Brunello Cucinelli S p A : Consolidated Financial Statements 2024 including Consolidated Sustainability Report.

About this update from Brunello Cucinelli S.p.a.

ANNUAL FINANCIAL REPORT (COURTESY TRANSLATION FOR THE CONVENIENCE OF INTERNATIONAL READERS) CONTENTS LETTER TO THE SHAREHOLDERS 4 CORPORATE DETAILS 7 CORPORATE GOVERNANCE BODIES AS AT 31 DECEMBER 2024 8 THE BRUNELLO CUCINELLI GROUP AS AT 31 DECEMBER 2024 9 GROUP STRUCTURE AS AT 31 DECEMBER 2024 10 DISTRIBUTION NETWORK 11 REPORT ON OPERATIONS OF THE BOARD OF DIRECTORS COMPANY PHILOSOPHICAL AND STRATEGIC REPORT 13 COMPANY INFORMATION 15 SUMMARY DATA AS AT 31 DECEMBER 2024 45 THE GROUP'S RESULTS FOR THE YEAR 2024 48 ANALYSIS OF REVENUES 48 REVENUES BY GEOGRAPHICAL AREA 48 REVENUES BY DISTRIBUTION CHANNEL 50 REVENUES BY PRODUCT LINE AND END CUSTOMER 52 ANALYSIS OF THE CONSOLIDATED INCOME STATEMENT 52 EBITDA AND RESULTS 53 OPERATING COSTS 53 DEPRECIATION, AMORTIZATION, NET FINANCIAL EXPENSE AND NET PROFIT 56 ANALYSIS OF BALANCE SHEET AND FINANCIAL ITEMS 59 NET WORKING CAPITAL 59 FIXED ASSETS AND OTHER NON-CURRENT ASSETS/(LIABILITIES) 61 INVESTMENTS 62 NET FINANCIAL DEBT 64 SHAREHOLDERS' EQUITY 65 RECONCILIATION BETWEEN SHAREHOLDERS' EQUITY AND NET PROFIT OF THE PARENT COMPANY AND CONSOLIDATED SHAREHOLDERS' EQUITY AND NET PROFIT 66 INFORMATION ON CORPORATE GOVERNANCE 66 PERFORMANCE OF THE COMPANY'S SHARE LISTED ON THE BORSA ITALIANA S.P.A. MILAN EURONEXT STOCK EXCHANGE 67 SIGNIFICANT EVENTS DURING 2024 68 RELATED PARTY TRANSACTIONS 69 INFORMATION ON SIGNIFICANT COMPANIES OUTSIDE THE EU 69 CERTIFICATION AS PER ART. 16, PARAGRAPH 4 OF THE MARKET REGULATION ADOPTED WITH RESOLUTION NO. 20249 OF 28 DECEMBER 2017 70 MAIN RISKS AND UNCERTAINTIES 70 RESEARCH AND DEVELOPMENT 73 PUBLIC GRANTS 73 ENVIRONMENTAL RISKS 73 FINANCIAL RISK MANAGEMENT 74 SIGNIFICANT EVENTS AFTER 31 DECEMBER 2024 77 MANAGEMENT OUTLOOK 77 CONSOLIDATED SUSTAINABILITY STATEMENT AT 31 DECEMBER 2024 OUR IDEA OF HUMANISTIC CAPITALISM AND HUMAN SUSTAINABILITY 81 GENERAL DISCLOSURES 82 ENVIRONMENTAL INFORMATION 119 SOCIAL INFORMATION 169 GOVERNANCE INFORMATION 208 CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2024 FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 219 CONSOLIDATED INCOME STATEMENT AS AT 31 DECEMBER 2024 221 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AS AT 31 DECEMBER 2024 222 CONSOLIDATED CASH FLOW STATEMENT AS AT 31 DECEMBER 2024 223 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS AT 31 DECEMBER 2024 225 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 BASIS OF PREPARATION 227 SCOPE OF CONSOLIDATION 228 ACCOUNTING STANDARDS 231 CHANGES IN ACCOUNTING STANDARDS, NEW ACCOUNTING STANDARDS, CHANGES IN ESTIMATES AND RECLASSIFICATIONS 254 TRANSLATION OF FINANCIAL STATEMENTS IN A CURRENCY OTHER THAN THE EURO AND TRANSLATION OF FOREIGN CURRENCY ITEMS 257 COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 258 COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT 283 FINANCIAL RISK MANAGEMENT 289 OTHER INFORMATION RELATED PARTY TRANSACTIONS 304 SIGNIFICANT EVENTS AFTER 31 DECEMBER 2024 307 COMPENSATION OF THE BOARD OF DIRECTORS AND THE BOARD OF STATUTORY AUDITORS 308 DISCLOSURE PURSUANT TO ARTICLE 149- DUODECIES OF THE ISSUERS' REGULATION 309 BALANCES OR TRANSACTIONS DERIVING FROM ATYPICAL OR UNUSUAL OPERATIONS 309 CERTIFICATION AS PER ART. 154- BIS OF LEGISLATIVE DECREE DATED 24 FEBRUARY 1998 NO. 58 (CONSOLIDATED LAW ON FINANCE) AND ARTICLE 81- TER OF CONSOB REG. NO. 11971 DATED 14 MAY 1999 AND AS AMENDED 310 CERTIFICATION OF THE CONSOLIDATED SUSTAINABILITY STATEMENT 311 INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 312 INDEPENDENT AUDITORS' REPORT ON THE LIMITED REVIEW OF THE CONSOLIDATED SUSTAINABILITY REPORTING 319 LETTER TO THE SHAREHOLDERS Dear Shareholders, I would like to begin this customary letter with sincere thanks on behalf of our Casa di Moda. 2024 rewarded us with particularly positive results, including reaching the milestone of twelve years since listing on the Stock Exchange, which would not have been possible without the trust you chose to place in our company. Together, over these years we have undertaken a long and exciting journey, and the numerous challenges that we have faced have rewarded us with feelings of togetherness and hope. We remain as truly grateful today as we were back then for your decision to embrace our humanistic dream; a dream that is pursued every day in the present, and that also looks to the future, in our cherished idea of planning for the next 50, 100, 500 years, for the generations to come who will inherit the world that we choose to safeguard today. We had the opportunity to meet again and celebrate this beautiful journey with an "Evening of Gratitude" on 30 September in Milan, together with the esteemed analysts, journalists, bankers and industrialists who have supported us from the time of listing right up to the present day. Meeting again gave us the chance to remember how the value of the listing is inextricably linked to the value of dignity in every shape and form. This experience has allowed us to grow and to experience unforgettable moments of great humanity, and above all it has enabled us to share with the world the humanistic ideas that we support. This is a truly historic moment for our Casa di Moda, a result that we attribute to our choices and inspiration rooted in the ideals of Humanistic Capitalism and Human Sustainability that have always guided us. Profound values like respect for human dignity and the beauty of Creation, the value of labour - above all skilled manual work, in both its physical and spiritual dimension - and the aesthetic enhancement of spaces that are part of our lives, from natural landscapes to work environments, continue to inspire our journey. And could we possibly forget to mention the great theme of artisan trades? The crucially important theme of "skilled manual work" which it is our duty to protect and dignify, recognising its great value which is not only economic, but above all moral. We believe that these values are like everlasting sources of nourishment for our work, driving us to instil quality, uniqueness and humanity in everything we create here in Solomeo, with steadfastness and determination. We like to think that it is precisely these humanistic values that in 2024 led to us receiving a series of prestigious awards, which we consider some of the most important recognition of our way of working and creating. Last September, in Milan, we received the "Visionary Award" at the CNMI "Sustainable Fashion Awards"; shortly after, in October 2024 in New York, we were awarded the prestigious "WWD John B. Fairchild Honor" lifetime achievement award by the influential Women's Wear Daily magazine, in recognition of the "ongoing success" based on the excellence of Made in Italy craftsmanship and the "perennial focus on mastery, creativity, craftsmanship, exclusivity, and the dignity of man". In November we received the important "Good Business" award assigned by Bloomberg China during the "The Year Ahead 2025" event, for the values of Humanistic Capitalism and Human Sustainability that shape every aspect of our company, from craftsmanship to the new frontiers of technological innovation and, as we like to define it, of "artificial human intelligence". We are particularly honoured to have received these awards because, apart from representing a fascinating tribute to our way of doing business, they are dedicated to our distinctive taste: the Designer of the Year 2023 award conferred by the GQ China men's magazine in the stunning location of Puyuan, the "Neiman Marcus Fashion Award" in 2022 and the "Designer of the Year 2021" received in London from British GQ. We are proud of how these awards contribute to recognising first of all the value of the beating heart of the company: the great expertise of our artisans and the daily creativity of all our valued collaborators, the foundations supporting our creations' ability to express excellence. Through the culture of mutual respect, trust and grace that we strive to promote in Solomeo, we believe that the value of these awards also naturally embraces the artisan workshops and the suppliers with whom we have built lasting and positive relationships, based on mutual esteem and the desire to create something new and innovative every day, while always respecting the great traditional manufacturing trades. We have already mentioned how the idea of planing for years to come is an aspect inherent to the very philosophy of our company. This year's major investments reflect our desire to expand the company's foundations for growth, and the desire to strengthen the brand's appeal. On the outskirts of Solomeo, on a vast site previously occupied by an industrial complex which is now derelict, we will build a new structure that will allow us to significantly expand our factory. As with the Industrial Estate that is now home to the company headquarters, in the Solomeo valley involved in the "Pleasant Peripheries" project, the new production facility will also be housed in a restored building, enabling us not only to avoid exploiting more undeveloped land, but also to make the human footprint here more beautiful and harmonious. Large windows will allow staff to work in bright, airy and welcoming spaces, where at any moment they can enjoy views of the sky and be inspired by the beauty of Creation. As well as the expansion of the factory in Solomeo, work is also underway on new production facilities located in Penne, in Abruzzo, and Gubbio, veritable centres of excellence that will be dedicated to the production of men's outerwear and tailored suits. Here, too, it was very important to us to ensure that we create factories that are welcoming, well-designed and spacious, in accordance with the "beautiful factory" principles that have always inspired us in terms of the design and creation of work spaces. Human dignity is the ultimate goal of our every action, and goes hand-in-hand with the dignity of labour, which we wish to enhance and protect, especially manual labour and all those artisan trades that we feel is our duty to safeguard and pass down to future generations. We believe that manufacturing is something our country can truly be proud of: a remarkable heritage that is recognised and esteemed the world over. Thus the culture of work, especially that of artisan trades, is an important part of the mix in terms of the human sustainability of our way of doing business, which goes hand-in-hand with the advanced training offer that we launched in 2013 with our School of Contemporary High Craftsmanship and Arts, dedicated to young people eager to learn traditional craftsmanship trades. For us, the attention that we devote to younger generations, to the evolution of traditional crafts and the mutual influence between the digital world and manual skills, represents an important sensitivity towards the future, looking at the skilled trades that will give substance to our growth and prestige to Made in Italy craftsmanship around the world. To further explore the themes of digital development, which is so important in every aspect of contemporary life, in May 2024 we organised the Second Universal Symposium on Soul and Economics, picking up and developing the conversation initiated at the first edition held in 2019. The three-day symposium was attended by numerous personalities and top international experts in Artificial Intelligence, and many others. The dialogue with leading experts in the fields of humanism, art, science and nature gave us the chance once again to reflect on the great existential themes of modern civilisation, like the relationship between ethics and Artificial Intelligence, between humanism and technology. The time spent with these fascinating minds, whom I like to call "the young Leonardos of the third millennium", underlined one of the fundamental values that we have adopted as a guide in these times of great change: technological innovation is a blessing from Creation that must be welcomed and nurtured in the light of humanistic values, in order to boost the fruitfulness of the expressions of human genius, while also making them fairer. We firmly believe that care and attention to tradition goes hand-in-hand with a serene propensity for growth, and that we must always seize the best of what our century offers us, so that we are not guided by fear, but by hope and the highest ideals. With these convictions in mind, in mid July we launched the new Brunello Cucinelli AI-powered website, the culmination of three years of study and work, and we have been very pleased with the positive feedback from numerous experts in the field of the study and advanced application of Artificial Intelligence, who declared the new website a veritable "invention". The past few months, which have been packed full of events, give us confidence and inspiration for the busy 2025 calendar that awaits our Casa di Moda. We are honoured by and pleased with the excellent sales results for the Spring-Summer 2025 Collection, achieved with the invaluable help of our multibrand clients, and the enthusiastic response from the specialist press; the recent order intake of the new Men's and Women's Fall-Winter 2025 Collections was also very positive, echoing the equally positive comments received in response to the respective presentations. We are profoundly grateful for the 2024 full-year results, mindful of the essential value of growth in line with our vision of development that is gracious and attentive to the great theme of balance. For these reasons, we believe that we can look confidently to the future, envisaging for the years 2025 and 2026 a beautiful and balanced growth of around 10% with healthy profits. I would like to devote one final thought to my beloved young people, our "sentinels of the future" as I like to call them: I would like to try to pass on to them a message of great faith. I would like to urge them to have the courage to replace fear with hope, to have the courage to look up at the sky and take inspiration from the wonder of Creation. I would like to encourage them, humanity's young hopes, not to turn their backs on their neighbour, but to look on them with kindness and affection because, I am convinced, in those difficult moments that we all encounter in life, even just the touch or a smile of another human being can help to restore inner serenity. I am confident that the world's younger generations will succeed in safeguarding the universal values of humanity, managing to guide us wisely towards that tempus novum which, for us, will be like the dawn of a bright future. Solomeo, 