Moltiply Group\u00a0S.p.A.\u00a0(the \"Company\" or the \"Issuer\") is the holding company of a group of firms (the \"Group\") with a relevant position - through the entities of its \"Broking Division\" (also named \"Mavriq\") - in the market for the online comparison and intermediation of utility contracts (energy and telecommunications), insurance products (motor, home, health, etc.), bank products (mortgages, loans, accounts) and e-commerce offers in Italy (main websites www.mutuionline.it, www.segugio.it, www.trovaprezzi.it), Germany (www.verivox.de), Spain (www.rastreator.com), France (www.lelynx.fr), the Netherlands\u00a0(www.pricewise.nl) and Mexico\u00a0(www.rastreator.mx) and - through the companies of its \"BPO Division\" (also named \"Moltiply BPO&Tech\") - in the Italian market for the provision of complex business process outsourcing services and IT platforms for the financial, insurance and leasing/rental sector.
This consolidated annual report, including the consolidated statement of financial position, consolidated comprehensive income statement, consolidated statement of cash flows and consolidated statement of changes in shareholders' equity as of and for the year ended December 31, 2025 and the relevant notes, has been prepared in accordance with IFRS issued by the International Accounting Standard Board (\"IASB\") and the related interpretations SIC/IFRIC, adopted by the European Commission. Besides it has been prepared in accordance with CONSOB resolutions No. 15519 and No. 15520 dated July 27, 2006, with ESMA orientation 32-382-1138 of March 4, 2021, with the guidance Consob n. 5/21 of April 29, 2021, and with art. 149-duodecies\u00a0of the Issuer Regulations.\u00a0
IFRS should be understood as the International Financial Reporting Standards, the International Accounting Standards (\"IAS \u00ae\"), the interpretations of the International Financial Reporting Interpretation Committee (\"IFRIC \u00ae\"), previously denominated Standing Interpretations Committee (\"SIC \u00ae\"), as adopted by the European Commission as of December 31, 2025 and published in the EU regulations as of this date.
In particular, the IFRS have been consistently applied to all the periods presented.
The Group has elected the \"non-current/current\" presentation for the statement of financial position, the presentation of costs by nature for the income statement, the comprehensive income statements and the\u00a0indirect method for the preparation of the statement of cash flows.
The statement of changes in shareholders' equity was prepared according with IAS 1.
These consolidated financial statements have been prepared in Euro, the functional currency of the primary economic environment in which the Group operates.
All the amounts included in the tables of the following notes are in thousands of Euros, except where otherwise stated.
These consolidated financial statements have been prepared according to the going concern assumption, due to the economic and financial results achieved.
The Board of Directors approved the publication of this document on March 16, 2026.
Please note that the Issuer's shares are listed on the \"STAR\" segment of the Euronext Milan (\"EXM\") market, which is organized and managed by Borsa Italiana.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-p_1092-tag11811428": { "value": "Moltiply Group\u00a0S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-p_1092-tag11811429": { "value": "Moltiply Group\u00a0S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-p_1092-tag11811432": { "value": "Moltiply Group\u00a0S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-p_1092-tag11811430": { "value": "S.p.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-body-tag11811433": { "value": "This consolidated annual report, including the consolidated statement of financial position, consolidated comprehensive income statement, consolidated statement of cash flows and consolidated statement of changes in shareholders' equity as of and for the year ended December 31, 2025 and the relevant notes, has been prepared in accordance with IFRS issued by the International Accounting Standard Board (\"IASB\") and the related interpretations SIC/IFRIC, adopted by the European Commission. Besides it has been prepared in accordance with CONSOB resolutions No. 15519 and No. 15520 dated July 27, 2006, with ESMA orientation 32-382-1138 of March 4, 2021, with the guidance Consob n. 5/21 of April 29, 2021, and with art. 149-duodecies\u00a0of the Issuer Regulations.\u00a0
IFRS should be understood as the International Financial Reporting Standards, the International Accounting Standards (\"IAS \u00ae\"), the interpretations of the International Financial Reporting Interpretation Committee (\"IFRIC \u00ae\"), previously denominated Standing Interpretations Committee (\"SIC \u00ae\"), as adopted by the European Commission as of December 31, 2025 and published in the EU regulations as of this date.
In particular, the IFRS have been consistently applied to all the periods presented.
The Group has elected the \"non-current/current\" presentation for the statement of financial position, the presentation of costs by nature for the income statement, the comprehensive income statements and the\u00a0indirect method for the preparation of the statement of cash flows.
The statement of changes in shareholders' equity was prepared according with IAS 1.
These consolidated financial statements have been prepared in Euro, the functional currency of the primary economic environment in which the Group operates.
All the amounts included in the tables of the following notes are in thousands of Euros, except where otherwise stated.
These consolidated financial statements have been prepared according to the going concern assumption, due to the economic and financial results achieved.
The Board of Directors approved the publication of this document on March 16, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-body-tag11811434": { "value": "This consolidated annual report, including the consolidated statement of financial position, consolidated comprehensive income statement, consolidated statement of cash flows and consolidated statement of changes in shareholders' equity as of and for the year ended December 31, 2025 and the relevant notes, has been prepared in accordance with IFRS issued by the International Accounting Standard Board (\"IASB\") and the related interpretations SIC/IFRIC, adopted by the European Commission. Besides it has been prepared in accordance with CONSOB resolutions No. 15519 and No. 15520 dated July 27, 2006, with ESMA orientation 32-382-1138 of March 4, 2021, with the guidance Consob n. 5/21 of April 29, 2021, and with art. 149-duodecies\u00a0of the Issuer Regulations.\u00a0
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-p_1096-tag11811435": { "value": "indirect method for the preparation of the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-body-tag11811436": { "value": "The Board of Directors approved the publication of this document on March 16, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page83-body-tag11811437": { "value": "Basis of preparation of the consolidated financial statements
The following consolidation procedures have been applied in the preparation of the consolidated financial statements as of and for the year ended December 31, 2025.
The consolidated financial statements of the Group include the financial statements of Moltiply Group S.p.A. and its subsidiaries, over which the Company exercises direct or indirect control and the value measured with the equity method of joint ventures and of associated companies. Subsidiaries are consolidated from the date when control is acquired until the date when it ceases. Control is connected with the ongoing existence of all the following conditions:
power over the investee;
the possibility of achieving a return resulting from ownership of the investment;
the investor's ability to use its power over the investee to affect the amount of its return.
The existence of potential voting rights exercisable, if substantial, at the reporting date is also taken into consideration for the purposes of determining control.
Furthermore, it is worth pointing out that once control of an entity is obtained, transactions, in which further minority interests are acquired or sold, without modifying the control exercised on the subsidiary, are considered transactions with the shareholders and therefore should be recorded as equity transactions, without recording any effect in the comprehensive income statement. Subsidiaries are consolidated on a line-by-line basis. The criteria adopted for consolidation on a line-by-line basis are:
the assets and liabilities, income and expenses of the entirely consolidated entities are taken line by line, attributing to minority interest the portion of the shareholders' equity and net income for the year due to it; this portion is disclosed separately in the consolidated statement of financial position and consolidated comprehensive income statement;
the purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. Under IFRS 3, the cost of an acquisition is measured as the sum of the consideration transferred, measured at fair value at the acquisition date, and the amount of any minority interest in the acquired entity. For each business combination, any minority interest in the acquiree must be measured at fair value or in proportion to the non-controlling interest's share of the acquiree's identifiable net assets. Specifically, in all non-controlling business acquisitions, the minority interest has been measured at fair value. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recognized as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement, after an audit of the correct measurement of the fair value of the assets and the liabilities acquired and of the cost of acquisition.\u00a0Business combinations under common control are accounted for with the pooling of interest method, thus recognizing assets and liabilities of the acquired entity without fair value adjustments, but adjusted for eventual differences of accounting standards used and IFRS;
inter-company transactions and balances, as well as the relevant tax effects, are eliminated. Unrealized inter-company gains and losses are eliminated; as an exception, unrealized losses are not eliminated when they provide evidence for impairment of the asset transferred. In addition, intercompany receivables and payables, costs and revenues, as well as financial expenses and income, are eliminated.
Subsequent acquisitions of shares following the acquisition of control do not give rise to a revaluation of identifiable assets and liabilities. The difference between the cost and the proportionate share of the acquired equity is recognized as a change in the Group's equity. Transactions resulting in a reduction in the percentage of ownership, without loss of control, are treated as disposals to minority interests, and the difference between the proportionate share of the interest disposed of and the price paid is recognized in the Group's equity.
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
Associated companies are companies, which are neither subsidiaries nor joint ventures, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, at least 20% of the voting rights exercisable at the shareholders' meeting, or, even with a lower share of voting rights, has the power to influence financial and management policies by virtue of specific legal ties, such as, for example, participation in shareholders' agreements or other forms of significant exercise of governance rights.
Joint ventures and associated companies are evaluated with the equity method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page84-body-tag11811439": { "value": "Scope of consolidation
The consolidation area includes all the entities on which the Issuer exercises control, directly or indirectly, and the companies on which the Issuer exercises a significant influence.\u00a0
The controlled and associated entities as of December 31, 2025 are:
Name | Registered office | \u00a0Share capital (Euro)\u00a0 | Consolidation method | % of ownership |
Moltiply Group S.p.A. (holding) | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a01,012,354\u00a0 | Line-by-line | Holding |
7Pixel S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Agenzia Italia S.p.A. | Conegliano (Italy) - Via Vittorio Alfieri, 1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 84.5% |
Centro Istruttorie S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Centro Servizi Asset Mangement S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Segugio.it broker di assicurazioni S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Lercari Motor S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000\u00a0 | Line-by-line | 100% |
Eagle & Wise Engineering S.r.l.\u00a0 | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Eagle & Wise Service S.r.l.\u00a0 | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400,000\u00a0 | Line-by-line | 100% |
Eagle Agency S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
EuroServizi per i Notai S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Europa Centro Servizi S.r.l. | Messina (Italy) - Via Giuseppe Garibaldi 268 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0 | Line-by-line | 100% |
Evolve S.r.l.** | Conegliano (Italy) - Via Vittorio Alfieri, 1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0475,186\u00a0 | Line-by-line | 100% |
Finprom S.r.l. | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,618\u00a0 | Line-by-line | 100% |
Finprom Insurance S.r.l.* | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040\u00a0 | Line-by-line | 100% |
Forensic Experts S.r.l.* | Bologna (Italy) - Via F. Bandiera 4 Castenaso | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 51% |
Global Care S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,000\u00a0 | Line-by-line | 100% |
Green Call Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 60% |
Gruppo Lercari S.r.l. | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0759,597\u00a0 | Line-by-line | 88% |
Innovazione Finanziaria SIM S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | Line-by-line | 100% |
LeLynx SAS | Parigi - 34 Quai de la Loire\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100\u00a0 | Line-by-line | 100% |
Lercari S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Lercari International Ltd* | London (UK) - \u00a06 New London Street | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,233\u00a0 | Line-by-line | 100% |
Lucky Fox S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Luna Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,500\u00a0 | Line-by-line | 100% |
Mavriq S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Mia Pensione S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000\u00a0 | Line-by-line | 51% |
MOL BPO S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Money360.it S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120,000\u00a0 | Line-by-line | 100% |
MutuiOnline S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a01,000,000\u00a0 | Line-by-line | 100% |
Onda S.r.l.* | Lucca (Italy) - \u00a0via Romana 615/P | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000\u00a0 | Line-by-line | 100% |
PP&E S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Preminen Price Comparison Holdings Ltd | London (UK) - North Side 7-10 Chandos Street | \u00a0\u00a0\u00a0\u00a0\u00a03,932,584\u00a0 | Line-by-line | 100% |
Preminen Mexico S.A. de C.V | Citt\u00e0 del Messico (Messico) - C/ Varsovia 36 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,451\u00a0 | Line-by-line | 100% |
Pricewise B.V. | Amsterdam (Netherlands) Donauweg 10, 1043 AJ | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0 | Line-by-line | 80% |
Pricewise Energie en Communicatie B.V.*** | Amsterdam (Netherlands) Donauweg 10, 1043 AJ | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0 | Line-by-line | 100% |
Pricewise Verzekeringen en Financi\u00eble diensten B.V.*** | Amsterdam (Netherlands) Donauweg 10, 1043 AJ | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0 | Line-by-line | 100% |
Quinservizi S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,000\u00a0 | Line-by-line | 100% |
Rastreator Comparador Corredur\u00eda de Seguros SLU | Madrid (Spagna) - C. de S\u00e1nchez Pacheco, 85 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Rastreator Tarifas SLU | Madrid (Spagna) - C. de S\u00e1nchez Pacheco, 85 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
San Filippo S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
Segugio.it S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Service Lercari S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0110,400\u00a0 | Line-by-line | 100% |
Segugio.it energia e telecomunicazioni S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Sovime S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Surf S.r.l.* | Lucca (Italy) - Via Romana 615/P | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Switcho S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021,880\u00a0 | Line-by-line | 80% |
Moltiply Tech S.r.l.** | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
Feedaty S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0 | Line-by-line | 92% |
Verivox Finanzvergleich GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,000\u00a0 | Line-by-line | 100% |
Verivox GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a042,000\u00a0 | Line-by-line | 100% |
Verivox Holding GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,288\u00a0 | Line-by-line | 100% |
Verivox Versicherungsvergleich GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,000\u00a0 | Line-by-line | 100% |
VX Sales Solutions GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a088,618\u00a0 | Line-by-line | 100% |
Centro Finanziamenti S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | According to IFRS 5 | 100% |
Dotware S.r.l. | Bucharest (Romania) - Soseaua Virtutii no.1E | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0 | Equity method | 20% |
EuroSTA S.r.l. | Rome (Italy) - Via Antonio Pacinotti n. 73 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 40% |
CFN Generale Fiduciaria S.p.A. | Milan (Italy) - Galleria De Cristoforis, 3\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0300,000\u00a0 | Equity method | 35% |
CFN Generale Trustee S.r.l. | Milano (Italy), Galleria de Cristoforis, 3 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 35% |
Generale Servizi Amministrativi S.r.l. | Milan (Italy) - Via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 35% |
Mopso S.r.l. | Milano (Italy) - Via Bezzecca 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,787\u00a0 | Equity method | 6.7% |
Tax & Tech S.r.l. | Milan (Italy) - via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 33.0% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
*percentage of ownership refers to the share held by Gruppo Lercari S.r.l. | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
** percentage ownership refers to the share held by Agenzia Italia S.p.A. | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
** percentage ownership refers to the share held by Pricewise \u00a0B.V. | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
Compared to the financial year ended December 31, 2024, the consolidation area changed with reference to the acquisition of Verivox Holding GmbH and its subsidiaries (\"Verivox\"), the merger of Incomparable S.a.r.l. into Rastreator Comparador Correduria de Seguros SLU and the liquidation of Rastreator.com Ltd, the sale of 65Plus S.r.l., Geckoway S.r.l. and Preminen Mena Price Comparison W.L.L...
