#11H 2023 & 2Q 2023 PRELIMINARY REVENUES July 27th, 2023 Ermenegildo Zegna Group 1H 2023 and 2Q 2023 Revenues are preliminary and unaudited. 1#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, revenues on a constant currency basis and revenues on an organic growth basis. 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 32 and 33 for further information on Non-IFRS Measures used in this presentation. Forward Looking Statements This communication, including the sections "Group Key Highlights" and "Outlook", contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. 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 the Company believes that it has a reasonable basis for each forward-looking statement contained in this communication, the Company cautions 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 the Company's 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 the Company's control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of Zegna as of the date of this communication. Subsequent events and developments may cause that view to change. However, while Zegna may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication. Preliminary revenues Throughout this presentation, 1H 2023 and 2Q 2023 Revenues are preliminary and unaudited. Zegna will release its final H1 consolidated financial statements on 13 September, 2023. * For all the abbreviations and acronyms, and representation of figures, throughout this presentation, please refer to Glossary and Definitions on page 34. 2#3Ermenegildo Zegna Group "The second quarter of 2023 has built on the Group's excellent performance since the beginning of the year. Our brands continue to resonate strongly with customers worldwide, with a positive rebound in China in the first half of the year, our persistent strength in EMEA, and our outstanding performance in the U.S. market." "The progress the Group is making underpins our confidence that we are comfortably on track to meet our 2025 financial ambitions. Ermenegildo "Gildo" Zegna, Chairman and CEO 11 3#4GROUP KEY HIGHLIGHTS 1H 2023 Revenues¹ €903 million +23.9% YoY +24.7% CFX² +21.5% organic³ 2-year Stacks Zegna branded products: 1H23 @+43.9% (or +20.0% CAGR) 2Q23 @ +39.8% (or +18.2% CAGR) Thom Browne: 1H23 @ +45.5% (or +20.6% CAGR) 2Q23 @ +52.3% (or +23.4% CAGR) Ermenegildo Zegna Group 2Q 2023 Revenues¹ €475 million +35.1% YoY +37.4% CFX² +24.5% organic³ 2025 Outlook Annual revenues expected to exceed €2 billion Adjusted EBIT Margin4 expected to reach at least 15% (excluding the TOM FORD FASHION segment) 1H 2023 and FY 2023 results to comfortably confirm this ¹ Throughout this presentation, revenues for the first half of 2023 and the second quarter of 2023 are preliminary and unaudited. 2 Revenue growth at constant currency is a non-IFRS financial measure. See the Non-IFRS Financial Measures section starting on page 32 of this presentation for the definition of such non-IFRS measure 3 Organic growth is a non-IFRS financial measure. See the Non-IFRS Financial Measures section starting on page 32 of this presentation for the definition of such non-IFRS measure and a reconciliation to the most directly comparable IFRS measure. 4 Adjusted EBIT is a non-IFRS financial measure. See the Non-IFRS Financial Measures section starting on page 32 of this presentation for the definition of such non-IFRS measure. 5 Calculated as 1H23 vs 1H21 revenues and 2Q23 vs 2021 revenues, respectively. 