#13Q 2022 REVENUES October 27, 2022 മത് Ermenegildo Zegna Group#2Ermenegildo 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, 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 Zeg na 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 21 to 23 for Non-IFRS Measures definitions and reconciliation tables. DISCLAIMER Non-IFRS Financial Measures Forward Looking Statements This communication, including the section "FY 2022 Guidance", and "3Q 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 24. 2#3SOME OF THE QUARTER'S KEY HIGHLIGHTS Ermenegildo ZEGNA ZEGNA ZEGNA ZEGNA ZEGNA €3 ZEGNA ZEGN GN EGNA Ed *** ZEGNA ZEGNA ZEGNA ZEGNA ZEGNA 500 (19) 200 09 Ermenegildo Zegna Group WWD 3#43Q 2022 and 9M 2022 GROUP REVENUES OVERVIEW UES OVERVIEW do Ermenegildo Milo Ermenegildo Zegna Group 3Q 2022 €357 million +27.5% y-o-y 9M 2022 €1,086 million +22.9% y-o-y 4#53Q 2022 KEY HIGHLIGHTS ZEGNA Our Road to Iconicity THOM BROWNE Our Road to 2X Revenues AMPHITHEATRE MANRES ESTRE ORM ● Ermenegildo Full deployment of Zegna One Brand in July 205 stores (148 DOS) with the new logo since launch of the One Brand strategy in Nov-2021 "Essentials" at 30% of revenues* Real Madrid partnership launch event Alessandro Sartori awarded WWD's 2022 Honor for Menswear Designer of the Year Stepping up visibility, back in Paris for the Women SS23 Fashion Show Thom Browne elected CFDA Chairman: a testament to his creativity, his success, and his leadership in the fashion industry +4 DOS (net) in 3Q22 including San Francisco and Kobe Hankyu. ~60 DOS planned at year-end *MTM and Licensing Excluded. DTC only without outlets ^ Science Based Target initiatives Ermenegildo Zegna Group MADE IN ITALY TEXTILE PLATFORM Our Road to Excellence and Traceability ESG Our Road to Sustainable Growth Strength of B2B continues in 3Q Textile revenues +33.3%, Third Party Brands +64.2% y-o-y After FW22 Tom Ford license will transition from manufacturing & distribution to manufacturing only Targets submitted to SBTIs^ in August 2022 Oasi Zegna receives Biodiversity Conservation Award at the CNMI Sustainable Fashion Awards 2022 Caring for Our communities: Launched energy efficiency plan 5#63Q 2022: "OUR ROAD" KEY HIGHLIGHTS IGHTS emegildo Ermenegildo Zegna Group CONTINUED EXECUTION OF "OUR ROAD" STRATEGY - ON TRACK TO ACHIEVE MID-TERM TARGETS Diversified global presence and broad-based strength Excellent 3Q despite a still disrupted global environment Global revenues showed an acceleration in 3Q, with a growth rate of +27.5% y-o-y, up from +25.4% y-o-y in 1Q 2022 and +16.3% y-o-y in 2Q 2022 Revenues growing in every geography, including a rebound in the Greater China Region Pace of Revenues ex-GCR* remains very strong at +44.0%, GCR +3.0% Confirmed FY 2022 revenues guidance of mid-teens revenue growth Better 9M and positive start of 4Q across the board, with the exception of volatility in GCR FY 2022 Adjusted EBIT guidance confirmed: solid improvement compared with FY 2021 * 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 6#7"OUR ROAD": KEY STRATEGIC PRIORITIESildo ZEGNA THOM BROWNE ● ● ● ● ● 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 ● ● - ● ● Ermenegildo Condo 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#83Q 2022 and 9M 2022 GROUP REVENUES: HIGHLIGHTS Ermenegildo Zegna Group Tridene Revenues of €1,086 million in 9M 2022, +22.9% y-o-y Revenues of 357 million in 3Q 2022, +27.5%, from + 16.3% in 2Q 2022 and + 25.4% in 1Q 2022 ● In 3Q, double-digit growth in all segments, product lines, channels, and geographies (with the exception of GCR, up by 3% y-o-y) Both segments growing by double-digit y-o-y ● Zegna segment +21.5% in 9M, accelerating in 3Q at +27.2% from + 18.7% in 1H 2022 Thom Browne segment +30.1% in 9M, steady in 3Q at +29.5% All regions positive ● Revenues excluding GCR strong in Q3 at +44.0% compared with 2Q 2022 at +59% and +48% in 1Q 2022 GCR rebounded, but a new wave of lockdowns from September DTC growth accelerated in 3Q 2022 to +20.7% driven by both segments Wholesale responsive to new brand strategy for Zegna, Thom Browne's strength is broad-based, positive B2B dynamics Focus on organic growth, pricing power, and price discipline 8#93Q 2022 GROUP REVENUES BY SEGMENT Both segments growing at solid double-digit in 3Q 2022 ● GMENT enegildo Ermenegildo Zegna Group ● Zegna segment +21.5% in 9M, accelerating in 3Q at +27.2% from + 11% in 2Q 2022 and +27.1% in 1Q 2022 Thom Browne segment +30.1% in 9M, steady in 3Q at +29.5% Both see broad-based strength by geography, channel, and product line Note: Zegna Segment includes Zegna branded products, Textile, Third Party Brands, Agnona and Other Revenues by Segment: y-o-y % change +45.0% +40.0% +35.0% +30.0% +25.0% +20.0% +15.0% +10.0% +5.0% +0.0% +27.1% +11.0% Zegna segment 1Q 2022 +27.2% ■2Q 2022 +22.3% +40.6% +29.5% Thom Browne segment ■3Q 2022 9#103Q 2022 GROUP REVENUES BY GEOGRAPHY Positive across all regions Tougher comparison base in 3Q for EMEA and US +42.8% revenues increase in EMEA led by the MEA region almost doubling revenues in 3Q ● OGRAPHY Primenegildo Ermenegildo Zegna Group Revenues by Geography^: y-o-y % change consistent double-digit performance in all other countries US still strong @ +38.3% y-o-y led by the result of the DTC network in Zegna and Thom Browne and solid FW22 supplies to Tom Ford Positive +3.0% growth in 3Q 2022 in GCR June 2022 rebound in DTC continued in July and August, offset by a new wave of restrictions in September World ex-GCR continued its strong momentum in 3Q with +44.0% (was +59% in 2Q and +48% in 1Q) +120.0% +100.0% +80.0% +60.0% +40.0% +20.0% +0.0% (20.0%) (40.0%) +38.9% 43.4% +47.2% 1.8% EMEA 9M 2022 0.2% +42.8% 35.0% 19.5% +96.9% EMEA North Americal Latin America ^ For charting reasons this graph excludes Other - please see table on Page 17 for full disclosure of Revenue by Geography +85.1% +38.6% North America +89.1% APAC Other 66.4% +33.2% Revenues breakdown by Geography Latin America ■1Q 2022 20 2022 ■ 3Q 2022 EMEA +4.5% 53.8% +13.7% APAC (17.1%) North America 9M 2021 0.4% 30.1% 14.3% 1.4% Latin America APAC Other 10#113Q 2022 GROUP REVENUES BY PRODUCT LINE Z Ermenegildo Zegna Group Ado All product lines grew by double digits Revenues by Product Line ^: y-o-y % change Zegna branded products accelerated in 3Q at +18.6% vs +4.4% in 2Q and +22.1% in 1Q ● ● ● ● ● Recovery in GCR Shoes, luxury leisurewear (knitwear and casual pants) Strong rebound in tailoring and Made-to-Measure in US Thom Browne +29.8% in 3Q, on a solid sequential trend Strong wholesale, e-commerce in GCR, and contribution of new stores (from 52 at end-21 to 57 as of September 30th) Pace for women faster than men (women ~30% of revenues) Broad-based strength for Textile Revenues +33.3% in 3Q and +47.7% vs 9M21 (Tessitura Ubertino consolidated Jun-21) Third Party Brands revenues up by +64.2% in 3Q thanks to strong Tom Ford/ Gucci deliveries +70.0% +60.0% +50.0% +40.0% +30.0% +20.0% +10.0% +0.0% +22.1% +18.6% +4.4% Zegna branded products 1 23% 9M 2022 0% -0% ■ Zegna branded products 1 Thom Browne Third Party Brands ■ Agnona +40.7% 60% +22.1% Thom Browne 1Q 2022 29.8% ■ Textile Other +64.6% +48.4% Revenues breakdown by Product Line Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties ^ For charting reasons this graph excludes Agnona and Other - please see table on Page 18 for full disclosure of Revenue by Product Line 33.3% Textile 2Q 2022 3Q 2022 +56.8% Third Party Brands +32.3% Third Party Brands 18% +64.2% 9M 2021 5% ■ Zegna branded products 1 Thom Browne Agnona 0% 0% 64% ■ Textile * Other 11#123Q 2022 GROUP REVENUES BY CHANNEL DTC acceleration in 3Q 2022 DTC +15.5% compared to 9M21, accelerating in 3Q to +20.7% thanks to a ~+20% performance by both Zegna and Thom Browne DTC Zegna branded products +20.5% in 3Q ● ● DTC Thom Browne +21.6% in 3Q ● strong EMEA (MEA almost doubling revenues) and Americas (+30% in NAM, +39% in LATAM). ● GCR flat in 3Q with positive July, even stronger August, but declined in September due to a new wave of Covid restrictions Minulenegildo Ermenegildo Zegna Group egna Group Revenues by Channel ^: y-o-y % change Wholesale solid at +35.6% in 9M and +32.2% in 3Q positive in all geographical areas GCR benefitting from the additional contribution of Tmall new stores (from 52 at end-21 to 57 as of September 30th) Zegna branded products +11.1% in 3Q despite the suspension of shipments to Russia from March B2B strong with Textile and Third-Party Brands + 47.6% in 3Q Thom Browne strength: +40.5% in 3Q thanks to strong demand in all regions 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 23.1% 40.3% 9M 2022 0.3% DTC Wholesale 4.3% Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties ^ For charting reasons this graph excludes Other - please see table on Page 19 for full disclosure of Revenue by Channel DTC Revenues breakdown by Channel 59.4% 20.7% Other 31.4% 1Q 2022 2Q 2022 3Q 2022 44.7% Wholesale 32.2% 36.5% 9M 2021 0.3% DTC Wholesale 63.2% Other 12#13● ● ● ● FY 2022 GUIDANCE Ermenegildo Ermenegildo Zegna Group Monitoring and adapting to the complex environment Macro uncertainties, geopolitical turmoil, and resurgence of Covid-19 pandemic in the Greater China Region Dynamic retail, solid order collection, and positive pricing for FW22 and SS23 FY22 Revenues Guidance: mid-teens revenue growth at actual FX vs 2021 FY22 Adjusted EBIT Guidance: solid improvement compared with FY 2021 Despite expected increase in marketing and central costs Despite unfavorable country mix which may affect our margin Cash Surplus increase in the second half of the year Assuming no further escalation or geographic extension of the war in Ukraine, no further significant macroeconomic deterioration, and a continuing uncertainty linked to the COVID-19 pandemic in the Greater China Region, and no other unforeseen events 13#14Q&A Ermenedildo Ermenegildo Zegna Group#15APPENDIX Ermenegildo Ermenegildo Zegna Group lia 3#163Q 2022 GROUP REVENUES BY SEGMENT (€ thousands, except percentages) Revenues - Zegna segment - Thom Browne segment - Eliminations 9M 2022 UNAUDITED 1,085,867 842,229 255,073 (11,435) 9M 2021 UNAUDITED 883,328 693,235 196,069 (5,976) GMENT enegildo Ermenegildo Zegna Group 4% vs 9M 2021 +22.9% +21.5% +30.1% n.m. 1H 2022 UNAUDITED 728,993 552,966 185,769 (9,742) Note: Zegna Segment includes Zegna branded products, Textile, Third Party Brands, Agnona and Other (*) Throughout this section "n.m." means not meaningful 1H 2021 UNAUDITED 603,340 465,899 142,553 (5,112) A% vs 1H 2021 +20.8% +18.7% +30.3% n.m. 3Q 2022 UNAUDITED 356,874 289,263 69,304 (1,693) 3Q 2021 UNAUDITED 279,988 227,336 53,516 (864) 4% vs 3Q 2021 +27.5% +27.2% +29.5% n.m. 16#173Q 2022 GROUP REVENUES BY GEOGRAPHY (€ thousands, except percentages) Revenues EMEA ¹ - of which Italy - of which UK - of which MEA ² North America 3 - of which United States Latin America 4 APAC 5 - of which Greater China Region - of which Japan Other 6 9M 2022 UNAUDITED 1,085,867 379,826 171,108 38,608 44,999 212,280 193,594 19,558 471,744 363,453 44,718 2,459 9M 2021 UNAUDITED 883,328 265,988 118,846 23,618 26,404 126,265 115,201 12,398 475,410 401,417 36,842 3,267 A% vs 9M 2021 +22.9% +42.8% +44.0% +63.5% +70.4% +68.1% +68.0% +57.8% (0.8%) (9.5%) +21.4% (24.7%) OGRAPHY egildo Ermenegildo Zegna Group 1H 2022 UNAUDITED 728,993 260,627 125,996 23,544 28,948 135,275 124,291 12,525 318,825 247,193 30,240 1,741 1H 2021 UNAUDITED 603,340 182,531 84,682 14,295 17,791 70,701 65,074 7,118 340,875 288,571 24,501 2,115 4% vs 1H 2021 +20.8% +42.8% +48.8% +64.7% +62.7% +91.3% +91.0% +76.0% (6.5%) (14.3%) +23.4% (17.7%) 3Q 2022 UNAUDITED 356,874 119,199 45,112 15,064 16,051 77,005 69,303 7,033 152,919 116,260 14,478 718 3Q 2021 UNAUDITED 279,988 83,457 34,164 9,323 8,613 55,564 50,127 5,280 134,535 112,846 12,341 1,152 A% vs 3Q 2021 +27.5% +42.8% +32.0% +61.6% +86.4% +38.6% +38.3% +33.2% +13.7% +3.0% +17.3% (37.7%) NOTE: Revenues are after eliminations 1. EMEA includes Europe, the Middle East and Africa. 2. MEA includes Middle East countries, African countries and Turkey 3. North America includes the United States of America and Canada. 4. Latin America includes Mexico, Brazil and other Central and South American countries. 5. APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. 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 and certain sales of old season products. 17#183Q 2022 GROUP REVENUES BY PRODUCT LINE RODUCT (€ thousands, except percentages) Revenues Zegna branded products 1 Thom Browne Textile - Third Party Brands - Agnona - Other 9M 2022 UNAUDITED 1,085,867 649,568 254,346 99,256 79,604 45 3,048 9M 2021 UNAUDITED 883,328 565,359 195,496 67,202 52,554 434 2,283 A% vs 9M 2021 +22.9% +14.9% +30.1% +47.7% +51.5% (89.6%) +33.5% CT LINE do Ermenegildo Zegna Group 1H 2022 UNAUDITED 728,993 425,252 185,166 68,968 47,341 35 2,231 1H 2021 UNAUDITED 603,340 376,182 142,219 44,478 32,901 323 7,237 A% vs 1H 2021 NOTE: Revenues are after eliminations Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. +20.8% +13.0% +30.2% +55.1% +43.9% (89.2%) n.m. 3Q 2022 UNAUDITED 356,874 224,316 69,180 30,288 32,263 10 817 3Q 2021 UNAUDITED 279,988 189,177 53,277 22,724 19,653 111 (4,954) 4% vs 3Q 2021 +27.5% +18.6% +29.8% +33.3% +64.2% (91.0%) n.m. 18#193Q 2022 GROUP REVENUES BY CHANNEL (€ thousands, except percentages) Revenues - DTC Zegna branded products¹ - DTC Thom Browne Total Direct to Consumer (DTC) - Wholesale Zegna branded products ¹ - Wholesale Thom Browne - Wholesale Third Party Brands and Textile - Wholesale Agnona Total Wholesale Other 9M 2022 UNAUDITED 1,085,867 % on rev. 100% 542,228 102,719 644,947 59% 3,048 107,340 151,627 178,860 45 437,872 40% 0% 9M 2021 UNAUDITED 883,328 467,446 90,789 558,235 HANNELemegildo ZErmenegildo Zegna Group 2,283 % on rev. 100% 63% 97,913 104,707 119,756 434 322,810 37% 0% 4% vs 9M 2021 +22.9% +16.0% +13.1% +15.5% +9.6% +44.8% +49.4% (89.6%) +35.6% +33.5% 1H 2022 1H 2021 UNAUDITED UNAUDITED 728,993 361,850 66,174 428,024 63,402 118,992 116,309 35 298,738 2,231 603,340 317,814 60,734 378,548 58,368 81,485 77,379 323 217,555 7,237 NOTE: Revenues are after eliminations Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. A% vs 1H 2021 +20.8% +13.9% +9.0% +13.1% +8.6% +46.0% +50.3% (89.2%) +37.3% n.m. 3Q 2022 3Q 2021 UNAUDITED UNAUDITED 356,874 180,378 36,545 216,923 43,938 32,635 62,551 10 139,134 817 279,988 149,632 30,055 179,687 39,545 23,222 42,377 111 105,255 (4,954) 4% vs 3Q 2021 +27.5% +20.5% +21.6% +20.7% +11.1% +40.5% +47.6% (91.0%) +32.2% n.m. 19#20MONOBRAND¹ STORE NETWORKCrmenegildo Zu Thom Browne increasing DTC points-of-sale, Zegna streamlining its footprint # Stores EMEA Americas APAC DTC EMEA Americas APAC Wholesale Total as of September 30th, 2022 THOM BROWNE ZEGNA 66 52 124 242 66 68 32 166 408 10 6 41 57 5 3 30 38 95 GROUP 76 58 165 299 71 71 62 204 503 as of December 31st, 2021 THOM BROWNE ZEGNA 69 50 126 245 89 74 32 Ermenegildo Zegna Group 195 440 9 5 38 52 53 30 38 90 GROUP 78 55 164 297 94 77 62 233 530 Point-of-sale reduction in Zegna wholesale reflects the closure of all mono-brand Z Zegna stores (mostly in EMEA) and a rationalization of wholesale doors due to the Zegna One-Brand elevation 1. Monobrand store count includes our DOSS (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees) Note: Americas include North America and Latin America 20#21Ermenegildo 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, 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. Non-IFRS Financial Measures Adjusted EBIT 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, 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. Net Financial Indebtedness/(Cash Surplus) 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. Zegna's management believes that Net Financial Indebtedness/(Cash Surplus) is useful to monitor the level of net liquidity and financial resources available to Zegna. Zegna's management believes this non-IFRS measure aids management, investors and analysts to analyze Zegna's financial position and financial resources available, and to compare Zegna's financial position and financial resources available with that of other companies. 21#22Non-IFRS Financial Measures Adjusted EBIT (€ thousands) Profit Income taxes Financial income Financial expenses Exchange losses Ermenegildo Ermenegildo Zegna Group For the six months ended June 30, 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 2022 21,021 27,050 (15,901) 41,965 9,893 (2,661) 3,309 1,090 1,000 912 (5,000) 82,678 2021 32,234 32,284 (32,531) 16,685 728,993 11.3% 2,728 346 4,261 6,642 4,164 66,813 Revenues Adjusted EBIT Margin (Adjusted EBIT/ Revenues) (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. 603,340 11.1 % (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 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 profit and loss and is related to the Zegna segment 22#23Non-IFRS Financial Measures Net Financial Indebtedness/(Cash Surplus) (i) (€ thousands) Non-current borrowings Current borrowings Derivative financial instruments - Liabilities Other non-current financial liabilities (other)) Ermenegildo Ermenegildo Zegna Group 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) 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. 23#24Glossary 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 (4) M: may be used to refer to million (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 Ermenegildo Ermenegildo Zegna Group (9) 1Q22 or 1Q21: means three months period to March 31, 2022 and three months period to March 31, 2021 (10) 2Q22 or 2Q21: means three months period from April 1, 2022 to June 30, 2022 and from April 1, 2021 to June 30, 2021 (11) 3Q22 or 3Q 21: means three months period from July 1, 2022 to September 30, 2022 and three months period from July 1, 2021 to September 30, 2021 (12) 1H22 or 1H 21: means six months period from January 1, 2022 to June 30, 2022 and six months period from January 1, 2021 to june 30, 2021 (13) GCR: refers to Greater China Region. For Zegna's reporting purposes the Greater China Region includes the Chinese mainland, Hong Kong S.A.R., Macau S.A.R. and Taiwan 24#25INVESTOR RELATIONS CONTACT rmenegildo Ermenegildo Investor Relations & Group Corporate Communications Francesca Di Pasquantonio [email protected] Ermenegildo Zegna Group +39 335 5837669 25