Ermenegildo Zegna Group Reports First Half 2025 Revenues of €928 Million With Profit at €48 Million and Adjusted EBIT at €69 Million

Revenues1 of €927.7 million, -3% Year-on-Year (YoY) and -2% organic2. The direct-to-consumer ("DTC") channel outperformed with a +4% reported revenue growth (+6% organic) Profit of €47.9 million, +53% YoY compared to €31.3 million in H1 2024. Profit margin at 5.2% in H1 2025 from 3.3% in H1 2024 Gross profit margin of 67.5%, up 110bps from 66.4% in H1 2024 Adjusted EBIT of €68.7 million with an Adjusted EBIT Margin of 7.4% (8.4%in H1 2024). Zegna segment Adjusted EBIT margin up 150bps to 14.3% Net financial indebtedness of €92.1 million at June 30, 2025, substantially in line with December 31, 2024

MILAN, September 05, 2025--(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 €47.9 million in H1 2025 compared to €31.3 million in H1 2024. In H1 2025, Adjusted EBIT was €68.7 million compared to €80.9 million in H1 2024.3

Ermenegildo "Gildo" Zegna, Group Chairman and CEO, said: "Our first-half 2025 results reflect the Group’s strategic decision to invest in the DTC store network and capabilities across our three brands, while continuing to support projects that fuel our long-term growth ambitions.

In this context, we are pleased with the operating results reported by the Zegna segment where stronger operating leverage and disciplined execution led to an improvement of the Adjusted EBIT margin by 150 basis points. This strong performance helped balance the impact of the strategic transformation underway at Thom Browne and Tom Ford Fashion.

With the strength of our Filiera, the authenticity of our brands, and—above all—the clarity of our vision and the talent of our team, we remain on track to achieve our 2027 targets, despite sector and currency headwinds."

1 Throughout this press release, results for the first half of 2025 and 2024 are unaudited. 2 Revenues on an organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), are non-IFRS financial measures. Constant currency growth is calculated excluding foreign exchange. Organic growth is calculated excluding (a) foreign exchange, (b) acquisitions & disposals, and (c) changes in license agreements where the Group operates as a licensee. See the non-IFRS financial measures section starting on page 14 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 2025 and 2024 are unaudited.

Results of Operations

For the six months ended June 30, (€ thousands, except percentages) 2025 Percentage of revenues 2024 Percentage of revenues Revenues 927,690 100.0% 960,122 100.0% Costs of sales (301,658) (32.5%) (322,678) (33.6%) Gross profit 626,032 67.5% 637,444 66.4% Selling, general and administrative expenses (501,804) (54.1%) (497,612) (51.8%) Marketing expenses (62,882) (6.8%) (66,751) (7.0%) Operating profit 61,346 6.6% 73,081 7.6% Financial income 21,207 2.3% 12,106 1.3% Financial expenses (25,408) (2.7%) (29,267) (3.0%) Foreign exchange gains/(losses) 10,214 1.1% (7,684) (0.8%) Result from investments accounted for using the equity method 659 0.1% 314 0.0% Profit before taxes 68,018 7.4% 48,550 5.1% Income taxes (20,116) (2.2%) (17,218) (1.8%) Profit 47,902 5.2% 31,332 3.3%

Half Year 2025 Key Financial Highlights

Revenues

In H1 2025 the Group recorded revenues of €927.7 million, -3.4%YoY and -2.0% organic. DTC channel revenues outperformed (+4.2% YoY and +6.1% organic), while the streamlining of the wholesale channel across the three brands led to a decrease in revenues of the channel of 27.1% YoY and 26.5% organic.

Story Continues

In the first six months of 2025, the ZEGNA brand recorded revenues of €570.4 million, +0.8% YoY (+2.6% organic). Thom Browne revenues were €129.2 million, -22.5% YoY (-21.7% organic). TOM FORD FASHION recorded €152.7 million of revenues, +2.8% YoY (+3.8% organic), while Textile revenues were €67.1 million, -6.6% YoY (-6.3% organic).

Gross Profit, Operating Profit and Profit

Gross profit in H1 2025 reached €626.0 million (compared to €637.4 million in H1 2024), with a gross profit margin of 67.5% compared to 66.4% in H1 2024. This improvement was driven mainly by the channel mix, with the proportion of DTC revenues reaching 82% of branded group revenues in H1 2025, up from 76% in H1 2024.

