Moncler — Call Transcript 2026

Good evening. This is the conference call operator. Welcome and thank you for joining the Moncler First Quarter 2026 Interim Management Statement Conference Call. As a reminder, all participants are in listen-only mode, and after the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Elena Mariani, Director of Strategic Planning and Investor Relations. Please go ahead, madam. Thank you, operator, and thank you all for joining our call tonight. I will host this interim management statement call together with Luciano Santel, Chief Corporate and Supply Officer. I will start providing a brief overview of our results, and then Luciano and I will be happy to take your questions. Before starting, I need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on Group's current expectations and projections about future events. By their nature, forward-looking statements are subject to risks, uncertainties, and other factors that could cause results to differ materially from those expressed in or implied by these statements, many of which are beyond the ability of the Group to control or estimate. Let me also highlight that given the nature of our business, interim results can be influenced by seasonal effects and therefore cannot be taken as a proxy for full-year trends or results. Finally, I remind you that the press has been invited to participate to this conference in a listen-only mode. Starting with an overview of our Q1 results on page three, I'm delighted to announce that as a group, we achieved revenues of EUR 881 million, up 12% year-on-year at constant effects and up 6% in reported terms, reflecting six percentage points of negative impact from currencies. These results reflect double-digit sales growth achieved at both brands. Moncler brand revenues of EUR 767 million, up 12% year-on-year at constant effects, and Stone Island brand revenues of EUR 114 million, up 11% year-on-year at constant effects. Now, if you move to page four, we're going to briefly touch upon the key highlights related to the Moncler brand. This has been an amazing quarter for the brand, probably the best we have ever seen in terms of brand impact and engagement, particularly when it comes to Moncler Grenoble. Starting last December, we had embarked on an intense 100-day journey of storytelling and activations related to this brand dimension. We had started back then with the launch of Moncler Grenoble latest campaign, and then in Q1, we unveiled the fall/winter 2026 collection in Aspen within the Rocky Mountains during a unique two-day brand experience with the Moncler Grenoble global community. During this experience, we opened our second Moncler Grenoble-only store in Aspen after St. Moritz two years ago. Obviously the first Grenoble flagship in America. This 100-day journey extended well beyond Aspen. As shown on page five, it included several other activations. Just after the Aspen event, during Milan Fashion Week, we unveiled the Beyond Performance Exhibit in Milan, an immersive experience on the Moncler Grenoble universe and identity in the courtyard of Portrait Milano. Importantly, we returned to the Winter Olympics for the first time since 1968. We co-created with Brazilian designer Oskar Metsavaht, the ceremonial uniform of Team Brazil. This was announced just 24 hours before the opening ceremony, and it quickly became the most relevant news of the day for both the luxury fashion world and the sports industry. The uniform and the moment itself became an iconic image of the 2026 Winter Olympics, and the impact on media and social media has been beyond any expectation on our side. We were also incredibly lucky to be represented at the Olympics by our Moncler Grenoble global ambassador, Lucas Pinheiro Braathen, who won the first ever Olympic gold medal for Brazil. I'm sure many of you had the chance to see these very emotional images from Lucas. On the back of his incredible journey, we launched the South Star, a campaign to celebrate Lucas' fantastic achievements, but also his personal story and values. Together, all these initiatives delivered exceptional visibility and engagement, generating over 6 billion in potential global reach, 435 million in digital engagement, and over 3,200 press articles worldwide, making this the most impactful Moncler Grenoble brand chapter to date. This quarter was not just about Moncler Grenoble. Moving to page six, you can see a selection of other brand highlights related to Moncler Collection and Moncler Genius. First, we launched the first ever spring/summer collection developed in collaboration with Rick Owens, marking an evolution of a creative partnership that was historically mainly and just focused on fall/winter. Second, we presented Moncler Collection spring 2026, supported by a global campaign shot in Rome, featuring actors Francesco Scianna and Celeste Dalla Porta, which generated 182 million potential reach worldwide and 2 million global engagement just within the first 30 days. Finally, Moncler further expanded its footwear offering with the introduction of the new Trailgrip LP. This model represents the lightest technical sneaker developed by Moncler to date, supporting the continued evolution of our footwear pillar. Let's now move to Stone Island on page seven. Also for Stone, this was an incredibly eventful quarter, marked by a series of initiatives that further reinforced the brand's positioning around community, research, and innovation, and increased the visibility of the brand worldwide. From a product and innovation standpoint, Stone Island continued to push the boundaries of material research and fabrication with the launch of Prototype Research Series 09, where for the first time, knitwear became the subject of prototype experimentation. We also continued Stone Island's global partnership with Frieze, returning to the Los Angeles edition of Frieze Focus and reaffirming the brand's long-standing commitment to supporting emerging galleries and artistic experimentation. As part of this initiative, the brand collaborated with American artist Jamal Cyrus on the latest iteration of its Frieze uniform T-shirt series. In parallel, Stone unveiled the next chapter of its community as a form of research project presenting the spring-summer 2026 collection. We further expanded the brand's dialogue with its global community, with this new chapter bringing together a varied group of individuals sharing Stone Island's values, such as former football icon Paolo Maldini, an amazing brand ambassador whom you can see on the page. Finally, the quarter included the opening of a new flagship store in Naples on one of the city's most prominent streets, once again, developed in collaboration with the OMA/AMO studio. For the occasion, Stone Island released a surprise, a short documentary exploring the unique relationship between the brand and the city of Naples. Talking about numbers, we're going to start with the Moncler brand on page eight. We're very happy to say that in the first quarter of the year, the brand grew by 12% at constant currencies. Looking first at the performance by geography, Asia was the best performing region, growing by 22%. All countries grew year-on-year in this quarter and improved sequentially compared to Q4. China and Korea in particular were very strong and outperformed the rest of the region. Overall, local consumption was positive, but we also registered very good tourist flows within the region. Both locals and tourists contributed positively to the growth of Asia. Growth was also good in the Americas region, which was up 7%. Here, we continue to observe very solid growth in local consumption in the DTC channel, but the wholesale channel also registered a positive performance in the quarter. EMEA revenues instead were down 1%, underperforming the other regions. Here, I would highlight two factors in particular that affected the performance of the region. First, still subdued tourism trends from customers overseas, while local consumption has been holding up. Second, a relatively weak performance of the online channel in the region. Looking at Moncler revenues by channel on page nine, we're very pleased to say that in Q1, Moncler DTC revenues were up 14% at constant currencies. We have registered very good retail KPIs and positive traffic into the physical channel. Physical retail has continued to outperform the online channel, which instead remains a bit more subdued in the quarter, even if it has improved sequentially versus Q4. Wholesale revenues were up 3% year-on-year. This was due to a good reception of our spring-summer 2026 collection, which resulted in higher reorders. It is also important to highlight that this positive performance in the wholesale channel was achieved despite the ongoing efforts to upgrade the quality of our distribution, given that in the quarter, we have continued to optimize our third-party network. Let me remind you that for fiscal year 2026, we continue to expect wholesale revenues for Moncler to get close to flattish, so no change in our yearly outlook for this channel. Moving now to Stone Island on page 10. Q1 revenues were up 11% for the brand, boosted by continued solid double-digit growth in the DTC channel. Looking specifically at the trends by region, Asia was the strongest region, up 25%. All the main countries registered strong double-digit growth. I'm talking about Korea, Japan, China, and the rest of APAC as well. Very much a broad-based growth within this region. The Americas region was also up 24%. The region is still small for Stone Island, but it grew at a double-digit pace, both in the DTC channel and in the wholesale channel, so very encouraging signs. EMEA revenues were up 3%. Also here, both channels were positive. When it comes to the single countries, what I can tell you is that Italy, the largest single country in the region, slightly outperformed the rest of EMEA. Looking more specifically at Stone Island trends by channel on page 11, the DTC channel, which is now representing the majority of sales, grew by a strong 17% in Q1. We were very pleased by the development of all the retail metrics, particularly given that this performance is entirely organic, with no contribution coming from new space. All regions were positive in this channel, but as I have just mentioned, Americas and Asia in particular outperformed. For Stone Island, the physical channel continued to outperform the online channel across all regions. Finally, in wholesale, revenues were up 4%. Even for Stone Island, we continue to be extremely selective with our third-party partners. We're very happy to say that growth was driven by a positive reception of the spring-summer 2026 collection. In terms of fiscal year 2026 indication, also for Stone, our ambition for this channel is to get close to flattish, with trends in the first half of the year expected to be better than those in the second half of the year. Last but not least, let's briefly look at our store network on page 12. As of 31st of March 2026, the network of Moncler monobrand boutiques counted 295 directly operated stores, net-net unchanged compared with December 2025. However, I would like to stress again an important development during the quarter, which was the previously mentioned opening of our second Moncler Grenoble only store in Aspen in correspondence of the event we had at the end of January. A beautiful store, definitely one of a kind, as you can see on page 13. Looking at Stone, the network of monobrand stores counted 94 directly operated stores, a net decrease of one unit compared with last December. Also for Stone, I would like to flag the opening of our store in Naples, which I've just mentioned, and of which you can see some nice pictures on page 14. We reached the end of the presentation. I will now hand it over to the operator for your questions. I kindly ask you, as usual, to stick to a maximum of two questions per person to give all participants the opportunity to ask questions. Operator, you can now open the Q&A line. Thank you. Thank you. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. We will pause for a moment as participants are joining the queue. First question is from Melania Grippo, BNP Paribas. Good evening, everyone. This is Melania Grippo from BNP Paribas. I have two questions. I was curious to hear the initial feedback from your clients on your spring summer collection for the Moncler brand, and also on the Grenoble one, since, if I remember correctly, you should have had three drops during the first part of the year. My second question is on Stone Island. Of course, the brand is doing particularly well with retail growing double digits for three quarters in a row. Could you please give us a sense of how it is going, let's say more recently, let's say in April? Also how the three collections, Marina, Stellina, and Ghost, are doing and what they represent on sales? Thank you. Yes. Hi, Melania. About your first question, pre-summer feedback, honestly, it's quite early, but I can tell you that the feedback is very good, very positive, not only from our customers, but let me say from everyone, because of the campaign, as you may have seen, is very, very strong, very impactful. Again, our expectations are elevated. Sorry to say that, but not just in terms of business. That is important, but this is a very important brand campaign. For the first time ever, we wanted to be very intentional about this current season, when normally we are not as strong as much as in full winter. We are very happy because the feedback, and also the media impact is very strong. About Grenoble, Melania, first quarter was very good. was very good also because of everything we implemented, what Elena said before, the event in Aspen for sure was particularly impactful. Also the event in Milan and also the success we indirectly had with Lucas Braathen in the Olympics. Business-wise, I can tell you that the first quarter Grenoble was particularly good. Maybe one small thing, Melania. If you were making reference to delivery two, on the back of Gino's presentation in February, it's actually starting now and marketing will come mid-May, so too early to tell. Okay. Thank you. About Stone Island, Melania, let me comment on Q1 first, which is the first quarter in a row we report double-digit growth for Stone Island. Important to highlight, of course, something I'm sure you saw, growth comes mostly from the DTC channel. Let me say that the entirety of that growth rate is organic only because there is no FX that impacts that growth rate. Very happy about the current trend of Stone Island. That is substantially continuing. Of course, in April, we have just a couple of weeks behind us, so still very premature to get to any conclusion, but this positive trend is continuing in the first days of April. Maybe one small thing about the sub-collections which you have asked. The one that I would highlight as being the strongest among them is definitely Ghost. If you might remember, it was a very low single-digit percentage of sales just a few years ago, and now it's approaching 10% of sales. Very good results. Ghost, as a reminder, is the most elevated part of the collection, tone on tone. Very good reception so far, outgrowing the rest of the collection and contributing to the positive mix evolution of Stone Island. Thank you both. Next question is from Anne-Laure Bismuth, HSBC. Yes. Hi, good evening, Elena and Luciano. Congratulations on a very strong Q1 performance. My first question is about the performance of the like-for-like. I was wondering if you can help us to know what was the space contribution in Q1 and the split between the space contribution and like-for-like. I know you don't break it down, but just assuming that it was around mid-single-digit, it would mean that the like-for-like rebounded strongly in Q1 to high single-digit rate. Is it fair and was it mostly volume-driven and with a bit of pricing? That's my first question, and my second question is the performance by cluster. It would be good to have an idea of the performance with the Chinese cluster in Q1, both onshore and offshore, and how does it compare with Q4. I know it's still early days, but is that trend continuing into Q2? Thank you very much. Hi, Anne-Laure, thank you for your question. Of course, we don't report like-for-like, but I can tell you that the space contribution is not particularly relevant in Q1. It's not particularly meaningful, sorry, in one quarter only. But as a matter of fact, it is totally quite in line with our indication for the year end, which is close to mid-single digit. Talking about the contribution within the organic growth, the volumes were positive and, even more importantly, the average selling price was up and not just totally driven by mix, but not only mix between fall, winter and spring, but back to the previous question from Melania Grippo, because Moncler Grenoble performed quite well. As you know, Moncler Grenoble has a higher price than Moncler Collection. Also, not only because of conversion, but also the UPT for Moncler Grenoble was quite good. This is overall the picture about the organic growth in the first quarter. Talking about the cluster in first quarter, Chinese cluster was up double-digit. Koreans and Japanese close to double-digit, slightly below 10%. Americans and Europeans still positive single-digit. Chinese cluster is still very strong as much as in the Q4. Everything was good. All of the different nationalities were positive. Of course, the strongest was Chinese, but all the other two Asian nationalities were very good as well. Thank you. Next question is from Chris Huang, UBS. Hello. Hi. Thanks for taking my questions. I will stick to two. The first one just to come back on the Moncler brand DTC. If I understood correctly, I think the previous commentary you commented on the start of Q2 was more Stone Island. Could you maybe clarify a little bit in case I missed it, how has the mood of consumers started for you in the second quarter on the Moncler brand specifically? Secondly, on the Middle East, last week when we heard from some of your other peers in the sector report, they were calling out the Middle East impact somewhere between one to two percentage points. I know that you have a smaller direct exposure to the region for the Moncler brand, but are you able to perhaps help us a little bit better understanding the impact, direct but also indirect in terms of tourism? If you can give us some sense in terms of the numbers, headwinds, that would be extremely helpful. Thank you. Okay. Thank you, Chris. You're right, actually. I gave some indication about the first two weeks of second quarter about Stone Island, not about Moncler, because this was the question from Melania, if I understood correctly. Anyway, talking about Moncler, let me start from Q1 to elaborate the current trend in second quarter. Q1, January was very good. January was very good unexpectedly because of the different timing of the Chinese New Year. Second quarter was very strong. This was, let me say, fairly expected for- February, in second quarter. Sorry, February. Elena, correct me. January, very good. February, very strong for the same reason. Chinese New Year this year was in the second week of February. March, softer. First of all, because there was a significant decline in traffic coming from outside the region in Europe, due to a decline in flights. There are public numbers that have been reported by Global Blue that say that the tax-free spending in continental Europe in March dropped significantly after January and February. Also because of the current conflict in Iran, that of course prevented some Asian people from flying to come to Europe. The beginning of the second quarter was in line with March, so quite uncertain. Softer then again in January and February, but affected by the slowdown in tourism that is affecting mostly Europe. Talking about the Middle East, our business, as you correctly pointed out, the Middle East is less than 2%. Of course, that business is significantly down. Even the decline of that 2% is not impacting materially our overall business. Maybe one small thing I wanted to flag, Chris, is that when you think about the shape of evolution of the first quarter, you also have to keep in mind that there is a natural slowdown post the Chinese New Year, given that we were quite strong in China and with the Chinese cluster, you can absolutely expect that after a strong February, then you have a bit of a normalization in March. This was the other factor to keep into account on top of what Luciano has mentioned. About the Middle Eastern, the only thing that I can add is that the cluster was down around 50% in March, but again, not a meaningful direct impact on the business and not as much as others. The second derivative effect, then we will see. The first one we have seen, it was more related to incoming tourism from overseas customers into Europe that was worse in March compared to the previous two months. Thank you. Can I just follow up on that comment you made on March? I think most of the peers seem to be seeing a little bit of softening after Chinese New Year. Given that you did 14% in Q1, is it fair to assume that March was still trending in the range of high single digits? Chris, would you kindly stop for a second because we have- I'm sorry. ... a technical issue. Okay, no, your voice is back. If you could just repeat your follow-up, that would be great. Okay, no worries. I was saying that it makes sense that March was softening a little bit after Chinese New Year, given the timing of the event. Given that you did 14% in Q1, is it fair to say that March was still in the range of high single digit or even double digit? Any directional color you can give? I can't give you this kind of precise number, Chris. I'm sorry. I can tell you that March was positive, but softer than the previous two months. Okay. Thank you. Next question is from Natasha Bonnet, Morgan Stanley. Hi. Thank you very much for taking my questions, and congratulations on the great set of results. I have two questions. The first, could you tell us what your exposure to tourism is in Europe, particularly in Q1, and how that differs versus the rest of the year? My second question is just on the margin, is there anything to keep top of mind on the phasing of H1 versus H2 this year? I just know that last year your ANP was quite high in H1. It was 9.6%. Anything you could tell us, that would be helpful. Thank you. Sorry, Natasha, we couldn't hear you very well. The first question was about tourism contribution, to European sales, right? Yes. Yeah. Okay. First, the second one again, sorry, it was related to margin. Sorry, couldn't hear you very well. Sorry. On the margin, is there anything to keep top of mind on the phasing of H1 and H2 this year, given your ANP was 9.6% in H1 last year? Okay, Natasha. Thank you for your question. Starting from the second question about potential phasing in margin. What I can tell you is, of course, not about the margin, but I can tell you that talking about ANP, advertising and promotion marketing, the timing between H1 and H2 this year is expected to be substantially in line with the last year. Nothing materially different this year from last year. Talking about the impact of tourism in Europe is on a year-end, I mean on the fiscal year, about 50/50. You know? Yes, certainly. Just to specify a little bit, 50/50 means 50% local, 50% tourists coming from outside of the region. Yes. When we talk about tourism, this is something important to clarify. Thank you, Elena. For everyone, when we talk about tourism, we consider only tourism from outside of the region. Of course, we detect, we monitor also the tourism inside of the region, but what is much more relevant for our business is the one from outside. The only thing I would add, we don't really go into the specific details related to each quarter, but as always, it's true for last year, and it's going to be hopefully, possibly true also for this year. The first and fourth quarter are typically slightly higher than average in terms of exposure to locals. The second and third quarter are typically more exposed than average to tourism flow. Something you've heard multiple times from us, but it's the typical seasonality you see in a year. Next question is from Oriana Cardani, Intesa Sanpaolo. Yes, good evening. Thank you for taking my two questions. The first one is on the CapEx plan. Are there any investments impacted by events in the Middle East that could be postponed? Or do you see no need to make changes to the investment plan due to this geopolitical context? My second question is on Forex. If you can give us an update on the expected FOREX impact for this year? Thank you. Okay. Thank you, Oriana, for your question. About CapEx plan impacted by the situation in Middle East, no, nothing relevant, honestly. Lucky or unlucky, depending on the point of view, but we are still a very small business, and also a business plan for Middle East. Nothing material at all. The other- The second was the impact from currencies on the year 2023. Impact from currencies. Of course, the first quarter was quite high. As Elena pointed out, it was 6%. For the year-end, based on our current visibility, it is below 4%, between 3% and 4%. On the top line, of course. Great. Thank you very much. Next question is from Daria Nasledysheva, Bank of America. Hi. Congratulations on the super strong result. This is Daria from Bank of America, and I have two questions. An incredible showing in Asia. However, while Europe also improved sequentially compared to the previous quarter, America slowed a little bit while you also had the activation there in January. Is there anything to read into this or was there any one-off that we should be considering for the remainder of the year in terms of American demand? That's my first question. My second question is, could you please help us understand what the Stone Island acceleration to this extent means for margins? Should we expect this to become quite meaningfully accretive compared to the past