Ermenegildo Zegna N : 3Q 2023 Revenues

3Q/9M 2023 REVENUES

October 24, 2023

3Q 2023 and 9M 2023 Revenues are unaudited.

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DISCLAIMER

Non-IFRS Financial Measures

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 EBIT Margin, revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (Organic Growth). 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 32 to 33 for Non-IFRS Measures definitions.

Forward Looking Statements

This communication, including the sections "Group Key Highlights" and "Outlook", contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. 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 the Company believes that it has a reasonable basis for each forward-looking statement contained in this communication, the

Company cautions 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 the Company's 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 the Company's 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 the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of Zegna as of the date of this communication. Subsequent events and developments may cause

that view to change. However, while Zegna may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.

Unaudited revenues

Throughout this presentation, 3Q 2023 and 9M 2023 Revenues are unaudited. The audit of our financial statements will be finalized at the time of our 2023 consolidated financial statements.

* For all the abbreviations and acronyms, and representation of figures, throughout this presentation, please refer to Glossary and Definitions on page 34.	2

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3Q 2023 SELECTED HIGHLIGHTS AND RECENT EVENTS

ZEGNA

Our Road to Iconicity

• ZEGNA to take over retail distribution in South Korea (15 stores) from early 2024
• The Elder Statesman Cashmere collaboration
• Renewed Official Luxury Travelwear partnership with Real Madrid

THOM BROWNE

Our Road to 2X Revenues

• Published monograph celebrating Thom Browne's legacy
• Signing ceremonies and celebrations in London, Tokyo, Seoul, Shanghai
• Boutiques worldwide to celebrate 20th anniversary

TOM FORD FASHION

One-of-a-kind Luxury Brand

• Peter Hawkings debut at Milan Fashion Week

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GROUP KEY HIGHLIGHTS

3Q 2023 Revenues1	9M 2023 Revenues1
€431 million	€1,334 million
+20.8% YoY	+22.9% YoY
+25.0% cFX2	+24.8% cFX2
+11.3% organic2	+19.2% organic2
Guidance / Outlook
By end-FY2025	Capital Markets Day
Annual revenues to exceed €2 billion	December 5, 2023
Adjusted EBIT Margin3 to reach at least 15%
(excluding Tom Ford Fashion)	Updated medium- to long-term financial goals, including
3Q revenues confirm the Group remains on this	Tom Ford Fashion
trajectory

1 Throughout this presentation, 3Q 2023 Revenues are unaudited.

2 This presentation includes information about our revenue measures on a constant currency basis and organic growth, which is a non-IFRS financial measure. See the Non-IFRS Financial Measures section on pages X to X for a definition of such non-IFRS measures.5 3 Adjusted EBIT Margin is a non-IFRS financial measure. See the Non-IFRS Financial Measures section on pages X to X for a definition of such non-IFRS measure.

GROUP REVENUES

• 9M 2023 revenues of €1,334 million
• • +22.9% YoY
  • +24.8% YoY in cFX
  • +19.2% organic growth
• 3Q 2023 revenues of €431 million
• • +20.8% YoY
  • +25.0% YoY in cFX
  • +11.3% organic growth
• Zegna and Thom Browne revenues continue to grow in the
  third quarter, Tom Ford Fashion consolidated as of April 29, 2023
• • Zegna segment revenues reach €298 million, +3.0% YoY
  • Thom Browne segment revenues reach €74 million, +6.3% YoY
  • Tom Ford Fashion segment revenues reach €75 million
• Growth in the third quarter was led primarily by the strength of the Zegna branded products, especially in the DTC channel

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REVENUES BY SEGMENT

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3Q 2023 AND 9M 2023 REVENUES BY SEGMENT

ZEGNA

THOM BROWNE

TOM FORD FASHION

3Q 2023: €298 million

(+3.0% YoY, 12.7% organic growth)

9M 2023: €950 million

(+12.7% YoY, 20.1% organic growth)

• Very strong performance of ZEGNA products, especially DTC
• Positive contribution from Textiles
• Impacted by the end of the distribution licensing agreement for Tom Ford International

3Q 2023: €74 million

(+6.3% YoY, 8.5% organic growth)

9M 2023: €282 million

(+10.4% YoY, 15.7% organic growth)

• Strong underlying performance in DTC and wholesale in the 9M
• Internalization of Korea business as of July 1, 2023

3Q 2023: €75 million

April 29 - September 30: 139 million

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REVENUES BY GEOGRAPHY

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3Q 2023 AND 9M 2023 REVENUES BY GEOGRAPHY

North America

3Q 2023: €111 million (+44.2% YoY, +45.0% cFX and +12.3%

organic growth)

9M 2023: €285 million (+34.4% YoY, +32.6% cFX and +14.9%

organic growth)

o.w. United States

3Q 2023: €102million (+47.8% YoY, +48.4% cFX and +13.7%

organic growth)

9M 2023: €259million (+33.9% YoY, +31.8% cFX and +12.9%

organic growth)

APAC

3Q 2023: €158 million (+3.5% YoY, +11.7% cFX,

+5.4% organic growth)

9M 2023: €547 million (+16.0% YoY, +20.9%

cFX, +20.4% organic growth)

o. w. Greater China Region

3Q 2023: €112 million (-3.4% YoY, +5.2% cFX,

+3.5% organic growth)

9M 2023: €419 million (+15.3% YoY, +20.6%

cFX, +19.8% organic growth)

Latin America

3Q 2023: €8 million (+19.6% YoY, +9% cFX

and organic growth)

9M 2023: €24 million (+23.5% YoY, +13.9%

cFX and +13.9% organic growth)

EMEA

3Q 2023: €152 million (+27.7% YoY, +29.4% cFX

and +18.5% organic growth)

9M 2023: €475 million (+25% YoY, +25.8% cFX and

+20.5% organic growth)

o. w. UAE

3Q 2023: €13 million (+33.6% YoY, +45.4% cFX and

+21.1% organic growth)

9M 2023: €45 million (+42.6% YoY, +45.2% cFX

and +37.3% organic growth)

9M 2023 REVENUES BY GEOGRAPHY

APAC	EMEA
41%	36%

North America

Latin America 21%

2%

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