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H1 2026 FINANCIAL RESULTS Unaudited figures September 3, 2026
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H1 2026 RESULTS - KEY HIGHLIGHTS1 3 Notes: (1) H1 figures throughout the presentation are unaudited and have been rounded, which may affect the result of certain mathematical calculations presented herein. (2) Organic growth (organic or organic growth) is calculated as the change in revenues from period to period excluding the ef fects of (a) foreign exchange, and (b) acquisitions & disposals. (3) For full details on H1 2026 revenues refer to the Ermenegildo Zegna Group Semi -Annual report. Consolidated Revenues Profit and Net Cash Surplus Gross Profit Adjusted EBIT €28m Profit (2.9% Profit margin) vs. €48m in H1 2025 €74m (7.5% margin) vs. 7.4% margin in H1 2025 €668m (67.6% margin) vs. 67.5% margin in H1 2025 €987m +9% organic2 DTC +16% organic €60m Net Cash Surplus vs. €52m as of 31 December 2025
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4 626 668 H1 2025 H1 2026 502 531 H1 2025 H1 2026 63 68 H1 2025 H1 2026 €m, % margin Gross profit In H1 2026: ▪ Gross Profit margin at 67.6% (vs 67.5% in H1 2025) continues to benefit from a favorable channel mix, with DTC revenues increasing to 86% of branded Group revenues (vs. 82% in H1 2025), notwithstanding the negative impact of the foreign exchange movements. ▪ Selling, general and administrative (SG&A) SG&A at €531m, 53.8% on revenues (vs 54.1% in H1 2025). The lower incidence on revenues was driven by improved operating leverage and lower impairment costs, partly offset by ongoing investments in the expansion of the DTC distribution network. ▪ Marketing costs at €68m, 6.9% on revenues (vs 6.8% in H1 2025). The disciplined increase in marketing expenses reflects the Group’s strategy of supporting brand equity through focused and selective initiatives, such as the VILLA ZEGNA Los Angeles. GROSS PROFIT, SG&A and MARKETING analysis SG&A Marketing €m, % of revenues €m, % of revenues 67.5% 67.6% 54.1% 53.8% 6.8% 6.9%
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5 69 74 H1 2025 H1 2026 Adjusted EBIT(1) €m, % margin Consolidated THOM BROWNE TOM FORD FASHION 14.3% 14.8% 3.5% (6.8%) (12.7%) (7.7%) Revenues Adjusted EBIT Adjusted EBIT Margin 660 94 724 107 ZEGNA Revenues Adjusted EBIT Adjusted EBIT Margin 129 4 123 (8) Revenues Adjusted EBIT Adjusted EBIT Margin 153 (19) 157 (12) By segment ▪ In H1 2026, Adjusted EBIT was €74m with 7.5% margin, compared to 7.4% in H1 2025. ▪ Zegna segment: Adjusted EBIT was €107m compared to €94m in H1 2025. Adj. EBIT margin rose to 14.8% with a 50bps increase, mainly driven by an improved operating leverage in the DTC channel, with a higher sell-through. ▪ Thom Browne segment: Adjusted EBIT was negative €8m with -6.8% margin, lower compared to the 3.5% margin in H1 2025. The negative margin was driven by negative FX impact and investments to support the Brand’s transition to a retail-first culture. ▪ Tom Ford Fashion segment: Adjusted EBIT was negative €12m, improving compared to negative €19m in H1 2025, driven by revenue growth, which enabled greater absorption of fixed costs, coupled with cost control. H1 2025 H1 2026 Corporate and Elimination at Adjusted EBIT (11) (12) 7.4% 7.5% Notes: (1) Adjusted EBIT and Adjusted EBIT Margin are non-IFRS financial measures. Please see "Non-IFRS Financial Measures" for a definition and reconciliation of such non-IFRS financial measures to the most directly comparable IFRS measures.
