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"value": "1.2 Operations performed during the periods under examination On 14 January 2025, GVS successfully completed the acquisition of Haemonetics\u2019 whole blood assets, in accordance with the terms signed on 3 December 2024. The purchase price paid at closing, which reflects the price adjustment mechanism and is subject to potential further adjustments in accordance with the terms of the acquisition agreement, amounted to Euro 42,450thousand, and includes the whole blood inventories and the real estate comprising the Covina production facility, in addition to specific plant and machinery. In addition to the purchase price paid to the seller at closing in the amount of Euro 40,497 thousand and the amount of Euro 1,953 thousand already paid to the seller as a deposit in previous financial years, the GVS Group has recognised an earn-out liability of Euro 4,078 thousand, payable by February 2028. During the reporting period, the earn-out liability related to the Haemonetics transaction, originally recognised at Euro 14,238 thousand, was reduced to Euro 4,078 thousand, as, based on the sales achieved as at 31 December 2025, the first earn-out payment due in February 2026 was not made, and, taking into account the estimated future sales as at 31 December 2026, the Group does not expect to meet the contractual revenue target required for the payment of the second earn-out due in February 2027. In accordance with IFRS, the acquired assets do not constitute a business as defined by IFRS 3 Revised; therefore, the acquisition of Haemonetics\u2019 whole blood assets was not accounted for as a business combination. Instead, the individual assets acquired were identified and recognised, and the total cost of acquisition was allocated proportionally on the basis of their respective fair values, as estimated by appointed experts, as at the closing date of the transaction (14 January 2025). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfSignificantEventsAndTransactions",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-471": {
"value": "2.1 Declaration of conformity with international accounting standards The consolidated financial statements as at 31 December 2025 have been prepared in accordance with the International Financial Reporting Standards (\u2018IFRS\u2019) issued by the International Accounting Standards Board and adopted by the European Union, as well as with the measures issued to implement Article 9 of Italian Legislative Decree No. 38/2005. 38/2005. \u201cIFRS\u201d also includes the revised International Accounting Standards (\u201cIAS\u201d) and all interpretations issued by the International Financial Reporting Interpretations Committee (\u201cIFRC\u201d), previously known as the Standing Interpretations Committee (\u201cSIC\u201d). The Consolidated Financial Statements have also been prepared in accordance with the CONSOB measures and provisions on financial statements and related reporting formats. These Consolidated Financial Statements were approved by the Company\u2019s Board of Directors on 26 March 2026 and audited by independent auditor PricewaterhouseCoopers S.p.A.. The principal criteria and accounting standards applied in preparation of the Consolidated Financial Statements are listed below. 2.2 General principles of preparation The Consolidated Financial Statements consists of the financial statements obligatorily required under standard IAS 1, and that is, the statement of financial position, income statement, comprehensive income statement, statement of changes in equity and statement of cash flows, as well as explanatory notes, and is completed with the directors\u2019 report on operating performance. The Group chose to represent its income statement according to the nature of the expense, while the assets and liabilities in the statement of financial position are divided into current and non-current. The statement of cash flows is prepared using the indirect method. The schemes employed are those that best represent the Group\u2019s economic and financial position. An asset is classified as current when: \u2022 it is presumed that the asset will be sold, or is held for sale or consumption, during the course of the company\u2019s regular operating cycle; \u2022 it is owned primarily for the purpose of sale; \u2022 it is presumed that it will be sold within twelve months of the end of the year; \u2022 it consists of liquid assets or cash equivalents (unless it is forbidden to trade it or use it to pay a liability for at least twelve months from the end of the year). All other assets are classified as non-current. Standard IAS 1 includes tangible assets, intangible assets and long-term financial assets among non-current assets. A liability is classified as current when: \u2022 it is expected to be extinguished in the course of the company\u2019s regular operating cycle; \u2022 it is owned primarily for the purpose of sale; \u2022 it will be extinguished within twelve months of the end of the year; \u2022 there is no unconditional right to defer payment of the liability for at least twelve months after the end of the year. Clauses of a liability that could, if the counterpart so
wishes, give rise to its extinction through the issuance of instruments representing capital do not affect its classification. The company has classified all other liabilities as non-current. The operating cycle is the amount of time that passes between the acquisition of goods for the production process and cashing them in as liquid assets or cash equivalents. When the regular operating cycle is not clearly identifiable, its duration is assumed to be twelve months. The Consolidated Financial Statements are prepared in Euro, the currency in which the Company operates. The statement of financial position, income statement, the explanatory notes and the tables illustrating them are expressed in thousands of Euro, unless otherwise specified. The Consolidated Financial Statements have been prepared as follows: \u2022 on the basis of optimal knowledge of EU-IFRS, taking into account best practice in the field; any future positions and updated interpretations will be reflected in subsequent years, on the basis of the methods specified in the applicable accounting standards; \u2022 with a view to business continuity, on an accrual accounting basis, in compliance with the principle of the relevance and significance of the information and the prevalence of substance over form, and with a view to promoting consistency with future presentations. Assets and liabilities, costs and revenues are not offset against one another unless this is permitted or required under IFRS; \u2022 on the basis of the conventional criterion of historical cost, with the exception of assessment of financial assets and liabilities in cases in which it is obligatory to apply the fair value criterion, and for the financial statements of companies operating in economies subject to hyperinflation, which are prepared on the basis of the current cost criterion. With regard to the going concern basis, it should be noted that the Group\u2019s economic and financial performance during the financial year was extremely positive, and that the cash and cash equivalents as at 31 December 2025, amounting to Euro 78.7 million, the credit facilities currently available, and the cash flows that will be generated by operating activities, are considered sufficient to meet the Group\u2019s obligations and to finance its operations over a period of at least 12 months from the date of preparation of the financial statements. Based on the information available at the date of approval of this Financial Report and in view of the information provided in the preceding paragraph, the Directors consider the going- concern basis on which they have prepared these consolidated financial statements to be
appropriate. With regard to performance in 2025, please refer to the information provided in the Directors\u2019 Report on Operating Performance. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-472": {
"value": "With regard to the going concern basis, it should be noted that the Group\u2019s economic and financial performance during the financial year was extremely positive, and that the cash and cash equivalents as at 31 December 2025, amounting to Euro 78.7 million, the credit facilities currently available, and the cash flows that will be generated by operating activities, are considered sufficient to meet the Group\u2019s obligations and to finance its operations over a period of at least 12 months from the date of preparation of the financial statements. Based on the information available at the date of approval of this Financial Report and in view of the information provided in the preceding paragraph, the Directors consider the going- concern basis on which they have prepared these consolidated financial statements to be
appropriate",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-473": {
"value": "2.3 Consolidation criteria and methods The Consolidated Financial Statements include the statement of financial position and the income statement of the Company and its subsidiaries, approved by their respective administrative bodies, prepared on the basis of their accounting situations and, where applicable, opportunely corrected to ensure that they conform to EU-IFRS. The table below lists information on the company name, registered offices, currency of operation, share capital and portion thereof owned directly and indirectly by GVS' subsidiaries.
Company name Registered office Currency Share capital at 31 December 2025 Direct parent company Percentage of control As at 31 December 2025 As at 31 December 2024 YUYao Yibo Medical Device Co. Ltd China - Yuyao CNY 27,070,000 GVS Technology (Suzhou) Co. Ltd. 100.00% 100.00% GVS Technology (Suzhou) Co. Ltd. China - Suzhou (RPC) CNY 182,658,405 GVS SpA 100.00% 100.00% Suzhou GVS Trading Co. Ltd. China - Suzhou (RPC) CNY 250,000 GVS Technology (Suzhou) Co. Ltd. 100.00% 100.00% GVS North America Inc USA - Sanford (MA) USD N/a GVS North America Holdings Inc 100.00% 100.00% GVS Filtration Inc USA - Findlay (OH) USD 10 GVS North America Holdings Inc 100.00% 100.00% GVS NA Holdings Inc USA - Sanford (MA) USD 0.10 GVS SpA 100.00% 100.00% Fenchurch Environmental Group Ltd United Kingdom - Lancaster GBP 1,469 GVS SpA 100.00% 100.00% GVS Filter Technology UK Ltd United Kingdom - Lancaster GBP 27,000 Fenchurch Environmental Group Ltd 100.00% 100.00% GVS do Brasil Ltda Brazil - Municipio de Monte Mor, Campinas BRL 20,845,226 GVS SpA 99.95% 99.95% GVS Argentina Sa Argentina - Buenos Aires ARS 1,510,212 GVS SpA 94.12% 94.12% GVS Filter Technology de Mexico Mexico - Nuevo Leon MXN 190,050,000 GVS SpA 99.99% 99.90% GVS Korea Ltd South Korea - Seoul KRW 100,000,000 GVS SpA 100.00% 100.00% GVS Microfiltrazione Srl Romania \u2013 Ciorani RON 1,300 GVS SpA 100.00% 100.00% GVS Japan KK Japan - Tokyo JPY 86,408,313 GVS SpA 100.00% 100.00% GVS Russia LLC Russia - Moscow RUB 10,000 GVS SpA 100.00% 100.00% GVS Filtre Teknolojileri Turkey - Istanbul TRY 1,000,000 GVS SpA 100.00% 100.00% GVS Puerto Rico LLC Puerto Rico \u2013 Fajardo USD N/a GVS SpA 100.00% 100.00% GVS Filtration SDN. BHD. Malesia - Petaling Jaya MYR 3,000,000 GVS SpA 100.00% 100.00% GVS Filter India Private Limited India \u2013 Mumbai INR 100,000 GVS SpA 99.98% 100.00% Abretec Group LLC USA \u2013 Detroit (MI) USD 14,455,437 GVS North America Holdings Inc 100.00% 100.00% RPB Safety LLC USA \u2013 Detroit (MI) USD 0 Abretec Group LLC 100.00% 100.00% RPB Manufacturing LLC USA \u2013 Detroit (MI) USD 0 Abretec Group LLC 100.00% 100.00% RPB IP LLC USA \u2013 Detroit (MI) USD 0 Abretec Group LLC 100.00% 100.00% GVS Filtration Co., Ltd. Thailand \u2013 Bangkok THB 12,000,000 GVS SpA 100.00% 100.00% Shanghai Transfusion Technology Co. Ltd China - Shanghai (RPC) CNY 111,757,543 GVS Technology (Suzhou) Co. Ltd. 100.00% 100.00% Suzhou Laishi Transfusion Equipment Co. Ltd. China - Suzhou (RPC) CNY 2,271,895 Shanghai Transfusion Technology Co. Ltd 100.00% 100.00% GVS Vietnam Company Limited Vietnam \u2013 Ho Chi Minh City VND 449,800,000 GVS SpA 100.00% 100.00% GVS Technology Singapore PTE. LTD. Singapore SGD 500,000 GVS SpA 100.00% 100.00% GVS France SAS France \u2013 Paris EUR 1,000 GVS SpA 100.00% N/a GVS Filter Technology Australia PTY LTD Australia \u2013 Carlton South (VIC) AUD N/a GVS SpA 100.00% N/a GVS TM Inc USA \u2013 McAllen (TX) USD 2,500,000 GVS SpA 100.00% 100.00% Haemotronic de Mexico S DE RL DE CV Mexico \u2013 Raynosa MXN 29,603 GVS TM Inc 100.00% 100.00%
Note that as of the date of the Consolidated Financial Statements, all companies included in the consolidation area are consolidated using the full consolidation method. It should be noted that during 2025, the companies GVS Fortune Holding LTD, Goodman Brands LLC, RPB Safety LTD and GVS Logistics Management (Shanghai) CO. LTD were liquidated, and the company HTMEX Inc changed its name to GVS TM Inc. With the exception of GVS Filter India Private Limited, whose company year ends on 31 March, the closing date of the financial statements of companies included in the scope of consolidation is 31 December, the date on which the Parent Company\u2019s financial year ends. The principal variations in the scope of consolidation are briefly described below. In July 2025, the company GVS France SAS, a direct subsidiary of GVS SpA, was established; consequently, the scope of consolidation as at 31 December 2025 changed compared to 31 December 2024 due to the addition of this company, which is fully consolidated. Towards the end of the financial year, GVS Filter Technology Australia PTY LTD was incorporated, although it was not operational as at 31 December 2025. In November 2025, GVS do Brasil Ltda (wholly-owned by GVS S.p.A.) resolved on and completed the merger by incorporation of its subsidiary EG Flitros Ltda (\u2018EG\u2019), a Brazilian company specialising in the production and sale of porous plastic filter elements. December 2025 saw the completion of the merger by incorporation of its subsidiary Haemotronic SpA into GVS SpA.
The criteria adopted by the Group in determining the scope of consolidation and the consolidation principles are described below. Subsidiaries An investor controls an entity when: (i) it has power over the entity in which it invests,(ii) it is exposed to, or entitled to participate in, the variability of its economic returns, and (iii) it is capable of exercising its decision-making power over significant assets in the entity itself in such a way as to influence these returns. The existence of control is checked every time events and/or circumstances indicate that there may have been a change in one of these elements qualifying control. Subsidiaries are consolidated by the full consolidation method starting on the date on which control is acquired and cease to be consolidated on the date on which control is lost. The criteria adopted for full consolidation are as follows: \u2022 assets and liabilities, charges and income from controlled entities are taken line by line, attributing to any minority shareholders their share in the company\u2019s shareholders\u2019 equity and annual net profit; these shares are reported separately in shareholders\u2019 equity and in the comprehensive income statement; \u2022 profits and losses, including the effect of taxation, deriving from transactions among companies which are consolidated in full and not yet realised in relation to third parties are eliminated, with the exception of losses, which are not eliminated if the transaction offers evidence of a reduction of the value of the asset transferred. Reciprocal payables and receivables, costs and revenues are also eliminated, as are financial expenses and income; \u2022 in the presence of interests acquired subsequently to obtaining control (acquisition of minority interests), if there is any difference between purchase cost and the corresponding portion of net assets acquired, it is recorded in the Group\u2019s shareholders\u2019 equity; similarly, the effects of sale of minority shares without loss of control are recorded under shareholders\u2019 equity. Sale of shares resulting in a loss of control, on the other hand, will result in recording in the comprehensive income statement: (i) of any capital gains/losses, calculated as the difference between the payment received and the corresponding portion of consolidated shareholders\u2019 equity sold; (ii) of the effect of remeasurement of the residual share maintained, if any, to align it with fair value; (iii) of any values that may be entered under other components of overall profit in relation to the subsidiary in which the company no longer owns the controlling share, which will be reversed to the comprehensive income statement, or, if this is not done, to the item \u201cProfit carried over\u201d under shareholders\u2019 equity. The value of the share maintained, if any, aligned with its fair value as of the date of loss of control, represents the new value at which the equity investment will be recorded, which also serves as the reference value for its subsequent assessment on the basis of the applicable measurement criteria. Business combinations Business combinations as a result of which the controlling share in a business is acquired are recorded in compliance with IFRS 3, applying what is known as the acquisition method. Specifically, identifiable assets acquired and liabilities and contingent liabilities taken on are recorded at their current value as of the date of acquisition, which is the date on which the controlling share is acquired (the \u201cAcquisition Date\u201d), with the exception of deferred tax assets and liabilities, assets and liabilities pertaining to employee benefits, and assets intended for sale, which are entered on the basis of the applicable accounting standards. In the absence of the portion attributable to minority interests, the difference between the fair value of the payment transferred and the current value of the assets and liabilities, if positive, is entered under intangible assets as goodwill, while if negative, after checking that the current value of the assets and liabilities acquired and the purchase cost have been measured correctly, they are recorded as proceeds directly in the income statement. Goodwill is recognised in the financial statements on the date of acquisition of control of a business and is determined as the excess of (a) over (b), as follows: a) the sum of the consideration paid (measured in accordance with IFRS 3, which is generally determined on the basis of fair value at the acquisition date), the amount of any non-controlling interest and, in the case of a business combination achieved in stages, the fair value at the date of acquisition of control of the existing interest in the acquiree; b) the fair value of the identifiable assets acquired less the identifiable liabilities assumed, measured at the date of acquisition of control. Minority shares as of the acquisition date may be measured at fair value or pro-quota on the basis of the value of the net assets acknowledged for the enterprise purchased. The choice of assessment method is made for each individual transaction. When determination of the value of the assets and liabilities of the business purchased is provisional, it must be completed within a maximum of twelve months from the acquisition date, considering only information on events and circumstances that were in existence as of the Acquisition Date. In the year in which this determination is concluded, the corresponding provisional values will be corrected retrospectively. The accessory costs of the transaction are recorded in the income statement at the time when they are incurred. Acquisition cost is represented by the fair value on the Acquisition Date of the assets transferred, the liabilities taken on and the capital instruments issued for the purposes of the purchase, and also includes the potential consideration, that is, the portion of the consideration for which the amount and effective payment are dependent on future events. The potential consideration is recorded on the basis of its fair value as of the Acquisition Date,
and subsequent variations in fair value are recorded in the income statement if the potential consideration is a financial asset or liability, while potential considerations classified as shareholders\u2019 equity are not redetermined and their subsequent extinction is entered directly under shareholders\u2019 equity. If control is gained at a later stage, the purchase cost is determined by adding the fair value of the share previously held to the amount paid for the additional share. If there is a difference between the fair value of the share previously held and its book value, this is allocated to the comprehensive income statement. Upon assuming control, any amounts previously recognised in other comprehensive income are recognised in profit or loss or in other comprehensive income. Business combinations under which the companies in which shares are held are controlled by the same entity or entities before and after the combination operation and for which control is not transitory are described as operations \u201cunder common control\u201d. These operations are not regulated by IFRS 3 or other EU-IFRS. In the absence of an applicable accounting standard, the choice of the method by which these operations are represented in the accounts must ensure compliance with the provisions of IAS 8, that is, dependable, faithful representation of the transaction. Moreover, the accounting standard chosen for representation of operations \u201cunder common control\u201d must reflect their economic substance, independently of their legal form. The existence of economic substance therefore constitutes the key element determining the method to be used to enter these operations in the accounts. Economic substance must refer to generation of added value which takes concrete form in significant changes in the cash flows of the net assets transferred. When recording the operation in the accounts, it is also important to take current interpretation and guidelines into account; specifically, refer to the provisions of OPI 1 ( Orientamenti Preliminari Assirevi in tema IFRS- Assorevi\u2019s Preliminary Orientation regarding IFRS) (Revised), on \u201caccounting treatment of business combinations of entities under common control in separate and consolidated financial statements\u201d. The net assets transferred must therefore be entered at their book value in the company acquired or, if available, the values appearing in the consolidated financial statements of the common controlling company.
goodwill, where it exists, and adjustments of fair value related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and converted at the exchange rate in effect at the close of the year. The table below lists the exchange rates used for conversion of the financial statements of companies operating in a currency other than the Euro for the periods indicated: Currency At 31 December Year ending on 31 December 2025 2024 2025 (average) 2024 (average) Brazilian Real 6.4364 6.4253 6.3072 5.828 Argentine Peso (*) 1,707.5606 1,070.8061 1,412.1281 989.9196 Chinese Renminbi 8.2262 7.5833 8.1185 7.7875 American Dollar 1.175 1.0389 1.13 1.082 Japanese Yen 184.09 163.06 169.0435 163.8519 South Korean Won 1,696.94 1,532.15 1605.4523 1,475.4041 Russian Ruble 92.807 117.730 94.3261 100.3764 Turkish Lira (*) 50.4838 36.7372 44.8161 35.5734 Mexican Peso 21.1180 21.5504 21.6705 19.8314 Romanian Ron 5.0968 4.9743 5.0424 4.975 Indian rupee 105.5965 88.9335 98.5239 90.5563 Malaysian Ringgit 4.7682 4.6454 4.8339 4.9503 New Zealand dollar N/a 1.8532 N/a 1.788 Thai baht 37.218 35.676 37.1158 38.1811 Vietnamese dong 30,883 26,478 29,405 27,113 Singapore Dollar 1.5105 1.4164 1.4756 1.4458 British Pound 0.8726 0.8292 0.8568 0.8466 (*) Refer to note 2.4 for a description of the accounting standards and assessment criteria applied to economies subject to hyperinflation. Conversion of items in foreign currency Transactions in currencies other than the currency in which the Company operates are entered at the exchange rate in effect on the date of the transaction. Monetary assets and liabilities in currencies other than the Euro are subsequently adapted to the exchange rate in existence as of the close of the year. Any resulting exchange rate differences are reflected in the income statement, under the item \u201cForeign exchange gains and losses\u201d. 2.4 Accounting standards and measurement criteria The criteria adopted for the classification, recognition, measurement and derecognition of various items in the assets and liabilities, and the criteria applied to entry of income components, are listed below.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-474": {
"value": "The principal variations in the scope of consolidation are briefly described below. In July 2025, the company GVS France SAS, a direct subsidiary of GVS SpA, was established; consequently, the scope of consolidation as at 31 December 2025 changed compared to 31 December 2024 due to the addition of this company, which is fully consolidated. Towards the end of the financial year, GVS Filter Technology Australia PTY LTD was incorporated, although it was not operational as at 31 December 2025. In November 2025, GVS do Brasil Ltda (wholly-owned by GVS S.p.A.) resolved on and completed the merger by incorporation of its subsidiary EG Flitros Ltda (\u2018EG\u2019), a Brazilian company specialising in the production and sale of porous plastic filter elements. December 2025 saw the completion of the merger by incorporation of its subsidiary Haemotronic SpA into GVS SpA.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn1": {
"value": "Business combinations Business combinations as a result of which the controlling share in a business is acquired are recorded in compliance with IFRS 3, applying what is known as the acquisition method. Specifically, identifiable assets acquired and liabilities and contingent liabilities taken on are recorded at their current value as of the date of acquisition, which is the date on which the controlling share is acquired (the \u201cAcquisition Date\u201d), with the exception of deferred tax assets and liabilities, assets and liabilities pertaining to employee benefits, and assets intended for sale, which are entered on the basis of the applicable accounting standards. In the absence of the portion attributable to minority interests, the difference between the fair value of the payment transferred and the current value of the assets and liabilities, if positive, is entered under intangible assets as goodwill, while if negative, after checking that the current value of the assets and liabilities acquired and the purchase cost have been measured correctly, they are recorded as proceeds directly in the income statement. Goodwill is recognised in the financial statements on the date of acquisition of control of a business and is determined as the excess of (a) over (b), as follows: a) the sum of the consideration paid (measured in accordance with IFRS 3, which is generally determined on the basis of fair value at the acquisition date), the amount of any non-controlling interest and, in the case of a business combination achieved in stages, the fair value at the date of acquisition of control of the existing interest in the acquiree; b) the fair value of the identifiable assets acquired less the identifiable liabilities assumed, measured at the date of acquisition of control. Minority shares as of the acquisition date may be measured at fair value or pro-quota on the basis of the value of the net assets acknowledged for the enterprise purchased. The choice of assessment method is made for each individual transaction. When determination of the value of the assets and liabilities of the business purchased is provisional, it must be completed within a maximum of twelve months from the acquisition date, considering only information on events and circumstances that were in existence as of the Acquisition Date. In the year in which this determination is concluded, the corresponding provisional values will be corrected retrospectively. The accessory costs of the transaction are recorded in the income statement at the time when they are incurred. Acquisition cost is represented by the fair value on the Acquisition Date of the assets transferred, the liabilities taken on and the capital instruments issued for the purposes of the purchase, and also includes the potential consideration, that is, the portion of the consideration for which the amount and effective payment are dependent on future events. The potential consideration is recorded on the basis of its fair value as of the Acquisition Date,
and subsequent variations in fair value are recorded in the income statement if the potential consideration is a financial asset or liability, while potential considerations classified as shareholders\u2019 equity are not redetermined and their subsequent extinction is entered directly under shareholders\u2019 equity. If control is gained at a later stage, the purchase cost is determined by adding the fair value of the share previously held to the amount paid for the additional share. If there is a difference between the fair value of the share previously held and its book value, this is allocated to the comprehensive income statement. Upon assuming control, any amounts previously recognised in other comprehensive income are recognised in profit or loss or in other comprehensive income. Business combinations under which the companies in which shares are held are controlled by the same entity or entities before and after the combination operation and for which control is not transitory are described as operations \u201cunder common control\u201d. These operations are not regulated by IFRS 3 or other EU-IFRS. In the absence of an applicable accounting standard, the choice of the method by which these operations are represented in the accounts must ensure compliance with the provisions of IAS 8, that is, dependable, faithful representation of the transaction. Moreover, the accounting standard chosen for representation of operations \u201cunder common control\u201d must reflect their economic substance, independently of their legal form. The existence of economic substance therefore constitutes the key element determining the method to be used to enter these operations in the accounts. Economic substance must refer to generation of added value which takes concrete form in significant changes in the cash flows of the net assets transferred. When recording the operation in the accounts, it is also important to take current interpretation and guidelines into account; specifically, refer to the provisions of OPI 1 ( Orientamenti Preliminari Assirevi in tema IFRS- Assorevi\u2019s Preliminary Orientation regarding IFRS) (Revised), on \u201caccounting treatment of business combinations of entities under common control in separate and consolidated financial statements\u201d. The net assets transferred must therefore be entered at their book value in the company acquired or, if available, the values appearing in the consolidated financial statements of the common controlling company.
Intangible assets An intangible asset is an asset which meets all of the following conditions: \u2022 it is identifiable; \u2022 it is not monetary; \u2022 it has no physical consistency; \u2022 it is controlled by the company preparing the financial statements; \u2022 it is expected to produce future economic benefits for the company.
If an asset does not meet the requirements for definition as an intangible asset listed above, the cost of its purchase or in-house generation will be entered as a cost when it is incurred. Intangible assets are initially entered at cost. The cost of intangible assets acquired from outside the company includes the purchase price and any directly attributable costs. Goodwill generated internally is not entered as an asset, nor are intangible assets resulting from research (or the research stage in an in-house project). An intangible asset deriving from development or the development stage in an in-house project is entered if it can be demonstrated to meet the following conditions: \u2022 technical feasibility of completing the intangible asset to make it available for use or sale; \u2022 the intention to complete the intangible asset for use or sale; \u2022 the ability to use or sell the intangible asset; \u2022 the way in which the intangible asset can generate future economic benefits, and particularly the existence of a market for the product produced by the intangible asset or for the intangible asset itself, or, if it is to be used for internal purposes, its utility; \u2022 availability of sufficient technical, financial or other resources to complete the development of the asset for use or sale; \u2022 the ability to reliably assess the cost attributable to the intangible asset during its development. Intangible assets are measured using the cost method, in accordance with one of two different criteria set forth under IAS 38 (the cost model and the redetermination of value model). The cost model states that following initial recognition, an intangible asset must be entered at cost, after subtraction of amortisation accumulated and any losses due to reduction of accumulated value. The useful life estimated by the Group for various categories of intangible asset is shown below: Category of intangible asset Depreciation rate Development costs from 4 to 6 years Customer relationship from 4 to 20 years Technology from 4 to 20 years Industrial patent rights and intellectual property rights from 5 to 14 years Concessions, licences, trademarks and similar rights from 5 to 14 years Other fixed assets 1.5 years The following principal intangible assets may be identified in the Group: (a) Goodwill Goodwill is classified as an intangible asset with an indefinite useful life and is initially entered at cost based on the provisions of IFRS 3, as described above, and then subjected to assessment at least once a year with the aim of identifying any loss of value (in this regard, refer to the section below entitled \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d). Value may not be restored if it has previously been written down due to impairment.
(b) Intangible assets with a defined useful life Intangible assets with a defined useful life are entered at cost, as stated above, minus amortisation accumulated and any impairment. Amortisation begins when the asset is made available for use and is divided up systematically on the basis of residual potential for use, that is, on the basis of estimated useful life; the value to be amortised and the recoverability of book value are subject to the criteria specified, respectively, in the sections on \u201cTangible assets\u201d and \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d.
Right of use assets and liabilities and leasing In accordance with IFRS 16, a contract is, or contains, a leasing agreement if it ensures, in exchange for a consideration, a right to control use of a specified asset for a given period of time. The contract will be assessed again to determine whether it is, or contains, a leasing agreement only in the event of a change in its terms and conditions. For a contract that is, or contains, a lease, each lease component is separated from the non- lease components, unless the Group applies the practical expedient set out in paragraph 15 of IFRS 16. This practical expedient allows the lessee, for each class of underlying asset, to choose not to separate the non-lease components from the lease components and to account for each lease component and its associated non-lease components as a single lease component. The term of the lease is determined as the period during which the leasing agreement cannot be cancelled, to which the following time periods must be added: \u2022 time periods covered by an option to extend the lease, if the tenant has a reasonable degree of certainty of exercising the option; and \u2022 time periods covered by the option to cancel the lease, if the tenant has a reasonable degree of certainty that the option will not be exercised. In assessing whether the tenant has a reasonable degree of certainty of exercising the option of extending the lease or that the option of cancelling the lease will not be exercised, all pertinent events and circumstances forming an economic incentive for the tenant to exercise the option of extending the lease and not to exercise the option of cancelling the lease are taken into consideration. The tenant must recalculate the term of the lease if the period during which the leasing agreement cannot be cancelled changes. As of the date on which the contract goes into effect, the Group enters right of use assets and the corresponding lease liability. As of the date on which the contract goes into effect, the value of right of use assets is identified as their cost. The cost of right of use assets includes: a) the amount of the initial assessment of the lease liability; b) payments due on the lease made on the date or prior to the date on which the agreement goes into effect, after subtraction of lease incentives received; c) initial costs born directly by the tenant; and d) an estimate of the costs the tenant will have to bear for dismantling and removing the underlying asset and restoration of the site on which it is located, or for restoration of the underlying asset to the condition required under the terms and conditions of the lease agreement, unless these costs are incurred for the production of inventory. The obligation regarding the above costs arises for the tenant as of the date on which the contract goes into effect or as a consequence of use of the underlying asset during a given time period. As of the date on which the contract goes into effect, the tenant must assess lease liabilities at the current value of payments due on the lease not paid as of that date. Payments due on the lease include the following amounts: a) fixed payments, after subtraction of any lease incentives receivable;
b) variable payments due on the lease which depend on an indicator or rate, initially measured on the basis of an indicator or the rate in effect on the date on which the contract goes into effect; c) amounts the tenant will have to pay to guarantee the residual amount; d) the price of exercising the purchase option, if the tenant has a reasonable degree of certainty of exercising the option; and e) payment of penalties for cancellation of the lease agreement, if the term of the lease takes into account the possibility of the tenant exercising the option of cancelling the lease. Payments made on the lease must be updated on the basis of the implicit interest rate of the lease, if it can easily be determined. If this is not possible, the tenant must use the marginal financing rate, that is, the incremental interest rate the company would have to pay to obtain a loan of the same term and amount as the lease agreement. Following initial recognition, the Group measures right of use assets at cost: a) net of amortisation and accumulated impairment; and b) corrected to take into account recalculation of the lease liability, if necessary. Following initial entry, the lease liability will be measured on the basis of: a) increasing book value to take into account interest on the lease liability; b) decreasing book value to take into account payments made on the lease; and c) recalculating book value to take into account any new assessments of or changes to the lease or revision of payments due on the lease of fixed amount. In the event of changes to the lease which do not constitute a separate leasing agreement, right of use assets will be recalculated (raising or lowering them) consistently with the change in the lease liability as of the date of the change. The lease liability will be recalculated on the basis of the new conditions identified in the lease agreement, using the discount rate as of the date of the change. It should be noted that the Group makes use of the exemption provided for under IFRS 16 with regard to leases of low-value assets. In these cases, the right of use asset and the corresponding lease liability are not entered, and payments due on the lease are entered in the income statement. The Group has decided not to avail itself of the exemption permitted under IFRS 16 for short- term leasing agreements (that is, leasing contracts with a term of twelve months or less from the date on which they go into effect). The lessor must classify each of its leases as operating or financial. A lease is classified as financial if it substantially transfers all the risks and benefits connected with ownership of the underlying asset. A lease is classified as operating if it does not substantially transfer all the risks and benefits connected with ownership of the underlying asset. In a financial lease, on the date on which the lease goes into effect the lessor must record the assets held under financial leasing agreements in the statement of financial position, showing them as receivables with a value equal to the net investment in the lease. In an operating lease, the lessor must enter payments due as proceeds, based on the criterion of constant rates or another systematic criterion. The lessor must also enter costs, including depreciation, incurred in order to earn the proceeds on the lease. If an entity transfers a specific asset to another entity and obtains it under a leaseback arrangement, it is necessary to determine, based on the provisions of IFRS 15, whether the transfer should be accounted for as a sale. In such a case, the lessee-seller shall measure the right of use asset resulting from the leaseback at the percentage of the asset\u2019s previous
carrying amount that relates to the right of use retained by the lessee-seller. As a result, the lessee-seller must enter only the amount of profit or loss on the rights transferred to the lessor-buyer. If the fair value of the consideration for sale of the asset is not equal to the fair value of the asset, or if payments due on the lease agreement are not at market prices, the entity must perform the following corrections in order to enter the value of revenues from the sale at fair value: (i) conditions which are below market price must be entered in the accounts as an advance on the payments due on the lease, and(ii) conditions which are above market price must be entered in the accounts as an additional loan provided by the lessor-buyer to the lessee-seller.
Tangible assets Property, plants and machinery are entered in the accounts as tangible assets only if the following conditions simultaneously apply: \u2022 it is probable that the company will enjoy the future economic benefits referable to the asset; \u2022 cost can be reliably determined. Tangible assets are initially entered at cost, defined as the amount of cash or cash equivalents paid, or the fair value of other considerations paid to acquire an asset, at the time of its purchase or replacement. Subsequently to initial recognition, tangible assets will be measured by the cost method, after subtraction of depreciation allowance entered and any loss of value that may have been accumulated. The cost includes expenses directly incurred to enable the assets to be used, as well as any dismantling and removal costs that will be incurred as a result of contractual obligations requiring the asset to be restored to its original condition. Expenses incurred for routine and/or periodic maintenance and repairs are recognised directly in the income statement when incurred. Capitalisation of costs inherent in expansion, modernisation or improvement of structural elements owned by or in use by third parties is performed to the extent that it responds to the requirements for separate classification as an asset or part of an asset. The depreciation method used for tangible assets is the straight-line method, applied over their useful life. The useful life estimated by the Group for the various categories of tangible assets is shown below: Category of tangible asset Depreciation rate Buildings 33 years Light constructions 10 years Generic plants and machinery 13 years Specific plants and machinery 8 years Furniture and fittings 8 years Office equipment and electronic equipment 5 years Various equipment 2.5 years Vehicles for internal transportation and automobiles from 4 to 5 years At the end of each financial year, the company assesses whether there have been significant changes in the expected pattern of economic benefits from capitalised assets and, if so revises the depreciation method, which is treated as a change in accounting estimate in accordance with IAS 8. The value of an item of property, plant and equipment is fully reversed upon its disposal or when the company no longer expects to derive any economic benefits from its disposal. Capital grants are recognised when there is reasonable certainty that they will be received and that all the conditions attached to them have been met. Grants recognised in the financial statements as at 31 December 2024 and in previous financial years are recorded as a reduction of tangible fixed assets and credited pro rata to the income
statement as a reduction of depreciation over the useful lives of the relevant assets. Capital grants received on or after 1 January 2025 have been recognised as deferred income and systematically charged to the income statement over the useful life of the asset.
Impairment of Goodwill, tangible assets and intangible assets, and right of use assets (a) Goodwill As stated above, goodwill is subject to verification of the recoverability of value (known as the impairment test) at least once a year in the presence of indicators that could suggest a reduction in its value, according to the provisions of IAS 36 (Impairment of assets). This check is normally conducted at the end of each year, so that the reference date for the verification is the date of the financial statements. The impairment test is conducted on each of the Cash Generating Units (CGUs) to which goodwill has been allocated. The CGU of an asset is the smallest group of assets including the asset itself that generates cash inflows which are broadly independent of the cash inflows of other assets or groups of assets. Impairment of goodwill is entered if its recoverable value is lower than the value at which it was entered in the financial statements. Recoverable value is defined as the fair value of the CGU, after subtraction of disposal charges, and its value in use, defined as the current value of future cash flows estimated for the asset, whichever is greater. In determining value in use, expected future cash flows are discounted using a pre- tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. If the reduction of value resulting from the impairment test exceeds the value of goodwill allocated to the CGU, the residual excess will be allocated to assets included in the CGU in proportion to their book value. The minimum limit on this allocation is the higher of: \u2022 the asset\u2019s fair value after subtraction of sale costs; \u2022 value in use, as defined above; \u2022 zero. The original value of goodwill cannot be restored when the reasons that resulted in its impairment no longer apply.
(b) Assets (tangible, intangible and right of use assets) with a finite useful life On the date of each financial statements a test is conducted to determine if there are any indicators that tangible assets, intangible assets and right of use assets may have suffered impairment. Both internal and external information sources are taken into consideration. Internal information sources include: the obsolescence or physical deterioration of the asset, any significant changes in the way the asset is used, and economic trends in the asset in comparison with forecasts. External sources include price trends on the market for the assets, any changes in technology, the market or regulations, and market trends in interest rates or the cost of capital used to assess investments. If the presence of such indicators is identified, the recoverable value of the assets will be estimated, allocating any write-downs over book value to the comprehensive income statement. The recoverable value of an asset is represented by fair value, after subtraction of accessory sale costs, and the corresponding value of use, determined by discounting estimated future cash flows from the asset, including, if significant and reasonably determinable, those deriving from sale at the end of its useful life, after subtraction of any disposal charges. In determining value in use, expected future cash flows are discounting using a pre-tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. In the case of an asset that does not generate broadly independent cash flows, recoverable value is determined in relation to the cash generating unit to which the asset belongs. Impairment is recognised in the comprehensive income statement when the value at which the asset is entered, or the value of the CGU to which it is allocated, exceeds its recoverable value. Impairment of a CGU is allocated first to reduction of the book value of any goodwill that may be attributed to it, and then to reduction of other assets in proportion to their book value and within the limits of their recoverable value. If the requirements for a previous write- down no longer apply, the book value of the asset will be restored, with allocation to the income statement, within the limits of the net book value the asset in question would have had if it had not been written down and if it had been subjected to depreciation.
Financial assets When initially reported, financial assets must be classified in one of the three categories listed below, on the basis of the following elements: \u2022 the business model the entity uses for management of financial assets; and \u2022 the features of the contractual cash flows of the financial asset. Financial assets will then be derecognised from the financial statements only if their sale results in substantial transfer of all the risks and benefits connected with the assets. If, on the other hand, a significant portion of the risks and benefits pertaining to the assets sold is retained, the assets will continue to appear in the financial statements, even if their ownership has been legally transferred. a) Financial assets measured at amortised cost This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract (\u201cHold to Collect\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Following initial recognition, the financial assets under examination will be measured at amortised cost, using the effective interest rate method. The amortised cost method is not applied to assets \u2013 measured at historical cost \u2013 of such a brief duration that the effect of application of discounting would be negligible, to those without a definite term, and for receivables subject to revocation. b) Financial assets measured at fair value with an impact on comprehensive income This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract and through sale of the financial asset itself (\u201cHold to Collect and Sell\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). This category includes equity interests which may not be described as relations of control, connection and joint control, which are not held for trading, for which the option of designation at fair value has been exercised with an impact on comprehensive income.
At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Subsequently to initial recognition, equity interests which may not be described as relations of control, connection and joint control are measured at fair value, and the amounts offset against them under shareholders\u2019 equity (Statement of comprehensive income) must not be subsequently transferred to the income statement, even in the event of sale. The only component referable to the equities in question which is subject to recognition in the income statement is the corresponding dividends. For equities included in this category, which are not listed on an active market, the cost criterion is used to estimate fair value merely residually and limited to a few circumstances, that is, if the most recent information for measuring fair value is insufficient, or if there are a wide range of possible appraisals of fair value and cost represents the best estimate of fair value within this range of values. c) Financial assets measured at fair value with an impact on the income statement This category includes financial assets other than those classified among \u201cFinancial assets measured at amortised cost\u201d and among \u201cFinancial assets measured at fair value with an impact on comprehensive income\u201d. This category includes financial assets held for trading and derivatives contracts which cannot be classified as hedges (represented as assets if their fair value is positive and as liabilities if their fair value is negative). At the time of initial recognition, financial assets measured at fair value with an impact on the income statement are measured at fair value, without taking into consideration transaction costs or proceeds directly attributable to the instrument. On subsequent reporting dates, they are measured at fair value and the effects of their measurement are allocated to the income statement.
Derivative financial instruments and hedges Derivative financial instruments are entered in accordance with the provisions of IFRS 9. On the date of stipulation of the contract, derivative financial instruments are initially measured at fair value, as financial assets measured at fair value with an impact on the income statement if fair value is positive or as financial liabilities measured at fair value with an impact on the income statement if fair value is negative. If financial instruments are not entered as hedges, changes in fair value identified subsequently to initial recognition are treated as components of the profit or loss for the financial year. If, on the other hand, the derivative instruments meet the requirements for classification as hedges, subsequent variations in fair value are entered on the basis of specific criteria, described below. A derivative financial instrument is classified as a hedge if the relationship between the hedge and the item hedged is formally documented, including risk management goals, hedging strategy and methods to be used to determine its perspective and retrospective effectiveness. The effectiveness of each hedge is verified both at the time of creation of each derivative instrument and during its life, and particularly on the closing date of each financial statements or interim report. Generally, a hedge is normally considered highly \u201ceffective\u201d if, both at the start and during its life, changes in fair value, in the case of fair value hedges, or in expected future cash flows, in the case of cash flow hedges, of the element hedged are substantially offset by changes in the fair value of the hedge.
