Zegna (ZGN) Post 2Q26 sales: Strong momentum continues but valuation unattractive; remain Neutral

研报英文原文证据摘录

Zegna (ZGN) Post 2Q26 sales: Strong momentum continues but valuation unattractive; remain Neutral

Goldman Sachs Zegna (ZGN)

conversion. Given the strong revenue numbers, we expect investors to focus on

operating leverage and improved EBIT contribution for all brands and particularly for

Zegna. We also note management has reiterated its confidence on an absolute level of

profitability in line with prior consensus (VA cons EBIT of €187mn), highlighting

continued investments to support the brands. While we continue to see solid execution

and supportive structural drivers, we believe incremental upside is limited, with Zegna

Group currently trading on 33x FY26E P/E which rapidly falls to 24x in FY27E on our

estimates, which is above the sector average of 24x FY26E P/E and 21x P/E in FY27E (ex

Hermes and Brunello). Overall, we see a more balanced risk‑reward at current levels and

remain Neutral.

Key takeaways from the conference call:

(i) Outlook and current trading: Performance in the quarter reflected a sequential

acceleration in Group revenues, supported by continued strength in DTC and the Zegna

brand. Group revenues grew +11% cFX, with DTC revenues increasing +17% cFX and all

three brands reporting double-digit DTC growth. Zegna brand continued to outperform

with +17% cFX growth, while Tom Ford Fashion grew +7% cFX and Thom Browne grew

+3% cFX despite the ongoing rationalisation of wholesale.

At a geographic level, the Americas continued to outperform with +22% cFX growth and

accelerated sequentially, with double-digit performance in DTC at all brands. Greater

China improved sequentially with +9% cFX (post +5% cFX in Q1), while Rest of APAC

grew +19% cFX, supported by strong performance in Korea and Japan. EMEA grew +2%