Annual Report 2024

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About this Combined Non-Financial Statement

Directive (EU) 2022/2464 on sustainability reporting (Corporate Sustainability Reporting Directive, CSRD) came into force on January 5, 2023, with a deadline for implementation into national law by EU member states set for July 2024. However, by December 31, 2024, several member states, including Germany, had not yet completed this implementation. As a result, regarding fiscal year 2024 reporting, the existing legal framework continues to apply to listed German companies. Consequently, as a company subject to the Non-Financial Reporting Directive (NFRD), HUGO BOSS publishes this combined non-financial statement for fiscal year 2024, consistent with previous years.

In accordance with Sec. 315b and 315c of the German Commercial Code (HGB), in conjunction with Sec. 289b to 289e HGB, this combined non-financial statement for HUGO BOSS AG and the HUGO BOSS Group provides comprehensive information on our sustainability activities for fiscal year 2024. It comprises the material disclosures for our Company related to environmental matters, employee matters, social matters, respect for human rights, anti-corruption and bribery matters, and the EU Taxonomy.

This combined non-financial statement was prepared in partial application of Set 1 of the European Sustainability Reporting Standards (ESRS) as a framework in accordance with Section 289d HGB. The originally planned full application of the ESRS was not realized by HUGO BOSS due to the lack of legal implementation. The content included in this statement is based on a double materiality assessment (DMA) that was conducted in accordance with the respective ESRS requirements. The analysis has indicated that nine of the ten ESRS topics are generally considered material for HUGO BOSS in fiscal year 2024. However, the content included in this combined non-financial statement does not fully reflect the results of the DMA. The “Overview of ESRS Disclosure Requirements” in the section “Additional Disclosures on the Combined Non-financial Statement” provides detailed information on the presence and scope of ESRS disclosure requirements. The information disclosed in accordance with ESRS is based on the current interpretation of the standards. Additional Disclosures on the Combined Non-financial Statement

This combined non-financial statement has been prepared on a consolidated basis, with the scope of consolidation aligned with our 2024 financial statements. Therefore, the consolidated quantitative ESG data includes the parent company HUGO BOSS AG and all subsidiaries under its control. Unless otherwise noted, the disclosures made in this statement reflect equally the perspective of HUGO BOSS AG and that of the Group. Notes to the Consolidated Financial Statements, Basis of Consolidation

Any references to information outside the combined non-financial statement – except for references to the chapter “Business Activities and Group Structure” as part of the combined management report – are information going beyond the mandatory disclosures under HGB and do not form part of the statement. In accordance with the applicable legal framework, the combined non-financial statement was subject to a voluntary review with limited assurance according to ISAE 3000 (Revised). Limited Assurance Report of the Independent Auditor Regarding the Combined Non-financial Statement

Governance

HUGO BOSS is managed by its parent company HUGO BOSS AG, which – as a German stock corporation – has a dual management and control structure. Consequently, the Managing Board is responsible for managing the Group and successfully executing the Group strategy. The activities of the Managing Board are monitored by the Supervisory Board, which is also on hand to advise the Managing Board. More information on the boards’ composition and governance structure can be found in the Corporate Governance section of this Annual Report. Corporate Governance and the Corporate Governance Statement

The overall responsibility for the sustainable development of HUGO BOSS lies with the Managing Board. This also includes monitoring, managing, and overseeing ESG impacts, risks, and opportunities along the Company’s value chain. Strategic responsibility is assigned to the Group Strategy and Corporate Development division, which reports directly to the Chief Executive Officer (CEO). This division is also responsible for the setting of ESG targets and for monitoring progress towards them. The Managing Board and Supervisory Board monitor the objectives set and are regularly informed of the progress achieved. Operational responsibility along the supply chain as well as responsibility for central risk management and internal controls lies with Business Operations. Group Finance & Tax is responsible for Group-wide ESG data collection, consolidation, and validation, while Investor Relations is responsible for ESG reporting. Compliance and human rights issues are addressed by our Compliance & Human Rights department as part of our central Legal division. All four divisions report to the Chief Financial Officer (CFO)/Chief Operating Officer (COO). The CFO/COO also assumes responsibility for our central Sustainability Committee, which consists of representatives of our main business areas involved in sustainability topics and drives relevant decision-making processes in sustainability. It oversees the implementation of our sustainability strategy and serves as a dialog forum for current developments and best practices. The committee dealt with a variety of issues in 2024, including progress on our sustainability strategy, ESG reporting, and regulatory requirements, including those of the CSRD.