Accounting standard IFRS 9 permits designation of the following three hedging relationships: a) fair value hedge: when the hedge covers variations in the fair value of assets and liabilities appearing in the financial statements, both changes in the fair value of the hedge and variations in the hedged item are allocated to the income statement. b) cash flow hedge: when the hedge is intended to neutralise the risk of changes in cash flows originating from the future execution of contractual obligations in existence as of the date of the financial statements, changes in the fair value of the hedge registered subsequently to the first measurement are entered in the accounts, limited to the effective portion only, in the comprehensive income statement and therefore in a shareholders\u2019 equity reserve. When the economic effects originated by the hedged item appear, the amount entered in the comprehensive income statement is transferred to the income statement. If the hedge is not perfectly effective, the change in the fair value of the hedge referable to the ineffective portion is entered in the income statement immediately. c) hedging of a net investment in a foreign operation (net investment hedge). If the checks do not confirm the effectiveness of the hedge, from that time on hedging operations will no longer be entered in the accounts, and the derivative hedging contract will be reclassified among financial assets measured at fair value with an impact on the income statement or financial liabilities measured at fair value with an impact on the income statement. Moreover, the hedging relationship ceases when: \u2022 the derivative instrument expires or is sold, terminated or exercised; \u2022 the item hedged is sold, expires, or is refunded; \u2022 it is no longer highly probable that the future hedged transaction will be performed. Refer to note 5.5 for information on asset and liability categories and information on fair value..
Trade receivables Trade receivables deriving from the transfer of goods and the provision of services are measured according to the terms of the contract with the customer, on the basis of the provisions of IFRS 15, and classified on the basis of the nature of the debtor and/or the expiry date of the receivable (this definition includes invoices to be issued for services already performed). Furthermore, since trade receivables are generally short-term and do not bear interest, amortised cost is not calculated, and they are recognised at the nominal value stated on the invoices issued or in the contracts entered into with customers: this approach is also adopted for trade receivables with a contractual term exceeding twelve months, unless the impact is particularly significant. This choice is a result of the fact that the amount of short-term receivables is very similar whether the historical cost method or the amortised cost criterion is applied, and the impact of discounting would therefore be entirely negligible. Trade receivables are tested for impairment in accordance with the provisions of IFRS 9. For the purposes of the measurement process, trade receivables are grouped by overdue age brackets. Performing receivables are subjected to collective measurement, grouping individual types of exposure on the basis of similar levels of credit risk. They are measured on the basis of expected losses throughout the life of the receivable, determined on the basis of losses registered for assets with similar credit risk features on the basis of historical experience, and corrected to reflect expected future economic conditions. The Group may transfer a portion of its trade receivables through factoring transactions. Receivable factoring transactions may be with recourse or without recourse; certain non- recourse factoring transactions include deferred payment clauses, require a retention by the
transferor, or entail the retention of significant exposure to the performance of the cash flows arising from the transferred receivables. This type of transaction does not meet the requirements of IFRS 9 for the derecognition of financial assets, as the associated risks and rewards have not been substantially transferred. Consequently, all receivables assigned through factoring transactions that do not meet the derecognition requirements set out in IFRS 9 remain recognised in the Group\u2019s financial statements, even though they have been legally assigned; a financial liability for the same amount is recognised in the financial statements as payables for advances on assigned receivables. Gains and losses on the disposal of these assets are recognised only when the assets are derecognised from the Group\u2019s Statement of Financial Position. It should be noted that, as at 31 December, the Group companies had only carried out non-recourse transfers of trade receivables that met all the requirements of IFRS 9 for derecognition.
Inventories Inventories are goods: \u2022 possessed for sale in the normal course of the company\u2019s business; \u2022 used in productive processes for sale; \u2022 in the form of materials or supplies of goods to be used in the production process or in the performance of services. Inventories are entered at cost and subsequently measured at cost or net realisable value, whichever is lower. The cost of inventories includes all purchase costs, transformation costs and all other costs incurred to put the inventories in their current location and condition, but does not include exchange rate differences in the event of inventories invoiced in foreign currency. In accordance with the provisions of IAS 2, the average weighted cost method is used to determine the cost of inventories. If the net realisable value is lower than cost, the surplus is written down immediately in the income statement.
Cash and cash equivalents Cash on hand and cash equivalents are entered at face value or amortised cost, depending on their nature. Cash equivalents represent short-term financial commitments with high liquidity, which are readily convertible into a known amount of cash and subject to an insignificant risk of variations in value, whose original expiry at the time of purchase was no more than 3 months.
Debts Trade payables and other payables are initially entered at fair value and subsequently measured on the basis of the amortised cost method. Payables to banks and other financial backers are initially entered at fair value, not including directly allocated accessory costs, and are subsequently measured on the basis of amortised cost, applying the effective interest rate. In the event that, following a change in the conditions of a financial payable, there should be a change in the estimated expected cash flows resulting in a change in these flows of less than 10%, the amortised cost of the financial liability must be recalculated and the net profit or loss must include a profit or loss resulting from the change. The amortised cost of the financial payable must be recalculated as the current value of cash flows renegotiated or modified, discounted at the effective original interest rate of the financial payable. Any costs or commissions incurred in relation to the change will adjust the
book value of the financial payable modified, and will be amortised throughout the remaining life of the modified financial payable. Payables are eliminated from the financial statements when paid, and when the Group has transferred all risks and charges pertaining to the instrument.
Employee benefits Employee benefits include benefits provided to employees or their dependants and may be settled by means of payments (or the provision of goods and services) made directly to employees, their spouses, children or other dependants, or to third parties such as insurance companies. They are divided into short-term benefits, termination benefits payable to employees upon termination of employment, and post-employment benefits. Short-term benefits, which also include incentive schemes such as annual bonuses, MBOs and one-off renewals of national collective bargaining agreements, are recognised as a liability (cost provision) net of any amounts already paid, and as an expense, unless another IFRS standard requires or permits the inclusion of the benefits in the cost of an asset (e.g., the cost of staff involved in the development of internally generated intangible assets). The category of termination benefits includes voluntary redundancy schemes, which arise in the event of voluntary resignation and involve the employee or a group of employees entering into trade union agreements to activate solidarity funds, and redundancy schemes, which arise in the event of termination of employment at the company\u2019s unilateral discretion. The company enters the cost of such benefits as a liability in the financial statements on the most immediate date between the moment at which the company can no longer retract the offer of the benefits and the moment at which the company bears the cost of personnel reorganisation falling under accounting standard IAS 37. Provisions for voluntary redundancy schemes are reviewed at least every six months. Post-employment benefit plans fall into two categories: defined contribution plans and defined benefit plans. Defined-contribution plans primarily include: \u2022 Supplementary pension funds requiring a defined contribution by the company; \u2022 the Employee Termination Indemnity fund, limited to portions accruing since 1 January 2007 in the case of companies with more than 50 employees, whatever the employee\u2019s chosen allocation of the funds may be; \u2022 portions of Employee Termination Indemnity accrued since 1 January 2007 and allocated to supplementary pension funds, in companies with less than 50 employees; \u2022 supplementary medical insurance funds; \u2022 the End of Service Indemnity allocated to directors. Defined-benefit plans, on the other hand, include: \u2022 Employee Termination Indemnity, limited to portions accrued up to 31 December 2006 for all companies and portions accrued since 1 January 2007 and not allocated to supplementary pension plans in the case of companies with less than 50 employees; \u2022 supplementary pension funds under conditions requiring payment of a defined benefit to participants; \u2022 seniority bonuses involving an extraordinary payment to employees upon reaching a certain degree of seniority. In defined-contribution plans, the obligation of the company preparing the financial statements is determined on the basis of the contributions due in the year in question, so that measurement of the obligation does not require actuarial assumptions and there is no possibility of actuarial profits or losses.
Accounting for defined benefit plans requires the use of actuarial assumptions to determine the value of the obligation. This measurement is performed once a year by an external actuary. The company performs discounting using the projected unit credit method, which involves the projection of future expenditures on the basis of historical analysis of statistics and of the demographic curve, and financial discounting of these flows on the basis of a market interest rate. Actuarial profits and losses are offset against shareholders\u2019 equity (under the item \u201cReserve for actuarial profits and losses\u201d) as required by accounting standard IAS 19.
Provisions for risks and charges, contingent assets and liabilities Contingent assets and liabilities may be divided into categories according to their nature and impact on the accounting records. Specifically: \u2022 provisions are effective obligations of uncertain amount and contingency/due date arising out of past events, in relation to which it is probable that there will be an outlay of financial resources, the amount of which may be reliably estimated; \u2022 contingent liabilities are possible obligations in relation to which an outlay of financial resources is not a remote probability; \u2022 remote liabilities are those in relation to which an outlay of financial resources is a remote probability; \u2022 contingent assets are assets in relation to which the requirement of certainty is not met, so that they may not be entered in the financial statements; \u2022 an onerous contract is a contract in which the non-discretionary costs essential for fulfilment of obligations exceed the economic benefits assumed to be obtainable from the contract; \u2022 a reorganisation is a programme planned and controlled by Company management making significant changes to the field of action of an activity undertaken by the company or the way in which an activity is managed. For the purposes of entry of the cost in the accounts, provisions are recorded if there is uncertainty as to the due date or amount of the flow of resources required to fulfil the obligation or other liabilities, particularly trade payables or allocation for presumed payables. Provisions differ from other liabilities in that there is no certainty regarding the due date or amount of the future cost of fulfilment. Given their different nature, provisions are presented separately from trade payables and allocations for contingent liabilities. A liability is recognised, or an allocation is made to a provision, when: \u2022 there is a current legal or implicit obligation arising out of past events;
\u2022 it is probable that resources capable of producing economic benefits may have to be used to fulfil the obligation; \u2022 the amount of the obligation may be reliably estimated. Provisions require use of estimates. Under extremely rare circumstances in which it is not possible to obtain a reliable estimate, the amount of the liability cannot be reliably determined, and so it is described as a potential liability. Provisions for risks and charges are made for an amount representing the best possible estimate of the expenditure that will be required to fulfil the corresponding obligation in existence as of the date of the financial statements, taking into consideration the risks and uncertainties that inevitably surround many events and circumstances. The amount of the provision reflects any future events which could affect the amount required to fulfil an obligation if there is sufficient objective evidence that these events will occur. Once the best possible estimate of the expenditure required to fulfil the corresponding obligation in existence as of the date of the financial statements has been determined, the current value of the provision is determined, if the effect of the current value of cash is significant.
Treasury shares Treasury shares are entered at cost and reduce the value of shareholders\u2019 equity. The effects of any subsequent sale of treasury shares will be recorded under shareholders\u2019 equity.
Revenues from contracts with customers Revenues from contracts with customers are entered when the following conditions apply: \u2022 the contract with the customer has been identified; \u2022 the performance obligations contained in the contract have been identified;
\u2022 the price has been determined; \u2022 the price has been allocated to individual contractual obligations contained in the contract; \u2022 the contractual obligation contained in the contract has been fulfilled. The Group reports revenues from contracts with customers when (or progressively as) contractual obligations are fulfilled, transferring to the customer the promised item or service (the asset). The asset is transferred when (or progressively as) the customer acquires control over it. The Group transfers control of the asset or service over time, and therefore fulfils the contractual obligation and obtains revenues over time, if one of the following criteria is met: \u2022 the customer simultaneously receives and uses the benefits deriving from the entity\u2019s service as the entity provides the service; \u2022 the Group\u2019s service creates or improves the asset (such as work in progress) of which the customer takes over control as the asset is created or improved; \u2022 the Group\u2019s service does not create an asset presenting an alternative use for the Group, and the Group is entitled to demand payment for the services completed up to the date taken into consideration. If a contractual obligation is not fulfilled over time, the contractual obligation is fulfilled at a given moment in time. In this case, the Group receives revenues from it when the customer acquires control over the promised asset. The contractual consideration included in the contract with the customer may include fixed amounts, variable amounts, or both. If the contractual consideration includes a variable amount (e.g. discounts, price concessions, incentives, penalties, or other similar elements), the Group estimates the amount of the consideration to which it will be entitled in exchange for the transfer of the promised goods or services to the customer. The Group includes the estimated amount of the variable consideration in the transaction price only to the extent that it is highly probable that, when the uncertainty associated with the variable consideration is subsequently resolved, there will be no significant downward adjustment to the amount of cumulative revenue recognised. If the Group is entitled to receive consideration in exchange for goods or services transferred to the customer, the Group recognises a customer contract asset. Where the Group has an obligation to transfer goods and services to the customer for which consideration has been received from the customer, the Group recognises a liability arising from contracts with customers. Incremental costs incurred to obtain contracts with customers are recognised as an asset and amortised over the term of the underlying contract if the Group expects to recover them. Incremental costs of obtaining a contract are costs the Group incurs in order to obtain a contract with the customer, which it would not have incurred if it had not obtained the contract. Costs incurred to obtain a contract that would have been incurred even if the contract had not been obtained shall be recognised as an expense at the time they are incurred, unless they are expressly chargeable to the customer even if the contract is not obtained. Costs incurred to fulfil contracts with customers are capitalised as an asset and amortised over the term of the underlying contract only if those costs do not fall within the scope of another accounting standard (e.g., IAS 2 \u2013 Inventories, IAS 16 \u2013 Property, Plant and Equipment, and IAS 38 \u2013 Intangible Assets) and meet all of the following conditions: the costs are directly related to the contract or to a foreseen contract that the entity can specifically identify; \u2022 costs permit the entity to obtain new or greater resources for use fulfilling (or continuing to fulfil) its obligations in the future; \u2022 these costs are expected to be recovered.
Recognition of costs Costs are entered in the income statement on the basis of the accrual principle.
Dividends The dividends distributed are represented as movements in shareholders\u2019 equity in the year in which they are approved by the shareholders\u2019 meeting.
Income taxes Current taxes are calculated on the basis of annual taxable income, applying the taxation rates in effect as of the date of the financial statements. Current taxes for the year under examination and previous years are recorded as liabilities, to the extent to which they have been paid. Current tax assets and liabilities pertaining to the current year and past years must be determined at the value expected to be recovered from the tax authorities, or paid to them, applying the tax rates and tax legislation in effect or substantially issued as of the date of the financial statements. \u2022 Deferred tax liabilities, representing the amount of income tax payable in future years referable to temporary differences in taxable amounts; \u2022 deferred tax assets, which are portions of income tax that may be recovered in future financial years, referable to deductible temporary differences, carry-over of unused tax losses, and carry-over of unused tax credits. To calculate the amount of deferred tax assets and liabilities, the tax rate is applied to the identified taxable or deductible temporary differences, i.e., to unused tax losses and unused tax credits. At each financial statements date, both the deferred tax assets not recognised in the financial statements and the deferred tax assets recognised in the financial statements are reassessed in order to verify whether the condition of probable recoverability of the deferred tax assets is met. When determining tax, any uncertainties in the application of tax legislation are taken into account, in accordance with the provisions of IFRIC 23.
Operating segments An operating segment is a component of an entity: \u2022 which undertakes business activities generating revenues and costs (including revenues and costs regarding transactions with other components of the same entity);
\u2022 the operating results of which are periodically reviewed at the highest decision- making level in the entity for the purposes of adoption of decisions regarding resources to be allocated to the area and assessment of the results; and \u2022 for which separate financial information is available. Refer to note 6 for information on operating segments.
",
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"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-476": {
"value": "Business combinations Business combinations as a result of which the controlling share in a business is acquired are recorded in compliance with IFRS 3, applying what is known as the acquisition method. Specifically, identifiable assets acquired and liabilities and contingent liabilities taken on are recorded at their current value as of the date of acquisition, which is the date on which the controlling share is acquired (the \u201cAcquisition Date\u201d), with the exception of deferred tax assets and liabilities, assets and liabilities pertaining to employee benefits, and assets intended for sale, which are entered on the basis of the applicable accounting standards. In the absence of the portion attributable to minority interests, the difference between the fair value of the payment transferred and the current value of the assets and liabilities, if positive, is entered under intangible assets as goodwill, while if negative, after checking that the current value of the assets and liabilities acquired and the purchase cost have been measured correctly, they are recorded as proceeds directly in the income statement. Goodwill is recognised in the financial statements on the date of acquisition of control of a business and is determined as the excess of (a) over (b), as follows: a) the sum of the consideration paid (measured in accordance with IFRS 3, which is generally determined on the basis of fair value at the acquisition date), the amount of any non-controlling interest and, in the case of a business combination achieved in stages, the fair value at the date of acquisition of control of the existing interest in the acquiree; b) the fair value of the identifiable assets acquired less the identifiable liabilities assumed, measured at the date of acquisition of control. Minority shares as of the acquisition date may be measured at fair value or pro-quota on the basis of the value of the net assets acknowledged for the enterprise purchased. The choice of assessment method is made for each individual transaction. When determination of the value of the assets and liabilities of the business purchased is provisional, it must be completed within a maximum of twelve months from the acquisition date, considering only information on events and circumstances that were in existence as of the Acquisition Date. In the year in which this determination is concluded, the corresponding provisional values will be corrected retrospectively. The accessory costs of the transaction are recorded in the income statement at the time when they are incurred. Acquisition cost is represented by the fair value on the Acquisition Date of the assets transferred, the liabilities taken on and the capital instruments issued for the purposes of the purchase, and also includes the potential consideration, that is, the portion of the consideration for which the amount and effective payment are dependent on future events. The potential consideration is recorded on the basis of its fair value as of the Acquisition Date,
and subsequent variations in fair value are recorded in the income statement if the potential consideration is a financial asset or liability, while potential considerations classified as shareholders\u2019 equity are not redetermined and their subsequent extinction is entered directly under shareholders\u2019 equity. If control is gained at a later stage, the purchase cost is determined by adding the fair value of the share previously held to the amount paid for the additional share. If there is a difference between the fair value of the share previously held and its book value, this is allocated to the comprehensive income statement. Upon assuming control, any amounts previously recognised in other comprehensive income are recognised in profit or loss or in other comprehensive income. Business combinations under which the companies in which shares are held are controlled by the same entity or entities before and after the combination operation and for which control is not transitory are described as operations \u201cunder common control\u201d. These operations are not regulated by IFRS 3 or other EU-IFRS. In the absence of an applicable accounting standard, the choice of the method by which these operations are represented in the accounts must ensure compliance with the provisions of IAS 8, that is, dependable, faithful representation of the transaction. Moreover, the accounting standard chosen for representation of operations \u201cunder common control\u201d must reflect their economic substance, independently of their legal form. The existence of economic substance therefore constitutes the key element determining the method to be used to enter these operations in the accounts. Economic substance must refer to generation of added value which takes concrete form in significant changes in the cash flows of the net assets transferred. When recording the operation in the accounts, it is also important to take current interpretation and guidelines into account; specifically, refer to the provisions of OPI 1 ( Orientamenti Preliminari Assirevi in tema IFRS- Assorevi\u2019s Preliminary Orientation regarding IFRS) (Revised), on \u201caccounting treatment of business combinations of entities under common control in separate and consolidated financial statements\u201d. The net assets transferred must therefore be entered at their book value in the company acquired or, if available, the values appearing in the consolidated financial statements of the common controlling company.
Goodwill is classified as an intangible asset with an indefinite useful life and is initially entered at cost based on the provisions of IFRS 3, as described above, and then subjected to assessment at least once a year with the aim of identifying any loss of value (in this regard, refer to the section below entitled \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d). Value may not be restored if it has previously been written down due to impairment.
(a) Goodwill As stated above, goodwill is subject to verification of the recoverability of value (known as the impairment test) at least once a year in the presence of indicators that could suggest a reduction in its value, according to the provisions of IAS 36 (Impairment of assets). This check is normally conducted at the end of each year, so that the reference date for the verification is the date of the financial statements. The impairment test is conducted on each of the Cash Generating Units (CGUs) to which goodwill has been allocated. The CGU of an asset is the smallest group of assets including the asset itself that generates cash inflows which are broadly independent of the cash inflows of other assets or groups of assets. Impairment of goodwill is entered if its recoverable value is lower than the value at which it was entered in the financial statements. Recoverable value is defined as the fair value of the CGU, after subtraction of disposal charges, and its value in use, defined as the current value of future cash flows estimated for the asset, whichever is greater. In determining value in use, expected future cash flows are discounted using a pre- tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. If the reduction of value resulting from the impairment test exceeds the value of goodwill allocated to the CGU, the residual excess will be allocated to assets included in the CGU in proportion to their book value. The minimum limit on this allocation is the higher of: \u2022 the asset\u2019s fair value after subtraction of sale costs; \u2022 value in use, as defined above; \u2022 zero. The original value of goodwill cannot be restored when the reasons that resulted in its impairment no longer apply.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-525": {
"value": "Business combinations Business combinations as a result of which the controlling share in a business is acquired are recorded in compliance with IFRS 3, applying what is known as the acquisition method. Specifically, identifiable assets acquired and liabilities and contingent liabilities taken on are recorded at their current value as of the date of acquisition, which is the date on which the controlling share is acquired (the \u201cAcquisition Date\u201d), with the exception of deferred tax assets and liabilities, assets and liabilities pertaining to employee benefits, and assets intended for sale, which are entered on the basis of the applicable accounting standards. In the absence of the portion attributable to minority interests, the difference between the fair value of the payment transferred and the current value of the assets and liabilities, if positive, is entered under intangible assets as goodwill, while if negative, after checking that the current value of the assets and liabilities acquired and the purchase cost have been measured correctly, they are recorded as proceeds directly in the income statement. Goodwill is recognised in the financial statements on the date of acquisition of control of a business and is determined as the excess of (a) over (b), as follows: a) the sum of the consideration paid (measured in accordance with IFRS 3, which is generally determined on the basis of fair value at the acquisition date), the amount of any non-controlling interest and, in the case of a business combination achieved in stages, the fair value at the date of acquisition of control of the existing interest in the acquiree; b) the fair value of the identifiable assets acquired less the identifiable liabilities assumed, measured at the date of acquisition of control. Minority shares as of the acquisition date may be measured at fair value or pro-quota on the basis of the value of the net assets acknowledged for the enterprise purchased. The choice of assessment method is made for each individual transaction. When determination of the value of the assets and liabilities of the business purchased is provisional, it must be completed within a maximum of twelve months from the acquisition date, considering only information on events and circumstances that were in existence as of the Acquisition Date. In the year in which this determination is concluded, the corresponding provisional values will be corrected retrospectively. The accessory costs of the transaction are recorded in the income statement at the time when they are incurred. Acquisition cost is represented by the fair value on the Acquisition Date of the assets transferred, the liabilities taken on and the capital instruments issued for the purposes of the purchase, and also includes the potential consideration, that is, the portion of the consideration for which the amount and effective payment are dependent on future events. The potential consideration is recorded on the basis of its fair value as of the Acquisition Date,
and subsequent variations in fair value are recorded in the income statement if the potential consideration is a financial asset or liability, while potential considerations classified as shareholders\u2019 equity are not redetermined and their subsequent extinction is entered directly under shareholders\u2019 equity. If control is gained at a later stage, the purchase cost is determined by adding the fair value of the share previously held to the amount paid for the additional share. If there is a difference between the fair value of the share previously held and its book value, this is allocated to the comprehensive income statement. Upon assuming control, any amounts previously recognised in other comprehensive income are recognised in profit or loss or in other comprehensive income. Business combinations under which the companies in which shares are held are controlled by the same entity or entities before and after the combination operation and for which control is not transitory are described as operations \u201cunder common control\u201d. These operations are not regulated by IFRS 3 or other EU-IFRS. In the absence of an applicable accounting standard, the choice of the method by which these operations are represented in the accounts must ensure compliance with the provisions of IAS 8, that is, dependable, faithful representation of the transaction. Moreover, the accounting standard chosen for representation of operations \u201cunder common control\u201d must reflect their economic substance, independently of their legal form. The existence of economic substance therefore constitutes the key element determining the method to be used to enter these operations in the accounts. Economic substance must refer to generation of added value which takes concrete form in significant changes in the cash flows of the net assets transferred. When recording the operation in the accounts, it is also important to take current interpretation and guidelines into account; specifically, refer to the provisions of OPI 1 ( Orientamenti Preliminari Assirevi in tema IFRS- Assorevi\u2019s Preliminary Orientation regarding IFRS) (Revised), on \u201caccounting treatment of business combinations of entities under common control in separate and consolidated financial statements\u201d. The net assets transferred must therefore be entered at their book value in the company acquired or, if available, the values appearing in the consolidated financial statements of the common controlling company.
8.14 Payable for the purchase of equity investments and earn-outs (non-current) As at 31 December 2025, the total amount of this item was Euro 10,673 thousand and relates to the variable component of the price determined at the time of the business combination for STT and the variable component relating to the acquisition of the whole blood business. The change for the financial year is mainly attributable to the payment of the final earn-out to the seller of the Haemotronic group (Euro 19,000 thousand), net of the recognition in the financial statements, at the time of the acquisition of the whole blood business, of the earn-out payable to Haemonetics (Euro 4,078 thousand). These payables were discounted at the time of initial recognition.
",
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"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-475": {
"value": "Business combinations Business combinations as a result of which the controlling share in a business is acquired are recorded in compliance with IFRS 3, applying what is known as the acquisition method. Specifically, identifiable assets acquired and liabilities and contingent liabilities taken on are recorded at their current value as of the date of acquisition, which is the date on which the controlling share is acquired (the \u201cAcquisition Date\u201d), with the exception of deferred tax assets and liabilities, assets and liabilities pertaining to employee benefits, and assets intended for sale, which are entered on the basis of the applicable accounting standards. In the absence of the portion attributable to minority interests, the difference between the fair value of the payment transferred and the current value of the assets and liabilities, if positive, is entered under intangible assets as goodwill, while if negative, after checking that the current value of the assets and liabilities acquired and the purchase cost have been measured correctly, they are recorded as proceeds directly in the income statement. Goodwill is recognised in the financial statements on the date of acquisition of control of a business and is determined as the excess of (a) over (b), as follows: a) the sum of the consideration paid (measured in accordance with IFRS 3, which is generally determined on the basis of fair value at the acquisition date), the amount of any non-controlling interest and, in the case of a business combination achieved in stages, the fair value at the date of acquisition of control of the existing interest in the acquiree; b) the fair value of the identifiable assets acquired less the identifiable liabilities assumed, measured at the date of acquisition of control. Minority shares as of the acquisition date may be measured at fair value or pro-quota on the basis of the value of the net assets acknowledged for the enterprise purchased. The choice of assessment method is made for each individual transaction. When determination of the value of the assets and liabilities of the business purchased is provisional, it must be completed within a maximum of twelve months from the acquisition date, considering only information on events and circumstances that were in existence as of the Acquisition Date. In the year in which this determination is concluded, the corresponding provisional values will be corrected retrospectively. The accessory costs of the transaction are recorded in the income statement at the time when they are incurred. Acquisition cost is represented by the fair value on the Acquisition Date of the assets transferred, the liabilities taken on and the capital instruments issued for the purposes of the purchase, and also includes the potential consideration, that is, the portion of the consideration for which the amount and effective payment are dependent on future events. The potential consideration is recorded on the basis of its fair value as of the Acquisition Date,
and subsequent variations in fair value are recorded in the income statement if the potential consideration is a financial asset or liability, while potential considerations classified as shareholders\u2019 equity are not redetermined and their subsequent extinction is entered directly under shareholders\u2019 equity. If control is gained at a later stage, the purchase cost is determined by adding the fair value of the share previously held to the amount paid for the additional share. If there is a difference between the fair value of the share previously held and its book value, this is allocated to the comprehensive income statement. Upon assuming control, any amounts previously recognised in other comprehensive income are recognised in profit or loss or in other comprehensive income. Business combinations under which the companies in which shares are held are controlled by the same entity or entities before and after the combination operation and for which control is not transitory are described as operations \u201cunder common control\u201d. These operations are not regulated by IFRS 3 or other EU-IFRS. In the absence of an applicable accounting standard, the choice of the method by which these operations are represented in the accounts must ensure compliance with the provisions of IAS 8, that is, dependable, faithful representation of the transaction. Moreover, the accounting standard chosen for representation of operations \u201cunder common control\u201d must reflect their economic substance, independently of their legal form. The existence of economic substance therefore constitutes the key element determining the method to be used to enter these operations in the accounts. Economic substance must refer to generation of added value which takes concrete form in significant changes in the cash flows of the net assets transferred. When recording the operation in the accounts, it is also important to take current interpretation and guidelines into account; specifically, refer to the provisions of OPI 1 ( Orientamenti Preliminari Assirevi in tema IFRS- Assorevi\u2019s Preliminary Orientation regarding IFRS) (Revised), on \u201caccounting treatment of business combinations of entities under common control in separate and consolidated financial statements\u201d. The net assets transferred must therefore be entered at their book value in the company acquired or, if available, the values appearing in the consolidated financial statements of the common controlling company.
",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-510": {
"value": "Intangible assets An intangible asset is an asset which meets all of the following conditions: \u2022 it is identifiable; \u2022 it is not monetary; \u2022 it has no physical consistency; \u2022 it is controlled by the company preparing the financial statements; \u2022 it is expected to produce future economic benefits for the company.
If an asset does not meet the requirements for definition as an intangible asset listed above, the cost of its purchase or in-house generation will be entered as a cost when it is incurred. Intangible assets are initially entered at cost. The cost of intangible assets acquired from outside the company includes the purchase price and any directly attributable costs. Goodwill generated internally is not entered as an asset, nor are intangible assets resulting from research (or the research stage in an in-house project). An intangible asset deriving from development or the development stage in an in-house project is entered if it can be demonstrated to meet the following conditions: \u2022 technical feasibility of completing the intangible asset to make it available for use or sale; \u2022 the intention to complete the intangible asset for use or sale; \u2022 the ability to use or sell the intangible asset; \u2022 the way in which the intangible asset can generate future economic benefits, and particularly the existence of a market for the product produced by the intangible asset or for the intangible asset itself, or, if it is to be used for internal purposes, its utility; \u2022 availability of sufficient technical, financial or other resources to complete the development of the asset for use or sale; \u2022 the ability to reliably assess the cost attributable to the intangible asset during its development. Intangible assets are measured using the cost method, in accordance with one of two different criteria set forth under IAS 38 (the cost model and the redetermination of value model). The cost model states that following initial recognition, an intangible asset must be entered at cost, after subtraction of amortisation accumulated and any losses due to reduction of accumulated value. The useful life estimated by the Group for various categories of intangible asset is shown below: Category of intangible asset Depreciation rate Development costs from 4 to 6 years Customer relationship from 4 to 20 years Technology from 4 to 20 years Industrial patent rights and intellectual property rights from 5 to 14 years Concessions, licences, trademarks and similar rights from 5 to 14 years Other fixed assets 1.5 years The following principal intangible assets may be identified in the Group: (a) Goodwill Goodwill is classified as an intangible asset with an indefinite useful life and is initially entered at cost based on the provisions of IFRS 3, as described above, and then subjected to assessment at least once a year with the aim of identifying any loss of value (in this regard, refer to the section below entitled \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d). Value may not be restored if it has previously been written down due to impairment.
(b) Intangible assets with a defined useful life Intangible assets with a defined useful life are entered at cost, as stated above, minus amortisation accumulated and any impairment. Amortisation begins when the asset is made available for use and is divided up systematically on the basis of residual potential for use, that is, on the basis of estimated useful life; the value to be amortised and the recoverability of book value are subject to the criteria specified, respectively, in the sections on \u201cTangible assets\u201d and \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d.
(a) Goodwill As stated above, goodwill is subject to verification of the recoverability of value (known as the impairment test) at least once a year in the presence of indicators that could suggest a reduction in its value, according to the provisions of IAS 36 (Impairment of assets). This check is normally conducted at the end of each year, so that the reference date for the verification is the date of the financial statements. The impairment test is conducted on each of the Cash Generating Units (CGUs) to which goodwill has been allocated. The CGU of an asset is the smallest group of assets including the asset itself that generates cash inflows which are broadly independent of the cash inflows of other assets or groups of assets. Impairment of goodwill is entered if its recoverable value is lower than the value at which it was entered in the financial statements. Recoverable value is defined as the fair value of the CGU, after subtraction of disposal charges, and its value in use, defined as the current value of future cash flows estimated for the asset, whichever is greater. In determining value in use, expected future cash flows are discounted using a pre- tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. If the reduction of value resulting from the impairment test exceeds the value of goodwill allocated to the CGU, the residual excess will be allocated to assets included in the CGU in proportion to their book value. The minimum limit on this allocation is the higher of: \u2022 the asset\u2019s fair value after subtraction of sale costs; \u2022 value in use, as defined above; \u2022 zero. The original value of goodwill cannot be restored when the reasons that resulted in its impairment no longer apply.
8.1 Intangible assets The table below reports the composition of, and movement in, intangible assets in the year ending on 31 December 2025. (In thousands of euro) Development costs Goodwill Customer relationship Technology Industrial patent rights and intellectual property rights Concessions, licences, trademarks and similar rights Other fixed assets Fixed assets In progress Total Historical cost as of 31 December 2024 30,423 249,267 210,296 27,823 13,316 34,478 4,046 741 570,390 Investments 5,040 - - - 38 100 - 4,331 9,508 Reclassifications 70 - - - 2 167 - (1,821) (1,583) Write-downs (52) - - - - - - - (52) Translation reserves (2,344) (12,785) (13,677) (2,995) (1,175) (2,575) (466) (168) (36,186) Historical cost at the end of the financial year 33,136 236,482 196,619 24,828 12,180 32,169 3,579 3,084 542,077 Provision for amortisation and depreciation as of 31 December 2024 (15,632) - (50,836) (5,233) (10,545) (11,164) (4,041) - (97,450) Depreciation and amortisation (4,783) - (10,577) (1,522) (1,007) (1,652) (3) (19,544) Reclassifications 312 - - - - 12 - 325 Translation reserves 1,465 - 4,725 591 903 788 465 8,937 Accumulated depreciation at the end of the financial year (18,637) - (56,688) (6,164) (10,648) (12,016) (3,579) - (107,732) Net book value as of 31 December 2024 14,791 249,267 159,460 22,590 2,771 23,314 5 741 472,940 Net carrying amount at the end of the financial year 14,499 236,482 139,931 18,664 1,532 20,153 - 3,084 434,345 Intangible assets with a defined useful life Customer relationships refer to the value of business relations measured following allocation of the consideration paid for the acquisitions of KUSS, RPB, STT, Haemotronic and EG. Patent rights primarily reflect the value measured at the time of allocation of the consideration paid for the KUSS acquisition, in addition to filing of new patent applications. Technology primarily relates to the amount recognised when allocating the consideration paid for the acquisitions of RPB and STT. Trademarks primarily relate to the amounts recognised when allocating the consideration
211 paid for the acquisitions of RPB, Haemotronic and STT. Concessions, licences and similar rights represent the purchase and customisation of industrial management and programming software. Investment in intangible assets in the year ending on 31 December 2025, amounting to Euro 9,508 thousand, is primarily attributable to the cost of development and fixed assets in progress and reflects amounts paid for development of new products and the corresponding production processes. During the financial year, a net reclassification of Euro 1,258 thousandwas made from tangible fixed assets to intangible fixed assets. The negative impact of the currency translation reserve in the 2025 financial year is primarily attributable to goodwill and customer relationships originally recorded in US dollars. During the reporting period, the Group identified impairment losses on intangible assets amounting to Euro 52 thousand and made the corresponding provision for impairment; with the exception of this amount, as at 31 December 2025, there were no indications of possible impairment losses on intangible assets. Intangible assets with an indefinite useful life Goodwill As at 31 December 2025, goodwill, amounting to Euro 236,482 thousand (Euro249,267 thousand as at 31 December 2024), relates primarily to the acquisitions of the STT, Haemotronic, KUSS and RPB groups, as well as to other previous business combinations. The change for the financial year, amounting to Euro 12,785 thousand is attributable solely to the negative exchange rate effect. The table below provides a detailed breakdown of goodwill as at 31 December 2025 and 2024, divided between the portion attributable to the most significant acquisitions and the portion attributable to other, smaller business combinations. (In thousands of euro) At 31 December 2025 2024 KUSS Takeover 48,130 54,435 RPB Takeover 27,160 30,583 STT Takeover 18,107 19,642 Haemotronic Takeover 122,939 122,939 Other business combinations 20,146 21,668 Total goodwill 236,482 249,267 In line with the requirements of IAS 36, an impairment test was conducted on the date of the financial statements to check for impairment of goodwill. For the purposes of verification of the recoverability of goodwill entered among intangible assets, a single Cash Generating Unit (\u201cCGU\u201d) has been identified, consisting of all the GVS Group\u2019s activities together. For the purposes of identification of this CGU, the information required by IAS 36 is taken into consideration, including the fact that the company management monitors Group operations
212 on a consolidated basis and the fact that the company management makes strategic decisions at the Group-wide level, especially those regarding the product range and investment decisions. Goodwill worth Euro 236,482 thousand was subjected to an impairment test on 31 December 2025 in accordance with the provisions of IAS 36, that is, by comparing the book value of the net assets of the CGU with the corresponding recoverable value. Specifically, the recoverable amount is taken to be the value in use, determined on the basis of the CGU\u2019s prudent forecast data (\u2018DCF Method\u2019) for the four-year period following the financial statements date, starting from the 2026 budget data, which were approved by the Board of Directors on 25 February 2026, and assuming inertial growth equal to sector inflation for the three-year period 2027\u2013 2029. The aforementioned forecast data and the impairment test are subject to approval by the Board of Directors. The terminal value of the CGU was determined on the basis of the criterion of the perpetuity of the CGU's cash flow from ordinary operations in the last financial year for which the forecasts taken into consideration are available, assuming a growth rate (g-rate) and a discount rate (WACC, representing the weighted average of cost of capital and cost of debt, after taxes) of 2.1% and 9.9%, respectively. (The g-rate and WACC used for the impairment test carried out on the financial statements as at 31 December 2024 were 2.1% and 9.5% respectively.) It should also be noted that the market value derived from the stock market capitalisation at the financial statements date is higher than the carrying amount of the CGU\u2019s net assets. The following sources of information were used in estimating the value of use of the CGU to which goodwill is allocated: \u2022 internal sources: IAS 36 requires that value of use be based on the most recent forecasts of inflows prepared by top management. For the purposes of the goodwill impairment test as at 31 December 2025, a worst-case scenario was used, starting from the 2026 budget approved by the Board of Directors on 25 February 2026. For the revenue figures for the years 2027 to 2029, an inertial growth rate equal to an estimate of sector inflation was applied, and for the EBITDA margin for the same years, the value from the 2026 budget was confirmed. \u2022 external sources: the impairment test on goodwill used external information sources in calculation of the average weighted cost of capital, determined on the basis of the capital asset pricing model (\u201cCAPM\u201d). Specifically, as required by IAS 36, the cost of capital was calculated taking into consideration the target financial structure resulting from analysis of the financial structure of comparable listed companies. In determining the cost of capital, an increase was also applied to take into account the smaller size/liquidity of the CGU compared to comparable listed companies. The results of the impairment test did not reveal any impairment of goodwill. Despite the prudent approach used to determine the value in use and the cash flows estimated as described above, which constitutes the worst-case scenario for the impairment
213 test, GVS carried out a sensitivity analysis by determining the break-even WACC and the break-even g-rate which, all other parameters being held constant, would eliminate the difference between the recoverable amount and the carrying amount of the CGU. Under these circumstances, the break-even WACC is 11.2% and the break-even g-rate is 0.21%. Given that the recoverable amount was determined on the basis of estimates, the Group cannot guarantee that no impairment of goodwill will occur in future periods. Given the current market environment, the various factors used in preparing the estimates may need to be revised; the Group will continuously monitor these factors and the existence of impairment losses.
Intangible assets An intangible asset is an asset which meets all of the following conditions: \u2022 it is identifiable; \u2022 it is not monetary; \u2022 it has no physical consistency; \u2022 it is controlled by the company preparing the financial statements; \u2022 it is expected to produce future economic benefits for the company.
If an asset does not meet the requirements for definition as an intangible asset listed above, the cost of its purchase or in-house generation will be entered as a cost when it is incurred. Intangible assets are initially entered at cost. The cost of intangible assets acquired from outside the company includes the purchase price and any directly attributable costs. Goodwill generated internally is not entered as an asset, nor are intangible assets resulting from research (or the research stage in an in-house project). An intangible asset deriving from development or the development stage in an in-house project is entered if it can be demonstrated to meet the following conditions: \u2022 technical feasibility of completing the intangible asset to make it available for use or sale; \u2022 the intention to complete the intangible asset for use or sale; \u2022 the ability to use or sell the intangible asset; \u2022 the way in which the intangible asset can generate future economic benefits, and particularly the existence of a market for the product produced by the intangible asset or for the intangible asset itself, or, if it is to be used for internal purposes, its utility; \u2022 availability of sufficient technical, financial or other resources to complete the development of the asset for use or sale; \u2022 the ability to reliably assess the cost attributable to the intangible asset during its development. Intangible assets are measured using the cost method, in accordance with one of two different criteria set forth under IAS 38 (the cost model and the redetermination of value model). The cost model states that following initial recognition, an intangible asset must be entered at cost, after subtraction of amortisation accumulated and any losses due to reduction of accumulated value. The useful life estimated by the Group for various categories of intangible asset is shown below: Category of intangible asset Depreciation rate Development costs from 4 to 6 years Customer relationship from 4 to 20 years Technology from 4 to 20 years Industrial patent rights and intellectual property rights from 5 to 14 years Concessions, licences, trademarks and similar rights from 5 to 14 years Other fixed assets 1.5 years The following principal intangible assets may be identified in the Group: (a) Goodwill Goodwill is classified as an intangible asset with an indefinite useful life and is initially entered at cost based on the provisions of IFRS 3, as described above, and then subjected to assessment at least once a year with the aim of identifying any loss of value (in this regard, refer to the section below entitled \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d). Value may not be restored if it has previously been written down due to impairment.