For the calculation of the equivalent value in Euro of the financial and economic amounts in foreign currency of the foreign subsidiaries and branches, we applied the exchange rate as of 31 December 2025 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page84-body-tag11811438": { "value": "Scope of consolidation
The consolidation area includes all the entities on which the Issuer exercises control, directly or indirectly, and the companies on which the Issuer exercises a significant influence.\u00a0
The controlled and associated entities as of December 31, 2025 are:
Name | Registered office | \u00a0Share capital (Euro)\u00a0 | Consolidation method | % of ownership |
Moltiply Group S.p.A. (holding) | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a01,012,354\u00a0 | Line-by-line | Holding |
7Pixel S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Agenzia Italia S.p.A. | Conegliano (Italy) - Via Vittorio Alfieri, 1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 84.5% |
Centro Istruttorie S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Centro Servizi Asset Mangement S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Segugio.it broker di assicurazioni S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Lercari Motor S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000\u00a0 | Line-by-line | 100% |
Eagle & Wise Engineering S.r.l.\u00a0 | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Eagle & Wise Service S.r.l.\u00a0 | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400,000\u00a0 | Line-by-line | 100% |
Eagle Agency S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
EuroServizi per i Notai S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Europa Centro Servizi S.r.l. | Messina (Italy) - Via Giuseppe Garibaldi 268 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0 | Line-by-line | 100% |
Evolve S.r.l.** | Conegliano (Italy) - Via Vittorio Alfieri, 1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0475,186\u00a0 | Line-by-line | 100% |
Finprom S.r.l. | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,618\u00a0 | Line-by-line | 100% |
Finprom Insurance S.r.l.* | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040\u00a0 | Line-by-line | 100% |
Forensic Experts S.r.l.* | Bologna (Italy) - Via F. Bandiera 4 Castenaso | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 51% |
Global Care S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,000\u00a0 | Line-by-line | 100% |
Green Call Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 60% |
Gruppo Lercari S.r.l. | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0759,597\u00a0 | Line-by-line | 88% |
Innovazione Finanziaria SIM S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | Line-by-line | 100% |
LeLynx SAS | Parigi - 34 Quai de la Loire\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100\u00a0 | Line-by-line | 100% |
Lercari S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Lercari International Ltd* | London (UK) - \u00a06 New London Street | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,233\u00a0 | Line-by-line | 100% |
Lucky Fox S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Luna Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,500\u00a0 | Line-by-line | 100% |
Mavriq S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Mia Pensione S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000\u00a0 | Line-by-line | 51% |
MOL BPO S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Money360.it S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120,000\u00a0 | Line-by-line | 100% |
MutuiOnline S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a01,000,000\u00a0 | Line-by-line | 100% |
Onda S.r.l.* | Lucca (Italy) - \u00a0via Romana 615/P | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000\u00a0 | Line-by-line | 100% |
PP&E S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Preminen Price Comparison Holdings Ltd | London (UK) - North Side 7-10 Chandos Street | \u00a0\u00a0\u00a0\u00a0\u00a03,932,584\u00a0 | Line-by-line | 100% |
Preminen Mexico S.A. de C.V | Citt\u00e0 del Messico (Messico) - C/ Varsovia 36 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,451\u00a0 | Line-by-line | 100% |
Pricewise B.V. | Amsterdam (Netherlands) Donauweg 10, 1043 AJ | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0 | Line-by-line | 80% |
Pricewise Energie en Communicatie B.V.*** | Amsterdam (Netherlands) Donauweg 10, 1043 AJ | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0 | Line-by-line | 100% |
Pricewise Verzekeringen en Financi\u00eble diensten B.V.*** | Amsterdam (Netherlands) Donauweg 10, 1043 AJ | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0 | Line-by-line | 100% |
Quinservizi S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,000\u00a0 | Line-by-line | 100% |
Rastreator Comparador Corredur\u00eda de Seguros SLU | Madrid (Spagna) - C. de S\u00e1nchez Pacheco, 85 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Rastreator Tarifas SLU | Madrid (Spagna) - C. de S\u00e1nchez Pacheco, 85 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
San Filippo S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
Segugio.it S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Service Lercari S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0110,400\u00a0 | Line-by-line | 100% |
Segugio.it energia e telecomunicazioni S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Sovime S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Surf S.r.l.* | Lucca (Italy) - Via Romana 615/P | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Switcho S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021,880\u00a0 | Line-by-line | 80% |
Moltiply Tech S.r.l.** | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
Feedaty S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0 | Line-by-line | 92% |
Verivox Finanzvergleich GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,000\u00a0 | Line-by-line | 100% |
Verivox GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a042,000\u00a0 | Line-by-line | 100% |
Verivox Holding GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,288\u00a0 | Line-by-line | 100% |
Verivox Versicherungsvergleich GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,000\u00a0 | Line-by-line | 100% |
VX Sales Solutions GmbH | Heidelberg - Germania - Max-Jarecki-Stra\u00dfe 21\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a088,618\u00a0 | Line-by-line | 100% |
Centro Finanziamenti S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | According to IFRS 5 | 100% |
Dotware S.r.l. | Bucharest (Romania) - Soseaua Virtutii no.1E | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0 | Equity method | 20% |
EuroSTA S.r.l. | Rome (Italy) - Via Antonio Pacinotti n. 73 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 40% |
CFN Generale Fiduciaria S.p.A. | Milan (Italy) - Galleria De Cristoforis, 3\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0300,000\u00a0 | Equity method | 35% |
CFN Generale Trustee S.r.l. | Milano (Italy), Galleria de Cristoforis, 3 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 35% |
Generale Servizi Amministrativi S.r.l. | Milan (Italy) - Via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 35% |
Mopso S.r.l. | Milano (Italy) - Via Bezzecca 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,787\u00a0 | Equity method | 6.7% |
Tax & Tech S.r.l. | Milan (Italy) - via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 33.0% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
*percentage of ownership refers to the share held by Gruppo Lercari S.r.l. | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
** percentage ownership refers to the share held by Agenzia Italia S.p.A. | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
** percentage ownership refers to the share held by Pricewise \u00a0B.V. | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
Compared to the financial year ended December 31, 2024, the consolidation area changed with reference to the acquisition of Verivox Holding GmbH and its subsidiaries (\"Verivox\"), the merger of Incomparable S.a.r.l. into Rastreator Comparador Correduria de Seguros SLU and the liquidation of Rastreator.com Ltd, the sale of 65Plus S.r.l., Geckoway S.r.l. and Preminen Mena Price Comparison W.L.L...
For the calculation of the equivalent value in Euro of the financial and economic amounts in foreign currency of the foreign subsidiaries and branches, we applied the exchange rate as of 31 December 2025 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811441": { "value": "For the calculation of the equivalent value in Euro of the financial and economic amounts in foreign currency of the foreign subsidiaries and branches, we applied the exchange rate as of 31 December 2025 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811440": { "value": "For the calculation of the equivalent value in Euro of the financial and economic amounts in foreign currency of the foreign subsidiaries and branches, we applied the exchange rate as of 31 December 2025 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811442": { "value": "Accounting policies
The consolidated financial statements are prepared at cost, with the exception of items specifically described in the following notes, for which the measurement at fair value is adopted. The fair value is the price at which an asset could be exchanged, or a liability discharged, between knowledgeable, willing parties in an arm's length transaction.
IFRS 13 provides for a hierarchy of fair value which classifies on three levels the inputs for the assessment adopted to evaluate fair value. The hierarchy of fair value gives the highest priority to quoted prices (not adjusted) on active markets for the same assets and liabilities (data of Level 1) and the lowest priority to unobservable inputs (data of Level 3).\u00a0
Level 1 inputs are quoted prices (not adjusted) for the same assets and liabilities on active markets, which the entity may access as of the assessment date.
Level 2 inputs are inputs different from the quoted prices included in Level 1 which can be observed directly or indirectly for the asset or the liability.\u00a0
Level inputs 3 are unobservable inputs for the asset or the liability.
Financial assets are derecognized from the statement of financial position when the contractual right to receive cash flows has been transferred and the entity no longer retains control over those financial assets.
Financial liabilities are derecognized from the statement of financial position when, and only when, they are cancelled, i.e. when the obligation specified in the contract is discharged, cancelled or expires.
The most significant accounting policies adopted in the drafting of the consolidated financial statements are set out in the following sections:\u00a0
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrices for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidence, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. The Group applies hedge accounting, recognizing fair value changes in equity. If the conditions the application of hedge accounting are not met, the changes are recognized in the income statement.
Intangible assets
Intangible assets are non-monetary assets that are distinctly identifiable and able to generate future economic benefits. These items are recognized at purchase cost and/or internal production cost, including all costs to bring the assets available for use, net of accumulated amortization and impairment, if any.\u00a0
The item includes the goodwill referred to business combinations.
Amortization commences when the asset is available for use and is systematically calculated on a straight-line basis over the estimated useful life of the asset.\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Research and development costs
Research and development costs are recognized as an expense as incurred.\u00a0Costs incurred on development projects are recognized as intangible assets when:
development activity is clearly identified and its costs can be measured reliably;
technological feasibility is demonstrated;
the intention of completing the project and selling the intangible goods generated are demonstrated;
a prospective market exists or, in case of internal use, the benefits of the intangible asset for the production of intangible goods generated by the project is demonstrated;
the necessary technological and financial resources for the completion of the project are available.\u00a0
Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.
(b) \u00a0\u00a0\u00a0\u00a0Trademarks, licenses and other rights
Licenses and other rights are amortized on a straight-line basis in order to allocate their acquisition cost over the shorter of useful life and duration of the relevant contracts, starting from the moment of acquisition of the rights and usually lasting for a period of 3 to 5 years.
For trademarks and customer equity values, amortization is calculated using the straight-line method over a period of 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811444": { "value": "(a) \u00a0\u00a0\u00a0\u00a0Research and development costs
Research and development costs are recognized as an expense as incurred.\u00a0Costs incurred on development projects are recognized as intangible assets when:
development activity is clearly identified and its costs can be measured reliably;
technological feasibility is demonstrated;
the intention of completing the project and selling the intangible goods generated are demonstrated;
a prospective market exists or, in case of internal use, the benefits of the intangible asset for the production of intangible goods generated by the project is demonstrated;
the necessary technological and financial resources for the completion of the project are available.\u00a0
Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811445": { "value": "Property, plant and equipment\u00a0
Property, plant and equipment are stated at historical cost of acquisition or production less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition.\u00a0
All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. When assets are composed of different identifiable components whose useful life is significantly different, each component is depreciated separately applying the \"component approach\".\u00a0
Depreciation is charged to each asset on a systematic basis over the estimated useful life from the date of initial recognition.
Property, plant and equipment are depreciated with useful lives as follows:
Description of the main categories of the item \"Property, plant and equipment\" | Period |
Land | not depreciated |
Buildings | 30 years |
Generic equipment | 5 years |
Specific equipment | 2.5-7 years |
Leasehold improvements | shorter of contract duration and useful life |
Hardware | 2.5-5 \u00a0years |
Office equipment | 2.5-5 years |
Furniture and fittings | 8 years |
Motor vehicles | 4-5 years |
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811446": { "value": "Investments measured with the equity method
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
An associated entity is a company, which is neither a subsidiary nor a joint venture, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, more than 20% of the ordinary share capital of a company.
Joint ventures and investments in associated entities are measured using the equity method. Under this method, participations are valued for an amount equal to the corresponding fraction of equity in the last financial statements of the same entities, after the transfer of dividends and the application of adjustments in accordance with the disclosures for the preparation of the financial statements.\u00a0
Gains and losses arising from changes of the adjusted equity of associated companies are recorded in the income statement for the period in which they arise, using the partial consolidation method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811447": { "value": "Leases
IFRS 16 sets out the principles for the recognition, measurement, presentation and the disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. At the commencement date of a lease, a lessee recognizes a liability to make lease payments (i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease (i.e. the right of use asset). Lessees separately recognize the interest expenses on the lease liability and the depreciation expense on the right of use asset.
Lessees will be also required to re-measure the lease liability on the occurrence of certain events (e.g. a change in the lease term, a change in the future lease payments resulting from a change in an index or rate used to establish those payments). The lessee will generally recognize the re-measurement amount of the lease liability as an adjustment to the right of use of the asset.
The standard includes two recognition exemptions for lessees:
leases of low value assets (lower than Euro 20 thousand; a situation that could arise for the Group with reference to operating leases for office equipment such as photocopiers, currently recognized in the balance sheet under the item \"Other operating costs\");
short-term leasing contracts (e.g. leases with a lease term of 12 months or less).
Positions that are affected by the application of IFRS 16, with a significant effect for the Group are linked to:\u00a0
leasing contracts for office spaces used by the Group;\u00a0
cars under long-term rental contracts used by Group personnel.
Business combinations\u00a0
Business combinations are valued with the acquisition method.\u00a0
The cost of the acquisition is determined by the sum of the considerations transferred in a business combination, measured at the fair value at the acquisition date, the acquired liabilities and the equity instruments issued. The assets, the acquired liabilities and the potential liabilities in a business combination are initially measured at their fair value.
The minority interests in the acquired entity are measured at their fair value and at the\u00a0pro-quota\u00a0value of the net assets recognized for the acquired company.
The surplus between the considerations transferred, the amount of the minority interests and the fair value of the non-controlling participations held before the acquisition date, compared to the fair value of the controlling stake of the net assets acquired, is recorded as goodwill.
If the value of the net assets acquired at the acquisition date exceeds the sum of the considerations transferred, of the minority interests and of the fair value of any previously held participation in the acquired company, this surplus is recorded as income of the closed transaction in the income statement.
It is worth pointing out that the Group, based on shareholders' agreements related to the acquisitions of Agenzia Italia S.p.A., Pricewise B.V., Switcho S.r.l., Feedaty S.r.l., Mia Pensione S.r.l. and Gruppo Lercari S.r.l. considers applicable IAS 32 rather than IFRS 10, and recognizes in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. Changes in the estimated liabilities related to put and call options are recognized in the income statement. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
According to provisions of IFRS 3, in step acquisitions (acquisitions achieved in stages) a business combination is achieved only after control has been obtained, and at this moment all the acquired entity's identifiable net assets should be measured at the fair value; minority interests should be measured based on their fair value or based on the proportionate share of the fair value of identifiable net assets of the acquired entity.
In a step acquisition of an associate, the previously held investment, until then accounted according to IFRS 9 (\"Financial instruments\"), or according to IAS 28 (\"Investments in Associates\") or according to IFRS 11 (\"Joint arrangements\"), shall be treated as if it had been sold and repurchased as of the date on which control is acquired. This participation should be measured at its \"sale\" date fair value and the resulting profit or loss of this measurement should be recorded in the income statement. In addition, any value previously recorded in the shareholder's equity, which should be charged in the income statement after the sale of the relevant assets, should be reclassified in the income statement. The goodwill or income (in case of badwill) deriving from the deal concluded with the subsequent acquisition should be determined as the sum of the compensation paid to acquire the control, the value of minority interests (measured according to one of the methods permitted by the standard), and the fair value of the previously held minority shareholdings, net of the fair value of the identifiable net assets of the acquired entity.\u00a0
In addition, according to IFRS 3 the costs related to the acquisition of business combinations are recognized as expenses in the period in which these costs are incurred. Finally, under IFRS 3 contingent consideration is recognized as a part of the transfer price of the acquired net assets and is measured at the acquisition date fair value. The fair value of these liabilities is restated as of the date of each financial report. Similarly, if the combination agreement includes the right to return some consideration components if specified conditions are met, that right is classified as an asset by the acquirer. Any subsequent changes in the fair value of the net assets acquired should be recognized as adjustments to the original accounting treatment only if they are determined by additional or better information about the fair value and occur within 12 months from the acquisition date; all other changes must be recorded in profit or loss.
Impairment
The Group verifies, at least annually, whether there are indicators of a potential loss in value of intangible and tangible assets. If the Group finds that such indications exist, it estimates the recoverable value of the relevant asset.
In addition, intangible assets with an indefinite useful life or that are not available for use and goodwill are subject to an impairment test each year, or more frequently if there is an indication that the asset may have been subject to a loss in value.
The ability to recover the assets is ascertained by comparing the reported value to the related recoverable value, which is represented by the greater of the fair value less disposal costs and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset.
The value in use is determined by discounting expected cash flows resulting from the use of the asset, and if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life.
Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to outside information.
The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the unit that incorporates the asset and generates cash flows (\"CGU\", shorthand of Cash Generating Unit).
A loss of value is reported if the recoverable value of an asset is lower than its carrying value.
If, in a future period, a loss on assets, other than goodwill, does not materialize or is reduced, the carrying value of the asset or CGU is increased up to the new estimate of recoverable value, and may not exceed the value that would have been determined if no loss from a reduction in value had been reported.
The recovery of a loss of value is posted to the income statement.
The value in use of an asset that does not generate independent cash flows is determined in relation to the CGU to which this asset belongs. Impairment is recognized in the income statement whenever the carrying amount of the asset and of the related CGU exceeds its recoverable value. Whenever the circumstances causing the impairment cease to exist, the book value of the asset, except the goodwill, is restored with the recognition in the income statement, up to the net value that the asset would have had if it were not impaired and regularly depreciated.
Goodwill is not amortized,\u00a0but is subject annually, or more frequently if specific events or changes in circumstances indicate that the asset might be impaired, to tests in order to identify possible impairments. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
The impairment of goodwill recorded as of the date of the financial report is shown in the income statement under depreciation of intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page85-body-tag11811520": { "value": "It is worth pointing out that the Group, based on shareholders' agreements related to the acquisitions of Agenzia Italia S.p.A., Pricewise B.V., Switcho S.r.l., Feedaty S.r.l., Mia Pensione S.r.l. and Gruppo Lercari S.r.l. considers applicable IAS 32 rather than IFRS 10, and recognizes in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. Changes in the estimated liabilities related to put and call options are recognized in the income statement. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811461": { "value": "Impairment
The Group verifies, at least annually, whether there are indicators of a potential loss in value of intangible and tangible assets. If the Group finds that such indications exist, it estimates the recoverable value of the relevant asset.
In addition, intangible assets with an indefinite useful life or that are not available for use and goodwill are subject to an impairment test each year, or more frequently if there is an indication that the asset may have been subject to a loss in value.
The ability to recover the assets is ascertained by comparing the reported value to the related recoverable value, which is represented by the greater of the fair value less disposal costs and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset.
The value in use is determined by discounting expected cash flows resulting from the use of the asset, and if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life.
Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to outside information.
The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the unit that incorporates the asset and generates cash flows (\"CGU\", shorthand of Cash Generating Unit).
A loss of value is reported if the recoverable value of an asset is lower than its carrying value.
If, in a future period, a loss on assets, other than goodwill, does not materialize or is reduced, the carrying value of the asset or CGU is increased up to the new estimate of recoverable value, and may not exceed the value that would have been determined if no loss from a reduction in value had been reported.
The recovery of a loss of value is posted to the income statement.
