2024
First-Half ReportTABLE OF CONTENTS

CHAPTER 1
Kering in the first half of 2024 - Key figures

2

CHAPTER 2
Activity report612-Significant events in the first half of 2024
Group performance in the first half of 2024

6
7

34-

Operating performance by segment
Parent company net income

18
27

567-

Transactions with related parties
OutlookDefinitions of non-IFRS financial indicators

27
27
28

CHAPTER 3
Condensed consolidated interim financial statements for the six months ended June 30, 2024

29

123456-

29
30
31
32
33
34

Consolidated income statement
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of changes in equity
Consolidated statement of cash flow
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

Statutory auditor's review report on the interim financial information
Statement by the persons responsible for the interim financial report

47
48

This document is a free-translation into English of the 2024 First-Half Report issued in French.
In the event of any discrepancies, the French version will take precedence.

KERING - 2024 First-Half Report1—1

Kering in the first half of 2024 - Key figures

CHAPTER 1
Kering in the first half of 2024 - Key figures
Consolidated key figures(in € millions)

Revenue
EBITDAEBITDA margin (% of revenue)
Recurring operating income
Recurring operating margin (% of revenue)
Net income attributable to the Groupo/w continuing operations excluding non-recurring items
Gross operating investments (1)Free cash flow from operations (2)Net debt (3)First half 2024
9,018
2,595
28.8%
1,582
17.5%
878
888
1,391

First half 2023
10,135
3,617
35.7%
2,739
27.0%
1,785
1,789
1,891

Reportedchange-11%-28%-6.9 pts-42%-9.5 pts
-51%
-50%
-26%

1,055
9,922

823
3,854

+28%
N/A

(1) Acquisitions of property, plant and equipment and intangible assets, including the acquisition and disposal of real estate assets in the first halfof 2024 for €897 million and in the first half of 2023 for €1,359 million.
(2) Free cash flow from operations is defined on page 28, including the acquisition and disposal of real estate assets in the first-half of 2024 for
832 million euros and in the first-half of 2023 for 1,315 million euros.
(3) Net debt is defined on page 28.

Per share data(in €)

Earnings per share attributable to the Groupo/w continuing operations excluding non-recurring items—2

KERING - 2024 First-Half Report

First half 2024
7.16
7.24

First half 2023
14.60
14.63

Reportedchange-51%-51%

Kering in the first half of 2024 - Key figures

Revenue
Breakdown by segment(in € millions)

Gucci
Yves Saint Laurent
Bottega Veneta
Other Houses
Kering Eyewear and Corporate
EliminationsFirst half 2024
4,085
1,441
836
1,717
1,067
(128)

First half 2023
5,128
1,576
833
1,856
869
(127)

Change
-20%
-9%
–
-7%
+23%
N/A

Comparable
change(1)
-18%
-7%
+3%
-6%
+7%
N/A

9,018

10,135-11%-11%

REVENUE(1) On a comparable scope and exchange rate basis. Comparable growth is defined on page 28.

Breakdown by region(as a % of consolidated revenue)

WesternEurope

28%
Japan

North
America

8%

23%
Rest
of the world

AsiaPacific

9%

32%

KERING - 2024 First-Half Report

3—

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1

Kering in the first half of 2024 - Key figures

Revenue by quarter2024/2023 change
in revenue by quarter,
on a reported basis

In € millions

2024/2023 change
in revenue by quarter,
on a comparable basis

10,135
9,018
Secondquarter

5,058

4,514

First
quarter

5,077

4,504

2023

2024

(11)%

(11)%

(11)%

First
quarter

SecondquarterFirst half

(10)%

First
quarter

(11)%

(11)%

SecondquarterFirst half

Number of directly operated stores by region378
367

WesternEurope

326
316

North
America

Japan

1,801

232
238

Total at June 30, 2024

1,771
Asia-Pacific(excluding
Japan)
Restof the world—4

KERING - 2024 First-Half Report

706
698

159
152

Total at December 31, 2023

Kering in the first half of 2024 - Key figures

Recurring operating income
Breakdown by segment
First half 2024
1,007
316
121
44
101
(7)

First half 2023
1,810
481
169
224
63
(8)

GROUP

1,582

2,739

-42%

Recurring operating margin (% of revenue)

17.5%

27.0%

-9.5 pts(in € millions)

Gucci
Yves Saint Laurent
Bottega Veneta
Other Houses
Kering Eyewear and Corporate
Eliminations

Change
-44%
-34%
-28%
-80%
+61%
N/A

Other financial indicators
Free cash flow from operations (1)Net income attributable to the Group(in € millions)(in € millions)

(2)

2,138
1,785

1,887

1,789

878

First half 2023

888

First half 2024

Net income attributable to the GroupNet income from continuing operations(excluding non-recurring items) attributable to the Group823

First half 2023

(2)

1,055

First half 2024

(1) Free cash flow from operations is defined on page 28.
(2) Excluding strategic real estate acquisition and disposal.

Net debt (2)(in € millions)

9,922
8,504

December 31, 2023

June 30, 2024

(2) Net debt is defined on page 28.

KERING - 2024 First-Half Report

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2

Activity report
Significant events in the first half of 2024

CHAPTER 2

Activity report
1 - SIGNIFICANT EVENTS IN THE FIRST HALF OF 2024
Acquisition of strategic real-estate
assets in New York and Milan
On January 22, 2024, Kering announced the acquisition of aprestigious New York City property comprising luxury retailspaces across multiple floors and with total floorspace ofapproximately 115,000 sq. ft, or 10,700 sq. m. The building islocated at 715-717 Fifth Avenue, and the price paid was$963 million (the equivalent of €885 million on the date of theannouncement).
On April 4, 2024, the Group also announced the acquisition of thecompany that owns the iconic building located at 8 Via
Montenapoleone in Milan, for a consideration of approximately€1.3 billion. This 18th-century building is located on the mostprestigious corner of Milan’s Quadrilatero della Moda fashion
district. It has five floors and gross floorspace of approximately
127,000 sq. ft, or 11,800 sq. m.
These investments form part of Kering’s selective real-estate
strategy aimed at securing key locations that are highly desirable
for its Houses.

“Triple A” CDP score for Kering’s climate
commitments
On February 6, 2024, Kering was one of only 10 companies
worldwide to achieve a score of AAA following the Carbon
Disclosure Project’s annual assessment, which covers more than
21,000 companies.
Kering is the only company in its sector to earn this distinction,
confirming its leadership in terms of transparency andperformance as regards protecting the climate, forests andwater.

Dual-tranche bond issue for a total
amount of €1.75 billion
On March 5, 2024, Kering carried out a dual-tranche bond issue
for a total of €1.75 billion, consisting of:• a €1 billion tranche with an 8-year maturity and a 3.375%
coupon; and• a €750 million tranche with a 12-year maturity and a 3.625%
coupon.

Changes in the Executive Committee
On April 2, 2024, Kering announced the appointment of Mélanie
Flouquet, Chief Strategy Officer, and Armelle Poulou, Chief
Financial Officer, to the Group’s Executive Committee.
On June 6, 2024, Kering also announced the appointment ofLaurent Claquin as its Chief Brand Officer and a member of the
Executive Committee, effective July 1, 2024. By creating the roleof Chief Brand Officer, Kering is aiming to enhance the appeal of
Kering's corporate brand, and to increase the Group's visibility
and influence.

Changes in the Board of Directors
In the Annual General Meeting held on April 25, 2024, Kering's
shareholders approved the appointment of three new directors:
Rachel Duan, Giovanna Melandri and Dominique D’Hinnin. They
also ratified the cooption of Maureen Chiquet as Director and therenewal of Jean-Pierre Denis' term of office.
At the time the present document was published, Kering's Boardof Directors had 13 members. Of its members, 64% areindependent Directors and 55% are women(1). Six nationalities
are represented on the Board: American, British, Chinese, French,
Italian and Turkish.

Creation of a tool to measure ecologicalimpact in Asia-Pacific in partnershipwith the National Universityof Singapore
On Monday, May 13, 2024, Kering and the National University ofSingapore (NUS) officially announced that they were forming apartnership as part of a research project. The aim of the project isto develop a reference framework for measuring the impact ofsustainability strategies adopted by large corporations in AsiaPacific. Over a three-year period, the project will look at those
corporations' ecological transition strategies and environmental
reports, and prepare a baseline study. That study is intended forbusiness leaders, investors, institutional investors and NGOs, andwill be a useful resource for measuring progress made byindustries in the region.

The issue forms part of the Group’s active liquidity management,
and increases Kering's financial flexibility.

(1)

—6

Excluding the Directors representing employees in accordance with article L. 225-27 of the French Commercial Code and the AFEP-MEDEF Code.

KERING - 2024 First-Half Report

Activity report
Group performance in the first half of 2024

2 - GROUP PERFORMANCE IN THE FIRST HALF OF 2024
2.1 Revenue and income statement
Condensed consolidated income statement
First half 2024 First half 2023
9,018
10,135(in € millions)

Revenue

Change-11%

Recurring operating income
as a % of revenue

1,582
17.5%

2,739
27.0%

-42%
-9.5 pts

EBITDAas a % of revenue

2,595
28.8%

3,617
35.7%

-28%
-6.9 pts

Other non-recurring operating income and expenses
Financial result

(13)
(288)

–
(204)

N/A
-41%

Income tax expense
Share in earnings (losses) of equity-accounted companies

(345)
4

(692)
3

+50%
+33%

Net income from continuing operations
o/w attributable to the Group

940
878

1,846
1,785

-49%
-51%

o/w attributable to minority interests

62

61

+2%

Net income (loss) from discontinued operations
Net income attributable to the Group

–
878

–
1,785

N/A
-51%

Net income from continuing operations (excluding non-recurring items)
attributable to the Group

888

1,789

-50%

First half 2024 First half 2023

ChangeEarnings per share(in €)

Basic earnings per share

7.16

14.60

-51%

Basic earnings per share from continuing operations
excluding non-recurring items

7.24

14.63

-51%

Revenue
The Group’s revenue amounted to €9,018 million in the first six
months of 2024. Compared to the same period of 2023, revenue
fell 11% as reported and 11% on a comparable scope andexchange rate basis, against the backdrop of a slowing market inmost regions except Japan. There was a marked deceleration in
China, while trends did not improve greatly in North America andEurope. In all of those markets, there was a growing divergence inperformance between the various sector players.

Currency movements had a negative impact on first-half
performance, dragging down reported sales growth by just over1 point or by €195 million in absolute terms. The Euro rose
against other currencies to varying extents, and the negative
exchange rate effect arose mainly from sales denominated in
Chinese yuan (€73 million) and the Japanese yen (€78 million).
Scope effects boosted revenue by €138 million, mainly due to thecontribution of Creed, which has been consolidated sinceNovember 1, 2023.

KERING - 2024 First-Half Report

7—

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2

Activity report
Group performance in the first half of 2024

Group revenue by segment(in € millions)

Gucci
Yves Saint Laurent
Bottega Veneta
Other Houses
Kering Eyewear and Corporate
EliminationsFirst half
2024
4,085
1,441
836
1,717
1,067
(128)

% of total
revenue
45%
16%
9%
19%
12%
-1%

First half
2023
5,128
1,576
833
1,856
869
(127)

% of total
revenue
52%
16%
8%
19%
7%
-2%

Change
-20%
-9%
–
-7%
+23%
N/A

9,018

100%

10,135100%-11%

REVENUE

Comparable
change(1)
-18%
-7%
+3%
-6%
+7%
N/A

-11%

(1) On a comparable scope and exchange rate basis. Comparable growth is defined on page 28.

Group revenue by quarter

First half 2024
First half 2023

First quarter

Second quarter

4,504

4,514

5,077

€9,018m
5,058€10,135m

After falling 10% on a comparable basis in the first quarter of 2024, Group revenue was down 11% on a comparable basis in the second
quarter, due to ongoing low store footfall, particularly as regards local customers. Trends in the various regions remained broadly thesame as in the first quarter, with a sequential improvement in North America and Japan and a deceleration in Asia-Pacific.

