Ermenegildo Zegna N.V. · NYSE:ZGN
Ermenegildo Zegna — H1 2026 Earnings Presentation
30 slides from Ermenegildo Zegna's earnings presentation, Sep 3, 2026
Slide 1: H1 2026 Financial Results
H1 2026 FINANCIAL RESULTS Unaudited figures September 3, 2026
Slide 2: Ermenegildo Zegna Group - Executive Chairman quote
Ermenegildo Zegna Group “Our first half 2026 results reflect the effectiveness of our Group’s strategy, anchored in the strength of each of our brands’ identities and their direct-connection to clients, as well as the continued innovation coming from our Filiera, the heart of our Group’s legacy. Whi
Slide 3: H1 2026 Results - Key Highlights
H1 2026 RESULTS - KEY HIGHLIGHTS1 Consolidated Revenues Profit and Net Cash Surplus €987m €28m Profit (2.9% Profit margin) +9% organic2 vs. €48m in H1 2025 DTC +16% organic €60m Net Cash Surplus vs. €52m as of 31 December 2025 Gross Profit Adjusted EBIT €668m (67.6% margin) €74m (7.5% margin) vs. 67
Slide 4: 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 5: Adjusted EBIT
Adjusted EBIT(1) 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 EBI
Slide 6: 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 fair Gross profit 667.8 67.6% 626.
Slide 7: 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 2026 was €64m, compared to €54m in H1 2025. The 64 408 420 increase in spending was linked to the 442 investments for the investments in the new 54 footwear and leathe
Slide 8: Free Cash Flow
FREE CASH FLOW(1) 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
Slide 9: Cash Surplus / (Net Financial Indebtedness)
CASH SURPLUS / (NET FINANCIAL INDEBTEDNESS)(1) 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 (2) Other (3) Net Cash as of Dec. 2025 as of June 2026 Notes: (1) Net Financial Indebtedness is a non-IFRS finan
Slide 10: 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 11: 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 12: 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 13: Appendix
APPENDIX 13
Slide 14: Group Revenues by Segment
GROUP REVENUES BY SEGMENT Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 H1 2026 vs H1 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% 724,265 660,319 9.7% 11.9% Thom Browne 58,166 64,382 (9.7%) (3.
Slide 15: Group Revenues by Brand and Product Line
GROUP REVENUES BY BRAND AND PRODUCT LINE Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 H1 2026 vs H1 2025 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Zegna 310,292 292,916 5.9% 11.3% 324,281 277,493 16.9% 16.5% 634,573 570,409 11.2% 13.9% Thom Browne 58,166
Slide 16: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 H1 2026 vs H1 2025 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% 573,256 504,501 13.6% 16.3% Thom Browne 50,864 46,28
Slide 17: Group Revenues by Geographic Area
GROUP REVENUES BY GEOGRAPHIC AREA Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 H1 2026 vs H1 2025 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic (1) 152,865 154,089 (0.8%) 1.4% 177,113 174,819 1.3% 1.6% 329,978 328,908 0.3% 1.5% EMEA (2) 137,028 124,971 9.6% 1
Slide 18: Retail Store Network Evolution
RETAIL STORE NETWORK EVOLUTION(1) At June 30, 2026 At December 31, 2025 At June 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 78 12 12 102 79 10 12 101 81 9 12 102 Americas 78 36 16 130 76 35 14 125 75
Slide 19: 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 Wor
Slide 20: Non-IFRS Financial Measures - Segment
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 21: Non-IFRS Financial Measures - Brand and Product Line
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 22: Non-IFRS Financial Measures - Distribution Channel H1
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 FO
Slide 23: Non-IFRS Financial Measures - Distribution Channel Q2
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 F
Slide 24: Non-IFRS Financial Measures - Geographic Area
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 25: 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 a
Slide 26: Reconciliation of Profit to Adjusted EBIT
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 i
Slide 27: Net Financial Indebtedness/(Cash Surplus)
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 b
Slide 28: Trade Working Capital
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 - Asset
Slide 29: Free Cash Flow
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 assets
Slide 30: 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 Q3 2026 Unaudited Revenues – October 22 30