(b) Intangible assets with a defined useful life Intangible assets with a defined useful life are entered at cost, as stated above, minus amortisation accumulated and any impairment. Amortisation begins when the asset is made available for use and is divided up systematically on the basis of residual potential for use, that is, on the basis of estimated useful life; the value to be amortised and the recoverability of book value are subject to the criteria specified, respectively, in the sections on \u201cTangible assets\u201d and \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d.
(a) Goodwill As stated above, goodwill is subject to verification of the recoverability of value (known as the impairment test) at least once a year in the presence of indicators that could suggest a reduction in its value, according to the provisions of IAS 36 (Impairment of assets). This check is normally conducted at the end of each year, so that the reference date for the verification is the date of the financial statements. The impairment test is conducted on each of the Cash Generating Units (CGUs) to which goodwill has been allocated. The CGU of an asset is the smallest group of assets including the asset itself that generates cash inflows which are broadly independent of the cash inflows of other assets or groups of assets. Impairment of goodwill is entered if its recoverable value is lower than the value at which it was entered in the financial statements. Recoverable value is defined as the fair value of the CGU, after subtraction of disposal charges, and its value in use, defined as the current value of future cash flows estimated for the asset, whichever is greater. In determining value in use, expected future cash flows are discounted using a pre- tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. If the reduction of value resulting from the impairment test exceeds the value of goodwill allocated to the CGU, the residual excess will be allocated to assets included in the CGU in proportion to their book value. The minimum limit on this allocation is the higher of: \u2022 the asset\u2019s fair value after subtraction of sale costs; \u2022 value in use, as defined above; \u2022 zero. The original value of goodwill cannot be restored when the reasons that resulted in its impairment no longer apply.
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"reg-ix-511": {
"value": "Goodwill is classified as an intangible asset with an indefinite useful life and is initially entered at cost based on the provisions of IFRS 3, as described above, and then subjected to assessment at least once a year with the aim of identifying any loss of value (in this regard, refer to the section below entitled \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d). Value may not be restored if it has previously been written down due to impairment.
(a) Goodwill As stated above, goodwill is subject to verification of the recoverability of value (known as the impairment test) at least once a year in the presence of indicators that could suggest a reduction in its value, according to the provisions of IAS 36 (Impairment of assets). This check is normally conducted at the end of each year, so that the reference date for the verification is the date of the financial statements. The impairment test is conducted on each of the Cash Generating Units (CGUs) to which goodwill has been allocated. The CGU of an asset is the smallest group of assets including the asset itself that generates cash inflows which are broadly independent of the cash inflows of other assets or groups of assets. Impairment of goodwill is entered if its recoverable value is lower than the value at which it was entered in the financial statements. Recoverable value is defined as the fair value of the CGU, after subtraction of disposal charges, and its value in use, defined as the current value of future cash flows estimated for the asset, whichever is greater. In determining value in use, expected future cash flows are discounted using a pre- tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. If the reduction of value resulting from the impairment test exceeds the value of goodwill allocated to the CGU, the residual excess will be allocated to assets included in the CGU in proportion to their book value. The minimum limit on this allocation is the higher of: \u2022 the asset\u2019s fair value after subtraction of sale costs; \u2022 value in use, as defined above; \u2022 zero. The original value of goodwill cannot be restored when the reasons that resulted in its impairment no longer apply.
Goodwill As at 31 December 2025, goodwill, amounting to Euro 236,482 thousand (Euro249,267 thousand as at 31 December 2024), relates primarily to the acquisitions of the STT, Haemotronic, KUSS and RPB groups, as well as to other previous business combinations. The change for the financial year, amounting to Euro 12,785 thousand is attributable solely to the negative exchange rate effect. The table below provides a detailed breakdown of goodwill as at 31 December 2025 and 2024, divided between the portion attributable to the most significant acquisitions and the portion attributable to other, smaller business combinations. (In thousands of euro) At 31 December 2025 2024 KUSS Takeover 48,130 54,435 RPB Takeover 27,160 30,583 STT Takeover 18,107 19,642 Haemotronic Takeover 122,939 122,939 Other business combinations 20,146 21,668 Total goodwill 236,482 249,267 In line with the requirements of IAS 36, an impairment test was conducted on the date of the financial statements to check for impairment of goodwill. For the purposes of verification of the recoverability of goodwill entered among intangible assets, a single Cash Generating Unit (\u201cCGU\u201d) has been identified, consisting of all the GVS Group\u2019s activities together. For the purposes of identification of this CGU, the information required by IAS 36 is taken into consideration, including the fact that the company management monitors Group operations
212 on a consolidated basis and the fact that the company management makes strategic decisions at the Group-wide level, especially those regarding the product range and investment decisions. Goodwill worth Euro 236,482 thousand was subjected to an impairment test on 31 December 2025 in accordance with the provisions of IAS 36, that is, by comparing the book value of the net assets of the CGU with the corresponding recoverable value. Specifically, the recoverable amount is taken to be the value in use, determined on the basis of the CGU\u2019s prudent forecast data (\u2018DCF Method\u2019) for the four-year period following the financial statements date, starting from the 2026 budget data, which were approved by the Board of Directors on 25 February 2026, and assuming inertial growth equal to sector inflation for the three-year period 2027\u2013 2029. The aforementioned forecast data and the impairment test are subject to approval by the Board of Directors. The terminal value of the CGU was determined on the basis of the criterion of the perpetuity of the CGU's cash flow from ordinary operations in the last financial year for which the forecasts taken into consideration are available, assuming a growth rate (g-rate) and a discount rate (WACC, representing the weighted average of cost of capital and cost of debt, after taxes) of 2.1% and 9.9%, respectively. (The g-rate and WACC used for the impairment test carried out on the financial statements as at 31 December 2024 were 2.1% and 9.5% respectively.) It should also be noted that the market value derived from the stock market capitalisation at the financial statements date is higher than the carrying amount of the CGU\u2019s net assets. The following sources of information were used in estimating the value of use of the CGU to which goodwill is allocated: \u2022 internal sources: IAS 36 requires that value of use be based on the most recent forecasts of inflows prepared by top management. For the purposes of the goodwill impairment test as at 31 December 2025, a worst-case scenario was used, starting from the 2026 budget approved by the Board of Directors on 25 February 2026. For the revenue figures for the years 2027 to 2029, an inertial growth rate equal to an estimate of sector inflation was applied, and for the EBITDA margin for the same years, the value from the 2026 budget was confirmed. \u2022 external sources: the impairment test on goodwill used external information sources in calculation of the average weighted cost of capital, determined on the basis of the capital asset pricing model (\u201cCAPM\u201d). Specifically, as required by IAS 36, the cost of capital was calculated taking into consideration the target financial structure resulting from analysis of the financial structure of comparable listed companies. In determining the cost of capital, an increase was also applied to take into account the smaller size/liquidity of the CGU compared to comparable listed companies. The results of the impairment test did not reveal any impairment of goodwill. Despite the prudent approach used to determine the value in use and the cash flows estimated as described above, which constitutes the worst-case scenario for the impairment
213 test, GVS carried out a sensitivity analysis by determining the break-even WACC and the break-even g-rate which, all other parameters being held constant, would eliminate the difference between the recoverable amount and the carrying amount of the CGU. Under these circumstances, the break-even WACC is 11.2% and the break-even g-rate is 0.21%. Given that the recoverable amount was determined on the basis of estimates, the Group cannot guarantee that no impairment of goodwill will occur in future periods. Given the current market environment, the various factors used in preparing the estimates may need to be revised; the Group will continuously monitor these factors and the existence of impairment losses.
Goodwill is classified as an intangible asset with an indefinite useful life and is initially entered at cost based on the provisions of IFRS 3, as described above, and then subjected to assessment at least once a year with the aim of identifying any loss of value (in this regard, refer to the section below entitled \u201cReduction of the value of Goodwill, tangible and intangible assets and right of use assets\u201d). Value may not be restored if it has previously been written down due to impairment.
(a) Goodwill As stated above, goodwill is subject to verification of the recoverability of value (known as the impairment test) at least once a year in the presence of indicators that could suggest a reduction in its value, according to the provisions of IAS 36 (Impairment of assets). This check is normally conducted at the end of each year, so that the reference date for the verification is the date of the financial statements. The impairment test is conducted on each of the Cash Generating Units (CGUs) to which goodwill has been allocated. The CGU of an asset is the smallest group of assets including the asset itself that generates cash inflows which are broadly independent of the cash inflows of other assets or groups of assets. Impairment of goodwill is entered if its recoverable value is lower than the value at which it was entered in the financial statements. Recoverable value is defined as the fair value of the CGU, after subtraction of disposal charges, and its value in use, defined as the current value of future cash flows estimated for the asset, whichever is greater. In determining value in use, expected future cash flows are discounted using a pre- tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. If the reduction of value resulting from the impairment test exceeds the value of goodwill allocated to the CGU, the residual excess will be allocated to assets included in the CGU in proportion to their book value. The minimum limit on this allocation is the higher of: \u2022 the asset\u2019s fair value after subtraction of sale costs; \u2022 value in use, as defined above; \u2022 zero. The original value of goodwill cannot be restored when the reasons that resulted in its impairment no longer apply.
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},
"reg-ix-512": {
"value": "Right of use assets and liabilities and leasing In accordance with IFRS 16, a contract is, or contains, a leasing agreement if it ensures, in exchange for a consideration, a right to control use of a specified asset for a given period of time. The contract will be assessed again to determine whether it is, or contains, a leasing agreement only in the event of a change in its terms and conditions. For a contract that is, or contains, a lease, each lease component is separated from the non- lease components, unless the Group applies the practical expedient set out in paragraph 15 of IFRS 16. This practical expedient allows the lessee, for each class of underlying asset, to choose not to separate the non-lease components from the lease components and to account for each lease component and its associated non-lease components as a single lease component. The term of the lease is determined as the period during which the leasing agreement cannot be cancelled, to which the following time periods must be added: \u2022 time periods covered by an option to extend the lease, if the tenant has a reasonable degree of certainty of exercising the option; and \u2022 time periods covered by the option to cancel the lease, if the tenant has a reasonable degree of certainty that the option will not be exercised. In assessing whether the tenant has a reasonable degree of certainty of exercising the option of extending the lease or that the option of cancelling the lease will not be exercised, all pertinent events and circumstances forming an economic incentive for the tenant to exercise the option of extending the lease and not to exercise the option of cancelling the lease are taken into consideration. The tenant must recalculate the term of the lease if the period during which the leasing agreement cannot be cancelled changes. As of the date on which the contract goes into effect, the Group enters right of use assets and the corresponding lease liability. As of the date on which the contract goes into effect, the value of right of use assets is identified as their cost. The cost of right of use assets includes: a) the amount of the initial assessment of the lease liability; b) payments due on the lease made on the date or prior to the date on which the agreement goes into effect, after subtraction of lease incentives received; c) initial costs born directly by the tenant; and d) an estimate of the costs the tenant will have to bear for dismantling and removing the underlying asset and restoration of the site on which it is located, or for restoration of the underlying asset to the condition required under the terms and conditions of the lease agreement, unless these costs are incurred for the production of inventory. The obligation regarding the above costs arises for the tenant as of the date on which the contract goes into effect or as a consequence of use of the underlying asset during a given time period. As of the date on which the contract goes into effect, the tenant must assess lease liabilities at the current value of payments due on the lease not paid as of that date. Payments due on the lease include the following amounts: a) fixed payments, after subtraction of any lease incentives receivable;
b) variable payments due on the lease which depend on an indicator or rate, initially measured on the basis of an indicator or the rate in effect on the date on which the contract goes into effect; c) amounts the tenant will have to pay to guarantee the residual amount; d) the price of exercising the purchase option, if the tenant has a reasonable degree of certainty of exercising the option; and e) payment of penalties for cancellation of the lease agreement, if the term of the lease takes into account the possibility of the tenant exercising the option of cancelling the lease. Payments made on the lease must be updated on the basis of the implicit interest rate of the lease, if it can easily be determined. If this is not possible, the tenant must use the marginal financing rate, that is, the incremental interest rate the company would have to pay to obtain a loan of the same term and amount as the lease agreement. Following initial recognition, the Group measures right of use assets at cost: a) net of amortisation and accumulated impairment; and b) corrected to take into account recalculation of the lease liability, if necessary. Following initial entry, the lease liability will be measured on the basis of: a) increasing book value to take into account interest on the lease liability; b) decreasing book value to take into account payments made on the lease; and c) recalculating book value to take into account any new assessments of or changes to the lease or revision of payments due on the lease of fixed amount. In the event of changes to the lease which do not constitute a separate leasing agreement, right of use assets will be recalculated (raising or lowering them) consistently with the change in the lease liability as of the date of the change. The lease liability will be recalculated on the basis of the new conditions identified in the lease agreement, using the discount rate as of the date of the change. It should be noted that the Group makes use of the exemption provided for under IFRS 16 with regard to leases of low-value assets. In these cases, the right of use asset and the corresponding lease liability are not entered, and payments due on the lease are entered in the income statement. The Group has decided not to avail itself of the exemption permitted under IFRS 16 for short- term leasing agreements (that is, leasing contracts with a term of twelve months or less from the date on which they go into effect). The lessor must classify each of its leases as operating or financial. A lease is classified as financial if it substantially transfers all the risks and benefits connected with ownership of the underlying asset. A lease is classified as operating if it does not substantially transfer all the risks and benefits connected with ownership of the underlying asset. In a financial lease, on the date on which the lease goes into effect the lessor must record the assets held under financial leasing agreements in the statement of financial position, showing them as receivables with a value equal to the net investment in the lease. In an operating lease, the lessor must enter payments due as proceeds, based on the criterion of constant rates or another systematic criterion. The lessor must also enter costs, including depreciation, incurred in order to earn the proceeds on the lease. If an entity transfers a specific asset to another entity and obtains it under a leaseback arrangement, it is necessary to determine, based on the provisions of IFRS 15, whether the transfer should be accounted for as a sale. In such a case, the lessee-seller shall measure the right of use asset resulting from the leaseback at the percentage of the asset\u2019s previous
carrying amount that relates to the right of use retained by the lessee-seller. As a result, the lessee-seller must enter only the amount of profit or loss on the rights transferred to the lessor-buyer. If the fair value of the consideration for sale of the asset is not equal to the fair value of the asset, or if payments due on the lease agreement are not at market prices, the entity must perform the following corrections in order to enter the value of revenues from the sale at fair value: (i) conditions which are below market price must be entered in the accounts as an advance on the payments due on the lease, and(ii) conditions which are above market price must be entered in the accounts as an additional loan provided by the lessor-buyer to the lessee-seller.
8.2 Right of use assets and current and non-current leasing liabilities The main items of capital information regarding the Group\u2019s leasing contracts, primarily as lessee, appear in the table below. (In thousands of euro) At 31 December 2025 2024 Net book value of right of use assets (real estate) 19,950 18,418 Net book value of right of use assets (automobiles) 2,183 1,535 Net book value of right of use assets (machinery) 3,111 3,437 Total net book value of right of use assets 25,244 23,389 Current leasing liabilities 8,981 8,034 Non-current leasing liabilities 13,321 14,138 Total leasing liabilities 22,302 22,172 The table below shows the principal economic and financial information on the Group\u2019s leasing contracts. (In thousands of euro) Year ending on 31 December 2025 2024 Amortisation of right of use assets (real estate) 5,713 5,328 Amortisation of right of use assets (cars) 925 781 Amortisation of right of use assets (machinery) 558 612 Total amortisation of right of use assets 7,196 6,721 Interest payable on leases 735 637 Total cash outflows due to leasing 9,620 8,527 Right of use assets relating to property mainly concern the leases of six production sites in North America, the production sites in Italy, production plants in Mexico, Romania and Brazil, and certain properties used for production in the United Kingdom. Right of use assets in the year 2025 are primarily attributable to: (i) renewals of lease
214 agreements for industrial and office buildings, as well as renewals for residential properties used as staff accommodation; and (ii) the signing of new lease agreements for company cars. As of 31 December 2025, the Group had not identified any indicators of lasting impairment of right of use assets. The table below shows the non-discounted contractual value of the Group\u2019s leasing liabilities as of 31 December 2025 and 2024. (In thousands of euro) within 1 year between 1 and 2 years between 3 and 5 years beyond 5 years Contractual value Carrying amount At 31 December 2025 9,210 6,699 5,969 1,502 23,381 22,302 At 31 December 2024 8,228 6,644 6,706 1,772 23,350 22,172 The discount rate was determined on the basis of the Group\u2019s marginal financing rate, that is, the rate the Group would have to pay for a loan, with a similar term and guarantees, necessary to purchase an asset of similar value to the right of use asset in a similar economic context. The Group decided to apply a single discount rate to a leasing portfolio with reasonably similar characteristics, such as lease agreements with a similar residual term for a class of similar underlying assets in a similar economic context.
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},
"reg-ix-479": {
"value": "Right of use assets and liabilities and leasing In accordance with IFRS 16, a contract is, or contains, a leasing agreement if it ensures, in exchange for a consideration, a right to control use of a specified asset for a given period of time. The contract will be assessed again to determine whether it is, or contains, a leasing agreement only in the event of a change in its terms and conditions. For a contract that is, or contains, a lease, each lease component is separated from the non- lease components, unless the Group applies the practical expedient set out in paragraph 15 of IFRS 16. This practical expedient allows the lessee, for each class of underlying asset, to choose not to separate the non-lease components from the lease components and to account for each lease component and its associated non-lease components as a single lease component. The term of the lease is determined as the period during which the leasing agreement cannot be cancelled, to which the following time periods must be added: \u2022 time periods covered by an option to extend the lease, if the tenant has a reasonable degree of certainty of exercising the option; and \u2022 time periods covered by the option to cancel the lease, if the tenant has a reasonable degree of certainty that the option will not be exercised. In assessing whether the tenant has a reasonable degree of certainty of exercising the option of extending the lease or that the option of cancelling the lease will not be exercised, all pertinent events and circumstances forming an economic incentive for the tenant to exercise the option of extending the lease and not to exercise the option of cancelling the lease are taken into consideration. The tenant must recalculate the term of the lease if the period during which the leasing agreement cannot be cancelled changes. As of the date on which the contract goes into effect, the Group enters right of use assets and the corresponding lease liability. As of the date on which the contract goes into effect, the value of right of use assets is identified as their cost. The cost of right of use assets includes: a) the amount of the initial assessment of the lease liability; b) payments due on the lease made on the date or prior to the date on which the agreement goes into effect, after subtraction of lease incentives received; c) initial costs born directly by the tenant; and d) an estimate of the costs the tenant will have to bear for dismantling and removing the underlying asset and restoration of the site on which it is located, or for restoration of the underlying asset to the condition required under the terms and conditions of the lease agreement, unless these costs are incurred for the production of inventory. The obligation regarding the above costs arises for the tenant as of the date on which the contract goes into effect or as a consequence of use of the underlying asset during a given time period. As of the date on which the contract goes into effect, the tenant must assess lease liabilities at the current value of payments due on the lease not paid as of that date. Payments due on the lease include the following amounts: a) fixed payments, after subtraction of any lease incentives receivable;
b) variable payments due on the lease which depend on an indicator or rate, initially measured on the basis of an indicator or the rate in effect on the date on which the contract goes into effect; c) amounts the tenant will have to pay to guarantee the residual amount; d) the price of exercising the purchase option, if the tenant has a reasonable degree of certainty of exercising the option; and e) payment of penalties for cancellation of the lease agreement, if the term of the lease takes into account the possibility of the tenant exercising the option of cancelling the lease. Payments made on the lease must be updated on the basis of the implicit interest rate of the lease, if it can easily be determined. If this is not possible, the tenant must use the marginal financing rate, that is, the incremental interest rate the company would have to pay to obtain a loan of the same term and amount as the lease agreement. Following initial recognition, the Group measures right of use assets at cost: a) net of amortisation and accumulated impairment; and b) corrected to take into account recalculation of the lease liability, if necessary. Following initial entry, the lease liability will be measured on the basis of: a) increasing book value to take into account interest on the lease liability; b) decreasing book value to take into account payments made on the lease; and c) recalculating book value to take into account any new assessments of or changes to the lease or revision of payments due on the lease of fixed amount. In the event of changes to the lease which do not constitute a separate leasing agreement, right of use assets will be recalculated (raising or lowering them) consistently with the change in the lease liability as of the date of the change. The lease liability will be recalculated on the basis of the new conditions identified in the lease agreement, using the discount rate as of the date of the change. It should be noted that the Group makes use of the exemption provided for under IFRS 16 with regard to leases of low-value assets. In these cases, the right of use asset and the corresponding lease liability are not entered, and payments due on the lease are entered in the income statement. The Group has decided not to avail itself of the exemption permitted under IFRS 16 for short- term leasing agreements (that is, leasing contracts with a term of twelve months or less from the date on which they go into effect). The lessor must classify each of its leases as operating or financial. A lease is classified as financial if it substantially transfers all the risks and benefits connected with ownership of the underlying asset. A lease is classified as operating if it does not substantially transfer all the risks and benefits connected with ownership of the underlying asset. In a financial lease, on the date on which the lease goes into effect the lessor must record the assets held under financial leasing agreements in the statement of financial position, showing them as receivables with a value equal to the net investment in the lease. In an operating lease, the lessor must enter payments due as proceeds, based on the criterion of constant rates or another systematic criterion. The lessor must also enter costs, including depreciation, incurred in order to earn the proceeds on the lease. If an entity transfers a specific asset to another entity and obtains it under a leaseback arrangement, it is necessary to determine, based on the provisions of IFRS 15, whether the transfer should be accounted for as a sale. In such a case, the lessee-seller shall measure the right of use asset resulting from the leaseback at the percentage of the asset\u2019s previous
carrying amount that relates to the right of use retained by the lessee-seller. As a result, the lessee-seller must enter only the amount of profit or loss on the rights transferred to the lessor-buyer. If the fair value of the consideration for sale of the asset is not equal to the fair value of the asset, or if payments due on the lease agreement are not at market prices, the entity must perform the following corrections in order to enter the value of revenues from the sale at fair value: (i) conditions which are below market price must be entered in the accounts as an advance on the payments due on the lease, and(ii) conditions which are above market price must be entered in the accounts as an additional loan provided by the lessor-buyer to the lessee-seller.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-513": {
"value": "Tangible assets Property, plants and machinery are entered in the accounts as tangible assets only if the following conditions simultaneously apply: \u2022 it is probable that the company will enjoy the future economic benefits referable to the asset; \u2022 cost can be reliably determined. Tangible assets are initially entered at cost, defined as the amount of cash or cash equivalents paid, or the fair value of other considerations paid to acquire an asset, at the time of its purchase or replacement. Subsequently to initial recognition, tangible assets will be measured by the cost method, after subtraction of depreciation allowance entered and any loss of value that may have been accumulated. The cost includes expenses directly incurred to enable the assets to be used, as well as any dismantling and removal costs that will be incurred as a result of contractual obligations requiring the asset to be restored to its original condition. Expenses incurred for routine and/or periodic maintenance and repairs are recognised directly in the income statement when incurred. Capitalisation of costs inherent in expansion, modernisation or improvement of structural elements owned by or in use by third parties is performed to the extent that it responds to the requirements for separate classification as an asset or part of an asset. The depreciation method used for tangible assets is the straight-line method, applied over their useful life. The useful life estimated by the Group for the various categories of tangible assets is shown below: Category of tangible asset Depreciation rate Buildings 33 years Light constructions 10 years Generic plants and machinery 13 years Specific plants and machinery 8 years Furniture and fittings 8 years Office equipment and electronic equipment 5 years Various equipment 2.5 years Vehicles for internal transportation and automobiles from 4 to 5 years At the end of each financial year, the company assesses whether there have been significant changes in the expected pattern of economic benefits from capitalised assets and, if so revises the depreciation method, which is treated as a change in accounting estimate in accordance with IAS 8. The value of an item of property, plant and equipment is fully reversed upon its disposal or when the company no longer expects to derive any economic benefits from its disposal. Capital grants are recognised when there is reasonable certainty that they will be received and that all the conditions attached to them have been met. Grants recognised in the financial statements as at 31 December 2024 and in previous financial years are recorded as a reduction of tangible fixed assets and credited pro rata to the income
statement as a reduction of depreciation over the useful lives of the relevant assets. Capital grants received on or after 1 January 2025 have been recognised as deferred income and systematically charged to the income statement over the useful life of the asset.
8.3 Tangible assets The table below shows the breakdown and movements of tangible assets in the year ending on 31 December 2025. (In thousands of euro) Land and buildings Plant and machinery Industrial and commercial equipment Other assets Improvemen ts on third- party assets Tangible assets in progress and advance s Total Historical cost as of 31 December 2024 30,554 162,989 87,475 16,215 13,754 31,093 342,081 Investments 1,701 1,094 468 775 218 24,508 28,764 Disposals (189) (5,495) (664) (1,817) (1,527) (107) (9,801) Reclassifications 17,672 19,954 3,068 385 6,477 (45,972) 1,583 Write-downs - (25) (2) (2) - (4) (33) Acquisition of whole blood business 7,693 - - - - 21,436 29,129 Translation reserves (2,507) (14,634) (1,937) (665) (889) (2,443) (23,076) Historical cost at the end of the financial year 54,923 163,882 88,408 14,890 18,032 28,512 368,647 Provision for amortisation and depreciation as of 31 December 2024 (2,917) (115,480) (69,157) (13,328) (7,443) - (208,324) Depreciation and amortisation (1,317) (9,332) (4,594) (978) (2,264) (18,487) Disposals 109 4,237 575 1,754 1,489 8,163 Reclassifications 37 (321) - (3) (37) (325) Translation reserves 127 11,171 1,662 550 417 13,927 Accumulated depreciation at the end of the financial year (3,961) (109,726) (71,514) (12,005) (7,839) - (205,045) Net book value as of 31 December 2024 27,637 47,509 18,318 2,887 6,311 31,093 133,756 Net carrying amount at the end of the financial year 50,962 54,156 16,893 2,885 10,193 28,512 163,602
215 Tangible assets refer primarily to capital goods, such as plant, machinery, moulds and equipment used in the production process. The impact of the acquisition of the whole blood business, amounting to Euro 29,129 thousand, is attributable to the acquisition of Haemonetics\u2019 assets, the effects of which are described in Note 7. Investments in tangible assets, amounting to Euro 28,764 thousand, are primarily attributable to: i) the expansion of production capacity and the maintenance of production levels across all business divisions; ii) the construction of the new production site in Suzhou, China, amounting to Euro 2,912 thousand; and iii) improvements to leased assets relating to the new plant in the United Kingdom, amounting to Euro 5,807 thousand. Furthermore, it should be noted that, for the financial year ended 31 December 2025, the main investments related to the production plants in Italy, the plants in the United States of America, the United Kingdom, China and Mexico. During the reporting period, write-downs of tangible fixed assets amounting to Euro 33 thousand were recognised, as the long-term usefulness of these investments is no longer apparent. With the exception of this amount, as at 31 December 2025, there were no indications of possible impairment losses in relation to tangible assets. As of 31 December 2025 there were no real estate assets or capital goods burdened by any kind of guarantee provided to third parties.
",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-480": {
"value": "Tangible assets Property, plants and machinery are entered in the accounts as tangible assets only if the following conditions simultaneously apply: \u2022 it is probable that the company will enjoy the future economic benefits referable to the asset; \u2022 cost can be reliably determined. Tangible assets are initially entered at cost, defined as the amount of cash or cash equivalents paid, or the fair value of other considerations paid to acquire an asset, at the time of its purchase or replacement. Subsequently to initial recognition, tangible assets will be measured by the cost method, after subtraction of depreciation allowance entered and any loss of value that may have been accumulated. The cost includes expenses directly incurred to enable the assets to be used, as well as any dismantling and removal costs that will be incurred as a result of contractual obligations requiring the asset to be restored to its original condition. Expenses incurred for routine and/or periodic maintenance and repairs are recognised directly in the income statement when incurred. Capitalisation of costs inherent in expansion, modernisation or improvement of structural elements owned by or in use by third parties is performed to the extent that it responds to the requirements for separate classification as an asset or part of an asset. The depreciation method used for tangible assets is the straight-line method, applied over their useful life. The useful life estimated by the Group for the various categories of tangible assets is shown below: Category of tangible asset Depreciation rate Buildings 33 years Light constructions 10 years Generic plants and machinery 13 years Specific plants and machinery 8 years Furniture and fittings 8 years Office equipment and electronic equipment 5 years Various equipment 2.5 years Vehicles for internal transportation and automobiles from 4 to 5 years At the end of each financial year, the company assesses whether there have been significant changes in the expected pattern of economic benefits from capitalised assets and, if so revises the depreciation method, which is treated as a change in accounting estimate in accordance with IAS 8. The value of an item of property, plant and equipment is fully reversed upon its disposal or when the company no longer expects to derive any economic benefits from its disposal. Capital grants are recognised when there is reasonable certainty that they will be received and that all the conditions attached to them have been met. Grants recognised in the financial statements as at 31 December 2024 and in previous financial years are recorded as a reduction of tangible fixed assets and credited pro rata to the income
statement as a reduction of depreciation over the useful lives of the relevant assets. Capital grants received on or after 1 January 2025 have been recognised as deferred income and systematically charged to the income statement over the useful life of the asset.
",
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}
},
"reg-ix-481": {
"value": "Impairment of Goodwill, tangible assets and intangible assets, and right of use assets (a) Goodwill As stated above, goodwill is subject to verification of the recoverability of value (known as the impairment test) at least once a year in the presence of indicators that could suggest a reduction in its value, according to the provisions of IAS 36 (Impairment of assets). This check is normally conducted at the end of each year, so that the reference date for the verification is the date of the financial statements. The impairment test is conducted on each of the Cash Generating Units (CGUs) to which goodwill has been allocated. The CGU of an asset is the smallest group of assets including the asset itself that generates cash inflows which are broadly independent of the cash inflows of other assets or groups of assets. Impairment of goodwill is entered if its recoverable value is lower than the value at which it was entered in the financial statements. Recoverable value is defined as the fair value of the CGU, after subtraction of disposal charges, and its value in use, defined as the current value of future cash flows estimated for the asset, whichever is greater. In determining value in use, expected future cash flows are discounted using a pre- tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. If the reduction of value resulting from the impairment test exceeds the value of goodwill allocated to the CGU, the residual excess will be allocated to assets included in the CGU in proportion to their book value. The minimum limit on this allocation is the higher of: \u2022 the asset\u2019s fair value after subtraction of sale costs; \u2022 value in use, as defined above; \u2022 zero. The original value of goodwill cannot be restored when the reasons that resulted in its impairment no longer apply.
(b) Assets (tangible, intangible and right of use assets) with a finite useful life On the date of each financial statements a test is conducted to determine if there are any indicators that tangible assets, intangible assets and right of use assets may have suffered impairment. Both internal and external information sources are taken into consideration. Internal information sources include: the obsolescence or physical deterioration of the asset, any significant changes in the way the asset is used, and economic trends in the asset in comparison with forecasts. External sources include price trends on the market for the assets, any changes in technology, the market or regulations, and market trends in interest rates or the cost of capital used to assess investments. If the presence of such indicators is identified, the recoverable value of the assets will be estimated, allocating any write-downs over book value to the comprehensive income statement. The recoverable value of an asset is represented by fair value, after subtraction of accessory sale costs, and the corresponding value of use, determined by discounting estimated future cash flows from the asset, including, if significant and reasonably determinable, those deriving from sale at the end of its useful life, after subtraction of any disposal charges. In determining value in use, expected future cash flows are discounting using a pre-tax discount rate reflecting the current market value of the cost of borrowing, in relation to the investment period and specific risks inherent in the asset. In the case of an asset that does not generate broadly independent cash flows, recoverable value is determined in relation to the cash generating unit to which the asset belongs. Impairment is recognised in the comprehensive income statement when the value at which the asset is entered, or the value of the CGU to which it is allocated, exceeds its recoverable value. Impairment of a CGU is allocated first to reduction of the book value of any goodwill that may be attributed to it, and then to reduction of other assets in proportion to their book value and within the limits of their recoverable value. If the requirements for a previous write- down no longer apply, the book value of the asset will be restored, with allocation to the income statement, within the limits of the net book value the asset in question would have had if it had not been written down and if it had been subjected to depreciation.
",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"mtpnn25": {
"value": "Financial assets When initially reported, financial assets must be classified in one of the three categories listed below, on the basis of the following elements: \u2022 the business model the entity uses for management of financial assets; and \u2022 the features of the contractual cash flows of the financial asset. Financial assets will then be derecognised from the financial statements only if their sale results in substantial transfer of all the risks and benefits connected with the assets. If, on the other hand, a significant portion of the risks and benefits pertaining to the assets sold is retained, the assets will continue to appear in the financial statements, even if their ownership has been legally transferred. a) Financial assets measured at amortised cost This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract (\u201cHold to Collect\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Following initial recognition, the financial assets under examination will be measured at amortised cost, using the effective interest rate method. The amortised cost method is not applied to assets \u2013 measured at historical cost \u2013 of such a brief duration that the effect of application of discounting would be negligible, to those without a definite term, and for receivables subject to revocation. b) Financial assets measured at fair value with an impact on comprehensive income This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract and through sale of the financial asset itself (\u201cHold to Collect and Sell\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). This category includes equity interests which may not be described as relations of control, connection and joint control, which are not held for trading, for which the option of designation at fair value has been exercised with an impact on comprehensive income.
At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Subsequently to initial recognition, equity interests which may not be described as relations of control, connection and joint control are measured at fair value, and the amounts offset against them under shareholders\u2019 equity (Statement of comprehensive income) must not be subsequently transferred to the income statement, even in the event of sale. The only component referable to the equities in question which is subject to recognition in the income statement is the corresponding dividends. For equities included in this category, which are not listed on an active market, the cost criterion is used to estimate fair value merely residually and limited to a few circumstances, that is, if the most recent information for measuring fair value is insufficient, or if there are a wide range of possible appraisals of fair value and cost represents the best estimate of fair value within this range of values. c) Financial assets measured at fair value with an impact on the income statement This category includes financial assets other than those classified among \u201cFinancial assets measured at amortised cost\u201d and among \u201cFinancial assets measured at fair value with an impact on comprehensive income\u201d. This category includes financial assets held for trading and derivatives contracts which cannot be classified as hedges (represented as assets if their fair value is positive and as liabilities if their fair value is negative). At the time of initial recognition, financial assets measured at fair value with an impact on the income statement are measured at fair value, without taking into consideration transaction costs or proceeds directly attributable to the instrument. On subsequent reporting dates, they are measured at fair value and the effects of their measurement are allocated to the income statement.
Derivative financial instruments and hedges Derivative financial instruments are entered in accordance with the provisions of IFRS 9. On the date of stipulation of the contract, derivative financial instruments are initially measured at fair value, as financial assets measured at fair value with an impact on the income statement if fair value is positive or as financial liabilities measured at fair value with an impact on the income statement if fair value is negative. If financial instruments are not entered as hedges, changes in fair value identified subsequently to initial recognition are treated as components of the profit or loss for the financial year. If, on the other hand, the derivative instruments meet the requirements for classification as hedges, subsequent variations in fair value are entered on the basis of specific criteria, described below. A derivative financial instrument is classified as a hedge if the relationship between the hedge and the item hedged is formally documented, including risk management goals, hedging strategy and methods to be used to determine its perspective and retrospective effectiveness. The effectiveness of each hedge is verified both at the time of creation of each derivative instrument and during its life, and particularly on the closing date of each financial statements or interim report. Generally, a hedge is normally considered highly \u201ceffective\u201d if, both at the start and during its life, changes in fair value, in the case of fair value hedges, or in expected future cash flows, in the case of cash flow hedges, of the element hedged are substantially offset by changes in the fair value of the hedge.
Accounting standard IFRS 9 permits designation of the following three hedging relationships: a) fair value hedge: when the hedge covers variations in the fair value of assets and liabilities appearing in the financial statements, both changes in the fair value of the hedge and variations in the hedged item are allocated to the income statement. b) cash flow hedge: when the hedge is intended to neutralise the risk of changes in cash flows originating from the future execution of contractual obligations in existence as of the date of the financial statements, changes in the fair value of the hedge registered subsequently to the first measurement are entered in the accounts, limited to the effective portion only, in the comprehensive income statement and therefore in a shareholders\u2019 equity reserve. When the economic effects originated by the hedged item appear, the amount entered in the comprehensive income statement is transferred to the income statement. If the hedge is not perfectly effective, the change in the fair value of the hedge referable to the ineffective portion is entered in the income statement immediately. c) hedging of a net investment in a foreign operation (net investment hedge). If the checks do not confirm the effectiveness of the hedge, from that time on hedging operations will no longer be entered in the accounts, and the derivative hedging contract will be reclassified among financial assets measured at fair value with an impact on the income statement or financial liabilities measured at fair value with an impact on the income statement. Moreover, the hedging relationship ceases when: \u2022 the derivative instrument expires or is sold, terminated or exercised; \u2022 the item hedged is sold, expires, or is refunded; \u2022 it is no longer highly probable that the future hedged transaction will be performed. Refer to note 5.5 for information on asset and liability categories and information on fair value..
5.1 Market risk Exchange rate risk Exposure to exchange rate risk is a result of the Group\u2019s commercial activities conducted in currencies other than the Euro. Revenues and costs in foreign currency may be influenced by exchange rate fluctuations with an impact on sales margins (economic risk), just as trade payables and receivables in foreign currency may be affected by the exchange rate used, with an impact on economic results (transaction risk). Finally, fluctuating exchange rates also
have an impact on consolidated profit or loss and on shareholders\u2019 equity, because the financial statements of a number of Group companies are prepared in currencies other than the Euro and then converted (translation risk). The Group's policy aims to limit the risk of exchange rate fluctuation by subscribing the appropriate hedging contracts. As at 31 December 2025, the Group had a number of contracts in place relating to instruments for hedging exchange rate fluctuations. Specifically, the three derivative contracts are forex forward contracts, intended to hedge the risk of fluctuations in the euro/dollar exchange rate for certain instalments of the loan agreements entered into by GVS SpA with its subsidiaries GVS North America Holding Inc. and GVS TM Inc. Sensitivity analysis for exchange rate risk For the purposes of sensitivity analysis for exchange rate risk, items in the statement of assets and liabilities at 31 December 2025 and 2024 (financial assets and liabilities) in currencies other than the currency in which each Group company operates have been identified. In assessing the potential effects of fluctuating exchange rates on net profit or loss, infragroup payables and receivables in currencies other than the account currency are also taken into consideration. For the purposes of this analysis, two scenarios were taken into consideration which reflect a 5% appreciation and depreciation, respectively, in the nominal exchange rate between the currency in which the item is entered in the financial statements and the account currency. The table below shows the results of this analysis. (In thousands of euro) 5% appreciation in the currency 5% depreciation in the currency At 31 December At 31 December Currency 2025 2024 2025 2024 USD 7,072 8,483 (6,398) (7,675) GBP (854) (1,113) 773 1,007 EUR (667) (628) 606 568 Other (62) (328) 56 297 Total 5,486 6,414 (4,963) (5,803) The balances in US dollars mainly relate to intra-group loans granted by GVS to its subsidiary GVS North America Holdings Inc., as well as to its Chinese and Mexican subsidiaries. Interest rate risk The Group uses external financial resources in the form of debts and, where considered appropriate, invests available liquidity in money market instruments. Variations in interest rates influence the cost and yield of various forms of financing and investment, and therefore have an impact on the level of consolidated net financial expenses. The Group is exposed to the risk of interest rate fluctuations, in view of the fact that some of its debts originally have variable interest rates. The Group's policy aims to limit the risk of interest rate fluctuation by subscribing contracts hedging the risk of interest rate variation. Sensitivity analysis regarding interest rate risk A sensitivity analysis has been prepared to determine the effect on the consolidated income statement and consolidated shareholders\u2019 equity of a hypothetical positive and negative variation of 50 bps in the interest rate as compared to the rate effectively recorded in each period.
This analysis was conducted primarily in relation to the following items: \u2022 cash on hand and cash equivalents; \u2022 short-term and medium- to long-term payables to banks. Cash on hand and cash equivalents made reference to average cash on hand and the average interest rate for the period, while the impact of short-term and medium- to long-term payables to banks was calculated specifically. The table below shows the results of this analysis: (In thousands of euro) Impact on profit after taxation - 50 bps + 50 bps Year ending on 31 December 2025 376 (376) Year ending on 31 December 2024 839 (839)
The table below breaks down trade receivables at 31 December 2025 according to due date, net of the provision for write-down of receivables. (In thousands of euro) Not yet due Overdue by 1 to 90 days Overdue by 91 to 180 days Overdue by more than 181 days Total Gross trade receivables at 31 December 2025 40,151 13,358 714 791 55,014 Provision for bad and doubtful debts - (2,739) (714) (791) (4,244) Trade receivables at 31 December 2025 40,151 10,619 - - 50,770 Gross trade receivables at 31 December 2024 47,486 10,908 812 865 60,071 Provision for bad and doubtful debts - (3,026) (812) (865) (4,703) Trade receivables at 31 December 2024 47,486 7,882 - - 55,368
5.3 Liquidity risk Liquidity risk represents the possibility of the Group becoming incapable of obtaining the financial resources necessary to guarantee current operations and fulfil the obligations falling due, or that these resources might be available only at a high cost. In order to mitigate this risk, the Group: (i) periodically determines forecast financial requirements on the basis of the operating needs, in order to act promptly to obtain any additional resources that may be necessary,(ii) performs all actions required to obtain such resources,(iii) ensures adequate composition in terms of due dates, instruments and degree of availability. The Group believes the lines of credit currently available, combined with the cash flows generated by current operations, to be sufficient to meet financial requirements for and repayment of loans on their due dates. The table below represents an analysis of due dates, based on contractual repayment obligations, as of 31 December 2025. (In thousands of euro) At 31 December 2025 within 1 year between 1 and 2 years between 3 and 5 years beyond 5 years Contractual value Carrying amount Payable for the purchase of equity investments and earn-outs 6,898 - 4,867 - 11,765 10,672 Financial liabilities 119,214 47,993 141,545 327 309,079 288,982 Leasing liabilities 9,210 6,699 5,969 1,502 23,381 22,302 Trade payables 42,630 - - - 42,630 42,630 Current tax payables 3,701 53 - - 3,754 3,719 Other current payables and liabilities 25,725 - - - 25,725 25,725 The amounts indicated in the table above represent undiscounted face values determined with reference to the residual contractual due dates for both the portion representing principal and the portion representing interest.
