v3.26.1
Fair value measurement (Tables)
6 Months Ended
Jun. 30, 2026
Disclosure of financial assets [abstract]  
Schedule of Financial Assets
The following table provides a breakdown for financial assets by category at June 30, 2026.

At June 30, 2026
Financial assetsFair value Level
(€ thousands)FVPLFVOCIAmortized costTotal Note123
Derivative financial instruments—9,261—9,26112—9,261—
Cash and cash equivalents——226,715226,715—226,715—
Trade receivables——192,331192,331—192,331—
Other non-current financial assets4,815—35,80840,623—36,1604,463
Other current financial assets64,2513,5923,74171,584137,0168,95155,617
Financial assets69,06612,853458,595540,5147,016473,41860,080

The following table provides an additional breakdown for other current financial assets at June 30, 2026.
At June 30, 2026
Other current financial assetsFair value Level
(€ thousands)FVPLFVOCIAmortized costTotal 123
Private equity22,156——22,156——22,156
Hedge funds11,627——11,627——11,627
Private debt10,978——10,978——10,978
Real estate funds10,856——10,856——10,856
Money market funds and floating income5,2103,102—8,3123,1025,210—
Guarantee deposits——3,4733,473—3,473—
Equity3,424——3,4243,424——
Fixed income—490—490490——
Financial receivables——268268—268—
Total other current financial assets64,2513,5923,74171,5847,0168,95155,617

The following table presents the changes in level 3 items for the six months ended June 30, 2026.

(€ thousands)Fair value
Level 3
At December 31, 202558,799
Investments1,372
Disposals(2,543)
Fair value adjustments1,854
Realized gains62
Exchange rate gains536
At June 30, 202660,080

The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non-active markets) and the fair value of Level 3 items is estimated on the basis of the last available net asset value (NAV).
The following tables provide a breakdown of financial assets by category at December 31, 2025.
At December 31, 2025
Financial assetsFair value Level
(€ thousands)FVPLFVOCIAmortized costTotal Note123
Derivative financial instruments —7,055—7,05512—7,055—
Cash and cash equivalents——220,121220,121—220,121—
Trade receivables——227,087227,087—227,087—
Other non-current financial assets4,886—33,61038,496—34,0734,423
Other current financial assets68,6357,0471,75077,4321310,30912,74754,376
Financial assets73,52114,102482,568570,19110,309501,08358,799
The following table provides an additional breakdown for other current financial assets at December 31, 2025.
At December 31, 2025
Other current financial assetsFair value Level
(€ thousands)FVPLFVOCIAmortized costTotal 123
Private equity21,565——21,565——21,565
Money market funds and floating income10,7133,151—13,8643,15110,713—
Private debt11,720——11,720—28411,436
Hedge funds11,370——11,370——11,370
Real estate funds10,005——10,005——10,005
Fixed income—3,896—3,8963,896——
Equity3,262——3,2623,262——
Guarantee deposits——1,4921,492—1,492—
Financial receivables——258258—258—
Total other current financial assets68,6357,0471,75077,43210,30912,74754,376
Schedule of Financial Liabilities
The following table provides a breakdown of financial liabilities by category at June 30, 2026.
At June 30, 2026
Financial liabilitiesFair value Level
(€ thousands)FVPLFVOCIAmortized costTotal Note123
Derivative financial instruments —19,441—19,44112—19,441—
Non-current borrowings——128,144128,14415—128,144—
Current borrowings——96,65396,65315—96,653—
Other non-current financial liabilities 109,688——109,68816—109,688—
Trade payables and customer advances——317,060317,060—317,060—
Lease liabilities – Current / Non-current——927,195927,19517——927,195
Financial liabilities109,68819,4411,469,0521,598,181—670,986927,195

The following table provides a breakdown of financial liabilities by category at December 31, 2025.

At December 31, 2025
Financial liabilitiesFair value Level
(€ thousands)FVPLFVOCIAmortized costTotal Note123
Derivative financial instruments—4,576—4,57612—4,576—
Non-current borrowings——162,123162,12315—162,123—
Current borrowings——84,06684,06615—84,066—
Other non-current financial liabilities105,632——105,63216—105,632—
Trade payables and customer advances——326,245326,245—326,245—
Lease liabilities – Current / Non-current——731,589731,58917——731,589
Financial liabilities105,6324,5761,304,0231,414,231—682,642731,589