#1Ermenegildo Zegna Group FY 2021 Preliminary Revenues 1st February, 2022#2DISCLAIMER Non-IFRS Financial Measures Ermenegildo Zegna Group Our management monitors and evaluates operating and financial performance using several non-IFRS financial measures including Adjusted EBIT. Our management believes that these non-IFRS financial measures provide useful and relevant information regarding our performance and improve their ability to assess financial performance and financial position. 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 operational decisions. While similar measures are widely used in the industry in which we operate, the financial measures that we use 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 EBIT margin definition Adjusted EBIT is defined as profit or loss before income taxes, financial income, financial expenses, exchange gains/(losses), result from investment accounted for using the equity method and 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 ongoing operational activities. Adjusted EBIT margin is defined as adjusted EBIT divided by revenues. Net Financial Indebtedness Net Financial Indebtedness 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 current and non-current financial liabilities in the consolidated statement of financial position), net of cash and cash equivalents, derivative financial instruments and other current financial assets. Forward Looking Statements This communication, including the section "2021 and 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.. Note for this entire presentation: 2021 Revenues are preliminary and unaudited; the audit will be finalized at time of 2021FY Financials approval 2#3"Our first financial release as a publicly listed company confirms that Zegna is a global leader in the luxury market. Our focus on excellence, innovation and the strong customer response to our luxury leisurewear, resulted in our preliminary full year revenues outpacing our previously disclosed Plan. By focusing on our legacy brand-which is going through a major rebranding and on the further strengthening our one-of-a-kind Made in Italy luxury textile platform coupled with the dynamic pace at which Thom Browne continues, we were able to deliver a strong financial performance in 2021. While we will continue to monitor world events and the COVID pandemic's potential impacts on our business, we remain optimistic about our growth in 2022." Gildo Zegna, Chairman and CEO dadd#4A LEADING, MODERN AND INTEGRATED GROUP ZEGNA*: Leader in Global Luxury Menswear THOM BROWNE: Distinctive Modern Luxury ** A unique brand with broad-based opportunities EUR 263 million revenues 20% of Group revenues Ermenegildo Zegna Group Leveraging the growth of luxury leisurewear EUR 847 million revenues 66% of Group revenues * Refers to Zegna branded products ** Revenues refer to their respective product line, net of eliminations; complement to 100% is related to Strategic Alliances, Agnona and other ** TEXTILE: One-of-a-Kind Made in Italy Luxury Textile Laboratory Platform One-of-a-kind platform producing the highest quality fabrics EUR 102 million revenues 8% of Group revenues **#5FY 2021 PRELIMINARY REVENUES AND FY2022 GUIDANCE: KEY HIGHLIGHTS Overall Stong Performance with Revenues Exceeding Plan ¹ 1 Continued strengthening of the business as we emerge from the health crisis: Consolidated Revenues of EUR 1,292.4 million, +27% at actual rates vs. 2020A and -2% vs. 2019A ● ● Strong Performance by Zegna segment ³: Revenues EUR 1,035 million, +23% at actual rates vs, 2020A and -11% vs. 2019A Exceptional Revenue Growth from Thom Browne segment³: Revenues EUR 264 million, + 47% at actual rates vs. 2020A and +64% vs. 2019A US, Greater China, UAE driving excellent results Strong performance from Retail reflecting strategic focus on increasing control of distribution Guidance: Successfully Moving Forward More Quickly Than Anticipated Raising FY 2021 adjusted EBIT margin² guidance to around 10%, up from 9% in July 20211 2021 Preliminary Net Financial Indebtedness24, Slightly Positive Thanks to Healthy Cash Generation Ahead of Plan¹ 2022 guidance: ● ● ● ● ● Ermenegildo Zegna Group ● 2022 sales growth at low-teens at actual FX vs. 2021 Further improvement in Adjusted EBIT margin ² Operating ahead of the business plan presented in July 2021 1 1. Zegna Group 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 available to financial analysts on November 23, 2021. 