Ermenegildo Zegna N.v. · NYSE:ZGN
Ermenegildo Zegna — Q1 2026 Earnings Presentation
29 slides from Ermenegildo Zegna's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Revenues
Q1 2026 REVENUES Unaudited figures April 30, 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: revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (organic or organic growth).
Slide 3: Executive Chairman quote on Q1 2026
Ermenegildo ZegnaGroup “We entered 2026 with growing momentum across all/our brands. The Group’s 7% organic growth is a direct result of our long-term strategy. Our retail-first organization continues to progress, reflected in 14% growth in the Direct-to-Consumer channel, with all brands and markets
Slide 4: What we did in the recent weeks
What we did in the recent weeks ZEGNA ZEGNA IN SUMMER (OASI LINO & MOCASSIN) 2026 LAUNCH 4
Slide 5: What we did in the recent weeks
What we did in the recent weeks TOM FORD FASHION SPRING 2026 CAMPAIGN 5
Slide 6: What we did in the recent weeks
What we did in the recent weeks THOM BROWNE ‘THE WORKING HOUR’ is a project created by Robbie Lawrence showcasing the Thom Browne x Asics collaboration 6
Slide 7: Q1 2026 Revenues - Key Highlights
Q1 2026 REVENUES - KEY HIGHLIGHTS1 Q1 2026 Consolidated Revenues Q1 2026 Revenues by Brand €470m +2% Year-on-Year (YoY) +7% organic2 €310m +11% organic DTC +14% organic By Geography Positive growth across all regions. Americas solid double-digit ongoing. GCR positive. €58m €68m -3% organic +5% organ
Slide 8: Revenues by Brand and Product Line
REVENUES BY BRAND AND PRODUCT LINE By brand: ZEGNA significantly outperformed €m YoY Organic In Q1 2026: ▪ ZEGNA brand revenues (66% of Q1 Group revenues) recorded a +11% organic growth, in sequential improvement compared to Q4 2025, driven 459 470 +2% +7% by its DTC channel which accelerated in the
Slide 9: Revenues by Geographic Area
REVENUES BY GEOGRAPHIC AREA1 Americas led the performance, GCR returned to growth €m YoY Organic In Q1 2026: ▪ EMEA revenues were at +1% organic, with a solid performance of the 459 470 +2% +7% DTC channel across the three brands, offset by the wholesale channel. 56 56 -1% +8% ▪ Americas revenues re
Slide 10: Revenues by Distribution Channel
REVENUES BY DISTRIBUTION CHANNEL DTC continued to grow €m YoY Organic In Q1 2026: ▪ DTC revenues reached €372m, +14% organic, driven by the strong performance across all brands and all markets. 459 470 +2% +7% 4 3 ▪ Wholesale branded revenues (excluding the BTB business of Textile & 31 30 Other) dec
Slide 11: ZEGNA Brand: Revenue Analysis by Distribution Channel
ZEGNA BRAND: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Growth driven by DTC €m YoY Organic In Q1 2026: 283 279 ▪ ZEGNA brand revenues reached €310m, +11% organic. 310 +6% +11% ▪ DTC was up 14% organic, in sequential acceleration compared to the 293 38 -10% -5% previous quarter driven by strong double
Slide 12: Thom Browne: Revenue Analysis by Distribution Channel
THOM BROWNE: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Performance impacted by wholesale streamlining €m YoY Organic In Q1 2026: 117 125 ▪ Thom Browne brand recorded €58m in revenues, -3% organic. ▪ DTC was up +20% organic, thanks also to the successful launch, in March, 64 of the sneakers in collabo
Slide 13: TOM FORD FASHION: Revenue Analysis by Distribution Channel
TOM FORD FASHION: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Growth in DTC led by the Americas and EMEA €m YoY Organic In Q1 2026: 65 68 ▪ TFF reached revenues of €68m, +5% organic ▪ DTC was at +9% organic, driven by the consistent growth across all the 67 68 +0% +5% regions, particularly in the Ameri
Slide 14: Retail Store Network Evolution
RETAIL STORE NETWORK EVOLUTION(1) At March 31, 2026 At December 31, 2025 At March 31, 2025 TOM FORD TOM FORD TOM FORD Stores ZEGNA Thom Browne Group ZEGNA Thom Browne Group ZEGNA Thom Browne Group FASHION FASHION FASHION EMEA 78 12 12 102 79 10 12 101 78 9 12 99 Americas 76 34 16 126 76 35 14 125 75
