#1INVESTOR PRESENTATION NOVEMBER 2021 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 document may include projections and forecasts. They express objectives based on current assessments and estimates of the Group's executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the Universal Registration Document (Document d'Enregistrement Universel) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on March 25, 2021 which is available on Kering's website at www.kering.com may cause actual figures to differ materially from projected figures: any unfavourable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by our Luxury brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their impact on the results and perspectives of the Group, which may be contained in this presentation. The information contained in this document has been selected by the Group's executive management to present Kering's Q3 2021 revenue and H1 results. This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. 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READERS ARE ADVISED TO REVIEW THE COMPANY'S UNIVERSAL REGISTRATION DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION.#3O BALENCIAGA ķ BALENCIAGA GROUP OVERVIEW#4KERING MANAGES THE DEVELOPMENT OF A SERIES OF RENOWNED HOUSES IN FASHION, LEATHER GOODS, JEWELRY AND WATCHES GUCCI SAINT LAURENT BOTTEGA VENETA BALENCIAGA BOUCHERON PARIS Alexander MCQUEEN KERING EYEWEAR EMPOWERING OUR HOUSES Pomellato ULYSSE NARDIN SINCE 1946 LE LOGLE SUISSE Brioni DoDo Qeelin GIRARD-PERREGAUX REVENUE €13.1 billion -16.4% comp growth EMPLOYEES 38,553 RECURRING OPERATING INCOME €3.1 billion -34.4% yoy WOMEN MANAGERS 55% of Group managers FREE CASH FLOW FROM OPERATIONS €2.1 billion SUSTAINABILITY -33% EP&L intensity between 2015 and 2020 FY20 figures 4#5KERING IS WELL POSITIONED TO LEVERAGE THE NEW LUXURY ENVIRONMENT YOUNG AND GLOBAL CONSUMERS INCREASED DEMAND FOR TRANSPARENCY NUMEROUS TOUCHPOINTS NEW TECHNOLOGIES WE CARE, WE COLLABORATE, WE CREATE OUR BRANDS DEPLOY INNOVATIVE MARKET & ACCELERATING TRENDS COMFORTING OUR STRATEGY APPROACHES OMNICHANNEL AS A MUST A DEMAND-DRIVEN SUPPLY CHAIN WE INCREASE CONTROL OVER DISTRIBUTION WE INVEST IN GROWTH PLATFORMS 5#6녕 SUSTAIN ORGANIC GROWTH... ● ● Creative brands resonating with customers Market share gains Unleash potential of our Houses according to their maturity level UNCHANGED FINANCIAL PRIORITIES ممها AT SOLID PROFITABILITY LEVEL ● Invest for growth: products, stores, client experience and engagement, talents, digital and omnichannel capabilities, communications Operating leverage thanks to optimization of cost base relative to scale STRONG CASH FLOW GENERATION ● ● Optimize Working Capital Pursue Group investments with Capex-to-sales ratio at c. 6-7% Continued optimization of ROCE ojo BALANCED CAPITAL ALLOCATION ● ● ● Consistent dividend policy Ability to seize M&A opportunities Agile in returning additional cash to shareholders 6#7- DIVIDEND PER SHARE in € (for the FY in reference) 4.00 2015 - - DIVIDEND PAYOUT in % 49.6% 102.2% 2015 4.60 2016 45.3% 57.1% STABLE DIVIDEND 2016 6.00 2017 40.1% 37.3% * 2017 data restated for IFRS 5 ** 2019 available cash flow from operations excluding one-off tax settlement in % of recurring net income, Group share in % of available cash flow from operations 2017* 10.50 2018 47.0% 47.8% 8.00 2018 2019 31.3% 45.2% 2019** 8.00 2020 Approved by the April 22, 2021 AGM €2.50 per share interim dividend paid on January 21, 2021 €5.50 per share balance paid on May 6, 2021 50.7% 96.4% 2020 7#8CLOETEL Follo 3.5063 90303 - BOTTEGA VENETA 11 103039 J Q3 2021 REVENUE HIGHLIGHTS AND PERFORMANCE#9GROUP LUXURY HOUSES €12,235m +34.5% reported +36.6% comp YoY YTD 9M 19 GROUP REVENUE +9% (comp, 2Y stack) 9M 20 €11,750m +36% comparable YoY +8% comparable 2Y stack 9M 21 €4,188m +12.6% reported YoY Q3 YoY COMPARABLE +95% 2Y STACK COMPARABLE +11% +10% +8% d. 11 +6% +26% +12% Q1 Q2 