—8

KERING - 2024 First-Half Report

Activity report
Group performance in the first half of 2024

Quarterly revenue by segment
First quarter Second quarter
2024
2024
2,079

2,006

First half 2024
4,085

Yves Saint Laurent
Bottega Veneta

740
388

701
448

1,441
836

Other Houses
Kering Eyewear and Corporate

824
536

893
531

1,717
1,067

(in € millions)

Gucci

Eliminations

(63)

(65)

(128)

REVENUE

4,504

4,514

9,018

First quarter Second quarter
2023
2023

Gucci
Yves Saint Laurent

2,616
806

2,512
770

First half 2023
5,128
1,576

Bottega Veneta
Other Houses

395
890

438
966

833
1,856

Kering Eyewear and Corporate
Eliminations

433
(63)

436
(64)

869
(127)

5,077

5,058

10,135

Q1 2024/2023
changeQ2 2024/2023
changeH1 2024/2023
changeGucci
Yves Saint Laurent
Bottega Veneta
Other Houses
Kering Eyewear and Corporate
Eliminations

-18%
-6%
+2%
-6%
+9%
N/A

-19%
-9%
+4%
-5%
+5%
N/A

-18%
-7%
+3%
-6%
+7%
N/A

REVENUE

-10%

-11%

-11%

(in € millions)

REVENUE(comparable change(1))(1) On a comparable scope and exchange rate basis. Comparable revenue growth is defined on page 28.

KERING - 2024 First-Half Report

9—

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2

Activity report
Group performance in the first half of 2024

Group revenue by region(in € millions)Asia-Pacific (excluding Japan)
Western Europe
North America
Japan
Rest of the world

TOTAL

First half
2024
2,897
2,555
2,057
737
772

% of total
revenue
32%
28%
23%
8%
9%

First half
2023
3,710
2,739
2,266
683
737

% of total
revenue
37%
27%
22%
7%
7%

Change
-22%
-7%
-9%
+8%
+5%

Comparable
change(1)
-20%
-8%
-12%
+22%
+2%

9,018

100%

10,135

100%

-11%

-11%

(1) On a comparable scope and exchange rate basis. Comparable revenue growth is defined on page 28.
Revenue generated outside the eurozone represented 78% of the consolidated total in the first half of 2024.

In Western Europe, sales fell by 8% on a comparable basis. That
decrease was made worse by weak wholesale revenue, which
was down around 10% during the period. Sales from directly
operated stores and e-commerce sites were down 8%, althoughfrom a high base for comparison. The number of tourists
traveling from Asia fell, and their spending did not make up for
the fall in sales among local customers.
Following on from an excellent 2023, sales in Japan remained
very strong, with growth of 22% on a comparable basis and an
acceleration in the second quarter. That growth was driven byhigher tourist numbers from elsewhere in Asia, since Japan’s
appeal as a shopping destination has been greatly increased by
the weak yen.
Revenue in North America fell 12% on a comparable basis
compared to the first half of 2023, although there was a slight
improvement in the second quarter relative to the first. The

region’s performance continued to be affected mainly by a clear
decline in domestic demand, particularly among customers mostaffected by inflation. However, good sales momentum among thewealthiest customers continued in the second quarter.
In Asia-Pacific – the Group’s largest region in terms of revenue,
accounting for 32% of the total – revenue was down 20% on acomparable basis relative to the first half of 2023, and the decline
accelerated to 23% in the second quarter. The Group’s sales fellin all of the region’s main markets, and the effect of customers
buying products in the region’s other countries instead of athome (mainly in Japan because of price differentials) was notenough to offset the fall in local demand.
First-half 2024 sales in the Rest of the world rose 2% on acomparable basis, driven by good sales momentum in the Middle
East in the first quarter.

Group revenue by distribution channel

74%

26%

Wholesale and otherrevenue (including
royalties)

Sales in directly
operated stores

Percentages based on revenue before Eliminations

Sales from directly operated stores and e-commerce sites camein at €6,805 million in the first half of 2024, down 12% on acomparable basis relative to the same period in 2023. The
previous comments regarding performance by region also apply
to a very large extent to the growth trajectory of retail sales.
Trends in store footfall are naturally highly contrasted between
regions and Houses. Overall, footfall decreased during the period,
and there was no improvement in the conversion rate (i.e., thenumber of people buying products as a percentage of the total
number of people visiting stores). On the plus side, as in 2023, theHouses saw an increase in average selling prices, resulting fromthe elevation strategy regarding the product offering.
E-commerce sales, which accounted for just under 12% of total
sales in the retail channel (in line with the first half of 2023), fellslightly more sharply because they are more exposed to certain
product and customer categories that are more affected by themacroeconomic context.

— 10

KERING - 2024 First-Half Report

Revenue from stores and e-commerce sites directly operated by
the Group accounted for around 74% of the Group’s total sales(before Eliminations), slightly lower than the first half of 2023
(77%). Excluding Kering Eyewear and Kering Beauté however, theproportion was 84%, unchanged relative to the first half of 2023.
The increase in the proportion of revenue coming from the retailchannel in recent years has resulted from the long-term strategy
implemented by all Houses, which is aimed at controlling theirdistribution more effectively, including via e-commerce, andmaking them more exclusive.
Wholesale revenue fell 9% year-on-year in the first half of 2023 on
a comparable basis (before Eliminations). For the Houses,
wholesale revenue fell significantly, by 18% on a comparable
basis. This reflects a reduction in orders placed by US distributors
and the reorganization of the wholesale distribution network thatis currently underway. Although these streamlining efforts arealmost complete at Gucci, they are continuing in the Group’s
other Couture and Leather goods Houses. However, Kering
Eyewear, which has a wholesale-only distribution model, posted
sales growth of 6% on a comparable basis, driven both by thedevelopment of existing licenses and the successful integration of
Lindberg and Maui Jim.
The Houses’ royalty revenue from licenses and other revenuerose by 16% on a comparable basis in the first half of 2024, due tovery robust growth in the Eyewear category and in the Fragrances
and Cosmetics category.

Activity report
Group performance in the first half of 2024

Recurring operating income(in € millions)

Gucci
Yves Saint Laurent
Bottega Veneta
Other Houses
Kering Eyewear and Corporate
Eliminations

RECURRING OPERATING INCOME(1)First half 2024
1,007
316
121

First half 2023
1,810
481
169

Change
-44%
-34%
-28%

44
101

224
63

(7)

(8)

-80%
61%
N/A

1,582

2,739

-42%

(1) Recurring operating income is defined on page 28.

The Group's recurring operating income amounted to €1,582
million in the first half of 2024, €1,157 million or 42% lower thanin the same period of 2023.
Operating margin fell 9.5 points to 17.5% because of negative
operational leverage resulting from lower revenue.
Gross margin was €6,708 million, down 13% compared to the firsthalf of 2023. As a proportion of revenue, gross margin was 74.4%,
down 1.9 points relative to the first half of 2023, due to the
combined negative effects of the country and product mix anddespite higher average selling prices and the positive effect offoreign exchange rate hedges.

Operating expenses rose by 3%. This increase arose frominvestments made by the Group’s Houses and Kering Eyewear to
support their development and expansion, notably by increasing
budgets for store expenses, creation, the development andpresentation of collections, communications and the digitaltransformation. These efforts, which were necessary in view of
the competitive environment and the Group’s long-term
ambitions for its Houses, against a background of falling revenue,
resulted in negative operational leverage that affected thebrands’ profitability to varying extents. Gucci, Saint Laurent,
Balenciaga and Alexander McQueen were the Houses where
profit was affected most.

EBITDAFirst half 2024
1,582First half 2023
2,739

Change-42 %Net recurring charges to depreciation, amortization andprovisions on non-current operating assets
o/w depreciation of lease right-of-use assets

1,013
527

878
468

+15%
+13%

EBITDA (1)

2,595

3,617

-28%

First half 2024
1,389
464
215
247
287
(7)

First half 2023
2,172
600
259
404
190
(8)

Change
-36%
-23%
-17%
-39%
+52%
N/A

2,595

3,617

-28%

(in € millions)

Recurring operating income(1) EBITDA is defined on page 28.
(in € millions)

Gucci
Yves Saint Laurent
Bottega Veneta
Other Houses
Kering Eyewear and Corporate
Eliminations

EBITDAEBITDA was €2,595 million in the first half of 2024, down 28% compared to the first half of 2023. EBITDA margin was 28.8%, down
6.9 points relative to the first half of 2023.

KERING - 2024 First-Half Report

11 —

2

2

Activity report
Group performance in the first half of 2024

Other non-recurring operating income and expenses
First half 2024

First half 2023

ChangeImpairment of goodwill, brands and other non-current assets

(1)

(54)

+99%

Other

(12)

54

-122%

OTHER NON-RECURRING OPERATING INCOME
AND EXPENSES

(13)

–

N/A

First half 2024
(151)
(48)
(199)

First half 2023
(40)
(94)
(134)

Change
N/A
+49%
-49%

(89)

(70)

-27%

(288)

(204)

-41%

(in € millions)(See consolidated financial statements, Note 4 – Other non-recurring operating income and expenses.)Financial result(in € millions)

Cost of net debt (1)Other financial income and expenses
Total financial result excluding leases
Interest expense on lease liabilities

FINANCIAL RESULT(1) Net debt is defined on page 28.

The Group's cost of net debt was €151 million in the first half of2024 (€40 million in the first half of 2023). The increase is mainly
due to the rise in the average amount of debt, mainly long-term
debt, in the context of interest rates, partly offset by the higher
return on the Group's cash position.
Other financial income and expenses represented a net expenseof €48 million in the first half of 2024, as opposed to €94 million in
the first half of 2023.

The €46 million decrease was mainly due to weaker exchangerate effects, and in particular the reduction in the cost of carryrelating to foreign exchange hedging between the two periods.
(See the condensed consolidated interim financial statements,
Note 5 - Financial result).

Income tax
As of June 30, 2024, the Group estimates that its full-year tax rate (in accordance with IAS 34) will be 26.9%.
First half 2024
1,281
(345)
26.9%
(13)

First half 2023
2,535
(692)
27.3%
–

Recurring income before tax
Income tax on other non-recurring operating income and expenses

1,294
3

2,535
(4)

Tax expense on recurring income
Effective tax rate on recurring income(1)

(348)
26.9%

(688)
27.1%

(in € millions)

Income before tax
Income tax expense
Effective tax rate
Other non-recurring operating income and expenses(1) The effective tax rate on recurring income is defined on page 28.

(See condensed consolidated interim financial statements, Note 6 – Income taxes).

— 12

KERING - 2024 First-Half Report

Activity report
Group performance in the first half of 2024

2.2 Balance sheet as of June 30, 2024
AssetsEquity and liabilities

15%

17%

Other assets

9%Cash and cash
equivalents

Capital employed
37%

Goodwill

Equity13%

19%

Brands and otherintangible assets€42,152m

33%

61%Equity€25,672m

Borrowings

10%

39%

12%

Inventories

Right-of-use assets

3%

Trade receivables
and accrued income€42,152m

Leaseliabilities

15%

Net debt

17%

Other liabilities

Property, plant and equipment

Condensed balance sheet
June 30, 2024
7,090

Dec. 31, 2023
7,112

Change–Brands and other intangible assets
Lease right-of-use assets

8,185
5,098

8,178
4,984

–
+2%

Property, plant and equipment
Investments in equity-accounted companies

6,314
1,775

5,341
1,750

+18%
+1%

2,025
30,487

2,072
29,437

-2%
+4%

4,346
1,155

4,550
1,151

-4%
–

Cash and cash equivalents
Other current assets
Current assets
Assets held for sale

3,934
2,230
11,665
–

3,922
2,307
11,930
–

–
-3%
-2%
–

TOTAL ASSETS

42,152

41,367+2%

Equity attributable to the Group
Equity attributable to minority interests
EquityNon-current borrowings
Non-current lease liabilities
Other non-current liabilities
Non-current liabilities
Current borrowings
Current lease liabilities
Other current liabilities
Current liabilities
Liabilities associated with assets held for sale

14,901849
15,75011,0184,593
2,338
17,949
2,838
914
4,701
8,453
–

15,212798
16,01010,026
4,511
2,189
16,726
2,400
884
5,347
8,631
–

-2%
+6%
-2%
+10%
+2%
+7%
+7%
+18%
+3%
-12%
-2%
–

TOTAL EQUITY AND LIABILITIES

42,152

41,367+2%(in € millions)

Goodwill

Other non-current assets
Non-current assets
Inventories
Trade receivables and accrued income

KERING - 2024 First-Half Report

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Activity report
Group performance in the first half of 2024

Net debt(in € millions)

Borrowings
Cash and cash equivalents

June 30, 2024
13,856(3,934)

Dec. 31, 2023
12,426(3,922)

9,922

8,504

June 30, 2024
15,750Dec. 31, 2023
16,010

NET DEBT

Capital employed(in € millions)

EquityNet debt

CAPITAL EMPLOYED

9,922

8,504

25,672

24,514

Goodwill and brands
As of June 30, 2024, brands net of deferred tax liabilities amounted to €5,586 million, compared to €5,527 million as of December 31, 2023.

