Financial Performance - Consolidated revenues reached €928 million, a decrease compared to €960 million in H1 2024, with a -2% organic growth[8] - Gross profit was €626 million with a 675% margin, compared to €637 million and 664% margin in H1 2024[7, 10] - Adjusted EBIT was €69 million with a 74% margin, down from €81 million and 84% margin in H1 2024[7, 17] - Profit reached €479 million, a +53% increase compared to H1 2024, with the profit margin rising to 52% from 33%[7, 19] Segment Performance - ZEGNA segment revenues were €660 million, with an Adjusted EBIT of €94 million and a margin of 143%, up from €85 million and 128% in H1 2024[15] - THOM BROWNE segment revenues were €129 million, with an Adjusted EBIT of €4 million and a margin of 35%, significantly lower than the 121% margin in H1 2024[15] - TOM FORD FASHION segment revenues were €153 million, with a negative Adjusted EBIT of €19 million, compared to negative €12 million in H1 2024[15] Channel and Geographic Performance - Direct-to-Consumer (DTC) channel accounted for 82% of total branded products revenues in H1 2025, up from 76% in H1 2024[11] - Total Direct to Consumer revenues reached €698035 thousand, a 42% increase compared to €669599 thousand in H1 2024[46] - Greater China Region revenues decreased by 162% to €223101 thousand, compared to €266324 thousand in H1 2024[48] Capital and Cash Flow - Capital expenditure (Capex) in H1 2025 was €54 million, compared to €60 million in H1 2024[24] - Trade working capital was €442 million as of June 30, 2025, down from €476 million as of June 30, 2024[24] - Free Cash Flow was negative €23109 thousand[76]