Ermenegildo Zegna Group (ZGN) H1 FY26 earnings call

Ermenegildo Zegna Group reported solid first-half 2026 results, driven by strong performance in the Zegna brand and favorable DTC channel mix, which supported gross profit and adjusted EBIT expansion. The Thom Browne segment, however, faced headwinds from foreign exchange and ongoing transition costs, leading to a negative EBIT. Management is actively working on the Thom Browne turnaround, expecting H2 profitability and a near breakeven full-year EBIT, while maintaining confidence in its full-year adjusted EBIT consensus and long-term targets.