4#52Q 2023, 1H 2023 SELECT HIGHLIGHTS AND RECENT EVENTS ZEGNA Our Road to Iconicity THOM BROWNE Our Road to 2X Revenues • Zegna One Brand Strategy continues to deliver market share gains • Store network resumes expansion with 7 new DTC stores opened in 1H 2023 ● ● Substantial increase in store productivity Oasi Zegna goes to Milan: Oasi di Lino and Summer 2024 fashion Show • Debut couture collection shown at Paris Couture Week • Thom Browne business in Korea internalized as of July 1, 2023 ● Footprint expansion continues: 3 new stores added in 1H 2023 * Acquisition subject to customary closing conditions, including antitrust approvals MADE IN ITALY TEXTILE PLATFORM Our Road to Excellence and Traceability TOM FORD FASHION One-of-a-kind Luxury Brand Ermenegildo Zegna Group ● Continuing to protect Made in Italy supply chain capabilities ● 30% of world-renowned maker of fine Italian knitwear and yarns Luigi Fedeli e Figlio to be acquired jointly with Prada Group * • Transaction completed on April 28, 2023 • Consolidation as third segment of Zegna Group as of April 29, 2023 Lelio Gavazza appointed CEO on July 18, 2023, effective as of September 18, 2023 • Womenswear 2024 Spring/Summer Collection by Peter Hawkings to debut during Milan Fashion week in September 5#6OUR ROAD TO SUSTAINABLE GROWTH * From a 2021 base Science-Based Targets initiative (SBTi) approved Zegna Group's greenhouse gas (GHG) emission targets in May. O Ermenegildo Zegna Group O Targeting net-zero greenhouse gas emissions (GHG) across our value chain by 2050*. In the near term, Zegna Group has committed to reducing absolute scope 3 GHG emissions from purchased goods and services, fuel and energy-related activities, employee commuting, and investments by 50.4% by 2032. On May 17, Zegna Group adopted our new animal welfare policy. On July 17, Zegna Group celebrated the 10th anniversary of the Ermenegildo Zegna Founder's Scholarship planned for 25 years. 6#71H 2023 GROUP REVENUES €903 million +23.9% YoY +24.7% YoY in cFX +21.5% organic growth Continued growth for both Zegna and Thom Browne segments, both up by double digits ● ● ● ● ● Zegna segment +23.8% YoY organic growth/ +18.4% in cFX, with market share gains driven by Zegna One Brand strategy Focus on newly introduced non-IFRS organic growth measure to sterilize for ● Thom Browne segment +13.6% YoY cFX and organic growth, benefitting from growing internationalization and net footprint expansion Tom Ford Fashion segment, consolidated as of April 29, 2023, contributed €64 million Foreign exchange Acquisitions and disposals Structural changes in license agreements where Zegna operates as a licensee 50X Ermenegildo Zegna Group 7#82Q 2023 GROUP REVENUES €475 million +35.1% YoY +37.4% YoY in cFX +24.5% organic growth Double-digit growth for both segments Zegna Segment +28.2% YoY organic growth Thom Browne Segment +10.8% YoY organic growth ● ● ● Strong DTC performance for both Zegna and Thom Browne, with U.S. performance a standout Acceleration vs 1Q 23: Revenues in 1Q 23 were up +13.4% and +13.1% in cFX, or 18.9% in organic growth Ermenegildo Zegna Group 8#9GROUP REVENUES SHOW CONSISTENT STRENGTH 1H ZEGNA BRANDED PRODUCTS REVENUES AND % VARIATION¹ 376 1H21 € millions, except percentages 1- Calculated on reported revenues 2- Calculated as 1H23 vs 1H21 1H23 vs 1H21 @ +43.9% (or +20.0% CAGR²) 1H 22 YOY @+13.0% 425 1H22 1H 23 YOY @ +27.3% 541 1H23 142 1H THOM BROWNE REVENUES AND % VARIATION¹ 1H21 Ermenegildo Zegna Group 1H23 vs 1H21 @ +45.5% (or +20.6% CAGR²) 1H 22 YOY @ +30.2% 185 1H22 1H 23 YOY @ +11.8% 207 1H23 9#10REVENUES BY SEGMENT kb NDOOGLE Ermenegildo Zegna Group 10#111H 2023 AND 2Q 2023 REVENUES BY SEGMENT ● ● ● ZEGNA 1H 2023: €652 million (+17.9% YoY) 2Q 2023: €332million (+23.4% YoY) Organic growth of 23.8% and 28.2% YoY in 1H 2023 and 2Q 2023, respectively Strong performance of ZEGNA-branded products Remarkable DTC performance Positive contribution from the Textile product line ● THOM BROWNE 1H 2023: €208 million (+11.9% YoY) 2Q 2023: €95 million (+8.1% YoY) Organic growth of 13.6% and 10.8% YoY in 1H 2023 and 2Q 2023, respectively Growth driven by