5.5 Categories of financial assets and liabilities and information on fair value Categories of financial assets and liabilities The tables below break down financial assets and liabilities by category according to IFRS 9, at 31 December 2025 and 2024. (In thousands of euro) Carrying amount At 31 December 2025 At 31 December 2024 FINANCIAL ASSETS: Financial assets measured at amortised cost: Non-current financial assets 1,223 3,394 Trade receivables 50,770 55,368 Other receivables and current assets 9,128 9,184 Current financial assets 292 28,584 Cash and cash equivalents 78,692 102,991 140,104 199,520 Financial assets measured at fair value through profit or loss: Non-current financial assets 29 29 Current financial assets 2,637 2,401 2,666 2,430 Derivative financial instruments 1,129 1,877 TOTAL FINANCIAL ASSETS 143,899 203,828 (In thousands of euro) Carrying amount At 31 December 2025 At 31 December 2024 FINANCIAL LIABILITIES: Financial liabilities measured at amortised cost: Non-current financial liabilities 177,735 246,021 Non-current leasing liabilities 13,321 14,138 Current financial liabilities 111,247 57,221 Current leasing liabilities 8,981 8,034 Trade payables 42,630 42,542 Other current liabilities 24,734 25,975
378,648 393,931 Financial liabilities measured at fair value through profit or loss: Payable for the purchase of equity investments and earn-outs (non-current) 3,902 8,245 Payable for the purchase of equity investments and earn-outs (current) 6,770 19,346 10,673 27,591 Derivative financial instruments - 382 TOTAL FINANCIAL LIABILITIES 389,321 421,904 In view of the nature of short-term financial assets and liabilities, the book value of the majority of these items is considered to represent a reasonable approximation of fair value. Non-current financial assets and liabilities are regulated or measured at market rates, and their fair value is therefore considered to be substantially in line with their current book value. Information on fair value IFRS 13 requires the value of assets and liabilities measured at fair value in the company\u2019s statement of financial position to be classified on the basis of a hierarchy of levels reflecting the significance of the input used to determine fair value. The fair value of financial instruments is classified on the basis of the following hierarchic levels: \u2022 Level 1: fair value determined with reference to listed prices (unadjusted) on active markets for identical financial instruments. In Level 1 the emphasis is therefore placed on determination of the following elements: (a) the principal market for the asset or liability, or, in the absence of a principal market, the most advantageous market for the asset or liability; (b) the possibility of the entity conducting a transaction in the asset or liability at the price in effect on that market as of the measurement date. \u2022 Level 2: fair values determined with valuation techniques with reference to observable variables on active markets. The input for this level includes: (a) prices listed for similar assets or liabilities in active markets; (b) prices listed for identical or similar assets or liabilities in inactive markets; (c) figures other than the listed prices that may be observed for the assets or liabilities, such as interest rates or yield curves which may be observed at commonly listed intervals, implicit volatility, credit spreads, or inputs conformed by the market. \u2022 Level 3: fair values determined with valuation techniques with reference to unobservable market variables. The tables below list financial assets and liabilities measured at fair value, divided on the basis of their levels in the hierarchy: (In thousands of euro) At 31 December 2025 Level 1 Level 2 Level 3 Non-current financial assets - - 29 Current financial assets - 2,637 - Non-current derivative financial instruments - 607 - Current derivative financial instruments - 522 - Total assets measured at fair value - 3,766 29
(In thousands of euro) At 31 December 2025 Level 1 Level 2 Level 3 Payable for the purchase of equity investments and earn-outs (current) - - 3,902 Payable for the purchase of equity investments and earn-outs (non- current) - - 6,770 Total liabilities measured at fair value - - 10,673 (In thousands of euro) At 31 December 2024 Level 1 Level 2 Level 3 Non-current financial assets - - 29 Current financial assets - 2,401 - Non-current derivative financial instruments - 1,877 - Total assets measured at fair value - 4,278 29 (In thousands of euro) At 31 December 2024 Level 1 Level 2 Level 3 Payable for the purchase of equity investments and earn-outs (current) - - 8,245 Payable for the purchase of equity investments and earn-outs (non- current) - - 19,346 Current derivative financial instruments - 382 - Total liabilities measured at fair value - 382 27,591 There have been no transfers among different levels in the fair value hierarchy in the financial years under consideration here.
8.6 Non-current and current derivative financial instruments Current and non-current derivative financial asset instruments amount to Euro 607 thousand and Euro 522 thousand, respectively. As at 31 December 2025, the balance of these items is attributable in full to: - The fair value of various IRS (Interest Rate Swap) derivative contracts, intended to hedge the risk of changes in interest rates for the agreement entered into with Unicredit in 2025 and for the syndicated loans taken out with Unicredit, Mediobanca, Credit Agricole, Banca Nazionale del Lavoro, Banco BPM and Deutsche Bank in 2021 and 2022. These derivative financial instruments, with an original notional value, on an individual basis, equal to the nominal value of the hedged items, guarantee a fixed interest rate for the entire duration of the loans hedged; - To the fair value of certain forex forward derivative contracts intended to hedge the risk of fluctuations in the euro/dollar exchange rate for certain instalments of the loans taken out by GVS SpA with its subsidiaries GVS North America Holding Inc. and GVS TM Inc. These derivative financial instruments, each with an original notional value equal to a fixed proportion of the value of the hedged loan instalments, guarantee a fixed exchange rate for the hedged component of the loan. In accordance with the provisions of IFRS 9, the derivative contracts were designated as hedging instruments. Consequently, changes in the fair value of the derivatives have been recognised in a dedicated equity reserve, with an impact on the Statement of Comprehensive Income.
Financial assets When initially reported, financial assets must be classified in one of the three categories listed below, on the basis of the following elements: \u2022 the business model the entity uses for management of financial assets; and \u2022 the features of the contractual cash flows of the financial asset. Financial assets will then be derecognised from the financial statements only if their sale results in substantial transfer of all the risks and benefits connected with the assets. If, on the other hand, a significant portion of the risks and benefits pertaining to the assets sold is retained, the assets will continue to appear in the financial statements, even if their ownership has been legally transferred. a) Financial assets measured at amortised cost This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract (\u201cHold to Collect\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Following initial recognition, the financial assets under examination will be measured at amortised cost, using the effective interest rate method. The amortised cost method is not applied to assets \u2013 measured at historical cost \u2013 of such a brief duration that the effect of application of discounting would be negligible, to those without a definite term, and for receivables subject to revocation. b) Financial assets measured at fair value with an impact on comprehensive income This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract and through sale of the financial asset itself (\u201cHold to Collect and Sell\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). This category includes equity interests which may not be described as relations of control, connection and joint control, which are not held for trading, for which the option of designation at fair value has been exercised with an impact on comprehensive income.
At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Subsequently to initial recognition, equity interests which may not be described as relations of control, connection and joint control are measured at fair value, and the amounts offset against them under shareholders\u2019 equity (Statement of comprehensive income) must not be subsequently transferred to the income statement, even in the event of sale. The only component referable to the equities in question which is subject to recognition in the income statement is the corresponding dividends. For equities included in this category, which are not listed on an active market, the cost criterion is used to estimate fair value merely residually and limited to a few circumstances, that is, if the most recent information for measuring fair value is insufficient, or if there are a wide range of possible appraisals of fair value and cost represents the best estimate of fair value within this range of values. c) Financial assets measured at fair value with an impact on the income statement This category includes financial assets other than those classified among \u201cFinancial assets measured at amortised cost\u201d and among \u201cFinancial assets measured at fair value with an impact on comprehensive income\u201d. This category includes financial assets held for trading and derivatives contracts which cannot be classified as hedges (represented as assets if their fair value is positive and as liabilities if their fair value is negative). At the time of initial recognition, financial assets measured at fair value with an impact on the income statement are measured at fair value, without taking into consideration transaction costs or proceeds directly attributable to the instrument. On subsequent reporting dates, they are measured at fair value and the effects of their measurement are allocated to the income statement.
Derivative financial instruments and hedges Derivative financial instruments are entered in accordance with the provisions of IFRS 9. On the date of stipulation of the contract, derivative financial instruments are initially measured at fair value, as financial assets measured at fair value with an impact on the income statement if fair value is positive or as financial liabilities measured at fair value with an impact on the income statement if fair value is negative. If financial instruments are not entered as hedges, changes in fair value identified subsequently to initial recognition are treated as components of the profit or loss for the financial year. If, on the other hand, the derivative instruments meet the requirements for classification as hedges, subsequent variations in fair value are entered on the basis of specific criteria, described below. A derivative financial instrument is classified as a hedge if the relationship between the hedge and the item hedged is formally documented, including risk management goals, hedging strategy and methods to be used to determine its perspective and retrospective effectiveness. The effectiveness of each hedge is verified both at the time of creation of each derivative instrument and during its life, and particularly on the closing date of each financial statements or interim report. Generally, a hedge is normally considered highly \u201ceffective\u201d if, both at the start and during its life, changes in fair value, in the case of fair value hedges, or in expected future cash flows, in the case of cash flow hedges, of the element hedged are substantially offset by changes in the fair value of the hedge.
Accounting standard IFRS 9 permits designation of the following three hedging relationships: a) fair value hedge: when the hedge covers variations in the fair value of assets and liabilities appearing in the financial statements, both changes in the fair value of the hedge and variations in the hedged item are allocated to the income statement. b) cash flow hedge: when the hedge is intended to neutralise the risk of changes in cash flows originating from the future execution of contractual obligations in existence as of the date of the financial statements, changes in the fair value of the hedge registered subsequently to the first measurement are entered in the accounts, limited to the effective portion only, in the comprehensive income statement and therefore in a shareholders\u2019 equity reserve. When the economic effects originated by the hedged item appear, the amount entered in the comprehensive income statement is transferred to the income statement. If the hedge is not perfectly effective, the change in the fair value of the hedge referable to the ineffective portion is entered in the income statement immediately. c) hedging of a net investment in a foreign operation (net investment hedge). If the checks do not confirm the effectiveness of the hedge, from that time on hedging operations will no longer be entered in the accounts, and the derivative hedging contract will be reclassified among financial assets measured at fair value with an impact on the income statement or financial liabilities measured at fair value with an impact on the income statement. Moreover, the hedging relationship ceases when: \u2022 the derivative instrument expires or is sold, terminated or exercised; \u2022 the item hedged is sold, expires, or is refunded; \u2022 it is no longer highly probable that the future hedged transaction will be performed. Refer to note 5.5 for information on asset and liability categories and information on fair value..
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"value": "Financial assets When initially reported, financial assets must be classified in one of the three categories listed below, on the basis of the following elements: \u2022 the business model the entity uses for management of financial assets; and \u2022 the features of the contractual cash flows of the financial asset. Financial assets will then be derecognised from the financial statements only if their sale results in substantial transfer of all the risks and benefits connected with the assets. If, on the other hand, a significant portion of the risks and benefits pertaining to the assets sold is retained, the assets will continue to appear in the financial statements, even if their ownership has been legally transferred. a) Financial assets measured at amortised cost This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract (\u201cHold to Collect\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Following initial recognition, the financial assets under examination will be measured at amortised cost, using the effective interest rate method. The amortised cost method is not applied to assets \u2013 measured at historical cost \u2013 of such a brief duration that the effect of application of discounting would be negligible, to those without a definite term, and for receivables subject to revocation. b) Financial assets measured at fair value with an impact on comprehensive income This category includes financial assets that satisfy both of the following conditions: \u2022 the financial asset is owned on the basis of a business model aimed at collecting cash flows under a contract and through sale of the financial asset itself (\u201cHold to Collect and Sell\u201d business model); and \u2022 the terms of the contract for the financial assets specify cash flows on specific dates represented solely by payment of principal and interest on the amount of the principal remaining to be repaid (i.e. \u2018SPPI test\u2019 passed). This category includes equity interests which may not be described as relations of control, connection and joint control, which are not held for trading, for which the option of designation at fair value has been exercised with an impact on comprehensive income.
At the time of initial recognition, these assets are reported at fair value, including transaction costs or proceeds directly attributable to the instrument. Subsequently to initial recognition, equity interests which may not be described as relations of control, connection and joint control are measured at fair value, and the amounts offset against them under shareholders\u2019 equity (Statement of comprehensive income) must not be subsequently transferred to the income statement, even in the event of sale. The only component referable to the equities in question which is subject to recognition in the income statement is the corresponding dividends. For equities included in this category, which are not listed on an active market, the cost criterion is used to estimate fair value merely residually and limited to a few circumstances, that is, if the most recent information for measuring fair value is insufficient, or if there are a wide range of possible appraisals of fair value and cost represents the best estimate of fair value within this range of values. c) Financial assets measured at fair value with an impact on the income statement This category includes financial assets other than those classified among \u201cFinancial assets measured at amortised cost\u201d and among \u201cFinancial assets measured at fair value with an impact on comprehensive income\u201d. This category includes financial assets held for trading and derivatives contracts which cannot be classified as hedges (represented as assets if their fair value is positive and as liabilities if their fair value is negative). At the time of initial recognition, financial assets measured at fair value with an impact on the income statement are measured at fair value, without taking into consideration transaction costs or proceeds directly attributable to the instrument. On subsequent reporting dates, they are measured at fair value and the effects of their measurement are allocated to the income statement.
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"reg-ix-517": {
"value": "Derivative financial instruments and hedges Derivative financial instruments are entered in accordance with the provisions of IFRS 9. On the date of stipulation of the contract, derivative financial instruments are initially measured at fair value, as financial assets measured at fair value with an impact on the income statement if fair value is positive or as financial liabilities measured at fair value with an impact on the income statement if fair value is negative. If financial instruments are not entered as hedges, changes in fair value identified subsequently to initial recognition are treated as components of the profit or loss for the financial year. If, on the other hand, the derivative instruments meet the requirements for classification as hedges, subsequent variations in fair value are entered on the basis of specific criteria, described below. A derivative financial instrument is classified as a hedge if the relationship between the hedge and the item hedged is formally documented, including risk management goals, hedging strategy and methods to be used to determine its perspective and retrospective effectiveness. The effectiveness of each hedge is verified both at the time of creation of each derivative instrument and during its life, and particularly on the closing date of each financial statements or interim report. Generally, a hedge is normally considered highly \u201ceffective\u201d if, both at the start and during its life, changes in fair value, in the case of fair value hedges, or in expected future cash flows, in the case of cash flow hedges, of the element hedged are substantially offset by changes in the fair value of the hedge.
Accounting standard IFRS 9 permits designation of the following three hedging relationships: a) fair value hedge: when the hedge covers variations in the fair value of assets and liabilities appearing in the financial statements, both changes in the fair value of the hedge and variations in the hedged item are allocated to the income statement. b) cash flow hedge: when the hedge is intended to neutralise the risk of changes in cash flows originating from the future execution of contractual obligations in existence as of the date of the financial statements, changes in the fair value of the hedge registered subsequently to the first measurement are entered in the accounts, limited to the effective portion only, in the comprehensive income statement and therefore in a shareholders\u2019 equity reserve. When the economic effects originated by the hedged item appear, the amount entered in the comprehensive income statement is transferred to the income statement. If the hedge is not perfectly effective, the change in the fair value of the hedge referable to the ineffective portion is entered in the income statement immediately. c) hedging of a net investment in a foreign operation (net investment hedge). If the checks do not confirm the effectiveness of the hedge, from that time on hedging operations will no longer be entered in the accounts, and the derivative hedging contract will be reclassified among financial assets measured at fair value with an impact on the income statement or financial liabilities measured at fair value with an impact on the income statement. Moreover, the hedging relationship ceases when: \u2022 the derivative instrument expires or is sold, terminated or exercised; \u2022 the item hedged is sold, expires, or is refunded; \u2022 it is no longer highly probable that the future hedged transaction will be performed. Refer to note 5.5 for information on asset and liability categories and information on fair value..
8.6 Non-current and current derivative financial instruments Current and non-current derivative financial asset instruments amount to Euro 607 thousand and Euro 522 thousand, respectively. As at 31 December 2025, the balance of these items is attributable in full to: - The fair value of various IRS (Interest Rate Swap) derivative contracts, intended to hedge the risk of changes in interest rates for the agreement entered into with Unicredit in 2025 and for the syndicated loans taken out with Unicredit, Mediobanca, Credit Agricole, Banca Nazionale del Lavoro, Banco BPM and Deutsche Bank in 2021 and 2022. These derivative financial instruments, with an original notional value, on an individual basis, equal to the nominal value of the hedged items, guarantee a fixed interest rate for the entire duration of the loans hedged; - To the fair value of certain forex forward derivative contracts intended to hedge the risk of fluctuations in the euro/dollar exchange rate for certain instalments of the loans taken out by GVS SpA with its subsidiaries GVS North America Holding Inc. and GVS TM Inc. These derivative financial instruments, each with an original notional value equal to a fixed proportion of the value of the hedged loan instalments, guarantee a fixed exchange rate for the hedged component of the loan. In accordance with the provisions of IFRS 9, the derivative contracts were designated as hedging instruments. Consequently, changes in the fair value of the derivatives have been recognised in a dedicated equity reserve, with an impact on the Statement of Comprehensive Income.
Derivative financial instruments and hedges Derivative financial instruments are entered in accordance with the provisions of IFRS 9. On the date of stipulation of the contract, derivative financial instruments are initially measured at fair value, as financial assets measured at fair value with an impact on the income statement if fair value is positive or as financial liabilities measured at fair value with an impact on the income statement if fair value is negative. If financial instruments are not entered as hedges, changes in fair value identified subsequently to initial recognition are treated as components of the profit or loss for the financial year. If, on the other hand, the derivative instruments meet the requirements for classification as hedges, subsequent variations in fair value are entered on the basis of specific criteria, described below. A derivative financial instrument is classified as a hedge if the relationship between the hedge and the item hedged is formally documented, including risk management goals, hedging strategy and methods to be used to determine its perspective and retrospective effectiveness. The effectiveness of each hedge is verified both at the time of creation of each derivative instrument and during its life, and particularly on the closing date of each financial statements or interim report. Generally, a hedge is normally considered highly \u201ceffective\u201d if, both at the start and during its life, changes in fair value, in the case of fair value hedges, or in expected future cash flows, in the case of cash flow hedges, of the element hedged are substantially offset by changes in the fair value of the hedge.
Accounting standard IFRS 9 permits designation of the following three hedging relationships: a) fair value hedge: when the hedge covers variations in the fair value of assets and liabilities appearing in the financial statements, both changes in the fair value of the hedge and variations in the hedged item are allocated to the income statement. b) cash flow hedge: when the hedge is intended to neutralise the risk of changes in cash flows originating from the future execution of contractual obligations in existence as of the date of the financial statements, changes in the fair value of the hedge registered subsequently to the first measurement are entered in the accounts, limited to the effective portion only, in the comprehensive income statement and therefore in a shareholders\u2019 equity reserve. When the economic effects originated by the hedged item appear, the amount entered in the comprehensive income statement is transferred to the income statement. If the hedge is not perfectly effective, the change in the fair value of the hedge referable to the ineffective portion is entered in the income statement immediately. c) hedging of a net investment in a foreign operation (net investment hedge). If the checks do not confirm the effectiveness of the hedge, from that time on hedging operations will no longer be entered in the accounts, and the derivative hedging contract will be reclassified among financial assets measured at fair value with an impact on the income statement or financial liabilities measured at fair value with an impact on the income statement. Moreover, the hedging relationship ceases when: \u2022 the derivative instrument expires or is sold, terminated or exercised; \u2022 the item hedged is sold, expires, or is refunded; \u2022 it is no longer highly probable that the future hedged transaction will be performed. Refer to note 5.5 for information on asset and liability categories and information on fair value..
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"reg-ix-483": {
"value": "Derivative financial instruments and hedges Derivative financial instruments are entered in accordance with the provisions of IFRS 9. On the date of stipulation of the contract, derivative financial instruments are initially measured at fair value, as financial assets measured at fair value with an impact on the income statement if fair value is positive or as financial liabilities measured at fair value with an impact on the income statement if fair value is negative. If financial instruments are not entered as hedges, changes in fair value identified subsequently to initial recognition are treated as components of the profit or loss for the financial year. If, on the other hand, the derivative instruments meet the requirements for classification as hedges, subsequent variations in fair value are entered on the basis of specific criteria, described below. A derivative financial instrument is classified as a hedge if the relationship between the hedge and the item hedged is formally documented, including risk management goals, hedging strategy and methods to be used to determine its perspective and retrospective effectiveness. The effectiveness of each hedge is verified both at the time of creation of each derivative instrument and during its life, and particularly on the closing date of each financial statements or interim report. Generally, a hedge is normally considered highly \u201ceffective\u201d if, both at the start and during its life, changes in fair value, in the case of fair value hedges, or in expected future cash flows, in the case of cash flow hedges, of the element hedged are substantially offset by changes in the fair value of the hedge.
Accounting standard IFRS 9 permits designation of the following three hedging relationships: a) fair value hedge: when the hedge covers variations in the fair value of assets and liabilities appearing in the financial statements, both changes in the fair value of the hedge and variations in the hedged item are allocated to the income statement. b) cash flow hedge: when the hedge is intended to neutralise the risk of changes in cash flows originating from the future execution of contractual obligations in existence as of the date of the financial statements, changes in the fair value of the hedge registered subsequently to the first measurement are entered in the accounts, limited to the effective portion only, in the comprehensive income statement and therefore in a shareholders\u2019 equity reserve. When the economic effects originated by the hedged item appear, the amount entered in the comprehensive income statement is transferred to the income statement. If the hedge is not perfectly effective, the change in the fair value of the hedge referable to the ineffective portion is entered in the income statement immediately. c) hedging of a net investment in a foreign operation (net investment hedge). If the checks do not confirm the effectiveness of the hedge, from that time on hedging operations will no longer be entered in the accounts, and the derivative hedging contract will be reclassified among financial assets measured at fair value with an impact on the income statement or financial liabilities measured at fair value with an impact on the income statement. Moreover, the hedging relationship ceases when: \u2022 the derivative instrument expires or is sold, terminated or exercised; \u2022 the item hedged is sold, expires, or is refunded; \u2022 it is no longer highly probable that the future hedged transaction will be performed. Refer to note 5.5 for information on asset and liability categories and information on fair value..
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"reg-ix-519": {
"value": "Trade receivables Trade receivables deriving from the transfer of goods and the provision of services are measured according to the terms of the contract with the customer, on the basis of the provisions of IFRS 15, and classified on the basis of the nature of the debtor and/or the expiry date of the receivable (this definition includes invoices to be issued for services already performed). Furthermore, since trade receivables are generally short-term and do not bear interest, amortised cost is not calculated, and they are recognised at the nominal value stated on the invoices issued or in the contracts entered into with customers: this approach is also adopted for trade receivables with a contractual term exceeding twelve months, unless the impact is particularly significant. This choice is a result of the fact that the amount of short-term receivables is very similar whether the historical cost method or the amortised cost criterion is applied, and the impact of discounting would therefore be entirely negligible. Trade receivables are tested for impairment in accordance with the provisions of IFRS 9. For the purposes of the measurement process, trade receivables are grouped by overdue age brackets. Performing receivables are subjected to collective measurement, grouping individual types of exposure on the basis of similar levels of credit risk. They are measured on the basis of expected losses throughout the life of the receivable, determined on the basis of losses registered for assets with similar credit risk features on the basis of historical experience, and corrected to reflect expected future economic conditions. The Group may transfer a portion of its trade receivables through factoring transactions. Receivable factoring transactions may be with recourse or without recourse; certain non- recourse factoring transactions include deferred payment clauses, require a retention by the
transferor, or entail the retention of significant exposure to the performance of the cash flows arising from the transferred receivables. This type of transaction does not meet the requirements of IFRS 9 for the derecognition of financial assets, as the associated risks and rewards have not been substantially transferred. Consequently, all receivables assigned through factoring transactions that do not meet the derecognition requirements set out in IFRS 9 remain recognised in the Group\u2019s financial statements, even though they have been legally assigned; a financial liability for the same amount is recognised in the financial statements as payables for advances on assigned receivables. Gains and losses on the disposal of these assets are recognised only when the assets are derecognised from the Group\u2019s Statement of Financial Position. It should be noted that, as at 31 December, the Group companies had only carried out non-recourse transfers of trade receivables that met all the requirements of IFRS 9 for derecognition.
8.8 Trade receivables The table below reports details of trade receivables as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Trade receivables from customers 54,850 59,902 Trade receivables from related parties 164 169 Trade receivables (gross) 55,014 60,071 Provisions for impairment of trade receivables (4,244) (4,703) Trade receivables 50,770 55,368 The book value of trade receivables is considered to approximate their fair value. During 2025, the Group made use of the option to sell part of its trade receivables through non-recourse factoring transactions. As at 31 December 2025, the value of trade receivables sold through non-recourse factoring, for which the related receivables were derecognised, amounted to Euro 20,636 thousand (Euro 17,059 thousand as at 31 December 2024). The table below breaks down trade receivables at 31 December 2025 and 2024, net of the provision for write-down of receivables. (In thousands of euro) Not yet due Overdue by 1 to 90 days Overdue by 91 to 180 days Overdue by more than 181 days Total Gross trade receivables at 31 December 2025 40,151 13,358 714 791 55,014 Provision for bad and doubtful debts - (2,739) (714) (791) (4,244) Trade receivables at 31 December 2025 40,151 10,619 - - 50,770 Gross trade receivables at 31 December 2024 47,486 10,908 812 865 60,071 Provision for bad and doubtful debts - (3,026) (812) (865) (4,703) Trade receivables at 31 December 2024 47,486 7,882 - - 55,368 Gross trade receivables at 31 December 2025 and 2024 include Euro 14,864 thousand and Euro 12,585 thousand, respectively, referable to overdue items, including Euro 1,505 thousand and Euro 1,677 thousand, representing items overdue by more than 90 days. The table below reports movements in the provision for write-down of trade receivables in the years ending on 31 December 2025 and 2024. (In thousands of euro) Provisions for impairment of trade receivables Balance as of 31 December 2023 4,086 Net provisions 696
Utilisations (209) Translation reserves 130 Balance as of 31 December 2024 4,703 Net provisions 240 Utilisations (419) Translation reserves (280) Balance as of 31 December 2025 4,244 Net provisions to the provision for write-down of receivables appear in the income statement under the item net write-downs of financial assets (see note 9.7).
8.11 Other receivables and current assets The table below reports details of other receivables and current assets as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Advances and instalments 985 770 Tax receivables 6,390 5,913 Prepaid expenses 1,757 1,939 Receivables from government bodies 2,242 2,736 Receivable from employees 194 190 Other receivables 302 345 Other receivables and current assets 11,870 11,893 Advances and instalments primarily represent sums paid for supplies yet to be received and commitments to be honoured. Tax receivables primarily represent VAT credits due from the Revenue Agency. Receivables from government bodies mainly relate to receivables for grants to be collected in connection with specific projects developed by the Group, for which specific grants have been recognised and approved.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-484": {
"value": "Trade receivables Trade receivables deriving from the transfer of goods and the provision of services are measured according to the terms of the contract with the customer, on the basis of the provisions of IFRS 15, and classified on the basis of the nature of the debtor and/or the expiry date of the receivable (this definition includes invoices to be issued for services already performed). Furthermore, since trade receivables are generally short-term and do not bear interest, amortised cost is not calculated, and they are recognised at the nominal value stated on the invoices issued or in the contracts entered into with customers: this approach is also adopted for trade receivables with a contractual term exceeding twelve months, unless the impact is particularly significant. This choice is a result of the fact that the amount of short-term receivables is very similar whether the historical cost method or the amortised cost criterion is applied, and the impact of discounting would therefore be entirely negligible. Trade receivables are tested for impairment in accordance with the provisions of IFRS 9. For the purposes of the measurement process, trade receivables are grouped by overdue age brackets. Performing receivables are subjected to collective measurement, grouping individual types of exposure on the basis of similar levels of credit risk. They are measured on the basis of expected losses throughout the life of the receivable, determined on the basis of losses registered for assets with similar credit risk features on the basis of historical experience, and corrected to reflect expected future economic conditions. The Group may transfer a portion of its trade receivables through factoring transactions. Receivable factoring transactions may be with recourse or without recourse; certain non- recourse factoring transactions include deferred payment clauses, require a retention by the
transferor, or entail the retention of significant exposure to the performance of the cash flows arising from the transferred receivables. This type of transaction does not meet the requirements of IFRS 9 for the derecognition of financial assets, as the associated risks and rewards have not been substantially transferred. Consequently, all receivables assigned through factoring transactions that do not meet the derecognition requirements set out in IFRS 9 remain recognised in the Group\u2019s financial statements, even though they have been legally assigned; a financial liability for the same amount is recognised in the financial statements as payables for advances on assigned receivables. Gains and losses on the disposal of these assets are recognised only when the assets are derecognised from the Group\u2019s Statement of Financial Position. It should be noted that, as at 31 December, the Group companies had only carried out non-recourse transfers of trade receivables that met all the requirements of IFRS 9 for derecognition.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-518": {
"value": "Inventories Inventories are goods: \u2022 possessed for sale in the normal course of the company\u2019s business; \u2022 used in productive processes for sale; \u2022 in the form of materials or supplies of goods to be used in the production process or in the performance of services. Inventories are entered at cost and subsequently measured at cost or net realisable value, whichever is lower. The cost of inventories includes all purchase costs, transformation costs and all other costs incurred to put the inventories in their current location and condition, but does not include exchange rate differences in the event of inventories invoiced in foreign currency. In accordance with the provisions of IAS 2, the average weighted cost method is used to determine the cost of inventories. If the net realisable value is lower than cost, the surplus is written down immediately in the income statement.
8.7 Inventories The table below reports details of inventories as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Finished products and goods 39,579 31,962 Raw materials, subsidiary materials and consumables 47,381 43,213 Products in progress and semi-products 14,508 12,385 Spare parts 2,923 3,202 Gross inventories 104,391 90,762 Provision for write-down of inventory (11,338) (7,434) Provision for impairment of spare parts (2,654) (2,786) Inventories 90,399 80,542
The increase in inventories in the two financial years under comparison is primarily attributable to the inventories related to the acquisition of Haemonetics\u2019 whole blood business, the effects of which are described in Note 7. The provision for impairment of inventories and spare parts increased during the financial year as a result of the acquisition of Haemonetics\u2019 whole blood business (Euro 3,306 thousand) and the overall provision of Euro 2,865 thousand, net of the effect of exchange rates and draw- downs during the financial year of Euro 1,344 thousand and Euro 1,055 thousand, respectively.
9.3 Purchases and consumption of raw materials, semi-finished and finished products The table below breaks down purchases and consumption of raw materials, semi-finished products and finished products in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Purchases of raw materials 133,485 127,674 Change in inventories of products in progress, semi-finished products and finished products 4,678 3,193 Change in inventories of raw materials, subsidiary materials and goods (8,592) 2,414 Purchases and consumption of raw materials, semi-finished and finished products 129,571 133,281
Inventories Inventories are goods: \u2022 possessed for sale in the normal course of the company\u2019s business; \u2022 used in productive processes for sale; \u2022 in the form of materials or supplies of goods to be used in the production process or in the performance of services. Inventories are entered at cost and subsequently measured at cost or net realisable value, whichever is lower. The cost of inventories includes all purchase costs, transformation costs and all other costs incurred to put the inventories in their current location and condition, but does not include exchange rate differences in the event of inventories invoiced in foreign currency. In accordance with the provisions of IAS 2, the average weighted cost method is used to determine the cost of inventories. If the net realisable value is lower than cost, the surplus is written down immediately in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-522": {
"value": "Cash and cash equivalents Cash on hand and cash equivalents are entered at face value or amortised cost, depending on their nature. Cash equivalents represent short-term financial commitments with high liquidity, which are readily convertible into a known amount of cash and subject to an insignificant risk of variations in value, whose original expiry at the time of purchase was no more than 3 months.
8.12 Cash and cash equivalents The table below reports details of cash and cash equivalents as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Bank and postal accounts 78,681 102,974 Cash on hand 11 17 Cash and cash equivalents 78,692 102,991 As of 31 December 2025 and 2024 cash and cash equivalents was not subject to any restrictions or limitations. The cash flow statement shows variations in cash and cash equivalents during the years under examination.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-486": {
"value": "Cash and cash equivalents Cash on hand and cash equivalents are entered at face value or amortised cost, depending on their nature. Cash equivalents represent short-term financial commitments with high liquidity, which are readily convertible into a known amount of cash and subject to an insignificant risk of variations in value, whose original expiry at the time of purchase was no more than 3 months.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-532": {
"value": "Debts Trade payables and other payables are initially entered at fair value and subsequently measured on the basis of the amortised cost method. Payables to banks and other financial backers are initially entered at fair value, not including directly allocated accessory costs, and are subsequently measured on the basis of amortised cost, applying the effective interest rate. In the event that, following a change in the conditions of a financial payable, there should be a change in the estimated expected cash flows resulting in a change in these flows of less than 10%, the amortised cost of the financial liability must be recalculated and the net profit or loss must include a profit or loss resulting from the change. The amortised cost of the financial payable must be recalculated as the current value of cash flows renegotiated or modified, discounted at the effective original interest rate of the financial payable. Any costs or commissions incurred in relation to the change will adjust the
book value of the financial payable modified, and will be amortised throughout the remaining life of the modified financial payable. Payables are eliminated from the financial statements when paid, and when the Group has transferred all risks and charges pertaining to the instrument.
8.20 Other current payables and liabilities The table below reports details of other current payables and liabilities as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Payables to employees 16,152 18,139 Payables to social security institutions 4,761 4,382 Tax payables 2,907 2,413 Accrued payables 37 41 Deferred income 954 1,139 Payables to directors 536 987 Other 378 54
231 Other current payables and liabilities 25,725 27,155 Payables to employees primarily reflect salaries payable and deferred charges such as holidays, leave, additional months\u2019 pay and bonuses . Payables to social security institutions primarily represent payment of contributions owed to pension and social security institutions. Tax payables as of 31 December 2025 and 2024 primarily include tax payables due to the tax authorities for taxes not correlated to income, consisting primarily of VAT and other indirect taxes payable and withholding tax on employees\u2019 pay. Deferred income mainly relates to grants for non-repayable projects, the costs of which will be incurred in subsequent financial years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-487": {
"value": "Debts Trade payables and other payables are initially entered at fair value and subsequently measured on the basis of the amortised cost method. Payables to banks and other financial backers are initially entered at fair value, not including directly allocated accessory costs, and are subsequently measured on the basis of amortised cost, applying the effective interest rate. In the event that, following a change in the conditions of a financial payable, there should be a change in the estimated expected cash flows resulting in a change in these flows of less than 10%, the amortised cost of the financial liability must be recalculated and the net profit or loss must include a profit or loss resulting from the change. The amortised cost of the financial payable must be recalculated as the current value of cash flows renegotiated or modified, discounted at the effective original interest rate of the financial payable. Any costs or commissions incurred in relation to the change will adjust the
book value of the financial payable modified, and will be amortised throughout the remaining life of the modified financial payable. Payables are eliminated from the financial statements when paid, and when the Group has transferred all risks and charges pertaining to the instrument.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-529": {
"value": "Employee benefits Employee benefits include benefits provided to employees or their dependants and may be settled by means of payments (or the provision of goods and services) made directly to employees, their spouses, children or other dependants, or to third parties such as insurance companies. They are divided into short-term benefits, termination benefits payable to employees upon termination of employment, and post-employment benefits. Short-term benefits, which also include incentive schemes such as annual bonuses, MBOs and one-off renewals of national collective bargaining agreements, are recognised as a liability (cost provision) net of any amounts already paid, and as an expense, unless another IFRS standard requires or permits the inclusion of the benefits in the cost of an asset (e.g., the cost of staff involved in the development of internally generated intangible assets). The category of termination benefits includes voluntary redundancy schemes, which arise in the event of voluntary resignation and involve the employee or a group of employees entering into trade union agreements to activate solidarity funds, and redundancy schemes, which arise in the event of termination of employment at the company\u2019s unilateral discretion. The company enters the cost of such benefits as a liability in the financial statements on the most immediate date between the moment at which the company can no longer retract the offer of the benefits and the moment at which the company bears the cost of personnel reorganisation falling under accounting standard IAS 37. Provisions for voluntary redundancy schemes are reviewed at least every six months. Post-employment benefit plans fall into two categories: defined contribution plans and defined benefit plans. Defined-contribution plans primarily include: \u2022 Supplementary pension funds requiring a defined contribution by the company; \u2022 the Employee Termination Indemnity fund, limited to portions accruing since 1 January 2007 in the case of companies with more than 50 employees, whatever the employee\u2019s chosen allocation of the funds may be; \u2022 portions of Employee Termination Indemnity accrued since 1 January 2007 and allocated to supplementary pension funds, in companies with less than 50 employees; \u2022 supplementary medical insurance funds; \u2022 the End of Service Indemnity allocated to directors. Defined-benefit plans, on the other hand, include: \u2022 Employee Termination Indemnity, limited to portions accrued up to 31 December 2006 for all companies and portions accrued since 1 January 2007 and not allocated to supplementary pension plans in the case of companies with less than 50 employees; \u2022 supplementary pension funds under conditions requiring payment of a defined benefit to participants; \u2022 seniority bonuses involving an extraordinary payment to employees upon reaching a certain degree of seniority. In defined-contribution plans, the obligation of the company preparing the financial statements is determined on the basis of the contributions due in the year in question, so that measurement of the obligation does not require actuarial assumptions and there is no possibility of actuarial profits or losses.
Accounting for defined benefit plans requires the use of actuarial assumptions to determine the value of the obligation. This measurement is performed once a year by an external actuary. The company performs discounting using the projected unit credit method, which involves the projection of future expenditures on the basis of historical analysis of statistics and of the demographic curve, and financial discounting of these flows on the basis of a market interest rate. Actuarial profits and losses are offset against shareholders\u2019 equity (under the item \u201cReserve for actuarial profits and losses\u201d) as required by accounting standard IAS 19.
8.17 Provisions for employee benefits The table below shows the breakdown and movements of provisions for employee benefits in the years ending on 31 December 2025 and 2024. (In thousands of euro) Employee severance indemnity End of office indemnity Other employee provisions Provisions for employee benefits Balance as of 31 December 2023 3,038 83 - 3,120 Current service cost - 124 - 124 Financial expenses 89 -
Actuarial losses/(profits) 14 - - 14 Benefits paid (424) - - (424)
228 Balance as of 31 December 2024 2,718 207 - 2,924 Current service cost - 125 59 184 Financial expenses 88 - - 88 Actuarial losses/(profits) (104) - - (104) Translation reserves - - (1) (1) Benefits paid (224) - (34) (258) Balance as of 31 December 2025 2,478 332 24 2,833 Provisions for employees represent an estimate of the Company\u2019s obligation, determined on the basis of actuarial techniques, representing the amount to be paid to employees upon termination of their employment. As of 31 December 2025 and 2024, provisions for employee benefits represented termination indemnity (known in Italy as \u201c TFR\u201d) allocated for employees and end of service indemnity (known in Italy as \u201cTFM\u201d) allocated for directors. Termination indemnity (TFR) Employee benefits for termination indemnity amount to Euro 2,478 thousand and Euro 2,718 thousand as at 31 December 2025 and 2024 respectively, attributable entirely to the Group\u2019s Italian companies. The value of the payable represented by termination indemnity, which falls under the definition of defined benefit plans according to IAS 19, has been determined on the basis of an actuarial approach. The principal actuarial, financial and demographic assumptions used to determine the value of the liability as of 31 December 2025 and 2024 in accordance with the provisions of IAS 19 are listed below. (As a percentage) At 31 December 2025 2024 Financial assumptions Annual discount rate 3.96% 3.38%/3.18% Annual inflation rate 2% 2% Annual rate of increase in overall pay 3% 3% Annual increase rate of post-employment benefits 3% 3% Demographic assumptions Death Table illustrating probability of death, as determined by the State General Accounting Office, known as RG48 Table illustrating probability of death, as determined by the State General Accounting Office, known as RG48 Invalidity Probability adopted in the INPS form for projections as of 2010 Probability adopted in the INPS form for projections as of 2010 Retirement Reaching the first of the valid retirement requirements for Obligatory General Insurance Reaching the first of the valid retirement requirements for Obligatory General Insurance Probability of advancing termination indemnity 3.00% 3.00% Annual turnover rate 2.50% 2.50% The table below sums up the sensitivity analysis for each actuarial, financial and demographic assumption, showing the effects (in absolute terms) that would result from changes in the actuarial assumptions reasonably considered possible as of 31 December 2025 and 2024.
