Ermenegildo Zegna N.V: Retail-first

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Ermenegildo Zegna N.V: Retail-first

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Ermenegildo Zegna N.V

Retail-first

Reiterate Rating: NEUTRAL | PO: 14.40 USD | Price: 13.81 USD

First soft luxury company to accelerate in 2Q26 24 July 2026

Zegna Group reported 2Q26 revenues of €517m growing +11% organic, +4ppt Equity

sequential acceleration from 1Q and +2ppt on a 2-yr basis. This makes Zegna the first

soft luxury company to show sequential acceleration this reporting season, see Exhibit 8,

Key Changesand likely one of the fastest-growing in the sector. Under the group’s retail-first strategy

DTC continued to outperform at +17% (+3ppt from 1Q), with double-digit trends across (EUR) Previous Current

all three brands. The group continues to see solid underlying trends in July, albeit with Price Obj. US$13.10 US$14.40

some softening in Europe. After the result we increase our 2026-28E EBIT by 2-3%. We 2026E EPS 0.41 0.42

are now 4-5% ahead of consensus for the next 3 years. On our new numbers, Zegna 2027E EPS 0.51 0.53

trades at 25x 12m fwd P/E which we see as fair valuation offering limited re-rating 2028E EPS 0.61 0.63

potential. Reit. Neutral, PO moves to $14.4 (from $13.1) on higher earnings estimates.

Daria Nasledysheva >>

US and Greater China accelerate sequentially ResearchMLI (UK) Analyst

Zegna DTC growth is a key sentiment driver for the stock, and we are encouraged to see +44 20 7996 1087 daria.nasledysheva@bofa.com

acceleration to +18% organic in 2Q, from +14% in 1Q. Management highlighted

Ashley Wallace >>

acceleration intra-quarter, with better trends in May and then in June. In our view, June Research Analyst

benefitted from the halo effect around Villa Zegna in Los Angeles, as Americas are once Merrill Lynch (Australia) +61 2 9226 5070