Selling, general, and administrative (SG&A) expenses were €501.8 million (54.1% of revenues) in H1 2025, compared to €497.6 million (51.8% of revenues) in H1 2024. The higher SG&A incidence on revenues largely reflects investments in the expansion of the DTC distribution network, only partially offset by actions taken to contain discretionary costs across brands.

Marketing expenses in H1 2025 were €62.9 million with a 6.8% incidence on revenues, substantially in line with the 7.0% incidence recorded in H1 2024.

As a result, the Group reported an operating profit of €61.3 million compared to €73.1 million in H1 2024.

In the first six months of 2025, the sum of financial income, financial expenses, and foreign exchange gains and losses, were a positive €6.0 million, compared to a negative €24.8 million in H1 2024. This improvement was largely driven by the fair value remeasurement of liabilities for put options held by non-controlling interests as well as a positive foreign currency exchange impact (driven by the depreciation of the U.S. Dollar compared to the Euro).

Consequently, the Group reported a profit of €47.9 million, 53% higher compared to €31.3 million in H1 2024. H1 2025 profit margin was 5.2% compared to 3.3% in H1 2024.

Adjusted EBIT and Adjusted EBIT Margin

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 2025 and 2024. 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) 2025 2024 Profit 47,902 31,332 Income taxes 20,116 17,218 Financial income (21,207) (12,106) Financial expenses 25,408 29,267 Foreign exchange (gains)/losses (10,214) 7,684 Result from investments accounted for using the equity method (659) (314) Operating profit 61,346 73,081 Adjustments: Net impairment of leased and owned stores 6,101 4,979 Severance indemnities and provisions for severance expenses 903 1,436 Legal costs for trademark dispute 320 1,388 Transaction costs related to acquisitions — 26 Adjusted EBIT 68,670 80,910 Revenues 927,690 960,122 Profit margin (Profit / Revenues) 5.2% 3.3% Adjusted EBIT Margin (Adjusted EBIT / Revenues) 7.4% 8.4%

Analysis by Segment

In H1 2025, Adjusted EBIT for the Zegna segment was €94.4 million compared to €84.7 million in H1 2024. Adjusted EBIT for the Thom Browne segment was €4.5 million, compared to €20.2 million in H1 2024. The Tom Ford Fashion segment reported an Adjusted EBIT of negative €19.4 million, compared to negative €11.9 million in H1 2024.

For the six months ended June 30, Change (€ thousands, except percentages) 2025 2024 2025 vs 2024 % Organic Revenues Zegna 660,319 660,538 (219) 0.0% 1.6% Thom Browne 129,462 166,935 (37,473) (22.4%) (21.6%) Tom Ford Fashion 152,715 148,493 4,222 2.8% 3.8% Intersegment eliminations (14,806) (15,844) 1,038 n.m.(*) n.m. Total revenues 927,690 960,122 (32,432) (3.4%) (2.0%)

(*) 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) 2025 2024 2025 vs 2024 % Adjusted EBIT Zegna 94,390 84,695 9,695 11.4% Thom Browne 4,482 20,186 (15,704) (77.8%) Tom Ford Fashion (19,430) (11,913) (7,517) 63.1% Corporate (10,673) (11,965) 1,292 10.8% Intersegment eliminations (99) (93) (6) (6.5%) Total Adjusted EBIT 68,670 80,910 (12,240) (15.1%) Adjusted EBIT Margin Zegna 14.3% 12.8% Thom Browne 3.5% 12.1% Tom Ford Fashion (12.7%) (8.0%) Total Adjusted EBIT Margin 7.4% 8.4%

Zegna segment

In H1 2025, the Zegna segment (which includes the ZEGNA brand, Textile and Other product lines) generated revenues of €660.3 million compared to €660.5 million in H1 2024.

Adjusted EBIT for the Zegna segment was €94.4 million in H1 2025 with an Adjusted EBIT Margin of 14.3% compared to 12.8% in H1 2024. This 150 bps Adj. EBIT margin improvement has been driven by positive operating leverage and discretionary cost control initiatives.

Thom Browne segment

In H1 2025, the Thom Browne segment generated revenues of €129.5 million compared to €166.9 million in H1 2024.

Adjusted EBIT for the Thom Browne segment was €4.5 million in H1 2025, with an Adjusted EBIT Margin of 3.5% compared to 12.1% in H1 2024. The decrease was led by a negative operating leverage resulting from the decrease in revenues in the period and higher initial costs related to the newly opened DTC stores, which have not yet reached their run-rate efficiency.

