and for all stakeholders in accordance with the best principles of social responsibility applicable in all countries in which the Company operates.

This system is built in accordance with the recommendations of the Corporate Governance Code approved by the Corporate Governance Committee of Borsa Italiana S.p.A. (the "Code"), to which Moncler adheres, as well as the laws and regulations governing listed companies and is 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 privileged information;
• compliance with the values established in the Code of Ethics and company policies, along with the effectiveness and efficiency of the Internal Control and Risk Management System (ICRMS).

Moncler has adopted the traditional governance and control system, consisting of two corporate bodies appointed by the Shareholders' Meeting, the body that expresses the will of the Shareholders through its resolutions:

• the Board of Directors1 (currently composed of 12 members, including three Executive and nine non-Executive members, seven of whom are independent) plays a central role in the guidance and management of the Company and the Group. In addition to the powers assigned to it by law and the Bylaws, the Board has exclusive responsibility for the most important decisions from an economic and strategic point of view, as well as for those functional to the monitoring and guidance of the business, including with regard to sustainability topics. The Board also plays a central role in the process of approving company strategies with regard to environmental topics, including climate change, and social topics;
• the Board of Statutory Auditors monitors, inter alia, compliance with the law and the By-laws, as well as compliance with the principles of proper management.

The Board, taking into account the recommendations set out in the Corporate Governance Code, has set up three internal Board Committees with propositional, advisory and oversight functions: the Nomination and Remuneration Committee and the Control, Risks and Sustainability Committee, as well as the Related Parties Committee.

The statutory audit of the accounts is carried out by Deloitte & Touche S.p.A., an auditing firm included in the relevant register, to which the Ordinary Shareholders' Meeting, held on 22 April 2021, awarded a mandate for the nine-year period 2022-2030, following a selection process coordinated by the Board of Statutory Auditors. Within the ICRMS adopted by Moncler, a Supervisory Body has been set up with three members, two of whom are external, including the Chairman, tasked with monitoring the effectiveness and adequacy of Moncler's internal mechanisms and controls and the organisational and management model adopted by the Company

¹ Seven meetings of the Board of Directors were held in 2023 (with an average attendance of 96%). 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.

pursuant to Legislative Decree 231/2001. In addition to the Supervisory Body, Important roles within the Internal Control and Risk Management System (ICRMS) is also played by the Compliance function (which operates as a second-level control function) and the Internal Audit function (which operates as a third-level control function), the Director in charge for the ICRMS, the Control, Risks and Sustainability Committee and the Board of Statutory Auditors.

The Chairman and Chief Executive Officer, Remo Ruffini, is assisted by an internal Strategic Committee with an advisory role in formulating the Group's strategies, ensuring the consistency and spread of the Moncler's core values. The areas of competence of the Strategic Committee include the review of the Business Plan and of the Sustainability Plan as well as the revision of all strategic decisions, including, but not limited to those relating to the development of the distribution network, marketing plans, investments, entry into new markets and environmental and social initiatives.

INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM

Moncler believes that having company bodies composed of members with diverse skills, professional experience, and cultural heritage can offer the opportunity to take the best decisions for a Group operating in an international context. Moncler, aware of the importance and value of different experiences and skills for the proper functioning of the corporate bodies, adopted the Diversity Policy, updated most recently in 2022, which describes the characteristics considered optimal for the composition of the Board of Directors and Board of Statutory Auditors, with the aim of integrating different professional profiles in terms of gender, ethnicity, age groups and seniority.

See also Moncler's Report on Corporate Governance for 2023 and Diversity Policy.

SUSTAINABILITY GOVERNANCE

In order to further integrate sustainability into its business, the Moncler Group has implemented a governance that involves the interaction of various bodies dedicated to supervising and managing social and environmental topics.

The Sustainability Unit is responsible for proposing the Group's sustainability strategy, identifying, promptly reporting to senior management and handling together with the relevant functions the risks and impacts linked to sustainability topics, including those relating to climate change, biodiversity and human rights, as well as for identifying areas and projects for improvement, thereby contributing to the creation of long-term value. It also prepares the Consolidated Non-Financial Statement and spreads a culture of sustainability within the Group. Lastly, the Unit promotes dialogue with stakeholders and, together with the Corporate Affairs and Investor Relations function, promotes dialogue with institutional investors and stakeholders in general and handles information requests from sustainability rating agencies and socially responsible investors (SRIs).

"Ambassadors" have been identified within each corporate department; they are tasked with raising awareness of social and environmental issues among the departments in which they operate and promoting sustainability initiatives consistent with the Group's objectives. In addition, Sustainability data owners are responsible, each for their respective area, for data and information published in the Consolidated Non-Financial Statement and for achieving the objectives set out in the Sustainability Plan.

As further confirmation that sustainability is a shared approach promoted by senior management, a Control, Risks and Sustainability Committee is established at Board level. The Committee is composed of three non-Executive Directors, the majority of whom are independent. The Committee was entrusted by the Board of Directors with supervising sustainability topics, including the related risks and impacts, connected to the conduct of business activity and the dynamics of its interaction with stakeholders, formulating strategic sustainability guidelines and the relevant action plan (Sustainability Plan), including topics such as climate change, biodiversity and human rights, and examining the Consolidated Non-Financial Statement.

The main sustainability topics analysed are periodically submitted to the Board of Directors, after consultation with the Control, Risks and Sustainability Committee, in order to:

• assess and approve the guidelines of the internal control and risk management system so that the main risks, including sustainability risks (such as those related to climate change, linked to biodiversity and human rights), are correctly identified, measured, managed and monitored;
• review and approve the strategic sustainability guidelines and related action plan (Sustainability Plan), which includes objectives linked to climate change, the energy transition and the protection of human rights;

• review and approve the Non-Financial Statement and the materiality analysis;
• review and approve the Remuneration Report, which provides for the integration of sustainability objectives into the remuneration system (both short- and medium-/long-term) and the consequent alignment of top management remuneration with the company's sustainability strategy, which includes targets related to the reduction of greenhouse gas emissions;
• in general, overseeing sustainability topics (including those related to climate change, biodiversity and human rights) related to the Group's activity and its interactions with stakeholders.

INDEPENDENT ESG RATINGS AND ASSESSMENTS

In 2023 Moncler has been confirmed for the fifth year in a row in the Dow Jones Sustainability World and Europe indices, achieving the highest score (89/100) of the Textiles, Apparel & Luxury Goods sector in the 2023 S&P Global Corporate Sustainability Assessment* (as of 7 February 2024).

In the 2023 CDP** Climate Change questionnaire, the Group achieved the top score (A) in CDP's worldwide ranking for its leadership in transparency and management of climate change related topics. In 2023, the Group has also been confirmed as a leading company on Supplier Engagement Leaderboard, for taking action to measure and reduce climate risk within its supply chain.

In 2023 Moncler also obtained the maximum AAA score (AA in 2022) from MSCI ESG Research***, which provides sustainability ratings for listed international companies and some private companies by evaluating them on their exposure to industry specific ESG risks and their ability to manage those risks in comparison to sector peers.

Moncler also ranked second in the Specialised Retail Europe sector in the ESG Overall Score ranking of Moody's ESG Solutions, with a score of 65/100, achieving the "Advanced" level.

In January 2024, Sustainalytics**** confirmed Moncler's Industry Top-Rated Badge and Regional Top-Rated Badgefor its sustainability performance.

*** MSCI ESG Research provides in-depth research, assessment and analysis on business practices related to environmental, social and governance issues to offer institutional investors insights to identify risks and opportunities that traditional methods of investment may overlook. The rating scale ranges from AAA (leader) to CCC (laggard).

**** Sustainalytics is a leading ESG and Corporate Governance rating and research firm that supports investors in developing and implementing responsible investment strategies.

^* S&P Global is a leading global rating, benchmark and analytics company, according to economic, social and environmental responsibility criteria.

^** CDP is a non-profit organisation that manages the main international environmental reporting database. Its assessments are taken into great account by the financial community to guide investment decisions. To assess the more than 21,000 companies participating in its annual Climate Change questionnaire, CDP uses a detailed, independent methodology, assigning a score from A to D, on the basis of completeness of information, awareness, risk management and best practices implemented, such as setting ambitious and meaningful targets.

CODE OF ETHICS

The Code of Ethics and corporate policies are one of the pillars of the Moncler Group's corporate governance system and govern the decisions and the conduct of the Moncler and Stone Island brands and of their employees towards their stakeholders.

The Codes of Ethics currently adopted by Moncler and Stone Island encompass 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 economic 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 are periodically updated in order to align them with the international best practices and to integrate them with emerging sustainability issues. 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 United Nations Universal Declaration of Human Rights, the Charter of Fundamental Rights of the European Union, the decent work standards set out in the ILO (International Labour Organisation) conventions and the OECD (Organisation for Economic Cooperation and Development) Guidelines for Multinational Enterprises. The Codes of Ethics evoke the key principles set out both in the Supplier Code of Conduct and Group's policies, including the Anti-Corruption Policy, Environmental Policy, Human Rights Policy2 , the Occupational Health and Safety Policy, the tax policy and HR management policy, as well as the financial and asset protection policies.

The Codes of Ethics apply to all employees, suppliers, 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. The documents are available in Italian and English, as well as in Romanian for the Moncler Code of Ethics. The Codes are brought to the attention of employees in the most appropriate manner, in accordance with local practices. The documents can be freely downloaded from the company's intranet and internet sites. An online training programme on the contents of the Code of Ethics is regularly provided for all Moncler employees, including temporary and part-time employees, in order to ensure a proper understanding and virtuous behaviour consistent with the requirements of the Code of Ethics, while Italian Stone Island employees are trained on these issues through a specific module dedicated to the Code within the 231 Model course.

Together with the Anti-Corruption Model, the Codes of Ethics 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 Models take the form of a set of principles and rules of conduct, operating procedures and disciplinary codes, aimed at preventing the commission of offences and ensuring ethical conduct by those who operate on behalf of Group companies, in compliance with the principles of legitimacy, fairness and transparency.

Compliance with the Codes of Ethics and the Model is monitored by the appropriate supervisory and control bodies of the two Brands, through specific audits and investigations, launched on the basis of reports of conduct not in compliance with the principles of conduct required by Moncler and Stone Island. The results of verifications may lead to disciplinary actions which, depending on the severity of violation, may lead to the termination of the professional or business relationship.

The Supervisory Body, which is the entity responsible for supervising the adequacy and compliance of the Organisation, Management and Control Model and its inspiring principles in Italy, is a collegial body consisting

² Adopted in February 2023.

of three members of a mixed composition of professionals, both internal and external to the company, two of whom have accounting and legal expertise, and by the head of the Group Internal Audit function. This body is placed at the top of the Company's organisation, reporting directly to the Board of Directors of the Company to which it belongs, in order to guarantee autonomy from all forms of potential interference.

The Moncler and Stone Island Organisation, Management and Control Models are periodically updated in light of regulatory and organisational changes. In particular, in 2023 the models were updated with the addition of new offences such as offences relating to payment instruments other than cash and offences against cultural heritage, as well as the transposition of new EU Directive related to the management of the whistleblowing channel.

In the control activities carried out by the Internal Audit function, which operates at Group level, in 2023 with regard to the Group's Italian companies, checks were carried out on significant corporate processes (payments, purchases, services and consultancy, missing products, quality control, charge-backs to suppliers, sales, receipts, credit management, payroll management, etc.), as well as on the main areas identified as "sensitive" within the Model. With regard to the Group's foreign subsidiaries, in 2023 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 sales, management of stock, protection of company assets and prevention of theft), the Internal Audit function draws up a thorough annual plan of audits at stores. Stores are generally selected according to criteria of significance of revenues, risk indicators and geographical diversification. During the year, the function continuously monitored the inventories, missing products detected during product handling and at the warehouses and compliance with the sales procedure. In particular, for Stone Island stores in Italy and in the United States and in Japan, ad hoc audits were carried out in 2023 on the correct implementation of store procedures following the migration of the sales management system already implemented at Moncler stores.

In addition, in order to ensure compliance with the principles and rules of conduct set out in the Code of Ethics, there are various compliance audits, including, for example, ethical and social audits along the supply chain, periodic checks carried out to obtain social and environmental certification, third-party audits on information systems and analyses by external laboratories qualified to verify the chemical compliance of products with company standards and applicable legislation.

For both Moncler and Stone Island, a whistleblowing system is in place at the Group level, with the aim of accurately manage and quickly detect any illegal and disrespectful conduct – reported by employees or external parties – with regard to internal rules, regulations, procedures and values, and take appropriate steps, while ensuring the anonymity of the whistleblower. Any stakeholder, whether internal or external to the Group, who, in good faith, reports an anomalous behaviour, alleged or actual violation of the Code, is protected from retaliation, discrimination or penalisation. The platform makes it possible for the whistleblower to choose anonymity: in this case, communications through the platform between the whistleblower and the Group, via Web or dedicated telephone lines, take place solely through a unique code identifying the report.

However, this is without prejudice to the legal obligations and the protection of the rights of the Companies or of people accused wrongly and/or in bad faith. The Moncler Group has provided whistleblowers with an ad hoc web platform and telephone lines – 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 telephone operators speak the language of all the countries where the Group is present through its network of stores. The platform ensures, inter alia, full compliance with international privacy regulations (processing of sensitive and personal data). In 2023, the Group updated the whistleblowing procedure in light of the changes in Italian legislation that transposed the European Directive aimed at providing greater protection of whistleblowers against retaliatory behaviour. This update was

immediately circulated to the entire corporate population in a dedicated newsletter. The whistleblowing procedure is available on the two Brands' company intranet. In addition, the human resources managers of the Moncler Regions were made aware of the importance of whistleblowing and how to report it through one-toone meetings or video conferences.

Management of the Group's whistleblowing channels was entrusted to the head of Internal Audit, who was responsible for reporting what was tracked and monitored through these channels directly to the Board of Directors at least every six months.

In particular, once a report has been received through whistleblowing channels, the head of Internal Audit receives and promptly analyses all the information and responds immediately to the whistleblower; if the issue raised is very serious or complex, the head of Internal Audit has the task of starting an immediate investigation, also requesting the support of other corporate functions, including Asset Protection, Legal, Compliance, Human Resources, ICT and Sustainability, as well as competent external consultants, in order to conduct investigations and controls aimed at understanding what happened. Where appropriate in relation to the seriousness of the incident, immediate measures are put in place, up to termination of the contract with the employee or other staff member. The whistleblower is notified of closure of the investigation in traceable form via an IT platform.

During the year, five reports considered significant and worthy of analysis and investigation were received through the whistleblowing system. In four cases, on the basis of the outcome of the investigation, it was decided not to proceed at a disciplinary level. Rather, awareness-raising activity was carried out on the individuals concerned by the corporate Human Resources (HR) department together with HR colleagues from the Regions involved: three of these cases relate to reports of alleged inappropriate behaviour by team managers towards colleagues, while one case relates to a report of inappropriate management of the sales and store management procedures by a store manager. The fifth case, instead, involved internal thefts and violations of sales procedures by the staff of a store. Following the investigations carried out, the employment relationship with the individuals involved was terminated.

In addition, through communications addressed to the Human Resources department, 17 reports were received3 regarding potential violations of the Code of Ethics that upon investigation were determined to be actual violations of the Code of Ethics: eight cases of internal theft of certain products from stores, four cases of inappropriate behaviour towards colleagues or clients, three cases of harassment and/or violent behaviour and two cases of discriminatory behaviour. In nine cases, the employment relationship was terminated and, in the remaining cases, other disciplinary actions were taken.

Anti-Corruption Model

In 2021 a Group-wide Anti-Corruption Model was adopted, 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 sales revenues and Corruption Perception Index of the country. This resulted in the identification of areas of theoretical corruption risk, of the existing internal controls and those to be enhanced, and in the formulation of a Group Anti-Corruption Policy setting out the guiding principles and controls that Group employees, partners and other counterparts are required to implement to prevent corruption incidents.

In particular, the Policy defines: (i) regulatory monitoring responsibilities; (ii) management and reporting of cases of non-compliance; and (iii) specific measures to control corruption risk.

The Group updates this risk assessment annually to review the corruption risk profiles identified. On this basis, the following areas have been identified as potentially exposed to corruption risk:

• relations with the public administration;

³ The 2023 Consolidated Non-Financial Statement sets out all the cases that led to a report of violations in all areas of the Code of Ethics, including human rights violations.

• relations with suppliers and external consultants;
• relations with agents and intermediaries;
• relations with business partners for joint ventures and directors;
• management of donations/sponsorships/gifts and samples;
• human resources management.

For each of the above-mentioned areas, principles of conduct and operating rules have been formulated in both the Anti-Corruption Policy and in 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. An ad hoc training is also regularly provided to all employees in Italy through the e-learning platform.

The Internal Audit function periodically carries out on-site audits at Group companies in order to verify the adoption of controls to mitigate corruption risk in the areas identified as most at risk. In particular, annual audits are carried out on sponsorships, donations and gifts, management of consultants and professional assignments, acquisition and management of public grants and financing, employee recruitment, supplier management, payments, expenses and entertainment costs.

During these audits, the various departments involved are made aware of the importance of complying with the established control protocols. Audit results are shared with the Control, Risks and Sustainability Committee and the Supervisory Bodies of the Moncler brand and Stone Island brand. At least every six months, the Board of Directors receives and assesses the results of the audit activities carried out by the Group Internal Audit function. No cases of corruption were reported during 2023, in line with 2022.

Supplier Code of Conduct

The Supplier Code of Conduct, adopted at Group level, outlines the Company's expectations in relation to the main areas of the responsible sourcing process and is composed of six sections that establish binding rules for: Labour and Human Rights, Health and Safety, Environment, Animal Welfare, Quality and Safety of Products and Services, Business Ethics and Protection of Intellectual Property. Moncler requires its suppliers and subcontractors to strictly comply with the principles set forth in the Code of Conduct and also commits to train and raise awareness of these provisions, both within its internal departments and among suppliers, through meetings at corporate sites or at suppliers' premises. The Group also regularly conducts third-party audits throughout the supply chain to verify compliance with the principles contained in the Code of Conduct. See also pages 98- 107.

Moncler has also been publishing an annual Modern Slavery Statement in order to transparently communicate its approach to the management of human rights. In particular, the document describes the measures taken to ensure, as required by the law of the United Kingdom "Modern Slavery Act 2015 – Section 54" and the law of California, the absence of all forms of "modern slavery, forced labour and human trafficking" within its direct scope and along its supply chain.

RISK MANAGEMENT

ENTERPRISE RISK MANAGEMENT MODEL

The Group has an integrated Enterprise Risk Management (ERM) model inspired by international best practices, involving the entire corporate organisation and governance bodies, each within its sphere of competence. According to the field's guidelines and best practices, the main objective of ERM activities is to ensure optimal identification, measurement, management and monitoring of company risks.

The ERM model considers the main types of risk that may compromise the achievement of strategic objectives, harm the company's assets and compromise the value of the Moncler and Stone Island brands or the companies' reputation. The Model is integrated and functional in the relevant decision-making processes as well as in the development of products and services.

The risks identified may be internal or external to the Group. In particular, external risks of this latter kind are linked to the industry and market context, as well as to the perception of all stakeholders of the Group's way of operating. The Enterprise Risk Management model classifies risks into four categories:

• Strategic Risk;
• Business Risk;
• Compliance Risk;
• Financial Risks.

Strategic risks may refer to changes in the business or the inadequate response to changes in the competitive scenario and the Company's business development activities. Sustainability risks may also be included in this category.

Business risks are those related to the sector in which the Group operates, the business operations, the organisational structure, information systems and Group's control and reporting processes.

Compliance risks, in general, are those related to non-compliance, in the conduct of the business, with applicable national and international laws and regulations, to business activity, as well as to the Code of Ethics and internal procedures.

Financial risks are those related to the Group's financial management, specifically related to the risk of: liquidity, currencies, interest rates and counterparties for financial and commercial transactions.

In the case of internal risks, the aim of the ERM model is to manage risk through specific prevention and control systems incorporated into the corporate processes, aimed at avoiding or transferring the risk, reducing the probability of occurrence or, in the event of occurrence, containing its impact. In the case of external risks, the aim of the ERM model is to monitor risks and mitigate the impact if such risks occur, for example through insurance policies on which the Group relies for risks that have a significant impact on operating processes.

The main risks are identified following an analysis of the context in which the Group operates and the results of the materiality analysis. Risk assessment considers four dimensions: the impact that a risk could have on the organisation if it materialises; the likelihood that the risk occurs; the speed at which a risk could spread across the organisation if it occurs; and the interconnection of a risk with other risks. The analyses are conducted using quantitative and qualitative methods according to the type of event. The assessment makes it possible to estimate the likelihood of occurrence and impact. Risks are then classified on a four-level scale and thus prioritised on the basis of the risk appetite. In particular, the procedures governing the risk management system include a description of the Group's risk appetite for each macro-category. Lastly, the Risk Register contains a

description of the mitigation actions formulated by the Group to limit the possible impacts of each risk identified and assessed.

The quantitative analysis performed on the most significant risks (of both a financial and non-financial nature) considers multiple scenarios in terms of potential lost revenue and reduced margins and assesses the potential effects for each of the scenarios considered using stress tests and sensitivity analyses. The scenarios are then placed on likelihood curves and combined using statistical and mathematical models. These analyses provide an initial quantification of the Group's exposure to certain risk scenarios, including pandemic events, catastrophic natural events, credit risk and production stop.

During the risk assessment activity, conducted at least every six months, all risks and risk owners responsible for managing the risk and the related control system, as well as the implementation or improvement of mitigation actions, are identified, in line with the Group's risk appetite, approved by the Board of Directors. The risks, the assessment of the internal control system covering them and the related mitigation actions are included in the Risk Register, which is periodically updated in collaboration with the operational risk owners on the basis of an annual plan approved by the Board of Directors with the support of the Control, Risks and Sustainability Committee. The proposed plan is periodically updated to include any new elements of risk and/or to reflect a possible increase in the likelihood or impact of occurrence.

The Moncler Group's ERM model involves the following bodies:

• the Board of Directors, which sets the guidelines and assesses the adequacy of the internal control and risk management system;
• the Control, Risks and Sustainability Committee, which supports the assessments and decisions of the Board of Directors relating to the risk management system with adequate investigations and proposals;
• the Director in charge for the Internal Control and Risk Management System, responsible for establishing and maintaining an effective internal control and risk management system and implementing the guidelines set by the Board of Directors together with the Control, Risks and Sustainability Committee;
• the head of the Group Internal Audit, responsible for verifying that the internal control and risk management system is functional and adequate;
• the Risk Manager, responsible for coordinating the enterprise risk management activities;
• the Board of Statutory Auditors, which monitors the effectiveness of the internal control and risk management system.

The ERM model is also included in the individual employee performance review process, with indicators that correlate to the effectiveness of the risk management measures specific to each area of competency.

The methodology underlying the ERM model continued to be updated in 2023. In particular, the focus was on revising the risk appetite rating scale and refining the quantitative multi-scenario methodology for measuring the main risks reported.

In addition, during the year, it continued the integration of the ERM model with climate change risks according to the areas defined by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) of the Financial Stability Board.

The results of ERM activities and risk management processes in general are presented to the Control, Risks and Sustainability Committee and the Board of Directors at least every six months, as an integral part of the report by the head of Internal Audit on the functioning and adequacy of the internal control and risk management system.

ENVIRONMENTAL, SOCIAL AND COMPLIANCE RISKS

Social risks

Concerning people, among the main risks relating to human resources management the Group has identified the potential risks of reliance on key people and the difficulty in retaining and developing talent. To address these risks, a performance evaluation system has been implemented, covering the entire corporate population and taking into account both soft skills and technical skills. This system enhances and develops individual skills in the medium-to-long term, defines succession plans and nurtures the best talents. In addition, the Group has developed a medium-to-long-term incentive plan specifically aimed at managers and key roles in order to promote their retention. See also pages 70-74; 75-77; 78.

The risk of human rights violation against employees of Group companies is considered at the theoretical risk level, due to the protections provided by the various laws and/or collective labour agreements, the working standards and DE&I principles set out in the Moncler and Stone Island Codes of Ethics, the Human Rights Policy issued in 2023 as an integral part of the Code of Ethics and, above all, the oversight activities carried out at corporate sites. Since 2022, to continue to ensure equal opportunities in the personnel selection and recruitment and to promote diversity and an environment that is increasingly inclusive right from the candidate experience phase, the Group updated the Personnel search and selection Policy. See also pages 67; 81-83. The Group has always encouraged reporting witnessed or suffered misconduct to the manager or the Human Resources team. The Group has also implemented a system of rules and a whistleblowing process for reporting irregularities, also in anonymous form, offences and violations of the Code of Ethics and internal regulations, including alleged human rights violations.

The Group's business model entails for its products to be manufactured at the production site owned by Moncler in Romania, the "smart factory" in Trebaseleghe (Padua) as well as through façon manufacturers and finishedproducts suppliers operating in Italy and abroad. Moncler and Stone Island also purchase raw materials and services from a large number of suppliers worldwide. The diversity of partners and the geographical location of the Group's operations have led to significant investments in preventing and monitoring, also through a traceability process, the existence of any risks related to human rights violations along the supply chain, with a particular focus on façon manufacturers, specialised workshops, and major logistics operators. With the help of certified specialist firms, Moncler and Stone Island regularly verify that their supply chain complies with applicable laws and the principles set forth in the Code of Ethics and Suppliers Code of Conduct. Both Codes, in particular, lay down the standards of conduct with which suppliers must comply with, failing which the collaboration relationship may be terminated. The Group is also committed to raising awareness, through training activities, among its internal teams and partners, on the importance of responsible sourcing principles. Following the verifications concluded in 2023, some limited situations of non-compliance with specific regulatory elements were identified, including certain aspects of remuneration, such as overtime pay for overtime hours worked, and of health and safety, such as on certification on fire prevention, inadequate management of training at plants, safety exits and extinguishers that do not meet regulatory requirements. The resolution of these aspects is the subject of follow-up activities on the basis of predefined timescales according to the severity of the irregularities detected. See also pages 98-104; 108.

Environmental risks

Environmental topics and the related risks are also subject to assessment and formulation of mitigation plans.

With reference to the environmental risks linked to climate change, in 2021 the Group began voluntarily reporting company risks related to climate change in both its Non-Financial Statement and the CDP Climate Change questionnaire, as required by the European Securities and Market Authority (ESMA) and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) of the Financial Stability Board: Governance, Strategy, Risk Management, Metrics and Targets.

The potential and actual risks analysed concern the intensification of extreme climatic phenomena, the increase in the cost of certain types of raw materials, the introduction of regulations aimed at containing climate change and possible changes in client purchasing dynamics.

In addition to the risks associated with climate change, the Group also identifies among potential environmental risks the failure to comply or incomplete compliance with relevant laws and regulations which could result in possible criminal penalties and/or financial outlays; environmental pollution phenomena related, for example, to uncontrolled emissions, inadequate disposal of waste and wastewater or spills of dangerous substances into the ground.

The Group also analyses some potential risks relating to the loss of biodiversity, and the consequent impact on the supply of certain raw materials, due to deforestation, soil degradation and water contamination processes.

The Group is committed to preventing and mitigating any environmental risks through various initiatives and projects.

The Group has joined the Science-Based Targets initiative (SBTi), setting targets for reducing greenhouse gas emissions in line with the United Nations' commitment to limiting the maximum increase in global temperatures from pre-industrial levels.

The Group formulated rules, processes and control activities to prevent and manage any environmental risks from its processing and raw materials suppliers, through the adoption of the Code of Ethics, the Supplier Code of Conduct and the Environmental Policy, updated in July 2022, containing binding rules observance of which is verified through environmental compliance audits carried out by specialised third-party entities.

The Group also manages risks arising from the temporary disruption of operations arising from external events or natural events through various initiatives, including business continuity plans, as well as insurance policies covering the loss of the integrity of company assets and damage arising from the disruption of business.

Finally, the Group considers the potential risk of violation of the principles of animal welfare. Both Brands thus require their suppliers to comply with the animal welfare requirements set forth in the Supplier Code of Conduct. In particular, Moncler requires and verifies that its down supply chains comply with stringent requirements set out in its proprietary Down Integrity System & Traceability (DIST) Protocol, continuously carrying out audits, with the support of a specialised third party, to ensure adequate treatment of animals. Stone Island only purchases down certified according to the RDS (Responsible Down Standard). See also pages 101; 105-107; 116; 122-125.

With effect from the Spring/Summer 2024 collection, Moncler has stopped using fur4 in all its collections. The Company stopped buying fur from animals raised or caught in the wild exclusively or primarily for their fur in 2022 and the last collection with fur garments was Fall/Winter 2023. This decision is consistent with Moncler's ongoing commitment to responsible business practices and builds on the Brand's constructive and long-term engagement with the Italian animal rights organisation LAV as a representative of the Fur Free Alliance. Stone Island has not used fur since 2018 and has also joined the Fur Free Retailer Policy. See also page 106.

⁴ The term "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, etc..

Compliance and other risks

In terms of non-compliance risks, a Group-wide Compliance Procedure has also been adopted in order to: circulate the definition of compliance, determine the scope of its applicability, set general compliance principles, identify employee roles and responsibilities and provide guidelines based on the pillars of the Group Compliance Programme, regularly updated.

The activities carried out by the Group Compliance function aim to strengthen the system for monitoring and managing non-compliance risks, starting from the areas considered most sensitive, such as health and safety, privacy, anti-corruption and product compliance.

The Group regards the protection and promotion of employees health, safety and wellbeing as a key value and a priority principle of its way of doing business. For this reason, an effective management system has been implemented at the global level in compliance with the international ISO 45001 standard in all offices, direct stores and logistics and production sites. In addition, in order to ensure the protection and promotion of health and safety at corporate sites, uniform management rules are applied, as detailed in the Health and Safety Management Policy adopted at Group level, and periodic audits are carried out at all sites where Moncler and Stone Island employees work. The management system, supported by important training and awareness-raising activities for both Group personnel and suppliers, plays a fundamental role in reducing the risk of workplace accidents. See also pages 84-87.

Both Moncler and Stone Island oversee issues relating to privacy, to manage the risks of a data breach, and those relating to cybersecurity, to mitigate the risks of business disruption due to cyber attacks. In their Codes, both Brands indicate their commitment to implementing appropriate measures of an organisational and technological nature to respond appropriately to the privacy protection needs of their employees, collaborators, clients and suppliers, in compliance with all applicable laws and regulations and in accordance with the best and most recent applicable practices. Accordingly, all the necessary steps were also adopted to promptly ensure compliance with all the measures required by Regulation (EU) 2016/679, the General Data Protection Regulation (GDPR). See also pages 183-185.

Regarding corruption prevention measures Moncler adopts an Anti-Corruption Model, which provides, inter alia, for a regulatory review of corruption offences in the countries in which the Company operates, identifying the areas and corporate processes at greatest risk of corruption. An Anti-Corruption Policy is therefore in force and has been adopted by each company of the Moncler Group. It defines the responsibilities for monitoring changes in legislation, risk monitoring controls, training, audit activities, management and reporting of cases of non-compliance. See also pages 29; 31-32.

The main compliance risks identified by the Group include, as a priority, those for clients, related to product safety and counterfeiting. To protect the health and safety of its clients, the Group requires its suppliers to operate in accordance with the most restrictive international laws applicable to hazardous or potentially hazardous chemicals and constantly verifies the chemical composition and the physical and mechanical characteristics of its products. Suppliers are contractually bound to comply with the guidelines contained in the Group's Product Restricted Substances List (PRSL) and Manufacturing Restricted Substances List (MRSL) published on the corporate website. In particular, the PRSL applies to materials, treatments and products, and includes not only the requirements of the most restrictive regulations of the producing and selling countries, but also other more stringent voluntary requirements in line with a precautionary approach. The proper implementation of these guidelines is verified through tests on the chemical composition of the raw materials carried out at specialised third-party laboratories by the supplier and/or Moncler and Stone Island. Both brands have established a completely dedicated internal function (Operations Compliance Department) to fully monitor this risk. See also pages 133-135.

With the aim of protecting the clients and the Brands the Group has been committed to fight counterfeiting. Both Brands have therefore put in place a series of management and prevention tools managed by the Group's Brand Protection and Intellectual Property department: from the formulation of detailed procedures to

collaboration with law enforcement, customs and other luxury brands, training and audits of suppliers and use of anti-counterfeiting labels applied on all products. See also pages 114-115.

For an overview of the various types of risks to which Moncler is exposed, in addition to the above, see the Board of Directors' Report in the 2023 Annual Financial Report.

CLIMATE CHANGE RISK ANALYSIS IN LINE WITH THE TCFD

It is now clear that climate change is a complex and urgent challenge that will have a major impact on the future of the planet and society. Rising average temperatures are at the base of extreme natural events such as floods, tornadoes, forest fires, rising sea levels, droughts, decreased productivity and altered agricultural ecosystems, etc. These events are resulting in significant changes as well as economic, environmental and social and costs. This scenario can also have substantial impacts and repercussions on various industries and companies.

Since 2021 the Moncler Group has been voluntarily analysing business risks linked to climate change according to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) of the Financial Stability Board: Governance, Strategy, Risk Management, Metrics and Targets. In addition, by responding to CDP's Climate Change questionnaire, the Group publicly shares the results of the analyses of the various climate scenarios taken into account to assess the main risks arising from climate change, with potential impacts, for example, on the main operating offices in Italy and Romania, as well as on specific geographical areas in the Group's supply chain. These analyses and assessments are carried out periodically and, where necessary, are integrated into the organisation's list of risks and opportunities5 .

The activities in this area are coordinated by the head of the Risk Management function responsible for managing risks and the Enterprise Risk Management (ERM) process, 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 shared periodically with the Control, Risks and Sustainability Committee.

In line with the TCFD's recommendations, in addition to "physical" risks, i.e. those related to the physical impact of climate events, "transition" risks related to the process of transition to a low-carbon economy, related to changes in public policies, regulations, technology and client choices, were also considered.

Regarding physical risks, an assessment was performed on the basis of the climate scenarios identified by the Intergovernmental Panel on Climate Change (IPCC) (RCP 2.6, 4.5 and RCP 8.5)6. In particular, the RCP 4.5 and RCP 8.5 scenarios present an intermediate emissions scenario, aligned with the Paris Agreement, and a business-as-usual scenario with increasing greenhouse gas emissions and limited climate policies, respectively. The analysis is performed over two different time horizons: medium term (2030) and long term (2050), to assess how climate events can evolve and affect the business.

Also with regard to transition risks an analysis was carried out on the basis of the two scenarios identified by the International Energy Agency (IEA), which sets out two main paths of the energy system evolution: a scenario that reflects existing and planned government policies, without achieving the objective of containing the temperature increase within 2°C, and a decarbonised scenario (Sustainable Development Scenario - SDS), which pursues the main energy objectives of sustainable development, including full access to energy and the containment of the temperature increase well-below 2°C and which calls for developed economies to achieve net-zero emissions by 2050. Accordingly, in line with what has been done for physical risks, the analysis of transition risks is also performed over two different time horizons: medium term (2030) and long term (2050), in order to assess how climate events can evolve and affect the business.

In 2022 the Group begun quantifying the risks and opportunities identified in terms of financial implications. The first financial impact assessment was carried out through a tool of an internationally recognised provider,

⁵ More details on climate scenario analysis methodology and the related financial impact assessment results may be consulted on and downloaded from the website.

⁶ Representative Concentration Pathway.

whose methodology and results are aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures(TCFD).

The results of the climate scenario analysis were integrated into the quantitative assessment of the ERM, which estimates the likelihood of occurrence and impact and classifies risks by level of importance based on financial impact. The most significant risks are monitored by the Control, Risks and Sustainability Committee.

During 2023, the analysis, conducted with the support of an external partner, was extended to the potential impacts that acute physical climate change events, such as droughts and floods, may have on the supply of raw materials through supply chain disruptions and price volatility. In particular, the analysis was carried out according to the RCP 4.5 and RCP 8.5 scenarios for cotton, one of the Group's key raw materials. Literature studies analysed in the course of the project have shown that, in general, the cotton plant is inherently resistant to heat and drought and that it can grow without requiring additional water supply beyond normal rainfall. However, the correlations between global historical data and the occurrence of extreme weather events show that events such as intense, prolonged droughts and persistent floods can affect the availability of cotton in some areas and thus lead to an increase in the price of the raw material. Following the analysis carried out on the Group's data, the financial impact in terms of estimated additional annual operating costs was not significant for the organisation.

The Group is committed to continuing to align itself with the TCFD recommendations with the goal of continuing to integrate the metrics and targets used to measure the climate-related financial impact on the basis of the risks and opportunities analysed.

Risk	Description and impact	Mitigation actions
Intensification of extreme and chronic climatic phenomena	The progressive intensification of extreme and chronic climatic phenomena (heavy rainfall, tornadoes, heat or cold waves, storms, fires, drought phenomena, etc.) could potentially impact the physical operational sites of the Group and its supply chain, resulting in possible disruption or reduction of production levels (business continuity) or a potential increase in production costs.	The Group has adopted insurance coverage • aimed at limiting the economic impact of any damage caused by extreme climatic events. For new corporate sites, the Group carried • out a detailed assessment of physical climate related risks (e.g. the area's exposure to hydrogeological and geomorphological risks). Based on the results of the risk assessment, the Group adjusted the project design to minimise its exposure to the identified risks. The Group has defined specific action plans • to deal quickly and effectively with any emergency situations relating to its logistics services or its supply chain in order to guarantee business continuity. The Group has adopted a procurement •
		strategy aimed at diversifying its supply chain as much as possible both in geographical terms and in terms of independence from individual suppliers.
Increase in the cost/decrease in the availability of raw materials	Climate change such as rising temperatures and droughts could impact the production capacity of some natural raw materials. This could affect both availability and purchase price.	The Group has adopted a strategy to • diversify its supply chain so that it can effectively manage any fluctuations in the price/availability of raw materials in certain geographic areas, while establishing long term relationships and agreements that result in beneficial business relationships. The Group has set strategic objectives on the • use of lower-impact materials compared to the conventional options used by the Group, considering that those deriving from organic or regenerative agriculture are more resilient to climate change and their cultivation has a lower environmental impact: 50% cotton from o organic/regenerative agriculture or recycled by 2025; 70% wool certified under specific o standards such as Responsible Wool Standard by 2025; The Group is always looking for new and • innovative solutions on materials. The Group carries out specific analyses to •

		quantify the potential financial impact of an increase in the price of natural raw materials due to chronic and acute climatic events (drought, higher average temperatures). In 2023, for example, an analysis was carried out on cotton.
Introduction of legislation to curb climate change	The adoption of energy and climate policies to limit emissions could potentially have an impact on business in terms of taxation on generated emissions.	As recommended by the guidelines of the • Science Based Targets initiative, the Group committed to reduce by 2030: absolute scope 1 and scope 2 CO2e o emissions by 70% from a 2021 base year; scope 3 CO2e emissions per unit of o product sold by 52% from a 2021 base year. Lastly, the Group is committed to achieving net zero emissions by 2050. In line with the Science Based Targets • commitment, the Group has formulated a strategy and has already invested in operating activities: 100% renewable energy (e.g. o through the purchase of energy from renewable sources, renewable energy certificates (RECs) and guarantees of origin (GOs)) at corporate sites worldwide in 2023; 90% of low environmental impact o vehicles in the Group's company car fleet worldwide by 2024 (approximately 85% in 2023); energy efficiency initiatives: o • over the years, traditional lighting systems have been replaced with LED lights and thermal insulation systems have been adopted to ensure greater energy efficiency; • application of Building Management Systems (BMS) at Moncler stores for more efficient management of energy consumption; • progressive replacement of air conditioning and gas heating systems with more efficient systems;

		• where necessary, replacement of obsolete office windows to ensure thermal insulation. The Group is working with its supply chain to • promote certification of energy/ environmental management system, the use of energy from renewable sources and the production of materials with lower-impact compared to the conventional options to reach over 50% of "preferred"7 yarns and fabrics in 2025 collections.
Change in client purchasing dynamics	The increasing sensitivity of end and wholesale clients towards companies with strong social and environmental commitments, as well as products with lower environmental impact, could directly reflect on purchasing preferences. The impact of rising average temperatures in relation to direct sales of Moncler's core products (down jackets) is not currently quantifiable. In fact, despite the increase in average seasonal temperatures and the potentially shorter winter seasons forecasted by 2050, there is also evidence of the increase in extreme weather events, as demonstrated by studies by the MIT (Massachusetts Institute of Technology), NSF (National Science Foundation) and GIST (Gwangju Institute of Science and Technology). When combined, these factors appear to be difficult to evaluate in terms of potential impact.	The Group pays particular attention to • create value for its clients and establish relationship of trust; to this end, a Strategic Sustainability Plan has been defined and achievement of its objectives is periodically and transparently reported in the Group's public documentation, which describes the Group's commitment to sustainable development and underlines environmental and social responsibility are increasingly an integral part of the business model, focusing on five strategic priorities: climate change and biodiversity, the circular economy, responsible sourcing, valuing diversity and supporting local communities. Over the years, Moncler's product range has • been expanded to include, in addition to other categories, such as t-shirts, sweatshirts, knitwear, shoes and other accessories, also light jackets (100 grams) that can be used at warmer temperatures.	how

⁷ Materials that aim to deliver reduced impacts compared to the conventional equivalents used by the Moncler Group (for example recycled, organic, or certified according to specific standards).

