#1FY 2021 RESULTS April 7, 2022 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 earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), Adjusted Profit/(Loss), Adjusted Basic Earnings per Share and Adjusted Diluted Earnings Per Share, Net Financial Indebtedness/(Cash Surplus), Trade Working Capital and Capital Expenditure. 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 27 for Non-IFRS Measures definitions and reconciliation tables. DISCLAIMER Non-IFRS Financial Measures Forward Looking Statements This communication, including the section "FY 2022 Guidance", 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. 2#3FY 2021 HIGHLIGHTS € millions 2021 2020 2019 € 2021 2020 2019 REVENUES 0.04 1,015 0,20 1,292 ADJUSTED BASIC EARNINGS PER SHARE * 1,321 0.33 Ermenegildo Ermenegildo Zegna Group ADJUSTED EBIT * € millions and % of revenues 2021 2020 2019 € millions 2021 2020 2019 20 2.0% 107 8.1% NET FINANCIAL INDEBTEDNESS/(CASH SURPLUS)* Cash Surplus These are Non-IFRS Financial Measures and will be mentioned throughout this presentation. Please see Page 27 for Non-IFRS Financial Measures and definition. 149 11.5% (145) 7 (10) Net Financial Indebtedness 3#42021: KEY MILESTONES 10 777777777777 ● J. ● NYSE LISTING ZEGNA OUR ROAD TO TOMORROW ZEGNA ZGN LISTED NYSE December 20, 2021: a key milestone First Italian fashion house listed on NYSE €139 million net proceeds for the Group ZEGNA: ONE BRAND STRATEGY ● Ermenegildo THOM BROWNE One Brand strategy: the pillar of Zegna growth and profitability ambitions Capitalizing on Luxury Leisurewear and shoes-now c. 60% of brand revenues and growing strongly Icons and recognizability ● STRENGHTHENED BRAND AWARENESS ● Ermenegildo Zegna Group Zegna Group ● A unique brand with broad-based opportunities Met Gala: a key milestone for visibility + 16 mono-brand stores in 2021, of which + 14 DOS Additional 5% stake acquired in 2021 4#52021 KEY MILESTONES VERTICAL INTEGRATION & INDUSTRIAL KNOW-HOW ● ● Proud of our industrial heritage and of Made in Italy Highest quality yarns & fabrics at the heart of our products' elevated quality content, underpinning our repositioning ● Acquisition of 40% of Filati Biagioli (cashmere yarns) to further complement our expertise ● ● Ermenegildo Ermenegildo Zegna Group SUSTAINABILITY ● DISTRIBUTION/DIGITAL ZEGNA Rebranding: stores in line with new image, boutiques by end 2022 Omnichannel: Z2C a key driver of client engagement and loyalty Focus on digital penetration for both Zegna and Thom Browne thanks to iconic products Media mix highly skewed to digital Sustainability is part of our heritage: published our first sustainability report as a private company Industry leading voice (eg Fashion Pact) Sustainability strategy and further commitments to be disclosed on May 17 at Investor Day 5#6A LEADING, MODERN AND INTEGRATED GROUP Imantenegildo ZEGNA SEGMENT ZEGNA BRAND: LEADER IN GLOBAL LUXURY MENSWEAR* LEVERAGING THE GROWTH OF LUXURY LEISUREWEAR €847 million revenues 66% of Group revenues ** ONE OF A KIND MADE IN ITALY LUXURY TEXTILE LABORATORY PLATFORM ONE-OF-A-KIND PLATFORM PRODUCING THE HIGHEST QUALITY FABRICS €102 million revenues 8% of Group revenues €111 million Adjusted EBIT 10.7% of revenues ** Ermenegildo Zegna Group Lia Gio THOM BROWNE SEGMENT DISTINCTIVE MODERN LUXURY A UNIQUE BRAND WITH BROAD-BASED OPPORTUNITIES NOTE: All numbers in this page are for the Financial year ended 31 December 2021 * Refers to Zegna branded products ** Revenues refer to their respective product line, net of eliminations; complement to 100% is related to Third Party Brands and other €264 million revenues 20% of Group revenues €38 million Adjusted EBIT 14.4% of revenues ** 6#7ZEGNA GROUP ROAD TO TOMORROW menegildo ZEGNA BELONGS TO TODAY, EVOLVING ALONGSIDE OUR CLIENTS • Continue to capitalize on and benefit from the ongoing casualization in menswear and desire for luxury leisurewear • Focusing on our iconic products while attracting new customers and more creative collaborations in the future ● Key competitive advantage with our made-to-measure offering • Driving organic growth, productivity and profitability through our One Brand strategy ● ✔nenegildo Ermenegildo Zegna Group One brand strategy product roll out to be completed by Fall/Winter 22, rebranding of boutiques by FY22 7#8ZEGNA GROUP ROAD TO TOMORROW LUXURY TEXTILE LABORATORY PLATFORM & THIRD PARTY BRANDS • One-of-a-kind craftsmanship that ● services our own brands as well as major global luxury players Balancing vertical integration benefits with flexibility • Focus on strengthening and expanding our competences ● • Scale and fixed cost