Tom Ford Fashion segment

In H1 2025, the Tom Ford Fashion segment generated revenues of €152.7 million compared to €148.5 million in H1 2024

Adjusted EBIT for the Tom Ford Fashion segment in H1 2025 was negative €19.4 million, compared to negative €11.9 million in H1 2024, primarily due to investments in the expansion of the store network and in new talents, IT and the corporate and retail structure to build the platform and support the expansion of the business.

Capital Expenditure, Trade Working Capital, Net Financial Indebtedness/(Cash Surplus) and Free Cash Flow

Capital expenditure

For the six months ended June 30, (€ thousands) 2025 2024 Payments for property, plant and equipment 42,051 47,926 Payments for intangible assets 11,907 12,151 Capital expenditure 53,958 60,077

Capital expenditure (capex) in H1 2025 was €54.0 million compared to €60.1 million in H1 2024. H1 2025 capex was mainly related to the expansion of the DTC store network across the three brands and to a portion of the investments for the new shoe production plant in Parma (Italy).

Trade Working Capital

(€ thousands) At June 30, 2025 At December 31, 2024 At June 30, 2024 Trade Working Capital 441,784 460,034 475,642 of which trade receivables 209,462 248,790 216,670 of which inventories 505,681 521,015 540,791 of which trade payables and customer advances (273,359) (309,771) (281,819)

Trade Working Capital was €441.8 million at June 30, 2025 compared to €460.0 million at December 31, 2024. The decrease mainly resulted from a better inventory management and a reduction in receivables driven by the streamlining of the wholesale business.

Net Financial Indebtedness/(Cash Surplus)

(€ thousands) At June 30, 2025 At December 31, 2024 At June 30, 2024 Net Financial Indebtedness/(Cash Surplus) 92,140 94,225 65,509

Net Financial Indebtedness was €92.1 million at June 30, 2025, substantially in line with €94.2 million at December 31, 2024.

Free Cash Flow

For the six months ended June 30, (€ thousands) 2025 2024 Net cash flows from operating activities 105,714 120,448 Payments for property, plant and equipment (42,051) (47,926) Payments for intangible assets (11,907) (12,151) Payments for right-of-use assets (1,800) — Payments of lease liabilities (73,065) (66,950) Free Cash Flow (23,109) (6,579)

In H1 2025 Free Cash Flow was negative €23.1 million compared to negative €6.6 million in H1 2024. The higher absorption in H1 2025 was primarily driven by the lower cash flow generation from operating activities.

Upcoming events

Next financial releases

October 23, 2025: Q3 2025 Unaudited Revenues

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Conference Call

As previously announced, the Group will host a live webcast and conference call today at 8:00 a.m. ET (2:00 p.m. CET).

To access the webcast please visit our website (https://ir.zegnagroup.com/financial-calendar/events).

To participate in the call, please dial:

Italy: +39 06 9450 1060
United States: +1 646 233 4753
United Kingdom: +44 20 3936 2999

Access Code: 069369

Webcast link: https://events.q4inc.com/attendee/485951116

An online archive of the broadcast will be available on the website shortly after the live call and will be available for twelve months.

About Ermenegildo Zegna Group

Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a global luxury company with a leading position in the high-end menswear business. Through its three complementary brands, the Group reaches a wide range of communities and market segments across the high-end fashion industry, from ZEGNA’s timeless luxury to the modern tailoring of Thom Browne, to seductive elegance with TOM FORD FASHION. The Ermenegildo Zegna Group is internationally recognized for its unique Filiera, owned and controlled by the Group, which is made up of the finest Italian textile producers fully integrated with unique luxury manufacturing capabilities, to ensure superior excellence, quality and innovation capacity. The Ermenegildo Zegna Group has more than 7,100 employees and recorded revenues of €1.95 billion in 2024.

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; pandemics or other public health crises; international business, regulatory, social and political risks; restrictions on trade and the imposition of tariffs among countries; political instability, geopolitical tensions or conflicts and the imposition of sanctions (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East, and sanctions imposed onto Russia); the occurrence of acts of terrorism or similar events, conflicts or civil unrest; existing or future disputes, proceedings or litigation; future sales of our securities in the public market; our ability to maintain compliance with applicable listing standards; volatility in our share price; our ability to implement our strategy; recent and potential future acquisitions; disruption to our manufacturing and logistics facilities, as well as our directly operated stores; risks related to the sale of our products through our direct-to-consumer channel, as well as through points of sale operated by third parties in the wholesale channel; 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; tourist traffic and demand; our dependence on certain key senior personnel as well as skilled personnel; 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; fluctuations in currency exchange rates or interest rates; credit risk; the high level of competition in the industry in which we operate; 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; 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.

