| Lease liabilities |
25.Lease liabilities | | | | | (Euro thousands) | | 2025 | | 2024 | At January 1, | | 154,072 | | 145,769 | Additions due to new leases and store renewals | | 13,622 | | 46,465 | Interest expense | | 6,722 | | 7,652 | Repayment of lease liabilities (including interest expense) | | (41,347) | | (40,095) | Contract modifications | | 4,611 | | (10,057) | Disposals | | (1,839) | | (505) | Transfer to held for sale | | (3,479) | | — | Net foreign exchange differences | | (10,189) | | 4,843 | At December 31, | | 122,173 | | 154,072 | Of which: | | | | | Non-current | | 93,375 | | 117,966 | Current | | 28,798 | | 36,106 |
In certain countries, leases for stores entail the payment of both minimum amounts and variable amounts, especially for stores with lease payments indexed to revenue. As required by IFRS 16, only the minimum fixed lease payments are capitalized. The following table summarizes the undiscounted contractual cash flows of lease liabilities by maturity date: | | | | | | | | | | | | | Total contractual | | | | | | | | | | | cash flows of | | | | | | | | | (Euro thousands) | | lease liabilities | | Year 1 | | Year 2 | | Year 3 | | Beyond | At December 31, 2025 | | 152,574 | | 45,852 | | 27,180 | | 22,042 | | 57,500 | At December 31, 2024 | | 185,217 | | 53,348 | | 30,506 | | 24,663 | | 76,700 |
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