Ermenegildo Zegna (ZGN) Q3 2026 TU earnings summary

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.