Brunello Cucinelli S p A : Consolidated Financial Statements 2025 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 6 CORPORATE GOVERNANCE BODIES AS AT 31 DECEMBER 2025 7 THE BRUNELLO CUCINELLI GROUP AS AT 31 DECEMBER 2025 8 GROUP STRUCTURE AS AT 31 DECEMBER 2025 9 DISTRIBUTION NETWORK 10 REPORT ON OPERATIONS OF THE BOARD OF DIRECTORS COMPANY PHILOSOPHICAL AND STRATEGIC REPORT 12 COMPANY INFORMATION 14 SUMMARY DATA AS AT 31 DECEMBER 2025 41 THE GROUP'S RESULTS FOR THE YEAR 2025 44 ANALYSIS OF REVENUES 44 REVENUES BY GEOGRAPHICAL AREA 44 REVENUES BY DISTRIBUTION CHANNEL 46 REVENUES BY PRODUCT LINE AND END CUSTOMER 47 ANALYSIS OF THE CONSOLIDATED INCOME STATEMENT 48 EBITDA AND RESULTS 488 OPERATING COSTS 49 DEPRECIATION, AMORTIZATION, NET FINANCIAL EXPENSE AND NET PROFIT 52 ANALYSIS OF BALANCE SHEET AND FINANCIAL ITEMS 54 NET WORKING CAPITAL 54 FIXED ASSETS AND OTHER NON-CURRENT ASSETS/(LIABILITIES) 56 INVESTMENTS 57 NET FINANCIAL DEBT 58 SHAREHOLDERS' EQUITY 59 RECONCILIATION BETWEEN SHAREHOLDERS' EQUITY AND NET PROFIT OF THE PARENT COMPANY AND CONSOLIDATED SHAREHOLDERS' EQUITY AND NET PROFIT 61 INFORMATION ON CORPORATE GOVERNANCE 61 PERFORMANCE OF THE COMPANY'S SHARE LISTED ON THE BORSA ITALIANA S.P.A. MILAN EURONEXT STOCK EXCHANGE 62 SIGNIFICANT EVENTS DURING 2025 63 RELATED PARTY TRANSACTIONS 65 INFORMATION ON SIGNIFICANT COMPANIES OUTSIDE THE EU 65 CERTIFICATION AS PER ART. 16, PARAGRAPH 4 OF THE MARKET REGULATION ADOPTED WITH RESOLUTION NO. 20249 OF 28 DECEMBER 2017 66 MAIN RISKS AND UNCERTAINTIES 66 RESEARCH AND DEVELOPMENT 69 PUBLIC GRANTS 70 ENVIRONMENTAL RISKS 70 FINANCIAL RISK MANAGEMENT 70 SIGNIFICANT EVENTS AFTER 31 DECEMBER 2025 73 MANAGEMENT OUTLOOK 73 CONSOLIDATED SUSTAINABILITY REPORT AT 31 DECEMBER 2025 OUR IDEA OF HUMANISTIC CAPITALISM AND HUMAN SUSTAINABILITY 78 GENERAL DISCLOSURES 79 ENVIRONMENTAL INFORMATION 122 SOCIAL INFORMATION 172 GOVERNANCE INFORMATION 218 CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2025 FINANCIAL STATEMENTS AS AT 31 DECEMBER 2025 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 230 CONSOLIDATED INCOME STATEMENT AS AT 31 DECEMBER 2025 232 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AS AT 31 DECEMBER 2025 233 CONSOLIDATED CASH FLOWS STATEMENT AS AT 31 DECEMBER 2025 234 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS AT 31 DECEMBER 2025 236 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2025 BASIS OF PREPARATION 238 SCOPE OF CONSOLIDATION 239 ACCOUNTING STANDARDS 242 CHANGES IN ACCOUNTING STANDARDS, NEW ACCOUNTING STANDARDS, CHANGES IN ESTIMATES AND RECLASSIFICATIONS 265 TRANSLATION OF FINANCIAL STATEMENTS IN A CURRENCY OTHER THAN THE EURO AND TRANSLATION OF FOREIGN CURRENCY ITEMS 267 COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 268 COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT 297 FINANCIAL RISK MANAGEMENT 303 OTHER INFORMATION RELATED PARTY TRANSACTIONS 319 SIGNIFICANT EVENTS AFTER 31 DECEMBER 2025 322 COMPENSATION OF THE BOARD OF DIRECTORS AND THE BOARD OF STATUTORY AUDITORS 323 DISCLOSURE PURSUANT TO ARTICLE 149- DUODECIES OF THE ISSUERS' REGULATION 324 BALANCES OR TRANSACTIONS DERIVING FROM ATYPICAL OR UNUSUAL OPERATIONS 324 CERTIFICATION OFTHE CONSOLIDATED FINANCIALSTATEMENTS 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 325 CERTIFICATION OF THE CONSOLIDATED SUSTAINABILITY REPORT 326 INDEPENDENT AUDITOR'S REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENT 327 INDEPENDENT AUDITOR'S LIMITED ASSURANCE REPORT ON THE CONSOLIDATED SUSTAINABILITY REPORT 338 The Annual Financial Report has been translated into English solely for the convenience of the international readers. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version of the report, the Italian version shall prevail, as the Italian version constitutes the sole official document compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815. LETTER TO THE SHAREHOLDERS Dear Shareholders, As we enter a new year on our shared journey, we are once again overwhelmed with profound gratitude and a renewed sense of confidence. Spanning a period of 13 years, the company's growth path began with its listing on the Italian stock exchange in 2012. We find this fascinating because it is not only about a company's expansion; it is also about the gradual evolution of the idea of work as an economic measure and a means of ensuring human dignity, industry, spirit and modernity, as well as safeguarding. The year 2025 was undoubtedly a year of great significance for our Casa di Moda in Solomeo. It was a very fruitful year, during which progress was made along well-established pathways, guided by the ideals of Humanistic Capitalism and Human Sustainability: respect for people, care for Creation, the pursuit of healthy profit, and the aspiration to achieve harmony between what we produce and the legacy we leave behind. We approached this past year with the same attentive and determined spirit that we bring to our daily work. This has not only further consolidated our position in the high-end luxury segment, but also demonstrated the strength of our offering, which sparks desire and engagement, fostering close relationships with our end customers. We believe that it is of paramount importance to manage growth while upholding exclusivity, quality, craftsmanship, manual skills, "Made in Italy" excellence and sustainability. On 4 December 2025, in the picturesque setting of Cinecittà, I had the privilege and pleasure of attending the world première of the documentary film that chronicles my life. "Brunello, il visionario garbato" ("Brunello, the gracious visionary") came about as a result of a new awareness that led me to explore the human values that have nourished my soul through a poetic work. This was made possible thanks to the creative genius of director Giuseppe Tornatore and a captivating score by composer Nicola Piovani. I would like to dedicate this film to all the young dreamers throughout history because they are the salt of the earth, and the future of humanity rests in their hands. Our company's exceptional growth has now been formally recognised with a prestigious new award: on 1 December 2025, at the Royal Albert Hall in London, during the British Fashion Awards, I had the honour of receiving the "Outstanding Achievement Award" in recognition of the "exceptional contribution to the world of fashion, as a pioneer who has succeeded in combining luxury and design with a more responsible approach to business". I like to think of it as an acknowledgement of the creative work of our Casa di Moda, as well as the dedication and industrious spirit of all the "thinking souls" that make up our valued team of collaborators. I believe it is Italy as a whole that is being celebrated: its creative genius and the network of collaborators who contribute to this every day through their appreciation of beautiful things that are crafted with passion, inspiration and respect. In addition to our excellent business results and international accolades, 2025 will be remembered as a pivotal year for investment. Indeed, the expansion project of the Made in Italy artisan manufacturing facility was completed six months ahead of schedule. The plan's core element was doubling the size of our factory in Solomeo: this expansion will enable us to work with peace of mind for the next decade, in keeping with the "beautiful factory" philosophy, which states that the workplace should be as aesthetically pleasing as the products manufactured within it. This growth goes hand in hand with the opening of two new outerwear factories in Penne and Gubbio, two centres of excellence that will further strengthen the ability of the Casa di Moda to manage strategically important processes in-house. Collectively, these works will provide us with a solid foundation on which to build over the next ten to fifteen years. When creating our collections and fostering our harmonious relationship with the Solomeo area, we take an approach that involves listening to stories about places, nurturing relationships with everyone, and safeguarding and renewing traditions. Our aim is to rebuild or improve upon the legacy left to us by previous generations wherever possible. We live and work in the small, 14th-century hamlet of Solomeo, which we have restored and expanded over the years, guided by the genius loci (the Spirit of the Place) and the wise words of our great masters. We have built a Theatre that we consider to be a secular temple of art, a Winery to honour Mother Earth, and a Monument titled "Tribute to the Dignity of Man", which is a testament to our beliefs. Moreover, we are building the Universal Library of Solomeo to pursue the dream of Emperor Hadrian, who said that "those who build libraries shall erect granaries for humanity". Our various projects include the creation of parks, olive groves and vineyards. In creating our collections, we are also inspired by the philosophy of rebuilding, listening to stories about places and people, and cultivating tradition. I