2024 FIRST-HALF RESULTSJULY 24, 2024

DISCLAIMER
This presentation does not constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, in the UnitedStates of America or in any other jurisdiction.
Certain information contained in this presentation may include perspectives and trends or other forward-looking statements about Kering’s financialsituation, operating results and business activities. They are not historical facts and express beliefs, anticipations and expectations based on
current assessments and estimates of the Group’s executive management which are subject to numerous factors, risks and uncertainties; they are
not guarantees of future performance. Various factors, risks and uncertainties may cause actual figures to differ materially from those initiallyanticipated including (among others): any unfavourable development affecting consumer spending in the activities of the Group (both in France andinternationally), in particular for products and services sold by the Group’s Luxury brands, resulting from economic conditions and othercircumstances, such as travel restrictions, disease epidemics and other health-related concerns; the costs of complying with environmental, healthand safety regulations and all other regulations with which the Group companies are required to comply; the competitive situation on each of theGroup’s markets; exchange rate and other risks related to international activities; risks arising from current or future litigation, as well as the factors,
risks and uncertainties set out in Kering’s universal registration document (document d’enregistrement universel) filed with the French Autorité desMarchés Financiers on March 19, 2024, which is available on Kering’s website at www.kering.com.

The information contained in this presentation has been selected by the Group’s executive management to present Kering’s H1 2024 Results. No
representation or warranty, express or implied, is made in relation to, and none of Kering or any of its directors, officers, employees, advisers,
affiliates or other representatives shall bear any liability or be liable for any loss arising from or related to, the accuracy or completeness of thispresentation or any use of this presentation or its contents or otherwise arising in connection with this presentation. The Group expressly disclaims
any and all liability whatsoever which may be based on such information, errors therein or omissions therefrom. Kering does not assume anyobligation to update this presentation or provide any additional information, or to correct any inaccuracies in this presentation or any additional
information which may become apparent.

24.07.2024

2INTRODUCTIONARMELLE POULOUGROUP CFO

H1 HIGHLIGHTSFASHION SHOWS & VISIBILITYPRODUCT OFFER

DISTRIBUTION &CLIENT EXPERIENCEGUCCI MEN’S S/S 2025 FASHION SHOWAT TRIENNALE MILANOBALENCIAGARODEO BAG

BOTTEGA VENETA RESIDENCEVENICE

KNOW-HOW

KERING BEAUTÉSUSTAINABILITY & TALENTS

POMELLATO HIGH JEWELRYTHE DUALISM OF MILANLAUNCH OF
BOTTEGA VENETA CANDLESNEW COLLABORATIONS &PARTNERSHIPSDESIRABILITY
VISIBILITY
EXCLUSIVITY

CRAFTING
CREATINGCARING

24.07.2024

4ANALYSIS OF RESULTS

H1 24 GROUP REVENUE
H1 REVENUE CHANGE

H1 REVENUE BREAKDOWN BY REGION(in €M and comparable change YoY)

(as a % of H1 24 total revenue and YoY reported change)-11%
reported

10,135

+1%
-11%

9,018

RoW
9% (+2pt)

Western Europe
28% (+1pt)-1%Asia Pacific
32% (-5pt)

Japan
8% (+1pt)
H1 23

Of which Q2 24

ComparableScopeFX

H1 24-11%+1%-1%-11%
reported

North America
23% (+1pt)% comparable change: at constant scope and exchange rates
24.07.2024

6

Q2 AND H1 24 GROUP REVENUEREVENUE BREAKDOWN BY SEGMENT(in €M and % YoY change)

Q2 Change (%)

H1 Change (%)

Q1 24

Q2 24

Reported

Comp.

H1 24

Reported

Comp.

2,079

2,006

-20%

-19%

4,085

-20%-18%

Saint Laurent

740

701

-9%-9%

1,441-9%-7%

Bottega Veneta

388448+2%+4%836+0%+3%

Other Houses

824893-8%-5%

1,717

-7%

-6%

Kering Eyewear &Corporate

536531+22%+5%1,067+23%+7%

Eliminations

(63)

(65)

n.a.

n.a.

(128)

n.a.

n.a.