The Managing Board of HUGO BOSS has overall responsibility for an effective risk management system. On its behalf, the central Risk Management and Internal Controls department coordinates the execution and continuous development of the risk management system. Monitoring the effectiveness of the risk management system is the responsibility of the Supervisory Board of HUGO BOSS. This task is exercised by the Audit Committee of the Supervisory Board with the involvement of the Internal Audit department. As part of the reporting process, HUGO BOSS has not identified any risks that are associated with its own business activities, its business relationships, as well as its products or services, and that very likely have or could have serious adverse impacts on the five mandatory aspects as set forth in Sec. 289c HGB. Report on Risks and Opportunities, Corporate Governance and the Corporate Governance Statement

Business model, strategy, and value chain

HUGO BOSS is one of the leading fashion and lifestyle companies in the premium segment of the global apparel market. Our business model is described in detail in the chapter “Business Activities and Group Structure” of this Annual Report. Detailed descriptions of our “CLAIM 5” strategy, including those elements that relate to or impact sustainability matters, are provided in the chapter “Group Strategy.” Business Activities and Group Structure, Group Strategy

This combined non-financial statement covers both our own operations and material stages of the upstream and downstream value chain. The following overview outlines the material features of our value chain.

Material features of our value chain

UPSTREAM OWN OPERATIONS Tier 1Assembly and manufacturing of final products (apparel, shoes, accessories) Tier 2Production and finishing of materials (e.g., fabrics, trimmings) Tier 4Extraction and farming of raw materials (e.g., cotton, wool, leather, synthetic fibers) Tier 3Processing of raw materials into yarn and equivalent state Own production5 own production sites in Turkey, Germany, Italy, Switzerland, Poland Logistics, distribution, administrationProduct design and brand managementLogistic hubs and transportationMarketingDistribution of products via own retail touchpointsGeneral administration functions DistributionDistribution of products via wholesale partners Use phaseProducts are used by end consumers End-of-life/recyclingProducts reach the end of their life cycle and are either recycled or disposed of DOWNSTREAM

Interests and views of stakeholders

We actively engage with our stakeholders, valuing their input as essential to shaping both our Group and sustainability strategies. By fostering open dialog and collaboration, we aim to meet expectations, address concerns, and develop mutually beneficial solutions. Stakeholder engagement not only supports our business objectives but also serves as an opportunity to create value for HUGO BOSS, the environment, and society.

HUGO BOSS maintains a systematic dialog with all relevant stakeholders, including employees, shareholders, customers, business partners, and society. Guided by a stakeholder analysis conducted in accordance with the AA 1000 SES standard, we employ standardized formats and approaches for effective communication, such as our corporate website, Annual Report, social media channels, and dedicated stakeholder events. Of particular importance in 2024 was our Stakeholder Dialog at the Group headquarters in Metzingen (Germany). This event brought together industry experts, academics, NGOs, and supply chain partners to engage in in-depth discussions on sustainability within the fashion industry’s supply chain, exploring ways we can drive meaningful, positive change together. Further information on our stakeholder engagement and partnerships can be found on our corporate website. group.hugoboss.com

Double materiality assessment

In 2024, HUGO BOSS conducted a comprehensive double materiality assessment (DMA) in preparation for compliance with the ESRS. We have engaged with numerous internal stakeholders to identify our Company’s material sustainability impacts, risks, and opportunities. This engagement was largely conducted through interviews and desk research, while it also considered the outcomes of previous materiality assessments. In addition, we incorporated the perspectives of external stakeholders through internal experts who, as part of their roles, regularly engage with relevant interest groups. Parallel to this, we have also assessed the financial risks and opportunities for sustainability-related matters as part of our risk management process. To ensure proper compliance, external ESG consultants have closely monitored and reviewed our DMA process. Oversight of the process was assumed by the CFO/COO, ensuring close alignment with the Company’s strategic priorities.

