#11H 2022 RESULTS August 26, 2022 Ermenegildo Zegna Group#2DISCLAIMER Non-IFRS Financial Measures Ermenegildo Zegna Group 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, Adjusted Profit/(Loss), Adjusted Basic Earnings per Share and Adjusted Diluted Earnings Per Share, Net Financial Indebtedness/(Cash Surplus) and Trade Working Capital. 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 31 to 37 for Non-IFRS Measures definitions and reconciliation tables. Forward Looking Statements This communication, including the section "FY 2022 Guidance Raised", and "1H 2022: "our road" key highlights" contains forward-looking statements that are based on beliefs and assumptions and on information currently available to us. 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" 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. Although we believe that we have a reasonable basis for each forward-looking statement contained in this communication, we caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, risks and uncertainties are described in our filings with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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 our objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent our views as of the date of this communication. 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 communication. * For all the abbreviations and acronyms, and representation of figures, throughout this presentation, please refer to Glossary and Definitions on page 38. 2#39000 Ermenegildo Zegna Group 10 ZEGNA "I am particularly excited about our recently announced partnership with football club Real Madrid - one of the most recognizable brands in the world with a loyal and enthusiastic fanbase. This partnership will be a tremendous amplifier of our One Brand strategy" Gildo Zegna, Chairman & CEO#41H 2022 FINANCIAL HIGHLIGHTS € millions 1H22 1H21 € 1H22 1H21 REVENUES 0.07 603 729 ADJUSTED BASIC EARNINGS PER SHARE* 0.11 € millions and % of revenues 1H22 1H21 € millions ADJUSTED EBIT* AND ADJUSTED EBIT MARGIN* 30-Jun-22 31-Dec-21 82.7 66.8 Ermenegildo Zegna Group (103) NET FINANCIAL INDEBTEDNESS/ (CASH SURPLUS)* 11.1% (145) 11.3% * These are Non-IFRS Financial Measures and will be mentioned throughout this presentation. Please see Page 31 to 37 for Non-IFRS Financial Measures definition and reconciliations to the most directly comparable IFRS measures. st#5A LEADING, MODERN AND INTEGRATED GROUP ZEGNA BRAND: LEADER IN GLOBAL LUXURY MENSWEAR* LEVERAGING THE GROWTH OF LUXURY LEISUREWEAR €847 MILLION REVENUES 66% OF GROUP REVENUES *** ZEGNA SEGMENT ONE-OF-A-KIND MADE IN ITALY LUXURY TEXTILE LABORATORY PLATFORM ONE-OF-A-KIND PLATFORM PRODUCING THE HIGHEST QUALITY FABRICS €102 MILLION REVENUES 8% OF GROUP REVENUES *** €111 MILLION ADJUSTED EBIT, 10.7% OF REVENUES NOTE: All numbers in this page are for the Financial year ended 31 December 2021 * Refers to Zegna branded products ** Thom Browne Segment *** Revenues refer to their respective product line, net of eliminations; complement to 100% is related to Third Party Brands and other. Ermenegildo Zegna Group THOM BROWNE SEGMENT DISTINCTIVE MODERN LUXURY A UNIQUE BRANDWITH BROAD-BASED OPPORTUNITIES €264 MILLION REVENUES ** 20% OF GROUP REVENUES €38 MILLION ADJUSTED EBIT, 14.4% OF REVENUES LO 5#61H 2022: "OUR ROAD" KEY HIGHLIGHTS * ZEGNA: OUR ROAD TO ICONICITY ● Launch of Zegna One Brand strategy in July Store rebranding: 130 stores with the new logo since launch of the One Brand strategy in November 2021 Pricing power and price discipline Icons: Consistency and focus Deploying omnichannel: Z2C* rollout accelerated Our Road to recognizability: Real Madrid partnership first step in this direction Our Road to Traceability: Oasi Cashmere roll out, ~20% of Fall/Winter 2022 retail purchases Zegna to Consumers Clienteling App THOM BROWNE: OUR ROAD TO 2X ● ● Ermenegildo Zegna Group A unique, iconic brand with museum-like design appeal Stepping up visibility ● ● Met Gala: a key milestone for visibility Fashion Shows: April (FW22 in NYC,) and June (SS23 Men's, Paris) generating outstanding attendance and global media coverage +1 DOS (net) in 1H22, acceleration in 2H with ~60 DOS planned at 2022 year-end A multiplicity of growth levers Taking further advantage of the Zegna platform 6#71H 2022: "OUR ROAD" KEY HIGHLIGHTS MADE IN ITALY TEXTILE PLATFORM: OUR ROAD TO EXCELLENCE AND TRACEABILITY One-of-a-kind craftsmanship, servicing our own brands and major global luxury players ● Highest quality yarns & fabrics at the heart of our products' elevated quality content, underpinning our repositioning Strong B2B in 1H: Textile sales +55%, Third Party Brands +44% y-o-y Capacity utilization underpins profitability * Science Based Target initiatives ** Scope 1 Ermenegildo Zegna Group ESG: OUR ROAD TO SUSTAINABLE GROWTH ● Sustainability strategy disclosed May 17 at our Capital Markets Day with 26 detailed commitments Sustainability-linked financing agreements announced in July, further embedding ESG commitments into business and strategy Targets submitted to SBTIs* in August 2022 Green mobility: at approximately 25% of the journey to reaching 100% fully electric or plug-in hybrid corporate vehicles by 2025 * ** 7#81H 2022: "OUR ROAD" KEY HIGHLIGHTS Ermenegildo Zegna Group CONTINUED EXECUTION OF "OUR ROAD" STRATEGY - ON TRACK TO ACHIEVE MID-TERM TARGETS Diversified global presence and broad-based strength Excellent 1H despite a still disrupted global environment ● Sound profitability despite increase in costs Operational improvements driving revenue growth and profitability One Brand strategy and repositioning successful for Zegna, underpinning organic growth and productivity improvements Thom Browne working to achieve its full potential Increase in Adjusted EBIT Margin despite anticipated step-up in costs ● Global revenues, ex-GCR*, showed an acceleration in 2Q, with a growth rate of 59% y-o-y, up from 48% y-o-y in 1Q 2022 (+53%y-o-y in 1H 2022) ● Solid start to Q3 * GCR Greater China Region throughout this presentation 1.3 2021 11.5% REVENUES 2021 ~2.0 ADJ. EBIT MARGIN Mid-term >15.0% Mid-term 8#9KEY STRATEGIC PRIORITIES ZEGNA ● ● ● ● Continue to execute on One Brand strategy Further capitalize on luxury leisurewear repositioning, distinctive strengths and building blocks strategy Continue to enhance product content, quality and pricing Focus on customer engagement and reach to younger generations Retail Excellence: Focus on Retail KPIs and optimization to drive productivity THOM BROWNE ● ● ● Ermenegildo Zegna Group Continue to execute on the growth roadmap Double number of (end) clients while increasing engagement with our current client base Product mix opportunities (e.g., women, accessories, kids) Opportunities for retail expansion and broader geographical coverage Upside from e-business focus and from Client Value Management - Leveraging Group Platform and continuing to strengthen our Made in Italy Luxury Textile Laboratory Platform - Lean supply chain and time to market - Focus on driving the full potential from our digital and omnichannel approach ("Z2C" and "Client Value Management") -ESG strategy to be fully integrated within the business#101H 2022: FINANCIAL HIGHLIGHTS STRATEGIC PROGRESS DELIVERED STRONG FINANCIAL RESULTS 1H22 Revenues €729 million (+21% y-o-y) 1H22 Adjusted EBIT €82.7 million 1H22 Profit € 21.0 million Cash Surplus at June 30, 2022 €103.1 million Zegna segment +19%, driven by organic growth Thom Browne segment +30%, with mix of new space and organic growth ▪ World ex-GCR Group revenues +53% in 1H22 vs 1H21 with an acceleration in 2Q: +59% vs +48% in 1Q ■ ■ ■ ■ I Ermenegildo Zegna Group ■ Strong Group performance across channels, segments, product lines, regions in line with strategy - ex GCR Domestic consumers and return of tourists (rebound in Western Europe) Z2C (Zegna to Consumer) roll out continues Adjusted EBIT Margin 11.3%, +20bps vs 1H21 - Zegna segment Adjusted EBIT Margin 9.2% vs 8.4% in 1H21, despite step-up in costs Thom Browne segment Adjusted EBIT Margin 17.0% vs 19.5% in 1H21 due to costs of growth Profit decline vs € 32.2 million in 1H21 Impact from €28 million increase in the value of the put option liability* on the 10% Thom Browne stake which the Group does not own. This compares with a €21 million income reported in the first half of 2021 in relation to the purchase of a 5% stake in Thom Browne. Cash surplus decline vs €144.8 milion end-21 - Trade Working Capital: temporary impact on inventories from One Brand FW22 July launch and GCR - Real Estate Settlements: reflect discipline and focus on store footprint optimization Dividends paid to minority shareholders Underlying positive cash generation, excluding Trade Working Capital and Settlements * The remeasurement of the liability has been driven by (i) a higher present value of the obligation under the put option, in line with the Thom Browne performance and its mid-term ambitions disclosed at the Capital Markets Day; and (ii) the negative foreign exchange impact from a stronger US dollar against the euro. 10#111H 2022 GROUP REVENUES ● ● Revenues of €729.0 million, +21% y-o-y Continued growth momentum for both Zegna and Thom Browne US, EMEA and other regions more than offset impact of Covid-related measures in GCR ● ● Revenues acceleration (excluding GCR) in 2Q 2022 at 59% from 48% in 1Q 2022 (+53% in 1H 2022) Lockdowns in GCR from mid-March to the end of May Focus on organic growth Pricing power and price discipline Wholesale responsive to new brand strategy for Zegna, Thom Browne strength broad-based Solid FW22 orders and successful SS23 selling campaigns ● € millions 603.3 Revenues 1H21 € millions 603.3 2021-2022 REVENUES BRIDGE BY GEOGRAPHY 78.1 Revenues 1H21 Emea 49.1 Ermenegildo Zegna Group Zegna branded products 64.6 North America 42.9 2021-2022 REVENUES BRIDGE BY PRODUCT LINE Thom Browne 24.5 5.4 Latin America Textile 14.4 -22.1 Third Party Brands Apac -0.3 -0.4 Agnona Other Other 729.0 Revenues 1H22 729.0 Revenues 1H22 11#121H 2022 GROUP REVENUES BY SEGMENT (Euro thousands in Actual FX) ● Revenues ● ● Zegna segment Thom Browne segment Eliminations Both segments growing double-digit in 1H22 Zegna Segment +19%: double-digit contribution by all product lines and healthy organic growth Solid 2Q at low double digits Thom Browne +30%, with strong double-digit increase in 2Q Despite lockdowns in GCR from mid-March to the end of May 1H 2022 728,993 552,966 185,769 (9,742) 1H 2021 Note: Zegna Segment includes Zegna branded products, Textile, Third Party Brands, Agnona and Other 603,340 465,899 142,553 (5,112) 25% 1H22 75% ■ Zegna Segment Thom Browne Segment A% vs 1H 2021 +20.8% REVENUES BREAKDOWN BY SEGMENT +18.7% +30.3% n.m. Ermenegildo Zegna Group 23% ■ Zegna Segment 1H21 77% ■ Thom Browne Segment 12#131H 2022 GROUP REVENUES BY GEOGRAPHY ● (Euro thousands in Actual FX) Revenues 1 EMEA - of which Italy - of which UK North America ² - of which United States Latin America APAC 4 - of which Greater China Region - of which Japan 6 Other ● 5 1Q 2022 377,579 134,456 64,091 10,970 61,803 June 2022 rebound in GCR 56,933 5,665 174,816 141,980 14,139 839 1Q 2021 301,194 96,812 48,159 5,177 33,381 28,868 2,995 167,259 141,570 12,812 747 A% vs 1Q 2021 +25.4% Strong growth despite GCR skew World ex-GCR +53% in 1H 2022, 2Q +59% from +48% in 1Q US-2x vs 1H 2021: Zegna DTC and Tom Ford deliveries EMEA +43%: Zegna DTC (~2x vs. 1H 2021), strong Thom Browne wholesale, and Textile GCR -14% in 1H 22, -28% in 2Q due to pandemic disruptions GCR from ~48% on Group revenues in 1H21 to ~34% in 1H22 +38.9% +33.1% +111.9% +85.1% +97.2% +89.1% +4.5% +0.3% +10.4% +12.3% 2Q 2022 351,414 126,171 61,905 12,574 73,472 67,358 6,860 144,009 105,213 16,101 902 2Q 2021 302,146 85,719 36,523 9,118 37,320 36,206 4,123 173,616 147,001 11,689 1,368 44% 2% A% vs 2Q 2021 ☐ EMEA NORTH AMERICA 1H22 Revenues breakdown by Geography 0.2% +16.3% 19% +47.2% +69.5% +37.9% +96.9% +86.0% +66.4% (17.1%) (28.4%) +37.7% (34.1%) 36% Ermenegildo Zegna Group LATIN AMERICA ■APAC Other 1H 2022 728,993 260,627 125,996 23,544 135,275 124,291 12,525 318,825 247,193 30,240 1,741 - EMEA 1H 2021 603,340 182,531 84,682 14,295 70,701 65,074 7,118 340,875 288,571 24,501 2,115 56% A% vs 1H 2021 1H21 0.4% 1% +20.8% +42.8% +48.8% +64.7% +91.3% +91.0% +76.0% (6.5%) (14.3%) +23.4% (17.7%) 30% 12% - NORTH AMERICA - LATIN AMERICA ▪ APAC For the footnotes 1 to 6 of the table above please refer to the Glossary and Definitions on page 38, Note 13 Other 13#14All product lines grew by double digits Zegna branded products +13%, +4% in 2Q Shoes, luxury leisurewear (mostly knitwear and casual pants) ● ● ● 1H 2022 GROUP REVENUES BY PRODUCT LINE A% vs 1Q 2021 ● Strong rebound in tailoring and Made-to-Measure in US and EMEA Thom Browne +30% in 1H 22 and +41% 2Q Strong wholesale, in both seasonal and classics ● DTC impacted by GCR Textile +55% vs 1H 2021, led by Lanificio Ermenegildo Zegna; €4.6 million perimeter (Tessitura Ubertino consolidated Jun-21) Third Party Brands +44% in 1H 2022 thanks to strong Tom Ford/Gucci deliveries (Euro thousands in Actual FX) Revenues - Zegna branded products - Thom Browne - Textile 1Q 2022 377,579 301,194 1Q 2021 - Third Party Brands 24,402 - Agnona 25 992 - Other 223,979 183,483 97,937 80,223 30,244 18,378 +64.6% 15,558 +56.8% 139 (82.0%) 3,413 (70.9%) Agnona 6% 0.0% 9% +25.4% 1H22 25% +22.1% +22.1% 0.3% 58% ■ Zegna branded products Thom Browne ■ Textile Third Party Brands ■ Other 2Q 2022 Revenues breakdown by Product Line 351,414 Ermenegildo Zegna Group 4% vs 2Q 2021 2Q 2021 Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties 302,146 201,273 192,699 87,229 61,996 +40.7% 38,724 26,100 +48.4% 22,939 17,343 +32.3% 10 184 (94.6%) 1,239 3,824 (67.6%) +16.3% 728,993 +4.4% 1H 2022 1H 2021 24% ■ Zegna branded products Third Party Brand 425,252 376,182 185,166 142,219 68,968 44,478 47,341 32,901 35 323 2,231 7,237 5% 0.1% 1H21 7% 603,340 Thom Browne Agnona 1% 62% ■ Textile ■ Other 4% vs 1H 2021 +20.8% +13.0% +30.2% +55.1% +43.9% (89.2%) (69.2%) 14#151H 2022 GROUP REVENUES BY CHANNEL GCR Retail Skew Impact, all other markets strong DTC +13% in 1H 2022, 2Q at +4%: GCR rebound from June ● ● ● Zegna DTC almost in line with Jun-21 despite traffic limitations still in place, due to strong e- commerce DTC Zegna branded products +14% in 1H 2022 (+6% in 2Q) Solid start to Q3 Thom Browne DTC up by double digits from June 2021, with 3 openings and e-commerce US (2x vs 1H 21), EMEA (2x in Western Europe, strong UAE), LatAm and rest of APAC offset GCR DTC Thom Browne +9% in 1H 2022, -2.4% in 2Q ● US, EMEA and Japan up by high double digits Wholesale +37% in 1H 2022 and +45% in 2Q ● Zegna branded products +9% in 1H despite suspension of shipments to Russia from March B2B strong with Textile and Third-Party Brands Thom Browne strength: +46% in 1H, +89% in 2Q (Euro thousands in Actual FX) Revenues - DTC Zegna branded products DTC Thom Browne Total Direct to Consumer (DTC) - Wholesale Zegna branded products - Wholesale Thom Browne - Wholesale Third Party Brands and Textile Wholesale Agnona Total Wholesale Other 1Q 2022 41% 1Q 2021 377,579 301,194 183,909 149,228 +23.2% 34,181 27,947 +22.3% 218,090 177,175 +23.1% 40,070 34,255 +17.0% 63,756 52,276 +22.0% 54,646 33,936 25 139 (82.0%) 158,497 120,606 +31.4% 992 3,413 (70.9%) 1H22 0.3% A% vs 1Q 2021 - DTC Wholesale - Other 59% +25.4% Revenues breakdown by Channel +61.0% Ermenegildo Zegna Group 2Q 2022 2Q 2021 4% vs 20 2021 1H 2022 1H 2021 351,414 302,146 +16.3% 728,993 603,340 177,941 168,586 +5.5% 361,850 317,814 +13.9% 31,993 32,787 (2.4%) 66,174 60,734 +9.0% 209,934 201,373 +4.3% 428,024 378,548 +13.1% 23,332 24,113 (3.2%) 63,402 58,368 +8.6% 55,236 29,209 +89.1% 118,992 81,485 +46.0% 61,663 43,443 +41.9% 116,309 77,379 10 184 (94.6%) 35 323 140,241 96,949 +44.7% 298,738 217,555 1,239 3,824 (67.6%) 2,231 7,237 36% 1H21 1% 63% A% vs 1H 2021 - DTC Wholesale - Other +20.8% +50.3% (89.2%) +37.3% (69.2%) Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as 15 licensed goods and royalties#161H 2022 GROUP PROFITABILITY Sound profitability despite increase in costs Adjusted EBIT of €82.7 million, +24% y-o-y Adjusted EBIT margin of 11.3% vs. 11.1% in 1H 2021 Top line growth Positive pricing and richer product content Higher sell-through, up double-digits (ex-GCR) Scale effect and fixed cost leverage in B2B from industrial capacity utilization ● ● ● ● ● ● Operational & productivity improvements All more than offset: ● 1919 F F F LANIFICIO ERMENEGILDO ZEGNA E FIGLI 100 Unfavourable country mix Anticipated step-up in central costs: mainly corporate structure costs, marketing expenses, and other operating charges Ermenegildo Zegna Group 16#171H 2022 RESULTS - ZEGNA SEGMENT Ermenegildo Zegna Group#181H 2022 RESULTS - ZEGNA SEGMENT € million Revenues Adjusted EBIT Adjusted EBIT Margin ● ● ● For the six months ended June 30, Strong revenue growth in Zegna segment, +19% y-o-y Adjusted EBIT at €51.1 million, +31% y-o-y Adjusted EBIT margin of 9.2%, +80bps y-o-y Top line organic growth driving scale effect and positive fixed costs leverage • Positive pricing ● 2022 553.0 51.1 9.2% ● 2021 465.9 39.0 8.4% Higher operating costs Advertising and marketing costs on rebranding activities (One Brand Zegna strategy) Corporate Costs Ermenegildo Zegna Group Increase/(Decrease) 2022 vs 2021 87.1 12.1 Corporate costs are fully reported in Zegna segment Higher headcounts and operating expenses from being a listed company % 18.7% 31.1% 18#19PINY 41819 CASTANI WARR FI 26 de e ww col TN- A C cafidely 1H 2022 RESULTS-THOM BROWNE SEGMENT Ermenegildo Zegna Group THOM BROWNE NEW YORK BRANS PULANG gritand Jack R#201H 2022 RESULTS-THOM BROWNE SEGMENT € million Revenues Adjusted EBIT Adjusted EBIT Margin ● ● 1H 2022 revenues at €185.8 million, +30% y-o-y Adjusted EBIT €31.6 million, + 13% y-o-y Adjusted EBIT margin at 17.0% vs 19.5% in 1H21 For the six months ended June 30, 2022 185.8 31.6 17.0% Growth related costs • Personnel costs ● ● 2021 142.6 27.8 19.5% Ermenegildo Zegna Group Increase/(Decrease) 2022 vs 2021 43.2 3.7 HQ functions strengthening DTC store network expansion: from 45 at end-June 2021, to 53 at end-June 2022 % 30.3% 13.4% 20#211H 2022 RESULTS-GROUP Ermenegildo Zegna Group#221H 2022 RESULTS - SUMMARY FIGURES ● ● Reported Non-IFRS Measures (Euro Million in Actual Fx) Revenues - Zegna segment - Thom Browne segment Profit Basic earnings per share in Euro Diluted earnings per share in Euro Adjusted EBIT % on Revenues - Zegna segment - Thom Browne segment Adjusted Profit Adjusted basic earnings per share Adjusted diluted earnings per share Net Financial Indebtedness/(Cash Surplus) 1H22 729.0 553.0 185.8 21.0 0.06 0.06 82.7 11.3% 51.1 31.6 22.8 0.07 0.07 (103.1) 1H21 603.3 465.9 142.6 32.2 0.14 0.14 66.8 11.1% 39.0 27.8 26.3 0.11 0.11 73.3 Ermenegildo Zegna Group A€ vs 1H21 +125.7 +87.1 +43.2 (11.2) (0.08) (0.08) +15.9 +12.1 +3.7 (3.5) (0.04) (0.04) (176.4) A% vs 1H21 +21% +19% +30% (35%) (58%) (58%) +24% +31% +13% (13%) (40%) (40%) n.s. Profit impacted by higher financial expenses and FX impact (i.e., Thom Browne put option liability increase). Cash Surplus at €103 million, vs €145 million at end-21 due to 2Q lockdowns in GCR, inventory push on FW22 One Brand July launch and real estate settlements 22#231H 2022 RESULTS -INCOME STATEMENT HIGHLIGHTS Ermenegildo Zegna Group Consolidated Statement of Profit & Loss (reported) (Euro Million in Actual Fx) Revenues Other income Cost of raw materials and consumables Purchased, outsourced and other costs Personnel costs Depreciation, amortization and impairment of assets Write downs and other provisions Other operating costs Operating Profit Financial income Financial expenses Foreign exchange losses Result from investments accounted for using the equity method Impairments of investments accounted for using the equity method Profit before taxes Income taxes Profit Attributable to: Shareholders of the parent company Non-controlling interests Basic earnings per share in Euro Diluted earnings per share in Euro 1H22 729.0 6.0 (162.5) (187.3) (198.5) (88.2) (0.7) (16.4) 81.4 15.9 (42.0) (9.9) 2.7 48.1 (27.1) 21.0 14.0 7.0 0.06 0.06 1H21 603.3 5.4 (161.3) (138.0) (160.2) (78.6) (3.2) (15.7) 51.7 32.5 (16.7) (2.7) (0.3) 64.5 (32.3) 32.2 28.2 4.1 0.14 0.14 4€ vs 1H21 +125.7 +0.7 (1.2) (49.3) (38.3) (9.6) +2.5 (0.7) +29.6 (16.6) (25.3) (7.2) +3.0 (16.4) +5.2 (11.2) (0.08) (0.08) 4% vs 1H21 +21% +12% (1%) (36%) (24%) (12%) +79% (5%) +57% n.s. n.s. n.s. n.s. (25%) +16% (35%) (58%) (58%) (17%) Costs growing slower than revenues, of which higher corporate structure costs from being a public company higher marketing expenses H Impact from €28 million increase in the value of the put option liability* on the 10% Thom Browne stake which the Group does not own. This compares with a €21 million income reported in the first half of 2021 in relation to the purchase of a 5% stake in Thom Browne. * The remeasurement of the liability has been driven by (i) a higher present value of the obligation under the put option, in line with the Thom Browne performance and its mid-term ambitions disclosed at the Capital Markets Day; and (ii) the negative foreign exchange impact from a stronger US dollar against the euro. 23#24NET FINANCIAL INDEBTEDNESS/(CASH SURPLUS) € millions NET FINANCIAL INDEBTEDNESS/(CASH SURPLUS) (145) 31-Dec-21 (103) 30-Jun-22 Ermenegildo Zegna Group ▪ Lower Cash Surplus vs December 2021 - Trade Working Capital: temporary impact on inventories from One Brand FW22 July launch and GCR - Real Estate Settlements: reflect discipline and focus on store footprint optimization - Dividends paid to minorities Underlying positive cash generation, excluding Trade Working Capital and Settlements 24#25CAPEX & TRADE WORKING CAPITAL Investing in Retail, IT and Industrial Platform ● ● Capital Expenditure (€ millions) 4% 15.5 13 1H22 % of revenues Store Network Other 4% 13.6 11 1H21 Planned Capex step-up in 2022 €28.5 million Capex paid: Zegna and Thom Browne distribution network, rebranding and IT projects New store openings for Thom Browne, relocations/renewals for Zegna Key IT projects: point of sales systems and distribution ERP Supply Chain & Textile ordinary maintenance capex TWC=€331M One brand impact on TWC Trade Working Capital (€ millions) 23.3 % 391 169 -229 Ermenegildo Zegna Group 30-Jun-2022 Trade receivables % of last 12 months rolling revenues 21.3 % 339 160 -223 31-Dec-2022 Inventories Trade Payables and customer advances TWC=€276M Inventories up on increased volumes at end-June (FW22 One Brand launch) and unsold stock in GCR due to Covid-related lockdowns Stock turn to improve once rebranding fully rolled out Receivables up partly balanced by higher payables in line with business increase 25#26FY 2022 GUIDANCE RAISED Monitoring and adapting to complex environment Geopolitical turmoil and resurgence of Covid-19 pandemic, especially in China Dynamic retail, solid order collection and positive pricing for FW22 and SS23 FY22 Revenues Guidance raised: from low-teens to mid-teens revenues growth at actual FX vs 2021 FY22 Adjusted EBIT Guidance raised: from improvement to solid improvement, with an Adjusted EBIT margin in the range of last year's ● ● ● ● Ermenegildo Zegna Group ● Top line tailwinds to mitigate expected increase in industrial costs and logistics and the step up in listing related overheads and rebranding costs Cash surplus increase in the second half Assuming no further deterioration or geographic extension of the war in Ukraine, a continuing normalization of the COVID-19 pandemic in Greater China, no significant macroeconomic deterioration and no other unforeseen events. 26#27FY 2022 GUIDANCE RAISED GREATER CHINA Gradual normalization to continue US & EMEA Continue to strongly perform at >30% vs 2021 at Group level KEY ASSUMPTIONS ON 2022 REVENUES RUSSIA/ UKRAINE No further deterioration or geographic extension of the conflict ZEGNA BRANDED PRODUCTS Growing at d-d, with strong FW 22 wholesale orders, a strong SS23 selling campaign, d-d growth in Made-To-Measure THOM BROWNE REVENUES Upgraded from Low-teens to Mid-teens Growth Foreseen at >20% vs 2021 2022 GUIDANCE TEXTILE AND THIRD PARTY BRANDS Good orders (>20% combined vs 2021) Ermenegildo Zegna Group BY GEOGRAPHY BY PRODUCT LINE BY CHANNEL E-COMMERCE Growth rate > 2x vs Group's growth rate OPERATIONS Running at full capacity (good industrial fixed cost absorption) ADJUSTED EBIT From Improvement to Solid Improvement Compared to 2021 27#28Q&A Ermenegildo Zegna Group#29APPENDIX EC Ermenegildo Zegna Group#30MONOBRAND¹ STORE NETWORK Thom Browne increasing DTC points-of-sale, Zegna streamlining its footprint ● # Stores EMEA Americas APAC DTC EMEA Americas APAC Wholesale Total ZEGNA 69 51 122 242 85 68 33 186 428 as of June 30th, 2022 THOM BROWNE 10 5 38 53 5 3 30 38 91 GROUP 79 56 160 295 90 71 63 224 519 as of December 31st, 2021 ZEGNA 69 50 126 245 89 74 32 195 440 THOM BROWNE 9 5 38 52 5 3 30 38 90 GROUP 78 55 164 297 94 77 62 233 530 Ermenegildo Zegna Group Zegna wholesale store counts reflects Z Zegna stores closures (EMEA, LATAM and travel retail) ZEGNA 70 39 130 239 95 77 32 204 443 as of June 30th, 2021 THOM BROWNE 7 4 34 45 6 3 28 37 82 1. Monobrand store count includes our DOSS (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees) GROUP 77 43 164 284 101 80 60 241 525 30#31Non-IFRS Financial Measures Ermenegildo Zegna Group 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, Adjusted Profit/(Loss), Adjusted Basic Earnings per Share and Adjusted Diluted Earnings Per Share, Net Financial Indebtedness/(Cash Surplus) and Trade Working Capital. 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 is defined as profit or loss before income taxes plus financial income, financial expenses, 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, including, for one or all of the periods presented and as further described below, impairment of leased and owned stores, costs related to the Business Combination, a special donation to the UNHCR, severance indemnities and provision for severance expenses, proceeds to exit an existing lease agreement (key money) and certain costs related to the Agnona disposal. Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period. 31#32Ermenegildo Zegna Group Non-IFRS Financial Measures Adjusted Profit represents Profit adjusted for income and costs (net of tax effects) which are significant in nature and that management considers not reflective of underlying activities, including, for one or all of the periods presented and as further described below, impairment of leased and owned stores, costs related to the Business Combination, a special donation to the UNHCR, severance indemnities and provision for severance expenses, proceeds to exit an existing lease agreement (key money), certain costs related to the Agnona disposal and gains on the Thom Browne option realized in connection with the exercise of the option, as well as the tax effects of the adjusting items (calculated based on the applicable tax rates of the jurisdictions where the adjustments relate). Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share represent basic earnings per share and diluted earnings per share adjusted for income and costs (net of tax effects) which are significant in nature and that management considers not reflective of underlying activities, including, for one or all of the periods presented and as further described below, impairment of leased and owned stores, costs related to the Business Combination, a special donation to the UNHCR, severance indemnities and provision for severance expenses, proceeds to exit an existing lease agreement (key money), certain costs related to the Agnona disposal and gains on the Thom Browne option realized in connection with the exercise of the option, as well as the tax effects of the adjusting items (calculated based on the applicable tax rates of the jurisdictions where the adjustments relate) and excluding the impact of non-controlling interests on the adjusting items. Net Financial Indebtedness/(Cash Surplus) is defined as the sum of financial borrowings (current and non-current), derivative financial instruments, loans and certain other financial liabilities (recorded within other non-current financial liabilities in the consolidated statement of financial position), net of cash and cash equivalents, derivative financial instruments and certain other current financial assets. Trade Working Capital is defined as current assets less current liabilities adjusted for derivative assets and liabilities, tax assets and liabilities, cash and cash equivalents, assets and liabilities held for sale, borrowings, lease liabilities, and other assets and liabilities. Trade Working Capital is a non-IFRS measure. 32#33Non-IFRS Financial Measures Adjusted EBIT (€ thousands) Profit Income taxes Financial income Financial expenses Exchange losses Result from investments accounted for using the equity method Impairment of leased and owned stores(¹) Costs related to the Business Combination (2) Special donation to the UNHCR(3) Severance indemnities and provision for severance expenses (4) Proceeds to exit lease (key money)(5) Agnona disposal(6) Adjusted EBIT Revenues Adjusted EBIT Margin (Adjusted EBIT/ Revenues) For the six months ended June 30, 2022 21,021 27,050 (15,901) 41,965 9,893 (2,661) 3,309 1,090 1,000 912 (5,000) 82,678 Ermenegildo Zegna Group 728,993 11.3% 2021 32,234 32,284 (32,531) 16,685 2,728 346 4,261 6,642 4,164 66,813 603,340 11.1 % (1) Impairments of leased and owned stores, of which €2,764 thousand and €3,893 thousand relates to right-of-use assets, €530 thousand and €353 thousand relates to property, plant and equipment and €15 thousand and €15 thousand relates to intangible assets for the six months ended June 30, 2022 and 2021, respectively. This amount is recorded within the line item "depreciation, amortization and impairment of assets" in the semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment. (2) Costs related to the Business Combination of €1,090 thousand relates to the grant of equity awards to management in 2021 with vesting 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 semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment for €1,043 thousand and to the Thom Browne segment for €47 thousand. (3) Relates to a donation of €1,000 thousand o the United Nations High Commissioner for Refugees (UNHCR) to support initiatives related to the humanitarian emergency in Ukraine. This amount is recorded within the line item "other operating costs" in the semi-annual condensed consolidated statement of profit and loss for the six months ended June 30, 2022 and is related to the Zegna segment. (4) Relates to severance indemnities of the Zegna segment of €912 thousand and €6,642 thousand for the six months ended June 30, 2022 and 2021, respectively, recorded within the line item "personnel costs" in the semi-annual condensed consolidated statement of profit and loss. (5) Relates to proceeds of €5,000 thousand received from a new tenant in order for Zegna to withdraw from an existing lease agreement of a commercial property. This amount is recorded within the line item "other income" in the semi-annual condensed consolidated statement of profit and loss for the six months ended June 30, 2022 and is related to the Zegna segment. (6) Includes €4,020 thousand related to losses incurred by Agnona subsequent to the Group's sale of a majority stake in Agnona in January 2021, for which the Group is required to compensate the company in accordance with the terms of the related sale agreement, as well as €144 thousand relating to the write down of the Group's remaining 30% stake in Agnona. This amount is recorded within the line item "write downs and other provisions" in the semi-annual condensed consolidated statement of 33 profit and loss and is related to the Zegna segment#34Non-IFRS Financial Measures Adjusted Profit/(Loss) (€ thousands) Profit Impairment of leased and owned stores(¹) Costs related to the Business Combination (2) Special donation to the UNHCR(3) Severance indemnities and provision for severance expenses(4) Proceeds to exit lease (key money)(5) Agnona disposal(6) Gain on Thom Browne option(7) Tax effects on adjusting item(8) Adjusted Profit Ermenegildo Zegna Group For the six months ended June 30, 2022 21,021 3,309 1,090 1,000 912 (5,000) 491 22,823 2021 32,234 4,261 6,642 4,164 (20,675) (319) 26,307 (1) Impairments of leased and owned stores, of which €2,764 thousand and €3,893 thousand relates to right-of-use assets, €530 thousand and €353 thousand relates to property, plant and equipment and €15 thousand and €15 thousand relates to intangible assets for the six months ended June 30, 2022 and 2021, respectively. This amount is recorded within the line item "depreciation, amortization and impairment of assets" in the semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment. (2) Costs related to the Business Combination of €1,090 thousand relates to the grant of equity awards to management in 2021 with vesting 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 semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment for €1,043 thousand and to the Thom Browne segment for €47 thousand. (3) Relates to a donation of €1,000 thousand to the United Nations High Commissioner for Refugees (UNHCR) to support initiatives related to the humanitarian emergency in Ukraine. This amount is recorded within the line item "other operating costs" in the semi-annual condensed consolidated statement of profit and loss for the six months ended June 30, 2022 and relates to the Zegna segment. (4) Relates to severance indemnities of the Zegna segment of €912 thousand and €6,642 thousand for the six months ended June 30, 2022 and 2021, respectively, recorded within the line item "personnel costs" in the semi-annual condensed consolidated statement of profit and loss. (5) Relates to proceeds of €5,000 thousand received from a new tenant in order for Zegna to withdraw from an existing lease agreement of a commercial property. This amount is recorded within the line item "other income" in the semi-annual condensed consolidated statement of profit and loss for the six months ended June 30, 2022 and is related to the Zegna segment. (6) Includes €4,020 thousand related to losses incurred by Agnona subsequent to the Group's sale of a majority stake in Agnona in January 2021, for which the Group is required to compensate the company in accordance with the terms of the related sale agreement, as well as €144 thousand relating to the write down of the Group's remaining 30% stake in Agnona, both recognized in the six months ended June 30, 2021. This amount is recorded within the line item "write downs and other provisions" in the semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment. (7) Reflects the financial income relating to options related to a gain of €20,675 thousand recognized following the purchase of an additional 5% of the Thom Browne Group on June 1, 2021. This amount is recorded within the line item "financial income" in the semi-annual condensed consolidated statement of profit and loss for the six months ended June 30, 2021 and relates to the Thom Browne segment. (8) Includes the tax effects of the aforementioned adjustments. 34#35Non-IFRS Financial Measures Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share (€ thousands) Profit Impairment of leased and owned stores(1) Costs related to the Business Combination (2) Special donation to the UNHCR (3) Severance indemnities and provision for severance expenses(4) Proceeds to exit lease (key money)(5) Agnona disposal(6) Gain on Thom Browne option(7) Tax effects on adjusting item(8) Adjusted Profit Impact of non-controlling interests(⁹) Adjusted Profit attributable to shareholders of the Parent Company Weighted average number of shares for basic earnings per share Adjusted Basic Earnings per Share in € Weighted average number of shares for diluted earnings per share Adjusted Diluted Earnings per Share in € For the six months ended June 30, 2022 21,021 3,309 1,090 1,000 912 (5,000) 491 22,823 6,990 15,833 237,314,960 0.07 238,930,441 Ermenegildo Zegna Group 0.07 2021 32,234 4,261 6,642 4,164 (20,675) (319) 26,307 4,077 22,230 201,580,550 0.11 202,515,100 0.11 (1) Impairments of leased and owned stores, of which €2,764 thousand and €3,893 thousand relates to right-of-use assets, €530 thousand and €353 thousand relates to property, plant and equipment and €15 thousand and €15 thousand relates to intangible assets for the six months ended June 30, 2022 and 2021, respectively. This amount is recorded within the line item "depreciation, amortization and impairment of assets" in the semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment. (2) Costs related to the Business Combination of €1,090 thousand relates to the grant of equity awards to management in 2021 with vesting 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 semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment for €1,043 thousand and to the Thom Browne segment for €47 thousand. (3) Relates to a donation of €1,000 thousand to the United Nations High Commissioner for Refugees (UNHCR) to support initiatives related to the humanitarian emergency in Ukraine. This amount is recorded within the line item "other operating costs" in the semi- annual condensed consolidated statement of profit and loss for the six months ended June 30, 2022 and relates to the Zegna segment. (4) Relates to severance indemnities of the Zegna segment of €912 thousand and €6,642 thousand for the six months ended June 30, 2022 and 2021, respectively, recorded within the line item "personnel costs" in the semi-annual condensed consolidated statement of profit and loss. (5) Relates to proceeds of €5,000 thousand received from a new tenant in order for Zegna to withdraw from an existing lease agreement of a commercial property. This amount is recorded within the line item "other income" in the semi-annual condensed consolidated statement of profit and loss for the six months ended June 30, 2022 and is related to the Zegna segment. (6) Includes €4,020 thousand related to losses incurred by Agnona subsequent to the Group's sale of a majority stake in Agnona in January 2021, for which the Group is required to compensate the company in accordance with the terms of the related sale agreement, as well as €144 thousand relating to the write down of the Group's remaining 30% stake in Agnona, both recognized in the six months ended June 30, 2021. This amount is recorded within the line item "write downs and other provisions" in the semi-annual condensed consolidated statement of profit and loss and is related to the Zegna segment. (7) Reflects the financial income relating to options related to a gain of €20,675 thousand recognized following the purchase of an additional 5% of the Thom Browne Group on June 1, 2021. This amount is recorded within the line item "financial income" in the semi- annual condensed consolidated statement of profit and loss for the six months ended June 30, 2021 and relates to the Thom Browne segment. 35 (8) Includes the tax effects of the aforementioned adjustments. (9) Represents the Profit attributable to non-controlling interests plus the impact of non-controlling interests on the adjusting items.#36Non-IFRS Financial Measures Net Financial Indebtedness/(Cash Surplus) (i) (ii) (€ thousands) Non-current borrowings Current borrowings Derivative financial instruments - Liabilities Other non-current financial liabilities (other)(¹) Total borrowings, other financial liabilities and derivatives Cash and cash equivalents Derivative financial instruments - Assets Other current financial assets (securities and financial receivables)(ii) Total cash and cash equivalents, other current financial assets and derivatives Net Financial Indebtedness/(Cash Surplus) At June 30, 2022 306,178 246,470 21,483 35 574,166 (346,883) (11,135) (319,278) (677,296) (103,130) Ermenegildo Zegna Group At December 31, 2021 471,646 157,292 14,138 7,976 651,052 (459,791) (1,786) (334,244) (795,821) (144,769) Includes the other component of the "Other non-current financial liabilities" line item from Zegna's semi-annual condensed consolidated statement of financial position. Includes the securities and financial receivables components of the "Other current financial assets" line item from Zegna's semi-annual condensed consolidated statement of financial position. 36#37Non-IFRS Financial Measures Trade Working Capital (€ thousands) Current assets Current liabilities Working capital Less: Derivative financial instruments Tax receivables Other current financial assets Other current assets Cash and cash equivalents Current borrowings Current lease liabilities Derivative financial liabilities Other current financial liabilities Current provisions for risks and charges Tax liabilities Other current liabilities Trade Working Capital of which trade receivables of which inventories of which trade payables and customer advances At June 30, 2022 1,342,331 (835,741) 506,590 11,135 18,956 324,495 81,239 346,883 (246,470) (104,263) (21,483) (28,639) (24,221) (36,501) (145,538) 330,997 168,637 390,986 (228,626) Ermenegildo Zegna Group At December 31, 2021 1,384,531 (702,316) 682,215 1,786 14,966 340,380 68,773 459,791 (157,292) (106,643) (14,138) (33,984) (14,093) (28,773) (124,356) 275,798 160,360 338,475 (223,037) 37#38Glossary and Definitions (1) y-o-y: used to refer to year-on-year growth rate. All growth rates are at actual currency (2) Growth rates in this presentation are year-on-year unless specified differently (3) FX: means foreign exchange or currency M: may be used to refer to million Ermenegildo Zegna Group (4) (5) d-d: means double-digit (6) E-com: means e-commerce (7) DOS: Directly Operated Store (8) DTC: Direct to Consumer or Retail. DTC includes DOSs and direct E-Commerce (9) 1H22 or 1H21: means six months period to June 30, 2022 and six months period to June 30, 2021 (10) 1Q22 or 1Q21: means three months period to March 31, 2022 and three months period to March 31, 2021 (11) 2Q22 or 2Q21: means three months period from April 1, 2022 to June 30, 2022 and from April 1, 2021 to June 30, 2021 (12) GCR: refers to Greater China Region (13) Definitions for Sales breakdown by Geography on page 13: (1) EMEA includes Europe, Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries (5) For Zegna's reporting purposes the Greater China Region includes the Chinese mainland, Hong Kong S.A.R., Macau S.A.R. and Taiwan (6) Other revenues mainly include royalties. (14) Americas: Americas include North America and Latin America 38#39INVESTOR RELATIONS CONTACT Investor Relations Francesca Di Pasquantonio [email protected] +39 335 5837669 Media Domenico Galluccio [email protected] +39 335 538 7288 Ermenegildo Zegna Group 39