13 March 2025 Brunello Cucinelli Chairman of the Board of Directors CORPORATE DETAILS Registered office of the Parent Company Brunello Cucinelli S.p.A. Viale Parco dell'Industria, 5, Solomeo hamlet Corciano - Perugia Legal data of the Parent Company Approved share capital €13,600,000 Subscribed and paid-up share capital €13,600,000 Perugia Business Registry no. 01886120540. Corporate website: https://http://investor.brunellocucinelli.com/eng/ CORPORATE GOVERNANCE BODIES AS AT 31 DECEMBER 2024 Board of Directors (1) Brunello Cucinelli Chairman Riccardo Stefanelli Managing Director and CEO Luca Lisandroni Managing Director and CEO Camilla Cucinelli (2) Executive director and Vice-president Carolina Cucinelli (2) Executive director and Vice-president Alessio Piastrelli Director Giovanna Manfredi Director Andrea Pontremoli Director Ramin Arani Independent Director Maria Cecilia La Manna Independent Director Stefano Domenicali Independent Director Guido Barilla Independent Director Chiara Dorigotti Independent Director Katia Riva (3) Independent Director Lead Independent Director Maria Cecilia La Manna Control and Risk Committee Maria Cecilia La Manna Chairperson Chiara Dorigotti Katia Riva (3) Remuneration and Appointments Chiara Dorigotti Chairperson Committee Ramin Arani Katia Riva (3) Board of Statutory Auditors (1) Paolo Prandi Chairperson Dante Valobra Standing Auditor Anna Maria Fellegara Standing Auditor Isabella Ippolita Soldani Alternate auditor Myriam Amato Alternate auditor Independent auditors PricewaterhouseCoopers S.p.A. Financial Reporting Officer Dario Pipitone (1) Appointed at the ordinary shareholders' meeting of 27 April 2023; will remain in office until the shareholders' meeting called to approve the financial statements for the year ending 31 December 2025. (2) Vice-president designate by the Board of Directors at its meeting of 11 July 2024, following changes to the Articles of Association approved by the Extraordinary Shareholders' Meeting of 23 April 2024. (3) Co-opted by the Board of Directors at its meeting of 11 July 2024 to replace the independent and non-executive Director, Emanuela Bonadiman, who tendered her resignation on 13 June 2024. Brunello Cucinelli Canada Ltd. 100% Brunello Cucinelli Hong Kong Ltd. 100% Brunello Cucinelli (Macau) Fashion Co., Ltd. 98% (**) Brunello Cucinelli (Sichuan) Fashion Co., Ltd. 100% Market Service US, Inc. Brunello Cucinelli Japan Co., Ltd. 51% 99% Brunello Cucinelli USA Inc. SAM Brunello Cucinelli Monaco 100% 98.76% Brunello Cucinelli S.p.A. 1.22% 100% 98.54 (**) Brunello Cucinelli (England) Ltd. 99.99 (**) Brunello Cucinelli Kuwait for Readymade and Novelty Clothes' Retail WLL 51% (***) Brunello Cucinelli Middle East LLC 51% Brunello Cucinelli Taiwan Ltd. 70% OOO Brunello Cucinelli RUS Dorica Vestis S.r.l. 60% Brunello Cucinelli Hellas SA 99% (*) Brunello Cucinelli Suisse SA 98.21 (*) SAS Brunello Cucinelli France Resort 100% Sprl Brunello Cucinelli Belgium 100% Brunello Cucinelli GmbH 100% Brunello Cucinelli Austria GmbH 98% (*) 95% (*) Brunello Cucinelli Europe S.r.l. Brunello Cucinelli Retail Spain SL 100% Brunello Cucinelli Singapore Pte. Ltd. 83.67% 75.5% Logistica e Distribuzione S.r.l. 51% Pinturicchio S.r.l. 100% THE BRUNELLO CUCINELLI GROUP AS AT 31 DECEMBER 2024 Max Vannucci S.r.l. Sarl Brunello Cucinelli France (*) The remaining percentage is held by BRUNELLO CUCINELLI S.p.A. (**) The remaining percentage is held by BRUNELLO CUCINELLI EUROPE S.r.l. (***) Percentage of ownership held by virtue of voting agreements with the minority shareholder. GROUP STRUCTURE AS AT 31 DECEMBER 2024 Company name Location Brunello Cucinelli S.p.A. Corciano, Solomeo hamlet (PG) - Italy Brunello Cucinelli Europe S.r.l. Corciano, Solomeo hamlet (PG) - Italy Dorica Vestis S.r.l. Corciano, Solomeo hamlet (PG) - Italy Pinturicchio S.r.l. Corciano, Solomeo hamlet (PG) - Italy Max Vannucci S.r.l. Corciano (PG) - Italy Logistica e Distribuzione S.r.l. Milan - Italy Brunello Cucinelli Austria GmbH Vienna - Austria Sprl Brunello Cucinelli Belgium Brussels - Belgium Brunello Cucinelli (England) Ltd. London - United Kingdom Sarl Brunello Cucinelli France Paris - France SAS Brunello Cucinelli France Resort Paris - France Brunello Cucinelli GmbH Düsseldorf - Germany Brunello Cucinelli Hellas SA Athens - Greece SAM Brunello Cucinelli Monaco Principality of Monaco OOO Brunello Cucinelli RUS Moscow - Russia Brunello Cucinelli Retail Spain SL Madrid - Spain Brunello Cucinelli Suisse SA Lugano - Switzerland Brunello Cucinelli Canada Ltd. Vancouver - Canada Brunello Cucinelli USA Inc. Ardsley (NY) - USA Market Service US, Inc. New York - USA Brunello Cucinelli (Sichuan) Fashion Co., Ltd. Chengdu - China Brunello Cucinelli Hong Kong Ltd. Hong Kong - China Brunello Cucinelli (Macau) Fashion Co., Ltd. Macao - China Brunello Cucinelli Japan Co., Ltd. Tokyo - Japan Brunello Cucinelli Singapore Pte. Ltd. Singapore Brunello Cucinelli Taiwan Ltd. Taipei - China Brunello Cucinelli Middle East LLC Dubai - United Arab Emirates Brunello Cucinelli Kuwait for Readymade and Novelty Clothes' Retail WLL Kuwait City - Kuwait DISTRIBUTION NETWORK The Group offers its products on the market through a number of different distribution channels. From the standpoint of the end customer the Group is present on the market through: the retail distribution channel , i.e., the distribution channel with which the Group sells directly to the end customer through directly operated stores, so-called DOS (Directly Operated Stores) and hard shops, i.e., spaces located inside department stores and managed under the Group's responsibility and with directly employed staff. At 31 December 2024, the directly operated stores (DOS) numbered 130, along with 50 hard shops within department stores. the wholesale distribution channel , i.e., the distribution channel through which the Group sells to independent partners, with the result that in this case these resellers are the Group's customers (and not the end customer). This channel therefore includes both single-brand stores operated by third parties under commercial distribution agreements (single-brand wholesale), independent multi-brand points of sale and dedicated shop-in-shops in department stores (multi-brand wholesale). The Group avails of a network of agents and distributors for sales to a number of single-brand and multi-brand wholesale customers. At 31 December 2024 there were 27 single-brand wholesale boutiques. A summary is provided below of the Brunello Cucinelli Group's single-brand sales network at 31 December 2024 compared to the situation at 31 December 2023: Distribution channel 31 December 2024 31 December 2023 RETAIL 130 125 WHOLESALE 27 27 The following table sets out existing sales points at 31 December 2024 by geographical area: Italy Europe Americas Asia Total Total Brunello Cucinelli stores 13 46 38 60 157 REPORT ON OPERATIONS OF THE BOARD OF DIRECTORS COMPANY PHILOSOPHICAL AND STRATEGIC REPORT The product of my work is, in important respects, based on luxury, and I have always thought that speaking of luxury means speaking of beauty. As a child, I lived in the countryside and was in constant contact with the purest form of beauty, which is that of Creation; every morning and every evening, I would observe the cyclical nature of the seasons which returned year after year, always