ERMENEGILDO ZEGNA GROUP RECORDS DOUBLE-DIGIT REVENUE GROWTH IN Q2 2026 WITH ACCELERATING DTC MOMENTUM1 (Form 6-K)

ERMENEGILDO ZEGNA GROUP RECORDS DOUBLE-DIGIT REVENUE GROWTH IN Q2 2026 WITH ACCELERATING DTC MOMENTUM1

•Q2 2026 Group revenues increased +10.3% year-on-year (YoY) to €517.1 million and +11.0% on an organic basis, reflecting sequential acceleration across all brands, with ZEGNA leading the Group's performance.

•By Brand: ZEGNA brand revenues rose to €324.3 million up +16.9% YoY and +16.5% organic. Thom Browne revenues were in line with Q2 2025, with a +2.7% organic growth, while TOM FORD FASHION grew +4.5% YoY and +7.1% organic.

•By Channel: DTC grew to €410.9 million, +16.4% YoY and +17.3% organic, with all three brands delivering double-digit growth, reflecting the Group's strategic decision to prioritize a retail-first business model and direct customer engagement.

•By Geography: all regions delivered solid growth, led by the Americas, with Greater China Region further strengthening in the quarter.

•H1 2026 Group revenues reached €987.3 million, +6.4% year-on-year (YoY) and +9.3% on an organic basis.2

July 23, 2026 - 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 unaudited revenues of €987.3 million in H1 2026, +6.4% YoY from €927.7 million in H1 2025 (+9.3% organic). In the second quarter, revenues reached €517.1 million, +10.3% YoY (+11.0% organic).

Ermenegildo "Gildo" Zegna, Executive Chairman of the Ermenegildo Zegna Group, commented: "I am particularly proud to report 11% organic growth in the Group's revenues in the past quarter, with sequential acceleration across all our brands. This performance reflects the strength of our client-centric model, with Direct-to-Consumer revenues up 17% organically in the quarter and all brands delivering double-digit growth. ZEGNA continued to deepen client engagement with a milestone VILLA ZEGNA event in Los Angeles in June, following a model developed over time on an authentic legacy and supported by our unique Italian Filiera. I am equally encouraged by the performance of Thom Browne and TOM FORD FASHION. Their results confirm that the actions underway follow the right trajectory, although we are conscious that it is still the beginning of the journey and we must remain patient to see progress over time.

As we move through the rest of the year, we remain determined and disciplined to invest in the right priorities to deliver on our ambitions."

1 Throughout this press release, revenues for the second quarter of 2026 and 2025 and for the first half of 2026 and of 2025 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 and (b) acquisitions & disposals. Please see the non-IFRS financial measures section starting on page 7 of this press release for the definition and reconciliation of non-IFRS financial measures.

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Revenues Analysis for the Six and Three Months Ended June 30, 2026

REVENUES BY BRAND AND PRODUCT LINE (Unaudited)

			H1 2026 vs H1 2025																								Q2 2026 vs Q2 2025
(€ thousands, except percentages)			2026						2025						%						Organic						2026						2025						%						Organic
ZEGNA brand			634,573						570,409						11.2		%				13.9		%				324,281						277,493						16.9		%				16.5		%
Thom Browne			123,106						129,154						(4.7		%)				(0.1		%)				64,940						64,931						0.0		%				2.7		%
TOM FORD FASHION			156,817						152,715						2.7		%				6.4		%				89,090						85,237						4.5		%				7.1		%
Textile			67,012						67,061						(0.1		%)				(0.3		%)				35,800						37,140						(3.6		%)				(3.2		%)
Other (1)			5,782						8,351						(30.8		%)				(30.3		%)				3,004						4,068						(26.2		%)				(25.9		%)
Total revenues			987,290						927,690						6.4		%				9.3		%				517,115						468,869						10.3		%				11.0		%

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

In Q2 2026, revenues for the ZEGNA brand were €324.3 million, compared to €277.5 million in Q2 2025, +16.9% YoY and +16.5% organic, in sequential acceleration driven by strong DTC performance across all regions.

In Q2 2026, revenues for Thom Browne amounted to €64.9 million, in line with Q2 2025 (+2.7% organic), with positive organic growth in the DTC channel partially offset by the ongoing rationalization of the wholesale channel.

