27.Employee benefits

The following table shows the employee benefits of the Group.

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The net balance of post-employee benefits as at December 31, 2025 is a liability of €10,006 thousand (December 31, 2024: €12,838 thousand) and all the benefits are classified as defined-benefit plans.

The following table presents the changes in long-term employee benefits:

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The current service costs and interest expenses are recognized in the statement of profit or loss. The actuarial differences for other long-term employee benefits are also recognized in the statement of profit or loss.

The breakdown of the defined-benefit obligations by type of benefit plan is as follows:

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Defined-benefit plan in Italy

Defined-benefit plan in Italy was Trattamento di Fine Rapporto (“TFR”), a legally required end-of-service allowance, paid regardless of the reason for the employee’s departure from the company.

Defined-benefit plans in Austria

These commitments include the legal requirements for entitled employees who joined the Austrian parent company before 2003 to a one-off severance compensation payment if their employment relationship is terminated or when they retire. The amount of these payments depends on the length of service and the employee’s wages or salaries at the end of employment. These commitments include individual commitments to three former Management Board members.

As at December 31, 2025, the fair value of defined-benefit plans attributable to Group companies operating in the Austria is a net recognized commitment of €9,697 thousand (December 31, 2024: €10,757 thousand). It is detailed below:

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The composition of the main plan assets on the reporting date is as follows:

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The main actuarial assumptions used are as follows:

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For the demographic assumptions used in measuring the defined benefit liabilities, the figure used as a benchmark for the mortality rate is the standard one for each local population, broken down by age and gender, while for the staff turnover rate annual frequencies have been calculated based on the individual companies’ data.

With respect to the December 31, 2025 liability, a sensitivity analysis was performed on the main actuarial variables such as discount rate, salary changes and inflation rate. The analysis did not lead to significant changes in the liability, except for the sensitivity analysis conducted on the discount rate. A 100-basis-point decrease in the discount rate would result in a €1.30 million increase in the amount of the defined-benefit obligation as of December 31, 2025 (December 31, 2024: €1.01 million).