4,504

4,514

-11%

-11%

9,018

-11%

-11%

Gucci

Kering% comparable change: at constant scope and exchange rates
24.07.2024

7

H1 24 GROUP REVENUE BY CHANNEL

74%

26%

R E T AI L I N C L . E - C O M M ER C E

W H O L E S AL E AN D O T H E R

-11%

-12%

-12%

Q1 24Q2 24

H1 24

DIRECTLY OPERATED STORES-7%-6%-7%

Q1 24

Q2 24

H1 24

W HOLESALELUXURY BRANDS

1,801+30 NET VS. YE 23

W HOLESALEKERING EYEW EAR+8%
Q1 24

Q2 24-16%+16%+16%+16%

Q1 24

Q2 24

H1 24+6%

H1 24
Q1 24-20%+3%

ROYALTIES& OTHER

Q2 24

H1 24-18%% weight and % comparable change, based on Revenue before eliminations
24.07.2024

8H1 24 RETAIL REVENUE BY REGIONYOY COMPARABLE CHANGE

WESTERN EUROPE

Q1 24

Q2 24

H1 24

NORTH AMERICAQ1 24

Q2 24

H1 24

JAPAN

Q1 24

Q2 24

ASIA PACIFIC

H1 24

Q1 24

Q2 24ROW

H1 24

Q1 24

Q2 24

H1 24+27%+22%+16%+6%+2%-2%-9%-8%-8%-11%-11%-11%
-19%
-25%

-22%% comparable change: at constant scope and exchange rates
24.07.2024

9RECURRING OPERATING INCOME, CAPEX, FCF AND NET DEBTR E C U R R I N G O P E R AT I N G I N C O M E & M AR G I N ( € M & %)
-42%

▪

2,739

GROSS MARGIN
DILUTION ON
UNFAVORABLEREGIONAL AND
PRODUCT MIXF C F F R O M O P E R AT I O N S ( € M )2,1381,887▪

OPERATING WORKINGCAPITAL AT 18.3% OF
LTM REVENUE▪

INVENTORIES DOWNIN VALUE VS. YE, EVEN
MORE IN VOLUME(DD IN AVERAGE**)▪

USUAL SEASONALITYIN NET DEBT POSITION
VS. YEAR END▪

STEADY DIVIDENDPAYMENT▪

ACQUISITION OF A
PRESTIGIOUS
BUILDING IN NYC

1,582
27.0%

H1 23

▪

17.5%

H1 24

OPEX GROWTH
LIMITED TO 3% WHILE
CONTINUING TO
INVEST IN A&P AND
STORE EXPENSESC AP E X ( € M )H1 23 excl. realestate acquisitionand disposal

H1 24 excl. realestate acquisition

NET DEBT (€M)***

1,774
9,922

1,391
▪

24.07.2024

532494

H1 23*

H1 24

GROUP CAPEX (EXCL.
REAL ESTATEACQUISITION) AT 5.5%
OF REVENUE
VS. 5.2% IN H1 23

8,504

Real estate
CAPEX

YE 23

HYE 24* Net of real estate disposal ** For main brands *** Excluding lease liabilities

10H1 24 REVENUE: -20% REPORTED, -18% COMPARABLE(€M, and YoY comparable growth in %)5,128-20%+5%4,085-9%90% ofH1 sales•H1 23RetailWholesale

Royaltiesand others

H1 24

Of which Q2 24comp growth-20%-12%+4%-19%Q2 REVENUE -19% COMPARABLE– Retail trends by region broadly similar to Q1– New offer ram ping up as planned, representing c. 25% of quarter
sales on average– Outperform ance of RTW on higher penetration of new styles– Carryover perform ance suffering, strong line up of launches
starting from Septem ber to refresh and enrich the handbag offer

24.07.2024

12KEY FIGURES€M

H1 2024

H1 2023

ChangeRevenue

4,085

5,128-20%

Recurring operating income
Margin (%)

1,007
24.7%

1,810
35.3%

-44%
-10.6pt

Gross CAPEX
As % of revenue

124
3.0%

232
4.5%

-46%
-1.5pt• EBIT MARGIN PRESSURE– Gross m argin down on adverse product and regional m ix, on top ofreinvestm ent in quality (m aterials, inventories)– Continued investm ent to fuel strategic initiatives (store and client
experience, communications)– 360° review of processes and allocation of resources• CAPEX DOWN
– Network enhancem ent, focusing on m ost exclusive locations– Downsizing of the outlet channel kicking off
24.07.2024

13

H1 24 REVENUE: -9% REPORTED, -7% COMPARABLE(€M, and YoY comparable growth in %)1,576-6%+24%

1,441-25%

81% ofH1 sales

H1 23RetailWholesaleRoyalties
and others

H1 24

Of which Q2 24comp growth-8%-25%+21%-9%• Q2 DOWN 9% COMPARABLE– Retail at -8%, deceleration driven by Asia Pacific– Continued focus on local clients, tailored activations– Success of recent collections, strong line up of launches in H2– W holesale down on retailization and rationalization am id challenging
business conditions