Opportunity	Description and impact	Adaptation and mitigation actions to realise the opportunity
Increase in resource efficiency	The efficient use of resources, such as electricity, at the Group's sites and operations may lead to a reduction in the energy used and the emissions generated, with a consequent reduction in operating costs.	• The Group has implemented, and continues to implement, various efficiency measures: environmental certification: the o Moncler and Stone Island corporate offices are ISO 14001 certified, with the exception of the Stone Island office opened in Milan in 2023, for which the certification process was started; the logistics hub in Castel San Giovanni (Piacenza) has obtained BREEAM certification. In addition, all new corporate sites will be LEED certified. Compliance with certification and standard criteria results in increased efficiency of the buildings and of continuous improvement; energy efficiency initiatives: over o the years, traditional lighting systems have been replaced with LED lights and thermal insulation systems have been adopted to ensure greater energy efficiency. The latest-generation LEDs ensure an estimated energy savings of up to 80% compared to conventional lighting systems, while also To generating less residual heat. 99%8 date of Moncler stores worldwide (100% in the United States, Korea, Japan and Europe) have LED lighting systems. In addition, Moncler extended the use of Building Management Systems (BMS) to stores for more efficient management of energy consumption.
Change in client purchasing dynamics	Increasing awareness of clients with respect to climate change topics has been registered, especially among younger generations. Clients are paying increasing attention	The Group has already been working since • 2021 to progressively integrate lower impact materials, compared to the conventional options, in its collections to reach over 50% of "preferred" yarns and fabrics in 2025 collections.

⁸ Excluding the shop-in-shops where lighting systems are provided by the host department stores (18 at global level), and on which, therefore, Moncler cannot take action. However, by the end of 2023, such shop-in-shops were equipped with LED lighting systems.

to the environmental impact of the fashion industry and showing growing interest in lower impact products and more responsible companies.
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SUSTAINABLE VALUE CREATION

The increasing integration between economic decisions and the assessment of their social and environmental impacts are the basis for the Group's ability to create long-term value for all stakeholders.

MATERIALITY ANALYSIS

For the Moncler Group, the materiality analysis has always been an important tool for identifying the most significant environmental and social priorities for its stakeholders in line with its business strategy and business impacts, identifying and managing risks and opportunities and defining the contents of the Consolidated Non-Financial Statement according to the Global Reporting Initiative (GRI) international reporting standard.

In keeping with the requirements of 2021 GRI Universal Standards, also in 2023 the Group continued to adopt a methodological approach in conducting the materiality analysis, which includes the concept of due diligence and strengthens that of impact, to offer a complete picture of business risks and creation of long-term value. In particular, the new GRI 3 – Material Topics 2021 emphasises the need for organisations to identify the impacts that the organisation has or could have on the economy, environment and people, including on human rights, which in turn may indicate their (negative or positive) contribution to sustainable development, considering the entire value chain.

The materiality analysis takes into account both the areas provided for in Legislative Decree 254/2016 and the characteristic aspects of the industry in which the Group operates, to the extent necessary to ensure an understanding of the Group's activities, performance, results and impact generated by the Company itself.

According to this approach, by considering the Moncler Group's context, activities and business relationships, 18 material9 topics have been identified. These topics reflect the organisation's most significant actual and potential impacts on aspects such as the economy, environment and individuals, including impacts on human rights (impact materiality).

The analysis, which since 2015 has been carried out regularly by the Sustainability Unit with the support of a specialised firm, also in 2023 consisted in a structured process involving external stakeholders with sustainability expertise, the management of both Brands and the Sustainability Unit as experts in the various areas of competence assessed. The materiality analysis process has been divided into four phases, in line with the requirements of GRI 3 – Material Topics 2021:

• understanding the context through an analysis of the Group's activities, business relationships, the sustainability context in which they take place and the relevant stakeholders, with the aim of collecting the information necessary to identify actual and potential impacts. In addition to the internal documentation, a comparison with the reference sector was made;
• identification of the nature of actual and potential impacts, negative and positive, short- and longterm, predictable and unpredictable, reversible and irreversible, on the economy, environment and individuals, including impacts on human rights, arising from the organisation's activities and business relationships analysed in the previous phase (inside-out perspective). The impacts were identified starting from the process carried out in 2022 through the analysis of corporate documentation (Code of Ethics, Annual Financial Report, Strategic Plan, as well as the results of the risk assessment carried out by the Internal Audit function), external literature on scenario changes10, questionnaires by sustainability rating companies, comparison with the sector, media and internet research and multi-

⁹ In the analysis, governance, legal compliance, economic performance, and brand reputation aspects were considered as prerequisites and were therefore not individually included in the process, but are still reported in this Statement.

¹⁰ Report by the World Economic Forum, the Sustainability Manifesto for Italian Fashion, The State of Fashion 2022, reports and studies of the Ellen MacArthur Foundation and Vogue Business.

stakeholder standards/initiatives11 and dialogue with stakeholders, including investors, during periodic meetings;

• assessment of the significance of the impacts identified through a quantitative and qualitative analysis through one-to-one interviews with a panel of external stakeholders, starting with the assessments gathered during interviews with members of the top management of both Brands, carried out in 2022 and confirmed in 2023, who were asked to assess the combination of the severity of the potential impact and the residual likelihood of occurrence, i.e. net of the activities implemented or planned by the Group to manage the impacts.

The most significant impacts and the related material topics were subsequently submitted to the Board of Directors, following the assessment by the Control, Risks and Sustainability Committee, for approval for reporting purposes.

This update led to the definition of a list of 18 material topics for the Moncler Group, attributable to each of the five strategic priorities of the 2020-2025 Sustainability Plan and listed in alphabetical order.

Compared to the list of topics in the 2022 Non-Financial Consolidated Statement, the only change made following the materiality analysis carried out in 2023 relates to the topic of 'waste and end-of-life products' which has been divided, considering end-of-life topic within the topic 'innovation, circular economy and "preferred" materials' in line with the approach defined by the new European regulations on eco-design (Ecodesign for Sustainable Products Regulation - ESPR).

For the correlation between material topics and GRI indicators please see the table in the Appendix.

¹¹ Global Compact, AA1000, GRI and SASB standards, OECD Guidelines for Multinational Enterprises, Recommendations of the Task Force on Climate-related Financial Disclosures, The Fashion Pact and DIST forum.

DIALOGUE WITH STAKEHOLDERS

The Moncler Group considers it very important to maintain a constant and solid relationship with all its stakeholders. A relationship based on continuous dialogue and active involvement is the expression of the Group's responsibility towards the social context with which it interacts.

Stakeholders represent a wide range of different interests: establishing and maintaining stable, long-lasting relationships is crucial for the creation of shared, long-term value.

Understanding specific needs and priorities allows Moncler and Stone Island to manage in advance potential challenges and refine their actions in response to stakeholder interests. Precisely identifying their stakeholders and organising the most effective channels, constantly monitoring their expectations, needs and opinions, are the starting point for setting up an effective engagement process.

Through dedicated functions, the Group pursues a proactive 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 occasions for dialogue are mutual opportunities for growth and enrichment. In recent years the Group has been committed to redesigning new approaches to dialogue with the aim of interacting with its community in an increasingly digital native way.

The following table, which maps the stakeholders, along with their expectations, 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 growth path, set individual goals and discuss performance assessment Meetings with the corporate population to circulate results and future objectives Townhall on DE&I topics Meetings to raise awareness and provide information on health and well-being Training meetings and digital courses, Make Company intranet and newsletter plan MONCampus corporate platform MINE Onboarding programs for new employees Volunteering programmes	Information on the Group's strategies and results Responsible business management Clear objectives and reward system Training and professional development Stimulating, safe working environment Equal opportunities. Diversity and inclusion Engagement in company life Promotion of well-being, health and safety
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
End client	Direct, ongoing relationship with sales personnel Client service	Product quality, safety and durability Products manufactured respecting the environment, people and animals

	Interactions via phone, mail, email and social media	Style, uniqueness, innovation and a complete product range
	Creation of customised initiatives and	High level of service during and after sales
	experiences	Competent, professional and empathetic sales
	Market research and focus groups	personnel
	Systematic collection of client feedback (VIBE)	Personalised shopping and interaction experiences
Wholesale clients	Training meetings	Product quality and innovation
	Ongoing dialogue via phone or email	Safety and transparency in environmental,
	Visits to stores	social and animal welfare aspects throughout the supply chain
	University testimonials	Brand reputation
Suppliers and business partners	Daily interactions	Continuity of supply
	Institutional meetings	Compliance with contractual conditions
	Setting and sharing of standards	Involvement in the definition of supply
	Seasonal and annual training	standards, including social and environmental criteria, and timeliness in announcing new
	Dedicated portal	requirements
		Collaboration and support in managing any production issues
Local communities	Meetings with representatives of associations,	Support or funding initiatives
	organisations and local communities	Support for awareness-raising activities
	Identification of initiatives or projects managed directly or in collaboration
Investors and analysts (traditional and sustainability)	Shareholders' Meeting	Consolidation and strengthening of knowledge
	Conference calls or periodic meetings	of the Group and its business model
	following significant communications	Value creation (return on investment and business sustainability)
	Price-sensitive communications and information	Transparent, accountable management
	Seminars, industry conferences, roadshows and meetings	Timeliness and open dialogue
	Daily dialogue (meetings, telephone and	Adequate management of risks, including social and environmental risks
	email)
	Institutional website
	Questionnaires on sustainability performance
Media	Press days	Availability, timeliness and accuracy of
	Interviews with top management	information
	Press conferences	Information on trends in future seasons
	Media plan
	Ongoing dialogue
	Fashion shows/events
	meetings and events Ad hoc
	Institutional website
Local authorities, public authorities, regulators, trade associations and non governmental organisations	meetings Ad hoc	Participation in publicly beneficial projects
	Participation in working groups	Inclusion of environmental, social and animal
	Identification and development of joint projects	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 new stores

Relations with organisations, institutions and associations

The Moncler Group believes in dialogue and participation and takes part in multiple organisations, associations and discussion tables both at national and international level with a contribution of about 530,000 euros, in line with 2022. There are various areas of activity, from the promotion of Italian fashion and its sustainability performances to the fight against counterfeiting, the protection of the brand, the promotion of women's talent, innovation as well as support in the development of amendments to national and international standards.

Here below are the main associations in which the Group participates:

• AIR (Associazione Italiana Investor Relations): a non-profit association that aims to promote the professional role of the Investor Relations Officer and the quality of financial communication between companies and the financial community.
• Anti-Counterfeiting Group (ACG): a non-profit association that aims to protect consumers from counterfeiting through training programmes and the establishment of a collaborative environment between companies and the main local authorities (approximately 3,400 euros).
• ECCK (European Chamber of Commerce in Korea): a Korean association dedicated to protecting and promoting the interests and 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 developments; and lobbying to strengthen and reaffirm the local government's commitment to combating counterfeiting in physical and online markets.
• Assonime: an association of Italian joint-stock companies that works to improve industrial, commercial, administrative and tax legislation in Italy, 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 new legislation on Legislative Decree 231/2001, favouring the exchange of knowledge and skills gained in the business and law sector as well as in the academic field.
• Fondazione Altagamma: a foundation that brings together companies from Italy's cultural and creative industries, recognised as true ambassadors of Italian style to the world. Its mission is to contribute to their growth and competitiveness.
• INDICAM: an association for the fight against counterfeiting, active on several fronts, including the spread of a culture of anti-counterfeiting among operators, public authorities and the general public; the improvement of anti-counterfeiting legislation; and collective investigations among its members in cooperation with Italian diplomatic authorities for the protection of brands abroad (5,900 euros).
• PREVILINE ASSISTANCE (Intercompany Welfare Fund for companies that are clients of the Assicurazioni GENERALI S.p.A. Group): a national association open to companies, which pursues welfare purposes for its members, through the provision of benefits in both the form of mutual aid and insurance policy, by signing agreements with insurance companies.
• SNB-REACT (Coöperatieve Vereniging SNB-REACT): a non-profit association that promotes measures against counterfeiting.

• Union des Fabricants (Unifab): a French association active in the protection of intellectual property rights. The association, which is also present in Tokyo and Beijing, supports its members in combating counterfeiting in Asia and in managing relations with local authorities.
• Unione degli industriali della provincia di Padova: a national association aimed at improving the competitiveness of the local manufacturing system through the development of infrastructures, the promotion of the transfer of knowledge and a modern work culture, a strong spirit of individual and collective initiative, innovation and applied research.
• Valore D: an Italian association of large companies committed 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 commits to support some particularly important topics for the business and the industry, such as industrial and production topics in the fashion industry (through various associations, the Group provides a contribution of over 103,000 euros) and ESG topics in the fashion industry (through various associations the Group provides a contribution of approximately 303,000 euros).

Furthermore, since 2019, Moncler has been a member of The Fashion Pact, a coalition of leading global companies of the fashion and textile industry that, together with suppliers and distributors, are committed to achieving shared goals focused on three main areas: fighting global warming, restoring biodiversity and protecting oceans. Within The Fashion Pact, Moncler was present, during its three-year term, in the Steering Committee, a committee of various CEOs of member brands, aimed at maintaining an open dialogue between company executives and openly sharing ideas, guidelines and progress, and continues to sit 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.

Relations between the Moncler Group and political parties and their representatives are guided by the highest principles of transparency and ethics, as stated in the Codes of Ethics of both Brands.

In 2023 the Moncler Group did not make 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.

MONCLER IN SUPPORT OF ASSOCIATIONS TO FIGHT AGAINST CLIMATE CHANGE

The Group is aware of the importance of building partnerships and collaborations with academia, civil society, institutions and businesses with the aim of joining forces, creating new synergies and increasing opportunities to fight climate change. In this regard, over the last few years the Group has joined associations committed on this front, including: The Fashion Pact, a coalition that includes among its main objectives the fight against climate change and that is committed to train and inform, and support its member companies in the processes of transformation and innovation required to reduce their environmental impacts; Camera Nazionale della Moda Italiana, which is engaged in advocacy activities with all Italian brands to promote a responsible and sustainable fashion that is based on, among other things, principles for reducing the environmental impact of business activities; Fondazione Altagamma, which promotes reduction of environmental impact among its members; and Re.Crea, a consortium founded to responsibly organise the management of textile and fashion products end-of-life and to promote the research and development of innovative recycling solutions, also with the purpose of reducing the environmental impact of such processes.

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 Environmental 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 responsible for effective application of these principles and periodically updates, together with the Sustainability Unit, the Control, Risks and Sustainability Committee. The Sustainability Unit also has to monitor, on a constant basis, the alignment of the commitments of these associations with those of the Group. Moncler believes this alignment is essential to the collective achievement of the challenging goals that these associations set themselves and is committed to proactively promote its environmental ambitions in the event of any misalignment with the associations of which it is a member may emerge.

SUSTAINABILITY PLAN

The 2020-2025 Strategic Sustainability Plan confirms the Group's commitment to sustainable development and how environmental and social responsibility are an increasingly integral part of the business model. The Plan focuses on five strategic priorities: climate change and biodiversity, circular economy, responsible sourcing, valuing diversity and supporting local communities.

For each strategic priority, the Group has defined a set of commitments based on an analysis of the areas where the Group can maximise positive and minimise negative impacts, also taking into consideration the challenges posed by the sector as well as the expectations of the financial community and clients.

The Plan includes Greenhouse gas emissions science-based targets, the commitment to reach Net Zero emissions by 2050, as well as the recycling of nylon production fabric scraps at Group sites and supply chain, the use of over 50% of yarns and fabrics from lower-impact materials, i.e. those that are recycled, organic, regenerative or certified to specific standards, by 2025. The Sustainability Plan also targets the traceability of raw materials and the continuous improvement of social and environmental standards throughout the supply chain through close collaboration with its business partners. Moreover, the plan encompasses dedicated internal and external awareness-raising initiatives aimed at fostering and enhancing diversity while promoting an ever more inclusive culture, in addition to obtaining the Equal Pay certification. Moncler Group is further committed to supporting local communities through impactful social projects and to protecting the most vulnerable children and families from the cold. For details of all the targets of the Plan, see the following pages.

In identifying the Plan's strategic drivers and relative commitments, the priorities set in the 2030 Agenda for Sustainable Development (Sustainable Development Goals – SDGs) were also taken into account, thereby contributing to achieving them.

Of the 17 macro goals described in the SDGs (such as combating inequality and fighting climate change), the Group contributes to 11 of them directly or through organisations with which it collaborates.

The Sustainability Plan process

The Sustainability Unit, in collaboration with the heads of the relevant departments, identifies areas for improvement and the relevant projects and, on this basis, formulates a draft for the Sustainability Plan (planning phase).

The Plan is then submitted to the Strategic Committee of Moncler and Stone Island, which analyse its content and feasibility. In the final stage, the Plan is evaluated by the Control, Risks and Sustainability Committee, which verifies its consistency with the Group's strategy and expresses its opinion to the Board of Directors, responsible for formal approval.

Responsibility for achieving the objectives set out in the Sustainability Plan lies with the officers of the departments involved, who have the resources, tools and know-how necessary for its implementation (management phase). Within the MBO (Management By Objectives) system, social and environmental targets related to the achievement of the Sustainability Plan are set for everyone involved in the implementation of the Plan itself. With regard to medium-/long-term incentive plans, the share plan performance indicators, starting from the "2020 Performance Shares Plan", also include an ESG Performance Indicator, linked to the achievement of specific objectives of the Sustainability Plan. See also pages 75-76.

To ensure compliance with the commitments made, the Sustainability Unit requests regular progress reports on the projects from the various functions and, in turn, informs the Control, Risks and Sustainability Committee with six-monthly frequency (control phase).

The Plan is then updated annually in order to report on the state of implementation of the projects and to set new objectives with a view to continuous improvement, in the awareness that sustainability is not a destination, but a process of continuous improvement.

• Target achieved
• Target on time
• o Target delayed

TARGETS	2023 RESULTS
ACT ON CLIMATE & NATURE
Reduce CO2 emissions [SDG 7; 13]
2030 Reduction of 70% in absolute scope 1 and 2 CO2e emissions vs 2021 (in line with the Science-Based Targets "1.5°" ambition)	-36% vs 2022 absolute scope 1 and 2 emissions CO2e
2030 Reduction of 52% in scope 3 CO2e emissions per product unit sold vs 2021 (in line with the Science Based Targets "Well-Below 2°" ambition)	-8% vs 2022 absolute scope 3 CO2e emissions (-3% vs 2022 scope 3 CO2e emissions per product unit sold)
2050 Net Zero
Ongoing 100% carbon neutral at all directly managed corporate sites worldwide (offices, stores, production sites and logistics hub)	 Carbon neutrality maintained in directly managed corporate sites worldwide (offices, stores, production sites and logistics hub)
2023 100% renewable energy at all directly managed corporate sites worldwide (offices, stores, production sites and logistics hub)	 100% of electricity used at directly managed corporate sites worldwide from renewable sources (~90% in 2022)
2024 90% of low environmental impact vehicles in the Group's corporate car fleet worldwide	Approximately 85% hybrid and electric vehicles in the Group's corporate car fleet worldwide
Ongoing LEED certification for all new corporate buildings	 LEED for Building Design and Construction certification obtained for the expansion of the production site in Romania
2023 LEED certification for all new stores Excluding shops-in-shops.	Continued the LEED certification process at the Group's new stores worldwide
	 Neutralised unavoidable residual emissions through two 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 energy assessment process throughout the supply chain to identify concrete actions to reduce energy consumption and related CO2 emissions and to promote the use of energy from renewable sources
Safeguard biodiversity [SDG 6; 12; 14; 15]
2024 NEW Update of the analysis of impacts of strategic raw materials on biodiversity
2025 Support for initiatives of Zero Deforestation and sustainable forest management	All paper and cardboard used by the Group are from responsibly managed forests Started round tables on the EU Deforestation Regulation

2024 NEW Launch of regenerative agriculture projects in the cotton and wool supply chains to reduce and/or avoid the impacts on biodiversity
THINK CIRCULAR & BOLD
Use lower environmental impact materials compared to conventional solutions [SDG 12]
2025 Over 50% of yarns and fabrics will be from "preferred" materials	More than 25% of the yarns and fabrics used in the SS and FW 2023 collections made with "preferred" materials (7% in 2022)
2025 50% of "preferred" nylon used in the 2025 collections Materials that aim to deliver reduced impacts compared to the conventional equivalents used by the Moncler Group (for example recycled, organic, or certified according to specific standards).	More than 40% of the nylon used in the SS and FW 2023 collections is made with recycled material, for example Global Recycled Standard - GRS (15% in 2022)
2025 50% "preferred" cotton used in the 2025 collections	More than 12% of cotton used in SS and FW 2023 collections is organic or recycled
2025 100% merino wool used in the 2025 collections will be mulesing free certified	Over 65% of the merino wool used in the SS and FW 2023 collections is made with materials that are certified mulesing free for example Responsible Wool Standard – RWS, , Nativa, Sustainawool
2025 70% wool certified under specific standards (for example Responsible Wool Standard - RWS, Nativa, Sustainawool)	Over 45% of the wool used in the SS and FW 2023 collections is made with certified materials, for example Responsible Wool Standard – RWS, Nativa, Sustainawool
Extend products life [SDG 12]
2023 At least 55% of nylon production scraps (Group's direct production sites and Moncler brand outerwear suppliers) recycled	 100% of nylon scraps recycled from own direct sites. Recycling extended to Moncler external outerwear production network, reaching 55% of total outerwear nylon scraps
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 to 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
2023 Zero single-use virgin plastic	Eliminated single-use virgin plastic from fossil origin
2023 100% of packaging used in logistics processes made with "preferred" materials	100% of the Group's logistics packaging made with "preferred" materials
Spread a sustainability culture
2024 100% of employees involved in an environmental training programme worldwide

2023 100% of the sales personnel worldwide involved in a training programme on sustainability and on materials and components made with "preferred" sources used in collections at global level	100% of Sales Assistants involved in a sustainability training programme on materials and components made with "preferred" sources used in collections at global level
BE FAIR
Strengthen traceability systems of raw materials [SDG 12]
2023 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)
2023 Key raw materials traced	Key raw materials (nylon, polyester, cotton, wool and down) traced
2024 Key raw materials in line with the Raw Materials Manual	Group drafted Raw Materials Manual
2024 Moncler fur-free collections
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	389 ethical and social audits carried out. 100% of suppliers of outerwear audited on ethical and social aspects in the three-year period 2021-2023*
	Over 90% of "critical suppliers" aligned with the highest levels of the Moncler Group's social compliance standard
* For the definition of "critical supplier," see the Be Fair chapter page 95. on	* The figure also includes audits on ethical and social aspects carried out by Stone Island prior to its integration into the Moncler Group.
Ongoing Promotion of health, safety and environmental certifications at supplier sites	Continued awareness-raising activities on suppliers aimed at promoting the importance of certification processes
2025 100% of "critical suppliers" evaluated and involved in a living wage analysis Living wage analyses are valid for three years	65% of "critical suppliers" evaluated and involved in a living wage analysis

Promote an inclusive culture through training [SDG 4; 5] 2023  Held first ever townhall on the theme of inclusive culture, Townhall on diversity, equity and inclusion bringing together the entire Moncler and Stone Island population worldwide 2023 Shared guidelines on inclusive leadership training Formulation of guidelines and implementation of inclusive leadership training programmes programmes with Regions and launched training courses with top management 2024 NEW 100% of employees involved in a training programme on diversity, equity and inclusion 2024 NEW Extension of , the corporate training programme MONCampus for young talent, at global level 2025 NEW Update of the , the company's PIUMA leadership model performance review system, with a focus on inclusivity Ensure representation [SDG 4; 5] 2023 Selected the first groups of graduates from universities Expansion of the Group's global pool of talents by involving identified through the in all QS Sustainability Rankings new universities and schools with a view to increasing diversity Group Regions 2025 69% women in total workforce ≥ 50% women in total workforce 51% women in all management positions ≥ 50% women in all management positions 55% women in junior management positions ≥ 50% women in junior management positions 42% women in top management positions ≥ 50% women in top management positions 49% women in management positions of revenue-generating ≥ 50% women in management positions of revenue-generating functions functions 67% of women in STEM-related positions ≥ 50% of women in STEM-related positions Science, technology, engineering, and mathematics Creating a system of procedures and policies to support Diversity, Equity & Inclusion (DE&I) 2023 Introduced the New Parents Policy to the entire Moncler and Applying a policy on parental leave worldwide Stone Island population, offering all employees, regardless of gender, marital status or sexual and affective orientation, 16 weeks of fully paid leave Launched new internal communication campaign on the Ongoing whistleblowing procedure Strengthening employees protection systems Meetings held with the human resources managers of the Regions to raise awareness of the importance of the whistleblowing procedure and of the reporting methods after the last update of the Whistleblowing Policy
	NURTURE UNIQUENESS

2024 NEW Launch of the initiative in Italy Ferie Solidali*
* The possibility of transferring - free of charge - vacation days to a colleague to assist them in managing specific and particular needs
2025 Equal pay certification at global level (Moncler brand perimeter)
2025 Publishing a DE&I report	Continued the process of integrating DE&I performance indicators into the employees data reporting system
Value people [SDG 3]
Ongoing Annual repetition of the employee satisfaction survey at global level	 Carried out the seventh internal employee satisfaction survey, , with an 92% response rate and involving MONVoice 5,816 people at Group level
2023 Inclusion of an objective linked to DE&I in the Management By Objectives remuneration system for the Group's top management	 Target achieved in 2022
2024 NEW Launch of second Diversity, Equity and Inclusion Survey involving 100% of employees at global level
Promote new ways of working
2023 Development of new initiatives to be included in onboarding programmes	 Identified digital support solutions, designed the process of delivering a personalised, effective, immersive and inclusive experience of onboarding new employees
2023 Implementation of a new corporate organisational model based on cross-functional and cross-cultural working groups	 Circulated to all Group Regions guidelines for the implementation of a new corporate organisational model based on cross-functional and cross-cultural work teams and approved the action plans defined at corporate sites worldwide
2023 Creation of a Diverse Steering Committee for strategic projects	 Created and launched a composed of Sounding Board Moncler and Stone Island people from the Regions with different profiles, cultures, ages, personal and professional experiences for high-value transformational business projects
2024 Creation of working groups, at regional level, to ensure DE&I plan implementation and to share new proposals
* The goal has been changed from the original version that included the creation of Employee Resource Group

GIVE BACK
Protect people from the cold
2025 150,000 people in need protected from the cold (2020-2025)	About 140,000 people in need protected from the cold over the past seven years
Create shared value [SDG 11]
2024 Implementation of a high social value project every two years
Ongoing 100% of eligible employees volunteering	 100% of eligible employees volunteering

NURTURE UNIQUENESS

Employees in numbers Management and development Diversity, equity and inclusion Occupational health and safety Industrial relations

The Moncler Group seeks the best talent and invests in their professional growth and promotion of their well-being.

It provides a safe, meritocratic and stimulating workplace, where diversity is valued and where each person is empowered to best express their capabilities, potential, talent and uniqueness.

EMPLOYEES IN NUMBERS

At 31 December 2023 the Moncler Group had a total of 7,510 employees, up on 2022 (+19%, equal to 1,200 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. See also pages 170-172.

GEOGRAPHICAL AREAS AND PROFESSIONAL CATEGORIES

NUMBER OF EMPLOYEES

The majority of the Moncler Group's workforce is concentrated in the EMEA Region (37%), where Moncler and Stone Island corporate sites are located, as well as the Moncler's production site in Romania, accounting for 61% of the entire Region's population.

At the individual country level, the countries where most employees are based, in addition to Italy (29%), are: Romania (23%), China1 (10%), Japan (9%) and the United States (6%).

2

¹ China country includes the employees of the Chinese mainland, Hong Kong SAR, Macau SAR, and Taiwan Region.

² Employees are divided into five general categories: workers, white-collars, professionals, managers, executives and senior executives.

Executives and senior executives: these include executives who are the highest and second-highest level in a company function/business unit and who therefore contribute to formulating the business or functional strategy, with a direct impact on their performance.

The professional category with the highest number of employees is white-collars, with a 15% increase compared to 2022. The category that grew the most was that of workers (+35%), as a direct result of the expansion of production sites, followed by professionals (+17%), mainly due to the Group's ongoing, constant investment in coordinating figures directly involved in the implementation of key activities and processes. See also page 170.

AGE, LENGTH OF SERVICE AND EDUCATION

The greatest concentration of employees continues to be in the "31-40" and "under 30" age groups. In particular, the latter registered an increase of 18% compared to 2022, in line with the Group's commitment to providing professional opportunities to young people. The average age is 37 years.

In terms of length of service, the largest concentration continues to be in the "Up to 5 years" group, which represents 79% of the Group's population. The group that increased the most compared to the previous year is the "11-20 years" one, up 27%. Lastly, with regard to educational level, most employees (80%) have a mediumto-high level of education (48% have a university degree or equivalent and 32% have a high school diploma). See also page 170.

Managers: these include those who are responsible for implementing certain operational activities and processes, generally through direct management of a group of people. This category also includes senior managers, who are responsible for implementing the corporate or functional strategy, leading and managing people.

Professionals: these are those who possess specialist skills and manage activities or parts of processes relevant to the organisation. They may be responsible for coordinating a group of experts.

White-collars: these are those who perform specialised operating duties and/or tasks generally assigned by the officer of reference. Workers: these include workers with operational duties within the Group.

³ In 2023, the level of education of 1,161 employees could not be mapped as the information was not available.

NATIONALITY OF LOCAL MANAGEMENT

The Moncler Group directly operates in more than 70 countries, with five regional structures, through local offices, where a senior management team, in collaboration and synergy with the corporate offices, manages the areas of competence.

The Group has always implemented a policy aimed at valuing local professionals where they possess the appropriate skills and characteristics. At the same time, over the past few years, international profiles have been recruited at the headquarters and are providing significant contribution to reinforcing the global strategy.

LOCAL SENIOR MANAGERS4

PERCENTAGE		Moncler Group
	2023	2022	2021
EMEA (including Italy)	94%	98%	98%
Americas	82%	62%	58%
Asia	98%	92%	94%

EMPLOYMENT CONTRACT

In 2023, 86% employees had permanent contracts, of which 95% full-time.

FIXED-TERM AND PERMANENT CONTRACTS

Fixed-term contracts represent around 14% of the total and are mainly linked to the seasonality of some business and retail activities. In 2023, 257 fixed-term contracts were transformed into permanent contracts, demonstrating the Group's commitment to consolidating and retaining people.

At the end of 2023, 555 people were employed under other forms of collaboration (internships, temporary work, etc.) in accordance with the law and in relation to business needs. Around 22% of these are temporary-work

⁴ The 2022 and 2021 data have been restated compared to those published in the 2022 Consolidated Non-Financial Statement due to a review of the calculation methodology for the indicator.

contracts with a view towards a progressive integration, while 78% are internships, considered as an important source of the Group's future talent. See also pages 170-172.

TURNOVER

In 2023, the Group's negative turnover was 16%5 , down from 2022 (20%). This figure, considered to be the norm, depends on the typical dynamics of retail personnel, a phenomenon considered to be expected given the nature of the competitive context of the sector.

During the year approximately 3,580 people were hired under permanent or fixed-term contracts, of whom approximately 66% were women and 53% younger than 30.

Over 2,300 people left the Group. See also pages 172-173.

NUMBER	2023
Employees at 31/12/2022	6,310
New hires6	3,579
Departures7	(2,379)
Employees at 31/12/2023	7,510

⁵ Negative turnover is calculated as the ratio between permanent employees who left the Group (1,013) during 2023 to the total of permanent employees (6,480) in force at 31 December 2023. In 2023, Moncler's voluntary turnover was 10.5% (13.4% in 2022, 12.5% in 2021 and 10.5% in 2020).

⁶ Both fixed-term and permanent employees.

⁷ Including 154 departing employees with contracts terminated on 31 December 2022 and not including 3 departing employees with contract terminated on 31 December 2023.

MANAGEMENT AND DEVELOPMENT

The recruitment and selection process, along with the evaluation and employees engagement, are of great importance to the Moncler Group, aware of the importance of people's contribution to the creation of long-term value.

RECRUITMENT

The current constantly changing and evolving scenario requires new skills, professionalism and flexibility. The Group aims to create an international workplace that fosters the sharing of ideas and experiences to stimulate creativity and innovation. It focuses on empowering employees by providing them with personal and professional development opportunities to support the achievement of its strategic goals. Selection and hiring processes therefore play a key role in implementing recruitment campaigns based on objectivity, competence and professionalism, while also conveying the value of equal opportunity ensuring, whenever possible, gender representation as well as the inclusion of all other forms of diversity within the panel of candidates, so as to ensure a fair and impartial selection process.

Selection and personnel recruitment processes are governed by a specific policy and procedures developed at global and local level. In 2022, this policy was updated to strengthen the Group's commitment to implement processes that are transparent, inclusive, and careful, to ensure the retention and development of personnel. In 2023, in further efforts in this direction, the Talent Acquisition department carried out a review of the language to be adopted at each stage of selection in an inclusive perspective, from the description of the job advertisement to the interview stage.

The Internal Job Posting is also part of this process. Each employee, through the dedicated area on the company platform, can apply for open positions that best align with their profile, level of experience and aspirations, ten days before external publication. In 2023, at Moncler the positions filled via the Internal Job Posting accounted for 15% at global level, in particular they accounted for about 20% in Europe, 24% in America and 10% in Asia. At Stone Island eight employees benefited from the Internal Job Posting in 2023.

The Group's attractiveness was confirmed by the significant number of applications that continued to be received in 2023. During the year more than 37,000 curricula (+23% compared to 2022) were submitted via the corporate website, in line with the trend of previous years.

In 2023, the onboarding experience was improved to facilitate the entry of new employees. Through workshops with colleagues from different functions and seniority levels, needs and expectations were identified and refined with respect to the current process.

Collaboration with academia

Of particular importance are the collaborations with leading professional schools, universities and business schools, with whom Moncler has longstanding relationships, including internship programmes for students and new graduates, project development, participation in working groups and visits to corporate sites. Employer branding activities are an excellent opportunity to raise awareness on the Company's ongoing evolution, increase its attractiveness and reach out to a large number of talented individuals. In order to access to the most diverse talent pool possible, the Moncler Group has identified a panel of universities recognized by the QS Sustainability Ranking for their ability to attract students ensuring a high level of diversity. In 2023, student selection processes were initiated in each Group Region, resulting in the addition of new employees from the panel of universities.

Each year, Moncler and Stone Island offer various internship opportunities, giving high-potential young people the chance to learn about the business and participate in a training experience. In 2023, approximately 190

internships, both curricular and extra-curricular, were offered at the Group. In particular, young interns from 16 different countries were hosted at Moncler's Italian corporate offices in 2023. With regard to these two latter categories, 48% of internships that took place in 2023 led to employment contracts. During 2023, Moncler continued to organise meetings with students from partner schools via digital channels and, only where possible, through physical meetings. Workshops, business cases and recruitment sessions were designed for these occasions, based on ad hoc programmes designed for each school. The main schools Moncler partnered with in 2023 were: Cattolica University of Milan, Bocconi University of Milan, Ca' Foscari University of Venice, University of Padua, Politecnico of Milan, Istituto Secoli and IED of Milan, Domus Academy of Milan, Istituto Marangoni and NABA of Milan, Milan Fashion Institute, Luiss of Rome, London Business School and the H-FARM campus. In addition, several technical institutes were identified, including the Istituto di Istruzione Superiore Caterina da Siena, the Istituto Usuelli Ruzza and the Istituto Istruzione Superiore Scarpa Mattei, as strategic partners with whom to collaborate in identifying talented individuals with a technical background.

MONCLER AND THE COLLABORATIONS WITH THE MOST IMPORTANT UNIVERSITIES AND BUSINESS SCHOOLS

In 2023 Moncler's attention on attract, identify and invest in talented young people with a strategic view to develop the next generation of business leaders led to the establishment of numerous partnerships with major Italian and international universities and business schools, as well as with professional and academic institutions.

The partnership with Cattolica University (Milan) continued for a master's degree programme in Luxury Goods Management (EMLUX). In 2023 Moncler continued to make part of the Group's management available to teach the omnichannel and digital module of the master's degree and proposed business case and project activities. Students of various nationalities worked on a project to define a customer journey for a community of Moncler and Stone Island clients, to be presented to management. Several students will be selected for an internship, with the opportunity to continue their experience within the Group.

Together with Ca' Foscari University of Venice, the Group participated in the event Fashion & Lifestyle Career Day, allowing a selected group of students to share their CVs and meet with companies in the fashion, retail, beauty, automotive and communication sectors.

Alongside the research group at LUISS University of Rome, Moncler was involved in a project to develop its own Value Proposition. The study involved a class of students through an interactive case study.

The longstanding partnership with Bocconi University of Milan continued, particularly within the Master of Science in Management - Major in Fashion & Luxury. The master's degree students conducted a merchandising analysis on the positioning of product categories in the fashion industry, presenting their discussions to a jury composed of representatives of Moncler's management. In addition, the Group's management gave lectures both during the Summer School, a programme for international students ages 17 to 19 from 15 different countries, and Memit - Master in Economics and Management of Transport, Infrastructure and the Supply Chain.

In 2023 collaboration continued with JEst – Junior Enterprise, the student association of the University of Padua. Projects were proposed and events organised to get in touch with talented students interested in entering the workplace.

During a company event held in 2023 at the Milan headquarters, the Moncler's Chief Brand Officer discussed Moncler's brand strategy with the group of students of the University of California Los Angeles (UCLA).

In Korea, in addition to Woosong College and Jangan University, 12 additional partnerships were established with new universities and internships started for several students. In addition, in 2023 the MONCareer programme continued, involving students from the Sookmyoung Women's University in a four-month internship.

In Japan, collaboration was reinforced with major universities and business schools, including Kwansei Gakuin University and Rikkyo University of Tokyo, and new partnerships were launched with the University of Foreign Studies in Kansai, Kyoto and Nagoya, with the Professional Institute of International Fashion of Tokyo and Tokyo Seitoku University. Collaboration mainly concerned training activities in fashion retail courses and were aimed at launching an internship programme at the main Moncler boutiques. In 2023, 36 internships were activated at the Aoyama boutique, Namba, Kobe and the Ginza flagship store.

In Europe, in collaboration with the Glion Institute of Higher Education, the Les Roches International School of Hotel Management and the Ecole Hotelière de Lausanne, digital career days were organised with the aim of identifying new resources to be included at the Moncler Ski Resorts. A summer internship selection event was also organised involving students from the French business school IÉSEG School of Management to be placed in stores in Paris. Finally, three students from the Grenoble Ecole de Management were selected after a day at the Champs-Elysées flagship store in Paris.

TRAINING

Training plays a key role in the process of people's development and enhancement. It is a fundamental tool for increasing, stimulating and consolidating individual skills, for fostering constant upskilling of key knowledge needed to support the continuous evolutions of the business, and, lastly, for spreading the Group's values and strategy, supporting its growth as well as cultural and organisational development. All training initiatives are aimed at professional improvement, providing opportunities for ongoing development and growth for each employee.

In 2023, approximately 2 million euros were invested in training and 305,161 hours of training were delivered (+79% hours compared to 2022) for more than 7,100 employees. During the year, there was considerable involvement of the employees of the retail channel through training programmes, along with a significant increase in on-the-job training courses at production sites. These programmes are designed to strengthen the skills of new recruits, enabling them to acquire new knowledge through observation, practice and direct application during the performance of their tasks. Among the employees involved in training, white-collars made up 51%, followed by workers (28.3%), professionals (11%), managers (7.8%) and executives and senior executives (1.9%). Average hours per capita were 40.6 (about 49 for women and 22 for men), up 50% from 2022.

In 2023 the largest investment related to technical and professional training, which represents 79% of the courses delivered both to the sales force and to employees at corporate sites. In addition, a high level of commitment in the health and safety training was maintained, accounting for 14% of hours delivered.

TRAINING INVESTMENTS

	Moncler Group
	2023	2022	2021
Training expenses (euros)	1,986,064	1,708,966	923,801
Hours of training (No.)	305,161	170,843	118,299
Employees involved (No.)8	7,141	5,466	5,086

⁸ Refers to all employees, including those who left the Group during the year who benefited from at least one training course in 2023.

Mandatory training continues to play a significant role in the context of corporate training. In Italy, all the Group's employees are trained on the Legislative Decree 231 Model. An essential module focuses on the Code of Ethics to understand and share the Company's guiding principles and values with a focus on human rights. Globally, General Data Protection Regulation (GDPR) e-learning courses continued and cyber security training programmes were launched.

During the year the Moncler Group also continued, both at the Italian corporate sites and at the production site in Romania, to promote training programmes aimed at strengthening the culture of personal health and safety, create awareness of risks in the workplace and provide information necessary for their proper identification and management.

With regard to the legally-required courses on Legislative Decree 81/2008 on Health and Safety, among the others, during the year 42,962 hours were delivered. See also pages 86; 176-177.

TRAINING AND INTERACTION VIA DIGITAL PLATFORMS WITHIN THE MONCLER GROUP: MAKEPlatform AND MINE

MAKEPlatform is the platform accessible to all employees, where people can find not only training contents, e-learning courses, articles and webinars, but also interact with their community at all times. New training plans were introduced on MAKEPlatform and existing programmes were enriched, with the implementation of a specific editorial plan. This plan aims to provide updated, consistent content focused on four main areas of learning: Remote Working, Management, Leadership and Personal Effectiveness.

MINE, a new platform designed as a tool for sharing information and facilitating networking between colleagues globally, was launched in 2022. It is an app that keeps all Moncler corporate and retail employees up-to-date on business initiatives and news through training, news and games. Through MINE, employees can connect with all their colleagues worldwide and share their experiences at the company.

Approximately 4,300 hours of human rights training were delivered in 2023. In particular, the Unconscious Bias course continued worldwide to promote a conscious, inclusive organisation.

In the Americas Region and in Japan, e-learning modules on workplace harassment continued to be delivered in 2023.

In the context of the efforts to promote diversity, the programme on cultural awareness continued. The aim of the programme is to foster respect for cultural diversity and offer guidance regarding the most appropriate and effective behaviour and communication methods to be adopted with colleagues, partners, clients and individuals from different cultures, such as those of China, America, Korea, Japan and Italy.

All these courses are accessible through MAKE, Moncler Academy for Knowledge and Excellence.

MAKE: MONCLER ACADEMY FOR KNOWLEDGE AND EXCELLENCE

MAKE, Moncler Academy for Knowledge and Excellence, is a learning ecosystem for personal development of Moncler and Stone Island people in terms of knowledge and skills, but also of mental approach, working methods and organisational awareness.

Starting from the needs of the business, the MAKE architecture was designed to build a learning culture in which people are, with the sponsorship of their supervisors, aware of their own growth and able to identify their own needs, while also developing the ability to learn from daily work.

In 2023, various programmes were delivered through MAKE:

MONCampus

The MONCampus Talent Programme is a development programme dedicated to high-potential Group's people. It is a knowledge-sharing journey, designed to facilitate and accelerate the personal and professional growth of talented young people at Moncler and Stone Island. The one-year programme aims to provide a comprehensive vision of the Group and its operations, increase the knowledge of the technical aspects relating to each function and develop managerial and project skills through an interactive and experiential method.

The third edition of MONCampus ended in July 2023. The 24 participants were asked to develop various projects with the support of internal tutors with the aim of acquiring tools and knowledge related to the project themselves. During 2024, the programme will be expanded worldwide, involving people with potential in the Regions as well.

eMpower

The eMpower project, launched in February 2023, represents a tangible commitment by the Group to supporting and empowering young new employees. It is a three-year course designed to help them learn through targeted training programmes. These programmes begin with enhancing digital skills, such as Excel and PowerPoint, and extend to promoting collaboration within the work team. They then focus on workshops dedicated to time management, creativity and personal development. eMpower accompanies training activities with opportunities for engagement. During the year, sports tournaments, company visits and informal networking activities were thus organised for young people in the eMpower community. In 2023, the initiative involved 188 people for a total of 1,565 hours of training.

Building Leadership

The Building Leadership Training Programme is a training programme for the development and enhancement of leadership skills within the organisation. In 2023 the initiative involved 39 employees from corporate sites, for approximately 740 hours, with diverse skills and backgrounds and was divided into six workshops focusing on topics such as leadership, importance of feedback, ability to delegate, stress management, conflict management and effective communication. Participants were also invited to understand and reflect on inclusive leadership by deepening the topic of diversity and inclusion within the company. An individual coaching programme was also offered to participants in order to reinforce the ability to apply the concepts learned. The programme, which in 2022 was extended to employees in the EMEA Region, involved 72 managers from the Japan Region's Corporate and Retail functions in 2023.

Makers Lab

To ensure that areas of training are firmly tied to business needs, top management plays a key role in identifying training needs and identifying Makers, i.e. internal Subject Matter Experts who can spread knowledge and best practices on specific topics.

During the year, the Makers Lab, also extended to employees in other countries in which the Group operates, involved 18 internal experts, the Makers, who shared their knowledge of specific activities, processes and tools with other colleagues. This programme was consolidated in 2023, with 38 training sessions for a total of over 1,400 hours.

Moncler Academy for Technical Excellence (MATE) and Stone Island Atelier Project

MATE is a specialist training course, launched in 2022, dedicated to the recent graduates of technical and professional schools with a duration of two years. MATE aims to train professionals to operate in the production of samples, prototyping and quality control, with a complete vision of the process of creation of a down jacket. The art of the outerwear is the focus of the training programme: from the strict quality and sustainability requirements for the raw materials to the final control of the finished product, to the knowhow relating to manufacturing and the down-filling techniques. The same programme, renamed Stone Island Atelier Project, has been launched for Stone Island.

In 2023, the third edition of the program was launched, involving 14 participants for a total of over 20,500 hours of professional training. During the year, the training course was enriched and revised according to a more structured approach, becoming a full-fledged academy with qualified, highly specialised internal teachers. The training approach adopted aims not only to improve the skills of recent graduates, but also to strengthen the corporate culture based on the sharing of knowledge and competencies, as well as the sense of craftsmanship.

The Pattern Making School training programme has been in place at the production site in Romania since 2018, with the aim of increasing skills among Moncler's personnel and thus strengthening certain departments such as modelling, CAD, development and placements through the training and recruitment of local students.

Moncler also continues its partnership with the Italian association Valore D, giving some employees of corporate offices in Italy the opportunity to participate in inter-company courses and workshops. These courses aimed to promote organisational models and develop a corporate culture that supports collaboration and dialogue between different generations, genders and cultures, while also facilitating the use of innovative, flexible tools to increase the degree of well-being and motivation of the employees involved. Also in 2023 Moncler employees continued to be involved in training on various subjects, such as the development of the entrepreneurial spirit of young people, awareness of their role in the company, the importance of effective communication and the development of managerial skills.

REMUNERATION

The Moncler Group's remuneration policy is designed to attract, motivate and retain people with the professional skills necessary for their role within the organisation. It is based on the principles of transparency, fairness and equal opportunities, and takes into account merit, abilities, skills and individual performance, including the level of organisation and responsibilities assigned, as well as dealing with the external market.

As a listed company, the Remuneration Policy for Group directors and strategic managers is set in accordance with the recommendations of the Corporate Governance Code, with the involvement of the People & Organisation function, the Nomination and Remuneration Committee, the Board of Directors and the Ordinary Shareholders' Meeting.

In the countries in which it operates, the Group offers, without differences between men and women, entry level salaries equal to or above the minimum required by law or collective bargaining, as confirmed by the analysis on the living wage carried out annually for the entire corporate population9, including the production site in Romania, according to the Fair Wage Network methodology (see also pages 102-104). Through an annual salary review process, the Group also promotes the results achieved by its personnel. This is the context for the commitment to obtain, for the Moncler brand, third-party and impartial certification of fair pay by 2025. The first analyses carried out led to obtaining certification for the corporate population of the Moncler brand in Italy. See also page 59.

In addition, the Group has a Global Mobility Policy, which sets out the guidelines at a global level to ensure that employees working abroad receive fair, competitive, incentivising and consistent economic treatment. This Policy is a fundamental tool for regulating international mobility, a pillar of individual development and business success.

More than 85% of the eligible population of professionals, managers, executives and senior executives has a remuneration structure made up of a fixed and a variable component appropriately balanced according to their contributions to the company's strategic objectives. The variable component may be short-term (Management By Objectives) for the store managers and corporate population; a sales commission for retail staff, at both team and individual level; or long-term (Long Term Incentive).

The Management By Objective (MBO) system is based on annual objectives, mainly quantitative, relating to financial performance achieved by the Group (primarily Group consolidated EBIT) and qualitative objectives of significant strategic and operational importance, including those linked to the achievement of the objectives of the Strategic Sustainability Plan. The system, which applies to professionals, managers, executives and senior executives for corporate sites employees and to the store management team, is intended to encourage the achievement of distinctive results through mechanisms that reward over-performance by increasing the value of the bonus that can be awarded, over a certain threshold, where the assigned objectives are exceeded.

In the MBO system, for all those involved in the implementation of the Sustainability Plan are assigned social or environmental objectives as well as internal population engagement objectives. Particular attention is given to the objectives set by the Group to fight against climate change and reduce the impacts in this area. All members of the Strategic Committee, including the Chairman and the Chief Executive Officer10, have a percentage of their MBO linked to the achievement of the Group's strategic sustainability objectives and a target relating to the DE&I topic. For each beneficiary, the MBO system establishes both collective economic and financial objectives and individual and team objectives focused on the operational and strategic performance of the department to which they belong, involving several colleagues, as well as project objectives related to the achievement of milestones relevant to the specific function.

⁹ In 2023, employees in all countries in which the Group operates receive an average salary in excess of the living wage.

¹⁰ The ratio between the total remuneration received by the Chairman and Chief Executive Officer (including the fair value of the medium-/long-term incentive component) for 2023 to the overall median remuneration (including fixed and variable components) of Group employees is equal to 271:1 (216:1 in 2022). In 2023, the ratio of the percentage increase of the total annual compensation for the Chairman and Chief Executive Officer to the median of the total annual percentage increase for all employees (excluding the highest paid individual) was 6.3.

Lastly, the MBO system provides for alignment between performance objectives and the management of the risks identified by ERM to spread a culture of risk assessment and management in the employees decisionmaking process.

As a medium-/long-term incentive system, the Moncler Group currently uses Performance Share Plans for key positions within the management population. These systems allow the incentive process for managers and key resources of the Group to be linked to actual company's results, steer people towards strategies aimed at pursuing sustainable medium-/long-term results, align the interests of beneficiaries with those of shareholders and investors and develop policies aimed at attracting and retaining talented professionals.

Since 2020 an ESG Performance Indicator, that entails the achievement of sustainability targets, was introduced for the Performance Share Plans. The 2020 Performance Share Plan focuses on carbon neutrality for all directly managed corporate offices (offices, stores, production sites and logistics hub), on reducing single-use virgin plastic from fossil origin and on the recycling of nylon production scraps. In addition, the 2020 Performance Share Plan entails, as an over-performance criterion, an additional objective that reflects the achievement of a high assessment of the Group's sustainability performance by one of the leading ESG rating companies, among S&P Global, CDP, MSCI or Sustainalytics. In 2023, the ESG indicator was achieved at the maximum percentage.

Lastly, retail channel employees are provided with incentive systems based not only on individual but also store performance that reward excellence and service quality, along with the contribution to business development.

See also the 2023 Remuneration Report, published in the "Governance" section of the corporate website.

BENEFITS

The remuneration package offered to employees includes a wide range of benefits, ranging from life insurance to pension schemes and prevention programmes aimed at improving individuals' well-being. The benefits offered by the Group to its employees are linked to the professional category to which they belong, regardless the type of contract (fixed/permanent; full time/part time) and follow guidelines applied internationally, with possible changes depending on the local policy of the country of reference.

To develop remuneration policies that not only reward 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, who have always been Moncler's true strategic asset. 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 reimbursement of school expenses to vouchers, from leisure solutions to wellness packages.

In Italy, there is also the possibility of transferring a portion of one's welfare credit to supplementary pension funds, and the Welfare Plan identifies an "access" condition linked to the Group's profitability.

During the year, in the context of the corporate welfare system, employees at the corporate sites in Trebaseleghe (Padua) who took advantage of the nursery school and kindergarten received a full contribution from the Company: the selected schools welcomed up to 28 children of Moncler employees. In 2023, a kindergarten for employees' children was also opened at the production site in Romania, accommodating 60 children.

MAIN BENEFITS

FINANCIAL BENEFITS	Eligible employees
Supplementary pension plans	49%
Supplementary health plans	57%
Life insurance	24%
Financial support for disability	40%
Company canteen or lunch voucher	48%
Company welfare11	49%
Other12	31%
SOCIAL BENEFITS	Eligible employees
Fitness/sports centres13	24%
Wellness and nutritional programmes	59%

Lastly, Moncler and Stone Island adhere to Sanimoda, the supplementary health care fund for workers in the Italian fashion industry, which provides health care services supplementary to those of Italian's National Health System. During the year 1,457 Italian employees signed up with the Fund.

THE FIRST MONCLER KINDERGARTEN IN ROMANIA IN COLLABORATION WITH REGGIO CHILDREN

In 2023, as part of the expansion of the production hub, which involved an investment of around 10 million euros, Moncler announced the opening of a kindergarten for the children of employees in Romania.

The initiative reinforces Moncler's presence as a major local employer and confirms the company's commitment to improving the well-being and work-life balance of its employees by providing their children with an advanced learning space.

The Moncler kindergarten, which welcomes children ages two to six, offers an innovative learning experience based on one of the most internationally renowned teaching approaches developed by the Reggio Children organisation. This innovative approach fosters an environment that encourages children's potential and promotes experiential learning through interactions, autonomy, exploration and communication.

The architecture, the design of the spaces and the furnishings of the school recreate the idea of an open atelier that stimulates children's knowledge and creativity. All educational activities are carried out according to a multilingual approach, in Romanian, English and Italian, to allow children to learn in a natural way and stimulate the multicultural dimension. Family involvement is key to designing a tailor-made learning journey. Educators work closely with parents through regular meetings and workshops on wellbeing and nutrition to ensure continuity between children's school and home experiences.

The kitchen also pays particular attention to the origin and seasonal nature of products, involving children in activities related to the preparation of some meals to develop their personal autonomy.

The Moncler kindergarten obtained WELL "gold" certification in early 2024, the world's leading building certification programme with the highest standards of health and well-being. The project adheres to the most innovative protocols and policies that promote health, safety and well-being, based on several factors, including the quality of light, water and air, energy efficiency, interior comfort and the quality of food offered.

¹¹ Including in addition to the Moncler Corporate Welfare Plan, also the kindergarten and other child services.

¹² Includes benefits such as company car, transport or accommodation allowances.

¹³ Includes free access to the gym, fitness classes and other initiatives.

DEVELOPMENT

The identification of the best talents and their retention within the company is crucial for the Group. To value and develop people, Moncler uses the PIUMA leadership model, an annual performance evaluation system that measures the skills people use to achieve the assigned targets. Based on a robust methodology it measures performance by assessing the level of knowledge, problem-solving ability and impact on the business and leadership, then comparing it with the standard expected for the specific role. This allows to verify the level of adherence of the individual to their role, defining potential training and development plans.

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 business 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 his 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 sharing of the assessment between the manager and the employee, in a conversation, in which the areas for improvement identified are discussed, the results achieved are emphasised and an action plan to strengthen future performance is shared.

The process is thus structured to include various 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 population in Romania. During the year, 5,837 people were assessed at Group level, 10% more than the previous year, equal to 100%14 of the eligible population.

In addition to this structured annual assessment process, the Group promotes continuous processes of flexible 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.

PERFORMANCE EVALUATION

	Moncler Group
	2023	2022	2021
Employees involved (No.)	5,837	5,288	4,218
Eligible population coverage (%)	100%	100%	97%

¹⁴ The percentage was calculated on the 2023 eligible workforce employed under permanent contract, the database on which the 2023 assessment process was implemented.

EMPLOYEE ENGAGEMENT

The Group recognises the importance of employee dialogue and active participation as essential to increase the motivation and satisfaction of its people and thus create strong long-term relationships. The Engagement & Internal Communication department within the People & Organisation function is tasked with the development of strategies, actions and tools for people engagement and promotion of corporate culture. Several initiatives were developed in 2023, all of which sharing some distinctive features: developing collaboration between people, creating opportunities for sharing and knowledge, facilitating the communication of information and creating a shared culture and vision in order to increase team spirit at the Moncler Group.

Also in 2023 the annual people satisfaction survey, MONVoice, was carried out, with the aim of capturing the company's positioning with respect to two aspects: employees' engagement and enablement. By analysing the individual components of each of these two aspects, the Moncler Group identifies the strengths and areas on which to work to increase and improve its overall positioning.

The seventh edition of MONVoice involved 5,816 people worldwide, with a questionnaire of 47 closed questions and an open question asking people for suggestions on the areas of improvement of the Moncler Group and the factors that motivate them.

The main areas of excellence that emerged included "quality and attention to the client", "respect and recognition" and "the flexibility and availability of managers". "Collaboration and communication between departments", while growing, remains the area to be strengthened, together with the Group's capacity to organise "work in a structured manner and in line with the responsibilities required by the role performed" and the "remuneration and benefits system".

In order to start a process of improvement for people, starting from the people themselves, results are shared worldwide through internal communication, as well as through dedicated meetings. Opportunities for sharing results are key to deepen the data that have emerged and then formulating action plans and improvement projects to meet the entire organisation's expectations and needs.

	Moncler Group
	2023	2022	2021
Employees involved (No.)	5,816	4,578	4,286
Eligible population coverage (%)	100	100	100
Engagement rate (%)	65	64	62
Response rate (%)	92	89	88
of which women (%)	93	89	70

PEOPLE SATISFACTION SURVEY

Activities aimed at creating contact points between employees and the Group's top management continued. It continued the Thank Boss It's Friday!, an initiative launched in 2019 where employees share their curiosities and propose suggestions to top management with a view to open dialogue. In 2022, the format was extended to Stone Island and also launched globally, adapting it to local cultures, inviting Group people to take part in online meetings with the Presidents of the Regions and promoting international groups of participants from different parts of the world. In 2023, approximately 240 people participated in the initiative.

In line with the objective of creating awareness of what is occurring within the Group and setting up opportunities for contact with top management, several meetings were held for all employees, during which they were informed of financial results. These were opportunities set up at the corporate level to explain and celebrate company results and update the entire corporate population on the most important projects. These initiatives have also been replicated periodically at local level, in order to deepen each Region's results and targets.

Convinced that corporate volunteering is not only a tool for social responsibility, but also a means of creating a culture of diversity and solidarity, Moncler, since the launch of the first programme in 2018, has partnered with a number of non-profit organisations in activities ranging from environment to social. All employees at sites worldwide can take two days a year to volunteer, choosing from different organisations, types of activities and days.

The project with Legambiente aimed to raise awareness of the environmental impact of the dispersion of waste in nature continued. In the project, the Group's volunteers actively participated in the campaign for parks and beaches conservation, which were cleaned mainly of plastic materials or invasive plants. In addition, another project was launched, involving the Group's people in activities to restore and maintain schools and community centres in the cities of Milan, Padua and Modena, Italy.

In 2023, in addition to providing economic support to UNHCR in collaboration with the Fondazione Francesca Rava N.P.H., the Group acted promptly, with the support of Moncler and Stone Island volunteers, to offer its help in restoring the sites affected by the flood in Emilia-Romagna.

Moreover, since 2021 Moncler has invited its people to participate in the Be Warm project, developed together with Officine Buone to provide Italian hospitals, and above all the Istituto Nazionale dei Tumori (National Cancer Institute) in Milan, their artistic talent, encouraging employees to share their passion for art, painting, photography, digital art and music. The most creative works selected became part of a travelling exhibition in hospitals. For example, in December 2023 the works were exhibited at the Niguarda hospital in Milan. In addition, selected singers and musicians had the opportunity to perform in hospital wards, offering moments of fun and relaxation to doctors and patients.

During the year, numerous initiatives also saw the Regions of the Group engaged in various volunteering activities, from social activities to the cleaning and conservation of natural areas such as parks and beaches.

In 2023, 476 employees participated in these programmes worldwide, for a total of over 2,000 volunteer hours, an increase of 28% compared to 2022.

DIVERSITY, EQUITY AND INCLUSION

The Group operates in an international and multicultural context, and regards diversity as an asset to be valued, as well as a source of competitive advantage.

Welcoming everyone, valuing diversity and expressing ourselves always are core aspects of the corporate culture and crucial to its growth and way of doing business. The Group thrives in diversity and engages in dialogue with all generations and cultures, aware that diversity is a resource, an opportunity for enrichment and an asset that makes companies stronger in global challenges.

As stated in the Moncler and Stone Island Codes of Ethics, in the Human Rights Policy approved in 2023, and in line with an inclusive approach, no form of discrimination on the basis of ethnicity, skin colour, gender, sexual orientation, religion, nationality, age, political opinion, trade union affiliation, marital status, physical or mental disability, or any other status or personal characteristic is tolerated. Respect for diversity and equal opportunities and the prevention of all types of discrimination are principles that the Group is committed to ensure at all stages of employment, from the recruitment process to the definition of remuneration, to opportunities for professional growth, through to the conclusion of the employment relationship.

Since 2020, the commitment to strengthen the culture of inclusion and diversity, both within and outside the Group, has led to embrace in a Diversity, Equity & Inclusion (DE&I) journey.

The Diversity, Equity and Inclusion Committee promotes inclusion and diversity in all their forms within the Group. It reports to the Nomination and Remuneration Committee, with which it shares the strategy and reports on the actions taken. The DE&I Committee aims to assess current internal policies and initiatives, defining a clear vision that, in line and synergy with the business, enables the Group to achieve outstanding levels in DE&I, developing areas of improvement, launching new initiatives and projects on diversity and constantly monitoring and measuring the progress made, with particular regard to the peculiarities of the communities where the Group operates.

The DE&I Committee relies on an operational working group that put the strategy into practice, implement the action plan and monitor specific indicators and objectives, ensuring continuous and constructive dialogue between the Committee and the Group's Regions.

Drivers of the activities that are underway involve the following areas:

• strengthening a culture of diversity, equity and inclusion through training and awareness-raising activities
• promotion of representation through various tools including partnerships with universities that have a very diverse pool of students, selection processes aimed at ensuring fair and impartial evaluations
• design of new ways of working through initiatives that foster exchange and sharing between people, such as the creation of interdisciplinary working groups, project committees representing company diversity by age, skills, gender, seniority, cultural background, etc.
• definition of processes and policies to support diversity, equity and inclusion and compliance with these principles, including a global parental policy, strengthening of internal protective mechanisms and reporting of misconduct, equal pay certification, etc.
• talent enhancement through various initiatives including internal job postings, extension of the performance evaluation system, celebration of individual achievements, etc.

With regard to training programmes, in 2023 the Unconscious Bias course was launched to help participants understand and recognise stereotypes and prejudices through practical exercises, to experience them on themselves and explore how they impact decisions. In addition, the cultural awareness programme continued for all employees across the various cultures, including those of America, Korea, Japan, China and Italy. In 2023, guidelines were also shared on inclusive leadership training programmes with the Regions and courses

were launched with top management, involving managers and executives in mandatory training on issues of uniqueness and inclusion.

In terms of defining new ways of working during the year, a new onboarding programme was redefined, digital support solutions identified and a process designed to ensure a personalised, effective, immersive and inclusive experience of the onboarding phase of a new colleague. A Sounding Board was created and launched, consisting of selected Moncler and Stone Island people from the headquarters and Regions populations with different profiles, cultures, ages, personal and professional experiences for high-value transformational business projects.

With regard to company policies and procedures, in 2023 the Group introduced the new measures to promote parenting and improve the well-being and work-life balance of its people, regardless of gender, marital status or sexual and affective orientation, presenting the New Parents Policy. The new policy introduces a minimum global standard15 that ensures 16 weeks of fully paid leave16 for all new parents employed by the Moncler and Stone Island brands17.

To create opportunities for sharing, the first townhall dedicated to diversity, equity, and inclusion was organised and broadcasted live to all employees globally in 2023. During the event, international anthropologist and speaker Jitzke Kramer presented key concepts concerning positive and inclusive leadership and discussed how various influences and factors contribute to shaping cultures and how cultures, in turn, influence people. Top management then unveiled the new global policy for parenting and other actions related to the DE&I plan. The event was a crucial opportunity for reflection, sharing and exploration of issues related to diversity, equity and inclusion.

With regard to gender differences, the percentage of women on the total workforce is predominant. The proportion of women is 69%, in line with 2022.

The percentage of women is high across all geographical areas and within management positions (managers, executives and senior executives) is equal to 51%.

Women account for 71% of the employees with permanent contract and 57% of the employees with fixed-term contract. Women account for 61% of contracts transformed into permanent in 2023.

Analysing the gender breakdown in terms of length of service, distribution by age group and level of education, there are no differences compared to the general trend. See also pages 170-172; 174.

¹⁵ 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.

¹⁶ The 16 weeks are fully paid, considering both fixed and variable components of pay and including any amounts recognised at local level by authorities, laws and collective bargaining agreements, and will be the Group's minimum standard for anyone who becomes a parent.

¹⁷ The new measure applies to all Group people who have sons or daughters, whether employed full-time or part-time and under permanent and fixed-term contracts, and who have been employed for at least six months.

The Moncler Group is committed to offering a fair level of remuneration that reflects each individual's level of competence, skills and professional experience, ensuring the application of the principle of equal opportunity and avoiding the risk of discretion. Except for the managers category, where the pay levels of women and men are fully aligned, the differences in men's and women's salaries range between 8% and 18%. Such differences derive from employees' average salaries in the various organisational categories and do not consider criteria such as length of service, level of responsibility, individual performance and career path prior to joining the Group. During the year, in line with the aim of obtaining equal pay certification, the Group adopted the methodology developed by EDGE to conduct analyses of the wages of the corporate population in Italy to identify and explain any unexplained gaps. With the application of such a more punctual approach, the salary gaps are reduced on average to about 5.5%. This methodology will be extended to the Moncler brand population worldwide by 2025. See also page 174.

The Group is committed to include people with disabilities. Moncler manages diversity in accordance with the rules and practices laid down by applicable laws and encourages the various company departments to employ people with disabilities. Each placement is assessed respecting and reconciling the needs and abilities of each individual person, with provision made for the correct workstations and, where necessary, by adjusting working hours. In this way, people are protected and empowered to be the best.

At 31 December 2023 there were 83 employees with disabilities in Italy, Romania, Germany, China and South Korea, with an increase of 9% compared to 2022. In the coming years, the Group will continue to plan to integrate additional people with varying degrees of disability, including through collaboration with institutions focused on targeted job placement.

HEALTH AND SAFETY

The Moncler Group regards the promotion of health and safety as a key priority of its way of doing business in order to protect employees, clients, contractors and all those who enter its sphere of influence.

The Moncler Group operates in full compliance with the requirements of specific regulations applicable in the countries in which it operates, with an approach aimed at continuous improvement.

At the Moncler and Stone Island headquarters, a team of specialised personnel (Health and Safety Staff) is responsible, at global level, for ensuring workplaces that are safe and that comply with applicable legislation, setting health and safety guidelines, coordinating monitoring efforts and, 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 safety 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.

MANAGEMENT SYSTEM

Among the initiatives developed by the two Group brands for the protection and promotion of health and safety in the workplace is the implementation and application of an effective management system in compliance with the highest health and safety standards. In this regard, the Moncler 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 Policy sets out the principles and guidelines to be applied in all the areas of activity and includes:

• a dynamic, preventive evaluation of activities, allowing risks to be eliminated at roots and, where this is not possible, to be reduced according to the best available techniques
• 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. In addition, the Group's Board of Directors receives quarterly updates on the management of health and safety issues from the managers in charge.

In 2023, the Group obtained the renewal of ISO 45001 health and safety management system certification at global level for all offices, directly operated stores, logistics hubs and production sites, unifying the two Brands' certification.

FROM PREVENTION TO CONTROL

The Moncler Group devotes considerable attention and energy to managing occupational health and safety to limit accidents as much as possible.

Although there are no high-risk activities, the Group adopts a preventive approach. Before the opening of a new workplace, whether an office or store, 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 various periodic compliance checks, through documentary analysis and inspections (verification of working environments and equipment). If necessary, an improvement plan is formulated, with actions prioritised to address the risks identified and the integration of the 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 assessed 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 2023, occupational health and safety inspections continued at the Moncler and Stone Island corporate sites in Italy, the logistics hub in Castel San Giovanni (Piacenza) and the production site in Romania. In light of these inspections, carried out by both internal staff and external bodies, specific activities were undertaken to reduce the risks for workers, such as the installation of manipulators at the raw materials warehouse in Ravarino (Modena), in order to reduce manual handling of loads.

All employees of the Moncler Group and service providers most exposed to workplace safety risk, such as security, cleaning, porterage and maintenance companies, are covered by the company health and safety management system, which involves audits conducted by internal functions and external bodies.

In Italy, the Group organises periodic safety meetings, in which representatives of the two Brands participate, along with the company physicians, the officers of the prevention and protection service and workers' safety representatives. During the meetings, analyses and results are shared with regard to risk assessment, accident rate, training and the personal protective equipment used.

Lastly, the Group's health and safety management system also includes specific procedures for investigating injuries, occupational diseases, illness or accidents at work in order to identify the circumstances and possible causes and, if necessary, plan and prioritise actions and initiatives to prevent their recurrence in the future.

In 2023, various activities focused on health and safety prevention continued, including: careful management of workspaces, ongoing communication and awareness-raising activities, monitoring the correct application of improvement initiatives for employees and for those of the service provider that manages the logistics hub in Castel San Giovanni (Piacenza), and contractual sharing and adoption of high standards of health and safety management, in line with those set out in the Group's Code of Ethics and Supplier Code of Conduct, as well as in the relevant legislation, by partners and suppliers.

Moncler's accident rate trend in the three-year period 2021-2023 is due to the partial operation that characterised many of the company functions with a higher accident risk profile in 2021 due to the effects of the Covid-19 pandemic. In 2022 these functions resumed full operation, with accident rate returning to levels similar to pre-pandemic ones.

In 2023 Moncler 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 in 2020 received the SA8000 certification with the aim of ensuring optimal working conditions. The severity rate at the logistics hub was 0.27 in 2021, 0.12 in 2022 and 0.10 in 202318, whereas the frequency rate was 8.41 in 2021, 10.38 in 2022 and 3.66 in 2023. In addition, monitoring was extended to other service providers deemed most at risk of safety for whom

¹⁸ Considering both commuting and workplace accidents, the severity rate was 0.50 in 2021, 0.12 in 2022 and 0.10 in 2023.

no accident was recorded, with a total frequency rate for all monitored suppliers of 5.90 in 2021, 7.90 in 2022 and 4.06 in 2023.

No fatal incidents were recorded, either among employees or contractors.

		Moncler Group
		2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Incidence rate19	2.80	3.05	2.69	3.80	4.57	3.46	2.84	1.86	3.26
Severity rate20	0.06	0.08	0.06	0.14	0.19	0.12	0.06	0.04	0.07
Frequency rate21	1.71	1.91	1.63	2.45	3.07	2.19	1.79	1.22	2.03

WORKPLACE ACCIDENT INDICATORS

Occupational diseases, i.e. diseases 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 addition, in Italy, personnel exposed to specific risk factors continued to undergo periodic health checks through specific health protocols, formulated on the basis of risk, along with any additional specialist visits as needed.

All indicators relating to accident indicators are constantly monitored and assessed. See also pages 177-178.

Moncler and Stone Island take an inclusive approach to employee well-being, focusing attention on workrelated stress issues. In 2022 Moncler renewed its assessment of work-related stress at corporate sites in Milan: for all offices, the results of this assessment showed a low risk. This assessment will be updated in 2024. Despite the "low" risk obtained, in 2024 the Company will continue to implement a series of actions aimed at implementing a process of continuous improvement: the stress assessment was used as a basis for the planning and implementation of organisational or management measures aimed at preventing or minimising stressrelated harm on worker health.

This assessment was also carried out at Moncler production site in Romania and at the Stone Island sites in Milan and Ravarino (Modena), also found to have a "low" risk level.

TRAINING AND INFORMATION

People training is part of the prevention activity promoted by the Moncler Group. During 2023, approximately 43,000 hours of health and safety training were delivered. Specific training courses, dedicated and customised on the basis of the various professional profiles and risk levels, were launched in order to transfer the appropriate knowledge, skills and values for "working safely".

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 facilitate the monitoring and compliance of workers with conduct in line with the legal and company's health and safety rules.

In addition, a health and safety course with content specific to store employees continued to be provided to all Group stores.

¹⁹Incidence rate: (number of workplace accidents/total number of employees) x 1,000.

²⁰ Severity rate: (number of days lost due to workplace accidents/total number of hours worked) x 1,000.

²¹ Frequency rate: (number of accidents/total number of hours worked) x 1,000,000.

HEALTH AND WELL-BEING

The Moncler Group's commitment to the promotion and protection of the health of its employees extends beyond the limits of its business activities and occupational risks. This is the meaning and purpose of the various initiatives relating to training and information on prevention organised during the year.

The Moncler Group is committed to sign agreements with local clinics to ensure employees have access to the best medical centres at the lowest rates. In 2023 a dedicated psychological consultation service continued to be made available to employees at Moncler's sites in Italy. See also pages 76-77.

In addition, the Group participates in a supplementary health care fund for workers in the Italian fashion industry, which provides services supplementary to those of the Italian's National Health System. During the year, 1,457 employees registered with the fund. See also pages 76-77.

In 2023, the traditional company welfare initiatives continued at the production site in Romania. Moncler has always put in place various activities to promote the health and well-being of employees in Romania: from offering annual blood tests directly on site, to conducting free eye tests, to helping to purchase eyeglasses. The evaluation on the ergonomics of some workstations in the ironing department, needed to formulate improvement plans to reduce staff fatigue and maximise productivity, was extended to the sewing department during the year. Lastly, new LED lighting systems, which are more environmentally efficient and contribute to improving working conditions, continued to be installed.

Another issue that Moncler and Stone Island regularly monitor is noise in workplaces, which can cause a range of health problems for workers. In particular, at all corporate offices and the production site in Romania, noise measurements are carried out annually to check compliance with the permitted limits in each area.

Air quality, temperature and humidity can also generate uncomfortable situations in the workplace, affecting both physical health and the psychological well-being of workers. Specifically, the Moncler Group, 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 carry out efficiency upgrade projects involving the installation of latestgeneration ventilation systems, which are periodically checked.

The Moncler Group's commitment to the well-being of its employees includes various programmes that promote work flexibility and the best work-life balance.

INDUSTRIAL RELATIONS

The Moncler Group acknowledges and respects 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.

In Italy, Romania, France, Belgium, Austria, the Netherlands, Spain and Brazil, all employees are covered by collective bargaining agreements, accounting for approximately 66% of the employees worldwide.

The Moncler Group bases its policy of industrial relations on constructive dialogue, which aims at involving employee representatives and maintaining a good work environment. The search for shared solutions translates into a total absence of conflict.

Thanks to the collaborative environment established over the years, also in 2023 no company strikes or trade union protests by workers directly employed by Group companies, nor any cases in which the freedoms of association and collective bargaining were violated or found to be at risk, were registered.

During 2023, Moncler continued to hold periodic meetings with trade union representatives, elected during the year, mainly concerning technical and managerial training courses, the adoption of a system to prevent the potential data loss, which the company will implement in 2024, and measures adopted by the company to support the balance between the private and professional lives of employees through the adoption of the CAREPLACE portal.

At Stone Island, in 2023 meetings with trade union representatives led to the definition of the new company supplementary contract, which has a three-year term and establishes a corporate welfare platform. The agreement also includes the expansion of measures to support parenting and the management of corporate volunteering.

The Group is aware that some strategic decisions may have repercussions on its employees and, in this regard, in case of significant organisational changes (e.g. reorganisation processes or other significant transactions), has always implemented, and commits to continue to do so, all procedures for prior information and consultation of employees provided by law.

MONCLER'S NEW SUPPLEMENTARY COMPANY PLAN

Protection, well-being and listening to people are key to the Group. Accordingly, in collaboration with trade unions, major benefits are introduced to the supplementary agreement for Italian employees.

Support for parents

Moncler's support for parents includes a range of opportunities for new parents to help take care of their children and return from leave. In 2023, the Moncler Group introduced the New Parents Policy. This policy introduces new measures to enhance parenting and improve the well-being and work-life balance of its people, regardless of gender, marital status or sexual and affective orientation.

The new policy introduces a global minimum standard that provides 16 weeks of fully paid leave for all new parents employed by the Moncler and Stone Island brands, taking into account both the fixed and variable components of pay, and including any amounts locally recognised by authorities, laws, and collective bargaining agreements.

Measures to facilitate return from leave and family management include the possibility of applying for flexible hours and additional paid leave until the child is three years of age. In addition, remote working methods and counselling services in support of emotional well-being are available.

With the introduction of this new policy, the Moncler Group continues its journey to promote inclusion and equity, in order to create a positive working environment that is attentive to people's needs. See also page 183.

Support for people

Moncler's initiatives to support people include providing tools for attention in cases of serious illness, managing specialist visits, bereavement, and volunteering. Personal support relates to offering additional paid leave for medical examinations, extending the grace period for particularly serious cases with an extension of the job retention period to a total of 24 months, additional paid leave for family bereavement, support for serious illnesses and the inclusion of two days' paid leave for volunteering activities.

Moreover, in the early months of 2023, the Group launched CAREPLACE, the new portal dedicated to employee well-being, offering tangible support to facilitate work-life balance. The portal, opened in a first phase to all Moncler Group corporate employees in Italy, includes three areas: Family Care, Lifestyle and Pet Care. Within each area, employees have access to a variety of services, including on-demand services, online group meetings and experts.

The "On-demand Services" section includes a wide range of services, such as babysitting, study support, domestic services, caregivers and pet-sitters, with the ability to view and directly contact the selected professionals.

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 psychotherapists. All meetings are free and take place in group mode.

The "Experts" section is dedicated to highly qualified professionals in various areas ready to meet employees' needs.

In September, group online meetings on CAREPLACE were also extended to the families of employees, allowing them to participate to and benefit from this opportunity.

In addition, among initiatives to improve the mental and physical health of personnel, the MINDCARE project, a dedicated psychological advice service, was launched in 2021. This service, available to the

corporate population in Italy, offers professional, qualified, private and confidential support, accessible anywhere and at any time.

In collaboration with MINDWORK, a company specialising in psychological counselling, the MINDCARE project offers five free online individual sessions with professional psychologists or psychotherapists from outside the company. The sessions are completely anonymous, via encrypted video call, available in both Italian and English, and can also be booked outside working hours, including weekends.

The professionals available cover different specialties to meet various needs, including work and career coaching, eating disorders, stress and burnout, relationships and parental support.

In 2023, the service recorded a total of 319 sessions over 12 months.

Supplementary pensions and welfare

Moncler also increased the percentage contribution to supplementary pension by the Company, while also changing the methods for calculating the annual welfare contribution, including two sustainability indicators, to complement the financial indicators.

The principles strengthened in the supplementary plan (including support for parents, people and supplementary pensions) will also be extended to the other regions where the Group operates and to Stone Island.

BE FAIR

Supply chain profile Responsible sourcing Dialogue to grow together Client brand experience Fight against counterfeiting Transparent and responsible communication

Responsibility and transparency in business decisions and relationships, particularly with suppliers and clients, are fundamental values to continuing build long-term relationships based on trust and authenticity.

Aware that a quality product is a product made with a focus on health and safety, respect for human and labour rights, the environment and animals, the Group is also committed to acting with transparency and authenticity in relations with its clients through direct, continuous dialogue across all contact channels.

SUPPLY CHAIN PROFILE

A quality product is the result of shared standards, cooperation, joint efforts and stable relationships based on trust with all supply chain partners. The Group believes in the importance of developing increasingly closer and more profitable synergies and partnerships with those who not only guarantee excellence in production performance, but also share the Group's values and expectations in terms of ethical, environmental and social standards.