First Half 2025 - Group Revenues Tables

REVENUES BY SEGMENT (Unaudited) H1 2025 vs H1 2024 Q2 2025 vs Q2 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic Zegna 660,319 660,538 0.0% 1.6% 327,026 335,638 (2.6%) 1.0% Thom Browne 129,462 166,935 (22.4%) (21.6%) 65,080 87,869 (25.9%) (23.9%) Tom Ford Fashion 152,715 148,493 2.8% 3.8% 85,237 83,473 2.1% 4.1% Intersegment eliminations (14,806) (15,844) n.m.(*) n.m. (8,474) (10,015) n.m. n.m. Total revenues 927,690 960,122 (3.4%) (2.0%) 468,869 496,965 (5.7%) (2.6%)

(*) Throughout this section "n.m." means not meaningful.

Intersegment eliminations include revenues from products that the Textile and Other product lines (included in the Zegna segment) sold to the Group’s brands.

REVENUES BY BRAND AND PRODUCT LINE (Unaudited) H1 2025 vs H1 2024 Q2 2025 vs Q2 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic ZEGNA brand 570,409 566,067 0.8% 2.6% 277,493 283,197 (2.0%) 2.2% Thom Browne 129,154 166,721 (22.5%) (21.7%) 64,931 87,514 (25.8%) (23.7%) TOM FORD FASHION 152,715 148,493 2.8% 3.8% 85,237 83,473 2.1% 4.1% Textile 67,061 71,836 (6.6%) (6.3%) 37,140 38,593 (3.8%) (3.8%) Other (1) 8,351 7,005 19.2% 19.3% 4,068 4,188 (2.9%) (2.5%) Total revenues 927,690 960,122 (3.4%) (2.0%) 468,869 496,965 (5.7%) (2.6%)

(1) Other mainly includes revenues from agreements with third party brands.

REVENUES BY DISTRIBUTION CHANNEL (Unaudited) H1 2025 vs H1 2024 Q2 2025 vs Q2 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic Direct to Consumer (DTC) ZEGNA brand 504,501 486,561 3.7% 5.6% 253,706 246,946 2.7% 7.1% Thom Browne 92,639 89,976 3.0% 5.0% 46,351 45,257 2.4% 6.6% TOM FORD FASHION 100,895 93,062 8.4% 9.9% 52,844 49,361 7.1% 10.7% Total Direct to Consumer (DTC) 698,035 669,599 4.2% 6.1% 352,901 341,564 3.3% 7.5% As a percentage of branded products (1) 82 % 76 % 83 % 75 % Wholesale branded ZEGNA brand 65,908 79,506 (17.1%) (15.4%) 23,787 36,251 (34.4%) (31.1%) Thom Browne 36,515 76,745 (52.4%) (52.4%) 18,580 42,257 (56.0%) (55.8%) TOM FORD FASHION 51,820 55,431 (6.5%) (6.3%) 32,393 34,112 (5.0%) (5.3%) Total Wholesale branded 154,243 211,682 (27.1%) (26.5%) 74,760 112,620 (33.6%) (32.5%) As a percentage of branded products 18 % 24 % 17 % 25 % Textile 67,061 71,836 (6.6%) (6.3%) 37,140 38,593 (3.8%) (3.8%) Other (2) 8,351 7,005 19.2% 19.3% 4,068 4,188 (2.9%) (2.5%) Total revenues 927,690 960,122 (3.4%) (2.0%) 468,869 496,965 (5.7%) (2.6%)

(1) Branded products refer to the products sold under the three brands that the Group operates, through the DTC or wholesale branded distribution channels. (2) Other mainly includes revenues from agreements with third party brands.

REVENUES BY GEOGRAPHIC AREA (Unaudited) H1 2025 vs H1 2024 Q2 2025 vs Q2 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic EMEA (1) 328,908 336,591 (2.3%) (1.9%) 174,819 180,029 (2.9%) (1.9%) Americas (2) 262,714 246,046 6.8% 9.3% 137,743 131,869 4.5% 9.8% Greater China Region 223,101 266,324 (16.2%) (14.7%) 99,841 126,925 (21.3%) (17.1%) Rest of APAC (3) 111,508 109,990 1.4% 3.4% 55,658 57,556 (3.3%) (1.0%) Other (4) 1,459 1,171 24.6% 24.8% 808 586 37.9% 38.6% Total revenues 927,690 960,122 (3.4%) (2.0%) 468,869 496,965 (5.7%) (2.6%)

(1) EMEA includes Europe, the 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.

