Expenses by nature (Tables)

12 Months Ended

Dec. 31, 2025

Expenses by nature

Summary of detailed information about expenses by nature


		For the years ended December 31,
(Euro thousands)		2025		2024*		2023*
Personnel costs		118,571		134,215		148,932
Raw materials, consumables and finished goods used		64,457		85,674		110,972
Changes in inventories of finished goods and work in progress		11,415		9,763		3,890
Freight and selling expenses		38,037		40,210		50,018
Depreciation and amortization		39,231		45,349		45,794
Professional service fees		31,982		32,534		40,419
Advertising and marketing expenses		17,367		27,861		35,725
Lease expenses		18,108		25,818		27,631
Studies and research expenses		6,859		5,231		6,311
Office expenses		5,227		4,502		5,949
Travel expenses		2,823		3,389		4,383
Net foreign exchange losses/(gains)		13,248		(7,709)		4,610
Taxes and surcharges		2,321		3,325		2,058
Impairment of goodwill and brand(Note 15、16)		66,730		31,208		—
Provisions and impairment losses(exclude goodwill and brand)		5,878		3,819		(265)
Fair value changes on warrants		(950)		(2,818)		(4,961)
Other		14,579		16,258		23,691
Total expenses		455,883		458,629		505,157

*	In accordance with IFRS 5, the expense information for 2024 and 2023 has been restated, with the Caruso Brand presented as a discontinued operation (see Note 12).

Summary of detailed information about employee benefits expense


		For the years ended December 31,
(Euro thousands)		2025		2024*		2023*
Salaries and wages		86,196		99,974		107,843
Social contributions and pension plans		23,297		27,200		26,545
Employee share-based compensation		184		551		2,749
Severance indemnities		3,304		922		3,416
Other benefits		5,590		5,568		8,379
Total personnel costs		118,571		134,215		148,932

Summary of expenses by nature of lease expenses


		For the years ended December 31,
(Euro thousands)		2025		2024*		2023*
Variable lease payments		17,659		25,206		25,964
Expenses relating to low-value leases		226		134		293
Expenses relating to short-term leases		223		478		1,374
Total lease expenses		18,108		25,818		27,631

Summary of Breakdown for provisions and impairment losses


		For the years ended December 31,
(Euro thousands)		2025		2024*		2023*
Reversal of obsolete inventories		(3,111)		(5,474)		(5,824)
Provisions for trade and other receivables		3,462		1,439		157
Other provisions		962		804		(918)
Impairment of right-of-use assets		3,728		5,789		3,516
Impairment of property, plant and equipment		837		1,261		2,804
Total provisions and impairment losses (exclude goodwill and brand)		5,878		3,819		(265)