#1Ermenegildo Zegna Group CAPITAL MARKETS DAY 2023 - NEW YORK STOCK EXCHANGE Our Road To Tomorrow Since 1910 December 5th 2023 © 2023 Ermenegildo Zegna All rights reserved#2Video#3CAPITAL MARKETS DAY Disclaimer Non-IFRS Financial Measures Zegna'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 and Net Financial Indebtedness/(Cash Surplus). Zegna's management believes that these non-IFRS financial measures provide useful and relevant information regarding Zegna'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 Zegna 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 Zegna operates, the financial measures that Zegna 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 on Page 146 for Non-IFRS Measures definitions and reconciliation tables. Ermenegildo Zegna Group OUR ROAD TO TOMORROW Forward Looking Statements This presentation contains forward-looking statements that are based on beliefs and assumptions and on information currently available to us. In particular, statements regarding future financial performance and the Group's expectations as to the achievement of certain targeted metrics, including revenues, Adjusted EBIT, Adjusted EBIT Margin, Net Financial Indebtedness/Cash Surplus, store productivity, number of stores and capital expenditures 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; the COVID-19 pandemic or similar public health crises; international business, regulatory, social and political risks; the conflict in Ukraine and sanctions imposed onto Russia; the occurrence of acts of terrorism or similar events, conflicts, civil unrest or situations of political instability; developments in Greater China and other growth and emerging markets; our ability to implement our strategy; recent and potential future acquisitions; disruption to our manufacturing © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 and logistics facilities; 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; 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; disruption in our information technology, 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; the level of competition in the industry in which we operate; global economic conditions and macro events, including inflation; failures to comply with applicable laws and regulations; 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 our 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 us and our directors, officers or employees or any other person that we will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this presentation represent our views as of the date of this presentation. Subsequent events and developments may cause that view to change. However, while we may elect to update these forward-looking statements at some point in the future, we disclaim any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. 3#4CAPITAL MARKETS DAY Today's Agenda 1. OUR ROAD TO TOMORROW GILDO ZEGNA Group Chairman & CEO Ermenegildo Zegna Group 2. TOM FORD FASHION VISION LELIO GAVAZZA Tom Ford Fashion CEO OUR ROAD TO TOMORROW 3. THOM BROWNE: THE ROAD TO 2X RODRIGO BAZAN Thom Browne CEO 4. ZEGNA: WHAT SETS US APART EDOARDO ZEGNA ZEGNA CMDSO © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 ZEGNA SUCCESS IN NORTH AMERICA NILLY FOSTER ZEGNA North America President & CEO 05.12.23 5. MEDIUM-TERM FINANCIAL OUTLOOK GIANLUCA TAGLIABUE Group COO and CFO#5CAPITAL MARKETS DAY My name is Ermenegildo «Gildo»> Zegna. What am I doing in New York? My grandfather, Ermenegildo Zegna, was born near the turn of the century in Trivero, a poor and remote village in the foothills of the Italian Alps. At that time, the most sought-after wool fabrics were made in England. My grandfather's dream was to produce in Trivero the world's best fabrics. This took years of hard work. He then traveled back and forth across the Continent persuading Europe's finest tailors that what he was selling had no equal on earth. His reputation grew, and so did his factory. Profits were used to build homes, hospitals and recreational facilities for the employees. My grandfather loved and appreciated nature. In the moun- tains he planted one million trees. He also built a road from the bottom of the valley to the top of the Bielmonte mountain. The "Panoramica Zegna", another vision which became à reali- ty, is forever a symbol of his dedication and commitment to beauty. Grandfather also established the highly prized Ermenegildo Zegna trophy, awarded annually to the grower of the finest Ermenegildo Zegna Group OUR ROAD TO TOMORROW Australian merino sheep wool. Soon fifty percent of the very best wool produced in the world was purchased by his company. The King of Italy was very impressed by Grandfather's achievements. In recognition, he honored him with the title, "Count of Monterubello". When his sons, Aldo and Angelo, took over grandfather's responsibilities, they followed in his footsteps and carried the dream even further. Their goal was to design and produce gentlemen's clothing with exquisite Italian flair. Starting with the world's best natural fibers, and using a complete and uni- que manufacturing process, they created a totally coordinated line of products As new factories were built for the production of coordinated lines of clothing, sportswear and accessories, the Ermenegildo Zegna Group came into existence, soon becoming a world leader. The management team to which I belong has trained in Italy and abroad. We have all learned that only through dedication, creativi- ty, and innovation can we excel in our field. Ermenegildo Zegna You will find that in one respect nothing has changed since my grandfather's time; we have re- tained his vision for legendary quality in everything we do. Ermenegildo Zegna Corp. 1984, Inc. I too have a dream-the success of our company in America. That's why I've come to the United States. Ime © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 WA 05.12.23 5#6ZEGNA CAPITAL MARKETS DAY NEW YORK STOCK EXCHANGE Ermenegildo Zegna Group OUR ROAD TO TOMORROW ZEGNA ZEGNA OUR ROAD TO TOMORROW ZGN LISTED NYSE 05.12.23 6#7CAPITAL MARKETS DAY Our Road: from mono-brand to a listed multi-brand luxury platform 1910 FOUNDATION Ermenegildo Zegna Ermenegildo Zegna Group 2018 ACQUISITION OUR ROAD TO TOMORROW THOM BROWNE NEW YORK Fim W T 2021 ZEGNA © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 ZEGNA CUP ROAD TO TOMORROW LISTING ON NYSE ZGN LISTED NYSE 2023 DEAL CLOSING TOM FORD FASHION 05.12.23 7#8CAPITAL MARKETS DAY Ermenegildo Zegna Group OUR ROAD TO TOMORROW © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 8#9CAPITAL MARKETS DAY Ermenegildo Zegna Group today Incidence on Group revenues (%) ZEGNA 9M 2023 Ermenegildo Zegna Group 85 COUNTRIES 59% OUR ROAD TO TOMORROW Ermenegildo Zegna Group 113 YEARS HERITAGE Incidence on Group revenues (%) THOM BROWNE NEW YORK 21% 9M 2023 386^ DTC STORES MADE IN ITALY LUXURY TEXTILE & SUPPLY CHAIN ~10%* © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Incidence on Group revenues (%) TOM FORD FASHION ** 10%** 9M 2023 ^Consolidated unaudited revenues for the nine-month period from January 1 to September 30, 2023. Number of direct-to-consumer stores as of September 30, 2023; *c.10% of 9M 2023 Group revenues include Textile, Third Party Brands and Other (Third Party Brand includes supplies to Tom Ford until completion of acquisition of Tom Ford International on April 28, 2023); ** Tom Ford Fashion contribution from April 29, 2023 to September 30, 2023 05.12.23 9#10CAPITAL MARKETS DAY Our three brands, complementary across styles, occasions and aesthetics Ermenegildo Zegna Group ZEGNA QUIET LUXURY OUR ROAD TO TOMORROW Timeless Ermenegildo Zegna Group THOM BROWNE NEW YORK MODERN TAILORING ABSOLUTE LUXURY POSITIONING Modern MADE IN ITALY LUXURY TEXTILE PLATFORM & SUPPLY CHAIN TOM FORD FASHION © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 LUXURY GLAMOUR One of a kind Made-in-Italy luxury textile laboratory platform producing the highest quality fabrics High degree of vertical integration & manufacturing control, yet retaining flexibility Glamour 05.12.23 10#11CAPITAL MARKETS DAY A stronger and more balanced Group... WOMENSWEAR* MENSWEAR* LEATHER ACCESSORIES & SHOES* Ermenegildo Zegna Group ZEGNA OUR ROAD TO TOMORROW N/A 6 THOM BROWNE NEW YORK EVIS © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 TOM FORD FASHION LECOMP 05.12.23 *Year to date The above charts are indicative. For TFF complement to 100% is licensing. For Thom Browne complement to 