Net current operating assets (liabilities)(in € millions)

Foreignexchangedifferences Other changes

June 30, 2024

Dec. 31, 2023

Statement ofcash flow

4,346
1,155

4,550
1,151

(198)
–

(5)
(4)

(1)
8

(2,132)(215)(2,200)
(442)

70
153

(5)
(12)

3
86

19

229

(213)

4

(1)

3,173

3,288

(188)

(22)

95

Inventories
Trade receivables and accrued income
Trade payables and accrued expenses
Other current assets (liabilities), net
Net current tax receivables (payables)

NET CURRENT OPERATINGASSETS (LIABILITIES)

Change in equity attributable to the Group
15,212Attributable equity
as of Jan. 1, 2024

878

Net income attributable to
the Group

14,901(1,165)(24)

Dividends paid

Other movements

Attributable equity as ofJune 30, 2024

As of June 30, 2024, Kering SA’s share capital amounted to €493,683,112 comprising 123,420,778 fully paid-up shares with a par value of€4 each. As of June 30, 2024, there were 122,586,981 shares issued and outstanding, excluding the 833,847 Kering treasury shares.
(See condensed consolidated interim financial statements, Note 10 – Equity.)— 14

KERING - 2024 First-Half Report

Activity report
Group performance in the first half of 2024

2.3 Cash flow, investments and net debt
Free cash flow from operations
Cash flow received from operating activities
First half 2024

First half 2023

ChangeCash flow received from operating activities before tax,
dividends and interest

2,502

3,435

-27%

Change in working capital requirement
Income tax paid

44
(100)

(419)
(419)

+111%
+76%

NET CASH RECEIVED FROM OPERATING ACTIVITIES

2,446

2,597

-6%

First half 2024
2,446First half 2023
2,597

Change-6%Acquisitions of property, plant and equipment and intangible
assets
Disposals of property, plant and equipment and intangible assets(1,391)–(1,891)
117

+26%
N/A

FREE CASH FLOW FROM OPERATIONS

1,055

823

+28%

(in € millions)Operating investments(in € millions)

Net cash received from operating activities

In the first half of 2024, free cash flow from operations includes anoutflow of €832 million resulting from strategic real-estate
acquisitions, of which €65 million in net cash flows and€897 million in acquisitions of property, plant and equipment andintangible assets.

In the first half of 2023, free cash flow from operations includes anoutflow of €1,315 million resulting from strategic real-estate
acquisitions, of which €73 million in net cash flows and€1,359 million in acquisitions of property, plant and equipment
and intangible assets, partly offset by €117 million as a result of
real-estate disposals.

Gross operating investments by segment(in € millions)

Gucci
Yves Saint Laurent
Bottega Veneta
Other Houses
Kering Eyewear and Corporate

First half 2024
124
107
51
99
1,010

First half 2023
232
81
44
82
1,452

Change
-46%
+32%
+17%
+20%
-30%

1,391

1,891

-26%

ACQUISITIONS OF PROPERTY, PLANT AND
EQUIPMENT AND INTANGIBLE ASSETS

Operating investments amounted to €1,391 million in the first half of 2024. Excluding the acquisition of a strategic real-estate asset in
New York, they totaled €494 million, representing 5.5% of revenue. That ratio is in line with that seen in the first half of 2023 (5.2%).

Available cash flow from operations and available cash flow(in € millions)Free cash flow from operations
Repayment of lease liabilities
Interest paid on leases
Available cash flow from operations (1)Interest and dividends received
Interest paid and equivalent (excluding leases)

First half 2024
1,055
(530)
(89)
436
30
(165)

First half 2023
823
(419)
(70)
335
14
(108)

Change
+28%
-26%
-27%
+30%
+114%
-53%

301

240

+26%

AVAILABLE CASH FLOW (1)(1) Available cash flow from operations and available cash flow are defined on page 28.

KERING - 2024 First-Half Report

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Activity report
Group performance in the first half of 2024

Dividends paid
The cash dividend paid by Kering SA to its own shareholders in
the first half of 2024 amounted to €1,716 million, including the€552 million interim dividend paid on January 17, 2024(€1,712 million in the first half of 2023 including a €551 million
interim dividend).

Dividends paid in the first half of 2024 also included €6 million
paid to minority interests in consolidated subsidiaries(€12 million in the first half of 2023).

Change in net debt
First half 2024
8,504First half 2023
2,306

ChangeN/A(1,055)
1,722

(823)
1,724

-28%
–

Net interest paid and dividends received
Acquisitions of Kering shares

135
(3)

94
7

+44%
-143%

Repayment of lease liabilities (1)Other acquisitions and disposals

619
(39)

489
(17)

+27%
-129%

(in € millions)

Net debt as of January 1
Free cash flow from operations
Dividends paid

Other movements

NET DEBT AS OF JUNE 30

39

74

-47%

9,922

3,854

+157%

(1) Repayments of principal for €530 million in 2024 (€419 million in 2023) and interest payments of €89 million in 2024 (€70 million in 2023)
relating to capitalized fixed lease payments.
(in € millions)

Bond debt
Other bank borrowings
Commercial paper
Other borrowings
o/w Put options granted to minority interests
Borrowings
Cash and cash equivalents

NET DEBT (1)June 30, 2024
11,067
137
1,371
1,281
710
13,856(3,934)

Dec. 31, 2023
9,795
134
1,277
1,219
711
12,426(3,922)

Change
+13%
+2%
+7%
+5%
–
+12%
–

9,922

8,504

+17%

(1) Net debt is defined on page 28.

Lease liabilities totaled €5,507 million as of June 30, 2024 (€5,395 million as of December 31, 2023).

— 16

KERING - 2024 First-Half Report

Activity report
Group performance in the first half of 2024

Solvency

Liquidity

The Group has a sound financial position and has a long-term
credit rating of A- with stable outlook from ratings agency
Standard & Poor’s.

At June 30, 2024, the Group’s cash and cash equivalents
amounted to €3,934 million (€3,922 million at December 31,2023).
The Group has confirmed lines of credit totaling €3,185 million(unchanged relative to December 31, 2023).

Maturity schedule of net debt
Undrawn confirmedlines of credit
2024

(1)

2025

(2)

2026

(2)

€3,185m€-1,096m

2027 (2)2028(2)€1,824m

Maturity scheduleof net debt (3) as ofJune 30, 2024(€9,922 million)€963m€1,404m€748m

Beyond (2)€6,080m(1) Borrowings less cash and cash equivalents.
(2) Borrowings.
(3) Net debt is defined on page 28.

The portion of the Group's borrowings maturing within one year(€2,838 million as of June 30, 2024) is significantly lower than theGroup's cash and cash equivalents (€3,934 million as of June 30,2023), plus confirmed lines of credit. Consequently, the Group is
not exposed to any liquidity risk.

The Group’s financing agreements do not include any rating
trigger clauses.
(See the condensed consolidated interim financial statements,
Note 11 – Net debt).

As of June 30, 2024, the Group’s loan agreements feature
standard pari passu, cross default and negative pledge clauses.

KERING - 2024 First-Half Report

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Activity report
Operating performance by segment

3 - OPERATING PERFORMANCE BY SEGMENT
3.1 Gucci(in € millions)

Revenue
Recurring operating income
as a % of revenue
EBITDAas a % of revenue
Acquisitions of property, plant and equipment and intangible
assetsFirst half 2024
4,085
1,007
24.7%
1,389
34.0 %First half 2023
5,128
1,810
35.3%
2,172
42.4%

Change-20%-44%-10.6 pts
-36 %-8.4 pts

124
20,665

232
21,127-46 %-2 %Average FTE headcountRevenueFirst half 2024
First half 2023

First quarter

Second quarter

2,079

2,006

2,616

2,512

Gucci generated €4,085 million in revenue for the first half of2024, down 20% year-on-year as reported or down 18% atcomparable exchange rates.

Wholesale and otherrevenue (including
royalties)

WesternEurope90%

Sales in directly
operated stores€5,128m

Revenue by region
25%

Revenue by distribution channel
10%€4,085m

23%

North America

9%

35%

Asia-Pacific(excluding Japan)

Japan

8%

Rest of theworld

In view of the proportion of Gucci’s sales generated by directly
operated stores, the following revenue analysis by region only
concerns retail and online sales.
Sales from directly operated stores made up 90% of Gucci’s total
sales in the first half of 2024. As a result, business levels in Gucci’s
exclusive distribution network are probably the best measure of
the House’s intrinsic performance.
Sales from stores and e-commerce sites controlled by Gucci were
down 20% on a comparable basis in the first half, with the decline
in the second quarter being on par with that seen in the first.
Footfall in the physical store network was significantly down.
E-commerce sales fell even more sharply, due in particular to this
distribution channel’s exposure to the American market (where it
accounted for almost half of sales in the first half of 2024) and to
customers with lesser purchasing power, who are more impacted
by deteriorating macroeconomic conditions. This led to a slightdecrease in the penetration of the online business.
In the first half of 2024, wholesale revenue fell 9%, mainly due tolower sales in Asia-Pacific.

— 18

KERING - 2024 First-Half Report

In Western Europe, after rising by 7% in the first half of 2023 on acomparable basis, revenue fell by 15% in the first six months of2024. During that period, growth was affected by weak local
demand and lower numbers of tourists, particularly from AsiaPacific.
In North America, Gucci’s revenue was down 18% on acomparable basis, with trends in the second quarter being very
similar to those seen in the first. Sales to North American
customers in all markets fell year-on-year, despite ongoing
excellent momentum in Western Europe. However, theyremained around 28% higher on a comparable basis than in thefirst half of 2019.
Japan’s appeal for tourists, resulting from the weak Yen, boosted
sales in that market by 12% on a comparable basis during theperiod.

Activity report
Operating performance by segment

Revenue in Asia-Pacific fell 30% year-on-year on a comparable
basis, with a slight deterioration in the second quarter (sales
down 33%) compared to the first. The region is being affectedprimarily by lower local demand, linked to a sharp decline instore footfall, but also from customers making purchases inJapan instead of in their home markets, because of the weak Yen.
In the world’s other regions, business levels were more resilient,particularly in the Middle East, Eastern Europe and Latin America,
with revenue down around 4% on a comparable basis.

Revenue by product category
21%

50%

Shoes

Leather goods

17%

Ready-to-Wear

4%

The combination of currency effects and the impact of currency
hedging had a very slightly negative impact on margins.
The House continued to invest in initiatives to boost its long-term
growth, while taking a highly disciplined approach to its fixed
costs. Given the sharp decline in sales as reported, operational
leverage was negative (i.e., expenses rose more quickly thanrevenue), and this had a sharply adverse impact on margins.
In the first half of 2024, Gucci's EBITDA amounted to €1,389
million, giving EBITDA margin of 34%. EBITDA was down 36% and
EBITDA margin fell by 8.4 points.

Store network and operating
investments
As of June 30, 2024, Gucci operated 536 stores directly. During thefirst-half period, it closed two stores (net of openings).

Other

Gucci continued to prioritize organic growth by maximizing the
productivity of the existing store network, while maintaining
efforts to identify opportunities that will enable it to enhance its
distribution in certain regions or sales channels.

In the first half of 2024, sales of all Gucci’s main productcategories in directly operated stores were lower compared to
the first half of 2023, because of contracting volumes and therelative stability of average selling prices.

The House's operating investments totaled €124 million in thefirst half of 2024, down €108 million compared to the first six
months of 2023. Gross operating investments equaled 3.0% ofrevenue during the period (4.5% in the first half of 2023), which isa relatively normal level for a House of Gucci’s size.

Watches andJewelry

8%

Leather goods sales were the worst affected, pending the launchof new products, particularly in the handbag segment.
The brand’s other product categories saw fairly similar trends
rates, with the exception of Ready-to-Wear, which benefited themost from new products added to the range.
Royalty revenue increased, driven by the Eyewear category
managed by Kering Eyewear and by the Fragrances andCosmetics category as a result of the license granted to Coty.

Recurring operating income

Breakdown of directly operated storesby region
185 (+2*)

105 (+2*)

Asia-PacificWesternEurope536 (-2*)

112 (+0*)North
America

65 (-3*)

Gucci's recurring operating income amounted to €1,007 million in
the first half of 2024, down 44% on the same period of 2023.

Rest of the world

Recurring operating margin was 24.7%, down 10.6 points.

*

69 (-3*)Japan

Net store openings/closures between December 31, 2023 andJune 30, 2024.

KERING - 2024 First-Half Report

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Activity report
Operating performance by segment

3.2 Yves Saint Laurent(in € millions)

Revenue
Recurring operating income
as a % of revenue
EBITDAas a % of revenue
Acquisitions of property, plant and equipment
and intangible assets

First half 2024
1,441
316
22.0%
464
32.2 %First half 2023
1,576
481
30.5%
600
38.0 %

Change-9%-34%-8.5 pts-23 %-5.8 pts

107
5,341

81
4,200

+31 %
+27 %

Average FTE headcountRevenueFirst half 2024
First half 2023

First quarter

Second quarter

740

701

806

770

Yves Saint Laurent’s sales amounted to €1,441 million in the firsthalf of 2024, down 9% as reported and 7% on a comparable basis
relative to the first half of 2023. At constant exchange rates, thedecline worsened slightly between the first and second quarters.
The House’s sales have increased sixfold over the past ten years,
and it is continuing to streamline its distribution against amacroeconomic background that is adversely affecting its
customers.

Wholesale and otherrevenue (including
royalties)

81%

Sales in directly
operated stores

Revenue from stores and e-commerce sites directly operated by
the House accounted for 81% of its total. That revenue fell by 6%
on a comparable basis relative to the first six months of 2023.
Demand from local customers in physical stores was affected byweak store footfall in all regions, and in China in particular.
Tourism, including large numbers of tourists shopping in Japan,
did not fully compensate for that situation. Online sales fell, withmarked differences in performance across the regions. Against
this backdrop, Yves Saint Laurent continued to implement
successfully its elevation strategy.
Wholesale revenue was down 25% at constant exchange rates
compared to the first half of 2023. This was due to the ongoing
effort to streamline distribution, focusing on a small number ofpartners, and a macroeconomic environment that was lesshelpful for wholesalers, particularly in North America. Thisrationalization will continue throughout the year.

— 20

KERING - 2024 First-Half Report€1,576m

Revenue by region
32%

25%

WesternEuropeNorth
America

28%

Japan

6%

Asia-Pacific(excluding Japan)

Revenue by distribution channel
19%€1,441m

9%

Rest of the world

In view of the proportion of Yves Saint Laurent’s sales generated
by directly operated stores, the following revenue analysis byregion only concerns retail and e-commerce sales.
In the first half of 2024, Yves Saint Laurent saw revenue fall yearon-year in Asia-Pacific and North America, stabilize in Western
Europe and the Middle East, and increase in Japan because of thelarge number of tourists making purchases in that country.
In Asia-Pacific, revenue was down 19% on a comparable basis –although revenue in the first half of 2023 was 29% higher than ayear previously – and sales were affected by lower store footfall,particularly in China. Business levels grew in South Korea.
In North America, sales were down 7% on a comparable basis,
with store footfall and sales trend improving in the second
quarter compared to the first.
In Western Europe, revenue was almost unchanged on acomparable basis both thanks to the loyalty of local customers
and tourism spending.
In Japan, sales were up 42% on a comparable basis in 2024 due
to strong growth in the number of tourists visiting from China andSoutheast Asia, who were attracted by the pricing differential
arising from the favorable exchange rate.
Yves Saint Laurent’s performance in the Rest of the world was
positive, with growth of 2% on a comparable basis, andparticularly so in Latin America and the Middle East, which has
historically been an important market for the brand.

Activity report
Operating performance by segment

Revenue by product category
70%

Leather goods

7%

Shoes

12%

Ready-to-Wear

11%
Other

Leather goods remained the top category, with sales trends
compared to the first half of 2023 closely aligned with the House’s
overall performance. New product lines were successful during
the period.
Revenue from the Ready-to-Wear and Shoes categories wasaffected by weaker demand in most markets.
Royalty revenue generated by Kering Eyewear surged, again
showing the success of this licensing agreement. Royalties paid
by L’Oreal in the Fragrances and Cosmetics category also rose
sharply.

Recurring operating income
In the first half of 2024, Yves Saint Laurent's recurring operating
income totaled €316 million, down 34%. Recurring operating
margin was therefore 22%, down 8.5 points year-on-year.

The House continued to develop its store network and support
short- and medium-term brand development through clientelingand media initiatives. Against a backdrop of falling sales,
operational leverage was negative (i.e., expenses rose more
quickly than revenue), and this adversely affected margins.
EBITDA fell by €136 million year-on-year to €464 million. As aresult, EBITDA margin was 32.2% as opposed to 38.0% in the firsthalf of 2023.

Store network andoperating investments
As of June 30, 2024, the House had 320 directly operated stores. A
net 12 new stores were added during the period, in line with thetarget of having a network of 300 to 350 directly operated storesin the medium term. This resulted in a high level of investment,
amounting to €107 million, or 7.4% of sales as opposed to 5.1% in
the first half of 2023.

Breakdown of directly operated storesby region
116 (+2*)

71 (+2*)Asia-PacificWesternEurope67 (+3*)320 (+12*)
31 (+5*)Rest of the world

*

North
America

35 (+0*)Japan

Net store openings/closures between December 31, 2023 andJune 30, 2024.

KERING - 2024 First-Half Report

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Activity report
Operating performance by segment

3.3 Bottega Veneta(in € millions)

Revenue
Recurring operating income
as a % of revenue
EBITDAas a % of revenue
Acquisitions of property, plant and equipment
and intangible assets

First half 2024
836
121
14.5%
215
25.7 %First half 2023
833
169
20.3%
259
31.2 %

Change–-28%-5.8 pts-17 %-5.5 pts

51
3,990

44
3,866

+18 %
+3 %

Average FTE headcountRevenueFirst half 2024
First half 2023

First quarter

Second quarter

388

448

395

438

Bottega Veneta generated revenue of €836 million in the first halfof 2024, stable as reported and up 3% on a comparable basis.

16%

Wholesale andother revenue(including
royalties)

WesternEuropeIn keeping with the brand’s exclusive, high-end positioning, theHouse is focusing on selling its products through directly
operated stores and e-commerce sites. These accounted for 84%
of its revenue, as opposed to 80% in the first half of 2023.
Bottega Veneta’s sales in directly operated physical and online
stores rose by 8% on a comparable basis. This growth was driven
both by good sales momentum in both physical and online
stores. The House is continuing, consistently and withdetermination, to implement its strategy of developing its
offering in all product categories, raise brand awareness andenhance the customer experience across all points of sale.
Growth was relatively consistent between the first and second
quarters, with an acceleration in the second.
Wholesale revenue fell 19% because of the streamlining of this
distribution channel – a process that will continue throughout
2024 – with the aim of working only with a limited number of very
high-quality partners.

— 22

KERING - 2024 First-Half Report

18%

North
America

12%

84%

Sales in directly
operated stores€833m

Revenue by region
28%

Revenue by distribution channel

€836m

32%
Asia-Pacific(excluding Japan)

Japan

10%

Rest of the world

Given the proportion of Bottega Veneta’s sales that are generated
in directly operated stores, the following revenue analysis byregion only concerns retail and e-commerce sales.
In Western Europe, revenue rose by 17% on a comparable basis,
driven by both local customers and tourists.
In North America, Bottega Veneta’s revenue surged by 21% on acomparable basis due to the success of its new collections among
local customers.
In Japan, sales grew by 8% on a comparable basis. That growthreflected the brand’s appeal and higher sales to tourists, mainly
those from Asia.
In Asia-Pacific, sales fell by 7% on a comparable basis, affected bylower store footfall, particularly in China. Sales in South Korea
increased slightly. The House’s new aesthetic and product range
is popular in Asia-Pacific, resulting in a higher conversion rate
and a higher average ticket.
Trends in the Rest of the world remained very good overall(revenue up 32% on a comparable basis), driven by verysignificant growth in the Middle East.

Activity report
Operating performance by segment

Store network andoperating investments

Revenue by product category
79%

Leather goods

9%

Shoes

9%

Ready-to-Wear

3%

Other

Leather goods constitutes the brand’s core business, making up
79% of total sales. Both new and iconic lines, along with theirseasonal variations, met with great success among the House’scustomer base. The House’s strategy is still to maintain the
exclusivity associated with this key category of leather goods,
particularly by focusing on growth driven by value rather thanhigher volumes alone.
Ready-to-Wear slowed down, but remained very popular among
wealthier customers.
Jewelry sales (in the Others category) were particularly strong,
and the House launched a first collection of perfumed candles.

Recurring operating income
Bottega Veneta's recurring operating income amounted to €121
million in the first half of 2024, down 28% year-on-year.
Recurring operating margin was 14.5%, 5.8 points lower than in
the year-earlier period. The decrease reflects strong
communications and store network investments in order tosupport the House's short- and medium-term development.

As of June 30, 2024, Bottega Veneta had 301 directly operated
stores, a net increase of 13 stores on December 31, 2023.
The brand continued to focus its investment efforts on relocating
and refurbishing its existing stores, pursuing its elevation strategy
in respect of its store network by ensuring a presence in selected
locations, particularly in Asia.
Operating investments totaled €51 million, an increase of €7
million compared with the first half of 2023. However, theyremained broadly stable as a proportion of the House’s sales(around 6.1%).

Breakdown of directly operated storesby region
117 (+3*)

64 (+5*)Asia-PacificWestern Europe

301 (+13*)
24 (+1*)43 (-1*)

Rest of the world*

53 (+5*)

North America

Japan

Net store openings/closures between December 31, 2023 andJune 30, 2024.

EBITDA amounted to €215 million during the period, down 17%.
This resulted in an EBITDA margin of 25.7%.

KERING - 2024 First-Half Report

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Activity report
Operating performance by segment

3.4 Other Houses(in € millions)

Revenue
Recurring operating income
as a % of revenue
EBITDAas a % of revenue
Acquisitions of property, plant and equipment
and intangible assets

First half 2024
1,717
44
2.6%
247
14.4 %First half 2023
1,856
224
12.1%
404
21.8 %

Change-7%-80%-9.5 pts-39 %-7.4 pts

99
9,228

82
8,806

+21 %
+5 %

Average FTE headcountRevenueFirst half 2024
First half 2023

First quarter

Second quarter

824

893

890

Overall revenue generated by the Other Houses fell by 7% asreported and by 6% on a comparable basis in both the first andsecond quarters of the year.
There were mixed performances across the segment:• Balenciaga’s sales in directly operated physical and online
stores stabilized compared to the first half of 2023. The Housealso continued its distribution rationalization strategy in amacroeconomic environment that was less positive forwholesalers;• Alexander McQueen suffered from its exposure to thewholesale market, particularly in the United States, and fromweak demand in its own stores in what was a transitional six
months for the House;• After a good year in 2023, revenue at Brioni continued to rise;• Revenue grew strongly at the Jewelry Houses, driven primarily
by Boucheron, which had excellent momentum, particularly inJapan. Total revenue generated by Pomellato and Dodo wasstable, with growth in their own stores offset by lower
wholesale revenue. Qeelin was adversely affected by thecontraction in the Chinese market, but saw higher sales in therest of the Asia-Pacific region.

— 24

KERING - 2024 First-Half Report€1,717m
966€1,856m

Revenue by distribution channel
27%

Wholesale and otherrevenue (including
royalties)

73%

Sales in directly
operated stores

Revenue from stores and websites directly operated by the OtherHouses rose 1% on a comparable basis. That growth was partly
due to new store openings, in line with the strategy of moving
toward more selective distribution. Online sales fell in the firsthalf period and held back the segment’s overall performance.
However, the proportion of total revenue coming from online
sales varied between brands, showing close correlation with thematurity of each House’s online stores and product range.
Wholesale revenue was down 21% on a comparable basis. In
accordance with the Group’s strategy, the Other Houses –primarily Balenciaga and Alexander McQueen – are focusing theirwholesale businesses on a limited number of top-quality
partners. Performance was also affected by a decline in orders
from distributors in all regions.

Activity report
Operating performance by segment

Recurring operating income

Revenue by region
30%

Western Europe

37%
Asia-Pacific(excluding Japan)

15%

North America

11%

Japan

7%

Rest of the world

Revenue in Western Europe was down 16% on a comparable
basis, affected by the streamlining of wholesale distribution andthe own-store performance of Balenciaga and Alexander
McQueen.
In North America, sales fell 10% on a comparable basis, due tothe decrease in wholesale revenue, particularly at Alexander
McQueen. Balenciaga’s sales from directly operated storesrebounded by 9% on a comparable basis compared to the firsthalf of 2023.
Sales jumped by 41% on a comparable basis in Japan. Growth
was supported by strong tourism flows, and unabated success of
the Jewelry Houses.

The Other Houses' recurring operating income amounted to€44 million in the first half of 2023, down €180 million on thesame period of 2023.
Recurring operating margin came to 2.6%, 9.5 points lower thanin the year-earlier period.
Performance varied between Houses. Balenciaga invested
heavily in communications and in-store event; Alexander
McQueen suffered from negative operational leverage, while
Boucheron saw a sharp increase in operating income.
EBITDA was €247 million. EBITDA margin was therefore 14.4%,
down 7.4 points compared to the first half of 2023.

Store network andoperating investments
The Other Houses had 625 directly operated stores as of June 30,
2024, seven more than at December 31, 2023.
The Other Houses' operating investments amounted to€99 million. As a proportion of revenue, operating investments
increased to 5.7% as opposed to 4.4% in the first half of 2023.

In Asia-Pacific, revenue was down 5% on a comparable basis
despite growth at Boucheron and a resilient performance byBalenciaga.

Breakdown of directly operated storesby region

In the Rest of the world, the Other Houses saw positive growth,particularly in the Middle East.

288 (+1*)

Revenue by product category
25%

Shoes

28%

26%

Watches andJewelry

84 (+2*)

North America

4%

Other

Western Europe

625 (+7*)

17%

Leather goods

133 (+2*)

Asia-Pacific35 (+4*)85 (-2*)

Rest of the world

*

Japan

Net store openings/closures between December 31, 2023 andJune 30, 2024.

Ready-to-Wear

Continuing the pattern of 2023, the Jewelry Houses continued to
implement their development plans successfully and thus saw
the strongest sales growth, due in particular to their successful
development plan in Asia-Pacific and Japan.
The Ready-to-Wear category also delivered growth in menswear.
However, the Shoes and Leather goods categories suffered from
more moderate demand from aspirational customers in certain
markets.
Royalties fell relative to 2023 as certain licenses andcollaborations came to an end.

KERING - 2024 First-Half Report

25 —

2

2

Activity report
Operating performance by segment

3.5 Kering Eyewear and Corporate(in € millions)

Revenueof which Kering Eyewearof which Corporate and other
Recurring operating incomeof which Kering Eyewearof which Corporate and otherAcquisitions of property, plant and equipment
and intangible assets
Average FTE headcountThe “Kering Eyewear and Corporate” segment comprises:• Kering Eyewear, whose sales and operating income arepresented before the elimination of intra-group sales andother consolidation adjustments (reported on the separate line
item Eliminations);• Kering Beauté, a business that is currently being developed.
Creed, acquired in October 2023, has been consolidated in
Kering’s financial statements since November 1, 2023;• Kering’s headquarters teams, all corporate departments
reporting to them – including in the regions – and Shared
Services, which provide a range of services to the brands, alongwith the Kering Sustainability Department.
In the first half of 2024, the segment generated total revenue of€1,067 million, mainly from Kering Eyewear but also Kering
Beauté. Kering Beauté’s sales included Creed for the full six
months, along with initial sales of products developed for Kering
Beauté by the Group’s Houses.
Kering Eyewear’s sales were up 5% as reported and up 6% on acomparable basis, driven by good overall performance in thebrand portfolio.
Overall, sales growth at constant scope and exchange rates wasvery robust in Kering Eyewear’s various markets, all of which saw
growth.

— 26

KERING - 2024 First-Half Report

First half 2024
1,067
914
153
101
196
(95)

First half 2023
869
869
–
63
186
(123)

Change
+23%
+5 %
N/A
+61%
+5 %
+23 %

1,010
7,220

1,452
6,360

-31 %
+14 %

As regards the distribution channels of brands managed underlicense by Kering Eyewear, local chains and the “threeOs” (opticians, optometrists and ophthalmologists) constitutethe main sales channel. Revenue from those distributors
increased, showing the effectiveness of Kering Eyewear's salesorganization. Performances in the other main distribution
channels improved, particularly among distributors.
The segment generated recurring operating income of€101 million, comprising operating income of €196 million at
Kering Eyewear less Corporate operating expenses (including
those of Kering Beauté) of €95 million.
Kering Eyewear's recurring operating margin was 21.4%, stablecompared to 2023. First-half figures are boosted by positive
seasonal effects resulting in particular from purchases ofsunglasses, creating positive operational leverage while
supporting communications investment efforts.
Corporate costs fell €28 million year-on-year, reflecting inparticular the positive impact of including Creed's operating
income.
The segment’s operating investments amounted to€1,010 million in the first half of 2024 and included the acquisitionof a real-estate property in New York, with the aim of securing
prime locations for the Group’s Houses. Adjusted for thosepurchases, operating investments amounted to €113 million. Thisis broadly similar to the figure for the first half of 2023 (€93
million), and represents a relatively normal level.

Activity report
Outlook

4 - PARENT COMPANY NET INCOME
The parent company generated income of €1,877 million in the first half of 2024, compared with €81 million for the first six months of2023. The first-half 2024 figure includes €1,961 million of dividends received from subsidiaries (versus €18 million in the first half of 2023).

5 - TRANSACTIONS WITH RELATED PARTIESTransactions with related parties in the first half of 2024 are described in Note 17 “Transactions with related parties” to the condensed
consolidated interim financial statements.

6 - OUTLOOKTo achieve its long-term vision, Kering invests in the developmentof its Houses, so that they continuously strengthen their
desirability and the exclusivity of their distribution, strike aperfect balance between creative innovation and timelessness,
and achieve the highest standards in terms of quality,
sustainability, and experience for their customers. In an
environment of ongoing economic and geopolitical uncertainty,
Kering will continue to execute on its strategy and vision, in
pursuit of two key ambitions: to maintain a trajectory of longterm profitable growth, and to confirm its status as one of themost influential groups in the luxury industry.

(1)

Considering the uncertainties weighing on the evolution ofdemand from luxury consumers in the coming months following
the slowdown recorded in the first half of 2024, Kering’s recurring
operating income in the second half of 2024 could be down by
approximately 30% compared to the second half of 2023(1).
The Group prioritizes expenses and initiatives supporting thelong-term development and growth of its Houses, while pursuingwith determination the actions required in the current situation
to optimize its cost structure.

Based on the scope of consolidation and exchange rates at the time of first-half 2024 reporting.

KERING - 2024 First-Half Report

27 —

2

2

Activity report
Definitions of non-IFRS financial indicators

7 - DEFINITIONS OF NON-IFRS FINANCIAL INDICATORS“Reported” and “comparable”
growthThe Group’s “reported” growth corresponds to the change inreported revenue (previously referred to as “actual” growth)
between two periods.
The Group measures “comparable” growth (also referred to as“organic” growth) in its business by comparing revenue between
two periods at constant scope and exchange rates.
Changes in scope are dealt with as follows for the periods
concerned:• the portion of revenue relating to acquired entities is excluded
from the current period;• the portion relating to entities divested or in the process of
being divested is excluded from the previous period.
Currency effects are calculated by applying the average exchange
rates for the current period to amounts in the previous period.

Recurring operating income
The Group’s operating income includes all revenues andexpenses directly related to its activities, whether these revenues
and expenses are recurring or arise from non-recurring decisions
or transactions.
Other non-recurring operating income and expenses consist ofitems that, by their nature, amount or frequency, could distort
the assessment of the Group’s operating performance asreflected in its recurring operating income. They include changes
in scope, the impairment of goodwill and brands and, wherematerial, of property, plant and equipment and intangible assets,
capital gains and losses on disposals of non-current assets,
restructuring costs and disputes.
“Recurring operating income” is therefore an alternative
performance indicator for the Group, defined as the difference
between operating income and other non-recurring operating
income and expenses. This indicator is intended to facilitate
understanding of the operating performance of the Group and its
Houses and can therefore be used as a way to estimate recurring
performance. It is presented in a manner that is consistent andstable over the long term in order to ensure the continuity andrelevance of financial information.

EBITDAThe Group uses EBITDA as an alternative performance indicator
to monitor its operating performance. This financial indicator
corresponds to recurring operating income plus net charges todepreciation, amortization and provisions on non-current
operating assets recognized in recurring operating income.

— 28

KERING - 2024 First-Half ReportFree cash flow from operations,available cash flow fromoperations and available
cash flow
The Group uses an intermediate line item, “Free cash flow fromoperations”, to monitor its financial performance. This financial
indicator measures net operating cash flow less net operating
investments (defined as acquisitions and disposals of property,
plant and equipment and intangible assets).
The Group has also defined a new indicator, “Available cash flowfrom operations”, in order to take into account capitalized fixedlease payments (repayments of principal and interest) pursuant
to IFRS 16, and thereby reflect all of its operating cash flows.
“Available cash flow” therefore corresponds to available cash
flow from operations plus interest and dividends received, lessinterest paid and equivalent (excluding leases).

Net debt
Net debt is one of the Group’s main financial indicators, and isdefined as borrowings less cash and cash equivalents. Leaseliabilities are not included in the calculation of this indicator.
Borrowings include put options granted to minority interests. The
cost of net debt corresponds to all financial income and expenses
associated with these items, including the impact of derivative
instruments used to hedge the fair value of borrowings.

Effective tax rate
on recurring income
The effective tax rate on recurring income corresponds to theeffective tax rate excluding tax effects relating to other nonrecurring operating income and expenses.

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Consolidated income statement

CHAPTER 3
Condensed consolidated interim financial
statements for the six months ended June 30, 2024
1 - CONSOLIDATED INCOME STATEMENT(in € millions)

Notes

First half 2024

First half 2023

9,018
(2,310)6,708(1,547)(3,579)
1,582
(13)
1,569
(288)
1,281
(345)
4
940
878
62

10,135(2,405)7,730(1,505)(3,486)
2,739
–
2,739
(204)
2,535
(692)
3
1,846
1,785
61

–
–
–

–
–
–

940
878
62

1,846
1,785
61

7.1
7.1

First half 2024
878
7.16
7.16
878
7.16
7.16

First half 2023
1,785
14.60
14.59
1,785
14.60
14.59

7.2
7.2

888
7.24
7.24

1,789
14.63
14.62

CONTINUING OPERATIONSRevenue
Cost of sales
Gross margin
Other personnel expenses
Other recurring operating income and expenses
Recurring operating income
Other non-recurring operating income and expenses
Operating income
Financial result
Income before tax
Income tax expense
Share in earnings (losses) of equity-accounted companies
Net income from continuing operations
o/w attributable to the Groupo/w attributable to minority interests

4
5
6
8

DISCONTINUED OPERATIONSNet income (loss) from discontinued operations
o/w attributable to the Groupo/w attributable to minority interests

GROUP TOTAL
Net income
o/w attributable to the Groupo/w attributable to minority interests(in € millions)

Net income attributable to the Group
Basic earnings per share (in €)Diluted earnings per share (in €)Net income from continuing operations attributable to the Group
Basic earnings per share (in €)Diluted earnings per share (in €)Net income (loss) from continuing operations(excluding non-recurring items) attributable to the Group
Basic earnings per share (in €)Diluted earnings per share (in €)

Notes
7.1
7.1

KERING - 2024 First-Half Report

29 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Consolidated statement of comprehensive income

2 - CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
First half 2024
940

First half 2023
1,846

Change in currency translation adjustments relating to consolidated
subsidiaries:– change in currency translation adjustments