the same and eternal. The word beauty is one of the first to appear in the Bible; I think of beautiful and good as having the same meaning, and I am convinced that both exist when there is measure. I am very fond of the words that the Greeks embraced as a guide: kalòs kai agathòs (beautiful and good) and katà metron (according to measure), and I sometimes think of beauty as a universal rule for a serene life, a rule that is like one side of a coin, on the flip side of which is aesthetics. For all these reasons, I believe that there is also a direct, dynamic and effective link between aesthetics, which governs beauty, and ethics, which guide behaviour according to moral values. I am fascinated by Dostoevsky's prophecy that "Beauty will save the world". I like beauty even if it cannot be explained according to reason, and perhaps precisely because of that: there is some golden dust of madness in it, that of the poets, and how can one not see that truth too is a fruitful product of beauty? Every day I am reminded of the link between beauty and truth and how, as Aristotle argued, truth in turn has to do with wonder. Even though I am not a philosopher, I love philosophy and the great thinkers, who have taught me a thousand things. According to Plato, starting from physical beauty, through the beauty of gods and laws, one finally reaches the beauty of knowledge; Thomas, that great saint, stated very simply that when something produces pleasure in us, that is beauty. Another great thinker, Kant, maintained that beauty is without concept or purpose other than to stir gentle pleasure in us, and regarding luxury he stated: "Luxury is found in human beings of good taste. It satisfies, with its variety, our capacity for judgement; it provides many with employment, and enlivens the whole of social life". From here I developed my idea of gentle luxury as the most faithful expression of our idea, of our creations, of our style; for gentleness is one of the greatest factors of happiness as, I believe, it allows us to follow our good "demon". For this reason, the ancient Greeks called happiness "eudamonia". So what is gentle luxury? As a concept very close to that of beauty, it is not easy to find an exclusive definition, but I see luxury as a symbol. To me, luxury appears symbolic because it is something that binds us to beauty. "Gentle luxury, more simply, is a friend who welcomes you with a sincere smile, someone who reaches out to you, it is creativity and genius without excess, it is finding beauty in simplicity. It is hospitality for everyone, at the right pace, and is always welcome for the awareness of the value of respecting others. That is why gentle luxury has a universal value, which is well represented by women; hence the idea of a contextual figurative representation of some of the many women whose glorious deeds are immortalised in history; the idea has taken the form of a poster, almost a contemporary tapestry, which brings together nine evocative female figures from across the ages, including Sappho, the famous poet who lived between the 7th and 6th centuries BC; Theano, a Greek philosopher who was a disciple and probably the wife of Pythagoras; and Hypatia, the philosopher and mathematician from Alexandria who lived between the 4th and 5th centuries AD. The idea of such a testimony expresses, I hope, with simplicity a feeling of gratitude for these and all women who have contributed to the greatness of culture and the arts in humanity. Brunello Cucinelli Chairman of the Board of Directors COMPANY INFORMATION Brunello Cucinelli S.p.A. is a Casa di Moda and Company incorporated under Italian law with registered office in Solomeo, (Viale Parco dell'Industria 5), and listed on the Euronext Milan Stock Exchange of Borsa Italiana. The business of the Casa di Moda is focused on the creation, production and sale of Brunello Cucinelli branded clothing, accessories and lifestyle which make up Women's, Men's and Children's total look collections , which are always conceived as an expression of the ethical and human values cultivated in the hamlet of Solomeo. The brand is internationally recognised as a benchmark of Made in Italy excellence and a point of reference in the luxury goods sector, with the ability to combine the timeless qualities derived from the selection of the finest materials , craftsmanship and exclusivity with contemporary creativity that is attentive to market trends and technological innovations. The company, based on the founding values of respect for human dignity and the beauty of Creation , pursues growth in line with the principles of balance, harmony and sustainability , with constant attention to the rhythms of mankind and of nature. The Brunello Cucinelli Casa di Moda is universally recognised as a prime example of "Humanistic Capitalism" , combining the safeguarding of traditions , appreciation of the "thinking souls " who work for the greater good of the company, and promotion of important projects aimed at beautifying Creation and the legacy left to future generations . YEAR 2024 2024 was an " enchanting " year thanks to the great results achieved by our Casa di Moda. Turnover amounted to €1,278.5 million , thanks to very positive sales recorded over the course of the whole year. Quarter after quarter, the company succeeded in meeting all its set objectives, and sales for the final weeks of the year - particularly in the direct sales channel - allowed us to exceed even our most optimistic growth expectations for 2024, reviewed at the start of December as between +11% and +12%. The increase in revenues of +12.2% (+12.4% at constant exchange rates) not only represents an excellent sales result, but also testifies to an important consolidation of the brand image. The Operating Income amounted to €211.7 million, with a +12.9% increase compared to the previous year, while the Net Profit amounted to €128.5 million, representing growth of +3.8%. These results show a solid income statement structure, with an EBIT margin of 16.6% and a healthy profit ratio of 10.1%. The Balance Sheet and Financial Position are equally solid, with net Financial Debt for the core business of €103.6 million at 31 December 2024, plus a significant level of investments reaching €109.5 million, with an 8.6% impact on sales, essential for preserving the contemporaneity of the company and the brand's exclusivity. Results for 2024 fully confirmed the sustainability of the idea of gracious growth , which develops gradually while always remaining faithful to the principles of humanistic capitalism and human sustainability . We also believe that our brand is enjoying a very positive moment from the perspective of style, exclusivity and craftsmanship, and we remain as committed as ever to outstanding customer care, as we strive to pass on a way of working "according to measure", with the utmost respect for every living being: an approach that fosters authentic, enduring relationships, enhancing the quality of our products and the overall experience of every client. Resounding satisfaction with sales performance is matched by optimism regarding the brand's prospects, which we believe are well supported by the identifying features of our business model. These include, above all: An exclusive network of direct boutiques which we constantly work on to