Ermenegildo Zegna reported its first-half 2026 adjusted EBIT increased to slightly over €74 million from €69 million a year earlier, driven by a higher direct-to-consumer mix and operating leverage. However, reported profit fell to €28 million from €48 million in the prior-year period, largely due to the absence of a €28 million gain from remeasuring the Thom Browne put-option liability in the previous year. Management expects 2026 adjusted EBIT to be approximately €195 million and reiterated its 2027 targets of €2.2 billion in revenue and €250 million in adjusted EBIT. The Thom Browne segment recorded an adjusted EBIT loss of €8 million in H1 2026, compared to a €4 million profit in H1 2025, but is expected to return to positive adjusted EBIT in the second half. Wholesale sales are not anticipated to be a growth driver in 2026.