Q3 21 21 21 Q1 Q2 H1 Q3 21 21 21 21 €4,042m +12% comparable YoY +9% comparable 2Y stack comparable at constant scope and exchange rates 9#1077% RETAIL 23% (COMPARABLE) OL Retail includes DOS and e-commerce LUXURY HOUSES Q3 REVENUE BY CHANNEL -19% WHOLESALE AND OTHER (COMPARABLE) Q1 20 -42% Q2 20 0% Q3 20 -3% Q4 20 +10% WHOLESALE +32% Q1 21 2Y STACK +6% +98% Q2 21 2Y STAC +16% +12% Q3 21 2Y STACK +11% +37% ROYALTIES & OTHER 10#11- COMPARABLE GROWTH WESTERN EUROPE Q1 21 Q2 21 Q3 21 -34% -43% +71% -41% +15% -32% Retail includes DOS and e-commerce NORTH AMERICA Q1 21 Q2 21 +46% +37% +263% Q3 21 +31% +86% +83% || LUXURY HOUSES Q3 RETAIL BY REGION Q1 21 -3% -20% JAPAN Q2 21 +93% 2Y STACK -30% Q3 21 +3% -21% ASIA PACIFIC Q2 21 Q1 21 +83% +30% +53% +36% Q3 21 +1% +19% Q1 21 +24% +13% ROW Q2 21 +322% I +36% Q3 21 +24% +44% 11#12● - REVENUE GROWTH Q3 21 COMPARABLE GROWTH +24% YoY LUXURY HOUSES Q3 E-COMMERCE TRENDS +148% 2Y Stack 20% PENETRATION BY REGION Q3 21 E-COMMERCE REVENUE AS % OF RETAIL SALES Western Europe KEY HIGHLIGHTS Sustained growth on high comps: e-commerce revenue x2.5 vs. Q3 19 • High penetration in W.Europe and N. America, further potential in APAC Successful internalization of brand.com completed, yielding multiple benefits - Rollout of new omnichannel capabilities and services Reduced lead times - Higher conversion rates Ongoing retailization of online partnerships and strong development of existing e-concessions 20% North America 9% Asia Pacific AVERAGE: 13% 5% Japan 12#13REVENUE CHANGE BY REGION AND CHANNEL (in €m, and comparable growth in %) 2,088 Q3 20 ● W. Europe N. America Japan APAC ROW +7% Retail (89% of sales) % comp. +7% +24% -1% -3% +29% Retail -19% Wholesale Q3 2021 REVENUE: €2,182m +4.5% REPORTED, +3.8% COMPARABLE +28% GUCCI Royalties and others 2,182 Q3 21 QUARTER MARKED BY TRANSITION IN COLLECTIONS REVENUE BREAKDOWN BY REGION (on total Q3 revenue, in %) ROW 6% Steady implementation of distribution strategy: wholesale -44% vs. Q3 19 Asia Pacific 41% Japan 5% Western Europe 19% North America 29% Retail up 7% YoY, +2% 2Y stack - - Tail end of Ouverture collection and successful introduction of Diana line, Aria hitting the shelves gradually since late September - Strong performance with locals in W.Europe, .America confirmed; COVID-related disruptions weighing on APAC traffic Continued investment to intensify tailored, localized experiences, while expanding in new territories (Gucci Vault...) 13#14REVENUE CHANGE BY REGION AND CHANNEL (in €m, and comparable growth in %) ● 511 ● Q3 20 +31% W. Europe N. America Japan APAC ROW Retail (66% of sales) % comp. Retail +35% +75% +1% +2% +37% +22% Wholesale Q3 2021 REVENUE: €653m +27.8% REPORTED, +28.1% COMPARABLE +28% SAINT LAURENT Royalties and others - STRONG BRAND MOMENTUM DRIVES ACCELERATION 653 Wholesale up 22% on success of Women's Fall 2021 Q3 21 REVENUE BREAKDOWN BY REGION (on total Q3 revenue, in %) ROW 7% Asia Pacific 22% Japan 4% Retail up 31%, +37% 2Y stack - Iconic products enjoying sustained appetite from locals across all markets, new lines very well received Consistent 2Y double-digit growth in all categories on growing recognition of Saint Laurent silhouette Increasing brand awareness and network expansion fuels market penetration, notably in APAC Western Europe 32% North America 35% 14#15332 REVENUE CHANGE BY REGION AND CHANNEL (in €m, and comparable growth in %) +18% Q3 20 ● +6% W. Europe N. America Japan APAC ROW Retail (75% of sales) % comp. +7% +52% +10% -4% -17% Retail Wholesale BOTTEGA VENETA Q3 2021 REVENUE: €363m +9.3% REPORTED, +8.9% COMPARABLE +17% Royalties and others 363 Q3 21 REVENUE BREAKDOWN BY REGION (on total Q3 revenue, in %) ROW 8% Growth in wholesale, notably in support of RTW & Shoes, now moderating Asia Pacific 35% - SOLID FOUNDATIONS SUPPORTING HEALTHY GROWTH • Global brand strategy, focusing on exclusivity, controlled distribution, and full-price sales, paying