Brokers Consensus

^{Last Update – 16/04/2025}

(*) Brokers consensus based on the average of the analysts estimates listed in the “Analyst Coverage” page.

(**) Adjusted EBIT and Adjusted EBIT Margin

Adjusted EBIT is defined as profit / (loss) before income taxes plus financial income, financial expenses, foreign exchange losses and the result from investments accounted for using the equity method, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operating activities, including, for one or all of the periods presented and as further described below, transaction costs related to acquisitions, severance indemnities and provisions for severance expenses, legal costs for trademark dispute, costs related to the Business Combination, net impairment of leased and owned stores, special donations for social responsibility, net (income)/costs related to lease agreements and certain other items.

Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period.

The Group’s management uses Adjusted EBIT and Adjusted EBIT Margin for internal reporting to assess performance and as part of the forecasting, budgeting and decision-making processes as they provide additional transparency regarding the Group’s underlying operating performance. The Group’s management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of the Group’s underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. The Group’s management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses the Group’s underlying operating performance on a consistent basis and to compare the Group’s performance with that of other companies. Accordingly, management believes that Adjusted EBIT and Adjusted EBIT Margin provide useful information to third party stakeholders in understanding and evaluating the Group’s operating results.

Note: The brokers’ consensus estimates (the “broker consensus”) for Ermenegildo Zegna N.V. (the “Company”) which are available on the Company’s website are provided for the convenience of our investors and for informational purposes only.

The broker consensus is collated from estimates submitted by third party analysts to the Company. The broker consensus figure for each line item presented represents the arithmetic average of all estimated figures submitted to the Company by analysts for that particular item. The broker consensus reflects estimates received by the Company in the last 90 days. 

Neither the broker consensus nor any analyst’s estimates or figures which have been included within it have been prepared, endorsed or verified by the Company. Any opinions, estimates or forecasts regarding the Company’s performance made by an analyst and which are included or otherwise reflected in the broker consensus are those of that analyst alone and do not represent opinions, estimates, forecasts, predictions or projections of the Company or its management.

No warranty or representation is made regarding the accuracy, completeness or validity of the information contained in the broker consensus, any research undertaken by any of the analysts, the reasonableness of any assumptions or projections used by any of the analysts or the likelihood of achieving any of the estimates or forecasts set out in the broker consensus. Neither the Company nor any of its subsidiaries (nor their respective officers, employees, and agents) accepts any liability whatsoever for any loss or damage arising from reliance on or actions taken based on, any of the information set out in the broker consensus. The broker consensus and the opinions, estimates and forecasts contained within it are forward-looking and as such are speculative, involve risk and uncertainty because they relate to events and depend on assumptions and circumstances that will or may occur in the future and which are outside the control of the Company. Actual results may differ materially from those expressed in the broker consensus. Nothing in the broker consensus should be taken as a recommendation to buy or sell any securities of the Company or to take or refrain from taking any other action or to place any reliance on any of the information included in the broker consensus.