Ermenegildo Zegna Group reported first-half revenues of €987.3 million, up 6.4% year over year, with direct-to-consumer sales climbing 15.8% organically to account for 86% of branded revenue, but net profit slid to €28.4 million from €47.9 million a year earlier. The profit drop was driven by a €27.8 million non-cash gain that did not repeat, a higher effective tax rate of 38.8% versus 29.6%, and a negative swing in financial expenses and foreign exchange. Group-wide adjusted EBIT rose to €74.5 million, and the Zegna segment's adjusted EBIT margin improved to 14.8%, while Thom Browne revenue fell 4.9% to €123.1 million and its adjusted EBIT swung to a loss of €8.3 million. The company also reported a net cash surplus of €59.6 million and positive free cash flow of €19.2 million, with capital expenditure rising to €64 million for a new shoe plant in Parma. Hedge fund ownership increased to 23 funds, and the stock trades at a forward P/E of 21.74.
Ermenegildo Zegna NVH1 revenue up 6.4% and adjusted EBIT higher, but net profit fell to €28.4M on a non-repeating €27.8M gain, higher 38.8% tax rate, and negative FX/financial expense swing.