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1 Q3/9M 2026 REVENUES Unaudited figures October 22, 2026
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2 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). 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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4 ZEGNA SU MISURA campaign What we did these past months
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5 ZEGNA FW26 FALCON campaign What we did these past months
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6 What we did these past months ZEGNA FW26 FALCON campaign
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7 7 TOM FORD FASHION Spring Summer 2027 fashion show What we did these past months
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8 8 THOM BROWNE Womenswear Spring 2027 fashion show What we did these past months
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9 What we did these past months THOM BROWNE Womenswear Spring 2027 fashion show
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9M and Q3 2026 REVENUES - KEY HIGHLIGHTS1 10 Notes: (1) Revenues figures throughout the presentation are unaudited. Figures 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 effects of (a) foreign exchange and (b) acquisi tions & disposals. €45m -7% organic DTC -7% organic ZEGNA Q3 2026 Consolidated Revenues Q3 2026 Revenues by BRAND9M 2026 Consolidated Revenues €284m +13% organic DTC +16% organic €70m +5% organic DTC +4% organic €1,421m +7% Year-on-Year (YoY) +9% organic2 DTC +14% organic €434m +9% YoY +8% organic DTC +11% organic
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11 249 284 48 45 66 7030 31 5 4398 434 Q3 2025 Q3 2026 820 918 177 168 219 226 97 9813 101,326 1,421 9M 2025 9M 2026 REVENUES BY BRAND AND PRODUCT LINE By brand: ZEGNA driving the growth Notes: (1) Other mainly includes revenues from agreements with third party brand. €m In Q3 2026: ▪ Group revenues reached €434m, +8% organic. ▪ ZEGNA brand led the performance of the Group, with revenues up 13% organic, driven by strong Direct – To – Consumer (DTC) growth across all regions. ▪ Thom Browne (TB) brand revenues declined 7% organic, mainly due to the more challenging environment in GCR and the ongoing wholesale rationalization. ▪ TOM FORD FASHION (TFF) brand revenues were up 5% organic, with both channels contributing to growth. ▪ Textile revenues were +5% organic, while Other revenues declined 14% organic. +4% -5% +12% +1% +6% -2% +14% +1% +5% -6% +14% +4% -13% +5% -7% +13% +5% -14% ZEGNA brand Thom Browne TOM FORD FASHION Textile Other (1) -24% -24% YoY Organic YoY Organic +9% +8% +7% +9%
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12 38% 30% 19% 12% 37% 32% 19% 11% 35% 31% 22% 12% 36% 29% 23% 12% 480 491 384 441 300 320 159 167 1,326 1,421 9M 2025 9M 2026 151 161 121 138 77 8448 49 398 434 Q3 2025 Q3 2026 REVENUES BY GEOGRAPHIC AREA1 Notes: (1) Revenues includes “other revenues”, mainly royalties for €863k in Q3 2025 and €655k in Q3 2026, €2,322k in 9M 2025 and €1,963k in 9M 2026. All regions reporting a positive performance in Q3 +14% +7% +4% +9% Americas Greater China Region Rest of APAC +9% EMEA +14% +6% +5% +8% +6% +15% +2% +5% +7% +7% +18% +3% +11% +9% +7% €m YoY Organic YoY Organic In Q3 2026: ▪ EMEA revenues were up 6% organic, driven by double-digit growth at ZEGNA, partially offset by a decline in wholesale revenues at Thom Browne and TFF. The Middle East delivered strong sequential improvement. ▪ Americas revenues rose 14% organic, led by double-digit growth at ZEGNA DTC, partially offset by a decline in the ZEGNA wholesale. TFF also delivered solid results in the region. ▪ Greater China Region (GCR) revenues reported a +6% organic, driven by ZEGNA DTC, partially offset by the negative performance at Thom Browne. ▪ Rest of APAC revenues were up 5% organic, driven by the positive contribution of ZEGNA and TFF, while TB performed broadly in line with the previous year.