229 (In thousands of euro) Annual discount rate Annual inflation rate Annual turnover rate +0.50% -0.50% +0.25% -0.25% +2.00% - 2.00% Employee benefits (termination indemnity) as of 31 December 2025 (93) 99 29 (28) 36 (43) Employee benefits (termination indemnity) as of 31 December 2024 (114) 120 34 (35) 25 (30) End of office indemnity (TFM) Employee benefits for TFM amount to Euro 332 thousand and Euro 207 thousand on 31 December 2025 and 2024, respectively.
Employee benefits Employee benefits include benefits provided to employees or their dependants and may be settled by means of payments (or the provision of goods and services) made directly to employees, their spouses, children or other dependants, or to third parties such as insurance companies. They are divided into short-term benefits, termination benefits payable to employees upon termination of employment, and post-employment benefits. Short-term benefits, which also include incentive schemes such as annual bonuses, MBOs and one-off renewals of national collective bargaining agreements, are recognised as a liability (cost provision) net of any amounts already paid, and as an expense, unless another IFRS standard requires or permits the inclusion of the benefits in the cost of an asset (e.g., the cost of staff involved in the development of internally generated intangible assets). The category of termination benefits includes voluntary redundancy schemes, which arise in the event of voluntary resignation and involve the employee or a group of employees entering into trade union agreements to activate solidarity funds, and redundancy schemes, which arise in the event of termination of employment at the company\u2019s unilateral discretion. The company enters the cost of such benefits as a liability in the financial statements on the most immediate date between the moment at which the company can no longer retract the offer of the benefits and the moment at which the company bears the cost of personnel reorganisation falling under accounting standard IAS 37. Provisions for voluntary redundancy schemes are reviewed at least every six months. Post-employment benefit plans fall into two categories: defined contribution plans and defined benefit plans. Defined-contribution plans primarily include: \u2022 Supplementary pension funds requiring a defined contribution by the company; \u2022 the Employee Termination Indemnity fund, limited to portions accruing since 1 January 2007 in the case of companies with more than 50 employees, whatever the employee\u2019s chosen allocation of the funds may be; \u2022 portions of Employee Termination Indemnity accrued since 1 January 2007 and allocated to supplementary pension funds, in companies with less than 50 employees; \u2022 supplementary medical insurance funds; \u2022 the End of Service Indemnity allocated to directors. Defined-benefit plans, on the other hand, include: \u2022 Employee Termination Indemnity, limited to portions accrued up to 31 December 2006 for all companies and portions accrued since 1 January 2007 and not allocated to supplementary pension plans in the case of companies with less than 50 employees; \u2022 supplementary pension funds under conditions requiring payment of a defined benefit to participants; \u2022 seniority bonuses involving an extraordinary payment to employees upon reaching a certain degree of seniority. In defined-contribution plans, the obligation of the company preparing the financial statements is determined on the basis of the contributions due in the year in question, so that measurement of the obligation does not require actuarial assumptions and there is no possibility of actuarial profits or losses.
Accounting for defined benefit plans requires the use of actuarial assumptions to determine the value of the obligation. This measurement is performed once a year by an external actuary. The company performs discounting using the projected unit credit method, which involves the projection of future expenditures on the basis of historical analysis of statistics and of the demographic curve, and financial discounting of these flows on the basis of a market interest rate. Actuarial profits and losses are offset against shareholders\u2019 equity (under the item \u201cReserve for actuarial profits and losses\u201d) as required by accounting standard IAS 19.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-489": {
"value": "Performance share plan The Group grants incentives in the form of an equity participation plan to certain members of senior management and to beneficiaries holding key roles within the Group. The performance share plan falls under the category of \u2018equity-settled\u2019 plans, whereby the beneficiary is entitled to receive GVS S.p.A. shares free of charge at the end of the vesting period. For the \u2018 equity- settled\u2019 performance share plan, the fair value is recognised in the income statement as a staff cost over the period from the grant date to the vesting date, and a shareholder equity reserve is recognised as a balancing entry. The fair value is determined on the date on which the shares are granted, reflecting the market conditions prevailing at that date. At each financial statements date, the Group reviews its assumptions regarding the number of performance shares expected to vest and recognises the effect of any change in the estimated number of performance shares in the income statement by adjusting the corresponding equity reserve. If the performance shares are exercised at the end of the vesting period, the corresponding increase in equity is recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfMethodOfSettlementForSharebasedPaymentArrangement",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn35": {
"value": "Provisions for risks and charges, contingent assets and liabilities Contingent assets and liabilities may be divided into categories according to their nature and impact on the accounting records. Specifically: \u2022 provisions are effective obligations of uncertain amount and contingency/due date arising out of past events, in relation to which it is probable that there will be an outlay of financial resources, the amount of which may be reliably estimated; \u2022 contingent liabilities are possible obligations in relation to which an outlay of financial resources is not a remote probability; \u2022 remote liabilities are those in relation to which an outlay of financial resources is a remote probability; \u2022 contingent assets are assets in relation to which the requirement of certainty is not met, so that they may not be entered in the financial statements; \u2022 an onerous contract is a contract in which the non-discretionary costs essential for fulfilment of obligations exceed the economic benefits assumed to be obtainable from the contract; \u2022 a reorganisation is a programme planned and controlled by Company management making significant changes to the field of action of an activity undertaken by the company or the way in which an activity is managed. For the purposes of entry of the cost in the accounts, provisions are recorded if there is uncertainty as to the due date or amount of the flow of resources required to fulfil the obligation or other liabilities, particularly trade payables or allocation for presumed payables. Provisions differ from other liabilities in that there is no certainty regarding the due date or amount of the future cost of fulfilment. Given their different nature, provisions are presented separately from trade payables and allocations for contingent liabilities. A liability is recognised, or an allocation is made to a provision, when: \u2022 there is a current legal or implicit obligation arising out of past events;
\u2022 it is probable that resources capable of producing economic benefits may have to be used to fulfil the obligation; \u2022 the amount of the obligation may be reliably estimated. Provisions require use of estimates. Under extremely rare circumstances in which it is not possible to obtain a reliable estimate, the amount of the liability cannot be reliably determined, and so it is described as a potential liability. Provisions for risks and charges are made for an amount representing the best possible estimate of the expenditure that will be required to fulfil the corresponding obligation in existence as of the date of the financial statements, taking into consideration the risks and uncertainties that inevitably surround many events and circumstances. The amount of the provision reflects any future events which could affect the amount required to fulfil an obligation if there is sufficient objective evidence that these events will occur. Once the best possible estimate of the expenditure required to fulfil the corresponding obligation in existence as of the date of the financial statements has been determined, the current value of the provision is determined, if the effect of the current value of cash is significant.
8.18 Provisions for risks and charges (current and non-current) The table below shows the breakdown and movements of provisions for risks and charges (current and non-current) in the years ending on 31 December 2025 and 2024. (In thousands of euro) Provisions for risks and charges Balance as of 31 December 2023 8,529 Provision 3,213 Release (1,137) Utilisations/offsets (3,555) Translation reserves 97 Balance as of 31 December 2024 7,148 Provision 4,172 Release (54) Utilisations (6,795) Reclassification to other payables (2482) Translation reserves (171) Balance as of 31 December 2025 1,818 In the consolidated financial statements as at 31 December 2025, the provisions for current and non-current risks and charges totalled Euro 1,818 thousand and mainly related to: i) the provision for risks associated with the relocation of plants and the reorganisation of the company and its workforce; and ii) the provision for disputes with specific customers. On 28 January 2025, the Italian Revenue Agency, Emilia-Romagna Regional Directorate, commenced a general audit of the 2020 tax period. This audit was subsequently extended to the 2021 and 2022 tax years, with a limited focus on the application of transfer pricing regulations and the incentive known as \u2018super amortisation\u2019. Upon completion of this audit, on 30 May 2025, GVS S.p.A. was provided with the relevant Report on Findings, which contained a number of objections. GVS S.p.A. has fully resolved these objections as follows: - The findings relating to transfer pricing and super-amortisation for the 2020 tax year and the findings relating to super-amortisation for the 2022 tax year were settled in the course of 2025 through the submission of supplementary tax returns; - The remaining findings contained in the Report on Findings were settled through the tax settlement procedure, which was successfully concluded on 6 February 2026. In this regard, it should be noted that the amount that GVS S.p.A. will be required to pay
as a result of the aforementioned tax settlement is included in the financial statements under \u2018Other payables\u2019. In addition, the company received objections relating to the 2019 tax period concerning the incorrect calculation of the super-amortisation amount. These disputes were also settled in the course of 2025 through the submission of supplementary tax returns. Also in 2025, GVS Suzhou was subject to a tax audit for the financial years 2021 to 2024 in respect of direct and indirect taxes and therefore set aside a provision for risks of Euro 216 thousand, equivalent to the total amount of the findings. This amount was paid during the year. During 2025, the Group recognised a net provision of Euro 2,778 thousand under the income statement item \u2018Other personnel costs\u2019 for non-recurring charges related to the personnel restructuring process, and a provision of Euro 1,154 thousand under the item \u2018Other operating costs\u2019 for non-recurring charges related to the plan to relocate and rationalise the Group\u2019s production facilities. Finally, the provision for tax risks was increased by Euro 240 thousand in 2025. Utilisations for the year mainly relate to payments made to staff following the implementation of the restructuring plan and to tax payments associated with the settlement of the aforementioned dispute.
13. Commitments and contingencies Sureties and guarantees granted to third parties As at 31 December 2025, the Group had outstanding sureties and guarantees totalling Euro 145 thousand. Contingent liabilities As the Group operates internationally, it is exposed to legal risks, primarily in relation to professional liability, corporate matters and tax. Expenditures related to ongoing or future
243 legal proceedings cannot be predicted with certainty, and it is possible that court rulings may result in costs that are not covered, or not fully covered, by insurance indemnities, thereby affecting the Group\u2019s financial position and results. However, where it is probable that an outflow of resources will be required to settle obligations and the amount can be reliably estimated, the Group has made specific allocations to the provision for risks and charges.
Provisions for risks and charges, contingent assets and liabilities Contingent assets and liabilities may be divided into categories according to their nature and impact on the accounting records. Specifically: \u2022 provisions are effective obligations of uncertain amount and contingency/due date arising out of past events, in relation to which it is probable that there will be an outlay of financial resources, the amount of which may be reliably estimated; \u2022 contingent liabilities are possible obligations in relation to which an outlay of financial resources is not a remote probability; \u2022 remote liabilities are those in relation to which an outlay of financial resources is a remote probability; \u2022 contingent assets are assets in relation to which the requirement of certainty is not met, so that they may not be entered in the financial statements; \u2022 an onerous contract is a contract in which the non-discretionary costs essential for fulfilment of obligations exceed the economic benefits assumed to be obtainable from the contract; \u2022 a reorganisation is a programme planned and controlled by Company management making significant changes to the field of action of an activity undertaken by the company or the way in which an activity is managed. For the purposes of entry of the cost in the accounts, provisions are recorded if there is uncertainty as to the due date or amount of the flow of resources required to fulfil the obligation or other liabilities, particularly trade payables or allocation for presumed payables. Provisions differ from other liabilities in that there is no certainty regarding the due date or amount of the future cost of fulfilment. Given their different nature, provisions are presented separately from trade payables and allocations for contingent liabilities. A liability is recognised, or an allocation is made to a provision, when: \u2022 there is a current legal or implicit obligation arising out of past events;
\u2022 it is probable that resources capable of producing economic benefits may have to be used to fulfil the obligation; \u2022 the amount of the obligation may be reliably estimated. Provisions require use of estimates. Under extremely rare circumstances in which it is not possible to obtain a reliable estimate, the amount of the liability cannot be reliably determined, and so it is described as a potential liability. Provisions for risks and charges are made for an amount representing the best possible estimate of the expenditure that will be required to fulfil the corresponding obligation in existence as of the date of the financial statements, taking into consideration the risks and uncertainties that inevitably surround many events and circumstances. The amount of the provision reflects any future events which could affect the amount required to fulfil an obligation if there is sufficient objective evidence that these events will occur. Once the best possible estimate of the expenditure required to fulfil the corresponding obligation in existence as of the date of the financial statements has been determined, the current value of the provision is determined, if the effect of the current value of cash is significant.
8.18 Provisions for risks and charges (current and non-current) The table below shows the breakdown and movements of provisions for risks and charges (current and non-current) in the years ending on 31 December 2025 and 2024. (In thousands of euro) Provisions for risks and charges Balance as of 31 December 2023 8,529 Provision 3,213 Release (1,137) Utilisations/offsets (3,555) Translation reserves 97 Balance as of 31 December 2024 7,148 Provision 4,172 Release (54) Utilisations (6,795) Reclassification to other payables (2482) Translation reserves (171) Balance as of 31 December 2025 1,818 In the consolidated financial statements as at 31 December 2025, the provisions for current and non-current risks and charges totalled Euro 1,818 thousand and mainly related to: i) the provision for risks associated with the relocation of plants and the reorganisation of the company and its workforce; and ii) the provision for disputes with specific customers. On 28 January 2025, the Italian Revenue Agency, Emilia-Romagna Regional Directorate, commenced a general audit of the 2020 tax period. This audit was subsequently extended to the 2021 and 2022 tax years, with a limited focus on the application of transfer pricing regulations and the incentive known as \u2018super amortisation\u2019. Upon completion of this audit, on 30 May 2025, GVS S.p.A. was provided with the relevant Report on Findings, which contained a number of objections. GVS S.p.A. has fully resolved these objections as follows: - The findings relating to transfer pricing and super-amortisation for the 2020 tax year and the findings relating to super-amortisation for the 2022 tax year were settled in the course of 2025 through the submission of supplementary tax returns; - The remaining findings contained in the Report on Findings were settled through the tax settlement procedure, which was successfully concluded on 6 February 2026. In this regard, it should be noted that the amount that GVS S.p.A. will be required to pay
as a result of the aforementioned tax settlement is included in the financial statements under \u2018Other payables\u2019. In addition, the company received objections relating to the 2019 tax period concerning the incorrect calculation of the super-amortisation amount. These disputes were also settled in the course of 2025 through the submission of supplementary tax returns. Also in 2025, GVS Suzhou was subject to a tax audit for the financial years 2021 to 2024 in respect of direct and indirect taxes and therefore set aside a provision for risks of Euro 216 thousand, equivalent to the total amount of the findings. This amount was paid during the year. During 2025, the Group recognised a net provision of Euro 2,778 thousand under the income statement item \u2018Other personnel costs\u2019 for non-recurring charges related to the personnel restructuring process, and a provision of Euro 1,154 thousand under the item \u2018Other operating costs\u2019 for non-recurring charges related to the plan to relocate and rationalise the Group\u2019s production facilities. Finally, the provision for tax risks was increased by Euro 240 thousand in 2025. Utilisations for the year mainly relate to payments made to staff following the implementation of the restructuring plan and to tax payments associated with the settlement of the aforementioned dispute.
13. Commitments and contingencies Sureties and guarantees granted to third parties As at 31 December 2025, the Group had outstanding sureties and guarantees totalling Euro 145 thousand. Contingent liabilities As the Group operates internationally, it is exposed to legal risks, primarily in relation to professional liability, corporate matters and tax. Expenditures related to ongoing or future
243 legal proceedings cannot be predicted with certainty, and it is possible that court rulings may result in costs that are not covered, or not fully covered, by insurance indemnities, thereby affecting the Group\u2019s financial position and results. However, where it is probable that an outflow of resources will be required to settle obligations and the amount can be reliably estimated, the Group has made specific allocations to the provision for risks and charges.
Provisions for risks and charges, contingent assets and liabilities Contingent assets and liabilities may be divided into categories according to their nature and impact on the accounting records. Specifically: \u2022 provisions are effective obligations of uncertain amount and contingency/due date arising out of past events, in relation to which it is probable that there will be an outlay of financial resources, the amount of which may be reliably estimated; \u2022 contingent liabilities are possible obligations in relation to which an outlay of financial resources is not a remote probability; \u2022 remote liabilities are those in relation to which an outlay of financial resources is a remote probability; \u2022 contingent assets are assets in relation to which the requirement of certainty is not met, so that they may not be entered in the financial statements; \u2022 an onerous contract is a contract in which the non-discretionary costs essential for fulfilment of obligations exceed the economic benefits assumed to be obtainable from the contract; \u2022 a reorganisation is a programme planned and controlled by Company management making significant changes to the field of action of an activity undertaken by the company or the way in which an activity is managed. For the purposes of entry of the cost in the accounts, provisions are recorded if there is uncertainty as to the due date or amount of the flow of resources required to fulfil the obligation or other liabilities, particularly trade payables or allocation for presumed payables. Provisions differ from other liabilities in that there is no certainty regarding the due date or amount of the future cost of fulfilment. Given their different nature, provisions are presented separately from trade payables and allocations for contingent liabilities. A liability is recognised, or an allocation is made to a provision, when: \u2022 there is a current legal or implicit obligation arising out of past events;
\u2022 it is probable that resources capable of producing economic benefits may have to be used to fulfil the obligation; \u2022 the amount of the obligation may be reliably estimated. Provisions require use of estimates. Under extremely rare circumstances in which it is not possible to obtain a reliable estimate, the amount of the liability cannot be reliably determined, and so it is described as a potential liability. Provisions for risks and charges are made for an amount representing the best possible estimate of the expenditure that will be required to fulfil the corresponding obligation in existence as of the date of the financial statements, taking into consideration the risks and uncertainties that inevitably surround many events and circumstances. The amount of the provision reflects any future events which could affect the amount required to fulfil an obligation if there is sufficient objective evidence that these events will occur. Once the best possible estimate of the expenditure required to fulfil the corresponding obligation in existence as of the date of the financial statements has been determined, the current value of the provision is determined, if the effect of the current value of cash is significant.
8.18 Provisions for risks and charges (current and non-current) The table below shows the breakdown and movements of provisions for risks and charges (current and non-current) in the years ending on 31 December 2025 and 2024. (In thousands of euro) Provisions for risks and charges Balance as of 31 December 2023 8,529 Provision 3,213 Release (1,137) Utilisations/offsets (3,555) Translation reserves 97 Balance as of 31 December 2024 7,148 Provision 4,172 Release (54) Utilisations (6,795) Reclassification to other payables (2482) Translation reserves (171) Balance as of 31 December 2025 1,818 In the consolidated financial statements as at 31 December 2025, the provisions for current and non-current risks and charges totalled Euro 1,818 thousand and mainly related to: i) the provision for risks associated with the relocation of plants and the reorganisation of the company and its workforce; and ii) the provision for disputes with specific customers. On 28 January 2025, the Italian Revenue Agency, Emilia-Romagna Regional Directorate, commenced a general audit of the 2020 tax period. This audit was subsequently extended to the 2021 and 2022 tax years, with a limited focus on the application of transfer pricing regulations and the incentive known as \u2018super amortisation\u2019. Upon completion of this audit, on 30 May 2025, GVS S.p.A. was provided with the relevant Report on Findings, which contained a number of objections. GVS S.p.A. has fully resolved these objections as follows: - The findings relating to transfer pricing and super-amortisation for the 2020 tax year and the findings relating to super-amortisation for the 2022 tax year were settled in the course of 2025 through the submission of supplementary tax returns; - The remaining findings contained in the Report on Findings were settled through the tax settlement procedure, which was successfully concluded on 6 February 2026. In this regard, it should be noted that the amount that GVS S.p.A. will be required to pay
as a result of the aforementioned tax settlement is included in the financial statements under \u2018Other payables\u2019. In addition, the company received objections relating to the 2019 tax period concerning the incorrect calculation of the super-amortisation amount. These disputes were also settled in the course of 2025 through the submission of supplementary tax returns. Also in 2025, GVS Suzhou was subject to a tax audit for the financial years 2021 to 2024 in respect of direct and indirect taxes and therefore set aside a provision for risks of Euro 216 thousand, equivalent to the total amount of the findings. This amount was paid during the year. During 2025, the Group recognised a net provision of Euro 2,778 thousand under the income statement item \u2018Other personnel costs\u2019 for non-recurring charges related to the personnel restructuring process, and a provision of Euro 1,154 thousand under the item \u2018Other operating costs\u2019 for non-recurring charges related to the plan to relocate and rationalise the Group\u2019s production facilities. Finally, the provision for tax risks was increased by Euro 240 thousand in 2025. Utilisations for the year mainly relate to payments made to staff following the implementation of the restructuring plan and to tax payments associated with the settlement of the aforementioned dispute.
13. Commitments and contingencies Sureties and guarantees granted to third parties As at 31 December 2025, the Group had outstanding sureties and guarantees totalling Euro 145 thousand. Contingent liabilities As the Group operates internationally, it is exposed to legal risks, primarily in relation to professional liability, corporate matters and tax. Expenditures related to ongoing or future
243 legal proceedings cannot be predicted with certainty, and it is possible that court rulings may result in costs that are not covered, or not fully covered, by insurance indemnities, thereby affecting the Group\u2019s financial position and results. However, where it is probable that an outflow of resources will be required to settle obligations and the amount can be reliably estimated, the Group has made specific allocations to the provision for risks and charges.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-530": {
"value": "Provisions for risks and charges, contingent assets and liabilities Contingent assets and liabilities may be divided into categories according to their nature and impact on the accounting records. Specifically: \u2022 provisions are effective obligations of uncertain amount and contingency/due date arising out of past events, in relation to which it is probable that there will be an outlay of financial resources, the amount of which may be reliably estimated; \u2022 contingent liabilities are possible obligations in relation to which an outlay of financial resources is not a remote probability; \u2022 remote liabilities are those in relation to which an outlay of financial resources is a remote probability; \u2022 contingent assets are assets in relation to which the requirement of certainty is not met, so that they may not be entered in the financial statements; \u2022 an onerous contract is a contract in which the non-discretionary costs essential for fulfilment of obligations exceed the economic benefits assumed to be obtainable from the contract; \u2022 a reorganisation is a programme planned and controlled by Company management making significant changes to the field of action of an activity undertaken by the company or the way in which an activity is managed. For the purposes of entry of the cost in the accounts, provisions are recorded if there is uncertainty as to the due date or amount of the flow of resources required to fulfil the obligation or other liabilities, particularly trade payables or allocation for presumed payables. Provisions differ from other liabilities in that there is no certainty regarding the due date or amount of the future cost of fulfilment. Given their different nature, provisions are presented separately from trade payables and allocations for contingent liabilities. A liability is recognised, or an allocation is made to a provision, when: \u2022 there is a current legal or implicit obligation arising out of past events;
\u2022 it is probable that resources capable of producing economic benefits may have to be used to fulfil the obligation; \u2022 the amount of the obligation may be reliably estimated. Provisions require use of estimates. Under extremely rare circumstances in which it is not possible to obtain a reliable estimate, the amount of the liability cannot be reliably determined, and so it is described as a potential liability. Provisions for risks and charges are made for an amount representing the best possible estimate of the expenditure that will be required to fulfil the corresponding obligation in existence as of the date of the financial statements, taking into consideration the risks and uncertainties that inevitably surround many events and circumstances. The amount of the provision reflects any future events which could affect the amount required to fulfil an obligation if there is sufficient objective evidence that these events will occur. Once the best possible estimate of the expenditure required to fulfil the corresponding obligation in existence as of the date of the financial statements has been determined, the current value of the provision is determined, if the effect of the current value of cash is significant.
8.18 Provisions for risks and charges (current and non-current) The table below shows the breakdown and movements of provisions for risks and charges (current and non-current) in the years ending on 31 December 2025 and 2024. (In thousands of euro) Provisions for risks and charges Balance as of 31 December 2023 8,529 Provision 3,213 Release (1,137) Utilisations/offsets (3,555) Translation reserves 97 Balance as of 31 December 2024 7,148 Provision 4,172 Release (54) Utilisations (6,795) Reclassification to other payables (2482) Translation reserves (171) Balance as of 31 December 2025 1,818 In the consolidated financial statements as at 31 December 2025, the provisions for current and non-current risks and charges totalled Euro 1,818 thousand and mainly related to: i) the provision for risks associated with the relocation of plants and the reorganisation of the company and its workforce; and ii) the provision for disputes with specific customers. On 28 January 2025, the Italian Revenue Agency, Emilia-Romagna Regional Directorate, commenced a general audit of the 2020 tax period. This audit was subsequently extended to the 2021 and 2022 tax years, with a limited focus on the application of transfer pricing regulations and the incentive known as \u2018super amortisation\u2019. Upon completion of this audit, on 30 May 2025, GVS S.p.A. was provided with the relevant Report on Findings, which contained a number of objections. GVS S.p.A. has fully resolved these objections as follows: - The findings relating to transfer pricing and super-amortisation for the 2020 tax year and the findings relating to super-amortisation for the 2022 tax year were settled in the course of 2025 through the submission of supplementary tax returns; - The remaining findings contained in the Report on Findings were settled through the tax settlement procedure, which was successfully concluded on 6 February 2026. In this regard, it should be noted that the amount that GVS S.p.A. will be required to pay
as a result of the aforementioned tax settlement is included in the financial statements under \u2018Other payables\u2019. In addition, the company received objections relating to the 2019 tax period concerning the incorrect calculation of the super-amortisation amount. These disputes were also settled in the course of 2025 through the submission of supplementary tax returns. Also in 2025, GVS Suzhou was subject to a tax audit for the financial years 2021 to 2024 in respect of direct and indirect taxes and therefore set aside a provision for risks of Euro 216 thousand, equivalent to the total amount of the findings. This amount was paid during the year. During 2025, the Group recognised a net provision of Euro 2,778 thousand under the income statement item \u2018Other personnel costs\u2019 for non-recurring charges related to the personnel restructuring process, and a provision of Euro 1,154 thousand under the item \u2018Other operating costs\u2019 for non-recurring charges related to the plan to relocate and rationalise the Group\u2019s production facilities. Finally, the provision for tax risks was increased by Euro 240 thousand in 2025. Utilisations for the year mainly relate to payments made to staff following the implementation of the restructuring plan and to tax payments associated with the settlement of the aforementioned dispute.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-490": {
"value": "Provisions for risks and charges, contingent assets and liabilities Contingent assets and liabilities may be divided into categories according to their nature and impact on the accounting records. Specifically: \u2022 provisions are effective obligations of uncertain amount and contingency/due date arising out of past events, in relation to which it is probable that there will be an outlay of financial resources, the amount of which may be reliably estimated; \u2022 contingent liabilities are possible obligations in relation to which an outlay of financial resources is not a remote probability; \u2022 remote liabilities are those in relation to which an outlay of financial resources is a remote probability; \u2022 contingent assets are assets in relation to which the requirement of certainty is not met, so that they may not be entered in the financial statements; \u2022 an onerous contract is a contract in which the non-discretionary costs essential for fulfilment of obligations exceed the economic benefits assumed to be obtainable from the contract; \u2022 a reorganisation is a programme planned and controlled by Company management making significant changes to the field of action of an activity undertaken by the company or the way in which an activity is managed. For the purposes of entry of the cost in the accounts, provisions are recorded if there is uncertainty as to the due date or amount of the flow of resources required to fulfil the obligation or other liabilities, particularly trade payables or allocation for presumed payables. Provisions differ from other liabilities in that there is no certainty regarding the due date or amount of the future cost of fulfilment. Given their different nature, provisions are presented separately from trade payables and allocations for contingent liabilities. A liability is recognised, or an allocation is made to a provision, when: \u2022 there is a current legal or implicit obligation arising out of past events;
\u2022 it is probable that resources capable of producing economic benefits may have to be used to fulfil the obligation; \u2022 the amount of the obligation may be reliably estimated. Provisions require use of estimates. Under extremely rare circumstances in which it is not possible to obtain a reliable estimate, the amount of the liability cannot be reliably determined, and so it is described as a potential liability. Provisions for risks and charges are made for an amount representing the best possible estimate of the expenditure that will be required to fulfil the corresponding obligation in existence as of the date of the financial statements, taking into consideration the risks and uncertainties that inevitably surround many events and circumstances. The amount of the provision reflects any future events which could affect the amount required to fulfil an obligation if there is sufficient objective evidence that these events will occur. Once the best possible estimate of the expenditure required to fulfil the corresponding obligation in existence as of the date of the financial statements has been determined, the current value of the provision is determined, if the effect of the current value of cash is significant.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn18": {
"value": "Treasury shares Treasury shares are entered at cost and reduce the value of shareholders\u2019 equity. The effects of any subsequent sale of treasury shares will be recorded under shareholders\u2019 equity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-491": {
"value": "Treasury shares Treasury shares are entered at cost and reduce the value of shareholders\u2019 equity. The effects of any subsequent sale of treasury shares will be recorded under shareholders\u2019 equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-492": {
"value": "Hyperinflation Companies operating in countries with high inflation rates recalculate the value of non- monetary assets and liabilities in their original financial statements to eliminate the distorting effects of the currency\u2019s loss of spending power. The inflation rate used for the purposes of adoption of inflation accounting is the consumer price index. Companies operating in countries where the cumulative inflation rate over a three-year period is approximately 100% or more adopt inflation accounting, interrupting it if the cumulative inflation rate over a three-year period falls below 100%. Profits and losses on net monetary position are allocated to the income statement. Financial statements prepared in currencies other than the Euro by companies operating in countries with a high inflation rate are converted into Euro applying the exchange rate in effect at the end of the year to items in both the statement of financial position and income statement. In the third quarter of 2018 the cumulative inflation rate over the last three years in Argentina exceeded 100%. This and other characteristics of the country\u2019s economy prompted the Group to adopt IAS 29 for the Argentinian company GVS Argentina S.A. beginning on 1 January 2018. We also note that, as of 1 January 2022, the Group has also adopted IAS 29 for its Turkish subsidiary GVS Filtre Teknolojileri, in view of the inflation rate that has characterised the country\u2019s economy during the current year.
10. Hyperinflation On the basis of the provisions of IFRS regarding the entry and exit criteria for inflation accounting, the Argentinian subsidiary GVS Argentina S.A. adopted inflation accounting beginning in the year ending on 31 December 2018 and, starting from 2022, the Turkish subsidiary based in Turkey also operates in a situation of high inflation. The gain or loss on the net monetary position, recognised in the income statement, amounts to a negative figure of Euro 224 thousand and Euro 10 thousand for the years ended 31 December 2025 and 2024, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn19": {
"value": "Revenues from contracts with customers Revenues from contracts with customers are entered when the following conditions apply: \u2022 the contract with the customer has been identified; \u2022 the performance obligations contained in the contract have been identified;
\u2022 the price has been determined; \u2022 the price has been allocated to individual contractual obligations contained in the contract; \u2022 the contractual obligation contained in the contract has been fulfilled. The Group reports revenues from contracts with customers when (or progressively as) contractual obligations are fulfilled, transferring to the customer the promised item or service (the asset). The asset is transferred when (or progressively as) the customer acquires control over it. The Group transfers control of the asset or service over time, and therefore fulfils the contractual obligation and obtains revenues over time, if one of the following criteria is met: \u2022 the customer simultaneously receives and uses the benefits deriving from the entity\u2019s service as the entity provides the service; \u2022 the Group\u2019s service creates or improves the asset (such as work in progress) of which the customer takes over control as the asset is created or improved; \u2022 the Group\u2019s service does not create an asset presenting an alternative use for the Group, and the Group is entitled to demand payment for the services completed up to the date taken into consideration. If a contractual obligation is not fulfilled over time, the contractual obligation is fulfilled at a given moment in time. In this case, the Group receives revenues from it when the customer acquires control over the promised asset. The contractual consideration included in the contract with the customer may include fixed amounts, variable amounts, or both. If the contractual consideration includes a variable amount (e.g. discounts, price concessions, incentives, penalties, or other similar elements), the Group estimates the amount of the consideration to which it will be entitled in exchange for the transfer of the promised goods or services to the customer. The Group includes the estimated amount of the variable consideration in the transaction price only to the extent that it is highly probable that, when the uncertainty associated with the variable consideration is subsequently resolved, there will be no significant downward adjustment to the amount of cumulative revenue recognised. If the Group is entitled to receive consideration in exchange for goods or services transferred to the customer, the Group recognises a customer contract asset. Where the Group has an obligation to transfer goods and services to the customer for which consideration has been received from the customer, the Group recognises a liability arising from contracts with customers. Incremental costs incurred to obtain contracts with customers are recognised as an asset and amortised over the term of the underlying contract if the Group expects to recover them. Incremental costs of obtaining a contract are costs the Group incurs in order to obtain a contract with the customer, which it would not have incurred if it had not obtained the contract. Costs incurred to obtain a contract that would have been incurred even if the contract had not been obtained shall be recognised as an expense at the time they are incurred, unless they are expressly chargeable to the customer even if the contract is not obtained. Costs incurred to fulfil contracts with customers are capitalised as an asset and amortised over the term of the underlying contract only if those costs do not fall within the scope of another accounting standard (e.g., IAS 2 \u2013 Inventories, IAS 16 \u2013 Property, Plant and Equipment, and IAS 38 \u2013 Intangible Assets) and meet all of the following conditions: the costs are directly related to the contract or to a foreseen contract that the entity can specifically identify; \u2022 costs permit the entity to obtain new or greater resources for use fulfilling (or continuing to fulfil) its obligations in the future; \u2022 these costs are expected to be recovered.
9. Notes to the consolidated income statement 9.1 Revenues from contracts with customers On 14 January 2025, GVS completed the acquisition of Haemonetics\u2019 whole blood business. In order to reflect the Group\u2019s strengthened presence in the whole blood market and to maximise sales efforts to meet the needs of new and existing customers, as of 1 January 2025, GVS\u2019 Healthcare and Life Sciences division has been reorganised into the following three sub- divisions: \u2022 MedTech, which combines the existing Liquid and Air & Gas sub-divisions, with the addition of revenue from the sale of membranes (previously included in the Laboratory sub-division) and net of the STT product lines (which have been merged into Transfusion Medicine); \u2022 Transfusion Medicine, which includes the effects of the assets deal acquired from Haemonetics and the STT product lines; \u2022 Life Sciences, which replaces the current Laboratory segment, net of membrane sales (which have been merged into MedTech). This organisational change has been reflected in the detailed disclosure of revenue from contracts with customers by product line as of the first quarter of 2025. In addition, for the Energy & Mobility and Health & Safety divisions (the latter has been renamed Safety), the previous sub-divisions have been eliminated and are monitored from a commercial perspective as a whole. The financial effects of the acquired whole blood assets were recognised in the Consolidated Financial Statements as of the closing date (14 January 2025); therefore, we note that the financial figures as at 31 December 2025 are not fully comparable with the financial figures for the previous financial year. The table below breaks down revenues from contracts with customers by division in the years ending on 31 December 2025 and 2024.
232 (In thousands of euro) Year ending on 31 December 2025 2024 Medtech 215,132 228,633 Transfusion Medicine 57,814 46,548 Life Sciences 12,102 13,012 Healthcare & Lifesciences 285,048 288,193 Safety 82,861 76,904 Energy & Mobility 56,753 63,445 Revenues from contracts with customers 424,662 428,542 In 2025, GVS achieved consolidated revenues of Euro 424.7 million, down by Euro 3.9 million compared to the revenues recorded in 2024. The increase in revenue in the Safety division, amounting to Euro 6 million (+7.7%), and the contribution of the Transfusion Medicine sub- division, whose growth is linked to the acquisition of Haemonetics\u2019 whole blood business, only partially offset the decrease in sales experienced in the Energy & Mobility division and the Medtech sub-division. For more information on the performance of revenue compared with the previous financial year, please refer to the information provided in the Directors\u2019 Report on Operating Performance. The table below breaks down revenues from contracts with customers by type of sale in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Business-to-business (B2B) 327,878 326,122 Business-to-consumer (B2C) 96,784 102,420 Total revenues from contracts with customers 424,662 428,542 The table below breaks down revenues from contracts with customers by geographic area in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 North America 189,837 195,437 Europe 119,962 116,667 Asia 77,525 81,210 Other countries 37,338 35,228 Total revenues from contracts with customers 424,662 428,542 Revenue as at 31 December 2025 is primarily attributable to the sale of finished products. For more information, refer to the Directors' Report.
",
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"reg-ix-493": {
"value": "Revenues from contracts with customers Revenues from contracts with customers are entered when the following conditions apply: \u2022 the contract with the customer has been identified; \u2022 the performance obligations contained in the contract have been identified;
\u2022 the price has been determined; \u2022 the price has been allocated to individual contractual obligations contained in the contract; \u2022 the contractual obligation contained in the contract has been fulfilled. The Group reports revenues from contracts with customers when (or progressively as) contractual obligations are fulfilled, transferring to the customer the promised item or service (the asset). The asset is transferred when (or progressively as) the customer acquires control over it. The Group transfers control of the asset or service over time, and therefore fulfils the contractual obligation and obtains revenues over time, if one of the following criteria is met: \u2022 the customer simultaneously receives and uses the benefits deriving from the entity\u2019s service as the entity provides the service; \u2022 the Group\u2019s service creates or improves the asset (such as work in progress) of which the customer takes over control as the asset is created or improved; \u2022 the Group\u2019s service does not create an asset presenting an alternative use for the Group, and the Group is entitled to demand payment for the services completed up to the date taken into consideration. If a contractual obligation is not fulfilled over time, the contractual obligation is fulfilled at a given moment in time. In this case, the Group receives revenues from it when the customer acquires control over the promised asset. The contractual consideration included in the contract with the customer may include fixed amounts, variable amounts, or both. If the contractual consideration includes a variable amount (e.g. discounts, price concessions, incentives, penalties, or other similar elements), the Group estimates the amount of the consideration to which it will be entitled in exchange for the transfer of the promised goods or services to the customer. The Group includes the estimated amount of the variable consideration in the transaction price only to the extent that it is highly probable that, when the uncertainty associated with the variable consideration is subsequently resolved, there will be no significant downward adjustment to the amount of cumulative revenue recognised. If the Group is entitled to receive consideration in exchange for goods or services transferred to the customer, the Group recognises a customer contract asset. Where the Group has an obligation to transfer goods and services to the customer for which consideration has been received from the customer, the Group recognises a liability arising from contracts with customers. Incremental costs incurred to obtain contracts with customers are recognised as an asset and amortised over the term of the underlying contract if the Group expects to recover them. Incremental costs of obtaining a contract are costs the Group incurs in order to obtain a contract with the customer, which it would not have incurred if it had not obtained the contract. Costs incurred to obtain a contract that would have been incurred even if the contract had not been obtained shall be recognised as an expense at the time they are incurred, unless they are expressly chargeable to the customer even if the contract is not obtained. Costs incurred to fulfil contracts with customers are capitalised as an asset and amortised over the term of the underlying contract only if those costs do not fall within the scope of another accounting standard (e.g., IAS 2 \u2013 Inventories, IAS 16 \u2013 Property, Plant and Equipment, and IAS 38 \u2013 Intangible Assets) and meet all of the following conditions: the costs are directly related to the contract or to a foreseen contract that the entity can specifically identify; \u2022 costs permit the entity to obtain new or greater resources for use fulfilling (or continuing to fulfil) its obligations in the future; \u2022 these costs are expected to be recovered.
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"reg-ix-536": {
"value": "Recognition of costs Costs are entered in the income statement on the basis of the accrual principle.
9.3 Purchases and consumption of raw materials, semi-finished and finished products The table below breaks down purchases and consumption of raw materials, semi-finished products and finished products in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Purchases of raw materials 133,485 127,674 Change in inventories of products in progress, semi-finished products and finished products 4,678 3,193 Change in inventories of raw materials, subsidiary materials and goods (8,592) 2,414 Purchases and consumption of raw materials, semi-finished and finished products 129,571 133,281
9.4 Personnel costs The table below breaks down personnel costs in the years ending on 31 December 2025 and 2024.
234 (In thousands of euro) Year ending on 31 December 2025 2024 Salaries and wages 100,878 104,196 Social security contributions 26,192 27,315 Cost of termination indemnity 2,346 2,338 Other costs 2,778 1,061 Personnel costs 132,194 134,910 Personnel costs for the financial years ended 31 December 2025 and 31 December 2024 include non-recurring charges of Euro 2,778 thousand and Euro 1,041 thousand, respectively, related to the Group\u2019s ongoing restructuring process. The table below reports the average number of Group employees in the years ending on 31 December 2025 and 2024, broken down by category. (In units) Year ending on 31 December 2025 2024 Blue collars 2,590 2,678 White collars 1,350 1,405 Management 94 103 Executives 45 48 Total employees 4,079 4,234 The decrease in the average number of employees is related to the restructuring plans implemented within the Group during 2025.
9.5 Service costs The table below breaks down service costs in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Utilities and cleaning services 15,119 15,255 Maintenance 5,282 6,073 Transport and logistics services 8,571 6,625 Consulting services 5,854 5,026 Travel and lodging 3,577 2,879 Subcontracting 5,168 4,854 Marketing and trade fairs 1,831 1,629 Insurance 2,527 2,080 Personnel-related services 3,345 2,860 Commissions 4,472 4,615 Directors\u2019 fees 2,331 2,771 Other services 4,712 4,641 Service costs 62,789 59,308
The increase in costs for services in the financial year ended 31 December 2025, compared to the previous financial year, is primarily attributable to higher costs resulting from the acquisition of Haemonetics\u2019 whole blood business.