off Retail up 6%, +18% on a 2Y stack Well balanced between new and existing clients, continued appeal to younger generations Strong 2Y performances across regions and product categories Japan 10% Western Europe 28% North America 19% 15#16REVENUE CHANGE BY REGION AND CHANNEL (in €m, and comparable growth in %) +27% 669 ● Q3 20 ● +24% W. Europe N. America Japan APAC ROW Retail (54% of sales) % comp. Retail COUTURE & LEATHER GOODS +27% +14% +7% +32% +29% awareness. Wholesale Q3 2021 REVENUE: €844m +26.1% REPORTED, +26.0% COMPARABLE Brioni back to Q3 19 levels OTHER HOUSES +84% • Strong 1Y and 2Y double-digit growth Balenciaga and Alexander McQueen: - Promising expansion into new product territories Investments in retail network, geographical reach and brand Royalties and others 844 Q3 21 ● REVENUE BREAKDOWN BY REGION (on total Q3 revenue, in %) ● ROW 7% Asia Pacific 28% JEWELRY & WATCHES Japan 6% Western Europe 36% North America 23% Sharp sequential acceleration across the board Boucheron's collections resonating in all markets; Pomellato confirming its rebound and potential; Qeelin pursuing its strong momentum Watches confirm their rebound 16#17CORPORATE & OTHER Q3 2021 REVENUE: €146m +24.1% REPORTED AND COMPARABLE KERING EYEWEAR €138m +25% YoY External sales: €165m • All regions, channels and brands driving growth. ● • LINDBERG acquisition completed, consolidation from Q4 17#18GUCCI G GOGO GO GO CO ORDEOGIO GO O GO O GOOGS GUCCI CA GOGO GO GO TOPOGJOGJ GO GOO GOO GOO GOO GOO GOO GOO GO OO GOO GOO GOO GOO GOO GOO GOO GOO GO O GO O CO OOOGOO GOO GOOG WITH NOU 2 G₂ 560 CONCLUSION ● STEADY Q3 PERFORMANCE AT GROUP LEVEL ● • CONSISTENTLY IMPLEMENTING OUR STRATEGY 2Y STACK AT +10% VS. +8% IN H1 • UPSCALING GLOBAL BRAND POSITIONING & ● DISTRIBUTION ● REINFORCING LOCAL MARKET APPROACH ACHIEVING NEW ESG MILESTONES FURTHER INVESTING IN OUR PROFITABLE GROWTH TRAJECTORY 18#19200 1000 www a 25 H1 2021 RESULTS SE HIGHLIGHTS AND PERFORMANCE#20GROUP REVENUE (€m) €8,047m +50% reported vs. LY +54% comparable* vs. LY €2,237m x2.3 vs. LY REVENUE & PROFITABILITY BOUNCING BACK €2,354m x4.2 vs. LY 3,853 * At constant scope and exchange rates 3,785 H119 GROUP RECURRING OPERATING INCOME (€m) 2,253 29.5% - FCF FROM OPERATIONS (€m) H119 1,533 H 1 19 Q1 ■Q2 -58% 2,175 3,203 H1 20 952 17.7% H1 20 566 H120 + 135% 4,157 3,890 H121 2,237 27.8% H121 2,354 H121 ● ● ● ● ● ● Japan 6% (+25%) North America 25% (+125%) Asia Pacific 42% (+68%) As a % of H1 21 revenue and (% comparable growth) ROW 6% (+83%) Western Europe 21% (+2%) Operating leverage together with continued investments Sharp rebound in profitability, EBIT margin up 10 pts YoY H1 21 EBIT close to H1 19 level Group CAPEX: €345m, 4.3% of revenue o/w €233m for Luxury Houses (3.0%) Record FCF generation Very healthy balance sheet: net debt at €619m (excl.lease liabilities) 20#21GROUP LUXURY HOUSES CORPORATE & OTHER o/w Kering Eyewear SHARP REVENUE REBOUND CONFIRMED €8,047m IN H1 +8% (2Y stack) H119 H1 20 H121 €7,708m +53% comparable YoY +8% comparable 2Y stack €339m €326m ACCELERATING IN Q 2 €4,157m YOY 2Y STACK COMPARABLE COMPARABLE +95% ilil +6% +26% Q2 21 Q1 21 Q1 21 €3,981m +92% comparable YoY +10% comparable 2Y stack €176m €171m +11% Q2 21 21#2282% O 18% RETAIL +98% (COMPARABLE) % Retail includes DOS and e-commerce LUXURY HOUSES Q2 REVENUE REVENUE BY CHANNEL OF WW STORES CLOSED WHOLESALE AND OTHER (COMPARABLE) -19% Q1 20 12% Q1 20 -42% Q2 20 42% Q2 20 0% Q3 20 5% Q3 20 +67% WHOLESALE -3% Q4 20 10% Q4 20 +121% +32% Q1 21 2Y STACK +6% 17% Q1 21 +98% Q2 21 2Y STACK +16% 13% Q2 21 ROYALTIES & OTHER 22#23- COMPARABLE GROWTH WESTERN EUROPE Q1 21 Q2 21 -34% -43% +71% -41% Retail includes DOS and e-commerce NORTH AMERICA Q1 21 Q2 21 +46% LUXURY HOUSES Q2 REVENUE RETAIL BY REGION +37% +263% +86% Q1 21 -3% JAPAN -20% Q2 21 +93% 2Y STACK -30% ASIA PACIFIC Q1 21 +83% +30% Q2 21 +53% +36% Q1 21 +24% +13% ROW Q2 21 +322% +36% 23#24- ONLINE