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Right-of-use assets | 12 Months Ended
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Dec. 31, 2025
Disclosure of quantitative information about right-of-use assets [abstract] |
Right-of-use assets | 16. Right-of-use assets The following table provides a breakdown for right-of-use assets.
(€ thousands) | Land and buildings |  | Industrial and commercial equipment |  | Plant and machinery |  | Other right-of-use assets |  | Total
Historical cost at January 1, 2024 | 971,033 |  | 45 |  | 168 |  | 6,765 |  | 978,011
Additions | 190,998 |  | 121 |  | — |  | 5,002 |  | 196,121
Disposals | (55,907) |  | (2) |  | (168) |  | (2,733) |  | (58,810)
Exchange differences | 35,465 |  | — |  | — |  | (23) |  | 35,442
Balance at December 31, 2024 | 1,141,589 |  | 164 |  | — |  | 9,011 |  | 1,150,764
Additions | 296,907 |  | 247 |  | — |  | 2,949 |  | 300,103
Disposals | (55,246) |  | (85) |  | — |  | (2,586) |  | (57,917)
Business combinations | 680 |  | — |  | — |  | — |  | 680
Exchange differences | (83,979) |  | (4) |  | — |  | (47) |  | (84,030)
Reclassification | 1,912 |  | — |  | — |  | — |  | 1,912
Balance at December 31, 2025 | 1,301,863 |  | 322 |  | — |  | 9,327 |  | 1,311,512
Accumulated amortization at January 1, 2024 | (440,434) |  | (15) |  | (150) |  | (3,460) |  | (444,059)
Amortization | (146,297) |  | (37) |  | (23) |  | (2,325) |  | (148,682)
Impairments | (7,905) |  | — |  | — |  | — |  | (7,905)
Disposals | 47,839 |  | 1 |  | 173 |  | 2,158 |  | 50,171
Exchange differences | (18,859) |  | — |  | — |  | 7 |  | (18,852)
Balance at December 31, 2024 | (565,656) |  | (51) |  | — |  | (3,620) |  | (569,327)
Amortization | (160,202) |  | (71) |  | — |  | (2,623) |  | (162,896)
Impairments | (9,941) |  | — |  | — |  | — |  | (9,941)
Disposals | 38,007 |  | 29 |  | — |  | 2,072 |  | 40,108
Exchange differences | 44,001 |  | 1 |  | — |  | 37 |  | 44,039
Reclassification | (1,054) |  | — |  | — |  | — |  | (1,054)
Balance at December 31, 2025 | (654,845) |  | (92) |  | — |  | (4,134) |  | (659,071)
Carrying amount at: |  |  |  |  |  |  |  |  |
January 1, 2024 | 530,599 |  | 30 |  | 18 |  | 3,305 |  | 533,952
December 31, 2024 | 575,933 |  | 113 |  | — |  | 5,391 |  | 581,437
December 31, 2025 | 647,018 |  | 230 |  | — |  | 5,193 |  | 652,441
The Group leases various retail stores, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 1 year to 15 years but may have extension options. Contracts may contain both lease and non-lease components. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Extension options in a range of 1 year to 10 years are included in a number of property leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. Such extension options are exercisable only by the Group and not by the respective lessor. Other tangible assets mainly refer to vehicles. For the years ended December 31, 2025, 2024 and 2023 impairments were recognized for an amount of: •€9,941 thousand in 2025 primarily related to leased stores in the Greater China Region and rest of APAC that are part of the Tom Ford Fashion segment, and the Greater China Region that are part of the Zegna segment; •€7,905 thousand in 2024 primarily related to leased stores in Europe and the United States that are part of the Thom Browne segment, the Greater China Region and South Korea that are part of the Tom Ford Fashion segment, and the United States, EMEA and the Greater China Region that are part of the Zegna segment, and •€832 thousand in 2023 primarily related to leased stores in Greater China Region that are part of the Tom Ford Fashion segment and in Europe that are part of the Zegna segment. For details related to the impairment testing performed over right-of-use assets, please refer to Note 15 — Property, plant and equipment.

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