Ermenegildo Zegna (ZGN) Q2 2026 TU earnings summary

Executive summary

• Q2 2026 revenues reached €517.1 million, up 11% year-over-year and 11% organically, with strong DTC momentum and sequential acceleration across all brands.

• H1 2026 consolidated revenues totaled €987.3 million, up 6.4% year-over-year and 9.3% organically.

• DTC revenues accelerated, growing 16% organically in H1 and 17% in Q2, with DTC accounting for 86% of branded revenue in Q2.

• ZEGNA brand led growth with €324.3 million in Q2 revenues (+16.9% YoY, +16.5% organic), driven by DTC and strong performance in all regions.

• Americas and Greater China showed robust growth, with Americas up 20% and Greater China up 12.2% YoY in Q2.

Financial highlights

• ZEGNA brand H1 revenues: €634.6 million (+11.2% YoY, +13.9% organic); DTC +16% organic in H1 (+18% in Q2).

• Thom Browne Q2 revenues: €64.9 million (flat YoY, +2.7% organic); H1: €123.1 million (-4.7% YoY, -0.1% organic); DTC +18% organic in H1 (+16% in Q2).

• TOM FORD FASHION Q2 revenues: €89.1 million (+4.5% YoY, +7.1% organic); H1: €156.8 million (+2.7% YoY, +6.4% organic); DTC +11% organic in H1 (+13% in Q2).

• Textile and Other revenues declined, reflecting lower sales to third-party brands.

• Rest of APAC delivered 19% organic growth in Q2, led by Korea and Japan.

Outlook and guidance

• Management remains confident in achieving 2026 full-year consensus and 2027 EBIT targets, focusing on disciplined investment and a retail-first, client-centric model.

• Second half of 2026 expected to be more challenging due to tough comparisons and non-recurring Q2 events.

• Wholesale channel for ZEGNA expected to decline low double digits by year-end; Thom Browne wholesale to be down ~30%.

• Cautious on margin expansion due to ongoing investments and FX headwinds.