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Investor Presentation September 2020

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DISCLAIMER

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 URD (Universal Registration Document) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on March 26, 2020 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

• f 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 first-half 2020 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. 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. 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 THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION.

GROUP STRATEGY OVERVIEW

4

A UNIQUE GROWTH & PERFORMANCE MODEL

ORGANIC GROWTH & VALUE CREATION RESPONSIBLE, INNOVATIVE, QUALITY OF EXECUTION COMPETITIVE ADVANTAGE GROWTH PLATFORM

CREATIVITY

• SUSTAINABILITY
• LONG-TERM

FINANCIAL PERFORMANCE

5

2015 TO 2019: CREATING VALUE THROUGH ORGANIC GROWTH

2015 data adjusted for 2019 scope

REVENUE RECURRING OPERATING INCOME RECURRING OPERATING MARGIN

x2.1 +20% CAGR

2015 2019

€15,884m €7,660m €4,778m €1,528m 30.1% 19.9% x3.1 +33% CAGR >+10pt

6

2015 TO 2019: CREATING VALUE THROUGH ORGANIC GROWTH

Gucci €3.9bn BV €1.3bn YSL €1.0bn BAL Brioni AMQ Boucheron Pomellato Qeelin Number of DOS Retail as % of revenue Gucci €9.6bn BV €1.2bn YSL €2.0bn BAL Brioni AMQ Boucheron Pomellato Qeelin Number of DOS Retail as % of revenue

40% retail 40% retail 150 DOS 150 DOS

FROM 2015… …TO 2019

7

AN ENSEMBLE OF COMPLEMENTARY HOUSES UNITED BY A POWERFUL CULTURE

STEADY GROWTH RELAUNCH UNDERWAY

• Leverage full brand potential
• Sustaining high level of operating margins
• Substantial FCF generation,

normative Capex level

• Offering and distribution optimization
• Brand equity investment
• Gradual recovery of profitability

ENTERING A NEW GROWTH PHASE

• In-depth work on brand equity, product offering,

distribution network, supply chain

• Investments required in short term
• Significant operating leverage in medium term
• Untapped markets, expanded distribution

networks, broadened product offering

• Opex & Capex investments
• Margins to increase in short / medium term

SCALING UP

8

KERING IS WELL POSITIONED TO LEVERAGE THE NEW LUXURY ENVIRONMENT

YOUNG AND GLOBAL CONSUMERS INCREASED DEMAND FOR TRANSPARENCY

Leading sustainability commitments Balancing scale and personalization

NUMEROUS TOUCHPOINTS NEW TECHNOLOGIES

Seamless experience across channels and geographies

OMNICHANNEL AS A MUST

Agility to meet instant requests

A DEMAND-DRIVEN SUPPLY CHAIN

9

KERING IS WELL POSITIONED TO LEVERAGE THE NEW LUXURY ENVIRONMENT

YOUNG AND GLOBAL CONSUMERS INCREASED DEMAND FOR TRANSPARENCY NUMEROUS TOUCHPOINTS NEW TECHNOLOGIES

• Strong sustainability, climate change &

biodiversity commitments

• Diversity & inclusion core values
• Caring about community, suppliers & employees
• New collections: Gucci “Off the grid”
• Sustainable innovation & new business models
• Millennials & Gen-Z unabated appetite for luxury
• Creativity expressed across all touchpoints
• Increase brand visibility, nurture desirability and

client engagement on relevant platforms & networks

• Adapted marketing & comms strategy, social

commerce

• Asset digitalization
• Virtual Showrooms & shows
• Design, prototyping, content
• New & immersive experiences: live streaming,

virtual fitting

• AI programs: product recommendation, …

10

KERING IS WELL POSITIONED TO LEVERAGE THE NEW LUXURY ENVIRONMENT

OMNICHANNEL AS A MUST A DEMAND-DRIVEN SUPPLY CHAIN

• Online acceleration & e-commerce

internalization

• AMQ first brand successfully migrated to

in house platform (July 2020), opening of China e-comm website for AMQ and YSL

• Localized demand: leveraging data & tech

(CRM) to better know & engage with clients

• Further personalize experience along

customer journey, multiple clienteling activations

• Client advisors empowerment to offer the

best of physical & digital: development of distant sales, client service support & visio app pilot