Slide 15: Sustainability 2025 Main Achievements
SUSTAINABILITY 2025 MAIN ACHIEVEMENTS 15
Slide 16: 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 17: 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 countries, above local law renewable sources (scope 2) at II. >90% M
Slide 18: Final Remarks
FINAL REMARKS ▪ Thom Browne ▪ Thom Browne–ASICS launch ▪ High Summer capsule ▪ ZEGNA ▪ Art Basel Hong Kong and Founder’s suite ▪ Summer 2027 fashion show in Los Angeles and Villa experience ▪ TOM FORD FASHION ▪ Fashion show in Paris ▪ Middle East and current trading 18
Slide 19: Appendix
APPENDIX 19
Slide 20: Group Revenues by Segment
GROUP REVENUES BY SEGMENT Q1 2026 vs Q1 2025 (€ thousands, except percentages) 2026 2025 % Organic Zegna 350,896 333,293 5.3% 9.8% Thom Browne 58,166 64,382 (9.7%) (3.3%) Tom Ford Fashion 67,727 67,478 0.4% 5.4% Intersegment eliminations (6,614) (6,332) (1) n.m. n.m. Total revenues 470,175 458,821 2
Slide 21: Group Revenues by Brand and Product Line
GROUP REVENUES BY BRAND AND PRODUCT LINE Q1 2026 vs Q1 2025 (€ thousands, except percentages) 2026 2025 % Organic ZEGNA brand 310,292 292,916 5.9% 11.3% Thom Browne 58,166 64,223 (9.4%) (3.0%) TOM FORD FASHION 67,727 67,478 0.4% 5.4% Textile 31,212 29,921 4.3% 3.4% (1) 2,778 4,283 (35.1%) (34.5%) Ot
Slide 22: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2026 vs Q1 2025 2026 2025 % Organic Direct to Consumer (DTC) ZEGNA brand 272,288 250,795 8.6% 14.1% Thom Browne 50,864 46,288 9.9% 20.2% TOM FORD FASHION 48,768 48,051 1.5% 9.2% Total Direct to Consumer (DTC) 371,920 345,134 7.8% 14.2% As a percentage of bra
Slide 23: Group Revenues by Geographic Area
GROUP REVENUES BY GEOGRAPHIC AREA Q1 2026 vs Q1 2025 (€ thousands, except percentages) 2026 2025 % Organic (1) 152,865 154,089 (0.8%) 1.4% EMEA (2) 137,028 124,971 9.6% 17.5% Americas Greater China Region 124,130 123,260 0.7% 5.3% (3) 55,500 55,850 (0.6%) 7.7% Rest of APAC (4) 652 651 0.2% 1.6% Othe
Slide 24: 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: revenues on a constant currency basis (constant currency) and revenues on an organic growth basis (organic or organic growth). The Group’
Slide 25: Non-IFRS Financial Measures - Organic Growth by Segment
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Organic growth – Segment Q1 2026 vs Q1 2025 less less Constant Revenues Growth Foreign Acquisitions and Organic Currency exchange disposals Zegna 5.3% (4.4%) 9.7% (0.1%) 9.8% Thom Browne (9.7%) (6.4%) (3.3%) —% (3.3%) Tom Ford Fashion 0.4% (5.0%) 5.
Slide 26: Non-IFRS Financial Measures - Organic Growth by Brand and Product Line
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Organic growth – Brand and Product Line Q1 2026 vs Q1 2025 less less Constant Revenues Growth Foreign Acquisitions and Organic Currency exchange disposals ZEGNA brand 5.9% (5.2%) 11.1% (0.2%) 11.3% Thom Browne (9.4%) (6.4%) (3.0%) —% (3.0%) TOM FORD
Slide 27: Non-IFRS Financial Measures - Organic Growth by Distribution Channel
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Organic growth – Distribution Channel Q1 2026 vs Q1 2025 less less Constant Revenues Growth Foreign Acquisitions and Organic Currency exchange disposals Direct to Consumer (DTC) ZEGNA brand 8.6% (5.6%) 14.2% 0.1% 14.1% Thom Browne 9.9% (10.3%) 20.2%
Slide 28: Non-IFRS Financial Measures - Organic Growth by Geographic Area
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Organic growth – Geographic Area Q1 2026 vs Q1 2025 less less Constant Revenues Growth Foreign Acquisitions and Organic Currency exchange disposals EMEA (1) (0.8%) (1.9%) 1.1% (0.3%) 1.4% Americas (2) 9.6% (7.9%) 17.5% —% 17.5% Greater China Region
Slide 29: Contacts and Next Releases
CONTACTS AND NEXT RELEASES External Relations Paola Durante - Chief of External Relations and Sustainability Alice Poggioli - Investor Relations Director ir@zegna.com corporatepress@zegna.com Next financial releases H1 2026 Preliminary Revenues – July 23, 2026 H1 2026 Financial Results – September 3