Ermenegildo Zegna N.v. · NYSE:ZGN
Ermenegildo Zegna — Q3 2025 Earnings Presentation
29 slides from Ermenegildo Zegna's earnings presentation, Oct 23, 2025
Slide 1: Q3/9M 2025 Revenues
Q3/9M 2025 REVENUES Unaudited figures October 23, 2025 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: Ermenegildo Zegna Group
Ermenegildo Zegna Group “lam pleased with the continued growth of the ZEGNA brand DTC channel, led by the Americas and EMEA, and also delighted.to see the meaningfully improved performance of TOM FORD FASHION and Thom Browne, whose DTC channel grew by double:digits on an organic basis this quarter.
Slide 4: What we did this past month
What we did this past month ZEGNA FW 2025 ADV 4
Slide 5: What we did this past month
What we did this past month THOM BROWNE SPRING/SUMMER 2026 FASHION SHOW 5
Slide 6: What we did this past month
What we did this past month TOM FORD SPRING/SUMMER 2026 FASHION SHOW 6
Slide 7: 9M and Q3 2025 Revenues - Key Highlights
9M and Q3 2025 REVENUES - KEY HIGHLIGHTS1 9M 2025 Consolidated Revenues Q3 2025 Revenues by BRAND €1,326m ZEGNA -2% Year-on-Year (YoY) -0% organic2 €249m +6% organic DTC +7% organic DTC +7% organic Q3 2025 Consolidated Revenues €398m €48m €66m +0% YoY -5% organic +4% organic +4% organic DTC +10% org
Slide 8: 9M / Q3 Revenues by Brand and Product Line
9M / Q3 REVENUES BY BRAND AND PRODUCT LINE(1) Solid performance across all brands in Q3 2025 YoY YoY 9M 2025 Group’s revenues reached €1,326m, €m Organic Organic -2% YoY and flat organic. Q3 revenues were €398m, flat YoY and +4% organic. 1,357 1,326 -2% -0% In Q3 2025: 11 13 +16% +17% ▪ ZEGNA revenu
Slide 9: Revenues by Geographic Area
REVENUES BY GEOGRAPHIC AREA(1) All key regions in acceleration in Q3 2025 €m YoY Organic YoY Organic In Q3 2025: ▪ EMEA revenues grew 3% organic, thanks to the solid performance in the DTC channel, 1,357 1,326 -2% -0% 397 398 +0% +4% in particular at ZEGNA and TFF. 159 159 +0% +3% 49 48 ▪ Americas r
Slide 10: Revenues by Distribution Channel
REVENUES BY DISTRIBUTION CHANNEL DTC continued to grow €m YoY Organic YoY Organic In Q3 2025: ▪ DTC revenues reached €297m, +9% 1,357 1,326 -2% -0% organic, driven by the solid growth in 11 13 sequential acceleration across all three 102 397 398 +0% +4% 97 brands. 4 5 -24% -23% 30 30 291 221 ▪ Whole
Slide 11: ZEGNA Brand: Revenue Analysis by Distribution Channel
ZEGNA BRAND: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Growth driven by DTC €m YoY Organic YoY Organic In Q3 2025: 285 282 ▪ ZEGNA brand revenues grew +6% organic, reaching €249m. 811 820 +1% +4% ▪ DTC channel (87% of 9M revenues) grew by 120 105 -13% -11% 7% organic, driven by solid double-digit 245
Slide 12: Thom Browne: Revenue Analysis by Distribution Channel
THOM BROWNE: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Performance supported by DTC acceleration; wholesale streamline ongoing €m YoY Organic YoY Organic In Q3 2025: 106 124 ▪ Thom Browne brand recorded revenues of €48m, at -5% organic. 220 ▪ DTC (74% of 9M revenues) reported a 177 -19% -18% 53 +10%
Slide 13: TOM FORD FASHION: Revenue Analysis by Distribution Channel
TOM FORD FASHION: REVENUE ANALYSIS BY DISTRIBUTION CHANNEL Accelerated growth in DTC led by all regions €m YoY Organic YoY Organic In Q3 2025: 62 66 ▪ TOM FORD FASHION reached revenues of €66m, +4% organic. 214 219 +2% +4% ▪ DTC (68% of 9M revenues) reported a 65 66 +1% +4% +16% organic growth, driv
Slide 14: Store Network - Miami Design District
STORE NETWORK MIAMI DESIGN DISTRICT 14
Slide 15: Retail Store Network Evolution
RETAIL STORE NETWORK EVOLUTION(1) At September 30, 2025 At December 31, 2024 At September 30, 2024 TOM FORD TOM FORD Stores ZEGNA Thom Browne Group ZEGNA Thom Browne Group ZEGNA Thom Browne TOM FORD FASHION Group FASHION FASHION EMEA 78 10 12 100 76 9 11 96 76 9 10 95 Americas 76 35 13 124 72 28 13
Slide 16: Next Releases
NEXT RELEASES FY 2025 Preliminary Revenues February 2, 2026 FY 2025 Financial Results March 20, 2026 Q1 2026 Revenues April 30, 2026 H1 2026 Preliminary Revenues July 23, 2026 H1 2026 Financial Results September 3, 2026 Q3 2026 Revenues October 22, 2026 16
Slide 17: Appendix
APPENDIX 17
Slide 18: Group Revenues by Segment
GROUP REVENUES BY SEGMENT Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 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% 290,914 283,875 2.5% 5.5% Thom Browne 64,382 79,066 (18.6%) (18
Slide 19: Group Revenues by Brand and Product Line
GROUP REVENUES BY BRAND AND PRODUCT LINE Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic ZEGNA brand 292,916 282,870 3.6% 3.1% 277,493 283,197 (2.0%) 2.2% 249,436 244,543 2.0% 5.6% Thom Browne 64,2
Slide 20: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 (€ thousands, except percentages) 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% 210,373 203,682 3.3%
Slide 21: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2025 vs Q1 2024 H1 2025 vs H1 2024 9M 2025 vs 9M 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic Direct to Consumer (DTC) ZEGNA brand 250,795 239,615 4.7% 4.0% 504,501 486,561 3.7% 5.6% 714,874 690,243 3.6%
Slide 22: Group Revenues by Geographic Area
GROUP REVENUES BY GEOGRAPHIC AREA Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 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%) 151,055 148,995 1.4% 2.6% EMEA (2) 124,971 114,177
Slide 23: 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 24: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Segment 9M 2025 vs 9M 2024 less less less Constant Revenues Growth Acquisitions and Changes in license agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee Zegna 0.7% (2.1%) 2.8% —% —% 2.8% Thom Browne (19.4%
Slide 25: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Brand and Product Line 9M 2025 vs 9M 2024 less less less Constant Revenues Growth Acquisitions and Changes in license agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee ZEGNA brand 1.1% (2.5%) 3.6% —% —% 3.
Slide 26: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel 9M 2025 vs 9M 2024 less less less Constant Revenues Growth Acquisitions and Changes in license agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee Direct to Consumer (DTC) ZEGNA brand 3.
Slide 27: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel Q3 2025 vs Q3 2024 less less less Constant Revenues Growth Acquisitions and Changes in license agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee Direct to Consumer (DTC) ZEGNA brand 3.
Slide 28: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Geographic Area 9M 2025 vs 9M 2024 less less less Constant Revenues Growth Acquisitions and Changes in license agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee EMEA (1) (1.2%) (0.6%) (0.6%) —% —% (0.6%) (
Slide 29: 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 FY 2025 Preliminary Revenues – February 2, 2026 FY 2025 Financial Results – March 20, 2026 Q1 2026 Reve