•Revenues1 for the third quarter of 2023 reach €431 million, up 20.8% year-over-year and with an organic2 growth rate of 11.3%.

•Revenues for the first nine months of 2023 reach €1.33 billion, up 22.9% year-over-year and with an organic growth rate of 19.2%.

•Group is taking over retail distribution of the ZEGNA brand in South Korea as of early 2024.

•Third quarter revenues support the Group’s FY 2023 and mid-term outlook.

•ZEGNA to Directly Operate Business in South Korea

•Thom Browne celebrates 20th Anniversary

1 Throughout this press release, revenues for the third quarter of 2023 and the nine months of 2023, and comparatives thereof, are unaudited.

2 Organic growth is a non-IFRS financial measure. See the Non-IFRS Financial Measures section starting on page 8 of this press release for the definition of such non-IFRS financial measure and a reconciliation to the most directly comparable IFRS measure.

3 Revenue growth at constant currency is a non-IFRS financial measure. See the Non-IFRS Financial Measures section starting on page 8 of this press release for the definition of such non-IFRS financial measure.

•TOM FORD FASHION Updates

4 As previously disclosed, the licensing agreement for the production and worldwide distribution of luxury men’s ready-to-wear and made-to-measure clothing, footwear, and accessories under the TOM FORD brand expired with the deliveries of the Fall/Winter 2022 collection, and a supply agreement to act as the exclusive supplier for certain TOM FORD menswear products commenced starting with the Spring/Summer 2023 collection.

On May 17, 2022, at its first Capital Markets Day, the Group announced its financial goals for the medium term, which management defines as the end of fiscal year 2025. Within this time frame, the Group is aiming for annual revenues to exceed €2 billion and for Adjusted EBIT Margin to reach at least 15%, excluding the Tom Ford Fashion segment. The Group’s Q3 2023 revenues confirm that the Group remains on this trajectory. The Group’s medium-term targets assume no major future worsening of the global geopolitical, health, macroeconomic and financial markets situation, and no other unforeseen events.

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 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” 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.

Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this communication, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, risks and uncertainties are described in the Company’s filings with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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 Zegna as of the date of this communication. Subsequent events and developments may cause that view to change. However, while Zegna 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.

															9M 2023 vs 9M 2022																														Q3 2023 vs Q3 2022
(€ thousands, except percentages)			9M 2023						9M 2022						Reported Revenues						Constant Currency						Organic Growth						Q3 2023						Q3 2022						Reported Revenues						Constant Currency						Organic Growth
Zegna			949,581						842,229						12.7		%				14.1		%				20.1		%				297,826						289,263						3.0		%				6.0		%				12.7		%
Thom Browne			281,602						255,073						10.4		%				13.3		%				15.7		%				73,643						69,304						6.3		%				13.1		%				8.5		%
Tom Ford Fashion			138,580						—						n.m.(*)						n.m.						n.m.						74,553						—						n.m.						n.m.						n.m.
Eliminations			(35,574)						(11,435)						n.m.						n.m.						n.m.						(14,892)						(1,693)						n.m.						n.m.						n.m.
Total revenues			1,334,189						1,085,867						22.9		%				24.8		%				19.2		%				431,130						356,874						20.8		%				25.0		%				11.3		%

______________________________________

________________________________________

(1)EMEA includes Europe, the Middle East and Africa.

(2)North America includes the United States of America and Canada.

(3)Latin America includes Mexico, Brazil and other Central and South American countries.

(4)APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries.

(5)Other revenues mainly include royalties.

			As of September 30, 2023																								As of December 31, 2022																		As of September 30, 2022
Stores			Zegna						Thom Browne						Tom Ford Fashion						Group						Zegna						Thom Browne						Group						Zegna						Thom Browne						Group
EMEA (2)			69						9						4						82						65						10						75						66						10						76
Americas (3)			62						7						12						81						53						7						60						52						6						58
APAC			120						68						35						223						121						46						167						124						41						165
Total Direct to Consumer (DTC)			251						84						51						386						239						63						302						242						57						299
EMEA (2)			58						7						13						78						57						6						63						66						5						71
Americas (3)			63						3						50						116						64						4						68						68						3						71
APAC			33						15						7						55						35						32						67						32						30						62
Total Wholesale			154						25						70						249						156						42						198						166						38						204
Total			405						109						121						635						395						105						500						408						95						503

________________________________________

(1)Monobrand store count includes our DOSs (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees).

(2)Does not include any stores in Russia at September 30, 2023 or at December 31, 2022 (11 Wholesale stores in EMEA at September 30, 2022). Although some stores may still be operating at September 30, 2023, they have not been supplied by Zegna since February 2022 and have therefore been excluded from Zegna's store count.

(3)Americas include North America and Latin America.

Zegna’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, revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (Organic Growth). Zegna’s management believes that these non-IFRS financial measures provide useful and relevant information regarding Zegna’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 Zegna 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 Zegna operates, the financial measures that Zegna 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.

Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange losses and the result from investments accounted for using the equity method, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operating activities.

Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period.

Zegna’s management uses Adjusted EBIT and Adjusted EBIT Margin for internal reporting to assess performance and as part of the forecasting, budgeting and decision-making processes as they provide additional transparency regarding Zegna’s underlying operating performance. Zegna’s management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of Zegna’s underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. Zegna’s management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses Zegna’s underlying operating performance on a consistent basis and to compare Zegna’s performance with that of other companies. Accordingly, management believes that Adjusted EBIT and Adjusted EBIT Margin provide useful information to third party stakeholders in understanding and evaluating Zegna’s operating results.

(c) Changes in license agreements where Zegna operates as a licensee – Revenues generated from license agreements where Zegna operates as a licensee that are new or terminated in the current year or prior year are excluded from both periods (except if the effects are already included in acquisitions and disposals).

