Zegna SPAC Presentation Deck

4. Key financials overview ZEGNA GROUP CORE ADJ. EBIT EVOLUTION Dec-YE Starting Core Adj. EBIT A revenues A gross margin¹ % A opex² Ending Core Adj. EBIT 20XX Reference year Ermenegildo Zegna Group From 2019A to 2020A Adj. EBIT COVID-19 Breakup 2019A €116m 9% ↓↓↓↓ ~(€300m) Spring 2020 inventory impact ↑↑↑ Cost efficiency (contingent and structural) 2020A €17m 2% Core Adj. EBIT margin³ (%) From 2020A to 2021E Adj. EBIT Recovery Phase 2020A €17m 2% ↑↑↑ ~+€200m ↑ Country & Channel mix Slight bounce-back of costs, but still structurally below 2019 2021E €111m 9% Positive impact on Adj. EBIT From 2021E to 2023E Adj. EBIT Expansion Phase 2021E €111m 9% ↑↑↑↑ ~+€270m Price increase & Product mix ↓↓↓ Positive leverage with cost increase (marketing, digital, retail expansion) at a lower growth rate than revenues 2023E €173m 12% Negative impact on Adj. EBIT Sources: Company information and estimates Notes: See Appendix for important information about Core and other non-IFRS financial metrics 1. Defined as revenues net of cost of goods sold and charges related to obsolete stock 2. Defined as selling expenses, general & administrative expenses, marketing cost and depreciation not included in cost of goods sold 3. Defined as Core Adj. EBIT/ Core revenues CONFIDENTIAL 39

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