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<!--Created by IRIS RegTech Solutions Ltd., Powered by IRIS Carbon, Unique Code 69cb56f6b1394a2e501c5d58, Generated At Tue, 31 Mar 2026 05:10:17 GMT-->
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    <link:loc xlink:type="locator" xlink:href="8156005DEB4D90F3E360-2025-12-31.xsd#cy4_ProvisionForRisksAndCharges" xlink:label="ProvisionForRisksAndCharges" xlink:title="ProvisionForRisksAndCharges" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForRisksAndCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForRisksAndCharges" xml:lang="it" id="label_ProvisionForRisksAndCharges">Accantonamenti a fondi rischi</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForRisksAndCharges" xlink:to="label_ProvisionForRisksAndCharges" xlink:title="Label : ProvisionForRisksAndCharges to label_ProvisionForRisksAndCharges" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForRisksAndCharges_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForRisksAndCharges_1" xml:lang="it" id="label_ProvisionForRisksAndCharges_1">L'importo dell'accantonamento per rischi e oneri.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForRisksAndCharges" xlink:to="label_ProvisionForRisksAndCharges_2" xlink:title="Label : ProvisionForRisksAndCharges to label_ProvisionForRisksAndCharges_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherExpenseByNature" xlink:label="OtherExpenseByNature" xlink:title="OtherExpenseByNature" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractLiabilities" xlink:to="label_CurrentContractLiabilities" xlink:title="Label : CurrentContractLiabilities to label_CurrentContractLiabilities" />
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    <link:loc xlink:type="locator" xlink:href="8156005DEB4D90F3E360-2025-12-31.xsd#cy4_AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities" xlink:label="AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities" xlink:title="AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities" xlink:to="label_AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities to label_AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:title="PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:title="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:to="label_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:title="Label : CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital to label_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:label="AdjustmentsForFinanceIncomeCost" xlink:title="AdjustmentsForFinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFinanceIncomeCost" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForFinanceIncomeCost" xml:lang="it" id="label_AdjustmentsForFinanceIncomeCost">Interessi attivi e passivi netti</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinanceIncomeCost" xlink:to="label_AdjustmentsForFinanceIncomeCost" xlink:title="Label : AdjustmentsForFinanceIncomeCost to label_AdjustmentsForFinanceIncomeCost" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="InterestPaidClassifiedAsOperatingActivities" xlink:title="InterestPaidClassifiedAsOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestPaidClassifiedAsOperatingActivities" xml:lang="it" id="label_InterestPaidClassifiedAsOperatingActivities">Interessi corrisposti</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsOperatingActivities" xlink:to="label_InterestPaidClassifiedAsOperatingActivities" xlink:title="Label : InterestPaidClassifiedAsOperatingActivities to label_InterestPaidClassifiedAsOperatingActivities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:title="IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:title="PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="it" id="label_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">Investimento netto in immobili, impianti e macchinari</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="label_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:title="Label : PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities to label_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:title="CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xml:lang="it" id="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">Acquisizione di società controllate al netto delle disponibilità liquide</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="DividendsPaidClassifiedAsFinancingActivities" xlink:title="DividendsPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaidClassifiedAsFinancingActivities" xml:lang="it" id="label_DividendsPaidClassifiedAsFinancingActivities">Dividendi distribuiti</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidClassifiedAsFinancingActivities" xlink:title="Label : DividendsPaidClassifiedAsFinancingActivities to label_DividendsPaidClassifiedAsFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:title="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="it" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">Rimborsi passività per beni in leasing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:title="Label : PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities to label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="CashFlowsFromUsedInOperatingActivities" xlink:title="CashFlowsFromUsedInOperatingActivities" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="CashFlowsFromUsedInInvestingActivities" xlink:title="CashFlowsFromUsedInInvestingActivities" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="CashFlowsFromUsedInFinancingActivities" xlink:title="CashFlowsFromUsedInFinancingActivities" />
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