couple of years if we think about the profitability bridge? Thank you. Hi, Daria. About your first question. First of all, we are happy about our performance in the U.S. I don't know if your question was more related to something that considered the event we held in Aspen. We should have expected better than what we reported. Honestly, I think that the number we reported was good. It was very good. Of course, you know that this company in the U.S., as everyone knows, I'm sure you do, is still under-penetrated in the U.S. This under-penetration depends also on the brand awareness that in the U.S., in North America, is still lower, not as strong as in other regions. Let me say that not in the U.S. everywhere, because in the main cities where we have a strong footprint, like New York and not only, the brand awareness is good, is very strong. It is still weaker in, let me say, minor cities where we start to have some stores. We start last year to open some stores. Overall, U.S. is a long journey, is a project that started last year. This year, we are even more intentional with the two big events, Aspen and the new opening in New York, Fifth Avenue. Overall, nothing negative at all about the demand for our brand. Great expectations, for sure, but it will be a long journey, and it will take some time. We are very confident. About Stone Island. I can tell you something that, for you as an analyst, is quite obvious. Stone Island is growing very nicely after a couple of years when we faced some challenges, some difficulties, and it is growing totally organically. Of course, you know that in our business, Stone Island, DTC is not relevant as much as Moncler, but still 50% is quite important. Any organic growth in the DTC business delivers stronger margins. Having said that, honestly, it is quite premature to get to any conclusion or to extrapolate the result of the first quarter over the next three quarters because it is very early, it would be very imprudent to do that. In any event, if Stone Island should continue, as we hope, to grow double-digit and mostly organic as it did over the past quarters, for sure the operating margin will improve. For sure, it will be maybe less dilutive than it was in the past couple of years. Thank you. Next question is from Thomas Chauvet, Citi. Good evening, Luciano and Elena. Two questions, please. The first one on the store network. There were no openings on a net basis, as you said, Elena, that drove a mid-single-digit space contribution, I guess, from last year's opening. When it comes to this year's openings, can you remind us the phasing of the flagship in New York, any other major openings in China or Asia for the remaining of the year that you may want to anticipate given the stronger brand momentum in the region? Secondly, on gross margin, I know you updated us, Luciano, on it from profit in July, but can you perhaps comment on the tailwind you're expecting in the first half in particular? You had a return to mid-high single-digit volume growth in Q1, already channel mix, massive tailwind, geo mix, possibly. Any other headwinds or maybe tailwinds we should be aware of for H1 and full-year? Just a clarification when you talked, Luciano, about April was in line with March, was it a comment for the Moncler brand DTC overall, or was it just a China comment? Thank you. Yes, Thomas. Thank you for your question. About your last question, the trend in April, I just commented, was about DTC. The first comment at the first question we received from Elena was about Stone Island. The second comment I made from another question was about Moncler, but still DTC only, if this was your question? Yes. Okay. Correct. Okay. Gross margin evolution. Gross margin, not operating margin, correct, Thomas? Yes, gross margin. That's correct, yes. Gross margin, honestly, looking at both brands, of course, they have fairly different gross margin. I don't see any material difference between Q1 and Q2, honestly. As always, we don't have significant differences in gross margin from Q1 to Q2. We have evidently significant differences in operating margins, but I'm sure you know very well that. I'm not sure if this was your question or if I missed something. Luciano, yeah, my question was more about the tailwinds to gross margin in the first half. You have a lot of tailwinds with volume growth, with channel mix, with Asia outperforming. Is there anything on the balance as tailwinds that we should be aware of? I'm concerned since gross margin for H1 and full-year is more or less flat, and it seems like you're off to a very strong start to support gross margin expansion this year. The factors that may impact gross margin are, yes, channel mix, but again, you know that the majority of the space increase in our DTC channel is expected in the second half of the year. Honestly, between the Q1 and Q2 from this point of view, I don't see any material impact. There might be an impact on markets because in some markets, due to the price gap, we have a slightly higher or lower gross margin, but not particularly relevant. Again, I don't see any tailwind on gross margin. Of course, the only tailwind I don't see, but based on the result of the first quarter, if this result should continue in the second quarter, would be on the operating margin. Again, on the gross margin, again, I don't see any factor that may have a material impact on gross margin. Okay. Thank you. Maybe, Thomas, when it comes to the channel mix, as always, if there will be an impact on the channel mix this year, it is typically then compensated by a proportional increase in the selling expenses. Anything that might come if the gross margin is going to be up slightly this year because of the channel mix, we expect it to be compensated. If your question was meant to see if there was a little bit of margin upside, that wouldn't happen because of these factors. I think you had a question about the store openings for the rest of the year. Sorry, we're repeating this because your line wasn't totally clear. Store openings for the next year, overall, we expect a number of stores overall, including stores that have already been opened, in line with last year in the region of 12, 13, 14 new stores. Many stores will be opened in America. Of course, the Moncler Grenoble in Aspen already opened, the store in New York, at Fifth Avenue, needless to remind you. Some other stores in America, in California, in Valley Fair, in Dallas, and other what I call, wrongly, minor cities, but minor, let me say, for the brand, because our presence in some cities is still, let me say, quite shy. These are cities like Austin, for example, we are testing due to the project we have for that market. We don't have many openings in China, even if, of course, that market is doing very well. Some openings in Asia-Pacific, in the Southeast Asia-Pacific. These are more or less the openings we plan for this year, Thomas. As a reminder for Stone Island, on a next net-basis, we do not expect to have openings. Actually, we are probably going to see some net closures by the end of the year. Low single-digit net closures. Thank you. Next question is from Carole Madjo, Barclays. Hi. Yes, good evening. Two questions from me as well. The first one is on spring/summer. Can you come back here on your ambition for the spring/summer collection? I think you mentioned that you have been more intentional about spring/summer for the first time. When we think of product, which one are you pushing in terms of family of product? And then when you think about the weight of Q1, Q2, et cetera, so the quarterly growth, of course, Q1 and Q4 have been the biggest quarter at Moncler. Should we expect a change going forward as you're trying to push a bit more the spring/summer collection? That's the first question. The second question is just around the Grenoble store that you opened in Aspen earlier this year. Is the store here performing in line with your expectation in terms of retail metrics? Are they similar to the one, of course, in Switzerland, St. Moritz, for instance? Can you also remind us how we should think about store openings for Grenoble in the future? Thank you. Yes, Carole. About your first question, our expectations, as I said before, are mostly brand expectations. We want, we aim to make Moncler an all year-round brand. Of course, still protecting our DNA that is based on winter, mountain, cold. But we see opportunities still to protect the identity of the brand to become more and more relevant in spring/summer. This will be a long journey, so our expectations are mostly brand expectations. Also business expectations, but not something we expect to see and to deliver overnight. Of course it will be a long journey. I hope we can see some business results this year, but again, this is not our most important goal. The other question was about Grenoble. Yes, Grenoble. Yes. We opened the store in Aspen that is performing, let me say, totally in line with our plan. Of course, our plan, it was and still is to have two stores in Aspen, as we have two stores that are both doing quite well in St. Moritz. The store after the opening, the few days after the opening, were the days of the event. The store did particularly strongly, thanks to the traffic of people invited for the event, our best clients, that bought the current collection placed orders for the next collection of the event. Again, forget the first few days, the store is doing quite well. We are very happy about that opening. Sorry, the other question was about- The weight of Q1 to Q4 versus Q2 to Q3, whether we should expect a change going forward? The weight of Q1 and Q4, of course, is extremely more important than the Q2 or Q3. Of course, our goal is to decrease this gap between Q1, Q4 and Q2, Q3. For this reason, again, as I said before, we are this year more than ever, very intentional in developing this identity, still leveraging on what made the identity of the brand. Of course, the current collection we are featuring in our stores and in the campaign right now is based on lightness and layering, but still maintaining and protecting the codes of the brand. Expectation without giving numbers, Carole, because they would be totally meaningless. But for sure, we expect over the time, second quarter and third quarter, to become more relevant and to decrease the gap between the other two quarters. Carole, just to contextualize, it's not an expectation on 2026. This is really a medium to long-term journey. As you know, we want to increase the weight of spring/summer step by step. We did already in the past few years, even if it wasn't maybe 100% visible. The weight of spring/summer versus fall/winter in terms of collection has increased one percentage point per annum over the past few years. This comment is really a medium-term ambition that we have, so you shouldn't read anything into 2026. Also, as you know, there is part of this that can be controlled or pushed by us. There is also the external environment that needs to be taken into account, the tourist flows, the weight of tourism in Q2, Q3. There are several factors that can come into play. Obviously, over the medium to long term, we all hope to see this evolution. Thank you. Next question is from Charles Scotti, Kepler. Good evening. Thank you for taking my questions. I have two. My first question relates to EMEA, where growth has been relatively weak since the second half of 2024. What do you think explain this? Is it solely due to weaker tourism? And if so, could you provide more details on the trends among the local customers? And do you believe the brand in EMEA is now, to some extent, a bit more mature? And what levers could be used to re-accelerate growth? And my second question relates to the very impressive acceleration of Moncler in APAC. The environment in China seems to be improving, but your performance improvement goes well-beyond what we have seen from your peers. How do you explain this? Have you implemented any specific corrective measures or initiatives that could explain this regained momentum? Thank you. Hi, Charles. About your first question, I don't believe at all that we can talk about some kind of maturity of the brand in Europe. I think that I would not talk about weakness, but for sure, EMEA is performing less than Asian countries, for sure. This is mostly, let me say, totally due to the decline in tourism, specifically talking about Q1. As I said before, in Q1, there was a strong decline in tourism coming from outside the region to Europe in March. January and February was not strong. February was positive because of Chinese coming after the Chinese New Year. January was not strong. Overall, there was a strong decline in March that is again reported also by Global Blue for all the industry. Talking about locals in Europe, locals are holding up, and so this makes us confident. Of course, I can't tell you that in Europe, business with locals is particularly amazing. We are holding that business, so this makes us confident. For sure, demand in Europe right now, also from locals, is not particularly strong. Again, overall, I'm confident to exclude that there might be any maturity issue with the brand. Talking about APAC, talking about China, let me say that the brand is very strong, something I keep saying, and I'm sure you know. It's very strong for several different reasons. Even when in China problems were bigger than what they are now, our business was quite good. I'm not sure that the problems in China are over, honestly, because the problems associated with the demand that depend on the available income, that depend on the real estate challenges that is lasting more than expected. I don't think that all these problems are over, but for sure, we see more vibe in China than in the past. Again, still too early to predict what China overall can be over the next quarters. What I can tell you for sure is that our brand in China and with the Chinese clients is still doing very well. Thank you very much. Next question is from Chris Gao, CLSA. Hi, management. Thanks for the opportunity and congrats on the great results and your Asia operational investment bearing fruit. I just can ask two. The first one is on the Stone Island. Just now you commented on the volume mix pricing contribution for Moncler brand's growth, and how did you see the Stone Island volume mix ASP contribution to the 1Q growth look like? And I also just want to understand more about it. What does the brand do right to drive the notable gain of desirability during this quarter? Definitely, we've seen a notable market share gain. Where is the share gain coming from? And we also want to understand more clarity, if possible, on the mid-term target of Stone Island scale and the margin profile. This is the first question. The second question is more top-down question about the pricing architecture. With such a strong desirability seen on both Moncler and Stone Island, do you have any further update on Moncler and Stone Island's pricing architecture outlook in the midterm? Because we want to understand more about the midterm upsides on the mix-side and the margins from the two brands. Thank you. Yes. Hi, Chris. About your first question. The first question about volume mix, I mean, I can tell you that the organic growth implied a significant growth of volumes. Looking at retail metrics, I can tell you that last year when Stone Island started doing very well in Q3, did very well notwithstanding a negative traffic. The business was totally driven by two retail metrics, average selling price and the conversion. Average selling price was because, I mean, we changed the product architecture, the collection architecture of Stone Island, as you know, investing more and more in outerwear knitwear that have a higher price point. What was very positive was conversion rate, because even if less people were coming to visit the store, not the majority, but I mean, an increasing percent of people coming to visit the store, converted into sales into business. Long story short, at the end of the year, traffic was still negative but close to flat. In the first quarter of the year, also traffic, February and March, January less, but February, March, traffic was positive. So all the retail metrics were positive. Traffic, conversion rate is still very strong, and average selling price. Your question, which brand or where are we taking the market share from? The very simple answer is, I don't know, but what I can tell you is that for sure, we see a positive brand momentum. That is something that I can't tell you we did expect, but I can tell you for sure that this is the result of a strategy we implemented of a product, of a collection strategy the day after the acquisition. That was about investing in the categories, in the product categories that made the origin and the identity of the brand since its inception, that are outerwear and knitwear. The brand was doing very well at the time of the acquisition, but the business trend over the previous three, four years was driven by aspirational categories, mostly T-shirts and sweatshirts. We decided to, I mean, slow down that kind of categories and investing in the categories I told you before. This took time, and in fact, for a couple of years, the business was not positive. We lost many of aspirational customers that were attracted by the logo and by the aspirational categories. At the end, for the first time, for the Fall/Winter 2025 collection, we saw a collection that was not totally, but mostly in line with our expectations. The results were, I mean, not expected, but strongly hoped by the management team. This is the long story. Sorry, not particularly short, but, I mean, I hope that I made myself clear. About the price architecture for Stone Island, it is exactly what I just said. Keep investing in these categories, but without forgetting the enterprise price categories, because I think there is something more and something better we can do in the enterprise categories, but still investing in the brand codes of Stone Island. Brand codes are material research. Material research is mostly about outerwear, but also knitwear. Talking about Moncler, you know that the long story of our price architecture over the past 10 years, we started with the classic down jacket that is still our best seller categories, but we invested more and more in high-end products within the outerwear category and also in knitwear. This has been the history of the brand over the past 10-15 years, and this is something that we want to continue. Right now, our core business is in the price point between EUR 1,500-EUR 2,500 for Moncler. We see opportunities also with our customer base, without recruiting new customers. We see opportunities to increase this price range over EUR 2,500. Of course, it's something that we are implementing step by step. It is a long job. It's not something that we can expect to achieve overnight. This is our strategy. Of course, still protecting the entry price categories. Of course, entry price categories for Moncler, I'm talking about outerwear, is still higher than EUR 1,000. We see opportunities also in that price point. I hope I answered your question, Chris. Yes, this is super clear. Thank you very much. Congrats again. Next question is from James Grzinic, Jefferies. Good evening, Luciano and Elena. I'm really following up on Charles's question around the Chinese cluster. Looks like the Chinese cluster was probably high teens, perhaps 20% up for you in Q1. Couple of questions then. First of all, what was the Chinese cluster growth last year for the whole of a year for you? Perhaps you can share with us what you've done differently in China in this Q1 and especially in the transition into spring/summer in the early stages of that. It might be that my calculation is completely wrong, so please do correct me if that's the case. Hi, James. Let me see if I understand your question about the Chinese cluster. As I said, the growth rate was double-digit. I mean. Yeah This is what I said, and this is what I can confirm. I don't know if your question was about how much the Chinese cluster represent on the total. No, I think you asked about last year's performance, right? Yeah, just to get a context, given that it seems. Yeah. as if it's the only cluster that was double-digit in Q1, it must be a big double-digit, hence my high teens, 20%. No. I guess. We don't go into such detail. We mentioned that also the other nationalities were pretty strong, particularly Koreans and Japanese. When it comes to last year, it was up low double digit in Q1, then it was more like flattish in Q2, single digit up in Q3, and then it was double digit in Q4, always sort of low double digits. This was the evolution of 2025, in terms of cluster. I wouldn't overestimate the growth in Q1, given that it was a pretty broad-based growth, the one that we have seen. Don't forget there are also many other nationalities that we don't comment, that are other EMEA clusters, other Asian clusters. I don't know if this helps, but we wouldn't go into that much detail. Of course. Thank you. Yeah, yeah. Yeah. Sorry, Luciano. Okay. Did we answer your question? Yes. I guess in terms of the specifics of the outperformance of the Chinese cluster relative to others, large ones. I wondered whether you've done anything different in terms of assortment, product, and anything specifically that you feel resonated, especially with that specific cluster domestically. James, nothing special for China. I mean, a lot special for the brand. This is something, this is not a joke. What I keep saying is that the brand is very strong in China, and as a result of this strength, any time we do something special, the reaction in China and with the Chinese customers is stronger and also faster, quicker than in other regions. Considering everything we did in Q1, I think that this may have had an impact in China even more than in other regions. I mean, Grenoble, Aspen, Olympics. This is a possible explanation. This for two reasons. One is what I said before, that the brand is very strong in China. Also, let me say that in China, we have a very strong retail organization that translate ideas, projects into engagement and business. They are very strong in conveying the brand message. Independent of what we do, anytime we do something special, they are very strong in delivering the message directly to customers. This is the explanation we give ourselves. Excellent. Thank you. Next question is from Paola Carboni, EQUITA. Hello. Hi, good afternoon, everybody. I have two questions. The first one is, specifically on the month of March, you have commented about the impact regionally and in terms of lower tourism to Europe. Can you help us understand if you noticed any slow down either in March or early April on the other nationalities overall? If the other way around, are you seeing some repatriation of these lower tourist flows to Europe in other regions or do you expect this to happen possibly in due time? A second question is that, very quickly on Grenoble, if you confirm, if I'm not wrong, there will be another dedicated opening by the end of the year, in Q4, and your plan in terms of Grenoble stores for the future, if you can update us. Thank you very much. Hi, Paola. About your first question, March softer, as said before. This impacted due to not the lack, but the strong decline in tourism coming to Europe mostly. Europe was most impacted by what we said. Other nationalities, honestly, Asian nationalities, still good, much better. Of course, softer than the previous few months, but still positive. The nationality and the market that was more impacted by the decline in tourism was Europe. About- Paola, one quick point. I mean, think about, again, my comment before about, we don't want to spend too much time about the intra-quarter evolution, but clearly Chinese New Year was in February, and so as you might expect, post the Chinese New Year, there is a natural normalization of growth with the Chinese cluster, which doesn't mean that we're losing momentum or anything. It's literally the natural curve that we see. So I wouldn't say much more than this, besides the tourism consumption. Then honestly, too early to tell about any repatriation somewhere else. Frankly, we don't have visibility on this. It's too early to comment. At the moment, we only see that there is a further step down in tourism into EMEA happening right now, but not much else to comment. Then, sorry, your second question, can you say it again? Was it about Grenoble, our plans to open other Grenoble only stores? Exactly. I remember there are further new openings by the end of the year. I don't know if I'm right or not, and in any case, other plans for the future. Paola, actually, something that is already in our pipeline for the end of the year, no. We may have talked about a plan, an idea for the future. I mean, it's not something we plan to open many Grenoble-only stores. We targeted the most important ski-resorts. We are looking at an opportunity, honestly, but I don't know if it will happen by the end of the year in Courchevel. There are some important ski resorts we are targeting for a potential second store of Grenoble, but that is not something precise. To be more precise, but it's still something we are simply working on, is potentially Courchevel. Paola, don't expect that we have a store opening rollout related to Grenoble. We're very opportunistic about it, and we don't have any additional plans beyond what Luciano has just mentioned. I think if I'm correct, we are done with the Q&A. Operator, do we have someone else on the line? We have no more questions registered. Fantastic. Thank you very much to everyone for participating in this call. For any follow-up questions, as usual, do not hesitate to contact me tonight or also in the coming days. As a reminder, our H1 2026 interim management statement will be released on July 22nd after market close, and our quiet period will start on June 23rd. Thank you again, and have a great rest of the evening. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.

Speaker 12: Good evening. This is the conference call operator. Welcome and thank you for joining the Moncler First Quarter 2026 Interim Management Statement Conference Call. As a reminder, all participants are in listen-only mode, and after the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Elena Mariani, Director of Strategic Planning and Investor Relations. Please go ahead, madam. Good evening. good evening This is the conference call operator. this is the conference call operator Welcome and thank you for joining the Moncler First Quarter 2026 Interim Management Statement Conference Call. welcome and thank you for joining the moncler first quarter 2026 interim management statement conference call As a reminder, all participants are in listen-only mode, and after the presentation, there will be an opportunity to ask questions. as a reminder all participants are in listen-only mode and after the presentation there will be an opportunity to ask questions Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. should anyone need assistance during the conference call they may signal an operator by pressing star and zero on their telephone At this time, I would like to turn the conference over to Ms. Elena Mariani, Director of Strategic Planning and Investor Relations. at this time i would like to turn the conference over to ms elena mariani director of strategic planning and investor relations Please go ahead, madam. please go ahead madam

Speaker 7: Thank you, operator, and thank you all for joining our call tonight. I will host this interim management statement call together with Luciano Santel, Chief Corporate and Supply Officer. I will start providing a brief overview of our results, and then Luciano and I will be happy to take your questions. Before starting, I need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on Group's current expectations and projections about future events. By their nature, forward-looking statements are subject to risks, uncertainties, and other factors that could cause results to differ materially from those expressed in or implied by these statements, many of which are beyond the ability of the Group to control or estimate. Thank you, operator, and thank you all for joining our call tonight. thank you operator and thank you all for joining our call tonight I will host this interim management statement call together with Luciano Santel, Chief Corporate and Supply Officer. i will host this interim management statement call together with luciano santel chief corporate and supply officer I will start providing a brief overview of our results, and then Luciano and I will be happy to take your questions. i will start providing a brief overview of our results and then luciano and i will be happy to take your questions Before starting, I need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. before starting i need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information Any forward-looking statements are based on Group's current expectations and projections about future events. any forward-looking statements are based on group's current expectations and projections about future events By their nature, forward-looking statements are subject to risks, uncertainties, and other factors that could cause results to differ materially from those expressed in or implied by these statements, many of which are beyond the ability of the Group to control or estimate. by their nature forward-looking statements are subject to risks uncertainties and other factors that could cause results to differ materially from those expressed in or implied by these statements many of which are beyond the ability of the group to control or estimate Let me also highlight that given the nature of our business, interim results can be influenced by seasonal effects and therefore cannot be taken as a proxy for full-year trends or results. Finally, I remind you that the press has been invited to participate to this conference in a listen-only mode. Starting with an overview of our Q1 results on page three, I'm delighted to announce that as a group, we achieved revenues of EUR 881 million, up 12% year-on-year at constant effects and up 6% in reported terms, reflecting six percentage points of negative impact from currencies. These results reflect double-digit sales growth achieved at both brands. Moncler brand revenues of EUR 767 million, up 12% year-on-year at constant effects, and Stone Island brand revenues of EUR 114 million, up 11% year-on-year at constant effects. Let me also highlight that given the nature of our business, interim results can be influenced by seasonal effects and therefore cannot be taken as a proxy for full-year trends or results. let me also highlight that given the nature of our business interim results can be influenced by seasonal effects and therefore cannot be taken as a proxy for full-year trends or results Finally, I remind you that the press has been invited to participate to this conference in a listen-only mode. finally i remind you that the press has been invited to participate to this conference in a listen-only mode Starting with an overview of our Q1 results on page three, I'm delighted to announce that as a group, we achieved revenues of EUR 881 million, up 12% year-on-year at constant effects and up 6% in reported terms, reflecting six percentage points of negative impact from currencies. starting with an overview of our q1 results on page three i'm delighted to announce that as a group we achieved revenues of eur 881 million up 12% year-on-year at constant effects and up 6% in reported terms reflecting six percentage points of negative impact from currencies These results reflect double-digit sales growth achieved at both brands. these results reflect double-digit sales growth achieved at both brands Moncler brand revenues of EUR 767 million, up 12% year-on-year at constant effects, and Stone Island brand revenues of EUR 114 million, up 11% year-on-year at constant effects. moncler brand revenues of eur 767 million up 12% year-on-year at constant effects and stone island brand revenues of eur 114 million up 11% year-on-year at constant effects Now, if you move to page four, we're going to briefly touch upon the key highlights related to the Moncler brand. This has been an amazing quarter for the brand, probably the best we have ever seen in terms of brand impact and engagement, particularly when it comes to Moncler Grenoble. Starting last December, we had embarked on an intense 100-day journey of storytelling and activations related to this brand dimension. We had started back then with the launch of Moncler Grenoble latest campaign, and then in Q1, we unveiled the fall/winter 2026 collection in Aspen within the Rocky Mountains during a unique two-day brand experience with the Moncler Grenoble global community. During this experience, we opened our second Moncler Grenoble-only store in Aspen after St. Moritz two years ago. Obviously the first Grenoble flagship in America. This 100-day journey extended well beyond Aspen. Now, if you move to page four, we're going to briefly touch upon the key highlights related to the Moncler brand. now if you move to page four we're going to briefly touch upon the key highlights related to the moncler brand This has been an amazing quarter for the brand, probably the best we have ever seen in terms of brand impact and engagement, particularly when it comes to Moncler Grenoble. this has been an amazing quarter for the brand probably the best we have ever seen in terms of brand impact and engagement particularly when it comes to moncler grenoble Starting last December, we had embarked on an intense 100-day journey of storytelling and activations related to this brand dimension. starting last december we had embarked on an intense 100-day journey of storytelling and activations related to this brand dimension We had started back then with the launch of Moncler Grenoble latest campaign, and then in Q1, we unveiled the fall/winter 2026 collection in Aspen within the Rocky Mountains during a unique two-day brand experience with the Moncler Grenoble global community. we had started back then with the launch of moncler grenoble latest campaign and then in q1 we unveiled the fall/winter 2026 collection in aspen within the rocky mountains during a unique two-day brand experience with the moncler grenoble global community During this experience, we opened our second Moncler Grenoble-only store in Aspen after St. Moritz two years ago. during this experience we opened our second moncler grenoble-only store in aspen after st moritz two years ago Obviously the first Grenoble flagship in America. obviously the first grenoble flagship in america This 100-day journey extended well beyond Aspen. this 100-day journey extended well beyond aspen As shown on page five, it included several other activations. Just after the Aspen event, during Milan Fashion Week, we unveiled the Beyond Performance Exhibit in Milan, an immersive experience on the Moncler Grenoble universe and identity in the courtyard of Portrait Milano. Importantly, we returned to the Winter Olympics for the first time since 1968. We co-created with Brazilian designer Oskar Metsavaht, the ceremonial uniform of Team Brazil. This was announced just 24 hours before the opening ceremony, and it quickly became the most relevant news of the day for both the luxury fashion world and the sports industry. The uniform and the moment itself became an iconic image of the 2026 Winter Olympics, and the impact on media and social media has been beyond any expectation on our side. As shown on page five, it included several other activations. as shown on page five it included several other activations Just after the Aspen event, during Milan Fashion Week, we unveiled the Beyond Performance Exhibit in Milan, an immersive experience on the Moncler Grenoble universe and identity in the courtyard of Portrait Milano. just after the aspen event during milan fashion week we unveiled the beyond performance exhibit in milan an immersive experience on the moncler grenoble universe and identity in the courtyard of portrait milano Importantly, we returned to the Winter Olympics for the first time since 1968. importantly we returned to the winter olympics for the first time since 1968 We co-created with Brazilian designer Oskar Metsavaht, the ceremonial uniform of Team Brazil. we co-created with brazilian designer oskar metsavaht the ceremonial uniform of team brazil This was announced just 24 hours before the opening ceremony, and it quickly became the most relevant news of the day for both the luxury fashion world and the sports industry. this was announced just 24 hours before the opening ceremony and it quickly became the most relevant news of the day for both the luxury fashion world and the sports industry The uniform and the moment itself became an iconic image of the 2026 Winter Olympics, and the impact on media and social media has been beyond any expectation on our side. the uniform and the moment itself became an iconic image of the 2026 winter olympics and the impact on media and social media has been beyond any expectation on our side We were also incredibly lucky to be represented at the Olympics by our Moncler Grenoble global ambassador, Lucas Pinheiro Braathen, who won the first ever Olympic gold medal for Brazil. I'm sure many of you had the chance to see these very emotional images from Lucas. On the back of his incredible journey, we launched the South Star, a campaign to celebrate Lucas' fantastic achievements, but also his personal story and values. Together, all these initiatives delivered exceptional visibility and engagement, generating over 6 billion in potential global reach, 435 million in digital engagement, and over 3,200 press articles worldwide, making this the most impactful Moncler Grenoble brand chapter to date. This quarter was not just about Moncler Grenoble. Moving to page six, you can see a selection of other brand highlights related to Moncler Collection and Moncler Genius. We were also incredibly lucky to be represented at the Olympics by our Moncler Grenoble global ambassador, Lucas Pinheiro Braathen, who won the first ever Olympic gold medal for Brazil. we were also incredibly lucky to be represented at the olympics by our moncler grenoble global ambassador lucas pinheiro braathen who won the first ever olympic gold medal for brazil I'm sure many of you had the chance to see these very emotional images from Lucas. i'm sure many of you had the chance to see these very emotional images from lucas On the back of his incredible journey, we launched the South Star, a campaign to celebrate Lucas' fantastic achievements, but also his personal story and values. on the back of his incredible journey we launched the south star a campaign to celebrate lucas' fantastic achievements but also his personal story and values Together, all these initiatives delivered exceptional visibility and engagement, generating over 6 billion in potential global reach, 435 million in digital engagement, and over 3,200 press articles worldwide, making this the most impactful Moncler Grenoble brand chapter to date. together all these initiatives delivered exceptional visibility and engagement generating over 6 billion in potential global reach 435 million in digital engagement and over 3,200 press articles worldwide making this the most impactful moncler grenoble brand chapter to date This quarter was not just about Moncler Grenoble. this quarter was not just about moncler grenoble Moving to page six, you can see a selection of other brand highlights related to Moncler Collection and Moncler Genius. moving to page six you can see a selection of other brand highlights related to moncler collection and moncler genius First, we launched the first ever spring/summer collection developed in collaboration with Rick Owens, marking an evolution of a creative partnership that was historically mainly and just focused on fall/winter. Second, we presented Moncler Collection spring 2026, supported by a global campaign shot in Rome, featuring actors Francesco Scianna and Celeste Dalla Porta, which generated 182 million potential reach worldwide and 2 million global engagement just within the first 30 days. Finally, Moncler further expanded its footwear offering with the introduction of the new Trailgrip LP. This model represents the lightest technical sneaker developed by Moncler to date, supporting the continued evolution of our footwear pillar. Let's now move to Stone Island on page seven. Also for Stone, this was an incredibly eventful quarter, marked by a series of initiatives that further reinforced the brand's positioning around community, research, and innovation, and increased the visibility of the brand worldwide. First, we launched the first ever spring/summer collection developed in collaboration with Rick Owens, marking an evolution of a creative partnership that was historically mainly and just focused on fall/winter. first we launched the first ever spring/summer collection developed in collaboration with rick owens marking an evolution of a creative partnership that was historically mainly and just focused on fall/winter Second, we presented Moncler Collection spring 2026, supported by a global campaign shot in Rome, featuring actors Francesco Scianna and Celeste Dalla Porta, which generated 182 million potential reach worldwide and 2 million global engagement just within the first 30 days. second we presented moncler collection spring 2026 supported by a global campaign shot in rome featuring actors francesco scianna and celeste dalla porta which generated 182 million potential reach worldwide and 2 million global engagement just within the first 30 days Finally, Moncler further expanded its footwear offering with the introduction of the new Trailgrip LP. finally moncler further expanded its footwear offering with the introduction of the new trailgrip lp This model represents the lightest technical sneaker developed by Moncler to date, supporting the continued evolution of our footwear pillar. Let's now move to Stone Island on page seven. this model represents the lightest technical sneaker developed by moncler to date supporting the continued evolution of our footwear pillar. let's now move to stone island on page seven Also for Stone, this was an incredibly eventful quarter, marked by a series of initiatives that further reinforced the brand's positioning around community, research, and innovation, and increased the visibility of the brand worldwide. also for stone this was an incredibly eventful quarter marked by a series of initiatives that further reinforced the brand's positioning around community research and innovation and increased the visibility of the brand worldwide From a product and innovation standpoint, Stone Island continued to push the boundaries of material research and fabrication with the launch of Prototype Research Series 09, where for the first time, knitwear became the subject of prototype experimentation. We also continued Stone Island's global partnership with Frieze, returning to the Los Angeles edition of Frieze Focus and reaffirming the brand's long-standing commitment to supporting emerging galleries and artistic experimentation. As part of this initiative, the brand collaborated with American artist Jamal Cyrus on the latest iteration of its Frieze uniform T-shirt series. In parallel, Stone unveiled the next chapter of its community as a form of research project presenting the spring-summer 2026 collection. From a product and innovation standpoint, Stone Island continued to push the boundaries of material research and fabrication with the launch of Prototype Research Series 09, where for the first time, knitwear became the subject of prototype experimentation. from a product and innovation standpoint stone island continued to push the boundaries of material research and fabrication with the launch of prototype research series 09 where for the first time knitwear became the subject of prototype experimentation We also continued Stone Island's global partnership with Frieze, returning to the Los Angeles edition of Frieze Focus and reaffirming the brand's long-standing commitment to supporting emerging galleries and artistic experimentation. we also continued stone island's global partnership with frieze returning to the los angeles edition of frieze focus and reaffirming the brand's long-standing commitment to supporting emerging galleries and artistic experimentation As part of this initiative, the brand collaborated with American artist Jamal Cyrus on the latest iteration of its Frieze uniform T-shirt series. as part of this initiative the brand collaborated with american artist jamal cyrus on the latest iteration of its frieze uniform t-shirt series In parallel, Stone unveiled the next chapter of its community as a form of research project presenting the spring-summer 2026 collection. in parallel stone unveiled the next chapter of its community as a form of research project presenting the spring-summer 2026 collection We further expanded the brand's dialogue with its global community, with this new chapter bringing together a varied group of individuals sharing Stone Island's values, such as former football icon Paolo Maldini, an amazing brand ambassador whom you can see on the page. Finally, the quarter included the opening of a new flagship store in Naples on one of the city's most prominent streets, once again, developed in collaboration with the OMA/AMO studio. For the occasion, Stone Island released a surprise, a short documentary exploring the unique relationship between the brand and the city of Naples. Talking about numbers, we're going to start with the Moncler brand on page eight. We're very happy to say that in the first quarter of the year, the brand grew by 12% at constant currencies. We further expanded the brand's dialogue with its global community, with this new chapter bringing together a varied group of individuals sharing Stone Island's values, such as former football icon Paolo Maldini, an amazing brand ambassador whom you can see on the page. we further expanded the brand's dialogue with its global community with this new chapter bringing together a varied group of individuals sharing stone island's values such as former football icon paolo maldini an amazing brand ambassador whom you can see on the page Finally, the quarter included the opening of a new flagship store in Naples on one of the city's most prominent streets, once again, developed in collaboration with the OMA/AMO studio. finally the quarter included the opening of a new flagship store in naples on one of the city's most prominent streets once again developed in collaboration with the oma/amo studio For the occasion, Stone Island released a surprise, a short documentary exploring the unique relationship between the brand and the city of Naples. for the occasion stone island released a surprise a short documentary exploring the unique relationship between the brand and the city of naples Talking about numbers, we're going to start with the Moncler brand on page eight. talking about numbers we're going to start with the moncler brand on page eight We're very happy to say that in the first quarter of the year, the brand grew by 12% at constant currencies. we're very happy to say that in the first quarter of the year the brand grew by 12% at constant currencies Looking first at the performance by geography, Asia was the best performing region, growing by 22%. All countries grew year-on-year in this quarter and improved sequentially compared to Q4. China and Korea in particular were very strong and outperformed the rest of the region. Overall, local consumption was positive, but we also registered very good tourist flows within the region. Both locals and tourists contributed positively to the growth of Asia. Growth was also good in the Americas region, which was up 7%. Here, we continue to observe very solid growth in local consumption in the DTC channel, but the wholesale channel also registered a positive performance in the quarter. EMEA revenues instead were down 1%, underperforming the other regions. Here, I would highlight two factors in particular that affected the performance of the region. Looking first at the performance by geography, Asia was the best performing region, growing by 22%. looking first at the performance by geography asia was the best performing region growing by 22% All countries grew year-on-year in this quarter and improved sequentially compared to Q4. all countries grew year-on-year in this quarter and improved sequentially compared to q4 China and Korea in particular were very strong and outperformed the rest of the region. china and korea in particular were very strong and outperformed the rest of the region Overall, local consumption was positive, but we also registered very good tourist flows within the region. overall local consumption was positive but we also registered very good tourist flows within the region Both locals and tourists contributed positively to the growth of Asia. both locals and tourists contributed positively to the growth of asia Growth was also good in the Americas region, which was up 7%. growth was also good in the americas region which was up 7% Here, we continue to observe very solid growth in local consumption in the DTC channel, but the wholesale channel also registered a positive performance in the quarter. here we continue to observe very solid growth in local consumption in the dtc channel but the wholesale channel also registered a positive performance in the quarter EMEA revenues instead were down 1%, underperforming the other regions. emea revenues instead were down 1% underperforming the other regions Here, I would highlight two factors in particular that affected the performance of the region. here i would highlight two factors in particular that affected the performance of the region First, still subdued tourism trends from customers overseas, while local consumption has been holding up. Second, a relatively weak performance of the online channel in the region. Looking at Moncler revenues by channel on page nine, we're very pleased to say that in Q1, Moncler DTC revenues were up 14% at constant currencies. We have registered very good retail KPIs and positive traffic into the physical channel. Physical retail has continued to outperform the online channel, which instead remains a bit more subdued in the quarter, even if it has improved sequentially versus Q4. Wholesale revenues were up 3% year-on-year. This was due to a good reception of our spring-summer 2026 collection, which resulted in higher reorders. First, still subdued tourism trends from customers overseas, while local consumption has been holding up. first still subdued tourism trends from customers overseas while local consumption has been holding up Second, a relatively weak performance of the online channel in the region. second a relatively weak performance of the online channel in the region Looking at Moncler revenues by channel on page nine, we're very pleased to say that in Q1, Moncler DTC revenues were up 14% at constant currencies. looking at moncler revenues by channel on page nine we're very pleased to say that in q1 moncler dtc revenues were up 14% at constant currencies We have registered very good retail KPIs and positive traffic into the physical channel. we have registered very good retail kpis and positive traffic into the physical channel Physical retail has continued to outperform the online channel, which instead remains a bit more subdued in the quarter, even if it has improved sequentially versus Q4. physical retail has continued to outperform the online channel which instead remains a bit more subdued in the quarter even if it has improved sequentially versus q4 Wholesale revenues were up 3% year-on-year. wholesale revenues were up 3% year-on-year This was due to a good reception of our spring-summer 2026 collection, which resulted in higher reorders. this was due to a good reception of our spring-summer 2026 collection which resulted in higher reorders It is also important to highlight that this positive performance in the wholesale channel was achieved despite the ongoing efforts to upgrade the quality of our distribution, given that in the quarter, we have continued to optimize our third-party network. Let me remind you that for fiscal year 2026, we continue to expect wholesale revenues for Moncler to get close to flattish, so no change in our yearly outlook for this channel. Moving now to Stone Island on page 10. Q1 revenues were up 11% for the brand, boosted by continued solid double-digit growth in the DTC channel. Looking specifically at the trends by region, Asia was the strongest region, up 25%. All the main countries registered strong double-digit growth. I'm talking about Korea, Japan, China, and the rest of APAC as well. Very much a broad-based growth within this region. It is also important to highlight that this positive performance in the wholesale channel was achieved despite the ongoing efforts to upgrade the quality of our distribution, given that in the quarter, we have continued to optimize our third-party network. it is also important to highlight that this positive performance in the wholesale channel was achieved despite the ongoing efforts to upgrade the quality of our distribution given that in the quarter we have continued to optimize our third-party network Let me remind you that for fiscal year 2026, we continue to expect wholesale revenues for Moncler to get close to flattish, so no change in our yearly outlook for this channel. let me remind you that for fiscal year 2026 we continue to expect wholesale revenues for moncler to get close to flattish so no change in our yearly outlook for this channel Moving now to Stone Island on page 10. moving now to stone island on page 10 Q1 revenues were up 11% for the brand, boosted by continued solid double-digit growth in the DTC channel. q1 revenues were up 11% for the brand boosted by continued solid double-digit growth in the dtc channel Looking specifically at the trends by region, Asia was the strongest region, up 25%. looking specifically at the trends by region asia was the strongest region up 25% All the main countries registered strong double-digit growth. all the main countries registered strong double-digit growth I'm talking about Korea, Japan, China, and the rest of APAC as well. i'm talking about korea japan china and the rest of apac as well Very much a broad-based growth within this region. very much a broad-based growth within this region The Americas region was also up 24%. The region is still small for Stone Island, but it grew at a double-digit pace, both in the DTC channel and in the wholesale channel, so very encouraging signs. EMEA revenues were up 3%. Also here, both channels were positive. When it comes to the single countries, what I can tell you is that Italy, the largest single country in the region, slightly outperformed the rest of EMEA. Looking more specifically at Stone Island trends by channel on page 11, the DTC channel, which is now representing the majority of sales, grew by a strong 17% in Q1. We were very pleased by the development of all the retail metrics, particularly given that this performance is entirely organic, with no contribution coming from new space. The Americas region was also up 24%. the americas region was also up 24% The region is still small for Stone Island, but it grew at a double-digit pace, both in the DTC channel and in the wholesale channel, so very encouraging signs. the region is still small for stone island but it grew at a double-digit pace both in the dtc channel and in the wholesale channel so very encouraging signs EMEA revenues were up 3%. emea revenues were up 3% Also here, both channels were positive. also here both channels were positive When it comes to the single countries, what I can tell you is that Italy, the largest single country in the region, slightly outperformed the rest of EMEA. when it comes to the single countries what i can tell you is that italy the largest single country in the region slightly outperformed the rest of emea Looking more specifically at Stone Island trends by channel on page 11, the DTC channel, which is now representing the majority of sales, grew by a strong 17% in Q1. looking more specifically at stone island trends by channel on page 11 the dtc channel which is now representing the majority of sales grew by a strong 17% in q1 We were very pleased by the development of all the retail metrics, particularly given that this performance is entirely organic, with no contribution coming from new space. we were very pleased by the development of all the retail metrics particularly given that this performance is entirely organic with no contribution coming from new space All regions were positive in this channel, but as I have just mentioned, Americas and Asia in particular outperformed. For Stone Island, the physical channel continued to outperform the online channel across all regions. Finally, in wholesale, revenues were up 4%. Even for Stone Island, we continue to be extremely selective with our third-party partners. We're very happy to say that growth was driven by a positive reception of the spring-summer 2026 collection. In terms of fiscal year 2026 indication, also for Stone, our ambition for this channel is to get close to flattish, with trends in the first half of the year expected to be better than those in the second half of the year. Last but not least, let's briefly look at our store network on page 12. All regions were positive in this channel, but as I have just mentioned, Americas and Asia in particular outperformed. all regions were positive in this channel but as i have just mentioned americas and asia in particular outperformed For Stone Island, the physical channel continued to outperform the online channel across all regions. for stone island the physical channel continued to outperform the online channel across all regions Finally, in wholesale, revenues were up 4%. finally in wholesale revenues were up 4% Even for Stone Island, we continue to be extremely selective with our third-party partners. even for stone island we continue to be extremely selective with our third-party partners We're very happy to say that growth was driven by a positive reception of the spring-summer 2026 collection. In terms of fiscal year 2026 indication, also for Stone, our ambition for this channel is to get close to flattish, with trends in the first half of the year expected to be better than those in the second half of the year. we're very happy to say that growth was driven by a positive reception of the spring-summer 2026 collection. in terms of fiscal year 2026 indication also for stone our ambition for this channel is to get close to flattish with trends in the first half of the year expected to be better than those in the second half of the year Last but not least, let's briefly look at our store network on page 12. last but not least let's briefly look at our store network on page 12 As of 31st of March 2026, the network of Moncler monobrand boutiques counted 295 directly operated stores, net-net unchanged compared with December 2025. However, I would like to stress again an important development during the quarter, which was the previously mentioned opening of our second Moncler Grenoble only store in Aspen in correspondence of the event we had at the end of January. A beautiful store, definitely one of a kind, as you can see on page 13. Looking at Stone, the network of monobrand stores counted 94 directly operated stores, a net decrease of one unit compared with last December. Also for Stone, I would like to flag the opening of our store in Naples, which I've just mentioned, and of which you can see some nice pictures on page 14. We reached the end of the presentation. As of 31st of March 2026, the network of Moncler monobrand boutiques counted 295 directly operated stores, net-net unchanged compared with December 2025. as of 31st of march 2026 the network of moncler monobrand boutiques counted 295 directly operated stores net-net unchanged compared with december 2025 However, I would like to stress again an important development during the quarter, which was the previously mentioned opening of our second Moncler Grenoble only store in Aspen in correspondence of the event we had at the end of January. however i would like to stress again an important development during the quarter which was the previously mentioned opening of our second moncler grenoble only store in aspen in correspondence of the event we had at the end of january A beautiful store, definitely one of a kind, as you can see on page 13. a beautiful store definitely one of a kind as you can see on page 13 Looking at Stone, the network of monobrand stores counted 94 directly operated stores, a net decrease of one unit compared with last December. looking at stone the network of monobrand stores counted 94 directly operated stores a net decrease of one unit compared with last december Also for Stone, I would like to flag the opening of our store in Naples, which I've just mentioned, and of which you can see some nice pictures on page 14. also for stone i would like to flag the opening of our store in naples which i've just mentioned and of which you can see some nice pictures on page 14 We reached the end of the presentation. we reached the end of the presentation I will now hand it over to the operator for your questions. I kindly ask you, as usual, to stick to a maximum of two questions per person to give all participants the opportunity to ask questions. Operator, you can now open the Q&A line. Thank you. I will now hand it over to the operator for your questions. i will now hand it over to the operator for your questions I kindly ask you, as usual, to stick to a maximum of two questions per person to give all participants the opportunity to ask questions. i kindly ask you as usual to stick to a maximum of two questions per person to give all participants the opportunity to ask questions Operator, you can now open the Q&A line. operator you can now open the q&a line Thank you. thank you

Speaker 12: Thank you. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. We will pause for a moment as participants are joining the queue. First question is from Melania Grippo, BNP Paribas. Thank you. thank you This is the Chorus Call conference operator. this is the chorus call conference operator We will now begin the question and answer session. we will now begin the question and answer session Anyone who wishes to ask a question may press star and one on their touchtone telephone. anyone who wishes to ask a question may press star and one on their touchtone telephone To remove yourself from the question queue, please press star and two. to remove yourself from the question queue please press star and two Please pick up the receiver when asking questions. please pick up the receiver when asking questions Anyone who has a question may press star and one at this time. anyone who has a question may press star and one at this time We will pause for a moment as participants are joining the queue. we will pause for a moment as participants are joining the queue First question is from Melania Grippo, BNP Paribas. first question is from melania grippo bnp paribas

Speaker 10: Good evening, everyone. This is Melania Grippo from BNP Paribas. I have two questions. I was curious to hear the initial feedback from your clients on your spring summer collection for the Moncler brand, and also on the Grenoble one, since, if I remember correctly, you should have had three drops during the first part of the year. My second question is on Stone Island. Of course, the brand is doing particularly well with retail growing double digits for three quarters in a row. Could you please give us a sense of how it is going, let's say more recently, let's say in April? Also how the three collections, Marina, Stellina, and Ghost, are doing and what they represent on sales? Thank you. Good evening, everyone. good evening everyone This is Melania Grippo from BNP Paribas. this is melania grippo from bnp paribas I have two questions. i have two questions I was curious to hear the initial feedback from your clients on your spring summer collection for the Moncler brand, and also on the Grenoble one, since, if I remember correctly, you should have had three drops during the first part of the year. i was curious to hear the initial feedback from your clients on your spring summer collection for the moncler brand and also on the grenoble one since if i remember correctly you should have had three drops during the first part of the year My second question is on Stone Island. my second question is on stone island Of course, the brand is doing particularly well with retail growing double digits for three quarters in a row. of course the brand is doing particularly well with retail growing double digits for three quarters in a row Could you please give us a sense of how it is going, let's say more recently, let's say in April? could you please give us a sense of how it is going let's say more recently let's say in april Also how the three collections, Marina, Stellina, and Ghost, are doing and what they represent on sales? also how the three collections marina stellina and ghost are doing and what they represent on sales Thank you. thank you

Speaker 9: Yes. Hi, Melania. About your first question, pre-summer feedback, honestly, it's quite early, but I can tell you that the feedback is very good, very positive, not only from our customers, but let me say from everyone, because of the campaign, as you may have seen, is very, very strong, very impactful. Again, our expectations are elevated. Sorry to say that, but not just in terms of business. That is important, but this is a very important brand campaign. For the first time ever, we wanted to be very intentional about this current season, when normally we are not as strong as much as in full winter. We are very happy because the feedback, and also the media impact is very strong. About Grenoble, Melania, first quarter was very good. Yes. yes Hi, Melania. hi melania About your first question, pre-summer feedback, honestly, it's quite early, but I can tell you that the feedback is very good, very positive, not only from our customers, but let me say from everyone, because of the campaign, as you may have seen, is very, very strong, very impactful. about your first question pre-summer feedback honestly it's quite early but i can tell you that the feedback is very good very positive not only from our customers but let me say from everyone because of the campaign as you may have seen is very very strong very impactful Again, our expectations are elevated. again our expectations are elevated Sorry to say that, but not just in terms of business. sorry to say that but not just in terms of business That is important, but this is a very important brand campaign. that is important but this is a very important brand campaign For the first time ever, we wanted to be very intentional about this current season, when normally we are not as strong as much as in full winter. for the first time ever we wanted to be very intentional about this current season when normally we are not as strong as much as in full winter We are very happy because the feedback, and also the media impact is very strong. we are very happy because the feedback and also the media impact is very strong About Grenoble, Melania, first quarter was very good. about grenoble melania first quarter was very good was very good also because of everything we implemented, what Elena said before, the event in Aspen for sure was particularly impactful. Also the event in Milan and also the success we indirectly had with Lucas Braathen in the Olympics. Business-wise, I can tell you that the first quarter Grenoble was particularly good. was very good also because of everything we implemented, what Elena said before, the event in Aspen for sure was particularly impactful. was very good also because of everything we implemented what elena said before the event in aspen for sure was particularly impactful Also the event in Milan and also the success we indirectly had with Lucas Braathen in the Olympics. also the event in milan and also the success we indirectly had with lucas braathen in the olympics Business-wise, I can tell you that the first quarter Grenoble was particularly good. business-wise i can tell you that the first quarter grenoble was particularly good

Speaker 7: Maybe one small thing, Melania. If you were making reference to delivery two, on the back of Gino's presentation in February, it's actually starting now and marketing will come mid-May, so too early to tell. Maybe one small thing, Melania. maybe one small thing melania If you were making reference to delivery two, on the back of Gino's presentation in February, it's actually starting now and marketing will come mid-May, so too early to tell. if you were making reference to delivery two on the back of gino's presentation in february it's actually starting now and marketing will come mid-may so too early to tell

Speaker 10: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 9: About Stone Island, Melania, let me comment on Q1 first, which is the first quarter in a row we report double-digit growth for Stone Island. Important to highlight, of course, something I'm sure you saw, growth comes mostly from the DTC channel. Let me say that the entirety of that growth rate is organic only because there is no FX that impacts that growth rate. Very happy about the current trend of Stone Island. That is substantially continuing. Of course, in April, we have just a couple of weeks behind us, so still very premature to get to any conclusion, but this positive trend is continuing in the first days of April. About Stone Island, Melania, let me comment on Q1 first, which is the first quarter in a row we report double-digit growth for Stone Island. about stone island melania let me comment on q1 first which is the first quarter in a row we report double-digit growth for stone island Important to highlight, of course, something I'm sure you saw, growth comes mostly from the DTC channel. important to highlight of course something i'm sure you saw growth comes mostly from the dtc channel Let me say that the entirety of that growth rate is organic only because there is no FX that impacts that growth rate. let me say that the entirety of that growth rate is organic only because there is no fx that impacts that growth rate Very happy about the current trend of Stone Island. very happy about the current trend of stone island That is substantially continuing. that is substantially continuing Of course, in April, we have just a couple of weeks behind us, so still very premature to get to any conclusion, but this positive trend is continuing in the first days of April. of course, in april we have just a couple of weeks behind us so still very premature to get to any conclusion but this positive trend is continuing in the first days of april

Speaker 7: Maybe one small thing about the sub-collections which you have asked. The one that I would highlight as being the strongest among them is definitely Ghost. If you might remember, it was a very low single-digit percentage of sales just a few years ago, and now it's approaching 10% of sales. Very good results. Ghost, as a reminder, is the most elevated part of the collection, tone on tone. Very good reception so far, outgrowing the rest of the collection and contributing to the positive mix evolution of Stone Island. Maybe one small thing about the sub-collections which you have asked. maybe one small thing about the sub-collections which you have asked The one that I would highlight as being the strongest among them is definitely Ghost. the one that i would highlight as being the strongest among them is definitely ghost If you might remember, it was a very low single-digit percentage of sales just a few years ago, and now it's approaching 10% of sales. if you might remember it was a very low single-digit percentage of sales just a few years ago and now it's approaching 10% of sales Very good results. very good results Ghost, as a reminder, is the most elevated part of the collection, tone on tone. ghost as a reminder is the most elevated part of the collection tone on tone Very good reception so far, outgrowing the rest of the collection and contributing to the positive mix evolution of Stone Island. very good reception so far outgrowing the rest of the collection and contributing to the positive mix evolution of stone island

Speaker 10: Thank you both. Thank you both. thank you both

Speaker 12: Next question is from Anne-Laure Bismuth, HSBC. Next question is from Anne-Laure Bismuth, HSBC. next question is from anne-laure bismuth hsbc

Speaker 1: Yes. Hi, good evening, Elena and Luciano. Congratulations on a very strong Q1 performance. My first question is about the performance of the like-for-like. I was wondering if you can help us to know what was the space contribution in Q1 and the split between the space contribution and like-for-like. I know you don't break it down, but just assuming that it was around mid-single-digit, it would mean that the like-for-like rebounded strongly in Q1 to high single-digit rate. Is it fair and was it mostly volume-driven and with a bit of pricing? That's my first question, and my second question is the performance by cluster. It would be good to have an idea of the performance with the Chinese cluster in Q1, both onshore and offshore, and how does it compare with Q4. I know it's still early days, but is that trend continuing into Q2? Yes. yes Hi, good evening, Elena and Luciano. hi good evening elena and luciano Congratulations on a very strong Q1 performance. congratulations on a very strong q1 performance My first question is about the performance of the like-for-like. my first question is about the performance of the like-for-like I was wondering if you can help us to know what was the space contribution in Q1 and the split between the space contribution and like-for-like. i was wondering if you can help us to know what was the space contribution in q1 and the split between the space contribution and like-for-like I know you don't break it down, but just assuming that it was around mid-single-digit, it would mean that the like-for-like rebounded strongly in Q1 to high single-digit rate. i know you don't break it down but just assuming that it was around mid-single-digit it would mean that the like-for-like rebounded strongly in q1 to high single-digit rate Is it fair and was it mostly volume-driven and with a bit of pricing? is it fair and was it mostly volume-driven and with a bit of pricing That's my first question, and my second question is the performance by cluster. that's my first question and my second question is the performance by cluster It would be good to have an idea of the performance with the Chinese cluster in Q1, both onshore and offshore, and how does it compare with Q4. it would be good to have an idea of the performance with the chinese cluster in q1 both onshore and offshore and how does it compare with q4 I know it's still early days, but is that trend continuing into Q2? i know it's still early days but is that trend continuing into q2 Thank you very much. Thank you very much. thank you very much

Speaker 9: Hi, Anne-Laure, thank you for your question. Of course, we don't report like-for-like, but I can tell you that the space contribution is not particularly relevant in Q1. It's not particularly meaningful, sorry, in one quarter only. But as a matter of fact, it is totally quite in line with our indication for the year end, which is close to mid-single digit. Talking about the contribution within the organic growth, the volumes were positive and, even more importantly, the average selling price was up and not just totally driven by mix, but not only mix between fall, winter and spring, but back to the previous question from Melania Grippo, because Moncler Grenoble performed quite well. As you know, Moncler Grenoble has a higher price than Moncler Collection. Also, not only because of conversion, but also the UPT for Moncler Grenoble was quite good. Hi, Anne-Laure , thank you for your question. hi anne-laure thank you for your question Of course, we don't report like-for-like, but I can tell you that the space contribution is not particularly relevant in Q1. of course we don't report like-for-like but i can tell you that the space contribution is not particularly relevant in q1 It's not particularly meaningful, sorry, in one quarter only. it's not particularly meaningful sorry in one quarter only But as a matter of fact, it is totally quite in line with our indication for the year end, which is close to mid-single digit. but as a matter of fact, it is totally quite in line with our indication for the year end which is close to mid-single digit Talking about the contribution within the organic growth, the volumes were positive and, even more importantly, the average selling price was up and not just totally driven by mix, but not only mix between fall, winter and spring, but back to the previous question from Melania Grippo, because Moncler Grenoble performed quite well. talking about the contribution within the organic growth the volumes were positive and even more importantly the average selling price was up and not just totally driven by mix but not only mix between fall winter and spring but back to the previous question from melania grippo because moncler grenoble performed quite well As you know, Moncler Grenoble has a higher price than Moncler Collection. as you know, moncler grenoble has a higher price than moncler collection Also, not only because of conversion, but also the UPT for Moncler Grenoble was quite good. also not only because of conversion but also the upt for moncler grenoble was quite good This is overall the picture about the organic growth in the first quarter. Talking about the cluster in first quarter, Chinese cluster was up double-digit. Koreans and Japanese close to double-digit, slightly below 10%. Americans and Europeans still positive single-digit. Chinese cluster is still very strong as much as in the Q4. Everything was good. All of the different nationalities were positive. Of course, the strongest was Chinese, but all the other two Asian nationalities were very good as well. This is overall the picture about the organic growth in the first quarter. this is overall the picture about the organic growth in the first quarter Talking about the cluster in first quarter, Chinese cluster was up double-digit. talking about the cluster in first quarter chinese cluster was up double-digit Koreans and Japanese close to double-digit, slightly below 10%. koreans and japanese close to double-digit slightly below 10% Americans and Europeans still positive single-digit. americans and europeans still positive single-digit Chinese cluster is still very strong as much as in the Q4. chinese cluster is still very strong as much as in the q4 Everything was good. everything was good All of the different nationalities were positive. all of the different nationalities were positive Of course, the strongest was Chinese, but all the other two Asian nationalities were very good as well. of course the strongest was chinese but all the other two asian nationalities were very good as well

Speaker 1: Thank you. Thank you. thank you

Speaker 12: Next question is from Chris Huang, UBS. Next question is from Chris Huang, UBS. next question is from chris huang ubs

Speaker 5: Hello. Hi. Thanks for taking my questions. I will stick to two. The first one just to come back on the Moncler brand DTC. If I understood correctly, I think the previous commentary you commented on the start of Q2 was more Stone Island. Could you maybe clarify a little bit in case I missed it, how has the mood of consumers started for you in the second quarter on the Moncler brand specifically? Secondly, on the Middle East, last week when we heard from some of your other peers in the sector report, they were calling out the Middle East impact somewhere between one to two percentage points. I know that you have a smaller direct exposure to the region for the Moncler brand, but are you able to perhaps help us a little bit better understanding the impact, direct but also indirect in terms of tourism? Hello. hello Hi. hi Thanks for taking my questions. thanks for taking my questions I will stick to two. i will stick to two The first one just to come back on the Moncler brand DTC. the first one just to come back on the moncler brand dtc If I understood correctly, I think the previous commentary you commented on the start of Q2 was more Stone Island. if i understood correctly i think the previous commentary you commented on the start of q2 was more stone island Could you maybe clarify a little bit in case I missed it, how has the mood of consumers started for you in the second quarter on the Moncler brand specifically? could you maybe clarify a little bit in case i missed it how has the mood of consumers started for you in the second quarter on the moncler brand specifically Secondly, on the Middle East, last week when we heard from some of your other peers in the sector report, they were calling out the Middle East impact somewhere between one to two percentage points. secondly on the middle east last week when we heard from some of your other peers in the sector report they were calling out the middle east impact somewhere between one to two percentage points I know that you have a smaller direct exposure to the region for the Moncler brand, but are you able to perhaps help us a little bit better understanding the impact, direct but also indirect in terms of tourism? i know that you have a smaller direct exposure to the region for the moncler brand but are you able to perhaps help us a little bit better understanding the impact direct but also indirect in terms of tourism If you can give us some sense in terms of the numbers, headwinds, that would be extremely helpful. Thank you. If you can give us some sense in terms of the numbers, headwinds, that would be extremely helpful. if you can give us some sense in terms of the numbers headwinds that would be extremely helpful Thank you. thank you

Speaker 9: Okay. Thank you, Chris. You're right, actually. I gave some indication about the first two weeks of second quarter about Stone Island, not about Moncler, because this was the question from Melania, if I understood correctly. Anyway, talking about Moncler, let me start from Q1 to elaborate the current trend in second quarter. Q1, January was very good. January was very good unexpectedly because of the different timing of the Chinese New Year. Second quarter was very strong. This was, let me say, fairly expected for- Okay. okay Thank you, Chris. thank you chris You're right, actually. you're right actually I gave some indication about the first two weeks of second quarter about Stone Island, not about Moncler, because this was the question from Melania, if I understood correctly. i gave some indication about the first two weeks of second quarter about stone island not about moncler because this was the question from melania if i understood correctly Anyway, talking about Moncler, let me start from Q1 to elaborate the current trend in second quarter. anyway talking about moncler let me start from q1 to elaborate the current trend in second quarter Q1, January was very good. q1 january was very good January was very good unexpectedly because of the different timing of the Chinese New Year. january was very good unexpectedly because of the different timing of the chinese new year Second quarter was very strong. second quarter was very strong This was, let me say, fairly expected for- this was let me say fairly expected for-

Speaker 7: February, in second quarter. February, in second quarter. february in second quarter

Speaker 9: Sorry, February. Elena, correct me. January, very good. February, very strong for the same reason. Chinese New Year this year was in the second week of February. March, softer. First of all, because there was a significant decline in traffic coming from outside the region in Europe, due to a decline in flights. There are public numbers that have been reported by Global Blue that say that the tax-free spending in continental Europe in March dropped significantly after January and February. Also because of the current conflict in Iran, that of course prevented some Asian people from flying to come to Europe. The beginning of the second quarter was in line with March, so quite uncertain. Softer then again in January and February, but affected by the slowdown in tourism that is affecting mostly Europe. Sorry, February. sorry february Elena, correct me. elena correct me January, very good. january very good February, very strong for the same reason. february very strong for the same reason Chinese New Year this year was in the second week of February. chinese new year this year was in the second week of february March, softer. First of all, because there was a significant decline in traffic coming from outside the region in Europe, due to a decline in flights. march softer. first of all because there was a significant decline in traffic coming from outside the region in europe due to a decline in flights There are public numbers that have been reported by Global Blue that say that the tax-free spending in continental Europe in March dropped significantly after January and February. there are public numbers that have been reported by global blue that say that the tax-free spending in continental europe in march dropped significantly after january and february Also because of the current conflict in Iran, that of course prevented some Asian people from flying to come to Europe. also because of the current conflict in iran that of course prevented some asian people from flying to come to europe The beginning of the second quarter was in line with March, so quite uncertain. the beginning of the second quarter was in line with march so quite uncertain Softer then again in January and February, but affected by the slowdown in tourism that is affecting mostly Europe. softer then again in january and february but affected by the slowdown in tourism that is affecting mostly europe Talking about the Middle East, our business, as you correctly pointed out, the Middle East is less than 2%. Of course, that business is significantly down. Even the decline of that 2% is not impacting materially our overall business. Talking about the Middle East, our business, as you correctly pointed out, the Middle East is less than 2%. talking about the middle east our business as you correctly pointed out the middle east is less than 2% Of course, that business is significantly down. of course that business is significantly down Even the decline of that 2% is not impacting materially our overall business. even the decline of that 2% is not impacting materially our overall business

Speaker 7: Maybe one small thing I wanted to flag, Chris, is that when you think about the shape of evolution of the first quarter, you also have to keep in mind that there is a natural slowdown post the Chinese New Year, given that we were quite strong in China and with the Chinese cluster, you can absolutely expect that after a strong February, then you have a bit of a normalization in March. This was the other factor to keep into account on top of what Luciano has mentioned. About the Middle Eastern, the only thing that I can add is that the cluster was down around 50% in March, but again, not a meaningful direct impact on the business and not as much as others. The second derivative effect, then we will see. Maybe one small thing I wanted to flag, Chris, is that when you think about the shape of evolution of the first quarter, you also have to keep in mind that there is a natural slowdown post the Chinese New Year, given that we were quite strong in China and with the Chinese cluster, you can absolutely expect that after a strong February, then you have a bit of a normalization in March. maybe one small thing i wanted to flag chris is that when you think about the shape of evolution of the first quarter you also have to keep in mind that there is a natural slowdown post the chinese new year given that we were quite strong in china and with the chinese cluster you can absolutely expect that after a strong february then you have a bit of a normalization in march This was the other factor to keep into account on top of what Luciano has mentioned. this was the other factor to keep into account on top of what luciano has mentioned About the Middle Eastern, the only thing that I can add is that the cluster was down around 50% in March, but again, not a meaningful direct impact on the business and not as much as others. about the middle eastern the only thing that i can add is that the cluster was down around 50% in march but again not a meaningful direct impact on the business and not as much as others The second derivative effect, then we will see. the second derivative effect then we will see The first one we have seen, it was more related to incoming tourism from overseas customers into Europe that was worse in March compared to the previous two months. The first one we have seen, it was more related to incoming tourism from overseas customers into Europe that was worse in March compared to the previous two months. the first one we have seen it was more related to incoming tourism from overseas customers into europe that was worse in march compared to the previous two months

Speaker 5: Thank you. Can I just follow up on that comment you made on March? I think most of the peers seem to be seeing a little bit of softening after Chinese New Year. Given that you did 14% in Q1, is it fair to assume that March was still trending in the range of high single digits? Thank you. thank you Can I just follow up on that comment you made on March? can i just follow up on that comment you made on march I think most of the peers seem to be seeing a little bit of softening after Chinese New Year. i think most of the peers seem to be seeing a little bit of softening after chinese new year Given that you did 14% in Q1, is it fair to assume that March was still trending in the range of high single digits? given that you did 14% in q1 is it fair to assume that march was still trending in the range of high single digits

Speaker 7: Chris, would you kindly stop for a second because we have- Chris, would you kindly stop for a second because we have- chris would you kindly stop for a second because we have-

Speaker 5: I'm sorry. I'm sorry. i'm sorry

Speaker 7: ... a technical issue. Okay, no, your voice is back. If you could just repeat your follow-up, that would be great. ... a technical issue. a technical issue Okay, no, your voice is back. okay no your voice is back If you could just repeat your follow-up, that would be great. if you could just repeat your follow-up that would be great

Speaker 5: Okay, no worries. I was saying that it makes sense that March was softening a little bit after Chinese New Year, given the timing of the event. Given that you did 14% in Q1, is it fair to say that March was still in the range of high single digit or even double digit? Any directional color you can give? Okay, no worries. okay no worries I was saying that it makes sense that March was softening a little bit after Chinese New Year, given the timing of the event. i was saying that it makes sense that march was softening a little bit after chinese new year given the timing of the event Given that you did 14% in Q1, is it fair to say that March was still in the range of high single digit or even double digit? given that you did 14% in q1 is it fair to say that march was still in the range of high single digit or even double digit Any directional color you can give? any directional color you can give

Speaker 9: I can't give you this kind of precise number, Chris. I'm sorry. I can tell you that March was positive, but softer than the previous two months. I can't give you this kind of precise number, Chris. i can't give you this kind of precise number chris I'm sorry. i'm sorry I can tell you that March was positive, but softer than the previous two months. i can tell you that march was positive but softer than the previous two months

Speaker 5: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 12: Next question is from Natasha Bonnet, Morgan Stanley. Next question is from Natasha Bonnet, Morgan Stanley. next question is from natasha bonnet morgan stanley

Speaker 11: Hi. Thank you very much for taking my questions, and congratulations on the great set of results. I have two questions. The first, could you tell us what your exposure to tourism is in Europe, particularly in Q1, and how that differs versus the rest of the year? My second question is just on the margin, is there anything to keep top of mind on the phasing of H1 versus H2 this year? I just know that last year your ANP was quite high in H1. It was 9.6%. Anything you could tell us, that would be helpful. Thank you. Hi. hi Thank you very much for taking my questions, and congratulations on the great set of results. thank you very much for taking my questions and congratulations on the great set of results I have two questions. i have two questions The first, could you tell us what your exposure to tourism is in Europe, particularly in Q1, and how that differs versus the rest of the year? the first could you tell us what your exposure to tourism is in europe particularly in q1 and how that differs versus the rest of the year My second question is just on the margin, is there anything to keep top of mind on the phasing of H1 versus H2 this year? my second question is just on the margin is there anything to keep top of mind on the phasing of h1 versus h2 this year I just know that last year your ANP was quite high in H1. i just know that last year your anp was quite high in h1 It was 9.6%. it was 9.6% Anything you could tell us, that would be helpful. anything you could tell us that would be helpful Thank you. thank you

Speaker 7: Sorry, Natasha, we couldn't hear you very well. The first question was about tourism contribution, to European sales, right? Sorry, Natasha, we couldn't hear you very well. sorry natasha we couldn't hear you very well The first question was about tourism contribution, to European sales, right? the first question was about tourism contribution to european sales right

Speaker 11: Yes. Yes. yes

Speaker 7: Yeah. Okay. First, the second one again, sorry, it was related to margin. Sorry, couldn't hear you very well. Yeah. yeah Okay. okay First, the second one again, sorry, it was related to margin. first the second one again sorry it was related to margin Sorry, couldn't hear you very well. sorry couldn't hear you very well

Speaker 11: Sorry. On the margin, is there anything to keep top of mind on the phasing of H1 and H2 this year, given your ANP was 9.6% in H1 last year? Sorry. sorry On the margin, is there anything to keep top of mind on the phasing of H1 and H2 this year, given your ANP was 9.6% in H1 last year? on the margin is there anything to keep top of mind on the phasing of h1 and h2 this year given your anp was 9.6% in h1 last year

Speaker 9: Okay, Natasha. Thank you for your question. Starting from the second question about potential phasing in margin. What I can tell you is, of course, not about the margin, but I can tell you that talking about ANP, advertising and promotion marketing, the timing between H1 and H2 this year is expected to be substantially in line with the last year. Nothing materially different this year from last year. Talking about the impact of tourism in Europe is on a year-end, I mean on the fiscal year, about 50/50. You know? Okay, Natasha. okay natasha Thank you for your question. thank you for your question Starting from the second question about potential phasing in margin. starting from the second question about potential phasing in margin What I can tell you is, of course, not about the margin, but I can tell you that talking about ANP, advertising and promotion marketing, the timing between H1 and H2 this year is expected to be substantially in line with the last year. what i can tell you is of course not about the margin but i can tell you that talking about anp advertising and promotion marketing the timing between h1 and h2 this year is expected to be substantially in line with the last year Nothing materially different this year from last year. nothing materially different this year from last year Talking about the impact of tourism in Europe is on a year-end, I mean on the fiscal year, about 50/50. talking about the impact of tourism in europe is on a year-end i mean on the fiscal year about 50/50 You know? you know

Speaker 7: Yes, certainly. Just to specify a little bit, 50/50 means 50% local, 50% tourists coming from outside of the region. Yes, certainly. yes certainly Just to specify a little bit, 50/50 means 50% local, 50% tourists coming from outside of the region. just to specify a little bit 50/50 means 50% local 50% tourists coming from outside of the region

Speaker 9: Yes. When we talk about tourism, this is something important to clarify. Thank you, Elena. For everyone, when we talk about tourism, we consider only tourism from outside of the region. Of course, we detect, we monitor also the tourism inside of the region, but what is much more relevant for our business is the one from outside. Yes. yes When we talk about tourism, this is something important to clarify. when we talk about tourism this is something important to clarify Thank you, Elena. thank you elena For everyone, when we talk about tourism, we consider only tourism from outside of the region. for everyone when we talk about tourism we consider only tourism from outside of the region Of course, we detect, we monitor also the tourism inside of the region, but what is much more relevant for our business is the one from outside. of course we detect we monitor also the tourism inside of the region but what is much more relevant for our business is the one from outside

Speaker 7: The only thing I would add, we don't really go into the specific details related to each quarter, but as always, it's true for last year, and it's going to be hopefully, possibly true also for this year. The first and fourth quarter are typically slightly higher than average in terms of exposure to locals. The second and third quarter are typically more exposed than average to tourism flow. Something you've heard multiple times from us, but it's the typical seasonality you see in a year. The only thing I would add, we don't really go into the specific details related to each quarter, but as always, it's true for last year, and it's going to be hopefully, possibly true also for this year. the only thing i would add we don't really go into the specific details related to each quarter but as always it's true for last year and it's going to be hopefully possibly true also for this year The first and fourth quarter are typically slightly higher than average in terms of exposure to locals. the first and fourth quarter are typically slightly higher than average in terms of exposure to locals The second and third quarter are typically more exposed than average to tourism flow. the second and third quarter are typically more exposed than average to tourism flow Something you've heard multiple times from us, but it's the typical seasonality you see in a year. something you've heard multiple times from us but it's the typical seasonality you see in a year

Speaker 12: Next question is from Oriana Cardani, Intesa Sanpaolo. Next question is from Oriana Cardani, Intesa Sanpaolo. next question is from oriana cardani intesa sanpaolo

Speaker 13: Yes, good evening. Thank you for taking my two questions. The first one is on the CapEx plan. Are there any investments impacted by events in the Middle East that could be postponed? Or do you see no need to make changes to the investment plan due to this geopolitical context? My second question is on Forex. If you can give us an update on the expected FOREX impact for this year? Thank you. Yes, good evening. yes good evening Thank you for taking my two questions. thank you for taking my two questions The first one is on the CapEx plan. the first one is on the capex plan Are there any investments impacted by events in the Middle East that could be postponed? are there any investments impacted by events in the middle east that could be postponed Or do you see no need to make changes to the investment plan due to this geopolitical context? or do you see no need to make changes to the investment plan due to this geopolitical context My second question is on Forex. my second question is on forex If you can give us an update on the expected FOREX impact for this year? if you can give us an update on the expected forex impact for this year Thank you. thank you

Speaker 9: Okay. Thank you, Oriana, for your question. About CapEx plan impacted by the situation in Middle East, no, nothing relevant, honestly. Lucky or unlucky, depending on the point of view, but we are still a very small business, and also a business plan for Middle East. Nothing material at all. The other- Okay. okay Thank you, Oriana, for your question. thank you oriana for your question About CapEx plan impacted by the situation in Middle East, no, nothing relevant, honestly. about capex plan impacted by the situation in middle east no nothing relevant honestly Lucky or unlucky, depending on the point of view, but we are still a very small business, and also a business plan for Middle East. lucky or unlucky depending on the point of view but we are still a very small business and also a business plan for middle east Nothing material at all. nothing material at all The other- the other-

Speaker 13: The second was the impact from currencies on the year 2023. The second was the impact from currencies on the year 2023. the second was the impact from currencies on the year 2023

Speaker 9: Impact from currencies. Of course, the first quarter was quite high. As Elena pointed out, it was 6%. For the year-end, based on our current visibility, it is below 4%, between 3% and 4%. On the top line, of course. Impact from currencies. impact from currencies Of course, the first quarter was quite high. of course the first quarter was quite high As Elena pointed out, it was 6%. as elena pointed out, it was 6% For the year-end, based on our current visibility, it is below 4%, between 3% and 4%. for the year-end based on our current visibility, it is below 4% between 3% and 4% On the top line, of course. on the top line of course

Speaker 13: Great. Thank you very much. Great. great Thank you very much. thank you very much

Speaker 12: Next question is from Daria Nasledysheva, Bank of America. Next question is from Daria Nasledysheva, Bank of America. next question is from daria nasledysheva bank of america

Speaker 6: Hi. Congratulations on the super strong result. This is Daria from Bank of America, and I have two questions. An incredible showing in Asia. However, while Europe also improved sequentially compared to the previous quarter, America slowed a little bit while you also had the activation there in January. Is there anything to read into this or was there any one-off that we should be considering for the remainder of the year in terms of American demand? That's my first question. My second question is, could you please help us understand what the Stone Island acceleration to this extent means for margins? Should we expect this to become quite meaningfully accretive compared to the past couple of years if we think about the profitability bridge? Thank you. Hi. hi Congratulations on the super strong result. congratulations on the super strong result This is Daria from Bank of America, and I have two questions. this is daria from bank of america and i have two questions An incredible showing in Asia. an incredible showing in asia However, while Europe also improved sequentially compared to the previous quarter, America slowed a little bit while you also had the activation there in January. however while europe also improved sequentially compared to the previous quarter america slowed a little bit while you also had the activation there in january Is there anything to read into this or was there any one-off that we should be considering for the remainder of the year in terms of American demand? is there anything to read into this or was there any one-off that we should be considering for the remainder of the year in terms of american demand That's my first question. that's my first question My second question is, could you please help us understand what the Stone Island acceleration to this extent means for margins? my second question is could you please help us understand what the stone island acceleration to this extent means for margins Should we expect this to become quite meaningfully accretive compared to the past couple of years if we think about the profitability bridge? should we expect this to become quite meaningfully accretive compared to the past couple of years if we think about the profitability bridge Thank you. thank you

Speaker 9: Hi, Daria. About your first question. First of all, we are happy about our performance in the U.S. I don't know if your question was more related to something that considered the event we held in Aspen. We should have expected better than what we reported. Honestly, I think that the number we reported was good. It was very good. Of course, you know that this company in the U.S., as everyone knows, I'm sure you do, is still under-penetrated in the U.S. This under-penetration depends also on the brand awareness that in the U.S., in North America, is still lower, not as strong as in other regions. Let me say that not in the U.S. everywhere, because in the main cities where we have a strong footprint, like New York and not only, the brand awareness is good, is very strong. Hi, Daria. hi daria About your first question. about your first question First of all, we are happy about our performance in the U.S. first of all we are happy about our performance in the u.s I don't know if your question was more related to something that considered the event we held in Aspen. i don't know if your question was more related to something that considered the event we held in aspen We should have expected better than what we reported. we should have expected better than what we reported Honestly, I think that the number we reported was good. honestly i think that the number we reported was good It was very good. it was very good Of course, you know that this company in the U.S., as everyone knows, I'm sure you do, is still under-penetrated in the U.S. of course you know that this company in the u.s as everyone knows i'm sure you do is still under-penetrated in the u.s This under-penetration depends also on the brand awareness that in the U.S., in North America, is still lower, not as strong as in other regions. this under-penetration depends also on the brand awareness that in the u.s in north america is still lower not as strong as in other regions Let me say that not in the U.S. everywhere, because in the main cities where we have a strong footprint, like New York and not only, the brand awareness is good, is very strong. let me say that not in the u.s everywhere because in the main cities where we have a strong footprint like new york and not only the brand awareness is good is very strong It is still weaker in, let me say, minor cities where we start to have some stores. We start last year to open some stores. Overall, U.S. is a long journey, is a project that started last year. This year, we are even more intentional with the two big events, Aspen and the new opening in New York, Fifth Avenue. Overall, nothing negative at all about the demand for our brand. Great expectations, for sure, but it will be a long journey, and it will take some time. We are very confident. About Stone Island. I can tell you something that, for you as an analyst, is quite obvious. Stone Island is growing very nicely after a couple of years when we faced some challenges, some difficulties, and it is growing totally organically. It is still weaker in, let me say, minor cities where we start to have some stores. it is still weaker in let me say minor cities where we start to have some stores We start last year to open some stores. we start last year to open some stores Overall, U.S. is a long journey, is a project that started last year. overall u.s is a long journey is a project that started last year This year, we are even more intentional with the two big events, Aspen and the new opening in New York, Fifth Avenue. this year we are even more intentional with the two big events aspen and the new opening in new york fifth avenue Overall, nothing negative at all about the demand for our brand. overall nothing negative at all about the demand for our brand Great expectations, for sure, but it will be a long journey, and it will take some time. great expectations for sure but it will be a long journey and it will take some time We are very confident. we are very confident About Stone Island. about stone island I can tell you something that, for you as an analyst, is quite obvious. i can tell you something that for you as an analyst is quite obvious Stone Island is growing very nicely after a couple of years when we faced some challenges, some difficulties, and it is growing totally organically. stone island is growing very nicely after a couple of years when we faced some challenges some difficulties and it is growing totally organically Of course, you know that in our business, Stone Island, DTC is not relevant as much as Moncler, but still 50% is quite important. Any organic growth in the DTC business delivers stronger margins. Having said that, honestly, it is quite premature to get to any conclusion or to extrapolate the result of the first quarter over the next three quarters because it is very early, it would be very imprudent to do that. In any event, if Stone Island should continue, as we hope, to grow double-digit and mostly organic as it did over the past quarters, for sure the operating margin will improve. For sure, it will be maybe less dilutive than it was in the past couple of years. Of course, you know that in our business, Stone Island, DTC is not relevant as much as Moncler, but still 50% is quite important. of course you know that in our business stone island dtc is not relevant as much as moncler but still 50% is quite important Any organic growth in the DTC business delivers stronger margins. any organic growth in the dtc business delivers stronger margins Having said that, honestly, it is quite premature to get to any conclusion or to extrapolate the result of the first quarter over the next three quarters because it is very early, it would be very imprudent to do that. having said that honestly it is quite premature to get to any conclusion or to extrapolate the result of the first quarter over the next three quarters because it is very early it would be very imprudent to do that In any event, if Stone Island should continue, as we hope, to grow double-digit and mostly organic as it did over the past quarters, for sure the operating margin will improve. in any event if stone island should continue as we hope to grow double-digit and mostly organic as it did over the past quarters for sure the operating margin will improve For sure, it will be maybe less dilutive than it was in the past couple of years. for sure it will be maybe less dilutive than it was in the past couple of years

Speaker 7: Thank you. Thank you. thank you

Speaker 12: Next question is from Thomas Chauvet, Citi. Next question is from Thomas Chauvet, Citi. next question is from thomas chauvet citi

Speaker 15: Good evening, Luciano and Elena. Two questions, please. The first one on the store network. There were no openings on a net basis, as you said, Elena, that drove a mid-single-digit space contribution, I guess, from last year's opening. When it comes to this year's openings, can you remind us the phasing of the flagship in New York, any other major openings in China or Asia for the remaining of the year that you may want to anticipate given the stronger brand momentum in the region? Secondly, on gross margin, I know you updated us, Luciano, on it from profit in July, but can you perhaps comment on the tailwind you're expecting in the first half in particular? You had a return to mid-high single-digit volume growth in Q1, already channel mix, massive tailwind, geo mix, possibly. Good evening, Luciano and Elena. good evening luciano and elena Two questions, please. two questions please The first one on the store network. the first one on the store network There were no openings on a net basis, as you said, Elena, that drove a mid-single-digit space contribution, I guess, from last year's opening. there were no openings on a net basis as you said elena that drove a mid-single-digit space contribution i guess from last year's opening When it comes to this year's openings, can you remind us the phasing of the flagship in New York, any other major openings in China or Asia for the remaining of the year that you may want to anticipate given the stronger brand momentum in the region? when it comes to this year's openings can you remind us the phasing of the flagship in new york any other major openings in china or asia for the remaining of the year that you may want to anticipate given the stronger brand momentum in the region Secondly, on gross margin, I know you updated us, Luciano, on it from profit in July, but can you perhaps comment on the tailwind you're expecting in the first half in particular? secondly on gross margin i know you updated us luciano on it from profit in july but can you perhaps comment on the tailwind you're expecting in the first half in particular You had a return to mid-high single-digit volume growth in Q1, already channel mix, massive tailwind, geo mix, possibly. you had a return to mid-high single-digit volume growth in q1 already channel mix massive tailwind geo mix possibly Any other headwinds or maybe tailwinds we should be aware of for H1 and full-year? Just a clarification when you talked, Luciano, about April was in line with March, was it a comment for the Moncler brand DTC overall, or was it just a China comment? Thank you. Any other headwinds or maybe tailwinds we should be aware of for H1 and full- year? any other headwinds or maybe tailwinds we should be aware of for h1 and full- year Just a clarification when you talked, Luciano, about April was in line with March, was it a comment for the Moncler brand DTC overall, or was it just a China comment? just a clarification when you talked luciano about april was in line with march was it a comment for the moncler brand dtc overall or was it just a china comment Thank you. thank you

Speaker 9: Yes, Thomas. Thank you for your question. About your last question, the trend in April, I just commented, was about DTC. The first comment at the first question we received from Elena was about Stone Island. The second comment I made from another question was about Moncler, but still DTC only, if this was your question? Yes, Thomas. yes thomas Thank you for your question. thank you for your question About your last question, the trend in April, I just commented, was about DTC. about your last question the trend in april i just commented was about dtc The first comment at the first question we received from Elena was about Stone Island. the first comment at the first question we received from elena was about stone island The second comment I made from another question was about Moncler, but still DTC only, if this was your question? the second comment i made from another question was about moncler but still dtc only if this was your question

Speaker 15: Yes. Yes. yes

Speaker 9: Okay. Correct. Okay. Gross margin evolution. Gross margin, not operating margin, correct, Thomas? Okay. okay Correct. correct Okay. okay Gross margin evolution. gross margin evolution Gross margin, not operating margin, correct, Thomas? gross margin not operating margin correct thomas

Speaker 15: Yes, gross margin. That's correct, yes. Yes, gross margin. yes gross margin That's correct, yes. that's correct yes

Speaker 9: Gross margin, honestly, looking at both brands, of course, they have fairly different gross margin. I don't see any material difference between Q1 and Q2, honestly. As always, we don't have significant differences in gross margin from Q1 to Q2. We have evidently significant differences in operating margins, but I'm sure you know very well that. I'm not sure if this was your question or if I missed something. Gross margin, honestly, looking at both brands, of course, they have fairly different gross margin. gross margin honestly looking at both brands of course they have fairly different gross margin I don't see any material difference between Q1 and Q2, honestly. i don't see any material difference between q1 and q2 honestly As always, we don't have significant differences in gross margin from Q1 to Q2. as always we don't have significant differences in gross margin from q1 to q2 We have evidently significant differences in operating margins, but I'm sure you know very well that. we have evidently significant differences in operating margins but i'm sure you know very well that I'm not sure if this was your question or if I missed something. i'm not sure if this was your question or if i missed something

Speaker 15: Luciano, yeah, my question was more about the tailwinds to gross margin in the first half. You have a lot of tailwinds with volume growth, with channel mix, with Asia outperforming. Is there anything on the balance as tailwinds that we should be aware of? I'm concerned since gross margin for H1 and full-year is more or less flat, and it seems like you're off to a very strong start to support gross margin expansion this year. Luciano, yeah, my question was more about the tailwinds to gross margin in the first half. luciano yeah my question was more about the tailwinds to gross margin in the first half You have a lot of tailwinds with volume growth, with channel mix, with Asia outperforming. you have a lot of tailwinds with volume growth with channel mix with asia outperforming Is there anything on the balance as tailwinds that we should be aware of? is there anything on the balance as tailwinds that we should be aware of I'm concerned since gross margin for H1 and full- year is more or less flat, and it seems like you're off to a very strong start to support gross margin expansion this year. i'm concerned since gross margin for h1 and full- year is more or less flat and it seems like you're off to a very strong start to support gross margin expansion this year

Speaker 9: The factors that may impact gross margin are, yes, channel mix, but again, you know that the majority of the space increase in our DTC channel is expected in the second half of the year. Honestly, between the Q1 and Q2 from this point of view, I don't see any material impact. There might be an impact on markets because in some markets, due to the price gap, we have a slightly higher or lower gross margin, but not particularly relevant. Again, I don't see any tailwind on gross margin. Of course, the only tailwind I don't see, but based on the result of the first quarter, if this result should continue in the second quarter, would be on the operating margin. Again, on the gross margin, again, I don't see any factor that may have a material impact on gross margin. The factors that may impact gross margin are, yes, channel mix, but again, you know that the majority of the space increase in our DTC channel is expected in the second half of the year. the factors that may impact gross margin are yes channel mix but again you know that the majority of the space increase in our dtc channel is expected in the second half of the year Honestly, between the Q1 and Q2 from this point of view, I don't see any material impact. honestly between the q1 and q2 from this point of view i don't see any material impact There might be an impact on markets because in some markets, due to the price gap, we have a slightly higher or lower gross margin, but not particularly relevant. there might be an impact on markets because in some markets due to the price gap we have a slightly higher or lower gross margin but not particularly relevant Again, I don't see any tailwind on gross margin. again i don't see any tailwind on gross margin Of course, the only tailwind I don't see, but based on the result of the first quarter, if this result should continue in the second quarter, would be on the operating margin. of course the only tailwind i don't see but based on the result of the first quarter if this result should continue in the second quarter would be on the operating margin Again, on the gross margin, again, I don't see any factor that may have a material impact on gross margin. again on the gross margin again i don't see any factor that may have a material impact on gross margin

Speaker 15: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 7: Maybe, Thomas, when it comes to the channel mix, as always, if there will be an impact on the channel mix this year, it is typically then compensated by a proportional increase in the selling expenses. Anything that might come if the gross margin is going to be up slightly this year because of the channel mix, we expect it to be compensated. If your question was meant to see if there was a little bit of margin upside, that wouldn't happen because of these factors. I think you had a question about the store openings for the rest of the year. Sorry, we're repeating this because your line wasn't totally clear. Maybe, Thomas, when it comes to the channel mix, as always, if there will be an impact on the channel mix this year, it is typically then compensated by a proportional increase in the selling expenses. maybe thomas when it comes to the channel mix as always if there will be an impact on the channel mix this year it is typically then compensated by a proportional increase in the selling expenses Anything that might come if the gross margin is going to be up slightly this year because of the channel mix, we expect it to be compensated. anything that might come if the gross margin is going to be up slightly this year because of the channel mix we expect it to be compensated If your question was meant to see if there was a little bit of margin upside, that wouldn't happen because of these factors. if your question was meant to see if there was a little bit of margin upside that wouldn't happen because of these factors I think you had a question about the store openings for the rest of the year. i think you had a question about the store openings for the rest of the year Sorry, we're repeating this because your line wasn't totally clear. sorry we're repeating this because your line wasn't totally clear

Speaker 9: Store openings for the next year, overall, we expect a number of stores overall, including stores that have already been opened, in line with last year in the region of 12, 13, 14 new stores. Many stores will be opened in America. Of course, the Moncler Grenoble in Aspen already opened, the store in New York, at Fifth Avenue, needless to remind you. Some other stores in America, in California, in Valley Fair, in Dallas, and other what I call, wrongly, minor cities, but minor, let me say, for the brand, because our presence in some cities is still, let me say, quite shy. These are cities like Austin, for example, we are testing due to the project we have for that market. We don't have many openings in China, even if, of course, that market is doing very well. Store openings for the next year, overall, we expect a number of stores overall, including stores that have already been opened, in line with last year in the region of 12, 13, 14 new stores. store openings for the next year overall we expect a number of stores overall including stores that have already been opened in line with last year in the region of 12 13 14 new stores Many stores will be opened in America. many stores will be opened in america Of course, the Moncler Grenoble in Aspen already opened, the store in New York, at Fifth Avenue, needless to remind you. of course the moncler grenoble in aspen already opened the store in new york at fifth avenue needless to remind you Some other stores in America, in California, in Valley Fair, in Dallas, and other what I call, wrongly, minor cities, but minor, let me say, for the brand, because our presence in some cities is still, let me say, quite shy. some other stores in america in california in valley fair in dallas and other what i call wrongly minor cities but minor let me say for the brand because our presence in some cities is still let me say quite shy These are cities like Austin, for example, we are testing due to the project we have for that market. these are cities like austin for example we are testing due to the project we have for that market We don't have many openings in China, even if, of course, that market is doing very well. we don't have many openings in china even if of course that market is doing very well Some openings in Asia-Pacific, in the Southeast Asia-Pacific. These are more or less the openings we plan for this year, Thomas. Some openings in Asia-Pacific, in the Southeast Asia-Pacific. some openings in asia-pacific in the southeast asia-pacific These are more or less the openings we plan for this year, Thomas. these are more or less the openings we plan for this year thomas

Speaker 7: As a reminder for Stone Island, on a next net-basis, we do not expect to have openings. Actually, we are probably going to see some net closures by the end of the year. Low single-digit net closures. As a reminder for Stone Island, o n a next net- basis, we do not expect to have openings. as a reminder for stone island, o n a next net- basis we do not expect to have openings Actually, we are probably going to see some net closures by the end of the year. actually we are probably going to see some net closures by the end of the year Low single-digit net closures. low single-digit net closures

Speaker 15: Thank you. Thank you. thank you

Speaker 12: Next question is from Carole Madjo, Barclays. Next question is from Carole Madjo, Barclays. next question is from carole madjo barclays

Speaker 2: Hi. Yes, good evening. Two questions from me as well. The first one is on spring/summer. Can you come back here on your ambition for the spring/summer collection? I think you mentioned that you have been more intentional about spring/summer for the first time. When we think of product, which one are you pushing in terms of family of product? And then when you think about the weight of Q1, Q2, et cetera, so the quarterly growth, of course, Q1 and Q4 have been the biggest quarter at Moncler. Should we expect a change going forward as you're trying to push a bit more the spring/summer collection? That's the first question. The second question is just around the Grenoble store that you opened in Aspen earlier this year. Is the store here performing in line with your expectation in terms of retail metrics? Hi. hi Yes, good evening. yes good evening Two questions from me as well. two questions from me as well The first one is on spring/summer. the first one is on spring/summer Can you come back here on your ambition for the spring/summer collection? can you come back here on your ambition for the spring/summer collection I think you mentioned that you have been more intentional about spring/summer for the first time. i think you mentioned that you have been more intentional about spring/summer for the first time When we think of product, which one are you pushing in terms of family of product? when we think of product which one are you pushing in terms of family of product And then when you think about the weight of Q1, Q2, et cetera, so the quarterly growth, of course, Q1 and Q4 have been the biggest quarter at Moncler. and then when you think about the weight of q1 q2 et cetera so the quarterly growth of course q1 and q4 have been the biggest quarter at moncler Should we expect a change going forward as you're trying to push a bit more the spring/summer collection? should we expect a change going forward as you're trying to push a bit more the spring/summer collection That's the first question. that's the first question The second question is just around the Grenoble store that you opened in Aspen earlier this year. the second question is just around the grenoble store that you opened in aspen earlier this year Is the store here performing in line with your expectation in terms of retail metrics? is the store here performing in line with your expectation in terms of retail metrics Are they similar to the one, of course, in Switzerland, St. Moritz, for instance? Can you also remind us how we should think about store openings for Grenoble in the future? Thank you. Are they similar to the one, of course, in Switzerland, St. Moritz, for instance? are they similar to the one of course in switzerland st moritz for instance Can you also remind us how we should think about store openings for Grenoble in the future? can you also remind us how we should think about store openings for grenoble in the future Thank you. thank you

