MONCLER : 2Q/1H26 Preview: still a seasonal business

Research evidence excerpt

MONCLER : 2Q/1H26 Preview: still a seasonal business

recommendation. TEB Investment now uses a relative recommendation

structure whereby the applied rating is based on the stock’s expected performance as compared to the average total return of all companies covered by the

analyst or the analyst’s team in Turkish stock coverage over a 12-month investment horizon. TEB Investment research reports with ratings and target prices

for dates prior to 11 August 2025 were prepared and distributed without involvement of a FINRA member firm.

ESG Rating Explanation and Methodology

ESG integration methodology: The BNP Paribas approach offers an alternative to mechanistic ESG scores and leverages the in-depth knowledge of our

industry equity research teams by combining quantitative and qualitative factors. There are three steps to our framework; firstly, our teams build a materiality

map to assess which ESG topics are most relevant to their respective industries. Secondly, for the chosen topics, companies are assessed relative to sector

peers. The assessment can be based on metrics and qualitative judgements. Each company is given a one to five score per topic, with five being the best.

Thirdly, based on the topic scores, and any other significant ESG factors, we identify companies in the sector as ESG Leaders, ESG Laggards or ESG

Average. The definition of the ratings is shown below; they are not based on the average topic score as some topic scores can be more material than others.

ESG Leader: Relative to sector peers an ESG Leader is better positioned on the chosen ESG topics, or other relevant ESG considerations.

ESG Average: A company rated as ESG Average may have strong or poor performance on an individual ESG topic, but overall has an average exposure