9.6 Other operating costs The table below breaks down other operating costs in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Leasing costs 1,679 1,974 Indirect taxation 1,972 1,330 Membership fees and charity contributions 285 357 Allocation to provision for risks 1,154 1,402 Reduction in compensation from counterparty - 1,137 Losses on sales 18 45 Other minor costs 968 1,418 Other operating costs 6,076 7,663 For the financial year ended 31 December 2025, the item \u2018Other operating costs\u2019 includes non- recurring charges relating to (i) costs allocated to the provision for the relocation and rationalisation of the Group\u2019s production sites (totalling Euro 939 thousand) and (ii) costs allocated to the provision for tax risks related to indirect taxes and associated penalties, amounting to Euro 215 thousand, following the findings of the audit conducted by the Chinese tax authorities at the Group\u2019s Chinese subsidiary. For the financial year ended 31 December 2024, the item \u2018Other operating costs\u2019 includes, in the amount of Euro 1,137 thousand, the cost relating to the reduction in the compensation obtained by the seller of Haemotronic SpA with respect to a specific dispute, for which the corresponding provision for risks was released in the same amount. Leasing costs include: (i) leasing fees for properties of modest value, for which the Group avails itself of the exemption permitted under IFRS 16,(ii) variable components of a number of leasing fees and(iii) costs connected with use of property under leasing agreements not subject to IFRS 16.
Recognition of costs Costs are entered in the income statement on the basis of the accrual principle.
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"mtpnn21": {
"value": "Dividends The dividends distributed are represented as movements in shareholders\u2019 equity in the year in which they are approved by the shareholders\u2019 meeting.
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"reg-ix-495": {
"value": "Dividends The dividends distributed are represented as movements in shareholders\u2019 equity in the year in which they are approved by the shareholders\u2019 meeting.
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"reg-ix-545": {
"value": "Income taxes Current taxes are calculated on the basis of annual taxable income, applying the taxation rates in effect as of the date of the financial statements. Current taxes for the year under examination and previous years are recorded as liabilities, to the extent to which they have been paid. Current tax assets and liabilities pertaining to the current year and past years must be determined at the value expected to be recovered from the tax authorities, or paid to them, applying the tax rates and tax legislation in effect or substantially issued as of the date of the financial statements. \u2022 Deferred tax liabilities, representing the amount of income tax payable in future years referable to temporary differences in taxable amounts; \u2022 deferred tax assets, which are portions of income tax that may be recovered in future financial years, referable to deductible temporary differences, carry-over of unused tax losses, and carry-over of unused tax credits. To calculate the amount of deferred tax assets and liabilities, the tax rate is applied to the identified taxable or deductible temporary differences, i.e., to unused tax losses and unused tax credits. At each financial statements date, both the deferred tax assets not recognised in the financial statements and the deferred tax assets recognised in the financial statements are reassessed in order to verify whether the condition of probable recoverability of the deferred tax assets is met. When determining tax, any uncertainties in the application of tax legislation are taken into account, in accordance with the provisions of IFRIC 23.
8.4 Deferred tax assets and deferred tax liabilities The table below reports details of deferred tax assets as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Exchange losses 5,633 5,448 Non-deductible costs 5,434 1,490 Intangible assets 42 - Previous tax losses 1,481 859 Inventories 4,390 2,927 Tangible assets 1,158 808 Provisions for employee benefits 1,008 604 Right of use assets 2,019 - Trade receivables 56 217 Provisions for risks 439 531 Other 212 - Gross deferred tax assets 21,872 12,884 Compensation with deferred tax liabilities (20,502) (12,025) Total deferred tax assets 1,370 859 Deferred tax assets are entered as it is considered probable that sufficient taxable income will be generated to permit their use. Deffered tax assets pertaining to previous tax losses are acknowledged only if it is probable that sufficient taxable income may become available in the future to permit recovery of the assets. The table below reports details of deferred tax liabilities as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024
216 Exchange gains 5,376 - Tangible assets 7,913 7,412 Intangible assets 33,433 32,207 Derivative financial instruments 271 359 Right of use assets 3,698 1,958 Other 2,132 26 Gross deferred tax liabilities 52,823 41,962 Offsetting with deferred tax assets (20,502) (12,025) Total deferred tax liabilities 32,321 29,937 The table below shows the changes in the gross value of deferred tax assets and deferred tax liabilities for the year ended 31 December 2025. (In thousands of euro) Total deferred tax assets Total deferred tax liabilities Balance as of 31 December 2024 12,884 41,962 Provisions (releases) to income statement 11,114 12,465 Provisions (releases) to comprehensive income statement (28) (196) Reclassification on the balance sheet to current tax receivables (1,443) - Translation reserves (655) (1,408) Balance as of 31 December 2025 21,872 52,823 Deferred tax assets and deferred tax liabilities are a result of temporary differences between the value attributed to an asset or liability in the financial statements and the value attributed to the same asset or liability for tax purposes.
9.10 Annual income tax The table below breaks down annual income tax in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Current taxes 7,519 17,018 Deferred taxes 1,351 (4,960)
237 Taxes pertaining to previous financial years/non-recurring (1,486) (2,469) Income taxes 7,384 9,589 The table below reconciles the theoretical tax rate with the effective impact of taxation on the pre-tax result in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Profit (loss) before tax 25,797 42,964 Theoretical tax rate 24.0% 24.0% Theoretical tax burden 6,191 10,311 Effect of difference between local rates and theoretical tax rate (1,425) (486) Tax effect of permanent differences 1,456 1,007 IRAP (Regional Production Tax) 1,018 1,012 Other 144 (2,255) Income taxes 7,384 9,589 The effective tax rate in the 2025 and 2024 financial years was affected by non-recurring taxes from previous years related to the Patent Box tax benefit, amounting to Euro 1,277 thousand and Euro 2,942 thousand respectively.
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"value": "Income taxes Current taxes are calculated on the basis of annual taxable income, applying the taxation rates in effect as of the date of the financial statements. Current taxes for the year under examination and previous years are recorded as liabilities, to the extent to which they have been paid. Current tax assets and liabilities pertaining to the current year and past years must be determined at the value expected to be recovered from the tax authorities, or paid to them, applying the tax rates and tax legislation in effect or substantially issued as of the date of the financial statements. \u2022 Deferred tax liabilities, representing the amount of income tax payable in future years referable to temporary differences in taxable amounts; \u2022 deferred tax assets, which are portions of income tax that may be recovered in future financial years, referable to deductible temporary differences, carry-over of unused tax losses, and carry-over of unused tax credits. To calculate the amount of deferred tax assets and liabilities, the tax rate is applied to the identified taxable or deductible temporary differences, i.e., to unused tax losses and unused tax credits. At each financial statements date, both the deferred tax assets not recognised in the financial statements and the deferred tax assets recognised in the financial statements are reassessed in order to verify whether the condition of probable recoverability of the deferred tax assets is met. When determining tax, any uncertainties in the application of tax legislation are taken into account, in accordance with the provisions of IFRIC 23.
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"value": "Profit per share Basic profit per share is calculated by dividing the Group\u2019s net profit or loss by the weighted average number of ordinary shares in circulation during the year, excluding treasury shares. Diluted profit per share is calculated by dividing the Group\u2019s net profit or loss by the weighted average number of ordinary shares in circulation during the year, excluding treasury shares. For the purposes of calculation of diluted profit per share, the weighted average number of ordinary shares in circulation during the year is modified by assuming that all owners of rights that could potentially have a diluting effect, if any, exercise their rights, while the Group\u2019s net profit or loss is adjusted to take into account any effects of exercising these rights, after taxation.
9.11 Net profit per share The table below reports net profit per share, calculated as the ratio between net profit and the weighted average number of ordinary shares in circulation in the period, excluding treasury shares. Year ending on 31 December 2025 2024 Group\u2019s share of net profit (in thousands of Euro) 18,431 33,370 Weighted average number of shares in circulation 188,492,469 175,705,664 Profit per share (in Euro) 0.10 0.19 Diluted earnings per share as at 31 December 2025 are positive at Euro 0.10 (positive at Euro 0.19 as at 31 December 2024), calculated by dividing the profit attributable to GVS SpA shareholders by the weighted average number of shares outstanding, adjusted to take into account the effects of all dilutive potential ordinary shares. Dilutive potential ordinary shares have been defined as those linked to the performance share plan.
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"value": "Operating segments An operating segment is a component of an entity: \u2022 which undertakes business activities generating revenues and costs (including revenues and costs regarding transactions with other components of the same entity);
\u2022 the operating results of which are periodically reviewed at the highest decision- making level in the entity for the purposes of adoption of decisions regarding resources to be allocated to the area and assessment of the results; and \u2022 for which separate financial information is available. Refer to note 6 for information on operating segments.
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"value": "Operating segments An operating segment is a component of an entity: \u2022 which undertakes business activities generating revenues and costs (including revenues and costs regarding transactions with other components of the same entity);
\u2022 the operating results of which are periodically reviewed at the highest decision- making level in the entity for the purposes of adoption of decisions regarding resources to be allocated to the area and assessment of the results; and \u2022 for which separate financial information is available. Refer to note 6 for information on operating segments.
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"mtpnn24": {
"value": "3. Recently issued accounting standards a) IFRS accounting standards, amendments and interpretations applied from 1 January 2025 The following IFRS accounting standards, amendments and interpretations were applied by the Group for the first time from 1 January 2025. On 15 August 2023, the IASB published an amendment entitled \u2018Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019. The document requires an entity to apply a methodology, to be applied consistently, to determine whether one currency can be exchanged for another and, where this is not possible, to determine the exchange rate to be used and the disclosures to be made in the notes to the financial statements. The amendment will apply from 1 April 2025, but early application is permitted. The adoption of these amendments had no impact on the Group\u2019s consolidated financial statements. b) IFRS accounting standards, amendments and interpretations not yet endorsed by the European Union: As of the reference date of this document, the competent European Union bodies have not yet concluded the approval process required for adoption of the following accounting standards and amendments: \u2022 On 9 April 2024, the IASB published a new standard, IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 Presentation of Financial Statements. The new standard aims improving the presentation of financial statement formats, with a particular focus on the income statement format. Specifically, the new standard requires that: o Revenues and costs be classified into three new categories (operating, investing and financing sections), in addition to the tax and discontinued operations categories already included in the income statement format; o That two new subtotals be presented: operating profit and profit before interest and tax (i.e., EBIT). Furthermore, the new standard: o requires more information on the performance indicators defined by management; o introduces new criteria for the aggregation and disaggregation of information; and o introduces a number of changes to the statement of cash flows format, including the requirement to use operating profit as the starting point for the presentation of
the statement of cash flows prepared using the indirect method, and the removal of certain classification options for some currently existing items (such as interest paid, interest received, dividends paid and dividends received). The new standard will come into effect on 1 January 2027, but early adoption is permitted. The Directors are currently assessing the potential effects of introducing the new standard. \u2022 On 9 May 2024, the IASB published a new standard, IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019. The new standard introduces a number of simplifications with regard to the disclosures required by IFRS Accounting Standards in the financial statements of a subsidiary that meets the following requirements: o It has not issued, and is not in the process of issuing, any equity or debt instruments listed on a regulated market; o Its parent company prepares consolidated financial statements in accordance with IFRS. The new standard will come into effect on 1 January 2027, but early adoption is permitted. The Directors are currently assessing the potential effects of introducing this new standard. Finally, we also note the following standards: i) \u2018Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures\u201d published on 21 August 2025 and ii) \u201cAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency\u201d, published on 13 November 2025. Both new standards will become effective from 1 January 2027. The Directors are currently assessing the potential effects of introducing the new standard. c) IFRS accounting standards, amendments and interpretations endorsed by the European Union but not yet applicable: As at the reference date of this document, the relevant European Union bodies have completed the endorsement process required for the adoption of the amendments and standards described below, but they are not yet applicable. \u2022 On 30 May 2024, the IASB published the document \u2018Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7\u2019. The document clarifies a number of problematic issues that emerged from the post-implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary based on the achievement of ESG objectives (i.e., green bonds). In particular, the amendments aim to: i) Clarify the classification of financial assets with variable returns linked to environmental, social and governance (ESG) objectives, as well as the criteria to be used for assessing the SPPI test; ii) Determine that the settlement date for liabilities settled via electronic payment systems is the date on which the liability is extinguished. However, an entity is permitted to adopt an accounting policy that allows it to derecognise a financial liability before delivering cash on the settlement date, subject to certain specific conditions.
With these amendments, the IASB has also introduced additional disclosure requirements, particularly with regard to investments in equity instruments designated at FVTOCI. The amendments will apply from the financial statements for financial years beginning on or after 1 January 2026. The Directors are currently assessing the potential impact of the introduction of this amendment on the financial statements. \u2022 On 18 July 2024, the IASB published a document entitled \u2018 Annual Improvements Volume 11\u2019. The document includes clarifications, simplifications, corrections and changes aimed at improving the consistency of various IFRS Accounting Standards. The amended standards are: i) IFRS 1 First-time Adoption of International Financial Reporting Standards; ii) IFRS 7 Financial Instruments: Disclosures; Disclosures and the related guidance on the implementation of IFRS 7; iii) IFRS 9 Financial Instruments; iv) IFRS 10 Consolidated Financial Statements; and v) IAS 7 Statement of Cash Flows. The amendments will apply from 1 January 2026, but early application is permitted. The Directors are currently assessing the potential impact of the introduction of these amendments on the financial statements. \u2022 On 18 December 2024, the IASB published an amendment entitled \u2018Contracts Referencing Nature-dependent Electricity \u2013 Amendment to IFRS 9 and IFRS 7\u2019. The purpose of the document is to assist entities in accounting for the financial effects of contracts for the purchase of electricity generated from renewable sources (often structured as Power Purchase Agreements). Under these contracts, the amount of electricity generated and purchased may vary due to uncontrollable factors, such as weather conditions. The IASB has made targeted amendments to IFRS 9 and IFRS 7. The amendments include: o Clarification on the application of \u2018own use\u2019 requirements to this type of contract; o criteria to enable these contracts to be accounted for as hedging instruments; and, o New disclosure requirements to enable users of financial statements to understand the effect of these contracts on an entity\u2019s financial performance and cash flows. The amendment will apply from 1 January 2026, but early application is permitted. The Directors are currently assessing the potential impact of the introduction of this amendment on the financial statements.
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}
},
"reg-ix-499": {
"value": "3. Recently issued accounting standards a) IFRS accounting standards, amendments and interpretations applied from 1 January 2025 The following IFRS accounting standards, amendments and interpretations were applied by the Group for the first time from 1 January 2025. On 15 August 2023, the IASB published an amendment entitled \u2018Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019. The document requires an entity to apply a methodology, to be applied consistently, to determine whether one currency can be exchanged for another and, where this is not possible, to determine the exchange rate to be used and the disclosures to be made in the notes to the financial statements. The amendment will apply from 1 April 2025, but early application is permitted. The adoption of these amendments had no impact on the Group\u2019s consolidated financial statements. b) IFRS accounting standards, amendments and interpretations not yet endorsed by the European Union: As of the reference date of this document, the competent European Union bodies have not yet concluded the approval process required for adoption of the following accounting standards and amendments: \u2022 On 9 April 2024, the IASB published a new standard, IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 Presentation of Financial Statements. The new standard aims improving the presentation of financial statement formats, with a particular focus on the income statement format. Specifically, the new standard requires that: o Revenues and costs be classified into three new categories (operating, investing and financing sections), in addition to the tax and discontinued operations categories already included in the income statement format; o That two new subtotals be presented: operating profit and profit before interest and tax (i.e., EBIT). Furthermore, the new standard: o requires more information on the performance indicators defined by management; o introduces new criteria for the aggregation and disaggregation of information; and o introduces a number of changes to the statement of cash flows format, including the requirement to use operating profit as the starting point for the presentation of
the statement of cash flows prepared using the indirect method, and the removal of certain classification options for some currently existing items (such as interest paid, interest received, dividends paid and dividends received). The new standard will come into effect on 1 January 2027, but early adoption is permitted. The Directors are currently assessing the potential effects of introducing the new standard. \u2022 On 9 May 2024, the IASB published a new standard, IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019. The new standard introduces a number of simplifications with regard to the disclosures required by IFRS Accounting Standards in the financial statements of a subsidiary that meets the following requirements: o It has not issued, and is not in the process of issuing, any equity or debt instruments listed on a regulated market; o Its parent company prepares consolidated financial statements in accordance with IFRS. The new standard will come into effect on 1 January 2027, but early adoption is permitted. The Directors are currently assessing the potential effects of introducing this new standard. Finally, we also note the following standards: i) \u2018Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures\u201d published on 21 August 2025 and ii) \u201cAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency\u201d, published on 13 November 2025. Both new standards will become effective from 1 January 2027. The Directors are currently assessing the potential effects of introducing the new standard. c) IFRS accounting standards, amendments and interpretations endorsed by the European Union but not yet applicable: As at the reference date of this document, the relevant European Union bodies have completed the endorsement process required for the adoption of the amendments and standards described below, but they are not yet applicable. \u2022 On 30 May 2024, the IASB published the document \u2018Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7\u2019. The document clarifies a number of problematic issues that emerged from the post-implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary based on the achievement of ESG objectives (i.e., green bonds). In particular, the amendments aim to: i) Clarify the classification of financial assets with variable returns linked to environmental, social and governance (ESG) objectives, as well as the criteria to be used for assessing the SPPI test; ii) Determine that the settlement date for liabilities settled via electronic payment systems is the date on which the liability is extinguished. However, an entity is permitted to adopt an accounting policy that allows it to derecognise a financial liability before delivering cash on the settlement date, subject to certain specific conditions.
With these amendments, the IASB has also introduced additional disclosure requirements, particularly with regard to investments in equity instruments designated at FVTOCI. The amendments will apply from the financial statements for financial years beginning on or after 1 January 2026. The Directors are currently assessing the potential impact of the introduction of this amendment on the financial statements. \u2022 On 18 July 2024, the IASB published a document entitled \u2018 Annual Improvements Volume 11\u2019. The document includes clarifications, simplifications, corrections and changes aimed at improving the consistency of various IFRS Accounting Standards. The amended standards are: i) IFRS 1 First-time Adoption of International Financial Reporting Standards; ii) IFRS 7 Financial Instruments: Disclosures; Disclosures and the related guidance on the implementation of IFRS 7; iii) IFRS 9 Financial Instruments; iv) IFRS 10 Consolidated Financial Statements; and v) IAS 7 Statement of Cash Flows. The amendments will apply from 1 January 2026, but early application is permitted. The Directors are currently assessing the potential impact of the introduction of these amendments on the financial statements. \u2022 On 18 December 2024, the IASB published an amendment entitled \u2018Contracts Referencing Nature-dependent Electricity \u2013 Amendment to IFRS 9 and IFRS 7\u2019. The purpose of the document is to assist entities in accounting for the financial effects of contracts for the purchase of electricity generated from renewable sources (often structured as Power Purchase Agreements). Under these contracts, the amount of electricity generated and purchased may vary due to uncontrollable factors, such as weather conditions. The IASB has made targeted amendments to IFRS 9 and IFRS 7. The amendments include: o Clarification on the application of \u2018own use\u2019 requirements to this type of contract; o criteria to enable these contracts to be accounted for as hedging instruments; and, o New disclosure requirements to enable users of financial statements to understand the effect of these contracts on an entity\u2019s financial performance and cash flows. The amendment will apply from 1 January 2026, but early application is permitted. The Directors are currently assessing the potential impact of the introduction of this amendment on the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-500": {
"value": "4. Estimates and assumptions The preparation of financial statements requires directors to apply accounting standards and methods which, in certain circumstances, are based on difficult and subjective measurements and estimates which are based on historical experience and on assumptions which may or may not be considered reasonable and realistic, depending on their circumstances.
Application of these estimates and assumptions influences the amounts appearing in the accounts in the financial statements, such as the statement of financial position, the income statement, the comprehensive income statement, the financial report and the explanatory information supplied. The final results of the financial statement items for which the aforementioned estimates and assumptions have been used may differ, potentially significantly, from those reported in the financial statements that reflect the effects of the occurrence of the estimated event, due to the uncertainty inherent in the assumptions and the conditions on which the estimates are based. The areas that, more than others, require greater subjectivity on the part of the directors in making estimates, and for which a change in the conditions underlying the assumptions used could have a significant impact on the Group\u2019s financial performance, are as follows: a) Impairment of tangible assets and intangible assets with a defined useful life: tangible and intangible assets with a defined useful life are tested for impairment in the presence of indicators suggesting difficulty recovering their net book value through use. Determination of the existence of such indicators requires the directors to perform subjective assessments on the basis of information available from both internal and external sources and historical experience. Moreover, when it is determined that a potential loss of value may be generated, it is necessary to proceed with its determination by means of assessment techniques considered appropriate. Correct identification of indicators of potential loss of value and estimates for its determination depend on subjective assessments and on factors which may vary with time, affecting the measurements and estimates made by management. b) Impairment of intangible assets with an indefinite useful life (goodwill): the value of goodwill is tested annually for impairment, to be entered in the income statement. The test involves allocation of goodwill to cash flow generating units and subsequent determination of their recoverable value, defined as fair value or value of use, whichever is greater. If recoverable value is less than the book value of the cash flow generating units, the goodwill allocated to them must be written down. c) Provision for bad and doubtful debts: determination of this provision reflects the management's estimate of the customers\u2019 historic and expected solvency. d) Provisions for risks and charges: the existence or non-existence of a current (legal or implicit) obligation is not always easy to determine. Directors assess such phenomena on a case-by-case basis, jointly with the estimation of the amount of economic resources required to fulfil the obligation. If the directors believe that the appearance of a liability is merely possible, the risk is indicated in the explanatory notes regarding risks and commitments, without setting aside any funds. e) Useful life of tangible and intangible assets: the useful life is determined when the asset is entered in the financial statements and reviewed at least once a year, at the close of the year. Estimates of the duration of useful life are based on historical experience, market conditions and expectations regarding future events which could have an impact on the asset\u2019s useful life, including technological change. It is therefore possible that actual useful life may differ from the estimated useful life. f) Deferred tax assets: deferred tax assets are entered on the basis of the probability of the existence of future tax revenues in relation to which temporary differences or eventual tax losses may be used within a reasonable time period. g) Inventories: final product inventories presenting features of obsolescence or slow turnover are periodically tested and written down if their recoverable value is less than
their book value. Write-downs are based on the directors\u2019 assumptions and estimates based on their experience and on the results historically achieved. h) Lease liabilities: the amount of lease liabilities and therefore the corresponding assets due to right of use assets depend on determination of the lease term. This determination is subject to the management\u2019s assessment, with specific reference to the decision whether or not to include time periods covered by renewal options or cancellation of the lease agreement under leasing contracts. These assessments will be reviewed in the presence of a significant event or a significant change in circumstances with an impact on the management's reasonable certainty of exercising an option that was not previously taken into consideration in determining the lease term, or not to exercise an option that was previously taken into consideration in determining the lease term.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-501": {
"value": "5. Management of financial risk In the area of business risk, the principal risks identified, monitored and, to the extent specified below, actively managed by the Group are as follows: \u2022 market risk, deriving from fluctuating exchange rates between the Euro and the other currencies in which the Group operates, and of interest rates; \u2022 credit risk, deriving from the possibility of a counterpart defaulting; \u2022 liquidity risk, deriving from insufficiency of financial resources to fulfil financial commitments. The Group\u2019s goal is to maintain balanced management of its financial exposure over the years in order to guarantee a debt structure that is balanced with the composition of the company\u2019s assets and capable of guaranteeing the necessary flexibility in operations through use of liquidity generated by current operations and resort to bank loans. The capacity of core operations to generate liquidity and the capacity for indebtedness allow the Group to adequately satisfy the requirements of its operations and financing of operative working capital and investment capital, and to fulfil its financial obligations. The Group\u2019s financial policy and management of financial risk are guided and monitored at the central level. In particular, the central finance function assesses and approves provisional financial requirements, monitors trends and applies appropriate corrective actions where necessary. With regard to the ongoing armed conflicts in Ukraine and the Middle East, the Company monitors the geopolitical context and the situation in these countries on a daily basis in order to assess the potential direct and indirect future effects, both in terms of heightened inflationary pressures on raw material supply markets and energy costs, and in terms of reduced sales in the affected areas. Currently, the Group's direct exposure to the areas concerned is marginal. The following note supplies qualitative and quantitative information on the impact of these risks on the Group.
5.4 Capital management The Group\u2019s capital management aims to guarantee a solid credit rating and appropriate levels of capital indicators to support the Group\u2019s investment plans and fulfil contractual commitments to financial backers. The Group has the capital necessary to finance its requirements for growth of its business lines and for its operations; sources of financing represent a balanced mix of risk capital and debt capital, in order to guarantee a balanced financial structure and minimise the total cost of capital, benefiting all stakeholders. Remuneration of risk capital is monitored on the basis of market trends and business performance, once all other obligations, such as service of the Group\u2019s debt, have been
fulfilled; in order to ensure adequate remuneration of capital, safeguarding of business continuity and growth of lines of business, the Group constantly monitors the evolution of its level of indebtedness in relation to shareholders\u2019 equity, business trends, and forecast short, medium and long-term cash flows.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-502": {
"value": "5.1 Market risk Exchange rate risk Exposure to exchange rate risk is a result of the Group\u2019s commercial activities conducted in currencies other than the Euro. Revenues and costs in foreign currency may be influenced by exchange rate fluctuations with an impact on sales margins (economic risk), just as trade payables and receivables in foreign currency may be affected by the exchange rate used, with an impact on economic results (transaction risk). Finally, fluctuating exchange rates also
have an impact on consolidated profit or loss and on shareholders\u2019 equity, because the financial statements of a number of Group companies are prepared in currencies other than the Euro and then converted (translation risk). The Group's policy aims to limit the risk of exchange rate fluctuation by subscribing the appropriate hedging contracts. As at 31 December 2025, the Group had a number of contracts in place relating to instruments for hedging exchange rate fluctuations. Specifically, the three derivative contracts are forex forward contracts, intended to hedge the risk of fluctuations in the euro/dollar exchange rate for certain instalments of the loan agreements entered into by GVS SpA with its subsidiaries GVS North America Holding Inc. and GVS TM Inc. Sensitivity analysis for exchange rate risk For the purposes of sensitivity analysis for exchange rate risk, items in the statement of assets and liabilities at 31 December 2025 and 2024 (financial assets and liabilities) in currencies other than the currency in which each Group company operates have been identified. In assessing the potential effects of fluctuating exchange rates on net profit or loss, infragroup payables and receivables in currencies other than the account currency are also taken into consideration. For the purposes of this analysis, two scenarios were taken into consideration which reflect a 5% appreciation and depreciation, respectively, in the nominal exchange rate between the currency in which the item is entered in the financial statements and the account currency. The table below shows the results of this analysis. (In thousands of euro) 5% appreciation in the currency 5% depreciation in the currency At 31 December At 31 December Currency 2025 2024 2025 2024 USD 7,072 8,483 (6,398) (7,675) GBP (854) (1,113) 773 1,007 EUR (667) (628) 606 568 Other (62) (328) 56 297 Total 5,486 6,414 (4,963) (5,803) The balances in US dollars mainly relate to intra-group loans granted by GVS to its subsidiary GVS North America Holdings Inc., as well as to its Chinese and Mexican subsidiaries. Interest rate risk The Group uses external financial resources in the form of debts and, where considered appropriate, invests available liquidity in money market instruments. Variations in interest rates influence the cost and yield of various forms of financing and investment, and therefore have an impact on the level of consolidated net financial expenses. The Group is exposed to the risk of interest rate fluctuations, in view of the fact that some of its debts originally have variable interest rates. The Group's policy aims to limit the risk of interest rate fluctuation by subscribing contracts hedging the risk of interest rate variation. Sensitivity analysis regarding interest rate risk A sensitivity analysis has been prepared to determine the effect on the consolidated income statement and consolidated shareholders\u2019 equity of a hypothetical positive and negative variation of 50 bps in the interest rate as compared to the rate effectively recorded in each period.
This analysis was conducted primarily in relation to the following items: \u2022 cash on hand and cash equivalents; \u2022 short-term and medium- to long-term payables to banks. Cash on hand and cash equivalents made reference to average cash on hand and the average interest rate for the period, while the impact of short-term and medium- to long-term payables to banks was calculated specifically. The table below shows the results of this analysis: (In thousands of euro) Impact on profit after taxation - 50 bps + 50 bps Year ending on 31 December 2025 376 (376) Year ending on 31 December 2024 839 (839)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-503": {
"value": "Cyber attack Risk Through targeted investments, the Group has established a robust framework to prevent potential cyber attacks and respond to any cyber incidents, thereby mitigating the potential impact.
Consolidated income statement, showing the amount arising from non-recurring transactions (In thousands of euro) Period of 12 months ended 31 December 2025 of which non- recurrin g 2025 Adjuste d share (%) 2024 of which non- recurrin g 2024 Adjuste d share (%) Revenues from contracts with customers 424,662 424,662 428,542 428,542 Other operating income 8,527 798 7,729 9.4% 7,815 1,137 6,678 14.5% Total revenues 433,189 798 432,391 436,357 1,137 435,220 Purchases and consumption of raw materials, semi-finished and finished products (129,571 ) (129,571) (133,281) (133,281) Personnel costs (132,194 ) (2,778) (129,416) 2.1% (134,910 ) (1,041) (133,869) 0.8% Service costs (62,789) (1,322) (61,467) 2.1% (59,308) (787) (58,521) 1.3% Other operating costs (6,076) (1,155) (4,921) 19.0% (7,663) (2,038) (5,625) 26.6% Gross operating profit (EBITDA) 102,559 (4,457) 107,016 101,195 (2,729) 103,924 Net impairment losses on financial assets (240) (240) (696) (696) Amortisation, depreciation and write-downs (45,311) (14,388) (30,923) 31.8% (44,291) (16,650) (27,641) 37.6% Operating profit (EBIT) 57,008 (18,845) 75,853 56,208 (19,379) 75,587 Financial income 1,111 1,111 7,262 7,262 Financial expenses (32,322) (628) (31,694) 1.9% (20,506) (2,947) (17,559) 14.4% Profit (loss) before tax 25,797 (19,473) 45,270 42,964 (22,326) 65,290 Income taxes (7,384) 5,967 (13,351) - 80.8% (9,589) 7,978 (17,567) - 83.2% Net profit (loss) 18,414 (13,506) 31,919 33,375 (14,348) 47,723
",
"dimensions": {
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"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-504": {
"value": "5.2 Credit risk The Group deals with exposure to the credit risk inherent in the possibility of insolvency (defaulting) and/or deterioration of the creditworthiness of its customers through instruments for assessing each individual counterpart through a dedicated organisational structure equipped with adequate tools for constant daily monitoring of customers\u2019 behaviour and creditworthiness. The Group is currently structured to implement a process of ongoing monitoring of credits, modulated with different degrees of reminders, varying on the basis of specific knowledge of the customer and of the number of days by which payment is delayed, in order to optimise working capital and minimise this form of risk. With regard to financial counterparties, the Group does not have significant concentrations of credit risk or solvency risk. The table below breaks down trade receivables at 31 December 2025 according to due date, net of the provision for write-down of receivables. (In thousands of euro) Not yet due Overdue by 1 to 90 days Overdue by 91 to 180 days Overdue by more than 181 days Total Gross trade receivables at 31 December 2025 40,151 13,358 714 791 55,014 Provision for bad and doubtful debts - (2,739) (714) (791) (4,244) Trade receivables at 31 December 2025 40,151 10,619 - - 50,770 Gross trade receivables at 31 December 2024 47,486 10,908 812 865 60,071 Provision for bad and doubtful debts - (3,026) (812) (865) (4,703) Trade receivables at 31 December 2024 47,486 7,882 - - 55,368
",
"dimensions": {
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"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn26": {
"value": "The table below breaks down trade receivables at 31 December 2025 according to due date, net of the provision for write-down of receivables. (In thousands of euro) Not yet due Overdue by 1 to 90 days Overdue by 91 to 180 days Overdue by more than 181 days Total Gross trade receivables at 31 December 2025 40,151 13,358 714 791 55,014 Provision for bad and doubtful debts - (2,739) (714) (791) (4,244) Trade receivables at 31 December 2025 40,151 10,619 - - 50,770 Gross trade receivables at 31 December 2024 47,486 10,908 812 865 60,071 Provision for bad and doubtful debts - (3,026) (812) (865) (4,703) Trade receivables at 31 December 2024 47,486 7,882 - - 55,368
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-505": {
"value": "The table below breaks down trade receivables at 31 December 2025 according to due date, net of the provision for write-down of receivables. (In thousands of euro) Not yet due Overdue by 1 to 90 days Overdue by 91 to 180 days Overdue by more than 181 days Total Gross trade receivables at 31 December 2025 40,151 13,358 714 791 55,014 Provision for bad and doubtful debts - (2,739) (714) (791) (4,244) Trade receivables at 31 December 2025 40,151 10,619 - - 50,770 Gross trade receivables at 31 December 2024 47,486 10,908 812 865 60,071 Provision for bad and doubtful debts - (3,026) (812) (865) (4,703) Trade receivables at 31 December 2024 47,486 7,882 - - 55,368
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-506": {
"value": "5.3 Liquidity risk Liquidity risk represents the possibility of the Group becoming incapable of obtaining the financial resources necessary to guarantee current operations and fulfil the obligations falling due, or that these resources might be available only at a high cost. In order to mitigate this risk, the Group: (i) periodically determines forecast financial requirements on the basis of the operating needs, in order to act promptly to obtain any additional resources that may be necessary,(ii) performs all actions required to obtain such resources,(iii) ensures adequate composition in terms of due dates, instruments and degree of availability. The Group believes the lines of credit currently available, combined with the cash flows generated by current operations, to be sufficient to meet financial requirements for and repayment of loans on their due dates. The table below represents an analysis of due dates, based on contractual repayment obligations, as of 31 December 2025. (In thousands of euro) At 31 December 2025 within 1 year between 1 and 2 years between 3 and 5 years beyond 5 years Contractual value Carrying amount Payable for the purchase of equity investments and earn-outs 6,898 - 4,867 - 11,765 10,672 Financial liabilities 119,214 47,993 141,545 327 309,079 288,982 Leasing liabilities 9,210 6,699 5,969 1,502 23,381 22,302 Trade payables 42,630 - - - 42,630 42,630 Current tax payables 3,701 53 - - 3,754 3,719 Other current payables and liabilities 25,725 - - - 25,725 25,725 The amounts indicated in the table above represent undiscounted face values determined with reference to the residual contractual due dates for both the portion representing principal and the portion representing interest.
",
"dimensions": {
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"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn27": {
"value": "5.5 Categories of financial assets and liabilities and information on fair value Categories of financial assets and liabilities The tables below break down financial assets and liabilities by category according to IFRS 9, at 31 December 2025 and 2024. (In thousands of euro) Carrying amount At 31 December 2025 At 31 December 2024 FINANCIAL ASSETS: Financial assets measured at amortised cost: Non-current financial assets 1,223 3,394 Trade receivables 50,770 55,368 Other receivables and current assets 9,128 9,184 Current financial assets 292 28,584 Cash and cash equivalents 78,692 102,991 140,104 199,520 Financial assets measured at fair value through profit or loss: Non-current financial assets 29 29 Current financial assets 2,637 2,401 2,666 2,430 Derivative financial instruments 1,129 1,877 TOTAL FINANCIAL ASSETS 143,899 203,828 (In thousands of euro) Carrying amount At 31 December 2025 At 31 December 2024 FINANCIAL LIABILITIES: Financial liabilities measured at amortised cost: Non-current financial liabilities 177,735 246,021 Non-current leasing liabilities 13,321 14,138 Current financial liabilities 111,247 57,221 Current leasing liabilities 8,981 8,034 Trade payables 42,630 42,542 Other current liabilities 24,734 25,975
378,648 393,931 Financial liabilities measured at fair value through profit or loss: Payable for the purchase of equity investments and earn-outs (non-current) 3,902 8,245 Payable for the purchase of equity investments and earn-outs (current) 6,770 19,346 10,673 27,591 Derivative financial instruments - 382 TOTAL FINANCIAL LIABILITIES 389,321 421,904 In view of the nature of short-term financial assets and liabilities, the book value of the majority of these items is considered to represent a reasonable approximation of fair value. Non-current financial assets and liabilities are regulated or measured at market rates, and their fair value is therefore considered to be substantially in line with their current book value. Information on fair value IFRS 13 requires the value of assets and liabilities measured at fair value in the company\u2019s statement of financial position to be classified on the basis of a hierarchy of levels reflecting the significance of the input used to determine fair value. The fair value of financial instruments is classified on the basis of the following hierarchic levels: \u2022 Level 1: fair value determined with reference to listed prices (unadjusted) on active markets for identical financial instruments. In Level 1 the emphasis is therefore placed on determination of the following elements: (a) the principal market for the asset or liability, or, in the absence of a principal market, the most advantageous market for the asset or liability; (b) the possibility of the entity conducting a transaction in the asset or liability at the price in effect on that market as of the measurement date. \u2022 Level 2: fair values determined with valuation techniques with reference to observable variables on active markets. The input for this level includes: (a) prices listed for similar assets or liabilities in active markets; (b) prices listed for identical or similar assets or liabilities in inactive markets; (c) figures other than the listed prices that may be observed for the assets or liabilities, such as interest rates or yield curves which may be observed at commonly listed intervals, implicit volatility, credit spreads, or inputs conformed by the market. \u2022 Level 3: fair values determined with valuation techniques with reference to unobservable market variables. The tables below list financial assets and liabilities measured at fair value, divided on the basis of their levels in the hierarchy: (In thousands of euro) At 31 December 2025 Level 1 Level 2 Level 3 Non-current financial assets - - 29 Current financial assets - 2,637 - Non-current derivative financial instruments - 607 - Current derivative financial instruments - 522 - Total assets measured at fair value - 3,766 29
(In thousands of euro) At 31 December 2025 Level 1 Level 2 Level 3 Payable for the purchase of equity investments and earn-outs (current) - - 3,902 Payable for the purchase of equity investments and earn-outs (non- current) - - 6,770 Total liabilities measured at fair value - - 10,673 (In thousands of euro) At 31 December 2024 Level 1 Level 2 Level 3 Non-current financial assets - - 29 Current financial assets - 2,401 - Non-current derivative financial instruments - 1,877 - Total assets measured at fair value - 4,278 29 (In thousands of euro) At 31 December 2024 Level 1 Level 2 Level 3 Payable for the purchase of equity investments and earn-outs (current) - - 8,245 Payable for the purchase of equity investments and earn-outs (non- current) - - 19,346 Current derivative financial instruments - 382 - Total liabilities measured at fair value - 382 27,591 There have been no transfers among different levels in the fair value hierarchy in the financial years under consideration here.
8.6 Non-current and current derivative financial instruments Current and non-current derivative financial asset instruments amount to Euro 607 thousand and Euro 522 thousand, respectively. As at 31 December 2025, the balance of these items is attributable in full to: - The fair value of various IRS (Interest Rate Swap) derivative contracts, intended to hedge the risk of changes in interest rates for the agreement entered into with Unicredit in 2025 and for the syndicated loans taken out with Unicredit, Mediobanca, Credit Agricole, Banca Nazionale del Lavoro, Banco BPM and Deutsche Bank in 2021 and 2022. These derivative financial instruments, with an original notional value, on an individual basis, equal to the nominal value of the hedged items, guarantee a fixed interest rate for the entire duration of the loans hedged; - To the fair value of certain forex forward derivative contracts intended to hedge the risk of fluctuations in the euro/dollar exchange rate for certain instalments of the loans taken out by GVS SpA with its subsidiaries GVS North America Holding Inc. and GVS TM Inc. These derivative financial instruments, each with an original notional value equal to a fixed proportion of the value of the hedged loan instalments, guarantee a fixed exchange rate for the hedged component of the loan. In accordance with the provisions of IFRS 9, the derivative contracts were designated as hedging instruments. Consequently, changes in the fair value of the derivatives have been recognised in a dedicated equity reserve, with an impact on the Statement of Comprehensive Income.