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13 995 1,118 221 19597 9813 101,326 1,421 9M 2025 9M 2026 297 335 67 6330 315 4 398 434 Q3 2025 Q3 2026 REVENUES BY DISTRIBUTION CHANNEL Solid DTC performance continued Notes: (1) Other mainly includes revenues from agreements with third-party brand. In Q3 2026: ▪ DTC revenues reached €335m, up 11% organic, driven by +16% organic growth at ZEGNA brand, which delivered strong organic growth across all regions. ▪ Wholesale branded revenues (excluding the B2B business of Textile & Other) decreased by 4% organic, continuing to reflect the Group’s strategic decision to focus on the DTC channel across all three brands. In the first nine months of 2026, DTC accounted for 85% of Group branded revenues compared with 82% in the first nine months of 2025. €m Direct to Consumer “DTC” Wholesale branded Textile Other(1) -12% +12% -10% +14% -4% +11% -5% +13% YoY Organic YoY Organic +9% +8% +7% +9%
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14 89% 11% 87% 13% 84% 16% 88% 12% 210 249 39 35 249 284 Q3 2025 Q3 2026 715 822 105 97 820 918 9M 2025 9M 2026 €m ZEGNA BRAND: REVENUE ANALYSIS Notes: (1) Directly-operated stores. Breakdown by channel: Outstanding DTC growth across all regions In Q3 2026: ▪ ZEGNA brand revenues grew 13% organic, reaching €284m. ▪ DTC channel grew by 16% organic, driven by strong results in all regions. The Americas continued to outperform, while the Middle East accelerated sequentially, delivering double-digit growth in the quarter and GCR maintained a solid momentum. ▪ During the quarter, ZEGNA closed 4 net stores. ▪ Wholesale revenues declined 8% organic, reflecting the Group’s strategic focus on a retail-first business model and its commitment to delivering a more exclusive customer experience. €m Direct to Consumer “DTC” Wholesale branded DOS # at end of period -8% +16% -10% +18%+16%+15% YoY Organic YoY Organic 282 275 -8% -6% +12% +14% +14% +13%
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15 74% 26% 83% 17% 79% 21% 131 139 46 29 177 168 9M 2025 9M 2026 80% 20% THOM BROWNE: REVENUE ANALYSIS Breakdown by channel: DTC impacted by China slowdown €m -7% Direct to Consumer “DTC” Wholesale branded DOS # at end of period -11% -7% 124 129 -6% -10% -5% -2% -36% +10% -5% -37% +6% In Q3 2026: ▪ Thom Browne brand recorded revenues of €45m, down 7% organic. ▪ DTC revenues reported a -7% organic, reflecting a more challenging environment in GCR. ▪ During the quarter, the Thom Browne DTC network increased by one net unit, including the opening of a DOS at Shanghai Plaza 66. ▪ Wholesale revenues declined 11% organic, reflecting the ongoing streamlining of the wholesale channel. YoY Organic YoY Organic 38 36 10 9 48 45 Q3 2025 Q3 2026
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16 72% 28% 73% 27% 69% 31% 68% 32% 48 50 18 19 66 70 Q3 2025 Q3 2026 149 157 70 69 219 226 9M 2025 9M 2026 TOM FORD FASHION: REVENUE ANALYSIS Breakdown by channel: Solid growth across both channels €m +5% Direct to Consumer “DTC” Wholesale branded DOS # at end of period +9% +4% 66 67 +5% +7% +5% +6% +0% +9% +4% -1% +6% In Q3 2026: ▪ TOM FORD FASHION reached revenues of €70m, +5% organic. ▪ DTC grew 4% organic, driven by positive performance in the Americas, EMEA and Rest of APAC. ▪ During the quarter, the total number of DOS remained unchanged. ▪ Wholesale revenues grew 9% organic, driven by the good reception of Fall Winter collections. YoY Organic YoY Organic
