XML 46 R22.htm IDEA: XBRL DOCUMENT
v3.26.1

Property, plant and equipment | 12 Months Ended
--- | ---
Dec. 31, 2025
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, plant and equipment | 15. Property, plant and equipment The following table presents a breakdown for property, plant and equipment.
(€ thousands) | Land and buildings |  | Plant and machinery |  | Industrial and commercial equipment |  | Leasehold improvements |  | Other tangible assets |  | Tangible assets under construction and advances |  | Total
Historical cost at January 1, 2024 | 8,581 |  | 161,755 |  | 162,500 |  | 251,565 |  | 6,429 |  | 5,426 |  | 596,256
Additions | 8,884 |  | 8,482 |  | 22,812 |  | 47,297 |  | 376 |  | 11,971 |  | 99,822
Disposals | — |  | (3,876) |  | (16,726) |  | (12,941) |  | (86) |  | (21) |  | (33,650)
Business combinations | — |  | — |  | 109 |  | 877 |  | — |  | 28 |  | 1,014
Exchange differences | 5 |  | (15) |  | 4,768 |  | 9,587 |  | 16 |  | 39 |  | 14,400
Reclassifications | (77) |  | 528 |  | 1,948 |  | (207) |  | 375 |  | (6,541) |  | (3,974)
Balance at December 31, 2024 | 17,393 |  | 166,874 |  | 175,411 |  | 296,178 |  | 7,110 |  | 10,902 |  | 673,868
Additions | 1,100 |  | 7,393 |  | 19,379 |  | 26,355 |  | 580 |  | 26,698 |  | 81,505
Disposals | — |  | (2,750) |  | (5,910) |  | (18,565) |  | (304) |  | (179) |  | (27,708)
Business combinations | — |  | — |  | 632 |  | — |  | — |  | — |  | 632
Exchange differences | — |  | (36) |  | (13,012) |  | (26,544) |  | (94) |  | (689) |  | (40,375)
Reclassifications | (1) |  | 931 |  | 2,626 |  | 9,386 |  | 311 |  | (12,964) |  | 289
Balance at December 31, 2025 | 18,492 |  | 172,412 |  | 179,126 |  | 286,810 |  | 7,603 |  | 23,768 |  | 688,211
Accumulated depreciation at January 1, 2024 | (4,437) |  | (134,701) |  | (128,912) |  | (164,147) |  | (4,451) |  | — |  | (436,648)
Depreciation | (239) |  | (6,756) |  | (14,666) |  | (31,440) |  | (819) |  | — |  | (53,920)
Impairment | — |  | (108) |  | (1,642) |  | (1,483) |  | — |  | — |  | (3,233)
Disposals | — |  | 3,845 |  | 16,320 |  | 12,474 |  | 188 |  | — |  | 32,827
Exchange differences | (5) |  | 7 |  | (4,334) |  | (7,781) |  | 2 |  | — |  | (12,111)
Reclassifications | 98 |  | 33 |  | (1,672) |  | 5,638 |  | (74) |  | — |  | 4,023
Balance at December 31, 2024 | (4,583) |  | (137,680) |  | (134,906) |  | (186,739) |  | (5,154) |  | — |  | (469,062)
Depreciation | (242) |  | (7,267) |  | (15,646) |  | (34,070) |  | (446) |  | — |  | (57,671)
Impairment | — |  | 22 |  | (1,312) |  | (3,736) |  | — |  | — |  | (5,026)
Disposals | — |  | 2,626 |  | 5,326 |  | 17,979 |  | 290 |  | — |  | 26,221
Exchange differences | — |  | 12 |  | 10,791 |  | 19,001 |  | 61 |  | — |  | 29,865
Reclassifications | 2 |  | (10) |  | (1,364) |  | 259 |  | (181) |  | — |  | (1,294)
Balance at December 31, 2025 | (4,823) |  | (142,297) |  | (137,111) |  | (187,306) |  | (5,430) |  | — |  | (476,967)
Carrying amount at: |  |  |  |  |  |  |  |  |  |  |  |  |
January 1, 2024 | 4,144 |  | 27,054 |  | 33,588 |  | 87,418 |  | 1,978 |  | 5,426 |  | 159,608
December 31, 2024 | 12,810 |  | 29,194 |  | 40,505 |  | 109,439 |  | 1,956 |  | 10,902 |  | 204,806
December 31, 2025 | 13,669 |  | 30,115 |  | 42,015 |  | 99,504 |  | 2,173 |  | 23,768 |  | 211,244
Directly operated stores (DOSs) The Group’s tests the non-current assets of its DOSs that are amortized or depreciated on a systematic basis for impairment if any indicators of impairment are identified or if there are changes to planning assumptions that could suggest that the carrying amount of the assets is not recoverable. For this purpose, the Group conducts a triggering event test for each DOS store. If defined year-on-year profitability indicators are not achieved, the non-current assets of the store in question are tested for impairment. The impairment test of DOSs assets takes into consideration those right-of-use assets, intangible assets and property, and plant and equipment elements relating to directly operated stores of the Zegna segment, Thom Browne segment and Tom Ford Fashion segment. The result of the impairment test of DOSs on the consolidated financial statements is obtained by comparing the recoverable amount, based on the value in use, of each CGU or group of CGUs with the carrying amount of the tangible and intangible assets allocated to the CGU, including leases recognized in accordance with IFRS 16. The main assumptions applied by management to calculate the recoverable amount of the Group’s DOSs for the impairment test are described below and presented in the subsequent sensitivity analysis tables. •Discount rate (WACC): The rate used to discount cash flows was calculated using the pre-tax WACC rate. The WACC rate was calculated for each CGU and group of CGUs subject to impairment, considering the parameters specific to the geographical areas of the CGUs: market risk premium and sovereign bond yield; •Revenues for the forecast period: The revenues CAGR applied by management to calculate the expected future cash flows, and •Terminal value growth rate (growth rate used to extrapolate cash flows beyond the forecast period): Reflects the long-term growth expectations and is determined by applying a long‑term growth rate to projected cash flows over a finite terminal period following the explicit forecast period. The finite terminal period is generally ten years. Impairment test results and sensitivity analysis The following table presents the results of the impairment tests performed over the Group’s DOSs, as well as sensitivity analyses performed to verify whether reasonably possible changes in the main assumptions used to determine the recoverable amount of the DOSs would significantly affect the results of the impairment tests.