",
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"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-507": {
"value": "5.5 Categories of financial assets and liabilities and information on fair value Categories of financial assets and liabilities The tables below break down financial assets and liabilities by category according to IFRS 9, at 31 December 2025 and 2024. (In thousands of euro) Carrying amount At 31 December 2025 At 31 December 2024 FINANCIAL ASSETS: Financial assets measured at amortised cost: Non-current financial assets 1,223 3,394 Trade receivables 50,770 55,368 Other receivables and current assets 9,128 9,184 Current financial assets 292 28,584 Cash and cash equivalents 78,692 102,991 140,104 199,520 Financial assets measured at fair value through profit or loss: Non-current financial assets 29 29 Current financial assets 2,637 2,401 2,666 2,430 Derivative financial instruments 1,129 1,877 TOTAL FINANCIAL ASSETS 143,899 203,828 (In thousands of euro) Carrying amount At 31 December 2025 At 31 December 2024 FINANCIAL LIABILITIES: Financial liabilities measured at amortised cost: Non-current financial liabilities 177,735 246,021 Non-current leasing liabilities 13,321 14,138 Current financial liabilities 111,247 57,221 Current leasing liabilities 8,981 8,034 Trade payables 42,630 42,542 Other current liabilities 24,734 25,975
378,648 393,931 Financial liabilities measured at fair value through profit or loss: Payable for the purchase of equity investments and earn-outs (non-current) 3,902 8,245 Payable for the purchase of equity investments and earn-outs (current) 6,770 19,346 10,673 27,591 Derivative financial instruments - 382 TOTAL FINANCIAL LIABILITIES 389,321 421,904 In view of the nature of short-term financial assets and liabilities, the book value of the majority of these items is considered to represent a reasonable approximation of fair value. Non-current financial assets and liabilities are regulated or measured at market rates, and their fair value is therefore considered to be substantially in line with their current book value. Information on fair value IFRS 13 requires the value of assets and liabilities measured at fair value in the company\u2019s statement of financial position to be classified on the basis of a hierarchy of levels reflecting the significance of the input used to determine fair value. The fair value of financial instruments is classified on the basis of the following hierarchic levels: \u2022 Level 1: fair value determined with reference to listed prices (unadjusted) on active markets for identical financial instruments. In Level 1 the emphasis is therefore placed on determination of the following elements: (a) the principal market for the asset or liability, or, in the absence of a principal market, the most advantageous market for the asset or liability; (b) the possibility of the entity conducting a transaction in the asset or liability at the price in effect on that market as of the measurement date. \u2022 Level 2: fair values determined with valuation techniques with reference to observable variables on active markets. The input for this level includes: (a) prices listed for similar assets or liabilities in active markets; (b) prices listed for identical or similar assets or liabilities in inactive markets; (c) figures other than the listed prices that may be observed for the assets or liabilities, such as interest rates or yield curves which may be observed at commonly listed intervals, implicit volatility, credit spreads, or inputs conformed by the market. \u2022 Level 3: fair values determined with valuation techniques with reference to unobservable market variables. The tables below list financial assets and liabilities measured at fair value, divided on the basis of their levels in the hierarchy: (In thousands of euro) At 31 December 2025 Level 1 Level 2 Level 3 Non-current financial assets - - 29 Current financial assets - 2,637 - Non-current derivative financial instruments - 607 - Current derivative financial instruments - 522 - Total assets measured at fair value - 3,766 29
(In thousands of euro) At 31 December 2025 Level 1 Level 2 Level 3 Payable for the purchase of equity investments and earn-outs (current) - - 3,902 Payable for the purchase of equity investments and earn-outs (non- current) - - 6,770 Total liabilities measured at fair value - - 10,673 (In thousands of euro) At 31 December 2024 Level 1 Level 2 Level 3 Non-current financial assets - - 29 Current financial assets - 2,401 - Non-current derivative financial instruments - 1,877 - Total assets measured at fair value - 4,278 29 (In thousands of euro) At 31 December 2024 Level 1 Level 2 Level 3 Payable for the purchase of equity investments and earn-outs (current) - - 8,245 Payable for the purchase of equity investments and earn-outs (non- current) - - 19,346 Current derivative financial instruments - 382 - Total liabilities measured at fair value - 382 27,591 There have been no transfers among different levels in the fair value hierarchy in the financial years under consideration here.
8.6 Non-current and current derivative financial instruments Current and non-current derivative financial asset instruments amount to Euro 607 thousand and Euro 522 thousand, respectively. As at 31 December 2025, the balance of these items is attributable in full to: - The fair value of various IRS (Interest Rate Swap) derivative contracts, intended to hedge the risk of changes in interest rates for the agreement entered into with Unicredit in 2025 and for the syndicated loans taken out with Unicredit, Mediobanca, Credit Agricole, Banca Nazionale del Lavoro, Banco BPM and Deutsche Bank in 2021 and 2022. These derivative financial instruments, with an original notional value, on an individual basis, equal to the nominal value of the hedged items, guarantee a fixed interest rate for the entire duration of the loans hedged; - To the fair value of certain forex forward derivative contracts intended to hedge the risk of fluctuations in the euro/dollar exchange rate for certain instalments of the loans taken out by GVS SpA with its subsidiaries GVS North America Holding Inc. and GVS TM Inc. These derivative financial instruments, each with an original notional value equal to a fixed proportion of the value of the hedged loan instalments, guarantee a fixed exchange rate for the hedged component of the loan. In accordance with the provisions of IFRS 9, the derivative contracts were designated as hedging instruments. Consequently, changes in the fair value of the derivatives have been recognised in a dedicated equity reserve, with an impact on the Statement of Comprehensive Income.
",
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"reg-ix-508": {
"value": "6. Information on operating segments Information on operating segments has been prepared on the basis of IFRS 8 \u201cOperating segments\u201d (hereinafter \u201cIFRS 8\u201d), which requires the information to be presented consistently with the methods adopted by the directors in making operating decisions. The Group bases its management on a matrix structure divided by product line, distribution channel and geographic area, an organisation which identifies a unified strategic vision of the business in a synthetic view. This structure is reflected in the way in which management monitors and strategically guides the Group\u2019s activities. Top management reviews the Group\u2019s economic performance as a whole, so individual operating segments may not be identified. The Group\u2019s activity has therefore been represented as a single segment for the purposes of reporting under IFRS 8. Details of revenues from contracts with customers by product line, distribution channel and geographic area appear in note 8.1. In accordance with the provisions of IFRS 8, paragraph 34, in the financial year ending on 31 December 2025, there were no individual customers generating more than 10% of the Group\u2019s total revenues, similar to the previous year. The table below lists non-current assets other than financial assets and deferred tax assets and derivative assets by geographic area as of 31 December 2025 and 2024 allocated on the basis of the country in which the assets are located. Non-current assets which are not allocated are represented entirely by goodwill.
(In thousands of euro) At 31 December 2025 2024 Italy 145,851 144,939 United States 125,591 126,789 United Kingdom 15,717 8,164 Brazil 2,836 3,012 China 60,440 65,912 Romania 5,248 5,546 Mexico 30,213 23,393 Puerto Rico - 2,336 Other 812 728 Non-current assets not allocated 236,482 249,267 Total 623,191 630,086
",
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"reg-ix-509": {
"value": "7. Acquisition of the Whole Blood business On 14 January 2025, GVS successfully completed the acquisition of Haemonetics\u2019 whole blood assets, in accordance with the terms signed on 3 December 2024. The purchase price paid at closing, which reflects the price adjustment mechanism and is subject to potential further adjustments in accordance with the terms of the acquisition agreement, amounted to Euro 42,450 thousand and includes the inventory relating to the whole blood business and the real estate comprising the Covina production facility, in addition to specific plant and machinery. In addition to the purchase price paid to the seller at closing in the amount of Euro 40,497 thousand and the amount of Euro 1,953 thousand already paid to the seller as a deposit in previous financial years, the GVS Group has recognised an earn-out liability of Euro 4,078 thousand, payable by February 2028. During the reporting period, the earn-out liability related to the Haemonetics transaction, originally recognised at Euro 14,238 thousand, was reduced to Euro 4,078 thousand, as, based on the sales achieved as at 31 December 2025, the first earn-out payment due in February 2026 was not made, and, taking into account the estimated future sales as at 31 December 2026, the Group does not expect to meet the contractual revenue target required for the payment of the second earn-out due in February 2027. In accordance with IFRS, the acquired assets do not constitute a business as defined by IFRS 3 Revised; therefore, the acquisition of Haemonetics\u2019 whole blood assets was not accounted for as a business combination. Instead, the individual assets acquired were identified and recognised, and the total cost of acquisition was allocated proportionally on the basis of their respective fair values, as estimated by appointed experts, as at the closing date of the transaction (14 January 2025). The table below shows the cost of the acquired businesses as at the date of completion of the transaction: (In thousands of euro) Cost at the acquisition date Right of use assets 187 Tangible assets 29,129 Inventories 17,398 Current leasing liabilities (187) Total net assets acquired (A) 46,528
Deposit paid in previous years 1,953 Consideration paid at closing 40,497 Earn-out 4,078 Total consideration 46,528 The change in revenue from contracts with customers, due to the positive impact of the assets deal discussed above, amounts to approximately Euro 14,282 thousand compared to the previous financial year.
",
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"reg-ix-515": {
"value": "8.4 Deferred tax assets and deferred tax liabilities The table below reports details of deferred tax assets as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Exchange losses 5,633 5,448 Non-deductible costs 5,434 1,490 Intangible assets 42 - Previous tax losses 1,481 859 Inventories 4,390 2,927 Tangible assets 1,158 808 Provisions for employee benefits 1,008 604 Right of use assets 2,019 - Trade receivables 56 217 Provisions for risks 439 531 Other 212 - Gross deferred tax assets 21,872 12,884 Compensation with deferred tax liabilities (20,502) (12,025) Total deferred tax assets 1,370 859 Deferred tax assets are entered as it is considered probable that sufficient taxable income will be generated to permit their use. Deffered tax assets pertaining to previous tax losses are acknowledged only if it is probable that sufficient taxable income may become available in the future to permit recovery of the assets. The table below reports details of deferred tax liabilities as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024
216 Exchange gains 5,376 - Tangible assets 7,913 7,412 Intangible assets 33,433 32,207 Derivative financial instruments 271 359 Right of use assets 3,698 1,958 Other 2,132 26 Gross deferred tax liabilities 52,823 41,962 Offsetting with deferred tax assets (20,502) (12,025) Total deferred tax liabilities 32,321 29,937 The table below shows the changes in the gross value of deferred tax assets and deferred tax liabilities for the year ended 31 December 2025. (In thousands of euro) Total deferred tax assets Total deferred tax liabilities Balance as of 31 December 2024 12,884 41,962 Provisions (releases) to income statement 11,114 12,465 Provisions (releases) to comprehensive income statement (28) (196) Reclassification on the balance sheet to current tax receivables (1,443) - Translation reserves (655) (1,408) Balance as of 31 December 2025 21,872 52,823 Deferred tax assets and deferred tax liabilities are a result of temporary differences between the value attributed to an asset or liability in the financial statements and the value attributed to the same asset or liability for tax purposes.
8.4 Deferred tax assets and deferred tax liabilities The table below reports details of deferred tax assets as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Exchange losses 5,633 5,448 Non-deductible costs 5,434 1,490 Intangible assets 42 - Previous tax losses 1,481 859 Inventories 4,390 2,927 Tangible assets 1,158 808 Provisions for employee benefits 1,008 604 Right of use assets 2,019 - Trade receivables 56 217 Provisions for risks 439 531 Other 212 - Gross deferred tax assets 21,872 12,884 Compensation with deferred tax liabilities (20,502) (12,025) Total deferred tax assets 1,370 859 Deferred tax assets are entered as it is considered probable that sufficient taxable income will be generated to permit their use. Deffered tax assets pertaining to previous tax losses are acknowledged only if it is probable that sufficient taxable income may become available in the future to permit recovery of the assets. The table below reports details of deferred tax liabilities as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024
216 Exchange gains 5,376 - Tangible assets 7,913 7,412 Intangible assets 33,433 32,207 Derivative financial instruments 271 359 Right of use assets 3,698 1,958 Other 2,132 26 Gross deferred tax liabilities 52,823 41,962 Offsetting with deferred tax assets (20,502) (12,025) Total deferred tax liabilities 32,321 29,937 The table below shows the changes in the gross value of deferred tax assets and deferred tax liabilities for the year ended 31 December 2025. (In thousands of euro) Total deferred tax assets Total deferred tax liabilities Balance as of 31 December 2024 12,884 41,962 Provisions (releases) to income statement 11,114 12,465 Provisions (releases) to comprehensive income statement (28) (196) Reclassification on the balance sheet to current tax receivables (1,443) - Translation reserves (655) (1,408) Balance as of 31 December 2025 21,872 52,823 Deferred tax assets and deferred tax liabilities are a result of temporary differences between the value attributed to an asset or liability in the financial statements and the value attributed to the same asset or liability for tax purposes.
",
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"reg-ix-516": {
"value": "8.5 Financial assets (current and non-current) The table below reports details of current and non-current financial assets as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Security deposits 1,223 3,146 Non-current leasing assets - 247 Capital instruments 29 29 Non-current financial assets 1,252 3,422 Investment funds 2,637 2,401 Time deposits - 28,460 Current leasing assets 292 124 Current financial assets 2,929 30,985 Total financial assets 4,180 34,407 The change during the year in security deposits, which are classified as financial assets measured at amortised cost in accordance with IFRS 9, relates primarily to a deposit paid in previous years for the acquisition of the whole blood business from Haemonetics, an extraordinary transaction completed at the beginning of this year. Time deposits as at 31 December 2024, classified as financial assets measured at amortised cost in accordance with IFRS 9, relate to funds deposited by GVS SpA with leading banks in current accounts with a maturity of more than 3 months, including the related accrued interest income. During 2025, this amount was fully released from the restriction.
Lease assets relate to a sublease agreement, which is measured as a finance lease in accordance with the requirements of IFRS 16. The sublease, identified under a contract with a customer, relates to a portion of a production site located in North America. Investment funds, classified as financial assets measured at fair value entered in the income statement on the basis of IFRS 9, represent excess liquidity invested in unlisted securities representing investment funds, primarily linked with the trend in interbank interest rates on the Brazilian market.
",
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"reg-ix-520": {
"value": "8.9 Assets and liabilities deriving from contracts with customers Assets from contracts with customers, equal to Euro 591 thousand, and Euro 1,561 thousand as at 31 December 2025 and 2024, respectively, primarily represent the right to obtain a consideration for goods transferred to customers in relation to the production of moulds and equipment. Liabilities from contracts with customers, amounting to Euro 6,868 thousand and Euro 5,868 thousand as of 31 December 2025 and 2024 respectively, represent advances received from customers for contractual obligations not yet met. Assets and liabilities from contracts with customers are shown net in the statement of financial position if they refer to the same contractual obligation to the same customer. The table below shows the gross amount of assets and liabilities from contracts with customers, as well as the relevant offsetting, as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Gross assets from contracts with customers 2,462 2,056 Offsetting with liabilities from contracts with customers (27) (495) Assets from contracts with customers 2,435 1,561 Gross liabilities from contracts with customers 6,895 6,363 Offsetting with assets from contracts with customers (27) (495) Liabilities from contracts with customers 6,868 5,868
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"reg-ix-521": {
"value": "8.10 Current tax receivables and payables Current tax receivables as of 31 December 2025 and 2024 amounted to Euro 11,015 thousand and Euro 10,768 thousand respectively. Current tax payables as of 31 December 2025 and 2024 amounted to Euro 3,719 thousand and Euro 10,159 thousand, respectively. Variations in the net balance of these assets and liabilities in the years ending on 31 December 2025 and 2024 primarily pertain to the allocation of current income taxes amounting to Euro 7,519 thousand, Euro 7,079 thousand and Euro 17,018 thousand and payments of Euro 14,529 thousand and Euro 15,004 thousand, respectively. It should be noted that during the current financial year, GVS SpA\u2019s income tax receivables increased by Euro 1,277 thousand as a result of the tax benefit recognised for the Patent Box (Euro 2,942 thousand during 2024).
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"reg-ix-523": {
"value": "8.13 Shareholders\u2019 equity The table below reports details of shareholders\u2019 equity as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Share capital 1,892 1,892 Share premium reserve 167,491 167,491 Legal reserve 378 350 Extraordinary reserve 55,199 55,199 Translation reserve (23,401) 1,085 Negative reserve for treasury shares (13,103) (2,836)
Actuarial profits and losses reserve 308 234 Profit (loss) carried over and other reserves 229,960 194,393 Net profit (loss) 18,431 33,370 Minority interests 25 52 Total shareholders\u2019 equity 437,182 451,231 The consolidated statement of changes in shareholders\u2019 equity is reported in the financial statements. Movements in shareholders\u2019 equity in the year ending on 31 December 2025 pertained to: \u2022 entry of the total comprehensive net loss for the year amounting to Euro 6,636 thousand; \u2022 revaluation of the shareholders\u2019 equity of the subsidiaries based in Argentina and Turkey, following the application of accounting standard IAS 29 regarding the accounting of companies operating in economies characterised by hyperinflation, which had a positive impact of Euro 342 thousand; \u2022 the purchase of treasury shares for Euro 10,281 thousand; \u2022 the increase in reserves following the long-term incentive plan, amounting to Euro 2,526 thousand. Share capital As of 31 December 2025 the Company\u2019s fully subscribed and paid-in share capital amounted to Euro 1,891,776.93, divided into 189,177,693 ordinary shares with no face value. Translation reserve The translation reserve includes all differences resulting from translation into Euro of the financial statements of subsidiaries included in the consolidation perimeter expressed in foreign currency. Negative reserve for treasury shares The reserve for treasury shares refers to the purchase of 2,445,872 shares representing a total of 1.29% of the Company\u2019s share capital. Actuarial profits and losses reserve The actuarial profits and losses reserve includes profits and losses deriving from changes to the actuarial assumptions in relation to defined benefit plans. Cash flow hedge reserve As at 31 December 2025, this item had a positive value of Euro 846 thousand (positive value of Euro 1,467 thousand as at 31 December 2024) and relates to interest rate hedging contracts for variable-rate loans and, for the portion not recognised in the income statement in line with the hedge, to exchange rate hedging contracts for specific instalments of loans disbursed in US dollars, taking into account the associated tax effect of the fair value of the derivatives. Reserve for first-time adoption of IFRS The reserve for first-time adoption of IFRS, included among other reserves, has a negative balance of Euro 1,532 thousand in the years under examination, and represents the effects of conversion from Italian accounting standards to IFRS.
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"reg-ix-524": {
"value": "Translation reserve The translation reserve includes all differences resulting from translation into Euro of the financial statements of subsidiaries included in the consolidation perimeter expressed in foreign currency. Negative reserve for treasury shares The reserve for treasury shares refers to the purchase of 2,445,872 shares representing a total of 1.29% of the Company\u2019s share capital. Actuarial profits and losses reserve The actuarial profits and losses reserve includes profits and losses deriving from changes to the actuarial assumptions in relation to defined benefit plans. Cash flow hedge reserve As at 31 December 2025, this item had a positive value of Euro 846 thousand (positive value of Euro 1,467 thousand as at 31 December 2024) and relates to interest rate hedging contracts for variable-rate loans and, for the portion not recognised in the income statement in line with the hedge, to exchange rate hedging contracts for specific instalments of loans disbursed in US dollars, taking into account the associated tax effect of the fair value of the derivatives. Reserve for first-time adoption of IFRS The reserve for first-time adoption of IFRS, included among other reserves, has a negative balance of Euro 1,532 thousand in the years under examination, and represents the effects of conversion from Italian accounting standards to IFRS.
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"reg-ix-526": {
"value": "8.14 Payable for the purchase of equity investments and earn-outs (non-current) As at 31 December 2025, the total amount of this item was Euro 10,673 thousand and relates to the variable component of the price determined at the time of the business combination for STT and the variable component relating to the acquisition of the whole blood business. The change for the financial year is mainly attributable to the payment of the final earn-out to the seller of the Haemotronic group (Euro 19,000 thousand), net of the recognition in the financial statements, at the time of the acquisition of the whole blood business, of the earn-out payable to Haemonetics (Euro 4,078 thousand). These payables were discounted at the time of initial recognition.
8.15 Financial liabilities (current and non-current) The table below reports details of current and non-current financial liabilities as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 At 31 December 2024 Current portion Non-current portion Current portion Non-current portion Mediobanca loan (2020) - - 4,438 - Unicredit loan (2020) - - 4,012 - Club Deal loan (2021) 48,723 - 41,200 48,691 Club Deal loan (2022) 38,846 155,386 - 193,739 Unicredit loan (2025) - 19,963 - - MPS hot money 10,000 - - - Unicredit hot money 10,000 - - - Valsabbina loan 375 188 375 563 Credem loans - - 301 - BPER loans 673 1,365 601 2,038 Intesa loans 451 - 853 451 Banco Popolare loan - - 435 - Commercial lines of credit 36 - 57 - Accrued payables 1,363 - 1,526 - Total financial payables to banks 110,468 176,901 53,797 245,481 GVS Group Srl loan - - 2,041 - Subsidised loan under the Horizon call for proposals 137 23 244 152 Invitalia subsidised loan 45 136 45 181 Invitalia 2024 subsidised loans 41 637 - 208 Progetto Terra subsidised loans 2 39 - - Financial payable to factoring companies 553 - 1,093 - Total other financial payables 779 834 3,424 541 Total financial liabilities 111,247 177,735 57,221 246,021 As at 31 December 2025, GVS SpA had obtained two hot-money financing facilities from Monte dei Paschi di Siena S.p.A. and Unicredit S.p.A., each for an amount of Euro 10,000 thousand, maturing on 30 January 2026 and 21 January 2026 respectively, and bearing interest rates of 2.174% and 2.18% respectively.
On 10 September 2025, with a view to optimising its financial structure, GVS stipulated a mortgage agreement with Unicredit S.p.A. for a total of Euro 20,000 thousand. On 24 September 2025, an interest rate swap derivative contract was also entered into with the same counterparty, in order to fix the interest rate for the entire term of the loan that had just been taken out. During the financial year ended 31 December 2025, GVS SpA received from the Ministry for Enterprise and Made in Italy an additional tranche of the subsidised loan, amounting to Euro 470 thousand, relating to the second work progress phase of the Sustainable Growth Fund \u2013 Innovation Agreement pursuant to Ministerial Decree of 31/12/2021. The loan was granted at an annual interest rate of 0.93%, with a two-year grace period, semi-annual repayments and a maturity date of 30 June 2034. Furthermore, in the same financial year, GVS SpA obtained a subsidised loan of Euro 41 thousand from the Ministry of Enterprise and Made in Italy, relating to the first work progress phase of Project 179 (Terra), under the Sustainable Growth Fund \u2013 Innovation Agreement, Ministerial Decree of 31/12/2021 (first call for applications). The loan was granted at an annual interest rate of 0.95%, with a one-year grace period, semi-annual instalments and a final maturity date of 30 June 2034. Below is a description of the additional principal items making up the Group\u2019s financial liabilities as of 31 December 2025. a) Loans in place as of 31 December 2025 a1) 2022 Pool Loan Agreement In order to finance the acquisition of Haemotronic, in 2022 GVS signed a new 5-year financing agreement for a total nominal amount of Euro 230 million, with a pool of lending banks, including Mediobanca - Banca di Credito Finanziario S.p.A. and Unicredit S.p.A., which acted as Arrangers, Global Coordinators and Original Lenders. The agreement stipulates that the credit line repayment will commence 18 months after its utilisation, with the amortisation schedule outlined as follows: \u2022 5% of the outstanding debt at the end of the 18th month; \u2022 10% of the outstanding debt at the end of the 24th month and every six months for the following two halves; \u2022 15% of the outstanding debt at the end of the 42ndth month, and for the following half on a semi-annual basis; \u2022 17.5% of the outstanding debt at the end of the 54th month and in the last half; The credit line requires the payment of interest calculated at an annual rate equal to the six- month Euribor rate plus a spread that varies based on the ratio of consolidated net financial indebtedness to consolidated EBITDA, as contractually defined, following amendments in 2022 and 2023, from a minimum of 100 basis points if the ratio is less than 1.25, to a maximum of 245 basis points if the ratio is greater than or equal to 4. The financing agreement imposes financial constraints requiring compliance with the following conditions at the consolidated level: \u2022 a ratio of consolidated EBITDA to net financial expenses greater than or equal to 4.5 on the date of each annual and semi-annual financial report during the term of this
agreement, with the exception of the audits as at 30 June 2023 and 31 December 2023 for which the minimum ratio was defined as at least 3.5; \u2022 a maximum ratio of net financial indebtedness and EBITDA as described below: i. not exceeding 3.5 as at 31 December 2022; and ii. not exceeding 4.25 as at 30 June 2023; iii. not exceeding 4 as at 31 December 2023; iv. no more than 3.5 on each Determination Date starting on 30 June 2024. We note that on 2 December 2024, with a view to optimising its financial structure, GVS reached an agreement with the pool of lending banks concerning: (i) the rescheduling, in non- constant instalments on a six-monthly basis, of the residual nominal amount of the debt, amounting to Euro 195.5 million, as well as (ii) a reduction in margins. More specifically, the amendment signed stipulates that the credit line repayment will commence 18 months after its utilisation, with the amortisation schedule outlined as follows: \u2022 10% of the outstanding debt at the end of the 18th month; \u2022 10% of the outstanding debt at the end of the 24th month and every six months for the following two halves; \u2022 12.5% of the outstanding debt at the end of the 42nd month; \u2022 15% of the outstanding debt at the end of the 48th month, and for the following semester on a semi-annual basis; \u2022 17.5% of the outstanding debt at the end of the 60th month and in the last quarter. The amendment also makes provision for interest calculated at an annual rate equal to the 6- month Euribor rate plus a spread which varies on the basis of the ratio of consolidated net financial indebtedness to consolidated EBITDA, between a minimum of 90 basis points if the ratio is less than 1.25 and a maximum of 160 basis points if the ratio is equal to or greater than 2.75. As at 31 December 2025, the financial constraints are met. The 2022 Pool Loan was not secured by collateral. a2) 2021 Pool Loan Agreement On 30 July 2021, GVS on the one hand, Mediobanca - Banca di Credito Finanziario S.p.A., in its capacity as Arranger, Facility Agent and Global Coordinator, and Credit Agricole Italia S.p.A and Unicredit S.p.A, in their capacity as arrangers on the other hand, signed a financing agreement (hereinafter \u201c2021 Pool Loan Agreement\u201d) for the provision to GVS of a credit line amounting to Euro 150,000 thousand, aimed at financing the Acquisition of RPB and the related charges, without the granting of any guarantee. The agreement stipulates that the credit line repayment will commence 18 months after its utilisation, with the amortisation schedule outlined as follows: \u2022 10% of the outstanding debt at the end of the 18th month and every six months for the following three semesters; \u2022 12.5% of the outstanding debt at the end of the 42nd month; \u2022 15% of the outstanding debt at the end of the 48th month, and for the following semester on a semi-annual basis; \u2022 17.5% of the outstanding debt in the last six months. The credit line requires the payment of interest calculated at an annual rate equal to the six- month Euribor rate plus a spread that varies based on the ratio of consolidated net financial indebtedness to consolidated EBITDA, as contractually defined, following amendments in
2022 and 2023, from a minimum of 100 basis points if the ratio is less than 1.25, to a maximum of 245 basis points if the ratio is greater than or equal to 4. The financing agreement imposes financial constraints requiring compliance with the following conditions at the consolidated level: \u2022 a ratio of consolidated EBITDA to net financial expenses greater than or equal to 4.5 on the date of each annual and semi-annual financial report during the term of this agreement, with the exception of the audits as at 30 June 2023 and 31 December 2023 for which the minimum ratio was defined as at least 3.5; \u2022 a maximum ratio of net financial indebtedness and EBITDA as described below: i. not exceeding 3.5 as at 31 December 2022; and ii. not exceeding 4.25 as at 30 June 2023; iii. not exceeding 4 as at 31 December 2023; iv. no more than 3.5 on each Determination Date starting on 30 June 2024. As at 31 December 2025, the financial constraints are met. The 2021 Pool Loan was not secured by collateral. a3) Unicredit mortgage (2025) On 10 September 2025 GVS stipulated a mortgage agreement with Unicredit S.p.A. for a total of Euro 20,000 thousand. The loan matures on 30 September 2025. The agreement requires payment of 10 deferred six-monthly instalments from 31 March 2026 until the due date. The interest rate on the loan agreement is variable and corresponds to the Euribor 6-month rate plus a spread of 0.65. The contract imposes financial constraints requiring compliance with the following conditions at consolidated level: \u2022 a minimum ratio of consolidated EBITDA to net financial expenses of at least 4.5 as of the date of each annual financial report for as long as the contract remains in effect; \u2022 a maximum ratio of net financial indebtedness to EBITDA of no more than 3.5 as of the date of each annual financial report for as long as the contract remains in effect; As at 31 December 2025, the financial constraints are met. The 2025 Unicredit Loan was not secured by collateral. b) Other minor financial payables outstanding as at 31 December 2025 The table below summarises the main characteristics of GVS SpA\u2019s minor financial liabilities: (In thousands of euro) Nominal as at 31/12/2025 Maturity Interest instalment Interest rate Guarantee Covenants Valsabbina loan 563 01/04/2027 Half-yearly 1.302% NO NO BPER loan 2,038 31/12/2028 Half-yearly 0.800% NO NO Intesa loan 451 21/09/2026 Monthly 0.150% NO NO Total loans (Haemotronic) 5,616 During the coronavirus emergency, Invitalia launched the CuraItalia call for applications, in which both GVS and its subsidiary GVS SUD S.r.l. (now merged into GVS SpA) took part, and their applications were accepted. In April 2020, both companies received the zero-interest subsidised loan. The call for applications offered coverage of 75% of the investment in respect of the costs incurred by the companies to set up production lines for personal protective
equipment, as well as the option of converting the subsidised loan into a non-repayable grant, depending on how quickly the production lines became operational. Both companies provided the funding body with documentation supporting the various investments, and in March 2022, both received notification from Invitalia that the total amount of Euro 316 thousand had indeed been disbursed in the form of a subsidised loan, while the remaining Euro 228 thousand had been disbursed as a non-repayable grant, partly for operating expenses and partly for plant and equipment. The outstanding debt as at 31 December 2025 amounts to Euro 181 thousand. The table below reports, for the financial year under examination, variations in financial liabilities resulting from cash flows generated and/or absorbed by financing, and deriving from non-monetary elements, as required by IAS 7. (In thousands of euro) At 01 January 2025 New loans Offsetting (*) Reclassifications Repayments Changes in accrued payables on interest (*) Amortised cost (+) At 31 December 2025 Non-current financial liabilities 246,021 20,519 - (88,805) - - - 177,735 Current financial liabilities 57,221 19,961 (911) 88,805 (53,128) (1,293) 592 111,247 Total financial liabilities 303,242 40,480 (911) - (53,128) (1,293) 592 288,982 (*) Changes not resulting from cash flows 8.16 Analysis of net financial indebtedness and net financial position As required by the Consob communication of 28 July 2006 and in accordance with the ESMA guidelines of 4 March 2021 (ESMA32-382-1138), the GVS Group\u2019s net financial indebtedness as at 31 December is reported below. (In thousands of euro) At 31 December 2025 At 31 December 2024 (A) Cash on hand 78,692 102,991 (B) Cash equivalents - - Time deposits - 28,460 Securities held for trading 2,637 2,401 Financial receivables for leasing 292 124 (C) Other current financial assets 2,929 30,985 (D) Liquidity (A)+(B)+(C) 81,621 133,976 Financial payables to parent companies - 2,041 Financial lease payables to other companies in the GVS Group 4,087 2,402 Financial payables for leases 4,894 5,632 Hedging derivatives (460) Other Financial Payables 7,549 20,729 (E) Current financial payables 16,071 30,804 (F) Current portion of non-current payables 110,468 53,797 (G) Current financial indebtedness (E) + (F) 126,538 84,601 (H) Net current financial indebtedness (D)-(G) (44,918) 49,375 Non-current bank payables 176,902 245,480 Other financial payables 4,736 8,786 Financial lease payables to other companies in the GVS Group 4,511 2,250
Non-current payables for leasing 8,810 11,888 (I) Non-current financial payables 194,959 268,404 Derivative financial instruments - - (J) Debt instruments - - (K) Trade and other non-current payables 224 757 (L) Non-current financial debt (I) + (J) + (K) 195,183 269,161 (M) Total net financial indebtedness (H)-(L) (240,101) (219,786) For further details on the breakdown of the items in the table, please refer to Notes 8.12, 8.14 and 8.15. The Group\u2019s net financial position (including non-current derivative assets and excluding net current and non-current lease liabilities recognised in accordance with the provisions of IFRS 16) stood at a negative Euro 217,483 thousand as at 31 December 2025 and Euro 195,861 thousand as at 31 December 2024. (In thousands of euro) At 31 December 2025 At 31 December 2024 (M) Total net financial indebtedness (240,101) (219,786) Non-current derivative financial instruments 607 1,877 Financial payables for leasing (net) 22,011 22,048 Total net financial position (217,483) (195,861) The following table shows the adjusted net financial indebtedness: (In thousands of euro) At 31 December 2025 At 31 December 2024 (M) Total net financial indebtedness (240,101) (219,786) GVS Group loan (including interest) - 2,041 Total adjusted net financial indebtedness (240,101) (217,745) As at 31 December 2025, the adjusted net financial indebtedness is equal to the net financial indebtedness, as the interest on the shareholder loan received from GVS Group Srl (Euro 75,000 thousand), which was converted into share capital and the related share premium during 2024, has been paid in full to the shareholder; therefore, as of 31 December 2025, the two financial indicators (net financial indebtedness and adjusted net financial indebtedness) are aligned.
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"value": "8.17 Provisions for employee benefits The table below shows the breakdown and movements of provisions for employee benefits in the years ending on 31 December 2025 and 2024. (In thousands of euro) Employee severance indemnity End of office indemnity Other employee provisions Provisions for employee benefits Balance as of 31 December 2023 3,038 83 - 3,120 Current service cost - 124 - 124 Financial expenses 89 -
Actuarial losses/(profits) 14 - - 14 Benefits paid (424) - - (424)
228 Balance as of 31 December 2024 2,718 207 - 2,924 Current service cost - 125 59 184 Financial expenses 88 - - 88 Actuarial losses/(profits) (104) - - (104) Translation reserves - - (1) (1) Benefits paid (224) - (34) (258) Balance as of 31 December 2025 2,478 332 24 2,833 Provisions for employees represent an estimate of the Company\u2019s obligation, determined on the basis of actuarial techniques, representing the amount to be paid to employees upon termination of their employment. As of 31 December 2025 and 2024, provisions for employee benefits represented termination indemnity (known in Italy as \u201c TFR\u201d) allocated for employees and end of service indemnity (known in Italy as \u201cTFM\u201d) allocated for directors. Termination indemnity (TFR) Employee benefits for termination indemnity amount to Euro 2,478 thousand and Euro 2,718 thousand as at 31 December 2025 and 2024 respectively, attributable entirely to the Group\u2019s Italian companies. The value of the payable represented by termination indemnity, which falls under the definition of defined benefit plans according to IAS 19, has been determined on the basis of an actuarial approach. The principal actuarial, financial and demographic assumptions used to determine the value of the liability as of 31 December 2025 and 2024 in accordance with the provisions of IAS 19 are listed below. (As a percentage) At 31 December 2025 2024 Financial assumptions Annual discount rate 3.96% 3.38%/3.18% Annual inflation rate 2% 2% Annual rate of increase in overall pay 3% 3% Annual increase rate of post-employment benefits 3% 3% Demographic assumptions Death Table illustrating probability of death, as determined by the State General Accounting Office, known as RG48 Table illustrating probability of death, as determined by the State General Accounting Office, known as RG48 Invalidity Probability adopted in the INPS form for projections as of 2010 Probability adopted in the INPS form for projections as of 2010 Retirement Reaching the first of the valid retirement requirements for Obligatory General Insurance Reaching the first of the valid retirement requirements for Obligatory General Insurance Probability of advancing termination indemnity 3.00% 3.00% Annual turnover rate 2.50% 2.50% The table below sums up the sensitivity analysis for each actuarial, financial and demographic assumption, showing the effects (in absolute terms) that would result from changes in the actuarial assumptions reasonably considered possible as of 31 December 2025 and 2024.
229 (In thousands of euro) Annual discount rate Annual inflation rate Annual turnover rate +0.50% -0.50% +0.25% -0.25% +2.00% - 2.00% Employee benefits (termination indemnity) as of 31 December 2025 (93) 99 29 (28) 36 (43) Employee benefits (termination indemnity) as of 31 December 2024 (114) 120 34 (35) 25 (30) End of office indemnity (TFM) Employee benefits for TFM amount to Euro 332 thousand and Euro 207 thousand on 31 December 2025 and 2024, respectively.
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"reg-ix-528": {
"value": "8.17 Provisions for employee benefits The table below shows the breakdown and movements of provisions for employee benefits in the years ending on 31 December 2025 and 2024. (In thousands of euro) Employee severance indemnity End of office indemnity Other employee provisions Provisions for employee benefits Balance as of 31 December 2023 3,038 83 - 3,120 Current service cost - 124 - 124 Financial expenses 89 -
Actuarial losses/(profits) 14 - - 14 Benefits paid (424) - - (424)
228 Balance as of 31 December 2024 2,718 207 - 2,924 Current service cost - 125 59 184 Financial expenses 88 - - 88 Actuarial losses/(profits) (104) - - (104) Translation reserves - - (1) (1) Benefits paid (224) - (34) (258) Balance as of 31 December 2025 2,478 332 24 2,833 Provisions for employees represent an estimate of the Company\u2019s obligation, determined on the basis of actuarial techniques, representing the amount to be paid to employees upon termination of their employment. As of 31 December 2025 and 2024, provisions for employee benefits represented termination indemnity (known in Italy as \u201c TFR\u201d) allocated for employees and end of service indemnity (known in Italy as \u201cTFM\u201d) allocated for directors. Termination indemnity (TFR) Employee benefits for termination indemnity amount to Euro 2,478 thousand and Euro 2,718 thousand as at 31 December 2025 and 2024 respectively, attributable entirely to the Group\u2019s Italian companies. The value of the payable represented by termination indemnity, which falls under the definition of defined benefit plans according to IAS 19, has been determined on the basis of an actuarial approach. The principal actuarial, financial and demographic assumptions used to determine the value of the liability as of 31 December 2025 and 2024 in accordance with the provisions of IAS 19 are listed below. (As a percentage) At 31 December 2025 2024 Financial assumptions Annual discount rate 3.96% 3.38%/3.18% Annual inflation rate 2% 2% Annual rate of increase in overall pay 3% 3% Annual increase rate of post-employment benefits 3% 3% Demographic assumptions Death Table illustrating probability of death, as determined by the State General Accounting Office, known as RG48 Table illustrating probability of death, as determined by the State General Accounting Office, known as RG48 Invalidity Probability adopted in the INPS form for projections as of 2010 Probability adopted in the INPS form for projections as of 2010 Retirement Reaching the first of the valid retirement requirements for Obligatory General Insurance Reaching the first of the valid retirement requirements for Obligatory General Insurance Probability of advancing termination indemnity 3.00% 3.00% Annual turnover rate 2.50% 2.50% The table below sums up the sensitivity analysis for each actuarial, financial and demographic assumption, showing the effects (in absolute terms) that would result from changes in the actuarial assumptions reasonably considered possible as of 31 December 2025 and 2024.
229 (In thousands of euro) Annual discount rate Annual inflation rate Annual turnover rate +0.50% -0.50% +0.25% -0.25% +2.00% - 2.00% Employee benefits (termination indemnity) as of 31 December 2025 (93) 99 29 (28) 36 (43) Employee benefits (termination indemnity) as of 31 December 2024 (114) 120 34 (35) 25 (30) End of office indemnity (TFM) Employee benefits for TFM amount to Euro 332 thousand and Euro 207 thousand on 31 December 2025 and 2024, respectively.
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"value": "8.19 Trade payables The table below reports details of trade payables as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Trade payables to suppliers 42,630 42,542 Trade payables to related parties - - Trade payables 42,630 42,542 Trade payables primarily regard transactions for the purchase of raw materials, components and services. The book value of trade payables is considered to approximate their fair value.
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"reg-ix-531": {
"value": "8.19 Trade payables The table below reports details of trade payables as of 31 December 2025 and 2024. (In thousands of euro) At 31 December 2025 2024 Trade payables to suppliers 42,630 42,542 Trade payables to related parties - - Trade payables 42,630 42,542 Trade payables primarily regard transactions for the purchase of raw materials, components and services. The book value of trade payables is considered to approximate their fair value.
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"reg-ix-533": {
"value": "9. Notes to the consolidated income statement 9.1 Revenues from contracts with customers On 14 January 2025, GVS completed the acquisition of Haemonetics\u2019 whole blood business. In order to reflect the Group\u2019s strengthened presence in the whole blood market and to maximise sales efforts to meet the needs of new and existing customers, as of 1 January 2025, GVS\u2019 Healthcare and Life Sciences division has been reorganised into the following three sub- divisions: \u2022 MedTech, which combines the existing Liquid and Air & Gas sub-divisions, with the addition of revenue from the sale of membranes (previously included in the Laboratory sub-division) and net of the STT product lines (which have been merged into Transfusion Medicine); \u2022 Transfusion Medicine, which includes the effects of the assets deal acquired from Haemonetics and the STT product lines; \u2022 Life Sciences, which replaces the current Laboratory segment, net of membrane sales (which have been merged into MedTech). This organisational change has been reflected in the detailed disclosure of revenue from contracts with customers by product line as of the first quarter of 2025. In addition, for the Energy & Mobility and Health & Safety divisions (the latter has been renamed Safety), the previous sub-divisions have been eliminated and are monitored from a commercial perspective as a whole. The financial effects of the acquired whole blood assets were recognised in the Consolidated Financial Statements as of the closing date (14 January 2025); therefore, we note that the financial figures as at 31 December 2025 are not fully comparable with the financial figures for the previous financial year. The table below breaks down revenues from contracts with customers by division in the years ending on 31 December 2025 and 2024.
232 (In thousands of euro) Year ending on 31 December 2025 2024 Medtech 215,132 228,633 Transfusion Medicine 57,814 46,548 Life Sciences 12,102 13,012 Healthcare & Lifesciences 285,048 288,193 Safety 82,861 76,904 Energy & Mobility 56,753 63,445 Revenues from contracts with customers 424,662 428,542 In 2025, GVS achieved consolidated revenues of Euro 424.7 million, down by Euro 3.9 million compared to the revenues recorded in 2024. The increase in revenue in the Safety division, amounting to Euro 6 million (+7.7%), and the contribution of the Transfusion Medicine sub- division, whose growth is linked to the acquisition of Haemonetics\u2019 whole blood business, only partially offset the decrease in sales experienced in the Energy & Mobility division and the Medtech sub-division. For more information on the performance of revenue compared with the previous financial year, please refer to the information provided in the Directors\u2019 Report on Operating Performance. The table below breaks down revenues from contracts with customers by type of sale in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Business-to-business (B2B) 327,878 326,122 Business-to-consumer (B2C) 96,784 102,420 Total revenues from contracts with customers 424,662 428,542 The table below breaks down revenues from contracts with customers by geographic area in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 North America 189,837 195,437 Europe 119,962 116,667 Asia 77,525 81,210 Other countries 37,338 35,228 Total revenues from contracts with customers 424,662 428,542 Revenue as at 31 December 2025 is primarily attributable to the sale of finished products. For more information, refer to the Directors' Report.
