#13Q/9M 2023 REVENUES October 24, 2023 Ermenegildo Zegna Group 3Q 2023 and 9M 2023 Revenues are unaudited. F 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 (Constant Currency) and revenues on an organic growth basis (Organic Growth). 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 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 to 33 for Non-IFRS Measures definitions. 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. Unaudited revenues Throughout this presentation, 3Q 2023 and 9M 2023 Revenues are unaudited. The audit of our financial statements will be finalized at the time of our 2023 consolidated financial statements. * 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 "Our results this quarter continue to showcase the broad-based strength of our three brands and the successful execution of our strategy. I am particularly pleased that we are performing well across a diverse set of regions, as the balance of our geographic mix provides resilience in a highly dynamic environment." Ermenegildo "Gildo" Zegna, Chairman and CEO 3#43Q 2023 SELECTED HIGHLIGHTS AND RECENT EVENTS ZEGNA Our Road to Iconicity ZEGNA Gi ● ● . ZEGNA to take over retail distribution in South Korea (15 stores) from early 2024 The Elder Statesman Cashmere collaboration Renewed Official Luxury Travelwear partnership with Real Madrid TOM FORD FASHION One-of-a-kind Luxury Brand THOM BROWNE Our Road to 2X Revenues Thon Browne Ermenegildo Zegna Group Peter Hawkings debut at Milan Fashion Week Published monograph celebrating Thom Browne's legacy Signing ceremonies and celebrations in London, Tokyo, Seoul, Shanghai Boutiques worldwide to celebrate 20th anniversary 4#5GROUP KEY HIGHLIGHTS 3Q 2023 Revenues¹ €431 million +20.8% YoY +25.0% cFX² +11.3% organic² Guidance / Outlook By end-FY2025 Annual revenues to exceed €2 billion Adjusted EBIT Margin³ to reach at least 15% (excluding Tom Ford Fashion) 3Q revenues confirm the Group remains on this trajectory Ermenegildo Zegna Group 9M 2023 Revenues¹ €1,334 million +22.9% YOY +24.8% CFX² +19.2% organic² Capital Markets Day December 5, 2023 Updated medium- to long-term financial goals, including Tom Ford Fashion 1 Throughout this presentation, 3Q 2023 Revenues are unaudited. 2 This presentation includes information about our revenue measures on a constant currency basis and organic growth, which is a non-IFRS financial measure. See the Non-IFRS Financial Measures section on pages X to X for a definition of such non-IFRS measures. 3 Adjusted EBIT Margin is a non-IFRS financial measure. See the Non-IFRS Financial Measures section on pages X to X for a definition of such non-IFRS measure. 5#6● ● ● GROUP REVENUES 9M 2023 revenues of €1,334 million +22.9% YOY +24.8% YoY in cFX +19.2% organic growth 3Q 2023 revenues of €431 million ● ● ● +20.8% YOY +25.0% YoY in cFX +11.3% organic growth Zegna and Thom Browne revenues continue to grow in the third quarter, Tom Ford Fashion consolidated as of April 29, 2023 Zegna segment revenues reach €298 million, +3.0% YoY ● ● Thom Browne segment revenues reach €74 million, +6.3% YoY Tom Ford Fashion segment revenues reach €75 million Growth in the third quarter was led