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6 €m, % Revenues 987.3 100.0% 927.7 100.0% Cost of sales (319.5) (32.4%) (301.7) (32.5%) Gross profit 667.8 67.6% 626.0 67.5% Selling, general and administrative expenses (531.1) (53.8%) (501.8) (54.1%) Marketing expenses (68.2) (6.9%) (62.9) (6.8%) Operating profit 68.5 6.9% 61.3 6.6% Financial income 9.4 0.9% 21.2 2.3% Financial expenses (29.0) (2.9%) (25.4) (2.7%) Foreign exchange gains/(losses) (3.1) (0.3%) 10.2 1.1% Result from equity-method accounted investments 0.6 0.1% 0.7 0.1% Profit before taxes 46.5 4.7% 68.0 7.4% Income taxes (18.1) (1.8%) (20.1) (2.2%) Effective tax rate 39% 30% Profit 28.4 2.9% 47.9 5.2% Attributable to: Shareholders of the parent company 23.2 43.1 Non-controlling interests 5.3 4.8 H1 2026 H1 2025 INCOME STATEMENT ▪ H1 2026 Profit was €28 million (2.9% Profit margin) compared with €48 million, which included €28 million of non-cash gains in H1 2025 from the fair value remeasurement of non- controlling interest put option liabilities. ▪ In H1 2026, the sum of financial income, financial expenses, and foreign exchange gains and losses, were a negative €23m, compared to a positive €6m in H1 2025. This performance reflected higher net financial expenses and lower foreign exchange gains compared with H1 2025, largely related to the effects of the remeasurement of non-controlling interest put option liabilities, primarily attributable to Thom Browne. ▪ In H1 2026, Income taxes reached an effective tax rate increased to 39% from 30% in H1 2025. In H1 2025 tax rate benefited by non-taxable income.
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7 209 227 192 506 507 545 (273) (326) (317) 442 408 420 Jun 25 Dec 25 Jun 26 35 32 19 32 54 64 H1 2025 H1 2026 €m Capital expenditure and Trade working capital(1) ▪ Capital expenditure (Capex) in H1 2026 was €64m, compared to €54m in H1 2025. The increase in spending was linked to the investments for the investments in the new footwear and leather goods production facility in Parma (Italy) - which should start to operate by the end of the year. ▪ Trade working capital was €420m as of June 30, 2026 (€442m as of June 30, 2025). The reduction in Trade working capital was driven mainly by lower receivables as a result of the streamlining of the wholesale business. €m Inventories Trade receivables Trade payables Notes: (1) Trade Working Capital is a non-IFRS financial measure. Please see "Non-IFRS Financial Measures" for a definition and reconciliation of such non-IFRS financial measure to the most directly comparable IFRS measure. Other capex Capex related to the store network Capital expenditure Trade working capital
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8 158 28 125 (10) 57 (42) (64) (75) 19 Profit H1 2026 D&A and impairment of assets Change in Trade Working Capital Change in other operating assets and liabilities / non-cash items Interest & income taxes paid Net cash flows from operating activities Capital expenditure Payment of lease liabilities Free Cash Flow FREE CASH FLOW(1) €m Free Cash Flow Generation of €19 million in H1 2026 Notes: (1) Free Cash Flow is a non-IFRS financial measure. Please see "Non-IFRS Financial Measures" for a definition and calculation of such non-IFRS financial measure.
