9. INVENTORIES

During the three and six months ended March 31, 2026, inventories of €197.3 million and €293.3 million, respectively, were recognized in Cost of sales. During the three and six months ended March 31, 2025, €163.2 million and €231.2 million, respectively, were recognized in Cost of sales.

As part of the Cost of sales, write-downs of inventories during the six months ended March 31, 2026 amounted to €4.7 million. During the three months ended March 31, 2026, €1.7 million of write-downs were reversed as the Company was able to sell its older inventories. During the three and six months ended March 31, 2025, write-downs of inventories amounted to €5.8 million and €8.8 million, respectively.