Group Monobrand (1) Store Network at June 30, 2025 At June 30, 2025 At December 31, 2024 At June 30, 2024 Stores ZEGNA Thom Browne TOM FORD FASHION Group ZEGNA Thom Browne TOM FORD FASHION Group ZEGNA Thom Browne TOM FORD FASHION Group EMEA 81 9 12 102 76 9 11 96 75 9 7 91 Americas 75 32 13 120 72 28 13 113 64 20 12 96 Greater China Region 77 39 13 129 78 40 12 130 82 35 11 128 Rest of APAC 53 40 28 121 55 39 28 122 58 38 26 122 Total Direct to Consumer (DTC) 286 120 66 472 281 116 64 461 279 102 56 437 EMEA 41 5 16 62 44 5 16 65 46 7 16 69 Americas 58 1 46 105 59 1 46 106 67 3 50 120 Greater China Region 11 10 — 21 11 10 — 21 13 10 — 23 Rest of APAC 5 5 1 11 4 5 2 11 4 4 5 13 Total Wholesale 115 21 63 199 118 21 64 203 130 24 71 225 Total 401 141 129 671 399 137 128 664 409 126 127 662

(1) Monobrand store count includes our DOSs (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees).

Ermenegildo Zegna N.V. SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF PROFIT for the six months ended June 30, 2025 and 2024 (Unaudited) For the six months ended June 30, (€ thousands) 2025 2024 Revenues 927,690 960,122 Cost of sales (301,658) (322,678) Gross profit 626,032 637,444 Selling, general and administrative expenses (501,804) (497,612) Marketing expenses (62,882) (66,751) Operating profit 61,346 73,081 Financial income 21,207 12,106 Financial expenses (25,408) (29,267) Foreign exchange gains/(losses) 10,214 (7,684) Result from investments accounted for using the equity method 659 314 Profit before taxes 68,018 48,550 Income taxes (20,116) (17,218) Profit 47,902 31,332 Attributable to: Shareholders of the Parent Company 43,083 25,085 Non-controlling interests 4,819 6,247 Basic earnings per share in € 0.17 0.10 Diluted earnings per share in € 0.17 0.10

Ermenegildo Zegna N.V. SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION at June 30, 2025 and at December 31, 2024 (Unaudited) (€ thousands) At June 30, 2025 At December 31, 2024 Assets Non-current assets Intangible assets 552,184 614,363 Property, plant and equipment 201,689 204,806 Right-of-use assets 614,020 581,437 Investments accounted for using the equity method 20,249 19,690 Deferred tax assets 162,451 166,029 Other non-current financial assets 39,355 41,486 Total non-current assets 1,589,948 1,627,811 Current assets Inventories 505,681 521,015 Trade receivables 209,462 248,790 Derivative financial instruments 32,169 1,711 Tax receivables 34,069 32,505 Other current financial assets 71,329 77,269 Other current assets 124,684 105,742 Cash and cash equivalents 159,896 219,130 Total current assets 1,137,290 1,206,162 Total assets 2,727,238 2,833,973 Liabilities and Equity Equity attributable to shareholders of the Parent Company 885,350 916,120 Equity attributable to non-controlling interests 67,085 66,767 Total equity 952,435 982,887 Non-current liabilities Non-current borrowings 174,418 196,401 Other non-current financial liabilities 118,560 146,448 Non-current lease liabilities 554,825 518,728 Non-current provisions for risks and charges 21,853 23,550 Employee benefits 30,117 34,945 Deferred tax liabilities 73,279 78,129 Total non-current liabilities 973,052 998,201 Current liabilities Current borrowings 174,235 177,166 Current lease liabilities 131,497 142,957 Derivative financial instruments 5,132 15,138 Current provisions for risks and charges 17,522 16,792 Trade payables and customer advances 273,359 309,771 Tax liabilities 33,588 32,389 Other current liabilities 166,418 158,672 Total current liabilities 801,751 852,885 Total equity and liabilities 2,727,238 2,833,973