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9 (9) 60 52 19 (1) (1) Net Cash as of Dec. 2025 Free Cash Flow M&A operations Dividends Other Net Cash as of June 2026 CASH SURPLUS / (NET FINANCIAL INDEBTEDNESS)(1) €m Cash Surplus improved compared to December 31, 2025, to €60 million (2) Notes: (1) Net Financial Indebtedness is a non-IFRS financial measure. Please see "Non-IFRS Financial Measures" for a definition and reconciliation of such non-IFRS financial measure to the most directly comparable IFRS measure. (2) Dividends paid to non-controlling interest. Dividends on 2025 Profit were paid in July 2026. (3) Other mainly inclu des negative change in the fair value of derivative financial instruments, and positive effects from exchange rates on cash and cash equivalents. (3)
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10 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 835.7 652.4 Total equity 1,110.9 1,099.1 Investments accounted for using the equity method 24.7 24.2 Non-current borrowings 128.1 162.1 Deferred tax assets 195.9 164.0 Other non-current financial liabilities 109.7 105.6 Other non-current financial assets 40.6 38.5 Non-current lease liabilities 780.7 590.7 Total non-current assets 1,890.1 1,644.5 Non-current provisions for risks and charges 20.1 20.7 Inventories 544.7 506.9 Employee benefits 32.6 30.1 Trade receivables 192.3 227.1 Deferred tax liabilities 90.3 76.0 Derivative financial instruments 9.3 7.1 Total non-current liabilities 1,161.5 985.2 Tax receivables 34.6 33.1 Current borrowings 96.7 84.1 Other current financial assets 71.6 77.4 Current lease liabilities 146.5 140.9 Other current assets 119.6 118.5 Derivative financial instruments 19.4 4.6 Cash and cash equivalents 226.7 220.1 Current provisions for risks and charges 20.8 23.1 Total current assets 1,198.7 1,190.2 Trade payables and customer advances 317.1 326.2 Total assets 3,088.9 2,834.7 Tax liabilities 36.9 26.8 Other current liabilities 179.1 144.7 Total current liabilities 816.4 750.4 Total equity and liabilities 3,088.9 2,834.7
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11 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 related to right-of-use assets - (1.8) Financial income (9.4) (21.2) Proceeds from disposals of non-current financial assets 0.2 0.3 Financial expenses 29.0 25.4 Payments for purchases of non-current financial assets (3.1) (0.5) Foreign exchange losses/(gains) 3.1 (10.2) Proceeds from disposals of current financial assets and derivative instruments 27.0 10.6 Accruals to the provision for obsolete inventory 18.3 15.0 Payments for acquisitions of current financial assets and derivative instruments (15.6) (4.3) Accruals/(Releases) for other provisions 0.6 (6.0) Business combinations, net of cash acquired (1.1) - Result from investments accounted for using the equity method (0.6) (0.7) Acquisition of investments accounted for using the equity method - (0.4) Other non-cash expenses, net 25.7 18.6 Net cash flows used in investing activities (56.6) (50.0) Change in inventories (45.4) (26.7) Proceeds from borrowings 95.3 139.9 Change in trade receivables 39.3 26.5 Repayments of borrowings (117.8) (166.5) Change in trade payables including customer advances (3.9) (17.5) Repayments of other non-current financial liabilities - (0.1) Change in other operating assets and liabilities (28.3) (52.6) Payments of lease liabilities (74.6) (73.1) Interest paid (20.6) (20.7) Deferred payments for business combinations - (4.7) Income taxes paid (21.4) (20.7) Dividends paid to non-controlling interests (1.3) (1.7) Net cash flows from operating activities 157.8 105.7 Contribution from non-controlling interests 0.8 0.6 Payments for acquisition of non-controlling interests (0.0) - Net cash flows used in financing activities (97.5) (105.5) Effects of exchange rate changes on cash and cash equivalents 2.9 (9.4) Net increase/(decrease) in cash and cash equivalents 6.6 (59.2) Cash and cash equivalents at the beginning of the period 220.1 219.1 Cash and cash equivalents at the end of the period 226.7 159.9