In Q2 2026, revenues for TOM FORD FASHION amounted to €89.1 million, compared to €85.2 million in Q2 2025, +4.5% YoY (+7.1% organic), with a solid performance of the DTC channel reflecting the success of the Spring/Summer collections.

In Q2 2026, Textile revenues were €35.8 million, compared to €37.1 million in Q2 2025, -3.6% YoY (-3.2% organic). Other revenues, which mainly include revenues from sales to third party brands3, were €3.0 million in Q2 2026, compared to €4.1 million in Q2 2025, -26.2% YoY (-25.9% organic).

3 Includes revenues from the sale of finished products (Ready-to-Wear) to luxury brands outside the group, with which we have long term supply relationships.

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REVENUES BY DISTRIBUTION CHANNEL (Unaudited)

			H1 2026 vs H1 2025																								Q2 2026 vs Q2 2025
(€ thousands, except percentages)			2026						2025						%						Organic						2026						2025						%						Organic
Direct to Consumer (DTC)
ZEGNA brand			573,256						504,501						13.6		%				16.3		%				300,968						253,706						18.6		%				18.4		%
Thom Browne			102,697						92,639						10.9		%				18.0		%				51,833						46,351						11.8		%				16.0		%
TOM FORD FASHION			106,827						100,895						5.9		%				11.3		%				58,059						52,844						9.9		%				13.1		%
Total Direct to Consumer (DTC)			782,780						698,035						12.1		%				15.8		%				410,860						352,901						16.4		%				17.3		%
As a percentage of branded products (1)			86%						82%																		86%						83%
Wholesale branded
ZEGNA brand			61,317						65,908						(7.0		%)				(4.5		%)				23,313						23,787						(2.0		%)				(3.2		%)
Thom Browne			20,409						36,515						(44.1		%)				(43.6		%)				13,107						18,580						(29.5		%)				(29.3		%)
TOM FORD FASHION			49,990						51,820						(3.5		%)				(2.8		%)				31,031						32,393						(4.2		%)				(2.6		%)
Total Wholesale branded			131,716						154,243						(14.6		%)				(13.3		%)				67,451						74,760						(9.8		%)				(9.5		%)
As a percentage of branded products			14%						18%																		14%						17%
Textile			67,012						67,061						(0.1		%)				(0.3		%)				35,800						37,140						(3.6		%)				(3.2		%)
Other (2)			5,782						8,351						(30.8		%)				(30.3		%)				3,004						4,068						(26.2		%)				(25.9		%)
Total revenues			987,290						927,690						6.4		%				9.3		%				517,115						468,869						10.3		%				11.0		%

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(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.

DTC Revenues Analysis

In Q2 2026, DTC revenues were €410.9 million, compared to €352.9 million in Q2 2025, +16.4% YoY (+17.3% organic), with double-digit organic growth across all brands.

ZEGNA DTC revenues were €301.0 million, +18.6% YoY (+18.4% organic), in sequential acceleration driven by double-digit organic growth in all the geographic areas, led by the Americas. GCR reported a sequential improvement in the quarter, and performance in the Rest of APAC continued to strengthen. In EMEA, Europe continued to perform strongly, while Middle East recorded a positive performance during the quarter despite the initial impact of the conflict in the region. At June 30, 2026, ZEGNA counted 279 directly operated stores (DOS), stable compared to the first quarter.

Thom Browne DTC revenues were €51.8 million, +11.8% YoY (+16.0% organic), with a strong momentum driven by the Americas, Korea and Japan. At June 30, 2026, Thom Browne had 128 DOS, with 3 net openings in the second quarter including Chicago and Vancouver.

TOM FORD FASHION DTC revenues were €58.1 million, +9.9% YoY (+13.1% organic), driven by continued growth in the Americas and Rest of APAC, supported by the strong reception of the Spring/Summer collection. At June 30, 2026, TOM FORD FASHION had 67 DOS, with 1 net closure in the second quarter of a boutique in China.

Wholesale Branded Revenues Analysis

In Q2 2026, wholesale branded revenues (excluding Textile and Other) were €67.5 million, compared to €74.8 million in Q2 2025, -9.8% YoY (-9.5% organic), reflecting the Group's strategic decision to focus on the DTC channel.

