Ermenegildo Zegna N.V. · NYSE:ZGN
Ermenegildo Zegna — Investor Presentation (October 2026)
93 slides from Ermenegildo Zegna's investor presentation, October 2026
Slide 1: Custodian of Authenticities
CUSTODIAN OF AUTHENTICITIES October 2026 1
Slide 2: Disclaimer
Disclaimer Non-IFRS Financial Measures The Group’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: adjusted earnings before interest and taxes (“Adjusted EBIT”), Adjusted EBIT Margin, Net Financial Indebtedness/(Cash Surplus)
Slide 3: 116 Years of History That Led to Today's Group
116 YEARS OF HISTORY THAT LED TO TODAY’S GROUP… Zegna Ermenegildo Zegna Group Acquisitions to build our Filiera 1910 FROM 2009 2018 2023 2026 Foundation of Acquisitions of different Acquisition of Acquisition of New Group Lanificio Zegna factories that grew into our Thom Browne TOM FORD governance s
Slide 4: Custodian of Three Authentic and Complementary Brands Supported by a Unique Filiera
A CUSTODIAN OF THREE AUTHENTIC and COMPLEMENTARY BRANDS supported by a unique FILIERA FILIERA 4
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Slide 6: The History
THE HISTORY 1910 1980 1991 Foundation Global retail expansion China retail expansion Foundation of the wool The brand begins its global DTC First luxury brand to enter China mill in Trivero, Northern expansion with the opening of its through the opening of a retail Italy, by Ermenegildo first store
Slide 7: Zegna, a Timeless Legacy
ZEGNA, A TIMELESS LEGACY ONE BRAND STRATEGY: FROM THREE TO ONE BRAND Termination of Ermenegildo Zegna, Ermenegildo Zegna Couture, Z Zegna lines. All collections and communication focused on ZEGNA brand. ZEGNA IS THE ELDEST ITALIAN LUXURY BRAND 7
Slide 8: Zegna Brand Strategy Evolution
ZEGNA, BRAND STRATEGY EVOLUTION From To INNOVATION WITHIN SECULAR ROOTS 8
Slide 9: Products: Zegna Creates Icons
PRODUCTS: ZEGNA CREATES ICONS MOCASSIN VELLUS IL CONTE AUREUM OASI CASHMERE OASI LINO TRIPLE STITCH ZEGNA ROAD TO ICONICITY IS WELL TRACED 9
Slide 10: Iconic Products' Families: Zegna Shoe Platform
ICONIC PRODUCTS’ FAMILIES: ZEGNA SHOE PLATFORM WILL CONTINUE TO LEVERAGE ON THIS UNIQUE PLATFORM 10
Slide 11: Iconic Products' Families: Vellus Aureum
ICONIC PRODUCTS’ FAMILIES: VELLUS AUREUM TIME, KNOW -HOW AND HERITAGE ARE THE SCARCE INGREDIENTS TO CREATE ICONS 11
Slide 12: We Know How to Make the Doers the Next Zegna Friends
WE KNOW HOW TO MAKE THE DOERS THE NEXT ZEGNA FRIENDS 1 2 3 Increased frequency of Personalised and effective Introducing a new launches and focus on outreach powered also by generation of customers to “uncomplicated” looks state-of-the-art data our pinnacle service analysis INCREASE THE FREQUENCY OF
Slide 13: Merchandising Evolution: From Seasonal Collections to Drops
MERCHANDISING EVOLUTION: FROM SEASONAL COLLECTIONS TO DROPS From 4 collections to 8 drops Feb March April June August Sept. Oct. Nov. 13
Slide 14: Su Misura Is a Strategic Pillar in the Zegna Friends' Client Journey
SU MISURA IS A STRATEGIC PILLAR IN THE ZEGNA FRIENDS’ CLIENT JOURNEY ZEGNA FRIENDS Su Misura products delivered in 2–5 SU MISURA - weeks, thanks to our fully integrated Filiera — from fabric creation to PERSONALISATION artisanal craftsmanship NEW CONSUMER 40% penetration of >2.5x frequency of ZEGNA