• Distribution reassessment (retail footprint,

selectivity offline & online, virtual concessions)

• AI powered models to improve short-term

forecast and long-term planning

• Logistics transformation program
• New regional US warehouse operating,

successful initial go-lives in new central Italian warehouse. Roadmap confirmed with slight timeline reshaping

• Improved time to market, inventory

availability and flexibility (region to region, channel to channel)

• Adapting to new collections agenda &

structure

• IT backbone investments ongoing as planned

11

LONG-TERM FINANCIAL PRIORITIES

STRONG CASH FLOW GENERATION

• Optimize Working Capital
• Pursue Group

investments with Capex-to-sales ratio at c.6%

• Continued optimization of

ROCE

BALANCED CAPITAL ALLOCATION

• Consistent dividend

policy

• Ability to seize M&A
• pportunities
• Agile in returning

additional cash to shareholders

SUSTAIN ORGANIC GROWTH…

• Creative brands

resonating with customers

• Further market share

gains

• Unleash potential
• f our Houses according

to their maturity level

… AT SOLID PROFITABILITY LEVEL

• Invest for growth:

products, stores, client experience and engagement, talents, digital and omnichannel capabilities, communications

• Operating leverage

thanks to optimization

• f cost base relative

to scale

12

KERING IN 2020

• Group scale & scope
• Ensemble of leading creative brands to capture

the new consumer

• Digital initiatives, innovation & growth platforms
• Deep-rooted culture of sustainability & responsibility
• Agility, responsiveness, adaptation
• Balancing profitability protection

& investment priorities

• Healthy financial situation
• Clear vision, strategy & model
• Ability to speed up implementation and seize
• pportunities

WE ARE WEATHERING THE CRISIS WE ENTERED 2020 IN TOP POSITIONING WE ARE DETERMINED AND CONFIDENT

ANALYSIS OF H1 2020 RESULTS

SCALE & AGILITY DRIVING RESILIENCE IN PANDEMIC CONTEXT

Western Europe 31% (-29%) North America 18% (-34%) Asia Pacific 38% (-25%) RoW 6% (-37%) Japan 7% (-40%)

€952m

• 57.7% vs. last year

FCF AND NET DEBT (€m)

• Group CAPEX: €368m, 6.8% of revenue
• Operating FCF: €566m, inventories

under control

• Net debt at €3.8bn (excl.lease liabilities)

€5,378m

• 29.6% reported
• 30.1% comparable*

GROUP REVENUE (€m)

As a % of H1 20 revenue and (% comparable growth)

NET DEBT FCF FROM OPERATIONS

• Cost initiatives mitigating EBIT decline

and operating deleverage

• Continued investments to drive change

in complex environment

• Yielding a resilient 17.7% EBIT margin

(vs. 29.5% LY)

14

GROUP RECURRING OPERATING INCOME (€m)

3,785 3,203 3,853 2,175

H1 19 H1 20 Q2 Q1

7,638 952

H1 19

2,253

H1 20

566

H1 20 H1 19

1,533

3,815

YE 19 H1 19 H1 20

2,135 2,812

5,378

• 16.4% comp
• 43.7% comp

* At constant scope and exchange rates

15

LUXURY HOUSES UNPRECEDENTED RETAIL REVENUE CONTRACTION DUE TO LOCKDOWN

Q1 Q2

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17 Week 18 Week 19 Week 20 Week 21 Week 22 Week 23 Week 24 Week 25 Week 26 Retail sales Luxury (comp) % stores closed WW (inverted)