2. Adjusted EBIT margin and Net Financial Indebtedness are non-IFRS financial measures. See Non-IFRS Financial Measures section on page 2 of this communication for definition of adjusted EBIT margin and Net Financial Indebtedness. 3. Revenues are referred to each segment, before eliminations 4. Preliminary Net Financial Indebtedness before impact resulting from the business combination between the Company and IIAC 5#6ZEGNA GROUP ROAD TO TOMORROW 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 through creative collaborations Key competitive advantage with our made-to-measure offering Driving organic growth, productivity and profitability through our One Brand strategy . ● Thom Browne: Distinctive Modern Luxury Thom Browne is a unique brand anchored to the product "substance" and with museum-worthy 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 ● ● ● ● Luxury Textile Laboratory Platform One-of-a-kind craftsmanship that services our own brands as well as major global luxury players Doubling down on high-performing markets, with significant growth in the US and ongoing strength in the Greater China Region A natural platform for growth in the luxury space Laser-like focus on sustainability, which forms a part of our heritage ● ● Ermenegildo Zegna Group 6#7FY 2021 Revenues by Segment APAPA Ermenegildo Zegna Group#8FY 2021 Preliminary Group Revenues by Segment Strong Performance by Zegna brand and Acceleration of Thom Browne Strong revenue growth in Zegna Segment (+23% vs 2020A), with revenues exceeding the EUR 1 billion mark Exceptional performance in Thom Browne Segment (+47% vs 2020A), delivering a two-year stack growth of +64% (Euro thousands in Actual FX) Revenues - Zegna segment - Thom Browne segment - Eliminations 2021A Preliminary revenues are yet unaudited. The audit will be finalized at time of 2021 Financials approval. Zegna Segment includes Zegna branded products, Textile, Strategic Alliances, Agnona and Other. 2021A PRELIMINARY 1,292,402 1,035,175 264,066 (6,839) 2020A Ermenegildo Zegna Group 1,014,733 843,318 179,794 (8,379) 20% Zegna Segment 2019A 1,321,327 1,165,911 161,200 (5,784) 4% vs 2020A A% vs 2019A 2021 preliminary revenues breakdown by segment 80% +27% Thom Browne Segment +23% +47% n.s. (2%) (11%) +64% n.s. 8#9FY 2021 Revenues by Product Line Ermenegildo Zegna Group 9#10FY 2021 Preliminary Group Revenues by Product Line Both Zegna branded Products & Thom Browne Providing Strong Growth Zegna branded products revenues increased +33% compared to 2020A, thanks to strong growth in Luxury Leisurewear and shoes Thom Browne revenues led by robust growth across the board - channel, geography, and Men's/Women's DTC: More than doubled compared to 2019A with +51% CAGR over and above growth in store footprint from 28 at the end of 2019A to 52 direct stores at the end of 2021 Wholesale: Impacted in 2H by different timing of deliveries which in 2020A shifted from Q2 to Q3 due to Covid. Scheduled strong shipments in Q1 2022 Textile & Strategic Alliances +4% YoY with growth in textiles offset by a decline in Strategic Alliances Textile Revenues +17% vs. 2020A (newly acquired Tessitura Ubertino consolidated from June 2021) Strategic Alliances revenues declined vs. 2020A as a result of higher inventory levels in B2B clients; situation now normalizing Agnona product line business de-consolidated from January 2021 1. Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties Revenues are after eliminations 2021A Preliminary revenues are yet unaudited. The audit will be finalized at time of 2021 Financials approval (Euro thousands in Actual FX) Revenues - Zegna branded products 1 - Thom Browne - Textile Strategic Alliances - Agnona - Other 2021A PRELIMINARY 1,292,402 847,311 263,397 102,244 74,957 1,191 3,302 ☐Zegna branded products Strategic Alliances 8% Ermenegildo Zegna Group 2020A 1,014,733 636,478 179,490 87,615 82,273 12,389 16,488 6% 0% 20% 2021 preliminary revenues breakdown by product line Thom Browne Agnona 2019A 1,321,327 919,545 160,595 108,513 91,720 17,691 23,263 0% 4% vs 2020A 66% +27% Textile Other +33% +47% +17% (9%) (90%) (80%) 4% vs 2019A (2%) (8%) +64% (6%) (18%) (93%) (86%) 10#11FY 2021 Revenues by Geography ROT Ermenegildo Zegna Group FFE Bando IE#12FY 2021 preliminary Group Revenues by Geography Growth led by United States and Greater China Region ● ● USA is one of the primary growth drivers (+53% vs. 2020A), with a strong rebound in Zegna-branded products (especially in DTC) in the region Greater China Region shows a solid two-year stack with +28% growth vs. 2019A (+34% vs 2020A) EMEA registered +20% compared to 2020A, led by Italy returning to above 2019A levels, and by very strong UAE performance in the DTC channel Japan and rest of APAC continue to be negatively affected by COVID-related restrictions (Euro thousands in Actual FX) Revenues EMEA 1 - of which Italy - of which UK North America 2 - of which United States Latin America 3 APAC 4 - of which Greater China Region 5 - of which Japan Other 6 1.EMEA includes EU countries, the United Kingdom, Switzerland, the countries of the Balkan Peninsula, Eastern Europe countries and Scandinavian countries not belonging to the EU, Russia, former Soviet Republics, Turkey, Middle Eastern countries and Africa. 2. North America includes the United States of America and Canada. 3. Latin America includes Mexico, Brazil and other Central and South American countries. 4. APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. 5. For Zegna's reporting purposes the Greater China Region includes the Chinese mainland, Hong Kong S.A.R., Macau S.A.R. and Taiwan 6. Other revenues mainly include royalties and certain sales of old season products. Note: Revenues are after eliminations. Preliminary revenues are unaudited. The audit will be finalized at time of 2021 Financials approval 2021A PRELIMINARY 1,292,402 380,325 158,722 37,682 191,283 176,059 19,971 696,344 588,876 55,479 4,479 Ermenegildo Zegna Group ΠΕΜΕΑ 2020A 1,014,733 315,879 121,202 32,985 131,049 114,818 12,915 551,650 438,193 61,523 3,240 2019A 1,321,327 431,384 140,676 58,012 233,327 205,744 25,404 626,059 458,294 90,240 5,153 North America 54% 0% 2021 Preliminary Revenues Breakdown by Geography 29% 4% vs 2020A A% vs 2019A 2% 15% +27% +20% +31% +14% +46% +53% +55% +26% +34% (10%) +38% Latin America (2%) (12%) +13% (35%) (18%) (14%) (21%) +11% +28% (39%) (13%) APAC Other 12#13FY 2021 Revenues by Channel SE AMENIC -20 SU THIMO SHOTS PE HI Ermenegildo Zegna Group Mi THE IM#14● ● ● ● FY 2021 Preliminary Group Revenues by Channel Retail Performance Accelerating DTC channel outperforming, +39% compared to 2020A and +6% compared to 2019A, while Wholesale grew +14% against 2020A (-11% compared to 2019A), reflecting the continued shift to Retail as a priority channel and the strategic decision to streamline wholesale with higher selectivity DTC 66% of Group revenues, compared to 60% in 2020A and 61% in 2019A, with Thom Browne's retail contribution now above wholesale DTC for Zegna branded products grew +35% YoY strength of EMEA/Americas on an easier comparison basis double digit growth in GCR both compared to 2020A and 2019A DTC for Thom Browne more than doubled compared to 2019A, while store footprint moved from 28 at the end of 2019A to 52 direct stores at the end of 2021 Wholesale for Zegna branded products and Thom Browne grew solidly vs. 2020A (+24% and +32%, respectively) with Zegna branded products growing more in APAC and North America, and Thom Browne in EMEA and APAC Thom Browne wholesale impacted in 2H21 by shift of deliveries (Euro thousands in Actual FX) Revenues -DTC Zegna branded products¹ -DTC Thom Browne Total Direct to Consumer (DTC) - Wholesale Zegna branded products¹ - Wholesale Thom Browne - Wholesale Strategic Alliances and Textile - Wholesale Agnona Total Wholesale Other 2021A % on PRELIMINARY revenues 84% 1,292,402 100% 712,862 138,567 851,429 2021 preliminary revenues Zegna branded products by channel 16% 66% Ermenegildo Zegna Group 1,014,733 100% 527,972 85,268 613,240 60% 108,506 94,222 134,449 124,830 177,201 169,888 1,191 12,389 437,671 34% 385,005 38% 3,302 0% DTCWholesale 2020A % on 16,488 2% 2019A % on revenues 1,321,327 100% 743,012 61,045 804,057 61% 176,533 99,550 200,233 17,691 494,007 37% 23,263 2% 47% 4% vs 2020A 4% vs 2019A 53% +27% +35% +63% +39% 2021 preliminary revenues Thom Browne by channel +24% +32% +4% (90%) +14% (80%) DTC Wholesale 1. Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties (2%) (4%) +127% +6% (24%) +25% (12%) (93%) (11%) (86%) Revenues are after eliminations 2021A Preliminary revenues are unaudited. The audit will be finalized at time of 2021 Financials approval 14#152021 and 2022 Guidance EL Ermenegildo Zegna Group#16FY 2021 and FY 2022 Guidance Successfully Moving Forward ahead of Plan ¹ ● ● ● ● Ermenegildo Zegna Group FY 2021 Adjusted EBIT margin²: around 10% 2021 Preliminary Net Financial Indebtedness2,3, Slightly Positive Thanks to Healthy Cash Generation Ahead of Plan¹ 2022 sales growth: low-teens at actual FX vs. 2021 Further improvement in 2022 in Adjusted EBIT margin 2 vs. 2021 Next release: FY 2021 Results on 7 April, 2022 1. Zegna Group 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 available to financial analysts on November 23, 2021. 2. Adjusted EBIT margin and Net Financial Indebtedness are non-IFRS financial measures. See Non-IFRS Financial Measures section on page 2 of this communication for definition of adjusted EBIT margin and Net Financial Indebtedness. 3. Preliminary Net Financial Indebtedness before impact resulting from the business combination between the Company and IIAC 16#17Q&A Ermenegildo Zegna Group#18APPENDIX Ermenegildo Zegna Group#19FY 2021 Preliminary Group Revenues by Segment: 1H21 vs 2H21 Revenues Growth Remains Double Digit in 2H21 vs 2H20 (+13%), after +50% in 1H21 vs 1H20 ● ● 1H20 performance was heavily affected by COVID lockdowns and restrictions in both segments, thus favoring a sharp rebound in 1H21 (+50% YoY) 2H21 Group revenues grew +13% compared to 2H20 on a more comparable basis. Zegna Segment revenues increased by +14% vs 2H20 with the brand re- set gaining underlying momentum Thom Browne revenues increased by +4% vs 2H20 due to a time shift in deliveries in 2020A from Q2 to Q3 due to Covid, while shipments were back to normal schedule in 2021 (ie 2Q 21). A solid portfolio of scheduled shipments to Wholesale accounts in Q1 2022 (Euro thousands in Actual FX) Revenues - Zegna segment - Thom Browne segment - Eliminations (Euro thousands in Actual FX) Revenues Ermenegildo Zegna Group - Zegna segment - Thom Browne segment - Eliminations 1H21 603,340 465,899 142,553 (5,112) 2H 21 PRELIMINARY 689,062 569,276 121,513 (1,727) 1H20 402,386 342,324 63,198 (3,136) 2H20 612,347 500,994 116,596 (5,243) 2H21 Preliminary revenues are unaudited. The audit will be finalized at time of 2021 Financials approval. Zegna Segment includes Zegna branded products, Textile, Strategic Alliances, Agnona and Other. A% vs 1H20 +50% +36% +126% n.m. 4% vs 2H20 +13% +14% +4% n.m. 19#20Ermenegildo Zegna Group FY 2021 Preliminary Group Revenues by Product line: 1H21 vs 2H21 2H21 growth led by Zegna branded products consistent performance, Textile restart, Thom Browne impacted by a different scheduled timing in Wholesale shipments vs 2020 A ● ● 2H21 Zegna branded products revenues remained sustained at +22% vs 2H20A Thom Browne growth +4% in 2H21 vs 2H20A with different shipments' timing compared to 2020A Strong wholesale deliveries in Q2 2021 (as opposed to deliveries that were shifted from Q2 to Q3 in 2020A) Scheduled strong shipments in Q1 2022 Textile Revenues +35% in 2H21 vs 2H20A, as the business restarted after COVID-related slowdown. Tessitura Ubertino has been consolidated from June 2021 Agnona product line business has been disposed and de-consolidated starting from January 2021 1. Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties Revenues are after eliminations 2H21 Preliminary revenues are unaudited. The audit will be finalized at time of 2021 Financials approval (Euro thousands in Actual FX) Revenues - Zegna branded products ¹ - Thom Browne - Textile - Strategic Alliances - Agnona - Other (Euro thousands in Actual FX) Revenues - Zegna branded products 1 - Thom Browne - Textile - Strategic Alliances - Agnona - Other 1H21 603,340 376,182 142,219 44,478 32,901 323 7,237 2H 21 PRELIMINARY 689,062 471,129 121,178 57,766 42,056 868 (3,935) 1H20 402,386 250,705 62,986 44,854 34,546 3,584 5,711 2H20 612,347 385,773 116,504 42,761 47,727 8,805 10,777 4% vs 1H20 +50% +50% +126% (1%) (5%) (91%) +27% 4% vs 2H20 +13% +22% +4% +35% (12%) (90%) n.m. 20#21Monobrand ¹ store network as of December 31st 2021 1 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 62 233 530 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 Ermenegildo Zegna Group as of December 31st, 2019 ZEGNA 73 38 153 264 102 87 20 209 473 THOM BROWNE 5 2 21 28 1225 7 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 21#22INVESTOR RELATIONS CONTACT Investor Relations Francesca Di Pasquantonio [email protected] +39 335 5837669 Media Domenico Galluccio [email protected] +39 335 538 7288 Ermenegildo Zegna Group 22