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17 RETAIL STORE NETWORK EVOLUTION(1) Notes: (1) Monobrand store count includes DOS (both boutiques and outlets) and wholesale monobrand stores (including also monobrand franchisees). 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 76 11 12 99 79 10 12 101 78 10 12 100 Americas 78 36 17 131 76 35 14 125 76 35 13 124 Greater China Region 72 38 10 120 74 36 12 122 75 38 13 126 Rest of APAC 49 44 28 121 53 42 28 123 53 41 28 122 Total Direct to Consumer (DTC) 275 129 67 471 282 123 66 471 282 124 66 472 EMEA 40 2 14 56 41 4 16 61 41 5 16 62 Americas 54 1 44 99 57 1 46 104 59 1 46 106 Greater China Region 7 6 — 13 9 9 — 18 9 10 — 19 Rest of APAC 5 3 3 11 5 4 3 12 5 5 1 11 Total Wholesale 106 12 61 179 112 18 65 195 114 21 63 198 Total 381 141 128 650 394 141 131 666 396 145 129 670 At September 30, 2026 At December 31, 2025 At September 30, 2025
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18 18 February 1, 2027FY 2026 Preliminary Revenues March 15, 2027FY 2026 Financial Results April 29, 2027Q1 2027 Revenues July 22, 2027H1 2027 Preliminary Revenues September 2, 2027H1 2027 Financial Results October 21, 2027Q3 2027 Revenues NEXT RELEASES
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19 APPENDIX 19
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20 GROUP REVENUES BY SEGMENT Notes: (1) n.m. means not meaningful. For the reconciliation of Q1 2026, Q2 2026 and H1 2026 reported revenue growth to organic revenue growth, see the Group’s Q1 2026 Revenue release dated April 30, 2026 and the Group's H1 2026 Financial Results release dated September 3, 2026, both 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% 325,913 290,914 12.0% 11.3% Thom Browne 58,166 64,382 (9.7%) (3.3%) 64,940 65,080 (0.2%) 2.4% 45,358 48,189 (5.9%) (7.4%) Tom Ford Fashion 67,727 67,478 0.4% 5.4% 89,090 85,237 4.5% 7.1% 69,573 66,019 5.4% 5.5% Intersegment eliminations (6,614) (6,332) n.m.(1) n.m. (10,284) (8,474) n.m. n.m. (7,076) (6,893) n.m. n.m. Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 433,768 398,229 8.9% 8.2% (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Zegna 350,896 333,293 5.3% 9.8% 724,265 660,319 9.7% 11.9% 1,050,178 951,233 10.4% 11.7% Thom Browne 58,166 64,382 (9.7%) (3.3%) 123,106 129,462 (4.9%) (0.3%) 168,464 177,651 (5.2%) (2.4%) Tom Ford Fashion 67,727 67,478 0.4% 5.4% 156,817 152,715 2.7% 6.4% 226,390 218,734 3.5% 6.1% Intersegment eliminations (6,614) (6,332) n.m. n.m. (16,898) (14,806) n.m. n.m. (23,974) (21,699) n.m. n.m. Total revenues 470,175 458,821 2.5% 7.4% 987,290 927,690 6.4% 9.3% 1,421,058 1,325,919 7.2% 8.9% Q1 2026 vs Q1 2025 Q2 2026 vs Q2 2025 H1 2026 vs H1 2025Q1 2026 vs Q1 2025 9M 2026 vs 9M 2025 Q3 2026 vs Q3 2025