ensure we always offer clients modern, attractive spaces where our collaborators have the chance to showcase the quality and style of our collections, while also taking on the role of genuine "ambassadors" of the lifestyle and values of the brand; a very dynamic wholesale channel , geographically well distributed and balanced thanks to long-term planning shared with our valued clients, who in turn show great dynamism, a profound sense of trust and strong ties with our brand; a balanced distribution of turnover within the different international geographical areas ; an excellent balance in terms of the contribution of the Men's and Women's collections , which show consistent growth; a communication style that is measured and elegant , reflecting the core values of our brand in order to create a meaningful and authentic bond with end customers ; a "special" relationship, strengthened also through a series of events that we like to describe as artisan; a constant and synergistic contribution of all product categories - clothing, accessories, fragrance and eyewear - towards the definition of a unique identity of taste, and a single positioning in terms of quality and price. We believe that by virtue of these principles, our Casa di Moda, in addition to being a producer of clothing with a distinctive taste , qualifies as champion of a unique and recognisable lifestyle idea, which is expressed right from our attention to the spaces and ways in which the brand presents itself in all geographical areas. A prime example of this aspect is the stream of messages of thanks received from customers , who not only praise the quality of our products , but voice their appreciation for the time spent together and the experience offered to them in all the boutiques . In addition, growing attention paid by consumers of luxury goods to the behaviour of companies, to how they produce , to working conditions on the factory floor from a moral perspective, to levels of pay and requirements for workplaces, is increasingly reflected in the history and reality of the brand, which has embraced these very aspects as the foundation of its concepts of Humanistic Capitalism and Human Sustainability , promoted from the earliest days of the company. We are particularly honoured to have won the trust and loyalty of customers who embrace this new sensitivity. Looking at the dynamics of the luxury sector, top-flight customers' propensity to purchase has remained unchanged, or has perhaps even increased, when it comes to absolute luxury products with a fair price . We can note an increasingly widespread, conscious and attentive quest for a special and exclusive type of product, with a constant increase in demand for rare products of exquisite craftsmanship . Creating unique goods of the finest artisanal quality, whose value endures over time, has always been one of the key objectives of our Casa di Moda, and the growing demand for this type of product dovetails perfectly with our creative and production prospects . It therefore seems to us that the brand is enjoying a highly fruitful period in terms of style, exclusivity and craftsmanship, and above all in the way it tries to convey to valued clients the idea of a way of working "accord-ing to measure", with the utmost respect for every living being. We can therefore glimpse "great opportunities" that lie ahead, and this allows us to look to the future with great confidence also for the years 2025 and 2026, where we envisage growth in the region of 10%. THE DYNAMICS OF THE MARKETS AND THE COLLECTIONS Constant praise from new customers and the essential contribution of customers already loyal to the brand boosted the structural increase in demand for exclusive , special and contemporary products, evenly distributed across all the markets: Americas, Asia, Europe. In addition to the importance of local customers is the positive contribution of tourism , characterised throughout 2024 by a more diverse mix of nationalities. A crucially important element is the balance of the brand's geographical distribution , with highly significant growth in all markets (Americas +17.8%, Asia +12.6%, Europe +6.6%), and in both distribution channels (retail channel +14.0% and wholesale channel +8.8%). In Europe the company recorded turnover of €456.6 million (+6.6%), or 35.7% of total sales. The solid growth in this area is not limited to major cities, but is also driven by the numerous resort locations where the brand maintains a presence, thanks to an affectionate local clientèle and increasingly diversified tourism. In the Americas revenues amounted to €476.5 million (+17.8%), with an incidence on total turnover of 37.3%. The growth in North America confirms the strong demand for exclusivity and unique garments, desired by an ever increasing number of clients. In Asia we recorded sales worth €345.4 million (+12.6%), amounting to 27.0% of total revenues. There were excellent results in the Middle East, South Korea, Japan and China, which confirmed the trend of steady growth also thanks to a particularly positive final quarter. Numerous factors contributed to the excellent results in Asia, including exclusive distribution, the clientèle's growing appreciation of the artisanal quality of our garments, and the increasingly solid positioning of the brand in the highest luxury segment. As regards the performance of the various distribution channels, 2024 ended with an excellent result in the Retail channel, with double-digit growth in every quarter and +15.5% in the last quarter. The comparable performance of the physical channel was also excellent in all geographical areas, and at 31 December 2024 the total network stood at 130 boutiques. Furthermore, the number of hard shops as at 31 December was 50, with one new space counted over the 12 months of 2024. Around double-digit growth was reported in the digital channel too, which benefited from the launch in mid July of the new Brunello Cucinelli AI-powered website , welcomed enthusiastically by numerous specialists and experts in the field of Artificial Intelligence . There were also excellent results from the Wholesale channel, which continues to be central to the brand's strategy, maintaining a fundamental role in preserving its contemporaneity, thanks to the expertise, seriousness and "taste" with which multibrand clients are able to present the collections within their stunning spaces. Both the Spring-Summer 2024 and Fall-Winter 2024 collections recorded excellent sales, with significant restock-ing during the year. Looking to 2025, sales of the new Spring-Summer 2025 collections and the start of the order intake for the Fall-Winter 2025 collections are more than favourable. INTERNATIONAL RECOGNITION The year just ended brought two major international awards. On 29 October in New York, Brunello Cucinelli was awarded the prestigious "WWD John B. Fairchild Honor ". This illustrious lifetime achievement award, bestowed annually by the renowned American journal Women's Wear Daily - one of the most influential fashion publications in the world - fully acknowledges the outstanding Made in Italy craftsmanship of the Solomeo-based Casa di Moda. Brunello Cucinelli was chosen as the recipient of the 2024 edition of the award, in light of the " ongoing success of your company ", its continual innovations and