|  |  | Existing assumptions |  | Sensitivity effects on impairment
(€ millions, except percentages and basis points) | Impairment |  | WACC (%) |  | Revenues CAGR (%) vs. current year |  | Growth rate (%) |  | WACC +100 bps |  | Revenues -250 bps |  | Growth rate -50 bps
Zegna segment DOSs |  |  |  |  |  |  |  |  |  |  |  |  |
2025 | (4,129) |  | 8.06% / 14.31% |  | -7.0% |  | 1.50% / 4.00% |  | (4,484) |  | (4,850) |  | (4,186)
2024 | (4,150) |  | 8.05% / 14.09% |  | +6.7% |  | 1.00% / 4.00% |  | (4,734) |  | (5,084) |  | (4,262)
Thom Browne segment DOSs |  |  |  |  |  |  |  |  |  |  |  |  |
2025 | (495) |  | 10.32% / 14.15% |  | +24.5% |  | 2.00% / 3.00% |  | (605) |  | (688) |  | (513)
2024 | (2,957) |  | 10.66% / 13.06% |  | +11.1% |  | 2.50% / 3.00% |  | (3,032) |  | (3,614) |  | (2,969)
Tom Ford Fashion segment DOSs |  |  |  |  |  |  |  |  |  |  |  |  |
2025 | (10,415) |  | 9.52% / 13.66% |  | +12.1% |  | 2.00% / 3.00% |  | (10,654) |  | (11,438) |  | (10,433)
2024 | (4,089) |  | 8.45%/13.14% |  | +16.9% |  | 2.00% / 3.00% |  | (4,323) |  | (4,620) |  | (4,140)
The results of the sensitivity analyses showed that negative changes in the main assumptions could lead to additional impairment losses. The following tables present the impairment and the reversal of impairment that was recognized in relation to the Group’s DOSs in 2025, 2024 and 2023.
| For the year ended December 31, 2025
(€ thousand) | Property, plant and equipment |  | Right-of-use assets |  | Intangible assets
DOSs impairment |  |  |  |  |
Zegna segment | 1,671 |  | 2,450 |  | 8
Thom Browne segment | 251 |  | 244 |  | —
Tom Ford Fashion segment | 3,104 |  | 7,247 |  | 64
Total DOSs impairment for the Group | 5,026 |  | 9,941 |  | 72
| For the year ended December 31, 2024
(€ thousand) | Property, plant and equipment |  | Right-of-use assets |  | Intangible assets
DOSs impairment |  |  |  |  |
Zegna segment | 688 |  | 3,404 |  | 58
Thom Browne segment | 752 |  | 2,205 |  | —
Tom Ford Fashion segment | 1,793 |  | 2,296 |  | —
Total DOSs impairment for the Group | 3,233 |  | 7,905 |  | 58
| For the year ended December 31, 2023
(€ thousand) | Property, plant and equipment |  | Right-of-use assets |  | Intangible assets
DOSs impairment |  |  |  |  |
Zegna segment | 551 |  | 268 |  | 35
of which impairment | 595 |  | 268 |  | 37
of which reversal of impairment | (44) |  | — |  | (2)
Thom Browne segment | 18 |  | — |  | —
Tom Ford Fashion segment | 346 |  | 564 |  | —
Total DOSs impairment for the Group | 915 |  | 832 |  | 35
Corporate assets impairment test Corporate assets are tested for impairment if facts or circumstances indicate that their carrying amount may be impaired on the basis of trigger events at the reporting segment level. There were no impairment indicators identified for corporate assets in 2025, 2024 or 2023.

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for property, plant and equipment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 16 -IssueDate 2025-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=16&code=ifrs-tx-2025-en-r&doctype=Standard&dita_xref=IAS16_g73-79_TI -URIDate 2025-03-27 + Details
Name: | ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration