MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 1
HALF -YEAR FINANCIAL REPORT
AS OF 30 JUNE 202 6
2 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP INDEX
CORPORATE INFORMATION ............................. ................................................... ............................................. 3 CORPORATE BODIES .................................. ................................................... ................................................... ... 4 GROUP CHART AS AT 30 JUNE 2026 .................... ................................................... ......................................... 5 GROUP STRUCTURE ................................... ................................................... ................................................... .... 6
HALF-YEAR DIRECTORS’ REPORT ...................... ................................................... ............................................ 9 Financial results analysis......................... ................................................... ................................................... ..... 10 Significant events occurred during the first six mo nths of 2026 ...................................... ............................. 20 Significant events occurred after 30 June 2026 .... ................................................... ....................................... 21 Business outlook .................................. ................................................... ................................................... .......... 22 Related parties’ transactions ..................... ................................................... ................................................... . 23 Atypical and/or unusual transactions .............. ................................................... ............................................. 23 Treasury shares ................................... ................................................... ................................................... ........... 23
HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMEN TS ............................................... ..... 24
Consolidated Income Statement ..................... ................................................... ............................................... 25 Consolidated Statement of Comprehensive Income .... ................................................... ............................... 26 Consolidated Statement of Financial Position ...... ................................................... ....................................... 27 Consolidated Statement of Changes in Equity ....... ................................................... ...................................... 28 Consolidated statement of Cash Flow ............... ................................................... ............................................ 29
EXPLANATORY NOTES TO THE HALF-YEAR CONDENSED CONSOL IDATED FINANCIAL STATEMENTS
AS OF 30 JUNE 2026 ................................ ................................................... ................................................... .... 31
ATTESTATION PURSUANT TO ART.81-TER OF THE CONSOB RE GULATION 11971 OF
14 MAY 1999 ....................................... ................................................... ................................................... ............ 71
AUDITORS’ REPORT ON REVIEW OF HALF-YEAR CONDENSED C ONSOLIDATED FINANCIAL
STATEMENTS ........................................ ................................................... ................................................... ......... 72
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 3 CORPORATE INFORMATION
REGISTERED OFFICE
Moncler S.p.A
Via Enrico Stendhal, 47 20144 Milan – Italy Phone: +39 02 422 03 500
ADMINISTRATIVE OFFICE
Via Venezia, 1 35010 Trebaseleghe (Padua) – Italy Phone: +39 049 9323111 Fax: +39 049 9323339
COMPANY INFORMATION
Authorized and issued share capital EUR 54,961,190. 80 VAT, Tax Code and Company’s Register registration n °: 04642290961 R.E.A. Reg. Milan No. 1763158
OFFICES AND SHOWROOMS
Milan Viale Ortles 38
4
HALF
-
YEAR FINANCIAL REPORT AS OF 30 JUNE 202
6 –
MONCLER
GROUP
CORPORATE BODIES
BOARD OF DIRECTORS
AS OF 30 JUNE 2026
Remo Ruffini
Executive
Chairman
Bartolomeo Rongone
Chief Executive Officer Marco De Benedetti
Vice
-
Chairman
Non -
Executive Director
Control, Risk and Sustainability Committee
Alexandre Arnault
Non -
Executive Director
François
-
Henri Bennahmias
Independent Director
Cesare Conti
Independent Director
Control, Risk and Sustainability Committee Related Parties Committee
Roberto Eggs
Non -
Executive Director
Bettina Fetzer
Independent Director
Related Parties Committee
Alessandra Gritti
Independent Director
Lead Independent Director Control, Risk and Sustainability Committee Nomination and Remuneration Committee Related Parties Committee
Diva Moriani
Non -
Executive Director
Nomination and Remuneration Committee
Sue Nabi
Independent Director
Luciano Santel
Executive Director
Maria Sharapova
Independent
Director
Geoffroy Van Raemdonck
Independent Director
Anna Zanardi
Independent Director
Nomination and Remuneration Committee
BOARD OF STATUTORY AUDITORS
Sonia Ferrero
Chairman
Carolyn Dittmeier
Standing Auditor
Antonio Ricci
Standing Auditor
Gianluca Settepani
Alternate Auditor
Lorenzo Mauro Banfi
Alternate Auditor
EXTERNAL AUDITORS
Deloitte
&
Touche S.p.A
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 5 GROUP CHART AS OF 30 JUNE 2026
6 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP GROUP STRUCTURE
The Consolidated Financial Statements of the Moncle r Group (“Group”) at 30 June 2026 includes Moncler S.p.A. (“Moncler” or “Parent Company”), Ind ustries S.p.A., Sportswear Company S.p.A. (sub-
holding companies directly controlled by Moncler S. p.A.), and 51 consolidated subsidiaries in which the Parent Company holds indirectly a majority of t he voting rights, or over which it exercises contro l, or from which it is able to derive benefits through its power to govern both its financial and operati ng policies. The affiliated company ALS Luxury Logisti c S.r.l., in which a 30% ownership interest is held , is not consolidated and is valued using the cost me thod.
Consolidation area
Moncler S.p.A. Parent company which holds the Moncl er and Stone Island
brands
Industries S.p.A.
Sub-holding company for the Moncler brand, directly involved in the management of foreign companies, in the dist ribution channels (wholesale and retail in Italy) and licens ee of the
Moncler brand
Industries Yield S.r.l. Company that manufactures a pparel products Moncler Asia Pacific Ltd Company that manages DOS i n Hong Kong SAR and in Macau SAR Moncler Australia PTY Ltd Company that manages DOS in Australia Moncler Belgium S.p.r.l. Company that manages DOS i n Belgium Moncler Brasil Comércio de moda e acessòrios Ltda. Company that manages DOS in Brazil Moncler Canada Ltd Company that manages DOS in Cana da Moncler Denmark ApS Company that manages DOS in Den mark Moncler Deutschland GmbH Company that manages DOS i n Germany and Austria Moncler España S.L. Company that manages DOS in Spa in Moncler France S.à.r.l. Company that manages DOS in France Moncler Holland B.V. Company that manages DOS in th e Netherlands Moncler Hungary KFT Company that manages DOS in Hun gary Moncler Ireland Limited Company that manages DOS in Ireland Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti. Company that manages DOS in Turkey Moncler Japan Corporation Company that manages DOS and distributes and promotes goods in Japan Moncler Kazakhstan LLP Company that manages DOS in Kazakhstan Moncler Korea Inc. Company that manages DOS and dis tributes and promotes goods in South Korea
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 7 Moncler Malaysia SDN. BHD. Company that will manag e DOS in Malaysia Moncler Mexico, S. de R.L. de C.V. Company that manages DOS in Mexico Moncler Mexico Services, S. de R.L. de C.V. Company in the process of winding up Moncler Middle East FZ-LLC in liquidation Company in the process of winding up Moncler New Zealand Limited Company that manages DO S in New Zealand Moncler Norway AS Company that manages DOS in Norwa y Moncler Prague s.r.o. Company that manages DOS in t he Czech Republic Moncler Shanghai Commercial Co., Ltd Company that manages DOS in China Moncler Singapore Pte. Limited Company that manages DOS in Singapore Moncler Suisse SA Company that manages DOS in Switz erland Moncler Sweden AB Company that manages DOS in Swed en Moncler Taiwan Limited Company that manages DOS in Taiwan Region Moncler UAE LLC Company that manages DOS in the Uni ted Arab Emirates Moncler UK Ltd Company that manages DOS in the Unit ed Kingdom Moncler Ukraine LLC Company that managed DOS in Ukr aine, now inactive Moncler USA Inc. Company that manages DOS and promo tes and distributes goods in North America Moncler (Thailand) Co., Ltd. Company that manages D OS in Thailand White Tech Sp.zo.o. Company that manages quality co ntrol of down Sportswear Company S.p.A. Sub-holding company for t he Stone Island brand, directly involved in the management of foreign companies, in the distribution channels (wholesale and retail in Ital y) and licensee of the Stone Island brand.
Stone Island Amsterdam B.V. Company that manages D OS in the Netherlands Stone Island Antwerp B.V.B.A. Company that manages DOS in Belgium Stone Island Austria GmbH Company that manages DOS in Austria Stone Island Canada Inc. Company that manages DOS i n Canada Stone Island China Co., Ltd Company that manages D OS in China Stone Island España S.L. Company that manages DOS i n Spain Stone Island France S.a.s.u. Company that manages D OS in France Stone Island Germany GmbH Company that acts as Agen t for Germany and Austria and manages DOS in Germany Stone Island Hong Kong Limited Company that manages DOS in Hong Kong
8 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Stone Island Japan Inc. Company that manages DOS a nd promotes and distributes goods in Japan Stone Island Korea Co., Ltd Company that manages DO S and promotes and distributes goods in South Korea Stone Island Macau Limited Company that manages DOS in Macau Stone Island (UK) Retail Ltd Company that manages DOS in UK Stone Island Sweden AB Company that manages DOS in Sweden Stone Island USA Inc. Company that manages DOS and promotes and distributes goods in USA Stone Island Denmark ApS Company that manages DOS i n Denmark
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 9 HALF-YEAR
DIRECTORS’ REPORT
FINANCIAL RESULTS ANALYSIS 1
SIGNIFICANT EVENTS OCCURRED DURING THE FIRST SIX MO NTHS OF 2026
SIGNIFICANT EVENTS OCCURRED AFTER 30 JUNE 2026
BUSINESS OUTLOOK
RELATED PARTIES TRANSACTIONS
ATYPICAL AND/OR UNUSUAL TRANSACTIONS
TREASURY SHARES
1 This applies to all pages of this document: all data includes IFRS 16 impacts if not otherwise stated, gro wth rates at constant exchange rates (cFX) if not otherwise stated, rounded figures to the first decimal place (except for pe rcentage changes), the net financial position excludes lease liabilities.
10 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP FINANCIAL RESULTS ANALYSIS
ECONOMIC RESULTS
Following is the reclassified consolidated income s tatement for the first half of 2026 and 2025.
(EUR 000) H1 2026 % on revenues H1 2025 % on revenues
REVENUES 1,289,912 100.0% 1,225,665 100.0%
YoY performance +5% 0%
GROSS PROFIT 995,198 77.2% 941,947 76.9%
Selling expenses (446,309) (34.6%) (429,509) (35.0%) General & Administrative expenses (180,406) (14.0%) (170,396) (13.9%) Marketing expenses (123,098) (9.5%) (117,291) (9.6%)
EBIT 245,385 19.0% 224,751 18.3%
Net financial income / (expenses) (12,111) (0.9%) (6,466) (0.5%)
EBT 233,274 18.1% 218,285 17.8%
Taxes (68,559) (5.3%) (64,825) (5.3%) Tax rate 29.4% 29.7%
GROUP NET RESULT 2 164,712 12.8% 153,460 12.5%
2 Net result: EUR 164,715 thousand, including non-contr olling interest (EUR 153,460 thousand in H1 2025) .
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 11 CONSOLIDATED REVENUES
In the first half of 2026, Moncler Group reached co nsolidated revenues of EUR 1,289.9 million, up 9% cFX compared with the same period of 2025. These results include Moncler brand revenues of EUR 1,089.6 million and Stone Island brand revenues of EUR 200.3 million.
In the second quarter, Group revenues were EUR 409. 3 million, up 5% cFX compared with the same period of 2025. The Moncler and Stone Island brands recorded revenues of EUR 323.1 million and EUR 86.3 million respectively in Q2.
MONCLER GROUP: REVENUES BY BRAND
MONCLER GROUP H1 2026 H1 2025 % vs 2025
EUR 000 % EUR 000 % rep FX cFX
Moncler 1,089,579 84.5% 1,038,965 84.8% +5% +9% Stone Island 200,333 15.5% 186,699 15.2% +7% +11%
REVENUES 1,289,912 100.0% 1,225,665 100.0% +5% +9%
ANALYSIS OF MONCLER BRAND REVENUES
In the first six months of 2026, Moncler brand reve nues were EUR 1,089.6 million, an increase of 9% cFX compared with the first half of 2025.
In the second quarter, revenues for the brand amoun ted to EUR 323.1 million, up 3% cFX YoY, supported by the positive contribution of both chan nels, despite a persistently challenging macroeconomic environment.
MONCLER BRAND: REVENUES BY GEOGRAPHY
MONCLER H1 2026 H1 2025 % vs 2025
EUR 000 % EUR 000 % rep FX cFX
Asia 592,904 54.4% 525,704 50.6% +13% +19%
EMEA 349,718 32.1% 365,404 35.2% -4% -4%
Americas 146,957 13.5% 147,858 14.2% -1% +6%
REVENUES 1,089,579 100.0% 1,038,965 100.0% +5% +9%
In the first half of 2026, revenues in Asia (which includes APAC, Japan and Korea) were EUR 592.9 million, up 19% cFX compared with the same period o f 2025. In the second quarter, revenues in the region were up 12% YoY at constant exchange rates. All countries delivered positive growth in the quarter, with China and Korea outperforming the res t of the region.
EMEA recorded revenues of EUR 349.7 million, down 4 % cFX compared with H1 2025. In the second quarter, revenues in the region were down 8% cFX Yo Y, mainly due to softer tourist flows, particularly from Asian customers, and a weak onlin e performance.
12 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Revenues in the Americas increased by 6% cFX compar ed with H1 2025 to EUR 147.0 million. In the second quarter, revenues in the region were up 4% c FX YoY, supported by the continued solid performance of the DTC channel, benefiting from rob ust local consumption.
MONCLER BRAND: REVENUES BY CHANNEL
MONCLER H1 2026 H1 2025 % vs 2025
EUR 000 % EUR 000 % rep FX cFX
DTC 933,166 85.6% 883,187 85.0% +6% +10%
Wholesale 156,413 14.4% 155,779 15.0% 0% +3%
REVENUES 1,089,579 100.0% 1,038,965 100.0% +5% +9%
In the first half of 2026, the DTC channel recorded revenues of EUR 933.2 million, up 10% cFX compared with the first half of 2025. Revenues in t he second quarter of 2026 were up 3% cFX YoY, despite ongoing macroeconomic headwinds and weaker tourist flows, particularly affecting the EMEA region. Asia and the Americas continued to del iver solid growth.
The physical channel continued to outperform the on line channel.
In H1 2026, revenues from stores open for at least 12 months (Comparable Store Sales Growth 3) were up 7% compared with H1 2025.
The wholesale channel recorded revenues of EUR 156. 4 million, an increase of 3% cFX compared with H1 2025. In the second quarter, revenues in th is channel were up 3% cFX YoY, in line with the previous quarter, notwithstanding the ongoing effor ts to upgrade the quality of the distribution through further network optimisation.
As of 30 June 2026, the network of Moncler mono-bra nd boutiques counted 298 directly operated stores (DOS), a net increase of 3 units compared wi th 31 March 2026. Relevant activities included the opening of the Sydney Chatswood store in Austra lia and the relocation of the store in Geneva.
The Moncler brand also operated 44 mono-brand whole sale stores, a net decrease of 3 units compared with 31 March 2026.
MONCLER: MONO-BRAND DISTRIBUTION NETWORK
MONCLER 30/06/2026 31/03/2026 31/12/2025
Asia 147 146 146
EMEA 97 97 98
Americas 54 52 51
RETAIL 298 295 295
WHOLESALE 44 47 49
3 Comparable Store Sales Growth (CSSG) considers revenu es growth from DOS (excluding outlets) open for at leas t 52 weeks and the online store; stores that have been expanded an d/or relocated are not included.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 13 ANALYSIS OF STONE ISLAND BRAND REVENUES
In the first six months of 2026, Stone Island brand revenues reached EUR 200.3 million, an increase of 11% cFX compared with the first half of 2025.
In the second quarter, revenues for the brand amoun ted to EUR 86.3 million, up 11% cFX YoY, mainly driven by the continued solid double-digit growth o f the DTC channel.
STONE ISLAND BRAND: REVENUES BY GEOGRAPHY
STONE ISLAND H1 2026 H1 2025 % vs 2025
EUR 000 % EUR 000 % rep FX cFX
Asia 60,380 30.1% 52,311 28.0% +15% +25%
EMEA 125,793 62.8% 123,293 66.0% +2% +3%
Americas 14,160 7.1% 11,095 5.9% +28% +35%
REVENUES 200,333 100.0% 186,699 100.0% +7% +11%
In the first six months of 2026, Asia (which includ es APAC, Japan and Korea) reached EUR 60.4 million revenues, growing 25% cFX compared with the same period of 2025. In the second quarter, the region grew by 25% cFX YoY, in line with the pr evious quarter, with all main countries delivering continued strong double-digit growth.
EMEA recorded revenues of EUR 125.8 million, an inc rease of 3% cFX compared with H1 2025. In the second quarter, revenues were up 2% cFX YoY, suppor ted by a positive performance registered both in the DTC and in the wholesale channel.
Revenues in the Americas were up 35% cFX compared w ith H1 2025. In the second quarter, revenues accelerated to +49% cFX YoY, driven by strong doubl e-digit growth in both the DTC and the wholesale channel.
STONE ISLAND BRAND: REVENUES BY CHANNEL
STONE ISLAND H1 2026 H1 2025 % vs 2025
EUR 000 % EUR 000 % rep FX cFX
DTC 109,207 54.5% 99,114 53.1% +10% +16%
Wholesale 91,126 45.5% 87,586 46.9% +4% +5%
REVENUES 200,333 100.0% 186,699 100.0% +7% +11%
In the first six months of 2026, the DTC channel gr ew by 16% cFX compared with H1 2025 to EUR 109.2 million. In the second quarter, revenues in t his channel were up 15% cFX YoY, maintaining the solid double-digit growth trend of previous quarter s, with the Americas and Asia outperforming.
The physical channel continued to outperform the on line channel, although the latter improved sequentially.
14 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP The wholesale channel recorded revenues of EUR 91.1 million, up 5% cFX compared with H1 2025. In the second quarter, revenues increased by 6% cFX Yo Y, improving sequentially, while the Group continued its efforts to upgrade the quality of the distribution network.
As of 30 June 2026, the network of Stone Island mon o-brand stores comprised 95 directly operated stores (DOS), a net increase of 1 unit compared wit h 31 March 2026. During the quarter, a notable development was the opening of the store in Changsh a, China. The Stone Island brand also operated 11 mono-brand wholesale stores, unchanged compared with 31 March 2026.
STONE ISLAND: MONO-BRAND DISTRIBUTION NETWORK
STONE ISLAND 30/06/2026 31/03/2026 31/12/2025
Asia 54 53 54
EMEA 33 33 32
Americas 8 8 9
RETAIL 95 94 95
WHOLESALE 11 11 11
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 15 MONCLER GROUP INCOME STATEMENT RESULTS
In the first six months of 2026, consolidated gross profit was EUR 995.2 million, with an incidence on revenues of 77.2% compared with 76.9% in the sam e period of 2025. The increase in margin is primarily driven by the positive channel mix, with a higher incidence of the DTC channel at both Moncler and Stone Island.
Selling expenses in the first half of 2026 were EUR 446.3 million, compared with EUR 429.5 million in H1 2025, with a 34.6% incidence on revenues, low er than in the same period of 2025 (35.0%) thanks to positive operating leverage. General and administrative expenses were EUR 180.4 million, with a 14.0% incidence on revenues, compared with E UR 170.4 million in H1 2025 (13.9% on revenues). In the first half of 2026, general and a dministrative expenses included one-off charges equal to EUR 8.0 million related to the new governa nce structure (expected to be approximately EUR 10.0 million in FY26).
Marketing expenses were EUR 123.1 million, represen ting 9.5% of revenues, compared with 9.6% in the first half of 2025. Management continues to exp ect an incidence of marketing expenses on revenues of around 7% at year end, in line with the previous fiscal year.
Group EBIT was EUR 245.4 million with a margin of 1 9.0%, compared with EUR 224.8 million in H1 2025 with a margin of 18.3%, despite a negative imp act of approximately 60 basis points from the above-mentioned one-off charges.
In H1 2026, net financial expenses were EUR 12.1 mi llion, compared with EUR 6.5 million in the first half of 2025, with the increase mainly driven by hi gher interest expenses on lease liabilities.
The tax rate in the first half of 2026 was equal to 29.4%, compared with 29.7% in H1 2025.
The Group net result was EUR 164.7 million (12.8% m argin), compared with EUR 153.5 million in H1 2025 (12.5% margin).
16 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP MONCLER GROUP CONSOLIDATED BALANCE SHEET AND CASH FL OW
ANALYSIS
Following is the reclassified consolidated balance sheet statement as of 30 June 2026, compared with 31 December 2025 and 30 June 2025.
(EUR 000) 30/06/2026 31/12/2025 30/06/2025
Brands 999,354 999,354 999,354 Goodwill 603,417 603,417 603,417 Fixed assets 625,962 589,341 521,758 Right-of-use assets 1,087,003 1,018,330 859,485 Net working capital 319,593 303,638 283,722 Other assets / (liabilities) 130,522 23,136 116,298
INVESTED CAPITAL 3,765,851 3,537,216 3,384,034
Net debt / (net cash) (1,112,412) (1,458,046) (980,773) Lease liabilities 1,198,608 1,109,099 940,790 Pension and other provisions 30,719 36,374 32,713 Shareholders' equity 3,648,936 3,849,789 3,391,304
TOTAL SOURCES 3,765,851 3,537,216 3,384,034
NET WORKING CAPITAL
Net consolidated working capital as of 30 June 2026 was EUR 319.6 million compared with EUR 283.7 million as of 30 June 2025, equal to 10.0% of the last-twelve-months revenues (9.1% as of 30 June 2025), reflecting the continuous and rigorous control of working capital levels. The YoY increase was primarily attributable to higher inven tory levels, following the strategic decision to front-load purchases of key raw materials, as well as a different phasing of production compared to the previous year to better serve all global mar kets.
(EUR 000) 30/06/2026 31/12/2025 30/06/2025
Payables (409,715) (527,322) (412,651) Inventory 617,512 538,827 560,298 Receivables 111,796 292,133 136,075
NET WORKING CAPITAL 319,593 303,638 283,722
% on LTM revenues 10.0% 9.7% 9.1%
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 17 NET FINANCIAL POSITION
As of 30 June 2026, the net financial position (exc luding the effect related to IFRS 16) was positive and equal to EUR 1,112.4 million compared with EUR 1,458.0 million of net cash as of 31 December 2025 and EUR 980.8 million as of 30 June 2025. As r equired by the IFRS 16 accounting standard, the Group accounted lease liabilities equal to EUR 1,198.6 million as of 30 June 2026 compared with EUR 1,109.1 million as of 31 December 2025 and with EUR 940.8 million as of 30 June 2025.
The total net financial position, including the lea se liabilities, was negative and equal to EUR 86.2 million, compared with a total net cash of EUR 348. 9 million as of 31 December 2025 and EUR 40.0 million as of 30 June 2025.
(EUR 000) 30/06/2026 31/12/2025 30/06/2025
Cash 512,880 1,226,277 890,189 Financial debt net of financial credit 599,532 231,769 90,584
NET FINANCIAL POSITION EXCLUDING LEASE LIABILITIES 1,112,412 1,458,046 980,773
Lease liabilities (1,198,608) (1,109,099) (940,790)
TOTAL NET FINANCIAL POSITION (86,196) 348,947 39,983
18 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Following is the reclassified consolidated cash flo w statement for the first half of 2026 and 2025.
(EUR 000) H1 2026 H1 2025
EBIT 245,385 224,751
D&A & Other non cash adjustments 55,034 59,019 Change in net working capital (15,955) (28,174) Change in other current / non-current assets / (lia bilities) (105,007) (105,792) Net capex (89,246) (81,988)
OPERATING CASH FLOW 90,211 67,816
Net financial result 12,899 12,281 Taxes (69,147) (65,142)
FREE CASH FLOW 33,963 14,955
Dividends paid (374,085) (344,963) Changes in equity and other changes (5,512) 2,030
NET CASH FLOW (345,634) (327,978)
Net financial position 4 - Beginning of Period 1,458,046 1,308,751 Net financial position - End of Period 1,112,412 980,773
CHANGE IN NET FINANCIAL POSITION (345,634) (327,978)
Free cash flow in H1 2026 was equal to EUR 34.0 mil lion compared with EUR 15.0 million in H1 2025, with the increase mainly driven by higher EBIT.
Net cash flow in H1 2026 was negative and equal to EUR 345.6 million, after the payment of EUR 374.1 million of dividends (out of the approved div idend distribution of EUR 380.2 million), compared with a negative net cash flow of EUR 328.0 million in H1 2025.
4 The net financial position presented here is based on the definition used by the Group, which excludes le ase liabilities.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 19 NET CAPITAL EXPENDITURE
In the first half of 2026, net capital expenditures were EUR 89.2 million (6.9% of revenues) compared with EUR 82.0 million in H1 2025 (6.7% of revenues). Investments related to the distribution network were equal to EUR 55.1 million , while investments related to infrastructure were equal to EUR 34.1 million. Management expects an in cidence of capital expenditure on revenues in the region of 6% at year end.
(EUR 000) 30/06/2026 31/12/2025 30/06/2025
Distribution 55,136 136,278 50,678 Infrastructure 34,110 79,316 31,310
NET CAPEX 89,246 215,594 81,988
% on revenues 6.9% 6.9% 6.7%
Disclaimer
This document contains forward-looking statements, in particular in the sections headed “Business Outl ook” and “Significant events occurred after 30 June 2026” relating to future eve nts, the operating income and financial results of the Moncler Group. These statements are based on the Group’s current expecta tions and forecasts regarding future events and, by their nature involve risks and uncertainties since they refer to events and de pend on circumstances which may, or may not, happen or occur in the future and, as such, they must not be unduly relied upon. The actual results could differ significantly from those contained in these statements due to a variety of factors, including c hanges in the macroeconomics and in economic growth and other changes in business conditions, changes in legal and instituti onal framework (both in Italy and abroad), and many other factors, most of which are beyond the Group’s control.
20 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP SIGNIFICANT EVENTS OCCURRED DURING THE FIRST
SIX MONTHS OF 2026
APPOINTMENT OF BARTOLOMEO RONGONE AS GROUP CHIEF EXEC UTIVE OFFICER AND REMO
RUFFINI AS EXECUTIVE CHAIRMAN. RESIGNATION OF GABRI ELE GALATERI DI GENOLA
On 1 April 2026, Bartolomeo “Leo” Rongone joined th e Moncler Group as Chief Executive Officer, as announced on 20 January 2026.
On the same date, the resignation of Gabriele Galat eri di Genola from his position as Non-Executive Director of Moncler became effective. The resignati on had been submitted in connection with the meeting of the Board of Directors of Moncler held o n 19 February 2026.
At the same meeting, the Board granted appropriate powers and authorities to Executive Chairman Remo Ruffini who, as announced on 20 January 2026, retained, among other responsibilities, oversight of the Group’s Creative Direction.
Following the resignation of Gabriele Galateri di G enola, who also served as a member of the Control, Risk and Sustainability Committee, the Boa rd appointed Non-Executive Director Marco De Benedetti as a member of such Committee, effective as of 1 April 2026.
On 21 April 2026, the Ordinary Shareholders’ Meetin g confirmed Bartolomeo Rongone as Director of the Company until the expiry of the current Boar d of Directors' term of office, namely until the Shareholders’ Meeting called to approve the financi al statements for the year ending 31 December 2027.
ROBERTO EGGS STEPPED DOWN AS CHIEF BUSINESS & GLOBA L MARKET OFFICER WHILE
REMAINING ON THE BOARD OF DIRECTORS OF MONCLER S.P.A. AS A NON-EXECUTIVE DIRECTOR
On 20 January 2026, Moncler S.p.A. announced that R oberto Eggs would step down from his role as Chief Business & Global Market Officer with effe ct from 1 March 2026 in order to pursue a new professional chapter, while remaining a member of t he Board of Directors as a Non-Executive Director.
Accordingly, on 19 February 2026, the Board of Dire ctors acknowledged the relinquishment of his executive powers and authorities, effective from 1 March 2026.
APPOINTMENT OF THE BOARD OF STATUTORY AUDITORS
On 21 April 2026, the Ordinary Shareholders’ Meetin g appointed the Board of Statutory Auditors for the three-year term 2026-2028.
The new Board of Statutory Auditors, which will rem ain in office until the Shareholders’ Meeting called to approve the financial statements for the year ending 31 December 2028, is composed of three Standing Auditors (Sonia Ferrero (Chairperson ), Carolyn Dittmeier and Antonio Ricci) and two Alternate Auditors (Lorenzo Mauro Banfi and Gianluc a Settepani).
DIVIDENDS
On 21 April 2026, the Ordinary Shareholders' Meetin g of Moncler approved Moncler's Financial Statements at 31 December 2025 and approved the dis tribution of a gross dividend of EUR 1.40 per
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 21 share (EUR 1.30 per share in the previous year). Th e payment related to this distribution was equal to EUR 374.1 million of dividends (out of the appro ved dividend distribution of EUR 380.2 million).
2026 PERFORMANCE SHARES PLAN AND 2026 RESTRICTED SH ARES PLAN
Pursuant to Article 114-bis of the Consolidated Fin ancial Act, the Ordinary Shareholders’ Meeting approved the adoption of the 2026 Performance Share s Plan, a stock grant plan reserved for Executive Directors, Key Persons, employees, collab orators and consultants of Moncler and its subsidiaries.
The Shareholders’ Meeting also approved, pursuant t o Article 114-bis of the Consolidated Financial Act, the 2026 Restricted Shares Plan, a stock grant plan reserved exclusively for Moncler’s Chief Executive Officer, Bartolomeo Rongone.
Following the shareholders’ resolutions, on 21 Apri l 2026 the Board of Directors approved the implementation of both incentive plans. In particul ar, upon the favourable opinion of the Nomination and Remuneration Committee, the Board re solved:
under the 2026 Performance Shares Plan, to grant up to a maximum of 1,636,919 shares to 162 beneficiaries, including Executive Directors an d Key Persons, subject to the achievement of performance objectives at the end of the three-y ear vesting period; and under the 2026 Restricted Shares Plan, to grant up to a maximum of 50,000 shares to the Chief Executive Officer, Bartolomeo Rongone, as the sole beneficiary of the plan, subject to the fulfilment of the retention condition at the en d of the three-year vesting period.
SIGNIFICANT EVENTS OCCURRED AFTER 30 JUNE 2026
On 22 July 2026, the Board of Directors of Moncler acknowledged the resignations tendered by Alexandre Arnault, Non-Executive Director, and Geof froy van Raemdonck, Independent Director, from their offices as members of the Board of Direc tors.
Alexandre Arnault tendered his resignation due to p rofessional commitments, effective as of 22 July 2026. Accordingly, the Board co-opted, with the app roval of the Board of Statutory Auditors, Sidney Toledano as a new Director of the Company, who will remain in office until the date of the next Shareholders’ Meeting.
Geoffroy van Raemdonck tendered his resignation, ef fective as of 22 July 2026, due to professional reasons connected with his decision to continue ser ving on a long-term basis as CEO of Exemplar Luxury Group (formerly Saks Global), thereby enabli ng Moncler’s Board of Directors to maintain a composition consistent with the governance requirem ents set out in the By-laws. The Board of Directors will be called upon to adopt, at the firs t available meeting, the resolutions consequent upon the resignation, for the purposes of integrati ng the composition of the Board through the appointment of a new Independent Director.
22 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP BUSINESS OUTLOOK
Entering the second half of 2026, the global geopol itical and macroeconomic landscape remains characterised by a high level of uncertainty and vo latility. Against this backdrop, the Group remains focused on executing its strategy with discipline a nd agility, mindful of the challenges in the operating environment, yet committed to pursuing an d shaping new opportunities, while maintaining a clear sense of direction and continui ng to invest in its organisation and distinctive brands.
In an ever-evolving world, the Group remains true t o its identity and values, never compromising the long-term value of its brands. Guided by a culture that blends creativity and innovation, the Group is well positioned to navigate volatile market dyna mics and deliver sustainable, long-term value to all its stakeholders. These principles underpin the Group’s key strategic priorities illustrated below .
STRENGTHENING OF ALL MONCLER BRAND DIMENSIONS GLOBALL Y, ALL YEAR ROUND. During
2026, Moncler will continue to reinforce its three complementary brand dimensions – Moncler Grenoble, Moncler Collection and Moncler Genius – through distinctive events and tailored marketing strategies focused on unlocking their res pective potential across all regions. Moncler Grenoble , the dimension most closely tied to the brand DNA, will continue to elevate its signature blend in the performance luxury space, with dedicated marketing initiatives and a complete collection suitable for all the seasons of the year . This approach will further authenticate this core dimension and firmly assert Moncler's leadership as the most authentic luxury brand for the outdoors. Moncler Collection , the expression of contemporary luxury , will continue to explore ways to elevate the product proposition, re-imagine icon ic pieces, and enhance the brand’s ability to serve its customers all year round through relevant collections and concepts. Moncler Genius will continue its path of constant evolution in the creative luxury space, maintaining its role as brand recruiter and powerful connector with the world of creativity and community of creators.
FURTHER EVOLVING THE STONE ISLAND BRAND LEGACY, WIT H THE PRODUCT AS ABSOLUTE
PROTAGONIST. In 2026, building on the momentum achieved over the course of 2025, Stone Island will continue the journey towards its full potentia l by further strengthening global brand awareness through an intentional marketing approach aimed at driving consideration among new target segments. This will continue to be achieved by ampl ifying the brand DNA, which is deeply rooted in a unique identity and a value matrix grounded in th e culture of research and experimentation. The brand narrative will continue to position the produ ct as the absolute protagonist, aiming to elevate the product offering by expanding core categories a nd maximising desirability through iconic pieces and sub-collections, while reinforcing the r elevance of the total-look approach as a distinctive signature. The brand will also continue to enhance its existing distribution network and retail excellence capabilities, reinforcing a highl y selective omnichannel and consumer-centric strategy across all touchpoints to deliver an authe ntic and elevated client experience.
SUSTAINABLE AND RESPONSIBLE GROWTH. Moncler Group believes in a sustainable and responsible development according to shared value t hat is reflective of stakeholder expectations and consistent with its long-term strategy. This ap proach is based on the commitment to set increasingly ambitious goals as well as on the awar eness that every action has an impact on society and the environment in which we operate. Our action s are built on clear strategic priorities: fighting climate change and protecting nature, with an incre asingly circular approach to products;
promoting high social standards along the supply ch ain; maintaining strong relationships with clients; supporting local communities; and fosterin g the development and well-being of employees.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 23 RELATED PARTIES TRANSACTIONS
Information relating to related party transactions are provided in Note 10.1 of the Half-Year Consolidated Financial Statements.
ATYPICAL AND/OR UNUSUAL TRANSACTIONS
There are no positions or transactions deriving fro m atypical and/or unusual transactions that could have a significant impact on the results and financ ial position of the Group and the Parent Company.
TREASURY SHARES
Moncler owns n. 2,816,227 Company shares at 30 June 2026, equal to 1.0% of the share capital.
***
Milan, 22 July 2026
For the Board of Directors
Remo Ruffini
Executive Chairman
24 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP
HALF-YEAR
CONDENSED
CONSOLIDATED
FINANCIAL
STATEMENTS
HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMEN TS
EXPLANATORY NOTES TO THE HALF-YEAR CONDENSED CONSOL IDATED
FINANCIAL STATEMENTS AS OF 30 JUNE 2026
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 25 HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENT S
CONSOLIDATED INCOME STATEMENT
Consolidated income statement (Euro/000) Notes 1H 2026 of which
related
parties (note
10.1) 1H 2025 of which
related
parties (note
10.1)
Revenue 4.1 1,289,912 22,809 1,225,665 495 Cost of sales 4.2 (294,714) (14,535) (283,718) (15,244)
Gross profit 995,198 941,947
Selling expenses 4.3 (446,309) (2,843) (429,509) (1,137) General and administrative expenses 4.4 (180,406) (30,699) (170,396) (19,377) Marketing expenses 4.5 (123,098) (270) (117,291)
Operating result 4.6 245,385 224,751
Financial income 4.7 14,516 15,733 Financial expenses 4.7 (26,627) (22,199)
Result before taxes 233,274 218,285
Income taxes 4.8 (68,559) (64,825)
Net Result including Minority 164,715 153,460
Non-controlling interests (3) 0
Net result, Group share 164,712 153,460
Earnings per share (unit of Euro) 5.17 0.61 0.57 Diluted earnings per share (unit of Euro) 5.17 0.61 0.57
26 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Consolidated statement of comprehensive income (Euro/000) Notes 1H 2026 1H 2025
Net profit (loss) for the period 164,715 153,460
Gains/(Losses) on fair value of hedge derivatives 5.17 (12,885) 23,451 Gains/(Losses) on exchange differences on translati ng foreign operations 5.17 14,202
(35,618)
Items that are or may be reclassified to profit or loss
1,317 (12,167)
Other Gains/(Losses) 5.17 (83) 63 Items that will never be reclassified to profit or loss
(83) 63
Other comprehensive income/(loss), net of tax 1,234 (12,104)
Total Comprehensive income/(loss) 165,949 141,356
Attributable to:
Group 165,946 141,356 Non controlling interests 3 0
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 27 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Consolidated statement of financial position (Euro/000) Notes 30 June 2026 of which
related
parties
(note 10.1) 31
December
2025 of which
related
parties
(note 10.1)
Brands and other intangible assets - net 5.1 1,108,657 1,108,645 Goodwill 5.1 603,417 603,417 Property, plant and equipment - net 5.3 1,603,662 1,498,380 Investments in associates 5.4 2,532 2,532 Other non-current assets 5.10 63,926 56,308 Deferred tax assets 5.5 344,196 317,583 Non-current assets 3,726,390 3,586,865
Inventories and work in progress 5.6 617,512 538,827 Trade account receivables 5.7 111,796 214 292,133 176 Tax assets 5.13 63,088 8,028 Other current assets 5.10 59,577 56,246 Other current financial assets 5.9 637,199 251,128 Cash and cash equivalent 5.8 512,880 1,226,277 Current assets 2,002,052 2,372,639
Total assets 5,728,442 5,959,504
Share capital 5.17 54,961 54,961 Share premium reserve 5.17 745,309 745,309 Other reserves 5.17 2,683,857 2,422,754 Net result, Group share 5.17 164,712 626,670 Equity, Group share 3,648,839 3,849,694
Non controlling interests 97 95
Equity 3,648,936 3,849,789
Long-term borrowings 5.16 1,003,516 938,490 Provisions non-current 5.14 18,764 24,225 Pension funds and agents leaving indemnities 5.15 11,955 12,149 Deferred tax liabilities 5.5 176,288 155,052 Other non-current liabilities 5.12 27 35 Non-current liabilities 1,210,550 1,129,951
Short-term borrowings 5.16 232,759 189,968 Trade account payables 5.11 409,715 8,651 527,322 8,226 Tax liabilities 5.13 120,539 134,899 Other current liabilities 5.12 105,943 4,361 127,575 5,019 Current liabilities 868,956 979,764
Total liabilities and equity 5,728,442 5,959,504
28 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity Share
capital Share
premium Legal
reserve Other comprehensive income Other reserves Result of the
period,
Group
share Equity,
Group
share Equity,
non
controlling
interest Total
consolidated
Net Equity (Euro/000) Notes Cumulative translation reserve Other OCI items IFRS 2 reserve FTA reserve Retained earnings
Group shareholders'
equity at 1 January 2025 5.17 54,961 745,309 10,992 (41,167) (6,178) 76,298 (17,537) 2,124,306 639,596 3,586,580 88 3,586,668 Allocation of Last Year Result 0 0 0 0 0 0 0 639,596 (639,596) 0 0 0
Changes in
consolidation area 0 0 0 0 0 0 0 0 0 0 0 0 Dividends 0 0 0 0 0 0 0 (353,046) 0 (353,046) 0 (353,046) Share capital increase 0 0 0 0 0 0 0 0 0 0 0 0 Other movements in Equity 0 0 0 0 0 (32,408) 1,242 47,491 0 16,325 1 16,326 Other changes of comprehensive income 0 0 0 (35,618) 23,514 0 0 0 0 (12,104) 0 (12,104) Result of the period 0 0 0 0 0 0 0 0 153,460 153,460 0 153,460
Group shareholders'
equity at 30 June 2025 5.17 54,961 745,309 10,992 (76,785) 17,336 43,890 (16,295) 2,458,347 153,460 3,391,215 89 3,391,304
Group shareholders'
equity at January 1, 2026 5.17 54,961 745,309 10,992 (86,138) (1,659) 58,710 (16,295) 2,457,144 626,670 3,849,694 95 3,849,789 Allocation of Last Year Result 0 0 0 0 0 0 0 626,670 (626,670) 0 0 0
Changes in
consolidation area 0 0 0 0 0 0 0 0 0 0 0 0 Dividends 0 0 0 0 0 0 0 (380,786) 0 (380,786) 0 (380,786) Share capital increase 0 0 0 0 0 0 0 0 0 0 0 0 Other movements in Equity 0 0 0 0 0 (13,233) 4,724 22,494 0 13,985 (1) 13,984 Other changes of comprehensive income 0 0 0 14,202 (12,968) 0 0 0 0 1,234 0 1,234 Result of the period 0 0 0 0 0 0 0 0 164,712 164,712 3 164,715
Group shareholders'
equity at 30 June 2026 5.17 54,961 745,309 10,992 (71,936) (14,627) 45,477 (11,571) 2,725,522 164,712 3,648,839 97 3,648,936
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 29 CONSOLIDATED STATEMENT OF CASH FLOWS
Consolidated statement of cash flows H1 2026 of which
related
parties H1 2025 of which
related
parties (Euro/000)
Cash flow from operating activities Consolidated result 164,715 153,460 Depreciation and amortization 174,091 161,490 Net financial (income)/expenses 12,111 6,466 Equity-settled share-based payment transactions 15,840 17,621 Income tax expenses 68,559 64,825 Changes in inventories - (Increase)/Decrease (68,906) (94,052) Changes in trade receivables -
(Increase)/Decrease 195,051 (38) 158,850 168 Changes in trade payables - Increase/(Decrease) (127,026) 425 (113,520) (3,572) Changes in other current assets/liabilities (44,5 68) (658) (36,686) (2,875)
Cash flow generated/(absorbed) from operating activities 389,867 318,454 Interest and other bank charges received 13,331 14,337 Income tax paid (133,138) (133,727) Changes in other non-current assets/liabilities (12,644) (7,627)
Net cash flow from operating activities (a) 257,416 191,437
Cash flow from investing activities Purchase of tangible and intangible fixed assets (91,478) (84,034) Proceeds from sale of investments 0 1,200 Proceeds from sale of tangible and intangible fixed assets 2,232 2,046 Net investments in government bonds and short term bank deposit (395,000) 79,759
Net cash flow from investing activities (b) (484,246) (1,029)
Cash flow from financing activities Repayment of borrowings 0 0 Repayment of current and non-current lease liabilities (120,184) (117,849) Short-term borrowings variation (1,921) (5,416) Dividends paid to shareholders (374,085) (344,963)
Net cash flow from financing activities (c) (496,191) (468,228)
Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c) (723,021) (277,820)
Cash and cash equivalents at the beginning of the period 1,226,276 1,187,972 Effect of exchange rate changes 9,624 (19,963) Net increase/(decrease) in cash and cash equivalents (723,021) (277,820) Cash and cash equivalents at the end of the period 512,879 890,189
30 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP
On behalf of the Board of Directors of Moncler S.p. A.
Remo Ruffini
Executive Chairman
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 31 EXPLANATORY NOTES TO THE HALF-YEAR CONDENSED CONSOLI DATED
FINANCIAL STATEMENTS AS OF 30 JUNE 2026
1. GENERAL INFORMATION ABOUT THE GROUP
1.1. THE GROUP AND ITS CORE BUSINESS
The parent company Moncler S.p.A. is a company esta blished and domiciled in Italy. The address of the registered office is Via Stendhal 47 Milan, Italy, and its registration number is 04642290961.
Moreover, the parent company Moncler S.p.A. is de-f acto controlled by Remo Ruffini through Ruffini Partecipazioni Holding S.r.l. (RPH) and Double R S. r.l. (DR): more specifically, Remo Ruffini owns the entire share capital of RPH, a company controll ing DR which, in turn, as of 30 June 2026 holds a shareholding representing 18.2% of the share capi tal of Moncler S.p.A.
The Half-year Condensed Consolidated Financial Stat ements as of 30 June 2026 (“Half-year Consolidated Financial Statements”) include the par ent company and the subsidiaries (hereafter referred to as the “Group”).
To date, the Group's core businesses are the creati on, production and distribution of clothing for men, women and children, shoes, eyewear and other a ccessories under the Moncler and Stone Island brand name.
1.2. BASIS FOR THE PREPARATION OF THE HALF-YEAR CONSOLID ATED
FINANCIAL STATEMENTS
1.2.1. RELEVANT ACCOUNTING PRINCIPLES
The Half-year Consolidated Financial Statements as of 30 June 2026 have been prepared in accordance with Art. 154-ter of Legislative Decree 58 of 24 February 1998 (“Testo Unico della Finanza – TUF”), as amended, and in conformity with IAS 34. They do not include all the information that would be necessary for the yearly consolidated financial statements and should be read together with consolidated financial statements as 31 December 2025, which were prepared in accordance with the international financial reporti ng standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and endorsed by the European Union.
The term “IFRS” is also used to refer to all revise d international accounting standards (“IAS”), all interpretations of the International Financial Repo rting Interpretations Committee (“IFRIC”), formerly known as the Standing Interpretations Comm ittee (“SIC”).
It should be noted that the consolidated income sta tement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity and the consolidated statement of cash flows are prepared in accordance and are the same as those used in the consolidated fina ncial statements as of and for the year ended 31 December 2025. The following notes to the consolida ted financial statements are presented in a summary format and do not include all the informati on required in an annual set of financial statements. It should be noted, as required by IAS 34, in order to avoid duplicating the information already provided, the notes refer exclusively to th e consolidated income statement, consolidated statement of comprehensive income, consolidated sta tement of financial position, consolidated statement of changes in equity and the consolidated statement of cash flows, whose nature and
32 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP changes are essential in order to understand the fi nancial position and results of operations of the Group.
The Half-year Consolidated Financial Statements as of 30 June 2026 are made up of the consolidated income statement, the consolidated sta tement of comprehensive income, the consolidated statement of financial position, the c onsolidated statement of changes in equity, the consolidated statement of cash flows and the notes thereto. The comparative information included in these consolidated financial statements, as requ ired by IAS 34, compares 31 December 2025 for the consolidated statement of financial position an d the half-year ended 30 June 2025 for the consolidated changes in equity, the consolidated st atement of income, the consolidated statement of comprehensive income and the consolidated statem ent of cash flows.
1.2.2. PRESENTATION OF THE FINANCIAL STATEMENTS
The Group presents the consolidated income statemen t by destination, the method that is considered most representative for the business. Th is method is in fact consistent with the internal reporting and management of the business.
With reference to the consolidated statement of fin ancial position, a basis of presentation has been chosen which makes a distinction between current an d non-current assets and liabilities, in accordance with the provisions of paragraph 60 and thereafter of IAS 1.
The consolidated statement of cash flows is prepare d under the indirect method.
In accordance with the provisions of IAS 24, relate d-party transactions with the Group and their impact, if significant, on the consolidated stateme nt of financial position, consolidated income statement and consolidated statement of cash flows are reported below.
The Half-year Consolidated Financial Statements are presented in thousands of Euros while, unless otherwise indicated, the data contained in the expl anatory notes are presented in millions of Euros.
With reference to the consolidated statement of cas h flows, in application of IFRS 10, the cash flows deriving from the payment of dividends are reported in the financing activities section, while the cash flows relating to the payment/collection of in terests are reported in the operating activities section.
1.2.3. BASIS FOR PREPARATION
The Half-year Consolidated Financial Statements hav e been prepared on the historical cost basis except for the measurement of certain financial ins truments (i.e. derivative), which are measured at fair value as required by IFRS 9, and on a going co ncern basis.
The Half-year Consolidated Financial Statements are presented in thousand euro, which is the functional currency of the markets where the Group mainly operates.
1.2.4. USE OF ESTIMATES AND VALUATIONS
The preparation of Half-year Consolidated Financial Statements and the related notes in conformity with IFRS requires that management make estimates a nd assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the reporting date. The estimates and related assumptions are bas ed on historical experience and other relevant factors. The actual results could differ from those estimates. The estimates and underlying
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 33 assumptions are reviewed periodically and any varia tions are reflected in the consolidated income statement in the period in which the estimate is re vised if the revision affects only that period or even in subsequent periods if the revision affects both current and future periods.
In the event that management’s estimate and judgmen t had a significant impact on the amounts recognized in the Half-year Consolidated Financial Statements or in case that there is a risk of futur e adjustments on the amounts recognized for assets an d liabilities in the period immediately after the reporting date, the following notes will include th e relevant information.
The estimates pertain mainly to the following items of the consolidated financial statements:
impairment of non-current assets and goodwill;
impairment of trade receivables (bad debt provision );
allowance for returns;
impairment of inventories (obsolescence provision);
recoverability of deferred tax assets;
provision for losses and contingent liabilities;
lease liabilities and assets for right of use;
Incentive systems and variable remuneration;
IAS 29 hyperinflation;
financial liabilities for the purchase of minority interests;
IFRIC 23: uncertainty over income tax treatments.
Impairment of non-current assets and goodwill Non-current assets include property, plant and equi pment, intangible assets with indefinite useful life and goodwill, investments and other financial assets.
Management periodically reviews non-current assets for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is estimated based on the present value of future cash flows expected to derive from the asset or fro m the sale of the asset itself, at a suitable disco unt rate.
When the recoverable amount of a non-current asset is less than its carrying amount, an impairment loss is recognized immediately in profit or loss an d the carrying amount is reduced to its recoverable amount determined based on value-in-use calculation or its sale’s value in an arm’s length transaction, with reference to the most recent Grou p business plan.
Impairment of trade receivables The bad debt provision reflects management’s best e stimate of the probable loss for unrecoverable trade receivables.
Allowance for returns The allowance for returns reflects management's bes t estimate of the asset arising from expected product returns and the associated liability for fu ture refunds.
34 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Impairment of inventory
The Group manufactures and sells mainly clothing go ods that are subject to changing consumer demands and fashion trends. Inventory impairment re presents management’s best estimate for losses arising from the sales of aged products, tak ing into consideration their sale ability through the Group’s distribution channels.
Recoverability of deferred tax assets The Group is subject to income taxes in numerous ju risdictions. Judgment is required in determining the provision for income taxes in each territory. T he Group recognizes deferred tax assets when there is a reasonable expectation of realisation wi thin a period that is consistent with management estimation and business plans.
Provision for losses and contingent liabilities The Group is subject to legal and tax litigations a rising in the countries where it operates. Litigati ons are inevitably subject to risk and uncertainties su rrounding the events and circumstances associated with the claims and associated with local legislati on and jurisdiction. In the normal course of the business, management requests advice from the Group legal consultants and tax experts. The recognition of a provision is based on management’s best estimate when an outflow of resources is probable to settle the obligation and the amount ca n be estimated with reliability. In those circumstances where the outflow of resources is pos sible or the amount of the obligation cannot be measured with sufficient reliability, the contingen t liabilities is disclosed in the notes to the Half -
year Consolidated Financial Statements.
Lease liabilities and assets for right of use According to IFRS 16 accounting standard, with refe rence to multi-annual lease agreement, the Group recognises the asset for the right of use and the liability for the lease. The asset for the rig ht of use is initially valued at cost or at the presen t value of the rental costs provided by the contrac t, and then subsequently at cost net of accumulated de preciation and impairment losses, and adjusted to reflect the revaluation of the lease liability.
The Group values the lease liability at the present value of the payments due for unpaid leases at the effective date, discounting them using an inter est rate determined taking into account the term of the lease contracts, the currency in which they are denominated, the characteristics of the economic environment in which the contract was stip ulated and the credit adjustment.
The lease liability is subsequently increased by th e interest accrued on this liability and decreased by the payments due for the lease made and is reval ued in the event of a change in the future payments due for the lease deriving from a change i n the index or rate, in the event of a change in the amount that the Group expects to pay as a guara ntee on the residual value or when the Group changes its valuation with reference to the exercis e or otherwise of a purchase, extension or cancellation option.
Lease contracts in which the Group acts as a lessee may provide for renewal options with effects, therefore, on the duration of the contract. Relativ e certainty that this option will (or won’t) be exercised can influence, even significantly, the am ount of lease liabilities and right of use assets.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 35 Incentive systems and variable remuneration For the description of the determination of the fai r value of share-based incentive payments for the Moncler Group management, please see paragraph 2.13 of the consolidated financial statements as 31 December 2025.
The accounting policy adopted by the Group provides for the IFRS2 reserve to be released and reclassified as retained earnings when the Board of Directors resolves on the allocation of Moncler Rights to each beneficiary.
IAS 29 Hyperinflation Furthermore, IAS 29, should have been applied for t he Turkish subsidiary starting from the financial statements as at 31 December 2022, because Turkey c ontinued to meet the criteria for a hyperinflationary economy during the half-year. How ever, the accounting effects of applying that accounting standard are not significant and thus ha ve not been considered in the preparation of this Half-year Consolidated Financial Statements.
Financial liabilities for the purchase of minority interests and IFRIC 23 For an estimate of financial liabilities related to the purchase of minority interests and IFRIC 23:
uncertainty over income tax treatments see paragrap hs 2.20 and 2.16 of the consolidated financial statements as 31 December 2025.
1.3. IMPACT OF CLIMATE CHANGE ISSUES
The Group defined a climate strategy aimed at reduc ing greenhouse gas (GHG) emissions, with the intention of positively contributing to the global goal of combating climate change, in line with the requirements of the Paris Agreement on climate. Thi s strategy, integrated into the Group's business model, includes medium and long-term objectives.
In particular, the Moncler Group committed to reduc ing absolute scope 1 and scope 2 CO2e emissions by 70% by 2030, compared to 2021 1 (in line with the "1.5°C" ambition), and absolute scope 3 CO2e emission by 30% by 2032, compared to 2022 2 (in line with the "Well-Below 2°C" ambition). Thes e objectives, formally approved by the Science Based Targets initiative (SBTi) 3, were deemed consistent with the contribution required of companies to limi t the maximum increase in global temperature compared to pre-industrial levels.
1 The absolute value of scope 1 and scope 2 (market- based) emissions in 2021, which is the base year of the target, is 5,065 tonnes of CO2e (scope 1 and scope 2 market-based are 2,332 and 2,733 tonnes of CO2e, respectively).
2 The 2022 scope 3 absolute value considered for the target base year is equal to 248,709 tonnes of CO2 e. In line with the recommendations of the Science Based Targets initia tive, the scope 3 emissions covered by the target d o not include emissions associated with the use of sold product.
3 The SBTi (Science Based Targets initiative) is an initiative that sets science-based emissions reduct ion targets in order to strengthen the competitive position of companies th at want to move to a low-carbon economy. Launched i n 2015 through a collaboration between CDP, the United Nations Globa l Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), it aims to guide companies on a s tructured decarbonization journey towards a signifi cant and scientifically based reduction of greenhouse gas emissions.
36 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Furthermore, Moncler Group committed to achieving n et zero emissions (Net Zero 4) along the entire value chain by 2050.
The main actions undertaken to achieve these object ives include:
use of electricity from renewable sources (both pur chased and self-generated);
implementation of energy efficiency activities (Bui lding Management System - BMS, lighting systems, more efficient heating and cooling, improv ement of building thermal insulation, and promotion of environmental standards for buildings) ;
adoption of low-emission vehicles in the Group's ca r fleet;
obtaining LEED certifications for new stores 5 and new corporate buildings.
For Scope 3 emissions:
progressive introduction of "preferred" materials i n collections;
promotion of regenerative agriculture projects;
decarbonization of the supply chain through energy efficiency measures and the adoption of renewable energy sources.
The impact of climate change has also been evaluate d in relation to estimates and assessments made in the financial statements.
As of the reporting date, there are no significant effects on the figures presented in the Group's Hal f-
year Consolidated Financial Statements.
An Environmental, Social and Governance (ESG) indic ator was added to the Performance Share Plans starting from 2020 with a weight of 15% and which foresees the achieve ment of sustainability objectives.
4 Achieving Net Zero involves the overall balance be tween greenhouse gas (GHG) emissions produced and t hose absorbed by ecosystems, through neutralisation mechanisms. Spec ifically, to contribute to Net Zero, companies must reduce emissions and neutralise residual emissions.
5 Excluding Shop-in-shop.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 37 2. SUMMARY OF MATERIAL ACCOUNTING PRINCIPLES USED IN T HE
PREPARATION OF THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
The accounting principles adopted for the preparati on of the Half-Year Condensed Consolidated Financial Statements are consistent with those used for the preparation of the Consolidated Financial Statements of the Moncler Group as at 31 December 2025, notwithstanding the adoption of the new standards, amendments and interpretation s approved by the IASB and endorsed in Europe, whose adoption is mandatory for accounting periods beginning on or after 1 January 2026, as listed in the paragraph below.
2.1. ACCOUNTING STANDARDS AND RECENTLY PUBLISHED INTERPR ETATIONS
Accounting standards, amendments and interpretation s effective from 1 January 2026 The following accounting standards, amendments and IFRS interpretations were applied by the Group for the first time from 1 January 2026.
TITLE ISSUED DATE EFFECTIVE DATE ENDORSMENT
DATE EU
REGULATION
AND DATE OF
PUBLICATION
Amendments to the
classification and
measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) May 2024 1 January 2026 27 May 2025 (EU)
2025/1047
28 May 2025
Contracts referencing
nature-dependent
electricity (Amendments to IFRS 9 and IFRS 7) December 2024 1 January 2026 30 June 2025 (EU)
2025/1266
1 July 2025 Annual improvements –
Volume 11
(Amendments to IAS 7 and IFRS 1, 7, 9, 10) July 2024 1 January 2026 9 July 2025 (EU) 2025/1331 10 July 2025 The adoption of these amendments has had no signifi cant effect on the Group’s half-year consolidated financial statements.
New standards and interpretations not yet effective and not early adopted by the Group At the date when this document was prepared, the Eu ropean Union's competent authorities concluded the approval process needed for the adopt ion of the accounting standards and amendments described below. With reference of the a pplicable principles, the Group has decided not to exercise the option of the early adoption, i f applicable.
TITLE ISSUE DATE EFFECTIVE DATE ENDORSMENT
DATE EU
REGULATION
AND DATE OF
PUBLICATION
IFRS 18 Presentation and disclosure in financial statements April 2024 1 January 2027 13 February
2026 (EU) 2026/338
16 February
2026
38 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP IFRS 18 presentation and disclosures in financial s tatements will replace IAS 1 presentation of financial statements and will be applied for fiscal years beginning on or after 1 January 2027.
IFRS 18 requires a new income statement structure a nd a greater disaggregation of information. The Group is currently evaluating the estimated impact that the initial adoption of IFRS 18 will have on the consolidated financial statements.
In addition, at the date of these financial stateme nts, the competent bodies of the European Union had not yet completed their endorsement process for the following accounting standards and
amendments:
TITLE ISSUE DATE EFFECTIVE DATE OF
IASB DOCUMENT APPROVAL DATE BY
EU
Standards
IFRS 14 Regulatory deferral accounts January 2014 1 January 2016 Postponed pending the conclusion of the IASB project on
“rate-regulated
activities”.
IFRS 19 Subsidiaries without public accountability: disclosures May 2024 1 January 2027 Q3/Q4 2026 IFRS 20 Regulatory Assets and Regulatory Liabilities May 2026 1 January 2029 TBD
Amendments
Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 and IAS
28) September
2014 Available for
optional
adoption/effective
date deferred
indefinitely Postponed pending the conclusion of IASB project on the
equity method
Amendments to IFRS 19 Subsidiaries without public accountability:
disclosures August 2025 1 January 2027 Q3/Q4 2026 Translation to a hyperinflationary
presentation currency
(Amendments to IAS 21) November 2025 1 January 2027 Q4 2026 Disclosures about Uncertainties in the Financial Statements (Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37) November 2025 n/a Material
accompanying IFRS
Accounting
Standards (i.e.,
Implementation
Guidance,
Illustrative Examples)
is not an integral part of the Standards
and, consequently,
the related
amendments are not subject to EU endorsement.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 39 Amendments to the fair value
option for investments in associates and joint ventures (Amendments to IAS 28) June 2026 1 January 2027 TBD No significant effects are expected from the adopti on of these standards and amendments.
40 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP EXCHANGE RATES
The exchange rates used to translate in Euro the fi nancial statements of foreign subsidiaries as at and for half-year period ended 30 June 2026 are as follows:
Average rate Rate at the end of the period Rate at the end of the period
I half 2026 I half 2025 As at 30 June 2026 As at 30 June 2025 As at 31 December 2025 As at 31
December
2025
AED 4.284300 4.013100 4.184400 4.304200 4.315200 3.815400
AUD 1.661200 1.722900 1.654400 1.794800 1.758100 1.677200
BRL 6.012700 6.291300 5.900300 6.438400 6.436400 6.425300
CAD 1.607400 1.540000 1.622000 1.602700 1.608800 1.494800
CHF 0.917900 0.941400 0.922400 0.934700 0.931400 0.941200
CNY 8.007300 7.923800 7.731400 8.397000 8.226200 7.583300
CZK 24.313000 25.001600 24.256000 24.746000 24.237000 25.185000
DKK 7.472100 7.460700 7.474400 7.460900 7.468900 7.457800
GBP 0.867200 0.842290 0.861780 0.855500 0.872600 0.829180
HKD 9.127400 8.516800 8.935000 9.200100 9.146400 8.068600
HUF 372.259400 404.572200 356.300000 399.800000 385.150000 411.350000
JPY 184.458700 162.119500 185.080000 169.170000 184.090000 163.060000
KRW 1,730.660000 1,556.500000 1,767.080000 1,588.210000 1,696.940000 1,532.150000
KZT 567.710000 559.350000 550.190000 609.310000 592.330000 544.980000
MOP 9.401000 8.772200 9.203100 9.463200 9.420800 8.310700
MXN 20.375400 21.803500 19.903000 22.089900 21.118000 21.550400
MYR 4.644800 4.779800 4.654400 4.936500 4.768200 4.645400
NOK 11.170700 11.660800 11.310500 11.834500 11.843000 11.795000
NZD 1.987300 1.882700 2.013600 1.933400 2.038000 1.853200
PLN 4.242300 4.231300 4.295500 4.242300 4.221000 4.275000
RON 5.142500 5.004100 5.243900 5.078500 5.096800 4.974300
RUB 89.194300 94.963200 88.647200 92.278500 92.093800 106.102800
SEK 10.789500 11.096100 11.093500 11.146500 10.821500 11.459000
SGD 1.490700 1.446100 1.475400 1.494100 1.510500 1.416400
THB 37.432800 n.a. 37.862000 n.a. n.a. n.a.
TRY 52.065700 41.091200 53.164200 46.568200 50.483800 36.737200
TWD 36.878300 34.761500 36.308700 34.154800 36.862000 34.056600
UAH 51.066200 45.483600 51.033400 48.985600 49.794700 43.685500
USD 1.166600 1.092700 1.139400 1.172000 1.175000 1.038900
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 41 3. SCOPE OF CONSOLIDATION
As at 30 June 2026 the Half-year Consolidated Finan cial Statements of the Moncler Group include the parent company Moncler S.p.A. and 53 consolidat ed subsidiaries as detailed in the following
table:
Investments (in associates for consolidation) Registered office Share capital Currency % of ownership Parent company Moncler S.p.A. Milan (Italy) 54,961,191 EUR Industries S.p.A. Milan (Italy) 15,000,000 EUR 100.00% Moncler S.p.A.
Moncler Deutschland GmbH Munich (Germany) 700,000 EUR 100.00% Industries S.p.A.
Moncler España S.L. Barcelona (Spain) 50,000 EUR 100.00% Industries S.p.A.
Moncler Asia Pacific Ltd Hong Kong (China) 300,000 HKD 100.00% Industries S.p.A.
Moncler France S.à.r.l. Paris (France) 8,000,000 EUR 100.00% Industries S.p.A.
Moncler USA Inc New York (USA) 13,001,000 USD 100.00% Industries S.p.A.
Moncler UK Ltd London (United Kingdom) 3,000,000 GBP 100.00% Industries S.p.A.
Moncler Japan Corporation (**) Tokyo (Japan) 99,475,500 JPY 100.00% Industries S.p.A.
Moncler Shanghai Commercial Co.
Ltd Shanghai (China) 82,483,914 CNY 100.00% Industries S.p.A.
Moncler Suisse SA Chiasso (Switzerland) 10,000,000 CHF 100.00% Industries S.p.A.
Moncler Belgium S.p.r.l. Bruxelles (Belgium) 1,800,000 EUR 100.00% Industries S.p.A.
Moncler Denmark ApS Copenhagen (Denmark) 2,465,000 DKK 100.00% Industries S.p.A.
Moncler Holland B.V. Amsterdam (Holland) 18,000 EUR 100.00% Industries S.p.A.
Moncler Hungary KFT Budapest (Hungary) 150,000,000 HUF 100.00% Industries S.p.A.
Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti. (*) Istanbul (Turkey) 1,000,000 TRY 51.00% Industries S.p.A.
Moncler Brasil Comércio de moda e acessòrios Ltda. Sao Paulo (Brazil) 39,000,000 BRL 95,00% 5,00% Industries S.p.A.
Moncler USA Inc Moncler Taiwan Limited Taipei (China) 10,000,000 TWD 100.00% Industries S.p.A.
Moncler Canada Ltd Vancouver (Canada) 42,501,000 CAD 100.00% Industries S.p.A.
Moncler Prague s.r.o. Prague (Czech Republic) 200,000 CZK 100.00% Industries S.p.A.
White Tech Sp.zo.o. Katowice (Poland) 369,000 PLN 70.00% Industries S.p.A.
Moncler Korea Inc. (**) Seoul (South Korea) 2,550,000,000 KRW 100.00% Industries S.p.A.
