#1INVESTOR PRESENTATION SEPTEMBER 2023 KERING#2DISCLAIMER This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information contained in this presentation may include projections and forecasts or other forward-looking statements. They are not historical facts and express beliefs, predictions and expectations based on current assessments and estimates of the Group's executive management which are subject to numerous factors, risks and uncertainties; they are not guarantees of performance. Consequently, reported figures and assessments may differ significantly from projected figures. Various factors may cause actual figures to differ materially from projected figures including (among others): any unfavourable development affecting consumer spending in the activities of the Group (both in France and abroad), in particular for products and services sold by the Group's Luxury brands, resulting from economic conditions and other circumstances, such as travel restrictions, disease epidemics and other health-related concerns; the costs of complying with environmental, health and safety regulations and all other regulations with which the Group companies are required to comply; the competitive situation on each of the Group's markets; exchange rate and other risks related to international activities; risks arising from current or future litigation, as well as the factors set out in Kering's Universal Registration Document (Document d'Enregistrement Universel) filed with the French Financial Markets Authority (the Autorité des Marchés Financiers or AMF) on March 22, 2023, which is available on Kering's website at www.kering.com. The information contained in this presentation has been selected by the Group's executive management to present Kering's results. This presentation has not been independently verified. No representation or warranty, express or implied, is made in relation to, and none of Kering or any of its directors, officers, employees, advisers, affiliates or other representatives shall bear any liability or be liable for any loss arising from or related to the accuracy or completeness of this presentation or any use of this presentation or its contents or otherwise arising in connection with this presentation. The Group expressly disclaims any and all liability which may be based on such information, errors therein or omissions therefrom. Kering does not have any obligation to update this presentation or provide any additional information, or to correct any inaccuracies in this presentation or any additional information which may become apparent. IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. INFORMATION IN THIS PRESENTATION, INCLUDING FORECAST FINANCIAL INFORMATION, SHOULD NOT BE CONSIDERED AS ADVICE OR A RECOMMENDATION TO INVESTORS OR POTENTIAL INVESTORS IN RELATION TO HOLDING, PURCHASING OR SELLING SECURITIES OR OTHER FINANCIAL PRODUCTS OR INSTRUMENTS AND DOES NOT TAKE INTO ACCOUNT YOUR PARTICULAR INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS. BEFORE ACTING ON ANY INFORMATION YOU SHOULD CONSIDER THE APPROPRIATENESS OF THE INFORMATION HAVING REGARD TO THESE MATTERS, ANY RELEVANT OFFER DOCUMENT AND IN PARTICULAR, YOU SHOULD SEEK INDEPENDENT FINANCIAL ADVICE AND CONDUCT YOUR OWN DUE DILIGENCE. ALL SECURITIES AND FINANCIAL PRODUCT OR INSTRUMENT TRANSACTIONS INVOLVE RISKS, WHICH INCLUDE (AMONG OTHERS) THE RISK OF ADVERSE OR UNANTICIPATED MARKET, FINANCIAL OR POLITICAL DEVELOPMENTS AND, IN INTERNATIONAL TRANSACTIONS, CURRENCY RISK. READERS ARE ADVISED TO REVIEW KERING'S UNIVERSAL REGISTRATION DOCUMENT AND KERING'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION. Investor Presentation - September 2023 2#3KERING AT A GLANCE#4GROUP REVENUE €20,351m +15% reported +9% comparable* vs. 2021 vs. 2021 FREE CASH FLOW FROM OPERATIONS €3,208m * At constant scope and exchange rates ** EP&L intensity 2015-2022 Investor Presentation - September 2023 2022 KEY FIGURES GROUP RECURRING OPERATING INCOME €5,589m +11% vs. 2021 27.5% recurring operating margin EMPLOYEES 47,227 as of Dec. 31, 2022 57% women managers within the Group NET INCOME ATTRIBUTABLE TO THE GROUP €3,614m +14% reported vs. 2021 SUSTAINABILITY -50% Environmental footprint (EP&L)** A List CDP 2022 Climate 10th year in DJSI#5A TRANSFORMATION JOURNEY INTO A LEADING PURE LUXURY PLAYER Pure Luxury player Investing in our Houses Business expansion Growth platforms Investor Presentation - September 2023 1111 From a diversified conglomerate into a pure Luxury player Steering our Houses in their next stages of growth to unleash their full potential Expanding into newer high-growth Luxury segments Investing in supply chain, logistics, and digital capabilities KERING Kering has become a leading pure Luxury player, focused on long-term value creation 5#6Luxury Non-Luxury PPR acquires 42% in Gucci Acquisitions of YSL & Boucheron Sport & Lifestyle 36% TRANSFORMATION TIMELINE OVERVIEW Acquisition of Bottega Veneta 1999 2001 Acquisition of Puma FY12 2007 2011 2012 2013 2014 2015 2018 2019 I Divested Conforama T Divested La Redoute Revenue & Rec. op. margin: Acquisition of Brioni €9.7bn 18.4% KERING HAS BECOME A PURE LUXURY PLAYER PPR becomes Kering Acquisitions of Qeelin & Pomellato Investor Presentation - September 2023 Listing of FNAC retail unit 64% Luxury Launch of Kering Eyewear Distribution of Puma shares Kering has become a pure Luxury player REVENUE BREAKDOWN AND MARGIN EXPANSION Divested Volcom Acquisition of Lindberg Kering 6% Eyewear & Corp. Launch of Kering Beauté, acquisitions of Creed, and 30% stake in Valentino Acquisition of Maui Jim 2021 2022 2023 FY22 Revenue & Rec. op. margin: €20.4bn 27.5% Luxury 100% 94% Houses ● . CREATING AND SHARING VALUE FOR THE LONG TERM Over the past years, Kering has transformed from a diversified conglomerate into a pure Luxury player, with a well-balanced geographical exposure, which has translated into superior growth and margin expansion Market Capitalization tripled in 10 years: from €17.8bn in YE 12 to €59.0bn in YE22 Kering Dividend Per Share (DPS) has increased by a 16% CAGR since 2013 Shareholder return: (i) a sustainable dividend growth and stable payout ratio of c. 50% of net income and available cash flow, as well as (ii) incremental share repurchase programs * Group share, excluding non-recurring items A WELL-BALANCED GEOGRAPHICAL EXPOSURE ROW 7% Asia Pacific 33% Japan 6% FY22 revenue: €20.4bn Western Europe 27% North America 27% 6#7DEVELOPING A COMPLEMENTARY ENSEMBLE OF ICONIC LUXURY HOUSES Soft Luxury GUCCI SAINT LAURENT BOTTEGA VENETA BALENCIAGA Alexander MCQUEEN Brioni 2023 OUR HOUSES Hard Luxury BOUCHERON VALENTINO (30% stake) Pomellato DoDo Qeelin Adjacent businesses Recent acquisitions * Transaction subject to clearance by the relevant competition authorities Investor Presentation - September 2023 KERING EYEWEAR KERING BEAUTÉ 2021 LINDBERG 2022 Mani Gim 2023 CREED 1760 35.6% 10,487 DIFFERENT SCALES AND MATURITY (FY22 Revenue and Recurring Operating income in €m) 3,732 30.9% GUCCI 3,300 1,019 SAINT LAURENT 21.0% Revenue 1,740 366 1999. BOTTEGA VENETA 14.4% Other Houses Rec. Op. income * Kering Group includes corporate costs and eliminations. 3,874 558 18.2% 1,115 203 KERING EYEWEAR 27.5% 20,351 5,589 KERING XX% Rec. Op. margin Kering operates a complementary ensemble of iconic Luxury Houses and has recently expanded in newer high-growth segments: Eyewear and Beauté Kering focuses on nurturing its Houses, fostering organic growth, but is also looking to seize opportunities as part of its disciplined M & A strategy#8Revenue (€bn): 0.9 FROM VISIBILITY / DESIRABILITY / SCALABILITY TO... 0.5 6.2 3.6 1.2 2012 STEERING OUR HOUSES TO UNLEASH THEIR FULL POTENTIAL 1₁₁ 3x 1.5 Increase Houses visibility 10.8 6.2 1.7 High desirability 3.3 20.4 10.5 2017 BVYSL Gucci Luxury Houses * In 2022, Luxury Houses correspond to Kering. Investor Presentation - September 2023 Scaling up our Houses 2022 Over the last 10 years Kering multiplied its revenues by 3x for its Luxury Houses ● ...VISIBILITY / DESIRABILITY / EXCLUSIVITY ● Elevation strategy implementation Product & merchandising Increase Houses visibility Distribution Reinforcing exclusivity High desirability Leveraging and balancing on heritage & fashion components Sophistication of the offer (design, materials and categories) Segmentation through product mix and pricing Communications Rationalization of wholesale network and increase in retail exposure (78% in FY22) Store network upgrade Personalization and client experience, VICS Sustained investments to increase brand awareness, elevate perception, and nurture desirability 8#910 2015 74 2016 2 KERING EYEWEAR MONT GUCCI BLANC Cartier 495 352 2017 EXPANDING INTO NEWER LUXURY SEGMENTS 2018 596 Investor Presentation - September 2023 2019 487 2020 LINDBERO 706 11.7% Maui Jim 1,115 2021 18.2% 2022 Rec. Op. margin (%) 2,000 1 M&A 1 Revenue (€m) Internalization and organic growth Portfolio expansion with the Richemont partnership 1 I 1 Ambition I I I 15% KERING EYEWEAR Successful development of a profitable €1bn+ Luxury Eyewear segment through organic growth, partnerships and acquisitions Enhances brand equity and provides an entry point to the Luxury universe In addition to Lindberg and Maui Jim, acquisition of UNT in 2023 in order to internalize strategic parts of the supply chain and secure best-in-class quality products Launch of Kering Beauté to further develop an expertise in the Beauty category BOTTEGA VENETA BALENCIAGA Alexander MCQUEEN KERING BEAUTÉ Pomellato Qeelin Feb. 2023 June 2023 | Creed acquisition announcement CREED 1760 KERING BEAUTÉ Launch of Kering Beauté early 2023 to further develop the Beauty category of our Houses, a natural extension of their universe and to increase brand equity consistency Announcement of Creed acquisition in June 2023, a high-end luxury heritage fragrance house, and the largest global independent player in its fast-growing segment Creed acquisition allows Kering Beauté to gain meaningful scale and build a platform to enhance its development 9#10INVESTING IN GROWTH PLATFORMS WITH INNOVATION AT OUR CORE PRODUCTION & MANUFACTURING Strategic parts of the production such as prototyping, sampling and cutting are controlled Investing in production footprint in Italy to increase capacity and raise control over value chain Innovating alternative materials used (e.g. Demetra for Gucci and Ephea for Balenciaga) BOTTEGA VENETA Bottega Veneta shoe atelier opened in 2023 in Vigonza (Italy). Investor Presentation - September 2023 • A DEMAND-DRIVEN SUPPLY CHAIN Al powered models to improve short- term forecast and long-term demand planning: roll-out in regions and expansion to new product categories Logistics transformation program ongoing as planned with the opening of a new operations center in Wayne (USA) end of 2020, and a global logistics hub in Trecate (Italy) in 2022 ***** Trecate (Italy) logistics hub opened in 2022 Real-time access to a single source of data thanks to ERP rollout State-of-the-art and integrated digital solutions Personalized and localized CRM & AI programs Testing the Metaverse at Gucci and Balenciaga DIGITAL CAPABILITIES pause function(b){return bll(this.pause transit Lidel"nextend), this 152 (e. fur OR t d.a (jQuery), function(a){"use data-toggle"button" fn.button.Construc set Interval(a.proxy(this.next, this), this.optio Afthis, interval), this.options.interval&&! urna.preventDefault()),c.prototype.cycle-funct proxy(this.pause, this)).on("mouse leave.bs.ca his.sliding this.interval=this.$active-this.s item"), this.$items.index(al|this.sactive) typeof ble.to(b):g?elg)():f.intervalsse.pa c.prototype.keydown-function(a) (switch(a. this.keydown, this)), this.$indicators this LTS.d.data(),"object"==typeof bb tes.active")); return b>this.$items.leng function(){c.to(b))):d-b7this.pau Cycle(!0)),th "right a gior Det h ves/N 10#11STRENGTHENING GOVERNANCE AND OPERATIONS François-Henri Pinault Chairman and CEO Francesca Bellettini Deputy CEO in charge of Brand Development Investor Presentation - September 2023 A NEW ORGANIZATION Jean-Marc Duplaix Deputy CEO in charge of Operations and Finance "We are building a more robust organization to fully capture the growth of the global Luxury market." François-Henri Pinault • In July 2023, Kering announced top appointments aimed at reinforcing stewardship of its Houses, further elevating operational expertise at Group level, and strengthening its organization: ● . Francesca Bellettini, in addition to her role of President and CEO of Saint Laurent, will be responsible for steering the Group Houses in their next stages of growth Jean-Marc Duplaix will head all Group corporate functions and be responsible for enhancing efficiency and accountability In addition, Jean-François Palus appointed President and CEO of Gucci for a transitional period Also, Armelle Poulou appointed Group CFO, reporting to Jean- Marc Duplaix This new organization comes together with the appointment of Maureen Chiquet to the Board of Directors, effective September 1, 2023, who has more than 35 years of experience in the fashion and luxury goods sector, including nine years as Global CEO of Chanel 11#12H1 2023 RESULTS H#139,930 H1 22 Of which Q2 23 H1 REVENUE GROWTH +2% Comparable +3% +2% reported +2% Investor Presentation - September 2023 Scope +3% % comparable change: at constant scope and exchange rates -2% FX -4% H1 23 GROUP REVENUE 10,135 H1 23 +2% reported ROW 7% (=) H1 REVENUE BREAKDOWN BY REGION (as a % of H1 revenue and YoY reported change) Asia Pacific 37% (+3pt) Japan 7% (+1pt) Western Europe 27% (+1pt) North America 22% (-5pt) 13#14€M Gucci Saint Laurent Bottega Veneta Other Houses Kering Eyewear & Corporate Eliminations Kering Investor Presentation - September 2023 Q1 23 2,616 806 395 890 433 (63) 5,077 Q2 AND H1 23 GROUP REVENUE REVENUE BREAKDOWN BY SEGMENT % YoY change Q2 23 2,512 770 438 966 436 (64) 5,058 Reported -3% Q2 Change (%) +4% +0% -2% +54% n.a. +2% Comp. + 1% +7% +3% -1% +21% n.a. +3% H1 23 5,128 1,576 833 1,856 869 (127) 10,135 Reported -1% +6% -0% -5% +47% H1 Change (%) n.a. +2% Comp. +1% +7% +2% -5% +16% n.a. +2% 14#1577% O 23% Q2 23 GROUP REVENUE BY CHANNEL AND REGION RETAIL INCL. E-COMM +4% YoY COMPARABLE WESTERN EUROPE +4% WHOLESALE AND OTHER - 1% YoY NORTH AMERICA -23% % weight and % comparable change based on Revenue before eliminations Investor Presentation - September 2023 JAPAN +26% ASIA PACIFIC +22% WHOLESALE -11% LUXURY BRANDS ROW +5% WHOLESALE DIRECTLY OPERATED STORES