primarily by the strength of the Zegna branded products, especially in the DTC channel Ermenegildo Zegna Group 00000000 6#7REVENUES BY SEGMENT kb NDOOGLE Ermenegildo Zegna Group 7#83Q 2023 AND 9M 2023 REVENUES BY SEGMENT ZEGNA 3Q 2023: €298 million (+3.0% YOY, 12.7% organic growth) 9M 2023: €950 million (+12.7% YOY, 20.1% organic growth) Very strong performance of ZEGNA products, especially DTC Positive contribution from Textiles Impacted by the end of the distribution licensing agreement for Tom Ford International THOM BROWNE 3Q 2023: €74 million (+6.3% YOY, 8.5% organic growth) 9M 2023: €282 million (+10.4% YOY, 15.7% organic growth) ● Strong underlying performance in DTC and wholesale in the 9M Internalization of Korea business as of July 1, 2023 Ermenegildo Zegna Group TOM FORD FASHION 3Q 2023: €75 million April 29 - September 30: 139 million 8#9REVENUES BY GEOGRAPHY Ermenegildo Zegna Group 9#103Q 2023 AND 9M 2023 REVENUES BY GEOGRAPHY North America 3Q 2023: €111 million (+44.2% YOY, +45.0% cFX and +12.3% organic growth) 9M 2023: €285 million (+34.4% YOY, +32.6% cFX and +14.9% organic growth) o.w. United States 3Q 2023: €102million (+47.8% YOY, +48.4% cFX and +13.7% organic growth) 9M 2023: €259million (+33.9% YOY, +31.8% cFX and +12.9% organic growth) Latin America 3Q 2023: €8 million (+19.6% YOY, +9% cFX and organic growth) 9M 2023: €24 million (+23.5% YOY, +13.9% cFX and +13.9% organic growth) EMEA 3Q 2023: €152 million (+27.7% YOY, +29.4% CFX and +18.5% organic growth) 9M 2023: €475 million (+25% YOY, +25.8% cFX and +20.5% organic growth) o. w. UAE 3Q 2023: €13 million (+33.6% YOY, +45.4% cFX and +21.1% organic growth) 9M 2023: €45 million (+42.6% YOY, +45.2% cFX and +37.3% organic growth) Ermenegildo Zegna Group APAC 3Q 2023: €158 million (+3.5% YOY, +11.7% CFX, +5.4% organic growth) 9M 2023: €547 million (+16.0% YOY, +20.9% cFX, +20.4% organic growth) o. w. Greater China Region 3Q 2023: €112 million (-3.4% YOY, +5.2% cFX, +3.5% organic growth) 9M 2023: €419 million (+15.3% YOY, +20.6% cFX, +19.8% organic growth) 9M 2023 REVENUES BY GEOGRAPHY APAC 41% Latin America 2% EMEA 36% North America 21% 10#11REVENUES BY PRODUCT LINE NAK FEET Ermenegildo Zegna Group 11#123Q 2023 AND 9M 2023 REVENUES BY PRODUCT LINE Zegna-Branded Products: +8.0% YoY in 3Q 2023, +20.6% YoY in 9M 2023 Shoes overperforming, representing ~15% of 3Q 2023 revenues Luxury leisurewear and Made-to-Measure up strong double-digit Thom Browne: +5.8% YoY in 3Q 2023, +10.1% YoY in 9M 2023 Especially strong performance in womenswear, now close to 30% of revenues ● Textile: +17.2% YoY in 3Q 2023, +9.4% YoY in 9M 2023 Lanificio Ermenegildo Zegna and Tessitura Ubertino outperform Third-Party Brands: -86.0% YoY in 3Q 2023, -74.9% YoY in 9M 2023 Declines reflect end of Tom Ford International distribution license agreement Sales to Tom Ford Fashion shifted from third-party distribution to intercompany supply ● Ermenegildo Zegna Group 9M 2023 REVENUES BY PRODUCT LINE Tom Ford Fashion 10% Textile 8% Thom Browne 21% Third Party Brands * 2% Zegna-Branded Products 59% * Rounded, including other revenues 12#13REVENUES BY CHANNEL Ermenegildo Zegna Group 13#143Q 2023 AND 9M 2023 REVENUES