Qualitative and Quantitative Information of Financial Risks (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure of nature and extent of risks arising from financial instruments [abstract] |
|
| Summary of Contracts Holding |
The Group is holding the following contracts:
At December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 to 6
months |
|
6 to 9
months |
|
9 to 12
months |
|
Total |
|
Carrying
amount |
|
Line item in the
statement of
financial position |
|
|
(EUR thousand) |
Notional amount (1) |
|
Forward |
|
27,048 |
|
— |
|
— |
|
27,048 |
|
1,617 |
|
Other current financial assets |
Average forward rate (EUR/USD) |
|
|
|
1.109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional amount (2) |
|
Forward |
|
12,866 |
|
— |
|
— |
|
12,866 |
|
167 |
|
Other current financial assets |
Average forward rate (EUR/USD) |
|
|
|
1.166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
39,914 |
|
1,784 |
|
|
(1) Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Derivatives designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 to 6
months |
|
|
6 to 9
months |
|
|
9 to 12
months |
|
|
Total |
|
|
Carrying
amount |
|
|
Line item in the
statement of
financial position |
|
|
(EUR thousand) |
Notional amount (2) |
|
Forward |
|
|
34,349 |
|
|
|
— |
|
|
|
— |
|
|
|
34,349 |
|
|
|
(1,660 |
) |
|
Other current financial liabilities |
Average forward rate (EUR/USD) |
|
|
|
|
1.092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional amount (2) |
|
Forward |
|
|
18,079 |
|
|
|
13,977 |
|
|
|
2,333 |
|
|
|
34,389 |
|
|
|
(1,412 |
) |
|
Other current financial liabilities |
Average forward rate (EUR/USD) |
|
|
|
|
1.106 |
|
|
|
1.073 |
|
|
|
1.072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
68,738 |
|
|
|
(3,072 |
) |
|
|
(1) Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Derivatives designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Liabilities Composition and Impact of Hedging Instrument on Statement of Financial Position |
The financial liabilities composition and the impact of the hedging instrument on the statement of financial position at December 31, 2025 and December 31, 2024 are as follows:
At December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fix Through derivatives |
|
|
FIX |
|
|
Floating |
|
|
Total
nominal
amount |
|
|
Effect
amortized
cost |
|
|
Total |
|
|
MtM
IRS
Derivates |
|
|
Line item in
the statement of
financial
position |
|
|
(EUR thousand) |
|
|
|
Bank loans |
|
|
254,400 |
|
|
|
910 |
|
|
|
120,269 |
|
|
|
375,579 |
|
|
|
(287 |
) |
|
|
375,292 |
|
|
|
(302 |
) |
|
Current financial assets/ Non-current financial assets/ Current financial liabilities/ Non-current financial liabilities |
Bank overdrafts |
|
|
— |
|
|
|
— |
|
|
|
30,001 |
|
|
|
30,001 |
|
|
|
— |
|
|
|
30,001 |
|
|
|
— |
|
|
Current financial liabilities |
Notes |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
(147 |
) |
|
|
49,853 |
|
|
|
— |
|
|
Non-current financial liabilities |
Total |
|
|
254,400 |
|
|
|
50,910 |
|
|
|
150,270 |
|
|
|
455,580 |
|
|
|
(434 |
) |
|
|
455,146 |
|
|
|
(302 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total |
|
|
56 |
% |
|
|
11 |
% |
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fix Through derivatives |
|
|
FIX |
|
|
Floating |
|
|
Total
nominal
amount |
|
|
Effect
amortized
cost |
|
|
Total |
|
|
MtM
IRS
Derivates |
|
|
Line item in
the statement of
financial
position |
|
|
(EUR thousand) |
|
|
|
Bank loans |
|
|
190,709 |
|
|
|
1,359 |
|
|
|
120,404 |
|
|
|
312,472 |
|
|
|
(223 |
) |
|
|
312,249 |
|
|
|
(279 |
) |
|
Current financial assets/ Current financial liabilities/ Non-current financial liabilities |
Bank overdrafts |
|
|
— |
|
|
|
— |
|
|
|
50,030 |
|
|
|
50,030 |
|
|
|
— |
|
|
|
50,030 |
|
|
|
— |
|
|
Current financial liabilities |
Notes |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
(210 |
) |
|
|
49,790 |
|
|
|
— |
|
|
Non-current financial liabilities |