KERING EYEWEAR +21% 1,694 +35 NET IN H1 23 VS. YE 22 ROYALTIES & OTHER +13% 15#16● GROUP RECURRING OPERATING INCOME & MARGIN (EM & %) 2 820 28.4% H1 22 2 739 27.0% H1 23 INVESTING IN OUR HOUSES SUSTAINING HIGH PROFITABILITY LEVEL ● ● A YEAR OF INVESTMENT FCF FROM OPERATIONS (EM) 2 049 H1 22 2 138 H1 23 excl. real estate acquisition and disposal FCF +4% YOY AT €2.1BN* GROUP CAPEX** AT €532M (+47% YOY), 5.2% OF REVENUE VS. 3.6% IN H1 22 OPERATING WORKING CAPITAL AT 16.8% OF LTM REVENUE * Excluding real estate acquisition and disposal for €1.3bn ** Excluding real estate acquisition for €1.4bn *** Excluding lease liabilities Investor Presentation - September 2023 ● ● NET DEBT (€M)*** 2 306 YE 22 3 854 HYE 23 USUAL SEASONALITY IN NET DEBT POSITION VS. YEAR-END INCREASE IN SHAREHOLDER RETURN ACQUISITION OF PRESTIGIOUS BUILDINGS IN PARIS 16#17GUCCI INVESTING IN THE BRAND#18Investor Presentation - September 2023 GUCCI ● H1 23 REVENUE: -1% REPORTED, +1% COMPARABLE (€M, and YoY comparable growth in %) 5,173 H1 22 Of which Q2 23 comp growth +1% 91% of H1 sales Retail +1% -3% Wholesale +2% +11% Royalties and others +8% 5,128 H1 23 +1% A FIRST HALF IN TRANSITION Q2 REVENUE UP 1% COMPARABLE Retail driven by higher AUR across categories - Good performances in Handbags, Travel and Women's E-commerce, Men's and entry-level segments a drag, esp. in North America 18#19GUC A GUCCI Investor Presentation - September 2023 GUCCI 13. GUCCI €M KEY FIGURES ● Revenue Recurring operating income Margin (%) Gross CAPEX As % of revenue H1 2023 5,128 1,810 35.3% 232 4.5% H1 2022 • CAPEX UP PARTLY ON PHASING 5,173 1,886 36.5% 154 3.0% Change Network enhancement and selective expansion Efficiency of operations and supply chain -1% -4% -1.2pt EBIT MARGIN DILUTION ON BRAND INVESTMENT Negative operating leverage on soft topline momentum Continued investment to fuel brand strategic initiatives: stores, client experience, communications... +50% +1.5pt 19#20SAINT LAURENT HIGH DESIRABILITY#21Investor Presentation - September 2023 SAINT LAURENT ● 1,481 H1 23 REVENUE: +6% REPORTED, +7% COMPARABLE (€M, and YoY comparable growth in %) +11% Of which Q2 23 comp growth - H1 22 - 80% of H1 sales Retail +8% -10% Wholesale -7% +19% Royalties and others + 23% • CONSISTENT EXECUTION OF STRATEGY Q2 UP 7% DRIVEN BY RETAIL Sustained growth in Ready-to-Wear and Leather Goods Strong success of Spring and Summer 2023 collections, launch of Fine Jewelry 1,576 Continued elevation and focus on local clients Wholesale down on retailization and rationalization H1 23 +7% 21#22Investor Presentation - September 2023 SAINT LAURENT €M ● KEY FIGURES Recurring operating income Margin (%) ● Revenue Gross CAPEX As % of revenue H1 2023 1,576 481 30.5% 81 5.1% H1 2022 1,481 438 29.6% 25 1.7% H1 EBIT MARGIN ABOVE 30% Favorable channel mix and pricing lifting gross margin - Positive operating leverage and sustained reinvestment Change +6% +10% +0.9pt +226% +3.4pt HIGHER CAPEX FROM A LOW BASE Year of investment, selective landmark openings - Further reinforcement of production capacity and operations 22#23EPALVENETA BOFLEBA 798 798 BOTTEGA VENETA REINFORCING POSITION IN ULTRA-HIGH-END UNIVERSE#24Investor Presentation - September 2023 BOTTEGA VENETA H1 23 REVENUE: -0% REPORTED, +2% COMPARABLE (€M, and YoY comparable growth in %) +6% 834 H1 22 Of which Q2 23 comp growth 80% of H1 sales Retail +7% -13% Wholesale -11% -25% Royalties and others -26% 833 H1 23 +3% • H1: ICONIZATION AND VALUE STRATEGY UNFOLDING • Q2 FUELED BY HEALTHY RETAIL GROWTH Ready-to-Wear and Leather Goods best performing categories - Solid trends across most regions; APAC softer rebound on Korean market exposure and untapped potential with Chinese clients. Wholesale down in line with exclusive distribution strategy 24#25BOTTEGA VENETA Investor Presentation - September 2023 BOTTEGA VENETA €M ● KEY FIGURES Recurring operating income Margin (%) ● Revenue Gross CAPEX As % of revenue H1 2023 833 169 20.3% 44 5.2% H1 2022 834 168 20.1% 35 4.2% Change -0% CAPEX INCREASE TO ENHANCE STORE NETWORK +1% +0.2pt +24% +1.0pt EBIT MARGIN ABOVE 20% CONFIRMED Gross profit margin expansion thanks to supportive product and channel mix, combined with pricing Further investment in stores and communications to enhance brand resonance and positioning across markets 25#26OTHER HOUSES GROWTH IN RETAIL AND JEWELRY#27Investor Presentation - September 2023 Qeelin OTHER HOUSES H1 23 REVENUE: -5% REPORTED, -5% COMPARABLE (EM, and YoY comparable growth in %) 1,955 H1 22 Of which Q2 23 comp growth +8% 68% of H1 sales Retail +9% -27% Wholesale -21% +14% Royalties and others +11% 1,856 H1 23 -1% • SEQUENTIAL IMPROVEMENT THROUGHOUT H1 • LIMITED DECLINE IN Q2 Retail up across all Houses: Balenciaga gradual recovery driven by APAC, AMQ performing well on RTW, Brioni nicely up on healthy mix of Form