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12 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), Adjusted EBIT, Adjusted EBIT Margin, Net Financial Indebtedness / (Cash Surplus), Trade Working Capital and Free Cash Flow. The Group’s management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group’s financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of the Group with those of other companies. They also provide comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which the Group operates, the financial measures that the Group uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS. Please see the Non-IFRS Financial Measures section for Non-IFRS Financial Measures definitions and reconciliations to the most directly comparable IFRS measures. Forward Looking Statements This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group’s expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek”, “aspire,” “goal,” “outlook,” “guidance,” “forecast,” “prospect” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; international business, regulatory, social and political risks; political instability, geopolitical tensions, acts of terrorism, civil unrest or armed conflicts, including the ongoing conflicts in Ukraine and the Middle East, and the imposition of sanctions; restrictions on trade and the imposition of tariffs among countries; our ability to implement our strategy; recent and potential future acquisitions; risks related to the sale of our products through our direct-to-consumer channel; risks related to our wholesale channel, including as concerns points of sale operated by third parties, the risk of insolvency of our wholesale customers, and our dependence on our local partners to sell our products in certain markets; fluctuations in the price or quality of, or disruptions in the availability of, raw materials; our ability to negotiate, maintain or renew our license or co-branding agreements with high end third party brands; disruption to our manufacturing and logistics facilities, as well as our directly operated stores; existing or future disputes, proceedings or litigation; tourist traffic and demand; our dependence on certain key senior personnel as well as skilled personnel; pandemics or other public health crises; our ability to protect our intellectual property rights; any malfunction or disruption in our information technology and networks, including as a result of cybercrime; the theft or unauthorized use of personal information of our customers, employees or other parties; future sales of our securities in the public market; volatility in our share price; global economic conditions and macro events, including inflation; changes in, or failures to comply with, applicable laws and regulations, or actions taken by regulatory authorities; fluctuations in currency exchange rates or interest rates; credit risk; the high level of competition in the industry in which we operate; climate change and other environmental impacts and our ability to meet our customers’ and other stakeholders’ expectations on environment, social and governance matters; the enactment of tax reforms or other changes in tax laws and regulations; and other risks and uncertainties, including those described in our filings with the SEC. Most of these factors are outside the Company’s control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of the Company as of the date of this communication. Subsequent events, factors and developments may cause that view to change, and it is not possible to assess the impact of such event, factor or development on the Company’s and the Group’s business. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.
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13 APPENDIX 13
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14 GROUP REVENUES BY SEGMENT Notes: (1) n.m. means not meaningful. For the reconciliation of Q1 2026 reported growth to constant currency and organic growth, see the Group’s Q1 2026 Revenue rel ease dated April 30, 2026 available at https://ir.zegnagroup.com/ (€ 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%) (3.3%) 64,940 65,080 (0.2%) 2.4% 123,106 129,462 (4.9%) (0.3%) Tom Ford Fashion 67,727 67,478 0.4% 5.4% 89,090 85,237 4.5% 7.1% 156,817 152,715 2.7% 6.4% Intersegment eliminations (6,614) (6,332) n.m.(1) n.m. (10,284) (8,474) n.m. n.m. (16,898) (14,806) n.m. n.m. Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 987,290 927,690 6.4% 9.3% Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 H1 2026 vs H1 2025
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15 (€ 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 64,223 (9.4%) (3.0%) 64,940 64,931 0.0% 2.7% 123,106 129,154 (4.7%) (0.1%) Tom Ford Fashion 67,727 67,478 0.4% 5.4% 89,090 85,237 4.5% 7.1% 156,817 152,715 2.7% 6.4% Textile 31,212 29,921 4.3% 3.4% 35,800 37,140 (3.6%) (3.2%) 67,012 67,061 (0.1%) (0.3%) Other (1) 2,778 4,283 (35.1%) (34.5%) 3,004 4,068 (26.2%) (25.9%) 5,782 8,351 (30.8%) (30.3%) Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 987,290 927,690 6.4% 9.3% H1 2026 vs H1 2025Q2 2026 vs Q2 2025Q1 2026 vs Q1 2025 GROUP REVENUES BY BRAND AND PRODUCT LINE Notes: (1) Other mainly includes revenues from agreements with third party brands.