Moncler Middle East FZ -LLC in liquidation Dubai (United Arab Emirates) 50,000 AED 100.00% Industries S.p.A.
Moncler Singapore PTE, Limited Singapore 5,000,000 SGD 100.00% Industries S.p.A.
Industries Yield S.r.l. Bacau (Romania) 78,587,000 RON 99,00% 1,00% Industries S.p.A.
Moncler
Deutschland
GmbH
Moncler UAE LLC Dubai (United Arab Emirates) 1,000,000 AED 100.00% Industries S.p.A.
Moncler Ireland Limited Dublin (Ireland) 350,000 EUR 100.00% Industries S.p.A.
Moncler Australia PTY LTD Melbourne (Australia) 2,500,000 AUD 100.00% Industries S.p.A.
Moncler Kazakhstan LLP Almaty (Kazakhstan) 1,195,000,000 KZT 99,79% 0,21% Industries S.p.A.
Moncler Suisse
SA Moncler Sweden AB Stockholm (Sweden) 1,000,000 SEK 100.00% Industries S.p.A.
Moncler Norway AS Oslo (Norway) 3,000,000 NOK 100.00% Industries S.p.A.
Moncler Mexico, S. de R.L. de C.V. Mexico City (Mexico) 59,500,000 MXN 99,00% 1,00% Industries S.p.A.
Moncler USA Inc
42 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Moncler Mexico Services, S. de R.L.
de C.V. Mexico City (Mexico) 0 MXN 99,00% 1,00% Industries S.p.A.
Moncler USA Inc Moncler Ukraine LLC Kiev (Ukraine) 154,092,457 UAH 99,997% 0,003% Industries S.p.A.
Moncler Suisse
SA Moncler New Zealand Limited Auckland (New Zealand) 2,000,000 NZD 100.00% Industries S.p.A.
Moncler Malaysia Sdn. Bhd. Kuala Lumpur (Malaysia) 1 MYR 100.00% Industries S.p.A.
Moncler Thailand Co., Ltd Bangkok (Thailandia) 132,000,000 THB 99,00% 1,00% Industries S.p.A.
Moncler Asia
Pacific Ltd
Sportswear Company S.p.A. Bologna (Italy) 10,084,166 EUR 100.00% Moncler S.p.A.
Stone Island Germany Gmbh Monaco (Germany) 500,000 EUR 100.00% Sportswear Company S.p.A.
Stone Island Antwerp Bvba Antwerp (Belgium) 400,000 EUR 100.00% Sportswear Company S.p.A.
Stone Island Amsterdam BV Amsterdam (Holland) 25,000 EUR 100.00% Sportswear Company S.p.A.
Stone Island Usa Inc New York (USA) 5,000,000 USD 100.00% Sportswear Company S.p.A.
Stone Island Canada Inc Toronto (Canada) 5,500,000 CAD 100.00% Sportswear Company S.p.A.
Stone Island China Co. Ltd Shanghai (China) 20,133,300 CNY 100.00% Sportswear Company S.p.A.
Stone Island France S.a.s. Saint Priest (France) 50,000 EUR 100.00% Sportswear Company S.p.A.
Stone Island Korea Co., Ltd. (*) Seoul (South Korea) 30,500,000 KRW 51.00% Sportswear Company S.p.A.
Stone Island (UK) Retail Limited London (United Kingdom) 1,000,000 GBP 100.00% Sportswear Company S.p.A.
Stone Island Japan Inc. (**) Tokyo (Japan) 320,000,000 JPY 100.00% Sportswear Company S.p.A.
Stone Island Sweden AB Stockholm (Sweden) 3,000,000 SEK 100.00% Sportswear Company S.p.A.
Stone Island España S.L. Barcelona (Spain) 3,000 EUR 100.00% Sportswear Company S.p.A.
Stone Island Austria GmbH Vienna (Austria) 500,000 EUR 100.00% Sportswear Company S.p.A.
Stone Island Denmark ApS Copenaghen 6,000,000 DKK 100.00% Sportswear Company S.p.A.
Stone Island Hong Kong Limited Hong Kong (China) 4,500,000 HKD 100.00% Sportswear Company S.p.A.
Stone Island Macao Limited Macao (China) 5,500,000 MOP 100.00% Sportswear Company S.p.A.
(*) Fully consolidated (without attribution of inte rest to third parties) (**) Share capital value and % of ownership take in to consideration the treasury shares held by the sa me.
In relation to the scope of consolidation, please n ote that during the first half of 2026 compared to 31 December 2025, no new companies were established or acquired.
In May, Industries S.p.A. acquired from Moncler Mid dle East FZ-LLC's its share in Moncler UAE LLC equal to 100% of the share capital, for an amount o f AED 16,670,063. Following this transaction, Moncler Middle East FZ-LLC was put into liquidation .
On 30 June 2026, the liquidation procedure of the c ompany Stone Island Suisse SA was concluded;
consequently, the company was deleted from the Comp any Register.
Please note that Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. sti. and Stone Island Korea are fully consolidated, without attribution of interest to th ird parties, in accordance with the anticipated interest principle in light of the agreements in pl ace between those companies’ shareholders.
The associated company ALS Luxury Logistic S.r.l., held at 30%, is not consolidated and is value using the cost method.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 43 4. COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED INCO ME
STATEMENT
4.1. REVENUES
REVENUES BY BRAND
(Euro/000) 1H 2026 % 1H 2025 %
Total revenues 1,289,912 100.0% 1,225,665 100.0%
Moncler 1,089,579 84.5% 1,038,965 84.8% Stone Island 200,333 15.5% 186,699 15.2% In the first half of 2026, Moncler Group reached co nsolidated revenues of EUR 1,289.9 million, up 5.2% compared with the same period of 2025. These r esults include Moncler brand revenues of EUR 1,089.6 million and Stone Island brand revenues of EUR 200.3 million.
ANALYSIS OF MONCLER BRAND REVENUE
In the first six months of 2026, Moncler brand reve nues were EUR 1,089.6 million, up 4.9% compared with the first half of 2025.
REVENUES BY REGION
Sales are broken down by region as reported in the following table:
Revenues by region (Euro/000) 1H 2026 % 1H 2025 % Variation % Variation Asia 592,904 54.4% 525,704 50.6% 67,200 12.8%
EMEA 349,718 32.1% 365,404 35.2% (15,686) (4.3)%
Americas 146,957 13.5% 147,858 14.2% (901) (0.6)% Total 1,089,579 100.0% 1,038,965 100.0% 50,613 4.9% In the first half of 2026, revenues in Asia (which includes APAC, Japan and Korea) were EUR 592.9 million, up 12.8% compared with the same period of 2025, with China and Korea outperforming the rest of the region.
EMEA recorded revenues of EUR 349.7 million, down 4 .3% compared to the first half of 2025, mainly due to softer tourist flows, particularly from Asia n customers, and a weak online performance.
Revenues in the Americas decreased by 0.6% compared to the first half of 2025, reaching EUR 147.0 million.
44 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP REVENUES BY DISTRIBUTION CHANNEL
Revenues per distribution channels are broken down as follows:
(Euro/000) 1H 2026 % 1H 2025 %
Total revenues 1,089,579 100.0% 1,038,965 100.0%
of which:
- Wholesale 156,413 14.4% 155,779 15.0%
- DTC 933,166 85.6% 883,187 85.0%
In the first half of 2026, the DTC channel recorded revenues of EUR 933.2 million, up 5.7% compared to the first half of 2025, despite ongoing macroeconomic headwinds and weaker tourist flows, particularly affecting the EMEA region, while Asia continued to deliver solid growth.
The wholesale channel recorded revenues of EUR 156. 4 million, in line with the first half of 2025, notwithstanding the ongoing efforts to upgrade the quality of the distribution through further network optimisation.
REVENUES ANALYSIS OF THE STONE ISLAND BRAND
In the first half of 2026, Stone Island brand reven ues reached EUR 200 .3 million with respect to EUR 186.7 million in the same period of 2025.
REVENUES BY REGION
Sales are broken down by region as reported in the following table:
Revenues by region (Euro/000) 1H 2026 % 1H 2025 % Variation % Variation Asia 60,380 30.1% 52,311 28.0% 8,069 15.4%
EMEA 125,793 62.8% 123,293 66.0% 2,500 2.0%
Americas 14,160 7.1% 11,095 5.9% 3,065 27.6% Total 200,333 100.0% 186,699 100.0% 13,634 7.3% In the first six months of 2026, Asia (which includ es APAC, Japan and Korea) reached EUR 60.4 million revenues, growing 15,4% compared to the sam e period of 2025, with all main countries delivering a strong double-digit growth.
EMEA recorded revenues of EUR 125.8 million, an inc rease of 2.0% compared with the first half of 2025, supported by a positive performance registere d both in the DTC and in the wholesale channel.
Revenues in the Americas were up 27.6% compared to the first half of 2025, driven by strong double-
digit growth in both the DTC and the wholesale chan nel.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 45 REVENUES BY DISTRIBUTION CHANNEL
Revenues per distribution channels are broken down as follows:
(Euro/000) 1H 2026 % 1H 2025 %
Total revenues 200,333 100.0% 186,699 100.0%
of which:
Wholesale 91,126 45.5% 87,585 46.9%
DTC 109,207 54.5% 99,114 53.1%
In the first six months of 2026, the DTC channel gr ew by 10.2% compared with the first half2025 to EUR 109.2 million, with Americas and Asia outperfor ming.
The physical channel continued to outperform the on line channel, although the latter improved sequentially.
The wholesale channel recorded revenues of EUR 91.1 million, up 4.0% compared to the first half of 2025, while the Group continued its efforts to upgr ade the quality of the distribution network.
4.2. COST OF SALES
In the first half of 2026, cost of sales increase b y EUR 11.0 million in absolute terms (+3.9%), from EUR 283.7 million in the first half of 2025 to EUR 294.7 million in the first half of 2026. Cost of sa les incidence on revenues decreased from 23.1% in the f irst half of 2025 to 22.8% in the first half of 2026.
4.3. SELLING EXPENSES
Selling expenses in the first half of 2026 were EUR 446.3 million co mpared to EUR 429.5 million in the first half of 2025, with a 34.6% incidence on r evenues, lower than in the same period of 2025 (35.0%) thanks to positive operating leverage.
Selling expenses mainly include rent costs excluded from the application of the IFRS 16 for EUR 105.7 million (EUR 100.7 million in the first half of 202 5), personnel costs for EUR 124.9 million (EUR 122. 9 million in the first half of 2025) and costs for de preciation of the right of use for EUR 105.2 millio n (EUR 97.3 million in the first half of 2025).
This item also includes costs related to stock-base d compensation plans for EUR 2.4 million (EUR 2.8 million in the first half of 2025).
4.4. GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses were EUR 180.4 million, with 14.0% incidence on revenues, compared to EUR 170.4 million, with 13.9% incidence , in the first half of 2025 and include one-off charges of EUR 8.0 million related to the new gover nance structure.
This item also includes costs related to stock-base d compensation plans for EUR 13.5 million (EUR 14.9 million in the first half of 2025).
46 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP 4.5. MARKETING EXPENSES
Marketing expenses were EUR 123.1 million, represen ting 9.5% incidence on revenues, compared to 9.6% in the first half of 2025.
4.6. OPERATING RESULT
The operating result was EUR 245.4 million, with a margin of 19.0%, compared to EUR 224.8 million, with a margin of 18.3%, in the first half of 2025, despite a negative impact of approximately 60 basis points from the above-mentio ned one-off charges.
4.7. FINANCIAL INCOME AND EXPENSES
The Financial income and expenses are detailed as f ollows:
(Euro/000) 1H 2026 1H 2025
Interest income and other financial income 14,516 15,733 Total financial income 14,516 15,733 Interests expenses and other financial charges, excluded interests on lease liabilities (1,297) (1,316) Foreign currency differences - negative (399) (2,752)
Total financial expenses, excluded interests on lea se liabilities (1,696) (4,068)
Total financial income/(expenses) excluded interest s on lease liabilities 12,820 11,665
Interests on lease liabilities (24,931) (18,131)
Total financial income/(expenses) (12,111) (6,466)
4.8. INCOME TAX
The income tax effect on the consolidated income st atement is as follows:
(Euro/000) 1H 2026 1H 2025
Current income taxes (65,237) (76,998) Deferred tax (income) expenses (3,322) 12,173
Income taxes charged in the income statement (68,559) (64,825) The effective tax rate in the first half of 2026 wa s equal to 29.4%, compared to 29.7% in the first half of 2025.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 47 The Group falls within the scope of the application of the “Global Minimum Tax” regulation, commonly known as “Pillar II”. The impact of the ta xes resulting from this regulation is not significa nt.
4.9. PERSONNEL EXPENSES
The following table lists the detail of the main pe rsonnel expenses by nature, compared with those of the same period of the previous year:
(Euro/000) 1H 2026 1H 2025
Wages and salaries and Social security costs (204,479) (197,765) Accrual for employment benefits (13,472) (13,432)
Total (217,951) (211,197) During the period, personnel expenses increased by 3.2%, from EUR 211.2 million in the first half of 2025 to EUR 218.0 million in the same period of 202 6.
The remuneration related to the members of the Boar d of Directors is commented separately in the related party section.
The costs related to the stock-based compensation p lans, equal to EUR 15.8 million (EUR 17.6 million in the first half of 2025) are separately commented in paragraph 10.2.
The following table reports the number of employees (full-time-equivalent, FTE) for the first half of 2026 compared to the same period of last year:
Average FTE by area
FTE 1H 2026 1H 2025
Italy 2,311 2,254 Other European countries 3,144 3,079 Asia and Japan 2,075 2,036 Americas 511 466
Total 8,041 7,835
The actual number of FTEs of the Group as at 30 Jun e 2026 is 8,032 (7,917 as at 30 June 2025).
The total number of employees increased largely as a result of the new directly operated stores openings and the expansion of the production sites.
48 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP 4.10. DEPRECIATION AND AMORTIZATION
Depreciation and amortization are broken down as fo llows:
(Euro/000) 1H 2026 1H 2025
Depreciation of property, plant and equipment (155,661) (144,694) Amortization of intangible assets (18,430) (16,796)
Total Depreciation and Amortization (174,091) (161,490)
The increase in total depreciation and amortization is due to IT investments, investments made for the development of the distribution network and for the new corporate headquarter and to the investments to support logistics and operations.
The amortisation related to the right of use amount s to EUR 113.8 million.
Please refer to comments made in paragraphs 5.1 and 5.3 for additional details related to investments made during the period.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 49 5. COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED STAT EMENT OF
FINANCIAL POSITION
5.1. GOODWILL, BRANDS AND OTHER INTANGIBLE ASSETS
Brands and other intangible assets 30 June 2026 31 December 2025 (Euro/000) Gross value Accumulated
amortization
and impairment Net value Net value
Brands 999,354 0 999,354 999,354 Licence rights 12 (12) 0 0 Key money 67,583 (60,501) 7,082 6,130 Software 254,052 (165,879) 88,173 89,467 Other intangible assets 38,785 (34,544) 4,241 4,165 Assets in progress 9,807 0 9,807 9,529 Goodwill 603,417 0 603,417 603,417 Total 1,973,010 (260,936) 1,712,074 1,712,062
The movements in intangible assets over the compara ble periods are summarized in the following table:
As at 30 June 2026 Gross value Brands and other intangible assets (Euro/000) Brands Licence
rights Key
money Software Other
intangible
assets Assets in
progress
and advances Goodwill Total
1 January 2026 999,354 12 65,487 238,573 37,959 9,529 603,417 1,954,331 Acquisitions 0 0 0 10,843 744 6,786 0 18,373 Disposals 0 0 0 (207) 0 (15) 0 (222) Translation adjustment 0 0 145 436 (22) 69 0 628
Other movements,
including transfers 0 0 1,951 4,407 104 (6,562) 0 (100) 30 June 2026 999,354 12 67,583 254,052 38,785 9,807 603,417 1,973,010
Accumulated amortization and impairment Brands and other intangible assets (Euro/000) Brands Licence
rights Key
money Software Other
intangible
assets Assets in
progress
and advances Goodwill Total
1 January 2026 0 (12) (59,357) (149,106) (33,794) 0 0 (242,269) Amortization 0 0 (995) (16,663) (772) 0 0 (18,430) Disposals 0 0 0 159 0 0 0 159 Translation adjustment 0 0 (149) (269) 22 0 0 (396)
Other movements,
including transfers 0 0 0 0 0 0 0 0 30 June 2026 0 (12) (60,501) (165,879) (34,544) 0 0 (260,936)
50 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP As at 30 June 2025
Gross value Brands and other intangible assets (Euro/000) Brands Licence
rights Key
money Software Other
intangible
assets Assets in
progress
and advances Goodwill Total
1 January 2025 999,354 12 65,733 203,961 35,800 11,156 603,417 1,919,433 Acquisitions 0 0 0 7,879 1,243 8,712 0 17,834 Disposals 0 0 0 (42) 0 (197) 0 (239) Translation adjustement 0 0 (176) (1,270) (12) (48) 0 (1,506)
Other movements,
including transfers 0 0 0 4,225 165 (3,864) 0 526 30 June 2025 999,354 12 65,557 214,753 37,196 15,759 603,417 1,936,048
Accumulated amortization and impairment Brands and other intangible assets (Euro/000) Brands Licence
rights Key
money Software Other
intangible
assets Assets in
progress
and advances Goodwill Total
1 January 2025 0 (12) (56,876) (119,984) (32,360) 0 0 (209,232) Amortization 0 0 (1,419) (14,666) (711) 0 0 (16,796) Disposals 0 0 0 20 0 0 0 20
Changes in
consolidation
area 0 0 0 0 0 0 0 0
Translation
adjustement 0 0 171 715 14 0 0 900
Other movements,
including transfers 0 0 0 1 (1) 0 0 0 30 June 2025 0 (12) (58,124) (133,914) (33,058) 0 0 (225,108) The increase in the item Software pertains to the i nvestments in information technology for the management of the business and the corporate functi ons.
