Zegna Investor Presentation Deck

ZEGNA GROUP CORE NET FINANCIAL INDEBTEDNESS¹ Core IFRS16 lease liabilities 10 2018A 556 Ermenegildo Zegna Group 18 2019A 546 • includes impact of one-off cash outflows such as: €43m purchase price and related charges for the acquisition of 50% of the New Bond Street (London) building, €6m cash contribution to Agnona and €32m related to the acquisition of a 5% stake in Thom Browne - totalling €81m 32 2020A 443 84 73³ 2021E including €11m impact from acquisitions announced in 2021² • total impact of one-off cash outflows of €92m Sources: Company information and Management estimates as of Jun-21 for 2021E Zegna business plan Notes: See Glossary for relevant definitions 1. Computed as (+) debt items (-) cash items; see Glossary for additional details 2. Ubertino's 60% stake acquisition and Biagioli's 40% stake acquisition, announced in June 2021 3. Does not include the €9.6m cash-out related to the purchase of an additional 10% interest in Lanificio Ermenegildo Zegna e Figli S.p.A. to be paid by the end of 2021 CONFIDENTIAL 48

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