Ermenegildo Zegna N.v. · NYSE:ZGN
Ermenegildo Zegna — H1 2025 Earnings Presentation
33 slides from Ermenegildo Zegna's earnings presentation, Sep 5, 2025
Slide 1: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS Unaudited figures September 5, 2025 1
Slide 2: Ermenegildo Zegna Group
Ermenegildo ZegnaGroup “We are pleased with the operating results reported by the Zegna segment where stronger operating leverage and disciplined execution led to an improvement of the Adjusted EBIT margin by 150 basis points. This strong performance helped balance the impact of the strategic transf
Slide 3: ZEGNA
ZEGNA 3 FW25 TAILORING + VELLUS AUREUM
Slide 4: THOM BROWNE
THOM BROWNE 4 FALL 2025 CAMPAIGN
Slide 5: TOM FORD FASHION
TOM FORD FASHION 5 FALL WINTER 2025 CAMPAIGN
Slide 6: H1 2025 Results - Key Highlights
H1 2025 RESULTS - KEY HIGHLIGHTS1 Consolidated Revenues Profit €928m €48m (5.2% margin) vs. €960m in H1 2024 vs. €31m and 3.3% margin in H1 2024 -2% organic2 Gross Profit Adjusted EBIT €626m (67.5% margin) €69m (7.4% margin) vs. €637m and 66.4% margin in H1 2024 vs. €81m and 8.4% margin in H1 2024 N
Slide 7: 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 ▪ Gross Profit margin increased by 110bps, mainly driven by channel mix, with DTC rising to 82% of total branded products revenues in H1 2025 (up from 76% in H1 66.4% 67.5% 51.8% 54
Slide 8: Adjusted EBIT
Adjusted EBIT(1) Consolidated By segment €m, % margin ZEGNA H1 2024 H1 2025 ▪ In H1 2025, Adjusted EBIT was €69m with 7.4% margin, compared to 8.4% in H1 2024. Revenues 661 660 ▪ Zegna segment: Adjusted EBIT was €94m Adjusted EBIT 85 94 compared to €85m in H1 2024. Adj. EBIT 8.4% 7.4% Adjusted EBIT
Slide 9: Income Statement
INCOME STATEMENT €m, % H1 2025 H1 2024 Revenues 927.7 100.0% 960.1 100.0% ▪ H1 2025 Profit reached €47.9m, with a +53% growth compared to H1 2024. Cost of sales (301.7) (32.5%) (322.7) (33.6%) ▪ H1 2025 Profit margin rose to 5.2% Gross profit 626.0 67.5% 637.4 66.4% from 3.3% in H1 2024. Selling, ge
Slide 10: Capital Expenditure and Trade Working Capital
Capital expenditure and Trade working capital(1) Capital expenditure Trade working capital €m €m ▪ Capital expenditure (Capex) in H1 2025 was €54m, compared to €60m in H1 2024. ▪ H1 2025 Capex was mainly linked to the DTC network expansions across the three brands and, also, to a portion of the inve
Slide 11: Free Cash Flow
FREE CASH FLOW(1) Free Cash Flow absorption driven by investments in the store network €m 128 (18) (12) 106 (41) 48 (54) (75) (23) Profit D&A and Change in Change in other Interest & Net cash flows Capital Payment of Free Cash Flow H1 2025 impairment Trade Working operating income taxes from operati
Slide 12: Cash Surplus / (Net Financial Indebtedness)
CASH SURPLUS / (NET FINANCIAL INDEBTEDNESS)(1) Net Financial Indebtedness (NFI) in line with December 31, 2024 €m 31 (94) (92) (23) (4) (2) (2) (3) NFI Free Cash Flow M&A operations Dividends Other NFI as of Dec. 2024 as of June 2025 Notes: (1) Net Financial Indebtness is a non-IFRS financial measur
Slide 13: Balance Sheet
BALANCE SHEET €m June 30, 2025 Dec 31, 2024 €m June 30, 2025 Dec 31, 2024 Intangible assets 552.2 614.4 Equity attributable to shareholders of the Parent Company 885.4 916.1 Property, plant and equipment 201.7 204.8 Equity attributable to non-controlling interests 67.1 66.8 Right-of-use assets 614.0
Slide 14: Cash Flow Statement
CASH FLOW STATEMENT €m June 30, 2025 June 30, 2024 €m June 30, 2025 June 30, 2024 Profit 47.9 31.3 Payments for property, plant and equipment (42.1) (47.9) Income taxes 20.1 17.2 Payments for intangible assets (11.9) (12.2) Depreciation, amortization and impairment of assets 128.4 113.5 Payments rel
Slide 15: 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), revenues on an organic growth basis (organic or organic growth), Ad
Slide 16: Appendix
APPENDIX 16
Slide 17: Group Revenues by Segment
GROUP REVENUES BY SEGMENT Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 H1 2025 vs H1 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic Zegna 333,293 324,900 2.6% 2.2% 327,026 335,638 (2.6%) 1.0% 660,319 660,538 0.0% 1.6% Thom Browne 64,382 79,066 (18.6%) (18
Slide 18: Group Revenues by Brand and Product Line
GROUP REVENUES BY BRAND AND PRODUCT LINE Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 H1 2025 vs H1 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic Zegna 292,916 282,870 3.6% 3.1% 277,493 283,197 (2.0%) 2.2% 570,409 566,067 0.8% 2.6% Thom Browne 64,223 79,
