UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Ermenegildo Zegna N.V. (NYSE:ZGN) Q4 2024 Earnings Conference Call January 27, 2025 8:00 AM ET Company Participants Gildo Zegna - Chief Executive Officer Gianluca Tagliabue - Chief Financial Officer Paola Durante - Chief of External Relations Conference Call Participants Anthony Charchafji - BNP Paribas Oliver Chen - TD Cowen Louise Singlehurst - Goldman Sachs Natasha Bonnet - Morgan Stanley Daria Nasledysheva - Bank of America Operator Good afternoon and good morning, everyone. Thank you for joining us on ...

FY/Q4 2024 PRELIMINARY REVENUES Unaudited figures January 27, 2025 1 Disclaimer Non-IFRS Financial Measures The Group'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 or organic). The Group's management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group's financial ...

Financial Data and Key Metrics Changes - For the first nine months, revenues reached €1,357 million, up 2% year-on-year on a reported basis, with a 3% increase in constant currency, but a 4% decline in organic terms [10] - In Q3, the Group reported revenues of €397 million, down 8% year-on-year on a reported basis, with a 6% decline in constant currency and a 7% decrease in organic terms [11][12] - The Zegna segment contributed €944 million, with the ZEGNA brand up 5% organically, while Thom Browne and Tom Ford Fashion segments reported revenues of €220 million and €214 million respectively [11] Business Line Data and Key Metrics Changes - The ZEGNA brand recorded a 3% organic growth in Q3, driven by a 4% increase in the DTC channel, with strong performance in EMEA, Americas, and Japan [12][18] - Thom Browne's revenues in Q3 were €53 million, down 27% organically, primarily due to the decision to streamline the wholesale business and challenges in Greater China [13] - Tom Ford Fashion reported Q3 revenues of €65 million, down 11% organically, with a positive DTC channel growth of 3% [14][21] Market Data and Key Metrics Changes - The Greater China region saw a revenue decline of 22% in Q3, attributed to subdued consumer confidence [16] - EMEA recorded a -2% organic growth in Q3, with positive performance from the ZEGNA brand offset by declines in wholesale for Thom Browne and Tom Ford Fashion [15] - The Americas experienced a -3% organic growth in Q3, with DTC channel performing well but negatively impacted by wholesale performance [15] Company Strategy and Development Direction - The company is focusing on long-term brand reinforcement despite short-term impacts on results, including streamlining Thom Browne's wholesale business and investing in marketing and retail talent [8][9] - The appointment of Haider Ackermann as Creative Director for Tom Ford Fashion aims to enhance the brand's potential, with new collections expected in mid-2025 [8] - The strategy includes a shift towards DTC channels and a focus on high-quality customer interactions, particularly in China [27][50] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the Chinese market, indicating that challenges may persist into early 2025, but noted positive signs such as increasing average selling prices and attracting younger customers [25][26] - The company anticipates a stronger position in 2025, with careful planning and investment in brands and talent [9] - Management acknowledged the volatility in the current environment but remains committed to executing their strategy effectively [33][34] Other Important Information - The company opened several new stores in Q3, including locations in New York and Beijing, and plans to continue expanding its retail footprint [3][4][18] - The DTC channel grew 1% organically in Q3, with significant contributions from ZEGNA and Tom Ford Fashion, while wholesale performance declined by 24% [17] Q&A Session Summary Question: Insights on China consumer confidence and future expectations - Management indicated that consumer confidence in China remains subdued, with expectations of continued challenges into early 2025, but noted positive trends in younger customer engagement and average selling prices [25][26] Question: Current trading in October and margin expectations - October performance has been slightly better than Q3, but management remains cautious due to ongoing volatility [33] Question: Confirmation of Thom Browne wholesale guidance - Management confirmed a guidance of -35% for Thom Browne wholesale for the full year, indicating a decline in Q4 but at a lower extent than year-to-date metrics [34] Question: Performance of ZEGNA brand DTC and geographical insights - Positive growth was noted from European and American customers, while Greater China residents showed a mid-teens negative performance, primarily driven by Mainland China [38][39] Question: Evolution of retail store footprint in China - Management is focused on increasing store productivity and enhancing customer engagement, with plans for further store openings and consolidations as needed [49][50] Question: Pricing strategy across brands - The company plans moderate price increases to offset cost inflation and currency fluctuations, without a structural repositioning of prices [54][55]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|--------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q3/9M 2024 REVENUES Unaudited figures October 22, 2024 | | | | | | 1 Disclaimer Non-IFRS Financial Measures The Group's management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: re ...