leverage ● Eutumenegildo Ermenegildo Zegna Group 14 40 me 8#9ZEGNA GROUP ROAD TO TOMORROW menegild THOM BROWNE: DISTINCTIVE MODERN LUXURY • Thom Browne is a unique brand anchored to the product "substance" and with museum-worth design ● Continued strong growth across every channel and geography, and in both Men's and Women's Unique levers of growth: womenswear and accessories; growing client base; "Thomness"; DTC growth; selective wholesale Taking further advantage of the Zegna platform Ermenegildo Zegna Group 9#10ZEGNA GROUP ROAD TO TOMORROW DOUBLING DOWN ON HIGH-PERFORMING MARKETS ● ● homenegildo ZErmenegildo Zegna Group Significant growth in the US and UAE and a rebound in Europe Brand elevation and luxury leisurewear changing brand perception in US and Europe, driving healthy DTC performance ● Still more potential in Greater China Region (organic growth for Zegna, more footprint expansion for Thom Browne) A NATURAL PLATFORM FOR GROWTH IN THE LUXURY SPACE LASER-LIKE FOCUS ON SUSTAINABILITY, WHICH FORMS A PART OF OUR HERITAGE Investor Day on May 17, 2022 at Oasi Zegna: Sustainability Strategy and commitment 10#11● ● ● ● ● ● A FY 2021 REVENUES ^ Revenues of €1,292 million, +27% ° vs. 2020 and -2% vs. 2019 Strong Performance by Zegna segment: Revenues €1,035 million,+23% vs. 2020 and - 11% vs. 2019 Exceptional Revenue Growth from Thom Browne segment: Revenues €264 million, +47% vs. 2020 and +64% vs. 2019 US and Greater China driving excellent results Strong Retail reflecting strategic focus on control of distribution Luxury leisurewear and shoes key pillars for the Zegna brand ^ Published on February 1, 2022 °All growth rates in this presentation refer to growth at actual rates Ermenegildo Zegna Group 2020-2021 REVENUES BRIDGE BY GEOGRAPHY Er 2020-2021 RE € millions 2019 Adjusted EBIT as % of revenues 2% 2019 Adjusted EBIT as% of revenues 2% 1.015 Revenues 2020 1.015 64 EMEA 211 Revenues 2020 Zegna branded products 60 North America 84 Thom Browne Latin America 15 2020-2021 REVENUES BRIDGE BY PRODUCT LINE Textile (7) 145 Third Party Brands APAC (11) 1 Agnonal Other (15) - 1,292 Other Revenues 2021 1,292 | 2021 Adjusted EBIT as % of revenues 11.5% Revenues 2021 2021 Adjusted EBIT as % of revenues 11.5% 11#12FY 2021 PROFITABILITY & CASH: DYNAMIC PROGRESS Adjusted EBIT of €149 million, growth of 7.5x vs 2020 and cont +39% vs. 2019 Adjusted EBIT as % of revenues of 11.5% vs. 8.1% in 2019, ahead of approximately 10% previously announced guidance on February 1, and Plan* 9% • Higher Full Price sales Better realized efficiencies ● Zegna segment Adjusted EBIT €111 million vs €91 million in 2019 (vs. Plan* €80 million) Thom Browne segment Adjusted EBIT €38 million, compared with €16 million and €29 million in 2019 and 2020 respectively, and vs. Plan* €31 million Adjusted Profit €75 million, +75% vs. 2019 • Cash Surplus €145 million, with €139 million net proceeds from the Business Combination** between the Company and Investindustrial Acquisition Corp. FY ADJUSTED EBIT & % OF REVENUES € millions 80 50 20 107 -10 8.1% 2019 Ermenegildo Zegna Group Dongh 2019 2.0% 20 2020 2021 Plan * NET FINANCIAL INDEBTEDNESS/(CASH SURPLUS) € millions 2020 111 7 9.2% 149 2021 Plan * 84 11.5% 2021 2021 €145 million. Cash Surplus -6 -10 ^2021: excluding net proceeds from Business Combination to make it comparable with Plan* * The Zegna Group's Plan was published at the time of the announcement of the business combination between the Company and Investindustrial Acquisition Corp. ("IIAC"). The Group's Plan was also disclosed in the Company's registration statement on Form F-4 filed with the SEC (File No. 333-259139), under "Certain Unaudited Zegna Prospective Financial Information," the investor presentations made available by the Company and IIAC on July 19, 2021, and on September 21, 2021, and the presentation made 12ilable. to financial analysts on November 23, 2021. ** Business Combination means the business combination between Zegna and IIAC, which was completed on December 17, 2021#13Ermenegildo Ermenegildo Zegna Group FY 2021 RESULTS - ZEGNA SEGMENT#14FY 2021 RESULTS - ZEGNA SEGMENT mer ZEGNA SEGMEN Ermenegildo Zegna Group ZEGNA SEGMENT REVENUES AHEAD OF PLAN* • Strong revenue growth in Zegna segment (+23% vs 2020A), with revenues exceeding the € 1 billion mark Adjusted EBIT as % of revenues 10.7% vs Plan* 8% and improving by +3pp compared to 2019 • Costs normalizing vs 2020 lows (rents, personnel) • Corporate costs of being a listed entity incurred in late 2021 • 2022 will include full year impact of these costs Better fixed costs leverage and lower D&A • Corporate costs are fully