11
11

(95)
(95)

– amounts transferred to the income statement
Change in foreign currency cash flow hedges:

–
(63)

–
119

(16)
(52)

204
(79)

(in € millions)

Notes

Net income

12– change in fair value– amounts transferred to the income statement– tax effects

— 30

5

(6)

Change in other comprehensive income (loss)of equity-accounted companies:––– change in fair value– amounts transferred to the income statement

–
–

–
–

Gains and losses recognized in equity, to be transferredto the income statement

(52)

24

Change in provisions for pensions
and other post-employment benefits:– change in actuarial gains and losses– tax effects
Change in financial assets measured at fair value:– change in fair value– tax effects

(6)
(8)
2
15
13
2

(2)
(2)
–
16
22
(6)

Gains and losses recognized in equity, not to be transferredto the income statement
Total gains and losses recognized in equity

9
(43)

14
38

COMPREHENSIVE INCOME

897

1,884

o/w attributable to the Groupo/w attributable to minority interests

834
63

1,825
59

KERING - 2024 First-Half Report

9.2

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Consolidated balance sheet

3 - CONSOLIDATED BALANCE SHEET
Assets(in € millions)

Goodwill
Brands and other intangible assets
Lease right-of-use assets
Property, plant and equipment
Investments in equity-accounted companies
Non-current financial assets
Deferred tax assets
Other non-current assets
Non-current assets
Inventories
Trade receivables and accrued income
Current tax receivables
Current financial assets
Other current assets
Cash and cash equivalents
Current assets
Assets held for sale

Notes

9.1

9.1
14

TOTAL ASSETS

June 30, 2024
7,090
8,185
5,098
6,314
1,775
483
1,507
35
30,487
4,346
1,155
762
64
1,404
3,934
11,665–

Dec. 31, 2023
7,112
8,178
4,984
5,341
1,750
536
1,520
16
29,437
4,550
1,151
765
136
1,406
3,922
11,930–42,152

41,367

June 30, 2024
14,901849
15,75011,0184,593
7Dec. 31, 2023
15,212798
16,01010,026
4,511
13

78
27
1,793
433
17,949
2,838
914
58
2,132
13
135
743
1,620
8,453
–

68
21
1,776
311
16,726
2,400
884
588
2,200
12
163
536
1,848
8,631
–

42,152

41,367

Equity and liabilities(in € millions)

Equity attributable to the Group
Equity attributable to minority interests
EquityNon-current borrowings
Non-current lease liabilities
Non-current financial liabilities
Non-current provisions for pensions and other post-employment
benefits
Non-current provisions
Deferred tax liabilities
Other non-current liabilities
Non-current liabilities
Current borrowings
Current lease liabilities
Current financial liabilities
Trade payables and accrued expenses
Current provisions for pensions and other post-employment benefits
Current provisions
Current tax liabilities
Other current liabilities
Current liabilities
Liabilities associated with assets held for sale

TOTAL EQUITY AND LIABILITIES

Notes

10
11

13

11

13

KERING - 2024 First-Half Report

31 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Consolidated statement of changes in equity

4 - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Before appropriationof net income(in € millions)

Notes

As of January 1st, 2023

Numberof shares
outstanding

Sharecapital122,220,370

496

Capitalreserves

KeringtreasurysharesCumulativetranslation
adjustments

Remeasurementof financial
instruments

Other
reserves
and netincomeGroup

Minority
interests

TOTAL

1,314

(1,028)

(165)

186

13,195

13,998785

14,783

1,785

1,785

61

1,846

Net income
Total gains and losses
recognized in equity

(93)

135

(2)

40

(2)

38

Comprehensive income

(93)

135

1,783

1,825

59

1,884

Change in equity of
Kering SA–––

Change in equity ofsubsidiaries

–

1

1

13

–

13

–

–

–

Expense related to sharebased payments

13

Cancellation of Kering
treasury shares(Acquisitions) disposals
of Kering treasury shares(1)

75,21543

Distribution of dividends(1,154)

Other changes (2)As of June 30, 2023

122,295,585

496

1,314

(985)

(258)

321

Net income

43

–

43

(1,154)(21)(1,175)

(153)

(153)

(24)

(176)

13,685

14,572800

15,372

1,198

1,198

30

1,228

Total gains and losses
recognized in equity

15

(161)

2

(144)

5

(139)

Comprehensive income

15

(161)

1,200

1,054

35

1,089

Change in equity of
Kering SA–––

Change in equity ofsubsidiaries

–

8

8

12

–

12

–

–

–

Expense related to sharebased payments

16,928Cancellation of Kering
treasury shares

10(3)(Acquisitions) disposals
of Kering treasury shares
(1)

(330)

267,668

2

333

187

(217)

(30)

–

(30)

(551)

(551)

(21)

(572)

150

155

(24)

130

14,26815,212798

16,010

878

878

62

940

(44)

1

(43)

878

834

63

897

Change in equity of
Kering SA–––

Change in equity ofsubsidiaries

–

–

–

14

–

14

–

–

–

Distribution of dividends
Other changes (2)5As of December 31,
2023

122,580,181

493

984

(450)

(243)

160

Net income
Total gains and losses
recognized in equity

11

(55)

Comprehensive income

11

(55)

Expense related to sharebased payments
Cancellation of Kering
treasury shares(Acquisitions) disposals
of Kering treasury shares
(1)

14
10

10

6,750

3

Distribution of dividends(1,165)

Other changes (2)As of June 30, 2024

122,586,931

493

984

(447)

(232)

105

3

–

3

(1,165)(8)(1,173)

3

3

(4)

(1)

13,99814,901849

15,750(1) The acquisition cost of Kering treasury shares is reflected in the “Kering treasury shares” column. Capital gains or losses on the sale of Kering
treasury shares, along with the related expenses and taxes, are recognized in the “Other reserves and net income” column.
(2) “Other changes” include changes in scope and transactions with minority interests.

— 32

KERING - 2024 First-Half ReportCondensed consolidated interim financial statements for the six months ended June 30, 2024
Consolidated statement of cash flow

5 - CONSOLIDATED STATEMENT OF CASH FLOW(in € millions)

Notes

First half 2024
940

First half 2023
1,846

3
15
15

1,013
10
1,963
229
(2)
312

878
(139)
2,585
173
(7)
684

2,502
44
(100)
2,446
(1,391)
–
(23)
–
(35)
97
30
(1,322)–(1,716)
(6)
(3)
3
1,750
(512)
153
(530)

3,435
(419)
(419)
2,597
(1,891)
117
(55)
–
(24)
96
14
(1,743)–(1,712)
(12)
(26)
(7)
1,508
(658)
(408)
(419)

(254)
(1,116)
–
37
46
3,650
3,696

(178)
(1,912)–14(1,044)
4,094
3,050

Net income from continuing operations
Net recurring charges to depreciation, amortizationand provisions on non-current operating assets
Other non-cash (income) expenses
Cash flow received from operating activities
Interest paid (received)
Dividends received
Current tax expense
Cash flow received from operating activities before tax,
dividends and interest
Change in working capital requirement
Income tax paid
Net cash received from operating activities
Acquisitions of property, plant and equipment and intangible assets
Disposals of property, plant and equipment and intangible assets
Acquisitions of subsidiaries and associates, net of cash acquired
Disposals of subsidiaries and associates, net of cash transferred
Acquisitions of other financial assets
Disposals of other financial assets
Interest and dividends received
Net cash received from (used in) investing activities
Increase (decrease) in share capital and other transactions
Dividends paid to shareholders of Kering SA
Dividends paid to minority interests in consolidated subsidiaries
Transactions with minority interests(Acquisitions) disposals of Kering treasury shares
Issuance of bonds and bank debt
Redemption of bonds and bank debt
Issuance (redemption) of other borrowings
Repayment of lease liabilities
Interest paid and equivalent
Net cash received from (used in) financing activities
Net cash received from (used in) discontinued operations
Impact of exchange rates on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at opening
Cash and cash equivalents at closing

6.1

16

11.3
11.3

14

KERING - 2024 First-Half Report

33 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

6 - NOTES TO THE CONDENSED CONSOLIDATED INTERIMFINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED
JUNE 30, 2024

— 34

Presentation of the condensed consolidated interim financial statements
Significant events in the first half of 2024
1
Subsequent events
2
Operating segments
335

Notes on the consolidated income statement
Other non-recurring operating income and expenses
4
Financial result
5
Income tax
6
Earnings per share
7

37

Notes on the consolidated balance sheet
Investments in equity-accounted companies
8
Financial assets
9
10 Equity
11 Net debt
12 Derivative instruments
13 Provisions

40

Notes on the consolidated statement of cash flow
14 Cash and cash equivalents as reported in the cash flow statement
15 Cash flow received from operating activities
16 Change in working capital requirement
17 Transactions with related parties
18 Accounting policies and methods – Application of IFRS accounting framework

45

KERING - 2024 First-Half Report

35
36
36
37
37
38
38
40
41
42
42
44
44
45
45
45
46
46

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

PRESENTATION OF THE CONDENSED CONSOLIDATEDINTERIM FINANCIAL STATEMENTS
INTRODUCTION
Kering SA, the Group’s parent company, is a société anonyme(French corporation) with a Board of Directors, incorporated
under French law, whose registered office is located at 40, rue deSèvres, 75007 Paris, France. Kering is a global luxury group thatmanages the development of a collection of renowned Houses inFashion, Leather goods and Jewelry.
On July 24, 2024, the Board of Directors approved theconsolidated interim financial statements for the six months
ended June 30, 2024 and authorized their publication.
The consolidated financial statements as of June 30, 2024 reflect
the accounting position of Kering SA, its subsidiaries and its
associates (the “Group”).
Pursuant to European Regulation No. 1606/2002 of July 19, 2002,
these consolidated financial statements were prepared inaccordance with applicable International Financial ReportingStandards (IFRSs) as endorsed by the European Union andmandatorily applicable as of the reporting date.

The condensed consolidated interim financial statements for thesix months ended June 30, 2024 were prepared in accordancewith IAS 34 “Interim financial reporting”. The notes do notinclude all of the disclosures required for full annual consolidated
financial statements, and should be read in conjunction with theconsolidated financial statements for the year ended December
31, 2023. Specific information and new texts applicable to 2024
are presented in Note 18 – Accounting policies and methods –Application of IFRS accounting framework.
Unless otherwise stated, amounts are stated in millions of euros.
In general, amounts stated in the consolidated financial
statements and in the notes to the consolidated financial
statements are rounded to the nearest unit. As a result, the sumof the rounded amounts may show non-material differences
relative to the stated total.

NOTE 1 - SIGNIFICANT EVENTS IN THE FIRSTHALF OF 2024
Acquisition of strategic real-estate
assets in New York and Milan

Dual-tranche bond issue for a total
amount of €1.75 billion

On January 22, 2024, Kering announced the acquisition of aprestigious New York City property comprising luxury retailspaces across multiple floors and with total floorspace ofapproximately 115,000 sq. ft, or 10,700 sq. m. The building islocated at 715-717 Fifth Avenue, and the price paid was$963 million (the equivalent of €885 million on the date of theannouncement).

On March 5, 2024, Kering carried out a dual-tranche bond issue
for a total of €1.75 billion, consisting of:• a €1 billion tranche with an 8-year maturity and a 3.375%
coupon; and• a €750 million tranche with a 12-year maturity and a 3.625%
coupon.

On April 4, 2024, the Group also announced the acquisition of thecompany that owns the iconic building located at 8 Via
Montenapoleone in Milan, for a consideration of approximately€1.3 billion. This 18th-century building is located on the mostprestigious corner of Milan’s Quadrilatero della Moda fashion
district. It has five floors and gross floorspace of approximately
127,000 sq. ft, or 11,800 sq. m. The transaction will be completed
in the second half of 2024.

The issue forms part of the Group’s active liquidity management,
and increases Kering’s financial flexibility.

These investments form part of Kering’s selective real-estate
strategy aimed at securing key locations that are highly desirable
for its Houses.