STORE CLOSURES HEAVILY IMPACTING Q2

• April: c.65% of network closed on average, most of Europe, Americas and Japan shut down, APAC reopening
• May: c.45%, gradual reopening in Europe and Japan by end of month
• June: c.15%, Europe and Japan almost fully reopened, more contrasted situation in the Americas with an average of 50% of stores still

closed

RETAIL NETWORK CLOSURES & SALES

16

LUXURY HOUSES SHIFT TO DIGITAL INTENSIFIES DESPITE LOGISTICS DISRUPTION

ONLINE ACCELERATION

+21% +72% +47% Q1 20 Q2 20 H1 20

INCREASED PENETRATION IN ALL REGIONS

9% 13% 3% 3% 20% 26% 6% 6% Western Europe North America APAC Japan H1 19 H1 20 +28% +46% +89% +46% Western Europe North America APAC Japan E-COMMERCE COMP. REVENUE GROWTH E-COMMERCE REVENUE AS A % OF RETAIL SALES 6% 13% H1 19 H1 20 H1 20 E-COMMERCE COMP. REVENUE GROWTH E-COMMERCE REVENUE AS A % OF RETAIL SALES

17

Production and logistics lockdown delayed shipment of Fall-Winter collection Heavy impact from pandemic on wholesale, especially travel retail SHORT-TERM IMPACTS LONG-TERM STRATEGY TO TIGHTEN CONTROL OVER DISTRIBUTION Difficulties of certain wholesale accounts (US Department Stores) and cautious management of orders Active strategy to further downsize number of wholesale doors Further retailization of some wholesale partners ongoing, both offline and online (move to virtual concessions)

LUXURY HOUSES WHOLESALE: SHORT-TERM IMPACTS, LONG-TERM STRATEGY

18

LUXURY HOUSES

H1 REVENUE: -30% (REPORTED & COMP)

• Heavily disrupted H1 after good start to the year
• Q2 more severely impacted with trough in April: store closures

progressively hitting all regions. Temporary closure of central logistics and production, nearly back to normal mid-June

Q2: -43% (REPORTED & COMP)

• Retail -42%. APAC first to recover led by M.China (>40%);

absence of tourism impacting Europe and some Asian markets

• Relocalized demand: E-comm surge, higher store conversion rate

mitigating softer traffic, recovery driven by younger clients

• Wholesale -48%, Royalties & others down 56%

RECURRING OPERATING MARGIN OF 21%

• Solid gross profit margin
• EBIT above €1bn
• Operating deleverage contained at 2x, differentiated across brands

depending on scale, maturity and investment stage

• Cost initiatives to continue bearing incremental benefits after H1

CAPEX UNDER CONTROL, -24%

• Capex/sales ratio at 4%, arbitration and redefined priorities
• Total DOS: 1,393, 12 net openings in H1

Royalties and others Wholesale H1 19 FX Retail H1 20

+1% 7,364

• 31%
• 27%
• 38%

5,175 In €m X%: comparable change In €m

H1 2020

H1 2019 Change

Revenue

5,175 7,364

• 29.7%

Recurring operating income Margin (%)

1,063 20.5% 2,370 32.2%

• 55.1%
• 11.7pt

Gross CAPEX As % of revenue

205 4.0% 271 3.7%

• 24.3%

+0.3pt

STRENGTH OF BRAND PORTFOLIO IN UNPRECEDENTED SEMESTER

19

GUCCI

H1 REVENUE: -33% REPORTED, -34% COMP Q2: -45% (REPORTED & COMP)

• Retail down 43%

— W.Europe and Japan most impacted regions. Prolonged store closures in N. America, encouraging signs of restart — APAC recovering through Q2 driven by Chinese and Koreans, appreciation for newness and Beloved lines — All regions posting strong double-digit E-comm growth with M.China and N.America close or at triple digits

