Lease liabilities

12 Months Ended

Dec. 31, 2025

29. Lease liabilities

The following table provides a breakdown for lease liabilities.


(€ thousands)	2025	2024
At January 1,	661,685	593,725
Interest expense	26,996	23,659
Repayment of lease liabilities (including interest expense)	(174,667)	(167,208)
Business combinations	649	—
Additions due to new leases and store renewals	285,444	195,955
Decrease of lease liabilities due to store closures	(16,969)	(7,867)
Translation differences	(51,549)	23,421
At December 31,	731,589	661,685
Of which:
Non-current	590,652	518,728
Current	140,937	142,957

In certain countries, leases for stores entail the payment of both minimum amounts and variable amounts, especially for stores with lease payments indexed to revenue. As required by IFRS 16, only the minimum fixed lease payments are capitalized.

The following table summarizes the lease liabilities by maturity date:


(€ thousands)	At December 31,	Year 1	Year 2	Year 3	Year 4	Beyond
2025	731,589	140,937	122,545	105,798	92,262	270,047
2024	661,685	142,957	114,935	100,484	78,023	225,286

For information relating to the contractual cash flows of the Group’s lease agreements, see Note 35 — Qualitative and quantitative information on financial risks—Liquidity risks.