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21 GROUP REVENUES BY BRAND AND PRODUCT LINE Notes: (1) Other mainly includes revenues from agreements with third party brands. (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Zegna brand 310,292 292,916 5.9% 11.3% 324,281 277,493 16.9% 16.5% 283,844 249,436 13.8% 12.7% Thom Browne 58,166 64,223 (9.4%) (3.0%) 64,940 64,931 0.0% 2.7% 45,358 48,207 (5.9%) (7.4%) TOM FORD FASHION 67,727 67,478 0.4% 5.4% 89,090 85,237 4.5% 7.1% 69,573 66,019 5.4% 5.5% Textile 31,212 29,921 4.3% 3.4% 35,800 37,140 (3.6%) (3.2%) 30,866 29,810 3.5% 5.0% Other (1) 2,778 4,283 (35.1%) (34.5%) 3,004 4,068 (26.2%) (25.9%) 4,127 4,757 (13.2%) (13.5%) Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 433,768 398,229 8.9% 8.2% (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic ZEGNA brand 310,292 292,916 5.9% 11.3% 634,573 570,409 11.2% 13.9% 918,417 819,845 12.0% 13.5% Thom Browne 58,166 64,223 (9.4%) (3.0%) 123,106 129,154 (4.7%) (0.1%) 168,464 177,361 (5.0%) (2.2%) TOM FORD FASHION 67,727 67,478 0.4% 5.4% 156,817 152,715 2.7% 6.4% 226,390 218,734 3.5% 6.1% Textile 31,212 29,921 4.3% 3.4% 67,012 67,061 (0.1%) (0.3%) 97,878 96,871 1.0% 1.4% Other (1) 2,778 4,283 (35.1%) (34.5%) 5,782 8,351 (30.8%) (30.3%) 9,909 13,108 (24.4%) (24.1%) Total revenues 470,175 458,821 2.5% 7.4% 987,290 927,690 6.4% 9.3% 1,421,058 1,325,919 7.2% 8.9% Q1 2026 vs Q1 2025 Q1 2026 vs Q1 2025 H1 2026 vs H1 2025 Q2 2026 vs Q2 2025 Q3 2026 vs Q3 2025 9M 2026 vs 9M 2025
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22 (€ thousands, except percentages) 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% 248,599 210,373 18.2% 16.4% Thom Browne 50,864 46,288 9.9% 20.2% 51,833 46,351 11.8% 16.0% 36,393 38,262 (4.9%) (6.6%) TOM FORD FASHION 48,768 48,051 1.5% 9.2% 58,059 52,844 9.9% 13.1% 50,337 48,073 4.7% 4.2% Total Direct to Consumer (DTC) 371,920 345,134 7.8% 14.2% 410,860 352,901 16.4% 17.3% 335,329 296,708 13.0% 11.4% As a percentage of branded products (1) 85% 81% 86% 83% 84% 82% Wholesale branded ZEGNA brand 38,004 42,121 (9.8%) (5.3%) 23,313 23,787 (2.0%) (3.2%) 35,245 39,063 (9.8%) (7.9%) Thom Browne 7,302 17,935 (59.3%) (58.6%) 13,107 18,580 (29.5%) (29.3%) 8,965 9,945 (9.9%) (10.7%) TOM FORD FASHION 18,959 19,427 (2.4%) (3.3%) 31,031 32,393 (4.2%) (2.6%) 19,236 17,946 7.2% 8.9% Total Wholesale branded 64,265 79,483 (19.1%) (17.0%) 67,451 74,760 (9.8%) (9.5%) 63,446 66,954 (5.2%) (3.8%) As a percentage of branded products (1) 15% 19% 14% 17% 16% 18% Textile 31,212 29,921 4.3% 3.4% 35,800 37,140 (3.6%) (3.2%) 30,866 29,810 3.5% 5.0% Other (2) 2,778 4,283 (35.1%) (34.5%) 3,004 4,068 (26.2%) (25.9%) 4,127 4,757 (13.2%) (13.5%) Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 433,768 398,229 8.9% 8.2% Q3 2026 vs Q3 2025Q2 2026 vs Q2 2025Q1 2026 vs Q1 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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23 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. (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic Direct to Consumer (DTC) ZEGNA brand 272,288 250,795 8.6% 14.1% 573,256 