alwear, Leisurewear and Bespoke - Wholesale down on rationalization and challenging US market - Jewelry: Boucheron, Pomellato and Qeelin up strong double digits 27#287 Investor Presentation - September 2023 OTHER HOUSES €M ● KEY FIGURES Recurring operating income Margin (%) ● Revenue Gross CAPEX As % of revenue H1 2023 1,856 224 12.1% 82 4.4% H1 2022 1,955 337 17.3% 63 3.2% Change -5% -34% -5.2pt +30% +1.2pt RECURRING OPERATING PROFIT DOWN From a high base in H1 22 - Negative leverage at Balenciaga and AMQ - Investment to fuel sustainable long-term growth at all brands CAPEX FOCUSED ON SELECTIVE STORE OPENINGS, PENETRATION OF NEW MARKETS 28#29KERING EYEWEAR CORPORATE#30● 576 H1 22 Kering Eyewear KERING EYEWEAR FOCUS +16% (€M, and YoY growth in %) +51% Comparable KERING EYEWEAR AND CORPORATE H1: RECORD REVENUE Investor Presentation - September 2023 +35% Scope and FX 869 H2 23 Kering Eyewear Q2 REVENUE +21% COMPARABLE, SCOPE & FX +37% Successful development of the portfolio of brands - Ongoing integration and significant contribution of Maui Jim Closing of UNT acquisition €M KEY FIGURES Revenue Kering Eyewear Other Recurring operating income Kering Eyewear Corporate Gross CAPEX Gross CAPEX excl. Real Estate H1 2023 869 869 63 186 (123) 1,452 93 H1 2022 • NORMATIVE CAPEX LEVEL IN GROWTH PLATFORMS 591 576 15 (7) 111 (118) 88 84 84 • STRONG IMPROVEMENT IN EBIT - Kering Eyewear: Benefits of scale and Maui Jim accretive contribution yielding another sharp increase in EBIT and margin, with limited extrapolation due to typical seasonality and upcoming reinvestment - Corporate costs well under control 30#31€M FINANCIAL PERFORMANCE Investor Presentation - September 2023 Revenue Gross margin Recurring operating income Other non-recurring operating income and expenses Financial result Income tax expense Share in earnings of equity-accounted companies Net income from continuing operations Net income from discontinued operations Net income of consolidated companies Of which net income, Group share Net income, Group share, from continuing operations excluding non-recurring items Net income, Group share, per share (in euro) Net income per share from continuing operations, Group share, excluding non-recurring items (in euro) H1 2023 10,135 7,730 2,739 0 (204) (692) 3 1,846 (0) 1,846 1,785 1,789 14.60 14.63 H1 2022 9,930 7,378 2,820 (13) (19) (747) 2 2,043 1 2,044 1,988 1,977 16.09 15.99 31#32€M FREE CASH FLOW FROM OPERATIONS Cash flow before taxes, dividends and interests Change in working capital requirement Income tax paid Net cash flow from operating activities Acquisitions of property, plant and equipment and intangible assets (net) Free cash flow from operations Investor Presentation - September 2023 H1 2023 Excl. real estate acquisition and disposal 3,435 (354) (411) 2,670 (532) 2,138 H1 2023 3,435 (419) (419) 2,597 (1,774) 823 H1 2022 3,503 (476) (617) 2,410 (361) 2,049 32#33H1 2023 NET DEBT* BRIDGE In €m and Net Debt / EBITDA** ratio 2 306 0.3x Net debt at Dec. 31, 2022 -2,138 FCF from operations excl. real estate acquisition and disposal Excluding lease liabilities** LTM EBITDA Investor Presentation - September 2023 CHANGE IN NET FINANCIAL DEBT +1,314 Real estate acquisition and disposal +1,724 Dividends paid +95 Net interest paid and dividends received +488 Lease repayment and related interests. +65 Net financial investments and other 3 854 0.5x Net debt at June 30, 2023 33#34ESG UPDATE#356 INDEPENDENT DIRECTORS Véronique Weill Lead Independent Director Chairwoman of the Remuneration Committee MEMBERSHIP OF THE BOARD OF DIRECTORS Serge Weinberg Chairman of the Appointements and Governance Committee Tidjane Thiam Chairman of the Audit Committee 13 Directors Emma Watson Chairwoman of the Sustainability Committee A 1 OD Yonca Dervisoglu Maureen Chiquet 2 DIRECTORS REPRESENTING EMPLOYEES Concetta Battaglia Vincent Schaal * Jean-François Palus will relinquish his position on the Board, as new President and CEO of Gucci. Investor Presentation - September 2023 François-Henri Pinault Chairman and CEO 4 NON-INDEPENDENT DIRECTORS Jean-Pierre Denis Climate Change Lead Jean-François Palus Group Managing Director Financière Pinault represented by Héloïse Temple-Boyer Baudouin Prot 35#36STAKEHOLDER EXPECTATIONS Very high High Water stewardship + Community engagement • Social dialogue Stakeholder dialogue + Data privacy and data protection Investor Presentation - September 2023 MATERIALITY: TARGETING OUR MAIN PRIORITIES & Living wages in the supply chain - Health and safety in the supply chain - Transparency - Manufacturing processes - Animal welfare - Sustainable packaging and waste management - Employee well-being - Responsible advertising and consumer awareness Sustainable procurement and responsible supplier relationships ut Business practices - Responsible governance Craftsmanship - Talent attraction and retention (t)- Cybersecurity IMPORTANCE FOR KERING - Climate change Biodiversity Inclusion and diversity Respect for human rights and fundamental freedoms in the supply chain Sustainable business model and financial performance Circular economy and regeneration Sustainable sourcing of raw materials and alternative materials Customer satisfaction and experience - Omni-channel approach and digitalization Very high People Core challenges 1 POVERTY AFFORDABLE AND CLEANINERGY Planet foot) Governance Major challenges OUR CONTRIBUTION TO THE UNITED NATIONS SDG SUSTAINABLE GALS 3GOOD HEALTH 13 CLIMATE ACTION DECENT WORK AND ECONOMIC GROWTH 14 ELOW WATER AND WELL-BEING 15 ON LAND 4 10 EDUCATION HEMICER PEACE, JUSTICE 16 AND STRONG 11 GENDER EQUALITY 0+ B Crucial challenges 17 PARTNERSHIPS FOR THE GOALS 12 Profit CLEAN MATER AND SANITATION RESPONSIBLE AND PRODUCTION SUSTAINABLE DEVELOPMENT GOALS Results of the 2020/2021 materiality assessment confirmed that Kering's strategic pillars are consistent with external stakeholders' expectations • 2025 Sustainability Strategy dashboard identifies the contribution of our actions and targets to the UN SDGs, with a focus Ion 13 of them Source: 2022 Universal Registration Document - page 172 36#37Sources: FASHION PACT G7 FRANCE SCIENCE BASED TARGETS TCFD MITIGATING CLIMATE CHANGE Investor Presentation - September 2023 RE 100 CDP DISCLOSURE INSIGHT ACTION TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES https://keringcorporate.dam.kering.com/m/3832efa4c93e4a96/original/KERING Climate Strategy2021.pdf AN IMPACTFUL CLIMATE STRATEGY https://www.kering.com/en/news/kering-commits-to-next-horizon-in-sustainability-with-group-wide-target-for-reducing-absolute-emissions-by-40 Science-based targets in line with the Paris Agreement towards achieving a 1.5°C pathway by 2030 and net zero by 2050 Ongoing support of Natural Climate Solutions within our supply chain ● 90% reduction in absolute GHG emissions from Kering operations Scopes 1 and 2 (2015-2030) ● → • 70% reduction in intensity of all GHG emissions related to our supply chain Scope 3 (2015-2030) → 40% reduction in absolute of all GHG emissions related to our own operations and supply chain Scopes 1, 2 and 3 (2021- 2035) Consistent with our 'Environmental Profit & Loss account' approach 37#38Air pollution 8% Greenhouse gas emissions 38% Land use 31% apod Waste production 4% 713321 Water consumption 4% Water pollution 15% THE EP&L, CORNERSTONE OF OUR ENVIRONMENTAL APPROACH END OF LIFE 0.1% PRODUCT USE 8% TIER O Operations and stores 6% Investor Presentation - September 2023 • TIER 1 Final assembly 6% TIER 2 Manufacturing 10% TIER 3 Raw materials processing 9% 86% of our impacts fall outside of our own operations 70% in raw material production step TIER 4 Raw materials production 61% Change in Group EP&L intensity 2015 to 2022 (EEP&L/€ thousand in revenue, as reported in 2021 for 2015 to 2021) 7,660 50 2015 15,884 41 37 2019 13,100 39 34 2020 17,645 37 30 2021 O 20,351 PROGRESS TOWARDS 2025 GOALS 2022 35 25 O Revenue: €m O Targeted reduction in EP&L intensity to achieve the 40% reduction objective by 2025 O EP&L intensity: €EP&L per €1,000 in revenue, with identical EP&L methodology and scope of calculation and including the 2022 change in method regarding 2021, see methodological note on EP&L, available on the Kering website, section Sustainability/Reporting and Indicators 50% reduction in our EP&L intensity between 2015 and 2022 → Achieving Kering's EP&L target 4 years ahead of time 38#3984% Italy BUILDING RESPONSIBLE SUPPLY CHAINS Almost 92% suppliers in Europe, predominantly in Italy → strong government presence, comprehensive and mature labor law, highly developed social dialogue OUR SUPPLY CHAIN STRUCTURE Investor Presentation - September 2023 4,745 suppliers covered 8% Europe (excluding Italy) a 4,118 audits in 2022 7% Asia 1% Other All key suppliers to be audited every 2 years 64% of suppliers audited in 2022, 91% in 2015-2022 ] [ CODE OF ETHICS KERING KERING STANDARDS Standards & guidance for sustainable production CORRECT HD KERING CERTIFIED C SA 8000 KERING SUSTAINABILITY PRINCIPLES KERING KERING ANIMAL WELFARE STANDARDS SA8000 Gucci & Bottega Veneta Our standards, a set of environmental and social clauses part of each contract 39#406x larger PROTECTING BIODIVERSITY Investor Presentation - September 2023 What we will restore and protect Our land use impact: c.300,000 ha throughout the entire value chain Source: https://kering corporate.dam.kering.com/m/6b254da158b2d217/original/Kering-Biodiversity-Strategy.pdf OUR COMMITMENT Becoming a nature positive company by 2025 by regenerating and protecting an area about six times our total land footprint across our full supply chain • Regenerating 1 million hectares of farms and rangelands in our supply