| Borrowings |
27. Borrowings The following table provides a breakdown for non-current and current borrowings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | (€ thousands) | Committed loans | | Other borrowings | | Total borrowings | | Committed loans | | Other borrowings | | Total borrowings | | At January 1, | 323,563 | | 50,004 | | 373,567 | | 316,956 | | 85,666 | | 402,622 | | Proceeds | 49,937 | | — | | 49,937 | | 209,720 | | 50,000 | | 259,720 | | Repayments | (128,734) | | (50,004) | | (178,738) | | (205,119) | | (85,662) | | (290,781) | | Other | 1,423 | | — | | 1,423 | | 2,006 | | — | | 2,006 | | At December 31, | 246,189 | | — | | 246,189 | | 323,563 | | 50,004 | | 373,567 | | Of which: | | | | | | | | | | | | | Non-current | 162,123 | | — | | 162,123 | | 196,401 | | — | | 196,401 | | Current | 84,066 | | — | | 84,066 | | 127,162 | | 50,004 | | 177,166 |
The repayment schedule for borrowings is summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (€ thousands) | At December 31, 2025 | | Year 1 | | Year 2 | | Year 3 | | Year 4 | | Year 5 and beyond | | Committed loans | 246,189 | | 84,066 | | 98,686 | | 58,735 | | 4,702 | | — | | Other borrowings | — | | — | | — | | — | | — | | — | | Total borrowings | 246,189 | | 84,066 | | 98,686 | | 58,735 | | 4,702 | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (€ thousands) | At December 31, 2024 | | Year 1 | | Year 2 | | Year 3 | | Year 4 | | Year 5 and beyond | | Committed loans | 323,563 | | 127,162 | | 83,682 | | 99,263 | | 8,754 | | 4,702 | | Other borrowings | 50,004 | | 50,004 | | — | | — | | — | | — | | Total borrowings | 373,567 | | 177,166 | | 83,682 | | 99,263 | | 8,754 | | 4,702 |
For information relating to the contractual cash flows of the Group’s borrowings, see Note 35 — Qualitative and quantitative information on financial risks—Liquidity risks. Interest on certain of the Group’s borrowings is calculated based on variable rates. Management may use interest rate swaps (“IRS”) or other derivative financial instruments to hedge exposure to fluctuations in interest rates associated with monetary flows and not for speculative purposes. See Note 35 — Qualitative and quantitative information on financial risks for additional information related to the Group’s management of interest rate and other financial risks. The following tables provide details relating to the Group’s individual borrowings. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | Borrower | | Interest rate | | Interest rate terms | | Expiry date | | Current | | Non-current | | | | | | | | | (€ thousands) | | Ermenegildo Zegna N.V. | | Variable | | Euribor 3m + 0.94% | | January 2026 | | 10,056 | | — | | Ermenegildo Zegna N.V. | | Variable | | Euribor 6m + 0.90% | | April 2026 | | 50,246 | | — | | Ermenegildo Zegna N.V. | | Variable | | Euribor 6m + 0.78% | | December 2026 | | 13,437 | | — | | Ermenegildo Zegna N.V. | | Variable | | IRS + 0.90% | | June 2027 | | 515 | | 49,975 | | Ermenegildo Zegna N.V. | | Variable | | IRS + 0.88% | | June 2027 | | 46 | | 30,000 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 3m + 0.85% | | August 2027 | | — | | 10,000 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 6m + 0.90% | | June 2028 | | — | | 9,993 | | Ermenegildo Zegna N.V. | | Fixed | | 0.75% | | September 2028 | | 4,018 | | 8,074 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 6m + 0.94% | | December 2028 | | 10 | | 39,966 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 3m + 0.82% | | November 2029 | | 4,748 | | 14,106 | | Other borrowing facilities | | Fixed | | 1.85% - 2.95% | | Up to 2027 | | 990 | | 9 | | Variable (1) | | 2.01% | | | | | Total | | | | | | | | 84,066 | | 162,123 | | of which fixed | | | | | | | | 4,693 | | 8,083 | | of which variable | | | | | | | | 79,373 | | 154,040 |
______________________ (1)Represents the spread over the variable component of the interest rate, which is generally based on Euribor.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2024 | | Borrower | | Interest rate | | Interest rate terms | | Expiry date | | Current | | Non-current | | | | | | | | | (€ thousands) | | Ermenegildo Zegna N.V. | | Variable | | Euribor 1m | | January 2025 | | 35,030 | | — | | Ermenegildo Zegna N.V. | | Variable | | Euribor 1m | | January 2025 | | 15,025 | | — | | Ermenegildo Zegna N.V. | | Variable | | Euribor 3m + 0.80% | | February 2025 | | 40,172 | | — | | Ermenegildo Zegna N.V. | | Variable | | Euribor 1m + 0.94% | | May 2025 | | 1,450 | | — | | Ermenegildo Zegna N.V. | | Variable | | Euribor 6m + 0.97% | | December 2025 | | 40,002 | | — | | Ermenegildo Zegna N.V. | | Variable | | Euribor 3m + 0.94% | | January 2026 | | 77 | | 10,000 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 6m + 0.90% | | April 2026 | | 275 | | 49,977 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 6m + 0.77% | | December 2026 | | 6,533 | | 13,483 | | Ermenegildo Zegna N.V. | | Variable | | IRS + 0.90% | | June 2027 | | 790 | | 49,925 | | Ermenegildo Zegna N.V. | | Variable | | IRS + 0.88% | | June 2027 | | 53 | | 30,000 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 3m + 0.85% | | August 2027 | | — | | 10,000 | | Ermenegildo Zegna N.V. | | Fixed | | 0.74% | | September 2028 | | 3,998 | | 12,068 | | Ermenegildo Zegna N.V. | | Variable | | Euribor 3m + 0.82% | | November 2029 | | 1,238 | | 18,808 | | Co.Ti Service S.A. | | Fixed | | 0.75% | | February 2025 | | 20,000 | | — | | Co.Ti Service S.A. | | Fixed | | 0.75% | | April 2025 | | 10,000 | | — | | Other borrowing facilities | | Fixed | | 1.63% - 2.32% | | Up to 2027 | | 2,523 | | 2,140 | | Variable (1) | | 1.43% - 3.90% | | | | | Total | | | | | | | | 177,166 | | 196,401 | | of which fixed | | | | | | | | 35,014 | | 12,752 | | of which variable | | | | | | | | 142,152 | | 183,649 |
______________________ (1)Represents the spread over the variable component of the interest rate, which is generally based on Euribor.
At December 31, 2025, the Group has committed revolving lines amounting to an aggregate of €335 million with a maturity ranging between 3 to 5 years (€335 million at December 31, 2024 with a maturity ranging between 4 to 6 years). The lines were undrawn at December 31, 2025 (€40 million at December 31, 2024). Certain of these committed revolving lines have interest rates linked to the following two important Environment, Social and Governance (“ESG”) targets previously disclosed by the Group: (i) at least 50% of top priority raw materials are traced to their geography of origin and from lower-impact sources by 2026, and (ii) 100% of the electricity is from renewable sources in Europe and the United States by 2024, a target that was achieved by the Group. As these lines were undrawn, the achievement of the target had a limited impact on interest rates. These lines amounted to €190 million at December 31, 2025 and 2024 and were undrawn.
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