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"Fxbrl_20260217074747462": { "value": "\n 8.1 Corporate information Ariston Holding N.V. (the \u201cParent Company\u201d) is a company listed in Euronext Milan, Italy, having its corporate seat is in Amsterdam, the Netherlands, and its principal office and business address is Via Broletto 44, Milan, Italy. The Company is registered with the trade register of the Chamber of Commerce of the Netherlands (Kamer van Koophandel) under number 83078738. The Netherlands is the Company\u2019s home member state for the purposes of the EU Transparency Directive (Directive 2004/109/EC, as amended by Directive 2013/50/EU). The major business operations of the Group and of the Ariston Holding N.V. are in Italy and, consequently, the Company has established a secondary seat with a permanent representative office, within the meaning of article 2508 of the Italian Civil Code. The Parent Company\u2019s primary purpose is to be a holding company and, with it, the management and coordination of a series of business processes for all the subsidiaries of the Group (the \u201csubsidiaries\u201d). The Group, with its subsidiaries, is \n \n active in the business of the production and distribution of hot water and space heating and service solutions with cutting- edge technology serving markets all around the world.\n At 31 December 2025, the voting rights are as follows: Merloni Holding S.p.A. 79.59%, Amaranta S.r.l. 10.85%, Centrotec SE 3.33%, while the market is entitled for 6.23%. The issued share capital of the Company is held by Merloni Holding S.p.A. for 58.87%, Amaranta S.r.l. for 7.96%, the market for 20.80%, Centrotec SE for 11.12% and Ariston Holding (treasury shares) for 1.25%. \n \n The consolidated financial statements of the Ariston Group as at and for the year ended 31 December 2025 were ap- proved on 3 March 2026 by the Board of the Parent Company and approved for publication.\n The consolidated financial statements comprise the following: income statement, statement of other comprehensive income, statement of financial position, statement of cash flows, statement of changes equity (in millions of Euro) and these notes. \n \n The statement of cash flows has been prepared using the \u201cindirect method\u201d and shows the changes that occurred, during the year, in the \u201cshort-term financial position\u201d which measures the cash and cash equivalents (short-term and high li- quidity financial investments promptly convertible and not subject to the risk of a change in value), classifying the cash flows according to their origin: operating, investing or financing activities.\n These consolidated financial statements have been prepared in euro, the currency used in most of the Group\u2019s transac- tions. Transactions with foreign companies are included in the consolidated financial statements in compliance with the standards described hereafter. \n \n 8.2 Significant events of the year The significant events of the year relating to corporate actions, acquisition agreements and other significant events af- fecting results are described in a specific section of the Directors\u2019 report which accompanies these consolidated financial statements. The main events are: \u2022 on 7 March, the acquisition of DDR Heating, a manufacturer specializing in tubular electric heaters for profes- sional and industrial applications based in Michigan; \u2022 Presidential Decree No. 176 of the Russian Federation, issued on 26 March, which reinstated Ariston Holding N.V. into the control and full management of the shares of its Russian subsidiary, Ariston Thermo Rus LLC; \u2022 on 26 June, the acquisition of 80% of Z.R.E. S.r.l., a leading Italian manufacturer of industrial electric heating solutions; \u2022 on 17 October, the Group entered into an agreement to acquire items of property, plant and machinery from an Indian entity, including a building serving as a factory and a set of plant and machinery, used for the produc- tion of electric water heaters; \u2022 on 31 October, the Ariston Group acquired 80% of General Bruciatori S.r.l., based in Italy. For further information about the impacts of the events mentioned above on these consolidated financial statements, reference should be made to paragraph \u20183 - Basis of preparation\u2019.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217075414027": { "value": "8.1 Corporate information \n The consolidated financial statements of the Ariston Group as at and for the year ended 31 December 2025 were ap- proved on 3 March 2026 by the Board of the Parent Company and approved for publication.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217180011353": { "value": "8.1 Corporate information \n The statement of cash flows has been prepared using the \u201cindirect method\u201d and shows the changes that occurred, during the year, in the \u201cshort-term financial position\u201d which measures the cash and cash equivalents (short-term and high li- quidity financial investments promptly convertible and not subject to the risk of a change in value), classifying the cash flows according to their origin: operating, investing or financing activities.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217073426926": { "value": "Ariston Holding N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217074625208": { "value": "Ariston Holding N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217073701176": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217073923699": { "value": "Italy", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217073858627": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217073634282": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217073835870": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217073958399": { "value": "The Group, with its subsidiaries, is\n active in the business of the production and distribution of hot water and space heating and service solutions with cutting- edge technology serving markets all around the world.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217074657535": { "value": "Merloni Holding S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217083451828": { "value": "8.2 Significant events of the year The significant events of the year relating to corporate actions, acquisition agreements and other significant events af- fecting results are described in a specific section of the Directors\u2019 report which accompanies these consolidated financial statements. The main events are: \u2022 on 7 March, the acquisition of DDR Heating, a manufacturer specializing in tubular electric heaters for profes- sional and industrial applications based in Michigan; \u2022 Presidential Decree No. 176 of the Russian Federation, issued on 26 March, which reinstated Ariston Holding N.V. into the control and full management of the shares of its Russian subsidiary, Ariston Thermo Rus LLC; \u2022 on 26 June, the acquisition of 80% of Z.R.E. S.r.l., a leading Italian manufacturer of industrial electric heating solutions; \u2022 on 17 October, the Group entered into an agreement to acquire items of property, plant and machinery from an Indian entity, including a building serving as a factory and a set of plant and machinery, used for the produc- tion of electric water heaters; \u2022 on 31 October, the Ariston Group acquired 80% of General Bruciatori S.r.l., based in Italy. For further information about the impacts of the events mentioned above on these consolidated financial statements, reference should be made to paragraph \u20183 - Basis of preparation\u2019.\n \n \n LIST OF COMPANIES AT 31 DECEMBER 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered office Curr. Share capital Business unit (*) Investing companies Direct in- terest Subsidiaries' interest Minority interest
1 Ariston Holding N.V. Netherlands EUR 46,476,002 TC
2 Air Install Group B.V. Netherlands EUR 18,154 TC Brink Climate Systems B.V. 100.00
3 AR1 S.r.l. Italy EUR 200,000 TC Ariston S.p.A. 100.00
4 Ariston Benelux S.A./N.V. Belgium EUR 15,000,000 TC Ariston Holding N.V. 100.00
5 Ariston Climate Solutions d.o.o. Ni\u0161. Serbia RSD 11,740,000 TC ATAG Heating B.V. 100.00
6 Ariston Climate Solutions Me- xico S.A. de C.V. Mexico MXN 1,827,860,000 TC Elcotherm AG 99.99
Atag Heating B.V. 0.01
7 Ariston Climate Systems GmbH Germany EUR 25,000 TC Ariston Holding N.V. 100.00
8 Ariston Croatia d.o.o. Croatia EUR 110,000 TC Ariston Holding N.V. 100.00
9 Ariston CZ S.r.o. Czech Republic CZK 30,000,000 TC Ariston Holding N.V. 100.00
10 Ariston Deutschland GmbH Germany EUR 255,700 TC Ariston Holding N.V. 100.00
11 Ariston Egypt LLC Egypt EGP 10,900,000 TC Ariston Group Water Heating Solutions Egypt LLC 99.99
Ariston Holding N.V. 0.01
12 Ariston France S.a.s. France EUR 54,682,110 TC Ariston Holding N.V. 99.99
Ariston Deutschland GmbH 0.01
13 Ariston Group Greece P.C. Greece EUR 2,500,000 TC ATAG Heating B.V. 100.00
14 Ariston Group India Private Limi- ted India INR 457,500,000 TC Ariston Holding N.V. 99.99
Ariston S.p.A. 0.01
15 Ariston Group Water Heating Solutions Egypt LLC Egypt EGP 438,595,000 TC ATAG Heating B.V. 99.99
Ariston Holding N.V. 0.01
16 Ariston Gulf Water Heating LLC UAE AED 400,000 TC Ariston Holding N.V. 100.00
17 Ariston Heating Solutions (China) Co. Ltd. China CNY 145,885,010 TC Ariston Holding N.V. 100.00
18 Ariston Heating Technology Ni- geria Ltd. Nigeria NGN 100,000,000 TC Ariston Holding N.V. 100.00
19 Ariston Holding USA LLC USA USD 98,037,666 TC Elcotherm AG 100.00
20 Ariston Hung\u00e1ria Kft. Hungary HUF 131,000,000 TC Ariston Holding N.V. 100.00
21 Ariston Iberica S.L. Spain EUR 800,000 TC Ariston Holding N.V. 100.00
22 Ariston Industrial Vietnam Co. Ltd. Vietnam VND 41,600,000,000 TC Ariston Holding N.V. 100.00
23 Ariston Kazakhstan LLP Kazakhstan KZT 212,100 TC Ariston Holding N.V. 100.00
24 Ariston Maroc SA Morocco MAD 3,000,000 TC Ariston Holding N.V. 100.00
25 Ariston Polska Sp. zo.o. Poland PLN 12,000,000 TC Ariston Holding N.V. 100.00
26 Ariston Pte Ltd. Singapore SGD 100,000 TC Ariston Holding N.V. 100.00
27 Ariston S.p.A. Italy EUR 30,100,000 TC Ariston Holding N.V. 100.00
28 Ariston Sales Mexico S.A. de C.V. Mexico MXN 132,238,920 TC Ariston Climate Solu- tions Mexico S.A. de C.V. 0.07
ATAG Heating B.V. 0.01
Calentadores de Ame- rica S.A. de C.V. 99.92
29 Ariston South Africa (Pty) Ltd. South Africa ZAR 100 TC Ariston Holding N.V. 100.00
30 Ariston Thermo Argentina S.r.l. Argentina ARS 50,000,000 TC Ariston Holding N.V. 99.66
Thermowatt S.p.A. 0.34
31 Ariston Thermo Romania S.r.l. Romania RON 29,041,740 TC Ariston Holding N.V. 100.00
32 Ariston Thermo Rus LLC (1) Russia RUB 1,403,787,727 TC Ariston Holding N.V. 100.00
33 Ariston Thermo Tunisie SA Tunisia EUR 500,000 TC Elcotherm AG 66.70
Third parties 33.30
34 Ariston U.K. Ltd. UK GBP 7,500,000 TC Ariston Holding N.V. 100.00
35 Ariston Ukraine LLC Ukraine UAH 38,705,753 TC Ariston Holding N.V. 100.00
36 Ariston USA LLC USA USD 10,275,184 TC Ariston Holding USA LLC 100.00
37 Ariston Vietnam CO. Ltd. Vietnam VND 31,471,000,000 TC Ariston Holding N.V. 100.00
38 Ariston Water Heating Products India Private Limited India INR 1,500,000,000 TC Atag Heating B.V. 99.99
Ariston Climate Sy- stems GmbH 0.01
39 Atag Electronics B.V. Netherlands EUR 1 TC Atag Heating B.V. 100.00
40 Atag Engineering B.V. Netherlands EUR 1 TC Atag Heating B.V. 100.00
41 Atag Heating B.V. Netherlands EUR 10,000 TC Ariston Holding N.V. 100.00
42 Atag Heizungstechnik GmbH Germany EUR 512,000 TC Atag Heating B.V. 100.00
43 Atag Verwarming Belgie B.V.BA Belgium EUR 18,600 TC Atag Heating B.V. 100.00
44 Atmor Electronic Technology Company Ltd. Hong Kong HKD 1,092,001 TC Ariston IL Ltd 100.00
45 BCE S.r.l. Italy EUR 10,400 BUR Ecoflam Bruciatori S.p.A.100.00
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered office Curr. Share capital Business unit (*) Investing companies Direct in- terest Subsidiaries' interest Minority interest
46 Brink Climate Systems B.V. Netherlands EUR 20,004 TC Ariston Climate Sy- stems GmbH 100.00
47 Brink Climate Systems France S.a.s. France EUR 10,000 TC Brink Climate Systems B.V. 100.00
48 Calentadores de America S.A. de C.V. Mexico MXN 958,143,637 TC Ariston Climate Solu- tions Mexico S.A. de C.V. 99.99
Atag Heating B.V. 0.01
49 Chromagen Australia PTY Ltd. Australia AUD 10,358,995 TC Elcotherm AG 51.00
Third parties 49.00
50 Ariston IL Ltd Israel ILS 13,322 TC Elcotherm AG 100.00
51 Clima Techno Service S.r.l. Italy EUR 10,000 TC Ariston S.p.A. 100.00
52 Cuenod S.a.s. France EUR 15,422,390 BUR Ariston France sas 100.00
53 Domotec AG Switzerland CHF 50,000 TC Elcotherm AG 100.00
54 DDR Heating Inc USA USD 37,812.46 TC Ariston Holding USA LLC 100.00
55 Ecoflam Bruciatori S.p.A. Italy EUR 3,690,000 BUR Ariston Holding N.V. 100.00
56 Elco Austria GmbH Austria EUR 35,000 TC Elcotherm AG 100.00
57 Elco B.V. Netherlands EUR 2,046,004 TC Elco Burners B.V. 100.00
58 ATAG Heating Belgium S.A./N.V. Belgium EUR 3,650,000 TC Ariston Benelux S.A./N.V. 99.99
Elco B.V. 0.01
59 Elco Burners B.V. Netherlands EUR 22,734 BUR Atag Heating B.V. 100.00
60 Elco Burners GmbH Germany EUR 25,000 BUR Ariston Deutschland GmbH 100.00
61 Elco GmbH Germany EUR 50,000 TC Ariston Deutschland GmbH 100.00
62 Elco Heating Solutions Ltd. UK GPB 3,001,750 TC Ariston U.K. Ltd. 100.00
63 Elco Italia S.p.A. Italy EUR 3,500,000 TC Ariston S.p.A. 100.00
64 Elcotherm AG Switzerland CHF 1,000,000 TC Ariston Holding N.V. 100.00
65 Gastech-Energi A/S Denmark DKK 7,554,935 TC Ariston Holding N.V. 100.00
66 General Bruciatori S.r.l. Italy EUR 46,800 BUR Ecoflam Bruciatori S.p.A. 100.00
67 Holmak export import D.o.o.e.l. Macedonia MKD 816,651 TC Brink Climate Systems B.V. 100.00
68 Ingrado S.r.l. Italy EUR 10,000 TC Ariston Holding N.V. 100.00
69 Instachauf S.a.s. France EUR 200,000 TC Ariston Holding N.V. 100.00
70 Ned Air B.V. Netherlands EUR 54,000 TC Ariston Climate Sy- stem GmbH 100.00
71 Ariston Canada Inc. Canada CAD 43,000,000 TC Ariston Holding N.V. 100.00
72 NTI USA Inc. USA USD 1 TC Ariston Canada Inc. 100.00
73 Pro-Klima D.o.o. Croatia EUR 1,208,820 TC Wolf GmbH 100.00
74 PT ARISTON CLIMATE SOLU- Indonesia IDR 10,000,000,000 TC Atag Heating B.V. 99.99
TIONS INDONESIA PT Ariston Group In- donesia Ltd. 0.01
75 PT Ariston Group Indonesia Ltd. Indonesia IDR 16,260,750,000 TC Ariston Holding N.V. 99,93
Ariston Pte Ltd. 0.07
76 Racold Thermo Private Ltd. India INR 262,134,750 TC Ariston Holding N.V. 99.99
Ariston S.p.A. 0.01
77 S.H.E. d.o.o. Svilajnac Serbia RSD 35,432,220 COM Thermowatt S.p.A. 100.00
78 SPM Innovation S.a.s. France EUR 750,020 BUR Ariston Holding N.V. 100.00
79 Tasfiye Halinde Ariston Thermo Is\u0131tma ve So\u011futma Sistemleri \u0130thalat ve \u0130hracat ve Da\u011f\u0131t\u0131m Ltd.\u015eti. Turkey TRY 66,157,500 TC Ariston Holding N.V. 100.00
80 Thermowatt (Wuxi) Electric Co. Ltd. China CNY 82,769,200 COM Ariston Heating Solu- tions (China) Co. Ltd. 70.00
Ariston Holding N.V. 30.00
81 Thermowatt Professional S.r.l. Italy EUR 100,000 COM Thermowatt S.p.A. 100.00
82 Thermowatt S.p.A. Italy EUR 7,700,000 COM Ariston Holding N.V. 100.00
83 UAB ARISTON Lithuania Lithuania EUR 250,000 TC Ariston Holding N.V. 100.00
84 WOLF Energiesparsysteme O.O.O. Russia RUB 113,200,000 TC Wolf GmbH 99.00
Wolf Power Systems 1.00
85 Wolf Energiesystemen B.V. Netherlands EUR 150,000 TC Wolf GmbH 100.00
86 Wolf France S.a.s. France EUR 1,040,000 TC Wolf GmbH 100.00
87 Wolf GmbH Germany EUR 20,000,000 TC Ariston Climate Sy- stems GmbH 100.00
88 Ariston Climate Solutions (Shanghai) Co., Ltd. China CNY 14,512,361 TC Wolf GmbH 100.00
89 Wolf Power Systems GmbH Germany EUR 500,000 TC WEBA Services GmbH 89.00
Wolf GmbH 11.00
90 WEBA Services GmbH Germany EUR 83,333 TC Ariston Deutschland GmbH 100.00
91 Z.R.E. Srl Italy EUR 98,800 COM Thermowatt S.p.A. 100.00
\n \n \n \n The participation shares in this table are the ones relevant for determining the Consolidated financial statements. The companies acquired with the put/call contracts to be exercised on the remaining shares of the share capital were fully consolidated, together with the acquisition agreement based on the provisions set forth in IFRS3 (see the specific treatment of the individual put/call options in the notes) All companies summarised in the table above are consolidated using the line by line method Ariston Thermo Rus LLC has been included in the perimeter as of April 2025, following the regaining of control of the entity pursuant to Presidential Decree No. 176 of (1) the Russian Federation (*) Refers to the main Division\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217120716503": { "value": "8.2 Significant events of the year The significant events of the year relating to corporate actions, acquisition agreements and other significant events af- fecting results are described in a specific section of the Directors\u2019 report which accompanies these consolidated financial statements. The main events are: \u2022 on 7 March, the acquisition of DDR Heating, a manufacturer specializing in tubular electric heaters for profes- sional and industrial applications based in Michigan; \u2022 Presidential Decree No. 176 of the Russian Federation, issued on 26 March, which reinstated Ariston Holding N.V. into the control and full management of the shares of its Russian subsidiary, Ariston Thermo Rus LLC; \u2022 on 26 June, the acquisition of 80% of Z.R.E. S.r.l., a leading Italian manufacturer of industrial electric heating solutions; \u2022 on 17 October, the Group entered into an agreement to acquire items of property, plant and machinery from an Indian entity, including a building serving as a factory and a set of plant and machinery, used for the produc- tion of electric water heaters; \u2022 on 31 October, the Ariston Group acquired 80% of General Bruciatori S.r.l., based in Italy. For further information about the impacts of the events mentioned above on these consolidated financial statements, reference should be made to paragraph \u20183 - Basis of preparation\u2019.\n Note 2.1.1 \u2013 Business combinations Control re-acquisition of Ariston Thermo Rus LLC Ariston Thermo Rus LLC is a wholly-owned subsidiary of Ariston Holding N.V., which owns 100% of its share capital. Ariston Holding N.V. regained a control over Ariston Thermo Rus LLC as of 26 March 2025 and consolidates its assets, liabilities, equity, income and expenses starting from 1 April 2025. For a more detailed description of the events, please refer to paragraph \u20186.3 \u2013 Basis of accounting preparation\u2019. Ariston Group have identified the net assets acquired and assessed their fair value. The analysis has focused on three main categories of assets: (a) customer relationships; (b) inventory; and (c) properties, plant and equipment (PPE). Other assets typically examined in such circumstances, but not included in this analysis, are: (a) the brand, as sales and produc- tion are conducted under the Ariston brand, which is owned by Ariston S.p.A. and (b) technology and patents, since these are not held by Ariston Thermo Rus LLC. Based on the activities performed, the Group did not identify any significant differences between the carrying amounts of the assets and liabilities and their fair values at the date of re-consolidation. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in \u20ac million) Book value at ac- quisition date Fair value at acquisi- tion date
ASSETS
Non-current assets
Lands and buildings 6.1 6.1
Plant and machinery 3.7 3.7
Other tangible assets 1.7 1.7
Deferred tax assets 3.5 3.5
Total non-current assets 15 15
Current assets
Inventories 33.1 33.1
Trade receivables 9.7 9.7
Tax receivables 1.3 1.3
Current financial assets 2.0 2.0
Other current assets 4.6 4.6
Cash and cash equivalents 0.9 0.9
Total current assets 51.7 51.7
TOTAL ASSETS 66.7 66.7
LIABILITIS
Non-current liabilities
Deferred tax liabilities 1.3 1.3
Non current provisions 1.0 1.0
Non current financing 0.5 0.5
Total non-current liabilities 2.8 2.8
Current liabilities
Trade payables 16.8 16.8
Tax liabilities 0.1 0.1
Current provisions 4.7 4.7
Current financing 0.2 0.2
Other current liabilities 1.8 1.8
Total current liabilities 23.6 23.6
Total Liabilities 26.4 26.4
NET ASSETS ACQUIRED 40.2 A 40.2
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
TOTAL LIABILITIES AND EQUITY 66.7 66.7
Total consideration, of which: B -
Price paid in cash -
Contingent consideration -
Price paid in kind -
Gain from a bargain purchase (C=B-A) C -40.2
\n From the date of consolidation, Ariston Thermo Rus LLC contributed \u20ac 57.2 million in revenue and \u20ac 10.3 million to profit before tax from continuing operations of the Group. Indian Plant Acquisition As mentioned in paragraph \u20183 \u2013 Basis of accounting preparation\u2019, on 17 October 2025 Ariston Group completed the ac- quisition from Hintastica for Home and Electrical Appliances (the \u201cSeller\u201d) of a production site located in the Green In- dustrial park, near Hyderabad, and with a total area of 23,100 square meters and approximately 22 employees (herein- after the \u201ctransaction\u201d and the \u201cbusiness acquired\u201d). Such facility is aimed to produce a range of domestic water heating solutions developed to serve the needs of Indian market. The transaction consideration (paid fully in cash) amounted to EUR 10.9 million. Further, in the context of the acquisition, the parties shall be entering into an OEM agreement for which Hintastica is committed to purchase (and Ariston is committed to sell) the Hintastica range products manufactured by Ariston India. This agreement is expected to be in force for one year and it shall be automatically renewed on an annual basis. The transaction was accounted for in accordance with IFRS 3 by applying the acquisition method. The IFRS 3 acquisition method of accounting applies the fair value concepts defined in IFRS 13 - Fair Value Measurement and requires, among other things, the assets acquired and the liabilities assumed in a business combination to be recognized by the acquirer at their fair values as of the acquisition date. Based on the above, the Group performed the purchase price allocation and it was finalized in a period not exceeding 12 months from the closing date, in compliance with the applicable accounting standards. The book value and the fair value of the identifiable assets and liabilities of the business acquired as at the date of acqui- sition were the followings: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in million \u20ac) Book value at ac- quisition date Fair value at acquisi- tion date
ASSETS
Non-current assets
Lands and buildings 4.3 4.5
Plant and machinery 5.6 5.9
Total non-current assets 9.9 10.3
Current assets
TOTAL ASSETS 9.9 10.3
LIABILITIES
Total Liabilities - -
NET ASSETS ACQUIRED 9.9 A 10.3
Total consideration B 10.9
Goodwill arising on acquisition (C=B-A) C 0.6
\n \n The emerging goodwill has been allocated to the Thermal Comfort CGU and is not tax-deductible based on the relevant local regulations. DDR Heating Inc Business Combinations On 7 March 2025, Ariston Group entered into an agreement for the purchase of the shares in DDR Heating Inc, a company operating in the U.S. market specializing in the production of components for the professional sector. On the same date, the parties also agreed to transfer ownership of two properties located in Allegan, Michigan, where the offices and facil- ities of the Investee are situated, which were previously owned by the Sellers, through the entities DDR Real Estate 1 LLC and DDR Real Estate 2 LLC. The transaction price is defined in the documents as follows: i. an initial amount of USD 3.2 million (\u20ac 2.9 milion) was paid at closing for the acquisition of the equity interests; ii. an amount of USD 1.4 million (\u20ac 1.3 milion) was paid for the purchase of the two properties; iii. an estimated amount of USD 1.0 million (\u20ac 0.9 milion) is to be paid subsequently upon approval of the 2025 financial statements, calculated based on company performance; iv. other minor amounts equal to USD 0.2 million (\u20ac 0.1 milion) for property taxes and an adjustment for net financial position. The total transaction price is equal to USD 5.8 million (\u20ac 5,3 milion). The book value and the fair value of the identifiable assets and liabilities of DDR Heating INC as at the date of acquisi- tion were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in million \u20ac) Book value at ac- quisition date Fair value at acquisi- tion date
ASSETS
Non-current assets
Other intangible assets 0.0 1.0
Lands and buildings 0.7 2.2
Plant and machinery 0.1 0.1
Other tangible assets 0.2 0.2
Total non-current assets 0.9 3.4
Current assets
Inventories 1.8 1.5
Trade receivables 0.7 0.7
Tax receivables 0.1 0.1
Cash and cash equivalents 1.2 1.2
Total current assets 3.8 3.6
TOTAL ASSETS 4.7 7.0
LIABILITIS
Non-current liabilities
Deferred tax liabilities 0.1 0.5
Non current financing 0.0 0.1
Total non-current liabilities 0.1 0.6
Current liabilities
Trade payables 0.2 0.2
Total current liabilities 0.2 0.2
Total Liabilities 0.3 0.8
NET ASSTES ACQUIRED 4.4 A 6.2
TOTAL LIABILITIES AND EQUITY 4.7 7.0
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Total consideration, of which: B 5.3
Price paid in cash 4.4
Contingent consideration 0.9
Gain from a bargain purchase (C=B-A) C -0.9
\n From the date of acquisition, DDR contributed \u20ac 4.5 million in revenue and \u20ac 0.5 million to profit before tax from contin- uing operations of the Group. The emerging goodwill has been allocated to the Component CGU and is not tax-deductible based on the relevant local regulations. Z.R.E. S.r.l. Business Combinations On 26 June 2025, Ariston Group entered into an agreement to acquire an 80% majority stake in Z.R.E. S.r.l., a long-estab- lished company based in San Gillio (Turin, Italy), specialized in the design and production of industrial electric heaters. On the same date, the parties also agreed to regulate a put and call option on the residual stake held by the Minority Share- holders. An initial amount of \u20ac 1.8 million was paid at closing date as provisional price for the acquisition of 80% majority stake in Z.R.E. S.r.l. An additional amount of \u20ac 0.1 million was paid on 22 October 2025, as Adjustment purchase price in accord- ance with the above formula. For the residual stake (20%) held by the Minority Shareholders, it has been estimated an amount of \u20ac 0.4 million to be paid after the exercise of the option within thirty days following the approval of the Company\u2019s financial statements for the fiscal year ending 31 December 2026. The book value and the fair value of the identifiable assets and liabilities of Z.R.E. S.r.l. as at the date of acquisition were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in million \u20ac) Book value at ac- quisition date Fair value at acquisi- tion date
ASSETS
Non-current assets
Other intangible assets 0.0 1.0
Lands and buildings 0.5 1.1
Plant and machinery 0.2 0.3
Deferred tax assets 0.2 0.3
Long term tax receivables 0.1 0.1
Total non-current assets 1.2 2.9
Inventories 1.2 0.8
Trade receivables 1.7 1.7
Other current assets 0.1 0.1
Cash and cash equivalents 0.4 0.4
Total current assets 3.4 3.0
TOTAL ASSETS 4.6 5.9
LIABILITIS
Non-current liabilities
Deferred tax liabilities 0.0 0.4
Post employement benefits 0.8 0.8
Non current financing 0.3 0.3
Total non-current liabilities 1.1 1.6
\n Current liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade payables 0.9 0.9
Tax liabilities 0.1 0.1
Current financial liabilities 0.9 0.9
Other current liabilities 0.7 0.7
Total current liabilities 2.6 2.6
Total Liabilities 3.8 4.2
NET ASSETS ACQUIRED 0.8 A 1.7
TOTAL LIABILITIES AND EQUITY 4.6 5.9
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Total consideration, of which: B 2.4
Price paid in cash 1.9
Contingent consideration 0.4
Goodwill arising on acquisition (C=B-A) C 0.7
\n From the date of acquisition, Z.R.E. S.r.l. contributed \u20ac 3.5 million in revenue and \u20ac 0.2 million to profit before tax from continuing operations of the Group. The emerging goodwill has been allocated to the Component CGU and is not tax-deductible based on the relevant local regulations. K\u00e4lin W\u00e4rmetechnik AG Business Combinations On 8 May 2025, the Ariston Group, through its Swiss subsidiary Elcotherm AG, entered into an agreement to acquire the shares of K\u00e4lin W\u00e4rmetechnik AG, a Swiss company operating in the trade, distribution and installation of oil and gas heating systems and air-conditioning technologies, as well as in service and maintenance activities. The transaction price is defined in the documents as follows: a) an initial amount of CHF 5.0 million was paid at closing on 27 May for the acquisition of the equity interests; b) an amount of CHF 0.5 million as price retention to be paid, at contract given condition after 24 months. The total transaction price is equal to CHF 5.5 million (\u20ac 5.8 million). The company was subsequently merged into Elcotherm AG on 30 June 2025. The book value and the fair value of the identifiable assets and liabilities of K\u00e4lin W\u00e4rmetechnik AG as at the date of acquisition were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Value at acquisition date Book value at acquisition date Fair value at acquisition date
ASSETS EUR/million EUR/million
Non-current assets
Other intangible assets 0.0 5.2
Total non-current assets 0.0 5.2
Current assets
Inventories 0.4 0.4
Trade receivables 0.3 0.3
Other current assets 0.3 0.3
Cash and cash equivalents 0.5 0.5
Total current assets 1.4 1.4
TOTAL ASSETS 1.5 6.7
LIABILITIS
Non-current liabilities
Deferred tax liabilities 0.0 0.9
Total non-current liabilities 0.0 0.9
Current liabilities
Trade payables 0.5 0.5
Other current liabilities 0.4 0.4
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Total current liabilities 0.9 0.9
Total Liabilities 0.9 1.7
NET ASSETS ACQUIRED 0.6 A 5.0
Total Consideration B 5.8
Goodwill arising on acquisition B-A 0.8
\n The emerging goodwill has been allocated to the Therma Comfort CGU and is not tax-deductible based on the relevant local regulations. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217162702984": { "value": "8.2 Significant events of the year The significant events of the year relating to corporate actions, acquisition agreements and other significant events af- fecting results are described in a specific section of the Directors\u2019 report which accompanies these consolidated financial statements. The main events are: \u2022 on 7 March, the acquisition of DDR Heating, a manufacturer specializing in tubular electric heaters for profes- sional and industrial applications based in Michigan; \u2022 Presidential Decree No. 176 of the Russian Federation, issued on 26 March, which reinstated Ariston Holding N.V. into the control and full management of the shares of its Russian subsidiary, Ariston Thermo Rus LLC; \u2022 on 26 June, the acquisition of 80% of Z.R.E. S.r.l., a leading Italian manufacturer of industrial electric heating solutions; \u2022 on 17 October, the Group entered into an agreement to acquire items of property, plant and machinery from an Indian entity, including a building serving as a factory and a set of plant and machinery, used for the produc- tion of electric water heaters; \u2022 on 31 October, the Ariston Group acquired 80% of General Bruciatori S.r.l., based in Italy. For further information about the impacts of the events mentioned above on these consolidated financial statements, reference should be made to paragraph \u20183 - Basis of preparation\u2019.\n \n Note 2.3 \u2013 Investments in associates & Joint ventures \n \n Associates On 11 March 2025, the Ariston Group acquired 20.00% of the German company HeimWatt GmbH. The investment was around \u20ac 3.2 million. The core activities focus on the design, installation, and integration of photovoltaic systems and heat pumps, enabling households to produce and use clean energy efficiently. The Group\u2019s interest in HeimWatt GmbH is accounted for using the equity method in the consolidated financial state- ments. On 26 March 2025, the Ariston Group subscribed to a capital increase in the Belgian company Thermovault B.V. Prior to the transaction, the Ariston Group held a 18.97% equity interest in Thermovault B.V.. Following the capital in- crease subscribed during the year, the Group\u2019s ownership increased to 27.98%. As a result, the Group\u2019s interest in Ther- movault B.V. is accounted for using the equity method in the consolidated financial statements starting from 2025. As at 31 December 2025, the carrying amount of the investment was approximately \u20ac 3.8 million. \n \n \n \n \n Joint ventures On 27 May 2025, the Company Ariston Lennox Water Heating North America, LLC was created. The Group holds 50.1% interest in the Joint Venture, involved in the commercialization of Ariston products under the Lennox brand within the United States and Canadian markets. In addition, the Joint Venture is required to provide operational support, including technical assistance and after-sales service, to Lennox in relation to the aforementioned products. The interest of Ariston Group in Ariston Lennox Water Heating North America, LLC is accounted for using the equity method. As at 31 December 2025 the investment amount is equal to \u20ac 0.7 million. JV\u2019s financial results are not material for the Group for the year 2025.\n \n \n LIST OF COMPANIES AT 31 DECEMBER 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered office Curr. Share capital Business unit (*) Investing companies Direct in- terest Subsidiaries' interest Minority interest
1 Ariston Holding N.V. Netherlands EUR 46,476,002 TC
2 Air Install Group B.V. Netherlands EUR 18,154 TC Brink Climate Systems B.V. 100.00
3 AR1 S.r.l. Italy EUR 200,000 TC Ariston S.p.A. 100.00
4 Ariston Benelux S.A./N.V. Belgium EUR 15,000,000 TC Ariston Holding N.V. 100.00
5 Ariston Climate Solutions d.o.o. Ni\u0161. Serbia RSD 11,740,000 TC ATAG Heating B.V. 100.00
6 Ariston Climate Solutions Me- xico S.A. de C.V. Mexico MXN 1,827,860,000 TC Elcotherm AG 99.99
Atag Heating B.V. 0.01
7 Ariston Climate Systems GmbH Germany EUR 25,000 TC Ariston Holding N.V. 100.00
8 Ariston Croatia d.o.o. Croatia EUR 110,000 TC Ariston Holding N.V. 100.00
9 Ariston CZ S.r.o. Czech Republic CZK 30,000,000 TC Ariston Holding N.V. 100.00
10 Ariston Deutschland GmbH Germany EUR 255,700 TC Ariston Holding N.V. 100.00
11 Ariston Egypt LLC Egypt EGP 10,900,000 TC Ariston Group Water Heating Solutions Egypt LLC 99.99
Ariston Holding N.V. 0.01
12 Ariston France S.a.s. France EUR 54,682,110 TC Ariston Holding N.V. 99.99
Ariston Deutschland GmbH 0.01
13 Ariston Group Greece P.C. Greece EUR 2,500,000 TC ATAG Heating B.V. 100.00
14 Ariston Group India Private Limi- ted India INR 457,500,000 TC Ariston Holding N.V. 99.99
Ariston S.p.A. 0.01
15 Ariston Group Water Heating Solutions Egypt LLC Egypt EGP 438,595,000 TC ATAG Heating B.V. 99.99
Ariston Holding N.V. 0.01
16 Ariston Gulf Water Heating LLC UAE AED 400,000 TC Ariston Holding N.V. 100.00
17 Ariston Heating Solutions (China) Co. Ltd. China CNY 145,885,010 TC Ariston Holding N.V. 100.00
18 Ariston Heating Technology Ni- geria Ltd. Nigeria NGN 100,000,000 TC Ariston Holding N.V. 100.00
19 Ariston Holding USA LLC USA USD 98,037,666 TC Elcotherm AG 100.00
20 Ariston Hung\u00e1ria Kft. Hungary HUF 131,000,000 TC Ariston Holding N.V. 100.00
21 Ariston Iberica S.L. Spain EUR 800,000 TC Ariston Holding N.V. 100.00
22 Ariston Industrial Vietnam Co. Ltd. Vietnam VND 41,600,000,000 TC Ariston Holding N.V. 100.00
23 Ariston Kazakhstan LLP Kazakhstan KZT 212,100 TC Ariston Holding N.V. 100.00
24 Ariston Maroc SA Morocco MAD 3,000,000 TC Ariston Holding N.V. 100.00
25 Ariston Polska Sp. zo.o. Poland PLN 12,000,000 TC Ariston Holding N.V. 100.00
26 Ariston Pte Ltd. Singapore SGD 100,000 TC Ariston Holding N.V. 100.00
27 Ariston S.p.A. Italy EUR 30,100,000 TC Ariston Holding N.V. 100.00
28 Ariston Sales Mexico S.A. de C.V. Mexico MXN 132,238,920 TC Ariston Climate Solu- tions Mexico S.A. de C.V. 0.07
ATAG Heating B.V. 0.01
Calentadores de Ame- rica S.A. de C.V. 99.92
29 Ariston South Africa (Pty) Ltd. South Africa ZAR 100 TC Ariston Holding N.V. 100.00
30 Ariston Thermo Argentina S.r.l. Argentina ARS 50,000,000 TC Ariston Holding N.V. 99.66
Thermowatt S.p.A. 0.34
31 Ariston Thermo Romania S.r.l. Romania RON 29,041,740 TC Ariston Holding N.V. 100.00
32 Ariston Thermo Rus LLC (1) Russia RUB 1,403,787,727 TC Ariston Holding N.V. 100.00
33 Ariston Thermo Tunisie SA Tunisia EUR 500,000 TC Elcotherm AG 66.70
Third parties 33.30
34 Ariston U.K. Ltd. UK GBP 7,500,000 TC Ariston Holding N.V. 100.00
35 Ariston Ukraine LLC Ukraine UAH 38,705,753 TC Ariston Holding N.V. 100.00
36 Ariston USA LLC USA USD 10,275,184 TC Ariston Holding USA LLC 100.00
37 Ariston Vietnam CO. Ltd. Vietnam VND 31,471,000,000 TC Ariston Holding N.V. 100.00
38 Ariston Water Heating Products India Private Limited India INR 1,500,000,000 TC Atag Heating B.V. 99.99
Ariston Climate Sy- stems GmbH 0.01
39 Atag Electronics B.V. Netherlands EUR 1 TC Atag Heating B.V. 100.00
40 Atag Engineering B.V. Netherlands EUR 1 TC Atag Heating B.V. 100.00
41 Atag Heating B.V. Netherlands EUR 10,000 TC Ariston Holding N.V. 100.00
42 Atag Heizungstechnik GmbH Germany EUR 512,000 TC Atag Heating B.V. 100.00
43 Atag Verwarming Belgie B.V.BA Belgium EUR 18,600 TC Atag Heating B.V. 100.00
44 Atmor Electronic Technology Company Ltd. Hong Kong HKD 1,092,001 TC Ariston IL Ltd 100.00
45 BCE S.r.l. Italy EUR 10,400 BUR Ecoflam Bruciatori S.p.A.100.00
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered office Curr. Share capital Business unit (*) Investing companies Direct in- terest Subsidiaries' interest Minority interest
46 Brink Climate Systems B.V. Netherlands EUR 20,004 TC Ariston Climate Sy- stems GmbH 100.00
47 Brink Climate Systems France S.a.s. France EUR 10,000 TC Brink Climate Systems B.V. 100.00
48 Calentadores de America S.A. de C.V. Mexico MXN 958,143,637 TC Ariston Climate Solu- tions Mexico S.A. de C.V. 99.99
Atag Heating B.V. 0.01
49 Chromagen Australia PTY Ltd. Australia AUD 10,358,995 TC Elcotherm AG 51.00
Third parties 49.00
50 Ariston IL Ltd Israel ILS 13,322 TC Elcotherm AG 100.00
51 Clima Techno Service S.r.l. Italy EUR 10,000 TC Ariston S.p.A. 100.00
52 Cuenod S.a.s. France EUR 15,422,390 BUR Ariston France sas 100.00
53 Domotec AG Switzerland CHF 50,000 TC Elcotherm AG 100.00
54 DDR Heating Inc USA USD 37,812.46 TC Ariston Holding USA LLC 100.00
55 Ecoflam Bruciatori S.p.A. Italy EUR 3,690,000 BUR Ariston Holding N.V. 100.00
56 Elco Austria GmbH Austria EUR 35,000 TC Elcotherm AG 100.00
57 Elco B.V. Netherlands EUR 2,046,004 TC Elco Burners B.V. 100.00
58 ATAG Heating Belgium S.A./N.V. Belgium EUR 3,650,000 TC Ariston Benelux S.A./N.V. 99.99
Elco B.V. 0.01
59 Elco Burners B.V. Netherlands EUR 22,734 BUR Atag Heating B.V. 100.00
60 Elco Burners GmbH Germany EUR 25,000 BUR Ariston Deutschland GmbH 100.00
61 Elco GmbH Germany EUR 50,000 TC Ariston Deutschland GmbH 100.00
62 Elco Heating Solutions Ltd. UK GPB 3,001,750 TC Ariston U.K. Ltd. 100.00
63 Elco Italia S.p.A. Italy EUR 3,500,000 TC Ariston S.p.A. 100.00
64 Elcotherm AG Switzerland CHF 1,000,000 TC Ariston Holding N.V. 100.00
65 Gastech-Energi A/S Denmark DKK 7,554,935 TC Ariston Holding N.V. 100.00
66 General Bruciatori S.r.l. Italy EUR 46,800 BUR Ecoflam Bruciatori S.p.A. 100.00
67 Holmak export import D.o.o.e.l. Macedonia MKD 816,651 TC Brink Climate Systems B.V. 100.00
68 Ingrado S.r.l. Italy EUR 10,000 TC Ariston Holding N.V. 100.00
69 Instachauf S.a.s. France EUR 200,000 TC Ariston Holding N.V. 100.00
70 Ned Air B.V. Netherlands EUR 54,000 TC Ariston Climate Sy- stem GmbH 100.00
71 Ariston Canada Inc. Canada CAD 43,000,000 TC Ariston Holding N.V. 100.00
72 NTI USA Inc. USA USD 1 TC Ariston Canada Inc. 100.00
73 Pro-Klima D.o.o. Croatia EUR 1,208,820 TC Wolf GmbH 100.00
74 PT ARISTON CLIMATE SOLU- Indonesia IDR 10,000,000,000 TC Atag Heating B.V. 99.99
TIONS INDONESIA PT Ariston Group In- donesia Ltd. 0.01
75 PT Ariston Group Indonesia Ltd. Indonesia IDR 16,260,750,000 TC Ariston Holding N.V. 99,93
Ariston Pte Ltd. 0.07
76 Racold Thermo Private Ltd. India INR 262,134,750 TC Ariston Holding N.V. 99.99
Ariston S.p.A. 0.01
77 S.H.E. d.o.o. Svilajnac Serbia RSD 35,432,220 COM Thermowatt S.p.A. 100.00
78 SPM Innovation S.a.s. France EUR 750,020 BUR Ariston Holding N.V. 100.00
79 Tasfiye Halinde Ariston Thermo Is\u0131tma ve So\u011futma Sistemleri \u0130thalat ve \u0130hracat ve Da\u011f\u0131t\u0131m Ltd.\u015eti. Turkey TRY 66,157,500 TC Ariston Holding N.V. 100.00
80 Thermowatt (Wuxi) Electric Co. Ltd. China CNY 82,769,200 COM Ariston Heating Solu- tions (China) Co. Ltd. 70.00
Ariston Holding N.V. 30.00
81 Thermowatt Professional S.r.l. Italy EUR 100,000 COM Thermowatt S.p.A. 100.00
82 Thermowatt S.p.A. Italy EUR 7,700,000 COM Ariston Holding N.V. 100.00
83 UAB ARISTON Lithuania Lithuania EUR 250,000 TC Ariston Holding N.V. 100.00
84 WOLF Energiesparsysteme O.O.O. Russia RUB 113,200,000 TC Wolf GmbH 99.00
Wolf Power Systems 1.00
85 Wolf Energiesystemen B.V. Netherlands EUR 150,000 TC Wolf GmbH 100.00
86 Wolf France S.a.s. France EUR 1,040,000 TC Wolf GmbH 100.00
87 Wolf GmbH Germany EUR 20,000,000 TC Ariston Climate Sy- stems GmbH 100.00
88 Ariston Climate Solutions (Shanghai) Co., Ltd. China CNY 14,512,361 TC Wolf GmbH 100.00
89 Wolf Power Systems GmbH Germany EUR 500,000 TC WEBA Services GmbH 89.00
Wolf GmbH 11.00
90 WEBA Services GmbH Germany EUR 83,333 TC Ariston Deutschland GmbH 100.00
91 Z.R.E. Srl Italy EUR 98,800 COM Thermowatt S.p.A. 100.00
\n \n \n The participation shares in this table are the ones relevant for determining the Consolidated financial statements. The companies acquired with the put/call contracts to be exercised on the remaining shares of the share capital were fully consolidated, together with the acquisition agreement based on the provisions set forth in IFRS3 (see the specific treatment of the individual put/call options in the notes) All companies summarised in the table above are consolidated using the line by line method Ariston Thermo Rus LLC has been included in the perimeter as of April 2025, following the regaining of control of the entity pursuant to Presidential Decree No. 176 of (1) the Russian Federation (*) Refers to the main Division\n \n \n \n \n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered of- fice Curr. Share capital Business unit (*) Investing companies Group's inte- rest
1 Ariston Lennox Water heating North America LLC USA USD 1,400,000 TC Ariston USA LLC 50.10
2 Cinergi Ltd UK GBP 100 TC Ariston U.K. Ltd. 24.75
3 Haas Heating B.V. Netherlands EUR 100 TC Atag Heating B.V. 24.50
4 HeimWatt GmbH Germany EUR 30,332 TC WEBA Services GmbH 20.00
5 Joint venture \"Ariston Thermo - UTG LLC\" (**) Uzbekistan EUR 1,000,000 TC Ariston Holding N.V. 51.00
6 Thermal Earth Ltd UK GBP 81 TC Ariston U.K. Ltd. 30.00
7 Thermovault Belgium EUR 6,283,576 TC Ariston Holding N.V. 27.98
\n (**) The company was not included in the scope of consolidation because of its limited area of operation and significance\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217204838795": { "value": "\n \n 8.3 Basis of accounting preparation The consolidated financial statements have been prepared in compliance with the IFRS Accounting Standards (as adopted by the EU), which include all International Accounting Standards in force as well as all interpretations provided by the IFRS Interpretations Committee formerly known as the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) and in accordance with Part 9 Book 2 of the Dutch Civil Code. \n The Parent Company prepares separate financial statements in compliance with the accounting standards under Section 2:362 (8) of the Dutch Civil Code, pursuant to Part 9 of Book 2. These accounting policies are applied to the IFRS consolidated financial statements and the separate financial statements. The financial statements were prepared based on the going concern principle, on the cost basis and taking any value adjustments into account where appropriate, with the exception of statement of financial position items, such as financial instruments, which, under the IFRS, must be recognized at fair value, and except in cases in which the IFRS allow application of a different measurement criterion. The carrying amount of assets and liabilities subject to fair value hedging transactions, which would otherwise be recognized at cost, has been adjusted to take into account the changes in fair value attributable to the risk being hedged. The financial statements include corresponding prior year figures for comparative purposes. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217082110915": { "value": "\n 8.3 Basis of accounting preparation The consolidated financial statements have been prepared in compliance with the IFRS Accounting Standards (as adopted by the EU), which include all International Accounting Standards in force as well as all interpretations provided by the IFRS Interpretations Committee formerly known as the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) and in accordance with Part 9 Book 2 of the Dutch Civil Code. \n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217082440321": { "value": "\n i. Going concern The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgment that there is a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future, and not less than 12 months from the date of signing the Group\u2019s consolidated financial statements. In compliance with IAS 38 and IAS 36, on a yearly basis, the Group verifies the recoverable amount of intangible assets with an indefinite life. Amounts were tested at aggregate level based on the amounts allocated to the three cash\u2010generating units (CGUs) identified as the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained. The Group continues to demonstrate a solid financial position across a variety of economic and financial metrics, which safeguard its operations. The Group is thoughtfully reassessing its investment strategies and believes that there are no significant concerns that could impact its ongoing stability. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217100016391": { "value": "\n ii. Segment reporting For management purposes, the Group is organized into 3 business divisions (representing the three CGUs \u2010 Thermal Comfort, Burners and Components). However from a segment reporting perspective, the Group has one reportable segment in accordance with IFRS 8 \u2013 Operating Segments. In assessing performance, management reviews financial information on an integrated basis for the Group as a whole, substantially in the form of, and on the same basis as, the Group\u2019s IFRS financial statements. The information required as per IFRS 8.31\u201034 has been disclosed in Section \u20186. Notes to the Consolidated Financial Statements\u2019. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217082937551": { "value": "\n iii. Basis of consolidation The consolidated financial statements include the financial statements of the Parent Company and of the Italian and foreign subsidiaries. For the purposes of preparing IFRS\u2010compliant consolidated financial statements, all consolidated companies have prepared a specific reporting package, at the same reporting date, based on the IFRS Accounting Standards that the Group has adopted and which are described below, entailing the reclassification and/or adjustment of their accounting data prepared for disclosure purposes on a local level. The consolidated financial statements reflect the financial position and performance of the Parent Company and of its direct and indirect subsidiaries. In particular, consolidated entities are those under the direct or indirect control of Ariston Holding N.V., with the majority of voting rights at the general meeting, or through the exercise of a significant influence over the financial and operating policies of the companies/entities, thus obtaining the related benefits, even without regard to equity ownership. \n \n Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the significant activities of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; \u2022 The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a ma- jority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: the contractual arrangement(s) with the other vote holders of the investee; rights arising from other contractual arrangements and the Group\u2019s voting rights and potential voting rights. The Group re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when it loses control over the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date control ceases. All subsidiaries are consolidated from the date when the Group acquired their control. They are excluded from the consolidation scope from the date the Group ceases or loses control of them. The income statement and each component of OCI are allocated to the owners of the parent and to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between mem- bers of the Group are eliminated in full on consolidation. Compared to 31 December 2024, the consolidation scope changed due to the following transactions: \u2022 On 31 January, the Ariston Group acquired 100% of the Italian-based \u2018Clima Techno Service S.r.l.\u2019. The ac- quisition was performed by the Italian-based \u2018Ariston S.p.A.\u2019. \u2022 On 7 March, the Ariston Group acquired 100% of the US-based \u2018DDR Heating Inc.\u2019. The acquisition was performed by the US-based \u2018Ariston Holding USA LLC\u2019. Reference should be made to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. \u2022 On 26 March 2025, Presidential Decree No. 176 of the Russian Federation reinstated Ariston Holding N.V. into the control and full management of the shares of its Russian subsidiary, Ariston Thermo Rus LLC. This follows the temporary transfer of the subsidiary to external management under Gazprom Bytovie Sistemy (a subsidiary of the Gazprom Group) as mandated by Presidential Decree No. 294, issued on 26 April 2024. The new decree formally nullifies Subparagraph \"a\" of Paragraph 1 of Decree No. 294, effectively restoring Ariston Group's full ownership and operational control over Ariston Thermo Rus LLC. With the issuance of Decree No. 176, the Ariston Group has re-gained control over Ariston Thermo Rus LLC. Therefore, Ariston will need to consolidated the company on a line-by-line basis in accordance with IFRS 10. The Ariston Group considers 1 April 2025 as the reconsolidation date. Reference should be made to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. \u2022 On 8 May, the Ariston Group, through its Swiss subsidiary Elcotherm AG, entered into an agreement to acquire K\u00e4lin W\u00e4rmetechnik AG, a Swiss company operating in the trade, distribution and installation of oil and gas heating systems and air-conditioning technologies, as well as in service and maintenance activities. Reference should be made to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details.\n \n \u2022 On 26 June, the Ariston Group acquired 80% of \u2018Z.R.E. S.r.l.\u2019, based in Italy. The acquisition was performed by the Italian-based \u2018Thermowatt S.p.A.\u2019. Reference should be made to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. \u2022 On 17 October, the Ariston Group entered into an Asset Purchase Agreement (\u201cAPA\u201d) with Hintastica Pri- vate Limited in order to purchase a series of assets, including a building serving as a factory and a set of plant and machinery, used for the production of electric water heaters. The acquisition was performed by the Indian entity \u2018Ariston Water Heating Products India Private Limited\u2019. Reference should be made to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. \u2022 On 31 October, the Ariston Group acquired 80% \u2018General Bruciatori S.r.l.\u2019 based in Italy. The acquisition was performed by the Italian-based \u2018Ecoflam Bruciatori S.p.A.\u2019. \u2018General Bruciatori S.r.l.\u2019 has been included in the Ariston Group\u2019s consolidation scope since the acquisition date. For further details on transactions that occurred in the year, reference should be made to the following section \u2018Basis of consolidation\u2019. The list of the companies included in the consolidation scope at 31 December 2025 is included in the \u2018List of com- panies at 31 December 2025. \n \n Subsidiaries A subsidiary is a company where the financial and operating policies are determined by the Parent Company which aims to benefit from their activities. The economic results of the subsidiaries, whether acquired or transferred during the period, are included in the consoli- dated income statement from the actual acquisition date to the actual transfer date. The share of non-controlling interests in the net assets of the consolidated subsidiaries is identified separately from the equity attributable to owners of the Parent. This share is determined based on their percentage of interest held: a. in the fair values of the assets and liabilities recognized at the date of the business combination. As regards the sym- metric put and call contracts connected to the new acquisitions, they have been represented by recognizing the fair value of the liability arising from the purchase and sale options signed upon acquisition on all the shares held by non- controlling interests under financial liabilities in the statement of financial position and without recognising the resid- ual equity attributable to non-controlling interests (see the subsequent section: \u201cBusiness combinations\u201d); b. in the changes in equity after that date. Subsequently, the losses attributable to non-controlling interests exceeding the equity attributable to them, are recognized under non-controlling interests. \n \n \n \n \n Associates and joint ventures\n The consolidated financial statements include the portion of associates\u2019 economic results attributable to the owners of the Parent. Associates are companies over which the Group has a significant influence, in terms of financial and operating policies, although not holding control or joint control. The portion of these companies\u2019 economic results attributable to the owners of the Parent is recognized according to the equity method, from the date when the significant influence starts until it ceases to exist. If the portion of losses of an associate attributable to the owners of the Parent exceeds the carrying amount of the recognized investment, the amount of this investment is eliminated and the portion of exceeding losses is not recognized, except and to the extent of the obligations assumed by the Parent. \n \n \n \n A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. 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. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost.\n \n \n \n \n \n The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog- nized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when appli- cable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies into line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying amount, and subsequently recognizes the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in the income statement.\n \n \n Transactions eliminated upon consolidation All significant intra-group balances and transactions arising from intra-group transactions are eliminated in preparing the consolidated financial statements. \n \n Consolidation of foreign companies All assets and liabilities of foreign companies in a functional currency other than the euro, falling within the consolidation scope, are translated using closing rates (current exchange method). Income and expenses are translated using the aver- age exchange rate for the year. Should it be possible to identify the specific exchange rate for individual transactions, these items are translated using the related spot rate. Exchange differences arising from application of this method are recognized in OCI and equity until the investment is transferred. Goodwill and adjustments to the fair values generated by the acquisition of a foreign company are recognized in their currency and translated using the closing rate. The following tables show the exchange rates against the euro used to translate foreign currency financial statements: (exchange rate = euro/currency). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Average exch. rate Exch. rate at 12.31 Average exch. rate Exch. rate at 12.31
Currency
Emirati Dirham AED 4.14 4.32 3.98 3.82
Canadian Dollar CAD 1.57 1.61 1.48 1.49
Swiss Franc CHF 0.94 0.93 0.95 0.94
Chinese Renminbi CNY 8.10 8.23 7.77 7.58
Czech Koruna CZK 24.70 24.24 25.12 25.19
Danish Crown DKK 7.46 7.47 7.46 7.46
Egyptian Pound EGP 55.71 56.05 50.04 52.82
English Sterling GBP 0.86 0.87 0.85 0.83
Russian Ruble RUB 93.79 96.08 99.80 116.56
Hungarian Forint HUF 397.59 385.15 395.54 411.35
Indonesian Rupiah IDR 18,638.14 19,640.83 17,131.48 16,820.88
Indian Rupiah INR 99.80 105.60 90.60 88.93
Kazakhstani Tenge KZT 587.26 592.33 509.93 544.98
Morocco Dirham MAD 10.54 10.71 10.77 10.51
Mexican Peso MXN 21.57 21.12 20.01 21.55
Nigerian Naira NGN 1,620.36 1,698.67 1,669.72 1,674.32
Polish Zloty PLN 4.24 4.22 4.31 4.28
Romanian New Leu RON 5.05 5.10 4.97 4.97
Singapore Dollar SGD 1.47 1.51 1.44 1.42
Tunisian Dinar TND 3.37 3.39 3.37 3.31
Ukrainian Hryvnia UAH 47.39 49.79 43.59 43.69
US Dollar USD 1.13 1.18 1.08 1.04
Vietnam Dong VND 29,865.06 30,883.00 27,107.79 26,478.00
Israeli New Shekel ILS 3.88 3.75 3.99 3.79
Serbian Dinar RSD 117.21 117.31 117.08 116.80
Australian Dollar AUD 1.75 1.76 1.64 1.68
South African Rand ZAR 20.18 19.44 19.80 19.62
\n \n \n Hyperinflation With reference to the Group, at 31 December 2025 no material operations are located in hyperinflationary economies in accordance with IFRS Accounting Standards. Consequently, the consolidated financial statements do not include material effects related to the application of IAS 29.\n \n \n \n \n \n \n Business combinations \n \n \n Business combinations are accounted for using the acquisition method. The Group verifies that a business combination falls within the definition of the IFRS only if it is an integrated set of activities and assets that, with the input and process, contribute to the output creation. The cost of acquisition is calculated as the sum of payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of equity attributable to non-controlling interests, meas- ured at the fair value of the net interest recognized for the acquired entity. Ancillary costs related to the transactions are recognised in the income statement when incurred. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the ac- quisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.\n \n \n \n \n \n Should the business combination be done in instalments, the interest previously held by the Group in the acquired busi- ness is recognised at fair value on the date control is acquired, and any resulting gains or losses are recognized in the income statement. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. \n \n Contingent consideration, classified as an asset or liability that is a financial instrument and within the scope of\n \n \n IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in\n \n \n accordance with IFRS 9.\n Other contingent consideration that is not within the scope of IFRS 9 is remeasured at fair value at each reporting date with changes in fair value recognized in the income statement. Any changes in the fair value of the net assets acquired, occurring once further information is available during the meas- urement period \u2013 12 months from the acquisition date \u2013 are included retrospectively in goodwill. \n \n \n Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred, the value of the portion of equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the carrying amount of the net assets acquired and liabilities assumed on the ac- quisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of equity and the fair value of any interest previously held in the acquired business, this excess value is accounted for in profit and loss as income from the transaction. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair- ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.\n \n \n \n Accounting treatment of the Put and Call Agreement for the non-controlling interest in Chromagen Australia On 31 May 2023, the Group entered into an agreement with non-controlling interests for the acquisition of the remaining shares. The Group fully recognised Non-Controlling Interests (NCI). This includes recognizing the amount payable, along with any subsequent changes to the carrying amount of the financial liability. These changes result from remeasuring the present value of the amount payable when the NCI put option is exercised. The effects of these changes are recognised in the profit or loss attributable to the owners of the parent. The agreement establishes both a call option, granting the Group the right to purchase the shares, and a put option, affording non-controlling interests the right to sell the shares. The present value of this amount is equal to \u20ac 20.9 million and is classified under current liabilities. The exercise date is set within 2 months following the approval of the 2025 financial statements. Other minor accounting treatment At 31 December 2025, the Ariston Group has the following financial liabilities: \u2022 Representation and warranty clauses related to the acquisition of the shares and voting rights of MTG Service Single Member that operates in Greece performed in 2023. The present value of this amount is equal to \u20ac 0.2 million and is classified under current liabilities given that the expiry date is in 2026. \u2022 During 2023, the Group signed an Asset Purchase Agreement about a customer list with Stenkilde which foresees a future payment based on the performance of the assets acquired. The payment is scheduled annually for the next five years. The present value of this amount is equal to \u20ac 0.2 million. \u2022 During 2025, the Group acquired 100% of the Italian-based Clima Techno Service S.r.l. The agreement sets forth a mechanism for a subsequent adjustment of the purchase price. The present value of this amount is equal to \u20ac 0.1 million and is classified under non-current liabilities given that the expiry date is in 2028. \u2022 During 2025, the Group acquired 80% of the Italian-based Z.R.E. S.r.l. The agreement establishes both a call option, granting the Group the right to purchase the shares, and a put option, affording non-controlling interests the right to sell the shares. The present value of this amount is equal to \u20ac 0.4 million and is classified under non- current liabilities given that the expiry date is in 2027.\n \n \u2022 During 2025, the Group acquired 100% of the US-based DDR Heating Inc. The agreement sets forth a mechanism for a subsequent adjustment of the purchase price. The present value of this amount is equal to \u20ac 0.8 million and is classified under current liabilities given that the expiry date is in 2026. \u2022 Representation and warranty clauses related to the acquisition performed in 2025 of the shares of Kaelin that operates in Switzerland. The present value of this amount is equal to \u20ac 0.5 million and is classified under non- current liabilities given that the expiry date is in 2027. The following table summarizes the fair value of the above financial liabilities: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Company Type % Owner- ship Execution Date Local Cur- rency Eur mil- lion
Chromagen Australia Put and Call 49% 2026 19.5 CHF 20.9
MTG Service Single Member Reps and Warranties n.a. 2026 0.2 EUR 0.2
Clima Techno Service S.r.l. Earn-out n.a. 2028 0.1 EUR 0.1
Z.R.E. S.r.l. Put and Call 20% 2027 0.4 EUR 0.4
DDR Heating Inc Earn-out n.a. 2026 1.0 USD 0.8
Financial liabilities related to Invest- ments in subsidiaries 22.5
Stenkilde VVS Earn-out n.a. From 2024 to 2028 2.0 DKK 0.2
Kaelin Reps and Warranties n.a. 2027 0.4 CHF 0.5
Financial liabilities to third parties 0.7
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170030740": { "value": "\n Subsidiaries A subsidiary is a company where the financial and operating policies are determined by the Parent Company which aims to benefit from their activities. The economic results of the subsidiaries, whether acquired or transferred during the period, are included in the consoli- dated income statement from the actual acquisition date to the actual transfer date. The share of non-controlling interests in the net assets of the consolidated subsidiaries is identified separately from the equity attributable to owners of the Parent. This share is determined based on their percentage of interest held: a. in the fair values of the assets and liabilities recognized at the date of the business combination. As regards the sym- metric put and call contracts connected to the new acquisitions, they have been represented by recognizing the fair value of the liability arising from the purchase and sale options signed upon acquisition on all the shares held by non- controlling interests under financial liabilities in the statement of financial position and without recognising the resid- ual equity attributable to non-controlling interests (see the subsequent section: \u201cBusiness combinations\u201d); b. in the changes in equity after that date. Subsequently, the losses attributable to non-controlling interests exceeding the equity attributable to them, are recognized under non-controlling interests. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217083928492": { "value": "\n \n \n Associates and joint ventures\n The consolidated financial statements include the portion of associates\u2019 economic results attributable to the owners of the Parent. Associates are companies over which the Group has a significant influence, in terms of financial and operating policies, although not holding control or joint control. The portion of these companies\u2019 economic results attributable to the owners of the Parent is recognized according to the equity method, from the date when the significant influence starts until it ceases to exist. If the portion of losses of an associate attributable to the owners of the Parent exceeds the carrying amount of the recognized investment, the amount of this investment is eliminated and the portion of exceeding losses is not recognized, except and to the extent of the obligations assumed by the Parent. \n \n A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. 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. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost.\n \n The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog- nized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when appli- cable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies into line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying amount, and subsequently recognizes the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in the income statement.\n \n \n viii. Investments in associates Investments in associates are recognized using the equity method, starting from the date of the significant influence by the Group up to the time when this influence ceases to exist, as described in the previous paragraph \u2018Basis of accounting preparation\u2019.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217084806877": { "value": "\n \n Associates and joint ventures\n The consolidated financial statements include the portion of associates\u2019 economic results attributable to the owners of the Parent. Associates are companies over which the Group has a significant influence, in terms of financial and operating policies, although not holding control or joint control. The portion of these companies\u2019 economic results attributable to the owners of the Parent is recognized according to the equity method, from the date when the significant influence starts until it ceases to exist. If the portion of losses of an associate attributable to the owners of the Parent exceeds the carrying amount of the recognized investment, the amount of this investment is eliminated and the portion of exceeding losses is not recognized, except and to the extent of the obligations assumed by the Parent. \n A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. 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. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost.\n \n \n The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog- nized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when appli- cable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies into line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying amount, and subsequently recognizes the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in the income statement.\n \n \n \n \n viii. Investments in associates Investments in associates are recognized using the equity method, starting from the date of the significant influence by the Group up to the time when this influence ceases to exist, as described in the previous paragraph \u2018Basis of accounting preparation\u2019.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217085033862": { "value": "\n Associates and joint ventures\n \n A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. 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. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost.\n \n The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The income statement reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in the OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recog- nized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when appli- cable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group\u2019s share of the income statement of an associate and a joint venture is shown on the face of the income statement outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies into line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying amount, and subsequently recognizes the loss in \u2018Share of profit of an associate and a joint venture\u2019 in the income statement. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in the income statement.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217085306412": { "value": "\n Consolidation of foreign companies All assets and liabilities of foreign companies in a functional currency other than the euro, falling within the consolidation scope, are translated using closing rates (current exchange method). Income and expenses are translated using the aver- age exchange rate for the year. Should it be possible to identify the specific exchange rate for individual transactions, these items are translated using the related spot rate. Exchange differences arising from application of this method are recognized in OCI and equity until the investment is transferred. Goodwill and adjustments to the fair values generated by the acquisition of a foreign company are recognized in their currency and translated using the closing rate. The following tables show the exchange rates against the euro used to translate foreign currency financial statements: (exchange rate = euro/currency). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Average exch. rate Exch. rate at 12.31 Average exch. rate Exch. rate at 12.31
Currency
Emirati Dirham AED 4.14 4.32 3.98 3.82
Canadian Dollar CAD 1.57 1.61 1.48 1.49
Swiss Franc CHF 0.94 0.93 0.95 0.94
Chinese Renminbi CNY 8.10 8.23 7.77 7.58
Czech Koruna CZK 24.70 24.24 25.12 25.19
Danish Crown DKK 7.46 7.47 7.46 7.46
Egyptian Pound EGP 55.71 56.05 50.04 52.82
English Sterling GBP 0.86 0.87 0.85 0.83
Russian Ruble RUB 93.79 96.08 99.80 116.56
Hungarian Forint HUF 397.59 385.15 395.54 411.35
Indonesian Rupiah IDR 18,638.14 19,640.83 17,131.48 16,820.88
Indian Rupiah INR 99.80 105.60 90.60 88.93
Kazakhstani Tenge KZT 587.26 592.33 509.93 544.98
Morocco Dirham MAD 10.54 10.71 10.77 10.51
Mexican Peso MXN 21.57 21.12 20.01 21.55
Nigerian Naira NGN 1,620.36 1,698.67 1,669.72 1,674.32
Polish Zloty PLN 4.24 4.22 4.31 4.28
Romanian New Leu RON 5.05 5.10 4.97 4.97
Singapore Dollar SGD 1.47 1.51 1.44 1.42
Tunisian Dinar TND 3.37 3.39 3.37 3.31
Ukrainian Hryvnia UAH 47.39 49.79 43.59 43.69
US Dollar USD 1.13 1.18 1.08 1.04
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South African Rand ZAR 20.18 19.44 19.80 19.62
\n \n xx. Transactions in a foreign currency Should a company in the Group have a monetary item to be received or to be paid in regard to another foreign subsidiary, for which settlement is not planned nor is it likely that it may occur in the foreseeable future and is substantially part of the entity\u2019s net investment in this foreign operation, it is recognized in accordance with the provisions of IAS 21 (para- graphs 32 and 33). This envisages the treatment of the related differences in exchange rates be recognized under the items of the statement of comprehensive income in the consolidated financial statements which include this foreign operation. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217085628662": { "value": "\n Hyperinflation With reference to the Group, at 31 December 2025 no material operations are located in hyperinflationary economies in accordance with IFRS Accounting Standards. Consequently, the consolidated financial statements do not include material effects related to the application of IAS 29.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217091631933": { "value": "\n \n \n \n \n Business combinations \n \n \n Business combinations are accounted for using the acquisition method. The Group verifies that a business combination falls within the definition of the IFRS only if it is an integrated set of activities and assets that, with the input and process, contribute to the output creation. The cost of acquisition is calculated as the sum of payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of equity attributable to non-controlling interests, meas- ured at the fair value of the net interest recognized for the acquired entity. Ancillary costs related to the transactions are recognised in the income statement when incurred. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the ac- quisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.\n \n \n \n Should the business combination be done in instalments, the interest previously held by the Group in the acquired busi- ness is recognised at fair value on the date control is acquired, and any resulting gains or losses are recognized in the income statement. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. \n \n Contingent consideration, classified as an asset or liability that is a financial instrument and within the scope of\n \n \n IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in\n \n \n accordance with IFRS 9.\n Other contingent consideration that is not within the scope of IFRS 9 is remeasured at fair value at each reporting date with changes in fair value recognized in the income statement. Any changes in the fair value of the net assets acquired, occurring once further information is available during the meas- urement period \u2013 12 months from the acquisition date \u2013 are included retrospectively in goodwill. \n \n \n Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred, the value of the portion of equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the carrying amount of the net assets acquired and liabilities assumed on the ac- quisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of equity and the fair value of any interest previously held in the acquired business, this excess value is accounted for in profit and loss as income from the transaction. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair- ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.\n \n \n \n \n iii. Intangible assets\n \n \n Goodwill Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at- tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and contingent liabilities at the acquisition date (IAS 36). Goodwill is recognized as an asset and undergoes an impairment test on an annual basis, or more frequently if there are events or changes in circumstances that may result in impairment losses. For this purpose, goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units (CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any impairment loss is identified through valuations that are based on the capacity of each unit to produce cash flows capable of recovering the part of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the value recoverable by the cash generating unit is below the attributed carrying amount, the related impairment loss is recognized. This impairment loss is not reversed if the reasons that have generated cease to exist. If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation of the gain or loss on disposal. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217092237697": { "value": "\n \n \n \n Business combinations \n \n \n Business combinations are accounted for using the acquisition method. The Group verifies that a business combination falls within the definition of the IFRS only if it is an integrated set of activities and assets that, with the input and process, contribute to the output creation. The cost of acquisition is calculated as the sum of payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of equity attributable to non-controlling interests, meas- ured at the fair value of the net interest recognized for the acquired entity. Ancillary costs related to the transactions are recognised in the income statement when incurred. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the ac- quisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.\n \n Should the business combination be done in instalments, the interest previously held by the Group in the acquired busi- ness is recognised at fair value on the date control is acquired, and any resulting gains or losses are recognized in the income statement. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. \n \n Contingent consideration, classified as an asset or liability that is a financial instrument and within the scope of\n \n \n IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in\n \n \n accordance with IFRS 9.\n Other contingent consideration that is not within the scope of IFRS 9 is remeasured at fair value at each reporting date with changes in fair value recognized in the income statement. Any changes in the fair value of the net assets acquired, occurring once further information is available during the meas- urement period \u2013 12 months from the acquisition date \u2013 are included retrospectively in goodwill. \n \n \n Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred, the value of the portion of equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the carrying amount of the net assets acquired and liabilities assumed on the ac- quisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of equity and the fair value of any interest previously held in the acquired business, this excess value is accounted for in profit and loss as income from the transaction. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair- ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217100231212": { "value": "\n \n \n Business combinations \n \n \n \n Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred, the value of the portion of equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the carrying amount of the net assets acquired and liabilities assumed on the ac- quisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of equity and the fair value of any interest previously held in the acquired business, this excess value is accounted for in profit and loss as income from the transaction. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair- ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.\n \n \n \n iii. Intangible assets\n Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in the income state- ment in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amor- tized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An intangible asset is derecognized upon disposal (i.e. at the date the recipient obtains control) or when no future eco- nomic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement. \n \n \n \n Goodwill Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at- tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and contingent liabilities at the acquisition date (IAS 36). Goodwill is recognized as an asset and undergoes an impairment test on an annual basis, or more frequently if there are events or changes in circumstances that may result in impairment losses. For this purpose, goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units (CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any impairment loss is identified through valuations that are based on the capacity of each unit to produce cash flows capable of recovering the part of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the value recoverable by the cash generating unit is below the attributed carrying amount, the related impairment loss is recognized. This impairment loss is not reversed if the reasons that have generated cease to exist. If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation of the gain or loss on disposal. \n \n \n \n Other intangible assets Other intangible assets, whether purchased or internally produced, are recognized under assets in compliance with IAS 38 Intangible Assets, if it is likely that the use of the assets will generate future economic benefits and when the cost of the asset can be accurately measured. These assets (such as concessions, licenses and software) with a definite useful life are recognized at purchase or pro- duction cost and amortized on a straight-line basis over their estimated useful life. Any impairment losses, and any re- statement, are based on the same methods described in the section \u201cImpairment of assets\u201d. Intangible assets with an indefinite useful life are not amortized but are subject to evaluation in order to identify any impairment loss, yearly or more frequently, and at any time there is an indication that the asset may have been impaired. \n \n Research costs are recognized in the income statement when incurred. Internally generated intangible assets deriving from the development of the Group\u2019s products are recognized under as- sets, only if all of the following conditions are met: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \n \n \n \n \n \n \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to reliably measure the expenditure during development Capitalized development costs include only the expense incurred which may be attributed directly to the development process. Intangible assets with a finite useful life are amortized on a straight-line basis over the respective useful life of the product, which is normally 5 years. Any impairment losses, and any reversals, are based on the same methods described in the section \u201cImpairment of assets\u201d. If the internally generated assets cannot be recognized, development costs are recog- nized in the income statement when incurred.\n The other intangible assets recognized following the acquisition of a company are recognized separately from goodwill, if their present value can be accurately measured. Here below are the principles applied by the Group for intangible assets (IAS 38.118) (a) (b): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Licenses Trademarks Development costs Software
Useful life Definite (5 years) Indefinite Definite (5 years) Definite (4 years)
Amortization method used Amortized on a straight- line basis over the period of the license No amortization Amortized on a straight- line basis over the pe- riod of expected future sales resulting from the related project Amortized on a straight-line basis over the period of the usage of the soft- ware
Internally generated or purchased Purchased Purchased Internally gener- ated/PurchasedPurchased
\n Residual other intangible assets mainly include purchased customer lists with an average useful life of 20 years, amortized on a straight-line basis over the period of the expected future sales from the customer relationship.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Development costs The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217092915256": { "value": "\n \n Business combinations \n \n \n \n Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred, the value of the portion of equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the carrying amount of the net assets acquired and liabilities assumed on the ac- quisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of equity and the fair value of any interest previously held in the acquired business, this excess value is accounted for in profit and loss as income from the transaction. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impair- ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.\n \n \n Goodwill Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at- tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and contingent liabilities at the acquisition date (IAS 36). Goodwill is recognized as an asset and undergoes an impairment test on an annual basis, or more frequently if there are events or changes in circumstances that may result in impairment losses. For this purpose, goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units (CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any impairment loss is identified through valuations that are based on the capacity of each unit to produce cash flows capable of recovering the part of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the value recoverable by the cash generating unit is below the attributed carrying amount, the related impairment loss is recognized. This impairment loss is not reversed if the reasons that have generated cease to exist. If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation of the gain or loss on disposal. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217111305030": { "value": "\n Business combinations \n \n Contingent consideration, classified as an asset or liability that is a financial instrument and within the scope of\n \n IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in\n \n accordance with IFRS 9.\n \n ix. Financial instruments - initial recognition and subsequent measurement 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. \n \n \n \n \n \n \n Financial assets\n \n Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through profit or loss. In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables, etc.), are classified on the basis of the business model (how the Group manages financial assets in order to generate cash flows) and the contractual characteristics of the cash flows ( SPPI test, \u201csolely payment of principal and interest\u201d), in one of the following categories:\n \n \u2022 amortized cost, for financial assets held with the aim of receiving the contractual cash flows which pass the SPPI test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables, other receivables included in other current and non-current assets and financial receivables included in other current and non-current financial assets;\n \n \n \n \n \u2022 fair value through other comprehensive income (FVOCI), for financial assets held with the aim of collecting cash flows, both contractual, which represent solely payments of principal and interest, and from sales. Changes in fair value subsequent to initial recognition are offset against OCI and are recycled to the income statement upon derecognition;\n \n \n \n \n \u2022 Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category mainly includes derivative instru- ments.\n \n \n \n The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow charac- teristics and the Group\u2019s business model for managing them. \n \n With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed in section (e) Revenue from contracts with customers.\n As per the provisions of IFRS 9, the Group recognizes non-strategic investments and investment funds units at FVTPL; while other investments, which are considered strategic, are treated individually and, at the moment, are all measured at FVOCI. \n \n Contingent consideration classified as an asset (or liability) that is a financial instrument and falls within the scope of IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in accord- ance with IFRS 9. Other contingent consideration that does not fall within the scope of IFRS 9 is measured at fair value at each reporting date with fair value changes recognized in the income statement \n \n \n Subsequent measurement\n \n \n For the purposes of subsequent measurement, financial assets are classified in four categories: \u2022 Financial assets at amortized cost (debt instruments) \u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecog- nition (equity instruments) \u2022 Financial assets at fair value through profit or loss \n \n - Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified or impaired. The Group\u2019s financial assets at amortized cost include trade receivables, a loan to an associate and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary\n \n \n \n \n \n course of business and are held within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the effective interest rate method. The Group applies the amortized cost only for trade receivables with maturities greater than one year and are discounted to present value.\n - Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, exchange gains/losses and impairment losses or re- versals are recognized in the income statement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the income statement. The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments included under other non-current financial assets. \n \n - Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des- ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen- tation 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 the income statement. Dividends are recognized as other income in the income 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. The Group elected to irrevocably classify its non-listed equity investments under this category.\n \n \n - Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognized as other income in the income statement when the right of payment has been established.\n Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired Or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. \n \n \n \n Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: \u2022 Disclosures for significant assumptions \u2013 reference should be made to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates and assumptions\u2019; \u2022 Trade receivables, including contract assets as described below. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n \n \n \n \n \n \n \n \n \n For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each report- ing date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment \n \n \n \n \n \n \n \n Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi- nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings, including bank overdrafts and derivative financial instruments. Subsequent measurement\n \n For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss \u2022 Financial liabilities at amortized cost (loans and borrowings) \n \n - Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities at fair value through profit or loss also include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedging relationships as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are desig- nated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied. \n \n \n - Financial liabilities at amortized cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the income state- ment when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calcu- lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the income statement. This category generally applies to interest-bearing loans and borrowings.\n \n \n Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the in- come statement.\n \n \n \n \n \n \n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n \n \n \n \n \n \n \n \n xi. Cash and cash equivalents Cash and cash equivalents are recognized at their nominal amount and include numeric values, i.e. those values that meet the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity of three months or less, which are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. This item also includes the collection and payment instruments that have been subject to an account recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent different accounting records.\n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n \n \n \n \n \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217150639735": { "value": "Accounting treatment of the Put and Call Agreement for the non-controlling interest in Chromagen Australia On 31 May 2023, the Group entered into an agreement with non-controlling interests for the acquisition of the remaining shares. The Group fully recognised Non-Controlling Interests (NCI). This includes recognizing the amount payable, along with any subsequent changes to the carrying amount of the financial liability. These changes result from remeasuring the present value of the amount payable when the NCI put option is exercised. The effects of these changes are recognised in the profit or loss attributable to the owners of the parent. The agreement establishes both a call option, granting the Group the right to purchase the shares, and a put option, affording non-controlling interests the right to sell the shares. The present value of this amount is equal to \u20ac 20.9 million and is classified under current liabilities. The exercise date is set within 2 months following the approval of the 2025 financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217093955258": { "value": "8.4 Material accounting policies i. Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on a current/non-current classifica- tion. An asset is current when it is: \u2022 Expected to be realized or intended to be sold or consumed in the normal operating cycle \u2022 Held primarily for the purpose of trading \u2022 Expected to be realized within twelve months after the reporting period Or \u2022 Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: \u2022 It is expected to be settled in the normal operating cycle \u2022 It is held primarily for the purpose of trading \u2022 It is due to be settled within twelve months after the reporting period Or \u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. ii. Fair value measurement The Group measures financial instruments such as derivatives and non-financial assets at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the trans- action to sell the asset or transfer the liability takes place either: \u2022 In the principal market for the asset or liability Or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability, the principal or the most advantageous market accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its best use or by selling it to another market participant that would use the asset in its best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measure- ment as a whole: \u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable \u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group de- termines whether transfers have occurred between levels in the hierarchy by re-assessing their categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.\n \n \n \n iii. Intangible assets\n Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in the income state- ment in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amor- tized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An intangible asset is derecognized upon disposal (i.e. at the date the recipient obtains control) or when no future eco- nomic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement. \n \n \n \n Goodwill Goodwill arising from the acquisition of a subsidiary reflects the excess of the acquisition cost over the percentage at- tributable to the Group, of the fair value of the subsidiary\u2019s identifiable assets, liabilities and contingent liabilities at the acquisition date (IAS 36). Goodwill is recognized as an asset and undergoes an impairment test on an annual basis, or more frequently if there are events or changes in circumstances that may result in impairment losses. For this purpose, goodwill, if any, resulting at the acquisition date is allocated to each of the cash generating units (CGU), which are expected to benefit from the synergy effects deriving from the acquisition. Any impairment loss is identified through valuations that are based on the capacity of each unit to produce cash flows capable of recovering the part of goodwill allocated to it, according to the methods described hereinafter, in the section \u201cImpairment of assets\u201d. If the value recoverable by the cash generating unit is below the attributed carrying amount, the related impairment loss is recognized. This impairment loss is not reversed if the reasons that have generated cease to exist. If control is lost in a subsidiary, the portion of goodwill attributable to it at the date of the sale is included in the calculation of the gain or loss on disposal. \n \n \n \n Other intangible assets Other intangible assets, whether purchased or internally produced, are recognized under assets in compliance with IAS 38 Intangible Assets, if it is likely that the use of the assets will generate future economic benefits and when the cost of the asset can be accurately measured. These assets (such as concessions, licenses and software) with a definite useful life are recognized at purchase or pro- duction cost and amortized on a straight-line basis over their estimated useful life. Any impairment losses, and any re- statement, are based on the same methods described in the section \u201cImpairment of assets\u201d. Intangible assets with an indefinite useful life are not amortized but are subject to evaluation in order to identify any impairment loss, yearly or more frequently, and at any time there is an indication that the asset may have been impaired. \n \n Research costs are recognized in the income statement when incurred. Internally generated intangible assets deriving from the development of the Group\u2019s products are recognized under as- sets, only if all of the following conditions are met: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \n \n \n \n \n \n \n \n \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to reliably measure the expenditure during development Capitalized development costs include only the expense incurred which may be attributed directly to the development process. Intangible assets with a finite useful life are amortized on a straight-line basis over the respective useful life of the product, which is normally 5 years. Any impairment losses, and any reversals, are based on the same methods described in the section \u201cImpairment of assets\u201d. If the internally generated assets cannot be recognized, development costs are recog- nized in the income statement when incurred.\n The other intangible assets recognized following the acquisition of a company are recognized separately from goodwill, if their present value can be accurately measured. Here below are the principles applied by the Group for intangible assets (IAS 38.118) (a) (b): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Licenses Trademarks Development costs Software
Useful life Definite (5 years) Indefinite Definite (5 years) Definite (4 years)
Amortization method used Amortized on a straight- line basis over the period of the license No amortization Amortized on a straight- line basis over the pe- riod of expected future sales resulting from the related project Amortized on a straight-line basis over the period of the usage of the soft- ware
Internally generated or purchased Purchased Purchased Internally gener- ated/PurchasedPurchased
\n Residual other intangible assets mainly include purchased customer lists with an average useful life of 20 years, amortized on a straight-line basis over the period of the expected future sales from the customer relationship.\n \n \n \n iv. Property, plant and equipmentProperty, plant and equipment are recognized at cost, net of accumulated depreciation and impairment losses, if any. Work in progress is stated at cost, net of accumulated impairment losses, if any. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Assets with components of a significant value and with a different useful life are recognized separately when depreciated. Under IAS 16 Property, Plant and Equipment an entity has a policy choice for the measurement of property, plant and equipment after initial recognition. An entity may choose either the cost model or the revaluation model for entire classes of property, plant and equipment. The Group has elected to use the cost model for all asset classes. \n \n Depreciation is calculated on a straight-line basis, according to the cost of the asset net of all residual values, over its estimated useful economic-technical life through the use of depreciation rates that accurately represent it. If significant parts of these assets have a different useful life, they will be stated separately. Depreciation will be based on the following percentage rates: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Buildings and light constructions from 1.8 to 3.0
Plant and machinery from 6.0 to 15.5
Industrial and commercial equipment from 10.0 to 25.0
Cars and internal transport vehicles from 20.0 to 25.0
Furniture, office equipment, data processing systems from 12.0 to 20.0
\n The Group reviews the estimated residual values and expected useful lives of assets at least annually. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each year end and adjusted prospectively, if appropriate. Land with no construction or annexed to residential and industrial buildings, is not depreciated since it has an indefinite useful life.\n \n \n \n \n An item of property, plant and equipment and any significant part thereof is derecognized upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Gains and losses arising from the sale or disposal of assets are calculated as the difference between revenue from sales and the carrying amount of the asset and are taken to the income statement.\n v. Leases At contract inception the Group assesses whether a contract is, or contains, a lease, that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets are recognized in a single accounting model . In accordance with this model, the entity recognizes: (1) assets and liabilities for all leases with a duration of over twelve months; (2) separately in the income statement, the amortization/depreciation of the recognized asset and the interest on the financial liability recognized. Specifically, in order to determine the value of right-of-use assets, of the related discounted liabilities, any payments made to the lessor before signing the lease, net of the incentives received, the initial direct costs incurred by the lessee as well as the provisions for removal and dismantling, if any, are taken into account. Leases in place within the Group include offices, warehouses, plant, machinery and vehicles and low-value assets belong- ing to third parties. Lease terms generally range from 1-10 years but may contain option to extend them. They may also contain a wide range of different conditions. In accordance with IFRS 16, right-of-use assets measured at cost, net of accumulated amortization and impairment losses and are adjusted after any remeasurement of the lease liabilities. Their carrying amount is the amount of the recognized lease liabilities, plus the initial direct costs incurred, lease payments settled on the start date of the agreement or previ- ously, and restoration costs, net of any lease incentives received. The value of the liability, discounted to its present value, as determined above, increases the right of use of the underlying asset, and a liability is recognized as a balancing-entry. Right-of-use assets are amortized on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter. Lease liabilities are recognized on the start date of the agreement for a total amount equal to the present value of the lease payments to be made during the term of the agreement, discounted to using incremental borrowing rates (IBR) when the implicit interest rate in the lease cannot easily be determined. Variable lease payments which are not linked to an index or rate continue to be taken to the income statement when incurred. After the start date, lease liabilities increase to reflect the accrual of interest and reduce to reflect the payments made. Each lease payment is divided into a repayment of the principal of the liability and a financial cost. The financial cost is charged to the income statement over the term of the agreement to reflect a constant interest rate on the remaining debt portion of the liability for each period. The term of the lease is calculated taking into account the non-cancellable period of the lease together with the periods covered by an option to extend the agreement if it is reasonably certain that it will be exercised, or any period covered by an option to terminate the lease, if it is reasonably certain it will not be exercised. The Group assesses whether it is reasonably certain that it will exercise the options to extend or will terminate the agreements, taking into account all the relevant factors that create a financial incentive for such decisions. On the basis of practical expedients, recognition of exemptions for low-value and short-term leases, equal to \u20ac 36.5 mil- lion for 2025 (\u20ac 33.4 million for 2024), was not considered, in addition to \u20ac 4.2 million for 2025 (\u20ac 4.2 million for 2024) out of scope IFRS 16, which comprises mainly tolls and leases of IT equipment. The agreements are either included or excluded from the scope of the standard based on detailed analysis carried out for each agreement and in line with the rules laid down by IFRS Accounting Standards. IFRS 16 lease liabilities are initially measured at the present value of the lease payments still to be paid. With respect to some of its leases, the Group has the option to extend or terminate them. The Group applies judgement when assessing whether it is reasonably certain to exercise renewal options. That said, the Group considers all relevant factors that may create an economic incentive to exercise the options to renew or terminate the lease. After the com- mencement date, the Group reassesses the lease term upon the occurrence of a significant event or a significant change in circumstances which are within its control and affect whether it can exercise (or not exercise) an option to renew or terminate the lease (e.g. investments in leasehold improvements or specific material changes to the leased asset). In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a\n \n \n change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to de- termine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The exercise price for the underlying asset, in the event of purchase options, and/or the contractual value of the penalties, in the case of early termination of the lease, are included in the value of lease liability only if their exercise is reasonably certain. Following initial recognition, IFRS 16 lease liabilities are measured using the amortized cost method. The discount rate at which the lease liabilities that are still to be paid are discounted is called lessee\u2019s incremental bor- rowing rate and is equal to the interest rate the lessee would have paid if they had borrowed money to the value of the right of use, with payment terms similar to the contractual duration of the lease in a similar economic environment. Management estimated the discount rate by individual country, on the basis of the contractual duration and the total amount of the current \u201clease portfolios with similar characteristics\u201d.\n \n \n \n vi. Impairment of assets At each reporting date, the Group reviews the carrying amount of its intangible assets and property, plant and equipment to verify whether there is any indication that they were subject to an impairment loss. If there are indications of impair- ment, the Group estimates the recoverable amount of the assets to calculate the related impairment loss. If it is not possible to estimate individually the recoverable amount of an asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs. Intangible assets with an indefinite useful life, including goodwill, are assessed on an annual basis or more frequently if there is an indication of possible impairment losses. The recoverable amount is the higher of fair value less costs of disposal and value in use. In calculating the value in use, the estimated future cash flows are discounted using a discount rate that reflects the current market values relating to money and the risks associated with the asset. If the recoverable amount of an asset (or of the CGU) is estimated to be lower than its carrying amount, it is reduced to the lower recoverable amount. Impairment losses are immediately recognized in the income statement. If impairment ceases to exist, the carrying amount of the asset (or of the CGU), excluding goodwill, is increased to the new amount resulting from the estimate of its recoverable value, but not above the carrying amount that the asset would have had, had the impairment loss not occurred. The difference is recognized in the income statement.\n \n \n \n \n \n vii. Non-current assets held for sale and discontinued operations Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying amount will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly probable, the asset (or group of assets) is held for immediate sale in its current condition, and management has commit- ted to the sale, which should occur within 12 months from the date of classification of this item. Property, plant and equipment and intangible assets are not depreciated or amortized, respectively, once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Financial assets related to ceased or discontinued operations, net of tax effects, are recognized under one single item in the consolidated income statement, including the comparative figures of the relevant period.\n \n \n \n \n \n viii. Investments in associates Investments in associates are recognized using the equity method, starting from the date of the significant influence by the Group up to the time when this influence ceases to exist, as described in the previous paragraph \u2018Basis of accounting preparation\u2019.\n \n \n \n \n ix. Financial instruments - initial recognition and subsequent measurement 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. \n \n \n \n \n \n \n Financial assets\n \n Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through profit or loss. In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables, etc.), are classified on the basis of the business model (how the Group manages financial assets in order to generate cash flows) and the contractual characteristics of the cash flows ( SPPI test, \u201csolely payment of principal and interest\u201d), in one of the following categories:\n \n \u2022 amortized cost, for financial assets held with the aim of receiving the contractual cash flows which pass the SPPI test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables, other receivables included in other current and non-current assets and financial receivables included in other current and non-current financial assets;\n \n \n \n \n \u2022 fair value through other comprehensive income (FVOCI), for financial assets held with the aim of collecting cash flows, both contractual, which represent solely payments of principal and interest, and from sales. Changes in fair value subsequent to initial recognition are offset against OCI and are recycled to the income statement upon derecognition;\n \n \n \n \n \u2022 Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category mainly includes derivative instru- ments.\n \n \n \n The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow charac- teristics and the Group\u2019s business model for managing them. \n \n With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed in section (e) Revenue from contracts with customers.\n As per the provisions of IFRS 9, the Group recognizes non-strategic investments and investment funds units at FVTPL; while other investments, which are considered strategic, are treated individually and, at the moment, are all measured at FVOCI. \n \n Contingent consideration classified as an asset (or liability) that is a financial instrument and falls within the scope of IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in accord- ance with IFRS 9. Other contingent consideration that does not fall within the scope of IFRS 9 is measured at fair value at each reporting date with fair value changes recognized in the income statement \n \n \n Subsequent measurement\n \n \n For the purposes of subsequent measurement, financial assets are classified in four categories: \u2022 Financial assets at amortized cost (debt instruments) \u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecog- nition (equity instruments) \u2022 Financial assets at fair value through profit or loss \n \n - Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified or impaired. The Group\u2019s financial assets at amortized cost include trade receivables, a loan to an associate and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary\n \n \n \n \n \n \n \n course of business and are held within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the effective interest rate method. The Group applies the amortized cost only for trade receivables with maturities greater than one year and are discounted to present value.\n - Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, exchange gains/losses and impairment losses or re- versals are recognized in the income statement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the income statement. The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments included under other non-current financial assets. \n \n - Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des- ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen- tation 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 the income statement. Dividends are recognized as other income in the income 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. The Group elected to irrevocably classify its non-listed equity investments under this category.\n \n \n - Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognized as other income in the income statement when the right of payment has been established.\n Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired Or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. \n \n \n \n Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: \u2022 Disclosures for significant assumptions \u2013 reference should be made to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates and assumptions\u2019; \u2022 Trade receivables, including contract assets as described below. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n \n \n \n \n \n \n \n \n \n \n \n For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each report- ing date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment \n \n \n \n \n \n \n \n Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi- nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings, including bank overdrafts and derivative financial instruments. Subsequent measurement\n \n For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss \u2022 Financial liabilities at amortized cost (loans and borrowings) \n \n - Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities at fair value through profit or loss also include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedging relationships as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are desig- nated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied. \n \n \n - Financial liabilities at amortized cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the income state- ment when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calcu- lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the income statement. This category generally applies to interest-bearing loans and borrowings.\n \n \n Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the in- come statement.\n \n \n \n \n \n \n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n \n \n \n \n \n \n x. Inventories Inventories are stated at the lower of cost and net realizable value, according to the weighted average cost method. Cost includes direct materials and direct labor general production costs and other costs incurred to bring inventories to their current location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Lastly, some obsolete stock provisions are calculated for materials, finished goods and spare parts that are considered obsolete or slow moving, taking into account their expected future use and realizable value. \n \n \n xi. Cash and cash equivalents Cash and cash equivalents are recognized at their nominal amount and include numeric values, i.e. those values that meet the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity of three months or less, which are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. This item also includes the collection and payment instruments that have been subject to an account recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent different accounting records.\n \n xii. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the Income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any gain or loss resulting from subsequent sales is recognized in equity. xiii. Provisions for risks and charges General The Group recognizes provisions for risks and charges when it has a present obligation, either legal or constructive, to- ward third parties arising from a past event, and it is likely that it will be necessary to use the resources of the Group to meet the obligation, and when it is possible to make an accurate estimate of the amount of the obligation itself. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Changes in estimates are reflected in the income statement of the period when the change has occurred.\n \n \n Disclosures about provisions follow IAS 37 (paragraph 92) which regulates and limits these indications when they might prejudice the company\u2019s position in any disputes. \n \n \n Uncertain tax position IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 has been applied to clarify the accounting for uncertainties in income tax. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat- ments, that it has used or plans to use in its income tax filling. If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included in its income tax filings. If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions of the resolution of the uncertainty. In case facts and circumstances changes, the entity shall reassess its judgements and estimates. \n \n Warranty provisions The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The estimate of warranty-related costs is revised annually. Restructuring provisions Restructuring provisions are recognized only when the Group has a constructive obligation, which is when: (i) there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been noti- fied of the plan\u2019s main features. \n \n xiv. Employment benefits Group companies provide post-employment benefits to staff, both directly and by contributing to external funds. The procedures for providing these benefits vary depending on the legal, fiscal and economic conditions in each country in which the Group operates. Employee benefits are accounted for under IAS 19 and IFRS 2. Group companies provide post-employment benefits through defined contribution and/or defined benefit plans. Post-employment benefits i. Defined benefit plans The Group\u2019s obligations and the annual cost reported in the income statement are determined by independent actuaries using the projected unit credit method. The net cumulative value of actuarial gains and losses is recorded directly in the statement of other comprehensive in- come and is not subsequently recognized in the income statement. The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses. Service costs are posted to the income statement. The liability recognized represents the present value of the defined benefit obligation, less the present value of plan assets. If an amendment to the plan changes the benefits accruing from past service, the costs arising from past service \n \n \n \n \n \n are recognized in the income statement at the time the change to the plan is made. The same treatment is applied if there is a change to the plan that reduces the number of employees or that amends the terms and conditions of the plan (the treatment is the same, regardless of whether the final result is a profit or a loss). For defined benefit plans, remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit/contribution liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit/contribution liability), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to the income statement in subsequent periods. Past service costs are recognized in the income statement on the earlier of: \u2022 The date of the plan amendment or curtailment, and \u2022 The date that the Group recognizes related restructuring costs Net interest is calculated by applying the discount rate to the net defined benefit/contribution liability or asset. The Group recognizes the following changes in the net defined benefit/contribution obligation under \u2018cost of sales\u2019, \u2018administration expenses\u2019 and \u2018selling and distribution expenses\u2019 in the consolidated income statement (by nature): \u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements \u2022 Net interest expense or income \n ii. Defined contribution plans Since the Group fulfils its obligations by paying contributions to a separate entity (a fund), with no further obligations, the company records its contributions to the fund in respect of employees\u2019 service, without making any actuarial calcu- lation. Where these contributions have already been paid at the reporting date, no liabilities are recorded in the financial state- ments. \n \n Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an ap- propriate valuation model. That cost is recognized in employee benefits expense, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instru- ments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered non-vesting conditions. Non-vesting conditions are re- flected in the fair value of an award and lead to the immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service condi- tions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or ser- vice conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An addi- tional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled \n \n \n \n \n \n by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computa- tion of diluted earnings per share. \n \n \n \n xv. Grants Government grants are recognized when there is a reasonable assurance that they will be received and that the Group will comply with all the conditions established for their granting by the government, government agencies and equivalent local, national or international entities. Grants related to income are those intended to compensate for expenses incurred or to provide financial support to the entity without being directly linked to the acquisition of an asset. These grants are recognized in \u2018Other revenue and income\u2019 in the income statement. Recognition should be made systematically and reasonably over the period or periods in which the entity incurs the costs that the grant is intended to compensate. Government grants related to assets received for the acquisition of tangible and intangible assets are recorded as a re- duction of the cost of the acquired asset. The asset is recorded at its gross cost, then the government grant is deducted, so the net value of the asset is the effective cost after the grant. Consequently, depreciation will be calculated on the net value of the asset. \n \n \n xvi. Revenue and income Revenue is recognized when control of the goods and services has been transferred and the Group\u2019s performance obli- gations to its customers have been satisfied. Revenue is measured as the amount of consideration the Group expects to receive in exchange for transferring goods or providing services. The timing of when the Group transfers the goods or services to the customer may differ from the timing of the customer\u2019s payment. Revenues are stated net of discounts, allowances, settlement discounts and rebates. The Ariston Group typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. Contractual warranties required by law do not represent a separate performance obligation and the cost of such warranties is recognized at the time of the transfer of control of the related good. The Group also provides extended warranty. These service-type warranties are sold either separately or bundled together with the sale of products and represent a separate performance obligation, in accordance with accounting principle IFRS 15. The revenue from extended warranties is generally recognized over the time, on the basis of the period in which the service is provided. Ariston Group revenue streams are described in the following table. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue stream Revenue stream description % Revenues % Revenues
2025 2024
Professional Customers are mainly installers, medium-large distribu- tors and professionals in the field of Thermal Comfort. Standard T&Cs apply and the main performance obliga- tion is characterized by the sale of finished products in- cluding variable considerations too. The Group acts as principal. 66% 65%
DIY (Do it yourself) Customers are large retailers. The main performance obli- gation is characterized by the sale of finished products and the variable considerations are significant. T&Cs are decided by the customer by means of annual framework agreements. The Group acts as principal. 5% 6%
Business-to-business (B2B) The main performance obligation is characterized by the sale of components, burners and heating only for specific projects: e.g. for institutions (schools, hospitals, etc.). The Group acts as principal. 14% 14%
Service Indirect service: maintenance and repair services offered through Technical Support to the end customer. Direct service: maintenance and repair services offered directly to the end customer. Spare Parts: Related to Service activities (in PL reported as Net Revenue from Sales). The Group acts as principal. 15% 15%
Total 100% 100%
\n Assets and liabilities arising from rights of return Right of return assets A right-of-return asset is recognized for the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any po- tential decreases in value. The Group updates the measurement of the asset for any revisions to the expected level of returns and any additional decreases in the value of the returned products. Refund liabilities A refund liability is recognized for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group\u2019s refund liabilities arise from customers\u2019 right of return. The liability is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. Regarding the use of significant assumptions, refer to sub-paragraph \u2018Revenue recognition\u2019 included in the paragraph \u2018Significant assumptions\u2019.\n \n \n xvii. Taxes Current income tax Current taxes are based on the taxable income for the year. The taxable income is different from the profit/loss recog- nized in the income statement since it excludes positive and negative items which are taxable or deductible in other years and it also excludes items that will never be taxable or deductible. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxa- tion authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.\n \n \n \n Current income tax relating to items recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. \n \n Deferred tax Deferred taxes are those that the Group expects to settle or recover based on the temporary differences between the carrying amount of assets and liabilities and their corresponding tax values used for calculating taxable income. They are recognized using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differ- ences, whereas deferred tax assets are recognized only if it is probable that there will be future taxable income against which deductible temporary differences can be used. Deferred tax liabilities are recognized for all taxable temporary differences, except: \u2022 if the temporary differences derive from goodwill or the initial recognition (not in business combinations) of other assets or liabilities in transactions that do not affect the profit (loss) for the year or the taxable income; \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and impaired, if it is no longer probable that sufficient taxable income exists that can enable recovery of all or part of the assets. In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differ- ences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. Deferred taxes are calculated at the tax rate that is expected to be applied when the asset is realized or the liability extinguished. Deferred taxes are recognized directly in the income statement, except for those related to items recog- nized directly under equity, in which case the deferred taxes are also recognized under equity. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recov- ered. \n \n \n \n xviii. Earnings per share The basic earnings per share are calculated by dividing the portion of profit/loss attributable to the Group by the weighted average of the outstanding shares of the year. The diluted earnings per share are calculated by taking into account, both as regards the portion of profit/loss attributable to the owners of the Parent and the above-mentioned weighted average, the impact deriving from the total subscrip- tion/conversion of all potential shares that may be issued through the exercise of outstanding options. \n \n \n xix. Dividends Dividends are recognized as changes in equity in the year when the Group\u2019s unconditional right to receive payment arises, that is when the general meeting approves the distribution of dividends. \n \n \n xx. Transactions in a foreign currency Should a company in the Group have a monetary item to be received or to be paid in regard to another foreign subsidiary, for which settlement is not planned nor is it likely that it may occur in the foreseeable future and is substantially part of the entity\u2019s net investment in this foreign operation, it is recognized in accordance with the provisions of IAS 21 (para- graphs 32 and 33). This envisages the treatment of the related differences in exchange rates be recognized under the items of the statement of comprehensive income in the consolidated financial statements which include this foreign operation. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjust- ment to the carrying amount of assets or liabilities affected in future periods. Judgements \n \n Determining the lease term of contracts with renewal and termination options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer- cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. The Group includes the renewal period as part of the lease term for leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. \n Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. \n \n \n Impairment of non-financial assets When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest- ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis- counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most recent business plan, approved by the management, containing forecasts for volumes, revenue and operating costs, which are based on certain assumptions on the market trends and macro-economic scenario. Regarding climate-related matters, the expected future cash flows incorporate certain climate-related risks to pursue the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note \u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual income. Nev- ertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based could gen- erate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires manage- ment to use estimates and assumptions considered prudent and reasonable in the specific circumstances. \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n \n \n Taxes Income taxes include all taxes based upon the taxable profits of the Group. They on income are recognized in the income statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in which case the related tax effects are recognized directly in equity or in other comprehensive income. Deferred taxes are calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol- idated Financial Statements. Deferred tax assets relating to the carry-forward of unused tax losses are recognized to the extent it is probable future profits will be available against which they can be utilized. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in which the temporary differences reverse. \n \n Other taxes not based on taxable profits, such as property taxes and taxes on\n \n \n capital, are included in operating expenses.\n Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax assets and liabilities\u2019. \n \n \n \n \n Defined benefit plans (pension benefits) The cost of defined benefit pension plan and other post-employment medical benefits and the present value of the pen- sion obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long- term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appropriate dis- count rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads are ex- cluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those mor- tality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013 Post-employment benefits\u2019. \n \n \n \n Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on listed prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20188.6.4 - Other information\u2019. \n \n \n \n \n \n \n \n \n \n Development costs The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.\n \n \n \n \n \n Revenue recognition - Estimating variable consideration for returns and volume rebates The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of return and volume rebates. The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of each product to come up with expected return percentages. These percentages are applied to determine the expected value of the variable consideration. Any significant changes in experience as compared to the historical return pattern will impact the expected return percentages estimated by the Group. The Group\u2019s expected volume rebates are analyzed on a per customer basis for contracts that are subject to a single volume threshold. Determining whether a customer will likely to be entitled to a rebate will depend on the customer\u2019s historical rebates entitlement and accumulated purchases to date. The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his- torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group. Further disclosure is provided in \u2018Note 3.13 \u2013 Other current liabilities\u2019. \n \n \n \n Leases - Estimating the incremental borrowing rate The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil- ity: \u2022 The credit rating; \u2022 The term of the loan; \u2022 The currency of denomination; \u2022 The geographies (depending on the cases, countries or regions); \u2022 The industry of the borrowing entity. In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is negative, a zero floor to the base rate is applied. For more information on leases, reference should be made to Notes 2.2 and 3.5.\n \n \n Contingent liabilities The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be- comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. The Group could be subject to legal and tax proceedings from various jurisdictions and for complex issues therefore eventually monitoring the status of pending legal proceedings by consulting with experts on a regular basis. Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such disputes with any certainty.\n \n \n \n \n \n \n Climate change Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather, such as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national and international climate change policies and regulations. In the climate change context, the Ariston Group is moving towards anticipating structural changes driven by regulations and the market. Our goal is to continue designing and offering highly energy-efficient solutions, which increasingly rely on renewable sources of energy, while improving the efficiency of the installed park. The Group can act as a principal in the context of decarbonization as an enabler of climate change mitigation. To achieve this across all our product lines, we are channeling investments in R&D, optimizing production capacity and developing the necessary skills and resources needed to contribute to the transition, which will lead to a significant avoid- ance of CO2 emissions. The Group\u2019s efforts in boosting highly efficient products and solutions that rely on renewable technology will also contribute to the reduction of Scope 3 emissions, whose greatest impact is generated by the use of sold products. In applying the IFRS Accounting Standards, the Group has summarized the impacts arising from climate change topic by topic, providing the approach used by the Group. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Account Approach
Management performed analysis on the impact of climate change on cash flow forecasts used in impairment assessment, estimating the financial impacts of the main following climate change actions: (i) analysis of transitional risks; (ii) highly energy efficiency products development; (iii) manufacturing investments; and (iv) supply chain and sustainable procurement.
Estimates and judgments concern- ing climate change In particular, turnover projections considered assumptions on the impact from consumer demand shift toward alternative products, potentially favoring air con- ditioning systems over heat pumps due to temperature rise, suspension of incen- tives in specific markets and regulatory changes at global level. Moreover, capex used to estimate cash flow projections included considerations over the optimiza- tion of production capacity of efficient solutions and products leveraging on re- newable technology, processes improvement and enhancement of the energy ef- ficiency of plants (machinery revamping, EAC\u2019s etc.). Measures to enhance resili- ence to flood and seismic events are embedded within the interventions outlined above.
Sustainable investment Ariston Group is directing investments in physical assets and new product devel- opment aimed at delivering more efficient solutions, including renewable heating and water heating products, the internal development of new electronic compo- nents, and enhancements to laboratories for water heating renewable products to improve testing, quality control, and heating system simulations. With regards to electric heat pumps, the Group is looking to replace currently used refrigerant gases with natural ones that have a much lower Global Warming Po- tential (GWP). These include propane, a group of liquefied petroleum gases, the suitability of which is still being researched with products likely to be released in upcoming years.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217112154011": { "value": "ii. Fair value measurement The Group measures financial instruments such as derivatives and non-financial assets at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the trans- action to sell the asset or transfer the liability takes place either: \u2022 In the principal market for the asset or liability Or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability, the principal or the most advantageous market accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its best use or by selling it to another market participant that would use the asset in its best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measure- ment as a whole: \u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable \u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group de- termines whether transfers have occurred between levels in the hierarchy by re-assessing their categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.\n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on listed prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20188.6.4 - Other information\u2019. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217101245258": { "value": "\n \n iii. Intangible assets\n Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in the income state- ment in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amor- tized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An intangible asset is derecognized upon disposal (i.e. at the date the recipient obtains control) or when no future eco- nomic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement. \n \n Other intangible assets Other intangible assets, whether purchased or internally produced, are recognized under assets in compliance with IAS 38 Intangible Assets, if it is likely that the use of the assets will generate future economic benefits and when the cost of the asset can be accurately measured. These assets (such as concessions, licenses and software) with a definite useful life are recognized at purchase or pro- duction cost and amortized on a straight-line basis over their estimated useful life. Any impairment losses, and any re- statement, are based on the same methods described in the section \u201cImpairment of assets\u201d. Intangible assets with an indefinite useful life are not amortized but are subject to evaluation in order to identify any impairment loss, yearly or more frequently, and at any time there is an indication that the asset may have been impaired. \n \n Research costs are recognized in the income statement when incurred. Internally generated intangible assets deriving from the development of the Group\u2019s products are recognized under as- sets, only if all of the following conditions are met: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \n \n \n \n \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to reliably measure the expenditure during development Capitalized development costs include only the expense incurred which may be attributed directly to the development process. Intangible assets with a finite useful life are amortized on a straight-line basis over the respective useful life of the product, which is normally 5 years. Any impairment losses, and any reversals, are based on the same methods described in the section \u201cImpairment of assets\u201d. If the internally generated assets cannot be recognized, development costs are recog- nized in the income statement when incurred.\n The other intangible assets recognized following the acquisition of a company are recognized separately from goodwill, if their present value can be accurately measured. Here below are the principles applied by the Group for intangible assets (IAS 38.118) (a) (b): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Licenses Trademarks Development costs Software
Useful life Definite (5 years) Indefinite Definite (5 years) Definite (4 years)
Amortization method used Amortized on a straight- line basis over the period of the license No amortization Amortized on a straight- line basis over the pe- riod of expected future sales resulting from the related project Amortized on a straight-line basis over the period of the usage of the soft- ware
Internally generated or purchased Purchased Purchased Internally gener- ated/PurchasedPurchased
\n Residual other intangible assets mainly include purchased customer lists with an average useful life of 20 years, amortized on a straight-line basis over the period of the expected future sales from the customer relationship.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Development costs The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217100846743": { "value": "\n Research costs are recognized in the income statement when incurred. Internally generated intangible assets deriving from the development of the Group\u2019s products are recognized under as- sets, only if all of the following conditions are met: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \n \n \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to reliably measure the expenditure during development Capitalized development costs include only the expense incurred which may be attributed directly to the development process. Intangible assets with a finite useful life are amortized on a straight-line basis over the respective useful life of the product, which is normally 5 years. Any impairment losses, and any reversals, are based on the same methods described in the section \u201cImpairment of assets\u201d. If the internally generated assets cannot be recognized, development costs are recog- nized in the income statement when incurred.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Development costs The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217101814132": { "value": "\n iv. Property, plant and equipmentProperty, plant and equipment are recognized at cost, net of accumulated depreciation and impairment losses, if any. Work in progress is stated at cost, net of accumulated impairment losses, if any. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Assets with components of a significant value and with a different useful life are recognized separately when depreciated. Under IAS 16 Property, Plant and Equipment an entity has a policy choice for the measurement of property, plant and equipment after initial recognition. An entity may choose either the cost model or the revaluation model for entire classes of property, plant and equipment. The Group has elected to use the cost model for all asset classes. \n \n Depreciation is calculated on a straight-line basis, according to the cost of the asset net of all residual values, over its estimated useful economic-technical life through the use of depreciation rates that accurately represent it. If significant parts of these assets have a different useful life, they will be stated separately. Depreciation will be based on the following percentage rates: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Buildings and light constructions from 1.8 to 3.0
Plant and machinery from 6.0 to 15.5
Industrial and commercial equipment from 10.0 to 25.0
Cars and internal transport vehicles from 20.0 to 25.0
Furniture, office equipment, data processing systems from 12.0 to 20.0
\n The Group reviews the estimated residual values and expected useful lives of assets at least annually. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each year end and adjusted prospectively, if appropriate. Land with no construction or annexed to residential and industrial buildings, is not depreciated since it has an indefinite useful life.\n \n \n An item of property, plant and equipment and any significant part thereof is derecognized upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Gains and losses arising from the sale or disposal of assets are calculated as the difference between revenue from sales and the carrying amount of the asset and are taken to the income statement.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217102434562": { "value": "iv. Property, plant and equipment\n Depreciation is calculated on a straight-line basis, according to the cost of the asset net of all residual values, over its estimated useful economic-technical life through the use of depreciation rates that accurately represent it. If significant parts of these assets have a different useful life, they will be stated separately. Depreciation will be based on the following percentage rates: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Buildings and light constructions from 1.8 to 3.0
Plant and machinery from 6.0 to 15.5
Industrial and commercial equipment from 10.0 to 25.0
Cars and internal transport vehicles from 20.0 to 25.0
Furniture, office equipment, data processing systems from 12.0 to 20.0
\n The Group reviews the estimated residual values and expected useful lives of assets at least annually. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each year end and adjusted prospectively, if appropriate. Land with no construction or annexed to residential and industrial buildings, is not depreciated since it has an indefinite useful life.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217180432759": { "value": "iv. Property, plant and equipmentWork in progress is stated at cost, net of accumulated impairment losses, if any.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217103430333": { "value": "v. Leases At contract inception the Group assesses whether a contract is, or contains, a lease, that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets are recognized in a single accounting model . In accordance with this model, the entity recognizes: (1) assets and liabilities for all leases with a duration of over twelve months; (2) separately in the income statement, the amortization/depreciation of the recognized asset and the interest on the financial liability recognized. Specifically, in order to determine the value of right-of-use assets, of the related discounted liabilities, any payments made to the lessor before signing the lease, net of the incentives received, the initial direct costs incurred by the lessee as well as the provisions for removal and dismantling, if any, are taken into account. Leases in place within the Group include offices, warehouses, plant, machinery and vehicles and low-value assets belong- ing to third parties. Lease terms generally range from 1-10 years but may contain option to extend them. They may also contain a wide range of different conditions. In accordance with IFRS 16, right-of-use assets measured at cost, net of accumulated amortization and impairment losses and are adjusted after any remeasurement of the lease liabilities. Their carrying amount is the amount of the recognized lease liabilities, plus the initial direct costs incurred, lease payments settled on the start date of the agreement or previ- ously, and restoration costs, net of any lease incentives received. The value of the liability, discounted to its present value, as determined above, increases the right of use of the underlying asset, and a liability is recognized as a balancing-entry. Right-of-use assets are amortized on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter. Lease liabilities are recognized on the start date of the agreement for a total amount equal to the present value of the lease payments to be made during the term of the agreement, discounted to using incremental borrowing rates (IBR) when the implicit interest rate in the lease cannot easily be determined. Variable lease payments which are not linked to an index or rate continue to be taken to the income statement when incurred. After the start date, lease liabilities increase to reflect the accrual of interest and reduce to reflect the payments made. Each lease payment is divided into a repayment of the principal of the liability and a financial cost. The financial cost is charged to the income statement over the term of the agreement to reflect a constant interest rate on the remaining debt portion of the liability for each period. The term of the lease is calculated taking into account the non-cancellable period of the lease together with the periods covered by an option to extend the agreement if it is reasonably certain that it will be exercised, or any period covered by an option to terminate the lease, if it is reasonably certain it will not be exercised. The Group assesses whether it is reasonably certain that it will exercise the options to extend or will terminate the agreements, taking into account all the relevant factors that create a financial incentive for such decisions. On the basis of practical expedients, recognition of exemptions for low-value and short-term leases, equal to \u20ac 36.5 mil- lion for 2025 (\u20ac 33.4 million for 2024), was not considered, in addition to \u20ac 4.2 million for 2025 (\u20ac 4.2 million for 2024) out of scope IFRS 16, which comprises mainly tolls and leases of IT equipment. The agreements are either included or excluded from the scope of the standard based on detailed analysis carried out for each agreement and in line with the rules laid down by IFRS Accounting Standards. IFRS 16 lease liabilities are initially measured at the present value of the lease payments still to be paid. With respect to some of its leases, the Group has the option to extend or terminate them. The Group applies judgement when assessing whether it is reasonably certain to exercise renewal options. That said, the Group considers all relevant factors that may create an economic incentive to exercise the options to renew or terminate the lease. After the com- mencement date, the Group reassesses the lease term upon the occurrence of a significant event or a significant change in circumstances which are within its control and affect whether it can exercise (or not exercise) an option to renew or terminate the lease (e.g. investments in leasehold improvements or specific material changes to the leased asset). In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a\n change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to de- termine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The exercise price for the underlying asset, in the event of purchase options, and/or the contractual value of the penalties, in the case of early termination of the lease, are included in the value of lease liability only if their exercise is reasonably certain. Following initial recognition, IFRS 16 lease liabilities are measured using the amortized cost method. The discount rate at which the lease liabilities that are still to be paid are discounted is called lessee\u2019s incremental bor- rowing rate and is equal to the interest rate the lessee would have paid if they had borrowed money to the value of the right of use, with payment terms similar to the contractual duration of the lease in a similar economic environment. Management estimated the discount rate by individual country, on the basis of the contractual duration and the total amount of the current \u201clease portfolios with similar characteristics\u201d.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Determining the lease term of contracts with renewal and termination options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer- cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. The Group includes the renewal period as part of the lease term for leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. \n \n Leases - Estimating the incremental borrowing rate The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil- ity: \u2022 The credit rating; \u2022 The term of the loan; \u2022 The currency of denomination; \u2022 The geographies (depending on the cases, countries or regions); \u2022 The industry of the borrowing entity. In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is negative, a zero floor to the base rate is applied. For more information on leases, reference should be made to Notes 2.2 and 3.5.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217104706184": { "value": "\n \n vi. Impairment of assets At each reporting date, the Group reviews the carrying amount of its intangible assets and property, plant and equipment to verify whether there is any indication that they were subject to an impairment loss. If there are indications of impair- ment, the Group estimates the recoverable amount of the assets to calculate the related impairment loss. If it is not possible to estimate individually the recoverable amount of an asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs. Intangible assets with an indefinite useful life, including goodwill, are assessed on an annual basis or more frequently if there is an indication of possible impairment losses. The recoverable amount is the higher of fair value less costs of disposal and value in use. In calculating the value in use, the estimated future cash flows are discounted using a discount rate that reflects the current market values relating to money and the risks associated with the asset. If the recoverable amount of an asset (or of the CGU) is estimated to be lower than its carrying amount, it is reduced to the lower recoverable amount. Impairment losses are immediately recognized in the income statement. If impairment ceases to exist, the carrying amount of the asset (or of the CGU), excluding goodwill, is increased to the new amount resulting from the estimate of its recoverable value, but not above the carrying amount that the asset would have had, had the impairment loss not occurred. The difference is recognized in the income statement.\n \n \n \n Financial assets\n \n \n \n \n Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: \u2022 Disclosures for significant assumptions \u2013 reference should be made to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates and assumptions\u2019; \u2022 Trade receivables, including contract assets as described below. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n \n \n \n \n \n \n For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each report- ing date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of non-financial assets When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest- ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis- counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most recent business plan, approved by the management, containing forecasts for volumes, revenue and operating costs, which are based on certain assumptions on the market trends and macro-economic scenario. Regarding climate-related matters, the expected future cash flows incorporate certain climate-related risks to pursue the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note \u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual income. Nev- ertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based could gen- erate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires manage- ment to use estimates and assumptions considered prudent and reasonable in the specific circumstances. \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n \n \n \n \n \n \n \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217115104608": { "value": "\n vi. Impairment of assets At each reporting date, the Group reviews the carrying amount of its intangible assets and property, plant and equipment to verify whether there is any indication that they were subject to an impairment loss. If there are indications of impair- ment, the Group estimates the recoverable amount of the assets to calculate the related impairment loss. If it is not possible to estimate individually the recoverable amount of an asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs. Intangible assets with an indefinite useful life, including goodwill, are assessed on an annual basis or more frequently if there is an indication of possible impairment losses. The recoverable amount is the higher of fair value less costs of disposal and value in use. In calculating the value in use, the estimated future cash flows are discounted using a discount rate that reflects the current market values relating to money and the risks associated with the asset. If the recoverable amount of an asset (or of the CGU) is estimated to be lower than its carrying amount, it is reduced to the lower recoverable amount. Impairment losses are immediately recognized in the income statement. If impairment ceases to exist, the carrying amount of the asset (or of the CGU), excluding goodwill, is increased to the new amount resulting from the estimate of its recoverable value, but not above the carrying amount that the asset would have had, had the impairment loss not occurred. The difference is recognized in the income statement.\n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n Impairment of non-financial assets When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest- ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis- counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most recent business plan, approved by the management, containing forecasts for volumes, revenue and operating costs, which are based on certain assumptions on the market trends and macro-economic scenario. Regarding climate-related matters, the expected future cash flows incorporate certain climate-related risks to pursue the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note \u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual income. Nev- ertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based could gen- erate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires manage- ment to use estimates and assumptions considered prudent and reasonable in the specific circumstances. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217111152093": { "value": "\n \n \n vii. Non-current assets held for sale and discontinued operations Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying amount will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly probable, the asset (or group of assets) is held for immediate sale in its current condition, and management has commit- ted to the sale, which should occur within 12 months from the date of classification of this item. Property, plant and equipment and intangible assets are not depreciated or amortized, respectively, once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Financial assets related to ceased or discontinued operations, net of tax effects, are recognized under one single item in the consolidated income statement, including the comparative figures of the relevant period.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170150868": { "value": "\n \n vii. Non-current assets held for sale and discontinued operations Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying amount will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly probable, the asset (or group of assets) is held for immediate sale in its current condition, and management has commit- ted to the sale, which should occur within 12 months from the date of classification of this item. Property, plant and equipment and intangible assets are not depreciated or amortized, respectively, once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Financial assets related to ceased or discontinued operations, net of tax effects, are recognized under one single item in the consolidated income statement, including the comparative figures of the relevant period.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170225274": { "value": "\n vii. Non-current assets held for sale and discontinued operations Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. Non-current assets (and disposal groups) are classified as held for sale when the Group expects that their carrying amount will be recovered through sale rather than used in its operating activities. This condition is met only when the sale is highly probable, the asset (or group of assets) is held for immediate sale in its current condition, and management has commit- ted to the sale, which should occur within 12 months from the date of classification of this item. Property, plant and equipment and intangible assets are not depreciated or amortized, respectively, once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Financial assets related to ceased or discontinued operations, net of tax effects, are recognized under one single item in the consolidated income statement, including the comparative figures of the relevant period.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217112423658": { "value": "\n \n \n \n \n \n Financial assets\n \n Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through profit or loss. In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables, etc.), are classified on the basis of the business model (how the Group manages financial assets in order to generate cash flows) and the contractual characteristics of the cash flows ( SPPI test, \u201csolely payment of principal and interest\u201d), in one of the following categories:\n \n \u2022 amortized cost, for financial assets held with the aim of receiving the contractual cash flows which pass the SPPI test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables, other receivables included in other current and non-current assets and financial receivables included in other current and non-current financial assets;\n \n \n \u2022 fair value through other comprehensive income (FVOCI), for financial assets held with the aim of collecting cash flows, both contractual, which represent solely payments of principal and interest, and from sales. Changes in fair value subsequent to initial recognition are offset against OCI and are recycled to the income statement upon derecognition;\n \n \u2022 Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category mainly includes derivative instru- ments.\n \n The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow charac- teristics and the Group\u2019s business model for managing them. \n \n With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed in section (e) Revenue from contracts with customers.\n As per the provisions of IFRS 9, the Group recognizes non-strategic investments and investment funds units at FVTPL; while other investments, which are considered strategic, are treated individually and, at the moment, are all measured at FVOCI. \n \n Contingent consideration classified as an asset (or liability) that is a financial instrument and falls within the scope of IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in accord- ance with IFRS 9. Other contingent consideration that does not fall within the scope of IFRS 9 is measured at fair value at each reporting date with fair value changes recognized in the income statement \n \n \n Subsequent measurement\n \n \n For the purposes of subsequent measurement, financial assets are classified in four categories: \u2022 Financial assets at amortized cost (debt instruments) \u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecog- nition (equity instruments) \u2022 Financial assets at fair value through profit or loss \n \n - Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified or impaired. The Group\u2019s financial assets at amortized cost include trade receivables, a loan to an associate and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary\n \n \n \n course of business and are held within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the effective interest rate method. The Group applies the amortized cost only for trade receivables with maturities greater than one year and are discounted to present value.\n - Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, exchange gains/losses and impairment losses or re- versals are recognized in the income statement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the income statement. The Group\u2019s debt instruments at fair value through OCI include investments in quoted debt instruments included under other non-current financial assets. \n \n - Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des- ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen- tation 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 the income statement. Dividends are recognized as other income in the income 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. The Group elected to irrevocably classify its non-listed equity investments under this category.\n \n \n - Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognized as other income in the income statement when the right of payment has been established.\n Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired Or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. \n \n \n \n Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: \u2022 Disclosures for significant assumptions \u2013 reference should be made to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates and assumptions\u2019; \u2022 Trade receivables, including contract assets as described below. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n \n \n \n \n \n \n For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each report- ing date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment \n \n \n \n \n \n \n \n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n \n \n \n \n \n \n \n \n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n \n \n \n \n \n \n xi. Cash and cash equivalents Cash and cash equivalents are recognized at their nominal amount and include numeric values, i.e. those values that meet the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity of three months or less, which are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. This item also includes the collection and payment instruments that have been subject to an account recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent different accounting records.\n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n \n \n \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217134942268": { "value": "\n \n \n \n \n Financial assets\n \n Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through profit or loss. In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables, etc.), are classified on the basis of the business model (how the Group manages financial assets in order to generate cash flows) and the contractual characteristics of the cash flows ( SPPI test, \u201csolely payment of principal and interest\u201d), in one of the following categories:\n \n \u2022 amortized cost, for financial assets held with the aim of receiving the contractual cash flows which pass the SPPI test, since the cash flows represent solely payment of principal and interest; this category includes trade receivables, other receivables included in other current and non-current assets and financial receivables included in other current and non-current financial assets;\n \n With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed in section (e) Revenue from contracts with customers.\n \n Subsequent measurement\n \n - Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified or impaired. The Group\u2019s financial assets at amortized cost include trade receivables, a loan to an associate and a loan to a director included under other non-current financial assets. Trade receivables originate in the ordinary\n \n course of business and are held within a business model with the objective to hold the receivables in order to collect contractual cash flows that meet the \u2018solely payments of principal and interest\u2019 criterion under IFRS 9, therefore they are measured at amortized cost using the effective interest rate method. The Group applies the amortized cost only for trade receivables with maturities greater than one year and are discounted to present value.\n \n Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: \u2022 Disclosures for significant assumptions \u2013 reference should be made to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates and assumptions\u2019; \u2022 Trade receivables, including contract assets as described below. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n \n For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each report- ing date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217094514899": { "value": "\n \n \n \n Financial assets\n \n Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through profit or loss. In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables, etc.), are classified on the basis of the business model (how the Group manages financial assets in order to generate cash flows) and the contractual characteristics of the cash flows ( SPPI test, \u201csolely payment of principal and interest\u201d), in one of the following categories:\n \n \n \n \u2022 fair value through other comprehensive income (FVOCI), for financial assets held with the aim of collecting cash flows, both contractual, which represent solely payments of principal and interest, and from sales. Changes in fair value subsequent to initial recognition are offset against OCI and are recycled to the income statement upon derecognition;\n \n \n \n Subsequent measurement\n \n \n - Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments des- ignated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presen- tation 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 the income statement. Dividends are recognized as other income in the income 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. The Group elected to irrevocably classify its non-listed equity investments under this category.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217113715567": { "value": "\n \n \n Financial assets\n \n Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through profit or loss. In line with IFRS 9, financial assets, which are represented by debt instruments (trade receivables, financial receivables, etc.), are classified on the basis of the business model (how the Group manages financial assets in order to generate cash flows) and the contractual characteristics of the cash flows ( SPPI test, \u201csolely payment of principal and interest\u201d), in one of the following categories:\n \n \n \u2022 Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category mainly includes derivative instru- ments.\n \n \n Contingent consideration classified as an asset (or liability) that is a financial instrument and falls within the scope of IFRS 9 Financial Instruments, is measured at fair value with fair value changes recognized in the income statement in accord- ance with IFRS 9. Other contingent consideration that does not fall within the scope of IFRS 9 is measured at fair value at each reporting date with fair value changes recognized in the income statement \n \n \n Subsequent measurement\n \n \n \n - Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are recognized in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognized as other income in the income statement when the right of payment has been established.\n \n \n Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi- nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings, including bank overdrafts and derivative financial instruments. Subsequent measurement\n \n \n - Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities at fair value through profit or loss also include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedging relationships as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are desig- nated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied. \n \n \n \n \n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n \n \n \n \n \n \n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217114452874": { "value": "\n Financial assets\n \n \n Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: \u2022 Disclosures for significant assumptions \u2013 reference should be made to sub-paragraph \u2018xxi. - Significant accounting judgements, estimates and assumptions\u2019; \u2022 Trade receivables, including contract assets as described below. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n \n \n \n For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each report- ing date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217114246371": { "value": "Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired Or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has substantially transferred all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset.\n Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the in- come statement.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217115317577": { "value": "\n \n \n Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi- nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings, including bank overdrafts and derivative financial instruments. Subsequent measurement\n \n For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss \u2022 Financial liabilities at amortized cost (loans and borrowings) \n \n - Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities at fair value through profit or loss also include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedging relationships as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are desig- nated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied. \n \n \n - Financial liabilities at amortized cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the income state- ment when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calcu- lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the income statement. This category generally applies to interest-bearing loans and borrowings.\n \n \n Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the in- come statement.\n \n \n \n \n \n \n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n \n \n \n \n \n \n \n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217115442089": { "value": "\n Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All fi- nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings, including bank overdrafts and derivative financial instruments. Subsequent measurement\n \n - Financial liabilities at amortized cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the income state- ment when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calcu- lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the income statement. This category generally applies to interest-bearing loans and borrowings.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217115728956": { "value": "\n \n \n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n \n \n \n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217115905995": { "value": "\n \n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n \n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217120015619": { "value": "\n Derivatives The Group uses financial derivative instruments mainly to hedge its exposure to currency risk, interest rate risk and com- modity price fluctuation risk. With reference to the classification of hedging transactions, the provisions of IFRS 9 require that: \u2022 there is an economic relationship between the hedged item and the hedging instrument, such as to offset the related changes in value; \u2022 this ability to offset is not undermined by the counterparty\u2019s credit risk level; \u2022 a ratio between the hedged object and the hedging instrument (the so-called hedge ratio) is defined, in line with the derivatives risk management objectives, as part of the established derivatives risk management strategy, rebalancing where necessary.\n \n Changes in the derivatives risk management objectives, the termination of the above conditions to classify hedging trans- actions or rebalancing lead to the future, total or partial, discontinuation of the hedge. Financial instruments are recognized according to hedge accounting rules when: \u2022 at the beginning of the hedging, the formal designation and documentation of the hedging exist; \u2022 the hedging is assumed to be effective; \u2022 the effectiveness can be accurately measured and the hedging itself is highly effective during the relevant periods. The Group applies the cash flow hedge (IFRS 9), if the hedging relationship of changes in the cash flows originating from an asset or liability or a future transaction (hedged underlying element), which is deemed as likely to occur and could have an impact on other comprehensive income and equity (cash flow hedge reserve), is formally documented. Changes in the value of the derivatives designated as fair value hedges and that are qualified as such, are recognized in the income statement, consistent with the changes in the fair value of the hedged assets and liabilities. If the derivative, even non-speculative ones, does not meet all the formal requirements necessary to be designated in hedge accounting, the changes in fair value are recognized in the income statement, under the same line of the changes in the hedged item.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217120113229": { "value": "x. Inventories Inventories are stated at the lower of cost and net realizable value, according to the weighted average cost method. Cost includes direct materials and direct labor general production costs and other costs incurred to bring inventories to their current location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Lastly, some obsolete stock provisions are calculated for materials, finished goods and spare parts that are considered obsolete or slow moving, taking into account their expected future use and realizable value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217120213912": { "value": "xi. Cash and cash equivalents Cash and cash equivalents are recognized at their nominal amount and include numeric values, i.e. those values that meet the requirement of on demand or very short-term availability, positive outcome and no costs of disposal with a maturity of three months or less, which are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. This item also includes the collection and payment instruments that have been subject to an account recording at the servicing financial institution as at the closing date of the period notwithstanding any subsequent different accounting records.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217105326251": { "value": "xii. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the Income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any gain or loss resulting from subsequent sales is recognized in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217124029410": { "value": "xiii. Provisions for risks and charges General The Group recognizes provisions for risks and charges when it has a present obligation, either legal or constructive, to- ward third parties arising from a past event, and it is likely that it will be necessary to use the resources of the Group to meet the obligation, and when it is possible to make an accurate estimate of the amount of the obligation itself. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Changes in estimates are reflected in the income statement of the period when the change has occurred.\n Disclosures about provisions follow IAS 37 (paragraph 92) which regulates and limits these indications when they might prejudice the company\u2019s position in any disputes. \n \n \n Uncertain tax position IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 has been applied to clarify the accounting for uncertainties in income tax. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat- ments, that it has used or plans to use in its income tax filling. If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included in its income tax filings. If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions of the resolution of the uncertainty. In case facts and circumstances changes, the entity shall reassess its judgements and estimates. \n \n Warranty provisions The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The estimate of warranty-related costs is revised annually. Restructuring provisions Restructuring provisions are recognized only when the Group has a constructive obligation, which is when: (i) there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been noti- fied of the plan\u2019s main features. \n \n xiv. Employment benefits Group companies provide post-employment benefits to staff, both directly and by contributing to external funds. The procedures for providing these benefits vary depending on the legal, fiscal and economic conditions in each country in which the Group operates. Employee benefits are accounted for under IAS 19 and IFRS 2. Group companies provide post-employment benefits through defined contribution and/or defined benefit plans. Post-employment benefits i. Defined benefit plans The Group\u2019s obligations and the annual cost reported in the income statement are determined by independent actuaries using the projected unit credit method. The net cumulative value of actuarial gains and losses is recorded directly in the statement of other comprehensive in- come and is not subsequently recognized in the income statement. The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses. Service costs are posted to the income statement. The liability recognized represents the present value of the defined benefit obligation, less the present value of plan assets. If an amendment to the plan changes the benefits accruing from past service, the costs arising from past service \n \n \n are recognized in the income statement at the time the change to the plan is made. The same treatment is applied if there is a change to the plan that reduces the number of employees or that amends the terms and conditions of the plan (the treatment is the same, regardless of whether the final result is a profit or a loss). For defined benefit plans, remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit/contribution liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit/contribution liability), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to the income statement in subsequent periods. Past service costs are recognized in the income statement on the earlier of: \u2022 The date of the plan amendment or curtailment, and \u2022 The date that the Group recognizes related restructuring costs Net interest is calculated by applying the discount rate to the net defined benefit/contribution liability or asset. The Group recognizes the following changes in the net defined benefit/contribution obligation under \u2018cost of sales\u2019, \u2018administration expenses\u2019 and \u2018selling and distribution expenses\u2019 in the consolidated income statement (by nature): \u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements \u2022 Net interest expense or income \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n Defined benefit plans (pension benefits) The cost of defined benefit pension plan and other post-employment medical benefits and the present value of the pen- sion obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long- term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appropriate dis- count rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads are ex- cluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those mor- tality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013 Post-employment benefits\u2019. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217131936724": { "value": "xiii. Provisions for risks and charges \n Uncertain tax position IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 has been applied to clarify the accounting for uncertainties in income tax. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat- ments, that it has used or plans to use in its income tax filling. If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included in its income tax filings. If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions of the resolution of the uncertainty. In case facts and circumstances changes, the entity shall reassess its judgements and estimates. \n \n xvii. Taxes Current income tax Current taxes are based on the taxable income for the year. The taxable income is different from the profit/loss recog- nized in the income statement since it excludes positive and negative items which are taxable or deductible in other years and it also excludes items that will never be taxable or deductible. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxa- tion authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.\n \n Current income tax relating to items recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. \n \n Deferred tax Deferred taxes are those that the Group expects to settle or recover based on the temporary differences between the carrying amount of assets and liabilities and their corresponding tax values used for calculating taxable income. They are recognized using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differ- ences, whereas deferred tax assets are recognized only if it is probable that there will be future taxable income against which deductible temporary differences can be used. Deferred tax liabilities are recognized for all taxable temporary differences, except: \u2022 if the temporary differences derive from goodwill or the initial recognition (not in business combinations) of other assets or liabilities in transactions that do not affect the profit (loss) for the year or the taxable income; \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and impaired, if it is no longer probable that sufficient taxable income exists that can enable recovery of all or part of the assets. In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differ- ences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. Deferred taxes are calculated at the tax rate that is expected to be applied when the asset is realized or the liability extinguished. Deferred taxes are recognized directly in the income statement, except for those related to items recog- nized directly under equity, in which case the deferred taxes are also recognized under equity. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recov- ered. \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n Taxes Income taxes include all taxes based upon the taxable profits of the Group. They on income are recognized in the income statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in which case the related tax effects are recognized directly in equity or in other comprehensive income. Deferred taxes are calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol- idated Financial Statements. Deferred tax assets relating to the carry-forward of unused tax losses are recognized to the extent it is probable future profits will be available against which they can be utilized. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in which the temporary differences reverse. \n \n Other taxes not based on taxable profits, such as property taxes and taxes on\n \n \n capital, are included in operating expenses.\n Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax assets and liabilities\u2019. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217124914713": { "value": "\n \n Uncertain tax position IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 has been applied to clarify the accounting for uncertainties in income tax. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat- ments, that it has used or plans to use in its income tax filling. If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included in its income tax filings. If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions of the resolution of the uncertainty. In case facts and circumstances changes, the entity shall reassess its judgements and estimates. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjust- ment to the carrying amount of assets or liabilities affected in future periods. Judgements \n \n Determining the lease term of contracts with renewal and termination options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer- cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. The Group includes the renewal period as part of the lease term for leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. \n Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. \n \n \n Impairment of non-financial assets When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest- ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis- counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most recent business plan, approved by the management, containing forecasts for volumes, revenue and operating costs, which are based on certain assumptions on the market trends and macro-economic scenario. Regarding climate-related matters, the expected future cash flows incorporate certain climate-related risks to pursue the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note \u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual income. Nev- ertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based could gen- erate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires manage- ment to use estimates and assumptions considered prudent and reasonable in the specific circumstances. \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n \n \n \n \n \n \n \n \n \n \n \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n \n \n Taxes Income taxes include all taxes based upon the taxable profits of the Group. They on income are recognized in the income statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in which case the related tax effects are recognized directly in equity or in other comprehensive income. Deferred taxes are calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol- idated Financial Statements. Deferred tax assets relating to the carry-forward of unused tax losses are recognized to the extent it is probable future profits will be available against which they can be utilized. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in which the temporary differences reverse. \n \n Other taxes not based on taxable profits, such as property taxes and taxes on\n \n \n capital, are included in operating expenses.\n Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax assets and liabilities\u2019. \n \n \n \n \n Defined benefit plans (pension benefits) The cost of defined benefit pension plan and other post-employment medical benefits and the present value of the pen- sion obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long- term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appropriate dis- count rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads are ex- cluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those mor- tality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013 Post-employment benefits\u2019. \n \n \n \n Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on listed prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20188.6.4 - Other information\u2019. \n \n \n \n \n \n \n \n Development costs The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.\n \n \n \n \n \n Revenue recognition - Estimating variable consideration for returns and volume rebates The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of return and volume rebates. The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of each product to come up with expected return percentages. These percentages are applied to determine the expected value of the variable consideration. Any significant changes in experience as compared to the historical return pattern will impact the expected return percentages estimated by the Group. The Group\u2019s expected volume rebates are analyzed on a per customer basis for contracts that are subject to a single volume threshold. Determining whether a customer will likely to be entitled to a rebate will depend on the customer\u2019s historical rebates entitlement and accumulated purchases to date. The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his- torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group. Further disclosure is provided in \u2018Note 3.13 \u2013 Other current liabilities\u2019. \n \n \n \n Leases - Estimating the incremental borrowing rate The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil- ity: \u2022 The credit rating; \u2022 The term of the loan; \u2022 The currency of denomination; \u2022 The geographies (depending on the cases, countries or regions); \u2022 The industry of the borrowing entity. In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is negative, a zero floor to the base rate is applied. For more information on leases, reference should be made to Notes 2.2 and 3.5.\n \n \n Contingent liabilities The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be- comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. The Group could be subject to legal and tax proceedings from various jurisdictions and for complex issues therefore eventually monitoring the status of pending legal proceedings by consulting with experts on a regular basis. Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such disputes with any certainty.\n \n \n \n \n Climate change Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather, such as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national and international climate change policies and regulations. In the climate change context, the Ariston Group is moving towards anticipating structural changes driven by regulations and the market. Our goal is to continue designing and offering highly energy-efficient solutions, which increasingly rely on renewable sources of energy, while improving the efficiency of the installed park. The Group can act as a principal in the context of decarbonization as an enabler of climate change mitigation. To achieve this across all our product lines, we are channeling investments in R&D, optimizing production capacity and developing the necessary skills and resources needed to contribute to the transition, which will lead to a significant avoid- ance of CO2 emissions. The Group\u2019s efforts in boosting highly efficient products and solutions that rely on renewable technology will also contribute to the reduction of Scope 3 emissions, whose greatest impact is generated by the use of sold products. In applying the IFRS Accounting Standards, the Group has summarized the impacts arising from climate change topic by topic, providing the approach used by the Group. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Account Approach
Management performed analysis on the impact of climate change on cash flow forecasts used in impairment assessment, estimating the financial impacts of the main following climate change actions: (i) analysis of transitional risks; (ii) highly energy efficiency products development; (iii) manufacturing investments; and (iv) supply chain and sustainable procurement.
Estimates and judgments concern- ing climate change In particular, turnover projections considered assumptions on the impact from consumer demand shift toward alternative products, potentially favoring air con- ditioning systems over heat pumps due to temperature rise, suspension of incen- tives in specific markets and regulatory changes at global level. Moreover, capex used to estimate cash flow projections included considerations over the optimiza- tion of production capacity of efficient solutions and products leveraging on re- newable technology, processes improvement and enhancement of the energy ef- ficiency of plants (machinery revamping, EAC\u2019s etc.). Measures to enhance resili- ence to flood and seismic events are embedded within the interventions outlined above.
Sustainable investment Ariston Group is directing investments in physical assets and new product devel- opment aimed at delivering more efficient solutions, including renewable heating and water heating products, the internal development of new electronic compo- nents, and enhancements to laboratories for water heating renewable products to improve testing, quality control, and heating system simulations. With regards to electric heat pumps, the Group is looking to replace currently used refrigerant gases with natural ones that have a much lower Global Warming Po- tential (GWP). These include propane, a group of liquefied petroleum gases, the suitability of which is still being researched with products likely to be released in upcoming years.
\n \n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n \n \n \n \n \n Impairment test In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks) are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment. The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to the CGU Thermal Comfort (\u20ac 1,096.4 million in 2025 and \u20ac 1,110.3 million in 2024), while other goodwill balances relate to the CGUs Burners (\u20ac 12.5 million in 2025 equal to 2024) and Components (\u20ac 5.5 million in 2025 equal to 2024). In line with previous years, the Group applied the long-term business plan, which includes the latest available financials from the 3-year plan 2026 - 2028 which are approved by the Board, as the base for the impairment test. The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGUs is determined using value-in-use and was based on the following assumptions: \u2022 the expected future cash flows covering the period from 1 January 2026 through 31 December 2028. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat- egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state- ments and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con- sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and the segment for the respective CGU over the period considered. The expected future cash flows include a terminal period to estimate the future result beyond the time period explicitly considered which incor- porates a long-term growth rate assumption of 1.68%. The growth rate is determined by weighting the GDP growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2024 release); \u2022 the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows; \u2022 pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under con- sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal to: \u2022 TCO for 10.62%; \u2022 BUR for 11.21%; \u2022 COM for 11.92%. As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any further market shock. The stress tests included: \u2022 a reduction of 5%, 10% and 15% in EBITDA and Capex over the entire test period and for all markets and brands; \u2022 increase of WACC by +1% and decrease of growth rate by -1%. Each stress test is performed on a stand-alone basis. Any reasonable possible change in the key assumptions reported above would not cause any impairment loss. Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon: \u2022 WACC percentage increase on a weighted average of more than 22%; \n \n \n \n \n \n \n \n \n \n \n \n \u2022 Cash Flow percentage decrease: Thermal Comfort 14.3% (16.0% in 2024), Burners 64.2% (49.7% in 2024), Com- ponents 82.0% (71.4% in 2024). Assumptions related to the impairment plan Below is a summary of the main assumptions used within the impairment test for each CGU: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,975.7 49.6 31.8
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,096.4 12.5 5.5
Growth rate (%) 1.71% 0.94% 0.98%
WACC (%) 10.62% 11.21% 11.92%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,924.5 46.1 33.5
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,110.3 12.5 5.5
Growth rate (%) 1.72% 0.98% 0.91%
WACC (%) 9.95% 10.70% 11.57%