chain landscapes by 2025, though the launch of the "Regenerative Fund for Nature" • Protecting 1 million hectares of critical, 'irreplaceable' habitat outside of our supply chain, through UN REDD+ and other programs OUR STRATEGY Alignment with the Science-based target framework • Actions prioritized according to 4 stages: to prevent impacts ("avoid"), minimize impacts that are unavoidable ("reduce"), and push for corrective, nature-positive action when possible ("restore & regenerate") • Looking outside of our immediate supply chain ("transform") to concretely take game-changing actions that proactively contribute to a world in which people and nature can thrive 40#41● ● ● ● ● ACTING FOR THE GREEN TRANSITION OF OUR INDUSTRY THE REGENERATIVE FUND FOR NATURE Launched in January 2021 by Kering in partnership with Conservation International Objective: transition 1 million hectares of existing farms and rangelands into regenerative agricultural practices 4 materials: leather, wool, cotton & cashmere Timeline: 2021 2025 5 key principles to drive project funding Increase soil carbon capture Protect and restore native habitat & biodiversity Support farmer livelihoods Investor Presentation - September 2023 Eliminate unnecessary, synthetic, harmful chemicals Enhance animal welfare ● THE CLIMATE FUND FOR NATURE Launched in December 2022 by Kering, supported by L'Occitane Group and managed by Mirova, a Natixis subsidiary specializing in environmental and social impact investing Objectives: ➤ invest in new projects in key regions to ensure a sustainable production of critical raw materials for the fashion and beauty industries ► develop high-quality nature-based solutions generating carbon credits with the aim to reach a contribution of 10 million metric tons of CO2 equivalent over 15 years deliver additional benefits for communities, with a particular emphasis on promoting women's rights and empowerment Open to other participants in the fashion and beauty industries, with an investment target of €300 million ► the Fund has already attracted €140 million of investments, including 100 million from Kering 41#42Regenerative agriculture Recycle/upcycle Reuse Repair model SECOND LIFE New business COMING FULL CIRCLE: OUR CIRCULARITY APPROACH renewable content for sourcing: recycled, Kering Standards SOURCING Using renewable Create durable pieces CIRCULARITY SALES DESIGN Litory excess Emotional durability FABRICATION Limit waste Limit pollution improve efficiency ● ● ● p ● Source: https://keringcorporate.dam.kering.com/m/4188d2a9d3d67c90/original/KERING-CIRCULARITY-AMBITION.pdf Investor Presentation - September 2023 LUXURY THAT LASTS Increasing the longevity of our products: durability by design, culture of repair and reuse Supporting new business models designed to keep our products in circulation for the longest possible time (e.g., second-hand) ADOPTING A HOLISTIC SOURCING APPROACH Working with nature and promoting regenerative farming practices Setting standards for circular materials MAKING PRODUCTION PROCESSES MORE EFFICIENT Using safe and recycled or renewable inputs Reducing waste, energy and water use Eliminating microfiber leakage and single-use plastics Increasing use of artificial intelligence to better predict sales and minimize excess inventory 42#43BO 37% Men 43% Men ALL MANAGERS Investor Presentation - September 2023 63% Women -57% Women KERING PEOPLE 13% 47,227 PEOPLE Americas 13,375 hires 53% ΕΜΕΑ 34% APAC 9,610 departures 21% Support & logistics 600 000000 22% Production 11% Generation Z (>1995) 61% Generation Y (1981-1995) WORK PLACE AGE L57% Sales -1% Baby Boomers (1945-1960) 27% Generation X (1961-1980) 2022 Universal Registration Document. Data as of December 31, 2022 43#44WE... CRAFTING TOMORROW'S LUXURY: PROGRESSING ON OUR SUSTAINABILITY COMMITMENTS Investor Presentation - September 2023 CARE COLLABORATE CREATE ● ● ● ● ● ● ● 50% reduction in our environmental footprint (EP&L intensity 2015-22) Alignment of our Climate strategy with the 1.5°C scenario CDP 2022 Climate A List 95% traceability for our key raw materials 71% raw material aligned with the Kering Standards Launch of the Climate Fund for Nature to invest in nature-based solutions Achievement of the RE100 target of using 100% renewable electricity 57% women managers 11 I&D committees in each entity with Management Committee sponsors 82% engagement rate in the last employee survey Launch of Kering For You, first employee share ownership plan Global anti-domestic violence policy to protect women and families Publication of our Human Rights Policy Charter for integration signed with the French Ministry of Labor Introduction of new innovative materials: Balenciaga EPHEATM, Gucci Demetra, investment in VitroLabs (lab-grown leather) Publication of "Coming Full Circle", our circular economy ambition for a luxury that lasts New business models (e.g. AMQ & Gucci / Vestiaire Collective collaborations) 44#45APPENDIX - H1 23 RESULTS KERING#46Q1 23 Q2 23 DIRECTLY OPERATED STORES As of June 30, 23 (net change vs. YE 22) ROW 68 (+4 net) Asia Pacific 180 (-1 net) €M 2,616 2,512 Investor Presentation - September 2023 536 % comparable + 1% +1% H1 2023 REVENUE €5,128m -1% REPORTED, +1% COMPARABLE Western Europe 104 (+1 net) North America 113 (+6 net) Japan 71 (-2 net) y-o-y change GUCCI % reported +1% -3% REVENUE BREAKDOWN BY REGION QUARTERLY PERFORMANCE ROW 7% Asia Pacific 42% RETAIL BY GEOGRAPHY Western Europe North America Japan Asia Pacific Rest of the World Total Retail Q2 23 +3% -24% +32% +16% +5% +1% Western Europe 22% North America 22% YOY Comparable Change Japan 7% H1 23 +7% -22% +32% +10% +1% +1% 46#47Q1 23 Q2 23 DIRECTLY OPERATED STORES As of June 30, 23 (net change vs. YE 22) ROW 25 (+2 net) Asia Pacific 110 (+1 net) Japan 34 (+0 net) €M 806 770 Investor Presentation - September 2023 288 % comparable +8% +7% H1 2023 REVENUE €1,576m +6% REPORTED, +7% COMPARABLE Western Europe 61 (+4 net) North America 58 (+1 net) SAINT LAURENT y-o-y change % reported REVENUE BREAKDOWN BY REGION QUARTERLY PERFORMANCE +9% +4% ROW 8% Asia Pacific 30% Japan 4% RETAIL BY GEOGRAPHY Western Europe North America Japan Asia Pacific Rest of the World Total Retail Q2 23 +15% -21% +17% +35% +14% +8% Western Europe 31% North America 27% YOY Comparable Change H1 23 +24% -17% +21% +29% +17% +11% 47#48Q1 23 Q2 23 DIRECTLY OPERATED STORES As of June 30, 23 (net change vs. YE 22) ROW 21 (+1 net) Asia Pacific 111 (+1 net) €M 395 438 Investor Presentation - September 2023 279 % comparable +0% +3% H1 2023 REVENUE €833m -0% REPORTED, +2% COMPARABLE Western Europe 57 (+2 net) North America 44 (+5 net) Japan 46 (-1 net) BOTTEGA VENETA y-o-y change % reported REVENUE BREAKDOWN BY REGION QUARTERLY PERFORMANCE -0% +0% ROW 8% Asia Pacific 35% Japan 13% RETAIL BY GEOGRAPHY Western Europe North America Japan Asia Pacific Rest of the World Total Retail Q2 23 +15% -9% +19% +6% +14% +7% Western Europe 28% North America 16% YOY Comparable Change H1 23 +16% -8% +19% +2% +12% +6% 48#49Q1 23 Q2 23 DIRECTLY OPERATED STORES As of June 30, 23 (net change vs. YE 22) ROW 28 (-2 net) Asia Pacific 271 (+9 net) €M 890 966 Investor Presentation - September 2023 591 % comparable -9% -1% H1 2023 REVENUE €1,856m -5% REPORTED, -5% COMPARABLE Western Europe 127 (-1 net) North America 78 (+3 net) Japan 87 (+2 net) OTHER HOUSES y-o-y change QUARTERLY PERFORMANCE % reported REVENUE BREAKDOWN BY REGION -9% -2% ROW 7% Asia Pacific 37% Japan 8% RETAIL BY GEOGRAPHY Western Europe North America Japan Asia Pacific Rest of the World Total Retail Q2 23 -10% -27% +24% +43% -12% +9% Western Europe 33% North America 15% YOY Comparable Change H1 23 -5% -27% +28% +33% -18% +8% 49#50€M Investor Presentation - September 2023 RECURRING OPERATING INCOME Gucci Saint Laurent Bottega Veneta Other Houses Kering Eyewear and Corporate Eliminations Kering H1 2023 1,810 481 169 224 63 (8) 2,739 H1 2022 1,886 438 168 337 (7) (2) 2,820 Reported change % -4% +10% +1% -34% n.a. n.a. -3% 50#51€M Investor Presentation - September 2023 Gucci Saint Laurent Bottega Veneta Other Houses Kering Eyewear and Corporate Eliminations Kering EBITDA H1 2023 2,172 600 259 404 190 (8) 3,617 H1 2022 2,213 545 251 498 112 (2) 3,617 Reported change % -2% +10% +3% -19% +67% n.a. -0% 51#52€M NET FINANCIAL COSTS AND INCOME TAX Cost of net debt Other financial income and expenses Total financial result (excluding leases) Interest expense on lease liabilities Investor Presentation - September 2023 Financial result Income tax expense on recurring income Tax (expense) income on other non-recurring items Income tax expense Effective tax rate Tax rate on recurring income H1 2023 (40) (94) (134) (70) (204) H1 2023 (688) (4) (692) 27.3% 27.1% H1 2022 (18) 57 39 (58) (19) H1 2022 (770) 23 (747) 26.8% 27.5% 52#53€M Goodwill, brands and intangible Assets Lease right-of-use Assets Property, plant and equipment Net other Non-current Assets (Liabilities) Non-current lease Liabilities Total Net Non-current Assets (Liabilities) Operating Working Capital Net other Current Assets (Liabilities) Current lease Liabilities Total Net Current Assets (Liabilities) Net Assets held for sale Investor Presentation - September 2023 Provisions Capital employed Equity Net Debt Total Sources BALANCE SHEET June 30, 2023 11,627 4,672 5,125 163 (4,219) 17,368 3,446 (521) (832) 2,093 (235) 19,226 15,372 3,854 19,226 Dec. 31, 2022 11,410 4,929 3,388 753 (4,420) 16,061 3,382 (1,276) (812) 1,294 (265) 17,089 14,783 2,306 17,089 53#54Gucci ● Saint Laurent Bottega Veneta Balenciaga Alexander McQueen Brioni Boucheron Pomellato Dodo Qeelin Ginori 1735 ● KERING ● ● ● ● Kering Eyewear Kering Beauté ●#55Етрошения Seagmation