• Wholesale -54%, Royalties -61% with Beauty largely impacted

by travel retail

SOLID RECURRING OPERATING INCOME

• EBIT margin in excess of 30%
• Rapid response to deteriorating environment through proactive

management of cost base

• Continued investment in brand and client engagement, across all

touchpoints, with particular focus on locals

TARGETED CAPEX

• Stable store network (2 net openings in H1)
• Shifted deployment of innovative retail format (Gucci Pin)

and postponed store refurbs

Asia Pacific RoW Wholesale

• 36%

Western Europe Royalties and others H1 20

• 47%

H1 19

• 28%

North America Japan

• 40%

4,617

• 25%
• 48%
• 38%

3,072

Retail (86% of sales): -33%

• 71%
• 43%
• 64%
• 16%
• 76%
• 54%
• 61%
• f which Q2 20

comp growth

In €m X%: comparable change

TOTAL

• 45%

In €m

H1 2020

H1 2019 Change

Revenue

3,072 4,617

• 33.5%

Recurring operating income Margin (%)

929 30.2% 1,876 40.6%

• 50.5%
• 10.4pt

Gross CAPEX As % of revenue

98 3.2% 125 2.7%

• 21.3%

+0.5pt

20

SAINT LAURENT

H1 REVENUE: -30% REPORTED, -31% COMP Q2: -48% (REPORTED & COMP)

• Retail down 48% penalized by store closures in W.Europe and

N.America, where the brand has a stronger presence:

— Reactivated and re-engaged with local client base, tailored communication and clienteling initiatives — Gradual improvement in APAC, rebound in M.China and Korea; strengthening brand awareness and presence to exploit full potential; launch of ysl.cn in June

• Wholesale -49%, disruption in Fall deliveries

RECURRING OPERATING MARGIN AT 15%

• Deleveraging contained
• Resilience plan implemented to mitigate crisis impact while

protecting key resources to feed the rebound

CAPEX REDUCED BY 53%

• Store openings on track: +5 net DOS in H1
• Capex/sales ratio at 3.8%

North America H1 19 RoW Western Europe Japan Wholesale Royalties and others

• 33%

681

H1 20

973

• 38%
• 39%
• 26%
• 41%
• 29%
• 24%

Asia Pacific Retail (66% of sales): -33%

In €m X%: comparable change

• 62%
• 61%
• 62%
• 17%
• 69%
• 49%
• 48%
• f which Q2 20

comp growth TOTAL

• 48%

In €m

H1 2020

H1 2019 Change

Revenue

681 973

• 30.0%

Recurring operating income Margin (%)

102 15.0% 252 25.9%

• 59.4%
• 10.9pt

Gross CAPEX As % of revenue

26 3.8% 55 5.7%

• 52.6%
• 1.9pt

21

BOTTEGA VENETA

H1 REVENUE: -8% REPORTED, -9% COMP

• Continued success in brand rejuvenation

— High product desirability across all Women categories. Ramp-up of new products nearly completed (90% of assortment in Q2), new Men’s collection hitting shelves — Multiple actions to nurture existing & new client bonds throughout crisis: bold engagement initiatives across all touchpoints to convey brand narrative — E-commerce business almost tripling

Q2: -24% (REPORTED & COMP)

• Retail -34%, positive performance in APAC
• Wholesale +15%, regaining shelf space

CONTINUING BRAND INVESTMENT FURTHER IMPACTING RECURRING OPERATING INCOME

• Higher operating deleverage despite cost-containment measures
• Ambitious investments to amplify momentum and reinforce brand

fundamentals

CAPEX DOWN 34%

• 4 net closures in H1
• Innovative new retail animations: "The Invisible store", "Chain"

special project

• 24%
• 27%

H1 20 Royalties and others Wholesale Asia Pacific North America Western Europe H1 19

503

• 40%
• 8%

549 +24% +32% 0%

Japan RoW Retail (74% of sales): -19%

In €m X%: comparable change

• 58%
• 70%
• 61%

+4%

• 18%

+15%

• 8%
• f which Q2 20

comp growth TOTAL

• 24%

In €m

H1 2020

H1 2019 Change

Revenue

503 549

• 8.4%

Recurring operating income Margin (%)

44 8.7% 104 18.9%

• 58.0%
• 10.2pt

Gross CAPEX As % of revenue

19 3.8% 29 5.3%

• 34.2%
• 1.5pt

22

OTHER HOUSES

H1 REVENUE: -25% REPORTED, -26% COMP Q2: -44% (REPORTED & COMP)