the " perennial focus on mastery, creativity, craftsmanship, exclusivity, and the dignity of man "; as well as the " philanthropic efforts for the well-being of future generations, cultivated over the years by the Solomeo-based company". Brunello Cucinelli commented on the event as follows: "I am profoundly honoured to receive such a prestigious prize, awarded over the years to such illustrious figures within the global fashion industry. I like to consider it, first and foremost, a tribute to the dignity of labour which, together with my collaborators, we strive to cultivate each day with our company in Solomeo. Upon receiving this wonderful news, my first thoughts went to my family and to all my collaborators, past and present, who, with their creativity, their grace and their meticulous work, have made this success possible. I believe that "beauty" begins with beautiful human relationships and, in this sense, we think of our creations as ambassadors of not only the highest quality raw materials and craftsmanship, but also of a certain way of living and working. I am immensely grateful to WWD for its invaluable contribution to fostering knowledge and appreciation of Italian taste worldwide, to the esteemed James Fallon, a profound connoisseur of beauty and spiritual growth which he always promotes in humanity, and to Amanda Smith (CEO Fairchild Media), a person of great sensitivity, grace and expertise. My final thought goes to all my beloved young people, the sentinels of the 21st century, to remind them that the soul is always the source of great thinking". In addition, on 29 November 2024, during the " The Year Ahead 2025 " event, Bloomberg China bestowed on Brunello Cucinelli the "Good Business" award for the values of Humanistic Capitalism and Human Sustainability. These principles have always shaped every aspect of the Solomeo-based company, from craftsmanship to the new frontiers of technological innovation which "Human artificial intelligence", as Brunello Cucinelli is fond of calling it, invites us to explore fearlessly. These awards follow other highly prestigious acknowledgements received by Brunello Cucinelli in recent years: - the " Neiman Marcus Award for Distinguished Service in the Field of Fashion ", conferred in March 2023 by the famous Dallas luxury department store; the " GQ Designer of the Year 2023 ", also bestowed last year by the authoritative men's magazine GQ China; the " Designer of the Year " award, conferred upon Brunello Cucinelli in 2021 by the authoritative British magazine, GQ. All these awards are a great honour for the brand, and they celebrate the objectives achieved over the years in terms of recognition and appreciation for the " Brunello Cucinelli taste ", both from the specialist press and from so many customers all over the world. EXCLUSIVITY, PRODUCT CREATION, BALANCE Exclusivity and "safeguarding" of the brand The Casa di Moda is positioned in the most exclusive segment of absolute luxury , always supported by a demanding clientèle, in search of contemporary products and outstanding quality. In this market, the perception of exclusivity is a key element, a value to be seized and interpreted in order to respond to the demands of modern consumers of such goods. We firmly believe that the brand's image of exclusivity is closely linked to the carefully protected, exquisite craftsmanship of the collections and the promotion of the Italian lifestyle . " Safeguarding the brand " means preserving its allure through discreet communication that is consistent with the company's identifying values; it also means careful selection of prime sales locations, paying constant attention to curating the company's spaces and digital presence, in accordance with the essential principles of sobriety that set us apart. Today we are seeing a growing demand for high-end products in numerous sectors; in this context, the strategy of avoiding overexposure of the product and protecting the brand identity has further strengthened its allure and appeal . High Craftsmanship The founding mission of the Casa di Moda was to create products of outstanding prestige and the finest artisanal craftsmanship, embodying an idea of exclusivity that is reflected in both the selection of materials and the production techniques. The goal is to make creations designed to last, which can be passed down to future generations . We believe that luxury goods customers today are looking for products characterised by exceptional craftsmanship , an expression of authenticity and refinement, with a modern, contemporary aesthetic. In addition, an increasing focus on sustainability , a very important topic for the future, has further consolidated the demand for garments of the highest quality, designed with longevity in mind. Every stage of the creative process behind Brunello Cucinelli collections involves and showcases expert craftsmanship, creating a virtuous creative cycle driven by collaboration between highly skilled artisans and creative teams. This synergy has allowed us to place the product at the centre of our vision and, based on its intrinsic quality, to carve out a solid positioning of the brand in the absolute luxury segment . In order to guarantee the quality and longevity of our creations, customers have the opportunity to have their garments repaired and refurbished, thus prolonging product life . This approach not only strengthens the bond of trust with those who choose our products, but also helps to reduce waste, in the hope that every garment, which is the fruit of timeless expert craftsmanship, can be passed down to the next generation. Handiwork of Excellence The success of the collections, coupled with positive sales results and high praise from sector experts, have therefore highlighted a particularly distinctive segment of the product range: that of more artisanal garments of highly sophisticated manufacture . The fruit of painstaking research and experimentation, these creations are characterised by complex production techniques and unique craftsmanship , characteristics that are also reflected in their end value. Customers who choose these products fully appreciate their exceptional quality, their exclusivity and the fine balance between craftsmanship and economic sustainability . The use of entirely manual production techniques or advanced, innovative methods endows each garment with a unique and inimitable quality, making each piece a distinctive one-off. The importance of Ready-to-Wear Increased exposure and visibility in daily life has led people to pay increasing attention to their own image, boosting the centrality of the Ready-to-Wear segment , which accounts for 83.5% of the Group's total revenues. We believe that the priority given to the product and its positioning in the luxury sector have enabled the brand to respond effectively to the widespread desire to "dress well" , a requirement shared not only by more experienced customers, but also by younger generations. We believe that the Ready-to-Wear range from our Casa di Moda, oriented towards "contemporary elegance" and enhanced both by carefully studied looks and its association with a distinctive lifestyle, allows us to offer modern customers a comprehensive and innovative experience . At the same time, we pay great attention to renewing shop window displays