allocated to Zegna segment For the years ended December 31, Increase/(Decrease) ● € million Revenues Adjusted EBIT as % of revenues 2019 1,166 91 7.8% 2020 843 -9 -1.1% 2021 1,035 111 10.7% 2020 vs 2019% -28% n.m. 2021 vs 2020 % 23% n.m. € millions 1,400 1,200 1,000 800 600 400 200 € millions 140 120 2022 Plan * 2023 Plan * 2021 A ZEGNA SEGMENT ADJ EBIT AHEAD OF PLAN* 100 80 60 40 985 20 2021 Plan * 80 1,082 8% % of revenues 96 9% 1,179 2022 Plan * 119 10% 1,035 2023 Plan * 111 10.7% 2021 A 2021 Plan * * The Zegna Group's Plan was published at the time of the announcement of the business combination between the Company and Investindustrial Acquisition Corp. ("IIAC"). The Group's Plan was 14 also disclosed in the Company's registration statement on Form F-4 filed with the SEC (File No. 333-259139), under "Certain Unaudited Zegna Prospective Financial Information," the investor presentations made available by the Company and IIAC on July 19, 2021, and on September 21, 2021, and the presentation made available to financial analysts on November 23, 2021.#15Ermenegildo ZErmenegildo Cill Ermenegildo Zegna Group 388 888 288 888 8.8.7 FY 2021 RESULTS-THOM BROWNE SEGMENT#16FY 2021 RESULTS-THOM BROWNE SEGMENT IMI Strong revenue growth in Thom Browne segment (+47% vs 2020) ● ● Adjusted EBIT €38 million vs. Plan* of €31 million • as % of revenues in line with Plan* at 14.4% Growth related costs € million ● Revenues Adjusted EBIT DOS network expansion: from 28 in 2019 to 52 in 2021 Strengthening of HQ central function/personnel and processes as % of revenues For the years ended December 31, 2019 161 16 9.9% 2020 180 29 16.1% 2021 264 38 14.4% Increase/(Decrease) 2020 vs 2019% 12% 82% Ermenegildo Zegna Group THOM BROWNE SEGMENT REVENUES AHEAD OF PLAN* € millions 350 BROWNIE DEC 2021 vs 2020 % 47% 31% 300 250 200 150 100 50 € millions 60 50 40 30 20 230 THOM BROWNE SEGMENT ADJ EBIT AHEAD OF PLAN* 10 2021 Plan * 31 14% 268 2021 Plan * 2022 Plan * % of revenues 46 17% 306 2022 Plan * 2023 Plan * 55 18% 264 2023 Plan * 2021 A 38 14.4% 2021 A * The Zegna Group's Plan was published at the time of the announcement of the business combination between the Company and Investindustrial Acquisition Corp. ("IIAC"). The Group's Plan was 16 also disclosed in the Company's registration statement on Form F-4 filed with the SEC (File No. 333-259139), under "Certain Unaudited Zegna Prospective Financial Information," the investor presentations made available by the Company and IIAC on July 19, 2021, and on September 21, 2021, and the presentation made available to financial analysts on November 23, 2021.#17Ermenegildo FY 2021 RESULTS - GROUP Ermenegildo Zegna Group olia#18FY 2021 RESULTS -INCOME STATEMENT HIGHLIGHTS Ermenegildo Zegna Group ● DISECTING ADJUSTMENTS Costs related to the Business Combination * of €205 million ● Of which 72% are non-cash transaction accounting adjustments Other adjustments equal to €17 million before taxes ● • Mostly related to early termination of leases, impairments and severance Offset by non-recurring positive adjustments * Business Combination means the business combination between Zegna and IIAC, which was completed on December 17, 2021 (Euro million in Actual FX) (Loss)/Profit for the year Costs related to the Business Combination Costs related to lease agreements Severance indemnities and provision for severance expenses Impairment of property, plant and equipment and right-of-use assets Other Gain on Thom Browne option Impairment of investments accounted for using the equity method Tax effects on adjusting items Subtotal Adjustments Adjustments arising below the reported Operating (Loss)/Profit Adj. Profit/(Loss) 2021A (127.7) 205.3 15.5 9.0 8.7 4.9 (20.7) 0.0 (19.8) 203.0 75.3 2020A (46.5) 0.0 3.0 12.3 19.7 7.5 0.0 4.5 (5.3) 41.8 (4.8) 2019A 25.4 0.0 0.0 9.8 8.9 0.0 0.0 0.0 (1.0) 17.6 43.0 18#19● ● ● FY 2021 CAPEX & TRADE WORKING CAPITALdo Ermenegildo Zegna Group of Incidence of TWC back to pre-Covid levels Investing in Retail, IT and Industrial Platform 70 60 50 40 30 20 10 0 5% 21 39 2019 Capital Expenditure (€ millions) 4% 20 19 2020 Store network Other % of revenues 4% 22 26 2021* New store openings for Thom Browne (+14 DOS), mix of relocations/renewals for Zegna Key IT projects: point of sales systems and distribution ERP Shift in payments from 2021 to 2022 Capex step-up in 2022 ● ● 600 500 400 300 200 100 0 -100 -200 -300 Trade Working Capital (€ millions) 26.8% 20.2% 315 178 -226 2019 Trade receivables Inventories 321 139 * Excludes € 46 million for the purchase of the building in New Bond Street, London that was subsequently part of the