Ermenegildo Zegna N.v. · NYSE:ZGN
Ermenegildo Zegna — Q2 2026 Earnings Presentation
30 slides from Ermenegildo Zegna's earnings presentation, Jul 23, 2026
Slide 1: H1 2026 Preliminary Revenues
H1 2026 PRELIMINARY REVENUES Unaudited figures July 23, 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: Ermenegildo Zegna Group
Ermenegildo Zegna Group “lam particularly proud to report 11% organic growth in the Group’s revenues in the past quarter, with sequential acceleration across all our brands. This performance reflects the strength of our client-centric model, with Direct-to-Consumer revenues up 17% organically inthe:
Slide 4: H1 and Q2 2026 Revenues - Key Highlights
H1 and Q2 2026 REVENUES - KEY HIGHLIGHTS1 H1 2026 Consolidated Revenues H1 2026 Revenues by BRAND €987m ZEGNA +6% Year-on-Year (YoY) +9% organic2 €635m +14% organic DTC +16% organic DTC +16% organic (+18% in Q2) Q2 2026 Consolidated Revenues €517m €123m €157m +10% YoY flat organic +6% organic +11% o
Slide 5: What we did these past months: ZEGNA
What we did these past months ZEGNA SUMMER 2027 FASHION SHOW 5
Slide 6: What we did these past months: ZEGNA
What we did these past months ZEGNA SUMMER 2027 FASHION SHOW 6
Slide 7: What we did these past months: ZEGNA
What we did these past months ZEGNA SUMMER 2027 FASHION SHOW 7
Slide 8: What we did these past months: Villa Zegna Los Angeles
What we did these past months VILLA ZEGNA LOS ANGELES La Villeggiatura 8
Slide 9: What we did these past months: Thom Browne
What we did these past months THOM BROWNE Spring 2027 menswear fashion show 9
Slide 10: What we did these past months: Thom Browne
What we did these past months THOM BROWNE Spring 2027 menswear fashion show 10
Slide 11: What we did these past months: TOM FORD FASHION
What we did these past months TOM FORD FASHION Cannes Film Festival 11
Slide 12: 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 987 6 +6% +9% 517 +10% +11% revenues) were up 17% organic, driven by a 928 8 -31% -30% 3 -26% -26% strong performance across all regions in the 67 -
Slide 13: Revenues by Geographic Area
REVENUES BY GEOGRAPHIC AREA1 Americas and Rest of APAC led the performance €m YoY Organic YoY Organic In Q2 2026: ▪ EMEA revenues grew 2% organic, reflecting 928 987 +6% +9% 517 +10% +11% robust DTC growth across all three brands, 469 partially offset by the negative wholesale 118 +5% +14% 62 +11% +
Slide 14: Revenues by Distribution Channel
REVENUES BY DISTRIBUTION CHANNEL Sequential DTC acceleration, despite tougher comparison €m YoY Organic YoY Organic In Q2 2026: ▪ DTC revenues reached €411m, +17% 987 +6% +9% 517 +10% +11% organic, in sequential acceleration led by 928 6 3 ZEGNA brand. 8 67 469 36 67 4 132 -15% -13% 37 67 -10% -9% ▪
Slide 15: 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 16: 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 17: 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 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: Appendix
APPENDIX 19
Slide 20: 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 21: 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 22: 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 23: 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 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: Reconciliation by 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 26: Non-IFRS Financial Measures: Reconciliation by 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 27: 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 28: 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 29: Non-IFRS Financial Measures: Reconciliation by 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 EMEA (1) 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 30: Contacts and Next Releases
CONTACTS AND NEXT RELEASES External Relations Paola Durante - Chief of External Relations & Sustainability Alice Poggioli - Investor Relations Director ir@zegna.com corporatepress@zegna.com Next financial releases H1 2026 Unaudited Financial Results – September 3 Q3 2026 Unaudited Revenues – October