Ermenegildo Zegna N.V. Semi-Annual Report At June 30, 2025 and for the six months ended June 30, 2025 and 2024 TABLE OF CONTENTS | | Page | | --- | --- | | BOARD OF DIRECTORS | 2 | | CERTAIN DEFINED TERMS | 2 | | INTRODUCTION | 2 | | CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 3 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 5 | | Overview | 5 | | Results of Operations | 7 | | Results by Segment | 16 | | Liquidity and Capital Resources | 21 | | Off-Bal ...