Disposition on November 1st -188 2020 % of revenues 21.3% 338 160 -223 2021 ■Trade payables & customer advances Significant improvement in Trade Working Capital Inventories reflect ongoing transition to One brand Receivables down vs 2019 to reflect DTC shift, payables back to normal levels Stock turn to improve once rebranding fully rolled out 19#20FY 2022 KEY PRIORITIES FOCUS ON LONG-TERM GROWTH AND VALUE CREATION Operating ahead of the Plan presented in July 2021 *. Adjusted EBIT as % of revenues exceeded Group's own guidance of "around 10%" published on February 1, 2022 • Continue to execute on the One Brand strategy for Zegna and growth roadmap for Thom Browne Further capitalize on luxury leisurewear repositioning and shoes growth • Further enhance product content, quality and pricing ● ● • Focus on customer engagement and strengthen reach towards younger generations • Focus on driving the full potential from our digital and omnichannel approach ("Z2C") Retail excellence: focus on Retail KPIs and retail network optimization to drive productivity • Lean supply chain and time to market ESG strategy to be fully integrated within the business ● Ermenegildo Ermenegildo Zegna Group ● * The Zegna Group's Plan was published at the time of the announcement of the business combination between the Company and Investindustrial Acquisition Corp. ("IIAC"). The Group's Plan was 20 also disclosed in the Company's registration statement on Form F-4 filed with the SEC (File No. 333-259139), under "Certain Unaudited Zegna Prospective Financial Information," the investor presentations made available by the Company and IIAC on July 19, 2021, and on September 21, 2021, and the presentation made available to financial analysts on November 23, 2021.#21● ● FY 2022 GUIDANCE SUCCESSFULLY Monitoring and adapting to complex environment ● Frmonos Ermenegildo Zegna Group egna Group MOVING FORWARD MORE QUICKLY THAN ANTICIPATED € millions GROUP REVENUES AHEAD OF PLAN* 1,600 Dynamic start of the year in retail, solid order collection and positive pricing for FW22 22 Revenues Guidance confirmed: low-teens revenues growth at actual FX vs 2021 ● Geopolitical turmoil and resurgence of Covid-19 pandemic, especially in China Further improvement in Adjusted EBIT over already better-than- expected 2021 basis ● Higher Cash Surplus ● Top line tailwinds to mitigate expected increase in industrial costs and logistics and the step up in listing related overheads and rebranding costs Despite growth related investments (capex mostly in retail, IT & supply chain) Lean trade working capital 1,400 1,200 1,000 800 600 400 200 180 160 140 120 100 2021 Plan * 2022 Plan * 2023 Plan * 2021 A GROUP ADJ. EBIT ONE YEAR AHEAD OF PLAN* € millions 200 80 60 40 -4,207 -- 20 111 9% 1,342 2021 Plan * % of revenues 142 11% 1,476 2022 Plan * 173 12% 1,292 2023 Plan * 149 11.5% 2021 A * The Zegna Group's Plan was published at the time of the announcement of the business combination between the Company and Investindustrial Acquisition Corp. ("IIAC"). The Group's Plan was 21 also disclosed in the Company's registration statement on Form F-4 filed with the SEC (File No. 333-259139), under "Certain Unaudited Zegna Prospective Financial Information," the investor presentations made available by the Company and IIAC on July 19, 2021, and on September 21, 2021, and the presentation made available to financial analysts on November 23, 2021.#22Q&A Ermenegildo Ermenegildo Zegna Group#23APPENDIX Ermenegildo Ermenegildo Zegna Group#24FY 2021 RESULTS - REVENUES RECAP € Million 1,400 1,200 1,000 800 600 400 200 0 -200 € Million 1,400 1,200 1,000 800 600 400 -6 200 FY2021 Group revenues by Segment 1,321 161 1,166 2019 Zegna segment includes Zegna branded products, Textile, Third Party Brands, Agnona and Other 1,321 494 -8 804 1,015 2019 180 FY2021 Group revenues by channel 843 Zegna segment Thom Browne segment ■Eliminations Revenues are after eliminations 2020 1,015 385 613 1,292 2020 Total Direct to Customer (DTC) Total Wholesale 264 1,035 2021 1,292 438 851 2021 Other € Million 1.400 1.200 1.000 800 600 400 200 € Million 1.400 1.200 1,000 800 600 400 200 V FY2021 Group revenues by geography menegildo Zegna Group 1,321 1626 25 233 431 2019 EMEA North America 1,321 5 23 92 109 161 920 2019 18 1,015 Other Third Party Brands Thom Browne 552 131 316 FY2021 Group revenues by product line 2020 Latin America APAC Other 1,015 -16 82 88 179 636 2020 1,292 12 696 20 191 380 2021 1,292 75 102 263 847 2021 Agnona Textile Zegna branded products EMEA includes Europe, Middle East and Africa. North America includes the United States of America and Canada. Latin America includes Mexico, Brazil and other Central and South American countries. 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 Other revenues mainly include royalties and certain sales of old season products. Note: Revenues are after eliminations Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods a 24 royalties. Revenues are after eliminations#25Monobrand 1 store network Thom Browne increasing DTC points-of-sale, Zegna streamlining its footprint # Stores EMEA Americas APAC DTC EMEA Americas APAC Wholesale Total as of December 31st, 2021 ZEGNA 69 50 126 245 89 74 32 195 440 THOM BROWNE 9 5 38 52 5 3 30 38 90 GROUP 78 55 164 297 94 77 62 233 Ermenegildo Ermenegildo Zegna Group 530 as of December 31st, 2020 ZEGNA² 71 39 128 238 99 82 31 212 450 THOM BROWNE 6 4 28 38 10 3 23 36 74 GROUP 77 43 156 276 109 85 54 248 524 as of December 31st, 2019 ZEGNA 73 38 153 264 102 87 20 209 473 THOM BROWNE 5 2 21 28 7225 31 59 GROUP 78 40 174 292 109 89 42 240 532 1. Monobrand store count includes our DOSS (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees) 2. As of December 31st 2020, number of Zegna DTC stores were 255 (and 195 Wholesale) reflecting 17 Korean DOSS, which were converted to franchising in Jan-21. For a more homogenous comparison with end-2021, store numbers have been restated accordingly 25#26FY 2021 RESULTS - BRIDGE FROM REPORTED P&L TO P&L NET OF ADJUSTEMENTS (Euro Million in Actual Fx) Revenues Other income Cost of raw materials and consumables Purchased, outsourced and other costs Personnel costs Depreciation, amortization and impairment of assets Write downs and other provisions Other operating costs Operating (Loss)/Profit Financial income Financial expenses Foreign exchange (losses)/gains Result from investments accounted for using the equity method Impairments of investments accounted for using the equity method (Loss)/Profit before taxes Income taxes Adj. EBIT (Loss)/Profit for the year Adj. Profit/(Loss) * Business Combination means the business combination between Zegna and IIAC, which was completed on December 17, 2021 Wit menegildo ZErmenegildo Zegna Group 2021A 1,292.4 8.3 (309.6) (353.6) (367.8) (163.4) (19.5) (180.8) (94.0) 45.9 (43.8) (7.8) 2.8 (97.0) (30.7) (127.7) COSTS RELATED TO THE BUSINESS COMBINATION* +34.1 +18.1 +152.9 +205.1 +0.3 +205.3 (17.1) +188.3 ADJUSTMENTS (1.3) +9.0 +8.7 +20.2 +1.5 +38.1 (20.7) +17.4 (2.7) +14.7 2021A NET OF ADJUSTMENTS 1,292.4 7.0 (309.6) (319.5) (340.7) (154.7) 0.7 (26.5) 149.1 25.2 (43.8) (7.5) 2.8 125.8 (50.5) 75.3 26#27Ermenegildo 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 earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), Adjusted Profit/(Loss), Adjusted Basic Earnings per Share and Adjusted Diluted Earnings Per Share, Net Financial Indebtedness/(Cash Surplus), Trade Working Capital and Capital Expenditure. 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 is defined as profit or loss before income taxes plus financial income, financial expenses, exchange losses/(gains), result from investments accounted for using the equity method, impairments of 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 years presented, costs related to the Business Combination, severance indemnities and provision for severance expenses, certain costs related to lease agreements and certain other items. Adjusted EBITDA is defined as profit or loss before income taxes plus, financial income, financial expenses, exchange losses/(gains), depreciation, amortization and impairment of assets, result from investments accounted for using the equity method, impairments of 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 years presented, costs related to the Business Combination, severance indemnities and provision for severance expenses, certain costs related to lease agreements and certain other items. 27#28Framemegildo Ermenegildo Zegna Group Adjusted Profit/(Loss) represents (Loss)/Profit for the year adjusted for income and costs (net of tax effects) which are significant in nature and that management considers not reflective of underlying activities, including, for one or all of the years presented, costs related to the Business Combination, severance indemnities and provision for severance expenses, impairment of property, plant and equipment and right-of-use assets, certain costs related to lease agreements, gains on the Thom Browne option realized in connection with the exercise of the option, impairment of equity method investments and certain other items, as well as the tax effects of the adjusting items (calculated based on the applicable tax rates of the jurisdictions where the adjustments relate). Non-IFRS Financial Measures Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share represent basic earnings per share and diluted earnings per share adjusted for income and costs (net of tax effects) which are significant in nature and that management considers not reflective of underlyin activities, including, for one or all of the years presented, costs related to the Business Combination, severance indemnities and provision for severance expenses, impairment of property, plant and equipment and right-of-use assets, certain costs related to lease agreements, gains on the Thom Browne option realized in connection with the exercise of the option, impairment of equity method investments and certain other items, as well as the tax effects of the adjusting items (calculated based on the applicable tax rates of the jurisdictions where the adjustments relate). 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 and bonds, loans and certain other financial liabilities (recorded within other non-current financial liabilities in the consolidated statement of financial position), net of cash and cash equivalents, derivative financial instruments and certain other current financial assets Trade Working Capital is defined as current assets less current liabilities adjusted for derivative assets and liabilities, tax assets and liabilities, cash and cash equivalents, assets and liabilities held for sale, borrowings, lease liabilities, and other assets and liabilities. Capital Expenditure is defined as the sum of cash outflows that result in additions to property, plant and equipment and intangible assets. 28#29Non-IFRS Financial Measures Adjusted EBIT (Euro thousands) (Loss)/Profit for the year Income taxes Financial income Financial expenses Exchange losses/(gains) Result from investments accounted for using the equity method Impairments of investments accounted for using the equity method Costs related to the Business Combination (1) Costs related to lease agreements (2) Severance indemnities and provision for severance expenses (3) Impairment of property, plant and equipment and right-of-use assets (4) Other (7) Adjusted EBIT See explanatory notes on slides 27-28 Ermenegildo Ermenegildo Zegna Group 2021 For the year ended December 31, 2020 (127,661) 30,702 (45,889) 43,823 7,791 (2,794) 205,059 15,512 8,996 8,692 4,884 149,115 (46,540) 14,983 (34,352) 48,072 (13,455) 4,205 4,532 3,000 12,308 19,725 7,535 20,013 2019 25,439 43,794 (22,061) 37,492 2,441 1,534 9,777 8,858 107,274 29#30Non-IFRS Financial Measures Adjusted EBITDA (Euro thousands) (Loss)/Profit for the year Income taxes Financial income Financial expenses Exchange losses/(gains) Depreciation, amortization and impairment of assets Result from investments accounted for using the equity method Impairments of investments accounted for using the equity method Costs related to the Business Combination (1) Costs related to lease agreements (2) Severance indemnities and provision for severance expenses (3) Other Adjusted EBITDA See explanatory notes on slides 27-28 Ermenegildo Ermenegildo Zegna Group 2021 For the year ended December 31, 2020 (127,661) 30,702 (45,889) 43,823 7,791 163,367 (2,794) 205,059 15,512 8,996 4,884 303,790 (46,540) 14,983 (34,352) 48,072 (13,455) 185,930 4,205 4,532 3,000 12,308 7,535 186,218 2019 25,439 43,794 (22,061) 37,492 2,441 177,068 1,534 9,777 275,484 30#31Non-IFRS Financial Measures Adjusted Profit/(Loss) (Euro thousands) (Loss)/Profit for the year Costs related to the Business Combination (1) Costs related to lease agreements (2) Severance Indemnitles and provision for severance expenses Impairment of property, plant and equipment and right-of-use assets (4) Gain on Thom Browne option (9) Impairment of Investments accounted for using the equlty method (6) Other Tax effects on adjusting Items (8) Adjusted Profit/(Loss) See explanatory notes on slides 27-28 Ermenegildo Ermenegildo Zegna Group 2021 For the year ended December 31, 2020 (127,661) 205,332 15,512 8,996 8,692 (20,675) 4,884 (19,758) 75,322 (46,540) 3,000 12,308 19,725 4,532 7,535 (5,312) (4,752) 2019 25,439 9,777 8,858 (1,027) 43,047 31#32Non-IFRS Financial Measures Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share (Euro thousands) (Loss)/Profit for the year Costs related to the Business Combination (¹) Costs related to lease agreements (2) Severance Indemnities and provision for severance expenses (3) Impairment of property, plant and equipment and right-of-use assets (4) Gain on Thom Browne option (5) Impairment of Investments accounted for using the equity method (6) Other (7 Tax effects on adjusting items (8) Adjusted Profit/(Loss) Impact of non-controlling Interests (9) Adjusted Profit/(Loss) attributable to shareholders of the Parent Company Weighted average number of shares for basic earnings per share Adjusted Basic Earnings per Share Weighted average number of shares for diluted earnings per share Adjusted Diluted Earnings per Share Ermenegildo Ermenegildo Zegna Group See explanatory notes on slides 27-28 2021 For the year ended December 31, 2020 (127,661) 205,332 15,512 8,996 8,692 (20,675) 4,884 (19,758) 75,322 8,669 66,653 203,499,933 0.33 204,917,880 0.33 (46,540) 3,000 12,308 19,725 4,532 7,535 (5,312) (4,752) 4,063 (8,815) 201,489,100 (0.04) 201,489,100 (0.04) 2019 25,439 9,777 8,858 (1,027) 43,047 3,720 39,327 201,561,100 0.20 201,561,100 0.20 32#33Non-IFRS Financial Measures Net Financial Indebtedness/(Cash Surplus) (*) (Euro thousands) Non-current borrowings Current borrowings Derivative financial instruments - Liabilities Other non-current financial liabilities (bonds and other) Total borrowings, other financial liabilities and derivatives Cash and cash equivalents Derivative financial instruments - Assets Other current financial assets (securities)(**) Ermenegildo Ermenegildo Zegna Group Total cash and cash equivalents, other current financial assets and derivatives Net Financial Indebtedness/(Cash Surplus) 2021 See explanatory notes on slides 27-28 At December 31, 471,646 157,292 14,138 7,976 651,052 (459,791) (1,786) (334,244) (795,821) (144,769) 2020 558,722 106,029 13,192 8,065 686,008 (317,291) (11,848) (350,163) (679,302) 6,706 Includes only the "bonds" and "other" components of the "Other non-current financial liabilities" line item from Zegna's consolidated statement of financial position. (**) Includes only the "securities" component of the "Other current financial assets" line item from Zegna's consolidated statement of financial position. 33#34Non-IFRS Financial Measures Trade Working Capital (Euro thousands, except percentages) Current assets Current llabilities Working capital Less: Derivative financial Instruments Tax recelvables Other current financial assets Other current assets Cash and cash equivalents Assets held for sale Current borrowings Current lease llabilities Derivative financial llabilitles Other current financial llabilitles Current provisions for risks and charges Tax Ilabilitles Other current liabilities Llabilitles held for sale Trade Working Capital of which trade recelvables of which Inventorles of which trade payables and customer advances See explanatory notes on slides 27-28 Ermenegildo Ermenegildo Zegna Group 2021 At December 31, 1,384,531 (702,316) 682,215 1,786 14,966 340,380 68,773 459,791 (157,292) (106,643) (14,138) (33,984) (14,093) (28,773) (124,356) 275,798 160,360 338,475 (223,037) 2020 1,239,156 (535,454) 703,702 11,848 15,611 350,163 66,718 317,291 17,225 (106,029) (92,842) (13,192) (8,325) (33,362) (76,637) (16,725) 271,958 138,829 321,471 (188,342) 34#35Non-IFRS Financial Measures Capital Expenditure (Euro thousands, except percentages) Payments for property, plant and equipment Payments for intangible assets Capital expenditure Ermenegildo Ermenegildo Zegna Group See explanatory notes on slides 27-28 For the years ended December 31, 2021 79,699 14,627 94,326 2020 27,630 11,524 39,154 2019 46,113 13,392 59,505 2021 figures include € 46 million for the purchase of the building in New Bond Street, London that was subsequently part of the Disposition on November 1st 35#36Non-IFRS Financial Measures Ermenegildo Ermenegildo Zegna Group Explanatory Notes (1) Costs related to the Business Combination include: (a) €114,963 thousand relating to share-based payments for listing services recognized as the excess of the fair value of Zegna ordinary shares issued as part of the Business Combination and the fair value of IIAC's identifiable net assets acquired. This amount is related to the Zegna segment; (b) €37,906 thousand for the issuance of 5,031,250 Zegna ordinary shares to the holders of IIAC class B shares to be held in escrow. This amount is recorded within the Zegna segment; (c) €34,092 thousand for transaction costs related to the Business Combination incurred by Zegna, including costs for bank services, legal advisors and other consultancy fees. This amount is related to the Zegna segment; (d) €10,916 thousand for the Zegna family's grant of a one-time €1,500 gift to each employee of the Zegna group as result of the Company's listing on NYSE completed on December 20, 2021. This amount is related to the Zegna segment for €10,120 thousand and to the Thom Browne segment for €796 thousand; (e) €5,380 thousand relating to grant of performance share units, which each represent the right to receive one Zegna ordinary share, to the Group's Chief Executive Officer, other Zegna directors, key executives with strategic responsibilities and other employees of the Group, all subject to certain vesting conditions. This amount is related to the Zegna segment for €5,141 thousand and to Thom Browne segment for €239 thousand; (f) €1,236 thousand related to the fair value of private warrants issued, pursuant to the Business Combination, to certain Zegna non-executive directors. This amount is related to the Zegna segment. (g) €566 thousand related to the write-off of non-refundable prepaid premiums for directors' and officers' insurance. This amount is related to the Zegna segment; (h) €273 thousand related to the deal contingent option entered in November 2021. This amount at point dos not affect Adjusted EBIT and Adjusted EBITDA (2) Costs related to lease agreements for the year ended December 31, 2021, are related to Zegna segment and include (i) €12,192 thousand of provisions relating to a lease agreement in the US following an unfavorable legal claim judgment against the Group, (ii) €1,492 thousand of legal expenses related to a lease agreement in Italy and (iii) €1,829 thousand in accrued property taxes related to a lease agreement in the UK. Costs related to lease agreements for the year ended December 31, 2020 include €3,000 thousand for legal expenses related to a lease agreement in the UK, incurred in the second half of 2020. (3) Zegna incurred costs for severance indemnities of €8,996 thousand, €12,308 thousand and €9,777 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. (4) Primarily includes impairments of right-of-use assets for €5,981 thousand, €15,716 thousand and €7,980 thousand for the years ended December 31, 2021, 2020 and 2019 respectively, and impairments of property plant and equipment for €654 thousand, €4,011 thousand and €817 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. In particular, the impairment of right-of-use assets and property, plant and equipment primarily relates to the impairment of DOSs of Zegna segment. Impairments were higher in 2020 as a result of the effects of the COVID-19 pandemic on the Group's operations. (5) Reflects the financial income relating to options related to a gain of €20,675 thousand recognized following the purchase of an additional 5% of the Thom Browne Group on June 1, 2021. (6) Relates to an impairment of €4,532 thousand in the Group's investment in Tom Ford, which was recognized following a reported net loss by TFI that management considered as an indication of impairment. (7) Other adjustments for the year ended December 31, 2021 are related to Zegna segment and include €6,006 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 was required to compensate the company in accordance with the terms of the related sale agreement, as well as €144 thousand relating to the write down of the Group's remaining 30% stake in Agnona (both of which are recorded within the line item "write downs and other provisions" in the consolidated statement of profit and loss), partially offset by other income of €1,266 thousand relating to the sale of rights to build or develop airspace above a building in the United States (this amount is recorded within the line item "other income" in the consolidated statement of profit and loss). Other adjustments for the year ended December 31, 2020 are related to Zegna segment and includes (i) donations of €4,482 thousand to charitable organizations in Italy and abroad to support initiatives related to the COVID-19 pandemic (this amount is recorded within the line item "other operating costs" in the consolidated statement of profit and loss), (ii) impairment on assets held for sale of €3,053 thousand in 2020, of which €988 thousand is recorded within the line item "write downs and other provisions" and €2,065 relates to the write down of inventories and is recorded within the line item "cost of raw materials and consumables" in the consolidated statement of profit and loss (8) Includes the tax effects of the aforementioned adjustments. (9) Represents the (Loss)/Profit for the year attributable to non-controlling interests plus the impact of non-controlling interests on the adjusting items. 36#37INVESTOR RELATIONS CONTACT Imenegildo Ermenegildo Investor Relations Francesca Di Pasquantonio [email protected] +39 335 5837669 Ermenegildo Zegna Group Media Domenico Galluccio [email protected] +39 335 538 7288 37