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"reg-ix-546": {
"value": "9.2 Other operating income The table below breaks down other operating income in the years ending on 31 December 2025 and 2024.
233 (In thousands of euro) Year ending on 31 December 2025 2024 Contributions for operating expenses 4,484 3,294 Release of provisions for risks 54 1,137 Recoveries and chargebacks 1,842 859 Insurance refunds 151 328 Recovery of scrap 190 217 Proceeds from lease payments receivable 44 50 Capital gains on sales 328 303 Other 1,434 1,627 Other operating income 8,527 7,815 Operating grants primarily relate to the amount received outright by GVS Portorico LLC in 2025, following a request for support made to the US government in previous financial years to offset the reduction in turnover experienced by the same company during the COVID period (Euro 2,124 thousand). In addition, this item includes government subsidies received by GVS SpA and its subsidiary Haemotromic SpA to cover operating costs.
In 2025, the item \u2018Recoveries and chargebacks\u2019 includes Euro 544 thousand in income resulting from the compensation to be received from Haemonetics as reimbursement for the voluntary redundancy incentives recognised and allocated following the acquisition of the whole blood business. It should be noted that the balances for the financial year ended 31 December 2024 include the release of the provision for risks, in the amount of Euro 1,137 thousand, recognised in the first half of 2024, following the settlement and reduction in scope of a specific dispute relating to Haemotronic SpA that arose prior to the acquisition. Following the settlement and subsequent liquidation of the dispute, the decision was taken to fully release the excess provision and recognise the related non-recurring income. 9.6 Other operating costs The table below breaks down other operating costs in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Leasing costs 1,679 1,974 Indirect taxation 1,972 1,330 Membership fees and charity contributions 285 357 Allocation to provision for risks 1,154 1,402 Reduction in compensation from counterparty - 1,137 Losses on sales 18 45 Other minor costs 968 1,418 Other operating costs 6,076 7,663 For the financial year ended 31 December 2025, the item \u2018Other operating costs\u2019 includes non- recurring charges relating to (i) costs allocated to the provision for the relocation and rationalisation of the Group\u2019s production sites (totalling Euro 939 thousand) and (ii) costs allocated to the provision for tax risks related to indirect taxes and associated penalties, amounting to Euro 215 thousand, following the findings of the audit conducted by the Chinese tax authorities at the Group\u2019s Chinese subsidiary. For the financial year ended 31 December 2024, the item \u2018Other operating costs\u2019 includes, in the amount of Euro 1,137 thousand, the cost relating to the reduction in the compensation obtained by the seller of Haemotronic SpA with respect to a specific dispute, for which the corresponding provision for risks was released in the same amount. Leasing costs include: (i) leasing fees for properties of modest value, for which the Group avails itself of the exemption permitted under IFRS 16,(ii) variable components of a number of leasing fees and(iii) costs connected with use of property under leasing agreements not subject to IFRS 16.
11. Non-recurring operating income and expenses
In compliance with the provisions of Consob Resolution 15519 of 27 July 2006 and Consob Communication No. DEM/6064293 of 28 July 2006, the consolidated income statement is presented in the notes to the financial statements, with a separate indication of the amounts of costs and revenues arising from non-recurring transactions. Non-recurrent income and expenses in the year ending on 31 December 2025 mainly refer to: (i) income resulting from the compensation paid by Haemonetics to reimburse the voluntary redundancy incentives granted and set aside following the acquisition of the whole blood business (Euro 544 thousand); (ii) the extraordinary capital gain resulting from the disposal of tangible assets due to the relocation of the production facility to the United Kingdom (Euro 200 thousand); (iii) costs for consultancy and various services received on an exceptional basis in connection with the acquisition of Haemonetics\u2019 whole blood business and the extraordinary merger by incorporation of Haemotronic SpA into GVS SpA, totalling Euro 1,322 thousand; (iv) costs allocated to the provision for the relocation and rationalisation of the Group\u2019s production sites (totalling Euro 939 thousand); ( v) costs allocated to the provision for tax risks relating to indirect taxes and associated penalties, amounting to Euro 216 thousand; (vi) costs relating to Group personnel as a result of the ongoing restructuring process (totalling Euro 2,778 thousand); (vii ) amortisation and depreciation of intangible and tangible assets recognised following the purchase price allocation of the Kuss, RPB, Haemotronic, STT and EG groups (totalling Euro 14,388 thousand); and finally (viii) interest recognised following the discounting of the earn-out payables for the acquisitions of the STT group and Haemotronic\u2019s whole blood business (Euro 628 thousand), net of the related tax effect. Non-recurring net income for tax purposes includes, among other items, Euro 1,277 thousand relating to revenues associated with the Patent Box tax benefit for the parent company GVS SpA, and Euro 240 thousand relating to costs associated with direct tax risks. Non-recurrent income and expenses in the year ending on 31 December 2024 represent: (i) income resulting from the partial release of the provision for risks set aside in previous years for a specific dispute that arose prior to the acquisition and related to Haemotronic SpA (Euro 1,137 thousand); (ii) costs related to the Group\u2019s personnel as a result of the ongoing restructuring process (totalling Euro 1,041 thousand); (iii) consultancy costs related to services received on an exceptional basis (Euro 787 thousand), primarily in connection with the acquisition of Haemonetics\u2019 whole blood business; (iv) the cost related to the reduction in the compensation obtained by the seller of Haemotronic SpA in respect of a specific dispute, for which the corresponding provision for risks was released in the same amount (Euro 1,137 thousand); (v) costs allocated to the restructuring provision (totalling Euro 902 thousand); (vi) amortisation and depreciation of intangible and tangible assets recognised following the purchase price allocation for the Kuss, RPB, Haemotronic, STT and EG groups (totalling Euro 16,216 thousand); (vii) write-downs of intangible assets resulting from the plan to relocate and rationalise the Group\u2019s production sites (Euro 434 thousand); and finally (viii) interest recognised following the discounting of the earn-out liabilities for the acquisitions of the STT and Haemotronic groups (Euro 2,947 thousand), net of the related tax effect. Non-recurring net income for tax purposes includes, among other items, Euro 2,942 thousand relating to revenues associated with the Patent Box tax benefit for the parent company GVS SpA, and Euro 750 thousand relating to costs associated with direct tax risks.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-534": {
"value": "9.2 Other operating income The table below breaks down other operating income in the years ending on 31 December 2025 and 2024.
233 (In thousands of euro) Year ending on 31 December 2025 2024 Contributions for operating expenses 4,484 3,294 Release of provisions for risks 54 1,137 Recoveries and chargebacks 1,842 859 Insurance refunds 151 328 Recovery of scrap 190 217 Proceeds from lease payments receivable 44 50 Capital gains on sales 328 303 Other 1,434 1,627 Other operating income 8,527 7,815 Operating grants primarily relate to the amount received outright by GVS Portorico LLC in 2025, following a request for support made to the US government in previous financial years to offset the reduction in turnover experienced by the same company during the COVID period (Euro 2,124 thousand). In addition, this item includes government subsidies received by GVS SpA and its subsidiary Haemotromic SpA to cover operating costs.
In 2025, the item \u2018Recoveries and chargebacks\u2019 includes Euro 544 thousand in income resulting from the compensation to be received from Haemonetics as reimbursement for the voluntary redundancy incentives recognised and allocated following the acquisition of the whole blood business. It should be noted that the balances for the financial year ended 31 December 2024 include the release of the provision for risks, in the amount of Euro 1,137 thousand, recognised in the first half of 2024, following the settlement and reduction in scope of a specific dispute relating to Haemotronic SpA that arose prior to the acquisition. Following the settlement and subsequent liquidation of the dispute, the decision was taken to fully release the excess provision and recognise the related non-recurring income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-535": {
"value": "Operating grants primarily relate to the amount received outright by GVS Portorico LLC in 2025, following a request for support made to the US government in previous financial years to offset the reduction in turnover experienced by the same company during the COVID period (Euro 2,124 thousand). In addition, this item includes government subsidies received by GVS SpA and its subsidiary Haemotromic SpA to cover operating costs.
18. Information pursuant to Article 1, paragraph 125, of Italian Law No. 124 of 4 August 2017 Pursuant to the provisions of Article 1, paragraph 125, of Italian Law No. 124/2017, concerning the obligation to disclose in the notes to the financial statements any sums of money received during the financial year in the form of grants or contributions from public administrations and the entities referred to in paragraph 125 of the same article, GVS hereby certifies that, during the 2025 financial year, the Italian companies within the group received the following sums: Beneficiary company Disbursing entity Grant recognised in the income statement (in thousands of euros) Grant received (in thousands of euros) Purpose GVS SpA Ministry of Finance 50 Research and development credit for 2023 GVS SpA Ministry of Finance 103 Research and development credit for 2024 GVS SpA Finlombarda SpA 14 Contribution to the \u2018Credito adesso Evolution\u2019 initiative GVS SpA Ministry of Enterprise and Made in Italy 438 113 TERRA Project \u2013 for the development of PVC-free blood bags GVS SpA Ministry of the Environment and Energy Security 70 Maine project financed through NRRP (National Recovery and Resilience Plan) funds GVS SpA Ministry of Finance 100 Industry 4.0 tax credits \u2013 Year 2024 GVS SpA Ministry of Enterprise and Made in Italy 243 214 Measured Grant
GVS SpA Ministry of Enterprise and Made in Italy 457 688 Greenflow grant
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-537": {
"value": "9.3 Purchases and consumption of raw materials, semi-finished and finished products The table below breaks down purchases and consumption of raw materials, semi-finished products and finished products in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Purchases of raw materials 133,485 127,674 Change in inventories of products in progress, semi-finished products and finished products 4,678 3,193 Change in inventories of raw materials, subsidiary materials and goods (8,592) 2,414 Purchases and consumption of raw materials, semi-finished and finished products 129,571 133,281
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-538": {
"value": "9.4 Personnel costs The table below breaks down personnel costs in the years ending on 31 December 2025 and 2024.
(In thousands of euro) Year ending on 31 December 2025 2024 Salaries and wages 100,878 104,196 Social security contributions 26,192 27,315 Cost of termination indemnity 2,346 2,338 Other costs 2,778 1,061 Personnel costs 132,194 134,910 Personnel costs for the financial years ended 31 December 2025 and 31 December 2024 include non-recurring charges of Euro 2,778 thousand and Euro 1,041 thousand, respectively, related to the Group\u2019s ongoing restructuring process. The table below reports the average number of Group employees in the years ending on 31 December 2025 and 2024, broken down by category. (In units) Year ending on 31 December 2025 2024 Blue collars 2,590 2,678 White collars 1,350 1,405 Management 94 103 Executives 45 48 Total employees 4,079 4,234 The decrease in the average number of employees is related to the restructuring plans implemented within the Group during 2025.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-539": {
"value": "9.5 Service costs The table below breaks down service costs in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Utilities and cleaning services 15,119 15,255 Maintenance 5,282 6,073 Transport and logistics services 8,571 6,625 Consulting services 5,854 5,026 Travel and lodging 3,577 2,879 Subcontracting 5,168 4,854 Marketing and trade fairs 1,831 1,629 Insurance 2,527 2,080 Personnel-related services 3,345 2,860 Commissions 4,472 4,615 Directors\u2019 fees 2,331 2,771 Other services 4,712 4,641 Service costs 62,789 59,308
The increase in costs for services in the financial year ended 31 December 2025, compared to the previous financial year, is primarily attributable to higher costs resulting from the acquisition of Haemonetics\u2019 whole blood business.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProductsAndServicesExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-540": {
"value": "9.6 Other operating costs The table below breaks down other operating costs in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Leasing costs 1,679 1,974 Indirect taxation 1,972 1,330 Membership fees and charity contributions 285 357 Allocation to provision for risks 1,154 1,402 Reduction in compensation from counterparty - 1,137 Losses on sales 18 45 Other minor costs 968 1,418 Other operating costs 6,076 7,663 For the financial year ended 31 December 2025, the item \u2018Other operating costs\u2019 includes non- recurring charges relating to (i) costs allocated to the provision for the relocation and rationalisation of the Group\u2019s production sites (totalling Euro 939 thousand) and (ii) costs allocated to the provision for tax risks related to indirect taxes and associated penalties, amounting to Euro 215 thousand, following the findings of the audit conducted by the Chinese tax authorities at the Group\u2019s Chinese subsidiary. For the financial year ended 31 December 2024, the item \u2018Other operating costs\u2019 includes, in the amount of Euro 1,137 thousand, the cost relating to the reduction in the compensation obtained by the seller of Haemotronic SpA with respect to a specific dispute, for which the corresponding provision for risks was released in the same amount. Leasing costs include: (i) leasing fees for properties of modest value, for which the Group avails itself of the exemption permitted under IFRS 16,(ii) variable components of a number of leasing fees and(iii) costs connected with use of property under leasing agreements not subject to IFRS 16.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-541": {
"value": "9.7 Net impairment losses on financial assets Net impairment losses on financial assets, entered on the basis of the requirements of IFRS 9, totalled Euro 240 thousand and Euro 696 thousand in the years ending on 31 December 2025 and 2024, respectively, and represent the write-down of trade receivables. A breakdown of movements in the Provision for bad and doubtful debts for the years ending on 31 December 2025 and 2024 appears in note 8.8 - \u201cTrade receivables\u201d.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-542": {
"value": "9.8 Amortisation, depreciation and write-downs The table below breaks down amortisation, depreciation and write-downs in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024
Amortisation and write-downs of intangible assets 19,596 20,597 Depreciation and write-downs of tangible assets 18,520 16,972 Amortisation and write-downs of right of use assets 7,195 6,722 Amortisation, depreciation and write-downs 45,311 44,291 A breakdown of the composition of, and movements in, intangible assets and tangible assets for the years ending on 31 December 2025 and 2024 is provided in notes 8.1 and 8.3. Information on right of use assets is provided in note 8.2.
",
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"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn33": {
"value": "9.9 Financial income and expenses
The table below breaks down financial income in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Net exchange gains - 3,890 Other financial income 1,111 3,372 Financial income 1,111 7,262 The table below breaks down financial expenses in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Interest on bond loans - 155 Interest on loans 9,316 13,998 Net exchange losses 20,386 - Interest on leasing liabilities 735 637 Interest on discounting of provisions for employee benefits 88 89 Amortised cost 592 (242) Interest expense to parent companies - 2,041 Interest on discounting of earn-out liability 628 2,947 Other financial expenses 577 881 Financial expenses 32,322 20,506 For the financial years ended 31 December 2025 and 2024, financial expenses and income include, respectively, unrealised net foreign exchange gains and net foreign exchange losses, primarily resulting from the conversion into euros of intragroup loans granted in US dollars by GVS to its subsidiaries GVS NA Holdings Inc., GVS Technology (Suzhou) Co. Ltd., GVS TM Inc. and GVS Filter Technology de Mexico.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-543": {
"value": "9.9 Financial income and expenses
The table below breaks down financial income in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Net exchange gains - 3,890 Other financial income 1,111 3,372 Financial income 1,111 7,262 For the financial years ended 31 December 2025 and 2024, financial expenses and income include, respectively, unrealised net foreign exchange gains and net foreign exchange losses, primarily resulting from the conversion into euros of intragroup loans granted in US dollars by GVS to its subsidiaries GVS NA Holdings Inc., GVS Technology (Suzhou) Co. Ltd., GVS TM Inc. and GVS Filter Technology de Mexico.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-544": {
"value": "9.9 Financial income and expenses
The table below breaks down financial expenses in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Interest on bond loans - 155 Interest on loans 9,316 13,998 Net exchange losses 20,386 - Interest on leasing liabilities 735 637 Interest on discounting of provisions for employee benefits 88 89 Amortised cost 592 (242) Interest expense to parent companies - 2,041 Interest on discounting of earn-out liability 628 2,947 Other financial expenses 577 881 Financial expenses 32,322 20,506 For the financial years ended 31 December 2025 and 2024, financial expenses and income include, respectively, unrealised net foreign exchange gains and net foreign exchange losses, primarily resulting from the conversion into euros of intragroup loans granted in US dollars by GVS to its subsidiaries GVS NA Holdings Inc., GVS Technology (Suzhou) Co. Ltd., GVS TM Inc. and GVS Filter Technology de Mexico.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:81560013EACB40B52D17",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-547": {
"value": "12. Transactions with related parties Transactions with related parties identified on the basis of the criteria set forth in IAS 24 are
239
primarily of a commercial and financial nature and are conducted under reconditions. The tables below provide details of economic and capital relations with related parties. The companies indicated have been identified as related parties because they are directly or indirectly linked to the Group\u2019s reference shareholders. It should also be noted that, in compliance with the provisions of Consob Resolution 15519 of 27 July 2006 and Consob Communication No. DEM/6064293 of 28 July 2006, the consolidated income statement, balance sheet and statement of cash flows are presented in the notes to the financial statements, with separate disclosure of transactions with related parties and an indication of the percentage weight of such transactions on the individual financial statement balances. The table below sums up the Group\u2019s payables and receivables in relation to related parties as at 31 December 2025 and 2024. (In thousands of euro) Parent company Companies subject to parent company\u2019s control Top managemen t Total Total item in the financial statement s Impact on the financial statement s GVS Group GVS Real Estate Srl and subsidiaries Right of use assets At 31 December 2025 - 8,521 - 8,521 25,244 33.8% At 31 December 2024 - 4,410 - 4,410 23,389 18.9% Tangible fixed assets At 31 December 2025 - - 2 2 163,602 0.0% At 31 December 2024 - - 6 6 133,756 0.0% Trade Receivables At 31 December 2025 30 134 - 164 50,770 0.3% At 31 December 2024 29 140 - 169 55,368 0.3% Current tax receivables At 31 December 2025 6,726 - - 6,726 11,015 61.1% At 31 December 2024 7,561 - - 7,561 10,768 70.2% Non-current leasing liabilities At 31 December 2025 - 4,504 - 4,504 13,321 33.8% At 31 December 2024 - 2,249 - 2,249 14,138 15.9% Provisions for employee benefits: At 31 December 2025 - - 331 331 2,833 11.7% At 31 December 2024 - - 207 207 2,924 7.1% Current financial liabilities At 31 December 2024 2,041 2,041 57,221 3.6% Current leasing liabilities At 31 December 2025 - 4,052 - 4,052 8,981 45.1% At 31 December 2024 - 2,402 - 2,402 8,034 29.9%
240 Current tax payables At 31 December 2024 7,398 7,398 10,159 72.8% Other current payables and liabilities At 31 December 2025 - - 1,776 1,776 25,725 6.9% At 31 December 2024 - - 2,696 2,696 27,155 9.9% The table below lists the Group\u2019s economic relations with related parties. (In thousands of euro) Parent company Companies subject to parent company\u2019s control Top Management Total Total item in the financial statements Impact on the financial statements GVS Group GVS Real Estate Srl and subsidiaries Other operating income Year ending on 31 December 2025 50 236 - 286 8,527 3.4% Year ending on 31 December 2024 50 233 - 283 7,815 3.6% Personnel costs Year ending on 31 December 2025 - - 5,768 5,768 132,194 4.4% Year ending on 31 December 2024 - - 5,209 5,209 134,910 3.9% Service costs Year ending on 31 December 2025 - - 2,278 2,278 62,789 3.6% Year ending on 31 December 2024 - - 2,570 2,570 59,308 4.3% Amortisation, depreciation and write-downs Year ending on 31 December 2025 - 2,855 4 2,859 45,311 6.3% Year ending on 31 December 2024 - 2,329 4 2,333 44,291 5.3% Financial expenses Year ending on 31 December 2025 - 230 - 230 32,322 0.7% Year ending on 31 December 2024 2,041 132 - 2,173 20,506 10.6% Transactions with the GVS Group The Company GVS SpA participates in the optional national tax consolidation system under GVS Group. The current tax receivables and payables as at 31 December 2025 and 2024 relate exclusively to this arrangement. Transactions with GVS Real Estate As at 31 December 2025, the Parent Company, GVS SpA, had several lease agreements in place with GVS Real Estate Srl relating to land and buildings associated with the Company\u2019s registered office, located in Zola Predosa, and the production site located in Avellino. Pursuant to these lease agreements, as at 31 December 2025, the Group recognised right of use assets and related lease liabilities amounting to Euro 1,495 thousand and Euro 1,505 thousand (Euro 1,608 thousand and Euro 1,626 thousand as at 31 December 2024), as well as depreciation, amortisation and finance charges amounting to Euro 921 thousand and Euro 18 thousand, respectively (Euro 992 thousand and Euro 28 thousand as at 31 December 2024). Transactions with GVS Real Estate US On 31 December 2025, the Group company GVS Filtration Inc had two rental agreements in place with GVS Real Estate US regarding land and buildings pertaining to two production
facilities in Ohio and Wisconsin and two civil buildings used for accommodation. The leasing agreements for the aforementioned properties sold as described above resulted in the recognition, as of 31 December 2025. of right of use assets and the relevant leasing liabilities for Euro 2,123 thousand and Euro 2,102 thousand (Euro 478 thousand and Euro 479 thousand as at 31 December 2024), as well as amortisation, depreciation and write-downs and finance charges in the year ending on 31 December 2025 amounting to Euro 494 thousand thousand and Euro 6 thousand (Euro 393 thousand and Euro 6 thousand as at 31 December 2024). Transactions with GVS Real Estate Mexico As at 31 December 2025, the Group company GVS Filter Technology de Mexico had a lease agreement in place with GVS Real Estate Mexico for the production site in the city of Apocada. As at 31 December 2025, this lease agreement gave rise to the recognition of right of use assets and related lease liabilities in the amounts of Euro 874 thousand and Euro 851 thousand, respectively (Euro 1,354 thousand and Euro 1,544 thousand as at 31 December 2024), as well as the recognition of depreciation, impairment losses and finance charges for the year ended 31 December 2025 in the amounts of Euro 521 thousand and Euro 94 thousand, respectively (Euro 592 thousand and Euro 71 thousand as at 31 December 2024). Transactions with GVS Patrimonio Immobiliare The GVS Group company Microfiltrazione has a lease agreement in place with the company GVS Patrimonio Immobiliare for the property associated with the production site located in Ciorani. As at 31 December 2025, this lease agreement gave rise to the recognition of right of use assets and related lease liabilities in the amounts of Euro 374 thousand and Euro 344 thousand, respectively (Euro 593 thousand and Euro 623 thousand as at 31 December 2023), as well as the recognition of depreciation, impairment losses and finance charges for the year ended 31 December 2025 in the amounts of Euro 256 thousand and Euro 14 thousand, respectively (Euro 279 thousand and Euro 13 thousand as at 31 December 2024). Transactions with GVS Real Estate do Brasil As at 31 December 2025, the GVS Group company Do Brasil has a lease agreement in place with GVS Real Estate Do Brasil for the production site located in Monte Mor. As at 31 December 2025, this lease agreement gave rise to the recognition of right of use assets and related lease liabilities in the amounts of Euro 239 thousand and Euro 254 thousand, respectively (Euro 377 thousand and Euro 379 thousand as at 31 December 2024), as well as the recognition of depreciation, impairment losses and finance charges for the year ended 31 December 2025 in the amounts of Euro 143 thousand and Euro 40 thousand, respectively (Euro 82 thousand and Euro 14 thousand as at 31 December 2024). Transactions with GVS Real Estate LTD As at 31 December 2025, the GVS Group company Filter Technology UK LTD has a lease agreement in place with GVS Real Estate UK LTD for the production site in the city of Lancaster. The leasing agreement involved the recognition, as of 31 December 2025, of right of use assets and leasing liabilities of Euro 3,473 thousand and Euro 3,500 thousand, respectively, and of depreciation, impairment losses and finance charges for the year ending on 31 December 2025 of Euro 520 thousand and Euro 58 thousand, respectively.
Transactions with Top Management As of the date of the 2025 Financial Statements the following persons are considered members of the Group\u2019s Top Management: \u2022 the chief executive officer; \u2022 the chief financial officer; \u2022 the chief operating officer; \u2022 The heads of the (i) Healthcare; (ii) Health & Safety; (iii) Energy & Mobility; (iv) Transfusion Medicine; (v) Life Sciences; (vi) Science & Development divisions, the Director of Human Resources, and the General Counsel. The table below provides a breakdown of the remuneration accrued by the members of GVS SpA\u2019s Top Management and Board of Directors for the financial years ending 31 December 2025 and 2024, including social security contributions. (In thousands of euro) Year ending on 31 December 2025 2024 Fees for office held 2,112 1,870 Bonuses and other incentives 2,963 2,694 Other fees 694 643 Directors\u2019 fees 2,278 2,570 Total 8,046 7,779
It should be noted that: \u2022 other current payables and liabilities as of 31 December 2025 include payables to directors for fees not yet paid totalling Euro 536 thousand (Euro 975 thousand as at 31 December 2024); \u2022 provisions for employee benefits as of 31 December 2025 include the value of end of service indemnity for directors totalling Euro 332 thousand (Euro 207 thousand as at 31 December 2024); \u2022 costs for services for the financial year ended 31 December 2025 include directors\u2019 remuneration, expenses related to the performance share plan, and allocations to the severance indemnity provision, totalling Euro 2,278 thousand (Euro 2,570 thousand for the financial year ended 31 December 2024).
Statements attached to the Consolidated Financial Statements Consolidated statement of financial position, including the amounts of related- party transactions (In thousands of euro) At 31 December 2025 of which with related parties share (%) At 31 December 2024 of which with related parties share (%) ASSETS Non-current assets Intangible assets 434,345 472,940 Right of use assets 25,244 8,521 33.8% 23,389 4,410 18.9% Tangible assets 163,602 2 0.0% 133,756 6 0.0% Deferred tax assets 1,370 859 Non-current financial assets 1,252 3,422 Non-current derivative financial instruments 607 1,877 Total non-current assets 626,420 636,243 Current assets Inventories 90,399 80,542 Trade receivables 50,770 164 0.3% 55,368 169 0.3% Assets from contracts with customers 2,435 1,561 Current tax receivables 11,015 6,726 61.1% 10,768 7,561 70.2% Other receivables and current assets 11,870 11,893 Current financial assets 2,929 30,985 Current derivative financial instruments 522 - Cash and cash equivalents 78,692 102,991 Total current assets 248,632 294,108 TOTAL ASSETS 875,052 930,351 SHAREHOLDERS\u2019 EQUITY AND LIABILITIES Share capital 1,892 1,892 Reserves 416,834 415,917 Net profit (loss) 18,431 33,370 Group net shareholders\u2019 equity 437,157 451,179 Shareholders\u2019 equity attributable to non-controlling interests 25 52 Total shareholders\u2019 equity 437,182 451,231 Non-current liabilities Payable for the purchase of equity investments and earn-outs 3,902 8,245 Non-current financial liabilities 177,735 246,021 Non-current leasing liabilities 13,321 4,504 33.8% 14,138 2,249 15.9% Deferred tax liabilities 32,321 29,937 Provisions for employee benefits 2,833 331 11.7% 2,924 207 7.1% Provisions for non-current risks and charges 1,318 6,648 Total non-current liabilities 231,431 307,913 Current liabilities Payable for the purchase of equity investments and earn-outs 6,770 19,346 Current financial liabilities 111,247 - 0.0% 57,221 2,041 3.6% Current leasing liabilities 8,981 4,052 45.1% 8,034 2,402 29.9% Provisions for current risks and charges 500 500 Current derivative financial instruments - 382 Trade payables 42,630 42,542 Liabilities from contracts with customers 6,868 5,868 Current tax payables 3,719 10,159 7,398 72.8% Other current payables and liabilities 25,725 1,776 6.9% 27,155 2,696 9.9% Total current liabilities 206,440 171,207 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY 875,052 930,351
247 Consolidated income statement, including an indication of the amount of related-party transactions. (In thousands of euro) Period of 12 months ended 31 December 2025 of which with related parties share (%) 2024 of which with related parties share (%) Revenues from contracts with customers 424,662 428,542 Other operating income 8,527 286 3.4% 7,815 283 3.6% Total revenues 433,189 436,357 Purchases and consumption of raw materials, semi-finished and finished products (129,571) (133,281) Personnel costs (132,194) (5,768) 4.4% (134,910) (5,209) 3.9% Service costs (62,789) (2,278) 3.6% (59,308) (2,570) 4.3% Other operating costs (6,076) (7,663) Gross operating profit (EBITDA) 102,559 101,195 Net impairment losses on financial assets (240) (696) Amortisation, depreciation and write-downs (45,311) (2,859) 6.3% (44,291) (2,333) 5.3% Operating profit (EBIT) 57,008 56,208 Financial income 1,111 7,262 Financial expenses (32,322) (230) 0.7% (20,506) (2,173) 10.6% Profit (loss) before tax 25,797 42,964 Income taxes (7,384) (9,589) Net profit (loss) 18,414 33,375 Group\u2019s share 18,431 33,370 Minority share (17) 5
Consolidated cash flow statement, including an indication of the amount of related-party transactions (In thousands of euro) Period of 12 months ended 31 December 2025 of which with related parties share (%) 2024 of which with related parties share (%) Profit (loss) before tax 25,797 (10,862) -42.1% 42,964 (12,002) -27.9% - Adjustment for: Amortisation, depreciation and write-downs 45,311 2,859 6.3% 44,291 2,333 5.3% Capital losses / (capital gains) from sale of assets (310) (258) Financial expenses / (income) 31,211 230 0.7% 13,244 2,173 16.4% Other non-monetary changes 11,481 124 1.1% 8,748 124 1.4% Cash flow generated / (absorbed) by operations before variations in net working capital 113,490 108,989 Change in inventories (13,392) 3,190 Change in trade receivables (1,555) 5 -0.3% (1,204) (77) 6.4% Change in trade payables 7,215 4,822 Change in other assets and liabilities (6,993) (921) 13.2% 791 (699) -88.4% Use of provisions for risks and charges and for employee benefits (9,341) (4,457) Taxes paid (14,529) (7,474) 51.4% (15,004) 3,501 -23.3% Net cash flow generated / (absorbed) by operations 74,895 97,128 Investment in tangible assets (54,117) (29,200) Investment in intangible assets (9,508) (8,153) Disposal of tangible assets 1,947 524 Investment in financial assets (404) (75,131) Disinvestment in financial assets 28,591 47,500 Fee for acquisition of business unit net of cash and cash equivalents acquired (20,085) (19,457) Net cash flow generated / (absorbed) by investment (53,577) (83,917) New financial payables 40,480 208 Repayments of financial payables (53,128) (79,475) (76,078) 95.7% Repayment of leasing payables (8,885) (3,061) 34.5% (7,890) (1,988) 25.2% Financial expenses paid (12,354) (1,360) 11.0% (18,192) (585) 3.2% Financial income collected 1,111 3,372 Treasury shares (10,281) (301) Net cash flow generated/(absorbed) by financial assets (43,057) (102,278) Total change in Cash and cash equivalents (21,739) (89,068) Cash and cash equivalents at the start of the year 102,991 191,473 Total change in Cash and cash equivalents (21,739) (89,068) Conversion differences on Cash and cash equivalents (2,560) 586 Cash and cash equivalents at the end of the year 78,692 102,991
ial Statements Statement of financial position, including the amounts of related-party transactions (In thousands of euro) At 31 December 2025 of which with related parties share (%) At 31 December 2024 of which with related parties share (%) ASSETS Non-current assets Intangible assets 198,490 3,887 Right of use assets 14,958 1,495 10.0% 2,396 1,608 67.1% Tangible assets 51,374 2 0.0% 28,092 10 0.0% Equity investments 125,250 382,429 Deferred tax assets 666 295 Non-current financial assets 155,726 155,688 100.0% 140,514 140,459 100.0% Non-current derivative financial instruments 607 1,877 Total non-current assets 547,072 559,489 Current assets Inventories 20,833 7,023 Trade receivables 41,036 29,260 71.3% 27,558 21,800 79.1% Assets from contracts with customers 1,442 85 Current tax receivables 7,370 6,727 91.3% 7,425 6,466 87.1% Other receivables and current assets 22,815 16,689 73.1% 6,341 3,517 55.5% Current financial assets 16,911 16,911 100.0% 57,265 26,389 46.1% Current derivative financial instruments 522 - Cash and cash equivalents 37,940 62,280 Total current assets 148,870 167,976 TOTAL ASSETS 695,942 727,466 SHAREHOLDERS\u2019 EQUITY AND LIABILITIES
",
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"reg-ix-548": {
"value": "Transactions with Top Management As of the date of the 2025 Financial Statements the following persons are considered members of the Group\u2019s Top Management: \u2022 the chief executive officer; \u2022 the chief financial officer; \u2022 the chief operating officer; \u2022 The heads of the (i) Healthcare; (ii) Health & Safety; (iii) Energy & Mobility; (iv) Transfusion Medicine; (v) Life Sciences; (vi) Science & Development divisions, the Director of Human Resources, and the General Counsel. The table below provides a breakdown of the remuneration accrued by the members of GVS SpA\u2019s Top Management and Board of Directors for the financial years ending 31 December 2025 and 2024, including social security contributions. (In thousands of euro) Year ending on 31 December 2025 2024 Fees for office held 2,112 1,870 Bonuses and other incentives 2,963 2,694 Other fees 694 643 Directors\u2019 fees 2,278 2,570 Total 8,046 7,779
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"mtpnn34": {
"value": "The table below provides a breakdown of the remuneration accrued by the members of GVS SpA\u2019s Top Management and Board of Directors for the financial years ending 31 December 2025 and 2024, including social security contributions. (In thousands of euro) Year ending on 31 December 2025 2024 Fees for office held 2,112 1,870 Bonuses and other incentives 2,963 2,694 Other fees 694 643 Directors\u2019 fees 2,278 2,570 Total 8,046 7,779
14. Directors\u2019 and auditors\u2019 fees The remuneration for the 2025 financial year payable to the directors of GVS SpA (including bonuses, charges related to the performance share plan, allocations to the severance indemnity provision and related contributions) and to the statutory auditors of GVS SpA (excluding the fees for the board of statutory auditors of Haemotronic SpA, which was merged into GVS SpA by incorporation with retroactive accounting and tax effect from 1 January 2025) amounts to Euro 2,278 thousand and Euro 95 thousand, respectively. The table below provides a breakdown of the remuneration of executive and non-executive directors for the 2025 financial year. (In thousands of euro) 2025 Chair of the Board of Directors 120 Executive Directors 1,938 Non-executive Directors 220 Total cost 2,278 No loans or advances were granted to directors or shareholders during the year.
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"reg-ix-549": {
"value": "The table below provides a breakdown of the remuneration accrued by the members of GVS SpA\u2019s Top Management and Board of Directors for the financial years ending 31 December 2025 and 2024, including social security contributions. (In thousands of euro) Year ending on 31 December 2025 2024 Fees for office held 2,112 1,870 Bonuses and other incentives 2,963 2,694 Other fees 694 643 Directors\u2019 fees 2,278 2,570 Total 8,046 7,779
14. Directors\u2019 and auditors\u2019 fees The remuneration for the 2025 financial year payable to the directors of GVS SpA (including bonuses, charges related to the performance share plan, allocations to the severance indemnity provision and related contributions) and to the statutory auditors of GVS SpA (excluding the fees for the board of statutory auditors of Haemotronic SpA, which was merged into GVS SpA by incorporation with retroactive accounting and tax effect from 1 January 2025) amounts to Euro 2,278 thousand and Euro 95 thousand, respectively. The table below provides a breakdown of the remuneration of executive and non-executive directors for the 2025 financial year. (In thousands of euro) 2025 Chair of the Board of Directors 120 Executive Directors 1,938 Non-executive Directors 220 Total cost 2,278 No loans or advances were granted to directors or shareholders during the year.
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"reg-ix-550": {
"value": "It should be noted that: \u2022 other current payables and liabilities as of 31 December 2025 include payables to directors for fees not yet paid totalling Euro 536 thousand (Euro 975 thousand as at 31 December 2024); \u2022 provisions for employee benefits as of 31 December 2025 include the value of end of service indemnity for directors totalling Euro 332 thousand (Euro 207 thousand as at 31 December 2024); \u2022 costs for services for the financial year ended 31 December 2025 include directors\u2019 remuneration, expenses related to the performance share plan, and allocations to the severance indemnity provision, totalling Euro 2,278 thousand (Euro 2,570 thousand for the financial year ended 31 December 2024).
",
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"reg-ix-551": {
"value": "13. Commitments and contingencies Sureties and guarantees granted to third parties As at 31 December 2025, the Group had outstanding sureties and guarantees totalling Euro 145 thousand. Contingent liabilities As the Group operates internationally, it is exposed to legal risks, primarily in relation to professional liability, corporate matters and tax. Expenditures related to ongoing or future
243 legal proceedings cannot be predicted with certainty, and it is possible that court rulings may result in costs that are not covered, or not fully covered, by insurance indemnities, thereby affecting the Group\u2019s financial position and results. However, where it is probable that an outflow of resources will be required to settle obligations and the amount can be reliably estimated, the Group has made specific allocations to the provision for risks and charges.
",
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"reg-ix-553": {
"value": "15. Independent auditor\u2019s fees The independent auditor\u2019s fees amount to Euro 681 thousand and Euro 525 thousand for the years ending on 31 December 2025 and 2024, respectively. In compliance with the provisions of Article 149-duodecies of the CONSOB Issuers\u2019 Regulation, the fees for the 2025 financial year for audit services and for non-audit services provided by the same auditing firm and by entities belonging or not belonging to its network are set out in the notes to the financial statements.
Information pursuant to Article 149-Duodecies of the CONSOB Issuers\u2019 Regulation The following table, prepared in accordance with Article 149-duodecies of the CONSOB Issuers\u2019 Regulation, sets out the fees for the 2025 financial year for audit services and for non- audit services provided by the auditing firm itself and by entities within and outside its network. Entity that provided the service Recipient/assignment Fees for 2025 PwC SpA Parent company \u2013 statutory audit of the financial statements 94 PwC SpA Parent Company \u2013 Statutory Audit of the Consolidated Financial Statements 267 PwC SpA Parent company \u2013 limited review of the consolidated half-yearly report 81 Total audit activities 441 PwC SpA Parent Company \u2013 Activities relating to the merger pursuant to Article 2501-bis, paragraph 5, of the Italian Civil Code 90 PwC SpA Parent Company \u2013 ISA 805 relating to the certification of the Research and Development tax credit 20 PwC SpA Parent Company \u2013 Activities related to the merger transaction for the issuance of the expert\u2019s report pursuant to Articles 2501-bis(4) and 2501-sexies of the Italian Civil Code 45 PwC SpA Parent Company \u2013 Limited review of the Consolidated Sustainability Report 85 Total other services 240 Total 681
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"value": "16. Research and development. The Group\u2019s R&D work aims to introduce new products and implement new production processes. These activities are divided into a number of different phases, from conception and start of the process of designing and new product process to large-scale industrial production. The table below reports research and development costs entered among operating costs in the years ending on 31 December 2025 and 2024. (In thousands of euro) Year ending on 31 December 2025 2024 Research and development costs 21,155 26,113 Capitalised development costs (9,371) (7,547) Amortisation of capitalised development costs 4,783 3,939 Research and development costs entered as operating costs 16,567 22,504
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"value": "17. Significant events after the end of the financial year On 7 January 2026, with a view to optimising its financial structure, GVS stipulated a mortgage agreement with Banca Sella for a total of Euro 20,000 thousand. The loan matures on 07 January 2031. The agreement requires payment of 10 deferred six-monthly instalments from 07 July 2026 until the due date. The interest rate on the loan agreement is variable and corresponds to the Euribor 6-month rate plus a spread of 0.8%. On 16 January 2026 GVS also stipulated a mortgage agreement with Monte dei paschi di Siena SpA for a total of Euro 20,000 thousand. The loan matures on 30 June 2031. The agreement provides for 3 deferred six-monthly grace period instalments and 7 deferred principal repayment instalments, starting from 30 June 2028 and continuing until the maturity date. The interest rate on the loan agreement is variable and corresponds to the Euribor 6-month rate plus a spread of 0.6%. Finally, on 16 February 2026 GVS stipulated a bullet loan agreement with Mediobanca SpA for a total of Euro 40,000 thousand. The loan matures on 10 February 2031. The interest rate on the loan agreement is variable and corresponds to the Euribor 6-month rate plus a variable spread based on the Group\u2019s net financial position/Ebitda ratio. With regard to the recent worsening of the international geopolitical situation, following the escalation of the conflict in Iran, which has developed since the beginning of March 2026 into a particularly critical phase characterised by large-scale military operations, it should be noted that the GVS Group monitors the current situation on a daily basis in order to assess potential direct and indirect future effects, both in terms of heightened inflationary pressures on raw material supply markets and energy costs, and in terms of reduced sales in the affected areas. At present, while direct effects can be considered insignificant, given the limited operations in the countries affected by the conflict, it cannot be ruled out that indirect effects impacting the supply chain and raw material costs could lead to a reduction in margins. The directors will continue to monitor developments in the current situation and take appropriate measures to safeguard the Group\u2019s profitability.
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"value": "19. Approval of the Consolidated Financial Statements and authorisation for publication The Consolidated Financial Statements for the year ended 31 December 2025 were approved by the Board of Directors on 26 March 2026, which authorised their publication in accordance with the law.
246
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