BY CHANNEL - DTC Strong double-digit organic growth in the first nine months across ZEGNA and Thom Browne DTC €282 million in 3Q 2023 (+ 29.9% YOY, +12.9% organic growth) €865 million in 9M 2023 (+34.2% YOY, +24.6% organic growth) DTC incidence at 64.8%, up from 59.4% in 9M 2022 ● ● Zegna-Branded products €195 million in 3Q 2023 (+8.3% YOY, +14.0% organic growth) with the U.S. and EMEA overperforming €661 million in 9M 2023 (+21.9% YOY, +25.0% organic growth) with strong retail KPIs Strong increase in productivity Thom Browne €43 million in 3Q 2023 (+18.6% YOY, +7.7% organic growth) €126 million in 9M 2023 (+22.9% in, +22.5% organic growth) Conversion of Korea stores as of July 1, 2023 Tom Ford Fashion €43 million in 3Q 2023 €78 million from April 29 to September 30, 2023 Ermenegildo Zegna Group 9M 2023 DIRECT TO CONSUMER REVENUES Tom Ford Fashion 9% Thom Browne 15% Zegna-Branded Products 76% 14#153Q 2023 AND 9M 2023 REVENUES BY CHANNEL - WHOLESALE Up high single digits organic in both 3Q and 9M 2023 €148 million in 3Q 2023 (+6.6% YOY, +8.1% organic growth) €466 million in 9M 2023 (+6.4% YOY, +9.9% organic growth) Zegna-Branded Products ● ● €47 million in 3Q 2023 (+ 6.7% YOY, +5.0% organic growth) with EMEA overperforming €123 million in 9M 2023 (+14.1% YOY, +12.7% organic growth) Thom Browne €30 million in 3Q 2023 (-8.6% YOY, +8.3% organic growth) following the conversion of the South Korea business to DTC €154 million in 9M 2023 (+1.5% YOY, +10.5% organic growth) Third Party Brands and Textiles €40 million in 3Q 2023 (-36.0% YOY, +11.5% organic growth) €129 million in 9M 2023 (-28.1% YOY, +6.5% organic growth) Tom Ford Fashion €32 million in 3Q 2023 €61 million from April 29 to September 30, 2023 Ermenegildo Zegna Group 9M 2023 WHOLESALE Tom Ford Fashion 13% REVENUES Third Party Brands & Textiles 28% Zegna-Branded Products 26% Thom Browne 33% 15#16MONO-BRAND¹ STORE NETWORK 1. 2. 3. ● Stores ● EMEA (2) Americas (3) APAC Total Direct to Consumer EMEA (2) Americas (3) APAC Total Wholesale Total Zegna As of September 30, 2023 Tom Ford Fashion 69 62 120 251 58 63 33 154 405 Thom Browne 9 7 68 84 7 3 15 25 109 4 12 35 51 13 50 7 70 121 Group 82 81 223 386 78 116 55 249 635 As of December 31, 2022 Zegna 65 53 121 239 57 64 35 156 395 Thom Browne 10 7 46 63 6 4 32 42 105 Zegna 12 net DTC network openings in 9M 2023 compared to end-2022, wholesale store network reduced by 2. Notable expansions include new Sankt Moritz boutique and 6 additional Nordstrom wholesale stores in the U.S. Thom Browne 17 stores moved from wholesale to DTC with completion of takeover of Korean store network. Tom Ford Fashion Adds a total of 121 monobrand stores to Group's network, including 51 directly operated stores and 70 wholesale. Group 75 60 167 302 63 68 67 198 500 As of September 30, 2022 Thom Browne Zegna 66 52 124 242 66 68 32 Ermenegildo Zegna Group 166 408 10 6 41 57 5 3 30 38 95 Group 76 58 165 299 71 71 62 204 503 Monobrand store count includes our DOSS (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees) Does not include any stores in Russia at September 30, 2023 or at December 31, 2022 [14 Wholesale stores in EMEA at September 30, 2022]. Although some stores may still be operating at September 30, 2023, they have not been supplied by Zegna since February 2022 16 and have therefore been excluded from Zegna's store count. Americas include North America and Latin America.#17OUTLOOK Ermenegildo Zegna Group 17#18OUTLOOK* By 2025 . ● ● Revenues to exceed €2 billion Adjusted EBIT Margin to reach at least 15% 3Q revenues confirm the Group remains on this trajectory Ermenegildo Zegna Group 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 Tom Ford Fashion business transaction closed on 28 April 2023 18#19UPCOMING EVENT CAPITAL MARKETS DAY DECEMBER 5TH, 2023 NEW YORK STOCK EXCHANGE TTTT AROORBER HAR AR A 33333333 Dana 192 Ermenegildo Zegna Group NEW YORK STOCK EXCHANGE ZEGNA 19#20Q&A ECHN Ermenegildo Zegna Group 20#21APPENDIX Ermenegildo Zegna Group 21#22GROUP REVENUES BY SEGMENT (UNAUDITED) (€ thousands, except percentages) Zegna Thom Browne Tom Ford Fashion Eliminations Total revenues 9M 2023 9M 2022 949,581 842,229 281,602 255,073 138,580 (35,574) (11,435) 1,334,189 1,085,867 9M 2023 vs 9M 2022 Reported Constant Revenues Currency 12.7% 10.4% n.m.(*) n.m. 22.9% (*) Throughout this section "n.m." means not meaningful 14.1% 13.3% n.m. n.m. 24.8% Organic Growth 20.1% 15.7% n.m. Q3 2023 n.m. 297,826 73,643 74,553 (14,892) (1,693) 19.2% 431,130 356,874 Q3 2022 289,263 69,304 Q3 2023 vs Q3 2022 Reported Constant Organic Revenues Currency Growth 3.0% 6.3% n.m. Ermenegildo Zegna Group n.m. 20.8% 6.0% 13.1% n.m. n.m. 25.0% 12.7% 8.5% n.m. n.m. 11.3% 22#23GROUP REVENUES BY SEGMENT (UNAUDITED) Reconciliation Tables Zegna Thom Browne Tom Ford Fashion(*) Total for Zegna Group Revenues growth Zegna Thom Browne Tom Ford Fashion Total for Zegna Group 12.7% 10.4% n.m. 22.9% Revenues growth 3.0% 6.3% n.m. Foreign exchange 20.8% (1.4%) (2.9%) n.m. (1.9%) Foreign exchange (3.0%) (6.8%) n.m. 9M 2023 vs 9M 2022 (4.2%) Acquisitions and disposals 1.5% (2.4%) n.m. 12.5% (*) Throughout this section considered not meaningful (n.m.) as the Group began operating the Tom Ford Fashion segment following the TFI Acquisition, which was completed on April 28, 2023, therefore there is no comparison figure for the period. Q3 2023 vs Q3 2022 Acquisitions and disposals 2.0% 4.6% n.m. Changes in license agreements where Zegna operates as a licensee 22.4% (7.5%) -% n.m. (6.9%) Changes in license agreements where Zegna operates as a licensee (8.7%) -% n.m. Ermenegildo Zegna Group (8.7%) Organic Growth 20.1% 15.7% n.m. 19.2% Organic Growth 12.7% 8.5% n.m. 11.3% The tables above show a reconciliation of revenue growth for the nine months ended September 30, 2023 and for the three months ended September 30, 2023 to organic growth for the same periods by segment and at the Group level. 23#24GROUP REVENUES BY PRODUCT LINE (UNAUDITED) (€ thousands, except percentages) Zegna branded products Thom Browne Tom Ford Fashion Textile Third Party Brands Other Total revenues 9M 2023 783,648 649,568 280,127 254,346 138,567 108,555 9M 2022 19,998 3,294 99,256 3,093 9M 2023 vs 9M 2022 1,334,189 1,085,867 Reported Constant Revenues Currency 20.6% 10.1% n.m. 79,604 (74.9%) 9.4% 6.5% 22.9% 22.9% 13.1% n.m. 8.4% 6.8% Organic Growth 24.8% 22.9% 15.5% n.m. (75.2%) (8.1%) 8.6% 6.7% 19.2% Q3 2023 242,329 73,176 74,552 35,483 4,521 1,069 Q3 2022 224,316 69,180 30,288 32,263 827 431,130 356,874 Q3 2023 vs Q3 2022 Reported Constant Organic Revenues Currency Growth 8.0% 5.8% n.m. 17.2% Ermenegildo Zegna Group 29.3% 20.8% 12.2% 12.6% n.m. (86.0%) (85.9%) 15.7% 32.2% 25.0% 12.2% 8.0% n.m. 16.1% (14.3%) 31.6% 11.3% 24#25GROUP REVENUES BY PRODUCT LINE (UNAUDITED) Reconciliation Tables/1 Zegna branded products Thom Browne Tom Ford Fashion Textile Third Party Brands Other Total for Zegna Group Zegna branded products Thom Browne Tom Ford Fashion Textile Third Party Brands Other Total for Zegna Group Revenues growth Foreign exchange 20.6% 10.1% n.m. 9.4% (74.9%) 6.5% 22.9% Revenues growth 8.0% 5.8% n.m. 17.2% (86.0%) 29.3% 20.8% (2.3%) (3.0%) n.m. 1.0% 0.3% (0.3%) (1.9%) Foreign exchange. (4.2%) (6.8%) n.m. 1.5% (0.1%) (2.9%) (4.2%) Acquisitions and disposals -% (2.4%) n.m. (0.2%) (0.1%) 0.1% 12.5% Q3 2023 vs Q3 2022 Acquisitions and disposals -% 4.6% n.m. (0.4%) (0.1%) 0.6% 22.4% Changes in license agreements where Zegna operates as a licensee -% -% n.m. -% (67.0%) -% (6.9%) Changes in license agreements where Zegna operates as a licensee -% -_% n.m. -% (71.5%) -% (8.7%) Organic Growth 22.9% 15.5% n.m. 8.6% (8.1%) 6.7% 19.2% Organic Growth 12.2% 8.0% n.m. 16.1% (14.3%) 31.6% 11.3% Ermenegildo Zegna Group The tables above show a reconciliation of revenue growth for the nine months ended September 30, 2023 and for the three months ended September 30, 2023 to organic growth for the same periods by product line and at the Group level. 25#26GROUP REVENUES BY SALES CHANNEL (UNAUDITED) (€ thousands, except percentages) Direct to Consumer (DTC) Zegna branded products Thom Browne Tom Ford Fashion Total Direct to Consumer (DTC) Wholesale Zegna branded products Thom Browne Tom Ford Fashion Third Party Brands and Textile Total Wholesale Other 9M 2023 661,143 126,272 77,792 865,207 122,505 153,855 60,775 128,553 465,688 3,294 Total revenues 1,334,189 % of Revenues 64.8% 34.9% 0.3% 9M 2022 542.228 102,719 644,947 107,340 151,627 178,860 437,827 3,093 % of Revenues 59.4% 40.3% 0.3% 100.0% 1,085,867 100.0% 9M 2023 vs 9M 2022 Reported Revenues 21.9% 22.9% n.m. 34.2% 14.1% 1.5% n.m. (28.1%) 6.4% n.m. 22.9% Constant Currency 25.0% 31.1% n.m. 38.4% 12.7% 1.6% n.m. (28.9%) 5.7% n.m. 24.8% Organic Growth 25.0% 22.5% n.m. 24.6% 12.7% 10.5% n.m. 6.5% 9.9% n.m. 19.2% Q3 2023 195,433 43,348 43,041 281,822 46,896 29,828 31,511 40,004 148,239 1,069 431,130 % of Revenues 65.4% 34.4% 0.2% 100.0% Q3 2022 180,378 36,545 216,923 43,938 32,635 62,551 139,124 827 % of Revenues 60.8% 39.0% 0.2% 356,874 100.0% 8.3% Reported Constant Revenues Currency 18.6% Q3 2023 vs Q3 2022 n.m. 29.9% 6.7% (8.6%) n.m. (36.0%) 6.6% Ermenegildo Zegna Group n.m. 20.8% 14.0% 32.1% n.m. 37.7% 5.0% (7.8%) n.m. (36.3%) 6.1% n.m. 25.0% Organic Growth 14.0% 7.7% nm. 12.9% 5.0% 8.3% n.m. 11.5% 8.1% |¹|4| n.m. 11.3% The table above shows a reconciliation of revenue growth for the nine months ended September 30 to organic growth for the same period by sales channel and at the Group level. 26#27GROUP REVENUES BY SALES CHANNEL (UNAUDITED) Reconciliation Tables /1 Direct to Consumer (DTC) Zegna branded products Thom Browne Tom Ford Fashion Total Direct to Consumer (DTC) Wholesale Zegna branded products Thom Browne Tom Ford Fashion Third Party Brands and Textile Total Wholesale Other Total for Zegna Group Revenues growth 21.9% 22.9% n.m. 34.2% 14.1% 1.5% n.m. (28.1%) 6.4% n.m. 22.9% Foreign exchange (3.1%) (8.2%) n.m. (4.2%) 1.4% (0.1%) n.m. 0.8% 0.7% n.m. (1.9%) 9M 2023 vs 9M 2022 Acquisitions and disposals -% 8.6% n.m. 13.8% -% (8.9%) n.m. (0.1%) 11.3% n.m. 12.5% Changes in license agreements where Zegna operates as a licensee -% -% n.m. -% -% -% n.m. (35.3%) (15.5%) n.m. (6.9%) Ermenegildo Zegna Group Organic Growth 25.0% 22.5% n.m. 24.6% 12.7% 10.5% n.m. 6.5% 9.9% n.m. 19.2% The table above shows a reconciliation of revenue growth for the three months ended September 30 to organic growth for the same period by sales channel and at the Group level. 27#28GROUP REVENUES BY SALES CHANNEL (UNAUDITED) Reconciliation Tables/2 Direct to Consumer (DTC) Zegna branded products Thom Browne Tom Ford Fashion Total Direct to Consumer (DTC) Wholesale Zegna branded products Thom Browne Tom Ford Fashion Third Party Brands and Textile Total Wholesale Other Total for Zegna Group Revenues growth 8.3% 18.6% n.m. 29.9% 6.7% (8.6%) n.m. (36.0%) 6.6% n.m. 20.8% Foreign exchange (5.7%) (13.5%) n.m. (7.8%) 1.7% (0.8%) n.m. 0.3% 0.5% n.m. (4.2%) Q3 2023 vs Q3 2022 Acquisitions and disposals -% 24.4% n.m. 24.8% -% (16.1%) n.m. (0.2%) 19.6% n.m. 22.4% Changes in license agreements where Zegna operates as a licensee -% -% n.m. -% -% -% n.m. (47.6%) (21.6%) n.m. (8.7%) Ermenegildo Zegna Group Organic Growth 14.0% 7.7% n.m. 12.9% 5.0% 8.3% n.m. 11.5% 8.1% n.m. 11.3% The table above shows a reconciliation of revenue growth for the nine months ended September 30, 2023 to organic growth for the same period by sales channel and at the Group level. 28#29GROUP REVENUES BY GEOGRAPHICAL AREA (UNAUDITED) (€ thousands, except percentages) 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) Total revenues 9M 2023 474,947 211,794 48,680 45,094 285,390 259,164 24,149 547,372 419,180 58,674 2,331 9M 2022 193,594 379,826 171,108 25.0% 23.8% 38,608 26.1% 31,616 42.6% 212,280 34.4% 19,558 471,744 363,453 9M 2023 vs 9M 2022 44,718 2,459 Reported Constant Revenues Currency 33.9% 23.5% 16.0% 15.3% 25.8% 23.4% 27.6% 45.2% 32.6% 1,334,189 1,085,867 22.9% 31.8% 13.9% 20.9% 20.6% Organic Growth 20.5% 152,267 18.6% 19.9% 60,330 19,857 13,188 111,014 37.3% 14.9% 102,417 12.9% Q3 2023 31.2% 40.0% 32.1% (5.2%) (4.9%) (23.1%) 24.8% 13.9% 8,413 20.4% 158,347 19.8% Q3 2022 19,077 1,089 7,033 152,919 112,345 116,260 119,199 45,112 27.7% 33.7% 15,064 31.8% 9,871 33.6% 77,005 44.2% 69,303 47.8% 14,478 718 19.2% 431,130 356,874 (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. Q3 2023 vs Q3 2022 Reported Constant Organic Revenues Currency Growth 19.6% 3.5% (3.4%) 31.8% 51.7% 20.8% 29.4% 33.0% 32.9% 45.4% 45.0% 48.4% 9.0% 11.7% 5.2% Ermenegildo Zegna Group 44.8% 54.2% 25.0% 18.5% 23.9% 17.4% 21.1% 12.3% 13.7% 9.0% 5.4% 3.5% 30.9% 2.8% 11.3% 29#30GROUP REVENUES BY GEOGRAPHICAL AREA (UNAUDITED) Reconciliation Tables/1 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 25.0% 23.8% 26.1% 42.6% 34.4% 33.9% 23.5% 16.0% 15.3% 31.2% (5.2%) Foreign exchange (0.8%) 0.4% (1.5%) (2.6%) 1.8% 2.1% 9.6% (4.9%) (5.3%) (8.8%) (0.3%) 9M 2023 vs 9M 2022 Acquisitions and disposals 12.8% 10.5% 25.8% 7.9% 33.1% 33.8% -% 2.6% 1.5% 13.5% 18.2% (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. Changes in license agreements where Zegna operates as a licensee (7.5%) (5.7%) (18.1%) -% (15.4%) (14.9%) -% (2.1%) (0.7%) (5.6%) -% (6.9%) Ermenegildo Zegna Group Organic Growth 20.5% 18.6% 19.9% 37.3% 14.9% 12.9% 13.9% 20.4% 19.8% 32.1% (23.1%) 19.2% The tables above show a reconciliation of revenue growth for the nine months ended September 30, 2023 to organic growth for the same periods by geographical area and at the Group level. 30#31GROUP REVENUES BY GEOGRAPHICAL AREA (UNAUDITED) Reconciliation Tables/2 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 27.7% 33.7% 31.8% 33.6% 44.2% 47.8% 19.6% 3.5% (3.4%) 31.8% 51.7% Foreign exchange (1.7%) 0.7% (1.1%) (11.8%) (0.8%) (0.6%) 10.6% (8.2%) (8.6%) (13.0%) (2.5%) Q3 2023 vs Q3 2022 Acquisitions and disposals 22.0% 22.3% 34.0% 24.3% 50.6% 53.3% -% 9.0% 2.6% 22.6% 51.4% (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. Changes in license agreements where Zegna operates as a licensee (11.1%) (13.2%) (18.5%) -% (17.9%) (18.6%) -% (2.7%) (0.9%) (8.7%) -% (8.7%) Ermenegildo Zegna Group Organic Growth 18.5% 23.9% 17.4% 21.1% 12.3% 13.7% 9.0% 5.4% 3.5% 30.9% 2.8% 11.3% The tables above show a reconciliation of revenue growth for the three months ended September 30, 2023 to organic growth for the same periods by geographical area and at the Group level. 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 (Constant Currency) and revenues on an organic growth basis (Organic Growth). 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 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) 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 businesses and operations acquired or disposed in the current year or prior year are excluded from both periods. Additionally, where a business or operation was a customer prior to an acquisition, the related pre-acquisition revenues are excluded from the current and prior periods. (c) Changes in license agreements where Zegna operates as a licensee Revenues generated from license agreements where Zegna operates as a licensee that are new or terminated in the current year or prior year are excluded from both periods (except if the effects are already included in acquisitions and disposals). Additionally, 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) 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 January 1, 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) 3Q23 or 2Q22: means three months period from July 1, 2023 to September 30, 2023 and from July 1, 2022 to September 30, 2022 (13) 4Q23 or 4Q22: means three months period from October 1, 2023 to December 31, 2023 and from October 1, 2022 to December 31, 2022 (14) 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 (15) 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. (16) 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