Zegna: Highlights from the Preliminary 1H26 conference call

Research evidence excerpt

Zegna: Highlights from the Preliminary 1H26 conference call

23 July 2026

Maria Meita

+44 20 7170 0540

Global Luxury Goods maria.meita@bernsteinsg.com

Ermenegildo Zegna N.V. Luca Solca

+41 582 723 126

Rating luca.solca@bernsteinsg.com

Outperform Eric Chen, CFA

Price Target +852 2123 2628

eric.chen@bernsteinsg.com

ZGN 14.00 USD

Yi-Peng Khoo, CFA

+44 20 7676 6822

yi-peng.khoo@bernsteinsg.com

Zegna reported Preliminary 1H26 results today. This report contains key points from its

Close Date 22 Jul 2026

investor conference call. Results Quick Take: Zegna Preliminary 1H26 results: HNWI

ZGN Close Price (USD) 13.88

momentum and brand heat drive a clean beat

Price Target (USD) 14.00

Overall impression: Topline momentum and dynamics seem to be in rude health - growth Upside/(Downside) 1%

at Zegna is mainly LFL and led by AUR. Su Misura is becoming a more important part of 52-Week Range 15.44/7.61

the business, with management targeting 15% of sales. Zegna’s success is going beyond EMLSF 6,224.26

products - the client relationships and execution are making a difference. While Thom FYE Dec

Browne’s DTC growth was mainly space, Tom Ford’s was LFL, reflecting the success of the Div Yield 1.0%

SS collection as well as the improvements in CRM. While current trading in DTC remains solid Market Cap (USD) (M) 3,727

and in line with 2Q26 across all brands, there is some softness in Continental Europe. EV (USD) (M) 4,025

Performance YTD 1M 6M 12M

The Q&A session focused on the lack of margin guidance upgrade despite the fact Absolute (%) 35.5 5.9 44.4 46.2

that topline results came in 400bps above consensus. Management is adamant that it will EMLSF (%) 3.3 (1.8) 1.3 8.2

continue investing in the three turnarounds this year - through marketing, store openings Relative (%) 32.3 7.7 43.0 38.0