24.07.2024

15

KEY FIGURES€M

H1 2024

H1 2023

ChangeRevenue

1,441

1,576-9%

Recurring operating incomeMargin (%)

316
22.0%

481
30.5%

-34%
-8.5ptGross CAPEX
As % of revenue

107
7.4%

81
5.1%

+31%+2.3pt• EBIT DOWN ON NEGATIVE OPERATING LEVERAGE– Unfavorable regional m ix weighing on gross m argin– Im pact of recent openings and increased retail penetration• HIGHER CAPEX– 12 stores openings to broaden reach

24.07.2024

16

H1 24 REVENUE: +0% REPORTED, +3% COMPARABLE(€M, and YoY comparable growth in %)+8%833

n.s.

836

-19%

84% ofH1 sales

H1 23RetailWholesaleRoyaltiesand others

H1 24

Of which Q2 24comp growth+7%-13%n.s.

+4%• HIGHEST EVER Q2 AND FIRST-HALF REVENUE– Strong Q2 retail perform ance driven by AUR increase– Double-digit growth in W estern Europe and North Am erica, buoyant
Middle East, good resilience in APAC
– Resounding success of Leather Goods collections– W holesale down in line with exclusive distribution strategy

24.07.2024

18KEY FIGURES€M

H1 2024

H1 2023

ChangeRevenue

836

833

+0%

Recurring operating income
Margin (%)

121
14.5%

169
20.3%

-28%-5.8pt

Gross CAPEX
As % of revenue

51
6.1%

44
5.2%

+18%+0.9pt• EBIT DILUTION ON BRAND ELEVATION JOURNEY– Gross m argin up on positive m ix evolution– Sustained investm ent in com munications, new brand am bassadors– Continuing elevation of store experience and VIC clienteling• CAPEX INCREASE TO ENHANCE NETWORK– Acceleration of openings, conversions and refurbs to elevate thenetwork

24.07.202419OTHER
HOUSESOTHER HOUSES
H1 24 REVENUE: -7% REPORTED, -6% COMPARABLE(€M, and YoY comparable growth in %)

1,856
+1%

1,717
-21%

-11%

73% ofH1 salesH1 23RetailWholesaleRoyaltiesand others

H1 24

Of which Q2 24comp growth-0%-16%-12%-5%• CONSISTENT Q1 AND Q2, IMPACTED BY WHOLESALE• RESILIENCE IN RETAIL, STRONG JEWELRY– Balenciaga gradual recovery confirm ed, up in North Am erica andJapan, good resilience in APAC; Brioni growing double digits; AMQin transition– Jewelry: Boucheron and Pom ellato up double digits
24.07.2024

21

OTHER HOUSESKEY FIGURES€M

H1 2024

H1 2023

ChangeRevenue

1,717

1,856-7%

Recurring operating income
Margin (%)

44
2.6%

224
12.1%

-80%
-9.5ptGross CAPEX
As % of revenue

99
5.7%

82
4.4%

+21%+1.3pt• RECURRING OPERATING INCOME DOWN
– Investm ent to fuel sustainable long -term growth at all brands– Balenciaga stepping up communications– Ongoing creative transition at AMQ– W holesale rationalization drag

• CAPEX FOCUSED ON SELECTIVE STORE OPENINGS

24.07.202422KERINGEYEWEARC O R P O R AT E

KERING EYEWEAR AND CORPORATE
H1 24 REVENUEKEY FIGURES(€M, and YoY change in %)+153+5%869

H1 23 Kering
Eyewear

+6%

1,067

914
-1%

Comparable

FX

H1 24 Kering
EyewearOther

H1 24 Kering
Eyewear andCorporate• KERING EYEWEAR Q2 REVENUE +3% COMPARABLE€M

H1 2024

H1 2023

Revenue
Kering Eyewear
Other

1,067
914
153869869-Recurring operating income
Kering Eyewear
Margin (%)
Corporate & other

101
196
21.4%
(95)

63186
21.5%
(123)

Gross CAPEX
Gross CAPEX excl. Real Estate

1,010
113

1,45293• IMPROVEMENT IN EBIT

– Growth across regions– Kering Eyewear: EBIT increase and sustained profitability– Steady developm ent of the portfolio of brands, for both
sunglasses and optical fram es– Kering Beauté positive thanks to Creed– Record H1• OTHER REVENUE INCLUDES CREED CONTRIBUTION– Corporate costs well under control• NORMATIVE CAPEX LEVEL IN GROWTH PLATFORMS– Success of recent fem inine fragrances

24.07.2024

24

FINANCIAL PERFORMANCE

H1 2024

H1 2023

Revenue

9,018

10,135Gross margin

6,708

7,730

Recurring operating income

1,582

2,739

Other non-recurring operating income and expenses

(13)

0

Financial result

(288)

(204)

Income tax expense

(345)

(692)

Share in earnings of equity-accounted companies

43

Net income from continuing operations

940

1,846

Net income from discontinued operations

(0)

(0)

Net income of consolidated companies

940

1,846

Of which net income, Group share

878

1,785

Net income, Group share, from continuing operations excluding non-recurring items

888

1,789

Net income, Group share, per share (in euro)

7.16

14.60

Net income per share from continuing operations, Group share, excluding non-recurring items (in euro)

7.24

14.63

€M

24.07.2024

25

FREE CASH FLOW FROM OPERATIONS

H1 2024
Excl. real estate
acquisition

H1 2024

Excl. real estate
acquisition and disposal

H1 2023

Cash flow before taxes, dividends and interests

2,502

2,502

3,435

3,435

Change in working capital requirement(21)

44(354)(419)

Income tax paid

(100)

(100)

(411)

(419)

Net cash flow from operating activities

2,381

2,446

2,670

2,597

Acquisitions of property, plant and equipment andintangible assets (net)(494)(1,391)(532)(1,774)

Free cash flow from operations

1,887

1,055

2,138823€M

24.07.2024

H1 2023

26

CHANGE IN NET FINANCIAL DEBT
H1 2024 NET DEBT* BRIDGEIn €M and Net Debt / EBITDA** ratio

9,922+619+1,722+135-38,504+832-1,887

1.8x

1.3x

Net debt at
Dec. 31, 2023

FCF fromoperations excl.
real estate
acquisition

Real estate
acquisition

Dividends paid

Net interest paid
and dividends
received

Lease
repayment andrelated interests

Net financialinvestmentsand other

Net debt atJune 30, 2024

*Excluding lease liabilities **LTM EBITDA
24.07.2024

27

CONCLUSION

CONCLUSION▪ ONGOING TRANSITION AGAINST A CHALLENGINGBACKDROP▪ ALL INITIATIVES FOCUSED ON REIGNITING HEALTHYTOP LINE GROW TH▪

PRODUCT ARCHITECTURE▪

COMMUNICATIONS AND CLIENTELING▪

QUALITY OF THE DISTRIBUTION AND INVENTORYMANAGEMENT▪ STRICT OPEX AND CAPEX ALLOCATION▪

INVESTMENTS IN A&P, STORES, AND CLIENT EXPERIENCE▪

EFFICIENCIES AND COST CONTROL▪ H2 OUTLOOK

24.07.2024

29

Q&A

APPENDIXH1 2024 REVENUE€4,085m -20% REPORTED, -18% COMPARABLE

DIRECTLY OPERATED STORESREVENUE BREAKDOWN BY REGION

As of June 30, 24 (net change vs. YE 23)
Western Europe
105 (+2 net)

RoW
65 (-3 net)
Asia Pacific
185 (+2 net)

North America
112 (+0 net)

536

Western Europe
25%RoW
8%

North America
23%

Asia Pacific
35%Japan69 (-3 net)

Japan
9%

QUARTERLY PERFORMANCEYoY change
€M

Q1 24
Q2 24

24.07.2024

2,079
2,006

% comparable-18%-19%

YoY Comparable Change
RETAIL BY GEOGRAPHY

Q2 24

H1 24

Western Europe-16%-15%-21%

North America-17%-18%-20%Japan+18%+12%Asia Pacific-33%-30%

Rest of the World-9%-4%

Total Retail-20%-20%% reported32

H1 2024 REVENUE€1,441m -9% REPORTED, -7% COMPARABLE

DIRECTLY OPERATED STORESREVENUE BREAKDOWN BY REGION

As of June 30, 24 (net change vs. YE 23)
RoW
31 (+5 net)

RoW
9%

Western Europe
71 (+2 net)

Asia Pacific
116 (+2 net)

Western Europe
32%

Asia Pacific
28%

320

Japan
35 (+0 net)

North America
25%Japan
6%North America
67 (+3 net)