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16 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 46,288 9.9% 20.2% 51,833 46,351 11.8% 16.0% 102,697 92,639 10.9% 18.0% TOM FORD FASHION 48,768 48,051 1.5% 9.2% 58,059 52,844 9.9% 13.1% 106,827 100,895 5.9% 11.3% Total Direct to Consumer (DTC) 371,920 345,134 7.8% 14.2% 410,860 352,901 16.4% 17.3% 782,780 698,035 12.1% 15.8% As a percentage of branded products (1) 85% 81% 86% 83% 86% 82% Wholesale branded ZEGNA brand 38,004 42,121 (9.8%) (5.3%) 23,313 23,787 (2.0%) (3.2%) 61,317 65,908 (7.0%) (4.5%) Thom Browne 7,302 17,935 (59.3%) (58.6%) 13,107 18,580 (29.5%) (29.3%) 20,409 36,515 (44.1%) (43.6%) TOM FORD FASHION 18,959 19,427 (2.4%) (3.3%) 31,031 32,393 (4.2%) (2.6%) 49,990 51,820 (3.5%) (2.8%) Total Wholesale branded 64,265 79,483 (19.1%) (17.0%) 67,451 74,760 (9.8%) (9.5%) 131,716 154,243 (14.6%) (13.3%) As a percentage of branded products 15% 19% 14% 17% 14% 18% Textile 31,212 29,921 4.3% 3.4% 35,800 37,140 (3.6%) (3.2%) 67,012 67,061 (0.1%) (0.3%) Other (2) 2,778 4,283 (35.1%) (34.5%) 3,004 4,068 (26.2%) (25.9%) 5,782 8,351 (30.8%) (30.3%) Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 987,290 927,690 6.4% 9.3% H1 2026 vs H1 2025Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 GROUP REVENUES BY DISTRIBUTION CHANNEL Notes: (1) Branded products refer to the products sold under the three brands that the Group operates, through the DTC or who lesale branded. (2) Other mainly includes revenues from agreements with third party brands.
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17 (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic EMEA (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% Americas (2) 137,028 124,971 9.6% 17.5% 165,320 137,743 20.0% 21.8% 302,348 262,714 15.1% 19.8% Greater China Region 124,130 123,260 0.7% 5.3% 111,976 99,841 12.2% 8.6% 236,106 223,101 5.8% 6.8% Rest of APAC (3) 55,500 55,850 (0.6%) 7.7% 62,050 55,658 11.5% 19.3% 117,550 111,508 5.4% 13.6% Other (4) 652 651 0.2% 1.6% 656 808 (18.8%) (17.5%) 1,308 1,459 (10.3%) (9.0%) Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 987,290 927,690 6.4% 9.3% Q1 2026 vs Q1 2025 H1 2026 vs H1 2025Q2 2026 vs Q2 2025 GROUP REVENUES BY GEOGRAPHIC AREA Notes: (1) EMEA includes Europe, Middle East and Africa. (2) Americas includes the United States of America, Canada, Mexico, Brazil and other Central and South American countries. (3) Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (4) Other revenues mainly include royalties.
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18 Stores ZE GNA Thom Browne TOM FORD FASHION Group ZE GNA Thom Browne TOM FORD FASHION Group ZE GNA Thom Browne TOM FORD FASHION Group EMEA 78 12 12 102 79 10 12 101 81 9 12 102 Americas 78 36 16 130 76 35 14 125 75 32 13 120 Greater China Region 72 37 11 120 74 36 12 122 77 39 13 129 Rest of APAC 51 43 28 122 53 42 28 123 53 40 28 121 Total Direct to Consumer (DTC) 279 128 67 474 282 123 66 471 286 120 66 472 EMEA 39 2 14 55 41 4 16 61 41 5 16 62 Americas 58 1 44 103 57 1 46 104 58 1 46 105 Greater China Region 7 6 — 13 9 9 — 18 11 10 — 21 Rest of APAC 5 4 3 12 5 4 3 12 5 5 1 11 Total Wholesale 109 13 61 183 112 18 65 195 115 21 63 199 Total 388 141 128 657 394 141 131 666 401 141 129 671 At June 30, 2026 At December 31, 2025 At June 30, 2025 RETAIL STORE NETWORK EVOLUTION(1) Notes: (1) Monobrand store count includes DOS (both boutiques and outlets) and wholesale monobrand stores (including also monobrand franchisees).