Slide 15: CRM Evolution: App 2.0
CRM EVOLUTION: APP 2.0 Leveraging AI to identify the right look for the right customer at the right time (*) Based on respondents that purchased at ZEGNA Directly Operated Stores (DOS) or online (.com). Net Promoter Score (NPS) is a market research metric based on a single survey question asking the
Slide 16: Events and Facts: Zegna Crafts True Experiences
EVENTS AND FACTS: ZEGNA CRAFTS TRUE EXPERIENCES A CLIENT MIGHT NOT REMEMBER THE PRODUCT… BUT FOR SURE HE REMEMBERS HOW WE MAKE HIM FEEL We create unique moments to see our exclusive collections and feel part of our community, of our family
Slide 17: Zegna Is Shaping a Community Based on True Values
ZEGNA IS SHAPING A COMMUNITY BASED ON TRUE VALUES
Slide 18: Zegna Brand: Quality Growth Driven by DTC Focused Strategy
ZEGNA BRAND: quality growth of a +9% CAGR in 2021 -2025 driven by DTC focused strategy and balanced geographic mix 1.164 1.182 1.109 924 847 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 16% 16% 15% 14% 12% By channel Wholesale DTC 84% 84% 85% 86% 88% # stores 245 239 253 281 282 18
Slide 19: Zegna Evolution
Ermenegildo Zegna Group ZEGNA EVOLUTION Double-down on its focused and clear strategy and positioning Cultivate brand’s relevance in an enlarging community , . . 5 Focus on a balanced growth by region Increase retail productivity while optimizing retail network 19
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Slide 21: Thom Browne – The History
THOM BROWNE – THE HISTORY Who is Thom Browne? 2003 2011 2018 Foundation of Introduction of Part of the brand in New the women’s Ermenegildo York City - West collection Zegna Group Village, men only 21
Slide 22: Thom Browne Identity: US Modern Tailoring
THOM BROWNE IDENTITY: US Modern Tailoring 1 2 3 22
Slide 23: Thom Browne Evolution: Refocus of the Distribution Strategy into DTC
THOM BROWNE EVOLUTION: Refocus of the distribution strategy into DTC 378 330 315 263 268 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 47% 41% 29% 44% 48% By channel Wholesale 52% 53% 59% 71% DTC 56% # stores 52 63 86 116 123 23
Slide 24: Thom Browne Evolution
4 Ermenegildo Zegna Group Focus on Fashion-forward clients leveraging on Lovers community Evolve in a retail-first organization Increase retail productivity | 24
Slide 25: Ermenegildo Zegna Group
Ermenegildo Zegna Group
Slide 26: The History
THE HISTORY 2005 2008 2010 2023 Launch of TOM FORD Menswear Womenswear TOM FORD Fashion in partnerships with The Launched in Launched at an becomes part of Estée Lauder Companies collaboration with intimate salon-inspired Ermenegildo Zegna and Marcolin to develop ZEGNA and opening presentation at th
Slide 27: Brand Identity
BRAND IDENTITY 27
Slide 28: Targeted Consumers
Ermenegildo Zegna Group TARGETED CONSUMERS Women and men who seek a refined, globally savvy lifestyle rooted in individuality. Their clothing, makeup and fragrance y accentuates their personalities and amplifies their individuality without ever defining who they are - unapologetically authentic. 28
Slide 29: TOM FORD Fashion Evolution: A Gem to Bloom
TOM FORD FASHION EVOLUTION: a gem to bloom 315 317 236 FY 2023 FY 2024 FY 2025 42% 36% 33% By channel Wholesale 58% 64% 67% DTC # stores 51 64 66 29