QUARTERLY PERFORMANCEYoY change€MQ1 24
Q2 24

24.07.2024

740
701% comparable-6%-9%YoY Comparable Change
RETAIL BY GEOGRAPHY

Q2 24

H1 24

Western Europe-2%-1%-8%

North America-8%-7%-9%Japan+51%+42%

Asia Pacific

-26%

-19%

Rest of the World+2%+2%

Total Retail-8%-6%% reported33

H1 2024 REVENUE€836m +0% REPORTED, +3% COMPARABLE

DIRECTLY OPERATED STORESREVENUE BREAKDOWN BY REGION

As of June 30, 24 (net change vs. YE 23)
Western Europe
64 (+5 net)

RoW
24 (+1 net)
Asia Pacific117 (+3 net)

RoW
10%
Asia Pacific
32%North America
53 (+5 net)

301

Western Europe
28%Japan
43 (-1 net)

Japan
12%North America
18%

QUARTERLY PERFORMANCEYoY change
€M

Q1 24
Q2 24

24.07.2024

388448% comparable+2%+4%YoY Comparable Change
RETAIL BY GEOGRAPHY

Q2 24

H1 24

Western Europe+19%+17%-2%

North America+18%+21%+2%

Japan+9%+8%% reported

Asia Pacific-10%-7%

Rest of the World+27%+32%

Total Retail+7%+8%34

OTHER HOUSES
H1 2024 REVENUE€1,717m -7% REPORTED, -6% COMPARABLE

DIRECTLY OPERATED STORESREVENUE BREAKDOWN BY REGION

As of June 30, 24 (net change vs. YE 23)
Western Europe
133 (+2 net)

RoW
35 (+4 net)
Asia Pacific288 (+1 net)

RoW
7%
Asia Pacific37%

North America
84 (+2 net)

625

Western Europe
30%Japan85 (-2 net)

Japan
11%

North America
15%

QUARTERLY PERFORMANCEYoY change€M% comparable

YoY Comparable Change% reported

RETAIL BY GEOGRAPHY

Q2 24

Western Europe-5%-6%+2%+3%+49%+45%

Q1 24824-6%-7%

North America

Q2 24893-5%-8%Japan

24.07.2024

H1 24

Asia Pacific-9%-5%

Rest of the World+5%+6%

Total Retail

-0%

+1%35

RECURRING OPERATING INCOME€M

24.07.2024

H1 2024

H1 2023

Reported change %

Gucci

1,007

1,810

-44%

Saint Laurent

316

481

-34%

Bottega Veneta

121

169

-28%

Other Houses

44224

-80%

Kering Eyewear and Corporate

101

63+61%

Eliminations

(7)

(8)

n.a.

Kering

1,582

2,739

-42%

36

EBITDA€M

24.07.2024

H1 2024

H1 2023

Reported change %

Gucci

1,389

2,172-36%

Saint Laurent

464

600

-23%

Bottega Veneta

215

259

-17%

Other Houses

247

404

-39%

Kering Eyewear and Corporate

287

190

+52%

Eliminations

(7)

(8)

n.a.

Kering

2,595

3,617

-28%

37

NET FINANCIAL COSTS AND INCOME TAX€M

H1 2024

H1 2023

Cost of net debt

(151)

(40)

Other financial income and expenses

(48)

(94)

Total financial result (excluding leases)

(199)

(134)

Interest expense on lease liabilities

(89)

(70)

Financial result

(288)

(204)

H1 2024

H1 2023

(348)

(688)

3

(4)

Income tax expense

(345)

(692)

Effective tax rate

26.9%

27.3%

Tax rate on recurring income

26.9%

27.1%

Income tax expense on recurring incomeTax (expense) income on other non-recurring items

24.07.2024

38

BALANCE SHEET€M

June 30, 2024

Dec. 31, 2023

Goodwill, brands and intangible Assets

15,275

15,290

Lease right-of-use Assets

5,098

4,984

Property, plant and equipment

6,314

5,341

Investments in equity-accounted companies

1,775

1,750

Net other Non-current Assets (Liabilities)

(208)

(27)

Non-current lease Liabilities(4,593)(4,511)

Total Net Non-current Assets (Liabilities)

23,661

22,827

Operating Working Capital

3,369

3,501

Net other Current Assets (Liabilities)

(191)

(666)

Current lease Liabilities

(914)

(884)

Total Net Current Assets (Liabilities)

2,264

1,951

--Provisions

(253)

(264)

Capital employed

25,672

24,514Equity15,75016,010Net Debt

9,922

8,504

Total Sources

25,672

24,514

Net Assets held for sale

24.07.2024

39

Gucci • Saint Laurent • Bottega Veneta • Balenciaga • Alexander McQueen • Brioni

Boucheron • Pomellato • Dodo • Qeelin • Ginori 1735
Kering Eyewear • Kering Beauté