Business combinations (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about business combination [abstract]

Schedule of Purchase Consideration, Net Assets Acquired and Goodwill

Details of the purchase consideration, the net assets acquired and goodwill are presented below.


(€ thousands)			At acquisition date
Cash consideration paid			8,970
Settlement of pre-existing intercompany balances			2,540
Total consideration			11,510

Details of the purchase consideration, the net assets acquired and goodwill are as follows:


(€ thousands)			At acquisition date
Cash consideration paid			7,991
Deferred consideration			18,583
Total consideration			26,574

Summary of Contingent Consideration Was Recognized Within Other Current Liabilities

The assets and liabilities recognized as a result of the acquisition are as follows:


(€ thousands)			Fair value at acquisition date
Cash and cash equivalents			210
Trade receivables			1,560
Inventories			4,518
Intangible assets and property, plant and equipment			1,014
Other current and non-current assets			109
Trade payables and customer advances			(321)
Employee benefits			(931)
Other current and non-current liabilities			(2,929)
Net identifiable assets acquired			3,230
Goodwill			8,280
Net assets acquired including goodwill			11,510

The assets and liabilities recognized as a result of the acquisition are as follows:


(€ thousands)			Fair value at acquisition date
Inventories			1,054
Other current assets			800
Property, plant and equipment			949
Other current liabilities			(123)
Deferred tax liabilities			(72)
Net identifiable assets acquired			2,608
Goodwill			23,966
Net assets acquired including goodwill			26,574


(€ thousands)			Fair value at acquisition date
Cash and cash equivalents			109,667
Trade receivables			23,329
Inventories			82,694
Right-of-use assets			160,869
Intangible assets and property, plant and equipment			122,770
Other current and non-current assets			70,014
Other current and non-current liabilities			(176,147)
Current and non-current lease liabilities			(160,869)
Current and non-current borrowings			(29,890)
Trade payables and customer advances			(28,942)
Employee benefits			(3,259)
Deferred tax liabilities			(51,163)
Net identifiable assets acquired			119,073

Summary of Net Cash Outflows Related To The Acquisition

Details of the net cash outflows related to the acquisition are shown below:


(€ thousands)			At acquisition date
Cash consideration paid			(8,970)
Cash and cash equivalents acquired			210
Payment of acquisition-related liabilities			(967)
Net cash outflow - Investing activities			(9,727)

Details of the net cash outflows related to the acquisition are presented below.


(€ thousands)			At acquisition date
Cash consideration paid			(7,991)

Net cash outflow - Investing activities			(7,991)

Details of the net cash outflows related to the acquisition are presented below.


(€ thousands)			At acquisition date
Consideration paid for 85% of TFI			(91,619)
Cash and cash equivalents acquired			109,667
Payment of TFI acquisition-related liabilities			(127,158)
Net cash outflow - Investing activities			(109,110)

Disclosure Details Of Consideration Paid Or Payable In Respect Of Business Combination

Details of the purchase consideration, previously equity interest held and the net assets acquired are presented below.


(€ thousands)			At acquisition date
Cash consideration paid for 85% of TFI			91,619
Fair value of the previously equity interests held			21,505
Settlement of pre-existing intercompany balances			5,949
Total consideration			119,073


(€ thousands)			Fair value at acquisition date
Cash and cash equivalents			109,667
Trade receivables			23,329
Inventories			82,694
Right-of-use assets			160,869
Intangible assets and property, plant and equipment			122,770
Other current and non-current assets			70,014
Other current and non-current liabilities			(176,147)
Current and non-current lease liabilities			(160,869)
Current and non-current borrowings			(29,890)
Trade payables and customer advances			(28,942)
Employee benefits			(3,259)
Deferred tax liabilities			(51,163)
Net identifiable assets acquired			119,073

Schedule Of Minimum Annual Guaranteed Royalties

At December 31, 2025, the remaining minimum annual guaranteed royalties covering the first 10-year period of the license agreement were as follows (undiscounted):


			At December 31, 2025
			(€ millions)(*)
Due within 1 year			18.5
Due in 1 to 5 years			83.9
Due in 6 to 7 years			45.2
Total			147.6

(*) Translated from U.S. Dollars to Euro at the December 31, 2025 end of day exchange rate.