100% is Kids and Licensing. For Zegna complement to 100% is licensing. : represents the indicated category 11#12CAPITAL MARKETS DAY ...more diversified across geographies... Ermenegildo Zegna Group APAC EMEA OUR ROAD TO TOMORROW NORTH AMERICA ZEGNA 1st 2nd 3rd THOM BROWNE NEW YORK © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 1st 2nd 3rd TOM FORD FASHION 3rd 2nd 1st 05.12.23 The table above represents the ranking of brand's revenue incidence by geography 12#13CAPITAL MARKETS DAY ...and with larger soft luxury market opportunity, including accessories and womenswear Market size (€bn) ~€185bn ~€105bn ~€65bn ~€30bn Men accessories Ermenegildo Zegna Group Men RTW ZEGNA Women accessories Women RTW THOM BROWNE NEW YORK TOM FORD FASHION Ermenegildo Zegna Group OUR ROAD TO TOMORROW Market size (€bn) ZEGNA THOM BROWNE NEW YORK TOM FORD FASHION © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 CATEGORIES OF FOCUS Men RTW Men RTW Women RTW Men RTW Women RTW Men accessories Men accessories Women accessories Men accessories Women accessories TAM* OF ~€185BN Source: Management elaboration based on internal company information and on Bain-Altagamma Luxury Study 22nd Edition, 2023. Note: Represents 2023E market size* Total Addressable Market 05.12.23 13#14CAPITAL MARKETS DAY DISTRIBUTION We are a fully integrated luxury platform with further synergy opportunities to be leveraged, all while maintaining each brand's unique identity Retail excellence Real estate synergies Ermenegildo Zegna Group Potential synergies' impact OUR ROAD TO TOMORROW MANUFACTURING AND SUPPLIERS Zegna Platform utilization Increased bargaining power ZEGNA THOM BROWNE NEW YORK INDEPENDENT ACTIVITIES AT BRAND LEVEL TO NURTURE BRAND IDENTITIES MARKETING DESIGN Current stage of synergies' assessment phase SALES TALENT Talent attraction and cross-fertilization © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 TOM FORD FASHION SHARED COSTS 05.12.23 Leveraging being a Group 14#15CAPITAL MARKETS DAY We have achieved key milestones on Our Road since listing CONSISTENTLY EXCEEDING OUR IPO TARGETS Revenues (€B) 1.2 2021 Plan* 1.3 1.3 111 Ermenegildo Zegna Group 2021A 1.5 2022 Plan* 2022A 1.5 OUR ROAD TO TOMORROW 2023 Plan* AHEAD OF OUR MAY-22 MEDIUM-TERM AMBITION Revenues (€B) EXCLUDING TOM FORD FASHION 2.0 • Ahead of May-22 medium-term ambition • In line with April 2023 guidance of medium-term=2025 © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 2.0 Medium-term (CMD May-22) * The Zegna Group's Plan was published at the time of the announcement of the business combination between the Company and Investindustrial Acquisition Corp. ("IIAC"). The Group's Plan was also disclosed in the Company's registration statement on Form F-4 filed with the SEC (File No. 333- 259139), under "Certain Unaudited Zegna Prospective Financial Information," the investor presentations made available by the Company and IIAC on July 19, 2021, and on September 21, 2021, and the presentation made available to financial analysts on November 23, 2021. 05.12.23 15#16CAPITAL MARKETS DAY New medium-term financial outlook *CAGR from FY 2023 Ermenegildo Zegna Group NEW MEDIUM-TERM OUTLOOK (including Tom Ford Fashion) REVENUES OUR ROAD TO TOMORROW ADJUSTED EBIT CASH SURPLUS >10% CAGR* © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 C.20% CAGR* Solid cash generation 05.12.23 16#17CAPITAL MARKETS DAY Looking ahead: the pillars of our growth ZEGNA Store Productivity ~ 10% CAGR* Ermenegildo Zegna Group میرا MARKET SHARE GAIN Cross OUR ROAD TO TOMORROW Cross THOM BROWNE NEW YORK Ambition: Road to 2X** through high teens retail growth MARKET SHARE GAIN LUXURY PLATFORM PLATFORM SYNERGIES © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Fertilization Fertilization TOM FORD FASHION >10% revenues CAGR^ BRAND EXPANSION 05.12.23 * CAGR from 2023 to the medium-term * From 2021 baseline^ CAGR starting from FY2023 pro-rated on a 12 months basis to the medium-term 17#18CAPITAL MARKETS DAY What makes us unique 1. HERITAGE AND SUSTAINABILITY AT OUR CORE 2. LUXURY LEADER WITH UNIQUE ITALIAN INDUSTRY ROOTS AND MTM CAPABILITIES 3. TOP PLAYER IN LUXURY MENSWEAR, WITH GREAT OPPORTUNITY IN WOMENSEAR 4. UNIQUE FULLY INTEGRATED LUXURY PLATFORM PROVIDING SYNERGY OPPORTUNITIES, WHILE MAINTAINING EACH BRAND'S IDENTITY AND DESIGN FLAIR 5. INDEPENDENT, INTEGRATED AND ITALIAN: APPEALING VALUE PROPOSITION FOR TALENT ACQUISITION Ermenegildo Zegna Group OUR ROAD TO TOMORROW © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 18#19CAPITAL MARKETS DAY What makes us unique 2. LUXURY LEADER WITH UNIQUE ITALIAN INDUSTRY ROOTS AND MTM CAPABILITIES 3. TOP PLAYER IN LUXURY MENSWEAR, WITH GREAT OPPORTUNITY IN WOMENSEAR 4. UNIQUE FULLY INTEGRATED LUXURY PLATFORM PROVIDING SYNERGY OPPORTUNITIES, WHILE MAINTAINING EACH BRAND'S IDENTITY AND DESIGN FLAIR 5. INDEPENDENT, INTEGRATED AND ITALIAN: APPEALING VALUE PROPOSITION FOR TALENT ACQUISITION Ermenegildo Zegna Group OUR ROAD TO TOMORROW © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 19#20CAPITAL MARKETS DAY What makes us unique 3. TOP PLAYER IN LUXURY MENSWEAR, WITH GREAT OPPORTUNITY IN WOMENSEAR 4. UNIQUE FULLY INTEGRATED LUXURY PLATFORM PROVIDING SYNERGY OPPORTUNITIES, WHILE MAINTAINING EACH BRAND'S IDENTITY AND DESIGN FLAIR 5. INDEPENDENT, INTEGRATED AND ITALIAN: APPEALING VALUE PROPOSITION FOR TALENT ACQUISITION Ermenegildo Zegna Group OUR ROAD TO TOMORROW © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 20#21CAPITAL MARKETS DAY What makes us unique 4. UNIQUE FULLY INTEGRATED LUXURY PLATFORM PROVIDING SYNERGY OPPORTUNITIES, WHILE MAINTAINING EACH BRAND'S IDENTITY AND DESIGN FLAIR 5. INDEPENDENT, INTEGRATED AND ITALIAN: APPEALING VALUE PROPOSITION FOR TALENT ACQUISITION Ermenegildo Zegna Group OUR ROAD TO TOMORROW © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 21#22CAPITAL MARKETS DAY What makes us unique 5. INDEPENDENT, INTEGRATED AND ITALIAN: APPEALING VALUE PROPOSITION FOR TALENT ACQUISITION Ermenegildo Zegna Group OUR ROAD TO TOMORROW © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 22#23CAPITAL MARKETS DAY TOM FORD FASHION TOM FORD FASHION 05.12.23 23#24CAPITAL MARKETS DAY TOM FORD FASHION POSITIONING OUR AMBITION To create a global luxury lifestyle house that blends innovation with artisan craftsmanship, delivering an alluringly modern aesthetic across diverse yet unified offerings that prioritize luxury, product excellence, and impeccable fit. TOM FORD FASHION POSITIONING • Solid brand positioning proved also by significant traction of TOM FORD in all key social media • Absolute product excellence at high pricing points position to compete in the luxury playground • Opportunity to develop regional brand presence in particular in EMEA and APAC • Opportunity for expansion in women business, especially shoes and accessories 2024 expected to be a transition year with significant investments to set foundations to the solid growth path projected throughout the strategic plan for TOM FORD FASHION 05.12.23 TOM FORD FASHION 24#25CAPITAL MARKETS DAY AGENDA TOM FORD FASHION COMPANY OVERVIEW POST DEAL STRUCTURE TOM FORD FASHION POSITIONING & PRODUCT PORTFOLIO GROWTH & STRATEGY PLANS MEDIUM-TERM OUTLOOK 05.12.23 25#26CAPITAL MARKETS DAY TIMELINE: TOM FORD FASHION THROUGH THE YEARS 2005 THE VISIONARY The TOM FORD brand is launched, along with partnerships with The Estée Lauder Companies and Marcolin to develop the TOM FORD beauty and eyewear brands. TOM FORD FASHION 2008 MENSWEAR TOM FORD menswear is launched in collaboration with ZEGNA, timed with the opening of the first TOM FORD flagship store in New York City 2010 WOMENSWEAR TOM FORD womenswear is launched at an intimate salon- inspired presentation at the TOM FORD Madison Avenue store in New York City 2022-2023 CELEBRATING TOM FORD In April 2023, Peter Hawkings was named Creative Director. Zegna Group finalized the acquisition of TOM FORD International. 2023 05.12.23 CONTINUED SUCCESS Building on the brand's past to further develop TOM FORD FASHION under Zegna Group. 