Slide 30: TOM FORD Fashion Evolution
TOM FORD FASHION EVOLUTION 30
Slide 31: Filiera
FILIERA Owned and controlled supply chain made up of the finest Italian textile producers integrated with unique luxury manufacturing capabilities to ensure superior excellence, quality and innovation capacity. 31
Slide 32: Filiera's Overview – The Textile Platform
Filiera’s OVERVIEW – The Textile P latform Textile platform • Lanificio Zegna (LEZ): Valdilana (Biella), fully owned, 471 employees • Bonotto: Colceresa (Vicenza), 60% stake, 87 employees • Gruppo Dondi: Carpi (Modena), 65% stake, 149 employees • Tessitura Ubertino: Valdilana (Biella), 60% stake, 19
Slide 33: Filiera's Overview – The RTW Internal Production
Filiera’s OVERVIEW – the RTW Internal production RtW (1) Production Plants • Mendrisio (Switzerland): 800 employees • San Pietro Mosezzo (Novara): 580 employees • Oleggio (Novara): 220 employees • Verrone (Biella): 170 employees • Parma (2 sites): c. 400 employees c. 2,120 people are employed in the
Slide 34: Filiera – Acquisitions/Participations in the Finest Industrial Players
FILIERA – Acquisitions/p articipations in the finest industrial players 2009 2016 2019 2023 Tessitura Novara Bonotto Dondi Luigi Fedeli e Figlio Leader in silk production. Specialized in furnishing and Specialized in men’s Established in 1932, now experimental fabrics. and women’s jersey. S.r.l. inc
Slide 35: Craftsmanship and Unique Know-How: RtW Production Sites
RtW Production Sites - Deep Dive (operated since) Oleggio (2016) • RAW MATERIAL WAREHOUSE ITALY • CUTTING ROOM Parma (2003) Verrone (1975) • FOOTWEAR • KNITWEAR • RAW MAT. WAREHOUSE • LEATHER GOODS • OUTERWEAR • RAW MAT. WAREHOUSE UNIQUE San Pietro Mosezzo / Novara (1968) • • JACKETS TROUSERS CRAFTM
Slide 36: Filiera: The Group Controls Production from Yarn to Final Products
FILIERA THE GROUP CONTROLS PRODUCTION FROM THE YARN TO THE FINAL PRODUCTS. IT IS ABLE TO LEVERAGE THIS EXPERTISE ACROSS ALL THREE BRANDS. 36
Slide 37: Filiera: New Factory in Parma
FILIERA New factory for shoes and leather goods in Parma, Italy to be ready in Q4 2026 37
Slide 38: Group Sustainability
GROUP SUSTAINABILITY 38
Slide 39: Sustainability 2025 Main Achievements
SUSTAINABILITY 2025 MAIN ACHIEVEMENTS 39
Slide 40: Sustainability 2025 Results
SUSTAINABILITY 2025 RESULTS PEOPLE SUPPLIERS • Achievement of the Italian Gender Equality • 293 key Tier 1 suppliers certification (UNI/PdR 125:2022) for Italian legal • 89% of total spending on Italian suppliers entities of the ZEGNA Brand • 126 raw materials and finished products suppliers • Over
Slide 41: Sustainability Progress Towards Our Goals
SUSTAINABILITY PROGRESS TOWARDS OUR GOALS 1. MADE IN ITALY 2. FABRIC OF TOMORROW 3. ENVIRONMENT I. Joined relevant trade associations I. Parental leave benefits extended I. 100% electricity from (UN Global Compact from 2025) to all markets, above local law renewable sources (scope 2) at II. >90% Mad
Slide 42: Mid-Term Financial Targets
MID -TERM FINANCIAL TARGETS *Issued on March, 27th 2025 42
Slide 43: Updated Mid-Term Targets
UPDATED MID -TERM TARGETS 2027 Revenues 2027 Adjusted EBIT *Issued on March, 27th 2025 43
Slide 44: Gross Profit Margin Improvement
GROSS PROFIT MARGIN IMPROVEMENT Main le vers 44
Slide 45: SG&A Incidence Improvement