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19 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 Working Capital, Free Cash Flow, revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (organic or organic growth). The Group’s management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group’s financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of the Group with those of other companies. They also provide comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which the Group operates, the financial measures that the Group uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS Accounting Standards. A definition, explanation of relevance and a reconciliation of each non-IFRS financial measure to the most directly comparable measure calculated and presented in accordance with IFRS Accounting Standards are set out below. Revenues on a constant currency basis (constant currency) In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (Constant Currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro. We calculate Constant Currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro. We use revenues on a Constant Currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation. Revenues on a Constant Currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance. Revenues on an organic growth basis (organic or organic growth) In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (organic or organic growth). Organic growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, and (b) acquisitions and disposals. In calculating organic growth, the following adjustments are made to revenues: (a) Foreign exchange – Current period average foreign currency exchange rates are used to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro. (b) Acquisitions and disposals – Revenues generated by businesses and operations acquired in the current year are excluded. Revenues generated by businesses and operations acquired in the prior year are excluded from the current year for the same period that corresponds to the pre-acquisition period in the prior year. Additionally, where a business or operation was a customer prior to an acquisition, the related pre-acquisition revenues are excluded from the current and prior periods. Revenues generated by businesses and operations disposed of in the current year or prior year are excluded from both periods as applicable. We believe the presentation of organic growth is useful to better understand and analyze the underlying change in the Group’s revenues from period to period on a consistent perimeter and constant currency basis. Revenues on an organic growth basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, and (b) acquisitions and disposals provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance. The tables below show a reconciliation of reported revenue growth to constant currency, excluding the effects of foreign exchange, and to organic, which excludes also acquisitions and disposals, by segment, by brand and product line, by distribution channel and by geography for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 (H1 2026 vs H1 2025) and for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 (Q2 2026 vs Q2 2025).
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20 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic 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 6.4% (2.9% ) 9.3% —% 9.3% Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic Zegna 14.2% 0.2% 14.0% 0.1% 13.9% Thom Browne (0.2%) (2.6% ) 2.4% —% 2.4% Tom Ford Fashion 4.5% (2.6% ) 7.1% —% 7.1% Total 10.3% (0.8% ) 11.1% 0.1% 11.0% H1 2026 vs H1 2025 Q2 2026 vs Q2 2025 Reconciliation Table – Segment NON-IFRS FINANCIAL MEASURES
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21 Reconciliation Table – Brand and Product Line NON-IFRS FINANCIAL MEASURES Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic 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% ) 6.4% —% 6.4% Textile (0.1%) 0.2% (0.3%) —% (0.3%) Other (30.8%) (0.5% ) (30.3%) —% (30.3%) Total 6.4% (2.9% ) 9.3% —% 9.3% Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic ZEGNA brand 16.9% 0.3% 16.6% 0.1% 16.5% Thom Browne —% (2.7% ) 2.7% —% 2.7% TOM FORD FASHION 4.5% (2.6% ) 7.1% —% 7.1% Textile (3.6%) (0.4% ) (3.2%) —% (3.2%) Other (26.2%) (0.3% ) (25.9%) —% (25.9%) Total 10.3% (0.8% ) 11.1% 0.1% 11.0% H1 2026 vs H1 2025 Q2 2026 vs Q2 2025
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22 Reconciliation Table – Distribution Channel NON-IFRS FINANCIAL MEASURES Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic 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 FORD FASHION 5.9% (5.4% ) 11.3% —% 11.3% Total Direct to Consumer (DTC) 12.1% (3.8% ) 15.9% 0.1% 15.8% Wholesale branded ZEGNA brand (7.0%) (1.3% ) (5.7%) (1.2% ) (4.5%) Thom Browne (44.1%) (0.5% ) (43.6%) —% (43.6%) TOM FORD FASHION (3.5%) (0.7% ) (2.8%) —% (2.8%) Total Wholesale branded (14.6%) (0.8% ) (13.8%) (0.5% ) (13.3%) Textile (0.1%) 0.2% (0.3%) —% (0.3%) Other (30.8%) (0.5% ) (30.3%) —% (30.3%) Total 6.4% (2.9% ) 9.3% —% 9.3% H1 2026 vs H1 2025