and personalising the proposal based on the specific characteristics of each market. These aspects have without a doubt contributed significantly to the constant increase in the number of customers recorded in the past year. Balance and synergy between sales channels A fundamental aspect for the quality of sales is the balance between the different distribution channels (retail, wholesale), between the various geographical areas (Italy, Europe, Americas and Asia) and between product categories , including the balance between women's and men's collections. A key element in 2024 was the complementarity between the wholesale and retail channels , which allowed the brand to treat even distant markets as "domestic", and to respond to growing demand both in major cities and in smaller towns and luxury resorts. The multibrand channel recorded another extremely dynamic year , with a positive performance in the most important luxury multibrand and speciality stores, and in all geographical areas. The results achieved benefited from our partners' need to meet ever-stronger demand, with consequent delivery demands that production departments managed to guarantee. As far as the retail channel is concerned, the company continues to invest in the exclusivity of its network of boutiques , with select new openings, expansions and repositionings in strategic locations. Balance between the Women's and Men's collections The Casa di Moda is constantly perfecting the brand's style and seeking a harmonious balance between the Men's and Women's collections in a bid to maintain a unique and distinctive recognisability, regardless of product gender. This stylistic identity reflects the savoir-faire and distinctive aesthetic of the Brunello Cucinelli brand. A distinguishing feature of the offering is the absence - or discreet presence in sportier garments - of a logo, balanced by an unmistakeable signature style : handcrafted details, refined production techniques and a meticulous combination of elements, which represent the essence of our style. The praise bestowed on the collections over the course of the year, both by the specialist press and by clients and friends of the brand, gives us great joy. We are particularly proud of the positive feedback from those who recognise in our offering a fresh, contemporary elegance that succeeds in combining refinement and modernity. E-commerce as a global showcase Today, physical and digital channels are more complementary than ever, and both are essential in order to achieve a well-structured development of distribution, and to disseminate the brand's image and values worldwide. E-commerce was conceived as a digital flagship store , featuring a vast product range and playing a vital role, showcasing the collections, the company's creativity and the brand's lifestyle. Constant updating of the platform and the user experience enables us to offer an intuitive interface that is consistent with our identity, supported by our customer care service based in Solomeo. Thanks to this approach, the company aims to offer an online shopping experience which aligns with that of our physical stores, characterised by the same care, attention and warmth dedicated to every customer. OUR IDEA OF HOSPITALITY The concept of hospitality has always been a fundamental value for the Casa di Moda: we have always aimed to welcome customers as if they were our guests, offering gracious attention to make them feel at ease and to share a sincere, serene and human interaction. In all our spaces we try to convey the same sense of hospitality that we offer in the hamlet of Solomeo. Boutiques Over the years the company has devoted special attention to developing the boutique network so that each space can be an expression of a peaceful, welcoming atmosphere , combining the pleasure of a familiar, domestic vibe with the ability to empathetically communicate the philosophy and allure of Solomeo's products to the customer. All the boutiques have been equipped with small bars, depending on the availability of the different locations, with generous seating and bookcases: areas not strictly intended for sales but dedicated to the relaxation of customers and guests. In this way, we strive to convey a concept of hospitality as it is understood in Italy and in our hamlet of Solomeo, as we believe it is essential to associate the experience inside the boutiques with authentic sensations and the idea of a gracious , humanly sustainable luxury . The inspiration for all our boutiques is the idea of a cosy home, where the store managers play the role of " hosts " and brand ambassadors , paying attention to all those details that contribute to a homey, warm ambiance. Even in the smallest boutiques we strive to create a space to accommodate a small bar and refreshments area as a sign of customer care, and at the same time as an expression of a distinctly Italian lifestyle that celebrates the pleasure of meeting and socialising over a coffee or a small refreshment. Visual merchandising An inherent part of the complete lifestyle offer, the value of store staging, with carefully curated spaces and all the visual merchandising activities, represents a fundamental aspect of the brand's image . We believe that visual merchandising plays the very important role of promoting the aesthetic perception of collections and environments that are in perfect harmony, while also conveying the brand's philosophy . In a consistent and harmonious manner, in all our spaces around the world, store staging aims to recreate the familiar ambiance and hospitality of Italian homes , according to the possibilities of each space and carefully combined with the culture that hosts our sales point. The company takes special care to ensure that in all the spaces that host the collections, from single-brand to multi brand, our product range is perceived as freshly contemporary through a coordinated, dynamic display that is regularly renewed and attentive to the needs of each individual location. Care of the Digital Boutique The same philosophy that guides the organisation of the physical boutique network is also the point of reference for image and relationship management through the digital channel. The " digital boutique " is constantly monitored to appear aligned with the boutique layout, and is also enhanced through the production of specially designed materials, especially images and videos. We believe that in this way the digital image, which is increasingly important and complementary to the image disseminated by the physical boutiques , also remains fresh and stimulating, constantly updated and capable of responding in the best possible manner to the demands of customers in search of new products and special offers. We try to convey the same sensitivity and skill that we pursue in bricks-and-mortar boutiques through the digital world with the aid of people we call " Humanist Artisans of the Web ", the ideal meeting point between the savoir-faire of the new generations and the knowledge of tradition according to the humanist approaches of the Solomeo brand. The publications, product ranges and communications attempt to create a pleasant and at the same time comprehensive experience , in keeping with the values demonstrated in boutiques around the world . The Casa Cucinelli experience The desire to