SG&A INCIDENCE IMPROVEMENT Main levers 45
Slide 46: H1 2026 Results
H1 2026 RESULTS 46
Slide 47: H1 2026 Results - Key Highlights
H1 2026 RESULTS - KEY HIGHLIGHTS 1,2 Consolidated Revenues Profit and Net Cash Surplus €987m €28m Profit (2.9% Profit margin) +6% Year-on-Year (YoY) vs. €48m in H1 2025 +9% organic3 DTC +16% organic €60m Net Cash Surplus vs. €52m as of 31 December 2025 Gross Profit Adjusted EBIT €668m (67.6% margin)
Slide 48: Revenues by Brand and Product Line
REVENUES BY BRAND AND PRODUCT LINE By brand: ZEGNA strongly outperformed €m YoY Organic YoY Organic In Q2 2026: ▪ ZEGNA brand revenues (64% of H1 Group 92 987 +6% +9% revenues) were up 17% organic, driven by a 6 517 +10% +11% 8 8 -31% -30% 3 -26% -26% strong performance across all regions in 67 -0%
Slide 49: Revenues by Geographic Area
REVENUES BY GEOGRAPHIC AREA 1 Americas and Rest of APAC led the performance €m YoY Organic YoY Organic In Q2 2026: ▪ EMEA revenues grew 2% organic, 92 987 +6% +9% 46 517 +10% +11% reflecting robust DTC growth across all 8 9 three brands, partially offset by the 118 +5% +14% 62 +19% 112 +11% negative
Slide 50: ZEGNA Brand: Revenue Analysis by Distribution Channel
ZEGNA BRAND: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL A clear and focused brand strategy is continuing to deliver solid results €m YoY Organic YoY Organic In Q2 2026: 286 279 ▪ ZEGNA brand revenues grew +17% 635 +11% +14% organic, reaching €324 million. 324 +17% +17% 570 61 -7% -5% ▪ DTC channel (90
Slide 51: Thom Browne: Revenue Analysis by Distribution Channel
THOM BROWNE: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Brand returned to growth, driven by ongoing DTC momentum €m YoY Organic YoY Organic In Q2 2026: 120 128 ▪ Thom Browne brand recorded revenues of 129 123 -5% -0% €65m, up 3% organic. 37 20 -44% -44% 65 65 +0% +3% ▪ DTC (83% of H1 revenues) grew by
Slide 52: TOM FORD Fashion: Revenue Analysis by Distribution Channel
TOM FORD FASHION: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Accelerating DTC momentum, led by the Americas and Rest of APAC €m YoY Organic YoY Organic In Q2 2026: 66 67 ▪ TOM FORD FASHION reached revenues of €89m, +7% organic. 153 157 +3% +6% ▪ DTC (68% of H1 revenues) grew 13% organic, with the Amer
Slide 53: Gross Profit, SG&A and Marketing Analysis
GROSS PROFIT, SG&A and MARKETING analysis Gross profit SG&A Marketing €m, % margin €m, % of revenues €m, % of revenues In H1 2026: ▪ Gross Profit margin at 67.6% (vs 67.5% in H1 2025) continues to benefit from a 67.5% 67.6% 54.1% 53.8% 6.8% 6.9% favorable channel mix, with DTC revenues increasing to
Slide 54: Adjusted EBIT
Adjusted EBIT Consolidated By segment €m, % margin ZEGNA H1 2025 H1 2026 ▪ In H1 2026, Adjusted EBIT was €74m with 7.5% margin, compared to 7.4% in H1 2025. Revenues 660 724 ▪ Zegna segment: Adjusted EBIT was €107m Adjusted EBIT 94 107 compared to €94m in H1 2025. Adj. EBIT 7.4% 7.5% Adjusted EBIT M
Slide 55: Income Statement
INCOME STATEMENT €m, % H1 2026 H1 2025 ▪ H1 2026 Profit was €28 million (2.9% Revenues 987.3 100.0% 927.7 100.0% Profit margin) compared with €48 million, which included €28 million of Cost of sales (319.5) (32.4%) (301.7) (32.5%) non-cash gains in H1 2025 from the Gross profit 667.8 67.6% 626.0 67.
