Income tax benefits / (expenses) (Tables)

12 Months Ended

Dec. 31, 2025

Income tax benefits / (expenses)

Summary of Income tax expenses


		For the years ended December 31,
(Euro thousands)		2025		2024*		2023*
Current taxes		(44)		(2,599)		(1,069)
Deferred taxes		15,819		(487)		(2,254)
Income tax benefits / (expenses)		15,775		(3,086)		(3,323)

Summary of effective tax rate and reconciliation of group's theoretical tax and its income Taxes


		For the years ended December 31,
(Euro thousands)		2025		2024*		2023*
Loss before tax		(267,138)		(185,920)		(141,976)
Total income tax benefits / (expenses)		15,775		(3,086)		(3,323)
Effective tax rate		5.91	%	(1.66)	%	(2.34)	%


		For the years ended December 31,
(Euro thousands)		2025		2024*		2023*
Loss before tax		(267,138)		(185,920)		(141,976)
Group’s weighted theoretical tax (calculated in absolute values on the basis of subsidiaries’pre-taxable income / loss)		74,361		51,444		37,737
Tax effect on:
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays		(11,835)		(6,261)		(8,257)
Taxes relating to prior years		51		(772)		(705)
Deferred tax assets not recognized		(61,879)		(51,525)		(34,021)
Reversal of deferred tax assets arising from impairment of brand value within intangible assets		16,063		—		—
Other tax items		(986)		4,028		1,923
Total income tax benefits / (expenses)		15,775		(3,086)		(3,323)

Summary of Deferred Tax Assets and Deferred Tax Liabilities


						Recognized in
		At		Recognized		other		Exchange		At
		December 31,		in profit or		comprehensive		difference		December 31,
(Euro thousands)		2024		loss		loss		and other⁽¹⁾		2025
Deferred tax assets arising on:
Employee benefits		959		82		(81)		(236)		724
Property plant and equipment		254		(13)		—		—		241
Deferred tax assets on rental contracts; if any		6,981		(1,089)		—		(49)		5,843
Intangible assets		1,252		—		—		—		1,252
Inventories		4,170		(129)		—		(1,686)		2,355
Provisions and accrued expenses		2,814		—		—		(1,282)		1,532
Receivables and other assets		621		6		—		—		627
Tax losses		217		—		—		—		217
Other		10		173		—		(128)		55
Total deferred tax assets		17,278		(970)		(81)		(3,381)		12,846
Deferred tax liabilities arising on:
Deferred tax liabilities on rental contracts; if any		3,685		(457)		—		(627)		2,601
Intangible assets		51,994		(16,063)		—		—		35,931
Receivables and other assets		83		(31)		—		—		52
Other		1,308		77		—		—		1,385
Total deferred tax liabilities		57,070		(16,474)		—		(627)		39,969


						Recognized in
		At		Recognized		other		Exchange		At
		December 31,		in profit or		comprehensive		difference		December 31,
(Euro thousands)		2023		loss		loss		and other⁽¹⁾		2024
Deferred tax assets arising on:
Employee benefits		885		75		1		(2)		959
Property plant and equipment		313		(59)		—		—		254
Deferred tax assets on rental contracts; if any		11,098		(4,295)		—		178		6,981
Intangible assets		1,252		—		—		—		1,252
Inventories		3,934		229		—		7		4,170
Provisions and accrued expenses		2,864		(50)		—		—		2,814
Receivables and other assets		709		(88)		—		—		621
Tax losses		182		35		—		—		217
Other		638		(629)		—		1		10
Total deferred tax assets		21,875		(4,782)		1		184		17,278
Deferred tax liabilities arising on:
Deferred tax liabilities on rental contracts; if any		8,454		(4,933)		—		164		3,685
Intangible assets		51,994		—		—		—		51,994
Receivables and other assets		14		75		—		(6)		83
Other		790		518		—		—		1,308
Total deferred tax liabilities		61,252		(4,340)		—		158		57,070

(1)	“Exchange difference and other” includes foreign exchange differences and the reclassification of Caruso’s deferred tax under “Assets/Liabilities held for sale”.

Summary of Tax Losses Carried Forward


		At December 31,
(Euro thousands)		2025		2024*
Expiry within 5 years		73,705		59,018
Expiry over 5 years		162,540		168,994
No expiration		1,058,255		976,213
Total tax losses carried forward		1,294,500		1,204,225