The value in use of an asset that does not generate independent cash flows is determined in relation to the CGU to which this asset belongs. Impairment is recognized in the income statement whenever the carrying amount of the asset and of the related CGU exceeds its recoverable value. Whenever the circumstances causing the impairment cease to exist, the book value of the asset, except the goodwill, is restored with the recognition in the income statement, up to the net value that the asset would have had if it were not impaired and regularly depreciated.
Goodwill is not amortized,\u00a0but is subject annually, or more frequently if specific events or changes in circumstances indicate that the asset might be impaired, to tests in order to identify possible impairments. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
The impairment of goodwill recorded as of the date of the financial report is shown in the income statement under depreciation of intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811449": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and highly liquid short-term investments (readily convertible to cash within three months). Overdrafts are included in short-term borrowings and are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811450": { "value": "Assets and liabilities held for sale
The Group classifies assets and liabilities as held for sale if their carrying amount will be recovered principally through a sale transaction, rather than through their continuing use, and if the conditions of IFRS 5 are met. In particular, assets are measured at the lower of their carrying amount and their fair value less costs to sell.\u00a0
Assets and liabilities held for sale are excluded from the result from operating activities and are presented in the income statement in a single line as net result from discontinued operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811452": { "value": "Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments designated at fair value through other comprehensive income (\"OCI\") when they meet the definition of equity under IAS 32 \"Financial Instruments: Presentation\" and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized in the profit and loss statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.\u00a0In this context, management ruled out the possibility of classifying this investment as 'held for trading' and opted instead to measure it at fair value, with changes recognized in OCI, in order to avoid that temporary, non-monetary changes in value, that are not representative of ordinary business activities, could significantly distort the presentation of the income statement.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit and loss are classified in the financial statements at fair value and the fair value changes are recorded in profit and loss.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811453": { "value": "Trade receivables
Trade receivables are valued initially at fair value and subsequently at amortized cost using the effective interest rate basis.\u00a0
Any losses arising as a result of impairment reviews are recognized in the income statement. In particular, IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on all trade receivable based on their residual contractual duration. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.
In the presence of impairment indicators, the values of the assets are reduced to the present value of expected future cash flows and the differences are recognized in the income statement, with a provision for bad debts as counterbalance, offsetting trade receivables. If in subsequent periods the reasons for such impairments are no longer valid, the values of the assets are reinstated up to the amortized cost as if the impairment had never occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811454": { "value": "Own shares
Own shares are booked as a reduction of shareholders' equity. Being the shares without nominal value, the purchase cost is deducted from the share capital for an amount implicitly corresponding to the nominal value and from the distributable reserves for an amount equal to the remaining part of the purchase cost.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811456": { "value": "Trade payables and financial liabilities
Financial liabilities, trade payables and other debts are initially recognized at fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Amortization is determined based on the effective interest rate which equates, at the initial moment, the present value of cash flows connected with the liability and its initial recorded amount (amortized cost method).Whenever expected future cash flows change, and these could be reliably estimated, the value of the liability is recalculated on the basis of the new cash flows and the initial effective interest rate.
Other current and non-current liabilities include earn-out and escrow liabilities, which, as they relate to the potential future financial performance of the relevant acquired subsidiaries or are contingent upon the receipt of security deposits recognized in the balance sheet, are not included in the net financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page86-body-tag11811455": { "value": "Trade payables and financial liabilities
Financial liabilities, trade payables and other debts are initially recognized at fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Amortization is determined based on the effective interest rate which equates, at the initial moment, the present value of cash flows connected with the liability and its initial recorded amount (amortized cost method).Whenever expected future cash flows change, and these could be reliably estimated, the value of the liability is recalculated on the basis of the new cash flows and the initial effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page87-body-tag11811457": { "value": "Provisions for risks and charges
Provisions are recognized when; (i) the existence of a current obligation, legal or implicit, arising from a past event, is probable; (ii) it is probable that the fulfillment of the obligation will be onerous; (iii) the amount of the obligation can be reliably estimated. Provisions are recognized based on the best estimate of the expenditure required to settle the present obligation or to transfer it to a third party at the balance sheet date. When the financial effect of the timing of the obligation is significant and the dates of the payments can be reliably estimated, the provision is discounted back. Provisions are measured at the present value of the payments expected to be required to settle the obligation using a rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page87-body-tag11811458": { "value": "Defined benefit program liability
Employee termination benefits (\"Trattamento Fine Rapporto\", or \"TFR\"), which are compulsory for Italian companies in accordance with the civil code, are considered by IFRS as a defined benefit program, based, among other things, on the period of employment and the remuneration of the employee during a predefined period.\u00a0
The TFR liability is determined by independent actuaries using the Projected Unit Credit Method to account for the time value of money. According to \"revised\" IAS 19 the adjustments deriving from the changes in actuarial assumptions are recorded in equity, by means of the recognition in the comprehensive income statements.\u00a0
The implicit interest cost for the adjustment of the present value of the TFR liability over time is recognized in the financial expenses in the income statement.
The Group also introduced a long-term incentive plan in favor of certain employees, linked to certain economic indicators achieved by the Group in the medium term. In accordance with IAS 19, the cost of this plan is recognized on a straight-line basis over the duration of the plan, in the income statement under personnel costs, together with interest and remeasurements of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page87-body-tag11811459": { "value": "The TFR liability is determined by independent actuaries using the Projected Unit Credit Method to account for the time value of money. According to \"revised\" IAS 19 the adjustments deriving from the changes in actuarial assumptions are recorded in equity, by means of the recognition in the comprehensive income statements.\u00a0
The implicit interest cost for the adjustment of the present value of the TFR liability over time is recognized in the financial expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page87-body-tag11811460": { "value": "Share based payments
The Group has a stock option plan for the benefit of directors, employees and other personnel. As per IFRS 2 (\"Share based payments\"), stock option plans are valued at the fair value of the option at grant date, using methods that take into account the exercise price and vesting period of the option, the current stock price, the expected volatility and dividend payout of the shares, and the risk-free interest rate determined on the day of the option grant.\u00a0
As of the grant date, the expense related to the stock option plan is recognized on a straight-line basis in personnel costs in the income statement over the vesting period of the option, and in a reserve in shareholders' equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page87-body-tag11811462": { "value": "Revenue recognition
Revenues and other income are recognized net of discounts, allowances and bonuses and of the provision for possible repayments of commissions upon early repayment or insolvency of brokered loans.
IFRS 15 provides for the recognition of revenues for an amount which reflects the compensation at which the entity believes to be entitled in the economic transaction with the customer for the transfer of products and services.
Revenues are recognized in the income statement when it is probable that future economic benefits will flow to the Group.
The methods of revenue recognition for the main activities of the Group are as follows:\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Credit, insurance, telecommunications and energy broking services, and e-commerce price comparison
Revenues from credit, insurance, telecommunications and energy broking services are recognized upon the actual disbursement of loans by lenders, the actual underwriting of contracts by insurance companies or the subscription of the contract for telecommunications or energy. The Group is entitled to receive its commission for the service provided only when the operation is closed with the disbursement of a loan, the activation/renewal of an insurance policy or a utility contract.
Those revenues include fees whose recognition is based on information coming from consumers and not yet confirmed by the client companies as of the end of the financial year.
Revenues from e-commerce price comparison activities are recorded at the time of click (in the case of pay per click) or at the time of product purchase (in the case of pay per sale).
(b) BPO services
Revenues from BPO services are recognized based on the type of services provided and contractual conditions agreed with clients. In particular, we can identify the following categories of services provided:
provision of services whose revenues accrue upon the completion of each phase of processing, regardless of the effective outcome of the process;\u00a0
provision of services whose revenues accrue upon the completion of the processing and is subject to the effective closing of a transaction, such as a loan disbursement. In such case, the measurement of the revenue, in accordance with IFRS 15, depends on the stages effectively accomplished, on their contractual value, and the probabilities of success of the applications. In some cases, variable consideration is provided for upon achieving certain targets;\u00a0
promotion and placement of financial products, whose revenues are represented by success fees based on the amount of the operations finalized;
agreements, regarding the provision of administrative credit collection services. In such case, we take into consideration, for the determination of the total compensation of the contract, both the possible implicit financial impact in transactions where the timing of payments agreed by the parties gives the customer a financial benefit, and the probability of cashing these receivables, on which the fees due to the company are established.
Government grants
Government grants are recognized when it is reasonably certain that the Group will respect the related conditions and they will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page88-body-tag11811464": { "value": "Cost recognition
Costs are recognized as the assets and services are consumed during the relevant period or when they are sustained, when it is not possible to determine future economic benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page88-body-tag11811465": { "value": "Financial income and expenses
Interest income and expenses are recognized in the accrual period on the net value of the relevant financial assets and liabilities using the effective interest rate method.
Financial expenses are recognized on an accrual basis and recorded in the income statement in the accrual period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page88-body-tag11811466": { "value": "Taxation
Current income taxes are accounted on the basis of estimated taxable income and the relevant applicable tax rates.
Deferred income taxes are determined based on temporary differences arising between the tax bases of assets and liabilities (excluding goodwill) and their carrying amounts, and differences arising from undistributed reserves registered in the shareholders' equity of the subsidiaries when the timing of reversal of these differences is under the Group's control and they will probably reverse within a reliably foreseeable period. Deferred income tax assets, including those on tax loss carryforwards, and not offset by deferred tax liabilities, are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income taxes are calculated using tax rates (and laws) that are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled.\u00a0
Current and deferred income taxes are recognized in the income statement with the exception of the items that are recognized directly in shareholders' equity in which case the tax effect is accounted for in the relevant equity reserve. Current and deferred tax assets and liabilities are netted only when the entity has a legally enforceable right to offset the recognized amounts.
Substitute tax relates to the revaluation of assets according to Italian tax legislation and is recognized in income tax expense in the income statement. Other taxes, not related to income, are recognized in other operating costs in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page88-body-tag11811467": { "value": "Deferred income taxes are determined based on temporary differences arising between the tax bases of assets and liabilities (excluding goodwill) and their carrying amounts, and differences arising from undistributed reserves registered in the shareholders' equity of the subsidiaries when the timing of reversal of these differences is under the Group's control and they will probably reverse within a reliably foreseeable period. Deferred income tax assets, including those on tax loss carryforwards, and not offset by deferred tax liabilities, are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income taxes are calculated using tax rates (and laws) that are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page88-body-tag11811468": { "value": "Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrices for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidence, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. The Group applies hedge accounting, recognizing fair value changes in equity. If the conditions the application of hedge accounting are not met, the changes are recognized in the income statement.
Earnings per share\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Basic
Basic earnings per share are calculated by dividing the net income attributable to the Group by the weighted average number of ordinary shares outstanding during the year, excluding own shares.
(b) \u00a0\u00a0\u00a0\u00a0Diluted
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding, excluding own shares, assuming the exercise of all potentially dilutive rights (e.g. stock options), whilst the Group's net income is adjusted to account for the effect of the conversion, net of taxes. The diluted earnings per share are not calculated in the event of losses, given that any such calculation would result in an improvement in the Group's results.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page90-body-tag11811470": { "value": "Accounting estimates and judgments
The preparation of the financial statements requires the application by the directors of principles and accounting methodologies that sometimes require the use of estimates and judgments based on historical experience and other assumptions that are believed to be reasonable under the circumstances. The application of these estimates and assumptions impacts on the amounts included in the statement of financial position, income statement, statement of cash flows and the notes to the financial statements. The resulting accounting estimates could differ from the related actual results because of the uncertainty influencing the assumptions.
The underlying estimates and assumptions are reviewed periodically by management (at least annually). Any changes in estimates are recognized prospectively from the period in which the estimate is revised.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below.
(a) \u00a0\u00a0\u00a0\u00a0Deferred taxes
Deferred tax assets/liabilities are recognized on the basis of expectations of future earnings. The estimate of future earnings for purposes of the recognition of deferred taxes depends on factors that could vary over time and significantly affect the amount of deferred tax assets/liabilities.
(b) \u00a0\u00a0\u00a0\u00a0Stock options
The valuation of stock option plans is based on valuation techniques that take into consideration the expected volatility of share prices and the dividend yield. Should different assumptions be applied, the valuation of the stock option plans and the related expenses could be different.
(c) \u00a0\u00a0\u00a0\u00a0Impairment test for the evaluation of goodwill and participations
The impairment test provides for the use of valuation methods based on estimations and assumptions which could be subject to significant changes with subsequent impacts on the results of the evaluations done.
(d) \u00a0\u00a0\u00a0\u00a0Fair value of net assets acquired in a business combination\u00a0
Pursuant to IFRS 3, the Group records the identifiable acquired assets and liabilities at fair value as of the date of acquisition of control. The residual amount is recorded as goodwill arising from the acquisition. These values are determined by estimating the identifiable assets and liabilities, based on reasonable and realistic assumptions using the information available at the date when control was acquired, which had an effect on the value of the recognized assets, liabilities and goodwill, as well as on the revenues and expenses for the period.\u00a0
\u00a0(e) Estimated liabilities for put/call options
Liabilities related to put/call options on remaining minority interests are estimated on the basis of the projected results of the respective subsidiaries, in line with the plans used for impairment testing purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page90-body-tag11811471": { "value": "New principles effective starting from the financial year ended December 31, 2025 not relevant to the Group
The following standards, amendments and interpretations, applicable from January 1st, 2025, are not relevant or they did not involve effects for the Group:
Lack of exchangeability - Amendments to IAS 21.
Finally, with reference to the Pillar Two Global Anti-Base Erosion rules (\"Pillar Two\") and the related requirements provided by IAS 12 and IAS 11, we point out that as consolidated revenues are less than Euro 750 million, the Group does not fall within the scope of the Pillar Two Model Rules. Therefore, the mandatory recognition exception in IAS 12.4A does not apply to the Group.
Accounting standards, amendments and IFRS Accounting Standards interpretations endorsed by the European Union, not yet mandatory and not adopted early by the Group at December 31, 2025.
At the date of this document, the competent bodies of the European Union have completed the endorsement process required for the adoption of the amendments and standards described below. These standards are not yet mandatory and have not been adopted early by the Group at December 31, 2025:\u00a0
- On May, 30 2024 the IASB published a document called \"Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS9 and IFRS 7\". The document clarifies some issues identified during 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:\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2022 clarify the classification of financial assets with variable returns and linked to ESG objectives, as well as the criteria to be used for assessing the SPPI test;
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2022 determine that the settlement date of liabilities through electronic payment systems is the date on which the liability is extinguished. Nevertheless, an entity may adopt an accounting policy that allows derecognition of a financial liability before transferring cash on the settlement date, subject to specific conditions.\u00a0
With these amendments, the IASB has also introduced additional disclosure requirements, particularly for investments in equity instruments designated at FVTOCI.\u00a0
The amendments will apply to financial statements for periods beginning on or after January 1, 2026, with early application permitted. The directors do not expect these amendments to have a significant effect on the Group's consolidated financial statements.\u00a0
\u00a0- On December 18, 2024 the IASB published an amendment titled \"Contracts Referencing Nature-dependent Electricity - Amendment to IFRS 9 and IFRS 7\". The document aims to support entities in reporting the financial effects of electricity purchase contracts generated from renewable sources (often structured as Power Purchase Agreements).\u00a0
Under such contracts, the quantity of electricity generated and purchased may vary due to uncontrollable factors, such as weather conditions. The IASB has introduced targeted amendments to IFRS 9 and IFRS 7. The amendments include:\u00a0
\u2022 a clarification regarding the application of the \"own use\" requirements to this type of contract.
\u00a0\u2022 criteria for accounting for such contracts as hedging instruments.\u00a0
\u2022 new disclosure requirements to enable financial statement users to understand the impact of these contracts on an entity's financial performance and cash flows.\u00a0
The amendment will apply from January 1, 2026, with early application permitted. The directors do not expect this amendment to have a significant effect on the Group's consolidated financial statements, as the related contracts involve physical delivery and consumptionbased billing.\u00a0
- On July 18, 2024 the IASB issued a document titled \"Annual Improvements Volume 11\". This document includes clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. The document amends the following:\u00a0
\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards;\u00a0
\u2022 IFRS 7 Financial Instruments: Disclosures and related implementation guidance of IFRS 7;
\u00a0\u2022 IFRS 9 Financial Instruments;
\u00a0\u2022 IFRS 10 Consolidated Financial Statements; and\u00a0
\u2022 IAS 7 Statement of Cash Flows. \u00a0The amendments will apply to financial statements for periods beginning on or after January 1, 2026.\u00a0
The directors do not expect this amendment to have a significant effect on the Group's consolidated financial statements.\u00a0
- On April 9, 2024 the IASB published a new standard titled \"IFRS 18 Presentation and Disclosure in Financial Statements\", which will replace \"IAS 1 Presentation of Financial Statements\". The new standard aims to improve the presentation of financial statements, with particular focus on the income statement layout. In particular, the new standard requires:\u00a0
\u2022 the classification of revenues and costs into three new categories (operating, investing, and financing), in addition to the existing categories for taxes and discontinued operations in the income statement layout.