Total |
|
|
190,709 |
|
|
|
51,359 |
|
|
|
170,434 |
|
|
|
412,502 |
|
|
|
(433 |
) |
|
|
412,069 |
|
|
|
(279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total |
|
|
46 |
% |
|
|
13 |
% |
|
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Impact of Hedging on Equity in Cash Flow Hedge Reserve |
Set out below is the impact of hedging on equity:
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Hedge Reserve |
|
|
Cost of Hedging Reserve |
|
|
|
(EUR thousand) |
|
At January 1, 2024 |
|
|
(385 |
) |
|
|
83 |
|
Foreign exchange forward |
|
|
1,667 |
|
|
|
9 |
|
Tax effect |
|
|
(465 |
) |
|
|
(2 |
) |
At 31 December, 2024 |
|
|
817 |
|
|
|
90 |
|
Foreign exchange forward |
|
|
(1,327 |
) |
|
|
(67 |
) |
Tax effect |
|
|
370 |
|
|
|
16 |
|
At 31 December, 2025 |
|
|
(140 |
) |
|
|
39 |
|
Set out below is the impact of hedging on equity:
|
|
|
|
|
|
|
Cash Flow Hedge Reserve |
|
|
|
(EUR thousand) |
|
At January 1, 2024 |
|
|
(1,870 |
) |
Interest Rate Swap |
|
|
2,740 |
|
Tax effect |
|
|
(658 |
) |
At December 31, 2024 |
|
|
212 |
|
Interest Rate Swap |
|
|
24 |
|
Tax effect |
|
|
(6 |
) |
At December 31, 2025 |
|
|
230 |
|
|
| Schedule of Interest Rate and Exchange Rate Sensitivity |
At December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in percentage points |
|
|
Effect on operating profit |
|
|
|
(EUR thousand) |
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(1,033 |
) |
|
|
1,053 |
|
U.S. dollar |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(3,037 |
) |
|
|
3,225 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(4,966 |
) |
|
|
5,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
211 |
|
|
|
(215 |
) |
Mexican Pesos |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
620 |
|
|
|
(659 |
) |
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
1,014 |
|
|
|
(1,121 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(42 |
) |
|
|
43 |
|
China Renmimbi |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(123 |
) |
|
|
130 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(201 |
) |
|
|
222 |
|
At December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in percentage points |
|
|
Effect on operating profit |
|
|
|
(EUR thousand) |
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(1,032 |
) |
|
|
1,053 |
|
U.S. dollar |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(3,035 |
) |
|
|
3,223 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(4,962 |
) |
|
|
5,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
193 |
|
|
|
(197 |
) |
Mexican Pesos |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
567 |
|
|
|
(602 |
) |
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
928 |
|
|
|
(1,025 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(122 |
) |
|
|
125 |
|
China Renmimbi |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(359 |
) |
|
|
381 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(587 |
) |
|
|
649 |
|
The following table presents an analysis of sensitivity to a change in interest rates on the portion of loans and borrowings affected. With all other variables held constant, the Group’s marginality is affected as follows:
At December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in interest rate |
|
Effect on profit
before tax |
|
|
|
(EUR thousand) |
|
|
|
+20 BP |
|
-20 BP |
|
|
(243.8 |
) |
|
|
243.8 |
|
|
|
+50 BP |
|
-50 BP |
|
|
(609.5 |
) |
|
|
609.5 |
|
|
|
+100 BP |
|
-100 BP |
|
|
(1,219.0 |
) |
|
|
1,219.0 |
|
At December 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in interest rate |
|
Effect on profit
before tax |
|
|
|
(EUR thousand) |
|
|
|
+20 BP |
|
-20 BP |
|
|
(201 |
) |
|
|
201 |
|
|
|
+50 BP |
|
-50 BP |
|
|
(502 |
) |
|
|
502 |
|
|
|
+100 BP |
|
-100 BP |
|
|
(1,004 |
) |
|
|
1,004 |
|
|
| Schedule of Due Dates of Financial and Other Liabilities |