• Retail down 35%

— Balenciaga brand momentum spreading across categories. Sharp rebound in APAC, supported by active clienteling and increased retail presence — AMQ extending success in Shoes thanks to new pillars; activation of multiple initiatives (virtual appointments, inventory reallocation, localized comms) to sustain growth of all categories — Boucheron and Pomellato penalized by limited exposure to APAC; Qeelin leveraging its Chinese presence

• Wholesale -53% particularly impacted by Watches

RECURRING OPERATING RESULT REFLECTING DIFFERENT PROFITABILITY PROFILES

• Balenciaga resilience, scale and maturity allowing to protect double-

digit profitability

• AMQ good cost management
• High operating deleverage at other brands, esp. weighing on Watches

CAPEX MAINTAINED ON NETWORK EXPANSION

• 9 net openings in H1, notably at Balenciaga and Alexander McQueen

Retail

1,225

Wholesale H1 19 Royalties and others H1 20

• 22%
• 29%
• 56%

919 In €m

H1 2020

H1 2019 Change

Revenue

919 1,225

• 25.0%

Recurring operating income Margin (%)

(12) n.a. 138 11.3%

• 108.5%
• 12.6pt

Gross CAPEX As % of revenue

62 6.7% 62 5.0%

• 0.3%

+1.7pt In €m X%: comparable change

23

CORPORATE & OTHER

KERING EYEWEAR

• Strong start to the year followed by a significant deterioration in Q2

(-53% comp) due to brands’ store closures, travel retail halted and caution of wholesale partners

• Further development of brand portfolio with addition of Chloé

and Dunhill, first collections for SS21

• First fully digital event for FW20 sales campaign

RECURRING OPERATING RESULT IMPROVING

• Kering Eyewear contribution under pressure but in positive territory
• Containment of underlying corporate costs while maintaining

ambitious digital and innovation projects

MAINTAINING INVESTMENTS IN OUR GROWTH PLATFORMS

• Strategic modernization of IT systems ongoing
• Transformation and expansion of Group logistics capabilities

11

H1 20 Kering Eyewear consolidated sales H1 20 Kering Eyewear total sales Other revenue Royalties and intragroup eliminations H1 20 Total Corporate and Other H1 19 Total Corporate and Other

274 243

• 51

192 203

• 27% comp

In €m In €m

H1 2020

H1 2019

Recurring operating income Underlying result Corporate Long-term incentive plan

(111) (87) (24) (117) (88) (29)

Gross CAPEX

163 112

• 25% comp

€260m deriving directly from Covid-19, o/w €246m impairment

24

FINANCIAL PERFORMANCE

In €m

H1 2020 H1 2019

Revenue 5,378 7,638 Gross margin 3,903 5,652 Recurring operating income 952 2,253 Other non-recurring operating income and expenses Finance costs, net Income tax expense Share in earnings of equity-accounted companies (319) (145) (194) (8) (42) (134) (1,449) 21 Net income from continuing operations Net income from discontinued operations 286 (11) 648 (60) Net income of consolidated companies Of which net income, Group share 275 273 588 580 Net income, Group share, from continuing

• perations excluding non-recurring items

569 1,556 Net income, Group share, per share (in euro) Net income per share from continuing

• perations, Group share, excluding non-

recurring items (in euro) 2.18 4.55 4.61 12.37

2 1 1

Mainly PUMA contribution, based on Vara consensus

2

In €m

H1 2020 H1 2019

Cash flow before taxes, dividends and interests Change in working capital requirement Income tax paid 1,596 (470) (193) 2,727 (437) (375) Net cash flow from operating activities 933 1,915 Acquisition of fixed operating assets Sale of fixed operating assets (368) 1 (384) 2 Free cash flow from operations 566 1,533