Our DMA’s scoring method and criteria were developed following ESRS 1 requirements, addressing both impact materiality and financial materiality. This approach also satisfies the materiality assessment requirements set forth in Sec. 289c HGB. Our impact materiality assessment considered the scale, scope, irremediability, and likelihood of impacts being positive or negative as well as actual or potential. Severity took precedence over likelihood for human-rights-related impacts. As part of our financial materiality assessment, we assessed the financial materiality of ESG risks and opportunities, their likelihood, and the nature of financial impacts. As part of these processes, HUGO BOSS has considered the connections of its impacts and dependencies with the risks and opportunities that may arise from those impacts and dependencies by ensuring close collaboration and constant exchange between all parties involved. The process for identifying material impacts, risks, and opportunities adhered to a consistent approach across all ESG topics by systematically considering specific activities, business relationships, geographies, and other factors that may increase the risk of adverse impacts, while also taking into account the specific characteristics of our value chain as well as our key business activities, assets, sites, and regions.

Impact materiality (inside-out perspective)

Our ESG impact assessment, led by Investor Relations and conducted in close collaboration with our Corporate Sustainability as well as Risk Management and Internal Controls departments, started with the development of a comprehensive catalog of ESG impacts. Leveraging our previous materiality analysis based on GRI Standards, this catalog served as the foundation for mapping existing impacts to the ESRS methodology. To ensure a thorough assessment, HUGO BOSS expanded the catalog by conducting additional desk research, drawing on frameworks such as the Sustainability Accounting Standards Board (SASB) standards for the textile and apparel industry. The assessment covered potential and actual impacts on the environment and people across the value chain, from our own operations to upstream and downstream stages. Corresponding impact descriptions were enriched through desk research and internal expert insights.

HUGO BOSS followed a systematic approach to assess the materiality of all positive and negative impacts identified, using the ESRS criteria to ensure clarity and consistency in the evaluation process. In line with EFRAG guidance, the assessment was conducted on a gross basis, thus excluding the influence of implemented mitigation measures. To determine the materiality for all impacts identified, HUGO BOSS assessed their severity and likelihood and defined uniform thresholds, classifying a negative impact as material if it fell in the upper half of the combined assessment scale and classifying a positive impact as material if it fell in the upper quarter. To validate and ensure accuracy and completeness of its impact materiality assessment, HUGO BOSS engaged both internal experts across important sustainability areas as well as external ESG consultants.

Financial materiality (outside-in perspective)

The ESG risk and opportunity assessment was led by our central Risk Management and Internal Controls department, in close collaboration with relevant business areas and designated internal risk and opportunity experts. To ensure a thorough assessment, structured interviews were conducted, providing critical insights and detailed input. HUGO BOSS followed a systematic approach to assess the materiality of all ESG risks and opportunities identified, analyzing them in accordance with the relevant ESRS criteria to ensure clarity and consistency in the evaluation process. The assessment started with the establishment of a clear framework and guidelines for the risk and opportunity assessment, applying the ESRS methodology.

Risk Management and Internal Controls analyzed all gathered data, including a detailed review of critical factors such as the likelihood of risks occurring and their potential consequences on our business. In addition, it assessed the financial materiality of all ESG risks and opportunities identified on a qualitative basis. The likelihood and magnitude thresholds used in this context were in line with the methodology applied by HUGO BOSS in its general risk assessment, which is presented in the Risk and Opportunity Report of this Annual Report. Based on this, all those risks were assessed as material for which the combined classification of likelihood and magnitude was rated as either high or critical. Management Report, Risk and Opportunities Management System

In line with EFRAG guidance, also this assessment was conducted on a gross basis, thus excluding the influence of implemented mitigation measures. As part of a cross-functional exchange, we also examined the extent to which correlations exist between the identified impacts and dependencies and the risks and opportunities that may arise from these impacts and dependencies. This mapping was done systematically at the individual impact level to ensure that each identified ESG risk and opportunity was assigned to the corresponding impact. To validate and ensure accuracy and completeness of the financial materiality assessment, we engaged not only internal experts across all important sustainability areas but also external ESG consultants.