STRENGTH E-COMMERCE COMP. REVENUE GROWTH +108% Q1 21 - IN ALL REGIONS +59% Western Europe +110% North America +59% H1 21 E-COMMERCE COMP. REVENUE GROWTH Retail includes DOS and e-commerce Q2 21 LUXURY HOUSES FOCUS ON E-COMMERCE +76% APAC +78% H121 +15% Japan - INCREASED PENETRATION 9% E-COMMERCE REVENUE AS A % OF RETAIL SALES 6% H119 20% 31% Western Europe 13% E-COMMERCE REVENUE AS A % OF RETAIL SALES TH119 TH120 ☐H1 21 26% 13% 24% North America H1 20 11 3% 14% 6% 7% APAC H121 3% 6% 6% Japan 24#25LUXURY HOUSES GUCCI SAINT LAURENT BOTTEGA VENETA OTHER HOUSES 2019 2,370 1,876 252 104 138 HEALTHY MARGIN RECOVERY H1 EBIT (in €m) 2020 1,063 929 102 44 -12 2021 2,296 1,694 275 130 197 2019 32.2% 40.6% 25.9% 18.9% H1 EBIT MARGIN 11.3% 2020 20.5% 30.2% 15.0% 8.7% -1.3% 2021 29.8% 37.8% 26.3% 18.3% 13.4% 25#26- REVENUE (in €m, and comparable growth in %) 3,072 H1 2020 ● - % comp. +59% W. Europe N. America Japan APAC ROW Total Retail -10% Retail (91% of H1 sales) Q2 +75% +225% +85% +48% +345% +93% Wholesale +62% Q2: +82% reported, +86% comparable -3% +123% +18% +62% +99% Royalties and others FUELING BRAND DESIRE & GROWTH H1: +50% comparable H1 comparable revenue back to H1 19 level H1 +59% Retail up 93% YoY, +11% on 2Y stack - Wholesale +22% YoY, -41% on 2Y stack Royalties improving GUCCI 4,479 H1 2021 - KEY FIGURES In €m ● ● ● ● Revenue Recurring operating income Margin (%) Gross CAPEX As % of revenue H1 2021 4,479 1,694 37.8% 125 2.8% H1 2020 3,072 929 30.2% 98 3.2% Investment in brand and client engagement, across all touchpoints, paying off Change +45.8% +82.4% +7.6pt +27.0% -0.4pt Gradual improvement in profitability on track Intense H2 calendar: Aria collection to hit shelves late September, centennial celebrations... CAPEX back to H1 19 level Store network stable, selective openings such as Seoul Gaok flagship 26#27- REVENUE (in €m, and comparable growth in %) 681 H1 2020 ● +75% % comp. - W. Europe N. America Japan APAC ROW Total Retail +25% Retail (73% of H1 sales) Q2 +97% +399% +97% +67% +355% +140% Wholesale +28% Revenue 11% above H 1 19 level H1 +14% + 160% +31% +77% +138% +75% Royalties and others SAINT LAURENT STRONG EXECUTION DRIVES SOLID REBOUND H1: +58% comparable 1,046 H1 2021 Q2: +115% reported, +119% comparable Retail up 140% YoY, +26% on 2Y stack with all product categories up DD - Wholesale +56% YoY - KEY FIGURES In €m ● ● ● Revenue Recurring operating income Margin (%) Gross CAPEX As % of revenue H1 2021 1,046 275 26.3% 24 2.3% H1 2020 681 102 15.0% 26 3.8% Change +53.5% +169.4% +11.3pt -6.9% -1.5pt Continued success of iconic products; Spring Summer 2021 Collection enjoying strong traction Profitability back to pre-pandemic level while investment in geographical reach continues CAPEX: resuming store network expansion 12 net openings in H1, mostly in APAC and North America - Capex weighted towards H2 27#28- REVENUE (in €m, and comparable growth in %) 503 H1 2020 ● - % comp. +45% W. Europe N. America Japan APAC ROW Total Retail +45% Retail (73% of H1 sales) Q2 H1 +46% +472% +108% +32% +170% +72% Wholesale +38% Revenue 33% above H 1 19 level BALANCED GROWTH, RECORD QUARTER H1: +45% comparable -13% +124% +44% +54% +79% +45% Royalties and others Q2: +65% reported, +69% comparable BOTTEGA VENETA 708 H1 2021 Retail up 72% YoY, +16% on 2Y stack - Successful e-commerce migration to internal platform - Wholesale steady growth with selected partners - KEY FIGURES In €m ● Revenue ● Recurring operating income Margin (%) Gross CAPEX As % of revenue H1 2021 708 130 18.3% 24 3.4% H1 2020 503 44 8.7% 19 3.8% Change +40.6% +197.5% +9.6pt Balanced growth across channels and customer profile, as Men and Women collections resonate in all categories Recovering profitability consistent with transformation into global brand ● • CAPEX focused on enhancing store network (location, average sqm....) Store network down 2 net units in H1 Creative Pop-ups +26.6% -0.4pt 