Zegna Group's operating profit rises to 74.5 million in H1

Ermenegildo Zegna reported revenues of 987.3 million euros (1.15 billion dollars) in the first half, up 6 percent year-over-year and 9 percent on an organic basis. The direct-to-consumer channel drove the performance with a growth of 12 percent (+16 percent on an organic basis), accounting for 86 percent of the group's brand revenues. Meanwhile, the ongoing rationalisation of the wholesale channel across the three brands resulted in a 14.6 percent decline in wholesale revenues (-13.3 percent on an organic basis).

Zegna brand H1 revenues up 11.2 percent

Profit amounted to 28.4 million euros (a 2.9 percent profit margin), management explained in a note. This compares to 47.9 million euros in the first half of 2025, which included 27.8 million euros of non-cash income from the fair value remeasurement of liabilities for put options on minority interests.

Adjusted EBIT was 74.5 million euros, up from 68.7 million euros in the first half of 2025. This resulted in an adjusted EBIT margin of 7.5 percent (7.4 percent in H1 2025), driven by the Zegna segment's adjusted EBIT margin, which grew by 50 basis points to 14.8 percent.

As of June 30, 2026, the financial position was positive at 59.6 million euros, compared to 52.1 million on December 31, 2025.

"The results for the first half of 2026 confirm the validity of our strategy. It is based on strengthening the distinctive identity of each of our brands, building authentic relationships with their customers, and continuously innovating our supply chain, the heart of the group. The rigorous execution of our strategy led to a 9 percent organic revenue growth in the first half and an improvement in the group's adjusted EBIT margin, despite the unfavourable impact of exchange rates," emphasised Ermenegildo "Gildo" Zegna, executive chairman of the group, in the note.

"I am particularly pleased with the progress made by the Zegna segment and the further strengthening of our net financial position, which has allowed us to achieve a net cash position of 60 million euros. Although the macroeconomic and geopolitical context remains uncertain, we remain focused on generating sustainable and profitable growth, guided by our long-term vision," Zegna added.

In the first six months of 2026, the Zegna brand recorded revenues of 634.6 million euros, up 11.2 percent (+13.9 percent on an organic basis). Thom Browne's revenues were 123.1 million euros, down 4.7 percent (-0.1 percent organic). Tom Ford Fashion recorded revenues of 156.8 million euros, up 2.7 percent (+6.4 percent on an organic basis).

Revenues from the textile sector stood at 67 million euros, down 0.1 percent (-0.3 percent on an organic basis).

The group's operating profit increased to 74.5 million, compared to 68.7 million in the first half of 2025, with a margin of 7.5 percent (7.4 percent in H1 2025), driven by the Zegna segment.