Ermenegildo Zegna H1 2026 Revenues Up 6.4% to €987M; Profit Declines
Ermenegildo Zegna N.V. announced its first half 2026 results, reporting revenues of €987.3 million, a 6.4% increase year-over-year, driven by strong direct-to-consumer (DTC) performance with 15.8% organic growth. While revenues grew, the reported profit for the period was €28.4 million, a decrease from €47.9 million in the prior year, largely due to the absence of significant non-cash gains recorded in H1 2025. However, Adjusted EBIT saw an improvement, rising to €74.5 million from €68.7 million, with the Adjusted EBIT Margin slightly increasing to 7.5%. The Zegna brand showed robust growth, while Thom Browne experienced a revenue decline and negative profitability, and Tom Ford Fashion saw modest revenue growth with improved profitability.
Key Highlights
- Ermenegildo Zegna Group reported H1 2026 revenues of €987.3 million, a 6.4% increase YoY and 9.3% organic growth.
- Profit for H1 2026 was €28.4 million, down from €47.9 million in H1 2025, which included significant non-cash gains.
- Adjusted EBIT increased to €74.5 million in H1 2026 from €68.7 million in H1 2025, with Adjusted EBIT Margin at 7.5%.
- Direct-to-consumer (DTC) revenues grew 12.1% YoY and 15.8% organically, now representing 86% of Group's branded revenues.
- Zegna segment revenues increased 9.7% YoY to €724.3 million, with an improved Adjusted EBIT Margin of 14.8%.
- Thom Browne segment revenues decreased 4.9% YoY to €123.1 million, and reported negative Adjusted EBIT of €8.3 million.
- Tom Ford Fashion segment revenues grew 2.7% YoY to €156.8 million, with a reduced negative Adjusted EBIT of €12.1 million.
- Net cash surplus was €59.6 million at June 30, 2026, compared to €52.1 million at December 31, 2025.
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