$ZGN

Ermenegildo Zegna N.V.

CIK:0001877787|SEC Filings

Consolidated Statement of Profit and Loss - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenues	€ 1,916,947	€ 1,946,647	€ 1,904,549
Cost of sales	(622,910)	(650,087)	(680,235)
Gross profit	1,294,037	1,296,560	1,224,314
Selling, general and administrative expenses	(1,033,871)	(1,008,324)	(901,364)
Marketing expenses	(120,686)	(121,384)	(114,802)
Operating profit	139,480	166,852	208,148
Financial income	41,509	26,028	37,282
Financial expenses	(50,471)	(51,995)	(68,121)
Foreign exchange gains/(losses)	9,000	(11,338)	(5,262)
Result from investments accounted for using the equity method	524	1,061	(2,953)
Profit before taxes	140,042	130,608	169,094
Income taxes	(30,555)	(39,747)	(33,433)
Profit	109,487	90,861	135,661
Attributable to:
Shareholders of the Parent Company	98,582	77,083	121,529
Non-controlling interests	€ 10,905	€ 13,778	€ 14,132
Basic earnings per share in Euro (in EUR per share)	€ 0.38	€ 0.31	€ 0.49
Diluted earnings per share in Euro (in EUR per share)	€ 0.38	€ 0.30	€ 0.48

Consolidated Cash Flow Statement - EUR (€) € in Thousands	12 Months Ended
Consolidated Cash Flow Statement - EUR (€) € in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income / (loss)	€ 109,487	€ 90,861	€ 135,661
Income taxes	30,555	39,747	33,433
Depreciation, amortization and impairment of assets	259,923	235,950	194,952
Financial income	(41,509)	(26,028)	(37,282)
Financial expenses	50,471	51,995	68,121
Foreign exchange (gains)/losses	(9,000)	11,338	5,262
Accruals to the provision for obsolete inventory	2,472	25,745	31,850
Accruals/(Releases) for other provisions	8,445	8,180	(1,168)
Result from investments accounted for using the equity method	(524)	(1,061)	2,953
Other non-cash expenses, net	47,738	51,253	66,641
Change in inventories	(23,606)	(5,896)	(72,770)
Change in trade receivables	(3,048)	(12,572)	(51,022)
Change in trade payables including customer advances	24,166	(13,098)	11,670
Change in other operating assets and liabilities	(42,971)	(86,373)	(29,765)
Interest paid	(39,590)	(38,140)	(29,166)
Income taxes paid	(37,450)	(52,772)	(53,988)
Net cash flows from operating activities	335,559	279,129	275,382
Investing activities
Payments for property, plant and equipment	(80,504)	(100,104)	(57,034)
Payments for intangible assets	(22,392)	(25,425)	(20,843)
Payments related to right-of-use assets	(2,917)	0	0
Proceeds from disposals of non-current financial assets	289	334	2,345
Payments for purchases of non-current financial assets	(1,168)	(4,174)	(2,623)
Proceeds from the sale of investment	0	7,582	0
Proceeds from disposals of current financial assets and derivative instruments	16,306	41,421	270,317
Payments for acquisitions of current financial assets and derivative instruments	(15,135)	(26,341)	(36,956)
Business combinations, net of cash acquired	0	(19,307)	(117,686)
Acquisition of investments accounted for using the equity method	(4,394)	0	(15,734)
Net cash flows (used in)/from investing activities	(109,915)	(126,014)	21,786
Financing activities
Repayments of borrowings	(178,738)	(290,781)	(306,150)
Proceeds from borrowings	49,937	259,720	204,424
Payments of lease liabilities	(147,671)	(143,549)	(125,732)
Repayments of other non-current financial liabilities	(110)	0	0
Deferred payments for business combinations	(9,086)	0	0
Sales of shares held in treasury	107,216	0	3,654
Dividends to owners of the parent	(30,491)	(30,290)	(25,031)
Dividends paid to non-controlling interests	(6,832)	(6,132)	(6,068)
Contribution from non-controlling interests	721	0	0
Payments for acquisition of non-controlling interests	0	(23,502)	0
Proceeds from the exercise of warrants	0	0	4,409
Net cash flows used in financing activities	(215,054)	(234,534)	(250,494)
Effects of exchange rate changes on cash and cash equivalents	(9,599)	4,270	(4,716)
Net increase/(decrease) in cash and cash equivalents	991	(77,149)	41,958
Cash and cash equivalents at the beginning of the year	219,130	296,279	254,321
Cash and cash equivalents at the end of the year	€ 220,121	€ 219,130	€ 296,279

Consolidated Statement of Financial Position - EUR (€) € in Thousands	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Intangible assets	€ 554,086	€ 614,363
Property, plant and equipment	211,244	204,806
Right-of-use assets	652,441	581,437
Investments accounted for using the equity method	24,181	19,690
Deferred tax assets	164,047	166,029
Other non-current financial assets	38,496	41,486
Total non-current assets	1,644,495	1,627,811
Current assets
Inventories	506,903	521,015
Trade receivables	227,087	248,790
Derivative financial instruments	7,055	1,711
Tax receivables	33,142	32,505
Other current financial assets	77,432	77,269
Other current assets	118,473	105,742
Cash and cash equivalents	220,121	219,130
Total current assets	1,190,213	1,206,162
Total assets	2,834,708	2,833,973
Liabilities and Equity
Equity attributable to shareholders of the Parent Company	1,031,011	916,120
Equity attributable to non-controlling interests	68,070	66,767
Total equity	1,099,081	982,887
Non-current liabilities
Non-current borrowings	162,123	196,401
Other non-current financial liabilities	105,632	146,448
Non-current lease liabilities	590,652	518,728
Non-current provisions for risks and charges	20,697	23,550
Employee benefits	30,100	34,945
Deferred tax liabilities	76,031	78,129
Total non-current liabilities	985,235	998,201
Current liabilities
Current borrowings	84,066	177,166
Current lease liabilities	140,937	142,957
Derivative financial instruments	4,576	15,138
Current provisions for risks and charges	23,098	16,792
Trade payables and customer advances	326,245	309,771
Tax liabilities	26,762	32,389
Other current liabilities	144,708	158,672
Total current liabilities	750,392	852,885
Total equity and liabilities	€ 2,834,708	€ 2,833,973