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23 Reconciliation Table – Distribution Channel NON-IFRS FINANCIAL MEASURES Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic 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 FASHION 9.9% (3.2% ) 13.1% —% 13.1% Total Direct to Consumer (DTC) 16.4% (1.0% ) 17.4% 0.1% 17.3% Wholesale branded ZEGNA brand (2.0%) 1.9% (3.9%) (0.7% ) (3.2%) Thom Browne (29.5%) (0.2% ) (29.3%) —% (29.3%) TOM FORD FASHION (4.2%) (1.6% ) (2.6%) —% (2.6%) Total Wholesale branded (9.8%) (0.1% ) (9.7%) (0.2% ) (9.5%) Textile (3.6%) (0.4% ) (3.2%) —% (3.2%) Other (26.2%) (0.3% ) (25.9%) —% (25.9%) Total 10.3% (0.8% ) 11.1% 0.1% 11.0% Q2 2026 vs Q2 2025
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24 Reconciliation Table – Geographic Area NON-IFRS FINANCIAL MEASURES Notes: (1) EMEA includes Europe, Middle East and Africa. (2) Americas includes the United States of America, Canada, Mexico, Brazil and other Central and South American countries. (3) Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (4) Other revenues mainly include royalties. Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic EMEA (1) 0.3% (1.2% ) 1.5% —% 1.5% Americas (2) 15.1% (4.7% ) 19.8% —% 19.8% Greater China Region 5.8% (1.0% ) 6.8% —% 6.8% Rest of APAC (3) 5.4% (8.2% ) 13.6% —% 13.6% Other (4) (10.3%) (1.3% ) (9.0%) —% (9.0%) Total 6.4% (2.9% ) 9.3% —% 9.3% Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic EMEA (1) 1.3% (0.5% ) 1.8% 0.2% 1.6% Americas (2) 20.0% (1.8% ) 21.8% —% 21.8% Greater China Region 12.2% 3.6% 8.6% —% 8.6% Rest of APAC (3) 11.5% (7.8% ) 19.3% —% 19.3% Other (4) (18.8%) (1.3% ) (17.5%) —% (17.5%) Total 10.3% (0.8% ) 11.1% 0.1% 11.0% Q2 2026 vs Q2 2025 H1 2026 vs H1 2025
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25 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 and costs which are significant in nature and that management considers not reflective of underlying operating activities, including, for one or all of the periods presented and as further described below, severance costs, impairment of stores and legal costs for trademark dispute. Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period. The Group’s management uses Adjusted EBIT and Adjusted EBIT Margin for internal reporting to assess performance and as part of the forecasting, budgeting and decision-making processes as they provide additional transparency regarding the Group’s underlying operating performance. The Group’s management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of the Group’s underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. The Group’s management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses the Group’s underlying operating performance on a consistent basis and to compare the Group’s performance with that of other companies. Accordingly, management believes that Adjusted EBIT and Adjusted EBIT Margin provide useful information to third party stakeholders in understanding and evaluating the Group’s operating results. Net Financial Indebtedness/(Cash Surplus) Net Financial Indebtedness/(Cash Surplus) is defined as the sum of financial borrowings (current and non-current) and derivative financial instrument liabilities, net of cash and cash equivalents, derivative financial instrument assets and securities (recorded within other current financial assets in the semi-annual condensed consolidated statement of financial position). The Group’s management believes that Net Financial Indebtedness/(Cash Surplus) is useful to monitor the level of net liquidity and financial resources available to the Group. The Group’s management believes this non-IFRS financial measure aids management, investors and analysts to analyze the Group’s financial position and financial resources available, and to compare the Group’s financial position and financial resources available with that of other companies. Trade Working Capital Trade Working Capital is defined as current assets less current liabilities adjusted for derivative financial instrument assets and liabilities, tax receivables and liabilities, cash and cash equivalents, borrowings, lease liabilities, and certain other current assets and liabilities. The Group’s management uses Trade Working Capital to understand and evaluate the Group’s liquidity generation/absorption. The Group’s management believes this non-IFRS financial measure is important supplemental information for investors in evaluating liquidity