25

FREE CASH FLOW FROM OPERATIONS

26

CAPITAL EMPLOYED AND OPERATING WORKING CAPITAL

SHAREHOLDERS’ EQUITY

€10,207M

NET DEBT

€3,815M

INVENTORIES

€3,108M

RECEIVABLES

€778M

DEBT-TO-EQUITY RATIO

37.4%

CAPITAL EMPLOYED

€14,022M

OPERATING WORKING CAP

€3,269M 24.0%*

PAYABLES

€617M

* LTM group revenue

H1 2020 NET DEBT BRIDGE

27

CHANGE IN NET FINANCIAL DEBT

142 387 36 1,002

Net debt at December 31, 2019 Dividend paid

3,815

FCF from

• perations

Net interest paid and dividend received Share repurchase Repayment of lease liabilities Net financial investments and other Net debt at June 30, 2020

2,812

• 566

2 In €m

28

DISCIPLINED FINANCIAL MANAGEMENT

COST REDUCTION

• Rent relief: fruitful

renegotiations

• Personnel variable

remuneration, salary & hiring freeze

• Reduction in executive

compensation

• SG&A control, A&P

SOLID FINANCIAL STRUCTURE LIQUIDITY SECURED CASH MANAGEMENT

• Postponement of non-critical

projects

• Safeguarding key capex

related to growth platforms (digital, e-commerce, IT, logistics)

• Focus on inventory

management

• No significant short-term

maturities, well-balanced bond repayment schedule

• Undrawn confirmed lines of

credit: €4.8bn. Strong support from our banks, extension of confirmed credit lines by €1.8bn

• Access to financial markets:

€1.2bn bond issue in May

Appendix

APPENDIX

30

REVENUE

Reported change in €m

H1 2020

H1 2019 €m % Gucci Saint Laurent Bottega Veneta Other Houses 3,072.2 681.1 503.1 919.1 4,617.1 973.0 549.0 1,225.3 (1,544.9) (291.9) (45.9) (306.2)

• 33.5%
• 30.0%
• 8.4%
• 25.0%

Luxury – Total Houses 5,175.5 7,364.4 (2,188.9)

• 29.7%

Corporate & Other 202.8 274.0 (71.2)

• 26.0%

Kering 5,378.3 7,638.4 (2,260.1)