Ermenegildo Zegna N.V. SEMI-ANNUAL CONDENSED CONSOLIDATED CASH FLOW STATEMENT for the six months ended June 30, 2025 and 2024 (Unaudited) For the six months ended June 30, (€ thousands) 2025 2024 Operating activities Profit 47,902 31,332 Income taxes 20,116 17,218 Depreciation, amortization and impairment of assets 128,422 113,527 Financial income (21,207) (12,106) Financial expenses 25,408 29,267 Foreign exchange (gains)/losses (10,214) 7,684 Provisions for obsolete inventory 14,974 7,775 (Releases)/Accruals for other provisions (5,963) 1,450 Result from investments accounted for using the equity method (659) (314) Other non-cash expenses, net 18,575 36,124 Change in inventories (26,689) (21,568) Change in trade receivables 26,533 21,286 Change in trade payables including customer advances (17,479) (28,354) Change in other operating assets and liabilities (52,628) (42,268) Interest paid (20,653) (19,587) Income taxes paid (20,724) (21,018) Net cash flows from operating activities 105,714 120,448 Investing activities Payments for property, plant and equipment (42,051) (47,926) Payments for intangible assets (11,907) (12,151) Payments related to right-of-use assets (1,800) — Proceeds from disposals of non-current financial assets 287 — Payments for purchases of non-current financial assets (540) (1,319) Proceeds from disposals of current financial assets and derivative instruments 10,572 15,707 Payments for acquisitions of current financial assets and derivative instruments (4,250) (21,444) Business combinations, net of cash acquired — (14,608) Acquisition of investments accounted for using the equity method (355) — Net cash flows used in investing activities (50,044) (81,741) Financing activities Proceeds from borrowings 139,926 154,713 Repayments of borrowings (166,500) (174,223) Repayments of other non-current financial liabilities (110) — Payments of lease liabilities (73,065) (66,950) Payments for acquisition of non-controlling interests — (23,502) Deferred payments for business combinations (4,673) — Dividends paid to non-controlling interests (1,703) (1,444) Contribution from non-controlling interests 583 — Net cash flows used in financing activities (105,542) (111,406) Effects of exchange rate changes on cash and cash equivalents (9,362) 1,736 Net decrease in cash and cash equivalents (59,234) (70,963) Cash and cash equivalents at the beginning of the period 219,130 296,279 Cash and cash equivalents at the end of the period 159,896 225,316

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.

Adjusted EBIT and Adjusted EBIT Margin

Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange gains and losses, 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, net impairment of leased and owned stores, severance indemnities and provisions for severance expenses, legal costs for trademark dispute and transaction costs related to acquisitions.

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.

The following table presents a reconciliation of Profit to Adjusted EBIT and the calculation of the Profit Margin and the Adjusted EBIT Margin for the six months ended June 30, 2025 and 2024:

For the six months ended June 30, (€ thousands, except percentages) 2025 2024 Profit 47,902 31,332 Income taxes 20,116 17,218 Financial income (21,207) (12,106) Financial expenses 25,408 29,267 Foreign exchange (gains)/losses (10,214) 7,684 Result from investments accounted for using the equity method (659) (314) Operating profit 61,346 73,081 Adjustments: Net impairment of leased and owned stores (1) 6,101 4,979 Severance indemnities and provisions for severance expenses (2) 903 1,436 Legal costs for trademark dispute (3) 320 1,388 Transaction costs related to acquisitions (4) — 26 Adjusted EBIT 68,670 80,910 Revenues 927,690 960,122 Profit margin (Profit / Revenues) 5.2% 3.3% Adjusted EBIT Margin (Adjusted EBIT / Revenues) 7.4% 8.4%

(1) Relates to the net impairment of leased and owned stores for the six months ended June 30, 2025 and 2024.

For the six months ended June 30, (€ thousands) 2025 2024 Right-of-use assets 4,046 3,036 Property, plant and equipment 2,016 1,943 Intangible assets 39 — Total net impairment of leased and owned stores 6,101 4,979

(2) Relates to severance indemnities of €903 thousand and €1,436 thousand for the six months ended June 30, 2025 and 2024, respectively. (3) Relates to legal costs of €320 thousand and €1,388 thousand for the six months ended June 30, 2025 and 2024, respectively, in connection with a legal dispute between Adidas AG and Thom Browne, primarily in relation to the use of trademarks. (4) Relates to transaction costs of €26 thousand for the six months ended 2024, primarily for consultancy and legal fees related to the Group’s acquisition of the ZEGNA business in South Korea.

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.