Additionally, revenues generated from license agreements where Zegna operates as a licensee that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, sales channels or geographies of the underlying license agreements.

•for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 (9M 2023 vs 9M 2022); and

•for the three months ended September 30, 2023 compared to the three months ended September 30, 2022 (Q3 2023 vs Q3 2022).

________________________________________

________________________________________

(1)EMEA includes Europe, the Middle East and Africa.

(2)North America includes the United States of America and Canada.

(3)Latin America includes Mexico, Brazil and other Central and South American countries.

(4)APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries.

(5)Other revenues mainly include royalties.

•Revenues1 for the third quarter of 2023 reach €431 million, up 20.8% year-over-year and with an organic2 growth rate of 11.3%.

•Revenues for the first nine months of 2023 reach €1.33 billion, up 22.9% year-over-year and with an organic growth rate of 19.2%.

•Group is taking over retail distribution of the ZEGNA brand in South Korea as of early 2024.

•ZEGNA to Directly Operate Business in South Korea

•Thom Browne celebrates 20th Anniversary

•TOM FORD FASHION Updates

1 Throughout this press release, revenues for the third quarter of 2023 and the nine months of 2023, and comparatives thereof, are unaudited.

2 Organic growth is a non-IFRS financial measure. See the Non-IFRS Financial Measures section starting on page 7 of this press release for the definition of such non-IFRS financial measure and a reconciliation to the most directly comparable IFRS measure.

3 Revenue growth at constant currency is a non-IFRS financial measure. See the Non-IFRS Financial Measures section starting on page 7 of this press release for the definition of such non-IFRS financial measure.

4 As previously disclosed, the licensing agreement for the production and worldwide distribution of luxury men’s ready-to-wear and made-to-measure clothing, footwear, and accessories under the TOM FORD brand expired with the deliveries of the Fall/Winter 2022 collection, and a supply agreement to act as the exclusive supplier for certain TOM FORD menswear products commenced starting with the Spring/Summer 2023 collection.

This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. 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” 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. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this communication, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, risks and uncertainties are described in the Company’s filings with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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 Zegna as of the date of this communication. Subsequent events and developments may cause that view to change. However, while Zegna 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.

															9M 2023 vs 9M 2022																														Q3 2023 vs Q3 2022
(€ thousands, except percentages)			9M 2023						9M 2022						Reported Revenues						Constant Currency						Organic Growth						Q3 2023						Q3 2022						Reported Revenues						Constant Currency						Organic Growth
Zegna			949,581						842,229						12.7		%				14.1		%				20.1		%				297,826						289,263						3.0		%				6.0		%				12.7		%
Thom Browne			281,602						255,073						10.4		%				13.3		%				15.7		%				73,643						69,304						6.3		%				13.1		%				8.5		%
Tom Ford Fashion			138,580						—						n.m.(*)						n.m.						n.m.						74,553						—						n.m.						n.m.						n.m.
Eliminations			(35,574)						(11,435)						n.m.						n.m.						n.m.						(14,892)						(1,693)						n.m.						n.m.						n.m.
Total revenues			1,334,189						1,085,867						22.9		%				24.8		%				19.2		%				431,130						356,874						20.8		%				25.0		%				11.3		%

______________________________________

________________________________________

(1)EMEA includes Europe, the Middle East and Africa.

(2)North America includes the United States of America and Canada.

(3)Latin America includes Mexico, Brazil and other Central and South American countries.

(4)APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries.

(5)Other revenues mainly include royalties.

			As of September 30, 2023																								As of December 31, 2022																		As of September 30, 2022
Stores			Zegna						Thom Browne						Tom Ford Fashion						Group						Zegna						Thom Browne						Group						Zegna						Thom Browne						Group
EMEA (2)			69						9						4						82						65						10						75						66						10						76
Americas (3)			62						7						12						81						53						7						60						52						6						58
APAC			120						68						35						223						121						46						167						124						41						165
Total Direct to Consumer (DTC)			251						84						51						386						239						63						302						242						57						299
EMEA (2)			58						7						13						78						57						6						63						66						5						71
Americas (3)			63						3						50						116						64						4						68						68						3						71
APAC			33						15						7						55						35						32						67						32						30						62
Total Wholesale			154						25						70						249						156						42						198						166						38						204
Total			405						109						121						635						395						105						500						408						95						503

________________________________________

(1)Monobrand store count includes our DOSs (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees).

(2)Does not include any stores in Russia at September 30, 2023 or at December 31, 2022 (11 Wholesale stores in EMEA at September 30, 2022). Although some stores may still be operating at September 30, 2023, they have not been supplied by Zegna since February 2022 and have therefore been excluded from Zegna's store count.

(3)Americas include North America and Latin America.

Zegna’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (Organic Growth). Zegna’s management believes that these non-IFRS financial measures provide useful and relevant information regarding Zegna’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 Zegna 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 Zegna operates, the financial measures that Zegna 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.

(c) Changes in license agreements where Zegna operates as a licensee – Revenues generated from license agreements where Zegna operates as a licensee that are new or terminated in the current year or prior year are excluded from both periods (except if the effects are already included in acquisitions and disposals). Additionally, revenues generated from license agreements where Zegna operates as a licensee that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, sales channels or geographies of the underlying license agreements.

•for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 (9M 2023 vs 9M 2022); and

•for the three months ended September 30, 2023 compared to the three months ended September 30, 2022 (Q3 2023 vs Q3 2022).

________________________________________

________________________________________

(1)EMEA includes Europe, the Middle East and Africa.

(2)North America includes the United States of America and Canada.

(3)Latin America includes Mexico, Brazil and other Central and South American countries.

(4)APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries.

(5)Other revenues mainly include royalties.