• 29.6%

y-o-y change in €m % comparable % reported Q1 20 Q2 20 3,066 2,110

• 16.9%
• 43.4%
• 16.0%
• 43.2%

31

LUXURY HOUSES

Revenue breakdown by region

Western Europe 30% North America 18% Japan 8% Asia Pacific 38% RoW 6%

H1 2020 REVENUE

€5,176m -29.7% REPORTED, -30.2% COMPARABLE

NUMBER OF DIRECTLY OPERATED STORES

324 226 220 611 318 225 224 626

W estern Europe North America Japan Emerging markets

YE 2019: 1,381 H1 2020: 1,393

Western Europe 25% North America 19% Japan 7% Asia Pacific 44% RoW 5%

NUMBER OF DIRECTLY OPERATED STORES

32

GUCCI

H1 2020 REVENUE

€3,072m -33.5% REPORTED, -33.8% COMPARABLE

106 107 65 209 106 105 67 211

W estern Europe North America Japan Emerging markets

YE 2019: 487 H1 2020: 489

Revenue breakdown by region

y-o-y change in €m % comparable % reported Q1 20 Q2 20 1,804 1,268

• 23.2%
• 44.7%
• 22.4%
• 44.7%

Western Europe 36% North America 21% Japan 7% Asia Pacific 30% RoW 6%

NUMBER OF DIRECTLY OPERATED STORES

33

SAINT LAURENT

H1 2020 REVENUE

€681m -30.0% REPORTED, -30.6% COMPARABLE

46 43 31 102 46 44 32 105

W estern Europe North America Japan Emerging markets

YE 2019: 222 H1 2020: 227

Revenue breakdown by region

y-o-y change in €m % comparable % reported Q1 20 Q2 20 435 247

• 13.8%
• 48.4%
• 12.6%
• 48.2%

Western Europe 29% Japan 11% Asia Pacific 40% RoW 8%

NUMBER OF DIRECTLY OPERATED STORES

34

BOTTEGA VENETA

H1 2020 REVENUE

€503m -8.4% REPORTED, -9.5% COMPARABLE

60 35 48 125 57 35 49 123

W estern Europe North America Japan Emerging markets

YE 2019: 268 H1 2020: 264

Revenue breakdown by region

y-o-y change in €m % comparable % reported Q1 20 Q2 20 274 229 +8.5%

• 24.4%

+10.3%

• 23.8%

North America 12%

Western Europe 44% Japan 8% Asia Pacific 28% RoW 7%

NUMBER OF DIRECTLY OPERATED STORES

35

OTHER HOUSES

H1 2020 REVENUE

€919m -25.0% REPORTED, -25.8% COMPARABLE

112 41 76 175 109 41 76 187

W estern Europe North America Japan Emerging markets

YE 2019: 404 H1 2020: 413

Revenue breakdown by region

North America 13% y-o-y change in €m % comparable % reported Q1 20 Q2 20 553 366

• 5.4%
• 44.0%
• 4.1%
• 43.6%

36

RECURRING OPERATING INCOME

in €m

H1 2020

H1 2019 Reported change % Gucci Saint Laurent Bottega Veneta Other Houses 929.0 102.1 43.6 (11.7) 1,876.1 251.7 103.9 138.3

• 50.5%
• 59.4%
• 58.0%
• 108.5%

Luxury – Total Houses 1,063.0 2,370.0

• 55.1%

Corporate & Other (110.6) (117.3) +5.7% Kering 952.4 2,252.7

• 57.7%

37

EBITDA

in €m

H1 2020

H1 2019 Reported change % Gucci Saint Laurent Bottega Veneta Other Houses 1,236.2 192.4 131.8 125.6 2,106.0 332.4 178.0 233.7

• 41.3%
• 42.1%
• 26.0%
• 46.3%

Luxury – Total Houses 1,686.0 2,850.1

• 40.8%

Corporate & Other (11.0) (40.8) +73.0% Kering 1,675.0 2,809.3

• 40.4%

EBITDA: defined as recurring operating income + net charges to depreciation, amortization and provisions on non-current operating assets, recognized in recurring operating income

38

RECURRING OPERATING INCOME AND EBITDA – IFRS 16 BRIDGE

in €m

H1 2020

H1 2019 Change Recurring operating income as a % of revenue 952.4 17.7% 2,252.7 29.5%

• 57.7%
• 11.8pt

IFRS 16 treatment on rent fixed part (446.9) (340.9)

• 31.1%

Amortization of IFRS 16 right-of-use 408.7 316.6 +29.1% Adjusted recurring operating income (IAS 17) as a % of revenue 914.2 17.0% 2,228.4 29.2%

• 59.0%
• 12.2pt

Adjusted EBITDA (IAS 17) as a % of revenue 1,228.1 22.8% 2,468.4 32.3%

• 50.2%
• 9.5pt

GROUP

in €m

H1 2020

H1 2019 Cost of net debt Other financial income and expenses (30.0) (57.6) (25.6) (59.0) Financial costs (net, excluding lease contracts) (87.6) (84.6) Interest expense on lease contracts (57.3) (49.1) Finance costs, net (144.9) (133.7)

39

NET FINANCIAL COSTS AND INCOME TAX

in €m

H1 2020

H1 2019 Tax on recurring income Tax on non-recurring items Tax related to Italian settlement (227.8) 34.1 n.a. (558.9) 5.4 (895.9) Total tax charge (193.7) (1,449.4) Effective tax rate 39.7% 69.8% Tax rate on recurring income 28.2% 26.4%