The process ensured that the procedure for identifying, evaluating and managing ESG risks was integrated into the overarching risk management system and can now be used to evaluate the Company’s overall risk profile and risk management processes. Similarly, the processes for identifying, evaluating, and managing ESG opportunities were closely integrated into the existing management processes in order to exploit their potential strategically and operationally in the future. Consequently, the results of the ESG risk and opportunity assessment were integrated into the Company’s existing risk management system to streamline the risk management process while ensuring that all relevant ESG matters will be systematically analyzed also going forward, allowing for more effective decision-making by systematically evaluating our Company’s overall risk profile.

DMA consolidation and validation

The results of both assessments were consolidated accordingly, jointly reviewed by Investor Relations, Corporate Sustainability, and Risk Management and Internal Controls, and shared for final validation with all internal stakeholders involved in the assessment process as well as relevant senior management. The outcome of the DMA was summarized both in a detailed matrix and in a heat map. The results were shared, discussed, and approved by both the Managing Board and the Audit Committee of the Supervisory Board. HUGO BOSS plans to revisit and update its DMA annually, with the next revision scheduled for mid-2025. As part of this, we are committed to continuously developing our DMA approach to ensure we continue aligning with evolving best practices and legal requirements.

Overview of material ESG topics

The following chart provides an overview of the ESG topics considered to be material according to our DMA.

Overview of material ESG topics

15 14 13 10 8 7 5 4 2 20 17 16 21 19 28 27 26 23 12 11 9 6 3 25 24 22 18 31 30 29 1 Impact material Double material Not material Financially material Financial impact on HUGO BOSS HUGO BOSS impact on peopleand environment Climate ChangeEnergyPollution of airPollution of waterPollution of soilPollution of living organisms and food resourcesSubstances of concern and very high concernMicroplasticsWater consumptionWater withdrawalsWater dischargesMarine resourcesBiodiversity and ecosystemsResources inflows, including resource use, and resources outflowsWaste Working conditions (own workforce)Equal treatment and opportunities for all (own workforce)Other work-related rights (own workforce)Working conditions (value chain)Equal treatment and opportunities for all (value chain)Other work-related rights (value chain)Affected communitiesInformation-related impacts for consumers/ end-usersPersonal safety of consumers/end-usersSocial inclusion of consumers/end-users Corporate cultureProtection of whistle-blowersAnimal welfarePolitical engagement and lobbying activities Management of relationships with suppliersincluding payment practicesCorruption and bribery Governance Environment Social 1 2 3 4 26 27 28 29 30 31 5 19 6 7 8 21 22 9 10 23 11 12 24 13 25 14 15 18 20 16 17

For a detailed overview of the ESG-related impacts, risks and opportunities that we have identified as material in our DMA, please refer to section “Material ESG-related Impacts, Risks and Opportunities.” Additional Disclosures on the Combined Non-financial Statement

Mapping of the material ESRS topics to the five aspects in accordance with Section 289c HGB

The subsequent structure of this combined non-financial statement follows the thematic organization of ESRS Set 1. Consequently, environmental matters, including information in accordance with Article 8 of Regulation 2020/852 (Taxonomy Regulation), are addressed in the “Environment” section. Employee matters appear under ”Social – Own Workforce” and “Governance,” while social matters are predominately outlined in ”Social – Consumers and End-Users.” The topic of human rights is discussed across “Social – Own Workforce” and “Social – Workers in the Value Chain.” Lastly, anti-corruption and bribery matters, even if these were not classified as material under the DMA, are covered in the “Governance” section.

For a list summarizing data points that derive from other EU legislation, please refer to the section “Additional Disclosures on the Combined Non-Financial Statement.” This statement also contains a limited number of additional ESG data points below materiality thresholds aimed at further increasing transparency. The corresponding information is also provided in the section “Additional Disclosures on the Combined Non-Financial Statement.“ Additional Disclosures on the Combined Non-financial Statement