Speaker 9: Yes, Carole. About your first question, our expectations, as I said before, are mostly brand expectations. We want, we aim to make Moncler an all year-round brand. Of course, still protecting our DNA that is based on winter, mountain, cold. But we see opportunities still to protect the identity of the brand to become more and more relevant in spring/summer. This will be a long journey, so our expectations are mostly brand expectations. Also business expectations, but not something we expect to see and to deliver overnight. Of course it will be a long journey. I hope we can see some business results this year, but again, this is not our most important goal. The other question was about Grenoble. Yes, Grenoble. Yes. We opened the store in Aspen that is performing, let me say, totally in line with our plan. Yes, Carole. yes carole About your first question, our expectations, as I said before, are mostly brand expectations. about your first question our expectations as i said before are mostly brand expectations We want, we aim to make Moncler an all year- round brand. we want we aim to make moncler an all year- round brand Of course, still protecting our DNA that is based on winter, mountain, cold. of course still protecting our dna that is based on winter mountain cold But we see opportunities still to protect the identity of the brand to become more and more relevant in spring/summer. but we see opportunities still to protect the identity of the brand to become more and more relevant in spring/summer This will be a long journey, so our expectations are mostly brand expectations. this will be a long journey so our expectations are mostly brand expectations Also business expectations, but not something we expect to see and to deliver overnight. also business expectations but not something we expect to see and to deliver overnight Of course it will be a long journey. of course it will be a long journey I hope we can see some business results this year, but again, this is not our most important goal. i hope we can see some business results this year but again this is not our most important goal The other question was about Grenoble. the other question was about grenoble Yes, Grenoble. yes grenoble Yes. yes We opened the store in Aspen that is performing, let me say, totally in line with our plan. we opened the store in aspen that is performing let me say totally in line with our plan Of course, our plan, it was and still is to have two stores in Aspen, as we have two stores that are both doing quite well in St. Moritz. The store after the opening, the few days after the opening, were the days of the event. The store did particularly strongly, thanks to the traffic of people invited for the event, our best clients, that bought the current collection placed orders for the next collection of the event. Again, forget the first few days, the store is doing quite well. We are very happy about that opening. Sorry, the other question was about- Of course, our plan, it was and still is to have two stores in Aspen, as we have two stores that are both doing quite well in St. Moritz. of course our plan it was and still is to have two stores in aspen as we have two stores that are both doing quite well in st moritz The store after the opening, the few days after the opening, were the days of the event. the store after the opening the few days after the opening were the days of the event The store did particularly strongly, thanks to the traffic of people invited for the event, our best clients, that bought the current collection placed orders for the next collection of the event. the store did particularly strongly thanks to the traffic of people invited for the event our best clients that bought the current collection placed orders for the next collection of the event Again, forget the first few days, the store is doing quite well. again forget the first few days the store is doing quite well We are very happy about that opening. we are very happy about that opening Sorry, the other question was about- sorry the other question was about-

Speaker 7: The weight of Q1 to Q4 versus Q2 to Q3, whether we should expect a change going forward? The weight of Q1 to Q4 versus Q2 to Q3, whether we should expect a change going forward? the weight of q1 to q4 versus q2 to q3 whether we should expect a change going forward

Speaker 9: The weight of Q1 and Q4, of course, is extremely more important than the Q2 or Q3. Of course, our goal is to decrease this gap between Q1, Q4 and Q2, Q3. For this reason, again, as I said before, we are this year more than ever, very intentional in developing this identity, still leveraging on what made the identity of the brand. Of course, the current collection we are featuring in our stores and in the campaign right now is based on lightness and layering, but still maintaining and protecting the codes of the brand. Expectation without giving numbers, Carole, because they would be totally meaningless. But for sure, we expect over the time, second quarter and third quarter, to become more relevant and to decrease the gap between the other two quarters. The weight of Q1 and Q4, of course, is extremely more important than the Q2 or Q3. the weight of q1 and q4 of course is extremely more important than the q2 or q3 Of course, our goal is to decrease this gap between Q1, Q4 and Q2, Q3. of course our goal is to decrease this gap between q1 q4 and q2 q3 For this reason, again, as I said before, we are this year more than ever, very intentional in developing this identity, still leveraging on what made the identity of the brand. for this reason again as i said before we are this year more than ever very intentional in developing this identity still leveraging on what made the identity of the brand Of course, the current collection we are featuring in our stores and in the campaign right now is based on lightness and layering, but still maintaining and protecting the codes of the brand. of course the current collection we are featuring in our stores and in the campaign right now is based on lightness and layering but still maintaining and protecting the codes of the brand Expectation without giving numbers, Carole, because they would be totally meaningless. expectation without giving numbers carole because they would be totally meaningless But for sure, we expect over the time, second quarter and third quarter, to become more relevant and to decrease the gap between the other two quarters. but for sure we expect over the time second quarter and third quarter to become more relevant and to decrease the gap between the other two quarters

Speaker 7: Carole, just to contextualize, it's not an expectation on 2026. This is really a medium to long-term journey. As you know, we want to increase the weight of spring/summer step by step. We did already in the past few years, even if it wasn't maybe 100% visible. The weight of spring/summer versus fall/winter in terms of collection has increased one percentage point per annum over the past few years. This comment is really a medium-term ambition that we have, so you shouldn't read anything into 2026. Also, as you know, there is part of this that can be controlled or pushed by us. There is also the external environment that needs to be taken into account, the tourist flows, the weight of tourism in Q2, Q3. There are several factors that can come into play. Carole, just to contextualize, it's not an expectation on 2026. carole just to contextualize it's not an expectation on 2026 This is really a medium to long-term journey. this is really a medium to long-term journey As you know, we want to increase the weight of spring/summer step by step. as you know we want to increase the weight of spring/summer step by step We did already in the past few years, even if it wasn't maybe 100% visible. we did already in the past few years even if it wasn't maybe 100% visible The weight of spring/summer versus fall/winter in terms of collection has increased one percentage point per annum over the past few years. the weight of spring/summer versus fall/winter in terms of collection has increased one percentage point per annum over the past few years This comment is really a medium-term ambition that we have, so you shouldn't read anything into 2026. this comment is really a medium-term ambition that we have so you shouldn't read anything into 2026 Also, as you know, there is part of this that can be controlled or pushed by us. also as you know there is part of this that can be controlled or pushed by us There is also the external environment that needs to be taken into account, the tourist flows, the weight of tourism in Q2, Q3. there is also the external environment that needs to be taken into account the tourist flows the weight of tourism in q2 q3 There are several factors that can come into play. there are several factors that can come into play Obviously, over the medium to long term, we all hope to see this evolution. Obviously, over the medium to long term, we all hope to see this evolution. obviously over the medium to long term we all hope to see this evolution

Speaker 2: Thank you. Thank you. thank you

Speaker 12: Next question is from Charles Scotti, Kepler. Next question is from Charles Scotti, Kepler. next question is from charles scotti kepler

Speaker 3: Good evening. Thank you for taking my questions. I have two. My first question relates to EMEA, where growth has been relatively weak since the second half of 2024. What do you think explain this? Is it solely due to weaker tourism? And if so, could you provide more details on the trends among the local customers? And do you believe the brand in EMEA is now, to some extent, a bit more mature? And what levers could be used to re-accelerate growth? And my second question relates to the very impressive acceleration of Moncler in APAC. The environment in China seems to be improving, but your performance improvement goes well-beyond what we have seen from your peers. How do you explain this? Have you implemented any specific corrective measures or initiatives that could explain this regained momentum? Thank you. Good evening. good evening Thank you for taking my questions. thank you for taking my questions I have two. i have two My first question relates to EMEA, where growth has been relatively weak since the second half of 2024. my first question relates to emea where growth has been relatively weak since the second half of 2024 What do you think explain this? what do you think explain this Is it solely due to weaker tourism? is it solely due to weaker tourism And if so, could you provide more details on the trends among the local customers? and if so could you provide more details on the trends among the local customers And do you believe the brand in EMEA is now, to some extent, a bit more mature? and do you believe the brand in emea is now to some extent a bit more mature And what levers could be used to re-accelerate growth? and what levers could be used to re-accelerate growth And my second question relates to the very impressive acceleration of Moncler in APAC. and my second question relates to the very impressive acceleration of moncler in apac The environment in China seems to be improving, but your performance improvement goes well- beyond what we have seen from your peers. the environment in china seems to be improving but your performance improvement goes well- beyond what we have seen from your peers How do you explain this? how do you explain this Have you implemented any specific corrective measures or initiatives that could explain this regained momentum? have you implemented any specific corrective measures or initiatives that could explain this regained momentum Thank you. thank you

Speaker 9: Hi, Charles. About your first question, I don't believe at all that we can talk about some kind of maturity of the brand in Europe. I think that I would not talk about weakness, but for sure, EMEA is performing less than Asian countries, for sure. This is mostly, let me say, totally due to the decline in tourism, specifically talking about Q1. As I said before, in Q1, there was a strong decline in tourism coming from outside the region to Europe in March. January and February was not strong. February was positive because of Chinese coming after the Chinese New Year. January was not strong. Overall, there was a strong decline in March that is again reported also by Global Blue for all the industry. Talking about locals in Europe, locals are holding up, and so this makes us confident. Hi, Charles. hi charles About your first question, I don't believe at all that we can talk about some kind of maturity of the brand in Europe. about your first question i don't believe at all that we can talk about some kind of maturity of the brand in europe I think that I would not talk about weakness, but for sure, EMEA is performing less than Asian countries, for sure. i think that i would not talk about weakness but for sure emea is performing less than asian countries for sure This is mostly, let me say, totally due to the decline in tourism, specifically talking about Q1. this is mostly let me say totally due to the decline in tourism specifically talking about q1 As I said before, in Q1, there was a strong decline in tourism coming from outside the region to Europe in March. as i said before in q1 there was a strong decline in tourism coming from outside the region to europe in march January and February was not strong. january and february was not strong February was positive because of Chinese coming after the Chinese New Year. february was positive because of chinese coming after the chinese new year January was not strong. january was not strong Overall, there was a strong decline in March that is again reported also by Global Blue for all the industry. overall there was a strong decline in march that is again reported also by global blue for all the industry Talking about locals in Europe, locals are holding up, and so this makes us confident. talking about locals in europe locals are holding up and so this makes us confident Of course, I can't tell you that in Europe, business with locals is particularly amazing. We are holding that business, so this makes us confident. For sure, demand in Europe right now, also from locals, is not particularly strong. Again, overall, I'm confident to exclude that there might be any maturity issue with the brand. Talking about APAC, talking about China, let me say that the brand is very strong, something I keep saying, and I'm sure you know. It's very strong for several different reasons. Even when in China problems were bigger than what they are now, our business was quite good. I'm not sure that the problems in China are over, honestly, because the problems associated with the demand that depend on the available income, that depend on the real estate challenges that is lasting more than expected. Of course, I can't tell you that in Europe, business with locals is particularly amazing. of course i can't tell you that in europe business with locals is particularly amazing We are holding that business, so this makes us confident. we are holding that business so this makes us confident For sure, demand in Europe right now, also from locals, is not particularly strong. for sure demand in europe right now also from locals is not particularly strong Again, overall, I'm confident to exclude that there might be any maturity issue with the brand. again overall i'm confident to exclude that there might be any maturity issue with the brand Talking about APAC, talking about China, let me say that the brand is very strong, something I keep saying, and I'm sure you know. talking about apac talking about china let me say that the brand is very strong something i keep saying and i'm sure you know It's very strong for several different reasons. it's very strong for several different reasons Even when in China problems were bigger than what they are now, our business was quite good. even when in china problems were bigger than what they are now our business was quite good I'm not sure that the problems in China are over, honestly, because the problems associated with the demand that depend on the available income, that depend on the real estate challenges that is lasting more than expected. i'm not sure that the problems in china are over honestly because the problems associated with the demand that depend on the available income that depend on the real estate challenges that is lasting more than expected I don't think that all these problems are over, but for sure, we see more vibe in China than in the past. Again, still too early to predict what China overall can be over the next quarters. What I can tell you for sure is that our brand in China and with the Chinese clients is still doing very well. I don't think that all these problems are over, but for sure, we see more vibe in China than in the past. i don't think that all these problems are over but for sure we see more vibe in china than in the past Again, still too early to predict what China overall can be over the next quarters. again still too early to predict what china overall can be over the next quarters What I can tell you for sure is that our brand in China and with the Chinese clients is still doing very well. what i can tell you for sure is that our brand in china and with the chinese clients is still doing very well

Speaker 3: Thank you very much. Thank you very much. thank you very much

Speaker 12: Next question is from Chris Gao, CLSA. Next question is from Chris Gao, CLSA. next question is from chris gao clsa

Speaker 4: Hi, management. Thanks for the opportunity and congrats on the great results and your Asia operational investment bearing fruit. I just can ask two. The first one is on the Stone Island. Just now you commented on the volume mix pricing contribution for Moncler brand's growth, and how did you see the Stone Island volume mix ASP contribution to the 1Q growth look like? And I also just want to understand more about it. What does the brand do right to drive the notable gain of desirability during this quarter? Definitely, we've seen a notable market share gain. Where is the share gain coming from? And we also want to understand more clarity, if possible, on the mid-term target of Stone Island scale and the margin profile. This is the first question. The second question is more top-down question about the pricing architecture. Hi, management. hi management Thanks for the opportunity and congrats on the great results and your Asia operational investment bearing fruit. thanks for the opportunity and congrats on the great results and your asia operational investment bearing fruit I just can ask two. i just can ask two The first one is on the Stone Island. the first one is on the stone island Just now you commented on the volume mix pricing contribution for Moncler brand's growth, and how did you see the Stone Island volume mix ASP contribution to the 1Q growth look like? just now you commented on the volume mix pricing contribution for moncler brand's growth and how did you see the stone island volume mix asp contribution to the 1q growth look like And I also just want to understand more about it. and i also just want to understand more about it What does the brand do right to drive the notable gain of desirability during this quarter? what does the brand do right to drive the notable gain of desirability during this quarter Definitely, we've seen a notable market share gain. definitely we've seen a notable market share gain Where is the share gain coming from? where is the share gain coming from And we also want to understand more clarity, if possible, on the mid-term target of Stone Island scale and the margin profile. and we also want to understand more clarity if possible on the mid-term target of stone island scale and the margin profile This is the first question. this is the first question The second question is more top-down question about the pricing architecture. the second question is more top-down question about the pricing architecture With such a strong desirability seen on both Moncler and Stone Island, do you have any further update on Moncler and Stone Island's pricing architecture outlook in the midterm? Because we want to understand more about the midterm upsides on the mix-side and the margins from the two brands. Thank you. With such a strong desirability seen on both Moncler and Stone Island, do you have any further update on Moncler and Stone Island's pricing architecture outlook in the midterm? with such a strong desirability seen on both moncler and stone island do you have any further update on moncler and stone island's pricing architecture outlook in the midterm Because we want to understand more about the midterm upsides on the mix- side and the margins from the two brands. because we want to understand more about the midterm upsides on the mix- side and the margins from the two brands Thank you. thank you

Speaker 9: Yes. Hi, Chris. About your first question. The first question about volume mix, I mean, I can tell you that the organic growth implied a significant growth of volumes. Looking at retail metrics, I can tell you that last year when Stone Island started doing very well in Q3, did very well notwithstanding a negative traffic. The business was totally driven by two retail metrics, average selling price and the conversion. Average selling price was because, I mean, we changed the product architecture, the collection architecture of Stone Island, as you know, investing more and more in outerwear knitwear that have a higher price point. What was very positive was conversion rate, because even if less people were coming to visit the store, not the majority, but I mean, an increasing percent of people coming to visit the store, converted into sales into business. Yes. yes Hi, Chris. hi chris About your first question. about your first question The first question about volume mix, I mean, I can tell you that the organic growth implied a significant growth of volumes. the first question about volume mix i mean i can tell you that the organic growth implied a significant growth of volumes Looking at retail metrics, I can tell you that last year when Stone Island started doing very well in Q3, did very well notwithstanding a negative traffic. looking at retail metrics i can tell you that last year when stone island started doing very well in q3 did very well notwithstanding a negative traffic The business was totally driven by two retail metrics, average selling price and the conversion. the business was totally driven by two retail metrics average selling price and the conversion Average selling price was because, I mean, we changed the product architecture, the collection architecture of Stone Island, as you know, investing more and more in outerwear knitwear that have a higher price point. average selling price was because i mean we changed the product architecture the collection architecture of stone island as you know investing more and more in outerwear knitwear that have a higher price point What was very positive was conversion rate, because even if less people were coming to visit the store, not the majority, but I mean, an increasing percent of people coming to visit the store, converted into sales into business. what was very positive was conversion rate because even if less people were coming to visit the store not the majority but i mean an increasing percent of people coming to visit the store converted into sales into business Long story short, at the end of the year, traffic was still negative but close to flat. In the first quarter of the year, also traffic, February and March, January less, but February, March, traffic was positive. So all the retail metrics were positive. Traffic, conversion rate is still very strong, and average selling price. Your question, which brand or where are we taking the market share from? The very simple answer is, I don't know, but what I can tell you is that for sure, we see a positive brand momentum. That is something that I can't tell you we did expect, but I can tell you for sure that this is the result of a strategy we implemented of a product, of a collection strategy the day after the acquisition. Long story short, at the end of the year, traffic was still negative but close to flat. long story short at the end of the year traffic was still negative but close to flat In the first quarter of the year, also traffic, February and March, January less, but February, March, traffic was positive. in the first quarter of the year also traffic february and march january less but february march traffic was positive So all the retail metrics were positive. so all the retail metrics were positive Traffic, conversion rate is still very strong, and average selling price. traffic conversion rate is still very strong and average selling price Your question, which brand or where are we taking the market share from? your question which brand or where are we taking the market share from The very simple answer is, I don't know, but what I can tell you is that for sure, we see a positive brand momentum. the very simple answer is i don't know but what i can tell you is that for sure we see a positive brand momentum That is something that I can't tell you we did expect, but I can tell you for sure that this is the result of a strategy we implemented of a product, of a collection strategy the day after the acquisition. that is something that i can't tell you we did expect but i can tell you for sure that this is the result of a strategy we implemented of a product of a collection strategy the day after the acquisition That was about investing in the categories, in the product categories that made the origin and the identity of the brand since its inception, that are outerwear and knitwear. The brand was doing very well at the time of the acquisition, but the business trend over the previous three, four years was driven by aspirational categories, mostly T-shirts and sweatshirts. We decided to, I mean, slow down that kind of categories and investing in the categories I told you before. This took time, and in fact, for a couple of years, the business was not positive. We lost many of aspirational customers that were attracted by the logo and by the aspirational categories. At the end, for the first time, for the Fall/Winter 2025 collection, we saw a collection that was not totally, but mostly in line with our expectations. That was about investing in the categories, in the product categories that made the origin and the identity of the brand since its inception, that are outerwear and knitwear. that was about investing in the categories in the product categories that made the origin and the identity of the brand since its inception that are outerwear and knitwear The brand was doing very well at the time of the acquisition, but the business trend over the previous three, four years was driven by aspirational categories, mostly T-shirts and sweatshirts. the brand was doing very well at the time of the acquisition but the business trend over the previous three, four years was driven by aspirational categories mostly t-shirts and sweatshirts We decided to, I mean, slow down that kind of categories and investing in the categories I told you before. we decided to i mean slow down that kind of categories and investing in the categories i told you before This took time, and in fact, for a couple of years, the business was not positive. this took time and in fact for a couple of years the business was not positive We lost many of aspirational customers that were attracted by the logo and by the aspirational categories. we lost many of aspirational customers that were attracted by the logo and by the aspirational categories At the end, for the first time, for the Fall/Winter 2025 collection, we saw a collection that was not totally, but mostly in line with our expectations. at the end for the first time for the fall/winter 2025 collection we saw a collection that was not totally but mostly in line with our expectations The results were, I mean, not expected, but strongly hoped by the management team. This is the long story. Sorry, not particularly short, but, I mean, I hope that I made myself clear. About the price architecture for Stone Island, it is exactly what I just said. Keep investing in these categories, but without forgetting the enterprise price categories, because I think there is something more and something better we can do in the enterprise categories, but still investing in the brand codes of Stone Island. Brand codes are material research. The results were, I mean, not expected, but strongly hoped by the management team. the results were i mean not expected but strongly hoped by the management team This is the long story. this is the long story Sorry, not particularly short, but, I mean, I hope that I made myself clear. sorry not particularly short but i mean i hope that i made myself clear About the price architecture for Stone Island, it is exactly what I just said. about the price architecture for stone island it is exactly what i just said Keep investing in these categories, but without forgetting the enterprise price categories, because I think there is something more and something better we can do in the enterprise categories, but still investing in the brand codes of Stone Island. keep investing in these categories but without forgetting the enterprise price categories because i think there is something more and something better we can do in the enterprise categories but still investing in the brand codes of stone island Brand codes are material research. brand codes are material research Material research is mostly about outerwear, but also knitwear. Talking about Moncler, you know that the long story of our price architecture over the past 10 years, we started with the classic down jacket that is still our best seller categories, but we invested more and more in high-end products within the outerwear category and also in knitwear. This has been the history of the brand over the past 10-15 years, and this is something that we want to continue. Right now, our core business is in the price point between EUR 1,500-EUR 2,500 for Moncler. We see opportunities also with our customer base, without recruiting new customers. We see opportunities to increase this price range over EUR 2,500. Of course, it's something that we are implementing step by step. It is a long job. It's not something that we can expect to achieve overnight. Material research is mostly about outerwear, but also knitwear. Talking about Moncler, you know that the long story of our price architecture over the past 10 years, we started with the classic down jacket that is still our best seller categories, but we invested more and more in high-end products within the outerwear category and also in knitwear. material research is mostly about outerwear but also knitwear. talking about moncler you know that the long story of our price architecture over the past 10 years we started with the classic down jacket that is still our best seller categories but we invested more and more in high-end products within the outerwear category and also in knitwear This has been the history of the brand over the past 10-15 years, and this is something that we want to continue. this has been the history of the brand over the past 10-15 years and this is something that we want to continue Right now, our core business is in the price point between EUR 1,500-EUR 2,500 for Moncler. right now our core business is in the price point between eur 1,500-eur 2,500 for moncler We see opportunities also with our customer base, without recruiting new customers. we see opportunities also with our customer base without recruiting new customers We see opportunities to increase this price range over EUR 2,500. we see opportunities to increase this price range over eur 2,500 Of course, it's something that we are implementing step by step. of course it's something that we are implementing step by step It is a long job. it is a long job It's not something that we can expect to achieve overnight. it's not something that we can expect to achieve overnight This is our strategy. Of course, still protecting the entry price categories. Of course, entry price categories for Moncler, I'm talking about outerwear, is still higher than EUR 1,000. We see opportunities also in that price point. I hope I answered your question, Chris. This is our strategy. this is our strategy Of course, still protecting the entry price categories. of course still protecting the entry price categories Of course, entry price categories for Moncler, I'm talking about outerwear, is still higher than EUR 1,000. of course entry price categories for moncler i'm talking about outerwear is still higher than eur 1,000 We see opportunities also in that price point. we see opportunities also in that price point I hope I answered your question, Chris. i hope i answered your question chris