\u00a0\u2022 the presentation of two new subtotals: operating profit and profit before interest and taxes (i.e., EBIT).\u00a0
In addition, the new standard:\u00a0
\u2022 requires more detailed information on management-defined performance measures;\u00a0
\u2022 introduces specific new criteria for aggregating and disaggregating information;\u00a0
\u2022 implements changes to the cash flow statement layout, including the requirement to use operating profit as the starting point for the cash flow statement prepared under the indirect method, and the removal of certain existing classification options (e.g., interest and dividends paid and interest and dividends received).\u00a0
The new standard will apply from January 1, 2027, with early adoption permitted. The directors are currently assessing the possible effects of the introduction of this new standard on the Group's consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page90-body-tag11811521": { "value": "Financial risk analysis
Risk management of the Group is based on the principle that operating risk or financial risk is managed by the person in charge of the business process involved.
The main risks are reported and discussed at Group top management level in order to create the conditions for their coverage, assurance and assessment of residual risk.
Exchange and interest rate risk
Currently the financial risk management policies of the companies of the Group provide a balanced split between fixed-rate and variable-rate loans, aimed at optimizing the cost of the loans over time. As of today, the risk of incurring greater interest costs as a result of unfavorable variations of market interest rates, as better analyzed in the following, is mitigated by the subscription of hedging derivatives (recognized using hedge accounting), which change the rate from floating to fixed, on a portion of the Group's debt.
The following table provides a summary of the exposure to changes in interest rates of the Group's financial debt:
\u00a0 | \u00a0 |
(Euro thousand) | Principal outstanding |
\u00a0 | \u00a0 |
Interest rate exposure: | \u00a0 |
\u00a0 | \u00a0 |
Fixed rate* | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0280,684\u00a0 |
Variable rate (Euribor) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0221,482\u00a0 |
\u00a0 | \u00a0 |
* Contractually fixed rate or variable rate covered by a swap to a fixed rate
A possible unfavorable variation of the Euribor, equal to 1.0%, should produce an additional overall expense for the Group equal to Euro 2,215 thousand in 2026.\u00a0
For the remaining loans already described in paragraph 2.4.1, a fixed rate is applied instead.
As regards to the coverage of exchange rate risk, it is worth pointing out that, as of the reference date of this report, there are no significant assets or liabilities denominated in currencies different from the Euro, with the exception of the MONY Group Plc (\"MONY\") shares, amounting to Euro 109,530 thousand as of December 31, 2025, denominated in British pounds, and are measured at fair value with changes recognized in OCI. With regard to this investment, it should be noted that the management doesn't consider any additional risk elements (e.g. market risk) not already reflected in the related financial reports or in the market value of the stock, which could consequently lead to possible decreases in the value of the investment itself.
Therefore, this risk is considered limited for the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page90-body-tag11811472": { "value": "Credit risk
The current assets of the Group, with the exception of cash and cash equivalents, consist mainly of trade receivables for an amount of Euro 186,322 thousand (Euro 137,167 thousand as of December 31, 2024), of which the overdue portion as of December 31, 2025 is equal to Euro 31,167 thousand (Euro 28,879 thousand as of December 31, 2024), of which Euro 6,973 thousand is overdue for over 90 days (Euro 5,445 thousand as of December 31, 2024).
Most of the gross overdue receivables were paid by the clients during the first months of 2026. As of the date of approval of this report, receivables not yet collected, overdue as of December 31, 2025, amount to Euro 7,058 thousand, of which Euro 5,161 thousand are receivables already overdue for over 90 days as of December 31, 2025.
Trade receivables are mainly from banks, financial intermediaries, insurance companies, leasing/rental companies, energy and telecommunications providers, and public sector entities, considered highly reliable but, facing receivables for which we consider a credit risk could arise, we allotted an allowance for doubtful receivables equal to Euro 10,535 thousand.
The Group monitors counterparty risk by analyzing the solvency and standing of customers before entering into business relations with them and trying to limit an excessively high concentration of receivables from a few counterparties.
For this purpose, it is worth mentioning that we do not notice any significant concentration of revenues on any client: in 2025 the revenues from the main client of the Group represent less than 5% of total consolidated revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page91-body-tag11811473": { "value": "Liquidity risk
Liquidity risk represents the risk that a company is not able to procure financial resources to support short-term operations.
The total amount of liquidity as of December 31, 2025 is Euro 140,099 thousand; in addition, current financial assets (money market ETFs) amount to Euro 51,830 thousand, against short-term financial liabilities for Euro 92,700 thousand and trade payables for Euro 88,726 thousand.
The following table shows the breakdown of financial liabilities and trade payables by contractual maturity:
\u00a0 | Years ended on December 31, 2025 | ||||
(euro thousand) | Amount | < 1 year | \u00a01-2 years\u00a0 | \u00a02-5 years\u00a0 | > 5 years |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Bank borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0503,084\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a048,492\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065,851\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0388,741\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Liabilities for derivative instruments on loans | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0972\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0243\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0729\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Put/call options liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a098,393\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a037,276\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,858\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,259\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
IFRS 16 lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,238\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,932\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,932\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,374\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Trade and other payables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a088,726\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a088,726\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0721,413\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0181,426\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0109,884\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0430,103\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | Years ended on December 31, 2024 | ||||
(euro thousand) | Amount | < 1 year | \u00a01-2 years\u00a0 | \u00a02-5 years\u00a0 | > 5 years |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Bank borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0324,323\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a089,611\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,520\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0144,035\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0 |
Liabilities for derivative instruments on loans | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,172\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0293\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0879\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Put/call options liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0118,717\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a073,577\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028,386\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,754\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
IFRS 16 lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,753\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,015\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,015\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,723\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Trade and other payables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,628\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,628\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0519,593\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0229,831\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0124,214\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0165,391\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0 |
The management believes that liquidity risk for the group is limited.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page92-body-tag11811474": { "value": "Fair value of financial instruments
All financial instruments are recorded in the Group's financial statements at fair value. The carrying value of the financial liabilities measured at amortized cost is deemed to approximate their fair value at the reporting date. The following table summarizes the Group's net financial position, comparing fair value and carrying value:
\u00a0 | carryng value | fair value | ||
(euro thousand) | As of \u00a0December 31, | As of December 31, 2024 | As of \u00a0December 31, | As of December 31, 2024 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalents | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0140,099\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,490\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0140,099\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,490\u00a0 |
Trade receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0186,392\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,167\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0186,392\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,167\u00a0 |
PIV receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,041\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,041\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0 |
Total financial asset at amortized cost | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0327,532\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0275,773\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0327,532\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0275,773\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Mony Group PLC shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0109,530\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0101,937\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0109,530\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0101,937\u00a0 |
Mark to market interest rate hedging instruments | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0416\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0416\u00a0 |
Total financial assets at fair value through OCI | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0109,530\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0102,353\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0109,530\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0102,353\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Monetary ETFs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051,830\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051,830\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Igloo notes | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,339\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,339\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0 |
DPP receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0984\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0984\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0984\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0984\u00a0 |
Other securities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0172\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0172\u00a0 |
Total financial assets at fair value through P&L | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a057,204\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,352\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,352\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,352\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other payables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a088,726\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,628\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a088,726\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,628\u00a0 |
Bank borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0503,084\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0324,323\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0503,084\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0324,323\u00a0 |
IFRS 16 lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,238\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,753\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,238\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,753\u00a0 |
Total financial liabilities at amortized cost | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0622,048\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0399,704\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0622,048\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0399,704\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Put/call options liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a098,393\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0118,717\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a098,393\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0118,717\u00a0 |
Liabilities for derivative instruments on loans | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0972\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,172\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0972\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,172\u00a0 |
Total financial liabilities at fair value | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a099,365\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0119,889\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a099,365\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0119,889\u00a0 |
It should be noted that MONY shares and ETFs are measured at fair value (Level 1), Igloo securities, DPP receivables, other securities, and the mark-to-market on interest rate hedging instruments are measured at fair value (Level 2) and financial liabilities related to put/call options are measured at fair value (Level 3), where the methodology used to determine the fair value of such liabilities is based on the discounting of future cash flows (income approach).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page93-body-tag11811475": { "value": "Current geopolitical situation and impact of trade tariffs\u00a0
With regards to the current geopolitical situation, it should be noted preliminary that the Group is not directly exposed to the Russian and Ukrainian economies. The consequences of the invasion of Ukraine by the Russian Federation are not currently such as to give rise to concern for the businesses of Group companies and are not expected to have any impact on their ability to continue operating as going concerns.\u00a0
Similarly, the Group doesn't appear to be directly exposed to Iranian, Israeli and United States economies. \u00a0However, the Mavriq Division is indirectly exposed to the current situation of hostility in the Middle East through trends in the energy market. In case of significant deterioration in national energy markets, such as to cause significant contractions in supply or demand, some companies within the Mavriq Division could suffer significant declines in results, which, however, are not expected to have any impact on the Group's going concern.
However, any significant fall in consumer confidence and/or disposable income could have a negative impact on the volumes of the various lines of business.\u00a0
Finally, with regard to the introduction of trade tariffs in the United States, it should be noted that the related impacts are not considered significant given the nature of the Group companies' businesses.
Risks related to technological change
The Group operates in a market characterized by deep and continuous technological changes that require the ability to adapt promptly and successfully to such developments and to the changing needs of its customers. Any inability of the Group to adapt to new technologies could negatively affect operating results.
Risks related to internationalization
The Group, as part of its internationalization strategy, may be exposed to typical risks arising from conducting business on an international basis, including those related to changes in the political, macroeconomic, tax and/or regulatory framework, as well as to fluctuations in exchange rates.
Risks related to the impairment of goodwill
The Group may experience negative effects on the value of its shareholders' equity in the event of any impairment of goodwill recorded in the financial statements as of December 31, 2025, which may become necessary if adequate cash flows are not generated compared to those expected and forecast in the multi-year plans used for impairment testing.
Cyber security risk
The Group is exposed to cyber security risk, related to potential unauthorized access to information systems, loss or unavailability of data, and operational disruptions resulting from cyberattacks.
To mitigate such risks, IT security measures are adopted, including network protection systems, access controls and continuous system updates. Business continuity and disaster recovery plans are also in place.
Risk linked to Climate Change
For a more detailed analysis, please refer to the Consolidated Sustainability Statement, available within this Report.\u00a0
Operating risk and going concern
The technological component is an essential element for the operating activities of the Group; therefore, there is the risk that the possible malfunctioning of the technological infrastructure may cause an interruption of client services or loss of data. However, the companies of the Group have developed a series of plans, procedures and tools to guarantee business continuity and data security.\u00a0
Considering the economic and financial situation, in particular the level of available reserves, and taking into account the trend of the net working capital and of the economic and financial situation, the separated and consolidated financial reports have been prepared considering the assumption of going concern as fulfilled.
It should in fact be considered that the Group, as in previous years, achieved positive economic results, and, despite uncertain macroeconomic scenarios, that future economic forecasts are also positive. Finally, the Group has adequate financial resources to meet its future obligations over a period of at least 12 months from the date of approval of the financial statements, and it can, where necessary, activate additional levers to rapidly liquidate significant investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page93-body-tag11811478": { "value": "Segment reporting
The primary segment reporting is by business segments; the board of directors of the Issuer identifies the business segments of the Group in Mavriq and BPO&Tech Division:
Mavriq Division: the division operates in the markets for the online comparison and intermediation of utility contracts (energy and telecommunications), insurance products (motor, home, health, etc.), bank products (mortgages, loans, accounts) and e-commerce offers in Italy, Germany, Spain, France, the Netherlands\u00a0and Mexico\u00a0
Moltiply BPO&Tech Division: operates in the Italian market for the provision of complex business process outsourcing services and IT platforms for the financial, insurance and leasing/rental sector.
Detailed information relative to each division is provided below. For this purpose, it is worth highlighting that the allocation of the costs incurred by the Issuer and by PP&E S.r.l. for the benefit of each Division is based on the relevant headcount in Italy at the end of the period.
Revenues by Division
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Mavriq revenues | 406,418 | 221,122 |
Moltiply BPO&Tech revenues | 267,698 | 232,513 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues | 674,116 | 453,635 |
Operating income by Division
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Mavriq operating income | 72,939 | 43,723 |
Moltiply BPO&Tech operating income | 30,500 | 29,728 |
\u00a0 | \u00a0 | \u00a0 |
Total operating income | 103,439 | 73,451 |
\u00a0 | \u00a0 | \u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,270\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,803\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(26,163) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16,733) |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,580\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0677\u00a0 |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(34,615) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,824) |
\u00a0 | \u00a0 | \u00a0 |
Net income before income tax expense | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053,511\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a059,374\u00a0 |
Assets by Division\u00a0
The allocation of property, plant and equipment shared by both Divisions is based on space occupied.
(euro thousand) | \u00a0As of | \u00a0As of |
\u00a0 | \u00a0 | \u00a0 |
Mavriq Division assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0655,765\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0388,599\u00a0 |
Moltiply BPO&Tech Division assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0304,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0297,211\u00a0 |
Not allocated | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0170,769\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129,138\u00a0 |
Cash and cash equivalents | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0140,099\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,490\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,270,633\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0952,438\u00a0 |
The item \"not allocated\" mainly includes the value of the MONY shares and money-markets ETF shares, equal to Euro 144,509 thousand as of December 31, 2025, and the other assets attributable to the Issuer and to subsidiary PP&E S.r.l..
Liabilities by Division
(euro thousand) | \u00a0As of | \u00a0As of |
\u00a0 | \u00a0 | \u00a0 |
Mavriq Division liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0220,636\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,579\u00a0 |
Moltiply BPO&Tech Division liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0199,365\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0140,156\u00a0 |
Not allocated | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0517,809\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0426,176\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0937,810\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0656,911\u00a0 |
The item \"not allocated\" mainly includes the financial liabilities of the Issuer for Euro 500,503 thousand, and the other liabilities attributable to the Issuer and to subsidiary PP&E S.r.l., except for IFRS 16 liabilities related to PP&E S.r.l. offices, allocated to both Divisions based on occupancy.
Revenues and non-current assets by geographical area
In accordance with IFRS 8, revenues by geographical area are shown below, broken down between Italy and foreign countries based on the location of customers:
\u00a0 | Years ended on | |
(euro thousand) | December 31, 2025 | December 31, 2024 |
\u00a0 | \u00a0 | \u00a0 |
Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0444,123\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0380,985\u00a0 |
Other Countries | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0229,993\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a072,650\u00a0 |
of which Germany | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0140,595\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0674,116\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0453,635\u00a0 |
The detail of non-current assets by geographical area is also provided, broken down between Italy and other countries according to the location of the operating units to which these assets relate:
\u00a0 | Years ended on | |
(euro thousand) | December 31, 2025 | December 31, 2024 |
\u00a0 | \u00a0 | \u00a0 |
Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0338,545\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,916\u00a0 |
Other Countries | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0385,786\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0174,893\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total non current asset* | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0724,331\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0523,809\u00a0 |
*with the exception of those specified in IFRS 8 | \u00a0 | \u00a0 |
Business combinations
Acquisition of Verivox\u00a0
On March 21, 2025, the Group, through its subsidiary Lucky Fox S.r.l., acquired from ProSiebenSat.1 Media SE, the entire share capital of Verivox, a leading player in the German online comparison and intermediation market (the \"Transaction\"). The total consideration agreed for the Transaction is equal to Euro 231.5 million in terms of equity value. At the acquisition date, Lucky Fox S.r.l. assumed debts towards Verivox - generated by a cash pool relationship with the previous shareholders - for Euro 53.9 million, and acquired a shareholders' loan towards Verivox for Euro 13.7 million, the countervalues of which were offset at the closing with the agreed consideration for the Transaction. The net amount was paid through the cash deriving from the loan agreement subscribed at the same time as the Transaction, and cash already available. The agreements for the Transaction also provide for an\u00a0earn-out\u00a0of up to Euro 60 million determined on the basis of Verivox's financial performance in 2025; the liability for this earn-out is currently estimated for an amount equal to Euro 5.3 million.
Following the analysis aimed at determining the fair value of the assets, mainly represented by application platforms (software) and trademarks, liabilities and contingent liabilities of each acquired entity, the acquisition price has been allocated (\"purchase price allocation\"), as shown in the table below:
\u00a0 | \u00a0 |
Cash and cash equivalent | 11,800 |
Non current Assets | 126,042 |
of which allocated software | 51,325 |
of which allocated trademark | 46,900 |
Trade receivables | 26,288 |
Other current assets | 44,497 |
Long-term debts and other financial liabilities | (12,694) |
Deferred tax liabilities | (32,277) |
of which tax effect on allocated software | (29,410) |
Short-term debts and other financial liabilities | (2,461) |
Trade and other payables | (9,581) |
Tax payables | (7,249) |
Other current liabilities | (12,731) |
\u00a0 | \u00a0 |
Fair value of net assets purchased | 131,634 |
\u00a0 | \u00a0 |
Acquisition price | 238,012 |
\u00a0 | \u00a0 |
Difference between price paid and fair value of net purchased assets | 106,378 |
\u00a0 | \u00a0 |
Goodwill | 106,378 |
\u00a0 | \u00a0 |
Price already paid (A) | 191,353 |
Mill Cash of the entity at the date of the acquisition (B) | 11,800 |
\u00a0 | \u00a0 |
Net cash flow absorbed by the acquisition (A-B) | 179,553 |
\u00a0
The total costs linked to the acquisition are equal to Euro 2,215 thousand and are recorded in the income statement among \"Service costs\".