ZEGNA wholesale revenues were €23.3 million, -2.0% YoY (-3.2% organic), consistent with the decision to focus on a retail-first business model based on exclusive customer experiences.

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Thom Browne wholesale revenues were €13.1 million, -29.5% YoY (-29.3% organic). This performance is the result of i) the continued streamlining of the channel, which is becoming less significant for the brand, in line with a retail-first strategy implementation, and ii) the conversion of the distribution in Hong Kong.

TOM FORD FASHION wholesale revenues were €31.0 million, -4.2% YoY (-2.6% organic). The decline, reflecting the Group's retail-first strategy, was partially mitigated by a favorable phasing of deliveries during the quarter.

REVENUES BY GEOGRAPHIC AREA (Unaudited)

			H1 2026 vs H1 2025																								Q2 2026 vs Q2 2025
(€ thousands, except percentages)			2026						2025						%						Organic						2026						2025						%						Organic
EMEA (1)			329,978						328,908						0.3		%				1.5		%				177,113						174,819						1.3		%				1.6		%
Americas (2)			302,348						262,714						15.1		%				19.8		%				165,320						137,743						20.0		%				21.8		%
Greater China Region			236,106						223,101						5.8		%				6.8		%				111,976						99,841						12.2		%				8.6		%
Rest of APAC (3)			117,550						111,508						5.4		%				13.6		%				62,050						55,658						11.5		%				19.3		%
Other (4)			1,308						1,459						(10.3		%)				(9.0		%)				656						808						(18.8		%)				(17.5		%)
Total revenues			987,290						927,690						6.4		%				9.3		%				517,115						468,869						10.3		%				11.0		%

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(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.

EMEA (33% of the Group's H1 revenues) recorded revenues of €177.1 million in Q2, +1.3% YoY (+1.6% organic), with robust DTC growth across all three brands, partially offset by the negative performance of the wholesale channel. Middle East was positive in the second quarter.

Americas (31% of the Group's H1 revenues) recorded revenues of €165.3 million in Q2, +20.0% YoY (+21.8% organic). The strong performance was supported by double-digit growth in the DTC channel across all brands.

GCR (24% of the Group's H1 revenues) recorded revenues of €112.0 million in Q2, +12.2% YoY (+8.6% organic), with an acceleration in the performance versus Q1.

Rest of APAC (12% of the Group's H1 revenues) recorded revenues of €62.1 million in Q2, +11.5% YoY (+19.3% organic), driven by solid growth in all markets, especially in Korea and Japan.

Group Monobrand(1) Store Network at June 30, 2026

			At June 30, 2026																								At December 31, 2025																								At June 30, 2025
Stores			ZEGNA						Thom Browne						TOM FORD FASHION						Group						ZEGNA						Thom Browne						TOM FORD FASHION						Group						ZEGNA						Thom Browne						TOM FORD FASHION						Group
EMEA			78						12						12						102						79						10						12						101						81						9						12						102
Americas			78						36						16						130						76						35						14						125						75						32						13						120
Greater China Region			72						37						11						120						74						36						12						122						77						39						13						129
Rest of APAC			51						43						28						122						53						42						28						123						53						40						28						121
Total Direct to Consumer (DTC)			279						128						67						474						282						123						66						471						286						120						66						472
EMEA			39						2						14						55						41						4						16						61						41						5						16						62
Americas			58						1						44						103						57						1						46						104						58						1						46						105
Greater China Region			7						6						-						13						9						9						-						18						11						10						-						21
Rest of APAC			5						4						3						12						5						4						3						12						5						5						1						11
Total Wholesale			109						13						61						183						112						18						65						195						115						21						63						199
Total			388						141						128						657						394						141						131						666						401						141						129						671

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

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Conference Call

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

Dial in

Italy: +39 800 909 780

United States: +1 585 542 9983

United Kingdom: +44 117 389 0104

Meeting ID: 896361261

Webcast link: https://events.q4inc.com/attendee/896361261

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

UPCOMING EVENTS

Next financial releases

•September 3, 2026: H1 2026 Unaudited Financial Results

•October 22, 2026: Q3 2026 Unaudited Revenues

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 7,200 employees and recorded revenues of €1.92 billion in 2025.

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Contacts

Paola Durante, Chief of External Relations and Sustainability

Alice Poggioli, Investor Relations Director

[email protected] / [email protected]

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