In 2023, 634 suppliers were involved in the production of Moncler and Stone Island products1 , a slight decrease compared to the previous year due to increasing synergies and the gradual internalisation of some production processes. Suppliers are divided into four general categories: raw materials, façon manufacturers, finished products and services.

• Raw material suppliers mainly provide fabrics, yarns, down, leather and production accessories (buttons, zippers, ribbons, elastics, etc.). Fabrics are mainly sourced from Italy, Japan, 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 with strong technical expertise to which the Group entrusts the production of finished products or intermediate phases of processing (dying, embroidery, etc.), while providing them with all the raw materials needed. In particular, this category includes dye houses that perform garment-dyeing, to which Stone Island directly entrusts this process in Italy. The entire manufacturing process is carefully monitored by Group technicians who verify its compliance with the required standards through rigorous, ongoing field audits. In particular, through this process outerwear, trousers, skirts, dresses, all tricot knitwear and some cut-and-sew knitwear are produced. Façon manufacturers are mainly located in Italy and Eastern Europe, areas where long manufacturing tradition guarantees very strong technical expertise and adequate production capacity. In particular, Italy is characterised by a strong expertise in very complex and unusual processes.
• Finished products suppliers are those who, having received the technical design of the products, are responsible for the realisation of the garment, including the raw materials sourcing phase, according to the Group standards; in addition, Moncler directly provides its finished products suppliers with some strategic raw materials such as down, nylon and, of course, 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 cutand-sew knitwear (mainly t-shirts and polo shirts), some soft accessories (such as hats and gloves), shoes and bags, and small leather goods are mainly produced in this way. In particular, suppliers of cut-and-sew knitwear are based in Europe and Türkiye, while suppliers of soft accessories are mainly Turkish and Italian with a high degree of specific skills; shoes, bags and small leather goods are realised by European suppliers, most of them Italian.
• Service providers support the Moncler Group in its pattern making, prototyping and quality control processes and are mainly based near its corporate offices.

¹ Excluding suppliers with sales order of less than 1,000 euros per year.

² For façon manufacturers and finished product suppliers, the geographic location is the country the product was 'made in'; for service and raw material suppliers, it is the country where the supplier's head office is registered. Percentages calculated on the number of suppliers.

³ Percentages calculated on the number of suppliers.

Where possible, the Group employs local suppliers located near its main sites to benefit from logistical advantages, reduce their related greenhouse gas (GHG) emissions, generate income and create employment opportunities in the communities where the Group operates.

Most suppliers (approximately 90%) are based² in the EMEA Region, primarily in Italy.

The Group distributes its purchasing expenditure, in order to avoid situations of dependence on its suppliers that could represent a risk for the business. With regard to concentration, the top 40 suppliers account for more than 50% of the value of orders. The Group is careful to promptly identify critical situations that could cause potential supply disruptions and mitigate the related risk.

The Group periodically identifies its critical suppliers to involve them in targeted actions and initiatives. This identification process is based on a risk-based approach that takes into account the economic value of the orders commissioned, quality, delivery times, financial dependence of the supplier, and the Group's ability to ensure the supply of goods and services if it has to replace a supplier quickly. In addition, specific sustainability parameters are assessed, such as: the potential risk relating to human rights in the reference country, the sourcing of key raw materials with potential social and environmental impacts and the supply of strategic processes for the Group, with a particular focus on raw materials of animal origin and on the relevance to the business.

At present, the majority of workers at the Group's critical suppliers are women (approximately 68%), and the percentage of migrant workers is approximately 5%.

SUPPLY CHAIN EXCELLENCE

Moncler has been implementing its Supply Chain Excellence programme for years. It aims to bring the supply chain to a level of excellence by developing the operational and industrial area according to an advanced model, functional to coping with a constantly changing market.

People and their contributions are the cornerstones of the entire programme. All company departments are involved in working groups. Today's critical factors of success were analysed, along with those needed for the future, and specific projects were therefore launched, all with the aim of achieving operational excellence in terms of quality, time to market, sustainability, reliability, flexibility and efficiency.

The main initiatives in 2023 included:

• Collection Excellence: the Product Lifecycle Management – PLM platform was extended to all product lines and categories. All information relating to the development of the collections is now in a single environment shared by all the functions involved in the process, fostering its sharing and efficiency. In 2023, the platform's operational functions were further refined, with particular advantages above all in monitoring and managing workflows.
• Supply Chain Collaboration: the project aims to create a platform for collaboration to enable Moncler to increase visibility and control of all phases of production, with advantages in terms of responsiveness and operational flexibility. Through devices and applications provided to the affected suppliers, the platform facilitates efficient, timely communication between Moncler and its façon manufacturers, significantly improving integrated supply chain management and thus the efficiency of raw material warehouses, production planning and logistics. Launched in a pilot phase in 2023, the project already covers around 30% of suppliers' production volumes. The project will be further expanded in 2024, extending in terms of operating scope to cover more than 90% of suppliers' production volumes.
• Data-based scientific approach: in order to constantly improve supply chain management processes, each quarter the management team meets to monitor operating performance based on a set of indicators that analyse the performances of the various operating areas of Supply Chain & Operation

processes. The quarterly monitoring and analysis cycle allows for a proactive approach to continuous improvement. Through this process, the company can constantly optimise processes, improve the quality of services offered and reduce operating costs.

• Continuous improvement of garment quality: the process of honing internal technical skills continued to ensure constant oversight of the design, industrialisation, pre-production and production phases, whether performed internally or by suppliers. This approach entails a constantly increasing focus on the quality of upstream process execution that will help reduce possible non-conformities of finished products. Over time, an approach based on the monitoring and analysis of performance has been consolidated: detailed study of production data makes it possible to quickly identify areas for improvement and always pursue the finest quality. To this end, a pre-testing process has been set up directly at suppliers' premises. This allows the language and quality standards to be brought directly into the production phase and enables swift repairs and greater quality control throughout the production process.
• Shipment tracking: the project involves accurate tracking of shipments, from raw materials to distribution of the finished product, to obtain timely information on the progress of the various phases, including through an ad hoc report. In 2023, the project sought to optimise shipments of raw materials to façon manufacturers, reducing the variability of delivery times. In 2024, it will be extended to the transport of finished products to the logistics hub.
• 3D Project: In 2018 Moncler started to integrate 3D technology into its product development process. Digital design minimises the need for physical samples, reducing waste, development times and prototype production costs. This makes it possible to digitally adjust the fit, find the right proportion for each size and check the rendering of different fabrics, colours and patterns.
• Zero Waste Project: all obsolete materials (fabrics, components, etc.) in the Moncler brand's main warehouse began to be classified and verified starting in 2021. This activity allowed to have a timely view of inventories, making them available for the production of new collections, thus reducing the generation of waste.
• Early Product Engineering Programme: companies with a strong propensity for innovative design, such as Moncler, tend to experience issues of various kinds close to the launch of the sample collection into production, with a consequent significant negative impact at the level of economic performance, time, cost and waste. The Early Product Engineering Programme enables any critical issues to be identified and addressed in advance with all development teams so that the problem can be solved quickly: the so-called, design for manufacturing.

In addition, to promote the inclusion of specialised technical personnel in the Company, Moncler continued the MATE (Moncler Academy for Technical Excellence) programme to create of a school of craftsmanship aimed at training technical personnel such as prototypers, pattern-makers and quality experts. In 2023, the third edition of the programme was launched, involving 14 participants for a total of more than 20,500 hours of professional training. During the year, the training course was enriched and revised according to a more structured approach, becoming a full-fledged academy with qualified, highly specialised internal teachers. See also page 73.

The Pattern Making School training programme at the production site in Romania also continued, with the aim of increasing skills among Moncler's personnel and thus strengthening certain departments such as modelling, CAD, development and placements through the training and recruitment of local students. See also page 73.

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 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).

With regard to indirect suppliers, i.e. suppliers of goods and services not related to products, since 2018 the mapping of suppliers' quality, social, environmental and health and safety certifications is continuously updated. Of the Group's approximately 800 main indirect suppliers mapped, most have at least one certification, and around half already have ISO 45001 health and safety certification and/or ISO 14001 environmental certification. The Group also continued its awareness-raising activities to promote improvement objectives with suppliers relating to the importance of certification processes. Finally, since 2021 Moncler has verified the reliability of its partners, with the addition of information on the management of sustainability issues. Approximately 120 suppliers have been involved in this activity. These indirect suppliers, mainly manufacturers and maintenance and service providers, have been evaluated according to 28 criteria, divided into four categories: environmental, work and human rights, health and safety, and ethics. This tool – based on international principles, standards and guidelines such as the Global Compact, Global Reporting Initiative, ISO 26000 and the OECD Guidelines – provided a series of parameters making it possible to assess and compare the social and environmental performance of indirect suppliers.

RESPONSIBLE SOURCING

For the Moncler Group, talking about quality also means talking about health and safety, respect for human rights, environmental protection and, in general, ethics in business conduct along the entire value chain. Being a socially responsible company involves taking a commitment that extends well beyond its boundaries, embracing the entire supply chain.

SUPPLY CHAIN DUE DILIGENCE

Suppliers are strategic partners, this is why the Group's relationship with them goes beyond the economic and commercial sphere. For Moncler and Stone Island, excellence means quality, style, and innovation, but also a commitment to promote a supply chain that is attentive and respectful of workers' rights, of animal welfare, and of the environment.

The focus on ethical, social and environmental aspects along the supply chain starts with the supplier selection phase and continues with systematic awareness-raising and monitoring activities. Knowledge, traceability, sharing of best practices and verification are in fact fundamental, not only to limit situations of risk, but also, and above all, to generate culture and promote the responsible, sustainable development of the business for the benefit of the entire supply chain.

To this end, the Group has developed a comprehensive, systematic due diligence process that is constantly strengthened and updated in view of emerging regulations.

The Group's policy system

The Moncler Group has adopted specific internal policies to ensure and promote transparent, responsible management of its value chain. These policies include the Moncler and Stone Island Brand Codes of Ethics, the Human Rights Policy, the Environmental Policy, the Anti-Corruption Policy, the Health and Safety Management Policy and the Group Supplier Code of Conduct.

During the contracting phase, all suppliers4 must sign the Code of Ethics with the related policies, ad the Supplier Code of Conduct outlining the principles and guidelines that inspire the Group's business and guide the behaviour and actions of all those with whom Moncler and Stone Island interact. By signing the Code, suppliers commit to comply with these principles and ensure that their subcontractors comply with them as well. Violation of these principles constitutes a breach of contract, with the right, depending on the severity of the situation, to immediately terminate the relationship. See also pages 29-31; 32;35.

More specifically, the Supplier Code of Conduct is inspired by the Universal Declaration of Human Rights and the ILO Conventions, and sets out the Group's expectations for the main areas of responsible business. It consists of six sections (Labour and Human Rights, Health and Safety, the Environment, Animal Health and Welfare, Product and Service Safety and Quality and Business Ethics) and contains the mandatory requirements that suppliers must follow in order to begin or continue working with the Group.

The Group procedure that governs the selection of all new suppliers was updated in 2021. The evaluation of a new supplier involves an on-site visit by the quality team to assess the supplier's alignment with the Group's quality standards. After this technical analysis, the evaluation process for new façon manufactures and new finished products suppliers involves an ethical, social and environmental audit by a third party. For raw material suppliers, the process requires the completion of an environmental and social evaluation questionnaire supported by documentary evidence and then a third party on-site audit, that is carried out in line with the

⁴ Approximately 85% of significant contracts include compliance with the Brands' Code of Ethics (95% for Moncler).

provisions of the audit plan. The Group thus commits to not include in its supply chain companies that do not comply with the Moncler and Stone Island's's quality standards and basic ethical, social and environmental principles.

In 2023, the teams that manage the selection of new suppliers were involved in training sessions during which the steps of the procedure to be followed for the various types of suppliers were reviewed. During these sessions, suggestions for improvement were collected in order to make the process increasingly effective.

Risk assessment

The commitment to upholding the principles and guidelines that inspire the Group's operations starts with the early, preventive identification of actual or potential risks of violations of these principles throughout the supply chain. The risk analysis is carried out using various tools at all the entities of the value chain: all Moncler Group offices, existing and potential business relationships (e.g., mergers or acquisitions), 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, in 2023 the Group, with technical support from a specialised international partner, conducted a specific assessment of the risk of human rights violations throughout its supply chain. The analysis, carried out at country level, covered all stages of the production process. As a result of this project, the potential risk profile for each of the main human rights was mapped, including decent wages, health and safety at work, discrimination in the workplace, child labour, forced labour, trafficking in human beings, migrant workers, freedom of association and collective bargaining.

The theoretical risk assessment analysis confirmed that the services and production processes carried out by the Group in directly managed locations do not present a significant risk profile of potential human rights violations, while those managed by the Group's direct suppliers are characterised by diversified levels of risk. In particular, the stages of the supply chain related to cotton cultivation and intermediate processing of finished products could potentially be characterised by higher risk profiles compared to other stages. For this reason, the Group has for years implemented structured monitoring and prevention processes aimed at mitigating these risks throughout the entire supply chain. Among the human rights analyzed within the supply chain, ensuring decent wages has emerged as one potentially at risk.. Indeed, for years the Group has been committed to monitoring this issue through specific analyses on the living wage (see also pages 102-104). Lastly, countrylevel analysis has highlighted the presence of higher potential risks in Southeast Asian countries, where the Group's supply chain has very limited presence.

This risk-based approach is essential for the prevention and mitigation of negative impacts on human rights. This includes prioritizing audits based on criteria that take into account the potential risk level of human rights violations, as well as selecting new suppliers considering the risk of human rights violations as one of the evaluation criteria.

The Supply Chain and Procurement departments are regularly involved in training activities where the results of the assessments of the risk of human rights violations along their supply chain are shared.

In addition to the periodic analysis of the risk of human rights violations throughout the value chain, various analyses are carried out annually to identify the main risks and impacts, including environmental aspects, with particular attention to issues such as climate change (see also pages 38-44), biodiversity (see also pages 158- 159) and water consumption.

Prevention and mitigation of impacts

The integration of the analyses carried out during the risk assessment allows the Group to obtain a complete, in-depth risk map and is the basis for defining the actions to prevent and mitigate adverse impacts throughout the supply chain.

The main tool implemented by the Group to prevent and mitigate impacts throughout the supply chain is the periodic and systematic ethical, social and environmental auditing of suppliers with which the Group already has a working relationship, in order to verify compliance with applicable laws and the principles contained in the Group's Codes.

In order to ensure maximum impartiality, audits are regularly conducted by qualified, experienced third parties. The audits focus on verifying respect for fundamental human and worker rights, with particular attention to issues of forced labour, child labour, freedom of association, working hours, guaranteed minimum wage and 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 international regulations. In 2023, an updated and revised version was used with the technical support of the International Labour Organisation (ILO), including even stricter requirements than in previous versions.

The Group has a three-year audit plan that ensures all façon manufacturers and finished product are audited at least once every three years.

In 2021-2023, Moncler conducted 564 ethical, social and environmental audits (on both suppliers and subcontractors), accounting for approximately 100% of the volumes assigned to outerwear façon manufacturers, 81% of the volumes assigned to suppliers of other outerwear processes (dye houses, printing works, embroideries, etc.), 99% of footwear and bag suppliers, 39% of tanneries, 97% and 94% of the volumes assigned respectively to knitwear suppliers and soft accessories suppliers, and 96% of the 2022 turnover of pattern making and prototyping suppliers.

Stone Island, which has a three-year ethical, social and environmental audit plan aimed at ensuring the highest coverage of suppliers in its supply chain, also carried out 2815 ethical, social and environmental audits during the same three-year period (on both suppliers and subcontractors), equal to around 99% of the value of orders assigned to finished products suppliers and 98% of the value of orders assigned to façon manufacturers.

Moreover, during 2023 both Brands also conducted ethical, social and environmental audits on major raw materials suppliers representing 79% of total material purchases for Moncler and 93% 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 environmental and social modules were also applied to Stone Island's down supplier verification processes.

Lastly, ethical, social and environmental audits also continued to be carried out on strategic service suppliers: logistic platforms, external quality control platforms, providers of services at Group offices and stores for which no significant non-compliances were identified.

In addition to the standard environmental module included in ethical, social and environmental audits, in 2023 Stone Island conducted 18 specific environmental audits on a selection of fabric, finishing and dyeing suppliers, while Moncler examined the analyses of the waste water of 32 companies with wet processes on a sample of fabric, down, dyeing, weaving and tannery suppliers to identify impacts related to potential spills or cases of water contamination. No critical non-compliances have emerged from the conducted activities. It is the Group's objective to continue monitoring these activities in the coming years.

⁵ The figure includes 37 ethical, social and environmental audits carried out by Stone Island prior to the closing of the acquisition by Moncler S.p.A. of the entire share capital of Sportswear Company S.p.A., the company that owns the Stone Island brand.

These audit activities were complemented by audits on animal welfare and on down traceability as per the DIST (Down Integrity System & Traceability) Protocol across the entire supply chain for Moncler and according to the Responsible Down Standard (RDS) for Stone Island. See also pages 105-107; 116; 122-125.

SUPPLY CHAIN AUDITS: ETHICAL, SOCIAL, ENVIRONMENTAL AND ANIMAL WELFARE

NUMBER	Moncler Group
	2023	2022	2021
Ethical, social and environmental audits	389	239	180
Animal welfare and traceability (DIST) audits – down supply chain	156	136	136
Total	545	375	316

The increase in the number of ethical, social and environmental audits during the last year is due to the verification activity for new human rights and environmental compliance modules within the DIST Protocol.

Corrective Measures Adoption

In case violations of applicable laws or principles contained in the Group's Codes and Policies are identified during audit activities, the Group commits to implementing appropriate actions to remedy the situation.

Notwithstanding the zero-tolerance approach for major breaches, for which the Group reserves the right to terminate immediately the existing contractual relationship with the supplier, both Brands are committed to support their supply chain raising awareness and driving continuous improvement, requiring the implementation of corrective actions where needed. Following each audit, an improvement plan is 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 389 suppliers audited in 2023, at year-end more than 89% of them were in line with the Group's social and environmental standards (91% of critical suppliers). Relationship was terminated with around 4% of them (14 suppliers), and the remaining 7% turned out to have open non-compliances at the end of 2023, as the audit activity took place just before the last months of the year and not all the actions aimed at remediating the non-compliances had been closed.

In 2023, with particular reference to social aspects, 190 of the 389 sites audited were found to have noncompliances and the relative improvement plan was issued. The main areas of non-compliance were related to occupational health and safety (73%) and, in 25% of cases, aspects relating to management of employment relationships, including non-compliance relating to salaries and remuneration (12%), working hours (8%), employment contract management (5%), and, in only 2% of cases, human rights issues. For the least critical noncompliances, it was agreed with the suppliers to implement a resolution plan promptly, while in the most critical cases, collaboration with the supplier was always ended.

Aware of the fact that promoting principles of responsibility among its suppliers is beneficial to mutual sustainable growth, in addition to constantly raising awareness of ethical, social, environmental and animal welfare topics, the Moncler Group supports its supply chain in several ways. In particular, Moncler supports some strategic suppliers, making health and safety experts available to give advice and develop knowledge

of best practices and providing operational support for investments in technologically advanced machinery for particular processes (21 suppliers in 2023). The programme was also extended to Stone Island suppliers in 2022.

FAIR WAGE PRACTICES ALONG THE VALUE CHAIN

In its Supplier Code of Conduct and Human Rights Policy, the Group recognises the importance of ensuring wages that are compliant with the law or binding collective agreements and, in any case, adequate to the cost of living, the employee's basic needs, discretionary profit, market benchmarks and the type of professional performances.

Suppliers must provide a fair level of compensation and career development that reflects knowledge, skills, abilities, professional experience, benefits, salary and non-salary incentives.

Like the Group, suppliers are expected to provide all the benefits required by the law, including, but not limited to, social security, parental leave, annual holidays and calendar holidays, in addition to engage in regular social dialogue on compensation issues. Moreover, all suppliers are required to bear the responsibility for taxes and other costs of recruiting and hiring workers, including migrant workers, temporary workers and fixed-term contracts.

In 2021 the Group, with the support of a third party, began carrying out specific assessments on the living wage on both its corporate sites and suppliers, with the aim of covering 100% of the Group's critical suppliers by 2025. As of December 2023, the percentage of critical suppliers assessed and involved in a living wage analysis was 65%.

In particular, Moncler partners with the Fair Wage Network, an independent organisation dedicated to progressing fair wage practices across global supply chains. The methodology adopted by Fair Wage Network focuses on the collaboration of companies and suppliers and assesses wage practices through workers and managers questionnaires, identifying potential issues and suggesting improvement activities.

The Fair Wage Network assessment methodology is structured around 12 dimensions, covering the entire spectrum of wage indicators: the living wage is therefore only one of the dimensions analysed while other variables of the wages practices and pay systems are evaluated such as wage negotiation with workers' representatives 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 parameters.

The implementation of this analysis and the gradual extension to other Moncler suppliers have been assessed and prioritised on the basis of the risk 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 environmental aspects. To this regard, approximately 70% of the Moncler Group's suppliers is located in Italy and is covered by collective bargaining agreements.

The 12 dimensions of analysis of the assessment carried out by the Fair Wage Network are:
DIMENSION	DEFINITION
1. Payment of salaries	A wage which is regularly and formally paid in full to the workers.
2. Living wage	A wage that ensures minimum acceptable living standards.
3. Minimum wage	A wage that complies with the regulations on legal minimum wage.
4. Prevailing salary	A wage that is comparable to wages in similar enterprises operating in the same sector in the same country.
5. Payment of hours worked	A wage based mainly on ordinary working hours without requiring to use excessive overtime.
	A balanced wage structure between base wage, additional bonuses and benefits.
6. Remuneration system	A wage that reflects different levels of education, skill and professional experience, and that remunerates individual and collective performance.
	A wage that complies with the regulations on social insurance payments and paid holidays and that does not include disciplinary wage sanctions.
7. Communication	A wage on which workers receive sufficient information in advance (through an individual work contract), during the production process (through regular communication channels) and at the time of the wage payment (through a detailed payslip).
and social dialogue	A wage that is negotiated individually (with the employer only) and collectively – in particular through collective bargaining – between the employer and the worker'' representatives who are freely accepted in the company.
8. Wage discrimination and wage disparity	A system based on equal wages for equal work that does not lead to wage discrimination and does not generate unjustified, too high and too rapidly growing wage differentials within the company.
9. Real wages	A wage that progresses at least in proportion to price increases.
10. Wage share	A wage that grows in proportion to the company's sales and profits and does not lead to a fall in wage share compared to the company's performance growth.
11. Wage cost	A wage whose progression does not lead to a dramatic reduction in wage costs within total production costs and as a percentage of employment.
12. Work intensity, technology and up-skilling	A wage that progresses along with changes in intensity at work, technological contents and the evolving skills and tasks of the labour force.

In general, the Group is committed to work with all players in its supply chain, specialised associations and other strategic partners to increase awareness and understanding of the issue of fair wages.

ANIMAL WELFARE AND TRACEABILITY

Down is one of the most important raw materials for Moncler. For this reason, all suppliers are not only required to meet the highest quality standards, but also to act responsibly and with full respect of animal welfare.

To protect animal welfare, Moncler demands and verifies that its down suppliers comply with the strict requirements laid down in the Moncler technical DIST Protocol (Down Integrity System & Traceability), available on the page dist.moncler.com. The DIST protocol, first implemented in 2015, regulates farming standards, animal welfare, down traceability and technical quality. Moncler only purchases down that is DIST-certified.

Among the basic requirements that must be respected across the entire supply chain:

• 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 the 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 various stakeholders to ensure a scientific and holistic approach to the topic of animal welfare and product traceability. The forum, chaired by a professor of Management at the Ca' Foscari University of Venice with specific knowledge and expertise in sustainability issues, consists of Moncler 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). Starting in 2023, following the inclusion in the DIST protocol of the modules on specific human rights and environmental compliance, representatives of international organisations such as the International Labour Organization were added to the dialogue. From the belief that dialogue is a source of improvement, Moncler organised the tenth multi-stakeholder forum in March 2024. At the forum, the new updates to the Protocol aimed at further developing the document were discussed.

The DIST Protocol assesses animal welfare from an innovative perspective. In addition to the traditional approach that focuses on the environment 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 welfare by carefully observing the animal through the so-called Animal-Based Measures (ABMs)6. 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, among others, those designed to identify unusual behaviours or aspects such as plumophagia7 , dislocated or broken wings, feather irregularities, abnormal beak colour. These situations can be associated with environments in which welfare of geese is compromised 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 Protocol'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: geese farms; slaughterhouses where animals are exclusively slaughtered for meat production and where down is subsequently collected; and companies responsible for washing, cleaning, sorting and processing the raw

⁶ 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 environments. These measures include physiological, pathological and behavioural indicators.

⁷ Plumophagia is an abnormal behaviour in avian species that consists of pecking the feathers of another bird or tearing them with the beak.

material. Façon manufacturers who realise the finished products downstream the down purchasing process also have to be taken into account.

To ensure the utmost impartiality of audits:

• audits are commissioned and paid directly by Moncler and not by the supplier
• the certification process is carried out by a qualified third-party entity, whose auditors are trained by veterinarians and zootechnicians 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 2023 156 third-party onsite audits were carried out, verifying all entities in the supply chain. Where auditors found minor non-compliances, farms were required to take timely corrective action before obtaining certification. No cases of live-plucking of animals or forced-feeding were found during audits at any farm.

To transparently communicate the Company's commitment 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 and therefore significantly impact animal welfare, Moncler is committed to involve and raise awareness throughout its supply chain, including through training activities. In this regard, in 2023 training on the traceability procedure continued for façon manufacturers of outerwear and knitwear, with eight training courses totalling approximately 20 hours. In addition, several online training sessions continued to be held in 2023 with the auditors of the third-party specialised firm that conducts on-site audits focusing on the requirements present in the new modules on human rights and environmental compliance.

The DIST Protocol is a stringent and innovative document and is intended to remain so. This is why it is constantly evolving and is subject to periodic review through the multi-stakeholder forum. However significant these results may be, Moncler has 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 Company has only used duck down certified according to the RDS protocol. The standard aims to ensure that the down used comes from farms that protect animal welfare throughout the production chain, soil protection, biodiversity and full traceability of certified materials. In particular, since 2023, all Stone Island products containing down are labeled with the RDS logo and certification information according to the standard guidelines. In addition, since 2023 all suppliers in the RDS-certified down supply chain have been subject to third-party audits according to the Group's new human rights and environment modules. With regards to other materials of animal origin, the Moncler Group does not use rabbit, including angora, and any other material from species at risk of extinction included in the CITES categories.

By 2025, the Group is committed to use only certified mulesing free merino wool and up to 70% of wool certified according to the RWS (Responsible Wool Standard) Protocol.

Moncler had announced in January 2022 that it would phase out the use of fur8 in all its collections, adhering to the Fur-Free Retailer Policy. That year, the Company also stopped buying fur from animals farmed or captured in the wild exclusively for this purpose. The last collection to feature fur was Fall/Winter 2023. This decision is consistent with Moncler's ongoing commitment to responsible business practices and builds on the Brand's constructive and long-term engagement with the Italian animal rights organisation LAV as a representative of the Fur Free Alliance.

For its part, Stone Island, which has not used fur since 2018, has also pledged not to use it in the future.

⁸ The term "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, etc..

Traceability of key raw materials

The Moncler Group is aware of the growing importance of issues relating to the traceability of products and production processes – issues that are becoming crucial in business strategies, with a view to both identifying and assessing the risks and social and environmental impacts of the supply chain. These issues are also becoming increasingly important to clients.

From this awareness, the Group's committed to trace its key raw materials, i.e. nylon, polyester, cotton and wool, in addition to down, traced since 2015. A working group was thus launched, mainly involving collaboration between the Operation & Supply Chain, IT and Sustainability teams, to reconstruct the origin of strategic raw materials.

The project involved an initial phase of analysis and selection of the IT systems and tools necessary to collect and trace the data and information of the various supply chains. Then, a subsequent phase was launched, to define the process methods for tracing strategic raw materials and the required level of information detail according to their nature. The result of this phase led to the identification of an approach diversified according to the type of raw material, taking into account the technical and production peculiarities and the complexity of each supply chain.

In 2023, the Group traced at the region level more than 80% by volume for each of the nylon, polyester, cotton and wool fabrics and yarns, in addition to the 100% already traced for the down raw material. In particular, raw materials of natural and animal origin, i.e. cotton and wool, were traced from the growing or farming stages, including, where applicable, the processes of spinning, warping or weaving, knitting, dyeing and finishing. Synthetic raw materials, i.e. nylon and polyester, were traced from the spinning stages, including, where applicable, the processes of warping or weaving, dyeing, printing and finishing.

Depending on the types of materials and the maturity of technical solutions on the market, activities and projects to verify the information, including laboratory tests and certificates to support the reliability and robustness of the information collected, were then examined. For example, 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 carried out to investigate the presence of specific indicators relating to the recycled content. For certified materials (e.g. GOTS, OCS, GRS, etc.), suppliers are required to certify and/or document that the material purchased complies with the required standard.

In 2024, the project will enter a new phase of progressive digitalisation and consolidation of traceability data within a platform managed in collaboration with a third partner.

DIALOGUE TO GROW TOGETHER

Transparent and constant dialogue is at the base of any relationship built on trust. It is a key element to foster shared growth, fruitful collaboration and mutual satisfaction.

The Group is attentive to dialogue with its suppliers and to share best practices both on technical aspects related to business activities and on aspects aimed at promoting responsible behaviour. Dialogue is established through various channels, ranging from daily meetings to institutional events.

Interactions with technicians and inspectors from Moncler and Stone Island to oversee various production activities take place daily. Meetings with company experts aim to provide specialised support at all stages of production processes to transfer technical knowledge and resolve any critical issues. The technical team for outerwear garments has been reinforced over the years to ensure a more extensive presence at façon manufacturers in Italy and abroad, increasing the already numerous checks on quality and progress of work across the line of production. Periodically, Group technicians attend company meetings in order to analyse the sample collection, share industrialization standards, results achieved in the previous season, and goals for the upcoming one.

To offer an additional tool for dialogue and to facilitate the exchange of information and documentation, a web portal entirely dedicated to Moncler suppliers has been active since 2017 and was extended to Stone Island suppliers in 2022. Through the portal, the supplier can directly access communications and documents, including the Code of Ethics, Supplier Code of Conduct and related guidelines. In 2023, the training and capacity-building programme was reinforced. In particular, Code of Ethics training continued through an ad hoc training module on the supplier portal. The course includes a section on human rights principles, which is mandatory for all suppliers registering on the portal. Given the importance of the issue, the Group has launched an important collaboration with the International Training Centre of the International Labour Organisation (ITCILO) to develop ad hoc training and information courses on human rights issues for both suppliers and employees of Moncler and Stone Island. The training, launched in 2023, has been made available to all suppliers and employees of the Group, with specific involvement from the Supply Chain and Procurement departments. The course, which will be updated annually, has also been translated into all the languages relevant to the Group, to ensure it can be used by all interested parties. Furthermore, training and capacitybuilding activities on the living wage topic (see also pages 102-104) and on the relevance of energy efficiency mechanisms and promotion of renewable energy along the supply chain (see also page 151) have continued, involving a total of 24 suppliers throughout the year.

During 2023, awareness-raising activities on ethical, social and environmental issues continued with some suppliers and subcontractors (both façon manufacturers and raw materials suppliers), and the Company guidelines on compliance and sustainability continued to be spread by sharing technical, chemical and performance specifications, both during daily activity and through ad hocvideo conferences.

CLIENT BRAND EXPERIENCE

Through an increasingly multichannel vision, the Group ensures clients a personalised, seamless and consistent brand experience across all channels.

The Moncler Group attributes a central role to the client. Every contact moment is an opportunity to welcome and get to know, but also share, engage, surprise and get feedback. Every project and initiative aim to improve the client shopping experience by involving them more and more into the Moncler and Stone Island world.

Over the last few years Moncler has developed the important Retail Excellence project, which has been pivotal for the development of a strong Direct-to-Customer (DTC) culture, and that involved different areas, from the redesign of the client experience to the organisation of stores and of sales personnel, to the redefinition of working processes and methods. The aim is to get to know and engage clients, increasing their loyalty and developing an increasingly omnichannel approach. The project, renamed Omnichannel Excellence, was launched in 2021 for Stone Island with a first test and expanded globally in 2022.

Digitalisation of stores has played an important role in the project since its inception, helping to turn stores into places for even more unique and personalised experiences through a comprehensive technological management of stores and enabled by systems such as the Match to Traffic, which allows activities to be scheduled on the sales floor thus improving the service to clients. A digital payment service is also active at a global level, allowing purchases to be finalised directly on the sales floor and without having to go to the checkout, thus making the in-store experience even more enjoyable and faster. The Mobile Tax Free service launched in France in 2022 was rolled out in the other European countries in 2023. Its implementation will be finalised by 2024.

The Moncler Group's omnichannel model is designed around an experience and a purchasing process in which online and offline coexist. The new omnichannel data collection service, launched in 2023, which allows clients who register in the store to immediately have an active account on the online channel, is part of a process designed for clients who take non-linear paths, who interact with the brand in physical stores as well as in the online store and through the various digital channels, thus enjoying a consistent, personalised and integrated experience while being increasingly involved in a real community.

One of the most representative examples of this transformation was the Omnichannel New Experience (ONE) project, which led to the internalisation of the Moncler e-commerce channel, with a gradual implementation by geographical area. Following the launch of Moncler's directly operated online channel in Korea in 2019, in 2020 the e-commerce site was internalised in the United States and Canada, ending in 2021 with Europe, Japan and China and the launch of the new full omnichannel e-commerce platform. In 2023, the project was also extended to Singapore and Hong Kong SAR. The new platform is based on a concept inspired by the world of entertainment, ensuring smooth navigation and a distinctive experience with dedicated content and services, that includes also products customisation. The e-commerce site offers various omnichannel services: Click and Reserve, Click from Store, Return in Store, Exchange in Store, Pick Up in Store and Book an Appointment. Through these services, clients can manage their purchases in a flexible way, benefiting from the full potential of the various contact channels. It becomes possible to reserve an item online and then try it on and eventually buy it in store (Click and Reserve), to order an item in store with the support of the Client Advisor and receive it conveniently at home (Click from Store), to return or exchange the item directly in store, even if the purchase was made online (Return & Exchange in Store) and even buy online and then collect the item directly in store (Pick Up in Store) or, to book an appointment with a Client Advisor in store (Book an Appointment). These omnichannel services, also launched by Stone Island in Italy, France, Germany, the Netherlands, Korea and the United States in 2021, will be implemented globally by 2024.

In recent years, the Distance Sale service was digitalised in Moncler to allow clients to purchase garments safely from home, by telephone or videocall, with the support of sales personnel. Moncler also introduced the Smart Entrance service to manage and optimise the presence of clients at retail stores. In addition, in 2022 Moncler launched a new tool to support its sales staff: Moncler Live Boutique, aimed at improving management of virtual appointments and distance sales through the use of external channels (including Whatsapp, Facetime, Line, etc.).

MONCLER BY ME

With the aim of making the client experience even more personalised and unique, in 2021 Moncler launched the Moncler by Me service at its flagship store on the Champs-Elysées in Paris. In 2022, Moncler extended the service to its Milan Montenapoleone and New York Soho flagship stores and all retail outlets offering the Click from Store service, in addition to simultaneously being launched on the e-commerce channel in Europe, America, Canada, Korea and Japan. Within this project, clients are welcomed in the store's Personalisation room, where, with the help of a digital configurator, they can choose between two models of winter outerwear, customise five areas of the garment (the inner lining, sleeves, hood and front and back of the outerwear), in addition to add the initials of their names and surnames and/or the Moncler coq.

In 2023, a series of itinerant events were held around the world during which customers had the opportunity to experience the Moncler by Me service. Client Advisors were involved in ad hoc training sessions to ensure the best personalisation service by helping each client to select the solution best suited to their requirements.

WHOLESALE EXCELLENCE

Ensuring consistency and synergy between all touch points in terms of actions, communication and approach to clients is increasingly important to ensure a unique relationship with the Moncler brand. With this view, the philosophy and principles of Retail Excellence, aimed at improving the client purchasing experience and involvement in the Moncler universe, have also been extended to all partners of the wholesale channel, starting with the monobrand stores and airports.

Transferring the retail channel's best practices to the wholesale channel required specific initiatives involving different areas of action: from in-store and online training to defining personalised moments with the client, to extending after-sales services, to consolidating client service activities, to integrating all the information useful to identify stores, and to communication.

Starting in 2020, Moncler revised its wholesale channel distribution policy, adopting a selective distribution system, updated in 2023, aimed at guaranteeing compliance with strict qualitative and quantitative criteria and at maintaining a positioning consistent with the Brand. Compliance with these criteria is necessary both to join and to remain within Moncler's distribution network, and aims to ensure the alignment of all distributors with the Brand's image, prestige and reputation in addition to a high quality service to the client. Other requirements include specific rules on the presence of other brands sold by the distributor, the type of premises, how products are showcased, the space allocated to Moncler products, personnel skills and type of packaging. This selective distribution system will also be adopted by Stone Island in 2024.

In particular, Stone Island historically attributes a strategic role to the wholesale channel, through which consolidating long-lasting partnerships built on trust. Wholesale partners are regarded as brand value ambassadors, client advisors and hold the role of enhancing Stone Island's image.

There are several training moments, during which information on company philosophy, product and collections characteristics are shared.

Over the years, the Company has assigned greater prestige to its products due both to a selective approach in the choice of wholesale clients and to the numerous activities aimed at strengthening the brand experience, in

offline and online channels, for example through visual merchandising courses, the organisation of dedicated events and marketing activation initiatives. In line with this approach, each season, product newsletters, editorials, and digital materials on the brand's products, history and philosophy, are shared with some clients, and effective experiential brand communication initiatives are implemented at retail stores to ensure partners alignment with Stone Island's image and positioning.

Stone Island's return and repair policy ensures that clients can return garments both to monobrand stores and to the wholesale channel, in addition to the opportunity of benefiting from a dedicated repair service. For complex repairs, the garment is collected and repaired at the workshop in Ravarino (Modena). Every stage of the relationships with partners ensures a constant contact with client care, attentive to any issue.

Moncler and Stone Island also periodically subject their business partners to audits carried out by both the personnel of the two brands and independent third-parties to verify the management of the Brands and compliance with service and quality principles in accordance with the ISO 9000 standard.

UNDERSTANDING AND FULFILLING CLIENT EXPECTATIONS

Listening to clients is a fundamental strategic activity to offer a service that is increasingly aligned and consistent with clients' desires and expectations. The VIBE project, adopted at a global level by the Moncler brand, involves the systematic collection of feedback from local clients after each purchase through a quick questionnaire that analyses, on a scale of satisfaction from 1 to 5, various aspects of the experience, including hospitality, personalisation and service.

The objective of the project is to identify and redress any cases of dissatisfaction, but above all, to support and focus the Client Advisor on getting to know clients even more so as to establish a long-term relationship.

The survey is structured into five steps: the day after the purchase clients receive, by email or SMS, a summary of their purchase which they can save and a questionnaire of five questions. Client feedback (VIBE) is immediately reported in the clienteling app available to the Client Advisor, who will then be able to see the comment left by the 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.

At the end of 2023, in line with 2022, the Moncler brand maintained a high VIBE score of 93 (on a scale of 1 to 100), which measures the clients' willingness to recommend Moncler to others. The Company's objective is to maintain a high VIBEscore for 2024 (over 90).

Moncler also has a worldwide direct client communication channel, Client Service. It is not only a reference point of contact for clients, but a channel for constant dialogue with a view to continuous improvement. The service handles support requests from clients from the various channels, physical and digital, in an omnichannel perspective at global level. In 2023 the Company consolidated the process of digitalising Client Service by strengthening its social media presence, using instant messaging, implementing web chat and integrating clienteling activities.

The Client Moment project is aimed at supporting Client Advisors in identifying and personalising client engagement moments. Multiple "contact moments" have been identified, from those related to the product such as the launch of a new collection (Product Moments), to cross-cutting occasions such as international holidays (Festivity Moments), to personal ones such as birthdays (Personal Client Moments). Each of them represents an important opportunity for Moncler to create value for its clients, build relationships of trust and deliver a highly distinctive and engaging experience.

Thanks to the digital Customer Relationship Management (CRM) application, the Client Advisor identifies and selects various client moments for each client that translate into personalised appointments at Moncler stores, during which the client is followed exclusively by their trusted Client Advisor. This CRM platform also makes it

possible to manage client lists in the most efficient way possible during the various collection launches, with a particular focus on local clients.