Speaker 4: Yes, this is super clear. Thank you very much. Congrats again. Yes, this is super clear. yes this is super clear Thank you very much. thank you very much Congrats again. congrats again

Speaker 12: Next question is from James Grzinic, Jefferies. Next question is from James Grzinic, Jefferies. next question is from james grzinic jefferies

Speaker 8: Good evening, Luciano and Elena. I'm really following up on Charles's question around the Chinese cluster. Looks like the Chinese cluster was probably high teens, perhaps 20% up for you in Q1. Couple of questions then. First of all, what was the Chinese cluster growth last year for the whole of a year for you? Perhaps you can share with us what you've done differently in China in this Q1 and especially in the transition into spring/summer in the early stages of that. It might be that my calculation is completely wrong, so please do correct me if that's the case. Good evening, Luciano and Elena. good evening luciano and elena I'm really following up on Charles's question around the Chinese cluster. i'm really following up on charles's question around the chinese cluster Looks like the Chinese cluster was probably high teens, perhaps 20% up for you in Q1. looks like the chinese cluster was probably high teens perhaps 20% up for you in q1 Couple of questions then. couple of questions then First of all, what was the Chinese cluster growth last year for the whole of a year for you? first of all what was the chinese cluster growth last year for the whole of a year for you Perhaps you can share with us what you've done differently in China in this Q1 and especially in the transition into spring/summer in the early stages of that. perhaps you can share with us what you've done differently in china in this q1 and especially in the transition into spring/summer in the early stages of that It might be that my calculation is completely wrong, so please do correct me if that's the case. it might be that my calculation is completely wrong so please do correct me if that's the case

Speaker 9: Hi, James. Let me see if I understand your question about the Chinese cluster. As I said, the growth rate was double-digit. I mean. Hi, James. hi james Let me see if I understand your question about the Chinese cluster. let me see if i understand your question about the chinese cluster As I said, the growth rate was double-digit. as i said the growth rate was double-digit I mean. i mean

Speaker 8: Yeah Yeah yeah

Speaker 9: This is what I said, and this is what I can confirm. I don't know if your question was about how much the Chinese cluster represent on the total. This is what I said, and this is what I can confirm. this is what i said and this is what i can confirm I don't know if your question was about how much the Chinese cluster represent on the total. i don't know if your question was about how much the chinese cluster represent on the total

Speaker 7: No, I think you asked about last year's performance, right? No, I think you asked about last year's performance, right? no i think you asked about last year's performance right

Speaker 8: Yeah, just to get a context, given that it seems. Yeah, just to get a context, given that it seems. yeah just to get a context given that it seems

Speaker 7: Yeah. Yeah. yeah

Speaker 8: as if it's the only cluster that was double-digit in Q1, it must be a big double-digit, hence my high teens, 20%. as if it's the only cluster that was double-digit in Q1, it must be a big double-digit, hence my high teens, 20%. as if it's the only cluster that was double-digit in q1 it must be a big double-digit hence my high teens 20%

Speaker 7: No. No. no

Speaker 8: I guess. I guess. i guess

Speaker 7: We don't go into such detail. We mentioned that also the other nationalities were pretty strong, particularly Koreans and Japanese. When it comes to last year, it was up low double digit in Q1, then it was more like flattish in Q2, single digit up in Q3, and then it was double digit in Q4, always sort of low double digits. This was the evolution of 2025, in terms of cluster. I wouldn't overestimate the growth in Q1, given that it was a pretty broad-based growth, the one that we have seen. Don't forget there are also many other nationalities that we don't comment, that are other EMEA clusters, other Asian clusters. I don't know if this helps, but we wouldn't go into that much detail. We don't go into such detail. we don't go into such detail We mentioned that also the other nationalities were pretty strong, particularly Koreans and Japanese. we mentioned that also the other nationalities were pretty strong particularly koreans and japanese When it comes to last year, it was up low double digit in Q1, then it was more like flattish in Q2, single digit up in Q3, and then it was double digit in Q4, always sort of low double digits. when it comes to last year it was up low double digit in q1 then it was more like flattish in q2 single digit up in q3 and then it was double digit in q4 always sort of low double digits This was the evolution of 2025, in terms of cluster. this was the evolution of 2025 in terms of cluster I wouldn't overestimate the growth in Q1, given that it was a pretty broad-based growth, the one that we have seen. i wouldn't overestimate the growth in q1 given that it was a pretty broad-based growth the one that we have seen Don't forget there are also many other nationalities that we don't comment, that are other EMEA clusters, other Asian clusters. don't forget there are also many other nationalities that we don't comment that are other emea clusters other asian clusters I don't know if this helps, but we wouldn't go into that much detail. i don't know if this helps but we wouldn't go into that much detail

Speaker 8: Of course. Thank you. Of course. of course Thank you. thank you

Speaker 9: Yeah, yeah. Yeah, yeah. yeah yeah

Speaker 8: Yeah. Sorry, Luciano. Yeah. yeah Sorry, Luciano. sorry luciano

Speaker 9: Okay. Did we answer your question? Okay. okay Did we answer your question? did we answer your question

Speaker 8: Yes. I guess in terms of the specifics of the outperformance of the Chinese cluster relative to others, large ones. I wondered whether you've done anything different in terms of assortment, product, and anything specifically that you feel resonated, especially with that specific cluster domestically. Yes. yes I guess in terms of the specifics of the outperformance of the Chinese cluster relative to others, large ones. i guess in terms of the specifics of the outperformance of the chinese cluster relative to others large ones I wondered whether you've done anything different in terms of assortment, product, and anything specifically that you feel resonated, especially with that specific cluster domestically. i wondered whether you've done anything different in terms of assortment product and anything specifically that you feel resonated especially with that specific cluster domestically

Speaker 9: James, nothing special for China. I mean, a lot special for the brand. This is something, this is not a joke. What I keep saying is that the brand is very strong in China, and as a result of this strength, any time we do something special, the reaction in China and with the Chinese customers is stronger and also faster, quicker than in other regions. Considering everything we did in Q1, I think that this may have had an impact in China even more than in other regions. I mean, Grenoble, Aspen, Olympics. This is a possible explanation. This for two reasons. One is what I said before, that the brand is very strong in China. Also, let me say that in China, we have a very strong retail organization that translate ideas, projects into engagement and business. James, nothing special for China. james nothing special for china I mean, a lot special for the brand. i mean a lot special for the brand This is something, this is not a joke. this is something this is not a joke What I keep saying is that the brand is very strong in China, and as a result of this strength, any time we do something special, the reaction in China and with the Chinese customers is stronger and also faster, quicker than in other regions. what i keep saying is that the brand is very strong in china and as a result of this strength any time we do something special the reaction in china and with the chinese customers is stronger and also faster quicker than in other regions Considering everything we did in Q1, I think that this may have had an impact in China even more than in other regions. considering everything we did in q1 i think that this may have had an impact in china even more than in other regions I mean, Grenoble, Aspen, Olympics. i mean grenoble aspen olympics This is a possible explanation. this is a possible explanation This for two reasons. this for two reasons One is what I said before, that the brand is very strong in China. one is what i said before that the brand is very strong in china Also, let me say that in China, we have a very strong retail organization that translate ideas, projects into engagement and business. also let me say that in china we have a very strong retail organization that translate ideas projects into engagement and business They are very strong in conveying the brand message. Independent of what we do, anytime we do something special, they are very strong in delivering the message directly to customers. This is the explanation we give ourselves. They are very strong in conveying the brand message. they are very strong in conveying the brand message Independent of what we do, anytime we do something special, they are very strong in delivering the message directly to customers. independent of what we do anytime we do something special they are very strong in delivering the message directly to customers This is the explanation we give ourselves. this is the explanation we give ourselves

Speaker 8: Excellent. Thank you. Excellent. excellent Thank you. thank you

Speaker 12: Next question is from Paola Carboni, EQUITA. Next question is from Paola Carboni, EQUITA. next question is from paola carboni equita

Speaker 14: Hello. Hi, good afternoon, everybody. I have two questions. The first one is, specifically on the month of March, you have commented about the impact regionally and in terms of lower tourism to Europe. Can you help us understand if you noticed any slow down either in March or early April on the other nationalities overall? If the other way around, are you seeing some repatriation of these lower tourist flows to Europe in other regions or do you expect this to happen possibly in due time? A second question is that, very quickly on Grenoble, if you confirm, if I'm not wrong, there will be another dedicated opening by the end of the year, in Q4, and your plan in terms of Grenoble stores for the future, if you can update us. Thank you very much. Hello. hello Hi, good afternoon, everybody. hi good afternoon everybody I have two questions. i have two questions The first one is, specifically on the month of March, you have commented about the impact regionally and in terms of lower tourism to Europe. the first one is specifically on the month of march you have commented about the impact regionally and in terms of lower tourism to europe Can you help us understand if you noticed any slow down either in March or early April on the other nationalities overall? can you help us understand if you noticed any slow down either in march or early april on the other nationalities overall If the other way around, are you seeing some repatriation of these lower tourist flows to Europe in other regions or do you expect this to happen possibly in due time? if the other way around are you seeing some repatriation of these lower tourist flows to europe in other regions or do you expect this to happen possibly in due time A second question is that, very quickly on Grenoble, if you confirm, if I'm not wrong, there will be another dedicated opening by the end of the year, in Q4, and your plan in terms of Grenoble stores for the future, if you can update us. a second question is that very quickly on grenoble if you confirm if i'm not wrong there will be another dedicated opening by the end of the year in q4 and your plan in terms of grenoble stores for the future if you can update us Thank you very much. thank you very much

Speaker 9: Hi, Paola. About your first question, March softer, as said before. This impacted due to not the lack, but the strong decline in tourism coming to Europe mostly. Europe was most impacted by what we said. Other nationalities, honestly, Asian nationalities, still good, much better. Of course, softer than the previous few months, but still positive. The nationality and the market that was more impacted by the decline in tourism was Europe. About- Hi, Paola. hi paola About your first question, March softer, as said before. about your first question march softer as said before This impacted due to not the lack, but the strong decline in tourism coming to Europe mostly. this impacted due to not the lack but the strong decline in tourism coming to europe mostly Europe was most impacted by what we said. europe was most impacted by what we said Other nationalities, honestly, Asian nationalities, still good, much better. other nationalities honestly asian nationalities still good much better Of course, softer than the previous few months, but still positive. of course softer than the previous few months but still positive The nationality and the market that was more impacted by the decline in tourism was Europe. the nationality and the market that was more impacted by the decline in tourism was europe About- about-

Speaker 7: Paola, one quick point. I mean, think about, again, my comment before about, we don't want to spend too much time about the intra-quarter evolution, but clearly Chinese New Year was in February, and so as you might expect, post the Chinese New Year, there is a natural normalization of growth with the Chinese cluster, which doesn't mean that we're losing momentum or anything. It's literally the natural curve that we see. So I wouldn't say much more than this, besides the tourism consumption. Then honestly, too early to tell about any repatriation somewhere else. Frankly, we don't have visibility on this. It's too early to comment. At the moment, we only see that there is a further step down in tourism into EMEA happening right now, but not much else to comment. Then, sorry, your second question, can you say it again? Paola, one quick point. paola one quick point I mean, think about, again, my comment before about, we don't want to spend too much time about the intra-quarter evolution, but clearly Chinese New Year was in February, and so as you might expect, post the Chinese New Year, there is a natural normalization of growth with the Chinese cluster, which doesn't mean that we're losing momentum or anything. i mean think about again my comment before about we don't want to spend too much time about the intra-quarter evolution but clearly chinese new year was in february and so as you might expect post the chinese new year there is a natural normalization of growth with the chinese cluster which doesn't mean that we're losing momentum or anything It's literally the natural curve that we see. it's literally the natural curve that we see So I wouldn't say much more than this, besides the tourism consumption. so i wouldn't say much more than this besides the tourism consumption Then honestly, too early to tell about any repatriation somewhere else. then honestly too early to tell about any repatriation somewhere else Frankly, we don't have visibility on this. frankly we don't have visibility on this It's too early to comment. it's too early to comment At the moment, we only see that there is a further step down in tourism into EMEA happening right now, but not much else to comment. at the moment we only see that there is a further step down in tourism into emea happening right now but not much else to comment Then, sorry, your second question, can you say it again? then sorry your second question can you say it again Was it about Grenoble, our plans to open other Grenoble only stores? Was it about Grenoble, our plans to open other Grenoble only stores? was it about grenoble our plans to open other grenoble only stores

Speaker 14: Exactly. I remember there are further new openings by the end of the year. I don't know if I'm right or not, and in any case, other plans for the future. Exactly. exactly I remember there are further new openings by the end of the year. i remember there are further new openings by the end of the year I don't know if I'm right or not, and in any case, other plans for the future. i don't know if i'm right or not and in any case other plans for the future

Speaker 9: Paola, actually, something that is already in our pipeline for the end of the year, no. We may have talked about a plan, an idea for the future. I mean, it's not something we plan to open many Grenoble-only stores. We targeted the most important ski-resorts. We are looking at an opportunity, honestly, but I don't know if it will happen by the end of the year in Courchevel. There are some important ski resorts we are targeting for a potential second store of Grenoble, but that is not something precise. To be more precise, but it's still something we are simply working on, is potentially Courchevel. Paola, actually, something that is already in our pipeline for the end of the year, no. paola actually something that is already in our pipeline for the end of the year no We may have talked about a plan, an idea for the future. we may have talked about a plan an idea for the future I mean, it's not something we plan to open many Grenoble-only stores. i mean it's not something we plan to open many grenoble-only stores We targeted the most important ski- resorts. we targeted the most important ski- resorts We are looking at an opportunity, honestly, but I don't know if it will happen by the end of the year in Courchevel. we are looking at an opportunity honestly but i don't know if it will happen by the end of the year in courchevel There are some important ski resorts we are targeting for a potential second store of Grenoble, but that is not something precise. there are some important ski resorts we are targeting for a potential second store of grenoble but that is not something precise To be more precise, but it's still something we are simply working on, is potentially Courchevel. to be more precise but it's still something we are simply working on is potentially courchevel

Speaker 7: Paola, don't expect that we have a store opening rollout related to Grenoble. We're very opportunistic about it, and we don't have any additional plans beyond what Luciano has just mentioned. I think if I'm correct, we are done with the Q&A. Operator, do we have someone else on the line? Paola, don't expect that we have a store opening rollout related to Grenoble. paola don't expect that we have a store opening rollout related to grenoble We're very opportunistic about it, and we don't have any additional plans beyond what Luciano has just mentioned. we're very opportunistic about it and we don't have any additional plans beyond what luciano has just mentioned I think if I'm correct, we are done with the Q&A. i think if i'm correct we are done with the q&a Operator, do we have someone else on the line? operator do we have someone else on the line

Speaker 12: We have no more questions registered. We have no more questions registered. we have no more questions registered

Speaker 7: Fantastic. Thank you very much to everyone for participating in this call. For any follow-up questions, as usual, do not hesitate to contact me tonight or also in the coming days. As a reminder, our H1 2026 interim management statement will be released on July 22nd after market close, and our quiet period will start on June 23rd. Thank you again, and have a great rest of the evening. Bye. Fantastic. fantastic Thank you very much to everyone for participating in this call. thank you very much to everyone for participating in this call For any follow-up questions, as usual, do not hesitate to contact me tonight or also in the coming days. for any follow-up questions as usual do not hesitate to contact me tonight or also in the coming days As a reminder, our H1 2026 interim management statement will be released on July 22nd after market close, and our quiet period will start on June 23rd. as a reminder our h1 2026 interim management statement will be released on july 22nd after market close and our quiet period will start on june 23rd Thank you again, and have a great rest of the evening. thank you again and have a great rest of the evening Bye. bye

Speaker 12: Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Ladies and gentlemen, thank you for joining. ladies and gentlemen thank you for joining The conference is now over. the conference is now over You may disconnect your telephones. you may disconnect your telephones