The following table sets forth the calculation of Net Financial Indebtedness/(Cash Surplus) at June 30, 2025 and at December 31, 2024:

(€ thousands) At June 30, 2025 At December 31, 2024 Non-current borrowings 174,418 196,401 Current borrowings 174,235 177,166 Derivative financial instruments — Liabilities 5,132 15,138 Total borrowings, other financial liabilities and derivatives 353,785 388,705 Cash and cash equivalents (159,896) (219,130) Derivative financial instruments — Assets (32,169) (1,711) Other current financial assets (Securities) (69,580) (73,639) Total cash and cash equivalents, other current financial assets and derivatives (261,645) (294,480) Net Financial Indebtedness/(Cash Surplus) 92,140 94,225

Trade Working Capital

Trade Working Capital is defined as current assets less current liabilities adjusted for derivative 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 in that it 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.

The following table sets forth the calculation of Trade Working Capital at June 30, 2025 and at December 31, 2024:

(€ thousands) At June 30, 2025 At December 31, 2024 Current assets 1,137,290 1,206,162 Current liabilities (801,751) (852,885) Working capital 335,539 353,277 Less: Derivative financial instruments - Assets 32,169 1,711 Tax receivables 34,069 32,505 Other current financial assets 71,329 77,269 Other current assets 124,684 105,742 Cash and cash equivalents 159,896 219,130 Current borrowings (174,235) (177,166) Current lease liabilities (131,497) (142,957) Derivative financial instruments - Liabilities (5,132) (15,138) Current provisions for risks and charges (17,522) (16,792) Tax liabilities (33,588) (32,389) Other current liabilities (166,418) (158,672) Trade Working Capital 441,784 460,034 of which trade receivables 209,462 248,790 of which inventories 505,681 521,015 of which trade payables and customer advances (273,359) (309,771)

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 evaluate and monitor the Group’s ability to generate cash, including in comparison to other companies. Free Cash Flow is not representative of residual cash flows available for discretionary purposes.

The following table sets forth the Free Cash Flow for the six months ended June 30, 2025, and 2024:

For the six months ended June 30, (€ thousands) 2025 2024 Net cash flows from operating activities 105,714 120,448 Payments for property, plant and equipment (42,051) (47,926) Payments for intangible assets (11,907) (12,151) Payments for right-of-use assets (1,800) — Payments of lease liabilities (73,065) (66,950) Free Cash Flow (23,109) (6,579)

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, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee.

In calculating organic performance, the following adjustments are made to revenues:

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. 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. Changes in license agreements where the Group operates as a licensee – Revenues generated from license agreements where the Group operates as a licensee that are new or terminated in the current year or prior year are excluded from both periods (except if the effects are already included in acquisitions and disposals). Additionally, revenues generated from license agreements where the Group operates as a licensee that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, distribution channels or geographies of the underlying license agreements.

We believe the presentation of revenues on an organic basis 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 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, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee 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 performance to Constant Currency, excluding the effects of foreign exchange, and to organic performance, which excludes also acquisitions and disposals and changes in license agreements where the Group operates as a licensee, by segment, by brand and product line, by distribution channel and by geographic area for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (H1 2025 vs H1 2024) and for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 (Q2 2025 vs Q2 2024). Revenues on an organic growth basis for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, and for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, are equal to Constant Currency since there is no impact from acquisitions and disposals or changes in license agreements where the Group operates as a licensee.

Segment H1 2025 vs H1 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic Zegna 0.0% (1.6%) 1.6% —% —% 1.6% Thom Browne (22.4%) (0.8%) (21.6%) —% —% (21.6%) Tom Ford Fashion 2.8% (1.0%) 3.8% —% —% 3.8% Total (3.4%) (1.4%) (2.0%) —% —% (2.0%)

Q2 2025 vs Q2 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic Zegna (2.6%) (3.6%) 1.0% —% —% 1.0% Thom Browne (25.9%) (2.0%) (23.9%) —% —% (23.9%) Tom Ford Fashion 2.1% (2.0%) 4.1% —% —% 4.1% Total (5.7%) (3.1%) (2.6%) —% —% (2.6%)

Brand and product line H1 2025 vs H1 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic ZEGNA brand 0.8% (1.8%) 2.6% —% —% 2.6% Thom Browne (22.5%) (0.8%) (21.7%) —% —% (21.7%) TOM FORD FASHION 2.8% (1.0%) 3.8% —% —% 3.8% Textile (6.6%) (0.3%) (6.3%) —% —% (6.3%) Other 19.2% (0.1%) 19.3% —% —% 19.3% Total (3.4%) (1.4%) (2.0%) —% —% (2.0%)