Moncler also organises various events at its stores to ensure a unique shopping experience. In 2023, customers enjoyed an immersive experience in Crans-Montana, participating in a series of winter activities at the exclusive Swiss ski resort, fully personalised by the Brand.

Furthermore, in an environment characterised by increasingly intense interaction between Client Advisors and clients, growing integration between the physical and digital channels, Moncler's clienteling app, MonClient, has taken on a role of fundamental importance. The application is based on a centralised and integrated management of the CRM calendar, enabling Client Advisors to manage appointments, plan and record activities related to the Client Moment, check product availability, make sales, enhance client database and handle after-sales requests. During 2023, significant improvements were made to the features of the MonClient app in support of proactive business management and client relations. The app will continue to evolve in 2024, with new features constantly being added.

As use of technology by clients accelerates, Moncler's clienteling is becoming increasingly relational and supported by social platforms as well 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.

The Stone Island brand underwent a year of consolidation in 2023 in building direct relationships with its clients thanks to the MyStoneCompass project (MSC), launched with a pilot project in Germany in 2021, extended to Europe and the America Region in 2022, and launched at stores in Japan and APAC in 2023. Through this app, Client Advisors can keep in touch with clients and offer a personalised experience, even in the after-sales phase.

In 2023, two new features were added to both monitoring the proactivity of Client Advisors and providing support in responding to client needs in a more personalised manner.

After-sales assistance as an integral part of the client experience

The after-sales phase is another important moment in the relationship with clients for ensuring a positive client experience with the Moncler brand even after the purchase phase. Highly personalised and tailored services are offered to satisfy all clients requests, by putting style and collection experts at the individual's disposal.

After defining a global policy, identifying local tailors of quality and providing stores with a replacement accessories kit to ensure fast and excellent service, Moncler continues to strengthened the organisation of its after-sales management in the countries in which it operates, including through the creation of central platforms for handling repairs. This process has resulted in increasingly widespread and rapid after-sales service.

To extend garment's durability, the project for the Extra Life repair service was extended to all Regions in 2022. Thanks to this service, the Company has also begun to repair issues that it had not previously handled because they would have changed the style of the garment, such as holes in fabric, very often affecting garments purchased many years before. In 2023, Client Advisors participated in training sessions that underscored importance for the Group of integrating circular economy principles from the design and creation process to the choice of materials and product longevity guarantee. In this occasion, the Extra Life service was presented and fabrics and possible repairs were discussed. See also pages 56; 124-125.

In 2023, 87% of all types of repair requests were fulfilled.

In 2023, the desire to create a direct connection between clients and repair platforms led Moncler to develop its Distant Repairs service in the United States and continue to refine the already existing one in Europe, Japan and Chinese mainland. With this service the Client Service arrange a pick-up of the garment directly from the client if the client cannot visit the store.

VIBE After Sale has also been implemented globally since 2020, in order to allow the systematic collection of feedback from clients who have used the after-sales service. In 2023, the Moncler brand achieved a VIBE After Saleindex of 84 (on a scale of 1 to 100), a percentage point higher than in 2022.

FIGHT AGAINST COUNTERFEITING

Moncler and Stone Island are constantly engaged in the fight against counterfeiting to guarantee intellectual property rights and product authenticity, to protect end clients and intangible assets.

The approach to the fight against counterfeiting has confirmed over the years as a fundamental and daily commitment to guarantee the protection of clients. This is the guiding principle of the global strategy implemented by the Moncler Group's Brand Protection and Intellectual Property department.

The action against the production, distribution and marketing of counterfeit products is based on solid portfolios of trademarks, models, patents and Moncler and Stone Island domain names. The execution, maintenance and protection of their portfolios guarantees the Group's Brands intellectual property rights in geographic areas of current and potential commercial interest.

Administrative activities related to brand and patent portfolio management also continued for Moncler with a view to new product launches, projects, production processes and sustainability. The activities carried out during the year for the Stone Island brand were focused on strengthening institutional brands, while extending protection in new territories of current and potential interest, as well as in new categories of products and services.

The Group fights counterfeiting by acting on various levels and channels, both offline and online, and by providing clients with tools for checking the authenticity of the garments purchased. Over the years, Moncler has devoted considerable resources and energy to developing and improving anti-counterfeiting systems, as well as to collaboration, training, awareness-raising and verification activities. The authentication-tracking system, adopted since the SS 2016 collection, was strengthened in 2021. This system provides a unique alphanumeric code, a QR code and an NFC (Near Field Communication) tag that allows the end client to immediately receive feedback on the authenticity of the garment purchased by scanning the NFC using a smartphone or tablet, which can be verified on the code.moncler.com website, directly managed by Moncler.

In addition, to further assist its clients, Moncler has created a support service dedicated exclusively to anticounterfeiting issues, drawing up, where necessary, expert reports for clients who are victims of counterfeiting and who wish to recover the sums paid in the unwitting purchase of a counterfeit garment from electronic payment services companies.

Stone Island has been using the technology and experience provided by Certilogo® since 2014, thus allowing its clients to verify the authenticity of its products.

Constant monitoring of the online channel and implementations of the anti-counterfeiting system enabled Moncler to intercept nearly 94,000 online auctions of counterfeit products in 2023, shut down more than 500 sites where counterfeit garments were offered for sale, delist approximately 39,000 pages linking to inauthentic products from search engines and remove approximately 127,000 sponsored posts, accounts and ads from the main social networks. In the case of Stone Island, in 2023 as a result of such activities nearly 45,000 online auction listings of counterfeit products were taken down, around 190 sites in violation were closed, more than 18,000 pages linking to counterfeit products were delisted and approximately 86,000 sponsored posts, accounts and ads on major social networks were removed.

In addition, in 2023 activities aimed at fighting non-fungible token (NFT) digital products continued on the marketplaces dedicated to both Brands, confirming the Group's commitment to combating new counterfeiting phenomena. Almost 70 NFTs in violation of the Moncler brand and 143 NFTs in violation of the Stone Island brand were removed during the year.

To strengthen the strategy to fight online counterfeiting, Moncler and Stone Island have continued to implement the action plan against vendors in the United States involved in the international sale of counterfeit products on digital platforms, resulting in a strong deterrent for counterfeiters.

On the digital front in 2023 Moncler continued to participate in the Memorandum of Understanding project promoted by the European Commission and signed in 2016 by various brands and the main European sales platforms, aimed at ensuring concrete collaboration between brands and platforms on reducing the presence of counterfeit products on such platforms.

The Group also collaborates locally with the main customs and enforcement authorities worldwide to identify counterfeit Moncler and Stone Island products, providing, where necessary, expert reports attesting their illegal nature.

The training sessions delivered to the enforcement authorities continued in 2023, both in digital way and in person. A total of 27 training sessions were held by Moncler and 17 by Stone Island, for Italian and foreign customs officers and enforcement authorities, maintaining the dialogue with them with the aim of increasing the awareness of the two Brands.

Constant collaboration during the year made it possible to continue to manage approximately 3,300 seizures by Moncler and nearly 1,400 by Stone Island at the global level, removing from the market approximately 201,000 and 53,000 finished products and more than 125,000 and 88,000 counterfeit accessories and branded items, such as non-authentic logos and labels intended for the production of counterfeit garments and accessories. At the national level, the activity implemented by the Group enabled Moncler and Stone Island to carry out, respectively, 251 and 136 seizures enabling the removal from the market of a total of approximately 30,337 counterfeit finished products, accessories and branded items.

In confirmation of Moncler and Stone Island's commitment to applying brand protection procedures relating to methods of verifying stylistic and creative content, cultural assessment and risk mitigation issues were strengthened in 2023. In April, a temporary exhibition was held to raise awareness of brand protection and intellectual property issues within the various departments involving more than 350 participants. Called the Fake Room, it was an interactive experience that helped participants familiarise themselves with the counterfeiting phenomenon and the strategies to fight it implemented by the Group.

Moncler and Stone Island's work in the area of brand protection is also characterized by the participation and collaboration as active members in the main national and international associations dedicated to combating counterfeiting, including INDICAM in Italy, UNIFAB Tokyo in Japan, UNIFAB in France, ACG in the United Kingdom, ECCK in South Korea and REACT at the global level. See also pages 50-51.

TRANSPARENT AND RESPONSIBLE COMMUNICATION

The most stable and lasting relations are based on trust and transparency. For this reason, the Moncler Group has always conducted every marketing and communication initiative responsibly across all channels, paying close attention to how, what and with whom it communicates.

For the Moncler Group it is very important to communicate consistently, responsibly and transparently; for this reason, in 2022 it published its Ethical Marketing & Advertising Policy to formalise this awareness and commitment. All the images and messages delivered through the various online and offline communication channels are carefully defined so as to be in line with company values, to respect human dignity, to be nondiscriminatory and to not evoke violent behaviour 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 activities, it complies with all the relevant regulations in force in each of the countries in which it operates. As evidence of this ongoing commitment marketing, advertising and sponsoring activities of the Group's products have never resulted in cases of non-compliance with existing regulations.

Always with a view to responsible communication with clients, also product labels have a very important role for providing clear, transparent and accurate information. Moncler and Stone Island guarantee full compliance with applicable national and international regulation on product information. In line with this commitment, they actively collaborate with their suppliers to obtain information regarding the materials and processes used during the various production phases and carry out all the tests needed to verify the accuracy of the contents. All products feature a 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 are applied to garments intended for specific markets. For garments containing specific categories of raw materials, additional information 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. Lastly, Stone Island, through special tags on outerwear, describe the peculiarities of the innovative materials and treatments used. See also pages 105-107; 122-125.

DIGITAL STRATEGY

The Group has always been looking for new ways of communicating and interacting with new and existing communities.

Moncler further accelerated its digital transformation during 2023.

The goal is for every project, from the design of collections to product development and event design, to be digital native, to be designed with digital platforms as the first point of contact with clients to then be spread across all other channels. This new approach opens the door to a future full of creativity, experimentation and "contamination" between content and channels of interaction.

The new Digital, Engagement and Transformation function was created in July 2020 to support the evolution of Moncler's strategic vision and boost digital opportunities for the Company. The function defined and implemented the Brand's strategy across all digital channels and spread a digital culture throughout the organisation.

DIGITAL HUB

The Digital, Engagement and Transformation function manages and coordinates the Moncler Digital Hub, a department aimed at guiding Moncler's digital transformation and acceleration and to spread the culture throughout the Company, around five strategic pillars: D-Commerce, D-Marketing, D-Intelligence, D-Operations and Consumer Engagement.

D-Commerce aims at defining innovative and unique solutions for handling the online business and mainly deals with buying and merchandising management.

D-Marketing is involved in creating digital contents for clients and aims to both refine the reach and to increase client engagement and conversion. Several projects were developed in 2023 to increase the impact of social media, the in-store traffic and the media campaign performance. An example is the first immersive showroom with Adidas Originals as part of the Moncler Geniusco-creation.

D-Intelligence identifies strategic growth levers through the analysis and management of qualitative and quantitative data to maximise the knowledge of omnichannel clients, identify demand for new trends and products thus improving the client experience.

D-Operations seeks to promote the development of business value and the spread of digital culture within Moncler.

Consumer Engagement is a department aimed at improving the understanding of, and connection with, the Brand's current and future clients and at developing the new Loyalty Program, which will include exclusive benefits for the clients most loyal to the Moncler brand.

A significant commitment in terms of resources and investment has been devoted to the development of the digital area, from online advertising to new platforms and social networks.

In particular, at the level of social networks, Moncler is present on Instagram, Facebook, X, YouTube, LinkedIn and TikTok (with 5.4 million, 3 million, 1.1 million, 51 thousand, 329 thousand and 1.3 million followers, respectively, in 2023), WeChat, Weibo, Douyin and RED in China9 (with 1.2 million, 1 million, 134 thousand and 282 thousand followers, respectively), LINE in Japan (with about 2.9 million followers) while in Korea Moncler has been present since 2018 with its Kakao Talk account (with about 266 thousand followers). Lastly, while social networks are an important channel through which Moncler gets users involved and keeps them constantly up-to-date on news regarding the Brand, they are also increasingly used to promote sustainability messages. Stone Island is also present on the main social networks, including Instagram (2.2 million followers), Facebook, X, Pinterest, YouTube and Vimeo, WeChat, Weibo and the Little Red Book.

⁹ Includes Chinese mainland, Hong Kong SAR, Macao SAR and Taiwan Region.

THINK CIRCULAR & BOLD

Style

Lower-impact products and materials

Quality and safety

Moncler and Stone Island, each with its own DNA and style, create products synonymous with creative energy, innovation and quality.

In light of the new challenges the world has to face, the Group is increasingly committed also to find lower environmental impact solutions to be integrated into the design and manufacturing of its products.

Reviewing the various stages of the product life cycle with a view to a circular economy, is increasingly a focus of attention to minimise resource used, extend garment life and promote recovery of materials.

Innovation and experimentation are the basis of any style and sustainability ambition.

STYLE

Moncler's success is based on a unique brand strategy aimed at developing innovative products that are strongly "anchored" to the history of the brand. The journey, which began in 2003 when Remo Ruffini acquired Moncler, has always been coherent and pursued without compromise.

Founded in 1982, Stone Island has always been a symbol of extreme research on fibres and fabrics applied to an innovative design. For four decades, Stone Island has pursued a vision and approach to research recognised as a point of reference for the world of apparel and design today. Clear and constant evolution true to its DNA.

Uniqueness, quality, creativity and innovation faithful to its DNA, combined with a sense of belonging to a community and a constant search for new ways to offer an experience encompass the concept of "new luxury" that the Moncler brand aims to pioneer together with Stone Island.

MONCLER – COLLECTIONS

The Moncler collections are divided into three parallel dimensions: Moncler Collection, Moncler Grenoble and Moncler Genius.

The Moncler Men's, Women's and Enfant Collections were born from the search for shapes and functionality, innovation of materials and details, with constant attention to the elevation of the collection in all its categories, defining the Brand's distinctive codes to meet the many needs of global and local consumers.

In Moncler Grenoble, the brand's DNA is even stronger and more defined. Moncler Grenoble has become a technology and style innovation lab for the sporty consumer with an interest in performance, design and innovation. The Moncler Grenoble Fall/Winter collections are split into High Performance, products guaranteeing maximum performance, Performance & Style, for the sporty consumer who also cares about design, and Après-Ski, for the consumer who is looking for style with a sporting edge. Day-namic is the Spring/ Summer outdoor collection developed in the name of functionality and style.

Finally, the Moncler Genius collections are an expression of creativity in its highest form through diverse interpretations and visions of the Brand by talented co-creators that contribute to reaching new communities and generate new creative energy, while always remaining true to the Brand's uniqueness.

Transversal to the three brand's dimensions, in September 2022 the footwear collection – with the launch of the new family of Trailgrip products – took on an increasingly significant role in the Brand's product offering, being developed taking into consideration not only the Brand codes but also different potential usages. The Moncler collections are completed by the offering of bags, backpacks, accessories and eyewear, in addition to the perfumes introduced at the end of 2021.

Moncler's team of fashion designers is divided 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 Style Department is assisted by the Merchandising and Product Development teams, which help create the collections and "transform" the designers' creative ideas into final products.

STONE ISLAND – COLLECTIONS

Stone Island is a global leader in product design and garment innovation. It has consistently pushed fabric technology and experimentation, particularly focusing on functionality and utilitarianism.

Design is driven by purpose, resulting in an immediately recognisable signature of cut, form, materiality and colour. Alongside Stone Island men collections, the brand offers the Stone Island Junior collection – a declination of the Brand for children and teenagers from 2 to 14 years old.

LOWER-IMPACT PRODUCTS AND MATERIALS

From the design phase to garment end of life, the challenge and ambition are to develop new techniques and materials with a lower environmental impact compared to the Group's conventional solutions, minimise the resources used for production, extend product life and promote recovery of materials.

PRODUCT

To implement a circular economy model, environmental considerations must be fully integrated into the product and processes by tackling various aspects ranging from the choice of materials, made for example with recycled raw materials, to initiatives to extend product use and life, such as dedicated repair services, to a garment design aimed at facilitating recovery and recycling, up to production processes, distribution and packaging that involve processes or materials capable of ensuring an ever lower environmental impact. These are all aspects that require an aptitude towards innovation, experimenting with new solutions and collaborating with all actors in the supply chain.

Use of "preferred" materials

In recent years, the Group has begun to introduce products made with "preferred" materials into its collections. "Preferred" materials are those that aim to have a lower impact compared to conventional solutions used by the Moncler Group.

The journey began in 2019 with the bio-based down jacket, designed with plant-based and natural-origin materials and whose emissions were offset through REDD+ certified projects, as well as the range of garments created with recycled fabrics in the Moncler Grenoble collection, followed in January 2021 by the launch of the Moncler Men, Women and Enfant "Born to Protect" jackets made entirely from materials with a lower impact compared the conventional materials used by the Brand. In 2022 the Moncler Born to Protect range was expanded to become a total look, including, in addition to jackets, various types of garments and accessories, all made from fabrics and components with lower environmental impact than the conventional solutions used by the Brand and certified according to specific sustainability standards. In 2023, the Fall/Winter (FW) collection continued to evolve: in addition to these fabrics and components, recycled R•DIST down, i.e. DIST down recycled through an innovative mechanical process, was used in down jackets. See also pages 105-107. Further information on the materials in the collection can be found at: https://www.monclergroup.com/en/sustainability/think-circular-bold/born-to-protect-collection.

In 2023, in addition to focusing on specific projects, the Moncler Group, in line with the commitments made in the 2020-2025 Sustainability Plan, progressively included raw materials with a lower impact than the conventional materials used by the Group in the Moncler and Stone Island as indicated through specific hangtags on products.

Through the collaboration of its Design, Fabric Research and Development, Operations and Merchandising teams, and with the involvement of the supply chain, the Group aims to integrate over 50% yarns and fabrics with a lower impact than the conventional solutions used by the Group into its collections by 2025. In line with this goal, the Raw Material Manual was drafted in 2023. This guide sets out the criteria that steer the choices of the corporate departments responsible for searching for, selecting and purchasing raw materials while taking into account their environmental, social and animal welfare impacts. The work and commitment of the teams involved led to significant progress: in 2023, over 25% of yarns and fabrics used in the Moncler and Stone Island Fall/Winter (FW) and Spring/Summer (SS) collections were lower impact than the conventional solutions used by the Group. This was made possible by the adoption of 41% recycled nylon, 42% recycled polyester, 12% cotton from organic or recycled practices, 49% certified wool (Responsible Wool Standard or Nativaor

Sustainawool), 100% certified alpaca (Responsible Alpaca Standard), and 100% certified mohair (Responsible Mohair Standard).

Since 2021 Stone Island, in addition to materials, has also integrated new treatments into its collection, maintaining the technical and performance aspect of its products but with lower environmental impacts, such as reduced-water consumption treatments compared to the conventional solutions in the Soft Shell e.dye® waterless colour system™.

The assessment of the environmental impact of materials and components is supported by Life Cycle Assessment (LCA) analyses that quantify the potential environmental impacts. These analyses, which are based on a structured methodology and in line with ISO 14040, 14044 and 14067 and are certified by an independent, external third-party, are a useful tool for various considerations on the sustainability of the products, processes and materials used. To date, about 70% of the Group's products have been evaluated through an LCA methodology.

A dedicated training programme was launched in 2023 in order to continue to spread sustainability culture and provide technical knowledge to Sales Assistants. The programme aims to increase knowledge of good environmental and social practices and the characteristics, certifications and corporate objectives of "preferred" materials and components used in the collections. This programme involved 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 scrap materials through more efficient resource management.

To this end, the Group works actively 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, production scrap can be turned into recycled raw materials, driving the production of new materials and contributing to the promotion of a circular economy. Since 2022, these activities have led to the inclusion in the recycling process of all nylon production scrap generated at the Moncler Group's direct sites in Italy and Romania. This project was also extended to the Moncler brand's outerwear production network, reaching over 55% of total outerwear nylon scrap in 2023.

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 Supply Chain Department, which implemented the Nylon Scrap Management Process.

According to the procedure, during the year nylon scraps 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 scraps to the respective recycling category, the Group carried out physical and process checks at the 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 be subject to unravelling or to shredding, melting, cooling, extrusion, and finally cutting the material into chips to be used by as a "secondary raw material".

In terms of other raw materials, production scrap of cotton, wool and mixed compositions from directly managed production sites are also sorted into various categories by composition and subjected to different recycling processes.

At Stone Island, the Closed Loop project continued, with the aim of recovering cotton scraps generated by suppliers during garment production by subjecting them to a mechanical recycling process. This process yields 50% recycled cotton fabric used to make about 20 models, including outerwear, trousers, sweatshirts and tshirts, included in the 2024 summer and winter collection. In addition, the finished garments were treated with

pigments of natural, plant or mineral origin. The entire process was verified by a third party that validated the recycled content and its origin from production scraps.

Thanks to constant collaboration with its suppliers in further pursuit of innovative circular economy solutions for the business, in 2021 Moncler and a supplier specialising in recycling technologies pooled their expertise with down to create a machine used to recycle DIST down through an innovative mechanical process. In 2023 the patented process was finalised in Italy and launched at the international level. Over the last three years, this process has led to the recycling of approximately 5 tonnes of down present in Moncler garments, certified according to the R•DIST module of the DIST protocol, which sets the requirements for recycled down certification.

In 2023 the Moncler Group further refined its system for selecting and recycling garments that cannot be sold in collaboration with several international companies with leading roles in fabric reuse and recycling. Depending on the category, products are recycled and put to various uses such as the creation of new yarns or components for jackets, the production of furnishings and objects often used as visual merchandising for stores. In this direction, in 2022 the Moncler Group joined the Re.Crea consortium, with its ten brand members, 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 research and development of innovative recycling solutions.

The Group's commercial strategy is based on the principle of scarcity and, from an operational point of view, on effective inventory management, translating into efficient production planning and the right quantities at the right time and in the right place in order to avoid excessive inventories. This approach, combined with a high level of sell-through, allows to limit the amount of unsold products.

The "seasonal" garments, i.e. those 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 marketed through "Family and Friends" sales initiatives. In collaboration with some nongovernmental 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 number 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' ability to last over time, 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. This characteristic was the foundation of the Extra-Life project, a service aimed at providing a second life to Moncler's jackets through specific repairs. In 2021 the initiative was launched at a selected group of stores in Italy, France and Denmark, involving tailors from local repair platforms and sharing with clients the available garment repair solutions. Thanks to efficient and personalised service, tailors are able to repair damaged fabrics, thus extending product life. In 2022 the project was extended to all Regions in which Moncler operates. This initiative is part of a process of increasing customers' awareness of how they can contribute to avoiding the environmental impact associated with the production, purchase and disposal of new garments.

In 2023, through this initiative and the other services of the after-sales channel, the Moncler brand handled more than 30,000 requests for repairs of garments used by its customers, equal to about 27 tonnes, 87% of which were fulfilled. All garments that cannot be repaired and returned to customers are recycled.

In terms of how the customers should use products to increase their ability to last over time, information on guidelines for garment care and washing has also been included in product labels and in the appropriate "composition and care" section of the site. In particular, the washing phase should be carried out at low temperatures and without drying, in order to limit the deterioration of garment materials and prevent the potential risk of microplastics release. The majority of Moncler products are nylon outerwear that is not usually

washed frequently (about once or twice a year) and not made of brushed fabrics, which are the type of fabrics most subject to microplastics release.

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, skills, processes and materials coming from the outside world, such as universities, innovation centres and suppliers of different sectors as well as accelerator hubs or research bodies.

This includes collaboration with and support of national and international start-ups, institutes, accelerators and universities, to which research and development investments are allocated, as well as constant collaboration with suppliers to identify innovative solutions for the business.

The Sustainable Innovation team, among its various activities, works closely with the Operations and Supply Chain teams in identifying partners in the various Regions that can guarantee the most innovative, cutting-edge techniques for recycling the main product categories. In addition, it has set up working groups with the Sustainability Unit to identify circularity solutions aimed at reducing the impact of materials.

PACKAGING

The Moncler Group is committed to reduce packaging materials as well as to research and to adopt lowerimpact alternatives compared to conventional solutions.

In 2021 a Manual was adopted at Group level, setting out guidelines for the selection of "preferred" materials to be used for the packaging, as well as in the elements used in the stores and shop windows, with the aim of orienting all the functions within Moncler and Stone Island that design and select such elements.

The guidelines contained in the manual are inspired by the following principles:

• reducing the amount of materials used;
• simplifying the structure of products with a view to eco-design by favouring mono-material or easilydisassembled 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 sustainability performance supported by documentary evidence and measurements, and, where possible, certified;
• using only materials that comply with the Group's Restricted Substances List (RSL). See also pages 133- 135.

In recent years, the Group has launched a series of programmes to improve packaging design mainly focused on recyclability, re-usability and durability as well as on reducing the material used.

In particular, in order to promote recyclability, where possible, the use of a single material per item has been foreseen and at the Castel San Giovanni (Piacenza) logistics hub a recycling process was implemented, involving a private partner operating at the facility to ensure proper and effective management of the recycling of packaging materials. 85% of the materials used in packaging is recyclable and recycled, registering an increase compared to 2022 (83%).

With regard to reusability1 and durability, 72% of packaging intended for end clients is reusable.

Among initiatives to reduce weight and materials used, in 2021 Stone Island replaced the traditional stone paper used for its shopping bags with recycled paper, resulting in a 35% reduction in the weight of each bag. At Moncler, over the years the single-use plastic packaging used for logistic transport of shoes has been eliminated, 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 company functions with consequent savings in the materials used. In addition, bands were eliminated from the Group's logistic packaging in 2023. Lastly, from 2021, in the Moncler e-commerce website, the "Born To Protect (BTP)" packaging option, which uses fewer items and has a lower weight than the "Signature" option packaging (which in any case only uses "preferred" materials instead of conventional materials), was introduced as a the default choice. In 2023, approximately 80% of the e-commerce packaging used is BTP.

¹ This refers to the ability of a product to be used multiple times or in multiple contexts without losing its functionality, performance or quality.

Materials used in packaging2

73% of the materials used in total packaging (logistics, production, for end clients and used in offices) by both Moncler and Stone Island is paper and cardboard from responsibly managed forests and 82% made of recyclable materials (3 percentage points more than in 2022).

About 14% of the materials used in the Group's packaging is also non-conventional plastic, which is mainly recycled. In 2023, all single-use virgin plastic from fossil origin was eliminated.

The third most used material (9%) is wood, all from recycled materials, represented mainly by logistic pallets, which by their nature are reusable.

The remaining materials include synthetic fibres, 100% recycled; natural materials; artificial materials; and metals and other.

Despite the excellent results achieved, the Group is looking for continuous improvement. Annual R&D investment is thus allocated to explore and identify solutions with lower environmental impact than the conventional alternatives, also with the support and in collaboration with international start-ups.

MATERIAL TYPE	2023		2022		2021
	% of material type over total	Moncler Group	% of material type over total	Moncler Group	% of material type over total	Moncler Group
Paper and cardboard (kg)	73%	3,571,9193	70%	3,126,248	63%	2,274,291
Recycled		82%		79%		73%
Recyclable		100%		100%		100%
Reusable4		28%		21%		16%
FSC and PEFC certified		100%		99%		99%
Plastic (kg)	13.7%	676,010	16%	730,337	19%	689,192
Recycled		88%5		97%		90%
Bio-based		12%		-		-

MATERIALS USED IN PACKAGING2

3 The increase in ordered volumes is primarily due to the partial integration of Stone Island logistics.

² Includes the packaging used for logistics, production, end client and office, ordered in 2023.

⁴ Designed to be used more than once by end customers.

⁵ The reduction in the percentage of recycled plastic is due to the introduction of compostable and bio-based plastic.

Recyclable		98%		98%		99%
Compostable		12%		-		-
Reusable4		29%		21%		23%
Wood (kg)	9%	427,8816	6%	282,415	10%	359,457
Recycled		100%		100%		100%
Recyclable		100%		100%		100%
Reusable4		100%		100%		100%
Synthetic fibres (kg)	2%	86,541	5%	202,958	4%	134,014
Recycled		100%		99%		98%
Recyclable7		100%		100%		100%
Reusable4		83%		94%		91%
Metal (kg)	1.1%	54,771	1%	54,988	1%	49,101
Recycled		86%		75%		51%
Recyclable		100%		100%		89%
Reusable4		96%		98%		100%
Natural fibres (kg)	1%	45,606	1%	31,095	1%	47,342
Recycled		-		-		-
Recyclable7		100%		100%		100%
Reusable4		100%		100%		100%
Other (kg)8	0.2%	10,623	1%	17,044	1%	40,369
Recycled		2%		3%		68%
Recyclable		100%		96%		13%
Reusable4		69%		25%		94%
Bio-based		-		-		1%
Artificial fibres (kg)	-	-	-	-	1%	577
Recycled		-		-		-
Recyclable7		-		-		100%
Reusable4		-		-		-

Packaging for the end client9

Since 2022 all of the Moncler Group's packaging for end clients has been made from "preferred" and mostly reusable materials4, made to last. In particular, all paper and cardboard come from responsibly managed forests (FSC and PEFC certification) and are made from 72% recycled materials, 6 percentage points higher than last year. Paper is mainly used for shopping bags, whose paper is 100% recycled, for gift boxes, tags and shoe boxes.

The second most used material is plastic, 100% recycled and reusable4. In particular, accessories such as the garment covers zippers and bags used in the e-commerce channel are made with recycled plastic, as well as hangers, which have been redesigned with a removable hook, thus promoting a correct recycling process.

The third most used material for packaging for end client is synthetic fibres, 100% post-consumer recycled, used for garment bags as well as for accessory.

Natural fabrics, almost entirely represented by certified organic cotton, are mainly used for all shoes bags and accessories bags used in stores.

Packaging intended for the Moncler Group end clients is 100% made with "preferred" materials.

⁶ The increase is due to the replacement of the logistic pallets.

⁷ Recyclable but not through municipal collection system.

⁸ Composite materials that cannot be separated.

⁹ Packaging intended for end clients ordered in 2023.

MATERIAL TYPE	2023		2022		2021
	% of material typeover total	Moncler Group	% of material typeover total	Moncler Group	% of material type over total	Moncler Group
Paper and cardboard (kg)	78%	1,182,307	71%	1,088,443	65%	774,828
Recycled		72%		66%		52%
Recyclable		100%		100%		100%
Reusable4		66%		59%		48%
FSC and PEFC certified		100%		100%		99%
Plastic (kg)	10%	151,831	10%	146,269	14%	163,907
Recycled		100%		98%		98%
Recyclable		92%		94%		97%
Reusable4		100%		100%		95%
Synthetic fibres (kg)	6%	86,541	13%	202,958	11%	134,011
Recycled		100%		99%		98%
Recyclable7		100%		100%		100%
Reusable4		83%		94%		91%
Metal (kg)	2%	32,768	3%	42,778	3%	34,512
Recycled		96%		70%		73%
Recyclable		100%		100%		85%
Reusable4		100%		100%		100%
Natural fibres (kg)	3%	45,606	2%	31,095	4%	47,342
Recycled		-		-		-
Recyclable7		100%		100%		100%
Reusable4		100%		100%		100%
Other (kg)8	1%	8,528	1%	14,851	3%	39,350
Recycled		-		2%		66%
Recyclable		100%		97%		14%
Reusable4		75%		29%		95%

PACKAGING FOR THE END CLIENT9

Logistics packaging10

The materials most used for the Group's logistic packaging are paper and cardboard from responsibly managed forests (FSC and PEFC certification) and 86% made with recycled materials.

Plastic, which represents 15% of total logistics packaging, is 84% recycled and 16% compostable and bio-based.

In 2023, all packaging used in logistics consists only of "preferred" materials. See also pages 56; 150-151.

¹⁰ Logistics packaging ordered in 2023.

LOGISTICS PACKAGING10

MATERIAL TYPE	2023		2022		2021
	% of material type over total	Moncler Group	% of material type over total	Moncler Group	% of material type over total	Moncler Group
Paper and cardboard (kg)	71.2%	2,370,6553	69.9%	2,016,494	62.5%	1,493,933
Recycled		86%		87%		84%
Recyclable		100%		100%		100%
Reusable4		9%		-		-
FSC and PEFC certified		99%		100%		99%
Plastic (kg)	15.2%	507,566	19.8%	572,968	21.8%	519,709
Recycled		84%5		97%		88%
Bio-based		16%		-		-
Recyclable		100%		100%		99%
Compostable		16%		-		-
Reusable4		6%		-		-
Wood (kg)	12.8%	427,8816	9.8%	282,415	15%	359,457
Recycled		100%		100%		100%
Recyclable		100%		100%		100%
Reusable4		100%		100%		100%
Metal (kg)	0.7%	22,0036	0.4%	12,211	0.6%	14,590
Recycled		70%		91%		-
Recyclable		100%		100%		100%
Reusable4		91%		91%		99%
Other (kg)8	0.1%	2,095	0.1%	2,183	0.1%	1,030
Recycled		11%		7%		4%
Recyclable		100%		90%		100%
Reusable4		44%		-		-

PACKAGING IN THE E-COMMERCE CHANNEL

Moncler's e-commerce channel allows a choice of two types of packaging made from "preferred" materials:

"SIGNATURE" PACKAGING: products are presented in a reusable Moncler box, tied with a tricolour ribbon.

• The external logistics box is made of 100% recycled paper from responsibly managed forests
• The inner "Signature" box is made of paper from responsibly managed forests, of which more than 50% is from recycled sources
• The inner bags included with down jackets are made from post-consumer recycled plastic materials
• The hangers included with down jackets are made of recycled plastic
• Last-mile delivery is done through the "UPS® carbon neutral" service for the Americas and EMEA Regions, whereas for Korea and Japan Moncler neutralises last-mile emissions through offsetting projects.

"MONCLER BORN TO PROTECT" PACKAGING: this option uses a reduced number of packaging layers, placing products in light, reusable packaging.

• The external logistics box is made of 100% recycled paper from responsibly managed forests
• The inner bags are made from materials deriving from post-consumer recycled plastic

• The hangers are made of recycled plastic
• Last-mile delivery is done through the "UPS® carbon neutral" service for the Americas and EMEA Regions, whereas for Korea and Japan Moncler neutralises last-mile emissions through offsetting projects.

Single use plastic11

The impact of plastic on the environment, especially single-use virgin plastic, has become a very important issue for the planet. The Group progressively reduced the use of single-use virgin plastic from fossil origin until its complete phase out in 2023.

To date, 83% of the single-use plastic ordered by the Group consists of recycled plastic, and 17% of compostable and bio-based 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 technicalperformance point of view. This analysis showed that recycled plastic reduces CO2 emissions by 35% and water consumption by 60% compared to virgin plastic. In addition to preferring recycled plastics, the weight of many single-use items was reduced by 10%, thus allowing a reduction in unit weight and a decrease in the use of raw materials. See also page 56.

SINGLE USE PLASTIC11

	Moncler Group
	2023	2022	2021
Plastic (kg)	492,2895	584,404	537,229
Recycled	83%5	97%	87%
Bio-based	17%	-	-
Recyclable	100%	100%	100%
Compostable	17%	-	-

Paper12

All the paper and cardboard used by the Group come from responsibly managed forests. Given their significant use, these materials are constantly the focus of improvement projects, linked to the reduction of their use where possible and to the increase in the percentage of recycled material.

To date, 75% of the Group's paper is made with recycled material.

¹¹ Includes total single-use plastics ordered in 2023, not just the one used for packaging.

¹² Includes the total paper ordered in 2023, not just the one used for packaging.

PAPER12

	Moncler Group
	2023	2022	2021
Paper (kg)	3,888,5423	3,219,901	2,353,416
Recycled	75%	77%	71%
Recyclable	100%	100%	100%
Reusable4	26%	20%	16%
FSC and PEFC certified	99%	99%	>98%

QUALITY AND SAFETY

For the Moncler Group, quality has always been, and will continue to be a priority. In the search for excellence, the Group allows no compromises: from the choice of the finest materials to the precise manufacturing of garments, to the selection of the best suppliers trained and supported by specialised experts.

PRODUCT QUALITY AND SAFETY

Product quality, safety and innovation are a focus of attention for the Moncler Group. Both Moncler and Stone Island thus have strict controls over the entire value chain. Each product is designed and manufactured under the direct, close supervision of Group experts. Both Brands manage the creative phase and the development of prototypes internally and use constantly-supervised third-party laboratories to produce finished products, as well as, for Moncler, its production sites in Italy and Romania.

Quality and safety are a priority for the Group right from the garment design and raw material purchase phase. The quality of the down, nylon, cotton and other raw materials used to produce both Brands' garments, combined with constant research and experimentation, are fundamental to ensure an excellent final product. As a result, the Group carefully selects its suppliers and subjects its materials to both rigorous controls before they go into production and accurate checks on composition, chemical substances and physical-mechanical characteristics, essential to ensure the expected technical performance.

In particular, the Group contractually requires its production partners to operate in full compliance with the most restrictive international legislations on chemical substances and performance, including the European REACH regulation13, Chinese GB requirements14 and Japanese JIS requirements15.

Suppliers are contractually bound to comply with the instructions contained in the Compliance Specifications containing the main compliance requirements of both Brands for their suppliers and sub-suppliers, including dye houses, laundries and embroideries. The Specifications are updated periodically, taking into account international regulations and voluntary parameters and commitments made by Moncler and Stone Island. It includes the Group's Product Restricted Substances List (PRSL) and Manufacturing Restricted Substances List (MRSL) and, for Moncler, the Manual of Performances for performance and physical-mechanical requirements.

In particular, the PRSL applies to materials, treatments and products, and includes not only the requirements of the most restrictive regulations of the producing and selling countries, but also other more stringent voluntary requirements in line with a precautionary approach.

The PRSL has been drafted, with the support and verification of consultants and testing and certification companies, taking into account the requirements of the main industry standards (including the American Apparel and Footwear Association – AAFA and Camera Nazionale della Moda Italiana), certification schemes of independent bodies, and taking into account the peculiarities of both Brands' products.

The names of the relevant chemical substances and formulations, the Chemical Abstract Service (CAS) registry number, the analysis methods to be used and the reference parameters to comply with are reported. They also indicate the substances and target parameters on which suppliers are encouraged to improve and find alternatives.

The Group is aware of the importance of monitoring the chemicals used in the production process to prevent potential contamination of materials, products, water and sludge. This monitoring is governed by the

¹³ Registration, Evaluation, Authorisation and Restriction of Chemicals.

¹⁴National Standard of the People's Republic of China.

¹⁵ Japanese Industrial Standards.

Manufacturing Restricted Substances List (MRSL) which, together with the PRSL, sets out the list of substances that suppliers and sub-suppliers have to monitor during the various phases of production in order to anticipate and reduce the risk of possible critical issues relating to products, materials and the environment, and provide the basis for proper production method and root-cause analysis. The Group's MRSL was defined taking into account the main industry standards (e.g. Zero Discharge of Hazardous Chemicals - ZDHC, to which Stone Island has adhered since 2019) and requires for further investigation and specific requirements.

The MRSL and PRSL apply to all levels of the supply chain involved in the production of materials and products. For parameters, substances, methods and detection limits, suppliers are required to refer to the MRSL and/or PRSL depending on the substrates analysed and considered.

The MRSL and PRSL govern more than 350 chemicals and are two important parts of the Group's strategy aimed at continuing to reduce potential environmental impacts.

Suppliers and sub-suppliers, primarily those that manage wet processes, are encouraged proactively to develop a chemical management system through which to monitor and test, including through qualified third entities, chemical products, such as waste water and sludge, in addition to materials, components, products and treatments. This includes keeping the chemical inventory and documentation up to date, as well as implementing batch tracking and screening and/or testing of different chemical formulations at least seasonally, if not via sampling or during inspections. Suppliers must verify that concentrations of substances identified in any substrate ensure compliance with legal requirements or with those of the Group, if more restrictive, and investigate the source of any problems, taking the appropriate corrective actions.

Both Brands monitor compliance with the requirements based on a sampling procedure that identifies the samples to be tested, frequency and tests to be performed. Test activities, carried out seasonally, start at the materials research phase and continue with the prototyping and sampling phases, up to production.

Samples and substances to be tested are selected considering the type of materials (fabrics, leather, etc.) involved, formulations used in the production process (e.g. colours, finishing agents, etc.), availability of documentation, frequency and quantity of use in the supply chain, particularities and sophistication of certain effects, etc.

Tests on components, water, chemical formulations and finished products are carried out through ISO 17025 accredited third-party testing laboratories and are performed by both suppliers and the Group.