The following table summarizes the due dates of the Group’s financial and other liabilities at December 31, 2025 and 2024 on the basis of contractual payments of principal portion which have not been discounted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due within
one year |
|
|
Due between
one and five
years |
|
|
Due beyond
five years |
|
|
Total |
|
|
|
(EUR thousand) |
|
Bank overdrafts and short-term loan facilities |
|
|
30,001 |
|
|
|
— |
|
|
|
— |
|
|
|
30,001 |
|
Borrowings from banks (*) |
|
|
87,488 |
|
|
|
276,286 |
|
|
|
11,806 |
|
|
|
375,580 |
|
Notes (*) |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
Lease liabilities (**) |
|
|
4,997 |
|
|
|
9,907 |
|
|
|
383 |
|
|
|
15,287 |
|
Other financial liabilities |
|
|
1,169 |
|
|
|
— |
|
|
|
— |
|
|
|
1,169 |
|
Trade payables |
|
|
263,308 |
|
|
|
— |
|
|
|
— |
|
|
|
263,308 |
|
Tax payables |
|
|
22,426 |
|
|
|
— |
|
|
|
— |
|
|
|
22,426 |
|
Other liabilities (***) |
|
|
65,444 |
|
|
|
— |
|
|
|
1,829 |
|
|
|
67,273 |
|
Employee benefits (****) |
|
|
965 |
|
|
|
2,447 |
|
|
|
3,372 |
|
|
|
6,784 |
|
Total liabilities |
|
|
475,798 |
|
|
|
338,640 |
|
|
|
17,390 |
|
|
|
831,828 |
|
(*) The corresponding balance reported in the consolidated financial statement position is EUR 375,292 thousand and EUR 49,853 thousand respectively and refers to adoption of amortized cost.
(**) The corresponding balance in the consolidated financial statement position is EUR 13,759 thousand and refers to adoption of IFRS 16.
(***) Other liabilities are mainly related to payables to personnel and social security institutions, other tax payables as well as allowance for future expected customer returns.
(****) Allocated in line with the estimated timing of future disbursements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due within
one year |
|
|
Due between
one and five
years |
|
|
Due beyond
five years |
|
|
Total |
|
|
|
(EUR thousand) |
|
Bank overdrafts and short-term loan facilities |
|
|
50,030 |
|
|
|
— |
|
|
|
— |
|
|
|
50,030 |
|
Borrowings from banks (*) |
|
|
56,893 |
|
|
|
245,579 |
|
|
|
10,000 |
|
|
|
312,472 |
|
Notes (*) |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
Lease liabilities (**) |
|
|
5,864 |
|
|
|
11,731 |
|
|
|
1,549 |
|
|
|
19,144 |
|
Other financial liabilities |
|
|
1,573 |
|
|
|
— |
|
|
|
— |
|
|
|
1,573 |
|
Trade payables |
|
|
231,020 |
|
|
|
— |
|
|
|
— |
|
|
|
231,020 |
|
Tax payables |
|
|
25,431 |
|
|
|
— |
|
|
|
— |
|
|
|
25,431 |
|
Other liabilities (***) |
|
|
55,983 |
|
|
|
— |
|
|
|
1,814 |
|
|
|
57,797 |
|
Employee benefits |
|
|
120 |
|
|
|
160 |
|
|
|
6,883 |
|
|
|
7,163 |
|
Total liabilities |
|
|
426,914 |
|
|
|
307,470 |
|
|
|
20,246 |
|
|
|
754,630 |
|
(*) The corresponding balance reported in the consolidated financial statement position is EUR 312,249 thousand and EUR 49,790 thousand respectively and refers to adoption of amortized cost.
(**) The corresponding balance in the consolidated financial statement position is EUR 16,901 thousand and refers to adoption of IFRS 16.
(***) Other liabilities are mainly related to payables to personnel and social security institutions, other tax payables as well as allowance for future expected customer returns.
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| Summary of Hedging Contracts |
The Group is holding the following hedging contracts (Interest Rate Swaps):
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|
|
|
|
|
|
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|
|
|
Line item in the statement of financial position |
|
Contract notional |
|
|
Currency |
|
Carrying amount at December 31, 2025 |
|
|
Carrying amount at December 31, 2024 |
|
|
|
(EUR thousand) |
|
Non-current financial assets |
|
|
107,453 |
|
|
EUR |
|
|
340 |
|
|
|
— |
|
Current financial assets |
|
|
19,447 |
|
|
EUR |
|
|
158 |
|
|
|
711 |
|
Non-current financial liabilities |
|
|
98,958 |
|
|
EUR |
|
|
(208 |
) |
|
|
(642 |
) |
Current financial liabilities |
|
|
28,542 |
|
|
EUR |
|
|
(592 |
) |
|
|
(348 |
) |
|