40

BALANCE SHEET AND OPERATING WORKING CAPITAL

In €m

June 30, 2020 Dec.31, 2019 June 30, 2019

Intangible Assets RoU assets on lease contracts Tangible Assets Other Non-current Assets (Liabilities) Non-current lease Liabilities Total Non-current Assets (Liabilities) Operating Working Capital Other Current Assets (Liabilities) Current lease Liabilities Total Current Assets (Liabilities) Net Assets held for sale Provisions 9,582 3,916 2,627 1,319 (3,360) 14,084 3,269 (2,300) (709) 260 3 (325) 9,787 4,247 2,619 1,231 (3,599) 14,285 3,146 (3,118) (720) (692) 5 (347) 9,678 3,852 2,237 1,247 (3,260) 13,754 2,886 (4,230) (613) (1,957) 112 (326) Capital employed 14,022 13,251 11,583 Shareholders’ Equity Net Debt 10,207 3,815 10,439 2,812 9,448 2,135 Total Sources 14,022 13,251 11,583 Operating Working Capital (in €m and as % of revenue) Debt-to-equity ratio

37.4%

24.0% H1 20 LTM 19.4% H1 19 LTM 778 3 108 (617)

1

3,269

Receivables Inventories Payables

41

2019 DIVIDEND REVISED DOWNWARDS WITHIN THE CONTEXT OF THE COVID-19 OUTBREAK

in % in € (for the FY in reference) DIVIDEND PER SHARE

4.00 4.60 6.00 10.50 8.00 2015 2016 2017 2018 2019

• 30%
• vs. the dividend

initially proposed

49.6% 45.3% 40.1% 47.0% 31.3% 102.2% 57.1% 37.3% 47.8% 35.1%

2015 2016 2017* 2018 2019** in % of recurring net income, Group share in % of available cash flow

DIVIDEND PAYOUT

* 2017 data restated for IFRS 5 * * 2019 available cash flow excluding one-off tax settlement

42

STEADY SHAREHOLDER RETURN

STRONG SHARE PRICE APPRECIATION X4 between 2015 and 2019 DIVIDEND GROWTH LINKED TO GROUP PERFORMANCE Payout target

• f 50%*

EXCEPTIONAL DISTRIBUTION IN KIND

• f PUMA shares

≈ €36 per share as of May 16, 2018 STRONG PUMA SHARE PRICE APPRECIATION + c.60% from distribution until 2019 y/e SHARE REPURCHASE PROGRAM €570m between October 2018 and July 2019

* Target of 50% on average of recurring net income, Group share and available cash flow

43

SUSTAINABILITY, PEOPLE AND INNOVATION

63%

Women

AL L

55%

Women

45%

Men

MANAGERS

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,
• 50% CO2 Science-Based Target
• Preserving our raw materials through 100% traceability

and compliance with our Kering Standards, with highest standards in animal welfare

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

PROGRESS REPORT

• -29% reduction in EP&L intensity (2015-19)
• -49.9% reduction in CO2 Science-Based Target intensity (2015-19)
• 85% of green electricity in our own operations
• Full carbon neutrality achieved in 2019 (compensation,

scopes 1, 2, 3, across all operations and supply chains)

• 88% traceability for key raw materials
• 100% responsible gold purchase for W&J
• 63 companies joined the Fashion Pact initiative
• PLUG & PLAY startups incubator partnership

extended to China

• First K Generation Award held in Shanghai
• 24% leather used is metal-free
• Partnership with leading universities
• 100% employees covered by policies, incl. 14 weeks Baby Leave
• Appointment of Heads of Diversity, Inclusion and Talent at Gucci

and Kering

• 3,441 audits of suppliers in 2019, +42% since 2015

37%

Men

44

MEMBERSHIP OF THE BOARD OF DIRECTORS

(1) Following the Shareholders’ Meeting of June 16, 2020 (2) Within the meaning of the Corporate Governance AFEP-MEDEF Code which Kering subscribes to, these percentages do not include Directors representing employees

TOTAL NUMBER OF DIRECTORS INDEPENDENCE(2) PROPORTION OF WOMEN (2) AVERAGE AGE

2020(1)

13 50% 58% 51 5

2007

9 56% 11% 60 3

NATIONALITIES REPRESENTED

2012

12 50% 33% 52 4

Gucci • Saint Laurent • Bottega Veneta • Balenciaga • Alexander McQueen • Brioni Boucheron • Pomellato • Dodo • Qeelin • Ulysse Nardin • Girard-Perregaux Kering Eyewear