Slide 56: Capital Expenditure and Trade Working Capital
Capital expenditure and Trade working capital Capital expenditure Trade working capital €m €m ▪ Capital expenditure (Capex) in H1 2026 was €64m, compared to €54m in H1 2025. 64 The increase in spending was linked to the 442 408 420 investments for the investments in the new 54 footwear and leather g
Slide 57: Free Cash Flow
FREE CASH FLOW Free Cash Flow Generation of €19 million in H1 2026 €m 57 125 158 (42) (10) (64) 28 19 (75) Profit D&A and Change in Change in other Interest & Net cash flows Capital Payment of Free Cash Flow H1 2026 impairment Trade Working operating income taxes from operating expenditure lease lia
Slide 58: Cash Surplus / (Net Financial Indebtedness)
CASH SURPLUS / (NET FINANCIAL INDEBTEDNESS) Cash Surplus improved compared to December 31, 2025, to €60 million €m 19 (9) 60 52 (1) (1) Net Cash Free Cash Flow M&A operations Dividends (1) Other (2) Net Cash as of Dec. 2025 as of June 2026 Notes: (1) Dividends paid to non-controlling interest. Divid
Slide 59: Balance Sheet
BALANCE SHEET €m June 30, 2026 Dec 31, 2025 €m June 30, 2026 Dec 31, 2025 Intangible assets 562.1 554.1 Equity attributable to shareholders of the Parent Company 1,037.7 1,031.0 Property, plant and equipment 231.0 211.2 Equity attributable to non-controlling interests 73.2 68.1 Right-of-use assets 8
Slide 60: Cash Flow Statement
CASH FLOW STATEMENT €m June 30, 2026 June 30, 2025 €m June 30, 2026 June 30, 2025 Profit 28.4 47.9 Payments for property, plant and equipment (48.9) (42.1) Income taxes 18.1 20.1 Payments for intangible assets (15.1) (11.9) Depreciation, amortization and impairment of assets 124.9 128.4 Payments rel
Slide 61: Q3 / 9M 2026 Revenues
Q3 / 9M 2026 REVENUES 61
Slide 62: 9M and Q3 2026 Revenues - Key Highlights
9M and Q3 2026 REVENUES - KEY HIGHLIGHTS 1 9M 2026 Consolidated Revenues Q3 2026 Revenues by BRAND €1,421m ZEGNA +7% Year-on-Year (YoY) +9% organic2 €284m +13% organic DTC +14% organic DTC +16% organic Q3 2026 Consolidated Revenues €434m €45m €70m +9% YoY -7% organic +5% organic +8% organic DTC -7%
Slide 63: Revenues by Brand and Product Line
REVENUES BY BRAND AND PRODUCT LINE By brand: ZEGNA driving the growth €m YoY Organic YoY Organic In Q3 2026: ▪ Group revenues reached €434m, +8% 1.421 +7% +9% organic. 10 1.326 -24% -24% 13 98 +1% +1% 434 +9% +8% ▪ ZEGNA brand led the performance of the 97 226 +4% +6% -13% -14% Group, with revenues
Slide 64: Revenues by Geographic Area
REVENUES BY GEOGRAPHIC AREA 1 All regions reporting a positive performance in Q3 €m YoY Organic YoY Organic In Q3 2026: ▪ EMEA revenues were up 6% organic, driven by double-digit growth at ZEGNA, 1.326 1.421 +7% +9% partially offset by a decline in wholesale 167 +5% +11% 398 434 +9% +8% revenues at
Slide 65: Revenues by Distribution Channel
REVENUES BY DISTRIBUTION CHANNEL Solid DTC performance continued €m YoY Organic YoY Organic In Q3 2026: 1.421 +7% +9% ▪ DTC revenues reached €335m, up 11% 1.326 10 organic, driven by +16% organic growth at 13 98 ZEGNA brand, which delivered strong 97 organic growth across all regions. 195 -12% -10%
Slide 66: ZEGNA Brand: Revenue Analysis
ZEGNA BRAND : REVENUE ANALYSIS Breakdown by channel: Outstanding DTC growth across all regions €m YoY Organic YoY Organic In Q3 2026: 282 275 ▪ ZEGNA brand revenues grew 13% organic, +12% +14% reaching €284m. 820 918 284 +14% +13% ▪ DTC channel grew by 16% organic, driven 97 -8% -6% 249 105 by stron
Slide 67: Thom Browne: Revenue Analysis
THOM BROWNE : REVENUE ANALYSIS Breakdown by channel: DTC impacted by China slowdown €m YoY Organic YoY Organic In Q3 2026: 124 129 ▪ Thom Browne brand recorded revenues of 177 €45m, down 7% organic. 168 -5% -2% ▪ DTC revenues reported a -7% organic, 46 29 -37% -36% 48 reflecting a more challenging e