and provides insight into the availability of net current resources to fund our ongoing operations. Trade Working Capital is a measure used by management in internal evaluations of cash availability and operational performance. Free Cash Flow Free Cash Flow is defined as net cash flows from operating activities less payments for property, plant and equipment (net of proceeds from disposals), intangible assets, right-of-use assets and lease liabilities. The Group’s management believes that Free Cash Flow is a useful metric for management, investors and analysts to assess the Group’s ability to generate cash, including in comparison to other companies. Free Cash Flow should not be considered representative of residual cash flows available for discretionary purposes. Non-IFRS financial measures
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26 (€ thousands, except percentages) 2026 2025 Profit 28,433 47,902 Income taxes 18,052 20,116 Financial income (9,373) (21,207) Financial expenses 28,989 25,408 Foreign exchange losses/(gains) 3,082 (10,214) Result from investments accounted for using the equity method (644) (659) Operating profit 68,539 61,346 Adjustments: Severance costs (1) 3,679 903 Impairment of stores (2) 1,380 6,101 Legal costs for trademark dispute (3) 857 320 Adjusted EBIT 74,455 68,670 Revenues 987,290 927,690 Profit margin (Profit / Revenues) 2.9% 5.2% Adjusted EBIT Margin (Adjusted EBIT / Revenues) 7.5% 7.4% For the six months ended June 30, Reconciliation of Profit to Adjusted EBIT and calculation of profit margin and Adjusted EBIT Margin NON-IFRS FINANCIAL MEASURES Explanatory notes on Adjusting items (1) Primarily relates to severance indemnities. (2) Net impairment of leased and owned stores of €1,380 thousand for the six months ended June 30, 2026 includes (i) impairment of €838 thousand related to right-of-use assets, (ii) impairment of €538 thousand related to property, plant and equipment, and (iii) impairment of €4 thousand related to intangible assets. Net impairment of leased and owned stores of €6,101 thousand for the six months ended June 30, 2025 includes (i) impairment of €4,046 thousand related to right-of-use assets, (ii) impairment of €2,016 thousand related to property, plant and equipment, and (iii) impairment of €39 thousand related to intangible assets). (3) Relates to legal costs of €857 thousand and €320 thousand for the six months ended June 30, 2026 and 2025, respectively, in connection with a legal dispute between Adidas AG and Thom Browne, primarily in relation to the use of trademarks.
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27 Net Financial Indebtedness/(Cash Surplus) NON-IFRS FINANCIAL MEASURES (€ 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 borrowings and derivative financial instrument liabilities 244,238 250,765 353,785 Cash and cash equivalents (226,715) (220,121) (159,896) Derivative financial instruments — Assets (9,261) (7,055) (32,169) Other current financial assets (Securities) (67,843) (75,682) (69,580) Total cash and cash equivalents, derivative financial instrument assets and securities (303,819) (302,858) (261,645) Net Financial Indebtedness/(Cash Surplus) (59,581) (52,093) 92,140
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28 Trade Working Capital NON-IFRS FINANCIAL MEASURES (€ thousands) At June 30, 2026 At December 31, 2025 At June 30, 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 - Assets 9,261 7,055 32,169 Tax receivables 34,558 33,142 34,069 Other current financial assets 71,584 77,432 71,329 Other current assets 119,551 118,473 124,684 Cash and cash equivalents 226,715 220,121 159,896 Current borrowings (96,653) (84,066) (174,235) Current lease liabilities (146,497) (140,937) (131,497) Derivative financial instruments - Liabilities (19,441) (4,576) (5,132) Current provisions for risks and charges (20,761) (23,098) (17,522) Tax liabilities (36,911) (26,762) (33,588) Other current liabilities (179,105) (144,708) (166,418) Trade Working Capital 420,013 407,745 441,784 of which trade receivables 192,331 227,087 209,462 of which inventories 544,742 506,903 505,681 of which trade payables and customer advances (317,060) (326,245) (273,359)
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29 Free Cash Flow NON-IFRS FINANCIAL MEASURES (€ 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 — (1,800) Payments of lease liabilities (74,633) (73,065) Free Cash Flow 19,203 (23,109) For the six months ended June 30,
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30 External Relations Paola Durante - Chief of External Relations and Sustainability Alice Poggioli - Investor Relations Director ir@zegna.com corporatepress@zegna.com CONTACTS AND NEXT RELEASES Next financial releases Q3 2026 Unaudited Revenues – October 22