Production accessories undergo further inspection to analyse their technical compatibility with fabrics and with the indicated garment care, such as the reaction with the detergents during washing, while for fabrics physicalmechanical properties such as water resistance, pilling, colour solidity, slippage of seams, tear resistance, breathability, etc., are checked. At Stone Island, special attention is paid to the garment dyeing process, and production accessories and fabrics are subjected to in-depth preliminary tests 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 make, where necessary, changes and optimisations to the process itself.

The Moncler Group does not tolerate any compromises in terms of health and quality standards: if a product does not pass the tests, the purchasing process is stopped until the supplier demonstrates that it can provide a product that complies with the requirements.

In terms of technical quality in the product production process, during the supplier selection phase the experts at both Moncler and Stone Island's quality management division carefully examine whether a partner has adequate skills and technologies that enable the production of garments in line with the required standards, and that can ensure constant and uniform quality levels. The experts then verify the progress of the process and compliance with the product quality standards on a weekly basis.

Before entering production, each model is subjected to various fittings, the purpose of which is to verify attention of each detail and alignment with the stylistic and model indications, 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 Brands' garments. In 2023 the department responsible for managing the quality of Moncler brand products obtained certification of its Quality Management System, in accordance with the ISO 9001:2015 standard, to ensure constant improvement within the company towards satisfaction of clients, the internal team and suppliers. Finally, in this last phase the Group implements and verifies a complex anti-counterfeiting protocol using the latestgeneration technology.

DOWN QUALITY

Down is the most important raw material to Moncler. Since the beginning of the Company's history, down has been the heart of all its jacket, 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 process. 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. See also pages 105-107.

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 body and then through further tests carried out at Moncler's internal laboratory, home to highly-specialised down technicians. In 2023, more than 1,300 tests were carried out.

Down cluster content and fill power are the main indicators of down quality. Moncler garments contain at least 90% white goose down cluster and only 10% feathers/small feathers. This high percentage 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.

ACT ON CLIMATE & NATURE

Environmental policy and management system Fight against climate change Resources consumption and management Safeguard biodiversity

For the Group, sustainability means feeling responsible for future generations and thus acting conscientiously, striving to preserve natural resources, protect biodiversity and contribute to fight against climate change by minimising its impacts on the environment.

There cannot be long-term growth without responsible behaviour.

ENVIRONMENTAL POLICY AND MANAGEMENT SYSTEM

The Group is aware that the path towards sustainable development requires policies, tools and actions to protect the environment. Responsibility towards future generations requires a strong commitment to the careful use of natural resources and minimisation of impacts.

Environmental Policy

As proof of its focus on the environment and its protection, in 2017 Moncler adopted an Environmental Policy. The Policy, updated and adopted at Group level in 2022, and approved by the Board of Directors after receiving the opinion of the Control, Risks and Sustainability Committee, reaffirms constant compliance with all applicable laws and regulations and formalises the Group's commitment to continuously improve its environmental performances in order to reduce its direct and indirect impacts.

The Policy lays down the Group's ambitions in the following areas:

• fight against climate change;
• safeguard biodiversity;
• water and waste stewardship;
• manufacture of products with "preferred" 1 materials;
• spread of a culture of sustainability.

The Moncler Group applies the Environmental Policy to all its own operations and encourages the adoption across its entire supply chain.

In this regard, the Moncler Group is committed to investing the technical, economic and professional resources necessary to comply fully with the guidelines of the Policy. The document is available in both Italian and English and can be downloaded from the Group's intranet and internet sites.

Management approach

A concrete result, that highlights the Group's commitment to environmental protection along with its drive towards continuous improvement, is represented by maintenance of environmental certification according to the ISO 14001 standard at the production site in Romania, the Italian corporate sites and the logistics hub in Castel San Giovanni (Piacenza)2 .

With regards to direct environmental impacts, i.e. those generated by its offices, stores, logistics hub and production sites, in line with previous years the Group focuses its efforts on the following aspects:

• monitoring and assessing environmental impacts to identify and implement improvement measures;
• purchasing electricity from renewable sources;
• using more efficient technologies and lighting systems and environmentally friendly IT tools;
• using Building Management System (BMS) supervision tools for integrated and more efficient management of energy consumption;
• using technologies to support interaction between employees to reduce the business travel;
• using resources efficiently and sourcing from responsibly managed sources;

¹ Materials that aim to have a lower impact compared to conventional solutions used by the Moncler Group (e.g., materials that are recycled, organic, or certified according to specific standards).

² The new Stone Island office in Milan, opened during the second half of 2023, will begin the ISO 14001 certification process in 2024.

• ensuring engagement and awareness of people through guidelines and programmes to reduce the consumption of paper, plastic, toner, energy and promote waste sorting.

In addition, in 2024 the Moncler Group will begin the process of obtaining ISO 50001 energy certification for the Energy Management System of its corporate sites in Italy.

Due to the nature of its business model, in which production is mainly managed through suppliers, the Moncler Group's most significant environmental impacts are indirect (scope 3). Within the limits of their influence, with the aim to minimize the indirect impacts of the manufacture and distribution of their products, Moncler and Stone Island encourage production and logistics partners to apply environmental best practices.

FIGHT AGAINST CLIMATE CHANGE

Adopting energy from renewable sources, improving operational efficiency and using "preferred" materials are among the fundamental levers of the Moncler Group's strategy to reduce greenhouse gas (GHG) emissions and fight climate change, defined in accordance with the objectives of the United Nations 2030 Agenda for Sustainable Development (Sustainable Development Goals– SDGs).

In particular, the Moncler Group has committed to reduce by 2030 absolute scope 1 and scope 2 CO2e emissions by 70% (in line with the "1.5°" ambition) and scope 3 CO2e emissions by 52% (in line with the "Well-Below 2°" ambition) per unit sold from a 2021 base year. In addition, the Moncler Group has committed to achieving net zero emissions (Net Zero)3 throughout the value chain by 2050.

These objectives were formally approved by the Science-Based Targets initiative (SBTi)4 and considered consistent with the contribution required by companies to limit the maximum increase in global temperatures compared to pre-industrial levels.

In addition, the Group is monitoring the development of the GHG Protocol Land Sector and Removals Guidance and the Forest, Land and Agriculture(FLAG) targets set for 2024 to further align with the SBTi guidelines.

For the past three years, the Moncler Group has been committed to transparently reporting and communicating its impact on climate change and progress towards the targets in the CDP Climate Change questionnaire.

³ Achieving Net Zero involves the overall balance between greenhouse gas (GHG) emissions generated and those sequestered by ecosystems, through neutralisation mechanisms. In particular, to achieve net zero emissions, companies have to reduce emissions and neutralise residual emissions.

⁴ Endorsed by CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), the Science Based Targets initiative establishes and promotes best practices in setting science-based targets, in addition to evaluating companies' objectives.

THE MONCLER GROUP'S APPROACH TO NET ZERO

According to the United Nations Intergovernmental Panel on Climate Change (IPCC), net zero emissions (Net Zero) are achieved when "anthropogenic CO2 emissions are balanced globally by anthropogenic CO2 removals over a specified period". According to the Science Based Targets initiative, the achievement of net zero involves scope 1, 2 and 3 GHG emissions.

Achieving the Net Zero emissions target by 2050 is in line with the efforts required by companies in the Paris Agreement to limit the increase in global average temperature to 1.5°C.

This goal requires companies to commit to review processes and ways of doing business. Likewise, companies cannot achieve this result on their own, because this ambition requires a collective effort from all industries and governments.

Companies that commit to achieve Net Zero are required to both decarbonise their footprint as much as possible and neutralise all residual emissions of the entire value chain.

To this regard, the Group's ambition is articulated over two complementary phases. By 2050:

• 1. Reduce scope 1, 2 and 3 GHG emissions by 90% in line with the Paris Agreement.
• 1. Neutralise all residual emissions with carbon removals.

Energy consumption and scope 1 and 2 emissions

Direct and indirect energy consumption at the Moncler Group's sites is mainly due to production activities in Romania and to the logistics hub in Castel San Giovanni (Piacenza), as well as to facility heating, air conditioning and lighting and the use of IT equipment at the corporate offices and at the Moncler and Stone Island stores.

In 2023, despite an increase in total energy consumption, driven by the extension of the production site in Romania and the consequent increase in direct production, by a 19% increase in the Group's employees and by the growth of the direct store network, there was a 36% scope 1 and 2 (market-based) emissions reduction compared to 2022 (-50% vs 2021 considering Stone Island consolidated from 1 January 2021), due to a greater use of renewable energy, more efficient lighting, air conditioning and heating systems and an increase in low

environmental impact vehicles in the company fleet. The reduction in scope 1 and 2 CO2e emissions normalised on revenues is even clearer: -64% emissions per million euro of revenues vs 20215 .

SCOPE 1 AND 2 DIRECT AND INDIRECT ENERGY CONSUMPTION

MWh	Moncler Group
	2023	2022	20215
Direct energy consumption	12,702	9,586	10,846
From non-renewable sources:
Natural gas6	9,192	6,252	6,990
Diesel7	1,408	1,547	2,003
Petrol7	2,102	1,787	1,853
Indirect energy consumption	43,639	38,920	33,200
Electricity from non-renewable sources	128	4,584	6,504
Electricity from renewable sources	43,627	34,336	26,682
of which from certified green energy9	42,977	34,060	26,667
of which self-generated	650	276	15
Total energy consumption	56,341	48,506	44,046
Total energy consumption (GJ)	202,826	174,622	158,567
Total energy consumption (MWh)/number of employees	7.50	7.69	8.33
Total energy consumption (MWh)/revenues (million euro)	18.88	18.64	20.63

⁵ The 2021 figures include the Moncler Group assuming Stone Island consolidated from January, 1st. See the Appendix for the table including data relating to Stone Island for the last nine months of 2021, i.e. from the acquisition date.

⁶ The data include total consumption based on the total cost of natural gas expenses (excluding cases where the data is managed by the host department stores).

⁷ The data include the consumption and emissions of the car fleet with reference to the global scope in 2023, 2022 and 2021. In 2023, the Group's car fleet was characterised by approximately 85% hybrid and electric vehicles, to which the respective vehicle consumption factors have been applied.

⁸ The data include electricity consumption related to full-electric vehicles of the fleet in line with the GHG Protocol guidelines.

⁹ The data include green energy certified according to the Renewable Energy Certificate (REC)/Guarantee of Origin (GO)/International Renewable Energy Certificate (I-REC)/Non-Fossil Certificates (NFC).

SCOPE 1 AND 2 CO2e EMISSIONS

TONNES OF CO2e	Moncler Group
	2023	2022	20215
Direct emissions (scope 1)	2,539	2,043	2,332
From non-renewable sources:
Natural gas6	1,692	1,151	1,288
Diesel7	354	390	503
Petrol7	493	415	427
Refrigerant fluids10	-	87	114
Indirect emissions (scope 2)11
Location-based	16,233	13,278	11,114
Market-based	38	1,948	2,733
Total emissions12
Location-based	18,772	15,321	13,447
Market-based	2,542	3,991	5,065
Total emissions/number of employees
Location-based	2.50	2.43	2.54
Market-based	0.34	0.63	0.96
Total emissions/revenues (million euro)
Location-based	6.29	5.89	6.30
Market-based	0.85	1.53	2.37

Initiatives to reduce scope 1 and 2 consumption and emissions

In order to reduce energy consumption and CO2 emissions, the Moncler Group is implementing various activities at its stores, offices, logistics hub and production sites.

The key initiatives implemented are:

• use of electricity from renewable sources;
• implementation of energy efficiency activities (Building Management System BMS, more efficient lighting, air-conditioning and heating systems, improvement of the thermal insulation of buildings and promotion of environmental standards for buildings);
• adoption of low environmental impact vehicles in the Group's car fleet.

¹⁰ For 2022, the data include insignificant dispersion of refrigerant gases for a total amount of 47 kg in the EMEA Region. No refrigerant gas dispersions were recorded in 2023.

¹¹ The location-based method reflects the average emissions intensity of the national grids in which the Group's energy consumption occurs. The market-based method is based on the specific emissions of the energy suppliers from which the Group purchases electricity, or on the factors relating to the reference market. For purchases of electricity from renewable sources, an emission factor of zero is attributed with regard to scope 2. The increase in location-based emissions in 2023 is partly due to the fact that the Italian national grid increased its share of non-renewable energy due to water crises, which led to a reduction in the use of hydroelectric energy, a significant source in the Italian energy mix.

¹² Calculation of CO2e emissions (including CH4, NO2, HFC, PFC, and SF6 emissions, when present) has been carried out in accordance with the GHG Protocol guidelines. The parameters used for the calculation are derived from IEA 2020, 2021 and 2022 (emission factors for electricity), UNI EN 16258 and JEC 2020 (fuel emission factors) and the Department for Environment Food and Rural Affairs (DEFRA).

Use of electricity from renewable sources

The use of electricity from renewable sources is a strategic tool for the decarbonisation process of the Group's direct activities.

In line with its commitments, in 2023 the Moncler Group purchased exclusively electricity from renewable sources for its directly managed corporate sites worldwide.

The Group achieved this result through:

• installation of photovoltaic panels: at the logistics hub in Castel San Giovanni (Piacenza), the photovoltaic system contributed to the generation of over 590 MWh of energy in 2023. Stone Island also has a photovoltaic system at its Ravarino (Modena) headquarters, which in 2023 contributed to the generation of about 115 MWh of energy;
• purchase of electricity from renewable sources: also in 2023 the Group continued to switch conventional energy supply contracts into renewable energy contracts. Where no renewable energy supply was available from the energy provider, the Group continued to purchase Guarantees of Origin (GOs), Renewable Energy Certificates (RECs) and International Renewable Energy Certificates (I-RECs).

Energy efficiency initiatives

With regards to energy efficiency, also in 2023 Moncler continued the installation of low-consumption lighting systems and the optimisation of heating and air conditioning systems.

At the Moncler corporate sites, in line with the previous years, refurbishment and installation of more efficient lighting systems continued, through the replacement of traditional lighting systems with Light-Emitting Diode (LED) bulbs and thermal insulation systems to ensure greater energy efficiency.

To date, the entire production site in Romania and the logistics hub in Castel San Giovanni (Piacenza) are equipped with LED systems. At the corporate site in Milan, almost all lighting systems are more efficient than conventional systems, while at the corporate site in Trebaseleghe (Padua), approximately 90% of lighting systems are energy efficient. With regard to Stone Island, in 2023, LED lighting was recovered and implemented at its raw materials warehouse. In addition, the Ravarino Hub (Modena) will be equipped with full LED lighting systems in 2024.

In 2023, additional investments were made to install heat pumps at the Moncler office in Trebaseleghe (Padua) in order to implement more efficient systems and reduce the use of energy from fossil sources. At Ravarino Hub (Modena), in 2024, the new heating systems will be implemented and enhanced with additional heat pump systems.

The Moncler Group is committed to continuing the process of improving its energy performance at its most relevant corporate sites in terms of energy consumption. To this regard, in 2023, an energy assessment campaign was conducted at various corporate offices, including the Moncler site in Trebaseleghe, the Stone Island site in Ravarino (Modena) and the Moncler headquarters in Milan in order to identify further energy efficiency opportunities.

To date, more than 99%13 of Moncler stores worldwide (100% in the United States, Korea, Japan and Europe) is equipped with LED lighting. The same type of system has been adopted and will be adopted by all new Stone Island stores at global level.

The latest-generation LED, in addition to offering excellent light quality, ensures an estimated energy savings of up to 80% compared to previously-used lighting systems, while also generating less residual heat. In terms of environmental impact, LED lights have an average lifespan that is significantly longer than traditional lights and are almost entirely made from recyclable material.

The investments made in 2023 to install or replace traditional lights with LED lighting systems in corporate sites amounted to about 2.5 million euros14.

In line with previous years, also in 2023, 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 Building Management System (BMS) for the integrated management of all the technological functions of each space, from access control to lighting and air conditioning, with the aim of implementing more efficient management of energy consumption.

LEED and BREEAM environmental certifications

Since 2021 the Group has initiated an environmental and energy certification process for its stores and all new constructions of corporate buildings according to the LEED standard. By adopting this certification, combined with other energy efficiency measures and the installation of LED lights, the Group ensures to reduce electricity consumption and related CO2 emissions in the long term.

From 2023 onwards, the Moncler Group is committed to obtaining LEED certification for all new stores15.

In view of this objective, the Moncler Group currently has:

• five stores certified to the LEED standard for Building Operations and Maintenance and six stores under certification process;
• 15 stores certified according to the LEED Interior Design and Construction standard and 13 stores under certification.

With regard to production sites, in 2023 the Group obtained LEED Building Design and Construction certification for the extension of the plant built in Romania.

Lastly, in 2021 BREEAM In-Use certification (Excellent level) was obtained for the logistics hub in Castel San Giovanni (Piacenza), proving a more efficient management of the building and an energy and environmental performance improvement.

¹³ Excluding the shop-in-shops where lighting systems are provided by the host department stores (18 at global level), and on which, therefore, Moncler cannot take action. However, by the end of 2023, such shop-in-shops were equipped with LED lighting systems. ¹⁴ In 2023 also investments in LED systems in Korea and Japan were included.

¹⁵ Excluding shop-in-shops.

Car fleet

During the year the Group continued to introduce low environmental impact vehicles into the car fleet. In 2023 the Moncler Group's hybrid and electric corporate vehicles represent around 85% of total vehicles. The Group's objective is to continue to introduce this type of vehicle, reaching 90% coverage by 2024.

Carbon neutrality

In 2023, in line with the objectives of the Strategic Sustainability Plan, the Group maintained carbon neutrality16 for all corporate sites worldwide.

In order to maintain carbon neutrality, and in line with what was done in recent years, residual unavoidable emissions (reduced compared with the previous year) were compensated through two projects certified on the voluntary market and focused, respectively, on the circular economy and renewable energy, demonstrating the Group's commitment to mitigate its impacts beyond its value chain. The first project supported, certified according to Gold Standard, relates to the expansion of a plastic waste recycling plant in Romania. This initiative adds to the contribution towards the installation of a photovoltaic system certified according to the Verified Carbon Standard in Mauritius. The two 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, especially in schools, on environmental topics and the importance of recycling and of sustainable management of local resources.

To monitor the reduction and compensation of greenhouse 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 departments to continuously identify areas for improvement in energy efficiency;
• monitors energy consumption and related CO2 emissions using dedicated company tools and with the support of a consulting firm;
• collaborates with recognised partners to purchase renewable energy certificates (EACs) and CO2 credits aligned to major international standards such as the Gold Standard or Verified Carbon Standard (VCS).

¹⁶ Achieving carbon neutrality involves reducing impacts through CO2 emission reduction activities such as purchasing energy from renewable sources, using more efficient lighting systems, using vehicles with low environmental impact and neutralising 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 CO2 has been reduced or removed from the atmosphere.

CARBON NEUTRALITY INITIATIVES

GreenTech: Plastic recycling with a high efficiency system

The project supported by the Moncler Group and promoted by GreenTech, one of the leading companies in the PET plastic recycling industry in Europe, concerns a plastic recycling plant for bottles and other PET products through energyefficient technology that allows the reduction of emissions compared to traditional disposal methods. In particular, plastic recycling allows for a 45% reduction in CO2 emissions compared with virgin PET plastic production. The company is located in Romania, an important country for Moncler due to both the presence of the production site in Bacau and its own production chain.

The project, certified by according to the Gold Standard, ensures not only environmental benefits, such as the protection of local biodiversity, but also social benefits, such as the promotion of gender equality, and economic benefits, in addition to helping accelerate the country's transition towards a sustainable, low carbon economy.

Henrietta Solar: installation of a photovoltaic system

Henrietta Solar is a project certified according to the Verified Carbon Standard that involves the installation of a photovoltaic energy system in Mauritius, which is severely exposed to climate change and classified as Small Island Developing States (SIDSs).

Through the construction of 53,700 solar panels, the project will provide sustainable energy to 40,000 people, while preserving an agricultural area of over 20 hectares. The solar panels will generate around 26,500 MWh, replacing the current energy mix with clean, renewable energy, reducing its greenhouse gas emissions by more than 25,000 tonnes of CO2 a year. The project is providing concrete support to the country by not only reducing its dependence on imports of energy from fossil sources, mainly coal and oil, and contributing to its energy self-sufficiency and to climate change mitigation, but also creating new work opportunities for the local community.

Scope 3 emissions

Due to the nature of the Moncler Group's business model, most environmental impacts are generated along the value chain (more than 98% of the Group's total emissions), from the production of raw materials to the production and transport of garments, the commuting of employees and the impacts of the use of products by end clients.17 18

In 2023 the Group's scope 3 emissions, calculated for all relevant categories (see also page 182), were approximately 240,000 tonnes of CO2e, down by approximately 8% in absolute terms compared to the previous year.

¹⁷ The category "Capital goods" includes indirect emissions generated by the renovation and expansion of stores, furniture and IT systems.

¹⁸ The category "Other" includes indirect emissions generated by the following categories: waste, business travel, end-of-life treatment of sold products and fuel- and energy-related activities.

TONNES OF CO2e	Moncler Group
	2023	2022	5 2021
Indirect emissions (scope 3)	240,32519	260,34320	217,226
Purchased goods and services2122	164,083	190,479	155,867
Capital goods	15,939	16,594	15,416
Fuel- and energy-related activities	1,103	872	802
Third-party warehouses	555	478	407
Transportation and distribution	27,925	27,33923	23,493
of which by ship	219	164	311
of which by air	25,606	24,976	20,899
of which by road/train	2,100	2,199	2,283
Waste	114	75	72
Business travel	2,069	1,070	592
Employee commuting	12,912	7,619	6,822
Use of sold product	11,446	11,634	10,294
End-of-life treatment of sold products	4,180	4,183	3,461

SCOPE 3 INDIRECT CO2e EMISSIONS

The CO2 emissions generated by the production of raw materials, textile processing and the production of finished garments represent the most significant contribution of the Group's carbon footprint. In 2023, the Group made significant improvements to the completeness and quality of the data collected from its suppliers by leveraging the information gathered during the supply chain traceability project and the support activities on energy topics carried out for its suppliers.

In 2023 these emissions decreased by about 14% compared to the previous year. This reduction is mainly due to the inclusion in the collections of "preferred" materials such as nylon and polyester made with recycled raw materials and organic cotton (for example, the Group included more than 40% synthetic fibres made with recycled material and more than 10% organic cotton in its SS and FW 23 collections). The Group expects that over the years these choices, along with the other activities implemented along the supply chain (see also pages 55-56; 122-125) will continue to contribute to reducing CO2 emissions in line with the commitments made with the SBT initiative.

In 2023, the Group's logistics emissions were approximately 27,925 tonnes of CO2e24. The Moncler brand's total CO2 emissions from industrial and distribution logistics25 increased less than proportionally to the increase in the volumes transported. The Group's efforts focused mainly on optimising the volumes of distribution logistics and promoting less impactful transport methods. In this regard, in 2023 the Moncler brand's emissions from distribution logistics decreased by 5% compared to 2022.

¹⁹ The figure is calculated by applying location-based emission factors to all scope 3 categories except for the category "Third-party warehouses" and "Purchased goods and services". The emissions associated with these categories, for which primary data is available, have been included in the calculation by applying the relevant market-based emission factors.

²⁰ The figure is calculated by applying location-based emission factors to all scope 3 categories except for the category "Third-party warehouses". 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.

²¹ In 2023 CO2e emissions were calculated using regionalised emission factors for both the raw materials farming phase and production processes along the supply chain of the most important material codes for the Group. This was made possible by the information collected for the purposes of the Group's traceability objectives.

²² In 2023 primary data on energy consumption from certain suppliers were used, gathered both through onsite energy assessments and a data collection activity covering specific information on energy practices at the production sites of direct and indirect suppliers.

²³ In 2022 the perimeter was further expanded to include additional flows such as returns from the e-commerce channel in the EMEA and Americas Regions and shipments of packaging from suppliers to local warehouses.

²⁴ Well-to-Wheels (WtW) value. Emissions from logistics transport have been calculated in accordance with the GLEC Framework 2.0.

²⁵ Distribution logistics is responsible for management of transport and distribution of finished products to clients. Industrial logistics, on the other hand, deals with the management of material flows upstream in the supply chain.

In 2023 capital goods emissions accounted for approximately 7% of the total. Such emissions mainly relate to the renovation and expansion of offices, production sites and stores, as well as the purchase of machinery by the Group.

Emissions from business travel and commuting increased compared to 2022 due to the higher number of Group employees, particularly at the production site in Romania and the Italian corporate sites.

Strategic areas for scope 3 emissions mitigation

In line with the commitment set in the Science-Based Targets to reduce scope 3 CO2e emissions26 per product unit sold by 52% by 2030 from a 2021 base year, the Moncler Group is implementing various initiatives across the following strategic areas:

• the progressive introduction of "preferred" materials into the collections;
• promotion of regenerative agriculture projects;
• the decarbonisation of the supply chain through energy efficiency measures and the adoption of energy from renewable sources;
• the optimisation and efficiency improvement of the logistics system;
• the development and implementation of initiatives to promote sustainable mobility among employees.

"Preferred" materials

Among the raw materials used, wool and cotton are the main source of CO2 emissions, followed by synthetic materials, such as nylon and polyester.

In order to achieve its climate targets, in 2023 the Group implemented a series of initiatives to promote the introduction of products made with "preferred" raw materials into its new collections. The Moncler Group has taken steps to review its supply choices, for example by replacing virgin materials with alternatives made with recycled, organic or regenerative raw materials that guarantee a reduction in terms of emissions generated.

The Moncler Group has identified a set of intermediate targets to be achieved by 2025:

• 50% "preferred" nylon;
• 50% "preferred" cotton;
• 70% wool certified Responsible Wool Standard(RWS).

The objectives listed above contribute to achieve the target of more than 50% of yarns and fabrics made with "preferred" materials in all collections by 2025.

The progress made towards these objectives in 2023 is presented in the chapter "Think Circular and Bold" chapter. See also page pages 122-125.

In addition, in line with the commitments made, in 2020 Moncler drew up the Guidelines for "preferred" materials, a protocol that summarises the criteria and thresholds for guiding the choice of materials, accessories and production processes for lower-impact products. The protocol evolved into the Raw Materials Manual, which was drafted in 2023. The Group aims to have 100% of its strategic raw materials in line with the Raw Materials Manualby 2024.

The Moncler Group is also committed to reduce the consumption of packaging materials and to research and apply lower impact alternatives. In recent years, the Group has launched a series of programmes for improving

²⁶In line with the recommendations of the Science-Based Targets initiative, the scope 3 emissions covered by the objective do not include emissions associated with the use of sold product.

packaging design focused mainly on recyclability, re-usability27 and durability as well as on reducing the materials used. See also pages 56; 126-132.

Since 2022, packaging intended for the end client and, starting from 2023, the packaging for logistics have been respectively made with "preferred" materials.

Regenerative agriculture

The Moncler Group supports projects dedicated to regenerative farming practices within the cotton and wool supply chains, with mitigation effects on both CO2 emissions and the impact on biodiversity.

In particular, in 2023 the Moncler Group was committed to various regenerative agriculture projects and to supporting the implementation of new methods for measuring impacts in line with the most recent greenhouse gas emission frameworks. More details on the projects developed in 2023 can be found in the section "Safeguard Biodiversity". See also pages 158-159.

The Group also monitors the development of the GHG Protocol Land Sector and Removals Guidance and the SBTi FLAG in order to include the assessment of the impacts of these projects in its strategy. In this regard, the Group will calculate its FLAG emissions in 2024.

Decarbonisation of the supply chain

In 2021 the Group began mapping its energy consumption and type of energy used along the supply chain in order to integrate primary data from production processes into the Group's footprint and identify, together with its suppliers, opportunities for energy efficiency improvements and the transition to energy from renewable sources. This activity, which continued in 2022 with regard to direct suppliers, was extended to indirect suppliers in 2023. This process, supported by external partners for the data verification phase, allows the Group both to improve the quality of the data used in calculations of environmental impacts and to monitor the virtuous actions implemented by its suppliers over time.

In addition, the Moncler Group continues to collaborate with its suppliers to encourage the energy transition in its supply chain. In this regard, in 2023 the Group carried out an energy assessment programme involving a total of approximately 15 direct suppliers. These assessments, financed by the Group and carried out by specialist external consultants, focus in particular on potential initiatives with short term return on investment and no impact on the quality and timing of production, such as the possibility of installing photovoltaic systems at production sites or the purchase of renewable energy. The measures identified for each production site, aimed at supporting the supplier in defining a strategy to reduce consumption and CO2 emissions, were discussed in detail with the supplier in ad hoc sessions to better understand their technical and economic feasibility.

Looking forward, the Group will continue to collaborate with suppliers with more energy intensive processes (e.g. dyeing or finishing) to encourage them to implement energy efficiency programmes.

Logistics system

The challenges faced by the logistics system in recent years, marked by the pandemic and international political instability, have been manifold. In 2023 a new normality continued with a series of geopolitical uncertainties that resulted in constant review of the geography of supply chain procurement and the related logistic access conditions. This led to variations in transportation modes and times in response to fluctuations in air traffic, the riskiness of certain maritime traffic routes and the continued volatility of international transport costs.

²⁷ This refers to the ability of a product to be used multiple times or in multiple contexts without losing its functionality, performance or quality.

During the year, the Group's efforts aimed to increase the automation and standardisation of processes, continuing the process of integrating the main logistics service providers into the Group's IT systems and to develop internal competence centres on areas ensuring control and continuity of the business and the sustainability of processes.

In 2023 the Stone Island logistics and distribution system was progressively integrated into the Group model; many of the related flows have been aligned with the system developed for Moncler, thus improving operational efficiency through synergies created between spaces, resources in logistics nodes and transport.

The Group has always sought to implement logistics solutions that ensure effectiveness, operational efficiency and compliance with delivery times alongside with the attention to the environment. In this regard, the Group is committed to creating an internal and external culture that encourages and supports its logistics partners in adopting increasingly sustainable transport systems and methods, and is progressively introducing sustainability minimum requirements to its contracts to mitigate and prevent CO2 emissions.

Various activities have been carried out over the years or are under evaluation to contain environmental impacts and costs. The main streams of the Moncler Group's commitment towards a low environmental impact logistics system are:

• identifying efficient routes to reduce distances travelled;
• optimising flows to minimise travel;
• space-efficient packaging to deliver the same volume of product in less space;
• packaging made with material with a lower environmental footprint;
• promotion of the use of means of transport with a lower environmental impact (definition of sustainability minimum requirements and progressive introduction to agreements for the provision of logistics services for distribution in the EMEA Region).

In recent years, Moncler has modified the packaging used to transport finished products, resulting in a significant reduction in volumes handled and, thus, in the need for vehicles and, consequently, the environmental impacts generated in terms of GHG emissions.

Also in 2023 Moncler compensated last-mile emissions for the e-commerce channel in Korea and Japan, and in the Americas and EMEA Regions, for which specifically continued to use the UPS® carbon neutral service. In 2024 this possibility will also be extended to the e-commerce flows of the Stone Island brand.

Initiatives to promote sustainable mobility

The Moncler Group is aware of the impact of urban mobility and encourages its employees to adopt solutions with a low environmental impact.

In particular, in 2023, the car pooling initiative for Moncler employees at the Trebaseleghe office (Padua) continued. This initiative, encouraged by the Group through a contribution provided to those who make their car available, enables Moncler people to benefit from moments of socialisation with their colleagues, while also limiting the environmental impact of travel. In addition, also in 2023 Moncler continued to promote the use of bicycles by making company bicycles available to all employees at the Milan and Trebaseleghe (Padua) offices who applied for them with the aim of encouraging individual mobility as an alternative to using local private and public transport for urban travels and travel between offices.

At its production site in Romania Moncler continued to provide a shuttle bus service. This commuting system, from which benefited around 900 people, prevented the emission of over 1,670 tonnes of CO2, equals to a reduction of 43% compared to the emissions that would have been generated if each employee had moved by private means.

In addition, in Italy, a Mobility Manager was appointed in 2021 to promote sustainable mobility of employees by developing a Work Home Travel Plan (WHTP), which is updated annually. In particular, in 2023, on the

basis of the mapping of corporate offices carried out in 2022 to analyse workplace accessibility, the transport solutions used by employees, travel distance and time and possible areas of intervention were identified in order to reduce pollutant emissions and promote alternative approaches to commuting. In this regard, in 2023 mobility services, such as sharing mobility and local public transport pass, were provided to Moncler employees in Italy. In addition, Moncler employees in Italy have accessed a tool that uses gamification to encourage virtuous behaviour by employees who use low impact commuting methods (cycling, walking, trams, buses, etc.). Through this platform, the Group also obtains monthly information on avoided CO2 emissions, useful for updating the WHTP.

For years the Group has leveraged the potential of new technologies, such as innovative video conference and telepresence systems that facilitate remote communication, allowing to reduce the impacts of travel on both the environment and people's quality of life.

To date the Moncler Group has 46 meeting rooms with modern video conference or telepresence systems.

In addition to the video conference systems present in offices, since 2019 it has been used the web desk conferencing system, i.e. a flexible video conference system that integrates with the systems in the video rooms at company offices and also allows external video conference systems to be connected to the company network. Through this video communication system, the Group allows personnel outside the Company to contact internal staff without having to travel.

RESOURCES CONSUMPTION AND MANAGEMENT

WATER

The Moncler Group, aware of the importance of responsibly managing the consumption of resources, including water, is committed to preserve and reduce the consumption of such resources at its sites and throughout the supply chain.

In recent years the Group has thus launched a series of activities aimed not only at assessing its impacts on water consumption, but also at analysing the water risk of its sites and along the supply chain to identify improvement measures.

As part of this process, in 2023 the Group updated the calculations of its water footprint, including water consumption occurring both at its sites and throughout the supply chain.

This analysis was conducted in collaboration with an external partner and follows the principles set by the standard ISO 14046: Water Footprint – Principles, requirements and guidelines. The water footprint calculation methodology allows to combine direct (at the Group's sites) and indirect (throughout the supply chain) consumption data with the water risk index (reflecting water scarcity Available Water Remaining – AWARE) associated with each geographical area analysed.

In line with the analysis of the Group's carbon footprint, also the water footprint showed that the most significant impacts on water resources occur in the extraction and production phases of materials and in some processing stages.

With regard to direct consumption (offices, stores, production sites and logistics hub), the main source of water supply for the Group is represented by water mains. All direct water consumption is mainly for sanitation and, to a minimal extent, steam production for ironing facilities and a small dyeing facility for Stone Island's prototyping department. Consumption increased compared to the previous year due to the expansion of the Group's production capacity. Accordingly, water discharges are comparable to those of residential buildings and are therefore drained into the sewage system.

DIRECT WATER CONSUMPTION28

m3	Moncler Group
	2023	2022
Water withdrawal	71,070	57,787
Water consumption	992	847
Water discharge29	70,078	56,940

The most significant water consumption is the indirect consumption that occurs along the supply chain in the phases of production of the Group's natural and animal raw materials, particularly for the cultivation of cotton, which is also the main material by volume purchased. Among synthetic fibres, the greatest water consumption occurs in the transformation and dyeing of yarns and fabrics.

²⁸ For the direct water consumption of offices, the production site and logistics hub, primary data were used. For the water consumption of stores and outlets, water consumption data collected from a sample of LEED-certified stores were used; water consumption indices were applied to this sample to estimate total consumption on the entire network of directly managed stores and outlets.

²⁹ Since the Group's direct withdrawals are based on consumption similar to sanitation services, practically all of the water withdrawn is in turn discharged into urban water systems. Water consumption represents the portion of water not returned to the system due to evaporation losses, mainly due to extraction and pre-sanitisation treatment and wastewater treatment.

INDIRECT WATER CONSUMPTION

m3	Moncler Group
	2023	2022
Indirect water consumption for the production of finished products	6,074,618	7,193,090
of which for raw materials30	5,254,671	6,285,984
of which for processing31	819,947	907,106

The results of the analysis are used internally to identify and prioritise actions and projects aimed at reducing the impact on water consumption.

For example, in the supply chains for natural and animal fibres such as cotton and wool, the Group has identified regenerative farming projects that allow to increase the capacity of the soil to retain water, improving the resilience of crops and reducing the need for irrigation of the fields. For more details, see the paragraph "Safeguard Biodiversity" on pages 158-159.

In addition, in 2022 the Group launched a long-term research project in collaboration with the Umberto Veronesi Foundation 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 and with limited water resources.

The Group's goal is to continue to refine the analyses carried out so far, enriching them with increasingly granular data, involving suppliers that operate upstream in the supply chain to collect information on water consumption of their production processes in order to identify potential risks and mitigate impacts.

In addition, with regard to indirect water impacts, the Group is monitoring developments in Science Based Target for Nature(SBTN) guidelines in order to define quantitative targets on the most important areas.

WASTE

The waste generated by the Moncler Group's direct activity mainly relates to packaging material, to office waste and textile processing scraps.

The Group is committed to limiting waste generation and continues to refine its processes in order to achieve this objective. At all corporate offices, production sites and logistics hub, where the amount of waste generated is significantly higher than at other sites, the company implements an environmental management system certified according to the ISO 14001 standard.

In 2023 Moncler and Stone Island sent for recycling and/or recovery approximately 89% of waste generated in Italy and at Moncler's production site in Romania. No waste generated at its corporate offices, production site and logistics hub was sent to landfills. This result was achieved through a series of programmes designed to maximise the material sent to recycling networks, implemented with the support of companies specialising in proper waste disposal.

In addition, the Group's offices and stores are equipped with special waste sorting containers and employees are informed of the importance of using proper practices so that waste can be recycled/recovered or, to a residual extent, disposed of. The sorting applies to: paper and cardboard, wood, plastic and IT equipment.

³⁰ Indirect water consumption associated with the production and extraction of raw materials, such as cotton-cultivation, the livestock-raising phase for wool and transformation processes for synthetic fibres.

³¹ Indirect water consumption associated with processing such as spinning, weaving, dyeing, manufacturing, ironing, garment dyeing etc..

Total waste generated in 2023 was 1,809.6 tonnes (2022: 1,163.3 tonnes). The increase compared to the previous year is mainly due to the expansion of the Moncler production sites, which led to an increase in activities, an increase in the number of employees (+19% vs 2022) and the opening of new stores.

WASTE GENERATED32

TONNES	Moncler Group
	2023	2022	20215
Non-hazardous waste	1,807.8	1,161.4	1,055.2
Paper and cardboard	647.7	472.0	442.1
Mixed packaging	333.2	248.9	191.8
Wood	254.1	177.7	180.3
Plastic	161.5	141.0	128.7
Fabric	346.5	118.3	68.7
Metal	29.2	0.5	41.0
Other	35.6	3.0	2.6
Hazardous waste	1.8	1.9	26.333
Total waste produced	1,809.6	1,163.3	1,081.5
of which recycled or recovered	89%	92%	89%

WASTE BY DESTINATION

TONNES	Moncler Group
	2023	2022	20215
Total waste recycled or recovered	1,614.1	1,074.3	959.9
Total waste disposed	195.5	89.0	121.6
of which landfilled	-	-	0.4
of which incinerated with energy recovery	182.1	85.7	97.9
of which incinerated without energy recovery	0.1	1.6	23.3
of which transferred to other disposal operations 34	13.3	1.7	-

In the last years, in view of the potential negative impacts of inefficient, unethical waste management, the Group has implemented ad hoc procedures and processes for the management of textile materials, be they inventories, fabric scraps or unsold garments. In this regard, in 2023 the Group sent 99% of all textile waste material for recycling. This was made possible by continuous dialogue with partners and organisations to study innovative solutions and integrate recycling programmes to minimise the material sent to waste-to-energy and/or landfills.

³² The data refer to offices and logistics hub in Italy and production site in Romania. They do not include waste directly managed by local municipalities. The data do not include waste generated in stores in Group's retail network. This figure was estimated by the Group for the first time in 2023. The calculation is based on waste volume primary data collected for a sample of stores subject to LEED certification. The waste relates mainly to packaging material from the products sold. The estimated total is around 442 tonnes (of which more than 87% is sent for recycling).

³³ The figure includes the disposal of a chemical solution used to recover the metal tank previously held diesel to heat the production site in Romania.

³⁴ The figure includes condensate water from air compressors and a mixed material part sent for disposal due to the emptying of a warehouse in United States.

Also in 2023, no unsold garments were sent to incineration with energy recovery or to landfill, rather, they were recycled to recover fabric, yarn or other materials. See also pages 123-124.

In addition, in 2023 100% of the nylon production scraps from the Group's direct sites was recycled. See also pages 56; 123-124.

For more details on the disposal method, broken down by waste type, see also page 179.