KERING - 2024 First-Half Report

35 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTE 2 - SUBSEQUENT EVENTSOn July 18, 2024, Kering finalized the acquisition, announced on April 4, 2024, of the company that owns the iconic building located at
Via Montenapoleone 8 in Milan, for a cash consideration of €1.3 billion.
Kering signed a new €3,000 million syndicated facility on July 18, 2024, maturing in July 2029 and including two extension options eachof one year. This new facility replaced the existing €2,385 million facility, canceled on the same day.

NOTE 3 - OPERATING SEGMENTS
Gucci

Yves Saint
Laurent

Bottega
VenetaOther
HousesKeringEyewearandCorporate

Revenue

4,085

1,441

836

1,717

1,067

(128)

9,018

Recurring operating income

1,007

316

121

44

101

(7)

1,582

Net recurring charges todepreciation, amortizationand provisions on non-current
operating assets
EBITDA

382
1,389

148
464

94
215

203
247

186
287

N/A
(7)

1,013
2,595

Acquisitions of property, plantand equipment and intangible
assets (1)

124

107

51

99

1,010

N/A

1,391

Eliminations

Total(in € millions)Eliminations

Total

FIRST HALF 2024

Gucci

Yves Saint
Laurent

Bottega
VenetaOther
HousesKeringEyewearandCorporate

Revenue
Recurring operating income

5,128
1,810

1,576
481

833
169

1,856
224

869
63

(127)
(8)

10,135
2,739

Net recurring charges todepreciation, amortizationand provisions on non-current
operating assets
EBITDA

362
2,172

119
600

90
259

180
404

127
190

N/A
(8)

878
3,617

Acquisitions of property, plantand equipment and intangible
assets (2)

232

81

44

82

1,452

N/A

1,891

(in € millions)

FIRST HALF 2023

(1) In the first half of 2024, acquisitions of property, plant and equipment and intangible assets include the acquisition of a strategic real-estate
property for €897 million.
(2) In the first half of 2023, acquisitions of property, plant and equipment and intangible assets include the acquisitions of strategic real-estate
properties for €1,359 million.

— 36

KERING - 2024 First-Half ReportCondensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTES ON THE CONSOLIDATED INCOME STATEMENTNOTE 4 - OTHER NON-RECURRING OPERATING INCOME
AND EXPENSES
First half 2024

First half 2023

Gains relating to changes in scope
Capital gains on disposals of non-current assets

1
–

–
85

Restructuring reversal
Other

27
1

23
6

Other non-recurring operating income
Losses relating to changes in scope

29
–

114
(1)

Capital losses on disposals of non-current assets
Impairment of goodwill and other non-current assets

–
(1)

–
(54)

Restructuring costs
Acquisition costs

(29)
(2)

(31)
(1)

(in € millions)

Other

(11)

(27)

Other non-recurring operating expenses

(42)

(114)

TOTAL

(13)

–

In the first half of 2024, as in the first half of 2023, restructuringcosts, net of reversals, mainly concerned the continuation of therestructuring that began at Gucci in 2022.

• impairment of other assets at Alexander McQueen and Brioni;• and the €85 million capital gain on asset disposals arising fromthe disposal of a building in London.

In 2023, other income and expenses mainly included:• impairment of other non-current assets, mainly related to thereorganization of Gucci’s creative studio;

NOTE 5 - FINANCIAL RESULT(in € millions)

Cost of net debt (1)Income from cash and cash equivalents
Finance costs at amortized cost
Other financial income and expenses
Net gains (losses) on financial assets
Net foreign exchange gains (losses)
Ineffective portion of cash flow and fair value hedges
Net gains (losses) on derivative instruments not qualifying for hedge accounting
Other finance costs
Total financial result excluding leases
Interest expense on lease liabilities

TOTAL

First half 2024
(151)
44
(195)
(48)
2
(24)
(14)
(4)
(8)
(199)
(89)

First half 2023
(40)
22
(62)
(94)
2
(44)
(53)
7
(6)
(134)
(70)

(288)

(204)

(1) Net debt is defined on page 28.

The Group's cost of net debt was €151 million in the first half of2024 (€40 million in the first half of 2023). The increase is mainly
due to the increase in the average amount of debt, mainly longterm debt, in the context of interest rates, partly offset by thehigher return on the Group's cash position.

The €46 million decrease was mainly due to weaker exchangerate effects, and in particular the reduction in the cost of carryrelating to foreign exchange hedging between the two periods.

Other financial income and expenses represented a net expenseof €48 million in the first half of 2024, as opposed to €94 million in
the first half of 2023.

KERING - 2024 First-Half Report

37 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTE 6 - INCOME TAX
6.1

Income tax expense(in € millions)

Current tax expense
Deferred tax income (expense)

TOTAL

6.2

First half 2024
(312)
(32)

First half 2023
(684)
(8)

(345)

(692)

Reconciliation of the effective tax rate

As of June 30, 2024, the Group estimates that its full-year tax rate (in accordance with IAS 34) will be 26.9%. That rate includes theeffects of the Pillar Two rules published by the Organisation for Economic Co-operation and Development (OECD) in December 2021,
the impact of which is currently estimated to be non-material.
First half 2024

First half 2023

Income before tax
Income tax expense

1,281
(345)

2,535
(692)

Effective tax rate
Other non-recurring operating income and expenses
Recurring income before tax
Income tax on other non-recurring operating income and expenses
Tax expense on recurring income
Effective tax rate on recurring income (1)

26.9%
(13)
1,294
3
(348)
26.9%

27.3%
–
2,535
(4)
(688)
27.1%

Net income attributable to the Group (in € millions)
Weighted average number of ordinary shares outstanding
Weighted average number of Kering treasury shares
Weighted average number of ordinary shares
Basic earnings per share (in €)Consolidated
Group
878
123,420,778(836,341)
122,584,437
7.16

Continuing
operations
878
123,420,778(836,341)
122,584,437
7.16

Discontinued
operations–
123,420,778(836,341)
122,584,437–

Weighted average number of ordinary shares
Potentially dilutive ordinary shares
Weighted average number of diluted ordinary shares
Diluted earnings per share (in €)122,584,437
42,319122,626,756
7.16

122,584,437
42,319122,626,756
7.16

122,584,437
42,319122,626,756–(in € millions)(1) The effective tax rate on recurring income is defined on page 28.

NOTE 7 - EARNINGS PER SHARE
7.1

Earnings per shareFirst half 2024

— 38

KERING - 2024 First-Half ReportCondensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

First half 2023

Net income attributable to the Group (in € millions)
Weighted average number of ordinary shares outstanding
Weighted average number of Kering treasury shares
Weighted average number of ordinary shares
Basic earnings per share (in €)Consolidated
Group
1,785
124,070,778(1,800,186)
122,270,592
14.60

Continuing
operations
1,785
124,070,778(1,800,186)
122,270,592
14.60

Discontinued
operations–
124,070,778(1,800,186)
122,270,592–

Weighted average number of ordinary shares
Potentially dilutive ordinary shares
Weighted average number of diluted ordinary shares
Diluted earnings per share (in €)122,270,592
79,521
122,350,113
14.59

122,270,592
79,521
122,350,113
14.59

122,270,592
79,521
122,350,113–

7.2

Earnings per share from continuing operations excluding non-recurring items

Non-recurring items presented below consist of other non-recurring operating income and expenses (see Note 4), reported net of tax
and any minority interests.
(in € millions)

Net income from continuing operations attributable to the Group
Other non-recurring operating income and expenses
Income tax on other non-recurring operating income and expenses
Net income (loss) from continuing operations (excluding non-recurring items)
attributable to the GroupFirst half 2024

First half 2023

877.7
(13.4)

1,785.0
–

3.2

(4.0)

887.9

1,789.0

First half 2024

First half 2023

Weighted average number of ordinary shares outstanding
Weighted average number of Kering treasury shares

123,420,778(836,341)

124,070,778(1,800,186)

Weighted average number of ordinary shares

122,584,437

122,270,592

7.24

14.63

Weighted average number of ordinary shares

122,584,437

122,270,592

Potentially dilutive ordinary shares
Weighted average number of diluted ordinary shares

42,319122,626,756

79,521
122,350,113

7.24

14.62

Basic earnings per share from continuing operations excluding non-recurring
items (in €)Diluted earnings per share from continuing operations excluding non-recurring
items (in €)KERING - 2024 First-Half Report

39 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTES ON THE CONSOLIDATED BALANCE SHEETNOTE 8 - INVESTMENTS IN EQUITY-ACCOUNTEDCOMPANIES
Companies accounted for by the equity method comprise associates. The Group’s investments in associates break down as follows:(in € millions)

Valentino
Other investments in equity-accounted companies

TOTAL
In November 2023, Kering completed the acquisition of a 30%
shareholding in Italian fashion house Valentino for €1.7 billion
under a broader strategic partnership with Mayhoola. The
agreement included cross put and call options under which theGroup gave an undertaking to acquire an additional 70% stakefrom May 2026 through 2028 should the options be exercised.
If the options are exercised, the exercise price will be adjusted on
the basis of Valentino’s performance and prospects for futureyears. The value of this commitment at closing is estimated ataround €4 billion.

June 30, 2024
1,701

Dec. 31, 2023
1,698

74

52

1,775

1,750

The Valentino group’s consolidated financial statements
prepared under IFRS and in euros were used to account for
Valentino under the equity method in Kering’s financial
statements. These consolidated financial statements have notbeen published. The financial statements include certaintransactions entered into between Kering and Valentino on anarm’s length basis.
As of June 30, 2024, allocation of the purchase price to assets andliabilities acquired based on their fair value was still being
finalized.

Valentino is an internationally recognized Italian luxury housewith a high-end luxury positioning rooted in Haute Couture. It has
also developed a ready-to-wear, leather goods, accessories andbeauty offering for men and women.

The Valentino group generated net income of €23.4 million onrevenue of €1,348 million in 2023 via its network of over 200
stores in more than 25 countries. No dividend was paid in respectof 2023.

The share in earnings/(losses) of equity-accounted companies
came to €3 million for Valentino.

No other financial or operating commitment has been granted to
Valentino, which is accounted for by the equity method.

— 40

KERING - 2024 First-Half ReportCondensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTE 9 - FINANCIAL ASSETS
9.1

Breakdown of financial assets
June 30, 2024
922Dec. 31, 2023
167
3

Deposits and guarantees
Other financial investments (2)

244
144

232
136

Non-current financial assets
Derivative instruments

483
50

536
122

Loans and receivables
Current financial assets

14
64

14
136

(in € millions)Non-consolidated investments (1)Loans and receivables(1) Of which a 0.4% stake in PUMA as of June 30, 2024 and December 31, 2023.
(2) Including an investment in the Climate Fund for Nature, managed by Natixis subsidiary Mirova, in an amount of €10.5 million. As part of its
proactive strategy to offset its carbon emissions, on February 16, 2023 Kering undertook to invest up to €100 million in this carbon fund. The
commitment given by the Kering group as of June 30, 2024 amounted to €85.1 million.

9.2

Financial assets measured at fair value
June 30, 2024

Dec. 31, 2023

Investments
o/w changes in fair value recognized through equity

92
91

167
166

o/w changes in fair value recognized through the income statement
Derivative instruments

1
50

1
122

Other financial investments
o/w changes in fair value recognized through equity

144
138

136
130

o/w changes in fair value recognized through the income statement
Financial assets at fair value

6
288

6
425

(in € millions)

KERING - 2024 First-Half Report

41 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTE 10 - EQUITYAt June 30, 2024, the share capital amounted to €493,683,112, comprising 123,420,778 fully paid-up shares with a par value of €4 each
(unchanged from December 31, 2023). Excluding the 833,847 Kering treasury shares, there were 122,586,931 shares issued andoutstanding as of June 30, 2024.
(in € millions)

Liquidity agreement
Share buyback program (for cancellation)

June 30, 2024
NumberAmountDec. 31, 2023
NumberAmount

–
–

–
–

6,750
–

3
–

833,847
833,847447
447

833,847
840,597447
450(in € millions)

NumberAmountImpacton cashAs of January 1, 2024
Purchases under the liquidity agreement
Disposals under the liquidity agreement
Purchases under share-based payment plans
Purchases with a view to canceling the shares
Cancellations under the share buyback program
Shares vested
Net capital gain (loss) on disposal
As of June 30, 2024

840,597
306,881(313,631)–––––
833,847

450
113
(115)
–
–
–
–
–
447

(113)
115
–
–
N/A
N/A
N/A
3

Share-based payment
Kering treasury shares

Change in Kering treasury shares

NOTE 11 - NET DEBT
(in € millions)

Borrowings
Cash and cash equivalents

TOTAL

June 30, 2024
13,856(3,934)

Dec. 31, 2023
12,426(3,922)

9,922

8,504

June 30, 2024
2,302
1,632

Dec. 31, 2023
3,103
819

3,934

3,922

11.1 Cash and cash equivalents(in € millions)

Cash
Cash equivalents (1)TOTAL(1) Including term deposits and mutual fund units.

