Ermenegildo Zegna N.V. TABLE OF CONTENTS Page BOARD OF DIRECTORS 2 CERTAIN DEFINED TERMS 2 INTRODUCTION 3 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 4 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 6 Overview 6 Results of Operations 8 Results by Segment 17 Liquidity and Capital Resources 22 Off-Balance Sheet Arrangements 28 Non-IFRS Financial Measures 29 Qualitative and Quantitative Information on Financial Risks 39 Recent Developments 39 SEMI-ANNUAL CONDENSE ...