28#29- REVENUE (in €m, and comparable growth in %) 919 H1 2020 ● % comp. +63% W. Europe N. America Japan APAC ROW Total Retail +67% Retail (56% of H1 sales) Q2 H1 +55% +377% +101% +87% +375% +108% Wholesale +51% Revenue 23% above H 1 19 level +2% +135% +31% +98% + 103% +63% Royalties and others SHARP REBOUND IN BOTH SOFT AND HARD H1: +65% comparable OTHER HOUSES Q2: +108% reported, +111% comparable Increase consistent across channels - Both Soft and Hard segments up triple digits 1,475 H1 2021 - KEY FIGURES In €m ● ● ● ● Revenue Recurring operating income Margin (%) Gross CAPEX As % of revenue H1 2021 1,475 197 13.4% 60 4.0% H1 2020 919 (12) -1.3% 62 6.7% Change +60.5% n.a +14.7pt -3.4% -2.7pt Reaping the benefits of broader geographical deployment with highly desirable collections Significant investment in brand visibility in all categories Recurring operating income and margin up sharply from H1 19 CAPEX supporting brand expansion at Balenciaga, Alexander McQueen and Jewelry Maisons 29#30In €m +62% comp 383 H1 21 Kering Eyewear total sales In €m -57 326 13 Royalties and H1 21 Kering Other revenue intragroup Eyewear eliminations consolidated sales Recurring operating income Underlying result Corporate Long-term incentive plan Gross CAPEX CORPORATE & OTHER 339 +73% comp 203 H1 21 Total H1 20 Total Corporate and Corporate and Other Other H1 2021 [1] (59) (43) (16) 112 H1 2020 (111) (87) (24) 163 KERING EYEWEAR H1 21 revenue significantly higher than 2020 and 2019, with very strong performances in Q2. All brands and geographies driving growth, particularly NA and Europe • Acquisition of Danish luxury eyewear brand LINDBERG to close in H2 RECURRING OPERATING RESULT IMPROVING ● Kering Eyewear contribution increasing materially • Corporate costs below 2019, well under control INVESTING IN OUR GROWTH PLATFORMS • Sustained investments in online, IT and logistics ● 30#31In €m FINANCIAL PERFORMANCE 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 2021 8,047 5,942 2,237 (17) (126) (595) 1 1,500 17 1,517 1,479 1,477 11.85 11.84 H1 2020 5,378 3,903 952 (319) (145) (194) (8) 286 (11) 275 273 569 2.18 4.55 31#32In €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 Acquisition of fixed operating assets, net Free cash flow from operations H1 2021 2,895 12 (209) 2,698 (344) 2,354 H1 2020 1,596 (470) (193) 933 (367) 566 32#33CAPITAL EMPLOYED AND OPERATING WORKING CAPITAL SHAREHOLDERS' EQUITY €12,767M INVENTORIES €3,041 M NET DEBT €619M ][ ][ RECEIVABLES €898M DEBT-TO-EQUITY RATIO 4.8% PAYABLES 16 €1,659M CAPITAL EMPLOYED €13,386M OPERATING WORKING CAP €2,280M 14.5% * * N.B. (1) Calculated on LTM group revenue (2) Calculation based on a reclassification in 2021: some receivables and payables are now included in the Operating Working Cap, vs. part of Non-Operating WCR previously (3) H1 20 previous classification: OWC at 24% of LTM revenue; new classification: 15.5% of LTM revenue 33#34- H1 2021 NET DEBT BRIDGE In €m and Net Debt / EBITDA ratio* 2.149 0.5x Net debt at December 31, 2020 *LTM EBITDA -2,354 FCF from operations CHANGE IN NET FINANCIAL DEBT 1,007 Dividend paid 53 Net interest paid and dividends received 118 Acquisition of Kering shares 432 Lease repayment and related interests -803 Disposal of 5.91% of Puma 17 Net financial investments and other 619 0.1x Net debt at June 30, 2021 34#35EXCELLENT H1 PERFORMANCES • Topline rebound, solid increase on 2Y basis ● All brands contributing ● • Solid margins while further reinvesting in future growth PURSUING OUR STRATEGIC INITIATIVES More exclusive, tighter controlled distribution • E-commerce fully internalized • Enhancement of owned manufacturing footprint • Digital, logistics & IT developments on track CONCLUSION PROFITABLE GROWTH TRAJECTORY • Desirable brands • Clear strategy, determined execution • Healthy financial situation GUCCI00 35#36Marc GOVERNANCE & SUSTAINABILITY#37François-Henri Pinault Jean-François Palus