Lastly, since 2022 the Group has been a member of Re.Crea, the consortium founded by industry brands, coordinated by Camera Nazionale della Moda Italiana, to manage textile and fashion products at the end of their lives and to promote the research and development of innovative recycling solutions. See also pages 52; 124.

SAFEGUARD BIODIVERSITY

The analysis of raw materials and their supply chain laid the foundations of a process aimed at safeguarding biodiversity, outlining a range of activities for more responsible use of natural resources and for reducing the impact of the supply chain on ecosystems.

In fact, since 2021 the Group has actively involved its suppliers in identifying the main areas of supply of its strategic raw materials and quantifying, for each of them, the impact in terms of land use, climate change, water stress and land and marine pollution. The approach, constantly evolving in alignment with the guidelines of the Science Based Targets for Nature (SBTN)35 and the AR3 T (Avoid, Reduce, Restore and Regenerate, and Transform) framework, enabled the identification and prioritisation of mitigation actions.

The analysis conducted by the Group in 2021 showed that the greatest biodiversity impacts are associated with animal fibres, mainly wool and cashmere, related to the use of soil during grazing. It also emerged the presence of some areas at risk of water stress along the down and cotton supply chain. On the basis of this analysis, the first projects were defined, both at the Group's activities and along the supply chain, aimed at minimising the impact on biodiversity by 2030. In particular, the Group is committed to supporting regenerative farming practices in the cotton and wool supply chains, with mitigation effects on both the impact on biodiversity and greenhouse gas emissions. Regenerative farming is an approach that aims to improve the health and fertility of the soil, increasing its capacity to absorb carbon from the atmosphere, while also protecting water resources and biodiversity.

In 2022 projects were identified to support regenerative practices linked to the cotton and wool supply chains. In 2023 the Group took part in two specific projects related to the cotton sector: the pilot project Unlock Programme, organised by The Fashion Pact, and the Cotton 2040 project of the Ecosystem Services Market Consortium (ESMC)36 , both of which aimed to provide incentives for cotton farmers to apply regenerative and low-impact farming practices. At the end of the year, the Group also launched a regenerative farming project in the wool supply chain in Australia with PUR Projet37 , promoting the use of regenerative practices in animal rearing, with the aim of improving the farming practices used.

In view of constant improvement, thanks to the data obtained from the traceability project carried out throughout the supply chain, in 2024 the Group will update the analysis to quantify the impacts on biodiversity and align the methodology with the developments of the new guidelines of the SBTN framework.

³⁵ 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.

³⁶ A non-profit organisation that recognises and rewards farmers for their environmental practices.

³⁷ An organisation active in insetting since 2008, PUR Projet is a certified B Corp and a global leader in the implementation of nature-based solutions.

THE GROUP'S APPROACH TO BIODIVERSITY

	ACTIONS	2023 RESULTS
Restore and Regenerate	Increase the use of raw materials from practices that offer opportunities to mitigate both biodiversity impacts and carbon emissions (e.g. organic and regenerative farming practices).	• >10% organic cotton • 49% wool certified Responsible Wool Standard (RWS), or Native Sustainawool • Two regenerative agriculture projects launched in the cotton sector and one in the wool sector
	100% of key raw materials in line with the Raw Materials by 2024, also considering requirements aimed to Manual reduce impacts on biodiversity.	• Preparation of the with Raw Materials Manual the Group's goal of having 100% of the strategic raw materials aligned with it by 2024
Reduce	Over 50% of yarns and fabrics will be made from "preferred" materials by 2025, also considering reducing the use of virgin raw materials and promoting good land management practices for natural materials.	• Over 25% yarns and fabrics made with "preferred" materials
	Continue using 100% recycled wood in logistics processes.	• 100% recycled wood used in logistics processes
	Key raw materials traced by 2023, including with the aim to identify potential high-risk biodiversity areas.	• Strategic raw materials traced in 2023 (2023 SS and FW collections)
Avoid	Continue promoting sustainable forestry by sourcing 100% wood-pulp based packaging material (paper and cardboard) from deforestation-free supply chains certified under the Forest Stewardship Council (FSC) and/or Programme for the Endorsement of Forest Certification (PEFC).	• 100% of paper and cardboard packaging materials FSC or PEFC certified
Transform	Continue participating in the Fashion Pact working groups and roundtables designed to address topics related to climate change and biodiversity.	• Continuous involvement in STBi, SBTN and Fashion Pact roundtables on climate change and biodiversity issues

7 GIVE BACK

Supporting communities

The Moncler Group has always been committed to support local communities and engage in an open and collaborative dialogue with charitable organisations.

An active support that stems from the awareness that a company can only thrive by being in harmony with and fully respecting the community.

SUPPORTING COMMUNITIES

Over the years, the Moncler Group has been promoting initiatives and sponsoring projects in support of local communities and charitable organisations through cash contributions, donating clothes and organisational support for national and international programmes.

The Group's commitment to support communities mainly translates into initiatives related to: social development, support for people in emergency situations, scientific research and prevention and the fight against poverty, and art and culture.

These are complemented by activities to support local communities near its main areas of activity, that stem from the dialogue with local authorities and the community. 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.

During the year, the Moncler Group invested approximately 3.6 million euros, representing a 33% increase compared to 2022.

¹ Management costs of organising employee volunteer activities during working hours.

² Monetary value of hours volunteered by employees during regular working hours.

SUPPORT TO THE POPULATIONS IN EMERGENCY SITUATIONS

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 most vulnerable families living in some of the world coldest areas, where the already extreme living conditions intensify with the arrival of winter, making survival a daily struggle. This has been possible through Moncler support to UNICEF, the United Nations Children's Fund, which provides humanitarian 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. From 2017 to 2023 the Company protected approximately 140,000 children and families from the cold with necessities, kits for newborns, blankets and garments.

Moncler aims to protect 150,000 vulnerable people from the cold over the period 2020-2025 and support local communities with one high social value project every two years.

The Moncler Group, attentive to the needs of populations affected by natural disasters, acted promptly in 2023, offering aid to the populations of Türkiye and Syria severely impacted by the earthquake and to the local communities of Emilia-Romagna affected by the flood.

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 ensure that research is constantly supported, also in medical and scientific sectors and therefore, actively supports researchers in their daily activities through grants and scholarships.

In 2023 more than 350,000 euros were donated for scholarships and grants to support researchers from the Umberto Veronesi Foundation and to a number of associations and foundations involved in supporting the sick, including Theodora onlus and the European Institute of Oncology.

Umberto Veronesi Foundation

The Umberto Veronesi Foundation was founded in 2003 to promote excellence in scientific oncological research and projects aimed at prevention, health education and scientific dissemination. Its promoters include 11 Nobel Prize winners who form the Foundation's Honorary Committee.

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 2,200 doctors and scientists engaged in cutting-edge scientific projects and over 140 research projects.

Moreover, the Foundation is active in the field of scientific divulgation through conferences, projects with schools, awareness-raising campaigns and publications.

In 2013, the Foundation launched the Pink is Good project to offer concrete support for research on breast cancer and to raise awareness on its prevention. Moncler has actively supported the project since its inception: every year, part of the revenues generated by its main Italian stores from a day in October are donated to this initiative and clients are given an information brochure to raise awareness on prevention.

Also in 2023 Moncler supported two researchers from the Umberto Veronesi Foundation involved in the study of breast and pancreas cancer.

Moncler also continued to support the Foundation in its commitment to paediatric oncology, contributing to the creation of PALM (Paediatric Acute Leukemia of Myeloid origin), a national network of institutes specialising in oncohematology 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 very 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 and thus on human health, since 2022 Moncler has been supporting a research project by the Umberto Veronesi Foundation on the ability of some plant species to adapt to less favourable climate conditions. The study focuses in particular on identifying the mechanisms used by specific varieties of cotton to survive or optimise growth in drought situations. The goal of the study 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 contribute to the well-being of the community in which it operates, both by promoting independent projects, and by supporting organisations working in the social sphere on issues such as young people assistance, diversity and inclusion, and the spread of a culture of respect for the environment.

Young people and their future have always been an issue of great importance for Moncler, which for many years has been supporting struggling young people to ensure them 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, I Bambini delle Fate and Amici di Cometa Onlus.

Another issue that is of great importance to the Moncler Group is diversity, equity and inclusion. The Group is aware of how discrimination can be a threat to the community and also how significant it is to create a sense of acceptance and enhancement of diversity. In particular, in 2020 Moncler began implementing initiatives to promote an increasingly inclusive culture. In this context are encompassed the donations made to organisations committed to promote diversity and equal opportunity, including the LeBron James Foundation, Heritage of Pride the magazine The Face. With the latter, also in 2023 the Group continued the Future Academy programme, which provides paid training opportunities for young people who want to join the creative industry, enabling them to acquire new skills and building a series of contacts of great value for their future.

Moncler also supports activities and projects related to the protection and preservation of the environment. Particularly, in recent years the Company has supported 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 with Legambiente to reduce plastic use and promote plastic recycling.

Ev-K2-CNR

Ev-K2-CNR is a private, non-profit association that promotes collaborative development projects and scientific research activities in mountain regions. The association's activity, which is also carried out in collaboration with international organisations such as WWF (World Wide Fund for Nature), UNEP (United Nations Environment Programme), UNDP (United Nations Development Programme) and WMO (World Meteorological Organization), ICIMOD (International Centre for Integrated Mountain Development) and local organisations focuses on studying and monitoring climate changes, on safeguarding biodiversity and on the development of mountain populations.

United by the passion and respect for mountains, Ev-K2-CNR and Moncler have collaborated since 2014 to promote environmental restoration and education programmes such as Keep Karakorum Clean and Keep K2 Clean. Thanks to these initiatives, developed in collaboration with local institutions and populations, base camps are annually cleaned up from waste and restored to their natural condition. In recent years, thanks to the cooperation with the authorities of Central Karakorum National Park (CKNP) and Gilgit-Baltistan Province (Pakistan), a waste sorting system has been set up, allowing, to date, the collection of approximately 60 tonnes of solid and biological waste. In 2023 these activities continued to be carried out directly by CKNP staff supported by local entities, while environmental education activities to raise awareness among the Pakistani workers on the importance of preserving parks and glaciers and to strengthen nature protection projects in the region, were continued by Ev-K2-CNR in close cooperation with the government of Gilgit-Baltistan (Pakistan), stakeholders and the local population.

Collaboration with the Karakorum International University, the Baltistan University and the Gilgit-Baltistan Environmental Protection Agency continued in 2023. In particular, the Glacier and Students project continued, with the aim of contributing to knowledge of the state of the cryosphere in Gilgit-Baltistan (Pakistan). The project aims to develop a programme to monitor and evaluate changes in glaciers and high-altitude lakes by creating a detailed land register. Over 400 students from Baltistan University were trained in 2023

Lastly, also the One Health initiative, a network of laboratories located in the Gilgit-Baltistan region (Pakistan) dedicated to studying and protecting the health of nature and animals, went ahead.

APPENDIX

Guide to the report Additional information Statement of assurance GRI content index Glossary Contacts

GUIDE TO THE REPORT

Reporting standards

The Moncler Group's 2023 Consolidated Non-Financial Statement (hereinafter also "Non-Financial Statement" or "Statement"), prepared in accordance with Article 4 of Legislative Decree 254/2016 (hereinafter also "Decree"), contains information on environmental and social, personnel, human rights and anti-corruption issues. This information is intended to deliver a clear understanding of the activities carried out by the Group and their impact, and of the Group's performance and results achieved.

This Statement, published on an annual basis, is prepared "in accordance" with the Global Reporting Initiative 2021 Sustainability Reporting Standards (GRI Standards) issued by the Global Reporting Initiative – to date, the most widely used and recognized standards at international level for sustainability reporting. To facilitate the search for information, a GRI Content Index is provided from page 196 where GRI indicators associated with each material topic can be consulted.

The Non-Financial Statement follows the principle of materiality, as provided for by the relevant regulations and characterising the GRI Standards. The topics discussed in this Statement are those that, following a materiality analysis and assessment as described on pages 45-46, were considered relevant, as they are able to reflect the social and environmental impacts of the Group's activities, or influence the decisions of its stakeholders.

In order to continue to improve the transparency of the ESG (Environmental Social Governance) performance and facilitate the comparability of the data and information provided to different stakeholders, the Moncler Group also considers some indicators provided by Sustainability Accounting Standards Board (SASB) with the aim of gradually expanding disclosures in subsequent publications.

In addition, starting from 2021 the Moncler Group began to report information useful for the disclosure according to the requirements of Article 8 Delegated Act of the EU Taxonomy Regulation 852/2020 and has taken into account the recommendations set by the Task Force on Climate-related Financial Disclosures (TCFD) in June 2017 for the voluntary dissemination of transparent reporting on climate change-related risks and opportunities.

The Moncler Group will be required to comply with the new Corporate Sustainability Reporting Directive (CSRD) from the fiscal year beginning on January 1, 2024. To this end, the Group has initiated a mapping of the information requirements stipulated by the CSRD and the European Sustainability Standard (ESRS) in order to identify the information that must be integrated for the fiscal year 2024 to ensure compliance with the new regulations.

Scope of reporting

The qualitative and quantitative data and information contained in the 2023 Consolidated Non-Financial Statement refer to the performance of the Moncler Group (hereinafter also "the Group") for the year ended 31 December 2023. As provided for by Art. 4 of Legislative Decree 254/2016, this Statement includes the data of the Parent Company (Moncler S.p.A.) and of its fully consolidated subsidiaries.

Any limitations to the scope of reporting have been duly indicated in the document. It should be noted that the paragraph describing the Corporate Governance model refers solely to the parent company Moncler S.p.A..

Reporting process

Preparation of the Moncler Group's 2023 Consolidated Non-Financial Statement was based on a structured process entailing:

• the involvement of all Company units and departments responsible for the relevant areas and related data as well as information subject to the Group's non-financial reporting. Since 2017, "Sustainability Data Owners" have been designated. These positions are responsible for the data and information relating to their area that are published in the Consolidated Non-financial Statement, and for achieving the objectives contained in the Sustainability Plan for those topics within their area of competence. The data and information included in the Statement are derived from a non-financial reporting system (data collection forms) specifically implemented to meet the requirements of the Decree and GRI Standards, and, for some data, from the corporate information system used for Group management and accounting
• the approval of the Statement by the Board of Directors, convened to approve the draft Financial Statements for the 2023 financial year, following examination by the Control, Risks, and Sustainability Committee
• the issuance of an assurance report on the Statement by the independent auditor Deloitte & Touche S.p.A. following a limited assurance engagement, according to the criteria indicated in ISAE 3000 Revised, and with respect to the provisions set in the Articles 3 and 4 of Legislative Decree 254/16. The assurance is carried out according to the procedures indicated in the "Statement of assurance", included in this document. The independent auditor's opinion and the associated assurance activities did not include information regarding SASB and TCFD requirements. Furthermore, the limited assurance activity did not regard the information required by Article 8 of the European Regulation 2020/852 included in the "EU Taxonomy" section
• the presentation of the Statement at the Shareholders' Meeting
• the publication of the Statement on the corporate website to make it available to all stakeholders in a transparent manner.

Reporting principles

The identification of the contents and the reporting of the Consolidated Non-Financial Statement have taken the following principles into account:

• materiality the Statement describes the main economic, social, and environmental impacts directly linked to Moncler and Stone Island activities, considered most significant by both the Group and the internal and external stakeholders involved in corporate activities
• stakeholder inclusiveness Moncler and Stone Island take into account the expectations and interests of all those who, in any capacity, contribute to, or are influenced by, the Group's activities. The Statement provides a description of the Group's main stakeholders and channels of communication
• sustainability context the reporting of non-financial results is carried out taking into account the socio-economic context in which the Group operates and the issues of greatest relevance to the sector of reference
• completeness the reported issues and the scope of reporting of the Statement are selected so as to allow stakeholders to form a complete opinion on the Group's main economic, social, and environmental impacts
• balance the Statement describes Moncler and Stone Island performances in the field of sustainability, reporting on positive trends and results, as well as on the areas requiring further improvement
• comparability data referring to the two previous reporting periods was included and duly indicated in the Statement, to enable the comparison and contextualization of information. Any restatements of previously published comparative data are clearly indicated within the Document;

• accuracy to ensure the accuracy and homogeneity of the reported information, the Statement was based on hard data collected through direct measurements, while limiting the use of estimates as much as possible. Estimates, if any, are duly indicated in the document and are based on the best calculation methods currently available
• timeliness the Moncler Group's Non-Financial Statement is drawn up annually and made public in the same period as the Annual Report
• reliability all data and information reported were validated by the Sustainability Data Owners and processed based on documented evidence
• clarity the Moncler Group's Non-Financial Statement contains information presented in a manner that is easily comprehensible and accessible to all stakeholders.

This is the English translation of the original Italian document "Dichiarazione Consolidata Non-Finanziaria 2023". 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.

ADDITIONAL INFORMATION

EMPLOYEES BY GEOGRAPHIC AREA AND GENDER

		Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Italy	2,164	29.3%	70.7%	1,820	30.5%	69.5%	1,521	32.0%	68.0%
EMEA (excl. Italy)	2,806	23.4%	76.6%	2,281	24.2%	75.8%	1.876	23.1%	76.9%
Americas	598	46.5%	53.5%	548	47.8%	52.2%	491	48.5%	51.5%
Asia	1,942	37.5%	62.5%	1,661	36.0%	64.0%	1,402	32.4%	67.6%
Total	7,510	30.6%	69.4%	6,310	31.2%	68.8%	5,290	30.5%	69.5%

EMPLOYEES BY PROFESSIONAL CATEGORY AND GENDER

		Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Executives and senior executives	134	58.2%	41.8%	122	63.1%	36.9%	109	63.3%	36.7%
Managers	587	46.5%	53.5%	545	45.5%	54.5%	441	44.2%	55.8%
Professionals	831	34.5%	65.5%	711	36.3%	63.7%	618	36.9%	63.1%
White-collars	3,999	36.8%	63.2%	3,476	35.4%	64.6%	2.920	34.0%	66.0%
Workers	1,959	9.6%	90.4%	1,456	10.6%	89.4%	1,202	10.7%	89.3%
Total	7,510	30.6%	69.4%	6,310	31.2%	68.8%	5,290	30.5%	69.5%

EMPLOYEES BY AGE GROUP AND GENDER

	Moncler Group
	2023				2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
<30	2,424	38.0%	62.0%	2,050	37.1%	62.9%	1,566	35.0%	65.0%
31-40	2,384	32.0%	68.0%	2,086	32.7%	67.3%	1,864	33.0%	67.0%
41-50	1,641	24.2%	75.8%	1,326	25.4%	74.6%	1,151	25.5%	74.5%
>50	1,061	20.4%	79.6%	848	22.3%	77.7%	709	22.0%	78.0%
Total	7,510	30.6%	69.4%	6,310	31.2%	68.8%	5,290	30.5%	69.5%

EMPLOYEES BY LEVEL OF EDUCATION AND GENDER

	Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
University degree or equivalent	3,012	36.2%	63.8%	2,375	35.5%	64.5%	2,111	34.4%	65.6%
High school	2,056	34.2%	65.8%	1,618	34.1%	65.9%	1,474	34.2%	65.8%
Middle and primary school	1,281	13.3%	86.7%	1,126	13.9%	86.1%	1,134	13.2%	86.8%
Not mapped	1,161	28.7%	71.3%	1,191	34.9%	65.1%	571	40.6%	59.4%
Total	7,510	30.6%	69.4%	6,310	31.2%	68.8%	5,290	30.5%	69.5%

EMPLOYEES BY LENGTH OF SERVICE AND GENDER

		Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Up to 5 years	5,270	31.6%	68.4%	4,929	32.3%	67.7%	4,302	30.5%	69.5%
6 to 10 years	1,130	25.3%	74.7%	1,029	25.9%	74.1%	681	30.4%	69.6%
11 to 20 years	268	32.1%	67.9%	231	33.8%	66.2%	197	31.0%	69.0%
21 to 30 years	76	27.6%	72.4%	74	29.7%	70.3%	65	33.8%	66.2%
Over 30 years	48	31.3%	68.7%	47	27.7%	72.3%	45	26.7%	73.3%
Total	7,510	30.6%	69.4%	6,310	31.2%	68.8%	5,290	30.5%	69.5%

EMPLOYEES BY TYPE OF CONTRACT AND GENDER

	Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Permanent contract	6,480	28.7%	71.3%	5,307	29.6%	70.4%	4,488	29.3%	70.7%
Fixed-term contract	1,030	42.5%	57.5%	1,003	39.7%	60.3%	802	37.3%	62.7%
Total	7,510	30.6%	69.4%	6,310	31.2%	68.8%	5,290	30.5%	69.5%

EMPLOYEES BY TYPE OF CONTRACT AND GEOGRAPHIC AREA

		Moncler Group
		2023			2022		2021
	Total	Permanent contract	Fixed-term contract	Total	Permanent contract	Fixed-term contract	Total	Permanent contract	Fixed-term contract
Italy	2,164	90.0%	10.0%	1,820	90.7%	9.3%	1,521	87.5%	12.5%
EMEA (excl. Italy)	2,806	86.2%	13.8%	2,281	83.7%	16.3%	1,876	88.8%	11.2%
Americas	598	79.8%	20.2%	548	78.3%	21.7%	491	74.9%	25.1%
Asia	1,942	84.2%	15.8%	1,661	79.4%	20.6%	1,402	80.2%	19.8%
Total	7,510	86.3%	13.7%	6,310	84.1%	15.9%	5,290	84.8%	15.2%

EMPLOYEES BY TYPE OF CONTRACT AND GENDER

	Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Full-time	6,743	29.8%	70.2%	5,592	30.5%	69.5%	4,738	29.9%	70.1%
Part-time	767	37.2%	62.8%	718	36.9%	63.1%	552	35.7%	64.3%
Total	7,510	30.6%	69.4%	6,310	31.2%	68.8%	5,290	30.5%	69.5%

PERMANENT EMPLOYEES BY TYPE OF CONTRACT AND GENDER

	Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Full-time	6,137	28.6%	71.4%	4,998	29.6%	70.4%	4,225	29.6%	70.4%
Part-time	343	30.0%	70.0%	309	30.1%	69.9%	263	24.7%	75.3%
Total	6,480	28.7%	71.3%	5,307	29.6%	70.4%	4,488	29.3%	70.7%

NEW HIRES AND DEPARTING EMPLOYEES BY GENDER

		Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
New hires	3,579	1,232	2,347	3,187	1,129	2,058	2,150	712	1,438
Departing employees	2,379	905	1,474	2,167	780	1,387	1,620	480	1,140

NEW HIRES AND DEPARTING EMPLOYEES BY AGE

		Moncler Group
	2023				2022				2021
	Total	<30	31-40	41-50	>50	Total	<30	31-40	41-50	>50	Total	<30	31-40	41-50	>50
New hires	3,579	1,901	849	526	303	3,187	1,773	789	405	220	2,150	1,175	591	256	128
Departing employees	2,379	1,177	720	285	197	2,167	1,010	688	296	173	1,620	674	552	234	160

NEW HIRES AND DEPARTING EMPLOYEES BY PROFESSIONAL CATEGORY AND GENDER

		Moncler Group
		2023
		New hires			Departing employees
	Total	Men	Women	Total	Men	Women
Executives and senior executives	17	64.7%	35.3%	13	92.3%	7.7%
Managers	100	47.0%	53.0%	79	44.3%	55.7%
Professionals	156	36.5%	63.5%	113	44.2%	55.8%
White-collars	2,489	41.2%	58.8%	1,871	40.2%	59.8%
Workers	817	11.3%	88.7%	303	18.2%	81.8%
Total	3,579	34.4%	65.6%	2,379	38.0%	62.0%

	Moncler Group 2022
	New hires			Departing employees
	Total	Men	Women	Total	Men	Women
Executives and senior executives	24	58.3%	41.7%	17	58.8%	41.2%
Managers	148	46.6%	53.4%	77	37.7%	62.3%
Professionals	173	40.5%	59.5%	141	39.7%	60.3%
White-collars	2,289	39.6%	60.4%	1,598	39.0%	61.0%
Workers	553	12.7%	87.3%	334	18.3%	81.7%
Total	3,187	35.4%	64.6%	2,167	36.0%	64.0%

	Moncler Group
	2021
	New hires			Departing employees
	Total	Men	Women	Total	Men	Women
Executives and senior executives	10	80.0%	20.0%	17	41.2%	58.8%
Managers	79	44.3%	55.7%	74	31.1%	68.9%
Professionals	120	36.7%	63.3%	93	30.1%	69.9%
White-collars	1,623	36.5%	63.5%	1,166	34.0%	66.0%
Workers	318	10.4%	89.6%	270	9.6%	90.4%
Total	2,150	33.1%	66.9%	1,620	29.6%	70.4%

NEW HIRES AND DEPARTING EMPLOYEES BY GEOGRAPHIC AREA

		Moncler Group 2023
	Total	EMEA (including Italy)	Americas	Asia
New hires	3,579	2,309	340	930
Departing employees	2,379	1,444	288	647

		Moncler Group 2022
	Total	EMEA (including Italy)	Americas	Asia
New hires	3,187	1,896	388	903
Departing employees	2,167	1,199	330	638

		Moncler Group 2021
	Total	EMEA (including Italy)	Americas	Asia
New hires	2,150	1,135	339	676
Departing employees	1,620	863	294	463

Moncler Group 2023 2022 2021 Number % Number % Number % Italy 2,164 28.8 1,820 28.8 1,521 28.8 Romania 1,716 22.9 1,302 20.6 1,142 21.6 China1 764 10.2 655 10.4 600 11.3 Japan 709 9.4 648 10.3 525 9.9 United States 486 6.5 452 7.1 393 7.4 South Korea 401 5.3 284 4.5 217 4.1 France 352 4.7 319 5.1 244 4.6 United Kingdom 151 2.0 138 2.2 101 1.9 Germany 148 2.0 151 2.4 105 2.0 Switzerland 99 1.3 87 1.4 62 1.2 Canada 96 1.3 80 1.3 82 1.6 Austria 68 0.9 57 0.9 38 0.7 Other countries 356 4.7 317 5.0 260 4.9 Total 7,510 100 6,310 100 5,290 100

EMPLOYEES BY COUNTRY

RATIO BETWEEN WOMEN'S AND MEN'S REMUNERATION LEVELS2

MEN'S REMUNERATION = 100

WOMEN PRESENCE

Percentage (%)	Moncler Group
	2023	2022	Target
Share of women in total workforce	69%	69%	≥ 50% by 2025
Share of women in all management positions, including junior, middle and senior management, executives and senior executives	51%	51%	≥ 50% by 2025
Share of women in junior management positions on total junior managers	55%	55%	≥ 50% by 2025
Share of women in top management positions on total top managers	42%	37%	≥ 50% by 2025
Share of women in management positions of revenue generating functions on total managers in revenue generating functions	49%	53%	≥ 50% by 2025
Share of women in STEM3 -related positions on total of STEM-related positions	67%	58%	≥ 50% by 2025

¹ China includes the employees of the Chinese mainland, Hong Kong SAR, Macao SAR, and Taiwan Region.

² Remuneration levels are adjusted on the basis of the cost of living index in Italy.

³ Science, technology, engineering, and mathematics.

EMPLOYEES BY ETHNICITY (AMERICAS)

		Moncler Group
		2023
	Share in total workforce	Share in all management positions, including junior, middle and senior
		management
African-American	13%	7%
Asian	29%	29%
Hispanic	23%	11%
White	10%	20%
Caucasian	15%	26%
Other or missing	10%	7%

	Moncler Group
		2022
	Share in total workforce	Share in all management positions, including junior, middle and senior management
African-American	13%	2%
Asian	25%	22%
Hispanic	23%	11%
White	9%	25%
Caucasian	18%	24%
Other or missing	11%	15%

		Moncler Group
	2021
	Share in total workforce	Share in all management positions, including junior, middle and senior management
African-American	13%	5%
Asian	28%	21%
Hispanic	21%	10%
White	13%	26%
Caucasian	14%	21%
Other or missing	11%	17%

TYPE OF TRAINING

HOURS	Moncler Group 2023
	Total	Men	Women
Mandatory	49,647	7,765	41,882
Italy	10,502	3,033	7,469
EMEA (excl. Italy)	38,153	4,335	33,818
Americas	501	220	281
Asia	491	177	314
Non-mandatory	255,514	42,350	213,164
Italy	38,157	5,995	32,163
EMEA (excl. Italy)	170,821	19,135	151,686
Americas	7,927	3,911	4,016
Asia	38,609	13,310	25,300
Total	305,161	50,115	255,046

HOURS	Moncler Group 2022
	Total	Men	Women
Mandatory	29,310	5,438	23,872
Italy	6,530	2,054	4,476
EMEA (excl. Italy)	21,958	3,014	18,944
Americas	623	262	361
Asia	199	108	91
Non-mandatory	141,533	22,531	119,002
Italy	13,678	3,538	10,140
EMEA (excl. Italy)	111,642	13,423	98,219
Americas	1,953	778	1,175
Asia	14,260	4,792	9,468
Total	170,843	27,969	142,874

HOURS	Moncler Group 2021
	Total	Men	Women
Mandatory	26,451	5,119	21,332
Italy	7,942	2,146	5,796
EMEA (excl. Italy)	17,951	2,748	15,203
Americas	268	109	159
Asia	290	116	174
Non-mandatory	91,848	15,208	76,640
Italy	9,901	3,138	6,763
EMEA (excl. Italy)	66,486	6,168	60,318
Americas	2,922	1,267	1,655
Asia	12,539	4,635	7,904
Total	118,299	20,327	97,972

TRAINING BY AGE GROUP

HOURS	Moncler Group
		2023			2022		2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
<30	62,371	21.0%	79.0%	35,320	26.5%	73.5%	36,580	18.1%	81.9%
31-40	68,227	25.6%	74.4%	49,407	21.0%	79.0%	33,916	20.9%	79.1%
41-50	94,383	14.5%	85.5%	58,216	10.1%	89.9%	30,956	13.1%	86.9%
>50	80,180	7.4%	92.6%	27,900	8.5%	91.5%	16,847	15.2%	84.8%
Total	305,161	16.4%	83.6%	170,843	16.4%	83.6%	118,299	17.2%	82.8%

AVERAGE TRAINING HOURS BY PROFESSIONAL CATEGORY AND GENDER

HOURS	Moncler Group
		2023			2022		2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Executives and senior executives	9.2	9.2	9.1	7.0	6.2	8.4	13.8	13.8	15.4
Managers	16.3	16.6	16.0	13.7	12.7	14.4	11.6	13.2	10.3
Professionals	17.2	18.3	16.6	15.2	14.4	15.6	22.1	10.6	28.8
White-collars	20.8	16.2	23.4	9.2	7.5	10.1	12.3	9.6	13.7
Workers	100.6	83.8	102.4	82.3	73.1	83.4	51.8	38.5	53.4
Total	40.6	21.8	48.9	27.1	14.2	32.9	22.4	12.6	26.6

ACCIDENTS BY GENDER AND GEOGRAPHIC AREA

NUMBER	Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Total number of accidents in the workplace	21	7	14	24	9	15	15	3	12
Italy	8	0	8	7	1	6	7	1	6
EMEA (excl. Italy)	11	5	6	7	4	3	1	-	1
Americas	1	1	-	6	4	2	6	2	4
Asia	1	1	-	4	-	4	1	-	1
Total number of accidents commuting to/from work	13	4	9	11	2	9	14	3	11
Italy	10	3	7	9	1	8	11	3	8
EMEA (excl. Italy)	3	1	2	2	1	1	-	-	-
Americas	-	-	-	-	-	-	1	-	1
Asia	-	-	-	-	-	-	2	-	2
Total number of accidents in the workplace and commuting to/from work	34	11	23	35	11	24	29	6	23

ACCIDENTS AND DAYS LOST DUE TO ACCIDENTS

	Moncler Group
	2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Accidents (No.)	34	11	23	35	11	24	29	6	23
in the workplace	21	7	14	24	9	15	15	3	12
commuting to/from work	13	4	9	11	2	9	14	3	11
Days lost due to accidents	1,290	497	773	1,557	581	976	949	219	730
in the workplace	794	305	489	1,365	560	805	528	107	421
commuting to/from work	476	192	284	192	21	171	421	112	309

ACCIDENT INDICATORS (IN THE WORKPLACE AND COMMUTING TO/FROM WORK) BY GENDER

		Moncler Group
		2023			2022			2021
	Total	Men	Women	Total	Men	Women	Total	Men	Women
Incidence rate4	4.53	4.79	4.41	5.55	5.59	5.53	5.48	3.72	6.26
Severity rate5	0.10	0.14	0.09	0.16	0.20	0.14	0.11	0.09	0.12
Frequency rate6	2.78	3.00	2.68	3.58	3.75	3.51	3.47	2.44	3.90

SUPPLY CHAIN INDICATORS

		Moncler Group
		2023
Tier 1 suppliers (No.)		634
Critical suppliers (No.)		127
	Tier 1 critical suppliers	43
	non-Tier 1 critical suppliers	84
Value of orders with critical suppliers (%)		47%

	2023
Suppliers subject to assessment of ethical, social and environmental aspects (No.)	545
Suppliers assessed according to 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.)	44
of which suppliers with whom the business relationship has been terminated	14
of which suppliers supported in implementing a corrective action plan	30
Critical suppliers assessed according to ethical, social and environmental (No.)	127
Critical suppliers assessed according to 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.)	12
of which critical suppliers with which collaboration was terminated	-
of which "critical suppliers" supported in the implementation of the corrective action plan	12

⁴ Incidence rate: (number of workplace accidents/total number of employees) x 1,000.

⁵ Severity rate: (number of days lost due to workplace accidents/total number of hours worked) x 1,000. In 2023, the total hours worked amounted to approximately 12.2 million for the Group and approximately 11.1 million for Moncler brand.

⁶ Frequency rate: (number of accidents/total number of hours worked) x 1,000,000.

RAW MATERIALS

% OF VOLUMES USED	Moncler Group
	2023	2022	2021
Nylon	17%	21%	19%
Cotton	35%	38%	38%
Polyester	13%	12%	12%
Down	9%	6%	7%
Wool	5%	5%	5%
Other7	21%	18%	19%

RAW MATERIALS

PERCENTAGE	Moncler Group
	2023	2022	2021
Renewable materials	50%	51%	51%
Non-renewable materials	50%	49%	49%

WASTE BY DESTINATION

TONNES	Moncler Group
	2023	2022	2021
Sent to recovery/recycling	1,614.1	1,074.3	959.9
non-hazardous waste	1,612.3	1,074.0	957,0
hazardous waste	1.88	0.3	2.99
Sent to disposal10	195.5	89.0	121.6
non-hazardous waste	195.46	87.4	98.2
hazardous waste	0.04	1.6	23.411
Total waste produced	1,809.6	1,163.3	1,081.5

⁷ This includes other raw materials that are not particularly significant in terms of volumes, such as silk, viscose, etc..

⁸ Includes equipment that is not in use.

⁹ Includes electronic devices and toner.

¹⁰ Includes other types of disposals, including incineration with energy recovery and landfill.

¹¹ Includes the disposal of a chemical solution used to recover the metal tank that previously held diesel to heat the production site in Romania.

SCOPE 1 AND 2 DIRECT AND INDIRECT ENERGY CONSUMPTION Reporting period: 01.01.2021 – 31.12.2021 for the Moncler brand and 01.04.2021 – 31.12.2021 for the Stone Island brand

KWh	Moncler Group
	2021
Direct energy consumption	9,933,003.3
From non-renewable sources:
Natural gas12	6,211,485.6
Diesel	1,881,135.513
Fuel	1,840,382.213
Indirect energy consumption	32,511,714.4
Electricity from non-renewable sources	6,381,156.3
Electricity from renewable sources	26,130,558.1
of which from certified green energy14	26,115,369.1
of which self-generated	15,189.0
Total energy consumption	42,444,717.7
Total energy consumption (GJ)	152,801
Total energy consumption (MWh)/number of employees	8.02
Total energy consumption (MWh)/revenues (million euros)	20.7

¹² The data include total consumption based on the total cost of natural gas expenses (excluding cases where the data is managed by the host department stores).

¹³ The data include the consumption and emissions of the car fleet with reference to the global scope in 2021. In 2021 the Moncler car fleet was characterised by 65% hybrid and electric vehicles (56% at the Group level), to which the respective vehicle consumption factors have been applied.

¹⁴ This figure includes green energy certified according to the Renewable Energy Certificate (REC)/Guarantee of Origin (GO).

SCOPE 1 AND 2 CO2e EMISSIONS Reporting period: 01.01.2021 – 31.12.2021 for the Moncler brand and 01.04.2021 – 31.12.2021 for the Stone Island brand

TONNES OF CO2	Moncler Group	Moncler Brand
	2021	2021
Direct emissions (Scope 1)	2,155.3	1,772.3
From non-renewable sources:
Natural gas12	1,144.3	936.9
Diesel	473.1	381.9
Fuel	423.8	414.8
Refrigerant fluids15	114.1	38.7
Indirect emissions (Scope 2)
Location-based	10,904.9	10,399.8
Market-based	2,668.8	2,630.2
Total emissions16
Location-based	13,060.2	12,172.1
Market-based	4,824.1	4,402.5
Total emissions/number of employees
Location-based	2.47	2.50
Market-based	0.91	0.90
Total emissions/revenues (million euros)
Location-based	6.38	6.67
Market-based	2.36	2.41

¹⁵ The figure includes insignificant dispersion of refrigerant gases for a total amount of 60 kg in Italy.

¹⁶ Calculation of CO2e emissions (including CH4, NO2, HFC, PFC, and SF6 emissions, where present) has been carried out in accordance with the GHG Protocol guidelines. The parameters used for the calculation are derived from IEA, 2019, 2020 (emission factors for electricity), UNI EN 16258 (fuel emission factors) and the Department for Environment, Food and Rural Affairs (DEFRA).

SCOPE 3 INDIRECT CO2e EMISSIONS Reporting period: 01.01.2021 – 31.12.2021 for Moncler brand and 01.04.2021 – 31.12.2021 for Stone Island brand

TONNES OF CO2e	Moncler Group	Moncler Brand
	2021	2021
Indirect emissions (Scope 3)	200,686	146,005
Purchased goods and services	142,631	97,873
Capital goods	15,237	14,699
Fuel- and energy-related activities	773	716
Third-party warehouses	407	407
Transportation and distribution	22,148	18,114
of which by ship	258	101
of which by air	19,809	16,538
of which by road/train	2,081	1,475
Waste generated in operations	72	69
Business travel	589	540
Employee commuting	6,624	6,031
Use of sold product	9,055	5,338
End-of-life treatment of sold products	3,150	2,218

Scope 3 categories excluded from the perimeter	Reason for exclusion from the perimeter
Leased assets (upstream and downstream)	This category is not applicable to the Moncler Group as it does not own assets or properties leased to other companies.
Downstream distribution	Most transport of finished products for which the Moncler Group has paid the shipping costs is already included in the category "Transportation and distribution". The other sources of emissions in this category are not relevant for the calculation of the total data.
Processing of sold products	This category is not applicable to the Moncler Group since the sold products do not require further processing or transformation.
Investments	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.

Parental leave

Moncler has always guaranteed maternity, paternity and parental leave to all its employees in accordance with applicable laws and local regulations. For instance, for mothers working in Italy, the Group grants up to 44 weeks of parental leave (both compulsory and optional). Women can also benefit from hours of paid leave for nursing and rest. Since 2021, it has extended to all Italian employees who became fathers after 1 January 2021 a 15-day paternity leave, five more days than the legal requirements.

In addition to parental leave policies, Moncler also offers additional extraordinary paid leave programs. In particular, Moncler grants employees in Italy who require this type of additional leave to accompany their children to medical appointments or to care for their children during illness.

In 2023 the Moncler Group introduced the new New Parents Policy to enhance parenting and improve the well-being and work-life balance of its people, regardless of gender, marital status or sexual and affective orientation. See also pages 89-90.

Measures to facilitate return from leave and family management include the possibility of applying for flexible hours and additional paid leave until the child is three years of age. See also pages 87; 89-90.

During 2023, there were 105 employees who took at least one type of parental leave, 1.8% of the eligible female population and 0.6% of the male population, respectively. Around 123% of employees returned to work after the leave period, including those who took parental leave starting in 2022. Of those who returned to work in 2022, 53.8% were still working for the Company 12 months later.

Compliance

The Moncler Group strives towards the highest principles of transparency, integrity, and loyalty in its operations, in compliance with all applicable laws in the countries in which it operates, while concentrating efforts on building relationships of trust with its stakeholders.