Slide 19: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 H1 2025 vs H1 2024 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic Direct to Consumer (DTC) ZEGNA brand 250,795 239,615 4.7% 4.0% 253,706 246,946 2.7% 7.1% 504,501 486,561 3.7% 5.6% Thom Browne 46,288 44,719 3.5
Slide 20: Group Revenues by Geographic Area
GROUP REVENUES BY GEOGRAPHIC AREA Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 H1 2025 vs H1 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic (1) 154,089 156,562 (1.6%) (1.8%) 174,819 180,029 (2.9%) (1.9%) 328,908 336,591 (2.3%) (1.9%) EMEA (2) 124,971 114,
Slide 21: Retail Store Network Evolution
RETAIL STORE NETWORK EVOLUTION(1) At June 30, 2025 At December 31, 2024 At June 30, 2024 TOM FORD TOM FORD TOM FORD Stores ZEGNA Thom Browne Group ZEGNA Thom Browne Group ZEGNA Thom Browne Group FASHION FASHION FASHION EMEA 81 9 12 102 76 9 11 96 75 9 7 91 Americas 75 32 13 120 72 28 13 113 64 20 12
Slide 22: 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), revenues on an organic growth basis (organic or organic growth), Adjusted EBIT
Slide 23: 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 gains and losses, and the result from investments accounted for using the equity method, adjusted for income a
Slide 24: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation of Profit to Adjusted EBIT and calculation of profit margin and Adjusted EBIT Margin Explanatory notes on Adjusting items For the six months ended June 30, (1) Net impairment of leased and owned stores of €6,101 thousand for (€ thousands, except percentages
Slide 25: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Net Financial Indebtedness/(Cash Surplus) (€ thousands) At June 30, 2025 At December 31, 2024 Non-current borrowings 174,418 196,401 Current borrowings 174,235 177,166 Derivative financial instruments — Liabilities 5,132 15,138 Total borrowings, other financial liabilitie
Slide 26: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Trade Working Capital (€ thousands) At June 30, 2025 At December 31, 2024 Current assets 1,137,290 1,206,162 Current liabilities (801,751) (852,885) Working capital 335,539 353,277 Less: Derivative financial instruments - Assets 32,169 1,711 Tax receivables 34,069 32,505
Slide 27: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Free Cash Flow For the six months ended June 30, (€ thousands) 2025 2024 Net cash flows from operating activities 105,714 120,448 Payments for property, plant and equipment (42,051) (47,926) Payments for intangible assets (11,907) (12,151) Payments for right-of-use assets
Slide 28: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Segment H1 2025 vs H1 2024 less less less Revenues Constant Changes in license agreements Foreign Acquisitions Organic Growth Currency where the Group operates as a exchange and disposals licensee Zegna 0.0% (1.6%) 1.6% —% —% 1.6% Thom Browne (22.4%
Slide 29: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Brand and Product Line H1 2025 vs H1 2024 less less less Revenues Constant Changes in license agreements Foreign Acquisitions Organic Growth Currency where the Group operates as a exchange and disposals licensee ZEGNA brand 0.8% (1.8%) 2.6% —% —% 2.
Slide 30: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel H1 2025 vs H1 2024 less less less Revenues Constant Changes in license agreements Foreign Acquisitions Organic Growth Currency where the Group operates as a exchange and disposals licensee Direct to Consumer (DTC) ZEGNA brand 3.
Slide 31: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel Q2 2025 vs Q2 2024 less less less Revenues Constant Changes in license agreements Foreign Acquisitions Organic Growth Currency where the Group operates as a exchange and disposals licensee Direct to Consumer (DTC) ZEGNA brand 2.
Slide 32: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Geographic Area H1 2025 vs H1 2024 less less less Revenues Constant Changes in license agreements Foreign Acquisitions Organic Growth Currency where the Group operates as a exchange and disposals licensee EMEA (1) (2.3%) (0.4%) (1.9%) —% —% (1.9%) A
Slide 33: Contacts and Next Releases
CONTACTS AND NEXT RELEASES External Relations Paola Durante - Chief of External Relations Alice Poggioli - Investor Relations Director ir@zegna.com corporatepress@zegna.com Next financial releases Q3 2025 Unaudited Revenues – October 23 33