Ermenegildo Zegna Group Reports First Half 2026 Revenues of €987 Million With Profit at €28 Million and Adjusted EBIT at €74 Million

Revenues1 of €987.3 million, +6% Year-on-Year (YoY) and +9% organic2. Direct-to-consumer (“DTC”) drove the performance with a +12% reported growth (+16% organic). Profit of €28.4 million (2.9% profit margin), compared to €47.9 million in H1 2025 which included €27.8 million of non-cash gains from the fair value remeasurement of non-controlling interest put option liabilities. Adjusted EBIT of €74.5 million, increasing from €68.7 million in H1 2025, with an Adjusted EBIT Margin of 7.5% (7.4% in H1 2025), driven by Zegna segment Adjusted EBIT Margin, up 50bps to 14.8%. Net cash surplus of €59.6 million at June 30, 2026, compared to €52.1 million at December 31, 2025. MILAN--(BUSINESS WIRE)--Ermenegildo Zegna N.V. (NYSE:ZGN) (the “Company” and, together with its consolidated subsidiaries, the “Ermenegildo Zegna Group” or “the Group”) today announced Profit of €28.4 million in H1 2026 compared to €47.9 million in H1 2025, and Adjusted EBIT of €74.5 million compared to €68.7 million in H1 20253. Ermenegildo “Gildo” Zegna, Group Executive Chairman, commented: “Our first half 2026 results reflect the effectiveness of our Group’s strategy, anchored in the strength of each of our brands’ identities and their direct connection to clients, as well as the continued innovation coming from our Filiera, the heart of our Group’s legacy. The disciplined execution of our strategy resulted in a 9% organic growth in first-half revenues and an improvement of the Group’s Adjusted EBIT Margin despite adverse foreign exchange movements. I am notably pleased by the continued margin expansion at the Zegna segment and our improved net cash surplus, which reached €60 million. While the macroeconomic and geopolitical environment continues to be uncertain, we remain focused on delivering sustainable and profitable growth guided by our long-term vision.” 1 For full details on H1 2026 revenues, please refer to the Ermenegildo Zegna Group Semi-Annual Report. 2 Revenues on an organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), Adjusted EBIT, Adjusted EBIT Margin and Net Financial Indebtedness/(Cash Surplus) are non-IFRS financial measures. See the non-IFRS financial measures section starting on page 15 of this press release for the definition and reconciliation of non-IFRS financial measures. 3 Throughout this press release, results for the first half of 2026 and 2025 are unaudited. Results of Operations For the six months ended June 30, (€ thousands, except percentages) 2026 Percentage of revenues 2025 Percentage of revenues Revenues 987,290 100.0 % 927,690 100.0 % Cost of sales (319,475 ) (32.4 %) (301,658 ) (32.5 %) Gross profit 667,815 67.6 % 626,032 67.5 % Selling, general and administrative expenses (531,071 ) (53.8 %) (501,804 ) (54.1 %) Marketing expenses (68,205 ) (6.9 %) (62,882 ) (6.8 %) Operating profit 68,539 6.9 % 61,346 6.6 % Financial income 9,373 0.9 % 21,207 2.3 % Financial expenses (28,989 ) (2.9 %) (25,408 ) (2.7 %) Foreign exchange (losses)/gains (3,082 ) (0.3 %) 10,214 1.1 % Result from investments accounted for using the equity method 644 0.1 % 659 0.1 % Profit before taxes 46,485 4.7 % 68,018 7.4 % Income taxes (18,052 ) (1.8 %) (20,116 ) (2.2 %) Profit 28,433 2.9 % 47,902 5.2 % Half Year 2026 Key Financial Highlights Revenues In H1 2026 the Group recorded revenues of €987.3 million (+6.4% YoY and +9.3% organic). DTC channel revenues outperformed (+12.1% YoY and +15.8% organic) accounting for 86% of Group’s branded revenues, while the continued streamlining of the wholesale channel across the three brands resulted in a 14.6% YoY decline in wholesale revenues (-13.3% organic). In the first six months