share the fundamental value of hospitality is the guiding principle behind the Casa Cucinelli project. The guiding principle in the creation of each Casa Cucinelli is based on the expression of a kind, familiar and relaxed hospitality , enshrined in a meeting space that conveys our idea of lifestyle. The very name "Casa Cucinel-li" is intended to immediately evoke the feelings of familiarity and well-being that are distinctive to the brand, which immediately convey a certain Italian taste . Each Casa Cucinelli is intended to host friends and collaborators, intimate events and social receptions just as we receive guests in our own home. The spaces of each Casa Cucinelli include a large social lounge , a library with books in the original language, a kitchen where flavours are blended and wines are stored, as well as a series of different spaces for each location designed to promote the specific values of each host culture. The great care taken with the furnishings, the scrupulous choice of the rarest and most precious materials, the harmonious distribution of spaces, the unique antiques recovered and restored with a contemporary perspective, the finishes with refined materials, all elements revolve around the value of time and an exclusive experience. The intention is to openly and harmoniously convey the experience of time as it is understood in the Italian lifestyle, and especially in Solomeo , according to an approach that we believe allows us to best promote the value of the products. THE RELATIONSHIP WITH CUSTOMERS AND 'ARTISAN' EVENTS An increasingly important dimension in our relationship with customers is represented by our so-called " artisan events ", which allow us to establish and consolidate a bond of trust with those who appreciate or want to connect with our brand. The added value of each event lies in the limited number of guests, a choice that allows us to create unique , personalised experiences , where we can dedicate the right amount of time and space to each guest and, last but not least, create a profound harmony with the genius loci and the culture of the location. Among these events, we have particularly fond memories of evenings dedicated to the themes of friendship and conviviality , which were held in Shanghai , Dubai and Los Angeles , as well as the two-day initiative " Castello di Solomeo welcomes La Paulée ", inspired by the ancient annual harvest festival held in France. 2024 rounded off with the customary end-of-year convivial meetings with esteemed investors at our Case Cucinelli in Paris, London, New York and Milan , to thank them for their invaluable contribution and reflect on the big issues that dominated the past year, and to consider what we can do together in the near future. "Gratitude Dinner" at the Milan Stock Exchange On 30 September 2024, we held what we decided to call a " Gratitude Dinner " at the Milan Stock Exchange. This was our way of thanking our friends at Borsa Italiana, esteemed analysts, journalists, bankers and industrialists of listed companies, as well as our dear investors and all those who have kept faith and accompanied us over the course of these past 12 years since the listing on 27 April 2012 , when our company was floated on the stock market at a share price of €7.75. To honour the great value attributed to being listed on the stock market, over the years the company has always tried to remain true to its ethical and founding values: from the values of Humanistic Capitalism and Human Sustainability , to the enhancement of craftsmanship in all its forms, and the pursuit of harmony with Creation and healthy, sustainable growth . Brunello Cucinelli commented on the evening as follows: "When we decided to go public 12 years ago, we had a dream in mind: to respect the moral and economic dignity of the human being and of work, in particular that of artisan trades. Yesterday evening, at Palaeozoic Mezzanotte in Milan, our aim was to dedicate an evening "of gratitude" to our friends at Borsa Italiana, to the esteemed analysts, journalists, bankers and industrialists, and to our dear investors, who have supported us with confidence over the years. The experience of the listing has provided us with indelible memories of great humanity and has enabled us to meet many people with whom we share the idea, rooted in Humanistic Capitalism and Human Sustainability, that pursuing healthy, balanced and decent profit is possible. We would like to sincerely thank all those who, then as now, feel like "temporary custodians" of this enterprise that looks to the world from Solomeo, in an attempt to imagine the next hundred years. To you, our most sincere gratitude". HUMANISTIC CAPITALISM AND HUMAN SUSTAINABILITY The vision of Human Sustainability that drives the company harmoniously embraces different spheres: environmental, economic, cultural, spiritual, moral and technological . Each of these spheres is closely connected to the others, creating a multicoloured picture in which each shade plays a specific role within the broader company strategy, as Brunello Cucinelli himself explained: " I like to think of sustainability as inclusive of both material and spiritual values, a concrete place where the environment, economy, technology, culture, spirit and morals live together. I am convinced that in this way we can act in a sustainable and complete way, because in spite of technology we live immersed in nature and, as Leibniz put it, nature "does not make leaps", that is, the relationships between things are of continuity and not disruption. For this reason, we imagine that there should be environmental, economic, technological, cultural, spiritual and moral sustainability ". Artisanal dimension and harmonious production Humanistic ideals have always been at the core of all the choices made and activities undertaken by the company. These values are expressed above all in the constant safeguarding of the dignity of labour and, more in general, of every individual . The deep respect we have for our human resources is accompanied by the pursuit of healthy, balanced development in which human beings continue to play a central role. Constantly pursuing a balance between fair profit and gracious growth , the Casa di Moda has also always strived to ensure that workplaces reflect attention to the same economic and moral dignity that were the company's founding ideals, in the conviction that nobility of work must also be guaranteed through particular attention to workplaces. The dignity of labour and its centrality in company values Company development over the course of 2024 was also aided by the growing number of human resources : the Group currently has over 3000 direct employees , a number we expect to increase further in 2025 in line with our expansion plans. Approximately half of our human resources operate in Italy, largely specialised in production and craftsmanship, while the remaining half, mainly dedicated to commercial activities, work in various countries around the world. Over the course of 2024, the company continued to devote the utmost attention to the principles of Humanistic Capitalism and Human Sustainability. In line with respect for our core values, the company continues to pursue "fair profit" , "fair growth" and a "fair balance" .

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