Slide 68: TOM FORD Fashion: Revenue Analysis
TOM FORD FASHION: REVENUE ANALYSIS Breakdown by channel: Solid growth across both channels €m YoY Organic YoY Organic In Q3 2026: 66 67 ▪ TOM FORD FASHION reached revenues of €70m, +5% organic. 219 226 +4% +6% ▪ DTC grew 4% organic, driven by positive 66 70 +5% +5% performance in the Americas, EMEA
Slide 69: Retail Store Network Evolution
RETAIL STORE NETWORK EVOLUTION (1) At September 30, 2026 At December 31, 2025 At September 30, 2025 TOM FORD TOM FORD TOM FORD Stores ZEGNA Thom Browne Group ZEGNA Thom Browne Group ZEGNA Thom Browne Group FASHION FASHION FASHION EMEA 76 11 12 99 79 10 12 101 78 10 12 100 Americas 78 36 17 131 76 35
Slide 70: Next Releases
NEXT RELEASES FY 2026 Preliminary Revenues February 1, 2027 FY 2026 Financial Results March 15, 2027 Q1 2027 Revenues April 29, 2027 H1 2027 Preliminary Revenues July 22, 2027 H1 2027 Financial Results September 2, 2027 Q3 2027 Revenues October 21, 2027 70
Slide 71: Contacts
CONTACTS External Relations Paola Durante - Chief of External Relations and Sustainability Alice Poggioli - Investor Relations Director ir@zegna.com corporatepress@zegna.com 71
Slide 72: Appendix
Ermenegildo Zegna Group fof APPENDIX
Slide 73: Group Revenues by Segment
GROUP REVENUES BY SEGMENT Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 Q3 2026 vs Q3 2025 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Zegna 350,896 333,293 5.3% 9.8% 373,369 327,026 14.2% 13.9% 325,913 290,914 12.0% 11.3% Thom Browne 58,166 64,382 (9.7%) (3
Slide 74: Group Revenues by Brand and Product Line
GROUP REVENUES BY BRAND AND PRODUCT LINE Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 Q3 2026 vs Q3 2025 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Zegna brand 310,292 292,916 5.9% 11.3% 324,281 277,493 16.9% 16.5% 283,844 249,436 13.8% 12.7% Thom Browne 5
Slide 75: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 Q3 2026 vs Q3 2025 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Direct to Consumer (DTC) ZEGNA brand 272,288 250,795 8.6% 14.1% 300,968 253,706 18.6% 18.4% 248,599 210,373 18
Slide 76: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2026 vs Q1 2025 H1 2026 vs H1 2025 9M 2026 vs 9M 2025 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Direct to Consumer (DTC) ZEGNA brand 272,288 250,795 8.6% 14.1% 573,256 504,501 13.6% 16.3% 821,855 714,874 15
Slide 77: Group Revenues by Geographic Area
GROUP REVENUES BY GEOGRAPHIC AREA Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 Q3 2026 vs Q3 2025 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic EMEA (1) 152,865 154,089 (0.8%) 1.4% 177,113 174,819 1.3% 1.6% 161,406 151,055 6.9% 6.3% (2) 137,028 124,971 9.6% 1
Slide 78: Non-IFRS Financial Measures
Non -IFRS financial measures The Group’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: adjusted earnings before interest and taxes (“Adjusted EBIT”), Adjusted EBIT Margin, Net Financial Indebtedness/(Cash Surplus), Trade Wo
Slide 79: Non-IFRS Financial Measures
Non -IFRS financial measures Adjusted EBIT and Adjusted EBIT Margin Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange losses and gains, and the result from investments accounted for using the equity method, adjusted for income
Slide 80: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation of Profit to Adjusted EBIT and calculation of profit margin and Adjusted EBIT Margin For the six months ended June 30, Explanatory notes on Adjusting items (1) Primarily relates to severance indemnities. (€ thousands, except percentages) 2026 2025 (2) Net