robust DTC performance Supported by positive comparatives and store network expansion (+13 net new stores vs. 1H 2022) South Korea transition from wholesale to retail (lower wholesale shipments) Ermenegildo Zegna Group TOM FORD FASHION 1H 2023: €64 million Contributing with €64 million revenues Adding 51 directly operated stores and 70 mono-brand wholesale stores New CEO appointed on July 18, 2023, effective as of September 18, 2023 11#12REVENUES BY PRODUCT LINE NAK FEET Ermenegildo Zegna Group 12#131H 2023 AND 2Q 2023 REVENUES BY PRODUCT LINE Zegna-Branded Products: +27.3% YoY in 1H 2023, +33.9% YoY in 2Q 2023 Sequential acceleration: in 1H, +28.4% in cFX and organic growth, and up +37.0% in cFX and organic growth in 2Q 2023. Made-to-Measure, together with sneakers and luxury leisurewear, driving growth. ● Ermenegildo Zegna Group Thom Browne: +11.8% YoY in 1H 2023, +8.2% YoY in 2Q 2023 Growth across all product categories, with womenswear outperforming men's, and kid's products also being dynamic. Impact on wholesale deliveries of shift of South Korean business from wholesale to retail. Textile: +6% YoY in 1H 2023, flat YoY in 2Q 2023 1H growth due to positive performance from all businesses. ● Third-Party Brands: -67.3% YoY in 1H 2023, -71.4% YoY in 2Q 2023 1H and 2Q declines reflect the end of the prior Tom Ford International distribution license agreement and the sales to TFF shifting from third-party distribution to intercompany supply. Excluding the impact of Tom Ford Products¹, Third-Party Brand revenues organic growth was -4.4% in 1H 2023. ¹ As previously disclosed, the licensing agreement for the production and worldwide distribution of luxury men's ready-to-wear and made-to-measure clothing, footwear, and accessories under the TOM FORD brand expired with the deliveries of the Fall/Winter 2022 collection, and a supply agreement to act as the exclusive supplier for certain Tom Ford menswear products commenced starting with the Spring/Summer 2023 collection. 13#14REVENUES BY GEOGRAPHY Ermenegildo Zegna Group 14#151H 2023 AND 2Q 2023 REVENUES BY GEOGRAPHY North America 1H 2023: €174 million (+28.9% YOY, +25.7% cFX and +16.3% organic growth) 2Q 2023: €109 million (+48.0% YOY, +46.6% cFX and +16.2% organic growth) o.w. United States 1H 2023: €157 million (+26.1% YOY, +22.9% cFX and +12.5% organic growth) 2Q 2023: €99 million (+46.5% YOY, +45.3% cFX and +13.9% organic growth) Latin America 1H 2023: €16 million (+25.6% YOY, +16.5% cFX and +16.5% organic growth) 2Q 2023: €9 million (+30.7% YOY, +23.9% CFX and +23.9% organic growth) EMEA 1H 2023: €323 million (+23.8% YOY, +24.2% cFX and +21.4% organic growth) 2Q 2023: €173 million (+36.8% YOY, +37.9% cFX and +24.5% organic growth) APAC 1H 2023: €389 million (+22.0% YOY, +25.4% cFX and +24.3% organic growth) 2Q 2023: €184 million (+27.6% YOY, +33.3% cFX and +28.7% organic growth) Ermenegildo Zegna Group o.w. Greater China Region 1H 2023: €307 million (+24.1% YOY, +27.7% cFX and 27.2% organic growth) 2Q 2023: €142 million (+35.3% YOY, +42.0% cFX and 40.0% organic growth) ● ● ● Return of Tourist Spend Industry data indicate a pick-up in tourist spending especially in Europe Sequential acceleration driven by Chinese, American, and Japanese tourists American and Chinese consumers clusters outperforming the respective regional trends 15#16REVENUES BY CHANNEL Ermenegildo Zegna Group 16#171H 2023 AND 2Q 2023 REVENUES BY CHANNEL DTC: Strong growth for Zegna and Thom Browne +36.3% YoY in 1H 2023 (+38.6% in cFX; +30.4% organic) + 48.1% YoY in 2Q 2023 (+52.8% in cFX; +35.8% organic) €35 million TOM FORD FASHION contribution Zegna ● ● +28.7% YoY in 1H 2023 (+30.3% in cFX and organic growth) thanks to solid double-digit performance in all regions ● +32.7% YoY in 2Q 2023 (+36.2% in cFX and organic growth), faster than 1Q 2023 (+24.6% in cFX) Significant improvement of store productivity and a few selective new stores openings Thom Browne +25.3% YoY in 1H 2023 (+30.6% in cFX and organic growth), with similar performance in 1Q and 2Q Network expansion and double-digit growth in comparable stores * Includes wholesale revenues for Zegna branded products, Thom Browne, Third Party Brands and Textile product lines Wholesale*: Continued area of growth for Zegna +6.3% YoY in 1H 2023 (+5.5% in cFX; +7.6% organic) +16.0% YoY in 2Q 2023 (+15.6% in cFX; +6.0% organic) Zegna branded products +19.3% YoY in 1H 2023 (+17.9% in cFX and organic growth) ● ● ● Ermenegildo Zegna Group ● + 42.8% YoY in 2Q 2023 thanks to robust same doors growth across all regions Thom Browne +4.2% YoY in 1H 2023 -1.7% YoY in 2Q 2023 due to lower deliveries to the Korean market, which is directly operated as of July 1, 2023 TOM FORD FASHION ● €29 million in TOM FORD FASHION olesale revenues in 1H 2023, offset by revenues lost on Tom Ford third-party products 17#18MONO-BRAND¹ STORE NETWORK 633 Group mono-brand stores as of June 30, 2023 1. 2. #Stores EMEA Americas APAC DTC EMEA 2 Americas APAC Wholesale Total ZEGNA 69 55 122 246 63 35 157 403 as of June 30, 2023 THOM BROWNE 10 7 66 7 3 33 43 109 TOM FORD FASHION 11 38 51 12 51 7 70 121 GROUP 83 73 207 363 78 75 270 633 as of December 31, 2022 ZEGNA 121 239 57 35 156 395 THOM BROWNE 10 7 46 63 6 4 32 42 105 GROUP 75 60 167 302 63 68 67 198 500 ZEGNA Zegna 7 net DTC, 1 net wholesale opening at end 1H-2023 compared to end-2022 Thom Browne 4 net store openings in 1H 2023 compared to end-2022, of which are DTC, all located in APAC TOM FORD FASHION Adds 121 mono-brand stores of which 51 are directly operated as of June 30th, 2022 THOM BROWNE 51 122 242 68 33 196 Ermenegildo Zegna Group 428 10 5 38 53 5 3 30 38 91 GROUP 79 56 160 295 90 71 63 224 519 Monobrand store count includes our DOSS (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees) Stores located in the Russian market (14 Zegna stores included in Wholesale EMEA at June 30th, 2022 and 9 Tom Ford Fashion stores in Wholesale) have been zeroed out starting from Dec 31, 2022. Although some stores may still be operating as of June 30th, 2023, they 18 have not been supplied by Zegna and Tom Ford Fashion since February 2022 and have therefore been excluded from Group store count.#19UPDATE ON ACCOUNTING AND FINANCIAL METRICS PRESENTATION ● ● ● Revenues ● ● P&L Format to change as of 1H 2023 A Statement of Profit and Loss presenting costs by functions (Cost of Sales, SG&A, Marketing) consistent with Zegna management's view and international practice, will replace the previous P&L structure with costs presented by nature (Labour Cost, Services, D&A, ..) The comparative P&L (at June 30, 2022) will be also reclassified and the old P&L structure will no longer be presented No changes in the Balance Sheet ● Introduction of organic growth ● Ermenegildo Zegna Group Things to remember Tom Ford Segment profitability this year to be impacted by PPA from the deal (mainly in relation to inventory and order backlog) Cost of warrant redemption Put options mark to market • Number of shares post warrants redemption 19#20OUTLOOK* Medium-term Financial Ambitions (announced on May 17, 2022) Revenues to exceed €2 billion Adjusted EBIT Margin to reach at least 15% of revenues Excluding the Tom Ford Fashion segment ● ● ● Since then ● ● Mid-term defined as 2025 Ermenegildo Zegna Group TOM FORD FASHION business deal announced on November 15, 2022 and completed on April 28, 2023 - excluded from the above financial ambitions The Group expects that the forthcoming 1H 2023 and FY 2023 results will demonstrate it is on the trajectory to comfortably meet these targets, as shown by 1H 2023 revenues Assuming no further future escalation of the war in Ukraine, no significant macroeconomic deterioration, no further disruption linked to the COVID-19 pandemic in the Greater China Region or elsewhere, and no other unforeseen events. Excluding the impact of the TOM FORD FASHION business transaction announced on November 15, 2022, and closed on 28 April 2023 20#21Q&A ECHN Ermenegildo Zegna Group 21#22APPENDIX Ermenegildo Zegna Group 22#23GROUP REVENUES BY SEGMENT (PRELIMINARY AND UNAUDITED) (€ thousands, except percentages) Revenues Zegna segment Thom Browne segment Tom Ford Fashion segment Eliminations H1 2023 Note: "n.m." means not meaningful 903,059 651,755 207,959 64,027 (20,682) H1 2022 728,993 552,966 185,769 (9,742) (*) Throughout this section "n.m. means not meaningful. H1 2023 vs H1 2022 Reported Constant Revenues Currency 23.9% 17.9% 11.9% n.m. n.m. 24.7% 18.4% 13.6% n.m. n.m. Organic Growth 21.5% 23.8% 13.6% n.m. n.m. Q2 2023 474,747 332,431 94,708 64,027 (16,419) Q2 2022 351,414 269,443 87,641 (5,670) Ermenegildo Zegna Group Q2 2023 vs Q2 2022 Reported Constant Organic Revenues Currency Growth 35.1% 23.4% 8.1% n.m. n.m. 37.4% 25.2% 10.8% n.m. n.m. 24.5% 28.2% 10.8% n.m. n.m. 23#24GROUP REVENUES BY SEGMENT (PRELIMINARY AND UNAUDITED) Reconciliation Tables Group Zegna segment Thom Browne segment Tom Ford Fashion segment Group Zegna segment Thom Browne segment Tom Ford Fashion segment Group Zegna segment Thom Browne segment Tom Ford Fashion segment Revenues Growth 23.9% 17.9% 11.9% n.m. Revenues Growth 35.1% 23.4% 8.1% n.m. Revenues Growth 13.4% 12.6% 15.4% n.m. Foreign exchange (0.8)% (0.5)% (1.7)% n.m. Foreign exchange (2.3)% (1.8)% (2.7)% n.m. Foreign exchange 0.3% 0.7% (0.7)% n.m. H1 2023 vs H1 2022 Acquisitions and disposals 8.8% 1.4% -% n.m. Q2 2023 vs Q2 2022 Acquisitions and disposals 18.4% 2.7 % -% n.m. Q1 2023 vs Q1 2022 Acquisitions and disposals -% -% -% n.m. Structural changes in license agreements where Zegna operates as a licensee (5.6)% (6.8)% -% n.m. Structural changes in license agreements where Zegna operates as a licensee (5.5)% (5.7)% -% n.m. Structural changes in license agreements where Zegna operates as a licensee (5.8)% (7.8)% -% n.m. Ermenegildo Zegna Group Organic Growth 21.5% 23.8% 13.6% Organic Growth The tables above show a reconciliation of revenue growth for the six months ended June 30, 2023 and for the three months ended June 30 and March 31, 2023 to organic growth for the same periods by segment and at the Group level. n.m. 24.5% 28.2% 10.8% n.m. Organic Growth 18.9% 19.7% 16.1% n.m. 24#25GROUP REVENUES BY PRODUCT LINE (PRELIMINARY AND UNAUDITED) (€ thousands, except percentages) Total revenues Zegna branded products Thom Browne Tom Ford Fashion Textile Third Party Brands Other H1 2023 Note: "n.m." means not meaningful 903,059 541,319 206,951 64,015 73,072 15,477 2,225 H1 2022 728,993 425,252 185,166 H1 2023 vs H1 2022 Reported Constant Organic Revenues Currency Growth 23.9% 27.3% 11.8% n.m. 24.7% 28.4% 13.4% n.m. 21.5% 28.4% 13.4% n.m. 68,968 6.0% 5.2% 5.3% 47,341 (67.3%) (68.1%) (4.4%) 2,266 (1.8%) (2.3%) (2.1%) Q2 2023 Q2 2022 474,747 351,414 269,430 201,273 94,399 87,229 64,015 39,254 6,567 1,082 Ermenegildo Zegna Group Q2 2023 vs Q2 2022 Reported Constant Organic Revenues Currency Growth 35.1% 33.9% 8.2% n.m. 38,724 1.4% 22,939 (71.4%) 1,249 (13.4%) Zegna branded products include apparel, bags, shoes, and small and large leather goods, as well as licensed goods and royalties. 37.4% 37.0% 11.0% 24.5% 37.0% 11.0% n.m. n.m. 0.3% 0.6% (71.8%) (30.7%) (13.1%) (12.7%) 25#26GROUP REVENUES BY PRODUCT LINE (PRELIMINARY AND UNAUDITED) Reconciliation Tables Group Zegna branded products Thom Browne Tom Ford Fashion Textile Third Party Brands Other Group Zegna branded products Thom Browne Tom Ford Fashion. Textile Third Party Brands Other Revenues Growth 23.9% 27.3% 11.8% n.m. 6.0% (67.3)% (1.8)% Revenues Growth 35.1% 33.9% 8.2% n.m. 1.4% (71.4)% (13.4)% Foreign exchange (0.8)% (1.1)% (1.6)% n.m. 0.8% 0.8% 0.5% Foreign exchange (2.3)% (3.1)% (2.8)% n.m. 1.1% 0.4% (0.3)% H1 2023 vs H1 2022 Acquisitions and disposals 8.8% % -% n.m. (0.1)% (0.1)% (0.2)% Q2 2023 vs Q2 2022 Acquisitions and disposals 18.4 % -% -% n.m. (0.3)% -% (0.4)% Structural changes in license agreements where Zegna operates as a licensee (5.6)% -% -% n.m. -% (63.6)% -% Structural changes in license agreements where Zegna operates as a licensee (5.5)% -% -% n.m. -% (41.1) % -% Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. Organic Growth 21.5% 28.4% 13.4% n.m. Ermenegildo Zegna Group 5.3% (4.4)% (2.1)% Organic Growth 24.5% 37.0% 11.0% n.m. 0.6% (30.7)% (12.7)% The tables above show a reconciliation of revenue growth for the six months ended June 30, 2023 and for the three months ended June 30, 2023 to organic growth for the same periods by product line and at the Group level. Note: "n.m." means not meaningful 26#27GROUP REVENUES BY SALES CHANNEL (PRELIMINARY AND UNAUDITED) (E thousands, except percentages) Revenues Zegna branded products Thom Browne Tom Ford H1 2023 Direct to Consumer (DTC) Zegna branded products Thom Browne Tom Ford Total Direct to Customer Wholesale Third Party Brands and Total Other 903,059 465,710 82,924 34,751 583,385 75,609 124,027 29,264 88,549 317,449 2,225 % of Revenues 100.0% 64.6% 35.2% 0.2% H1 2022 728,993 361,850 66,174 428,024 63,402 118,992 116,309 298,703 2,266 % of Revenues 100.0% 58.7% 41.0% 0.3% H1 2023 vs H1 2022 Reported Revenues 23.9% 28.7% 25.3% -% 36.3% 19.3% 4.2% n.m. (23.9%) 6.3% n.m. Constant Currency 24.7% 30.3% 30.6% n.m. 38.6% 17.9% 4.2% n.m. (24.9%) 5.5% n.m. Organic Growth 21.5% 30.3% 30.6% n.m. 30.4% 17.9% 4.2% n.m. 4.2% 7.6% n.m. Q2 2023 474,747 236,114 40,075 34,751 310,940 33,316 54.324 29,264 45,821 162,725 1,082 % of Revenues 100.0% 65.5% 34.3% 0.2% Q2 2022 351,414 177,941 31,993 209,934 23,332 55,236 61,663 140,231 1,249 % of Revenues 100.0% 59.7% 39.9% 0.4% Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. Ermenegildo Zegna Group Q2 2023 vs Q2 2022 Reported Revenues 35.1% 32.7% 25.3% 48.1% 42.8% (1.7%) n.m. (25.7%) 16.0% n.m. Constant Currency 37.4% 36.2% 33.7% n.m. 52.8% | 43.0% (1.5%) n.m. 11 (26.7%) 15.6% n.m. Organic Growth 24.5% 36.2% 33.7% n.m. 35.8% 43.0% (1.5%) n.m. (3.8%) 6.0% n.m. 27#28GROUP REVENUES BY SALES CHANNEL (PRELIMINARY AND UNAUDITED) Reconciliation Tables /1 Group Direct to Consumer (DTC) Zegna branded products Thom Browne Tom Ford Fashion Total Direct to Customer (DTC) Wholesale Zegna branded products Thom Browne Tom Ford Fashion Third Party Brands and Textile Total Wholesale Other Revenues Growth 23.9% 28.7% 25.3% n.m. 36.3% 19.3% 4.2% n.m. (23.9%) 6.3% n.m. Foreign Exchange (0.8%) (1.6%) (5.3%) n.m. (2.3%) 1.4% -% n.m. 1.0% 0.8% n.m. H1 2023 vs H1 2022 Acquisitions and disposals 8.8% -% -% n.m. 8.2% -% -% n.m. (0.1%) 9.7% n.m. Ermenegildo Zegna Group Structural changes in license agreements where Zegna operates as a licensee (5.6%) -% -% n.m. -% -% -% n.m. (29.0%) (11.8%) n.m. Organic Growth The table above shows a reconciliation of revenue growth for the six months ended June 30, 2023 to organic growth for the same period by sales channel and at the Group level. 21.5% 30.3% 30.6% n.m. 30.4% 17.9% 4.2% n.m. 4.2% 7.6% n.m. 28#29GROUP REVENUES BY SALES CHANNEL (PRELIMINARY AND UNAUDITED) Reconciliation Tables/2 Group Direct to Consumer (DTC) Zegna branded products Thom Browne Tom Ford Fashion Total Direct to Customer (DTC) Wholesale Zegna branded products Thom Browne Tom Ford Fashion Third Party Brands and Textile Total Wholesale Other Revenues Growth 35.1% 32.7% 25.3% n.m. 48.1% 42.8% (1.7%) n.m. (25.7%) 16.0% n.m. Foreign Exchange (2.3%) (3.5%) (8.4%) n.m. (4.7%) (0.2%) (0.2%) n.m. 1.0% 0.4% n.m. Q2 2023 vs Q2 2022 Acquisitions and disposals 18.4% -% -% n.m. 17.0% -% -% n.m. (0.2%) 20.8% n.m. Structural changes in license agreements where Zegna operates as a licensee (5.5%) -% -% n.m. -% _% -% n.m. (22.7%) (11.2%) n.m. Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. Ermenegildo Zegna Group Organic Growth 24.5% 36.2% 33.7% n.m. 35.8% 43.0% (1.5%) n.m. (3.8%) 6.0% n.m. The table above shows a reconciliation of revenue growth for the three months ended June 30 and March 31, 2023 to organic growth for the same period by sales channel and at the Group level. 29#30GROUP REVENUES BY GEOGRAPHICAL AREA (PRELIMINARY AND UNAUDITED) (€ thousands, except percentages) Total revenues EMEA (¹) of which Italy of which UK of which UAE North America (²) of which United Latin America (3) APAC (4) of which Greater China Region of which Japan Other (5) H1 2023 H1 2022 903,059 322,680 728,993 260,627 151,464 125,996 28,823 23,544 31,906 21,745 174,376 135,275 156,747 124,291 15,736 12,525 389,025 318,825 306,835 247,193 30,240 1,741 39,597 1,242 H1 2023 vs H1 2022 Reported Constant Revenues Currency Organic Growth 23.9% 24.7% 21.5% 23.8% 24.2% 21.4% 20.2% 20.0% 16.8% 22.4% 24.2% 21.5% 46.7% 45.1% 44.0% 28.9% 25.7% 26.1% 22.9% 25.6% 16.5% 22.0% 25.4% 16.3% 12.5% 16.5% 24.3% 27.2% 32.6% 24.1% 27.7% 30.9% 37.8% (28.7%) (28.9%) (33.6%) Q2 2023 Q2 2022 20,942 698 351,414 126,171 61,905 Ermenegildo Zegna Group 12,574 10,377 Q2 2023 vs Q2 2022 Reporte d Constant Organic Revenu Currency Growth es 35.1% 36.8% 24.4% 46.7% 49.4% 48.0% 46.6% 46.5% 45.3% 23.9% 30.7% 27.6% 35.3% 42.0% 33.3% 474,747 172,572 77,030 18,442 15,506 108,742 73,472 98,712 67,358 8,963 6,860 183,772 144,009 142,309 105,213 16,101 30.1% 36.8% 902 (22.6%) (22.7%) 37.4% 37.9% 24.1% 48.0% 53.1% 24.5% 24.5% 14.3% 24.3% 50.8% 16.2% 13.9% 23.9% 28.7% 40.0% 23.9% (31.9%) (1) EMEA includes Europe, the 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) Other revenues mainly include royalties. 30#31GROUP REVENUES BY GEOGRAPHICAL AREA (PRELIMINARY AND UNAUDITED) Reconciliation Tables Group EMEA (¹) of which Italy of which UK of which UAE North America (²) of which United States Latin America (3) APAC (4) of which Greater China Region of which Japan Other (5) Revenues Growth Foreign Exchange 23.9% 23.8% 20.2% 22.4% 46.7% 28.9% 26.1% 25.6% 22.0% 24.1% 30.9% (28.7%) (0.8%) (0.4%) 0.2% (1.8%) 1.6% 3.2% 3.2% 9.1% (3.4%) (3.6%) (6.9%) 0.2% H1 2023 vs H1 2022 Acquisitions and disposals 8.8% 8.7% 6.3% 20.7% -% 23.3% 23.3% -% 2.9% 1.0% 9.1% 4.7% Structural changes in license agreements where Zegna operates as a licensee (5.6%) (5.9%) (3.1%) (18.0%) 1.1% (13.9%) (12.9%) -% (1.8%) (0.5%) (3.9%) -% Organic Growth 21.5% 21.4% 16.8% 21.5% 44.0% 16.3% 12.5% 16.5% 24.3% 27.2% 32.6% (33.6%) Group EMEA (¹) of which Italy of which UK of which UAE North America (2) of which United States Latin America (3) APAC (4) of which Greater China Region of which Japan Other (5) Revenues Growth 35.1% 36.8% 24.4% 46.7% 49.4% 48.0% 46.5% 30.7% 27.6% 35.3% (5) 30.1% (22.6%) (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. Ermenegildo Zegna Group Foreign Exchange (2.3%) (1.1%) 0.3% (1.3%) (3.7%) 1.4% 1.2% 6.8% (5.7%) (6.7%) (6.7%) 0.1% Q2 2023 vs Q2 2022 Acquisitions and disposals 18.4% 18.1% 12.7% 38.6% The tables above show a reconciliation of revenue growth for the six months ended June 30, 2023 and for the three months ended June 30, 2023 to organic growth for the same periods by geographical area and at the Group level. -% 43.7% 44.0% -% 6.3% 2.5% 16.7% 9.2% Structural changes in license agreements where Zegna operates as a licensee (5.5%) (4.7%) (2.9%) (14.9%) 2.3% (13.3%) (12.6%) -% (1.7%) (0.5%) (3.8%) -% Organic Growth 24.5% 24.5% 14.3% 24.3% (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. Other revenues mainly include royalties. 50.8% 16.2% 13.9% 23.9% 28.7% 40.0% 23.9% (31.9%) 31#32Non-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, revenues on a constant currency basis and revenues on an organic growth basis. 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 expenses, foreign exchange losses/(gains) 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. 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. 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. 32#33Non-IFRS Financial Measures Ermenegildo Zegna Group Constant Currency Revenues. In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (Constant Currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro. We calculate Constant Currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro. We use revenues on a Constant Currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation. Revenues on a Constant Currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance. Organic growth Revenues. In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (Organic Growth). Organic Growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) structural changes in license agreements where Zegna operates as a licensee. In calculating Organic Growth, the following adjustments are made to revenues: (a) foreign exchange: current period average foreign currency exchange rates are used to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro; (b) acquisitions and disposals: revenues generated by entities, businesses or revenue-generating assets acquired or disposed of in the current year or prior year are excluded from both periods (acquisitions and disposals refer to share or asset deals or other changes in control of subsidiaries, associates or joint ventures); (c) structural changes in license agreements where Zegna operates as a licensee: revenues generated from license agreements where Zegna operates as a licensee that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, sales channels or geographies of the underlying license agreements. We believe the presentation of Organic Growth is useful to better understand and analyze the underlying change in the Group's revenues from period to period on a consistent perimeter and constant currency basis. Revenues on an Organic Growth basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) structural changes in license agreements where Zegna operates as a licensee provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance. 33#34Glossary and Definitions (1) yo 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) CFX growth: means growth at constant currency. For the description of constant currency calculation, see page X (4) FX: means foreign exchange or currency (5) M: may be used to refer to million (6) d d: means double digit (7) E com: means e commerce (8) DOS: Directly Operated Store (9) DTC: Direct to Consumer or Retail. DTC includes DOSs and direct e-com Ermenegildo Zegna Group (10) 1Q23 or 1Q22: means three months period from 1 January 2023 to March 31, 2023 and three months period from January 1, 2022 to March 31, 2022 (11) 2Q23 or 2Q22: means three months period from April 1, 2023 to June 30, 2023 and from April 1, 2022 to June 30, 2022 (12) 1H23 or 1H 22: means six months period from January 1, 2023 to June 30, 2023 and six months period from January 1, 2022 to june 30, 2022 (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 Tai wan (14) Americas: Americas include North America and Latin America 34#35INVESTOR RELATIONS CONTACTS Investor Relations / Group Communications / Media Francesca Di Pasquantonio / Clementina Tito [email protected]/ [email protected] Ermenegildo Zegna Group 35