Acquisition of further minority interests
It should be noted that:
On July 15, 2025, the Group acquired the remaining 40% stake of the share capital of its subsidiary Euroservizi per i notai S.r.l., for a total consideration equal to Euro 8.000 thousand, of which Euro 8.0 million paid in cash and Euro 7.000 thousand to be paid by July 11, 2026.
On August 18, 2025, the Group acquired an additional 37.9% stake of the share capital of Gruppo Lercari S.r.l. for a consideration of euro 54,000 thousand.
Therefore, the total cash flows for acquisitions amount to Euro 241,553 thousand, as reported in the consolidated statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page96-body-tag11811480": { "value": "NON-CURRENT ASSETS
Intangible assets
The following table presents the situation and the variation of the item as of and for the year ended December 31, 2025 and 2024:
(euro thousand) | \u00a0Proprietary software\u00a0 | \u00a0Trademarks, licenses and | \u00a0Goodwill\u00a0 | \u00a0Other intangible assets\u00a0 | \u00a0Total\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2023 | 113,308 | 25,955 | 300,072 | 6,957 | 446,292 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases | 16,622 | 167 | - | 4 | 16,793 |
Increases through acquisitions | 13,918 | 6,258 | 39,708 | - | 59,884 |
Amortization expense | (37,753) | (3,426) | - | (853) | (42,032) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2024 | 106,095 | 28,954 | 339,780 | 6,108 | 480,937 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases | 25,279 | 73 | - | (2) | 25,350 |
Increases through acquisitions | 62,520 | 47,538 | 106,783 | - | 216,841 |
Amortization expense | (56,108) | (7,190) | - | (857) | (64,155) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2025 | 137,786 | 69,375 | 446,563 | 5,249 | 658,973 |
The item \"Proprietary\u00a0software\" includes the higher value (net of accumulated amortization) of the software recognized following the consolidation of \u00a0Verivox (Euro 43,310 thousand), Rastreator (Euro 10,859 thousand), of \u00a0LeLynx SAS (Euro 6,940 thousand), of \u00a0Moltiply Tech S.r.l. (Euro 18,600 thousand), of \u00a0Pricewise B.V. (Euro 4,968 thousand), of Switcho S.r.l. (Euro 3,908 thousand), and personnel costs capitalized for the creation and development of the proprietary software platforms used by Group companies to perform their activities. The increases in the financial year ended December 31, 2025, are related to purchases and capitalizations for Euro 21,772 thousand, and to the recognition of the higher value following the completion of purchase price allocation of Verivox.
The item \"Trademarks, licenses and other rights\" includes the higher value (net of accumulated amortization) of the trademark recognized following the consolidation of Verivox (Euro 43,238 \u00a0thousand), Rastreator (Euro 8,744 thousand), of LeLynx (Euro 4,822 thousand), the Lercari Group (Euro 2,500 thousand), of Pricewise B.V. (Euro 2,858 thousand), of Switcho S.r.l. (Euro 2,587 thousand) of \u00a0Segugio energia e telecomunicazioni S.r.l. (Euro 1,497 thousand) and the value of the licenses for the utilization of third-party software. The increases in the financial year ended December 31, 2025 mainly to the recognition of the higher value of software as a result of the completion of purchase price allocation of Verivox.
The item \"Goodwill\" includes the goodwill emerged from the allocation of the purchase prices of the investments acquired. The increase mainly refers to the recognition of the goodwill allocated following the acquisition of Verivox.
Recoverability of intangible assets
The following table presents the detailed goodwill reported as of December 31, 2025 and subject to impairment test, which differs if compared to the previous year due to the recognition of the goodwill arising from the Verivox acquisition made during the fiscal year.
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Verivox CGU | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0106,378\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Agenzia Italia CGU | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a092,787\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a092,787\u00a0 |
Rastreator CGU | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056,376\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056,376\u00a0 |
Lercari CGU | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 |
LeLynx SA | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,098\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,098\u00a0 |
7Pixel S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,779\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,374\u00a0 |
Switcho S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,412\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,412\u00a0 |
Pricewise B.V. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,006\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,006\u00a0 |
Segugio.it energia e telecomunicazioni S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 |
Eagle&Wise Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 |
Quinservizi S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 |
Europa Centro Servizi S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,489\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,489\u00a0 |
Mia Pensione S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,385\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,385\u00a0 |
Feedaty S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 |
CESAM S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 |
Luna Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 |
EuroServizi per i Notai S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 |
Total goodwill | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0446,563\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0339,780\u00a0 |
\u00a0
Each goodwill recorded in the financial statements as of December 31, 2025 and indicated above belongs to a specific CGU.
As regards the determination of the recoverable amount of the CGUs, based on the value-in-use method, the cash flows generated by the CGUs themselves have been estimated. Forecasts of operating cash flows derive from the related business plans of four years' duration, relating to the period 2026-2029, approved by the Board of Directors of the Issuer held on March 16, 2026.
The main assumptions regarding the value-in-use of the CGUs are the operating cash flows during the four-year forecast period, the discount rate and the growth rate used to determine the terminal value, equal to 2.0%.
The assumptions for the first year of the business plan correspond to those of a preliminary annual budget of the specific CGU, while the assumptions for the subsequent years subject to explicit estimation are developed starting from the economic trend of the previous years, with assumptions on the evolution of revenues and cost structure, deemed reasonable and consistent with the market perspectives and the operating plans of the CGU. Finally, the estimated cash flows include flows related to the evolution of working capital, capital expenditure, and any other relevant asset items.
The composition of future cash flows has been determined based on reasonable, prudent and consistent criteria regarding the attribution of future general expenditures, capital investment, financial balance and the main macroeconomic variables. Finally, it is worth pointing out that cash flow forecasts refer to ordinary activities and, therefore, they are not comprehensive of cash flows deriving from possible extraordinary activities.
The terminal value has been estimated with the discounted cash flow formula for perpetuities.\u00a0
The value-in-use of the CGUs has been determined by discounting the value of the estimated future cash flows (based on conservative growth rates), including the terminal value, which are supposed to be derived from ongoing activities, at a discount rate, net of taxes, adjusted for risk and reflecting the weighted average cost of capital.
In particular, the discount rate used is calculated starting from the Weighted Average Cost of Capital (\"WACC\") of the two Divisions of the Group, for the determination of which, reference was made to indicators and parameters observable on the reference market of the CGUs in question, at the current value of money. In particular, the determination of the WACC refers to the following parameters:
Risk free rate: 2.89%, equal to the yield on 10-year Bunds at the beginning of January 2026;
Market equity risk premium: 6.69%, source: Damodaran, Italy, January 2026; such value already includes the risk about Italian public debt (4.23% - German market for the Verivox CGU; 5.78% - Spanish market for the Rastreator CGU; 5.01% - French market for LeLynx SAS; 4.23% - Dutch market for the Pricewise CGU);
Beta unlevered (different for the two Divisions): 1.34 for the Mavriq Division and 1.05 for the BPO&Tech Division using as a source 3-year unlevered betas calculated from historical stock prices, for a set of comparable operators for each Division, as of the beginning of January 2026;
Target financial structure: debt/equity ratio of 0.20.\u00a0
Based on the above, applying in particular the Capital Asset Pricing Model, the discount rate is 10.14% for the Mavriq Division and 8.59% for the Moltiply BPO&Tech Division.\u00a0
For the impairment of non-Italian entities, a WACC of 10.91% was applied to the Verivox CGU (as adjusted to take into account integration uncertainties and risks), while a WACC of 9.14% was applied to the Rastreator CGU, a WACC of 8.29% was applied to LeLynx SAS, and a WACC of 7.47% was applied to the Pricewise CGU.
Key assumptions used in the calculation of value in use
The financial forecasts underlying the impairment test are prepared based on the latest available market data, medium-term macroeconomic expectations, and anticipated trends in the markets in which the Group operates, with specific reference to the technologies used. These are supplemented by specific business assumptions developed by management, also considering the positioning and specific features of the products marketed.
The main assumptions used to project the future cash flows set out in the plan concern commercial margins, sales volumes, market shares, price trends, and operating expenses. In particular, production costs are expected to increase due to inflation dynamics, offset by efficiency improvement initiatives. Research and development costs are expected to remain in line with historical levels and to support existing technologies as well as the development of new applications.
Other assumptions used by management to estimate value in use include the discount rate (WACC) and the growth rate (g). The growth rates adopted are based on forecasts for the growth of the relevant industry sector. In particular, it should be noted that, for both divisions, conservative growth rates for revenues and margins have been used, which are in fact lower than historical trends.
The discount rate used to discount future cash flows represents the post-tax weighted average cost of capital (WACC), reflects current market assessments, and is determined using: risk-free rates at the CGU level, beta, the equity risk premium, and the cost of capital.
The Equity Risk Premium and Beta values are determined in accordance with best practices, taking into account, with regard to the Equity Risk Premium, specific market risks and macroeconomic conditions, and, with regard to Beta - which measures the systematic risk of a financial asset - the specific risks of the market in which the Group operates.
The cost of debt is determined in line with the Group's existing financing costs.
The recoverable amount also includes the terminal value of income flows (Terminal Value), calculated as the normalized average income expected to be generated in perpetuity. The Group prepares forecasts of operating cash flows based on the business plan prepared by the Parent Company's Directors.
Results
As of December 31, 2025, the in-use values of the evaluated CGUs, determined as described above, are higher if compared to the carrying amounts of the assets allocated to them, goodwill included. \u00a0\u00a0
Keeping into consideration the actual situation of volatility of the markets and of uncertainty upon future economic perspectives, we developed a sensitivity analysis on the recoverable value of goodwill.\u00a0
In particular, we developed a sensitivity analysis on the recoverable amount of the CGUs, assuming an increase of the discount rate, a decrease on the perpetual growth rate.\u00a0
The sensitivity analysis, pursuant to paragraph 134 of IAS 36, of the results of impairment test for the CGUs for which we that did not notice any impairment shows the following margins of tolerance:
Discount rate: the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting an increase of discount rate as follows:\u00a0
increase of discount rate until 20.08% for the Verivox CGU;
increase of discount rate until 17.02% for the Agenzia Italia CGU;
increase of discount rate until 14.90% for the Rastreator CGU;
increase of discount rate until 15.80% for the LeLynx CGU;
increase of discount rate until 22.24% for the Gruppo Lercari CGU;
increase of discount rate until 22.40% for the 7Pixel CGU;
growth rate \"g\": the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting a drop of the implicit growth rate (\"g rate\") as follows:
decrease of \"g rate\" until -14.25 for the Verivox CGU;
decrease of \"g rate\" until -11.77% for the Agenzia Italia CGU;
decrease of \"g rate\" until -6.56% for the Rastreator CGU ;
decrease of \"g rate\" until -9.67% for the LeLynx CGU ;
decrease of \"g\u00a0rate\" until -29.25% for the Gruppo Lercari CGU;
decrease of \"g rate\" until -23,98% for the 7Pixel CGU;\u00a0
Based on the analyses performed, the Directors of the Issuer considered recoverable the book value of the goodwill recorded in the consolidated financial statements as of December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page98-body-tag11811481": { "value": "Property, plant and equipment
The following table presents the situation and the variation of the item as of and for the year ended December 31, 2025 and 2024:
(euro thousand) | \u00a0Land and | \u00a0Plant and | \u00a0Other tangible assets\u00a0 | \u00a0Total\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost as of January 1, 2024 | 40,164 | 20,171 | 14,052 | 74,387 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
IFRS 16 - Additions of the period | 4,707 | - | 1,039 | 5,746 |
Additions | 1,724 | 1,330 | 1,243 | 4,297 |
Others | 25 | 14 | 669 | 708 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost as of December 31, 2024 | 46,620 | 21,515 | 17,003 | 85,138 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of January 1, 2024 | 18,121 | 15,252 | 9,762 | 43,134 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation expense | 3,853 | 1,718 | 1,758 | 7,329 |
of which IFRS 16 effect | 3,604 | - | 598 | 4,202 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of December 31, 2024 | 21,974 | 16,970 | 11,520 | 50,463 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value as of December 31, 2024 | 24,646 | 4,545 | 5,483 | 34,675 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost as of January 1, 2025 | 46,620 | 21,515 | 17,003 | 85,138 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
IFRS 16 - Additions of the period | 5,443 | - | 1,276 | 6,719 |
Additions | 4,290 | 3,688 | 1,569 | 9,547 |
Others | 14,275 | - | 1,582 | 15,857 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost as of December 31, 2025 | 70,628 | 25,203 | 21,430 | 117,261 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of January 1, 2025 | 21,974 | 16,970 | 11,520 | 50,463 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation expense | 5,454 | 1,786 | 2,584 | 9,824 |
of which IFRS 16 effect | 4,923 | - | 758 | 5,681 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of December 31, 2025 | 27,428 | 18,756 | 14,104 | 60,287 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value as of December 31, 2025 | 43,200 | 6,447 | 7,326 | 56,974 |
As of December 31, 2025, the net value of property, plant and equipment is equal to Euro 56,974 thousand (Euro 34,675 thousand as of December 31, 2024). During the financial year ended December 31, 2025 we record increases for a total amount of Euro 16,266 thousand, of which Euro 6,719 thousand related to IFRS 16 assets (for which please refer to the table below).
The other movements include the property, plant and equipment acquired with the corporate acquisitions of the period.\u00a0
The net book value of \"Land and buildings\" as of December 31, 2025 mainly refers to the operating office of 7Pixel S.r.l., in Giussago (PV) for Euro 5,318 thousand, to the building and land located in Cagliari equal to Euro 2,146 thousand, to the building located in Monastir (CA) equal to Euro 2,295 thousand, to the building and land located in Matera respectively equal to Euro 1,203 thousand, to the building located in San Vendemiano (TV) for Euro 5,971 thousand and to the right of use deriving from the adoption of IFRS 16 standard for Euro 25,241 thousand, in relation to the rental contracts for operating offices not owned by the Group.
The item \"Plant and machinery\" includes investments in generic electronic office equipment, in the different operating offices of the Group, and for production hardware.\u00a0
The item \"Other tangible assets\" includes investments in furniture and fittings, specific equipment and vehicles. Increases for the period included purchases for Euro 1,569 thousand, mainly related to office machinery and furniture, and other movements for Euro 1,582 thousand, related to fixed assets of newly acquired companies.
