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Ermenegildo Zegna (ZGN) investor relations material
Ermenegildo Zegna Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2026 consolidated revenue was €433.8m, up 8.9% YoY and 8.2% organically; 9M revenue reached €1,421.1m, up 7.2% and 8.9% organically, respectively.
DTC remained the main growth driver, led by ZEGNA across regions; management entered the final months of 2026 with cautious confidence amid global uncertainty.
Financial highlights
Q3 revenue was €433.8m versus €398.2m a year earlier; 9M revenue was €1,421.1m versus €1,325.9m. Organic growth excludes FX and acquisitions or disposals.
Q3 DTC revenue reached €335.3m, up 13.0% YoY and 11.4% organically; 9M DTC revenue was €1,118.1m, up 12.4% and 14.4% organically.
Textile revenue increased 5% in Q3, while Other revenue declined 14%; 9M Textile grew 1.4% organically and Other declined 24.1%.
Outlook and guidance
2027 targets remain at the low end of the range: €2.2bn revenue and €250m adjusted EBIT; further detail is expected entering the year.
FY2026 ZEGNA wholesale is expected to decline in the low teens; Thom Browne is expected to track broadly in line with 9M, with its FY loss expected below its H1 loss.
TOM FORD FASHION wholesale is expected to grow at a low-single-digit rate for FY2026; management expects Q4 to neutralize DTC delivery-timing effects.
Q4 began slightly better for Thom Browne and TOM FORD FASHION DTC, while ZEGNA DTC remained solid; group EBIT management is aimed at current consensus, without cost-cutting to meet guidance.
- DTC-led H1 growth, driven by ZEGNA, lifted organic revenue 9%.ZGN
Corporate presentation - Revenue up to €987.3m, DTC and margins strong, profit down on prior-year gains, outlook steady.ZGN
H1 2026 - Q2 2026 revenues up 11% to €517.1M, fueled by robust DTC growth and strong Americas performance.ZGN
Q2 2026 TU - FY 2025 revenues reached €1,917m, led by DTC growth and strong ZEGNA brand performance.ZGN
Corporate presentation - Q1 2026 revenues up 2.5% (7.4% organic) to €470.2M, led by DTC and Americas growth.ZGN
Q1 2026 TU - FY2025 profit rose 20% to €109.5M, with strong DTC growth and improved cash surplus.ZGN
H2 2025 - Q3 2025 revenues rose 4% organically, driven by 9% DTC growth and strong Americas/EMEA gains.ZGN
Q3 2025 TU - DTC growth offset wholesale and China softness, with Americas and APAC leading Q1 2025 gains.ZGN
Q1 2025 TU - Revenue up 2.2% to €1.95B, DTC drives gains, outlook cautious for 2025.ZGN
H2 2024
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Frequently asked questions
One of the leading names in high-end fashion
Ermenegildo Zegna is a luxury fashion brand that specializes in men's clothing and accessories. The company was founded in 1910 in Italy and has since become one of the leading names in the high-end fashion industry. Some of Zegna’s competitors include Kering, Brunello Cucinelli, and LVMH.
The business model
Ermenegildo Zegna's business model is based on creating and selling high-quality, luxury products to a discerning customer base. The company's product offerings include a wide range of men's clothing, including suits, jackets, trousers, and knitwear, as well as accessories such as bags, shoes, and belts. Ermenegildo Zegna's focus on quality materials and craftsmanship has helped it to establish a reputation for excellence in the fashion industry.
How Zegna makes money
Ermenegildo Zegna generates revenue primarily through sales of its products, both through its own network of retail stores and through third-party retailers. The company's retail stores are located in major cities around the world, including Milan, London, and New York. In addition, Ermenegildo Zegna also generates revenue through licensing agreements, which allow other companies to use its brand name and logo on products such as eyewear and fragrances.
Interesting facts about Zegna
Ermenegildo Zegna is a family business that has been owned and operated by the Zegna family since its inception in 1910. The company has a strong culture of family values, with a focus on preserving the family legacy and maintaining the highest standards of quality and craftsmanship in its products.
The Zegna family has played an active role in the company's operations throughout its history. Today, the company is led by the fourth generation of the Zegna family, with Gildo Zegna serving as the current CEO.
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