believe that the ideals behind these works lie at the heart of the motivation behind the honorary PhD in "Design for Made in Italy: Identity, Innovation and Sustainability", which I received on 3 April 2025 at the "Luigi Vanvitelli" University of Caserta, in "recognition for having brought Made in Italy to the highest levels as a synthesis of culture, tradition and innovation". Another particularly significant moment this year was the Third Universal Symposium on Soul and Economics, which took place in Solomeo in May. During this event, we discussed major contemporary issues, inspired by the thoughts sparked by technological advances, with numerous internationally renowned guests in attendance, including Yuval Noah Harari, Reid Hoffman, Nicholas Thompson and Audrey Tang, among many others. The discussion covered topics including humanity, spirituality and knowledge, as well as the direction in which innovation is taking us, and how we can continue on our current path as a society while maintaining harmony and peace. We believe that the world craves innovation and that technology is paving the way for a revolution similar to those of the past, when people's ability to create often exceeded their ability to predict the consequences of their actions. In light of these events and results, we are feeling very optimistic about the future. Thanks to timely deliveries and positive feedback from multi-brand customers and the specialist press, sales of the Spring-Summer 2026 collections have got off to a strong start, suggesting that it will be an interesting year. This anticipation is further enhanced by the rather flattering feedback received on the Fall-Winter 2026 Women's pre-collection, which was unveiled in December 2025, and the Fall-Winter 2026 Men's Collection, which was presented in January of this year with a highly promising sales campaign. We are very satisfied and pleased with the results of the 2025 financial year. Compared to 2024, turnover increased by 11.5% at constant exchange rates. This result exceeded the expectations set at the beginning of the year, while aligning with our commitment to achieving healthy and balanced growth. In conclusion, I would like to share a special message with young people and encourage them to look up at the sky. As the great philosopher Pavel Florensky wrote in his spiritual testament: "Oh my beloved children, when your soul is heavy, when something does not work out, when someone humiliates or offends you, go outside and look up at the sky and the stars... everything will balance itself out." Solomeo, 18 February 2026 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: http://investor.brunellocucinelli.com/en CORPORATE GOVERNANCE BODIES AS AT 31 DECEMBER 2025 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 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. The shareholders' meeting held on 29 April 2025 confirmed his appointment as independent and non-executive Director. The mandate will remain in effect until the expiry of the current Board of Directors. THE BRUNELLO CUCINELLI GROUP AS AT 31 DECEMBER 2025 Brunello Cucinelli S.p.A. 100% 1.22% Brunello Cucinelli Europe S.r.l. 98% (*) Brunello Cucinelli Austria GmbH 98.76% SAM Brunello Cucinelli Monaco 99% Brunello Cucinelli Japan Co., Ltd. 100% Brunello Cucinelli (Sichuan) Fashion Co., Ltd. 100% Brunello Cucinelli USA Inc. 95% (*) Brunello Cucinelli Retail Spain SL 51% Market Service US, Inc. 100% Brunello Cucinelli GmbH 100% Brunello Cucinelli Belgium S.r.l. 98% (**) Brunello Cucinelli (Macau) Fashion Co., Ltd. 100% Brunello Cucinelli Hong Kong Ltd. 100% Brunello Cucinelli Canada Ltd. 100% 98.21 (*) Brunello Cucinelli Singapore Pte. Ltd. Brunello Cucinelli Suisse SA 100% 000 Brunello Cucinelli RUS 99% (*) 100% Brunello Cucinelli Hellas SA Brunello Cucinelli Taiwan Ltd. 60% Dorica Vestis S.r.l. 100% Pinturicchio S.r.l. 51% Logistica e Distribuzione S.r.l. 75.5% Max Vannucci S.r.l. 51% Brunello Cucinelli Middle East LLC 99.99 (**) Brunello Cucinelli (England) Ltd. 51% (***) Brunello Cucinelli Kuwait for Readymade and Novelty Clothes' Retail WLL 98.54% (**) Sarl Brunello Cucinelli France 98% (****) Brunello Cucinelli Messico S.de R.L. de C.V. 98.53% (**) SAS Brunello Cucinelli France Resort 100% Brunello Cucinelli Australia Pty Ltd. (*) 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. (****) The remaining percentage is held by BRUNELLO CUCINELLI USA INC. GROUP STRUCTURE AS AT 31 DECEMBER 2025 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 Brunello Cucinelli Belgium S.r.l. 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 Brunello Cucinelli Messico S.de R.L. de C.V. Mexico City - Mexico Brunello Cucinelli Australia Pty Ltd. Sydney - Australia 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 2025, the directly operated stores (DOS) numbered 136, along with 57 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 mono-brand stores operated by third parties under commercial distribution agreements (mono-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 mono-brand and multi-brand wholesale customers. At 31 December 2025 there were 28 mono-brand wholesale boutiques. A summary is provided below of the Brunello Cucinelli Group's network of mono-brand points of sale at 31 December 2025 compared to the situation at 31 December 2024: Distribution channel 31 December 2025 31 December 2024 RETAIL 136 130 WHOLESALE 28 27 The following table sets out existing sales points at 31 December 2025 by geographical area: Europe Americas Asia Total Total Brunello Cucinelli stores 60 39 65 164 REPORT ON OPERATIONS OF THE BOARD OF DIRECTORS COMPANY PHILOSOPHICAL AND STRATEGIC REPORT My dear young friends, Every day, I think of you as the centre of the universe. When I was a child, I used to observe my parents closely, learning the rules of life from the way they acted, particularly in my early years when my natural instincts had not yet developed. When I look at you, my young friends, I see both your past and the Tempus novum , the new era that is about to begin. It is vital that we nurture a sense of hope, however, this alone may not suffice. We must also take action as part of a humanist revolution guided by memory and focused on the future. After all, the future is a promise and a gift that awaits us and you, the women and men of tomorrow. But we must desire this gift; this is what values are for - they give life meaning. For centuries, we have held values that are sometimes questioned today. We talk about change and adapting to it as the only way to be happy. However, it is also true that values are still part of the human condition and, for this reason, they dwell in the eternal realm. Certainly without them, the Tempus novum awaiting us would become a vain chimera; the ancient philosophers told us that happiness is not a right, but a legitimate desire to aspire to, an end achieved through harmony of heart and mind. If there is a stage of life where values are born, it is youth - when every feeling, every boldness, every passion is intertwined with the overwhelming vigour of nature: the blazing sunsets, the sublime dawns, the wind, the sun, and the fragrance of countless flowers that grow wild in the fields from who knows where in the world. I see you, young people, as one of those flowers, full of vitality, imbued with the scent of your dreams, and reaching toward the distant horizons where your soul dwells. For me, youth is the most enchanted and fertile land; every memory I have of those times is infused with an excess of meaning that now I only glimpse briefly in rare moments. I know that nothing can ever be as it once was, when our imagination turned a simple carved wooden boat into a steamer crossing the ocean, and that little piece of wood became infinitely more than its shape or material. Sometimes we see around us something like an ailment of the soul, a lack of desire, but Plato, in the poetic myth of Poros and Penia, parents of Eros, told us with enchanted words that desire is born of lack. To love seems to me a sublime condition, but if you want it to live long, make sure to be absent just a little from the one you love. I do not know, my dear young friends, whether these words will caress your soul, but if you wish to desire the New Time, if you choose to make it real and alive, you must inhabit it with the measure the Greeks taught us: gradually, and with reverence as children of Creation. Only then will it not be consumed by the wind, but endure eternally. And I am convinced that none of this can happen without a humanistic revolution, one that you have the power to lead. Remember that school is a privilege for you, because up to a certain age it educates you, and then it instructs you; be grateful to school, which brings you close to books - and even those, to desire them, must be a little absent, and you will love them more if you have to search for them in a library, maybe borrow them, and you will take the greatest care of them, because soon you will have to return them. A library, said Emperor Hadrian, is like a granary of the soul; nourish yourselves, oh youth, with that grain, live the library not as a warehouse of knowledge, but as a generator of understanding; from those books can be born the dream of a humanistic revolution. Aristotle said that the mind does not open if the heart is not opened first: so you, yes you, who live in every part of the vast world where I imagine you, you who today suffer from a certain ailment of the soul, arm yourselves with dreams, with brotherhood, with gentleness, with moderation - and with these gentle weapons, I beg you, become the actors of a humanistic revolution turned to the Tempus novum . My dear young people, I beg you, disprove those wise men, who were perhaps weak in their reflections you have read; be instead the mirror of another reality, the one I see, and not only I - that of young people full of love, symbols of life, daring, treasure chests of precious gems, expressions of nature that goes on endlessly creating, in need of something that only we parents, grandparents, and adults can give you: a listening ear, a word, a caress; such things are nourishment for the soul. 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 2025 2025 was a very important year thanks to the great results achieved. The fiscal year results have clearly demonstrated the effectiveness of our growth strategy, which we plan to carry on implementing in a calm and measured way: this gradual trajectory is intended to preserve the brand's exclusivity, while also aligning with the principles of Humanistic Capitalism and Human Sustainability . This year has been notable not only for the significant results achieved, but also for the direction in which they take us, in a sector where high-end luxury continues to reward authentic and exclusive offerings that combine contemporary style with the highest level of craftsmanship at a fair price . As special and exclusive products become increasingly popular and in demand, we are confident that Casa di Moda is setting the standard for creating rare, highly artisanal products that retain their value over time. In this context, the brand has experienced a period of great success in terms of style , exclusivity and craftsmanship , thereby further strengthening its relationship with its target clientèle. We consider it significant that the results for 2025 were marked by a prevailing sense of balance, with a solid demand observed across all geographical areas . In addition to the important role played by local customers, tourism continued to have a positive impact, helping to maintain the vibrancy of many major capital cities and iconic destinations offering luxury experiences. This balance was also reflected in our distribution model. On the one hand, a direct relationship is cultivated in boutiques , which are welcoming spaces that align with the brand's identity, bringing its style to life and transforming it into an experience. On the other hand, the multi-brand channel provides added value and remains a vital partner for us and an authentic guardian of the brand's taste. Thanks to our select international network, we are able to develop long-term plans and meticulously promote our collections on an ongoing basis. One of the challenges we encountered during the year was the introduction of tariffs in the USA. In response, we have adjusted our price lists, effective from the Fall-Winter 2025 season. However, we did not notice any changes in purchasing behaviour or brand perception: this clearly indicates that the trust of our customers and all our stakeholders , which we consider to be our most valuable asset, has been further strengthened during the fiscal year. We will also remember 2025 as a pivotal year because of the long-term decisions that were made. In fact, we successfully completed the expansion project for the manufacturing facility ahead of schedule: central to this plan was doubling the size of the production site in Solomeo and completing two new outerwear factories in Penne and Gubbio. We see these investments as a commitment to continuity and safeguarding: more hands, more time and more care, in dignified and aesthetically pleasing workplaces, to meet the production needs of the coming years with peace of mind. Alongside the expansion of our facilities, we have also enhanced our Human Resources . In 2025, we had the pleasure of welcoming over 200 new people, who have brought a wealth of new skills, fresh ideas and vibrant energy to the company's daily operations. As we continue on this journey, we remain convinced that Solomeo embodies the unique "made-to-measure" lifestyle that we aspire to adopt and naturally embrace again, both within our manufacturing facilities and in our stores around the world. Looking to the future, we are confident that the opportunities that lie ahead will require the same discipline that has guided us thus far: protecting our positioning, safeguarding quality, investing in people and manufacturing, and continuing to build a sincere relationship with everyone who decides to share some of their time with us. INTERNATIONAL RECOGNITION In 2025, we were honoured to receive several prestigious international awards, which not only make us proud but are also a testament to the high regard in which the identity, values and work culture upon which our company is founded are held around the world. On 1 December, at the Royal Albert Hall in London, Brunello Cucinelli received the prestigious Outstanding Achievement Award from the British Fashion Council, widely regarded as the "Oscar of world fashion". Over the years, this recognition has been bestowed upon prominent international figures, and the motivation behind it was to recognise Brunello Cucinelli's contribution to the fashion world and his commitment to responsible business practices that combine luxury, design and values. Brunello Cucinelli accepted this accolade in tribute to the creative work of the Casa di Moda, and in celebration of the "dedication and industrious spirit" of all our "thinking souls". He dedicated the award to young people, whom he considers to be the guardians of humanity and the custodians of the future. In addition to this award, we place great value on the recognitions received by the Cucinelli family, as they play a crucial role in safeguarding the corporate culture and ideals of Humanistic Capitalism and Human Sustainability, as well as caring for the Solomeo area. In September, Carolina Cucinelli was named by Women's Wear Daily as one of the "50 Women in Power 2025" in fashion and retail. She was also invited to speak at the Forum in New York, in recognition of her creative and human vision which, along with Camilla Cucinelli 's contribution, combines innovation, research and care for relationships, which are the true hallmarks of the Casa di Moda. In November, our CEO Riccardo Stefanelli was included by TIME magazine in the "TIME 100 Climate 2025" list, which recognises the world's most influential leaders in climate action. We are extremely grateful for this recognition, as it reflects our company's commitment to putting the values that inspire all our decisions into practice, guiding us towards research that is in harmony with Creation. "Brunello, il visionario garbato" ("Brunello, the gracious visionary") The crowning achievement of this journey was the world premiere of the documentary film " Brunello, il visionario garbato " ("Brunello, the gracious visionary"), dedicated to the life, mindset and works of Brunello Cucinelli, which took place on 4 December at the historic Cinecittà studios in Rome. Having the opportunity to spend the evening in the company of distinguished journalists, representatives of institutions, international celebrities and lifelong friends, surrounded by family members, made the experience all the more emotional and rewarding. Brunello Cucinelli described the documentary film as a gift from director Giuseppe Tornatore , emphasising the film's poetic power and the magnificent score by composer Nicola Piovani . In his thanks to those who contributed to its realisation, he dedicated it to young people, encouraging them to pursue their dreams of beauty fearlessly and reminding them that dreams can nurture spiritual development in human beings. Collectively, these awards and notable milestones pay tribute to the Casa di Moda, celebrating the achievements made over the years that have led to its recognition and acclaim for the " Brunello Cucinelli taste ". This fitting conclusion to a "historic" year is both a grand gesture and a considered tribute to many years of work, which provides the public with a valuable, in-depth insight into the guiding values that inspire our Casa di Moda. THE DYNAMICS OF THE MARKETS AND THE COLLECTIONS In 2025, it was evident that there was considerable demand for authentic quality and long-term consistency. While our most loyal customers maintained their ongoing relationships, new customers were becoming increasingly interested, which helped to ensure that our most exclusive and contemporary offerings performed well. This trend remained consistent across the main geographical areas, driven by the vitality of local customers and the positive impact of tourism throughout the fiscal year, which further strengthened the international standing of our Casa di Moda. Of particular note was the performance in the Americas , where turnover reached €520.5 million (+11.9% at constant exchange rates), driven by consistent demand throughout the year, indicating that the target clientèle appreciate the high quality and rarity of our products. In Asia , we witnessed further market consolidation, with turnover reaching €392.5 million (+15.3% at constant exchange rates). This demonstrates a growing belief that consumers are becoming more discerning and prioritising craftsmanship, artisanship and the intrinsic value of products. In Europe , a positive trend continued throughout the fiscal year, supported by a strong domestic customer base and high-end tourist flows. Turnover reached €495.0 million (+8.2% at constant exchange rates), with Italy performing particularly well thanks to a successful start to deliveries of the new Spring-Summer 2026 collection. Retail Channel The Retail channel also delivered excellent results , generating a turnover of €947.0 million (+12.9% at constant exchange rates), driven by positive growth on a like-for-like basis and the ongoing expansion of spaces . Major expansion projects were completed throughout the year in London, Paris and Los Angeles. By the end of 2025, we had opened new boutiques in Carmel (Los Angeles), Macao and Shanghai Pudong, thus further strengthening our selective and exclusive international presence. Wholesale Channel Our Wholesale channel is also solid and well balanced. With a turnover of €461.0 million (+8.7% at constant exchange rates), it remains central to the brand's strategy, ensuring the brand stays contemporary , thanks to the seriousness and "taste" with which multi-brand customers present the collections in their spaces, thereby helping to promote the brand successfully. Significant sales were recorded for the Spring-Summer 2025 and Fall-Win-ter 2025 collections, which were supported by positive feedback from end customers and significant restocking. Meanwhile, the first deliveries of the Spring-Summer 2026 collection were well received, while the Women's Fall-Winter 2026 pre-collection , which was presented to customers in early December, also received rather flattering feedback. Digital Channel The digital dimension is still being developed, with the same emphasis on moderation and quality. In 2025, important milestones were reached in the field of research into the language of digital innovation, based on the belief that technology should also be interpreted "according to measure" and used to facilitate human relationships . To this end, we have developed an online experience that is increasingly consistent with our approach to customer relations. We have taken another step forward with the "Callimacus' project" , a new digital boutique launched in January 2026, which has been designed to enhance content, service and dialogue, aiming to combine technological innovation and humanistic sensitivity. THE FOUNDATIONS OF THE COMPANY Our company's foundations are rooted in our clear and distinctive identity in the absolute luxury segment, which is built around collections that are entirely Made in Italy , where quality , craftsmanship and creativity come together naturally. According to this vision, exclusivity is not a consequence, but a guiding principle: it comes from paying careful attention to the product, making well-considered decisions, and committing to preserving a distinctive taste over time. At the heart of the offering is the Ready-to-Wear collection, complemented by accessories that are designed to form an integral part of a total look concept. In a similar way, achieving a balance between our Men's and Women's collections contributes to our continued success. This consistency is also reflected in the distribution model, which combines a direct relationship with boutiques with a selective presence in multi-brand stores. This balance has ensured that the brand's positioning has remained consistent over time. High craftsmanship We put people at the heart of everything we do. With its headquarters in Solomeo and additional manufacturing facilities, the company also has a global presence in boutiques: a journey combining artisan expertise, hospitality and care for both products and relationships. In addition to our dedicated in-house team, our network of Italian artisanal workshops plays a significant role. We work directly with these solid businesses, which have strong roots in the local area, and without intermediaries. Our relationship with them is based on trust, responsibility and generational continuity. This productive dimension expresses the true meaning of Made in Italy : a wealth of skills and a culture of craftsmanship that is worthy of preservation. For this reason, we believe it is crucial to support the supply chain, enabling it to operate in beautiful locations while maintaining dignity and ensuring fair profits . As we look to the future, the biggest challenge is not just meeting demand, but also passing down trades : we need to inspire younger generations to become artisans and skilled workers who can create unique products. Ultimately, the very nature of the Ready-to-Wear segment necessitates a constant focus on research and development: this structural need is reflected in some of our organisational choices, including those relating to warehouse management. We consider this to be a key aspect of the collections' creativity and contemporaneity, which is managed in a responsible and consistent manner, free from short-term pressures. The importance of Ready-to-Wear Product and creativity remain at the heart of the Casa di Moda vision. The company's dedication to ongoing innovation in its collections, coupled with the artisan quality of each creation, has garnered favourable responses from markets globally. The introduction of authentic innovations across various categories has been particularly well received, thanks to the colour research and attention to fit. These elements convey freshness and contemporaneity while preserving the brand's stylistic identity. This consensus has been endorsed by multi-brand partners and specialist press alike, which further cements the brand's positioning at the top of the market. The sales figures for the Spring-Summer and Fall-Winter 2025 seasons have been very positive, with numerous orders placed for both the Men's and Women's collections, which confirms the consistency of our offering and validates the path taken by the company. In addition, we have developed partnerships with companies in the eyewear and fragrance industries, founded on a core principle that is essential to us: establishing and maintaining a unique, high-quality and distinctive brand positioning that extends beyond the Ready-to-Wear segment. One such example is the special edition of the Goldcraft 1978 glasses, two models made of titanium and 18-carat gold by skilled artisans in Fukui, Japan. The "Incanti Poetici" fragrance family has also received positive feedback, and is set to be expanded further with new creations planned for early 2026. Retail network, the value of multi-brand stores and exclusivity We see the direct network as a natural extension of Solomeo to the rest of the world. It is not just about commercial geography; it is also a way of showcasing the brand through carefully curated spaces that are consistent and contemporary. We consider investing in spaces - in their aesthetic appeal, hospitality and functionality - to be an essential part of our identity: it is vital that product quality and relationship quality are equally represented in these places. Our company has always considered the multi-brand channel to be of fundamental importance. We think of it as an authentic guardian of the brand's taste: it is not merely a distribution channel, but rather a partner that can contribute to the contemporary spirit of our collections, thanks to the high-quality presentation and promotion of the brand in the spaces of our selected partners. Over the years, multi-brand stores have proven themselves to be serious and responsible partners: when managed selectively, having a presence in multi-brand stores does not diminish the brand's perceived exclusivity; rather, it strengthens and enhances it. "Healthy" growth and an authentic bond with the customer We define "healthy" growth as the result of balanced progression , managed in full alignment with our brand protection strategy. This means that we must avoid overexposure, maintain discipline, and, when necessary, have the courage to turn down opportunities that do not align with our tastes or positioning. Consistent with this approach, the company has continued to build an authentic relationship with the customer, based on esteem , trust , and mutual respect . Initially founded in Solomeo, the brand has since expanded to include boutiques in some of the world's major capital cities, showrooms, and Case Cucinelli stores, as well as e-commerce platforms and multi-brand stores: our goal is to ensure that this people-focused approach continues to thrive and evolve across all these locations. The appreciation expressed by customers in the highest segment of the luxury market proves how deep and sincere this bond is, and how it fosters meaningful and intense communication. Operational excellence, planning, and vision for the future The model's efficacy is further demonstrated by the excellence of its daily implementation. Also in 2025, a particularly high level of service was provided to both the direct network and multi-brand customers: timely completion of deliveries , prompt restocking and efficient inventory management, were made possible by an entirely Italian, short production chain , which ensured reliability throughout the value chain. In short, we believe that our company's core strength is its consistency : consistency of positioning, taste, supply chain and relationships. Ready-to-Wear as the focal point, craftsmanship as the method, exclusivity as the principle, hospitality as the style. These are the cornerstones that guide our daily actions, and we are committed to preserving and renewing them responsibly year after year. OUR IDEA OF HOSPITALITY Our idea of hospitality is reflected in spaces that are designed not just as sales spaces, but as contemporary "homes" for the brand, where hospitality is an integral part of the experience . In 2025, we focused on expansion and modernisation projects that would make our spaces more harmonious, comfortable and recognisable, fully in line with the Brunello Cucinelli taste. Boutiques As part of this effort, several major expansion and renovation projects were undertaken in iconic cities such as London, Paris and Los Angeles throughout the year, aiming to align the spaces with the latest Ready-to-Wear collections, while preserving the distinctive character of each city. Further targeted openings , such as the boutiques in Carmel (Los Angeles), Macau and Shanghai Pudong, strengthen our selective international presence while staying true to the inspiration behind all our boutiques: the idea of a welcoming home where store managers act as " hosts " and brand ambassadors , paying close attention to the details that contribute to creating the warm, family-like atmosphere that is typical of Italy. Casa Cucinelli In addition to the boutiques, the Case Cucinelli are the perfect embodiment of our vision of hospitality: in these spaces, the relationship with the customer benefits from a more relaxed atmosphere, reminiscent of domestic settings, and the total look naturally complements the contemporary lifestyle concept. In 2025, we took further steps to "refresh" the concept, with the aim of making these spaces more welcoming and in line with current sensibilities, all the while preserving their original purpose of making guests feel as though they are part of a world of care, courtesy and understated beauty. During the year, our concept of hospitality was enhanced in our new location, which is imbued with aesthetic and symbolic value: Casa Cucinelli, in the heart of Rome and overlooking Piazza di Spagna , in a building dating back to the same period as the Spanish Steps, a landmark that has always been synonymous with the district's international character. Its classic beauty has been restored and enhanced, enabling guests to experience the welcoming atmosphere of a real home from the moment they enter: a spacious, bright and serene space featuring a harmonious blend of historical elements and contemporary details. The new Casa Cucinelli in Rome celebrates the timeless charm and rich cultural heritage of the Eternal City. Alongside its locations in Milan, New York, Tokyo, Paris and London, it further establishes the brand's presence in key locations of some of the world's major capital cities. We see it as another tribute to the Italian sense of style, conveyed through gracious and authentic hospitality that makes shared moments an integral part of the Brunello Cucinelli experience. Digital Boutique In 2025, important milestones were reached in the field of research into the language of digital innovation, based on the belief that technology should also be interpreted "according to measure" and used to facilitate human relationships . In early 2026, we took a significant step forward on our journey by launching our new e-commerce platform . Designed to offer our online customers a more natural, fluid and personalised browsing and shopping experience, the project is fully consistent with the values that have always guided Casa di Moda in Solomeo. Brunello Cucinelli often talks about the inspiration behind the idea of " deeply Human Artificial Intelligence ": technology that is able to listen, understand and provide support without replacing human sensitivity and freedom. The platform was conceived and created using " Callimacus ", which was developed by Solomei AI , our research centre that explores the creative, scientific and technological potential of artificial intelligence. According to this vision, the new platform is a system that has the ability to understand what each visitor is looking for, so that it can provide a more engaging, "tailor-made" experience in real time. Brunello Cucinelli explained the idea behind this work: "For years we envisioned a new e-commerce platform, combining our desire to welcome our esteemed 'online guests' with the most promising technological innovations, and our own way of thinking - in the belief that artificial intelligence must remain deeply human. Our small AI team has conceived this synthesis of contemporary technology and creative genius, which I find utterly fascinating. It feels as though we have achieved a true invention, as described by friends in Silicon Valley. Today, the ideas behind "Callimacus", the platform's name, appear very promising to us because they allow us to instil a little human intelligence into the way websites work. This enables us to build personalised experiences that go beyond task execution and put each of us, our uniqueness and our manner of exploring and discovering at their heart. From this arose our new project: a new e-commerce platform, able to welcome, listen to, and understand every visitor. We believe this invention will play a decisive role in supporting the company's growth, both in terms of brand image and revenue.' Visual Merchandising Attention to visual merchandising - a cornerstone of the brand's aesthetic identity - remained consistent and meticulously curated in every detail, helping to define a coherent and distinctive experience across all spaces where the brand is present. The commitment to keeping all spaces where the brand is present modern and contemporary remains a priority: to this end, investments are directed towards the refurbishment of the boutiques and showrooms, as well as spaces in leading luxury department stores. In order to achieve this vision, we must continuously seek out exclusive locations and implement targeted expansion and modernisation projects, so that we can further enhance the brand's identity and strengthen its international positioning. The relationship with customers and "artisan" events To ensure the continued success of our brand, we consider it crucial to focus on building and cultivating quality relationships over time. In 2025, the interests of new customers were consistently aligned with the trust of our most loyal clientèle : this key customer base recognises the importance of consistency and authentic quality, inspiring us to dedicate ourselves more fully to each encounter. In this sense, we strive to create special moments for our brand. We like to describe them as "artisan" events, which are not flaunted, but planned with care, and where the time spent together is as important as the product itself. We therefore organise intimate events in our boutiques and other notable venues, which are designed to encourage a sincere dialogue with our guests and strengthen the bond of mutual esteem, trust and respect that we consider to be an essential part of the way we work. Harrods takeover: a manifesto of style in London In December, and throughout January, we took over the 26 main shop windows at Harrods in London, marking a notable milestone for our company. This initiative was not merely about creating a visual display, but rather about presenting a genuine narrative that reflects our identity . This project brought our vision of taste to life in one of the world's most iconic luxury department stores, translating it into images and atmospheres: our values of attention to detail, moderation, craftsmanship, contemporary elegance, and a sense of hospitality, which we strive to promote wherever the brand is present. During this special time of year for the city and the luxury retail sector, these shop windows became a "manifesto" for our style , combining storytelling and products, emotions and discipline, and celebrating the work of many people and the consistency of a journey built over time. HUMANISTIC CAPITALISM AND HUMAN SUSTAINABILITY The founding values of the company, inspired by the philosophy of Humanistic Capitalism, continue to represent the deep roots and constant reference point for every action of the company. In our view, focusing on human dignity , protecting the local area , promoting culture and supporting younger generations should go hand in hand with our business activities. This is the approach we wish to take to our work: one of moderation, responsibility and vision of the future. In 2025, this commitment took on new meaning through initiatives that updated the core elements of our vision using modern language: care for places and landscapes , dialogue between humanism and technology , training for young people, and cultural reflection to nourish the mind and soul. The "Week of Guardianship" On 12 June, a new project called "Settimana della Custodia" (Week of Guardianship) was presented, conceived by Brunello Cucinelli and his family. Held in Perugia from 15 to 21 September, the initiative was dedicated to the architectural and landscape wonders of the municipality, with the aim of promoting a civic culture of preservation , care and beautification . The project, which was warmly welcomed by local institutions, as well as the cultural and academic worlds, is based on the simple, concrete principle that shared beauty is a shared asset requiring daily care and attention. The initiative is based on the premise that everyone can contribute to a collective effort, whether that is revamping the exterior of their home, growing a vegetable garden, or helping to look after the public spaces that shape the city's identity. In light of this, the invitation is not to undertake something extraordinary, but rather to cultivate a kind habit: turning care into a cultural, civic and, ultimately, spiritual practice. As Brunello Cucinelli said, "we are all temporary guardians of Beauty", and small acts have the power to breathe new life into places and bring joy to the soul, setting a virtuous circle in motion. Brunello Cucinelli commented on the initiative as follows: "I like to think that this Week of Guardianship will see the joyful participation of all Perugians and others from further beyond, urging them to recognise the importance of each person caring for a small part of our splendid city of Perugia, a heritage of humanity. We are all temporary guardians of Beauty, and the Beauty found in Perugia's monumental stones, parks, gardens, and orchards awaits daily, gracious, and gentle acts of care from everyone: residents, students, and the tourists who visit and are charmed by the city. The ancient Athenians taught us: "If the doorway to your home is clean, the whole city is clean," and "it is our duty to leave the city more beautiful than when we inherited it." I believe that everything can start with caring for our own front door. A cleaned and polished door will be more beautiful; a well tended garden will be more beautiful; and then a pavement, a bench, a wall, a plaque, a flower pot, a path, a fountain, a little park, a public square, and so on will all regain new light and beauty". This will thus trigger a virtuous circle in which everyone feels responsible for the city's beauty and respectful of its territory. I am certain that, when we restore dignity to certain places, to certain corners of the city, our very souls will benefit and feel much lighter. In Siena, in the town hall, the fresco "The Allegory of Good Government", masterfully painted by Benozzo Gozzoli for our instruction and pleasure, depicts the Sienese Constitution of 1309, the supreme expression of the norms regulating civic, political, and judicial life, where we can read: "Those who govern must hold the beauty of the city foremost in their hearts for the delight and joy of visitors, for the honour, prosperity, and growth of the city and its citizens". Third Universal Symposium on Soul and Economics, Solomeo The Third Universal Symposium on Soul and Economics took place in Solomeo from 15 to 18 May, building on the discussions initiated in previous years. The event brought together influential figures from various fields -philosophy, technology, science and art - who were invited to discuss the most pressing issues of our time, with special emphasis on the relationship between human beings and innovation . The event featured guest speakers Yuval Noah Harari and Reid Hoffman, who participated in a wide cross-disciplinary debate centred on the themes of vision and responsibility. The Symposium's central theme was to envision technology as a "handmaid" of humanity, rather than its replacement: a tool for exploration, understanding, dreaming and building. In this context, the concept of " human artificial intelligence " suggests the need for moderation: making progress without losing sight of eternal values such as empathy, generosity and respect, while also finding common ground for dialogue even when there are differences. Brunello Cucinelli commented on the event as follows: During these three wonderful days spent together in Solomeo, against the enchanting backdrop of the Umbrian countryside and immersed in its Genius loci (the Spirit of the Place), we discussed the major contemporary issues, inspired by the reflections that human artificial intelligence is fostering within us all. We discussed humanity, spirituality, religion, and knowledge, exchanging our perspectives and visions. We looked toward the horizons to which innovation is leading us and attempted to imagine its resonance across communities, societies, and individuals. We spoke about democracy, participation, confrontation and synthesis, as well as how to establish common ground to foster plurality. We also envisaged the arts of the future, which will emerge from the extension of human eyes and hands made possible by technology, merging humans and AI in a sort of shared creative process. (...) We also discussed the great and timeless values of generosity and empathy, whose ancient legacy will continue to inspire our vision for guiding the future of humanity. (...) Finally, we became emotional when discussing the possibility of creating a collaboration between humans and technology that would always treat the latter as our handmaiden, enabling humanity to continue exploring, understanding, dreaming and building. Precisely with respect to this latter point, to this intangible scenario where reason and the irrational meet, we have been able to appreciate the depth of the conversations at this 2025 Symposium. We are now even more convinced of how much and what benefit humanity can derive from human technology by using it the Greek way, according to measure and utility (…)". The honorary doctorate awarded in Architecture On 3 April, in the Aula Magna of the Rectorate of the University of Campania "Luigi Vanvitelli" in Caserta, the Department of Architecture awarded Brunello Cucinelli an honorary PhD in " Design for Made in Italy: Identity, Innovation and Sustainability ", with his doctoral lecture entitled " The Genius Loci, Master of the Arts ". This prestigious accolade was awarded in recognition of an achievement whose cultural significance lies in its combination of enterprise and vision, tradition and innovation, beauty and responsibility. Brunello Cucinelli has stated that he considers this recognition to be a tribute not only to the family, but also to younger generations, drawing on Greek wisdom and the principle of "nothing in excess". His reference to Vitruvius - "solid, useful and beautiful" - and the concept of feeling like the "architect of the company" effectively convey the meaning of this moment in time: creating spaces, relationships and work in the same way as one might approach architecture, striving for a balance between functionality and beauty. Brunello Cucinelli commented on the award as follows: "I feel particularly honoured to have received this prestigious acknowledgement, which I wish to consider a tribute to my family and especially to my grandchildren, who cheer me up every day at work and at home. The Greeks knew that mind and soul are both necessary for the human being, for which reason they had Apollo and Dionysus. Above all, it is up to young people, leaders of a new humanistic revolution at the dawn of a tempus novum, to follow Greek wisdom, summarised in the phrases inscribed on the Temple of Delphi: "Know thyself", and "None too much". Humanistically, they can therefore experience the feeling that leads to emotion, imagination and creativity. Vitruvius said that architecture must be robust, practical and beautiful. I was inspired by this paradigm, feeling a little like the "architect