5.2. IMPAIRMENT OF INTANGIBLE FIXED ASSETS WITH AN UNDEF INED USEFUL
LIFE AND GOODWILL
The items Brands, Other intangible fixed assets wit h undefined useful life and Goodwill have not been amortised, but have been tested for impairment by management at least annually when the year-end financial statements are prepared.
At the time of preparation of these Consolidated Ha lf-Year Financial Statements, no trigger events have been identified that would require the perform ing of the impairment test on the recoverability of the value of assets with an undefined useful lif e and goodwill. The impairment test will therefore be performed when preparing the Annual Consolidated Financial Statements.
This assessment took into account the Group's resul ts of the first half of 2026, the uncertainties tha t characterize the current macroeconomic environment, the test results related to 31 December 2025 and the sensitivity analyses. In addition, there we re no significant adverse variations in the other parameters used for the test.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 51 Finally, it is also underlined that the Company’s s tock market capitalisation, based on the average price of Moncler share in the first half 2026, show s a significant positive difference with respect to the Group net equity, implicitly confirming the val ue of the goodwill.
5.3. NET PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment 30 June 2026 31 December 2025 (Euro/000) Gross value Accumulated
depreciation
and impairment Net value Net value
Land and buildings 2,084,197 (938,568) 1,145,629 1,078,609 Plant and Equipment 89,670 (56,485) 33,185 31,766 Fixtures and fittings 252,394 (163,666) 88,728 85,319 Leasehold improvements 545,000 (362,129) 182,871 183,901 Other fixed assets 61,221 (49,318) 11,903 11,766 Assets in progress 141,346 0 141,346 107,019 Total 3,173,828 (1,570,166) 1,603,662 1,498,380 The movements in tangible assets over the comparabl e periods are summarized in the following
table:
As at 30 June 2026 Gross value Property, plant and equipment (Euro/000) Land and buildings Plant and
Equipment Fixtures
and
fittings Leasehold
improvements Other
fixed
assets Assets in
progress
and
advances Total
1 January 2026 1,917,841 85,145 240,295 521,793 58,569 107,019 2,930,662 Acquisitions 185,508 1,831 5,398 12,347 2,636 51,507 259,227 Disposals (46,766) (1,020) (2,801) (6,491) (1,051) (196) (58,325) Translation adjustment 27,894 (476) 2,507 10,050 290 2,194 42,459 Other movements, including transfers (280) 4,190 6,995 7,301 777 (19,178) (195) 30 June 2026 2,084,197 89,670 252,394 545,000 61,221 141,346 3,173,828
Accumulated depreciation and impairment PPE (Euro/000) Land and buildings Plant and
Equipment Fixtures
and
fittings Leasehold
improvements Other fixed assets Assets in
progress and
advances Total
1 January 2026 (839,232) (53,379) (154,976) (337,892) (46,803) 0 (1,432,282) Depreciation (115,577) (4,103) (8,780) (23,884) (3,317) 0 (155,661) Disposals 32,598 740 1,895 5,713 1,009 0 41,955
Translation
adjustment (16,640) 257 (1,770) (6,099) (221) 0 (24,473)
Other movements,
including transfers 283 0 (35) 33 14 0 295 30 June 2026 (938,568) (56,485) (163,666) (362,129) (49,318) 0 (1,570,166)
52 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP As at 30 June 2025
Gross value Property, plant and equipment (Euro/000) Land and buildings Plant and
Equipment Fixtures
and
fittings Leasehold
improvements Other
fixed
assets Assets in
progress
and
advances Total
1 January 2025 1,698,338 71,153 213,056 507,357 55,131 80,204 2,625,239 Acquisitions 159,156 2,710 4,769 11,037 2,102 45,873 225,647 Disposals (65,314) (508) (676) (3,554) (570) (1,696) (72,318) Changes in consolidation area 0 317 0 0 19 0 336 Translation adjustement (85,602) (258) (7,629) (27,480) (1,147) (2,934) (125,050) Other movements, including transfers 16,675 6,029 4,744 15,946 1,054 (45,986) (1,538) 30 June 2025 1,723,253 79,443 214,264 503,306 56,589 75,461 2,652,316
Accumulated depreciation and impairment PPE (Euro/000) Land and buildings Plant and
Equipment Fixtures
and
fittings Leasehold
improvements Other
fixed
assets Assets in
progress
and
advances Total
1 January 2025 (809,873) (45,599) (150,146) (325,040) (43,702) 0 (1,374,360) Depreciation (106,720) (4,144) (7,163) (23,701) (2,966) 0 (144,694) Disposals 63,252 380 615 3,684 465 0 68,396 Changes in consolidation area 0 (122) 0 0 (12) 0 (134) Translation adjustement 45,786 137 6,098 17,668 849 0 70,538 Other movements, including transfers 1,358 0 0 0 (346) 0
1,012
30 June 2025 (806,197) (49,348) (150,596) (327,389) (45,712) 0 (1,379,242) The movements relating to the assets for the right of use arising from the application of the IFRS 16 are reported here below:
Right of use assets (Euro/000) Land and buildings Other fixed
assets Total
1 January 2026 1,016,200 2,130 1,018,330 Acquisitions 185,356 803 186,159 Disposals (14,168) (33) (14,201) Depreciation (114,203) (918) (115,121) Changes in consolidation area 0 0 0 Translation adjustment 11,834 (1) 11,833 Other movements, including transfers 3 0 3 30 June 2026 1,085,022 1,981 1,087,003 The increases in the first half of 2026 refer to ne w lease agreements for the opening or relocation of retail stores and the renewal of existing lease agreements, mainly in the region EMEA, APAC and Americas.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 53 In addition to the above-mentioned effect arising f rom the application of the IFRS 16, the changes in property plant and equipment in the first half o f 2026 show an increase in gross value of the items plant and equipment, fixture and fittings, leasehol d improvements and assets in progress and advances: all of these items are mainly related to the development of the distribution network and the investments to support logistics and operations .
At the time of preparation of these Consolidated Ha lf-Year Financial Statements, no trigger events have been identified that would require the perform ing of the impairment test on the recoverability of the value of the right of use assets.
5.4. INVESTMENTS IN ASSOCIATES
The item investments in associates includes the 30% investment in the company ALS Luxury Logistic S.r.l., logistics partner of the Group.
5.5. DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES
The balances of the Deferred tax assets and liabili ties as at 30 June 2026, over the comparable period of last year are reported below:
Deferred taxation
(Euro/000) 30 June 2026 31 December 2025
Deferred tax assets 344,196 317,583 Deferred tax liabilities (176,288) (155,052)
Net amount 167,908 162,531 Deferred tax assets and deferred tax liabilities ar e offset only when there is a law within a given ta x jurisdiction, which provides for such right to offs et.
In view of the nature of the net deferred tax asset s, mainly related to temporary differences, and the expectation of future taxable income, no indica tors have been identified regarding the non-
recoverability of the deferred tax assets recognise d in the financial statements.
5.6. INVENTORY
Inventory as at 30 June 2026 amounts to EUR 617.5 m illion (EUR 538.8 million as at 31 December 2025) and is broken down as follows:
Inventory
(Euro/000) 30 June 2026 31 December 2025
Raw materials 198,726 193,684 Work-in-progress 70,417 55,132 Finished products 699,819 623,252 Inventories, gross 968,962 872,068 Obsolescence provision (351,450) (333,241) Total 617,512 538,827
54 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Finished products and work-in-progress in inventory in the first half of each year are impacted by business seasonality; specifically, they tend to in crease as at 30 June compared to December as the quantity and the average production cost of the pro ducts of the Autumn/Winter collection, in stock in June, are higher than the Spring/Summer collecti on, in stock in December.
The obsolescence provision regards both finished pr oducts and raw material and is calculated using management’s best estimate based on the season need s and the inventory balance based on passed sales trends through alternative channels and futur e sales outlook, consistent with the actions defined to support the volumes provided for in the Business Plan.
5.7. TRADE RECEIVABLES
Trade receivables as at 30 June 2026 amounted to EU R 111.8 million (EUR 292.1 million as at 31 December 2025) and are as follows:
Trade receivables
(Euro/000) 30 June 2026 31 December 2025
Trade account receivables 127,725 307,458 Allowance for doubtful debt (15,645) (15,042) Allowance for discounts (284) (283) Total, net value 111,796 292,133 Trade receivables are mainly related to the Group’s wholesale activity and to the concession business and they are affected by seasonal factors as described in the paragraph 7. Such trade receivables include balances with a collection peri od not greater than three months. During the first half of 2026 there were no concentration of credit risk greater than 10% associated to individual customers, except for a single case, carefully moni tored and managed.
The allowance for doubtful debts was calculated in accordance with management’s best estimate based on the ageing of accounts receivable as well as the solvency of the oldest accounts and also taking into consideration any balances turned over into collection proceedings. Trade receivables written down are related to specific balances that were past due and for which collection is uncertain.
In addition, the bad debt provision includes an est imate of the expected loss relating to trade receivables "in bonis" to take into account the ris ks associated with the economic context and also covers any risk of revocation on trade receivables.
5.8. CASH AND BANKS
As at 30 June 2025, cash on hand and cash at banks amount to EUR 512.9 million (EUR 1.226.3 million as at 31 December 2025) and includes cash and cash equivalents mainly represented by the funds available at banks.
The amount recorded in the Half-year Condensed Cons olidated Financial Statements is aligned with the fair value at the date of preparation of the fi nancial statements. The credit risk is limited sinc e the counterparties are major banking institutions.
The consolidated statement of cash flows includes t he changes in cash and cash at banks.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 55 5.9. OTHER CURRENT FINANCIAL ASSETS
The other current financial assets consist of the r eceivables arising from the market valuation of the existing derivative financial instruments to hedge the exchange rate risk equal to EUR 7.2 million (EUR 16.1 million as at 31 December 2025) and the r emunerated deposits with a maturity of over 3 months equal to EUR 630.0 million (EUR 215.0 millio n as at 31 December 2025) and, as at 31 December 2025, the deposit of government bonds equa l to EUR 20.0 million.
5.10. OTHER CURRENT AND NON-CURRENT ASSETS
Other current and non-current assets (Euro/000) 30 June 2026 31 December 2025 Prepayments and accrued income - current 22,586 30,373 Other current receivables 36,991 25,873 Other current assets 59,577 56,246 Prepayments and accrued income - non-current 646 189 Security / guarantees deposits 58,553 51,227 Investments in other companies 166 166 Other non-current receivables 4,561 4,726 Other non-current assets 63,926 56,308
Total 123,503 112,554 The other current receivables mainly consist of rec eivable due from the tax authority for VAT.
Deposits are mostly related to the amounts paid on behalf of the lessee as a guarantee to the lease agreement.
The caption investments in other companies includes the stake in the Re.Crea consortium.
There are no differences between the amounts includ ed in the Half-year Consolidated Financial Statements and their fair values.
5.11. TRADE PAYABLES
Trade payables amounted to EUR 409.7 million as at 30 June 2026 (EUR 527.3 million as at 31 December 2025) and pertain to current amounts due t o suppliers for goods and services. These payables are all due in the short term and do not i nclude amounts that will be paid over 12 months.
In the first half of 2026 there are no outstanding positions associated to individual suppliers that exceed 10% of the total value.
There are no difference between the amounts include d in the Half-year Consolidated Financial Statements and their respective fair values.
56 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP 5.12. OTHER CURRENT AND NON-CURRENT LIABILITIES
As at 30 June 2026, the Other current and non-current liabilities are detai led as follow:
Other current and non-current liabilities (Euro/000) 30 June 2026 31 December 2025 Deferred income and accrued expenses - current 1,087 713 Advances and payments on account to customers 14,653 15,358 Employee and social institutions 64,140 71,699 Tax accounts payable, excluding income taxes 13,105 34,378 Other current payables 12,958 5,427 Other current liabilities 105,943 127,575 Deferred income and accrued expenses - non-current 27 35 Other non-current liabilities 27 35
Total 105,970 127,610 The item tax accounts payable includes mainly value added tax (VAT) and payroll tax withholding.
5.13. CURRENT TAX ASSETS AND LIABILITIES
Tax assets amount to EUR 63.1 million as at 30 June 2026 (EUR 8.0 million as at 31 December 2025) and pertain to receivables for advances paid on tax es.
Tax liabilities amounted to EUR 120.5 million as at 30 June 2026 (EUR 134.9 million as at 31 December 2025). Tax liabilities are recognized net of current tax assets, where the offsetting relates to the same tax jurisdiction and tax system.
Please note that, following the tax audit conducted by the subsidiary Industries S.p.A. in 2025, a Tax Assessment Notice was issued which primarily re ports, with reference to the 2019, some findings related to transfer price methodologies. The Compan y believes that the findings raised are unfounded and has therefore taken action in the app ropriate forums to protect its position and also supported by the opinion of the primary consultants in charge, is confident that the correctness of its actions will emerge as a result of the dispute initiated. Furthermore, in order to limit the effec ts of a possible double taxation, the Mutual Agreement Procedures have been activated in the countries involved.
5.14. PROVISIONS NON-CURRENT
Provision for contingencies and losses (Euro/000) 30 June 2026 31 December 2025 Tax litigations 30 30 Other non current contingencies 18,734 24,195 Total 18,764 24,225 The other non-current contingencies mainly include the costs for restoring stores, costs associated with ongoing disputes, expected costs and product warranty costs .
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 57 5.15. PENSION FUNDS AND AGENTS LEAVING INDEMNITIES
Pension funds and agents leaving indemnities as at 30 June 2025 are detailed in the following
table:
Employees pension funds (Euro/000) 30 June 2026 31 December 2025 Pension funds 8,556 8,750 Agents leaving indemnities 3,399 3,399 Total 11,955 12,149 The pension funds pertain mainly to Italian entitie s of the Group. With the application of the welfare reform from 1 January 2007, the liability has taken the form of a defined contribution plan.
Therefore, the amount of pension fund (TFR) accrued prior to the application of the reform and not yet paid to the employees as of the date of the Con solidated Half-Year Financial Statements is considered as a defined benefit plan and consequent ly subject to actuarial valuation.
5.16. FINANCIAL LIABILITIES
Financial liabilities as at 30 June 2026 are detail ed in the following table:
Borrowings
(Euro/000) 30 June 2026 31 December 2025
Bank overdraft and short-term bank loans 1 1 Short-term portion of long-term bank loans 0 0 Short-term financial lease liabilities 197,259 176,915 Other short-term loans 35,499 13,052
Short-term borrowings 232,759 189,968
Long-term portion of long-term bank loans 0 0 Long-term financial lease liabilities 1,001,586 932,456 Other long-term borrowings 1,930 6,034
Long-term borrowings 1,003,516 938,490
Total 1,236,275 1,128,458 The caption other borrowings (short and long term) mainly include the financial liabilities versus non-bank third parties.
Financial lease liabilities amounted to EUR 1,198.8 million (EUR 1,109.4 million as at 31 December 2025) and financial lease liabilities ex IAS 17 amo unted to EUR 0.2 million (EUR 0.3 million as at 31 December 2025); total financial lease liabilities a re detailed in the following table:
58 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Financial lease liabilities (Euro/000) 30 June 2026 31 December 2025
Short-term financial lease liabilities 197,259 176,915 Long-term financial lease liabilities 1,001,586 932,456 Total 1,198,845 1,109,371 The changes in financial lease liabilities during t he first half of 2026 are reported in the following
table:
IFRS 16 Ex IAS 17 Financial lease
liabilities
(Euro/000)
1 January 2026 1,109,099 272 1,109,371 Acquisitions 171,921 0 171,921 Disposals (120,134) (50) (120,184) Financial expenses 25,009 15 25,024 Changes in consolidation area 0 0 0 Translation adjustment 12,713 0 12,713 30 June 2026 1,198,608 237 1,198,845
The following tables show the break-down of the bor rowing in accordance with their maturity date:
Ageing of Long-term borrowings (Euro/000) 30 June 2026 31 December 2025 Within 2 years 155,171 152,703 From 2 to 5 years 359,428 323,592 Beyond 5 years 488,917 462,195 Total 1,003,516 938,490 The following tables show the breakdown of the long -term borrowings, excluded financial lease liabilities, in accordance with their maturity date :
Ageing of Long-term borrowings excluded lease liabi lities (Euro/000) 30 June 2026 31 December 2025 Within 2 years 1,930 4,100 From 2 to 5 years 0 1,934 Beyond 5 years 0 0 Total 1,930 6,034 The non-discounted cash flows referring to the leas e liabilities are shown below.
Ageing of lease liabilities not discounted (Euro/000) 30 June 2026 31 December 2025 Within 1 year 245,487 219,739 From 1 to 5 years 650,268 594,629 Beyond 5 years 587,946 560,886 Total 1,483,701 1,375,254
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 59 The net financial position (including financial lea se liabilities) is detailed in the following table:
Net financial position (Euro/000) 30 June 2026 31 December 2025 A. Cash 512,880 1,226,277 B. Cash equivalents 0 0 C. Other current financial assets 637,199 251,128 D. Liquidity (A)+(B)+(C) 1,150,079 1,477,405 E . Current financial DEBT (35,500) (13,053) F. Current portion of non-current financial debt (197,259) (176,915) G. Current financial indebtedness (E)+(F) (232,759) (189,968) H. Net current financial indebtedness (G)+(D) 917,320 1,287,437 I. Non current financial debt (1,001,586) (932,456) J. Debt instruments 0 0 K. Non-current trade and other payables (1,930) (6,034) L. Non-current financial indebtedness (I)+(J)+(K) (1,003,516) (938,490) M. Total financial indebtedness (H)+(L) (86,196) 348,947 Net financial position as defined by the ESMA Guideli nes of 4 March 2021 (Consob Warning notice no. 5/21 to the Consob Communication DEM/6064293 of 28 July 2006).
The net financial position (excluding financial lea se liabilities) is positive for EUR 1,112.4 million as at 30 June 2026, respect to EUR 1,458.0 million as at 31 December 2025.
5.17. SHAREHOLDERS’ EQUITY
Changes in shareholders’ equity for the first half of 2026 and the comparative period are included in the consolidated statements of changes in equity .
As at 30 June 2026 the subscribed share capital con stitute by 274.805.954 shares was fully paid and amounted to EUR 54.961.190,80, with a nominal v alue of EUR 0.20 per share.
As at 30 June 2026 2.816.227 treasury shares were h eld, equal to 1.0% of the share capital, for a total value of EUR 113.0 million.
The legal reserve and premium reserve pertain to th e parent company Moncler S.p.A.
In the first half 2026 the parent company distribut ed dividends to the Group Shareholders for an amount of EUR 380.8 million of which EUR 374.1 paid in the first half 2026 (EUR 353.0 million distributed in 2025, of which EUR 345.0 paid in the first half 2025).
The change in the IFRS 2 reserve is due to the acco unting treatment of the performance shares plans, i.e., to the recognition of the figurative cost for the period relating to these plans and the reclassification to retained earnings of the cumula tive figurative cost of the plans already closed.
The change in retained earnings mainly relates to t he allocation of 2025 result, the dividends distribution andthe above-mentioned reclassificatio n of the IFRS 2 reserve.
The FTA reserve includes the effects of the initial application of the IFRS 16.
Other reserves include other comprehensive income c omprising the translation reserve referred to foreign entities, the reserve for exchange rate ris ks hedging and the reserve for actuarial gains/losses. The translation reserve includes the exchange differences emerging from the translation of the financial statements of the fore ign consolidated companies. The hedging reserve
60 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP includes the effective portion of the net differenc es accumulated in the fair value of the derivative hedging instruments. Changes to these reserves were as follows:
Other comprehensive income Cumulative translation adj. reserve Other OCI items
(Euro/000) Value
before tax
effect Tax effect Value
after tax
effect Value
before
tax effect Tax
effect Value
after
tax
effect
Reserve as at January 1, 2025 (41,167) 0 (41,167) (8,143) 1,965 (6,178) Changes in the period (44,971) 0 (44,971) 5,912 (1,393) 4,519 Translation differences of the period 0 0 0 0 0 0 Reversal in the income statement of the period 0 0 0 0 0 0 Reserve as at December 31, 2025 (86,138) 0 (86,138) (2,231) 572 (1,659)
Reserve as at January 1, 2026 (86,138) 0 (86,138) (2,231) 572 (1,659) Changes in the period 14,202 0 14,202 (17,038) 4,070 (12,968) Translation differences of the period 0 0 0 0 0 0 Reversal in the income statement of the period 0 0 0 0 0 0 Reserve as at 30 June 2026 (71,936) 0 (71,936) (19,269) 4,642 (14,627)
Earnings per share Earnings per share for the half-year ended 30 June 2026 and 30 June 2025 is included in the following table and is based on the relationship be tween net income attributable to the Group and the average number of outstanding shares.
The diluted earnings per share is in line with the basic earnings per share as at 30 June 2026 as there are no significant dilutive effects arising f rom stock-based compensation plans.
It should be noted that, for the diluted earnings p er share calculation, the treasury share method has been applied, prescribed by IAS 33 paragraph 45 for stock-based compensation plans.
Earnings per share
1H 2026 1H 2025
Net result of the period (Euro/000) 164,712 153,460 Average number of shares related to parent's Shareh olders 271,877,413 271,330,508
Earnings attributable to Shareholders (Unit of Euro ) 0.61 0.57 Diluted earnings attributable to Shareholders (Unit of Euro) 0.61 0.57
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 61 6. SEGMENT INFORMATION
For the purposes of IFRS 8 "Operating segments", th e activity carried out by the Group can be classified to two operating segments, relating to t he Moncler business and the Stone Island business, aggregated into a single segments, with similar ch aracteristics to those required by the Standard.
It should be noted that the two brands, Moncler and Stone Island, have a similar economic and commercial profile. The main economic indicators me asured to determine that the operating segments, Moncler and Stone Island, have similar ch aracteristics are:
long-term financial performance (in particular, the average gross margin) currency risks, competition risks, operational risk s and financial risks.
In addition, Moncler and Stone Island offer product s of a similar nature, with similar production processes and customers, and use the same distribut ion channels.
Therefore, a single information segment has been id entified at 30 June 2026, as in previous years.
Revenues
Detailed information on revenues by distribution ch annel and by geographical area for each brand, together with the related comments, is provided in section 4.1.
Geographical information
With regard to the breakdown by geographical area o f fixed assets, it is specified that the assets recorded under the “Trademarks and other intangible assets” item and under the “Goodwill” item, which represent 46% of the total (EUR 1,712 million ), are mainly located in Italy. Tangible assets mainly relate to investments in the store network a nd therefore the location reflects the territorial structure of the network.
7. SEASONALITY
Moncler Group’s results are influenced by various s easonal factors, linked to its business model and to the industry in which the Group operates.
Over the years, the Moncler brand has preserved its inherent connotation and heritage, linked to the mountains and cold weather, and therefore a pre valence of items associated with the winter season. The outerwear, especially the duvet coat, c ontinues to be an important element of the brand's product range although this has been extend ed over the years to other product categories and the spring/summer collections.
Given the importance of outerwear, and of winter pr oducts in general, Moncler's DTC revenues are more concentrated in the first and mainly fourth qu arters of each financial year. In the wholesale channel, revenues are concentrated in the third qua rter, when third-party retailers are invoiced for Autumn/Winter collections and, at a lower level, in the first quarter, when third-party retailers are invoiced for Spring/Summer collections.
The Stone Island brand, on the other hand, has deve loped a balanced presence across the different seasons, while still generating a significant porti on of its turnover through the wholesale channel.
This implies that the first and third quarters are the two main quarters for the Stone Island brand, when the Spring/Summer and Fall/Winter collections are shipped to wholesale customers.
62 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP Given the significant seasonality of the Group’s bu siness, substantially linked to the seasonality of the Moncler brand, and the possible influence of ex ogenous factors on quarterly results, such as weather conditions, individual interim results may not make a uniform contribution to annual results and may not be directly comparable with those of pr evious quarters.
Finally, the revenues trend and the dynamics of the production cycles have an impact on net working capital and net debt. Group’s cash generation peaks in March and December, linked to the cash flow of the Moncler brand, while the months of June and July are characterised by high cash absorption.
8. COMMITMENTS AND GUARANTEES GIVEN
8.1. COMMITMENTS
The Group does not have significant commitments ari sing from operating lease contract or other contractual cases that do not fall within the scope of IFRS 16 (mainly related to temporary stores and pop-up stores with a term of less than one year ).
8.2. GUARANTEES GIVEN
As at 30 June 2026 the Group had given the followin g guarantees:
Guarantees and bails given (Euro/000) 30 June 2026 31 December 2025 Guarantees and bails given for the benefit of:
Third parties/companies 59,998 59,078 Total guarantees and bails given 59,998 59,078 Guarantees pertain mainly to lease agreements for t he stores.
9. CONTINGENT LIABILITIES
As the Group operates globally, it is subject to le gal and tax risks which may arise during the performance of its ordinary activities. Based on in formation available to date, the Group believes that at the date of preparation of this document th ere are no further potential liabilities in additio n to those already recorded in the provisions accrued in the Half-year Consolidated Financial Statements.
10. OTHER INFORMATION
10.1. RELATED PARTY TRANSACTIONS
Set out below are the transactions with related par ties deemed relevant for the purposes of the “Procedure with related party” adopted by the Group .
The “Procedure with related party” is available on the Company’s website (www.monclergroup.com, under “Governance/ Documents and Procedures”).
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 63 Transactions and balances with consolidated compani es have been eliminated upon consolidation, therefore there are no comments there.
During the first-half of 2026 related party transac tions mainly relate to trading transactions, carrie d out on an arm’s length basis, with the following pa rties:
Gokse Tekstil Kozmetik Sanayi ic ve dis ticaret lim ited sirketi, company held by the minority shareholder of Moncler Istanbul Giyim ve Tekstil Ti caret Ltd. Sti, provide services to that company. Total costs incurred for the first half of 2026 amount to EUR 0.08 million (EUR 0.08 million in the first half of 2025).
The company La Rotonda S.r.l., owned by a manager o f the Moncler Group, acquires finished products from Industries SpA and provides services to the same. Total revenues generated to this entity for the first half of 2026 amount to EU R 0.5 million (EUR 0.5 million in the first half of 2025) and total costs incurred for the first hal f of 2026 amount to EUR 0.08 million (EUR 0.07 million in the first half of 2025).
The company Rivetex S.r.l., a company referable to Carlo Rivetti and his family members, rents a building to Moncler Group; as of April 16, 2025, Carlo Rivetti is no longer a member of the Board of Directors of Moncler S.p.A. and therefore, from that date, Rivetex S.r.l. no longer qualifies as a related party. In the first half of 2025, total costs (until April 16, 2025) amounted to EUR 0.2 million.
Mr Fabrizio Ruffini, brother of the Chairman of the Board of Directors and Chief Executive Officer of Moncler S.p.A., provides consultancy ser vices relating to research, development and quality control for Moncler branded products. T otal costs recognised in the first half of 2026 amounted to EUR 0.3 million (EUR 0.3 million i n the first half of 2025).
The company ALS Luxury Logistics S.r.l., is an asso ciated company that provides logistics services; in the first half of 2026 the total costs amounted to EUR 23.0 million (EUR 24.3 million in the first half of 2025), of which EUR 14.1 milli on recorded in the item cost of sales (EUR 15.2 million in the first half of 2025), EUR 8.9 million recorded in the item general and administrative expenses (EUR 9.0 million in the fir st half of 2025) and EUR 0.03 million in the item selling expenses (EUR 0.04 million in the firs t half of 2025).
Exemplar Luxury Group is a U.S. company with which the Group maintains commercial relationships and over which Geoffroy van Raemdonck , a member of the Board of Directors of Moncler S.p.A., exercises significant influence in his capacity as Chief Executive Officer. As reported in the significant events occurred after 3 0 June 2026, on July 22, 2026, Geoffroy van Raemdonck resigned with immediate effect. Exemp lar Luxury Group purchases finished products from the Group companies for resale in the U.S. market. In the first half of 2026, total revenues amounted to EUR 22.3 million, while total costs incurred for the management and development of the business relationship with the c ustomer amounted to EUR 1.9 million, of which EUR 1.6 million recorded in the item selling expenses and EUR 0.3 million in the item marketing expenses.
VI.CO.OK S.r.l., over which the Executive Chairman of Moncler S.p.A. exercises significant influence since March 2026 (by virtue of his indire ct interest in Vittorio Group S.r.l., the sole shareholder of VI.CO.OK S.r.l.), provides catering services to certain Group companies. In the first half of 2026, total costs incurred amounted t o EUR 1.9 million.
The companies Industries S.p.A. and Sportswear Comp any S.p.A. adheres to the Parent Company Moncler S.p.A. VAT and fiscal consolidation.
64 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP COMPENSATION PAID TO DIRECTORS, BOARD OF STATUTORY AUDITORS AND
EXECUTIVES WITH STRATEGIC RESPONSIBILITIES
Compensation paid of the members of the Board of Di rectors in the first half of 2026 are EUR 12,424 thousand (EUR 3,570 thousand in the first half of 2 025) and included one-off charges of EUR 8.0 million related to the new governance structure.
Compensation paid of the members of the Board of Au ditors in the first half of 2026 are EUR 103 thousand (EUR 100 thousand in the first half of 202 5).
In the first half of 2026 total compensation paid t o executives with strategic responsibilities amounted to EUR 2,586 thousand (EUR 1,741 thousand in the first half of 2025).
In the first half of 2026 the costs relating to Per formance shares plan (described in section 10.2) referring to members of the Board of Directors and Key management personnel amount to EUR 5,898 thousand (EUR 5,443 thousand in the first hal f of 2025).
The following tables summarize the aforementioned r elated party transactions that took place during the first half of 2026 and the comparative p eriod.
(Euro/000) Type of relationship Note 30 June 2026 % 30 June
2025 %
Gokse Tekstil Kozmetik Sanayi ic ve dis ticaret limited sirketi Service agreement b (83) 0.0% (82) 0.0% La Rotonda S.r.l. Trade transactions c 525 0.0% 495 0.0% La Rotonda S.r.l. Trade transactions d (76) 0.0% (72) 0.0% Rivetex S.r.l. Trade transactions d 0 0.0% (209) 0.0% Fabrizio Ruffini Service agreement b (415) 0.2% (276) 0.2% ALS Luxury Logistics S.r.l. Service agreement d (26) 0.0% (42) 0.0% ALS Luxury Logistics S.r.l. Service agreement b (8,937) 5.0% (8,979) 5.3% ALS Luxury Logistics S.r.l. Service agreement a (14,066) 4.8% (15,244) 5.4% Exemplar Luxury Group Trade transactions c 22,284 1.7% 0 0.0% Exemplar Luxury Group Trade transactions d (1,611) 0.4% 0 0.0% Exemplar Luxury Group Trade transactions e (245) 0.2% 0 0.0% VI.CO.OK S.r.l. Trade transactions b (1,036) 0.6% 0 0.0% VI.CO.OK S.r.l. Trade transactions a (469) 0.2% 0 0.0% VI.CO.OK S.r.l. Trade transactions d (347) 0.1% 0 0.0% VI.CO.OK S.r.l. Trade transactions e (25) 0.0% 0 0.0% Directors, board of statutory auditors and executives with strategic responsibilities Labour services b (20,228) 11.2% (10,040) 5.9% Executives with strategic responsibilities Labour services d (783) 0.2% (814) 0.2% Total (25,538) (35,263) a effect in % based on cost of sales b effect in % based on general and administrative e xpenses c effect in % based on revenues d effect in % based on selling expenses e effect in % based on marketing expenses
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 65 (Euro/000) Type of relationship Note 30 June 2026 % 31 December 2025 % La Rotonda S.r.l. Trade receivables b 214 0.2% 176 0.1% La Rotonda S.r.l. Trade payables a (35) 0.0% (37) 0.0% Fabrizio Ruffini Trade payables a (175) 0.0% (137) 0.0% ALS Luxury Logistics S.r.l. Trade payables a (7,525) 1.8% (8,052) 1.5% Exemplar Luxury Group Trade payables a (528) 0.1% 0 0.0% VI.CO.OK S.r.l. Trade payables a (388) 0.1% 0 0.0% Directors, board of statutory auditors and executives with strategic responsibilities Other current liabilities c (4,361) 4.1% (5,019) 3.9% Total (12,798) (13,069) a effect in % based on trade payables b effect in % based on trade receivables c effect in % based on other current liabilities
The following tables details the weight of related party transactions on the items of the consolidated financial statements.