504,501 13.6% 16.3% 821,855 714,874 15.0% 16.3% Thom Browne 50,864 46,288 9.9% 20.2% 102,697 92,639 10.9% 18.0% 139,090 130,901 6.3% 10.4% TOM FORD FASHION 48,768 48,051 1.5% 9.2% 106,827 100,895 5.9% 11.3% 157,164 148,968 5.5% 8.9% Total Direct to Consumer (DTC) 371,920 345,134 7.8% 14.2% 782,780 698,035 12.1% 15.8% 1,118,109 994,743 12.4% 14.4% As a percentage of branded products (1) 85% 81% 86% 82% 85% 82% Wholesale branded ZEGNA brand 38,004 42,121 (9.8%) (5.3%) 61,317 65,908 (7.0%) (4.5%) 96,562 104,971 (8.0%) (5.7%) Thom Browne 7,302 17,935 (59.3%) (58.6%) 20,409 36,515 (44.1%) (43.6%) 29,374 46,460 (36.8%) (36.5%) TOM FORD FASHION 18,959 19,427 (2.4%) (3.3%) 49,990 51,820 (3.5%) (2.8%) 69,226 69,766 (0.8%) 0.1% Total Wholesale branded 64,265 79,483 (19.1%) (17.0%) 131,716 154,243 (14.6%) (13.3%) 195,162 221,197 (11.8%) (10.4%) As a percentage of branded products (1) 15% 19% 14% 18% 15% 18% Textile 31,212 29,921 4.3% 3.4% 67,012 67,061 (0.1%) (0.3%) 97,878 96,871 1.0% 1.4% Other (2) 2,778 4,283 (35.1%) (34.5%) 5,782 8,351 (30.8%) (30.3%) 9,909 13,108 (24.4%) (24.1%) Total revenues 470,175 458,821 2.5% 7.4% 987,290 927,690 6.4% 9.3% 1,421,058 1,325,919 7.2% 8.9% 9M 2026 vs 9M 2025H1 2026 vs H1 2025Q1 2026 vs Q1 2025
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24 (€ 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% 161,406 151,055 6.9% 6.3% Americas (2) 137,028 124,971 9.6% 17.5% 165,320 137,743 20.0% 21.8% 138,305 121,337 14.0% 13.6% Greater China Region 124,130 123,260 0.7% 5.3% 111,976 99,841 12.2% 8.6% 84,096 77,396 8.7% 5.7% Rest of APAC (3) 55,500 55,850 (0.6%) 7.7% 62,050 55,658 11.5% 19.3% 49,306 47,578 3.6% 5.0% Other (4) 652 651 0.2% 1.6% 656 808 (18.8%) (17.5%) 655 863 (24.1%) (24.1%) Total revenues 470,175 458,821 2.5% 7.4% 517,115 468,869 10.3% 11.0% 433,768 398,229 8.9% 8.2% (€ thousands, except percentages) 2026 2025 % Organic 2026 2025 % Organic 2026 2025 % Organic EMEA (1) 152,865 154,089 (0.8%) 1.4% 329,978 328,908 0.3% 1.5% 491,384 479,963 2.4% 3.0% Americas (2) 137,028 124,971 9.6% 17.5% 302,348 262,714 15.1% 19.8% 440,653 384,051 14.7% 17.8% Greater China Region 124,130 123,260 0.7% 5.3% 236,106 223,101 5.8% 6.8% 320,202 300,497 6.6% 6.5% Rest of APAC (3) 55,500 55,850 (0.6%) 7.7% 117,550 111,508 5.4% 13.6% 166,856 159,086 4.9% 10.9% Other (4) 652 651 0.2% 1.6% 1,308 1,459 (10.3%) (9.0%) 1,963 2,322 (15.5%) (14.7%) Total revenues 470,175 458,821 2.5% 7.4% 987,290 927,690 6.4% 9.3% 1,421,058 1,325,919 7.2% 8.9% Q3 2026 vs Q3 2025 9M 2026 vs 9M 2025H1 2026 vs H1 2025 Q2 2026 vs Q2 2025Q1 2026 vs Q1 2025 Q1 2026 vs Q1 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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25 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’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 perfomance, which excludes also acquisitions and disposals, by segment, by brand and product line, by distribution channel and by geography for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 (9M 2026 vs 9M 2025) and for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 (Q3 2026 vs Q3 2025).