of the company", for having conferred the specific qualities suggested by the great Au-gustan architect and essayist. In Solomeo, we attempted to listen to the genius loci, the master of the arts in the conservation and construction of the hamlet and the valley. This is the immense gift given to us by architecture. It is no coincidence that the University of Campania bears the name of a very refined architect, Luigi Vanvitelli, who designed the wonderful Royal Palace of Caserta. Enlightened by the taste for classical renewal, he created the magnificent Italian style, admired all over the world. I therefore consider universities a fertile breeding ground for knowledge, nourishment for the spirit as well as for the mind, instilling in me a devotion to those who are engaged in the priceless cultural endeavour of their transmission. Thank you, thank you from the bottom of my heart to this wonderful University, to its wise Academic Senate and to the esteemed Rector Nicoletti for such a unique and special gift, which I cherish with joy and gratitude". SAFEGUARDING OF THE PRODUCTION CHAIN AND RELATIONSHIPS WITH PARTNERS During 2025, the company closely monitored the continuity of its raw material supplies, cultivating collaborative relationships with its suppliers based on respect and mutual understanding. Thanks to the high responsiveness of our short, entirely Italian supply chain we have been able to efficiently adapt to changing production volumes while maintaining extremely high levels of service and reliability. Throughout this journey, we have found the growth of our network of external artisanal workshops particularly encouraging: this expansion does not undermine the artisan character that defines our identity, but rather enhances it. We are certain that this close relationship - both territorial and human - remains a decisive factor in the quality of the collections, the allure of the brand, and its positioning, fully in line with our idea of luxury. Italy plays a pivotal role in this regard, as evidenced by our collaboration with over 400 artisanal workshops alongside the company's own factories , which s make a significant contribution to the creation of the collection. These enable us to safeguard and develop the creativity of our products, maintain the quality of our manufacturing and ensure the timeliness of our deliveries, all while preserving the authentic craftsmanship of our collections. The company has built a solid relationship of trust and mutual respect with its small craft enterprises over the years, viewing them as true strategic partners. They are fully integrated into the production process, working closely with our creative team and in-house workers. This ensures the highest possible standard of execution for each garment, while also maintaining the consistent quality for which the brand is recognised in the market. During the course of the year, there was an increase in production capacity alongside the organic development of the network: some of our existing workshops grew in size, the share of work reserved for the company by small craft enterprises operating on a multi-client basis increased, and new, highly specialised companies began collaborating with the Casa di Moda. Manufacturing vitality Recruiting new specialised figures , who are considered essential for preserving the quality, craftsmanship, and taste that define our company's identity, goes hand in hand with collaborating with artisanal companies on a permanent basis. It is an extensive and widespread network involving a total of around 8,000 artisans , primarily based in Umbria , where over 70% of workshops are located, with the remainder situated in other districts of excellence . Direct relationships based on trust and generational continuity ensure the continued vitality of the supply chain. There are also encouraging signs of renewal: the average age of owners and artisans indicates that a generational shift is underway, with young yet experienced individuals playing a crucial role in ensuring the continuity of Italian manufacturing culture. The transmission of knowledge is equally fundamental, carried out through the schools of high craftsmanship . Here, many young people have found opportunities to learn and build a professional path: many have joined the company's workforce on a permanent basis, while others have launched new entrepreneurial ventures, helping to strengthen the widespread network of craftsmanship. From this perspective, manufacturing is not only an industrial process, but also a cultural heritage that must be preserved . Our ambition is to enable consistent growth over time that aligns with the brand's identity and respects the dignity of work. This will help ensure that products traditionally crafted in our country continue to be made with the same level of artistry and dedication. INVESTMENT PROJECTS IN THE HANDICRAFT INDUSTRY At the foundation of our brand's exclusive offering lies, consistently and continuously, a distinctive production model that defines its identity: an entirely Italian artisanal production , rooted in craftsmanship , in the quality of workplaces , and in the full appreciation of the human being in all its expressions. This model not only represents the company's industrial foundation, but also serves as a flexible and solid resource, enabling it to support growth rigorously and respond promptly to diverse scenarios. During the fiscal year, we invested a total of €146.2 million, which significantly contributed to the completion of the three-year plan 2024-2026 dedicated to Made in Italy artisanship, bringing it six months ahead of schedule. The impact of investment on revenues reached an exceptional 10.4%, which puts the company in a strong position to meet production demands over the next ten to fifteen years. Made in Italy Italy's role as the exclusive home of production is reaffirmed with conviction. All operational structures - both those managed directly and the network of external artisanal workshops - are located within the country, in areas that preserve unique skills and a deeply rooted culture of craftsmanship. Within this context, the workshops make a decisive contribution to maintaining a truly manual component , made of needle, thread and scissors, which today accounts for over 60% of total processing and has grown steadily in recent years. Increased manufacturing capacity The investments made in 2025 fully respect our founding principle: producing more requires more hands, more time, more care. This awareness leads to the choice of initiatives that, beyond responding to operational needs, reflect a cultural vision: each facility is conceived not only as a functional place but also as a space capable of expressing beauty, harmony, and respect, in the conviction that the places where beauty is created must themselves be beautiful. A key part of this process involved doubling the size of the factory in Solomeo , the company's original headquarters. The new building rises at the gates of the hamlet on a reclaimed and redeveloped former industrial site, without consuming new land, in line with a vision focused on protecting the landscape and maintaining ties with the local community. At the heart of our industrial commitment for 2025 lies the decision to double the size of the factory: this investment will enable us to operate with peace of mind for the next 10-15 years, ensuring continuity and quality, while also providing adequate space for our workforce to grow. The new "beautiful factories" Alongside Solomeo, strategic initiatives are being developed in some of the most important districts of Italian artisanal tailoring, dedicated to the manufacture of outerwear and men's tailored suits. The construction of the " beautiful factories " in Penne , Abruzzo, and Gubbio , Umbria, was completed in 2025, thereby strengthening the company's ability to oversee the in-house manufacturing of a very important product category. The facilities have been designed as welcoming, well-maintained, and spacious sites that embody the concept of the "beautiful factory" that has always inspired the company in designing work environments. Carrara , in Tuscany, is also part of this project: a virtuous example of industrial regeneration, a tailoring facility that is not only a production centre but also a symbolic place of renewal and the culture of craftsmanship. The School of Arts and Crafts One of the major issues that will need to be addressed in the future is the transmission of knowledge : safeguarding craftsmanship means ensuring that it remains appealing to younger generations. It is in this context that the School of Contemporary High Craftsmanship and Arts in Solomeo truly excels. Since its foundation in 2013, the school has provided young people with a practical, reputable and qualifying programme of study that fosters a culture of work, technical expertise and human dignity. We like to think that these schools are not just educational places , but