— 42

KERING - 2024 First-Half ReportCondensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

11.2 Breakdown of borrowings by category and maturity
June 30,
2024

Current

Y +2

Y+3

Y+4

Y+5

BeyondTotal
noncurrent

Bond debt
Other bank borrowings

11,067
137

749
90

1,248
48

958
–

1,346
–

745
–

6,021
–

10,31848

Bank overdrafts
Commercial paper

238
1,371

238
1,371

–
–

–
–

–
–

–
–

–
–

–
–

Other borrowings (1)

1,042

390

528

5

58

2

59

652

710

59

528

5

58

2

59

652

13,856

2,838

1,824

963

1,404

748

6,080

11,018

100%

20%

13%

7%

10%

5%

44%

80%

(in € millions)o/w Put options granted tominority interests

TOTAL
%

(1) Other borrowings include accrued interest.

Dec. 31, 2023
9,795

Current
500

Y +2
1,497

Y+3
959

Y+4
1,228

Y+5
597

Beyond5,014

Total
noncurrent
9,295

Other bank borrowings
Bank overdrafts

134
272

68
272

46
–

19
–

–
–

–
–

–
–

66
–

Commercial paper
Other borrowings (1)

1,277
948

1,277
282

–
541

–
–

–
63

–
2

–
59

–
665

711

47

541

–

63

1

59

664

12,426

2,400

2,085

978

1,291

599

5,073

10,026

100%

19%

17%

8%

10%

5%

41%

81%

(in € millions)

Bond debt

o/w Put options granted tominority interests

TOTAL
%

(1) Other borrowings include accrued interest.

11.3 Bond debt

11.4 Undrawn confirmed lines of credit

On March 11, 2024, the Group issued €1.75 billion of bonds,
consisting of a €1 billion tranche with an 8-year maturity and a
3.375% coupon and a €750 million tranche with a 12-year
maturity and a 3.625% coupon.

As of June 30, 2024, the Group had undrawn confirmed lines ofcredit totaling €3,185 million (December 31, 2023: €3,185 million).
These consisted of a syndicated facility for €2,385 million (ofwhich €170 million expires in December 2024 and €2,215 million
in December 2025), and €800 million in bilateral lines of credit
with a maturity of more than one year at June 30, 2024.

In April 2024, the Group repaid €500 million of bonds initially
issued in April 2014.

KERING - 2024 First-Half Report

43 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTE 12 - DERIVATIVE INSTRUMENTS(in € millions)Non-current financial assets
Derivative instruments - at fair value through income statement
Derivative instruments - cash flow hedges
Derivative instruments - fair value hedges
Current financial assets
Derivative instruments - at fair value through income statement
Derivative instruments - cash flow hedges
Derivative instruments - fair value hedges
Non-current financial liabilities
Derivative instruments - at fair value through income statement (1)Derivative instruments - cash flow hedges
Derivative instruments - fair value hedges
Current financial liabilities
Derivative instruments - at fair value through income statement
Derivative instruments - cash flow hedges
Derivative instruments - fair value hedges

June 30, 2024
25
–
25
–
50
5
41
4
(7)
(4)
(3)
–
(52)
(18)
(29)
(5)

Dec. 31, 2023
3
–
3
–
122
17
95
10
(13)
–
(13)
–
(33)
(8)
(21)
(4)

16

79

TOTAL

(1) Liabilities related to derivative instruments recognized at fair value through the income statement include €3.7 million related to theCollective Virtual Purchase Agreement (CVPPA). That derivative is measured using an internally developed level-3 model, and includes energy
certificates.
On May 5, 2024, Kering amended the CVPPA of October 12, 2023 initially formed with Caletona Servicios y Gestiones. The new CVPPA, which isan agreement to purchase renewable energy without physical delivery, was formed with a new solar photovoltaic farm operated by Castellana
Power S.L.U, which operates in Spain. Energy certificates arising from renewable energy production – under the European Energy Certificate
System (EECS®) – will be transferred to the Kering group as the agreement is performed.
The agreement is for a 10-year term starting on the commercial operation date, which is likely to be July 1, 2026.

NOTE 13 - PROVISIONS(in € millions)Non-current provisions
Current provisions

TOTAL

Dec. 31,
2023
21
163

184

(in € millions)

Provision for restructuring costs
Vendor warranties
Disputes and other contingencies

TOTAL

— 44

KERING - 2024 First-Half Report

Reversals
Reversals(utilized(surplus
Charge provisions) provisions)
–
(2)
–
16
(34)
(5)

16

(36)

(5)

Foreign
Changesexchange
Otherin scope differences movements
–
–
8
–
(1)
(5)

–

(1)

3

June 30,
2024
27
135

161

June 30, 2024
40
23
98

Dec. 31, 2023
64
23
97

161

184

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTES ON THE CONSOLIDATED STATEMENTOF CASH FLOWNOTE 14 - CASH AND CASH EQUIVALENTS AS REPORTEDIN THE CASH FLOW STATEMENT(in € millions)

Cash and cash equivalents as reported in the balance sheet
Bank overdrafts
Cash and cash equivalents as reported in the statement of cash flow

June 30, 2024
3,934

June 30, 2023
3,328

(238)
3,696

(278)
3,050

NOTE 15 - CASH FLOW RECEIVED FROM OPERATINGACTIVITIESFirst half 2024
940

First half 2023
1,846

Net recurring charges to depreciation, amortization and provisions on non-current
operating assets
Other non-cash income and expenses
Non-cash recurring operating income and expenses
Fair value of operating foreign exchange rate hedges
Other
Other non-cash income and expenses
Impairment of goodwill, brands and other non-current assets
Fair value of foreign exchange rate hedges in financial result
Deferred tax expense (income)
Share in earnings (losses) of equity-accounted companies
Other

1,013
10
(110)
(49)
(61)
120
1
48
32
(4)
43

878
(139)
(129)
(79)
(50)
(10)
45
64
8
(2)
(125)

Cash flow received from operating activities

1,963

2,585

(in € millions)

Net income from continuing operations

NOTE 16 - CHANGE IN WORKING CAPITAL REQUIREMENT(in € millions)

Change in Inventories
Change in trade receivables and accrued income
Change in trade payables and accrued expenses
Change in other operating receivables and payables
Change in working capital requirement

First half 2024
198
–
(70)
(83)
44

First half 2023
(168)
(53)
38
(236)
(419)

KERING - 2024 First-Half Report

45 —

3

3

Condensed consolidated interim financial statements for the six months ended June 30, 2024
Notes to the condensed consolidated interim financial statements for the six months ended June 30, 2024

NOTE 17 - TRANSACTIONS WITH RELATED PARTIES
Kering SA is controlled by Artemis, which in turn is wholly owned by Financière Pinault.

% capital held by the Artemis group in Kering SA% of voting rights held by the Artemis group in Kering SA
Dividend paid for Year Y-1 (in € millions)
Fees for the period (in € millions)

June 30, 2024
42.3%
59.4%
731
3

June 30, 2023
42.0%
59.4%
730
4

The Group pays fees to Artemis for (i) business development consulting services and complex transaction support, and (ii) the supply ofdevelopment opportunities, new business and cost reduction solutions. These fees are governed by an agreement reviewed by the
Audit Committee and approved by the Board of Directors.

NOTE 18 - ACCOUNTING POLICIES AND METHODS –APPLICATION OF IFRS ACCOUNTINGFRAMEWORKThe condensed consolidated interim financial statements areprepared according to the accounting policies and methods
applied by the Group to the consolidated financial statements for2023 (presented Note 33 – Accounting policies and methods),
with the exception of the method related to income tax as well as
standards, amendments and interpretations endorsed by theEuropean Union and in force since January 1, 2024.
In the condensed consolidated interim financial statements forthe six months ended June 30, 2024, the tax expense (current anddeferred) is calculated by applying the average annual tax rateestimated for the current tax year to pre-tax accounting profit foreach country or tax group.

Standards, amendments
and interpretations endorsedby the European Union and applicable
as of January 1, 2024
The standards, amendments and interpretations published by
IASB and mandatorily applicable from January 1, 2024 are listed
below:• Amendments to IAS 1 “Presentation of Financial Statements”:“Classification of Liabilities as Current or Non-current” and“Non-current Liabilities with Covenants”.
• Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7“Financial Instruments“: ”Supplier Finance Arrangements”.
• Amendments to IFRS 16 “Leases”: “Lease Liability in a Sale andLeaseback”.
After analyzing the texts that came into force on January 1, 2024,
the Group concluded that they would have either no effect or a
non-material effect on its condensed consolidated interim
financial statements for the six months ended June 30, 2024.

— 46

KERING - 2024 First-Half Report

Standards, amendments
and interpretations applicable
as of January 1, 2024 and not yet
endorsed by the European Union
As of the closing date of the condensed consolidated interim
financial statements, no standard, amendment or interpretation
applicable as of January 1, 2024 was awaiting endorsement by
the European Union.

Standards, amendments
and interpretations applicablefrom January 1, 2025 and not yet
endorsed by the European Union
Standards, amendments and interpretations published and not
yet endorsed by the European Union are listed below:• IFRS 18 – Presentation and Disclosure in Financial Statements• Amendments to IFRS 9 and IFRS 7 – Amendments to theClassification and Measurement of Financial Instruments• Amendment to IAS 21 “The Effects of Changes in Foreign
Exchange Rates” – Lack of Exchangeability
As of the closing date of the condensed consolidated interim
financial statements, the Group was in the process of analyzing
the impact of these amendments.

Statutory auditor's review report on the interim financial information

STATUTORY AUDITOR'S REVIEW REPORTON THE INTERIM FINANCIAL INFORMATION
For the six months ended June 30, 2024
To the Shareholders of Kering,
In compliance with the assignment entrusted to us by the Shareholders’ meeting and in accordance with the requirements of Article
L.451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:• the review of the accompanying condensed consolidated interim financial statements of Kering for the six months ended June 30,2024;• the verification of the information contained in the interim management report.
These condensed consolidated interim financial statements are the responsibility of the Board of Directors. Our role is to express a
conclusion on these financial statements based on our review.

I - Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted inaccordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated
interim financial statements are not prepared, in all material respects, in accordance with IAS 34 -standard of the IFRSs as adopted by
the European Union applicable to interim financial information.

II – Specific verification
We have also verified the information presented in the interim management report on the condensed consolidated interim financial
statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed consolidated interim financial statements.

Neuilly-sur-Seine and Paris-La Défense, July 24, 2024
The Statutory Auditors
PricewaterhouseCoopers Audit
Camille Phelizon

Patrice Morot

Deloitte & AssociésDavid Dupont-Noel

Bénédicte Margerin

KERING - 2024 First-Half Report47 —Statement by the persons responsible for the interim financial report

STATEMENT BY THE PERSONS RESPONSIBLE
FOR THE INTERIM FINANCIAL REPORT
We certify that, to our knowledge, the condensed consolidated interim financial statements for the six months ended June 30, 2024
have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial
position and results of the Company and the undertakings included in the consolidation, and that the interim management report gives
a fair description of the material events that occurred in the first six months of the financial year and their impact on the interim
financial statements, as well as a description of the principal risks and uncertainties for the remaining six months of the year, along withthe principal transactions with related parties.
Paris, July 24, 2024.
by delegation of the Chairman and Chief Executive Officer,
the Deputy CEO - Operations and Finance, Jean-Marc Duplaix
the Chief Financial Officer, Armelle Poulou— 48

KERING - 2024 First-Half ReportKering
Société anonyme (a French corporation) with a share capital of €493,683,112
Registered office: 40, rue de Sèvres – 75007 Paris
Registered with the Paris Trade and Companies Registry under number 552 075 020
Tel.: +33 (0)1 45 64 61 00
kering.com

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Publication date: July 24, 2024