Ermenegildo Zegna Group Reports First Half 2026 Revenues of €987 Million With Profit at €28 Million and Adjusted EBIT at €74 Million
Ermenegildo Zegna Group reported H1 2026 revenues of €987.3 million, up 6.4% year-over-year and 9.3% organic, with direct-to-consumer growing 12.1% and now representing 86% of branded revenues. Adjusted EBIT rose to €74.5 million from €68.7 million, lifting the margin to 7.5%, while IFRS profit fell to €28.4 million from €47.9 million — a decline driven largely by €27.8 million of non-cash put-option gains in the prior-year base, higher net financial expenses, and a 38.8% effective tax rate.
Key figures
- Eps
- €0.09 (basic and diluted, vs €0.17 in H1 2025)
- Revenue
- €987.3 million
- Revenue Yoy
- +6.4%
- Capex
- €64.0 million (6.5% of revenues)
- Dtc growth
- +12.1% YoY (+15.8% organic), 86% of branded revenues
- Net profit
- €28.4 million (2.9% margin vs 5.2% in H1 2025)
- Q2 revenue
- €517.1 million (+10.3% YoY, +11.0% organic)
- Gross profit
- €667.8 million (67.6% margin)
- Adjusted ebit
- €74.5 million (7.5% margin, +10bps YoY)
- Free cash flow
- €19.2 million (vs -€23.1 million in H1 2025)
- Organic growth
- +9.3%
- Net cash surplus
- €59.6 million at June 30, 2026 (vs €52.1 million at Dec 31, 2025)
- Operating profit
- €68.5 million (vs €61.3 million)
- Wholesale growth
- -14.6% YoY
- Effective tax rate
- 38.8% (vs 29.6%)
- Thom browne revenue
- €123.1 million (-4.9% YoY), adjusted EBIT -€8.3 million
- Net profit prior year
- €47.9 million
- Zegna segment revenue
- €724.3 million (+9.7% YoY), adjusted EBIT margin 14.8% (+50bps)
- Tom ford fashion revenue
- €156.8 million (+2.7% YoY), adjusted EBIT -€12.1 million
AI analysis
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