of 2026, the ZEGNA brand recorded revenues of €634.6 million, +11.2% YoY and +13.9% organic. Thom Browne revenues were €123.1 million (-4.7% YoY and -0.1% organic). TOM FORD FASHION recorded €156.8 million of revenues (+2.7% YoY and +6.4% organic). Textile revenues were €67.0 million (-0.1% YoY and -0.3% organic). Full details of the Group’s revenues are included in the Semi-Annual Report for the six months ended June 30, 2026, which is going to be filed with the U.S. Securities and Exchange Commission today. Gross Profit, Operating Profit and Profit Gross profit in H1 2026 reached €667.8 million, from €626.0 million in H1 2025, with a gross profit margin of 67.6% compared to 67.5% in H1 2025. Gross profit margin continued to benefit from a favorable channel mix, with DTC revenues increasing to 86% of branded Group revenues (vs. 82% in H1 2025), partially offset by adverse foreign exchange movements. Selling, general and administrative (SG&A) expenses were €531.1 million (53.8% of revenues) in H1 2026, compared with €501.8 million (54.1% of revenues) in H1 2025. The lower incidence of SG&A 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 expenses were €68.2 million in H1 2026, compared with €62.9 million in H1 2025, with the ratio to revenues broadly unchanged at 6.9% (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. As a result of the above, the Group reported an operating profit of €68.5 million, compared to €61.3 million in H1 2025. In the first six months of 2026, the sum of financial income, financial expenses, and foreign exchange gains and losses, were a negative €22.7 million, compared to a positive €6.0 million 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. The effective tax rate increased to 38.8% from 29.6% in H1 2025. In H1 2025 tax rate benefited from non-taxable financial income and foreign exchange gains. Consequently, the Group’s Profit in H1 2026 was €28.4 million (2.9% profit margin), compared to €47.9 million (5.2% profit margin) in H1 2025. Adjusted EBIT and Adjusted EBIT Margin In H1 2026, Adjusted EBIT amounted to €74.5 million, compared to €68.7 million in H1 2025. Adjusted EBIT Margin was 7.5%, up 10bps from H1 2025. The table below shows the reconciliation of profit to Adjusted EBIT and the calculation of the profit margin and the Adjusted EBIT Margin in H1 2026 and 2025. Adjusted EBIT is the main performance metric used by the Group’s management at the consolidated and reporting segment level. For the six months ended June 30, (€ 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 3,679 903 Impairment of stores 1,380 6,101 Legal costs for trademark dispute 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 % Analysis by Segment For the six months ended June 30, Change (€ thousands, except percentages) 2026 2025 2026 vs 2025 % Organic Revenues Zegna 724,265 660,319 63,946 9.7 % 11.9 % Thom Browne 123,106 129,462 (6,356 ) (4.9 %) (0.3 %) Tom Ford Fashion 156,817 152,715 4,102 2.7 % 6.4 % Intersegment eliminations (16,898 ) (14,806 ) (2,092 ) n.m.(*) n.m. Total revenues 987,290 927,690 59,600 6.4 % 9.3 % (*) Throughout this section “n.m.” means not meaningful. Intersegment eliminations include revenues from sales of Textile and Other product lines (which are both included in the Zegna segment) to the Group’s brands. For the six months ended June 30, Change (€ thousands, except percentages) 2026 2025 2026 vs 2025 % Adjusted EBIT Zegna 106,921 94,390 12,531 13.3 % Thom Browne (8,318 ) 4,482 (12,800 ) n.m. Tom Ford Fashion (12,118 ) (19,430 ) 7,312 37.6 % Corporate (12,022 ) (10,673 ) (1,349 ) (12.6 %) Intersegment eliminations (8 ) (99 ) 91 91.9 % Total Adjusted EBIT 74,455 68,670 5,785 8.4 % Adjusted EBIT Margin Zegna 14.8 % 14.3 % Thom Browne (6.8 %) 3.5 % Tom Ford Fashion (7.7 %) (12.7 %) Total Adjusted EBIT Margin 7.5 % 7.4 % Zegna segment In H1 2026, the Zegna segment (which includes the ZEGNA brand, Textile and Other) generated revenues of €724.3 million, +9.7% YoY and +11.9% organic. Adjusted EBIT for the Zegna segment was €106.9 million in H1 2026, with an Adjusted EBIT Margin of 14.8% compared to 14.3% in H1 2025. The 50 bps increase in Adjusted EBIT Margin was driven by operating leverage in the DTC channel, supported by higher revenues per square meter and improved sell-through. Thom Browne segment In H1 2026, the Thom Browne segment generated revenues of €123.1 million (-4.9% YoY and -0.3% organic). Adjusted EBIT for the Thom Browne segment was negative €8.3 million in H1 2026, compared to positive €4.5 million in H1 2025. The decrease was primarily driven by the negative forex exchange impact and investments to support the Brand’s transition to a retail-first culture. Tom Ford Fashion segment In H1 2026, the Tom Ford Fashion segment generated revenues of €156.8 million (+2.7% YoY and +6.4% organic). Adjusted EBIT for the Tom Ford Fashion segment in H1 2026 was negative €12.1 million, compared to negative €19.4 million in H1 2025. The improvement was primarily driven by revenue growth, which enabled greater absorption of fixed costs, coupled with cost control. Corporate Corporate costs amounted to €12.0 million in H1 2026 compared to €10.7 million in H1 2025. The increase was mainly related to the strengthening of the Group’s structure. Capital Expenditure, Trade Working Capital, Net Financial Indebtedness/(Cash Surplus) and Free Cash Flow Capital expenditure For the six months ended June 30, (€ thousands, except percentages) 2026 2025 Payments for property, plant and equipment 48,887 42,051 Payments for intangible assets 15,104 11,907 Capital expenditure 63,991 53,958 Capital expenditure as % of revenues 6.5 % 5.8 % Capital expenditure (capex) was €64.0 million in H1 2026, compared to €54.0 million in H1 2025. The H1 2026 increase in capex was primarily driven by investments in the production activities, in particular related to the new shoe production plant in Parma (Italy), which will be operational by year end. Trade Working Capital (€ thousands, except percentages) At June 30, 2026 At December 31, 2025 At June 30, 2025 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 ) Trade Working Capital was €420.0 million at June 30, 2026, compared with €407.7 million at December 31, 2025 and €441.8 million at June 30, 2025. The evolution reflects improved receivables management, offsetting the increase in working capital required to support business expansion. Net Financial Indebtedness/(Cash Surplus) (€ thousands) At June 30, 2026 At December 31, 2025 At June 30, 2025 Net Financial Indebtedness/(Cash Surplus) (59,581 ) (52,093 ) 92,140 Cash surplus was €59.6 million at June 30, 2026, compared to €52.1 million at December 31, 2025. Free Cash Flow For the six months ended June 30, (€ thousands) 2026 2025 Net cash flows from operating activities 157,827 105,714 Payments for property, plant and equipment (48,887 ) (42,051 ) Payments for intangible assets (15,104 ) (11,907 ) Payments for right-of-use assets — (1,800 ) Payments of lease liabilities (74,633 ) (73,065 ) Free Cash Flow 19,203 (23,109 ) In H1 2026 Free Cash Flow was positive €19.2 million compared to negative €23.1 million in H1 2025. The change is attributable to the improved net cash flows from operating activities in the period largely driven by higher Adjusted EBIT and improved Trade Working Capital management. *** Conference CallRead the full story here

Ermenegildo Zegna Group Reports First Half 2026 Revenues of €987 Million With Profit at €28 Million and Adjusted EBIT at €74 Million

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