Changes in the values of the rights of use and the leasing liabilities during the financial year ended December 31, 2025 is shown below:
(euro thousand) | Buildings | Vehicles | Total ROU Assets | Lease liabilities |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of January 1, 2025 | 11,472 | 1,555 | 13,027 | 13,751 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases / (decreases) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,443\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,276\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,719\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,599\u00a0 |
Increases through acquisitions | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,249\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,249\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,155\u00a0 |
Amortization | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,923) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(758) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,681) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,266) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of December 31, 2025 | 25,241 | 2,073 | 27,314 | 30,239 |
\u00a0\u00a0
The main increases refer to the right of use assets attributable to the companies acquired during 2025, and in particular refer to the building rental agreements subscribed by them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page99-body-tag11811482": { "value": "Changes in the values of the rights of use and the leasing liabilities during the financial year ended December 31, 2025 is shown below:
(euro thousand) | Buildings | Vehicles | Total ROU Assets | Lease liabilities |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of January 1, 2025 | 11,472 | 1,555 | 13,027 | 13,751 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases / (decreases) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,443\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,276\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,719\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,599\u00a0 |
Increases through acquisitions | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,249\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,249\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,155\u00a0 |
Amortization | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,923) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(758) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,681) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,266) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of December 31, 2025 | 25,241 | 2,073 | 27,314 | 30,239 |
\u00a0\u00a0
The main increases refer to the right of use assets attributable to the companies acquired during 2025, and in particular refer to the building rental agreements subscribed by them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page100-body-tag11811483": { "value": "Participations measured with the equity method
The item includes the participation in the subsidiaries shown in the table below, which shows the changes in this item for financial year ended December 31, 2025:
\u00a0
(Euro thousand) | \u00a0As of December 31, 2024\u00a0 | \u00a0Net income of the year attributable to the Group\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2025\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
CFN Generale Fiduciaria S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0932\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a049\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0981\u00a0 |
CFN Generale Trustee S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027\u00a0 |
Dotware | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Generale Servizi Amministrativi S.r.l.\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0388\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0390\u00a0 |
Mopso S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0290\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(271) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019\u00a0 |
EuroSTA S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0345\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0465\u00a0 |
Tax & Tech S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,986\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(101) | - | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,885\u00a0 |
\u00a0\u00a0\u00a0
The item \"Participations measured with the equity method\" shows a decrease of Euro 101 thousand, attributable to the negative result of the period pertaining to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page100-body-tag11811484": { "value": "Financial assets at fair value
The following table presents the variation of the item as of and for the financial year ended December 31, 2025:
(euro thousand) | \u00a0As of December 31, 2024\u00a0 | \u00a0Purchases/ | \u00a0Revaluations/ | \u00a0Reimbursements/ | \u00a0As of December 31, 2025\u00a0 |
Mony Group PLC | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0101,937\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,319\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,726)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0109,530\u00a0 |
Igloo notes | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,741)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,339\u00a0 |
Other securities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0172\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(121)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051\u00a0 |
PIV and DPP credits | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,100\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(75)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,025\u00a0 |
Mark to market interest rate hedging instruments | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0416\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(416)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
\u00a0 | |||||
Financial assets at fair value | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0111,705\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,319\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12,883) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(196) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0115,945\u00a0 |
Financial assets at fair value show a balance equal to Euro 115,945 thousand as of December 31, 2025 (Euro 111,705 thousand as of December 31, 2024) and include 52,000,000 MONY ordinary shares, listed on regulated markets, (equal to 9.92% of the share capital) for an amount equal to Euro 109,530 thousand. \u00a0The \"Revaluations/(Depreciations)\" item refers to the lower market value of the shares compared with the previous financial year for Euro 9,726 thousand (of which Euro 5,072 thousand arising from the negative effect of exchange rate). Such financial assets are evaluated at fair value through OCI.\u00a0
The item also includes notes related to the \"Igloo\" securitization promoted by subsidiary Centro Finanziamenti S.p.A. for Euro 4,339 thousand, and other related receivables for Euro 984 thousand. These notes are recognized at fair value, with changes recognized in the profit and loss.
Finally, this item includes receivables relating to lifetime mortgage loan transactions equal to Euro 1,041 thousand, valued at amortized cost.
Current financial assets
As of December 31, 2025 current financial assets amount to Euro 51,830 thousand and are composed by money-market ETFs, measured at fair value, purchased during the financial year for an amount equal to Euro 51,128 thousand.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page101-body-tag11811485": { "value": "Deferred tax assets and liabilities
The following tables present the situation and the variation of the item as of and for the financial year ended December 31, 2025:
Year ended December 31, 2025
(euro thousand) | As of January 1, 2025 | Accrual | Other movements | Utilization | As of December 31, 2025 | Expiring within 1 year | Expiring after 1 year |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deferred tax assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Costs with different tax deductibility | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,292\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0448\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0423\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(683) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,480\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,480\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Differences between the tax bases of assets and their carrying amounts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,467\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0145\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11,028) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,584\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,028\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,556\u00a0 |
Defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0504\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(449) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(74) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0 |
Tax loss carry forwards | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0170\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(158) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total deferred tax assets - Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034,433\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0769\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(26) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11,943) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023,233\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,508\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,725\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deferred tax liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Differences between the tax bases of assets and their carrying amounts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16,487) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29,410) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,032\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(39,865) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,052) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,403) |
Dividends deliberated not yet paid | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(178) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(238) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(430) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(430) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total deferred tax liabilities - Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16,683) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29,424) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,812\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40,295) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,482) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,403) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total net deferred tax assets - Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,750\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0769\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29,450) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,131) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(17,062) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,026\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,322\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Differences between the tax bases of assets and their carrying amounts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12,864) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29,410) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,948) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,531\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(39,691) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,511) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(32,180) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total deferred tax liabilities - Other Countries | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12,864) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29,410) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,948) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,531\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(39,691) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,511) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(32,180) |
\u00a0
Deferred tax assets, are shown net of deferred tax liabilities, based on the legal right of set-off and on a single jurisdiction basis. Deferred tax assets include for an amount equal to Euro 18,970 thousand tax effects related to the revaluation of trademarks and buildings owned by some entities of the Group, according to the measures introduced by the Art. 110 of the Law Decree n. 104/2020, converted in the Law n. 126/2020, enacting \"Urgent measures to support and relaunch the economy\". The amount of deferred tax assets used during the financial year is equal to Euro 10,794 thousand and includes the latest portion of deferred tax assets attributable to software platforms.
Among deferred tax liabilities referring to differences between the tax bases of assets and their carrying amounts, as of December 31, 2025, there is the amount related to the tax effect of the higher values recognized to the intangible assets as a result of the consolidation of the companies acquired by the Group.\u00a0
In line with the presentation on single jurisdiction basis, introduced starting from this report, with the consequent restatement of the opening balance, the total amount of deferred tax liabilities arising from acquisitions of Italian companies amounts to Euro 10,234 thousand, while those attributable to foreign jurisdictions amount to Euro 39,691 thousand. With reference to the provision of the year for an amount equal to Euro 29,410 thousand, please refer to the information provided previously regarding the acquisition of Verivox, while the utilizations amount to Euro 12,806 thousand\u00a0and are attributable to the depreciation for the period.
Finally, it should be noted that the amounts related to deferred tax assets and deferred tax liabilities for the previous financial year have been restated to provide the best financial representation.
As of December 31, 2025, it is also noted that (a) there are no tax loss carryforwards for which deferred tax assets have not been recognized; (b) deferred tax assets on temporary differences not recognized in the financial statements amount to Euro 26,906 thousand.
It should be noted that the Issue has established a National Tax Consolidation regime with most of the Italian companies of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page103-body-tag11811486": { "value": "Other non-current assets
The item as of December 31, 2025, equal to Euro 6,499\u00a0thousand, includes a security deposit linked to a tax claim related to subsidiary Rastreator Comparador Correduria de Seguros SLU, equal to Euro 5,962\u00a0thousand. The outcome of this litigation is covered by a specific\u00a0tax indemnity\u00a0issued by the sellers as part of the purchase of the company. However, please refer to the section on potential liabilities.
The item also includes security deposits related to lease agreements for Euro 537 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page103-body-tag11811487": { "value": "CURRENT ASSETS
Cash and cash equivalents
Cash and cash equivalents include cash in hand and bank deposits. The item includes cash in bank deposits with specific destinations for Euro 8,659 thousand, used for claims settlement activities on behalf of clients.
As of December 31, 2025, cash and cash equivalents amount to Euro 140,099 thousand, compared to Euro 137,490 thousand as of December 31, 2024. The cash generation for the period is attributable to financing and operating activities, partially offset by investing activities, as well as the cash acquired from Verivox for Euro 11,800 thousand.\u00a0For further details, please refer to the consolidated cash flow and paragraph 2.4.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page103-body-tag11811488": { "value": "Trade receivables\u00a0
The following table presents the situation of the item as of December 31, 2025 and 2024:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Trade receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0196,927\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0145,544\u00a0 |
(allowance for doubtful receivables) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10,535)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,377)\u00a0 |
Total trade receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0186,392\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,167\u00a0 |
\u00a0
Trade receivables refer to ordinary sales to client companies operating in the banking and financial sector.
It is specified that trade receivables include a portion related to the estimate of considerations accrued for services provided to banking and insurance counterparties but not yet invoiced as of December 31, 2025, partly subject to the occurrence of certain contractual events, which IFRS 15 standards defines as \"contract assets.\" In particular, the considerations refers to: mortgage underwriting and closing services, for which in some cases the contractual remuneration is subject to the effective disbursement of the loan, for Euro 2,849 thousand, processing of insurance claims, for an amount equal to Euro 3,761 thousand, administrative activities aimed at credit collection on behalf of insurance companies, for which the fees are subject to the effective collection of the credits, for an amount eual \u00a0to Euro 3,814 thousand, and intermediation of financial products, for an amount equal to Euro 1,458 thousand.
The following tables present the variation of the allowance for doubtful receivables in the financial years ended December 31, 2025 and 2024:
Year ended December 31, 2024
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 |
Year ended December 31, 2025
(euro thousand) | \u00a0As of December 31, 2024\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2025\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,622\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0572\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,036) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,535\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,622\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0572\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,036) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,535\u00a0 |
For further details regarding overdue receivables, reference is made to the section on credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page103-body-tag11811489": { "value": "The following tables present the variation of the allowance for doubtful receivables in the financial years ended December 31, 2025 and 2024:
Year ended December 31, 2024
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 |
Year ended December 31, 2025
(euro thousand) | \u00a0As of December 31, 2024\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2025\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,622\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0572\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,036) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,535\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,622\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0572\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,036) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,535\u00a0 |
For further details regarding overdue receivables, reference is made to the section on credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page104-body-tag11811490": { "value": "Tax receivables
This item, equal to Euro 14,979 thousand as of December 31, 2025 (Euro 5,266 thousand as of December 31, 2024), refers to the credit for current taxes due to the payments of advances by the companies of the Group during 2025 higher than the amount of the tax due on the taxable income.\u00a0\u00a0It should be noted that most of the Group's Italian companies participate in the tax consolidation regime headed by Moltiply Group S.p.A..
Tax payables \u00a0
Tax payables include payables for current taxes. As of December 31, 2025, the item includes the liabilities for accrued IRES and IRAP (net of advance payments) for Euro 20,382 thousand, and liabilities related to foreign income taxes for Euro 15,576 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page104-body-tag11811491": { "value": "Other current assets
The following table presents the situation of the item as of December 31, 2025 and 2024:
\u00a0 | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
\u00a0 | ||
Accruals and prepayments | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,967\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,145\u00a0 |
Advances to suppliers | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0284\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,220\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,598\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,889\u00a0 |
VAT receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,449\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,667\u00a0 |
\u00a0 | ||
\u00a0 | ||
Total other current assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,298\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,921\u00a0 |
\u00a0
The item \"Accruals and prepayments\" mainly includes the payments for software licenses, and various services already paid but pertaining to subsequent financial years as well as revenues already accrued on services not yet completed.\u00a0
The item \"Advances to suppliers\" mainly includes advance payments for consulting and services not yet performed.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page104-body-tag11811492": { "value": "Assets and liabilities held for sale
It should be noted that the Group reached an agreement to sell the entire share capital of Centro Finanziamenti S.p.A., finalized on January 26, 2026, for a consideration of Euro 3,462 thousand (in line with the carrying amount of the investment in the Issuer's financial statements). Therefore, in accordance with IFRS 5, the assets and liabilities of this subsidiary are classified as held for sale, as shown below:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 |
\u00a0 | |
Intangible assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018\u00a0 |
Property, plant and equipment | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01\u00a0 |
Deferred tax Assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a049\u00a0 |
Cash and cash equivalents | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,614\u00a0 |
Trade receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0185\u00a0 |
Tax receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0244\u00a0 |
Other current assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0300\u00a0 |
\u00a0 | |
Assets held for sale | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,411\u00a0 |
\u00a0 | \u00a0 |
Provisions for risks and charges | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0126\u00a0 |
Defined benefit program liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0166\u00a0 |
Deferred tax liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Other non current liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05\u00a0 |
Trade and other payables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0134\u00a0 |
Other current liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,050\u00a0 |
\u00a0 | \u00a0 |
Liabilities directly associated with assets held for sale | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,481\u00a0 |
NON-CURRENT LIABILITIES
Long-term debts and other financial liabilities \u00a0
The following table presents the situation of the item as of December 31, 2025 and 2024:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Long-term bank borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0454,592\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0234,711\u00a0 |
Term between 1 and 5 years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0454,592\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0234,554\u00a0 |
Term over 5 years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0 |
Other non-current financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a085,395\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a055,050\u00a0 |
Put/call option liability Agenzia Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a026,913\u00a0 |
Put/call option liability Gruppo Lercari S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021,921\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Put/call option liability Feedaty S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,473\u00a0 |
Put/call option liability Switcho S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028,074\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,754\u00a0 |
Put/call option liability Pricewise B.V. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,692\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,785\u00a0 |
Put/call option liability Mia Pensione S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,430\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,215\u00a0 |
Liabilities for derivative intruments on loans | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0972\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,172\u00a0 |
Non-current lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023,306\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,738\u00a0 |
Totale long-term debts and other financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0539,987\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0289,761\u00a0 |
\u00a0
Bank loans
The increase, compared to December 31, 2024, is mainly due to the signing of a new loan contract with a pool of banks (composed of Intesa Sanpaolo S.p.A., UniCredit S.p.A. and Banco BPM S.p.A.), which, net of early repayments of certain existing loans, led to an increase in financial liabilities for Euro 162,461 thousand, and to the signing of a loan agreement with Credito Emiliano S.p.A. (\"Credem\"), for an amount equal to Euro 12,500 thousand and with BPER Banca S.p.A. (\"BPER\") for an amount equal to Euro 15,000 thousand and other minor loans from Agenzia Italia S.p.A. for a total amount equal to Euro 15,000 thousand.
The repayment schedule is as follows:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
- between one and two years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065,851\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,519\u00a0 |
- between two and three years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a071,321\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a078,714\u00a0 |
- between three and four years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0103,103\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a063,737\u00a0 |
- between four and five years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0214,317\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,584\u00a0 |
- more than five | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0454,592\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0234,711\u00a0 |
Pooled financing
On March 21, 2025, the Issuer signed a loan agreement with a pool of banks (composed of Intesa Sanpaolo S.p.A., UniCredit S.p.A. and Banco BPM S.p.A.) for a total amount equal to Euro 400,000 thousand, expiring on March, 21, 2030, with a variable rate equal to the 6-month Euribor rate increased by a spread actually equal to 1.95%, subject to change depending on the ratio between Net Financial Debt and EBITDA. In addition, on 66.67% of the financed amount, equal to Euro 266,667 thousand, an interest rate hedging derivative contract has been entered into, which is converted into a fixed rate at 2.489%, increased by the margin described above.\u00a0
With regard to this loan agreement, the Group is obliged\u00a0to comply every six months with the following consolidated financial covenant for the last twelve months, calculated in accordance with the provisions of the loan agreement (which may differ from the Group's consolidated reports): ratio between Net Financial Debt and EBITDA not over 4.0 as of June, 30, 2025, 3.75 as of December, 31, 2025, 3.0 as of December, 31 2026, and 2.5 from December, 31 2027.
Loans from Cr\u00e9dit Agricole\u00a0
On March 30, 2020 the Issuer signed a loan agreement with Cr\u00e9dit Agricole Italia S.p.A. (\"Cr\u00e9dit Agricole\"), for an amount equal to Euro 15,000 thousand, expiring on June 30, 2026, at a yearly fixed rate equal to 1.05%.
On August 9, 2022 the Issuer signed a loan agreement with Credit Agricole, disbursed in the fourth quarter for Euro 60,000 thousand, expiring on June 30, 2028, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.65%.
With regard to such loans, the Issuer is obliged to comply every six months with the following consolidated financial covenant for the last twelve months: ratio between Net Financial Position and EBITDA not over 3.00. It is worth noting that for the calculation of this ratio, the value of MONY shares is also included in the Net Financial Position (with a positive value) as per the loan agreement.
Loans from Credem
On September 9, 2021 the Issuer signed a loan agreement with Credem for an amount equal to Euro 20,000 thousand, expiring on September 9, 2026, with a fixed interest rate equal to 0.58%. We point out that such loan was mainly used for the early reimbursement of the previous loans of the same bank, which had a residual debt equal to Euro 16,798 thousand.
On November 2, 2022 the Issuer signed a loan agreement with Credem, for an amount equal to Euro 10,000 thousand, expiring on November 2, 2026, with a variable interest rate equal to Euribor 1-month, increased by a spread of 0.90%.
On October 30, 2023 the Issuer signed a loan agreement with Credem, for an amount equal to Euro 5,000 thousand, expiring on October 30, 2028, with a variable interest rate equal to Euribor 3-month, increased by a spread of 0.90%.
On June 24, 2024 the Issuer signed a loan agreement with Credem, for an amount equal to Euro 10,000 thousand, expiring on June 24, 2029, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.20%.\u00a0
On July 21, 2025, the Issuer signed a loan agreement with Credem, for an amount equal to Euro 12,500 thousand, expiring on July 21, 2030, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.43%.
As regard the loans obtained from Credem, the Group is obliged to comply with the following consolidated financial covenant, as resulting from the consolidated financial statements for each full and half year: ratio between Net Financial Position and EBITDA not over 3.0. It is worth noting that for the calculation of this ratio, the value of MONY shares is also included in the Net Financial Position (with a positive value) as per the loan agreement.
Loan from BPER Banca S.p.A.
On October 28, 2025, the Issuer signed a loan agreement\u00a0with BPER Banca S.p.A. (\"BPER\"), for an amount equal to Euro 15,000 thousand, expiring on October 28, 2030, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.20%.
Covenant calculation
The Group has complied with the above covenants as of December 31, 2025.\u00a0
Changes in liabilities
We provide below the table required by IAS 7 about the changes of the liabilities related to financing activities:
(euro thousand) | \u00a0As of December 31, 2024\u00a0 | \u00a0Cash flows\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2025\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Pool financing | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0384,087\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0384,087\u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,596\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,655) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,941\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,261\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,028\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,348) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,941\u00a0 |
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,423\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(90,423) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Banco BPM S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a043,669\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(34,486) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,977) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,206\u00a0 |
Unicredit S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044,734\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(44,875) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
BPER Banca S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,689\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,689\u00a0 |
Other financial institutions | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,028\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,182\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(482) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,728\u00a0 |
\u00a0 | ||||
Long-term borrowings | 234,711 | 248,202 | (28,321) | 454,592 |
The \"Cash flows\" column includes the non-current portion of the new obtained loans as well as the non-current portion of early repaid loans.\u00a0
The \"Others\" column refers to the reclassification among current liabilities of the portions of the loans that will expire during the next twelve months.
Other non-current financial liabilities
Other non-current financial liabilities are composed of the estimated liability for the exercise of the put/call option on the residual 20% stake of Pricewise B.V., on the residual 12% of Gruppo Lercari S.r.l., on the residual 20% of Switcho S.r.l., on the residual 49% of Mia Pensione S.r.l., and the leasing liabilities deriving from the adoption of IFRS 16.
CURRENT LIABILITIES
Short-term debts and other financial liabilities
The following table presents the situation of the item as of December 31, 2025 and 2024:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Short-term bank debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0918\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
\u00a0 | ||
Current portion of long-term loans: | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a047,574\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a089,611\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Pool financing | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,743\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,656\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,115\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,890\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,539\u00a0 |
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,566\u00a0 |
Banco BPM S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,913\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,925\u00a0 |
Unicredit S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,134\u00a0 |
BPER Banca S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,818\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0969\u00a0 |
Other financial institutions | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,554\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0363\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Other financial liabilities: | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044,208\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a078,593\u00a0 |
Current lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,932\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,016\u00a0 |
Liability for exercise put/call Agenzia Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035,315\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Liability for exercise put/call Feedaty S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,961\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Liability for exercise put/call Gruppo Lercari s.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a073,577\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Short-term debts and other financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a092,700\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0168,204\u00a0 |
The item \"Short-term debts and other financial liabilities\" amounting to Euro 92,700 thousand as of December 31, 2025, includes the current portions of bank borrowings, the interest payable on the outstanding loans, the current portion of the lease liabilities (according to IFRS 16), and the estimated liability for the exercise of the put/call option on the residual stake of Agenzia Italia S.p.A. and Feedaty S.r.l..
We provide below the table required by IAS 7 about the changes of the liabilities related to financing activities:
(euro thousand) | \u00a0As of December 31, 2024\u00a0 | \u00a0Cash flows\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2025\u00a0 |
\u00a0 | ||||
Pool financing | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,743\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,743\u00a0 |
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,566\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(32,566) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,539\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,978) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,329\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,890\u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,115\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,250) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,791\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,656\u00a0 |
Banco BPM S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,925\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,125) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,113\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,913\u00a0 |
Unicredit S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,134\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(22,000) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(134) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
BPER Banca S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0969\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,388\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,818\u00a0 |
Other financial institutions | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0363\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,773\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0418\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,554\u00a0 |
Short-term borrowings | 89,611 | (71,015) | 28,978 | 47,574 |
The \"Cash flows\" column includes the current portion of the new obtained loans, net of the reimbursements of the period.
The \"Others\" column refers to the reclassification among current liabilities of the portions of the loans that will expire during the next twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page108-body-tag11811494": { "value": "Provisions for risks and charges
The following tables present the situation and the variation of the item as of and for the financial year ended December 31, 2025 and 2024:
Year ended December 31, 2024
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Provision for early repayment of loans | 126 | (126) | - | - | - | - |
Other provisions for risks | 563 | - | 797 | (35) | - | 1,325 |
Total | 689 | (126) | 797 | (35) | - | 1,325 |
Year ended December 31, 2025
(euro thousand) | \u00a0As of December 31, 2024\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2025\u00a0 |
Provisions for risks and charges | 1,325 | 95 | 1,353 | (651) | (349) | 1,773 |
Total | 1,325 | 95 | 1,353 | (651) | (349) | 1,773 |
The \"Other provisions for risks\" include, for Euro 807 thousand provisions for liabilities deemed probable in relation to labor law disputes and for an amount equal to Euro 966 thousand, a provision related to liabilities deemed probable in respect of social security contributions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page108-body-tag11811495": { "value": "Defined benefit program liabilities\u00a0
The following table presents the situation of the item as of December 31, 2025 and 2024:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
TFR | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,407\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,508\u00a0 |
Termination indemnity | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0347\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0237\u00a0 |
Long Term Incentive Plan liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,808\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,095\u00a0 |
Total defined benefit program liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a026,562\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,840\u00a0 |
The liability for Long Term Incentive Plan refers to the estimated liability due to the employees benefiting from long term incentive plans, the amount of which is estimated on the basis of allocations previously made and assumptions about the evolution in subsequent years of economic parameters whose values will determine the actual disbursements. The increase compared to the previous year is mainly attributable to new incentive allocations made during 2025.
The economic and demographic assumptions used for the actuarial determination of the defined benefit program liabilities are provided below for the years ended December 31, 2025 and 2024:
\u00a0 | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
ECONOMIC ASSUMPTIONS | ||
Inflation rate | 2.00% | 2.00% |
Discount rate | 3.95% | 3.37% |
Salary growth rate | 3.00% | 3.00% |
TFR growth rate | 3.00% | 3.00% |
\u00a0 | \u00a0 | \u00a0 |
DEMOGRAPHIC ASSUMPTIONS | \u00a0 |
Expected mortality rate | Expected mortality rate of Italian population, according with data from\u00a0Ragioneria Generale dello Stato\u00a0RG48. |
Expected invalidity rate | Data slit by sex, driven by the INPS model and projected to 2010, have been considered. Expectation are constructed using \u00a0the age and gender distribution of the living pensioners as of January 1, 1987,beginning from 1984, 1985, and 1986, relating to personnel in the credit sector. |
Expected termination rate | As regards, the expected termination, a rate of 12% p.a. has benn applied for all employees. |
Expected retirements | It is expected that employess will reach the minimum requirement provided by Assicurazione Generale Obbligatoria. |
Expected early repayment rate | A rate of 3% p.a. has been applied |
Actuarial profits deriving from the liability as of December 31, 2025, equal to Euro 2,021 thousand, are recorded in equity, with the recognition in the comprehensive income statement.
The following table presents the variation of the employee termination benefit liability for the year ended December 31, 2025 and 2024:
Value as of December 31, 2023 | 20,435 |
\u00a0 | \u00a0 |
Current service cost | 3,297 |
Interest cost | 660 |
Change in the scope of consolidation | 805 |
Benefits paid | (2,732) |
Losses /(Gains) of the year | 43 |
\u00a0 | \u00a0 |
Value as of December 31, 2024 | 22,508 |
\u00a0 | \u00a0 |
Current service cost | 3,498 |
Interest cost | 755 |
Change in the scope of consolidation | (52) |
Benefits paid | (2,281) |
Losses /(Gains) of the year | (2,021) |
\u00a0 | \u00a0 |
Value as of December 31, 2025 | 22,407 |
\u00a0
Expenses related to the defined benefit program liability that are recognized in the income statement\u00a0
are as follows:
\u00a0 | Years ended | |
(euro thousand) | December 31, 2025 | December 31, 2024 |
\u00a0 | \u00a0 | \u00a0 |
Current personnel cost | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,498) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,297) |
Implicit interest cost | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(755) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(660) |
\u00a0 | \u00a0 | \u00a0 |
Total expenses related to the defined benefit program | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,253) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,957) |
As regards the discount rate, the reference rate used for the valorization of this parameter is the Iboxx Eurozone Corporate AA 10+ index (maturity over 10 years) as of the valuation date. This term is in fact linked to the average residual permanence of the employees of the Group, weighed with the expected payments.
In accordance with IAS 19, a sensitivity analysis was prepared by changing the main actuarial assumptions. Starting from the base scenario, the average annual discount rate, the average inflation rate, and the turnover rate were adjusted. The results obtained can be summarized in the following table:
\u00a0 | \u00a0Annual discount rate\u00a0 | \u00a0Annual inflation rate\u00a0 | \u00a0Turnover rate\u00a0 | |||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Change % | +0,50% | -0,50% | +0,25% | -0,25% | +2,00% | -2,00% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Change Euro/000 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021,478\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023,199\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,491\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,130\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,485\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,144\u00a0 |
The directors' termination benefits for the companies of the Group are recognized pursuant to the resolutions of the relevant shareholders' meetings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page111-body-tag11811496": { "value": "Other non-current liabilities
The item, equal to Euro 7,552 thousand as of December 31, 2025, mainly includes the non-current portion of the consideration still to be paid for the purchase of Rastreator for Euro 6,197 thousand (which is subject to the collection of the security deposit owned by Rastreator Comparador Correduria de Seguros SLU), and Sovime S.r.l. for Euro 357 thousand.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page112-body-tag11811497": { "value": "Trade and other payables
Trade and other payables include the payables to suppliers for the purchase of goods and services, for Euro 88,726 thousand as of December 31, 2025, compared to Euro 61,628 thousand as of December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page112-body-tag11811498": { "value": "Other current liabilities
The following table presents the situation of the item as of December 31, 2025 and 2024:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Liabilities to personnel | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,596\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027,540\u00a0 |
Social security liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,022\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,256\u00a0 |
Social security liabilities on behalf of employees | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,908\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,769\u00a0 |
Accruals | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,589\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,079\u00a0 |
VAT liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,180\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,634\u00a0 |
Advances from clients | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,939\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,987\u00a0 |
Other liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a038,722\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,570\u00a0 |
Total other current liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0118,956\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a082,835\u00a0 |
Liabilities to personnel are mainly liabilities for salaries accrued in December, paid at the beginning of 2026, for accrued holidays and for deferred expenses as of December 31, 2025 that are still to be paid and bonus liabilities for the financial year 2025 not yet paid as of December 31, 2025. The increase compared to the previous year is mainly due to the increase in the average number of employees.
The item \"Accruals\" mainly includes deferred revenues linked to\u00a0outsourcing\u00a0activities performed by the Moltiply Lease and Moltiply Insurance business line.
The item \"Advances from clients\" mainly includes the liabilities of the Moltiply Insurance business line for advances received for claim settlements, for Euro 8,699 thousand.
The item \"Other liabilities\" mainly includes the current portion of the consideration still to be paid for the purchase of Moltiply Tech S.r.l. for Euro 10,254 thousand, for the purchase of Verivox for Euro 5,350 thousand, for the purchase of Euroservizi per i notai S.r.l. for Euro 7,000 thousand, for the purchase of Pricewise B.V. for Euro 1,291 thousand, for the purchase of Sovime S.r.l. for Euro 500 thousand, and provisions for cashback payments to Verivox end users for an amount equal to Euro 7,330 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page113-body-tag11811499": { "value": "The item \"Accruals\" mainly includes deferred revenues linked to\u00a0outsourcing\u00a0activities performed by the Moltiply Lease and Moltiply Insurance business line.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page113-body-tag11811500": { "value": "Shareholders' equity
The following table presents the situation of the item as of December 31, 2025 and 2024:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Share capital | 969 | 946 |
Legal reserve | 202 | 202 |
Other reserves | 5,287 | (24,275) |
Retaind earnings | 326,208 | 314,865 |
Total Group shareholders' equity | 332,666 | 291,738 |
Other reserves of minority interest | - | 2,542 |
Retained income of minority interest | 157 | 1,247 |
Total shareholders' equity | 332,823 | 295,527 |
\u00a0
For the changes in shareholders' equity, refer to the relevant table.
On April 23, 2025, the shareholders' meeting resolved a dividend distribution of Euro\u00a00.12\u00a0per share. This dividend was distributed with ex-dividend date July 7, 2025, record date July 8, 2025 and payment date July 9, 2025.\u00a0
Following this resolution, the total amount paid for dividends is equal to Euro 4,487 thousand.
The Company, as of December 31, 2025, has a share capital of Euro 1,012,354.01, formed by 40,000,000 ordinary shares without nominal value, unchanged if compared to December 31, 2024.
As of December 31, 2025, the Issuer holds 1,705,552 own shares, equal to 4.264% of ordinary share capital, for a total cost of Euro 19,850 thousand. Being the shares without nominal value, the purchase cost is deducted from the share capital for an amount implicitly corresponding to the nominal value, equal to Euro 43 thousand as of December 31, 2025, and from available reserves for an amount equal to the remaining part of the purchase cost.
The following table presents the impact of the purchase and sale of own shares by the companies of the Group on the consolidated share capital and net equity of the shareholders of the Issuer as of December 31, 2025 and 2024:
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Share capital underwritten and paid | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,012\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,012\u00a0 |
Own shares' nominal value | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(43)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(66)\u00a0 |
Total share capital | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0969\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0946\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Other reserves gross of own shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0351,547\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0332,444\u00a0 |
Surplus on own shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(19,850)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(41,652)\u00a0 |
Total other reserves | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0331,697\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0290,792\u00a0 |
\u00a0\u00a0
It should be noted that in the consolidated statement of changes in shareholders' equity, the item \"other movements\" includes, in the amount of Euro 11,515 thousand in the equity attributable to the shareholders of the Issuer, and in the amount of Euro 3,485 thousand in minority interests, the effect of the consolidation related to the acquisition of the remaining 40% stake in the share capital of Euroservizi per i Notai S.r.l..
It should also be noted that Moltiply Group's market capitalization as of December 31, 2025 amounted to Euro 1.4 billion, exceeding its book equity as at the same date.
Disclosure Regarding the Group's Non-Controlling Interests
The financial information related to the companies not wholly owned by the Group are provided below, as required by the new IFRS 12 standard. The values presented below are shown before consolidation adjustments (amounts in Euro/thousands):
Company | \u00a0% Ownership by Non-Controlling Interests\u00a0 | \u00a0Currency\u00a0 | \u00a0Totale Assets\u00a0 | \u00a0Total Equity\u00a0 | \u00a0Net Revenues\u00a0 | \u00a0Net Income for the Period\u00a0 | \u00a0Total Dividends Distributed\u00a0 |
Forensic Expert S.r.l. | 49% | \u00a0EUR\u00a0 | 784 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0347\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,157\u00a0 | 318 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Stock option plans
The following table summarizes the variation of the stock options during the year:\u00a0
\u00a0 | \u00a0 |
Stock options as of January 1, 2025 | 1,194,150 |
Stock options offered in 2025 | 64,600 |
Stock options cancelled due to resignations in 2025 | (16,000) |
Stock options exercised in 2025 | (192,500) |
Stock options as of December 31, 2025 | 1,050,250 |
\u00a0 | |
of which vested as of December 31, 2026 | 413,000 |
\u00a0\u00a0
The outstanding stock options as of December 31, 2025 are as follows:
Date of shareholders' meeting resolution | Date of assignment | Vesting date | Expiry date | # options | Strike price | Value of the option |
April 29, 2021 | November 15, 2021 | November 15, 2024 | November 14, 2027 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0143,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044.379\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.77\u00a0 |
April 29, 2021 | May 12, 2022 | May 12, 2025 | May 11, 2028 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030.316\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.33\u00a0 |
April 29, 2021 | November 2, 2022 | November 2, 2025 | November 1, 2028 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0165,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021.868\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06.19\u00a0 |
April 29, 2021 | November 11, 2022 | November 11, 2025 | 10 novembre 2028 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023.031\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09.24\u00a0 |
April 29, 2021 | February 5, 2023 | February 5, 2026 | February 6, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028.880\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.75\u00a0 |
April 29, 2021 | May 2, 2023 | May 2, 2026 | May 1, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027.585\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.98\u00a0 |
April 29, 2021 | September 7, 2023 | September 7, 2026 | September 6, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0264,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a026.172\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.16\u00a0 |
April 29, 2021 | February 1, 2024 | February 1, 2027 | January 31, 2030 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023,900\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031.747\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.72\u00a0 |
April 29, 2024 | May 15, 2024 | May 15, 2027 | May 14, 2030 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0105,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.300\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.60\u00a0 |
April 29, 2024 | May 22, 2024 | May 22, 2027 | May 21, 2030 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036.060\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.76\u00a0 |
April 29, 2024 | June 20, 2024 | June 20, 2027 | June 19, 2030 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,850\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036.409\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.69\u00a0 |
April 29, 2024 | November 29, 2024 | November 29, 2027 | November 28, 2030 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,900\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.588\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.76\u00a0 |
April 29, 2024 | January 13, 2025 | January 13, 2028 | January 12, 2031 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,100\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a037.420\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.15\u00a0 |
April 29, 2024 | May 9, 2025 | May 9, 2028 | May 8, 2031 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a041.863\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013.58\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
\u00a0 | \u00a0 | \u00a0 | Total options | \u00a0\u00a0\u00a0\u00a0\u00a01,050,250\u00a0 | \u00a0 | \u00a0 |
\u00a0
The weighted average price of the shares for the year ended December 31, 2025 is equal to Euro 41.547.
Personnel costs for the year ended December 31, 2025 include Euro 2,373 thousand related to the Group's stock option plan (Euro 2,140 thousand for the year ended December 31, 2024)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page113-p_1606-tag11811502": { "value": "0.12", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page113-body-tag11811501": { "value": "Following this resolution, the total amount paid for dividends is equal to Euro 4,487 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page115-body-tag11811503": { "value": "NOTES TO THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT
Revenues\u00a0
The following table presents the details of the item for the financial years ended December 31, 2025 and 2024:
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Mavriq revenues | 406,418 | 221,122 |
Moltiply BPO&Tech revenues | 267,698 | 232,513 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues | 674,116 | 453,635 |
For comments on the evolution of revenues, please refer to the management report.
Other income
The following table presents the details of the item for the financial years ended December 31, 2025 and 2024:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Reimbursement of costs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,309\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,996\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,429\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,201\u00a0 |
Grants | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0267\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0173\u00a0 |
Total other income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,005\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,370\u00a0 |
The item \"Reimbursement of costs\" includes incomes from the re-invoicing of expenses incurred on behalf of customers.
Services costs
The following table presents the details of the item for the financial years ended December 31, 2025 and 2024:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Marketing expenses | (172,836) | (91,531) |
Notarial and appraisal services | (64,246) | (44,300) |
Technical, legal and administrative advice | (25,467) | (20,133) |
IT services and software licenses | (14,317) | (7,887) |
Commission payout | (7,045) | (4,339) |
Rental and lease expenses | (3,451) | (3,059) |
Post and courier expenses | (4,765) | (3,670) |
Utilities and cleaning costs | (3,592) | (2,056) |
Telecommunications | (2,260) | (1,993) |
Travel expenses | (2,633) | (1,881) |
Other general expenses | (13,538) | (12,764) |
\u00a0 | \u00a0 | \u00a0 |
Total services costs | (314,150) | (193,613) |
\"Marketing expenses\" refer to activities aimed at increasing the awareness and reputation of the Group and of its brands and to acquire new perspective clients. The increase compared the previous year is mainly attributable to the enlargement of the consolidation area, following the acquisition of Verivox.
\"Notary and appraisal services\" mainly refer to services purchased by the Moltiply BPO&Tech Division. The increase compared the previous year is mainly due to the sharp increase in the volume of para-notarial activities, as well as the increase in the average cost of remortgages deeds.\u00a0
\"Technical, legal and administrative advice\" costs refer to expenses incurred for professional advice for legal, financial and fiscal matters, for audit activities, for administrative and operating support, as well as for IT and technology consulting.\u00a0
\"IT services and software licenses\" includes software, cloud and hosting costs.\u00a0
\"Commission payout\" is related in particular to the broking fees paid to the agents of the Money360 network.
\"Rental and lease expenses\" include mainly the fees paid by the companies of the Group for software use costs. The increase compared to the previous year is due to the higher software use costs and to the enlargement of the consolidation area.\u00a0
\"Postage and delivery charges\" refer mainly to expenses incurred for the shipping of documentation on behalf of the clients of the Moltiply BPO&Tech Division.\u00a0
The \"Other general expenses\" include costs of various services, such as administrative and document scanning services used by subsidiary Agenzia Italia S.p.A., maintenance and insurance costs.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page117-body-tag11811506": { "value": "Personnel costs
The following table presents the details of the item for the financial years ended December 31, 2025 and 2024:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Wages and salaries | (137,709) | (94,628) |
Social security contributions | (36,430) | (27,020) |
Professional collaborators and project workers costs | (6,154) | (5,125) |
Directors' compensation | (5,260) | (6,516) |
Defined benefit program costs | (6,095) | (5,472) |
Other costs | (1,739) | (1,626) |
Stock options | (2,373) | (2,140) |
\u00a0 | \u00a0 | \u00a0 |
Total personnel costs | (195,760) | (142,527) |
The increase compared to the previous financial year is mainly due to the enlargement of the consolidation area with the acquisition of Verivox.
The average headcount is as follows:
\u00a0 | Years ended | |
\u00a0 | December 31, 2025 | December 31, 2024 |
\u00a0 | \u00a0 | \u00a0 |
Employees | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,910\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,173\u00a0 |
Collaborators\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0397\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0450\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Average headcount | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,307\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,623\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Headcount in Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,485\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,508\u00a0 |
Headcount in Romania | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0738\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0665\u00a0 |
Headcount in Germany | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0586\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05\u00a0 |
Headcount in Spain | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0184\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0143\u00a0 |
Headcount in India | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0136\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0138\u00a0 |
Headcount in Albania | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a092\u00a0 |
Headcount in France | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035\u00a0 |
Headcount in Netherlands | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023\u00a0 |
Headcount in Mexico | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Other operating costs
Other operating costs as of December 31, 2025 amount to Euro 19,565 thousand (Euro 20,247 thousand as of December 31, 2024) and mainly include non-deductible VAT costs for Euro 10,619 thousand (Euro 10,181 thousand as of December 31, 2024), tax charges for Euro 5,382 thousand (Euro 5,866 thousand in the financial year ended December 31, 2024) and Euro 1,868 thousand related to provisions (Euro 1,177 thousand in the financial year ended December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page118-body-tag11811508": { "value": "Depreciation and amortization
The following table presents the details of the item for the financial years ended December 31, 2025 and 2024:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Amortization of intangible assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(64,155) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(42,032) |
of which related to purchase price allocation | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(46,280) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(32,654) |
Depreciation of property, plant and equipment | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,824) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,329) |
of which IFRS 16 effect | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,681) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,202) |
Total depreciation and amortization | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(73,979) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(49,361) |
\u00a0
Depreciation and amortization costs in the financial year ended December 31, 2025, includes the amortization costs related to the higher values of assets recognized following the consolidation of acquired companies.\u00a0
The increase of amortization of intangible assets is mainly attributable to the full contribution of the amortization of the higher values of assets recognized with reference to the acquisitions occurred in the second half of 2024, and the higher values recognized with reference to the acquisition of Verivox. \u00a0
Net financial income
The following table presents the details of the item for the financial years ended December 31, 2025 and 2024:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,270\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,803\u00a0 |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,580\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0677\u00a0 |
Interest expense - borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(23,606) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,949) |
Other financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,337) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(659) |
Dividends paid to third-party shareholders | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) |
Implicit interest cost on defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(755) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(660) |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(34,615) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,824) |
Net financial income/(loss) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(49,928) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,077) |
\u00a0
Financial income mainly includes the dividends received from MONY for Euro 6,477 thousand and the interest income accrued in the period from the use of Group's available liquidity.\u00a0
Gains from participations are mainly related to the reduction of the estimated earn-out liability associated with the acquisition of Verivox for an amount equal to Euro 1,140 thousand and to the capital gain realized on the disposal of Preminen Mena Price Comparison WLL, for an amount equal to Euro 465 thousand.
The item \"Interest expense - borrowings\" mainly includes the interest expenses on bank loans.\u00a0
The item \"Other financial expenses\" includes Euro 1,336 thousand related to the accounting of the right of use in relation to rental buildings, according to IFRS 16.
Dividends paid to third-party shareholders refer to the dividend paid by Agenzia Italia S.p.A. to third-party shareholders for Euro 465 thousand.
The item \"Income/(Losses) from financial assets/liabilities\" mainly includes the losses deriving from the recalculation of estimated liabilities for the exercise of put/call options on the remaining minority shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page120-body-tag11811510": { "value": "Income tax expense
The following table presents the details of the item for the financial years ended December 31, 2025 and 2024:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Current income taxes | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(25,278) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,939) |
Income/(losses) from deferred tax assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,169\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(435) |
Income tax expense | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(24,109) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,374) |
\u00a0
The \"Income/(losses) from deferred tax assets\" item mainly includes the utilization of the period of the deferred tax assets related to the higher value of assets revaluated during 2020 (in the financial statements of the subsidiaries prepared in accordance with Italian GAAP - OIC), where such revaluation has been reversed in the consolidated financial statements), for Euro 10,794 thousand, and the absorption of deferred tax liabilities related to higher values allocated as a result of purchase price allocations for Euro 12,806 thousand.
With reference to the Pillar Two Global Anti-Base Erosion rules (\"Pillar Two\") and the related requirements provided by IAS 12 and IAS 11, we point out that as consolidated revenues are less than Euro 750 million, the Group does not fall within the scope of the Pillar Two Model Rules. Therefore, the mandatory recognition exception in IAS 12.4A does not apply to the Group.
The reconciliation between the theoretical tax rate and the effective tax rate for the years ended December 31, 2025 and 2024 is provided in the following table:
\u00a0 | Years ended | |
\u00a0 | \u00a0As of December 31, 2025\u00a0 | \u00a0As of December 31, 2024\u00a0 |
Theoretical tax rate / Corporate income tax (IRES) | 24.0% | 24.0% |
Non-deductible costs\u00a0(e.g. financial expenses on put/call) | 17.7% | 3.5% |
Differences of the tax rate on foreign company income | 3.6% | -0.7% |
Impact of the tax benefits\u00a0(e.g. dividends) | -7.3% | -17.2% |
Deferred tax assets DL 104/2020 art. 110 | 2.7% | 12.3% |
Others | -1.3% | 0.0% |
IRAP | 5.7% | 4.2% |
\u00a0 | \u00a0 | \u00a0 |
Effective tax/effective income tax rate | 45.1% | 26.1% |
\u00a0 | \u00a0 | \u00a0 |
\u00a0
Discontinued operations
It should be noted that in March 2025, the Group reached an agreement to sell the entire share capital of Centro Finanziamenti S.p.A. (finalized on January 26, 2026) and 65Plus S.r.l. (finalized during 2025). Therefore, in accordance with IFRS 5, the economic results of these subsidiaries are classified among the \"discontinued operations\", because identified as CGUs. Given the limited significance of the two subsidiaries, the information is presented on an aggregated basis. Therefore, the results for the period of these subsidiaries are shown below:
\u00a0 | \u00a0Years ended\u00a0 | |
(euro thousand) | \u00a0December \u00a031, 2025\u00a0 | \u00a0December \u00a031, 2024\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Revenues | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0393\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0635\u00a0 |
Other income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0 |
Services costs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(427) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(624) |
Personnel costs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(789) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(708) |
Other operating costs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13) |
\u00a0 | \u00a0 | \u00a0 |
EBITDA | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(824) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(697) |
\u00a0 | \u00a0 | \u00a0 |
Depreciation and amortization | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(75) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(66) |
\u00a0 | \u00a0 | \u00a0 |
Operating income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(899) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(763) |
\u00a0 | \u00a0 | \u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3) |
\u00a0 | \u00a0 | \u00a0 |
Net income before income tax expense | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(871) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(730) |
\u00a0 | \u00a0 | \u00a0 |
Income tax expense | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0233\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3) |
\u00a0 | \u00a0 | \u00a0 |
Net result of Discontinued Operations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(638) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(733) |
Guarantees, potential liabilities and assets
The Group has outstanding guarantees amounting to Euro 106 million. This item mainly includes bank and insurance guarantees issued by the parent company in favour of third-party companies for contractual obligations (Euro 80.1 million), direct commitments undertaken by the parent company in its own interest or on behalf of other Group companies and related parties (Euro 25 million), as well as bank and insurance guarantees issued by other Group companies and related parties (Euro 0.9 million).
In addition to what described in the previous notes, we do not recognize any further potential liability.
We specify, however, that with respect to Rastreator Comparador Correduria de Seguros SLU, there is an open tax claim inherent to potential irregularities related to value added tax, the outcome of which is covered by a specific tax indemnity issued by the sellers as part of the purchase of the company.
Finally, we point out that the subsidiary 7Pixel S.r.l., which operates the price comparison service Trovaprezzi.it, has recently notified several Google Group entities of a follow-on claim for damages for the abuse of dominance that favoured Google Shopping between 2010 and 2017, as finally determined by the European Court of Justice in September 2024. The amount of damages estimated by the experts commissioned by 7Pixel S.r.l., including the structural effects of the abuse and interest, is in proximity of Euro 3 billion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page121-body-tag11811854": { "value": "The Group has outstanding guarantees amounting to Euro 106 million. This item mainly includes bank and insurance guarantees issued by the parent company in favour of third-party companies for contractual obligations (Euro 80.1 million), direct commitments undertaken by the parent company in its own interest or on behalf of other Group companies and related parties (Euro 25 million), as well as bank and insurance guarantees issued by other Group companies and related parties (Euro 0.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page121-body-tag11811513": { "value": "Related parties
Related party transactions, including intra-group transactions, are part of the ordinary business operations of the Group, and do not include any unusual or atypical transactions. For further details, please refer to paragraph 2.11.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page121-body-tag11811514": { "value": "Compensation paid to the members of the governing and controlling bodies, general managers and managers with strategic responsibilities\u00a0
The following table shows the compensation paid to the members of the governing and controlling bodies, general managers and managers with strategic responsibilities in the year ended December 31, 2025:
Name | Office | Holding period of the office | Term of the office | Compensation for the office | Non- | Bonus and other incentives | Other | |
From | To | |||||||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marco Pescarmona | Chairman | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 400 | 31 | 500 | 385 |
Alessandro Fracassi | CEO | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 400 | 9 | 500 | 383 |
Giulia Bianchi Frangipane | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 51 | - | - | - |
Fausto Boni | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 40 | - | - | - |
Matteo De Brabant | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 45 | - | - | - |
Klaus Gummerer | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 48 | - | - | - |
Guido Crespi | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 47 | - | - | - |
Maria Chiara Franceschetti | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 42 | - | - | - |
Stefania Santarelli | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 45 | - | - | - |
Camilla Cionini Visani | Director | 1/1/2025 | 12/31/2025 | Appr. of 2025 fin. stat. | 47 | - | - | - |
Cristian Novello | Chairman of the board of st. aud. | 1/1/2025 | 12/31/2025 | Appr. of 2026 fin. stat. | 30 | - | - | - |
Marcello Del Prete | Statutory auditor | 1/1/2025 | 12/31/2025 | Appr. of 2026 fin. stat. | 20 | - | - | 8 |
Roberta Incorvaia | Statutory auditor | 1/1/2025 | 12/31/2025 | Appr. of 2026 fin. stat. | 20 | - | - | - |
Alessio Santarelli | Manager with strategic responsibilities | 1/1/2025 | 12/31/2025 | n/a | - | 9 | 500 | 488 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Fees paid to the independent auditors
The following table provides the fees paid to the independent auditors by the Issuer and its subsidiaries during the year ended December 31, 2025, separating the fees paid for audit services from the fees paid for other attestation services:
\u00a0 | Year ended | |
\u00a0 | December 31, 2025 | |
(euro thousand) | Moltiply Group S.p.A. | Subsidiaries |
\u00a0 | \u00a0 | \u00a0 |
Audit | 187 | 607 |
Sustainability report | 90 | - |
Other services | 50 | - |
\u00a0 | \u00a0 | \u00a0 |
Total fees paid to the independent auditor\u00a0 | 327 | 607 |
Disclosure on public grants pursuant to article 1, comma 125, of Law 124/2017
In relation to the provisions of Article 1,\u00a0comma\u00a0125, of Law 124/2017, subsequently reworded by Article 35 of Law Decree 34/2019, regarding the obligation to provide evidence in the notes of the financial statements of any public disbursements received during the financial year by way of grants, subsidies, advantages, contributions or aids, in cash or in kind, not of a general nature (therefore excluding tax benefits and contributions that may be granted to subjects which meet certain conditions), but attributable to bilateral relations with the subjects referred to in paragraph 125 of that article, the Group has not received public funds during 2025. For a complete disclosure, please refer to the National Register of State Aid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page123-body-tag11811517": { "value": "Subsequent events\u00a0
Stock option exercise
As part of the share buyback plan within the limits and for the purposes established by the shareholders' meeting of April 23, 2025, after December 31, 2025, the Group purchased 514,488 own shares, equal to 1.286% of the share capital.
As of the date of approval of this consolidated financial report the Group\u00a0owns in total 2,220,040 own shares, equal to 5.550% of share capital, for a total cost equal to Euro 19,850 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page123-body-tag11811518": { "value": "Earnings per share
Earnings per share for the year ended December 31, 2025, equal to Euro 0,75 are calculated by dividing the net income attributable to the shareholders of the Issuer for the year (Euro 28,588 thousand) by the weighted average number of shares outstanding during the financial year ended December 31, 2025 (38,001,721 shares).
For the financial year ended December 31, 2025 diluted earnings per share are equal to Euro 0,73 as the average number of equity instruments (stock options) that meet the requirements provided by IAS 33 to generate dilutive effects on the earnings per share is equal to 953,898.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }