Zegna Results Presentation Deck

NET FINANCIAL INDEBTEDNESS/(CASH SURPLUS) € millions NET FINANCIAL INDEBTEDNESS/(CASH SURPLUS) (145) 31-Dec-21 (103) 30-Jun-22 Ermenegildo Zegna Group ▪ Lower Cash Surplus vs December 2021 - Trade Working Capital: temporary impact on inventories from One Brand FW22 July launch and GCR - Real Estate Settlements: reflect discipline and focus on store footprint optimization - Dividends paid to minorities Underlying positive cash generation, excluding Trade Working Capital and Settlements 24

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