Chairman and CEO Group Managing Director Jean-Pierre Denis Non-Independent Director Vice-Chairman of the Audit Committee MEMBERSHIP OF THE BOARD OF DIRECTORS As of April 28, 2021 Sophie L'Hélias Lead Independent Director Concetta Battaglia Director representing employees Tidjane Thiam Independent Director Chairman of the Audit Committee Claire Lacaze Director representing employees Yseulys Costes Independent Director Chairwoman of the Remuneration Committee Jean Liu Independent Director Financière Pinault Represented by Héloïse Temple-Boyer Non-Independent Director Chairwoman of the Appointments and Governance Committee Baudouin Prot Non-Independent Director Emma Watson Independent Director Chairwoman of the Sustainability Committee Daniela Riccardi Independent Director 37#38de lage مههما BOARD FOCUSING ON INDEPENDENCE AND VARIETY OF EXPERTISE TOTAL NUMBER OF DIRECTORS INDEPENDENCE PROPORTION OF WOMEN (2) AVERAGE AGE NATIONALITIES REPRESENTED (2) 2007 9 56% 11% 60 3 2014 11 40% 30% 56 3 2021 (¹) 13 55% 55% 53 5 (1) As of April 28, 2021 (2) Within the meaning of the Corporate Governance AFEP-MEDEF Code which Kering subscribes to, these percentages do not include Directors representing employees 38#39Tidjane Thiam (Chairman) Jean-Pierre Denis (Vice-Chairman) • Yseulys Costes Financière Pinault, represented by Héloïse Temple-Boyer Sophie L'Hélias ● • Jean Liu AUDIT COMMITTEE Independence rate: 67% ● APPOINTMENTS & GOVERNANCE COMMITTEE Financière Pinault, represented by Héloïse Temple-Boyer (Chairwoman) • Yseulys Costes Sophie L'Hélias ● • Baudouin Prot BOARD GOVERNANCE BOARD OF DIRECTORS ● ● ● ● ● ● ● Independence rate: 60%* ● ● REMUNERATION COMMITTEE ● Yseulys Costes (Chairwoman) Jean-Pierre Denis Financière Pinault, represented by Héloïse Temple-Boyer Sophie L'Hélias Claire Lacaze Tidjane Thiam SUSTAINABILITY COMMITTEE Emma Watson (Chairwoman) François-Henri Pinault Jean-Pierre Denis Sophie L'Hélias Jean-François Palus • Daniela Riccardi Independence rate: 50% Independence rate: 50% * Within the meaning of the Corporate Governance AFEP-MEDEF Code which Kering subscribes to, this percentage do not include Directors representing employees 39#40CRAFTING TOMORROW'S LUXURY: OUR ROADMAP FOR 2025 - 2025 ROADMAP. WE CARE about our impact on the planet, on climate change, on natural resources by: • Reducing our environmental footprint through -40% EP&L • Preserving our raw materials through 100% traceability and compliance with our Kering Standards, with highest standards in animal welfare ● • 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 WE COLLABORATE for the good of our employees, suppliers, clients to: Preserve our industry's heritage • Instill diversity, achieve gender parity at all levels and pay equity • Provide exceptional employment by being the preferred employer in Luxury and developing progressive policies ● WE CREATE innovations to ensure our planet, our industry and our brands thrive for the long run by: • Launching disruptive innovations and exploring new solutions towards circular economy • Empowering future generations 40#41WE... 2021 ● PROGRESSING ON OUR SUSTAINABILITY COMMITMENTS CARE COLLABORATE CREATE ● ● 91% traceability for our key raw materials • Biodiversity commitments to protect 2 million hectares (6x our total land footprint) Fashion Pact commitments: 3 pillars, 7 key objectives ● 55% women managers within the Group • D&I committees in each house/entity with Management Committee sponsors ● 33% reduction in our environmental footprint (EP & L intensity 2015-20) ● ● Fully mobilized against Covid-19 pandemic: financial donations, ensuring safety and well-being of our employees worldwide, supporting our suppliers Anti-domestic violence policy to protect women and families New collections from recycled or sustainably sourced materials: Gucci Off the Grid, Balenciaga Archetypes • Adherence to the "Vision of a circular economy for