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26 Reconciliation Table– Segment NON-IFRS FINANCIAL MEASURES Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic Zegna 10.4% (1.3%) 11.7% —% 11.7% Thom Browne (5.2%) (2.8%) (2.4%) —% (2.4%) Tom Ford Fashion 3.5% (2.6%) 6.1% —% 6.1% Total 7.2% (1.8%) 9.0% 0.1% 8.9% Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic Zegna 12.0% 0.6% 11.4% 0.1% 11.3% Thom Browne (5.9%) 1.5% (7.4%) —% (7.4%) Tom Ford Fashion 5.4% (0.1%) 5.5% —% 5.5% Total 8.9% 0.7% 8.2% —% 8.2% 9M 2026 vs 9M 2025 Q3 2026 vs Q3 2025
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27 Reconciliation Table– Brand and Product Line NON-IFRS FINANCIAL MEASURES Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic ZEGNA brand 12.0% (1.6%) 13.6% 0.1% 13.5% Thom Browne (5.0%) (2.8%) (2.2%) —% (2.2%) TOM FORD FASHION 3.5% (2.6%) 6.1% —% 6.1% Textile 1.0% (0.4%) 1.4% —% 1.4% Other (24.4%) (0.3%) (24.1%) —% (24.1%) Total 7.2% (1.8%) 9.0% 0.1% 8.9% Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic ZEGNA brand 13.8% 1.0% 12.8% 0.1% 12.7% Thom Browne (5.9%) 1.5% (7.4%) —% (7.4%) TOM FORD FASHION 5.4% (0.1%) 5.5% —% 5.5% Textile 3.5% (1.5%) 5.0% —% 5.0% Other (13.2%) 0.3% (13.5%) —% (13.5%) Total 8.9% 0.7% 8.2% —% 8.2% 9M 2026 vs 9M 2025 Q3 2026 vs Q3 2025
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28 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 15.0% (1.5%) 16.5% 0.2% 16.3% Thom Browne 6.3% (4.1%) 10.4% —% 10.4% TOM FORD FASHION 5.5% (3.4%) 8.9% —% 8.9% Total Direct to Consumer (DTC) 12.4% (2.2%) 14.6% 0.2% 14.4% Wholesale branded ZEGNA brand (8.0%) (1.4%) (6.6%) (0.9%) (5.7%) Thom Browne (36.8%) (0.3%) (36.5%) —% (36.5%) TOM FORD FASHION (0.8%) (0.9%) 0.1% —% 0.1% Total Wholesale branded (11.8%) (1.0%) (10.8%) (0.4%) (10.4%) Textile 1.0% (0.4%) 1.4% —% 1.4% Other (24.4%) (0.3%) (24.1%) —% (24.1%) Total 7.2% (1.8%) 9.0% 0.1% 8.9% 9M 2026 vs 9M 2025
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29 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 18.2% 1.6% 16.6% 0.2% 16.4% Thom Browne (4.9%) 1.7% (6.6%) —% (6.6%) TOM FORD FASHION 4.7% 0.5% 4.2% —% 4.2% Total Direct to Consumer (DTC) 13.0% 1.4% 11.6% 0.2% 11.4% Wholesale branded ZEGNA brand (9.8%) (1.5%) (8.3%) (0.4%) (7.9%) Thom Browne (9.9%) 0.8% (10.7%) —% (10.7%) TOM FORD FASHION 7.2% (1.7%) 8.9% —% 8.9% Total Wholesale branded (5.2%) (1.2%) (4.0%) (0.2%) (3.8%) Textile 3.5% (1.5%) 5.0% —% 5.0% Other (13.2%) 0.3% (13.5%) —% (13.5%) Total 8.9% 0.7% 8.2% —% 8.2% Q3 2026 vs Q3 2025
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30 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) 2.4% (0.7%) 3.1% 0.1% 3.0% Americas (2) 14.7% (3.1%) 17.8% —% 17.8% Greater China Region 6.6% 0.1% 6.5% —% 6.5% Rest of APAC (3) 4.9% (6.0%) 10.9% —% 10.9% Other (4) (15.5%) (0.8%) (14.7%) —% (14.7%) Total 7.2% (1.8%) 9.0% 0.1% 8.9% Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals Organic EMEA (1) 6.9% 0.4% 6.5% 0.2% 6.3% Americas (2) 14.0% 0.4% 13.6% —% 13.6% Greater China Region 8.7% 3.0% 5.7% —% 5.7% Rest of APAC (3) 3.6% (1.4%) 5.0% —% 5.0% Other (4) (24.1%) —% (24.1%) —% (24.1%) Total 8.9% 0.7% 8.2% —% 8.2% 9M 2026 vs 9M 2025 Q3 2026 vs Q3 2025
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31 External Relations Paola Durante - Chief of External Relations & Sustainability Alice Poggioli - Investor Relations Director ir@zegna.com corporatepress@zegna.com CONTACTS