places of "care" : not only do students learn a trade, but they also learn how to navigate the world of work with respect, moderation and responsibility. In today's fast-paced world, investing in craftsmanship and practical intelligence is key to safeguarding the identity of Made in Italy and ensuring the continuity of the rare quality that has earned us worldwide recognition. On a par with its industrial projects, the company considers the school a true investment in the future , a great long-term project designed for the artisans of the future who, learning now, will go on to play the valuable role of skilled custodians of manual creativity. The fruits that the company has reaped from this work are irreplaceable and a source of great pride. BRUNELLO CUCINELLI: CONTEMPORARY LIFESTYLE Thanks to the excellent results achieved in 2025 and the significant international milestones that have characterised the history of the Casa di Moda, we believe that the brand's ability to interpret and promote a distinctive offering for a contemporary lifestyle has been further strengthened. With its instantly recognisable taste , our lifestyle is based on the idea of fresh , understated elegance with a subtle sophistication , ensuring the highest quality thanks to our skilled craftsmanship and ongoing stylistic research with a contemporary approach that evolves and adapts with each season. Throughout this journey, we have found that consistency is the key to our offering: a unique, recognisable and harmonious aesthetic universe that can adapt to different product categories while retaining its identity. Our total look is becoming increasingly comprehensive, as is evident from our " contemporary licences " for eyewear and fragrances , which are designed as natural extensions of the Brunello Cucinelli taste, sharing the same high-end, distinctive positioning as our Ready-to-Wear collection. Eyewear Our collaboration with EssilorLuxottica continues constantly and with great satisfaction, in full compliance with the principle that has always guided us: to affirm and maintain our brand's unique, very high and distinctive positioning , including in the worlds of eyewear. In light of this, our eyewear range is continually evolving as a consistent reflection of the brand's taste , paying close attention to the quality of processing and the value of materials, considering these not as an exercise in style, but as an authentic language of "well-made" products. In 2025, we launched a special edition that we believe to be the finest product in this category: the Goldcraft 1978 glasses, two models made of titanium and 18-carat gold, made possible by the skilful craftsmanship of artisans in Fukui, Japan. Based on the initial feedback received, we believe that this proposal effectively combines precious materials and high-quality workmanship with an authentic, contemporary style, which demonstrates that accessories can also embody understated and enduring elegance. Fragrances With regard to fragrances, we are continuing to work closely and consistently with Euroitalia , pursuing a strategy that prioritises quality and exclusivity , aligning with the premium segment of the market. We want our fragrances to reflect the same level of care and "taste" that is essential to our collections, ensuring they become an integral part of our customers' lifestyle and total look. In 2025, the "Incanti Poetici " family - comprising six creations presented at the end of 2024 - received very positive feedback, thus confirming the demand for distinctive, high-end products that are consistent with the brand's identity. In the near future, the collection will be further enriched by three new products , scheduled for early 2026, which demonstrates our commitment to gradually and carefully continuing down this path, while preserving the uniqueness of our positioning and the quality of our offerings. READY-TO-WEAR COLLECTIONS The Ready-to-Wear collection remains the focal point of the brand's stylistic identity and serves as the basis for developing a complete and recognisable contemporary lifestyle concept, season after season. Over the past few years, the gradual development of our total look for Men and Women has meant more than just expanding our offering. It has also involved a process of refinement by making the " Brunello Cucinelli taste " more distinct and recognisable while upholding the values of understatement and sophistication, craftsmanship and naturalness, elegance and effortless ease. As we continue to develop our collections, we are responding to what we perceive as an increased demand in the high-end market: the quest for well-made special garments that are designed to last and to accompany everyday life with lightness, comfort and moderation. The balance we strike between indoor and outdoor wear, and between leisure and professional attire, defines our offering: effortlessly relaxed tailored clothing that is elegant without being ostentatious and contemporary without compromising on material quality or attention to detail. In 2025, the presentations of the Spring-Summer 2026 collection marked two significant milestones in our engagement with customers, the press and industry insiders. During Pitti Immagine in June 2025, the Men's collection showcased a consistent shift towards a more fluid and modern elegance, successfully redefining the established codes while staying true to its roots. During Milan Fashion Week at the end of September 2025, our Women's collection clearly embodied our vision of contemporary femininity: understated, sophisticated, lively and capable of combining rigour and spontaneity. We were delighted to receive positive feedback in both cases, expressing appreciation for the offering's novelty and recognising its consistent and well-positioned nature. It is becoming increasingly important to us that the presentation of our collections remains a "special" moment : a relaxed and friendly event where we can meet and listen to people, allowing them to assess the true quality of our offering. As always, the most tangible proof of this appears as the collection slowly makes its way to stores: it breathes new life into spaces, reinvents the narrative of the brand, and offers customers new combinations and ways of putting together their outfits, thus maintaining the bond of trust that we consider our most valuable asset. At the beginning of 2026, the Men's Fall-Winter 2026 Collection , presented in Florence during Pitti Immagine, suggested a further step forward, encouraging optimism for the coming season and demonstrating continuity in our creative journey. We are now looking forward to the next Women's collection with confidence, as we are certain that it will meet our standards of taste, contemporary style and quality, in keeping with the moderation that has always guided us. This is also evident from the positive feedback on the Women's Fall-Winter 2026 Pre-Collection , which we presented to customers in early December. Women's Spring-Summer 2026 Collection The stylistic research for the Women's Spring-Summer 2026 Collection relies on a fundamental and universal image: the four elements - Earth, Air, Water and Fire - provide a way of describing the season emotionally, with each offering drawing on the concept of authenticity, in tune with nature and its most intimate vibrations. Earth adds solidity and depth to outfits through sartorial roots and sophisticated textures; Air introduces light, transparent fabrics, mesh and openwork, and a never-ostentatious femininity; Water flows into new proportions and ergonomic shapes, with couture accents and marine references in the form of luminous embroidery and "seabed" reflections; finally, Fire ignites the palette with bright reds, infusing every garment with artisanal passion and making it a true statement of beauty. This season, mesh becomes a distinctive feature, chevron patterns are accentuated, summer motifs are reimagined, and knitwear achieves exceptional results: from the OPERA series to couture creations inspired by the sea, where lightness and preciousness coexist naturally. Men's Spring-Summer 2026 Collection The Men's Spring-Summer 2026 Collection offers a cultured and understated interpretation of masculine elegance, where lightness is not only a fabric quality, but also - and more importantly - an attitude: freedom of combination and the spontaneity of creating looks with sophisticated taste that never becomes ostentatious. Silhouettes blend fluidity and sartorial precision, achieved through a subtle balance of cuts, textures and materials: light wools, silks and linens are combined with fine leathers, while outerwear and blazer jackets redefine proportions naturally, supported by research that views comfort as a contemporary form of elegance. The outerwear collection is designed to be worn throughout the season and features different weights and constructions for various climates. In addition

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