Ermenegildo Zegna N.V. (ZGN) Earnings
Ermenegildo Zegna N.V. is expected to report next earnings on September 3, 2026 (in NaN days), with a consensus EPS estimate of $0.17. ZGN has beaten EPS estimates in 3 of its last 6 reported quarters (average surprise +19.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 20, 2026 | $0.26 | $0.28 | +8.4% | $1.2B | -0.4% |
| Sep 5, 2025 | $0.12 | $0.20 | +68.5% | $1.1B | -0.2% |
| Jun 26, 2025 | $0.15 | $0.21 | +40.6% | $1.0B | +11.2% |
| Sep 18, 2024 | $0.18 | $0.11 | -41.5% | $1.0B | +5.6% |
| Sep 15, 2023 | $0.22 | $0.20 | -6.6% | $985M | +0.0% |
| Oct 27, 2022 | $0.12 | $0.06 | -46.7% | $763M | +2.1% |
| Jun 7, 2022 | — | $-0.91 | — | $784M | +0.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Q1 2026 group revenues 417 million, up 7%, sequential acceleration. DTC up 14% at group level, Americas up 17%, GCR up 5%. - Zegna: €310 million, up 11%, DTC solid across regions. - Tom Brown: 58 million euro, down 3%, strong DTC offset by wholesale contraction. - Tom for fashion: 68 million euro, up 5% organic, boosted by DTC. - Textile: plus 3%, soft demand. - Sustainability achievements in 2025: 42% of top priority raw material sourced from traceable and lower impact sources, aiming for 50% in 2026; gender equality certification for Italian entities of Zegna brand; included in A-list recognition in CDP climate; Accademia dei Maestri trained over 50 maestri. - Recent projects: Thom Browne ASICS limited edition sneaker launch, Zegna founder suite at Art Basel Hong Kong, Zegna summer 27 fashion show in LA, Tom Ford fashion show success and store openings in Mexico. - Middle East: 16 DOS open, implemented actions to contain inventory and adjust costs, revenue decline double digit but more contained than traffic decline
Guidance
- Conbrano's sale in 2026 expected to be down double digit but less than first quarter. - Aim to grow raw material sourced from traceable and lower impact sources to 50% in 2026. - Expect DTC performance for Zegna brand in Q2 broadly in line with Q1 excluding Middle East. - Tom Brown ASICS collaboration revenue trend to normalize in Q2 by adjusting ASICS effect. - Tom Ford Fashion spring summer collection well received, April continues good trend. - Full year margin expected to be sideways, with investment in IT and currency headwinds impacting bottom line
Segment performance
In Q1 2026, the group reported 417 million in revenues, up 7%. DTC channel was up 14% at group level. Zegna recorded €310 million, up 11%. Tom Brown had 58 million euro revenues, down 3%. Tom for fashion had 68 million euro revenues, up 5%. Textile performance was plus 3%. EMEA represented 33% of group revenues, up 1%. Americas represented 29% of group revenues, up 17%. Greater China region represented 26% of group revenues, up 5%. Rest of APAC represented 12% of group revenues, up 8%. Zegna DTC revenues accounted for 88% of brand revenues, up 14% organic. Tom Brown had 20% DTC growth in acceleration due to ASICS launch. Tom Ford Fashion had 9% growth in DTC. Textile performance was plus 3%
Risks & headwinds
- Foreign exchange impacts on results. - Uncertainties in the Middle East situation affecting trading. - Volatility in the textile sector demand. - Potential impact of strategic decisions on wholesale channels on future performance. - Currency headwinds affecting margin
Analyst Q&A
Q: Chris Huang from UBS asked about Chinese consumer market for Xenia and incremental revenues from Tom Brown ASICS collaboration.
A: Chinese cluster for Xenia turned positive in Q1, but full year cautious as volatility exists. ASICS is an important contributor to Tom Brown's DTC growth but not the only driver.
Q: Natasha Bonet from Morgan Stanley asked about pricing contribution and volume, mix, pricing trend in Q1, and new vs existing clients for Zegna.
A: Pricing contribution mid-single digits. Volume, mix, pricing trends vary by brand. Zegna seeing increased new clients, with fragrance collection and sumisura as entry doors.
Q: Bumi Karnabar with Jefferies asked about Middle Eastern cluster performance and personalization in brands.
A: Middle East cluster year-to-date flat. Sumisura for Zegna brand around 10% growing, minimal for Tom Brown and Tom Ford but working to increase.
Q: Maria Mehta with Bernstein asked about Tom Ford's men's and women's wear split, leather goods, and 2027 guidance.
A: Tom Ford men's and women's wear split 70-30. Working on leather goods and knitwear. Confident in 2027 guidance lower part of range.
Q: Chris Gao from CLSA asked about 2Q trend, D2C, GP margin, and new customer profile.
A: DTC trending in line with Q1 excluding Middle East. Margin not focused on today. New customers from various entry doors.
Q: Adrian Duzaga with Goldman Sachs asked about performance by cluster, wholesale trends, and margin phasing.
A: North America solid, China cluster positive, Europe double digit growth. Wholesale expected to go down. Margin sideways with investment in IT and currency headwinds.
Q: Anthony Chachafi with BNP asked about China category performance, store closures, Xenia DTC, and wholesale to retail shift.
A: China growth driven by luxury leisure, not just tailoring. Store closures have retention plans. Xenia DTC driven by price, mix, and number of tickets. Wholesale strategic to contain iconic items, shifting to retail.
Q: Oliver Chan with TD Cowen asked about Zegna brand outperforming regions, China tourism, and Middle East strategies.
A: Zegna outperformance in Latin America, Europe, Japan, Korea. China tourism not as expected. Middle East better performance due to relationship resilience