fashion" of the Ellen MacArthur Foundation New business models CONTINUED TRANSPARENCY WITH STAKEHOLDERS EXTENSION OF OUR ENVIRONMENTAL FOOTPRINT TO THE CONSUMER USE AND END-OF-LIFE PHASES OF OUR PRODUCTS ALIGNMENT OF OUR CLIMATE STRATEGY WITH THE 1.5° SCENARIO 41#42STAKEHOLDER EXPECTATIONS Very high 000 High Water stewardship Community engagement Social dialogue Stakeholder dialogue Data privacy and data protection MATERIALITY: TARGETING OUR MAIN PRIORITIES Joot 100 Living wage 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 & responsible supplier relationships Business practices Responsible governance | Craftmanship Talent attraction and retention 00 Cybersecurity IMPORTANCE FOR KERING | Climate change 4 | Biodiversity 0 | Diversity and inclusion Respect of human rights & 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 Planet Governance Profit Crucial issues Core issues Major issues Source: 2020 Universal Registration Document - page 70 42#43AIR EMISSIONS GHGS LAND USE ÇA WASTE WATER CONSUMPTION WATER POLLUTION a TOTAL IN MILLIONS End of life 0,2% €0,9 THE EP&L, CORNERSTONE OF OUR ENVIRONMENTAL APPROACH Use phase 12% €61,3 TIER 0 Stores, warehouses, offices 10% €52,5 TIER 1 Assembly 5% €28,0 TIER 2 Manufacturing 8% €43,5 TIER 3 Raw material processing 9% €44,0 TIER 4 Raw material production 56% €285,7 TOTAL IN MILLIONS 10% €50,2 35% € 183,7 31% €160,3 7% €34,2 7% €33,8 10% €53,7 100% €515,9 90% of our impacts fall outside of our own operations 65% in raw material production step Revenue 7,865 2015 E&PL intensity 51 Revenue 8,223 2016 E&PL intensity 58 Revenue 10,796 Revenue: € million 2017 E&PL intensity 48 Revenue (M€) EP&L € intensy (EEP&L/k€Revenue) ******** Targeted reduction in EP&L intensy Revenue 13,665 2018 E&PL intensity 44 Revenue 15,884 2019 E&PL intensity 37 EP&L Intensity: EP&L € per €1,000 revenue (Intensities based on EP&L results calculated using the 2020 methodology). Revenue 13,100 2020 E&PL intensity 35 Targeted reduction in EP&L intensity: We have targeted a 40% reduction in our EP&L intensity by 2025, with a 2015 baseline. This trajectory is shown in the chart in dotted line and leads to an EP&L intensity of 31 (EEP&L/KECA) in 2025. This reflects we are on track and even in advance to reach our reduction ambitions. PROGRESS TOWARDS 2025 GOALS We are on track on our 2025 reduction pathway to attain our 40% EP&L target in our own operations and across the supply chain, achieving a 33% reduction in our EP&L intensity between 2015 and 2020. 43#44FASHION PACT G7 FRANCE RE 100 SCIENCE BASED TARGETS FIGHTING CLIMATE CHANGE TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES CDP A LIST LEADING CARBON COMMITMENTS Alignment of our Climate strategy with the 1.5°C scenario Science Based Targets revised and approved by the SBTI early 2021 ● -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 own operations and supply chain (2015-2030) Consistent with our 'Environmental Profit & Loss account' approach 44#45BUILDING RESPONSIBLE SUPPLY CHAINS OUR SUPPLY CHAIN STRUCTURE More than 93% in Europe, predominantly in Italy 85.0% Italy Western Europe (90.5%): strong government presence, comprehensive and mature labor law, highly developed social dialogue 3,912 suppliers 5.5% Western Europe (excluding Italy) 2.6% Eastern Europe 6.0% Asia 0.9% Other 2,399 audits in 2020 [₁ All key suppliers to be audited every 2 years ] [ CODE OF ETHICS KERING STANDARDS FOR RAW MATERIALS AND MANUFACTURING PROCESSES CORRECT A KERING SA KERING CERTIFIED 8000 COMPANY SUSTAINABILITY PRINCIPLES KERING LUXURY ACTIVITIES KERING 88 KERING ANIMAL WELFARE STANDARDS KERING SA8000 Gucci & Bottega Veneta Our standards, a set of environmental and social clauses part of each contract ] 45#46PROTECTING BIODIVERSITY Kering's total land footprint : approx. 