Zegna Group: Model update post the Q2 26 trading update

Research evidence excerpt

Zegna Group: Model update post the Q2 26 trading update

J P M O R G A N Europe Equity Research

24 July 2026

Zegna Group Overweight

ZGN, ZGN US

Model update post the Q2 26 trading update Price (23 Jul 26):$13.81

▲Price Target (Dec-27):$14.50

Prior (Dec-27):$14.00

We have updated our model following the release of the Q2 26 trading update

yesterday (see our first take). We raise our FY sales estimates by 2% and EBIT European Luxury & Sporting Goods

forecasts by 1%, banking on : 1) the solid Q2 beat (Group sales +11% ex-FX vs Chiara Battistini AC

JPMe +8%), 2) robust current trading updates (the first three weeks of July (39-02) 8895-2700

confirming solid DTC trends bar for Europe where the Group experienced some chiara.x.battistini@jpmorgan.com

J.P. Morgan Securities plc/ J.P. Morgan Securities

softness), and 3) confirmation that current EBIT consensus is “reasonable”, as the (Asia Pacific) Limited

strong top line is partly offset by accelerating investments to nurture momentum. Wendy Liu

On the back of these changes, and slightly higher sales growth in the outer years, (44-20) 3493-9733

our Dec-27 PT moves to €14.5 (from €14 previously). Overall, Zegna remains one wendy.liu@jpmorgan.com

of our preferred names in luxury, showing better resilience than many in the current J.P. Morgan Securities plc

environment thanks to its smaller scale and category exposure providing self-help Apurva Vishwaraj

to grow as well as a highly controlled supply chain that provides flexibility to apurva.vishwaraj@jpmchase.com

J.P. Morgan Securities plc

navigate the current volatility. We reiterate our Overweight rating.

Victoria Saden

(44-20) 3493-0435

victoria.saden@jpmorgan.com

Specialist Sales contact details:

Olivia Petronilho - Specialist Sales -

European Consumer

(44-20) 3493-3709