Q2 2025 vs Q2 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic ZEGNA brand (2.0%) (4.2%) 2.2% —% —% 2.2% Thom Browne (25.8%) (2.1%) (23.7%) —% —% (23.7%) TOM FORD FASHION 2.1% (2.0%) 4.1% —% —% 4.1% Textile (3.8%) —% (3.8%) —% —% (3.8%) Other (2.9%) (0.4%) (2.5%) —% —% (2.5%) Total (5.7%) (3.1%) (2.6%) —% —% (2.6%)

Distribution channel H1 2025 vs H1 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic Direct to Consumer (DTC) ZEGNA brand 3.7% (1.9%) 5.6% —% —% 5.6% Thom Browne 3.0% (2.0%) 5.0% —% —% 5.0% TOM FORD FASHION 8.4% (1.5%) 9.9% —% —% 9.9% Total Direct to Consumer (DTC) 4.2% (1.9%) 6.1% —% —% 6.1% Wholesale branded ZEGNA brand (17.1%) (1.7%) (15.4%) —% —% (15.4%) Thom Browne (52.4%) —% (52.4%) —% —% (52.4%) TOM FORD FASHION (6.5%) (0.2%) (6.3%) —% —% (6.3%) Total Wholesale branded (27.1%) (0.6%) (26.5%) —% —% (26.5%) Textile (6.6%) (0.3%) (6.3%) —% —% (6.3%) Other 19.2% (0.1%) 19.3% —% —% 19.3% Total (3.4%) (1.4%) (2.0%) —% —% (2.0%)

Q2 2025 vs Q2 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic Direct to Consumer (DTC) ZEGNA brand 2.7% (4.4%) 7.1% —% —% 7.1% Thom Browne 2.4% (4.2%) 6.6% —% —% 6.6% TOM FORD FASHION 7.1% (3.6%) 10.7% —% —% 10.7% Total Direct to Consumer (DTC) 3.3% (4.2%) 7.5% —% —% 7.5% Wholesale branded ZEGNA brand (34.4%) (3.3%) (31.1%) —% —% (31.1%) Thom Browne (56.0%) (0.2%) (55.8%) —% —% (55.8%) TOM FORD FASHION (5.0%) 0.3% (5.3%) —% —% (5.3%) Total Wholesale branded (33.6%) (1.1%) (32.5%) —% —% (32.5%) Textile (3.8%) —% (3.8%) —% —% (3.8%) Other (2.9%) (0.4%) (2.5%) —% —% (2.5%) Total (5.7%) (3.1%) (2.6%) —% —% (2.6%)

Geographic area H1 2025 vs H1 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic EMEA (1) (2.3%) (0.4%) (1.9%) —% —% (1.9%) Americas (2) 6.8% (2.5%) 9.3% —% —% 9.3% Greater China Region (16.2%) (1.5%) (14.7%) —% —% (14.7%) Rest of APAC (3) 1.4% (2.0%) 3.4% —% —% 3.4% Other (4) 24.6% (0.2%) 24.8% —% —% 24.8% Total (3.4%) (1.4%) (2.0%) —% —% (2.0%)

Q2 2025 vs Q2 2024 Revenues Growth less

Foreign exchange Constant

Currency less

Acquisitions and disposals less

Changes in license agreements where the Group operates as a licensee Organic EMEA (1) (2.9%) (1.0%) (1.9%) —% —% (1.9%) Americas (2) 4.5% (5.3%) 9.8% —% —% 9.8% Greater China Region (21.3%) (4.2%) (17.1%) —% —% (17.1%) Rest of APAC (3) (3.3%) (2.3%) (1.0%) —% —% (1.0%) Other (4) 37.9% (0.7%) 38.6% —% —% 38.6% Total (5.7%) (3.1%) (2.6%) —% —% (2.6%)

(1) EMEA includes Europe, the 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.

Capital expenditure

Capital expenditure is defined as the sum of cash outflows that result in additions to property, plant and equipment and intangible assets.

The following table shows a breakdown of capital expenditure by category for the six months ended June 30, 2025 and 2024.

For the six months ended June 30, (€ thousands) 2025 2024 Payments for property, plant and equipment 42,051 47,926 Payments for intangible assets 11,907 12,151 Capital expenditure 53,958 60,077

View source version on businesswire.com: https://www.businesswire.com/news/home/20250905544086/en/

Contacts

Paola Durante, Chief of External Relations
Alice Poggioli, Investor Relations Director
[email protected] / [email protected]

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