Slide 81: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Net Financial Indebtedness/(Cash Surplus) (€ thousands) At June 30, 2026 At December 31, 2025 At June 30, 2025 Non-current borrowings 128,144 162,123 174,418 Current borrowings 96,653 84,066 174,235 Derivative financial instruments — Liabilities 19,441 4,576 5,132 Total
Slide 82: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Trade Working Capital At December 31, (€ thousands) At June 30, 2026 At June 30, 2025 2025 Current assets 1,198,742 1,190,213 1,137,290 Current liabilities (816,428) (750,392) (801,751) Working capital 382,314 439,821 335,539 Less: Derivative financial instruments - Asse
Slide 83: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Free Cash Flow For the six months ended June 30, (€ thousands) 2026 2025 Net cash flows from operating activities 157,827 105,714 Payments for property, plant and equipment (48,887) (42,051) Payments for intangible assets (15,104) (11,907) Payments for right-of-use asset
Slide 84: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Segment H1 2026 vs H1 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals Zegna 9.7% (2.2%) 11.9% —% 11.9% Thom Browne (4.9%) (4.6%) (0.3%) —% (0.3%) Tom Ford Fashion 2.7% (3.7%) 6.4% —% 6.4% Total 6
Slide 85: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Segment 9M 2026 vs 9M 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals Zegna 10.4% (1.3%) 11.7% —% 11.7% Thom Browne (5.2%) (2.8%) (2.4%) —% (2.4%) Tom Ford Fashion 3.5% (2.6%) 6.1% —% 6.1% Total
Slide 86: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Brand and Product Line H1 2026 vs H1 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals ZEGNA brand 11.2% (2.7%) 13.9% —% 13.9% Thom Browne (4.7%) (4.6%) (0.1%) —% (0.1%) TOM FORD FASHION 2.7% (3.7%
Slide 87: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Brand and Product Line 9M 2026 vs 9M 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals ZEGNA brand 12.0% (1.6%) 13.6% 0.1% 13.5% Thom Browne (5.0%) (2.8%) (2.2%) —% (2.2%) TOM FORD FASHION 3.5% (2.
Slide 88: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel H1 2026 vs H1 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals Direct to Consumer (DTC) ZEGNA brand 13.6% (2.8%) 16.4% 0.1% 16.3% Thom Browne 10.9% (7.1%) 18.0% —% 18.0% TOM F
Slide 89: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel Q2 2026 vs Q2 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals Direct to Consumer (DTC) ZEGNA brand 18.6% —% 18.6% 0.2% 18.4% Thom Browne 11.8% (4.2%) 16.0% —% 16.0% TOM FORD
Slide 90: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel 9M 2026 vs 9M 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals Direct to Consumer (DTC) ZEGNA brand 15.0% (1.5%) 16.5% 0.2% 16.3% Thom Browne 6.3% (4.1%) 10.4% —% 10.4% TOM FO
Slide 91: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel Q3 2026 vs Q3 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals Direct to Consumer (DTC) ZEGNA brand 18.2% 1.6% 16.6% 0.2% 16.4% Thom Browne (4.9%) 1.7% (6.6%) —% (6.6%) TOM FO
Slide 92: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Geographic Area H1 2026 vs H1 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals (1) EMEA 0.3% (1.2%) 1.5% —% 1.5% (2) Americas 15.1% (4.7%) 19.8% —% 19.8% Greater China Region 5.8% (1.0%) 6.8% —% 6
Slide 93: Non-IFRS Financial Measures
NON -IFRS FINANCIAL MEASURES Reconciliation Table – Geographic Area 9M 2026 vs 9M 2025 less less Constant Revenues Growth Acquisitions and Organic Foreign exchange Currency disposals EMEA (1) 2.4% (0.7%) 3.1% 0.1% 3.0% (2) Americas 14.7% (3.1%) 17.8% —% 17.8% Greater China Region 6.6% 0.1% 6.5% —% 6
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