26#27CAPITAL MARKETS DAY 2023 TOM FORD FASHION OVERVIEW: WHERE WE ARE TODAY Tremendous opportunity to exploit TOM FORD FASHION underdeveloped business behind the brand perception and position. KO 139€M* REVENUES *5 months 2023 under Zegna stewardship 51 STORES* (DOS) -30% WOMEN'S TOM FORD FASHION o ~680 EMPLOYEES 9 COUNTRIES** -70% MEN'S (*) For the period April 29-September 30, 2023. Number of DOS as of September 30, 2023 (**) with DOS presence 05.12.23 27#28CAPITAL MARKETS DAY TOM FORD FASHION ESSENCE OUR AMBITION To create a global luxury lifestyle house that blends innovation with artisan craftsmanship, delivering an alluringly modern aesthetic across diverse yet unified offerings that prioritize luxury, product excellence, and impeccable fit. TOM FORD FASHION DNA CONFIDENCE FASHION VISIONARY ICONIC PERFECTION CODES GLAMOUR REFINED ELEGANCE MYSTERIOUS ALLURE 05.12.23 28#29CAPITAL MARKETS DAY TOM FORD SS24 FASHION SHOW TOM FORD FASHION VIDEO 05.12.23 29#30CAPITAL MARKETS DAY PETER HAWKING'S SPRING 2024 FASHION SHOW RECEIVED POSITIVE PRESS REVIEWS, MARKING A NEW MILESTONE FOR THE BRAND 'was clear in how he distilled the louche Fordian codes of glamor [and] luxury ... into their most potent forms' GQ (22 SEP 2023) BY SAMUEL HINE 'Hawkings' remedy is a return to the days that made Tom great' BUSINESS OF FASHION (22 SEP 2023) BY TIM BLANKS 'Ford's codes, "of glamour, sexiness, elegance, and beauty," are his own codes.' VOGUE (21 SEP 2023) BY NICOLE PHELPS 'Hawking's first solo show for TOM FORD felt like a reset for the brand.' VOGUE UK (22 SEP 2023) BY ANDERS CHRISTIAN MADSEN TOM FORD FASHION 11.EST 21 05.12.23 30#31CAPITAL MARKETS DAY AGENDA TOM FORD FASHION COMPANY OVERVIEW POST DEAL STRUCTURE TOM FORD FASHION POSITIONING & PRODUCT PORTFOLIO GROWTH & STRATEGY PLANS MEDIUM-TERM OUTLOOK 05.12.23 31#32CAPITAL MARKETS DAY PRE-DEAL: VALUE CHAIN SET UP FASHION Personal Luxury Goods Value Chain MEN WOMEN TOM FORD FASHION APPAREL SHOES LEATHER GOODS APPAREL SHOES LEATHER GOODS Design TOM FORD INTERNATIONAL Product Development TOM FORD Pre-deal 1 Playground Orders collection 1868 Industrialization and Sourcing Production ما Distribution ZEGNA Zegna already playing a pivotal role for TOM FORD FASHION Mens collection 05.12.23 Note 1: TFI is offering, within its own network (DOS), the entire TOM FORD collection, including beauty, perfumes and eyewear. 32#33CAPITAL MARKETS DAY POST-DEAL: TOM FORD FASHION A FULLY INTEGRATED PLAYER ALONGSIDE THE VALUE CHAIN ACROSS ALL PRODUCT CATEGORIES FASHION Personal Luxury Goods Value Chain MEN WOMEN TOM FORD FASHION APPAREL SHOES LEATHER GOODS APPAREL SHOES LEATHER GOODS Design Product Development Orders collection 2 Industrialization and Sourcing Post-deal Playground Production ZEGNA GROUP DEAL Distribution ZEGNA 05.12.23 Note 1: TFI is offering, within its own network (DOS), the entire TOM FORD collection, including beauty, perfumes and eyewear. 33#34CAPITAL MARKETS DAY KEY LICENSE TERMS OWNERSHIP KEY METRICS EFFECTIVE DATE AND DURATION LICENSE CATEGORIES TOM FORD FASHION April 28, 2023 | The Estée Lauder Company Inc sole ownership of the TOM FORD brand, its trademarks, and other intellectual property right April 28, 2023 | License Agreement with The Estée lauder Companies - duration is 20 years + 10 years* Licensee has the exclusive right on: Expansion Products Core Fashion Products (Man & Women ) Children clothing and accessories • Home design products ● ● • Underwear Sportswear Denim ● DESCRIPTION Menswear and womenswear Leather Goods and accessories Fine jewellery ● ● Guillaume Jesel, President and CEO, TOM FORD; Peter Hawkings, Creative Director, TOM FORD; and Lelio Gavazza, CEO TOM FORD FASHION continue to work together to ensure consistency and cohesiveness across image, products, brand communication and retail. Peter Hawkings reports to Guillaume Jesel and has a matrix reporting line to Lelio Gavazza. Licensee also has exclusive rights to **: Licensed Patents and Product Intellectual Property; TF Trademarks; Licensed Design, and Archives 05.12.23 (*) The extension is subject to satisfaction of certain conditions. (**) In connection with the business perimeter described above. 34#35CAPITAL MARKETS DAY AGENDA TOM FORD FASHION COMPANY OVERVIEW POST DEAL STRUCTURE TOM FORD FASHION POSITIONING & PRODUCT PORTFOLIO GROWTH & STRATEGY PLANS MEDIUM-TERM OUTLOOK 05.12.23 35#36CAPITAL MARKETS DAY TOM FORD FASHION HAS A UNIQUE VALUE PROPOSITION Price Point TOM FORD FASHION POSITIONING Absolute Luxury Aspirational Luxury Higher Lower Contemporary TOM FORD FASHION FASHION Heritage on Leather Goods and Accessories, top of mind for both categories STYLE RTW SPECIALISTS LEATHER GOODS SPECIALISTS Brands with heritage founded on RTW, leveraging on fine fabrics or haute couture tradition Timeless High 05.12.23 36#37CAPITAL MARKETS DAY ICONIC MEN'S PRODUCTS TOM FORD FASHION FORMAL SUIT TUXEDO LEATHER RTW 05.12.23 37#38CAPITAL MARKETS DAY ICONIC WOMEN'S PRODUCTS te THE PADLOCK SHOES TOM FORD FASHION VELVET TUXEDO EVENING DRESS 05.12.23 38#39CAPITAL MARKETS DAY STRONG SOCIAL MEDIA PRESENCE GLOBALLY TOM FORD FASHION P f ►YouTube TOM FORD 11.7 Million 74K 2.1 Million 149K 77.5K Present 198K Competitor 12 Million 60K 3.5 Million 4.1 Million 322K Present 530K 05.12.23 (*) According to License Agreement, control of TOM FORD Social Media Accounts is transferred to ELC. ELC shall dedicate at least 40% of the content posted to Licensed Products (i.e. Fashion) 39#40CAPITAL MARKETS DAY OPTIMIZE PRODUCT MIX AND REALIZE OPPORTUNITY IN WOMEN'S ACCESSORIES IN W TOM FORD FASHION MEN WOMEN T C Product category APPAREL SHOES BAGS SMALL LEATHER GOODS BELTS AND SILKS APPAREL SHOES BAGS SMALL LEATHER GOODS Gender mix % 70% Men Women 30% Men Women Accessories ranging between 10%-15% on women's business Major competitors recording values 6x-7x larger 05.12.23 Note: Data referring to Sell-in FW24 + SS24 volumes, including MTM. Not including Jewellery and Accessories 40#41CAPITAL MARKETS DAY AGENDA TOM FORD FASHION COMPANY OVERVIEW POST DEAL STRUCTURE TOM FORD FASHION POSITIONING & PRODUCT PORTFOLIO GROWTH & STRATEGY PLANS MEDIUM-TERM OUTLOOK 7 05.12.23 41#42CAPITAL MARKETS DAY GROWTH PILLARS SUSTAINING A STRATEGIC PLAN, WITH OVER 10% MEDIUM-TERM* COMPOUNDED ANNUAL REVENUES GROWTH Leverage Geographic Expansion • Increase penetration into new, currently underexplored, geographies ● Enhance Retail Experience and Clienteling Significant investments directed towards DOS to drive top-line growth and align channel mix ● • Introduction and implementation of CRM tool and process to foster new customers and retain existing ones Marketing and Communication • Strengthening brand identity and storytelling and consistent brand amplification TOM FORD FASHION Product Merchandise Rebalancing the gender mix with the goal of further increasing women's share of total sales, in particular through enhancement of accessories and shoes Supply Chain Optimization ● • Leverage Zegna Group best practices to improve TOM FORD FASHION supply chain 05.12.23 (*) Based on 2023 pro-rated on a 12 months basis 42#43CAPITAL MARKETS DAY TOM FORD FASHION ENABLING FACTORS FOR SUCCESS • Peter Hawkings transition started with women's SS24 show, more balanced between day and evening wear • Accessories development coming from top competitor • New retail network rebalancing channel mix reaching 90/100 DOS in medium-term, with most new openings planned in strategic geographies: +18-22 EMEA, +12-16 APAC, + 8-12 AMERICAS - - ● new designer onboard since mid-November, • New Business Lines - opportunities to explore jewellery and home design products • Reinforcement of company structure and organization in addition to CEO, key positions at corporate (production and product development) and regional levels (EMEA, US) TOM FORD FASHION Synergies from Zegna - manufacturing menswear, negotiation power with business partners New DOS so far confirmed: • BEIJING - China World Trade Center • SINGAPORE - Paragon Shopping Center Free standing • ROME • ST. MORITZ - Free standing - 05.12.23 43#44CAPITAL MARKETS DAY AGENDA TOM FORD FASHION COMPANY OVERVIEW POST DEAL STRUCTURE TOM FORD FASHION POSITIONING & PRODUCT PORTFOLIO GROWTH & STRATEGY PLANS MEDIUM-TERM OUTLOOK nu 0000 www. 05.12.23 44#45CAPITAL MARKETS DAY GROWTH TRAJECTORY IN THE MEDIUM-TERM ● ● Revenues 2023 2023 pro-rated on Apr-Sept* a 12 months basis TOM FORD FASHION >10% CAGR Medium term Top line expected to increase at over 10% compounded annual growth in the medium term Significant contribution from footprint expansion Margin improvements on best practices and store productivity enhancement 100 2023 Apr-Sept Revenues/ sam CAGR HSD% Medium-term Significant improvement expected in store productivity, rising by high single digit CAGR 2023 up to medium-term 05.12.23 (*): Top Line as reported in Zegna Group Financial Statements as of September 30, 2023. TOM FORD FASHION accounting for the period April-September 2023 45#46CAPITAL MARKETS DAY INVESTING TO FUEL AND SUSTAIN THE MEDIUM-TERM GROWTH TRAJECTORY OF TOM FORD FASHION CAPEX Significant investments in 2024 and 2025 to set the foundation for medium-term expected Top Line growth • Planned reinforcement of TOM FORD FASHION retail network through renovations (~40% of total retail Capex) and new openings (~ 60% of total retail Capex), mainly in EMEA and APAC • Consistent investments also foreseen to strengthen corporate structure ● TOM FORD FASHION OPEX • TOM FORD FASHION expected to continue investing in brand equity to sustain and secure the positioning OPEX to include royalties ● P 05.12.23 46#47CAPITAL MARKETS DAY THOM BROWNE. NEW YORK THOM BROWNE. NEW YORK 05.12.23#48Thom Browne-A Timeline of 20 Years in Business 2003 THOM BROWNE. NEW YORK 2005 2006 2007 2009 2013 8:00SIND 01 2016 2018 2019 2020 2022 2023 Thom Browne. 