(Euro/000) 30 June 2026
Revenue Cost of sales Selling expenses General and
administrative
expenses Marketing
expenses
Total related parties 22,809 (14,535) (2,843) (30, 699 ) (270) Total consolidated financial statements 1,289,912 (294,714) (446,309) (180,406) (123,098) Weight % 1.8% 4.9% 0.6% 17.0% 0.2%
(Euro/000) 30 June 2026 Trade receivables Trade Payables Other current
liabilities
Total related parties 214 (8,263) (4,361) Total consolidated financial statements 111,796 (409,715) (105,943) Weight % 0.2% 2.0% 4.1%
(Euro/000) 30 June 2025 Revenue Cost of sales Selling expenses General and
administrative
expenses Marketing
expenses
Total related parties 495 (15,244) (1,137) (19,377) 0 Total consolidated financial statements 1,225,665 (283,718) (429,509) (170,396) (117,291) Weight % 0.0% 5.4% 0.3% 11.4% 0.0%
66 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP (Euro/000) 31 December 2025
Trade receivables Trade Payables Other current
liabilities
Total related parties 176 (8,226) (5,019) Total consolidated financial statements 292,133 (527,322) (127,575) Weight % 0.1% 1.6% 3.9%
10.2. STOCK OPTION PLANS
The Half-year Consolidated Financial Statements at 30 June 2026 reflects the values of the Performance Shares Plans approved in 2022, in 2024 and in 2026.
The costs related to stock-based compensation plans are equal to EUR 15.8 million in the first half of 2026, compared with EUR 17.6 million in the firs t half of 2025.
On 21 April 2022, the Ordinary Shareholders’ Meetin g has approved, pursuant to art. 114-bis of the Consolidated Law on Finance, the adoption of a Stoc k Grant Plan denominated "2022 Performance Shares Plan” addressed to Executive Directors, Key Managers, employees and collaborators, therein including Moncler’s external consultants and of its subsidiaries.
The object of this Plan is the free granting of the Moncler shares in case certain Performance Targets are achieved at the end of the vesting period of 3 years.
The Performance Targets are expressed base on the f ollowing index of the Group in the Vesting Period, adjusted by the conditions of over/under pe rformance: (i) Net Income, (ii) Free Cash Flow and (iii) ESG (Environmental Social Governance).
The proposed maximum number of shares serving the Pl an is equal to n. 2,000,000 resulting from allocation of treasury shares.
The above plan provides for a maximum of 3 cycles o f attribution. As regards the first attribution cycle, on 4 May 2022 the Board of Directors resolve d the granting of 971,169 Moncler Rights. On 4 May 2023, executing the second attribution cycle, t he Board of Directors approved the assignment of a maximum of 436,349 Moncler Rights.
As regards the first allocation cycle, the plan end ed in 2025 and for further information please refer to 2025 Annual Report.
As regards the second allocation cycle:
The 3-year vesting period ended with the approval o f the Draft Financial Statements as at December 31, 2025;
The performance targets were met, together with the over-performance condition. Therefore, No. 391,427 shares (including No. 30,365 shares der iving from over-performance) were assigned to the beneficiaries through the use of ow n shares.
As at 30 June 2026 there are no rights in circulati on; the effect of the closed plans on the income statement in 2026 amounts to EUR 1.6 million.
On 24 April 2024, the Ordinary Shareholders’ Meetin g has approved, pursuant to art. 114-bis of the Consolidated Law on Finance, the adoption of a Stoc k Grant Plan denominated "2024 Performance Shares Plan” addressed to Executive Directors, Key Managers, employees and collaborators, therein including Moncler’s external consultants and of its subsidiaries.
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 67 The object of this Plan is the free granting of the Moncler shares in case certain Performance Targets are achieved at the end of the vesting period of 3 years.
The Performance Targets are expressed base on the f ollowing index of the Group in the Vesting Period, adjusted by the conditions of over/under pe rformance: (i) Net Income, (ii) Free Cash Flow and (iii) ESG (Environmental Social Governance).
The proposed maximum number of shares serving the Pl an is equal to n. 2,000,000 resulting from allocation of treasury shares.
On 24 April 2024 the Board of Directors resolved th e granting of 1,109,219 Moncler Rights.
As at 30 June 2026 there are in circulation 926,338 rights, which effect on the income statement on the first half of 2026 amount to EUR 9.2 million.
On 21 April 2026, the Ordinary Shareholders’ Meetin g also approved, pursuant to art. 114-bis of the Consolidated Law on Finance, the adoption of a Stoc k Grant Plan denominated "2026 Performance Shares Plan” addressed to Executive Directors, Key Managers, employees and collaborators, therein including Moncler’s external consultants and of its subsidiaries.
The object of this plan is the free granting of the Moncler shares in case certain Performance Targets are achieved at the end of the vesting period of 3 years.
The Performance Targets are expressed based on the following indices of the Group in the vesting period, adjusted by the conditions of over/under pe rformance: (i) Net Income, (ii) Free Cash Flow and (iii) ESG (Environmental Social Governance).
The proposed maximum number of shares serving the P lan is equal to n. 2,000,000 resulting from allocation of treasury shares.
On 21 April 2026 the Board of Directors resolved th e granting up to a maximum of n. 1,636,919 Moncler Rights.
As at 30 June 2026 there are in circulation 1,360,2 83 rights, whose effect on the income statement in 2026 amounts to EUR 4.0 million.
Furthermore, on 21 April 2026, the Ordinary Shareho lders’ Meeting also approved, pursuant to art.
114-bis of the Consolidated Financial Act, the adop tion of a Stock Grant Plan denominated "2026 Restricted Shares Plan” addressed exclusively to th e new CEO, Dr. Bartolomeo "Leo" Rongone.
The object of this plan is the free granting of the Moncler shares at the end of the vesting period of 3 years.
The allocation of the Shares is not subject to the achievement of performance objectives, but is solel y conditional upon the achievement of the retention o bjective and, therefore, the continuation of the directorship and of the office of CEO of Dr. Rongon e in the company Moncler S.p.A.
The proposed maximum number of shares serving the P lan is equal to n. 50,000 resulting from allocation of treasury shares.
On 21 April 2026 the Board of Directors resolved th e granting up to a maximum of n. 50,000 Moncler Rights.
As at 30 June 2026 there are in circulation 47,664 rights, whose effect on the income statement in 2026 amounts to EUR 0.1 million.
As stated by IFRS 2, these plans are defined as equ ity settled share-based payments.
For information regarding the plan, please see the company’s website, www.monclergroup.com, in the “Governance” section.
68 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP
10.3. SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS
We point out that, in the first half of 2026, there were no significant non-recurring events and transactions.
10.4. ATYPICAL AND/OR UNUSUAL TRANSACTIONS
No atypical and/or unusual transactions were carrie d out by the Group during the first half of 2026.
10.5. FINANCIAL INSTRUMENTS
The following table shows the carrying amount and f air values of financial assets and financial liabilities, including their levels in the fair val ue hierarchy for financial instruments measured at fair value. It does not include fair value information f or financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Furthermore, in the current period, it is not neces sary to expose the fair value of the lease liabilit ies.
(Euro/000)
June 30, 2026 Current Non-current Fair value Level Financial assets measured at fair value Interest rate swap used for hedging - - -
Forward exchange contracts used for hedging 7,199 - 7,199 2 Sub-total 7,199 - 7,199 Financial assets not measured at fair value Trade and other receivables (*) 111,796 58,553 Cash and cash equivalents (*) 1,142,880 -
Sub-total 1,254,676 58,553 -
Total 1,261,875 58,553 7,199
(Euro/000)
December 31, 2025 Current Non-current Fair value Level Financial assets measured at fair value Interest rate swap used for hedging - - -
Forward exchange contracts used for hedging 16,128 - 16,128 2 Sub-total 16,128 - 16,128 Financial assets not measured at fair value Trade and other receivables (*) 292,133 51,227 Cash and cash equivalents (*) 1,461,277 -
Sub-total 1,753,410 51,227 -
Total 1,769,538 51,227 16,128
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 69
(Euro/000)
June 30, 2026 Current Non-current Fair value Level Financial liabilities measured at fair value Interest rate swap used for hedging - - - 2 Forward exchange contracts used for hedging (24,250) - (24,250) 2 Other financial liabilities (11,249) (1,930) (13,179) 3 Sub-total (35,499) (1,930) (37,429) Financial liabilities not measured at fair value Trade and other payables (*) (437,326) -
Bank overdrafts (*) (1) -
Short-term bank loans (*) - -
Bank loans (*) - -
IFRS 16 financial loans (*) (197,259) (1,001,586) Sub-total (634,586) (1,001,586) -
Total (670,085) (1,003,516) (37,429)
(Euro/000)
December 31, 2025 Current Non-current Fair value Level Financial liabilities measured at fair value Interest rate swap used for hedging - - - 2 Forward exchange contracts used for hedging (4,733) - (4,733) 2 Other financial liabilities (8,317) (6,034) (14,351) 3 Sub-total (13,050) (6,034) (19,084) Financial liabilities not measured at fair value Trade and other payables (*) (548,107) -
Bank overdrafts (*) (1) -
Short-term bank loans (*) - -
Bank loans (*) - -
IFRS 16 financial loans (*) (176,915) (932,456) Sub-total (725,023) (932,456) -
Total (738,073) (938,490) (19,084) (*) Such items refer to short-term financial assets and financial liabilities whose carrying value is a reasonable approximation of fair value, which was t herefore not disclosed.
10.6. MACROECONOMIC ENVIROMENT
The global geopolitical and macroeconomic landscape remains characterised by a high level of uncertainty and volatility. Against this backdrop, the Group remains focused on executing its strategy with discipline and agility, mindful of th e challenges in the operating environment, yet committed to pursuing and shaping new opportunities , while maintaining a clear sense of direction and continuing to invest in its organisation and di stinctive brands. The Group is well positioned to navigate volatility market dynamics in which it ope rates and monitors the potential impact that the
70 HALF-YEAR FINANCIAL REPORT AS OF 30 JUNE 2026 – MONC LER GROUP current macroeconomic environment and ongoing confl icts could have on consumer confidence, inflation and exchange rates.
It should also be noted that the Group has no signi ficant exposure to the geographical areas affected by the conflicts (Russia/Ukraine and the M iddle East). With regard to indirect impacts, a decline in tourist flows to Europe and a currently non-material increase in logistics costs have been recorded. The Group continues to closely monitor de velopments in the geopolitical situation in order to implement any appropriate safeguarding measures.
11. SIGNIFICANT EVENTS OCCURRED AFTER 30 JUNE 2026
On 22 July 2026, the Board of Directors of Moncler S.p.A. acknowledged the resignations tendered by Alexandre Arnault, Non-Executive Director, and G eoffroy van Raemdonck, Independent Director, from their offices as members of the Boar d of Directors.
Alexandre Arnault tendered his resignation due to p rofessional commitments, effective as of 22 July 2026. Accordingly, the Board co-opted, with the app roval of the Board of Statutory Auditors, Sidney Toledano as a new Director of the Company, who will remain in office until the date of the next Shareholders’ Meeting.
Geoffroy van Raemdonck tendered his resignation, ef fective as of 22 July 2026, due to professional reasons connected with his decision to continue ser ving on a long-term basis as CEO of Exemplar Luxury Group (formerly Saks Global), thereby enabli ng Moncler’s Board of Directors to maintain a composition consistent with the governance requirem ents set out in the By-laws. The Board of Directors will be called upon to adopt, at the firs t available meeting, the resolutions consequent upon the resignation, for the purposes of integrati ng the composition of the Board through the appointment of a new Independent Director.
***
These Half-Year Consolidated Financial Statements, comprised of the consolidated income statement, the consolidated statement of comprehens ive income, the consolidated statement of financial position, the consolidated statement of c hanges in equity, the consolidated statement of cash flows and explanatory notes to the half-year c onsolidated financial statements give a true and fair view of the financial position and the results of operations and cash flows and corresponds to the accounting records of the Parent Company and th e companies included in the consolidation.
On behalf of the Board of Directors of Moncler S.p. A.
Remo Ruffini
Executive Chairman
MONCLER GROUP – HALF-YEAR FINANCIAL REPORT AS OF 30 JU NE 2026 71 ATTESTATION OF THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PURSUANT TO ARTICLE 81-TER OF THE CONSOB REGULATION 11971 OF 14 MAY 1999 AS
AMENDED
1. The undersigned, Remo Ruffini, in his capacity as t he Executive Chairman of Moncler S.p.A. and Luciano Santel, as the executive officer responsible for the preparation of Moncler S.p.A.’s financial statements, having also taken into account the provisions of Article 154-bis, paragraphs 3 and 4, of the Italian Legislative Decree 58 of 24 February 1998, hereby certify:
the adequacy in relation to the characteristics of the company and the effective implementation of the administrative and accounting procedures for the preparation of the half-year condensed consolid ated financial statements, during the first half of 2026.
2. With regard to the above, there are no remarks.
3. It is also certified that:
3.1 the Half-year Condensed Consolidated Financial Stat ements:
a) have been prepared in accordance with the internati onal accounting standards recognised in the European Union under the EC regul ation 1606/2002 of the European Parliament and of the Council of 19 July 2 002;
b) are consistent with the entries in the accounting b ooks and records;
c) are capable of providing a true and fair representa tion of the assets and liabilities, profits and losses and financial position of the is suer and the group of companies included in the consolidation.
3.2 The half-year directors’ report includes a reliable analysis of the significant events that took place in the first six months of the financial year and their impact on the half-year condensed consolidated financial statements, togeth er with a description of the main risks and uncertainties for the remaining six months of t he financial year. The half-year directors’ report also includes a reliable analysis of the dis closure on significant related party transactions.
Milan, 22 July 2026
EXECUTIVE CHAIRMAN EXECUTIVE OFFICER RESPONSI BLE
FOR THE PREPARATION OF THE
COMPANY’S FINANCIAL STATEMENTS
Remo Ruffini Luciano Santel
Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona Sede Legale: Via Santa Sofia, 28 - 20122 Milano | Capitale Sociale: Euro 10.688.930,00 i.v.
Codice Fiscale/Registro delle Imprese di Milano Monza Brianza Lodi n. 03049560166 - R.E.A. n. MI-1720239 | Partita IVA: IT 03049560166 Il nome Deloitte si riferisce a una o più delle seguenti entità: Deloitte Touche Tohmatsu Limited, una società inglese a responsabilità limitata (“DTTL”), le member firm aderenti al suo network e le entità a esse correlate. DTTL e ciascuna delle sue member firm sono entità giuridicamente separate e indipendenti tra loro. DTTL (denominata anche “Deloitte Global”) non fornisce servizi ai clienti. Si invita a leggere l’informativa completa relativa alla descrizione della struttura legale di Deloitte Touche Tohmatsu Limited e delle sue member firm all’indirizzo www.deloitte.com/about.
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www.deloitte.it
REPORT ON REVIEW OF THE HALF-YEARLY CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders of Moncler S.p.A.
Introduction
We have reviewed the accompanying half-yearly condensed consolidated financial statements of Moncler S.p.A. and subsidiaries (Moncler Group”), which comprise the consolidated statement of financial position as of June 30, 2026, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of charges in equity and consolidated statement of cash flows for the six months period than ended, and the related explanatory notes.
The Directors are responsible for the preparation of the half-yearly condensed consolidated financial statements in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and adopted by the European Union. Our responsibility is to express a conclusion on the half-yearly condensed consolidated financial statements based on our review.
Scope of Review We conducted our review in accordance with the criteria recommended by the Italian Regulatory Commission for Companies and the Stock Exchange (“Consob”) for the review of the half-yearly financial statements under Resolution n° 10867 dated July 31, 1997. A review of half-yearly condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
2
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying half-yearly condensed consolidated financial statements of Moncler Group as of June 30, 2026 are not prepared, in all material respects, in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and adopted by the European Union.
DELOITTE & TOUCHE S.p.A.
Signed by
Barbara Moscardi
Partner
Treviso, Italy
June 24, 2026 This report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.