350,000 ha throughout the entire value chain OUR COMMITTMENT 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 "Kering Regenerative Fund for Nature" • Protecting one 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 46#4737% Men 8 45% Men ALL MANAGERS 8 63% Women 55% Women KERING PEOPLE 38,553 PEOPLE 2020 Universal Registration Document. Data as of December 31, 2020 12% Americas 7,076 hires 54% EMEA 63% Women 34% APAC 5,751 departures me www 21% Offices 000000 22% Production 4% Generation Z (>1995) 65% Generation Y (1981-1995) WORK PLACE AGE B -57% Retail 1% Baby Boomers (1945-1960) 30% Generation X (1961-1980) 47#48BE THE PREFERRED EMPLOYER IN LUXURY OUR PEOPLE VISION for responsible, ambitious individuals who want to make a difference in an open and diverse environment laze Drive business & deliver results BUILD A "LOVED" AND RESPECTED MULTI-BRAND COMPANY, joining strong Houses together with a shared culture and sense of purpose, which everyone understands and is committed to Grow individually & collectively Foster diversity & creativity 48#49APPENDIX#50NUMBER OF DIRECTLY OPERATED STORES 318 Gucci Breakdown by Houses Western Europe Saint Laurent Bottega Veneta Other Houses 322 Total Luxury Houses LUXURY HOUSES DOS NETWORK As of June 2021: 1,486 238 240 North America As of end of June 2021 491 251 259 485 1,486 As of September 2021: 1,513 232 Japan 231 As of end of September 2021 488 261 259 505 1,513 698 Emerging markets Net openings/closings in the quarter -3 +10 0 720 +20 +27 50#51In €m Gucci Saint Laurent Bottega Veneta Other Houses Total Houses Corporate & other Kering total In €m Gucci Saint Laurent Bottega Veneta Other Houses Total Houses Corporate & other Kering total Q3 21 Revenue 2,181.8 652.9 363.4 843.7 4,041.8 146.0 4,187.8 9M 21 Revenue 6,661.1 1,698.4 1,071.0 2,319.3 11,749.8 485.2 12,235.0 Reported +4.5% +27.8% +9.3% +26.1% +12.3% +24.1% +12.6% Change (%) Reported +29.1% +42.5% +28.2% +46.0% +33.9% +51.4% Q3 AND 9M 2021 REVENUE BREAKDOWN BY REGION +34.5% Comparable (*) +3.8% +28.1% +8.9% +26.0% +11.8% +24.1% +12.2% Change (%) Comparable (*) +31.1% +45.1% +30.3% +48.1% +36.0% +54.5% +36.6% ROW 6% (+1 pt) Asia Pacific 34% (-4pt) REVENUE BREAKDOWN BY REGION (ON TOTAL Q3 REVENUE AND CHANGE YOY) Western Europe 26% (-1pt) North America 28% (+5pt) Japan 6% (-1 pt) : at constant scope and exchange rates 51#52In €m Gucci Saint Laurent Bottega Veneta Other Houses Luxury - Total Houses Corporate & Other Kering RECURRING OPERATING INCOME H1 2021 1,694.2 275.1 129.7 197.3 2,296.3 (59.3) 2,237.0 H1 2020 929.0 102.1 43.6 (11.7) 1,063.0 (110.6) 952.4 Reported change % +82.4% +169.4% +197.5% n.a. +116.0% +46.4% +134.9% 52#53In €m Gucci Saint Laurent Bottega Veneta Other Houses Luxury - Total Houses Corporate & Other Kering EBITDA H1 2021 1,994.2 361.2 213.1 334.0 2,902.5 48.4 2,950.9 EBITDA: defined as recurring operating income + net charges to depreciation, amortization and provisions on non-current operating assets, recognized in recurring operating income H1 2020 1,236.2 192.4 131.8 125.6 1,686.0 (11.0) 1,675.0 Reported change % +61.3% +87.7% +61.7% +165.9% +72.2% +540.0% +76.2% 53#54In €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 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 2021 (21.7) (44.0) (65.7) (59.9) (125.6) H1 2021 (596.4) 1.8 (594.6) 28.4% 28.2% H1 2020 (30.0) (57.6) (87.6) (57.3) (144.9) H1 2020 (227.8) 34.1 (193.7) 39.7% 28.2% 54#55In €m BALANCE SHEET 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 Provisions *Please refer to footnote slide 17 explaining reclassification Capital employed Equity Net Debt Total Sources June 30, 2021 9,470 4,240 2,725 560 (3,835) 13,160 2,280 (1,214) (575) 491 0 (265) 13,386 12,767 619 13,386 Dec. 31, 2020 9,438 3,957 2,670 1,170 (3,546) 13,689 2,266 (885) (538) 843 1 (350) 14,184 12,035 2,149 14,184 55#56Gucci Saint Laurent Bottega Veneta Balenciaga Alexander McQueen • Brioni Boucheron Pomellato • Dodo • Qeelin Ulysse Nardin Girard-Perregaux Kering Eyewear ● ● KERING ● ● ● ● ●#57Empowering Smagination