05.12.23 48#49CAPITAL MARKETS DAY THOM BROWNE. NEW YORK 1 05.12.23 49#50CAPITAL MARKETS DAY THOM BROWNE. NEW YORK 05.12.23 T!! 07798: 50#51CAPITAL MARKETS DAY THOM BROWNE. NEW YORK B 75 The New York Times 05.12.23 Is Thom Browne the Most Underestimated Designer in New York? 51#52CAPITAL MARKETS DAY THOM BROWNE. NEW YORK 5- 4 1 3 2 6- 10- 9 www 7 8 05.12.23 52#53CAPITAL MARKETS DAY 07 01 THOM BROWNE. NEW YORK 06 03 05 04 02 11 08 09 13 MENT 14 10 12 05.12.23 THOM BROWNE. NEW YORK 53#54CAPITAL MARKETS DAY KEY MEDIUM-TERM GOALS We reaffirm the strategic goals set out in May 2022: Our ambition is to double revenues from FY 2021 •● and to double the number of end-consumers all while significantly increasing engagement with our current customer base Our new commitment is to: ● continue to increase brand equity for the long term and to deliver high-quality sustainable growth THOM BROWNE. NEW YORK 05.12.23 54#55CAPITAL MARKETS DAY THOM BROWNE. NEW YORK 2' VIDEO: Thom Browne's attractiveness 05.12.23 55#56CAPITAL MARKETS DAY THOM BROWNE. NEW YORK LAM KEY PILLARS TO DRIVE OUR PLAN PRODUCT DISTRIBUTION MARKETING CLIENT VALUE MANAGEMENT 05.12.23 56#57CAPITAL MARKETS DAY KEY PILLARS TO DRIVE OUR PLAN AN EXPANSION OF REACH TO NEW COMMUNITIES TO CONVERT OUR BRAND AWARENESS INTO PRODUCT AWARENESS AND CLIENT CONNECTIONS... THOM BROWNE. NEW YORK 05.12.23 57#58CAPITAL MARKETS DAY STRATEGIC AND BALANCED GROWTH THOM BROWNE. NEW YORK Continue to strategically drive growth through Direct to Consumer (DTC) and very selective wholesale business in order to... achieve even greater balance of distribution DTC/Wholesale, East/West, Men/Women 05.12.23 58#59CAPITAL MARKETS DAY BRAND AWARENESS ...we continue to strategically drive growth to both women s and men s... THOM BROWNE. NEW YORK 05.12.23 59#60CAPITAL MARKETS DAY BRAND AWARENESS ...we continue to drive growth to both our clothing and accessories THOM BROWNE. NEW YORK 05.12.23 60#61CAPITAL MARKETS DAY BRAND AWARENESS SHED roduces and welcomes nnovative and id ross al area IS A NO SM WITHIN 25 FEE AN THOM BROWNE. NEW YORK MG ...we continue to drive growth ... to both our clothing and accessories 05.12.23 61#62CAPITAL MARKETS DAY STORE NETWORK we continue to develop and improve our network of stores... THOM BROWNE. NEW YORK THOM BROWNE NEW YORK 05.12.23 62#63CAPITAL MARKETS DAY STORE NETWORK THOM BROWNE. NEW YORK FAZ PAR THOM BROWNE NEW YORK ...we continue to purposely drive growth... through Direct to Consumer (DTC) and very selective wholesale business... 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Thom Browne revenues mix by channel 2022A DTC Wholesale 05.12.23 Medium-term 63#64CAPITAL MARKETS DAY THOM BROWNE. NEW YORK 2003 STRONG AND HEALTHY EXPANSION OF THE BRAND AND BUSINESS ...we confirm the PRODUCT strategic plans/actions that are driving us to achieve a 40% penetration of women s business ...for both men s and women s our focus will be on: ● ● ● ● ● 05.12.23 balancing seasonal and seasonless product outerwear balancing tailoring and luxurious sportswear MTM/MTO/custom accessories and footwear 64#65CAPITAL MARKETS DAY WOMEN S & MEN S BUSINESS THOM BROWNE. NEW YORK Today ■ Men ■ Women Medium-term ■ Men ■ Women 05.12.23 Above charts are illustrative of % of FY 2023 YTD sales 65#66CAPITAL MARKETS DAY PRODUCT THOM BROWNE. NEW YORK ESSER ...outerwear... THOM BROWNE 05.12.23 66#67CAPITAL MARKETS DAY PRODUCT ...outerwear... THOM BROWNE. NEW YORK 05.12.23 67#68CAPITAL MARKETS DAY PRODUCT THOM BROWNE. NEW YORK 05.12.23 ..other key categories (knits, shirting, jersey)... alternative categories that complement our strength in tailoring... 68#69CAPITAL MARKETS DAY PRODUCT ...MTM/MTO... THOM BROWNE. NEW YORK THOM BROWNE. NEW YORK THOM BRO NEW YOR! 2858977497 05.12.23 69#70CAPITAL MARKETS DAY THOM BROWNE. NEW YORK ...continue to focus on our accessories 05.12.23 PRODUCT 70#71CAPITAL MARKETS DAY PRODUCT ...both genders THOM BROWNE. NEW YORK 05.12.23 71#72CAPITAL MARKETS DAY NEW YORK THOM BROWNE THOM BROWNE. NEW YORK NEW YORK THOM BROWNE 05.12.23 continued focus on footwear... 72#73CAPITAL MARKETS DAY PRODUCT ...and kids THOM BROWNE. NEW YORK 05.12.23 73#74CAPITAL MARKETS DAY THOM BROWNE. NEW YORK we further reaffirm the very successful internalization of eyewear 05.12.23 PRODUCT 74#75CAPITAL MARKETS DAY PRODUCT THOM BROWNE. NEW YORK 05.12.23 we continue to develop our range of fragrance, beauty and home accessories for our DTC 75#76CAPITAL MARKETS DAY PRODUCT THOM BROWNE. NEW YORK 05.12.23 76#77CAPITAL MARKETS DAY PRODUCT THOM BROWNE. NEW YORK 31E THOM BROWNE NEW YORK 09.27.65 BIE 316 316 318 THOM BROWNE. NEW YORK 09.27.65.01 THOM BROWNE NEW YORK 09.27.65.02 THOM BROWNE NEW YORK 09.27.65.03 THOM BROWNE NEW YORK 09.27.65.04 316 THOM BROWNE. NEW YORK 09.27.65.05 05.12.23 77#78CAPITAL MARKETS DAY RETAIL EXPANSION BIPAR THOM BROWNE. NEW YORK WHOMONTAN THOM BROWNE NEWYORK SHE A in 05.12.23 78#79CAPITAL MARKETS DAY RETAIL EXPANSION ... we continue to expand our retail in North America, China, Japan and Korea (now fully Directly Operated Stores) THOM BROWNE. NEW YORK REE 000000 THOM BROWNE NEW YORK A 05.12.23 79#80CAPITAL MARKETS DAY RETAIL EXPANSION THOM BROWNE. NEW YORK EZ COM 05.12.23 . we continue to expand our DOS network in Europe and Middle "I East and franchising in Southeast Asia exceeding 100 monobrand stores (c.85 DTC) by end of 2023, with a very strong e-business complement ... 80#81CAPITAL MARKETS DAY RETAIL EXPANSION ... we have continued to convert franchises or wholesale into DOS or concessions... THOM BROWNE. NEW YORK 140 120 100 80 60 40 20 0 Thom Browne - number of monobrand stores 2021 2022 2023 Total DTC ■ Wholesale* Medium-Term *Monobrand store count includes DTCS (which are divided into boutiques and outlets) and Wholesale monobrand stores (including monobrand franchisees and travel retail). 05.12.23 81#82CAPITAL MARKETS DAY RETAIL EXPANSION we have rolled out an industry-leading Client Value Management program (CVM)... THOM BROWNE. NEW YORK TE 05.12.23 82#83CAPITAL MARKETS DAY MARKETING THOM BROWNE. NEW YORK Significantly growing our global brand awareness to achieve 10 times greater visibility through: ● ● ● ● 1/3 shows, VIP/celebrities and events 1/3 social media, influencers and digital marketing 1/3 local client activations 05.12.23 + Partnerships (wholesalers, brands, creatives) 83#84CAPITAL MARKETS DAY MARKETING THOM BROWNE. NEW YORK Alle communicate with a product and/or client intent produce product-focused content with broader appeal complemented with local content 05.12.23 84#85CAPITAL MARKETS DAY PR EVENTS THOM BROWNE. NEW YORK SE 05.12.23 85#86CAPITAL MARKETS DAY PR EVENTS THOM BROWNE. NEW YORK 05.12.23 86#87CAPITAL MARKETS DAY PR EVENTS THOM BROWNE. NEW YORK 05.12.23 87#88CAPITAL MARKETS DAY THOM BROWNE. NEW YORK 05.12.23 88#89CAPITAL MARKETS DAY PR EVENTS 2023 CFDA FASHION AWA PRESEN THOM BROWNE. NEW YORK 05.12.23 89#90CAPITAL MARKETS DAY can fashion designer Thom ond our foes the elegane anchitecture romaterach, Iwondered if I was in del della stall, incluinging Then Ispanable trio Alosander Fary told me that Brown er, two gay lts, five white of Browne employees, moking cigst hold a special appeal ang hig und wo and on the One wa ma reaking MuthsHhe live fe love white pocket aquas. An ceva pas pared with high-splasses of b PDF Auslar was in darshmal Bone has put the actor Over Lax auaxhing cinched waist The died in a pleated and the chess C dona ed canviTa tgh visland bullet point de les for how to wear Bowls to To by most undone Shim are not to be und Neckties,acaod accessory should be tacked ghly into with Saltar mayd out for plesni, gardless one's gender rompent of androg yhen putting 120 gr mld me To Ther's debes 1 feel par eins to the es we dondut cu Sonly the coke naisel typeddy ends the hand of a sudes of people who are ing day through Sunday at diragedel, gevel, wat mens) The Tombure forward ding the ear can be wam owne luk has often hem compul For the one hors, Rene had in, and white-Heras anddy ly the Pak Gani, the sky yo Dan Drops wary opera hoa. His Mor pin Pas Eigh Adicas scap out of a Roald Dall Mutations tak to it's book who is always goingay ali v s hradecartos. La to days. Browne would, for the first time, parcar a un way show as part of acte Couture Week Hewsone of only a hancfl of Anden in the past fifty dradhacate in the bracnumas bed above Boowach person showrooms Browne, who is fifty-seven and anched his namesake cady to wear bees meery years agn is handy the tuong Fity craploos aut lanachod over Na tables ouvend in white cloth. fy king final arts. Some de sach marind os homes at Fend, Chanel, and SchiaparellBet the the Reler Marin Merand on a long of d gel hard along whi weiterhof of ing for a high-fution part d ces, or relieveking the undering denly felt. A few days earlier a poor is he the fine to take a schematic mise Act a hallway, in a makeshift hand killed unnamed proach in drering his camen photo state and fitting nem, a pho venting back me agar ing protests are the country. I had af taxe." But, in an industry known for own in on a sud-eye expecting to find chuning novelty Bone has bult one adityon A Mother by boutiques eded in bude mofyne CacdYSL. Prada, Louis Vuitton At No Ch tian Dior occupied the same te where, oceseventy five years ago, the de ed and open by i mear only and when I saw the held By that bei devated bis THE NEW YORDA, SOTEMBEA IS BURA all vacations on the schemopal The e ceady chandling Browne cascobles "broken gray theeadly Beatos in cesto B it with jacket deeses that ead above on their world tour. The consicion Jacele the wrists, lapels as in and sharp as Monie, who identifies as nonbinary paring knives, and par legs that are se amended this year's Met Gals in a Tim some three inches be the ankle, e Basque Thom Browne ove of ingle-ded that peo THOM BROWNE. NEW YORK herghe his Cleveland Cavaliers matching The Re these yea stat, to ask the gay it look inter out oder Every sow and ena "Once a car cilt label med ting sounded o Thom Bwe in on your bea, who Au Soo, Bownc) head come favered among celebrities who of footwess, formed with pairs of wish to signal that they're gone for to that feated brawbells on the bes bought majitende in the brand on offre hundrednie dl such look in the colution, it had god mat ves and a con calli personal flourishet-s streak of pink hais a glimpse of the way making the gay it look inserting THE SUITOR PHOTOGRAPHS BY OLD FEATTELAN ...Multi-page New Yorker profile in September 2023: The Suitor 05.12.23 90#91CAPITAL MARKETS DAY Client Value Management LENQUE THOM BROWNE. NEW YORK Hatchard • Successfully completed the roll out of our clienteling app in 6 countries (U.S., Canada, UK, Italy, UAE and Japan), Korea and China to follow in Q4 2023 and Q1 2024... ● Single client view with reliable and holistic data, with a global view in the Americas, Europe, Japan and the Middle East; in development in Korea and China... ● On track to develop deeper client insights...seeing common thread across all clients and regions: TB clients have an appetite for something unique... 05.12.23 91#92CAPITAL MARKETS DAY Client Value Management THOM BROWNE. NEW YORK ● ● ● 05.12.23 Established Thom Browne Curated to introduce elevated client experiences; first launched in September 2023, rolling out 4 events annually per region Scale Global Runway Resee success Rolled out Clienteling Foundations to all markets (identifying best practice through activity-based learning), partnering with Retail Learning for continuous adoption and improvement Alongside, expanding regional Private Client Advisors to support virtual only clienteling and out of store experiences... Increased repeat business from one-time customers 92#93CAPITAL MARKETS DAY TURNY THOM BROWNE. NEW YORK HEALTHY AND VERY COMMITTED GROWTH 05.12.23 a controlled-growth phase continue a very selective distribution capitalize both on our very committed luxury client as well as a more aspirational fashion and branding-influenced client 93#94CAPITAL MARKETS DAY 20th ANNIVERSARY THOM BROWNE. NEW YORK 7 2003 LIKT 18 HI HE Thom Browne. for. BEKCHE E 05.12.23 94#95CAPITAL MARKETS DAY 20th ANNIVERSARY THOM BROWNE. NEW YORK 05.12.23 95#96CAPITAL MARKETS DAY 20th ANNIVERSARY THOM BROWNE. NEW YORK CREATE 05.12.23 96#97CAPITAL MARKETS DAY 20th ANNIVERSARY THOM BROWNE. NEW YORK 6 cities 19 events ...24 archival looks ...1700 attendees 200+ top clients ...300+ articles 200+ celebrities & influencers 500k+ likes 600+ books sold more than 3x revenue on investment ...500+ social media posts ...100M+ audience reach ...67 ooh placements across 4 countries 05.12.23 97#98CAPITAL MARKETS DAY THOM BROWNE. NEW YORK CLOSING REMARKS 05.12.23 98#99CAPITAL MARKETS DAY ZEGNA BORN IN OASI ZEGNA#100CAPITAL MARKETS DAY ZEGNA BORN IN OASI ZEGNA VIDEO BORN IN OASI ZEGNA 100#101CAPITAL MARKETS DAY OASI ZEGNA ZEGNA STRONA Uttouo feutto Michel Beat BORN IN OASI ZEGNA 101#102CAPITAL MARKETS DAY OUR TRANSFORMATION HOW DID WE GET HERE? ZEGNA BORN IN OASI ZEGNA 102#103CAPITAL MARKETS DAY FROM TAILORING TO LUXURY LEISUREWEAR DECEMBER 2021: ONE BRAND STRATEGY... Ermenegildo Zegna Ermenegildo Zegna xxxxx ZEGNA Z ZEGNA 100% 2016 ZEGNA ...AND REPOSITIONING ++ ++ Brioni TOM FORD xid PAL ZILERI 100% NOW HERNO ZEGNA ERLUTI ASPESI Dior PRADA THOM BROWNE W GUCCI Acne Studios LEATHER ACCESSORIES LUXURY LEISUREWEAR TAILORING BORN IN OASI ZEGNA 103#104CAPITAL MARKETS DAY OUR ROAD TOWARDS A MORE SIMPLIFIED AND FOCUSED COLLECTION. FROM 10K SKUS TO 3.5K TOWARDS A MORE SIMPLIFIED AND FOCUSED CASUAL SHOES COLLECTION FW20 10,000 FW18 TIZIANO VULCANIZZATO 11+ LINES HERITAGE IMPERIA SOCKS SPRINT. SOCKS ZEGNA & more.... CESARE LOGO SPRINTER TRIPLE STITCH -69% FW23 1 LINE BORN IN OASI ZEGNA FOCUS ON TRIPLE STITCH 3,500 FW23 104#105CAPITAL MARKETS DAY BECOMING A LUXURY RETAILER SOME OF OUR ICONIC PRODUCTS FOCUS ON BRAND EQUITY Overshirt CONTROL OF DISTRIBUTION ZEGNA Triple Stitch WHOLESALE REDUCTION/ REPURPOSING NO MARKDOWNS EXCLUSIVE PRODUCTS JUST FOR RETAIL BECOMING A LUXURY RETAILER Oasi Cashmere REDUCTION OF OUTLETS BORN IN OASI ZEGNA 105#106CAPITAL MARKETS DAY BECOMING A LUXURY RETAILER DIRECT-TO-CONSUMER TO NEAR 90% IN MEDIUM-TERM 2019 19% 81% Direct-To-Consumer ZEGNA ZEGNA BRANDED PRODUCTS: REVENUES MIX BY CHANNEL I Wholesale 2022 16% 84% Direct-To-Consumer Wholesale MEDIUM-TERM -10% ~90% Direct-To-Consumer Wholesale BORN IN OASI ZEGNA 106#107CAPITAL MARKETS DAY BECOMING A LUXURY RETAILER DIRECT-TO-CONSUMER TO NEAR 90% IN MEDIUM-TERM 100 LAST GUIDANCE**: +50% IN THE MID-TERM VS '21 LEVEL, NEARLY ACHIEVED IN '23E 2021A ZEGNA POINTING TO ONE DIRECTION: HIGHER PRODUCTIVITY 2023E * Boutiques and outlets only (excluding ecommerce, special sales/factory outlets and pop-up stores) ** Declared during May'22 Capital Market Day > 10% CAGR MEDIUM-TERM BORN IN OASI ZEGNA 107#108ZEGNA WE ARE ON THE RIGHT ROAD... MARKETING IS WORKING CAPITAL MARKETS DAY NEW CONSUMERS SPEND MUCH MORE IN THE FIRST YEAR THAN IN THE PAST (2019) GLOBALLY +58% WHY? WE HAVE ICONS THAT ALLOW US TO ACQUIRE NEW CUSTOMERS. D2 Saturday/Sunday, May 13-14, 2023 BY JAMIE WATERS T their mornings. Postpandemic C-suite sorts are padding about in slip-on shoes sophisticated enough for the board- room yet as comfy as cashmere pajamas, according to personal stylists who cater to the one percent. YING SHOELACES is a ho-hum task, but in 2023 many mon eyed men h ve expunged that have 20 seconds of tedium from Laceless footwear is very, very popular at the moment" due to its convenience, said Milda Chellingsworth, a London stylist who coursels corporale heavyweights aged 40 to 70 from around the world. Cassandra Sta Los Angeles stylist, is also fielding more re quests for slip-ons from CEO types whold rather not have to do any knotting. "No-lace footwear is really valuable for them," she said. The slip-ons that many bigwigs now desire are more relaxed and, yes, often comfier- than classic loafers. Some combine looder-like uppers with sporty rubber soles; others are surprisingly elegant laccless sreakers Sch easy kicks, from brands like Brunello Cucinelli and Santoni, let men lock pulled-together enough for most every occasion in the breez lor post-Covid landscape. At luxury Dallas re tailer Stanley Korshak, these slip-ons were virtually nonexistent on shelves in 2020 but now make up 20-25% of men's shoe offerings said Alex Lancastre we offerings who oversees morgent "This might not be the cutest term but it's ay hary," said Ms. Lancon has swept Recently, one particular slip-on through the executive crowd with the furor of an unmissable stock tipe the Triple Stitch by Zagna. Distinguished by a trio of criss- THE WALL STREET JOURNAL STYLE & FASHION FREQUENT FLIERS Elite jet-setters can't get enough of these kicks. Suede Triple Stitch Sneakers, 1950, Zegna.com THE WALL STREET JOURNAL. The Mile-High Sneaker Club BORN IN OASI ZEGNA 108#109CAPITAL MARKETS DAY ZEGNA TRIPLE STITCH SUPER POWER IS ITS ABILITY TO BRING IN NEW CLIENTS... AND THESE NEW CLIENTS ARE HIGH POTENTIAL TRIPLE STITCH IS OUR TOP RECRUITING PRODUCT >30% VS 20% in 2022 of first time purchasers at ZEGNA bought a Triple Stitch TRIPLE STITCH CONSUMERS BUY MORE Triple Stitch consumers VS Other ZEGNA product consumers BORN IN OASI ZEGNA >60% of yearly spend, driven by a higher frequency and higher average ticket Data: YTD up to Nov 28, Ecom plus DOS Global data 109#110CAPITAL MARKETS DAY THE TRIPLE STITCH PLATFORM EVOLUTION WE HAVE JUST STARTED... MORE TO COME WINTER ALL YEAR SUMMER 2021 2023 ZEGNA Q1 2024 Q4 2024 + BORN IN OASI ZEGNA + 110#111CAPITAL MARKETS DAY HOW DO WE KEEP EXPAND? BUILDING AN ICONIC BRAND BUILDING ICONIC BLOCKS ZEGNA WE ARE IN LUXURY WE ARE DEFINED BY ICONIC PIECES THAT TELL OUR STORY BORN IN OASI ZEGNA#112CAPITAL MARKETS DAY ROAD TO ICONICITY: BUILDING ICONIC FAMILIES THAT SET US APART 2023 AMBITION* TRIPLE STITCH *Beyond medium-term targets 1.0 3X OASI CASHMERE MADE TO MEASURE AND LINEN 1.0 ZEGNA 2.5X 1.0 2X UBER LUXURY 0.25 4X BORN IN OASI ZEGNA LICENSING 0.3 4X 112#113CAPITAL MARKETS DAY OUR STYLE ZEGNA BORN IN OASI ZEGNA 7 113#114CAPITAL MARKETS DAY WHO IS A NEW ZEGNA CUSTOMER GLOBALLY? THEY ARE YOUNGER ZEGNA overall customers are getting "younger" driven by a NEW customer who is 7 years younger than loyal ones THEY SPEND MORE ZEGNA Spend increase by customer +58% globally MORE OF THEM COME BACK Share of new customers who come back to repurchase at ZEGNA has increased by 25% BORN IN OASI ZEGNA AND THEY COME BACK SOONER Time from first to second purchase has been reduced by 2.5 times Globally, DTC (EComm + DOS). YTD 2023. Base year is 2019. 114#115CAPITAL MARKETS DAY THE NEW ZEGNA CUSTOMERS ONBOARDING JOURNEY INVITING A NEW CUSTOMER IN OUR WORLD AND ...RETAINING THEM FOR LIFE NEW CONSUMERS ZEGNA TRIPLE STITCH DELIGHTING MTM BORN IN OASI ZEGNA LUXURY IS NOT ABOUT TRANSACTIONS ... ... IT IS ABOUT INTERACTIONS 115#116CAPITAL MARKETS DAY ZEGNA SUPERPOWER WE ARE NOT JUST IN THE FASHION BUSINESS, WE ARE IN THE SERVICE BUSINESS MTM is the epitome of our service RETENTION OF LOYAL MTM GLOBALLY IS 68% -50% of MTM customers globally bought luxury leisurewear ready to wear We have the best service in luxury Note: YTD, Global ZEGNA BORN IN OASI ZEGNA 116#117CAPITAL MARKETS DAY OUR STRATEGY IS WORKING CUSTOMER AMOUNT AND SPEND IS INCREASING ACROSS ALL SEGMENTS Our top customers spend 50k The have grown 63% vs 2022 Today 5% of our customers generate almost 40% of revenue Retention on them is 89% globally YTD, Global, only DOS (Boutique) WE FOCUS ON HIGH POTENTIAL CLIENTS DELTA NUMBER OF CONSUMER % BY SPEND RANGE 2022 VS 2023 60% 50% 40% 30% 20% 10% ZEGNA 0% 0-3K 3-10K 10-25K 25K-50K 50K+ BORN IN OASI ZEGNA THIS EXPLAINS OUR DELTA VS "ASPIRATIONAL" COMPETITORS LUXURY Where Did Luxury's Aspirational Shoppers Go? By Joan Kennedy After years of fueling growth at luxury brands, the group which typically opts for entry-level accessories -pulled back sharply on spending in the first half of 2023. BoF unpacks what happened and what's to come. → READ MORE#118ZEGNA HUGE OPPORTUNITY AT THE TOP OF THE PYRAMID THERE ARE MILLIONS POTENTIAL CUSTOMERS THAT COULD SPEND >50K AT ZEGNA CAPITAL MARKETS DAY NUMBER OF INDIVIDUALS (AS OF DEC 2022) Ultra- HNWI US$30m+ Mid-Tier millionaires US$5m-US$30m Millionaires Next Door US$1m-US$5m 210k (1.0% of total) 1,977k (9.1% of total) 19,524k (89.9% of total) Source: Capgemini Research Institute For Financial Services Analysis, 2023. BORN IN OASI ZEGNA Note: the wealth bands are based on hnwi's investable assets, excluding primary residence, collectibles, consumables, and consumer durables; 20,000,000 individuals with >$1m investable assets; assuming share of male and >$2m with -2% yearly spend on zegna © copyright 118#119CAPITAL MARKETS DAY WHY IS NEW MARKETING WORKING? CLIENTELING IS OUR SPORT OUTREACH GENERATES TODAY >50% OF GLOBAL RETAIL REVENUES AT ZEGNA ZEGNAXE ZEGNA 1+. ZEGNA ZEGNAX CONSUMERS OUTREACHED SPEND >2X ON AVERAGE COMPARED TO WALK-IN CUSTOMERS BORN IN OASI ZEGNA 119#120CAPITAL MARKETS DAY WHAT IS THE DIFFERENCE BETWEEN RETAILING AND CLIENTELING? RETAILING IS ABOUT SELLING A PRODUCT TO A CUSTOMER CLIENTELING IS HOW YOU MAKE A HUMAN BEING FEEL UNIQUE ZEGNA ZEGNA AND BORN IN OASI ZEGNA ZEGNA Dubai Mall 120#121CAPITAL MARKETS DAY ONE VISION FOR SUCCESS US MARKET 1993 ZEGNA ZEGNA 4 W 57th Street BORN IN OASI ZEGNA#122CAPITAL MARKETS DAY FOCUS ON RETAIL US MARKET SUCCESS OF RETAIL OVER THE PAST 2 YEARS BRICK & MORTAR BRICK & MORTAR: DOUBLED BUSINESS ZEGNA BOUTIQUES SIGNIFICANT INCREASE WITH INCREMENTAL SALES FROM CONCESSION/WHOLECESSION ECOMMERCE HOW WE GOT HERE 1. FULL PRICE STRATEGY 2. WHOLESALE TO RETAIL 3. NETWORK EXPANSION 4. LUXURY LEISUREWEAR FOCUS 5. STRATEGIC CLIENT OUTREACH ECOMM >2X BUSINESS ZEGNA.COM: MAJORITY OF SALES VOLUME + ADDITION OF CONCESSION/ WHOLECESSION BUSINESSES BORN IN OASI ZEGNA 122#123CAPITAL MARKETS DAY DEVELOPMENT OF ELEVATED LUXURY US MARKET MTM YTD, Global, only DOS (Boutique) ● · Significant increase vs PY Bespoke MTM Sleeve Units account for majority of MTM business • Footwear: doubled business vs PY ● Doubled business vs PY ● ZEGNA Building product offering that differentiates ZEGNA from competitors 12MILMIL12 ● Couture UBER LUXURY Majority of YTD RTW Uber Luxury revenue Driving top tier client base ● ● Substantial increase YoY Generates significant contribution of Tailoring RTW revenue and MTM Sales BORN IN OASI ZEGNA 123#124CAPITAL MARKETS DAY GROWTH OF TOP CLIENTS US MARKET YTD, Global, only DOS (Boutique) # OF CLIENTS WHO SPENT MORE THAN $50K IN US BOUTIQUES 2019 2020 2021 2022 YTD 2023 ZEGNA HOW: • Rolled out clienteling app • Developed Elite Client program - dedicated communication, experiences and delighting BORN IN OASI ZEGNA • Aligned Boutique KPIs with client development growth targets • Defined expectations around client outreach by boutique 124#125CAPITAL MARKETS DAY BEING PART OF OUR CUSTOMERS' LIVES US MARKET HYPERLOCALIZATION YTD, Global, only DOS (Boutique) ZEGNA • Focus on key markets with high-net-worth individuals: Aspen, Palm Beach, Hamptons, and Santa Barbara (next opening) • Capitalize on localized experiences to introduce the brand to top of the pyramid consumers BORN IN OASI ZEGNA • Ensuring these boutique environments are more unique than other locations to create differentiation 125#126CAPITAL MARKETS DAY STRATEGIC FOCUS ON TALENT US MARKET PRODUCTIVITY • Reduced personel costs as a % of sales • Increased store productivity per head ZEGNA MTM • Increased MTM certified specialists • Expanded corporate MTM team RECRUITMENT . Focus on business driving sales associates • Emphasis on hiring talent with proven success BORN IN OASI ZEGNA 126#127ZEGNA CHINA OPPORTUNITY TRIPLE STITCH ADOPTION INDEX = % OF TRIPLE STITCH OVER REVENUES CAPITAL MARKETS DAY WE ASSESSED THAT TS IN USA IS A HUGE SUCCESS AND STILL GROWING, BOTH IN ABSOLUTE TERMS AS WELL AS % OF BUSINESS. AND YET, CHINA IS CATCHING UP FASTER. Revenues boutiques 100 0.3x 11 33 USA Q1 2023 100 CHINA Q1 2023 USA Q3 2023 0.5X 50 CHINA Q3 2023 BORN IN OASI ZEGNA 127#128CAPITAL MARKETS DAY Source: BNP Paribas Exane, Luxury Edge - Global brand heat in 3Q23 ZEGNA OFFICIAL WECHAT ACHIEVED HIGHEST ENGAGEMENT AMONG LUXURY BRANDS ON WECHAT, ZEGNA PERFORMED THE BEST IN BOTH HIGH POPULARITY AND HIGH ENGAGEMENT THANKS TO NEW CAMPAIGN FEATURING LEO WU & BIG EVENT IN CHENGDU. WECHAT - POPULARITY VS ENGAGEMENT (%), 3Q23 Y/Y Engagement 3023 y/y 300% 250% 200% 150% 100% 50% 0% (50%) (100%) ZEGNA LOWER POPULARITY BUT HIGHER ENGAGEMENT Moncler (60%) BV Givenchy Balenciaga Rolex Prada LOWER POPULARITY AND LOWER ENGAGEMENT (45%) (30%) Hermès MK Fendi ◆Ferragamo VC&A Bulga ◆ Celine Cartier Burberry Gucci LV (15%) Tiffany Coach Dior Tod's 0% 15% 30% Average reads 3Q23 y/y Zegna 45% YSL Chanel 60% BORN IN OASI ZEGNA HIGHER POPULARITY AND HIGHER ENGAGEMENT Omega 75% Hugo Boss HIGHER POPULARITY BUT LOWER ENGAGEMENT 105% 90% 128#129ZEGNA WE HAVE PROVED TO HAVE THE RIGHT CUSTOMERS IN CHINA RANKING FOR TOP STORES WW OF THE HIGHEST SHARE OF HIGH PRICE ITEMS SOLD AND WE HAVE ONLY JUST STARTING TO DISTRIBUTE THIS IN CHINA.... CAPITAL MARKETS DAY STORE (DESCR) ZEGNA BEIJING CHINA WORLD ZEGNA PALO ALTO ZEGNA DUBAI MALL ZEGNA SHANGHAI IFC ZEGNA ZURIGO UBER LUXURY PENETRATION IN STORE REVENUE 1 2 3 4 LO 5 BORN IN OASI ZEGNA 129#130CAPITAL MARKETS DAY ZEGNA NET PROMOTER SCORE CHINA HAS IMPROVED BY +22 PERCENTAGE POINTS THE RETAIL CHINA MACHINE HAS BEEN REVITILISED...WE ARE READY NPS GCR 2021 Note: Index Base is 100 in YTD23 NPS GCR 2023 BORN IN OASI ZEGNA 130#131CAPITAL MARKETS DAY OUR TRANSFORMATION IS WORKING THE NEW ZEGNA CUSTOMER JOURNEY DATA: GLOBAL boutiques 2023 ytd • TRIPLE STITCH IS OUR RECRUITER >30% OF FIRST PURCHASERS ZEGNA • OUR SUPERPOWER. ONE TO NE OUTREACH > 50% OF REVENUE COMES FROM OUTREACH • MTM - THE BEST IN CLASS SERVICE • TOP OF THE PYRAMID CUSTOMER THAT SPEND 50K HAVE GROWN 63% >60% OF YEARLY SPEND (HIGHER POTENTIAL CLIENT) NSUMERS OUTREACHED SPEND >2X% RETENTION IS 68% BORN IN OASI ZEGNA RETENTION OF THESE CUSTOMERS IS 89%#132CAPITAL MARKETS DAY THIS IS ZEGNA DIFFERENCE ZEGNA NEW SPORT AND SUPERPOWER FROM EVENTS TO EXPERIENCES FROM TRANSACTIONS TO INTERACTIONS FROM INFLUENCER TO A PERSON OF INFLUENCE FROM FASHION TO TIMELESS ZEGNA DOUBLE ISSUE TIM 100 THE WORLD'S MOST INFLUENTIAL PEOPLE TIM COOK JURE By LAURENE POWELL JOBS BORN IN OASI ZEGNA 132#133CAPITAL MARKETS DAY Ermenegildo Zegna Group Financials © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 133#134CAPITAL MARKETS DAY Group revenues* outlook in the next years EURO MILLION, EXCEPT PER % GROWTH YEAR ON YEAR AND CAGR 4Q 9M 1,493 Ermenegildo Zegna Group 1,086 2022A FINANCIALS >+25% full-year +23% 9M'23 1,334 Note: 2023E and medium-term are management estimates; *September 2022 and 2023 year-to-date revenues are unaudited For all the abbreviations and acronyms, and representation of figures, throughout this presentation, please refer to Glossary and Definitions 2023E # © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 > 10% CAGR Medium-term • Ahead of May-22 Capital Market Day guidance • In line with revenue guidance announced this year of >€2bn revenues in 2025 (excluding Tom Ford Fashion) 05.12.23 134#135CAPITAL MARKETS DAY Group revenues incidence by product line INCIDENCE ON GROUP REVENUES % 9%. Ermenegildo Zegna Group 22% 7% 2022A 1,493M€ Zegna branded products 62% FINANCIALS *Others include Third Party Brand (which includes also supplies to Tom Ford until closing of the TFI Acquisition on April 28, 2023) Source: company information and management estimates Thom Browne Tom Ford Fashion © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Medium-term >10% CAGR Textile Others* 05.12.23 135#136CAPITAL MARKETS DAY Group revenues incidence by channel INCIDENCE ON GROUP REVENUES % Zegna Branded Products Thom Browne Tom Ford Fashion Textile & Third Party Brands Source: company information and management estimates Ermenegildo Zegna Group 62% Direct to consumer 84% 44% n.a. 2022 38% Wholesale 16% 56% n.a. 100% FINANCIALS © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 ~75% Direct to consumer ~90% ~60% Growth levers of DTC: next pages Medium-term ~70% ~25% Wholesale ~10% ~40% ~30% 100% 05.12.23 136#137CAPITAL MARKETS DAY DTC: growth levers VOLUME PRICE (same products) MIX ZEGNA THOM BROWNE TOM FORD FASHION ZEGNA THOM BROWNE TOM FORD FASHION ZEGNA THOM BROWNE TOM FORD FASHION Ermenegildo Zegna Group n.a Stable network, ZZegna dismissal Openings (mostly GCR), takeover South Korea (mid '23), ecom growth FINANCIALS n.a From 2021 to 2023... Brand repositioning (also through elimination of end-of-season bargain) Absorbing inflation n.a One Brand Strategy elevation (cashmere, linen, higher-end products) ← ↑↑↑ ↑↑ ↑ ...after 2023 Takeover South Korea + other ca. 30 net DOS openings mostly outside GCR; focus on UPT through 360° styling, wider client base ↑↑ Ca. +20 net DOS openings and like-for-like growth pushed by marketing investment Develop a worldwide presence (2x number of DOS in medium-term) and renew existing stores 2024: selected increases, then smaller touch-ups going forward Absorbing inflation Absorbing inflation Further collection elevation (Leather Accessories, outerwear), outlets' reduction Strenghtening Women RTW, Leather Accessories and MTM Strenghtening Women RTW and Leather Accessories © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 ↑↑↑ ↑ ↑ 05.12.23 137#138CAPITAL MARKETS DAY DTC: monobrand* stores' evolution MONOBRAND STORE COUNT # ZEGNA Ermenegildo Zegna Group THOM BROWNE TOM FORD FASHION #GROUP DTC STORES 2022A (December) 239 63 n.a. 302 FINANCIALS 2023A (September) *Monobrand store count includes our DOSS boutiques and outlets; **Including 15 stores converted to DOS by Zegna in South Korea, as already communicated in Oct '23 the deal will take effect starting in the first quarter of 2024 251 84 51 384 © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Medium-term ca. 300** >100 ca. 100 ca. 500 05.12.23 138#139CAPITAL MARKETS DAY Store Productivity^ INDEX 2023E = 100* Last guidance**: +50% in 2025 vs 2021 level, almost achieved in '23E Yearly Revenues / Selling Area (square meters) Boutiques and outlets only (excluding ecommerce, special sales/factory outlets and pop-up stores); ** Announced during May'22 Capital Market Day Source: company information and management estimates Ermenegildo Zegna Group 100 2023E FINANCIALS > 10% CAGR © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Medium-term 05.12.23 139#140CAPITAL MARKETS DAY Group revenues incidence by geography INCIDENCE % ON GROUP REVENUES 2022A Medium-term 2022A o/w GCR Medium-term o/w GCR 0 Ermenegildo Zegna Group 0 EMEA APAC Source: company information and management estimates 25% 25% 35% 33% 50% 50% 43% 0 0 NAM LATAM D 2% 25% ← 20% FINANCIALS 25% 50% 50% © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Key factors EMEA: • DTC growth, also with store expansion • Moderate performance of B2B (incl. Textile) 05.12.23 NAM: • DTC growth, also with store expansion • Addition of Tom Ford Fashion over-indexed in US APAC: • Zegna and Thom Browne going direct in South Korea 140#141CAPITAL MARKETS DAY Adjusted EBIT outlook EURO MILLION, EXCEPT % ADJUSTED EBIT MARGIN AND CAGR 157.7 Ermenegildo Zegna Group 10.6% 2022A * Mainly related to inventory Source: company information and management estimates 2023E Tom Ford Fashion (ca. 8 months) will be impacted by one-off Purchase Price Allocation (PPA) charg (expected in 15/16M€*) FINANCIALS increase ca. 20% CAGR >15% 2025E • Adjusted EBIT Margin: to reach at least 15% excluding Tom Ford Fashion in 2025... ... guidance confirmed © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Medium-term Group Adjusted EBIT Margin Group excluding Tom Ford Fashion 05.12.23 141#142CAPITAL MARKETS DAY Adjusted EBIT Margin: building blocks of margin increase ADJUSTED EBIT MARGIN: DELTA BETWEEN 2022 AND THE MEDIUM-TERM OUTLOOK Gross Profit Higher DTC • Price increases • Discount control • Essential vs seasonal weight Supply chain fixed cost absorption Source: company information and management estimates Ermenegildo Zegna Group ZEGNA+Thom Browne segments Marketing FINANCIALS Step-up in the period 2021-2023 ....then normalized incidence SG&A Delta Adjusted EBIT Margin before Tom Ford Fashion • Scale effect on Corporate costs • Positive leverage on staff functions and listing-related costs... . ...more than offsetting increase in CAPEX driven depreciation © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 Tom Ford Delta Adjusted EBIT Margin: Fashion medium-term • Royalties (ca. 1 pp impact on Group's Adjusted EBIT margin) On going amortization of license agreement (~3M€/year) 05.12.23 142#143CAPITAL MARKETS DAY Tom Ford Fashion is financially accretive TYPICAL M&A ΤΟΜ FORD FASHION DEAL *Over the duration of the contract Source: company information and management estimates Ermenegildo Zegna Group CASH OUT FINANCIALS CASH OUT CASH GENERATED CASH GENERATED >20% IRR © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 • Higher Adjusted EBIT Margin assuming transaction with zero royalties 05.12.23 • TFI license agreement implies lowered margins... ....but still > 20% IRR net of taxes* 143#144CAPITAL MARKETS DAY Capex evolution CAPEX INCIDENCE % ON GROUP REVENUES 10% 5% 0% Source: company information and management estimates Ermenegildo Zegna Group 2022A 2023E IT 10% FINANCIALS 2024E Focus on cumulated Capex '24-'25 Others 5% Supply chain & textile 15% 2025E O Cumulated '24E-'25E Medium-term Distribution 70% © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 144#145CAPITAL MARKETS DAY FINANCIALS 1. WE ARE A UNIQUE LUXURY LEADER WITH UNPARALLELED HERITAGE, AUTHENTICITY, AND ROOTS IN ITALIAN INDUSTRY 2. UNDISPUTED #1 PLAYER IN LUXURY MENSWEAR, WITH GREAT OPPORTUNITY TO TAP OTHER LUXURY CATEGORIES 3. UNIQUE PLATFORM OF COMPLEMENTARY LUXURY BRANDS FINANCIALS • LOWERED BUSINESS RISK • EXPANDED PRODUCT COVERAGE • PROLONGED TIME HORIZON FOR SUPERIOR ORGANIC GROWTH Ermenegildo Zegna Group 4. SEVERAL POCKETS OF GROWTH TO EXPLORE: MARKETS, CATEGORIES, CUSTOMERS, CHANNELS 5. WE ARE AHEAD OF OUR PREVIOUS AMBITIONS 6. NEW FINANCIAL AMBITIONS: • >10% REVENUES CAGR 2023 TO MEDIUM-TERM • c. 20% ADJUSTED EBIT CAGR 2023 TO MEDIUM-TERM • STRONG CASH SURPLUS © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 145#146CAPITAL MARKETS DAY Non-IFRS Financial Measures Zegna's management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: adjusted earnings before interest and taxes ("Adjusted EBIT"), and Adjusted EBIT Margin and Net Financial Indebtedness/(Cash Surplus). Zegna's management believes that these non-IFRS financial measures provide useful and relevant information regarding Zegna'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 Zegna 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 Zegna operates, the financial measures that Zegna 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. Adjusted EBIT and Adjusted EBIT Margin. Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial Ermenegildo Zegna Group FINANCIALS expenses, foreign exchange 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. Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period. Net Financial Indebtedness/(Cash Surplus). Net Financial Indebtedness/ (Cash Surplus) is defined as the sum of financial borrowings (current and non-current), derivative financial instrument liabilities, loans and certain other financial liabilities (recorded within other non-current financial liabilities in the semi-annual condensed consolidated statement of financial position), net of cash and cash equivalents, derivative financial instrument assets, securities and financial receivables (recorded within other current financial assets in the semi-annual condensed consolidated statement of financial position). Zegna'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 Zegna's underlying operating performance. © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 Zegna's management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of Zegna's underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. Zegna's management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses Zegna's underlying operating performance on a consistent basis and to compare Zegna'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 Zegna's operating results. 146#147CAPITAL MARKETS DAY Non-IFRS Financial Measures - reconciliation of Profit to Adjusted EBIT and calculation of Adjusted EBIT Margin The following table presents a reconciliation of Profit to Adjusted EBIT and the calculation of the Adjusted EBIT Margin for the year ended December 31, 2022. For additional information on the table and footnotes, reference is made to the Annual Report on Form 20-F for the fiscal year ended December 31, 2022 Ermenegildo Zegna Group FINANCIALS (€ thousands, except percentages) PROFIT Income taxes Financial income Financial expenses Foreign exchange losses/(gains) Result from investments accounted for using the equity method Legal costs for trademark disputes (1) Transaction costs related to acquisitions (2) Severance indemnities and provisions for severance expenses (3) Costs related to the Business Combination (4) Net impairment of leased and owned stores (5) Special donation to the UNHCR (6) Net (income)/costs related to lease agreements (7) ADJUSTED EBIT Revenues ADJUSTED EBIT MARGIN (ADJUSTED EBIT/REVENUES) For the year ended December 31, 2022 © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 65,279 35,802 (13,320) 54,346 7,869 (2,199) 7,532 2,289 2,199 2,137 1,639 1,000 (6,844) 157,729 1,492,840 10.6% 05.12.23 147#148CAPITAL MARKETS DAY Non-IFRS Financial Measures (1) Relates to legal costs of €7,532 thousand incurred in 2022 by the Thom Browne Segment in connection with a legal dispute between adidas and Thom Browne, primarily in relation to the use of trademarks. For additional information see "Item 8.A-Consolidated Statements and Other Financial Information-Legal Proceedings" in Zegna's Annual Report on Form 20-F for the fiscal year ended December 31, 2022. This amount is recorded within the line item "purchased, outsourced and other costs" in the consolidated statement of profit and loss. (2) Relates to transaction costs of €2,289 thousand incurred in 2022 in connection with acquisitions, primarily for consultancy and legal fees related to the TFI Acquisition. This amount is recorded within the line item "purchased, outsourced and other costs" in the consolidated statement of profit and loss and is related to Corporate. (3) Relates to severance indemnities incurred by the Zegna Segment of €2,199 thousand, recorded within the line item "personnel costs" in the consolidated statement of profit and loss. (4) Costs related to the Business Combination of €2,137 thousand relate to the grant of equity awards to management in 2021 with vesting Ermenegildo Zegna Group — FINANCIALS explanatory notes subject to the public listing of the Company's shares and certain other performance and/or service conditions. This amount is recorded within the line item "personnel costs" in the consolidated statement of profit and loss and relates to the Zegna Segment for €1,101 thousand, to the Thom Browne Segment for €98 thousand and to Corporate for €938 thousand. For additional information please refer to Note 40- Shared-based payments of the Consolidated Financial Statements for the year ended December 31, 2022. (5) Net impairment of leased and owned stores includes (i) impairment of €2,369 thousand related to right-of-use assets, (ii) reversals of impairment of €756 thousand related to property plant and equipment and (iii) impairment of €26 thousand. Impairment and reversals of impairment of leased and owned stores are recorded within the line item "depreciation, amortization and impairment of assets" in the consolidated statement of profit and loss and relate entirely to the Zegna Segment for the periods presented, with the exception of impairment of €820 thousand relating to the Thom Browne Segment. (6) Relates to a donation of €1,000 thousand to the United Nations High Commissioner for Refugees ("UNHCR") to support initiatives related to © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 the humanitarian emergency in Ukraine. This amount is recorded within the line item "other operating costs" in the consolidated statement of profit and loss and is related to Corporate. (7) Net (income)/costs related to lease agreements relate entirely to the Zegna Segment and include: (i) proceeds of €6,500 thousand received from new tenants in order for Zegna to withdraw from existing lease agreements of commercial properties (recorded within the line item "other income" in the consolidated statement of profit and loss) and (ii) €950 thousand for reversals of previously recognized provisions in respect of a legal claim related to a lease agreement in the US (recorded within "write downs and other provisions" in the consolidated statement of profit and loss), partially offset by (ii) €606 thousand for losses related to a sublease agreement in the US (recorded within "other operating costs" in the consolidated statement of profit and loss). 148#149CAPITAL MARKETS DAY Investor Relations Contacts Investor Relations / Group Communications / Media Francesca Di Pasquantonio/Clementina Tito [email protected]/[email protected] Ermenegildo Zegna Group FINANCIALS © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 149#150CAPITAL MARKETS DAY Ermenegildo Zegna Group FINANCIALS Q&A © COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023 05.12.23 150