Ermenegildo Zegna N : Fourth Quarter 2023 Presentation

Disclaimer

Non-IFRS Financial Measures

The Group'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, Net Financial Indebtedness/(Cash Surplus), Trade Working Capital, Free Cash Flow, revenues on constant currency basis (Constant Currency) and revenues on an organic growth basis (Organic Growth). The Group's

management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group'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 the Group 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 the Group operates, the financial measures

that the Group 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. A definition, explanation of relevance and a reconciliation of each non-IFRS financial measure to the most directly comparable measure calculated and presented in accordance with IFRS are set out below.

Please see the Non-IFRS Financial Measures on Page 41 to 52 for Non-IFRS Measures definitions and reconciliations to the most directly comparable IFRS measures.

Forward Looking Statements

This communication, including the section "Outlook", contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group's expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. 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", "aspire,"

"goal," "outlook," "guidance," "forecast," "prospect" 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, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; the COVID-19 pandemic or similar public health crises; international business,

regulatory, social and political risks; the conflict in Ukraine and sanctions imposed onto Russia; the occurrence of acts of terrorism or similar events, conflicts, civil unrest or situations of political instability; developments in Greater China and other growth and emerging markets; our ability to implement our strategy; recent and potential future acquisitions; disruption to our manufacturing and logistics facilities; risks related to the sale of our

products through our direct-to-consumer channel, as well as through points of sale operated by third parties; our dependence on our local partners to sell our products in certain markets; fluctuations in the price or quality of, or disruptions in the availability of, raw materials; our ability to negotiate, maintain or renew our license or co-branding agreements with high end third party brands; tourist traffic and demand; our dependence on certain key senior personnel as well as skilled personnel; our ability to protect our intellectual property rights; disruption in our information technology, including as a result of cybercrime; the theft or unauthorized use of personal

information of our customers, employees or other parties; fluctuations in currency exchange rates or interest rates; the level of competition in the industry in which we operate; global economic conditions and macro events, including inflation; failures to comply with applicable laws and regulations; climate change and other environmental impacts and our ability to meet our customers' and other stakeholders' expectations on environment, social

and governance matters; the enactment of tax reforms or other changes in tax laws and regulations; and other risks and uncertainties, including those described in our filings with the SEC.

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 the Company as of the date of this communication. Subsequent events and developments may cause that view to change. However, while the Company 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.

* For all the abbreviations and acronyms, and representation of figures, throughout this presentation, please refer to Glossary and Definitions on page 54.	2

FULL YEAR 2023 FINANCIAL RESULTS

GILDO ZEGNA

Group Chairman and CEO

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FY 2023 KEY HIGHLIGHTS(*)

Revenues

(€ million, % change YoY)

FY 2023
1,905
FY 2022	1,493

Gross profit

(€ million, % margin)

FY 2023	1,224
FY 2022	928

+28%

+16%

64%

62%

Profit

(€ million, % margin)

FY 2023	136
FY 2022
65

Adjusted EBIT

(€ million, % margin)

FY 2023	220
FY 2022	158

7%

4 %

12%

11%

1. Figures in this presentation have been rounded,which may affect the result of certain mathematical calculations presented herein.

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"Caring for nature and the communities around us

is a founding value of the Group,

and I am pleased to say that we delivered on the sustainability

commitments we made for 2023."

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2023 SUSTAINABILITY GOALS: KEY HIGHLIGHTS(*)

DE&I STRATEGY

ESG DISCLOSURES

TRACEABILITY

RENEWABLE ENERGY

ACHIEVED - 87% of people trained ACHIEVED - DE&I Policy adopted

ACHIEVED - Parental leave benefits extended to all regions

ACHIEVED (to be refined regularly) - Assessment of the financial impacts on specific climate-relatedrisks & opportunities

ON TRACK - to reach 50% of key raw material** certified as traceable and lower-impact by 2026

ACHIEVED - ZEGNA brand collections Oasi Cashmere & Oasi Lino made of 100% certified traceable fibers (targeted by the end of 2024)

ON TRACK- 97% share of renewable energy in Europe and US (targeted 100% by the end of 2024)

• New solar panels installed on 2 additional production facilities

(*)Excluding TOM FORD FASHION (TFF)	7
(**)Wool, cashmere, cotton, linen, leathers, polyester and man-made cellulosics

"In 2023, we continued to build on our

ZEGNA: TIMELESS LUXURY successful

ZEGNA One Brand strategy globally. The brand's timeless proposition, authentic leisurewear style, customer centricity and proprietary made-to- measure capabilities are key pillars of its success."

ZEGNA: TIMELESS LUXURY

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"Thom Browne's revenues showed an amazing 26% CAGR (*) since the brand became part of the Group. A very nice run, I would say.

But the journey just started, and we still have a marathon to run."

THOM BROWNE: MODERN LUXURY TAILORING

(*) 5 year CAGR (2018 -2023)

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TOM FORD FASHION: LUXURY GLAMOUR

"We believe there is huge potential for TOM FORD FASHION.

This is confirmed through every conversation I have about the brand - whether it's with landlords, clients and luxury experts around the globe."

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