Company and Industry Overview * **Company**: Ermenegildo Zegna N.V. (NYSE:ZGN) * **Industry**: Luxury fashion and accessories * **Timeframe**: H1 2024 * **Key Challenges**: Deep normalization phase in the luxury sector, volatile and challenging global environment Core Points and Arguments * **One Brand Strategy**: Zegna is doubling down on its One Brand strategy, focusing on targeted audience engagement, evolving clientele experience, and transforming collections into iconic products. * **VILLA Zegna New York**: Launched to celebrate Zegna's heritage and engage with value customers through immersive experiences and exclusive events. * **Thom Browne**: Significant changes and reinforcement of the management team, with a focus on strengthening the organization in China, headquarters, and other regions. * **Tom Ford**: Haider Ackermann appointed as new Creative Director, expected to contribute to the brand's long-term ambition. * **Filiera**: Continued investment in Filiera to strengthen production capacity and resilience. * **China**: Challenging and volatile environment, but with positive traction from potential and loyal customers. Plans for store development and expansion are being reconsidered. * **Financial Results**: 6% revenue growth year-over-year driven by Zegna brand and Tom Ford consolidation. Gross profit margin improved by 220 bps to 66.4%. Adjusted EBITDA down 33% compared to H1 2023 due to top-line decline at Thom Browne and costs at Tom Ford Fashion. * **Investments**: Continued investment in key projects, including the new shoe factory in Parma, Italy, and store network expansion. Other Important Points * **Channel Mix**: Direct-to-consumer (DTC) revenue generated 76% of branded revenues, up from 72% a year ago. * **Inventory Management**: Improved inventory management contributed to the gross profit margin improvement. * **Marketing Expenses**: Increased to 7% of revenues due to events and fashion shows in the first half of the year. * **Capital Expenditures (CapEx)**: Reached EUR60 million in H1 2024, with a focus on store network expansion and production investments. * **Trade Working Capital**: Reached EUR476 million at the end of June, with stable trade receivables and inventory levels. * **Net Financial Indebtedness**: Reached EUR66 million at the end of June due to the acquisition of a stake in Thom Browne and the Korean businesses in Zegna and Thom Browne.

Ermenegildo Zegna N.V. TABLE OF CONTENTS Page BOARD OF DIRECTORS 2 CERTAIN DEFINED TERMS 2 INTRODUCTION 3 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 4 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 6 Overview 6 Results of Operations 8 Results by Segment 17 Liquidity and Capital Resources 22 Off-Balance Sheet Arrangements 28 Non-IFRS Financial Measures 29 Qualitative and Quantitative Information on Financial Risks 39 Recent Developments 39 SEMI-ANNUAL CONDENSE ...

Financial Data and Key Metrics Changes - In H1 2024, the Group reported €960 million in revenue, reflecting a 6% growth reported and 8% at constant currency [21][28] - Q2 contributed €497 million, up 5% year-on-year, with improved underlying organic growth from minus 5% in Q1 to flat in Q2 [21][28] - On an organic basis, Group revenues in H1 were down 2.7%, with Q2 organic growth at minus 0.4% [10][21] Business Line Data and Key Metrics Changes - The Zegna segment recorded positive organic growth in Q2 despite a flat performance in the textile business [10] - Thom Browne revenues in Q2 reached €88 million, down 18% in organic terms, showing improvement from minus 35% in Q1 [11] - TOM FORD FASHION revenues reached €83 million in Q2, with a DTC contribution close to 60% of brand revenues [17] Market Data and Key Metrics Changes - The Americas region recorded a 5% organic growth in Q2, driven by Zegna's strong performance [13] - Greater China region revenues declined by 10% organically in Q2, showing slight improvement from minus 13% in Q1 [13] - Japan showed strong double-digit organic growth for both Zegna and Thom Browne in Q2 [14] Company Strategy and Development Direction - The company aims to create a stronger, more global, and diversified luxury business, focusing on expanding TOM FORD into women's wear and leather goods [22] - The VILLA Zegna initiative aims to enhance customer engagement through immersive experiences [6][7] - The company is working on upscaling the sales team and improving merchandising, particularly in China [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current global consumer environment as difficult to read, with rising volatility and uncertainty [26] - The company is focused on cost control while maintaining product authenticity and desirability [26] - Management remains optimistic about the potential for growth in the TOM FORD brand despite recent leadership changes [3][66] Other Important Information - The company integrated TOM FORD FASHION into its operations since April 29, 2023, impacting revenue reporting [9] - The textile performance was influenced by decreased demand from non-captive brands, leading to a decline in third-party brand revenues [12] Q&A Session All Questions and Answers Question: Can you comment on the organic performance in June versus the quarter and July trading, especially with the Chinese cluster? - Management indicated that the exit rate in July is not materially different from the average for Q2, with similar patterns observed across regions [36][68] Question: What are the implications of Peter Hawkings stepping down as Creative Director of TOM FORD? - Management confirmed that a successor will be announced soon and emphasized confidence in the ongoing leadership of TOM FORD FASHION [66] Question: How do you see the performance of Thom Browne in the coming quarters? - Management noted that the trend of Q2 is more reasonable for projecting the second half, with expectations for improved performance [73] Question: What is the outlook for Zegna in Greater China regarding traffic and sales? - Management confirmed that traffic is the primary driver of the decline, with good results in other retail metrics [104]

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|---------------|-------------------|-------|------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | July 25, 2024 | Unaudited figures | | H1 2024 PRELIMINARY REVENUES | | 1 Disclaimer Non-IFRS Financial Measures The Group's management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: revenues ...

Investors with an interest in Retail - Apparel and Shoes stocks have likely encountered both Ermenegildo Zegna N.V. (ZGN) and Deckers (DECK) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highli ...