In confirmation of the above, in 2023 and in line with 2022, no final decision was handed down against the Group companies in any of the following areas:

• unfair competition and antitrust
• product health and safety
• product labelling
• marketing, including advertising, promotion and sponsorship
• disputes impacting the community
• environment
• intellectual property rights
• privacy.

Privacy

The protection and processing of personal data is an important area for the Moncler Group, which has become increasingly important in recent years.

As also stated in the Moncler and Stone Island Codes of Ethics, the Group is constantly committed to establish and implement appropriate measures of an organisational and technological nature to appropriately meet the privacy protection needs of their employees, collaborators, clients and suppliers, in compliance with all applicable laws and regulations and in accordance with the most recent best practices.

In this context, the Group has also adopted the necessary steps to ensure prompt compliance with all the provisions of Regulation (EU) 2016/679, the General Data Protection Regulation (GDPR), which came into effect in May 2018.

At both Stone Island and Moncler a Data Protection Officer (DPO) has been designated, tasked with monitoring compliance with the GDPR and all laws and regulations on the protection of personal data. In addition, the DPO also provides targeted advice to the company and employees on the compliance with, and implementation of the provisions and obligations arising from the GDPR. A DPO was also appointed for the Group's German subsidiaries in accordance with local law.

In addition, both Brands have set up an email address dpo@moncler.com, and dpo@spwco.it through which it is possible to draw the attention of the DPO to requests for information and clarification or possible privacy violations; these work alongside the existing privacy@moncler.com and spwprivacy@spwco.it addresses, which allow any party to contact the Company regarding privacy issues.

The privacy governance system adopted by Moncler includes the Privacy Committee, established in June 2019. This committee is responsible for ensuring adequate coordination and exchange of information between the various companies and the Data Protection Officer (DPO), in order to obtain the necessary support and monitor and implement regulatory adaptations in company processes. The Privacy Committee, which meets every one or two months, is composed of the General Counsel, the Head of Corporate Affairs & Compliance and the heads of the functions designated as Privacy Contacts for the areas of Information Technology, Customer Relationship Management (CRM), People & Organization and Video-surveillance, as well as other colleagues from the Legal, Compliance and Digital departments. At Stone Island, there is a privacy office which, in coordination with the Group, monitors and manages all privacy issues, including the processing of personal data.

To ensure structured and efficient management of privacy issues and full compliance with the provisions of the GDPR, as well as other national legislation in which the Group operates, Moncler and Stone Island have provided internal procedures, tools and guidelines including (i) the Data Protection Master Policy which provides rules and instructions for the processing of personal data (clients, employees and third parties), the relevant periods of retention, and which identifies and defines the individuals involved in the process, their respective roles and related responsibilities; (ii) the register of personal data processing activities; (iii) the Data Protection Impact Assessment – DPIA, (iv) the procedure for the management of data breaches; and (v) the regulation on the use of IT tools by employees. These procedures are regularly updated to reflect any new laws or regulations, as well as changes in the Group's organisational structure.

As part of the mandatory training for Group employees, e-learning privacy training sessions are provided. These sessions cover key provisions of the GDPR and data protection obligations for all employees.

During 2023 the monitoring and update of the documentation and procedures continued in order to ensure an ongoing alignment with the GDPR and local regulations in the countries where the Group companies operate. In this context, the documents and tools have been adopted that are necessary to deal with the changes introduced in the area of whistleblowing following the entry into force of Legislative Decree 24/2023 implementing the Europe Directive 2019/1937, with significant impacts in the privacy area.

In 2023, the Moncler Privacy Committee also met regularly to discuss and deepen updates on projects relevant to privacy and to plan the activities necessary to ensure the constant alignment of the Company's and the

Group's activities with laws and regulatory requirements. The Stone Island Privacy Office has continued its privacy-related monitoring and management efforts.

The Group's Internal Audit department continued to conduct audits and related privacy follow-up activities during 2023, with the support of external consultants. In particular, Moncler's activities concerned data processing in the areas of marketing, digital, CRM and Human Resources. In the case of Stone Island, audits were conducted for Human Resources, General Services and one store.

Breaches of procedures implemented by Moncler and Stone Island under the GDPR by employees are covered by the disciplinary system adopted by the Group. To date, no disciplinary proceedings have been initiated for such breaches.

In 2023, Moncler received, through the official channels, about 815 requests of various kinds, including requests for deletion from the database pursuant to Art. 17 of the GDPR, exercising the right of access pursuant to Art. 15 of the GDPR, and further information on data management. As for Stone Island, about 180 requests were received through official channels in 2023.

In 2023, the Moncler Group was not notified of any complaints to the Italian Data Protection Authority pursuant to Art. 77 of the GDPR.

Tax Policy

In administrative management and in drafting the Financial Statements and any other type of accounting documentation, Moncler complies with the applicable laws and regulations, adopts generally accepted accounting practices and standards, and is inspired by the principle of transparency in relations with stakeholders, including the tax authorities. It faithfully represents management events according to criteria of clarity, truthfulness and fairness, in accordance with internal procedures, as stated in the Code of Ethics. In this context, the Board of Directors plays a central role in the leadership and management of the Company and the Group according to the values of honesty and integrity and the principle of legality.

Moncler pays close attention to the legislation's evolutions aimed at fighting tax avoidance and evasion at the national and international level. Furthermore, it has a tax strategy that governs how the Company manages this subject.

The Moncler brand has adopted a Tax Policy to ensure compliance with the tax rules of the countries in which it operates and to guarantee the financial and reputational integrity of all the Group companies. In particular, the principles have been established to ensure the uniform management of tax matters for all Group companies:

• complying with all the applicable laws, rules, regulations and disclosure requirements on tax matters in all the countries in which it operates
• applying diligent professional care and judgment to reach well-reasoned conclusions, ensuring all decisions are taken at an appropriate level and supported with documentation that evidences the decision-making process
• where tax law is unclear or subject to interpretation, performing a robust risk assessment, supported by adequate advices to ensure that the Group tax position adopted would be, more likely than not, settled in Group's favour
• developing and fostering good working relationships with tax authorities, government bodies and other related third parties
• complying with anti-bribery legislation
• constantly interacting with industry bodies or associations, governments, and other external bodies (e.g. OECD and the EU), where possible, to shape future tax legislation and practice in ways that balance the Group's interest (e.g. consistency, stability, competitiveness) with those of the relevant tax authority

• not making use of tax havens, tax structures without commercial substance or low tax jurisdictions in order to obtain tax advantages, or tax structures intended for tax avoidance
• complying with the Group Transfer Pricing Policy applicable world-wide on the basis of the principle of arm's length, or normal value, as stated by OECD Guidelines.

The Tax Policy Principles were approved by the Moncler Board of Directors.

In Moncler's organizational model, the Group Tax Department (GTD) is responsible, among other things, for developing the Group's tax strategy by identifying, analysing, and managing different optimisation initiatives and monitoring the most relevant topics. Alongside the Group Tax Department, the Tax Affairs units of individual countries, acting in accordance with the values and principles defined by the Parent Company, are in charge of compliance management and tax planning and tax monitoring activities at the local level.

Moncler has strengthened its tax risk internal control system, the Tax Control Framework (TCF), making it suitable for monitoring tax risk. The main objective of the Tax Control Framework is to provide Group companies with uniform, consistent guidance in adopting a proper and effective approach to tax risk management. Because they operate in different jurisdictions, the Group companies have to adopt the TCF in accordance with the specific business context and the domestic laws of their countries of reference. In keeping with the principles and guidelines set forth in the tax strategy, Moncler aims to manage tax risk proactively and believes that adopting a TCF can assure its timely detection, accurate measurement, and effective control.

Moncler ensures transparency and integrity in its relationships with the tax authorities, in case of audits referring either to Group companies or third parties. The Company constantly acts with a transparent, cooperative approach with all industry associations and institutions to support the development of effective tax systems in the different countries in which it operates, and is active in various working groups on taxation, such as the one organized by Altagamma.

EXCERPT FROM COUNTRY BY COUNTRY REPORT 2022

MILLION				2022
	Tax rate range	Countries included in the range	Revenues from third parties17	Income before taxes18	Taxes paid19 Taxes accrued20 - 0.07 0.04 0.03 0.39 1.24 1.53 1.94 275.11 289.02 277.07 292.29 8.88 5.50 8.88 5.50 - 0.32 1.41 1.09 13.88 17.71 41.66 45.34 56.96 64.46 342.91 362.25	Employees (FTE)
	x<10%	- United Arab Emirates - Hungary	11.12	1.50			17
	10%<x<15%	- Ireland	2.10	0.20			5
EMEA	15%<x<20%	- Romania - Czech Republic - United Kingdom - Poland - Switzerland - Kazakhstan - Russia - Ukraine	106.56	1.59			1,374
EUROS Total EMEA Americas Total Americas Asia Total Asia Total	20%<x<25%	- Sweden - Denmark - Norway - Türkiye	26.31	8.33			57
	x>=25%	- Italy - Belgium - Germany - France - Austria - Spain - Netherlands	1,001.28	569.81			2,033
			1,147.37	581.44			3,486
	x>25%	- Brazil - Canada - Mexico - United States	411.69	14.79			394
			411.69	14.79			394
	10%<x<15%	- Macao SAR	11.12	0.88			19
	15%<x<=20%	- Hong Kong SAR - Singapore - Taiwan Region	51.69	-4.35			93
	20%<x<25%	- South Korea - Malaysia	257.43	64.73			246
	x>=25%	- Australia - Japan - Chinese mainland - New Zealand	731.86	127.08			985
			1,052.10	188.35			1,034
			2,611.16	784.58			5,223

¹⁷ Revenues from third parties of €2,611.16 million differ from the 2022 Annual Financial Report of €2,602.98 million as all revenues earned by companies, including financial income and other revenues included in the item "General and administrative expenses", have been taken into account in this prospectus.

¹⁸ The item "Profit before tax" of €784.58 million differs from the 2022 Annual Financial Report of €747.33 million, as this table shows the aggregate of all the financial statements of the individual companies.

¹⁹ Taxes paid differ from taxes accrued primarily because they consist of the balance of the previous year (2021) and only advance payments for the current year (2022).

²⁰ Taxes accrued refer only to current taxes accrued in 2022. In addition, the nominal tax rate is applied to pre-tax profits, which have been adjusted on the basis of local tax laws.

EU Taxonomy

Regulation (EU) 2020/852 introduced the Taxonomy into the European regulatory system to determine whether economic activity can be considered environmentally sustainable and to stimulate transparency in green finance transactions 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:

• 1. climate change mitigation
• 1. climate change adaptation
• 1. sustainable use and protection of water and marine resources
• 1. transition to the circular economy, including with regards to the reduction and recycling of waste
• 1. pollution prevention and control
• 1. protection and restoration of biodiversity and ecosystems.

To be considered environmentally sustainable, activities must meet specific criteria including: contributing positively to at least one of the six environmental objectives; not having negative impacts on any of the other objective (DNSH - Do Not Significantly Harm criterion); being carried out in accordance with minimum social guarantees; and complying with the technical criteria identified by delegated acts adopted by the European Commission.

In particular, for the 2023 reporting year, Regulation (EU) 2020/852 requires information to be provided on the share of turnover, capital expenditures (CapEx) or operating expenses (OpEx) associated with economic activities eligible and aligned with the Taxonomy criteria.

With reference to the disclosure pursuant to Art. 8, paragraphs 6 and 7 of Regulation (EU) 2021/2178, which requires the use of the forms set out in Annex XII for reporting activities related to nuclear energy and fossil fuels, all the models have been omitted as they are not representative of the company's business activities.

Calculation methodology and results of the indicators provided for in the Taxonomy Regulation

Turnover:

Based on the interpretation of the current applicable requirements, the Group assessed that its main commercial activities are not included among those currently identified by the regulations of reference for the environmental objectives mentioned above, and consequently are not considered as eligible on the date of preparation of this Document.

For the calculation of the turnover indicator the consolidated 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.

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023

Financial year 2023		2023		Substantial contribution criteria						DNSH criteria ("Does Not Significantly Harm"
Economic Activities	Code	Turnover	Proportion of Turnover. year 2023	Change Mitigation Climate	Change Adaptation Climate	Water	Pollution	Economy Circular	Biodiversity	Climate Change Mitigation	Change Adaptation Climate	Water	Pollution	Economy Circular	Biodiversity	Safeguards Minimum	Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover. year 2022	Category enabling activity	Category transitional activity
Text		Ma €	%	Y; N; N/EI	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	YN	YN	YN	YN	YN	YN	YN	ిం	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0.00	0.006	0.0%	0.0%	0.0%	0.0%	0.0%	0.006								0.046
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%6	0.0%	0.0%	0.0%	0.0%6								0.046
A. Turnover of Taxonomy-eligible activities (A.1+A.2)		0.00	0.006	0.0%	0.0%6	0.0%6	0.0%	0.0%	0.0%6								0.046
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy non-eligible activities		2,984.22	100.0%
TOTAL		2,984.22	100.0%

CapEx:

For the capital expenditures (CapEx) indicator calculation, the denominator considered the increases in tangible fixed assets and intangible assets during the year, before depreciation and any revaluations, including those arising from restatements and reductions in value, for the year in question, 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 regards to the numerator, increases in fixed assets linked to the purchase of output from economic activities included in the Taxonomy and/or relating to the measures implemented to allow a reduction in CO2 emissions in the atmosphere were considered eligible, mainly investments in construction works associated with the opening of new stores and the expansion and renovation of corporate sites and existing stores and, in particular, for increasing energy efficiency and reducing energy consumption by these properties, thus attributable to economic activity classified as "7.2 Renovation of existing buildings" in Regulation (EU) 2020/852. In particular, the alignment analysis was carried out by verifying the adherence of all of the aforementioned building work to the technical screening requirements, Do Not Significant Harm (DNSH) criteria, and minimum safeguards related to the climate change mitigation objective (considered most relevant to the Group) set forth in the regulations. Analyses to verify alignment with the requirements of the Taxonomy consider the integration of energy efficiency requirements at all directly operated locations in line with the targets of the Group's Sustainability Plan and the guidelines implemented by the Group for the design of new store openings, relocations and new corporate constructions, which include the integration of criteria for obtaining LEED certification. In addition, a project has been launched, with the support of a specialized third party, aimed at monitoring and certifying the adherence of each construction activity carried out by the Group to the requirements of the Taxonomy. The project will be brought up to full capacity in 2024.

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering the year 2023

Financial year 2023		2023				Substantial contribution criteria					DNSH criteria ("Does Not Significantly	Harm")
Economic Activities	Code	CapEx	Proportion of CapEx, year 2023	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Economy Circular	Biodiversity	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Economy Circular	Biodiversity	Safeguard Minimum	Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx, year 2022	Category enabling activity	Category transitional activity
Text		MIn €	%	Y: N, N/EI	Y: N N/EI	Y; N, N/EI	Y; N N/EI	Y: N N/EI	Y: N N/EI	YN	Y/N	Y/N	YN	YN	YN	YN	76	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Renovation of existing buildings	CCM 7.2	24.27	7.4%	>		N/EL N/EL N/EL N/EL N/EL				X	X	λ	λ	Y	X	入	7.8%		T
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		24.27	7.40%	7.4%		0.0% 0.0%		0.0% 0.0%	0.0%	Y	Y	X	Y	Y	Y	Y	7.800
of which enabling		0.00	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	Y	Y	Y	Y	Y		Y	0.0%	E
of which transitional		24.27	7.4%	7.4%						Y	Y	Y	Y	Y	Y	Y	7.8%		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%								0.0.00
A. CapEx of Taxonomy eligible activities (A.1+A.2)		24.27	7.4%			7.4% 0.0% 0.0%		0.0% 0.0%	0.0%						7.800
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy non-eligible activities		303.56	92.26%

OpEx:

When calculating the operating expenditures (OpEx) indicator, the denominator comprises all the noncapitalised direct costs related to research and development, maintenance and repair, as well as any other direct expenses connected 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.

The numerator comprises the costs included in the denominator relating to the purchase of output from eligible and aligned economic activities according to the Taxonomy and/or relating to the measures implemented to enable a reduction of CO2 emissions in the atmosphere: in particular, costs of maintenance activities to ensure the functioning of energy systems for energy efficiency and to reduce the energy consumption of company sites were included, and thus attributable to economic activity classified as "7.2 Renovation of existing buildings" in Regulation (EU) 2020/852.

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering the year 202321

Template – Proportion of OpEx from products or services associated economic activities – Disclosure covering vear 2023
------------------------------------------------------------------------------------------------------------------------	--

Financial year 2023		2023					Substantial contribution criteria				DNSH criteria ("Does Not	Significantly Harm")
Economic Activities	Code	OpEx	Proportion of OpEx, year 2023	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Economy Circular	Biodiversity	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Economy Circular	Biodiversity	Safeguards Minimum	Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) OpEx, year 2022	Category enabling activity	Category transitional activity
Text		Min €	%	Y: N; N/EI	Y: N; N/EI	Y: N; N/EL	Y: N; N/EI	Y: N; N/EI	Y; N; N/EI	YN	YN	YN	YN	Y/N	YN	YN	ల్ల	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Renovation of existing buildings	CCM 7.2	0.83	16.6%	Y			N/ELN/ELN/ELN/EL N/EL			Y	Y	Y	Y	Y	Y	Y	14.3%		T
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0.83	16.6%	16.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%						Y	Y	Y	Y	Y	Y	Y	14.300
of which enabling		0.00	0.0%				0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%			Y	Y	Y	Y	Y	Y	Y	0.0%	E
of which transitional		0.83	16.6%	16.6%						Y	Y	Y	Y	Y	Y	Y	14.3%		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%										0.006
A. OpEx of Taxonomy eligible activities (A.1+A.2)		0.83	16.6%	16.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%													14.300
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy non-eligible activities		4.15	83.4%
TOTAL		4.98	100%

Activities related to nuclear energy and fossil fuels

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
	The undertaking carries out, funds or has exposures to construction and safe operation of new 2. heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	NO
	The undertaking carries out, funds or has exposures to safe operation of existing nuclear 3. lindustrial 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

²¹ The methodology for calculating the share of operating expenses (OpEx) associated with taxonomy-eligible economic activities was revised during 2023, so the figure has been updated from that reported in the Consolidated Nonfinancial Statement 2022.

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GRI CONTENT INDEX

The following index is provided to facilitate the search for content related to specific GRI indicators within the document.

The audit firm Deloitte & Touche S.p.A. carried out a limited assurance engagement on the Moncler Group's 2023 Consolidated Non-Financial Statement providing its overall conclusions thereafter. As regards the scope of activities, please refer to the Statement on the Consolidated Non-Financial Statement released by the independent auditor presented on pages 192-195.

LEGEND

NFS = Consolidated Non-Financial Statement 2023

AR = Annual Report 2023

CE = Code of Ethics

PRP = Procedure Governing Transactions with Related Parties

CGR = Corporate Governance Report 2023

RR = Report on Remuneration

INDEX OF GRI CONTENT "IN ACCORDANCE"

Declaration of use The Moncler Group has presented a report in accordance with the GRI Standards for the period 1 January 2023 - 31 December 2023. GRI 1 used GRI 1 - Fundamental Principles - 2021 version

GRI standards	Disclosure	Location	Omission
			• Requirements
			omitted
			• Reason
			• Explanation
General information
GRI 2 – General	2-1 Organisational	NFS pp. 17-18; 25; 167-
Disclosures – 2021	details	168; 187; 212
version	2-2 Entities included in	NFS page 167
	the organisation's sustainability reporting
	2-3 Reporting period,	NFS pp. 167; 212
	frequency and contact	The qualitative and
	point	quantitative data and
		information contained in
		the 2023 Annual Financial
		Report refer to the period 1 January 2022 - 31
		December 2023
	2-4 Restatements of	NFS page 168
	information
	2-5 External assurance	NFS pp. 25; 168; 192-195; 196
	2-6 Activities, value	NFS pp. 17-18; 21-22; 50-
	chain and other	51; 93-95; 109-110; 162
	business relationships	AR (Paragraphs: Consolidated Statement
		of Cash Flows;
		Explanatory Notes to the
		Consolidated Financial
		Statements - The Group
		and its core business)
	2-7 Employees	NFS pp. 63-66; 170-171; 174
	2-8 Workers who are not employees	NFS page 66
	2-9 Governance	NFS pp. 25-28; 35; 46;
	structure and	168
	composition	CGR
	2-10 Nomination and	NFS pp. 25-27
	selection of the highest governance body	CGR (Paragraph: BOARD OF DIRECTORS - 4.2
		Appointment And
		Substitution; 4.3.
		Composition; 4.9
		Independent Directors)
	2-11 Chair of the	NFS pp. 5; 25-27
	highest governance body

		CGR (Paragraph: BOARD OF DIRECTORS - 4.7 Delegated Bodies)
	2 -12 Role of the highest governance	NFS pp. 5; 25 -28; 34; 46; 52
	body in overseeing the management of	CGR (Paragraphs: BOARD OF DIRECTORS -
	impacts	4.1 Role of the Board of Directors; 4. 6 Functioning
		Of The Board Of Directors. 12. RELATIONS WITH SHAREHOLDERS -
		12.1 Engagement Policy; 12.3 Activities Performed)
	2 -13 Delegation of responsibility for managing impacts	NFS pp. 5; 27 -28; 34; 45 - 46; 52
	2 -14 Role of the	NFS pp. 27; 168
	highest governance body in sustainability	CGR (Paragraphs: BOARD OF DIRECTORS -
	reporting	4.1 Role of the Board of Directors; 4. 6 Functioning
		Of The Board Of Directors. 9.3
		Composition And Functioning Of The
		Control, Risk s And Sustainability Committee)
	2 -15 Conflicts of interest	CGR (Paragraph: 10. INTERESTS OF
		DIRECTORS AND RELATED PARTY TRANSACTIONS )
		AR
		CE (Paragraphs: Contributions and
		Sponsorships; Conflicts of Interest)
	2 -16 Communication of critical concerns	NFS pp. 27 -32; 34; 35 -44
	2 -17 Collective knowledge of the	CGR (Paragraphs: BOARD OF DIRECTORS -
	highest governance body	4.1 Role of the Board of Directors; 4. 6 Functioning
		Of The Board Of Directors. 9.3
		Composition And Functioning Of The
		Control, Risk s And Sustainability Committee)
	2 -18 Evaluation of the performance of the highest governance body	CGR (Paragraph: 7. SELF -ASSESSMENT AND SUCCESSION OF DIRECTORS – APPOINTMENT AND REMUNERATION
		COMMITTEE 7.1 Board Review)

	2-19 Remuneration policies	NFS pp. 75-76 RR
	2-20 Process to determine remuneration	NFS pp. 75-76 RR
	2-21 Annual total compensation ratio	NFS page 75
	2-22 Statement on sustainable development strategy	NFS page 5
	2-23 Policy commitments	NFS pp. 26; 29-32; 35-38; 58; 67; 85; 98; 116; 138
	2-24 Embedding policy commitments	NFS pp. 26; 29-32; 35-38; 58; 67; 70-74; 85; 98; 116; 138
	2-25 Processes to remediate negative impacts	NFS pp. 38-44; 53-60
	2-26 Mechanisms for seeking advice and raising concerns	NFS pp. 29-31; 35; 59; 185 CE (Paragraph: Reporting breaches of the Code of Ethics)
	2-27 Compliance with laws and regulations	NFS page 183 There were no fines or monetary sanctions for non-compliance with applicable environmental laws and/or regulations
	2-28 Membership in associations	NFS pp. 50-52; 115
	2-29 Approach to stakeholder engagement	NFS pp. 45-46; 47-49
	2-30 Collective bargaining agreements	NFS page 88
Material topics
GRI 3 - Material topics - 2021 version	3-1 Process to determine material topics	NFS pp. 45-46
	3-2 List of material topics	NFS page 46
Material topic: Economic performance
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 19-22; 33-34; 35- 37; 38-44; 46; 65; 75-76

GRI-201: Economic Performance (2016)	201-1 Direct economic value generated and distributed	NFS pp. 21-22
	201-2 Financial implications and other risks and opportunities	NFS pp. 36-37; 38-44
	due to climate change
GRI 202: Market Presence (2016)	202-1 Ratio of standard basic wages per gender to local minimum wage	NFS page 75
	202-2 Proportion of senior management taken from the local	NFS page 65
	community
		Material topic: Innovation, circular economy and "preferred" materials
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 46; 56; 122-125; 126-132; 179
GRI-301 Materials (2016)	301-1 Materials used by weight or volume	NFS pp. 56; 126-132; 179
	301-2 Recycled input materials used	NFS pp. 56; 122-125; 126- 132; 179
Material topic: Packaging
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 46; 126-132
GRI-301 Materials (2016)	301-1 Materials used by weight or volume	NFS pp. 126-132
	301-2 Recycled input	NFS pp. 126-132
	materials used
Material topic: Climate change
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 36-37; 38-39; 46; 55-56; 137-153; 180-182
GRI 302: Energy (2016)	302-1 Energy consumption within the organisation	NFS pp. 55; 142; 180
	302-3 Energy intensity	NFS pp. 142; 180
	302-4 Reduction of energy consumption	NFS pp. 141-147
GRI 305: Emissions (2016)	305-1 Direct (Scope 1) GHG emissions	NFS pp. 143; 181
	305-2 Energy indirect GHG emissions (Scope 2)	NFS pp. 143; 181
	305-3 Other indirect (Scope 3) GHG emissions	NFS pp. 148-149; 182
	305-4 GHG emissions intensity	NFS pp. 143; 181

	305-6 Emissions of ozone-depleting substances (ODS)	No refrigerant gas dispersions occurred in the Group's corporate offices, logistics and production centres during 2023.
	305-7 Nitrogen oxides (NOX), sulphur oxides (SOX), and other significant air emissions	Given the Moncler Group's business model, there are no known significant emissions at this time
Material topic: Responsible sourcing
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 40-41; 43-44; 46; 52; 55; 95; 98-104; 108; 133-135
GRI 308: Supplier Environmental Assessment (2016)	308-1 New suppliers that were screened using environmental criteria	NFS pp. 95; 98-99
	308-2 Negative environmental impacts in the supply chain and actions taken	NFS pp. 40-41; 43-44; 52; 55; 98-104; 133-135
GRI 204: Procurement Practices (2016)	204-1 Proportion of spending on local suppliers	NFS pp. 94-95
GRI 414: Supplier Social Assessment (2016)	414-1 New suppliers that were screened using social criteria	NFS pp. 95; 98-99; 100- 101
	414-2 Negative social impacts in the supply chain and actions taken	NFS pp. 35; 57; 101-102; 102-104; 105-107
Material topic: Water
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 36-38; 46; 55-56; 154-155
GRI 303: Water and Effluents (2018)	303-1 Interactions with water as a shared resource	The Group's direct water consumption relates mainly to sanitation and, for Stone Island, to the production activities of the dye departments. For Moncler, the water used is neither reused nor recycled
	303-2 Management of water discharge related impacts	Direct water discharges are comparable to those of residential buildings and are therefore drained into the sewage system
	303-3 Water withdrawal	NFS pp. 154-155 The main source of water supply for the Group is water mains. Stone Island's dyeing department draws from an artesian well. During the

		reporting period water
		consumption amounted to
		approximately 71,000 m3
	303-4 Water	NFS page 154
	discharge
	303-5 Water	NFS pp. 154-155
	consumption
Material topic: Biodiversity
GRI 3 - Material	3-3 Management of	NFS pp. 36-38; 46; 55-56;
topics 2021	material topics	158-159
GRI 304: Biodiversity	304-2 Significant	NFS pp. 158-159
(2016)	impacts of activities,
	products, and services
	on biodiversity
Material topic: Waste
GRI 3 - Material	3-3 Management of	NFS pp. 36-38; 46; 155-
topics 2021	material topics	157; 179
GRI 306 – Waste	306-1 Waste	NFS pp. 36-38; 155-157;
(2020)	generation and	179
	significant waste
	related impacts
	306-2 Management of significant waste	NFS pp. 36-38; 123; 124; 155-157
	related impacts
	306-3 Waste	NFS pp. 155-157; 179
	generated
	306-4 Waste diverted	NFS pp. 123; 124; 157; 179
	from disposal
	306-5 Waste directed	NFS pp. 156; 179
	to disposal
Material topic: Employee experience
GRI 3 - Material	3-3 Management of	NFS pp. 35; 46; 58-59;
topics 2021	material topics	66; 76-77; 87; 171-173; 183
GRI 401: Employment	401-1 New employee	NFS pp. 66; 171-173
(2016)	hires and employee turnover
	401-2 Benefits	NFS pp. 76-78
	provided to full-time
	employees that are not
	provided to temporary
	or part-time employees
	401-3 Parental leave	NFS pp. 58; 82; 89; 183
Material topic: Health, safety and well-being
	3-3 Management of	NFS pp. 37; 46; 70-71;
GRI 3 - Material	material topics	84-87; 177-178
topics 2021

GRI 403: Occupational Health and Safety (2018)	403-1 Occupational health and safety management system	NFS pp. 84-86
	403-2 Hazard identification, risk assessment, and incident investigation	NFS pp. 84-87
	403-3 Occupational health services	NFS pp. 84-87
	403-4 Worker participation, consultation, and communication on occupational health and safety	NFS pp. 87-88 There are no formal committees in this area
	403-5 Worker training on occupational health and safety	NFS pp. 70-71; 86-87
	403-6 Promotion of worker health	NFS pp. 84-87
	403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships	NFS pp. 84-87
	403-8 Workers covered by an occupational health and safety management system	NFS page 84
	403-9 Work-related injuries	NFS pp. 86; 177-178
	403-10 Work-related ill health	No cases of occupational diseases were recorded in 2023
	Material topic: Employee performance and development
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 35; 46; 59; 70- 72; 78
GRI 404: Training and Education (2016)	404-1 Average hours of training per year per employee	NFS pp. 70; 177
	404-3 Percentage of employees receiving regular performance and career development reviews	NFS page 78
Material topic: Diversity, equity and inclusion
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 26-27; 31; 46; 58- 59; 63-66; 70-72; 81-83; 170-175
GRI 405: Diversity and Equal Opportunity (2016)	405-1 Diversity of governance bodies and employees	NFS pp. 26-27; 63-66; 70-72; 83; 170-175 RCG

	405-2 Ratio of basic	NFS pp. 83; 174
	salary and remuneration of
	women to men
GRI 406: Non	406-1 Incidents of	NFS page 31
discrimination (2016)	discrimination and
	corrective actions
	taken Material topic: Give back for social development
GRI 3 - Material	3-3 Management of	NFS pp. 46; 60; 73; 162-
topics 2021	material topics	165
GRI 413: Local Communities (2016)	413-1 Operations with local community engagement, impact assessments, and development programs	NFS pp. 60; 73; 162-165
	413-2 Operations with significant actual and potential negative impacts on local communities	NFS pp. 77-78; 208
Material topic: Animal welfare
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 36-37; 46; 56; 105-107; 135
GRI 414: Supplier Social Assessment (2016)	414-1 New suppliers that were screened using social criteria	NFS pp. 95; 98-99
	414-2 Negative social impacts in the supply chain and actions taken	NFS pp. 35; 57; 101-102; 102-104; 105-107
Material topic: Product quality and safety
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 37; 46; 116; 133- 135; 183
GRI 416: Customer Health and Safety (2016)	416-1 Assessment of the health and safety impacts of product and service categories	NFS pp. 116; 133-135
	416-2 Incidents of non compliance concerning the health and safety impacts of products and services	NFS page 183
	Material topic: Client experience and community engagement
GRI 3 - Material topics 2021	3-3 Management of material topics	NFS pp. 46; 109-113; 114- 115
GRI 417: Marketing and Labelling (2016)	417-2 Incidents of non compliance concerning product and service information and labelling	NFS page 183

	417-3 Incidents of non	NFS page 183
	compliance concerning marketing
	communications
Material topic: Traceability
GRI 3 - Material	3-3 Management of	NFS pp. 46; 57; 105-107
topics 2021	material topics
	Material topic: Partnership for sustainable development
GRI 3 - Material	3-3 Management of	NFS pp. 46; 50-52; 103;
topics 2021	material topics	105; 163
	Material topic: Data protection & cybersecurity
GRI 3 - Material	3-3 Management of	NFS pp. 37; 46; 114-115;
topics 2021	material topics	184-185
GRI 418: Customer	418-1 Substantiated	NFS pp. 114-115; 184-185
Privacy (2016)	complaints concerning
	breaches of customer privacy and losses of
	customer data
Additional GRI indicators
GRI 205: Anti	205-1 Operations	NFS pp. 29; 31-32; 37; 46
corruption (2016)	assessed for risks
	related to corruption
	205-2 Communication	NFS pp. 32; 71
	and training about
	anti-corruption policies and
	procedures
	205-3 Confirmed	NFS page 32
	incidents of corruption
	and actions taken
GRI 206: Anti competitive Behaviour	206-1 Legal actions for anti-competitive	NFS pp. 114-115; 183
(2016)	behaviour, anti-trust,
	and monopoly
	practices
GRI 207: Tax (2019)	207-1 Approach to	NFS pp. 185-186
	taxes
	207-2 Tax governance,	NFS pp. 185-186
	control, and risk management
	207-3 Stakeholder	NFS pp. 185-186
	engagement and
	management of
	concerns related to tax
	207-4 Country-by	NFS page 187
	country reporting
GRI 402: Labour/	402-1 Minimum notice	NFS page 88
Management Relations	periods regarding
(2016)	operational changes

GRI 407: Freedom of Association and Collective Bargaining (2016)	407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk	NFS page 88
GRI 415: Public Policy (2016)	415-1 Political contributions	NFS page 51

IMPACTS OF MATERIAL TOPICS

STRATEGIC PRIORITY	MATERIAL TOPIC	IMPACT
ACT ON CLIMATE & NATURE	WATER	Potential water consumption in areas with high water stress with consequences for soil and groundwater well-being and the supply capacity of local communities
		Potential reintroduction into nature of untreated wastewater containing chemicals used in production processes (during production) and/or microplastics (dispersed during washing activities by the final consumer)
	BIODIVERSITY	Potential contribution to the loss of biodiversity resulting from the sourcing of natural resources for the production of raw materials or the performance of productive activities in protected natural areas
	CLIMATE CHANGE	Direct and indirect GHG emissions from upstream and downstream activities of the organization (Scope 1, 2 and 3)
	WASTE	Potential improper disposal of waste in nature, with negative impacts on ecosystems and local communities
THINK CIRCULAR & BOLD	INNOVATION, CIRCULAR ECONOMY AND "PREFERRED" MATERIALS	Promotion and research of solutions with lower environmental impact to be integrated into product design and production, in line with a circular economy perspective (minimize resources used, extend garment life, and promote material recovery)
	PACKAGING	Potential use of unnecessary packaging, leading to related waste of resources
	PRODUCT QUALITY AND SAFETY	Potential placing of unsafe products on the market, potentially impacting customer health and the environment
		Potential low customer satisfaction with the expected technical performance of the product
BE FAIR	ANIMAL WELFARE	Potential compromise of animal welfare due to insufficient adherence to company protocols and national/international animal welfare principles
	RESPONSIBLE SOURCING	Respect for human rights, labor and the environment along the supply chain by implementing due diligence procedures to protect ethical and social principles
		Contribution to the development of supplier business models inspired by ESG principles through training and awareness raising activities and audits
	TRACEABILITY	Sharing accurate and clear information on the origin and composition of materials used in garments in order to promote informed purchasing and ensure transparent communication

NURTURE UNIQUENESS	DIVERSITY, EQUITY AND INCLUSION	Creation of a fair and inclusive work environment
	EMPLOYEE EXPERIENCE	Creation of an attractive and stimulating work environment for both potential new human resources and for Group's employees
	EMPLOYEE PERFORMANCE AND DEVELOPMENT	Development and enhancement of workers' knowledge and skills through training and performance monitoring activities to achieve each person's full potential
	HEALTH, SAFETY AND WELL-BEING	Potential exposure of employees to occupational injuries and diseases
GIVE BACK	CLIENT EXPERIENCE AND COMMUNITY INVOLVEMENT	Offering a shopping experience in line with the organization's quality standards, with consistency and synergy across client channels
	GIVE BACK FOR SOCIAL DEVELOPMENT	Supporting local communities through volunteering or sponsorship activities
	PARTNERSHIP FOR SUSTAINABLE DEVELOPMENT	Positive impact on environment, society and economy due to supporting and strengthening sustainable development initiatives
	DATA PROTECTION AND CYBERSECURITY	Potential unauthorized third-party access to company systems with possible exfiltration of personal data and confidential information

GLOSSARY

AUDIT

Systematic and documented assessment (by an independent body) to verify compliance with the requirements of a given law/standard of reference.

BIODIVERSITY

Biodiversity is all the different kinds of life in one area—the variety of animals, plants, fungi, and even microorganisms like bacteria that make up our natural world.

CONCESSIONS Directly managed mono-brand retail space located on the premises of a department store.

DEPARTMENT STORE

General shop, large- or medium-sized, divided internally into specialist departments.

DOS

Directly Operated Stores, including Free Standing Stores, Travel Retail Stores, Concessions, and Outlets.

DTC

Direct-to-consumer distribution channel.

EMEA

Europe, Middle East and Africa.

DIRECT EMISSIONS (SCOPE 1)

Air polluting emissions originating from combustion processes involving equipment controlled or owned by the organization.

INDIRECT EMISSIONS (SCOPE 2)

Emissions from the generation of purchased electricity whose physical production occurs outside the company and which is therefore purchased from outside suppliers.

INDIRECT EMISSIONS (SCOPE 3)

Indirect emissions due to the company's activities. This category includes sources of emission that are not under the company's direct control, but whose emissions are indirectly caused by its activities. They are divided into 15 categories according to the indications of the GHG Protocol.

FAÇON MANUFACTURERS

Third-party supplier carrying out the 'cut-make-trim' (façon) phase of production according to the "industrialized" method.

FLAGSHIP STORE

Mono-brand retail store that, by size and/or location, conveys the philosophy and image of the brand.

ISO 14001

Voluntary standard developed by the International Organization for Standardization (ISO), defining the requirements of environmental management systems.

ISO 45001

Voluntary standard published by the British Standards Institution, defining the requirements of occupational health and safety management systems.

KPI (KEY PERFORMANCE INDICATOR)

An indicator that monitors the effectiveness of a process.

NET ZERO

Net zero emissions are achieved when greenhouse gases (GHG) produced are balanced overall by the ones absorbed by the ecosystems through neutralisation mechanisms. In particular, to contribute to the achievement of net zero emissions, companies have to reduce emissions and neutralise residual emissions.

OUTLET

Retail store that sells products and collections from previous years and seasons at discount prices.

PREFERRED MATERIALS

Materials that aim to have a lower impact than conventional solutions used by the Moncler Group (e.g., materials that are recycled, organic, or certified according to specific standards).

MONO-BRAND STORE

Retail store that exclusively sells clothing, accessories, and products of a specific brand.

MULTI-BRAND STORE

Retail store that sells different brands of clothing, accessories, and products.

RETAIL

Distribution channel for the sale of products or goods managed directly by the Group through Directly Operated Stores (DOS) or its own e-commerce website (www.moncler.com).

SCIENCE-BASED TARGETS

GHG emissions reduction target based on climate science and in line with the decarbonisation efforts needed to keep the global temperature rise to 1.5°C above pre-industrial levels.

SHOP-IN-SHOP

Mono-brand wholesale space located on the premises of a department store.

SHOWROOM

Space used to display and sell an apparel company's products to wholesale clients.

SRI (SOCIALLY RESPONSIBLE INVESTOR)

Financial operator who integrates standard financials with environmental, social, and governance considerations.

STAKEHOLDERS

Person or subject with a legitimate interest in the activities of an organization, and who affects or is affected by the organization's decisions.

TRAVEL RETAIL STORE

Point of sale located in places with heavy traffic of potential clients, such as airports and train stations.

WHOLESALE

Distribution channel for the sale of products or goods to distributors (industrial, commercial, institutional, and other professional entities), through which the Group sells its products. The channel consists of both mono-brand and multi-brand stores.

CONTACTS

MONCLER S.P.A.

REGISTERED OFFICE Via Enrico Stendhal, 47 20144 Milan – Italy Tel. +39 02 422 03 500

ADMINISTRATIVE OFFICE

Via Venezia, 1 35010 Trebaseleghe (Padua) – Italy Tel. +39 049 93 23 111

www.monclergroup.com

www.moncler.com

INVESTOR RELATIONS

investor.relations@moncler.com SUSTAINABILITY sustainability@moncler.com

PRESS OFFICE

corporate.press@moncler.com