\n Impairment test results The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each CGU to which goodwill is allocated. As such, no impairment charges were recognized for goodwill and intangible assets with indefinite useful lives for the year ended 31 December 2025.\n \n \n \n \n \n \n \n \n Note 3.4 \u2013 Post-employment benefits Most Group employees are eligible for benefits through pension plans in the case of retirement and resignation. Those plans are either defined contribution plans or defined benefit plans based on pensionable remuneration and length of service. The Group manages its pension plans by geographical area and most plans, classified as defined benefit plans under IAS 19, are located in Switzerland, Germany and Italy. In Switzerland, under IAS 19, the projected unit credit cost method was applied for the calculation of the defined benefit obligation and normal cost at 31 December 2025. In collaboration with an independent consultancy for institutional in- vestors, the main Pensionskasse conducted an asset/liability analysis to derive a suitable investment strategy. The study thoroughly evaluated the liabilities of the scheme. The suitability of asset classes and the optimization of the strategic asset allocation have been carried out on the basis of simulations of the funded status. As a result, the board of trustees decided on a strategic asset allocation which: contains several asset classes, is diversified globally and mimics the eco- nomic properties of the liabilities. With the exception of Swiss real estate investments, the ELCO Pensionskasse only invests in publicly traded assets. The largest share of assets is invested in Swiss Franc bonds. Other asset classes are foreign currency bonds, global equity and Swiss real estate. Alternative assets are not considered. The use of derivatives is limited to hedging currency risk and to fine tune bond and equity investments. All investments are made in institutional investment funds designed for Swiss pension schemes. With respect to the other asset strategy, the arrangement is part of the Swiss Life pension funds (\u201cBVG-Sammelstiftung Swiss Life\u201d / \u201cSammelstiftung Zusatzvorsorge Swiss Life\u201d). Hence the affiliated company has no influence on the asset strategy and asset management. The responsibility lies fully with the board of trustees of the Swiss Life pension funds, in particular in relation to collaboration with an independent consultancy for institutional investors, performing asset liabil- ity analysis, the implementation policy, deviations from the strategic asset allocation, tactical asset allocation, etc.. In Germany, pension funds are regulated in a Pension System based on three pillars. The \"first pillar\" (state and obligatory pension insurance contributions) is a defined contribution pension plan, established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It covers employees in the public and private sector and some categories of self-employed workers and is mainly financed through social security contributions paid by workers and employers in equal measure and by taxes. The \"second pillar\" (company pension schemes) is represented by voluntary supplementary pensions on a pay-as-you- go basis, and thus with defined benefits falling on both the worker and the company. The \"third pillar\" is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax incentives and subsidies. Pension provisions are recognized in accordance with IAS 19 Employee Benefits using the projected unit credit method, taking into account, among other things, estimated future pension and salary increases. The expense from the accrued interest on pension provisions is reported under interest expense. The defined benefit obligation (DBO) in accordance with IAS 19 guidelines is used as a measure of the accrued obligation. The present value of the defined benefit obligation (DBO) to be determined on the reporting date corresponds to the present value of the benefits earned on the reporting\n \n \n \n \n \n \n date, taking into account biometric assumptions (e.g. mortality, probability of disability, fluctuation) and economic as- sumptions (e.g. wage and salary increases, pension increases), where relevant in each case. For each expected benefit, that part is deemed to have been earned on the reference date which corresponds to the ratio of the length of service achieved on the reference date to the length of service achievable at the start of the respective benefit. For vested ben- eficiaries and pensioners, the DBO corresponds to the present value of all future benefits. Financing takes place internally via the scheduled accumulation of pension provisions. There are no separate assets that fulfil the requirements of IAS 19.8 for plan assets (unfunded plan). The companies pay annual contributions to the pension insurance association. In accordance with applicable regulations the insurance association is responsible for statutory insolvency protection for company pension schemes. In Italy, the employees\u2019 leaving entitlement or \u201cTFR\u201d relates to the amounts that employees are entitled to receive when they leave the company and is calculated based on the period of employment and the taxable income of each employee. Under certain conditions, the entitlement may be partially advanced to an employee during the employee\u2019s working life. The Italian legislation regarding this scheme was amended by Law 296 of 27 December 2006 and subsequent decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to supple- mentary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts rec- orded in the employees\u2019 leaving entitlement retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the Italian provi- sion consists of the residual TFR obligation until 31 December 2006. This is an unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the associated cost, being the required contributions to the pension funds, over the period in which the employee renders service. Summary of the reconciliations for the DBO and plan assets The following tables contain the reconciliations for the DBO and plan assets: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in obligations during the year
BEGINNING OF THE PERIOD -227.3 -90.0 -317.3 -223.7 -92.3 -316.0
Current service -5.1 -2.9 -8.1 -4.6 -2.8 -7.4
Past service -1.9 -0.5 -2.4 0.0 0.0 0.0
Financial expense -1.9 -3.0 -4.9 -2.4 -3.0 -5.4
Other pension cost 0.0 0.0 0.0 0.0 -0.1 -0.1
Curtailment, settlement, plan amendment 0.0 0.1 0.1 0.0 0.1 0.1
Total impact recognized at PL -9.0 -6.3 -15.3 -7.0 -5.9 -12.9
Gains (losses) resulting from experience -1.6 0.8 -0.8 -2.2 -0.7 -2.9
Act. gains/losses resulting from changes in demographic assumptions 0.0 0.1 0.1 0.9 0.0 0.9
Act. gains/losses resulting from changes in financial assumptions 6.9 4.8 11.7 -3.4 1.2 -2.2
Total impact recognized at OCI 5.4 5.6 11.0 -4.7 0.5 -4.2
Perimeter variation 0.0 1.4 1.4 0.0 0.0 0.0
Foreign exchange gains (losses) -2.3 0.1 -2.3 3.5 0.3 3.9
Paid benefits 15.5 7.9 23.4 10.0 7.3 17.2
Minor changes -3.5 -3.3 -6.8 -5.4 0.1 -5.3
Total other changes 9.7 6.1 15.8 8.1 7.7 15.8
END OF THE PERIOD -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in plan assets during the year
BEGINNING OF THE PERIOD 250.5 7.8 258.3 237.3 7.6 244.9
Financial income on plan assets 2.0 0.3 2.3 2.4 0.2 2.6
Curtailment, settlement, plan amendment 0.0 0.0 0.0 0.0 0.0 0.0
Total impact recognized at PL 2.0 0.3 2.3 2.4 0.2 2.6
Actuarial gains (losses) from plan assets 7.3 0.0 7.3 12.3 -0.1 12.2
Total impact recognized at OCI 7.3 0.0 7.3 12.3 -0.1 12.2
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Company's contributions 6.3 0.2 6.5 6.3 0.2 6.4
Employees' contributions 5.1 0.1 5.2 5.0 0.2 5.2
Foreign exchange gains (Losses) 2.7 0.0 2.7 -3.6 0.0 -3.6
Payments -15.5 -0.4 -15.9 -10.0 -0.1 -10.1
Minor changes -0.6 0.2 -0.4 0.8 -0.1 0.7
Total other changes -2.1 0.1 -2.0 -1.5 0.1 -1.4
END OF THE PERIOD 257.7 8.2 265.9 250.5 7.8 258.3
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Employee Benefits
Current value of defined benefit plans -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
Fair value on plan assets 257.7 8.2 265.9 250.5 7.8 258.3
Total 36.5 -76.4 -39.9 23.3 -82.2 -59.0
Unrecognised plan assets -37.9 0.0 -37.9 -25.4 0.0 -25.4
of which: effect of Asset Ceiling in OCI 12.0 0.0 12.0 9.8 0.0 9.8
Total -1.4 -76.4 -77.9 -2.1 -82.2 -84.4
of which: Post-employee benefits -2.0 -76.4 -78.4 -2.7 -82.2 -85.0
Other non-current assets 0.6 0.0 0.6 0.6 0.0 0.6
\n Assumptions The weighted averages of the assumptions used to calculate the DBO as at 31 December were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assumptions used Switzerland Other
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Discount rate 1.2% 1.0% 3.7% 3.5%
Inflation rate 0.5% 1.0% 1.8% 1.8%
Future salary raises 0.5% 1.0% 3.0% 3.0%
Future pension raises 0.0% 0.0% 1.6% 1.5%
\n Sensitivity analysis A quantitative sensitivity analysis of the significant assumptions used at 31 December 2025 is provided below. Specifically, it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assump- tions used.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
0.50% -0.50% 0.50% -0.50% 0.50% -0.50%
Discount rate -5.9% 6.6% -4.2% 4.5% -5.5% 6.1%
Future salary 0.8% -0.7% 0.8% -0.2% 0.6% -0.6%
Future pension 3.6% 0.0% 3.0% -2.8% 3.5% -0.8%
Future inflation rate 0.0% 0.0% 1.1% -1.0% 0.3% -0.3%
\n The above sensitivity analysis is based on a method which involves extrapolation of the impact of reasonable changes to the key assumptions made at the reporting date on the net obligation for defined benefit plans. Future cash flows The following payments are the expected contributions that will be made in future years to provide for the obligations of the defined benefit plans.\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
Within 12 months -12.2 -6.4 -18.5
From 1 to 5 years -66.5 -24.2 -90.7
From 5 to 10 years -67.4 -26.6 -93.9
Total -146.1 -57.1 -203.2
Average plan duration (years) 12.9 7.5 11.4
\n \n \n \n Note 3.13 \u2013 Other current liabilities \n \n \n In accordance with IFRS 15, performance obligations to customers at contract level are recognised as contract liabilities. Contract liabilities include: \u2022 Rights of Return \u2022 After-sales service, which include Service maintenance contracts and Service type warranties \u2022 Loyalty program \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Up to 1 year From 1 to 5 years Over 5 years Total Up to 1 year From 1 to 5 years Over 5 years Total
Right of returns 3.7 0.0 0.0 3.7 2.6 0.0 0.0 2.6
After-sales services 49.4 7.5 1.9 58.8 49.6 9.3 1.4 60.3
Loyalty program 20.3 0.0 0.0 20.3 20.6 0.0 0.0 20.6
Total 73.3 7.5 1.9 82.8 72.7 9.3 1.4 83.6
\n \n \n \n The table below shows the opening and closing balances of contract liabilities as well as movements during the years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of returns After-sales services Loyalty program Total
Opening Balance 01.01.2025 2.6 60.4 20.6 83.6
Increase recognized 0.0 104.8 14.5 119.4
Revenue recognized 0.0 -103.7 -8.0 -111.7
Contracts cancelled 0.0 -3.1 0.0 -3.1
Net variation invoicing 0.0 -0.6 0.0 -0.6
Pay out 0.0 0.0 -6.0 -6.0
Other changes to contract balances 1.1 1.1 -0.8 1.4
Closing balance 31.12.2025 3.7 58.8 20.3 82.8
\n \n 8.6.4 Other disclosures\n \n \n \n FINANCIAL INSTRUMENTS\n The Group's financial instruments recognized by category and the level of confidence of their fair value measurements at 31 December 2025 are shown below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 Carrying value per type
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receivables (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0 0 246.5 0 246.5
Trade receivables 2.9 0 0 347.8 0 347.8
Current financial assets 2.11 0 6.6 5.3 0 11.9
Financial assets 2.5 1.4 0 0.7 0 2.1
Total 1.4 6.6 600.3 0 608.3
Financial liabilities
Trade payables 3.8 0 0 0 504.9 504.9
Current financial liabilities 3.11 0 6.8 0 23.7 30.5
Current loans 3.12 0 0 0 33.8 33.8
Non-current financing 3.5 0 0 0 736.1 736.1
Total 0 6.8 0 1,298.5 1,305.3
Financial instruments balance 1.4 -0.2 600.3 -1,298.5 -697.0
\n The Group\u2019s financial instruments, recognized in the financial statements with a similar breakdown at 31 December 2024, are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying value per type
31.12.2024
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receiva- bles (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0.0 0.0 350.8 0.0 350.8
Trade receivables 2.9 0.0 0.0 333.9 0.0 333.9
Current financial assets 2.11 0.0 9.2 9.2 0.0 18.4
Financial assets 2.5 2.1 2.2 0.8 0.0 5.1
Total 2.1 11.4 694.7 0.0 708.2
Financial liabilities
Trade payables 3.8 0.0 0.0 0.0 444.2 444.2
Current financial liabilities 3.11 0.0 15.0 0.0 31.8 46.8
Current loans 3.12 0.0 0.0 0.0 101.3 101.3
Non-current financing 3.5 0.0 0.0 0.0 800.1 800.1
Total 0.0 15.0 0.0 1,377.4 1,392.4
Financial instruments balance 2.1 -3.6 694.7 -1,377.4 -684.2
\n (*) For such categories the carrying amount approximates the fair value\n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170952015": { "value": "Uncertain tax position IFRIC23 \u2018Uncertainty over Income Tax Treatments\u2019 has been applied to clarify the accounting for uncertainties in income tax. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. In the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treat- ments, that it has used or plans to use in its income tax filling. If the entity concludes that it is probable that a particular tax treatment is accepted, the entity has to determine taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included in its income tax filings. If the entity concludes that it is not probable that a particular tax treatment is accepted, the entity has to use the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions of the resolution of the uncertainty. In case facts and circumstances changes, the entity shall reassess its judgements and estimates. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjust- ment to the carrying amount of assets or liabilities affected in future periods. Judgements \n \n Determining the lease term of contracts with renewal and termination options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exer- cise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. The Group includes the renewal period as part of the lease term for leases of plant and machinery with a shorter non-cancellable period. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. \n Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. \n \n \n Impairment of non-financial assets When the carrying amount of property, plant and equipment, intangible assets, right-of-use assets, goodwill and invest- ments in associates/joint ventures exceeds its recoverable amount, which is the higher of the fair value less costs of disposal and the value in use, the assets are impaired. Such impairments are carried out in accordance with the provisions of IAS 36, as described in greater detail in note 2.1. In order to determine the recoverable amount, the Group generally adopts the value in use criterion. Value in use is based on the estimated future cash flows generated by the asset, dis- counted to their present value using a pre-tax discount rate that reflects the current market assessment of the time value of money and of the specific risks of the asset. Future cash flows used to determine value in use are based on the most recent business plan, approved by the management, containing forecasts for volumes, revenue and operating costs, which are based on certain assumptions on the market trends and macro-economic scenario. Regarding climate-related matters, the expected future cash flows incorporate certain climate-related risks to pursue the Group\u2019s global sustainability strategy. For further details about climate change, please refer to the following note \u2018Climate Change\u2019. These projections cover the next three years. For subsequent years, the assumption is perpetual income. Nev- ertheless, possible changes in the underlying assumptions on which the calculation of such amounts is based could gen- erate different recoverable amounts. The analysis of each group of non-financial assets is unique and requires manage- ment to use estimates and assumptions considered prudent and reasonable in the specific circumstances. \n \n \n \n \n \n Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Group\u2019s historical, observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year \n \n \n \n \n \n \n \n \n \n \n \n which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. The assessment of the correlation between historical, observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of a customer\u2019s actual default in the future. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in \u2018Credit Risk\u2019 included in section \u20186.4 - Other information\u2019. \n \n \n \n \n \n \n \n Taxes Income taxes include all taxes based upon the taxable profits of the Group. They on income are recognized in the income statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in which case the related tax effects are recognized directly in equity or in other comprehensive income. Deferred taxes are calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol- idated Financial Statements. Deferred tax assets relating to the carry-forward of unused tax losses are recognized to the extent it is probable future profits will be available against which they can be utilized. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in which the temporary differences reverse. \n \n Other taxes not based on taxable profits, such as property taxes and taxes on\n \n \n capital, are included in operating expenses.\n Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax assets and liabilities\u2019. \n \n \n \n \n Defined benefit plans (pension benefits) The cost of defined benefit pension plan and other post-employment medical benefits and the present value of the pen- sion obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long- term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appropriate dis- count rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads are ex- cluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those mor- tality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013 Post-employment benefits\u2019. \n \n \n \n Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on listed prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount factor. Further disclosure is in \u2018Financial Instruments\u2019 included in section \u20188.6.4 - Other information\u2019. \n \n \n \n \n \n Development costs The Group capitalizes costs for product development projects. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. Further disclosure is in \u2018Note 2.1 \u2013 Intangible assets\u2019.\n \n \n \n \n \n Revenue recognition - Estimating variable consideration for returns and volume rebates The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of return and volume rebates. The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of each product to come up with expected return percentages. These percentages are applied to determine the expected value of the variable consideration. Any significant changes in experience as compared to the historical return pattern will impact the expected return percentages estimated by the Group. The Group\u2019s expected volume rebates are analyzed on a per customer basis for contracts that are subject to a single volume threshold. Determining whether a customer will likely to be entitled to a rebate will depend on the customer\u2019s historical rebates entitlement and accumulated purchases to date. The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his- torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group. Further disclosure is provided in \u2018Note 3.13 \u2013 Other current liabilities\u2019. \n \n \n \n Leases - Estimating the incremental borrowing rate The Incremental Borrowing Rate (IBR) is defined as the interest rate the lessee would incur to borrow under a secured loan with terms similar to those of the lease, with a similar security and in a similar economic environment. This interest rate is identified through the Bloomberg database by applying the following relevant criteria to enhance the comparabil- ity: \u2022 The credit rating; \u2022 The term of the loan; \u2022 The currency of denomination; \u2022 The geographies (depending on the cases, countries or regions); \u2022 The industry of the borrowing entity. In order to obtain statistically significant samples of comparable transactions, a flexibility in the above criteria shall be preserved and specific adjustments can be made to account for particular comparability factors. When the base rate is negative, a zero floor to the base rate is applied. For more information on leases, reference should be made to Notes 2.2 and 3.5.\n \n \n Contingent liabilities The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be- comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. The Group could be subject to legal and tax proceedings from various jurisdictions and for complex issues therefore eventually monitoring the status of pending legal proceedings by consulting with experts on a regular basis. Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such disputes with any certainty.\n \n \n Climate change Global climate change is resulting, and is expected to continue to result, in natural disasters and extreme weather, such as drought, wildfires, storms, sea-level rise, flooding, heat waves and cold waves, occurring more frequently or with greater intensity. Such extreme events are driving changes in market dynamics, stakeholder expectations, local, national and international climate change policies and regulations. In the climate change context, the Ariston Group is moving towards anticipating structural changes driven by regulations and the market. Our goal is to continue designing and offering highly energy-efficient solutions, which increasingly rely on renewable sources of energy, while improving the efficiency of the installed park. The Group can act as a principal in the context of decarbonization as an enabler of climate change mitigation. To achieve this across all our product lines, we are channeling investments in R&D, optimizing production capacity and developing the necessary skills and resources needed to contribute to the transition, which will lead to a significant avoid- ance of CO2 emissions. The Group\u2019s efforts in boosting highly efficient products and solutions that rely on renewable technology will also contribute to the reduction of Scope 3 emissions, whose greatest impact is generated by the use of sold products. In applying the IFRS Accounting Standards, the Group has summarized the impacts arising from climate change topic by topic, providing the approach used by the Group. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Account Approach
Management performed analysis on the impact of climate change on cash flow forecasts used in impairment assessment, estimating the financial impacts of the main following climate change actions: (i) analysis of transitional risks; (ii) highly energy efficiency products development; (iii) manufacturing investments; and (iv) supply chain and sustainable procurement.
Estimates and judgments concern- ing climate change In particular, turnover projections considered assumptions on the impact from consumer demand shift toward alternative products, potentially favoring air con- ditioning systems over heat pumps due to temperature rise, suspension of incen- tives in specific markets and regulatory changes at global level. Moreover, capex used to estimate cash flow projections included considerations over the optimiza- tion of production capacity of efficient solutions and products leveraging on re- newable technology, processes improvement and enhancement of the energy ef- ficiency of plants (machinery revamping, EAC\u2019s etc.). Measures to enhance resili- ence to flood and seismic events are embedded within the interventions outlined above.
Sustainable investment Ariston Group is directing investments in physical assets and new product devel- opment aimed at delivering more efficient solutions, including renewable heating and water heating products, the internal development of new electronic compo- nents, and enhancements to laboratories for water heating renewable products to improve testing, quality control, and heating system simulations. With regards to electric heat pumps, the Group is looking to replace currently used refrigerant gases with natural ones that have a much lower Global Warming Po- tential (GWP). These include propane, a group of liquefied petroleum gases, the suitability of which is still being researched with products likely to be released in upcoming years.
\n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n \n \n \n Impairment test In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks) are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment. The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to the CGU Thermal Comfort (\u20ac 1,096.4 million in 2025 and \u20ac 1,110.3 million in 2024), while other goodwill balances relate to the CGUs Burners (\u20ac 12.5 million in 2025 equal to 2024) and Components (\u20ac 5.5 million in 2025 equal to 2024). In line with previous years, the Group applied the long-term business plan, which includes the latest available financials from the 3-year plan 2026 - 2028 which are approved by the Board, as the base for the impairment test. The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGUs is determined using value-in-use and was based on the following assumptions: \u2022 the expected future cash flows covering the period from 1 January 2026 through 31 December 2028. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat- egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state- ments and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con- sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and the segment for the respective CGU over the period considered. The expected future cash flows include a terminal period to estimate the future result beyond the time period explicitly considered which incor- porates a long-term growth rate assumption of 1.68%. The growth rate is determined by weighting the GDP growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2024 release); \u2022 the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows; \u2022 pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under con- sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal to: \u2022 TCO for 10.62%; \u2022 BUR for 11.21%; \u2022 COM for 11.92%. As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any further market shock. The stress tests included: \u2022 a reduction of 5%, 10% and 15% in EBITDA and Capex over the entire test period and for all markets and brands; \u2022 increase of WACC by +1% and decrease of growth rate by -1%. Each stress test is performed on a stand-alone basis. Any reasonable possible change in the key assumptions reported above would not cause any impairment loss. Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon: \u2022 WACC percentage increase on a weighted average of more than 22%; \n \n \n \n \n \n \n \n \n \n \u2022 Cash Flow percentage decrease: Thermal Comfort 14.3% (16.0% in 2024), Burners 64.2% (49.7% in 2024), Com- ponents 82.0% (71.4% in 2024). Assumptions related to the impairment plan Below is a summary of the main assumptions used within the impairment test for each CGU: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,975.7 49.6 31.8
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,096.4 12.5 5.5
Growth rate (%) 1.71% 0.94% 0.98%
WACC (%) 10.62% 11.21% 11.92%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,924.5 46.1 33.5
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,110.3 12.5 5.5
Growth rate (%) 1.72% 0.98% 0.91%
WACC (%) 9.95% 10.70% 11.57%
\n Impairment test results The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each CGU to which goodwill is allocated. As such, no impairment charges were recognized for goodwill and intangible assets with indefinite useful lives for the year ended 31 December 2025.\n \n \n \n \n \n Note 3.4 \u2013 Post-employment benefits Most Group employees are eligible for benefits through pension plans in the case of retirement and resignation. Those plans are either defined contribution plans or defined benefit plans based on pensionable remuneration and length of service. The Group manages its pension plans by geographical area and most plans, classified as defined benefit plans under IAS 19, are located in Switzerland, Germany and Italy. In Switzerland, under IAS 19, the projected unit credit cost method was applied for the calculation of the defined benefit obligation and normal cost at 31 December 2025. In collaboration with an independent consultancy for institutional in- vestors, the main Pensionskasse conducted an asset/liability analysis to derive a suitable investment strategy. The study thoroughly evaluated the liabilities of the scheme. The suitability of asset classes and the optimization of the strategic asset allocation have been carried out on the basis of simulations of the funded status. As a result, the board of trustees decided on a strategic asset allocation which: contains several asset classes, is diversified globally and mimics the eco- nomic properties of the liabilities. With the exception of Swiss real estate investments, the ELCO Pensionskasse only invests in publicly traded assets. The largest share of assets is invested in Swiss Franc bonds. Other asset classes are foreign currency bonds, global equity and Swiss real estate. Alternative assets are not considered. The use of derivatives is limited to hedging currency risk and to fine tune bond and equity investments. All investments are made in institutional investment funds designed for Swiss pension schemes. With respect to the other asset strategy, the arrangement is part of the Swiss Life pension funds (\u201cBVG-Sammelstiftung Swiss Life\u201d / \u201cSammelstiftung Zusatzvorsorge Swiss Life\u201d). Hence the affiliated company has no influence on the asset strategy and asset management. The responsibility lies fully with the board of trustees of the Swiss Life pension funds, in particular in relation to collaboration with an independent consultancy for institutional investors, performing asset liabil- ity analysis, the implementation policy, deviations from the strategic asset allocation, tactical asset allocation, etc.. In Germany, pension funds are regulated in a Pension System based on three pillars. The \"first pillar\" (state and obligatory pension insurance contributions) is a defined contribution pension plan, established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It covers employees in the public and private sector and some categories of self-employed workers and is mainly financed through social security contributions paid by workers and employers in equal measure and by taxes. The \"second pillar\" (company pension schemes) is represented by voluntary supplementary pensions on a pay-as-you- go basis, and thus with defined benefits falling on both the worker and the company. The \"third pillar\" is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax incentives and subsidies. Pension provisions are recognized in accordance with IAS 19 Employee Benefits using the projected unit credit method, taking into account, among other things, estimated future pension and salary increases. The expense from the accrued interest on pension provisions is reported under interest expense. The defined benefit obligation (DBO) in accordance with IAS 19 guidelines is used as a measure of the accrued obligation. The present value of the defined benefit obligation (DBO) to be determined on the reporting date corresponds to the present value of the benefits earned on the reporting\n \n \n date, taking into account biometric assumptions (e.g. mortality, probability of disability, fluctuation) and economic as- sumptions (e.g. wage and salary increases, pension increases), where relevant in each case. For each expected benefit, that part is deemed to have been earned on the reference date which corresponds to the ratio of the length of service achieved on the reference date to the length of service achievable at the start of the respective benefit. For vested ben- eficiaries and pensioners, the DBO corresponds to the present value of all future benefits. Financing takes place internally via the scheduled accumulation of pension provisions. There are no separate assets that fulfil the requirements of IAS 19.8 for plan assets (unfunded plan). The companies pay annual contributions to the pension insurance association. In accordance with applicable regulations the insurance association is responsible for statutory insolvency protection for company pension schemes. In Italy, the employees\u2019 leaving entitlement or \u201cTFR\u201d relates to the amounts that employees are entitled to receive when they leave the company and is calculated based on the period of employment and the taxable income of each employee. Under certain conditions, the entitlement may be partially advanced to an employee during the employee\u2019s working life. The Italian legislation regarding this scheme was amended by Law 296 of 27 December 2006 and subsequent decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to supple- mentary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts rec- orded in the employees\u2019 leaving entitlement retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the Italian provi- sion consists of the residual TFR obligation until 31 December 2006. This is an unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the associated cost, being the required contributions to the pension funds, over the period in which the employee renders service. Summary of the reconciliations for the DBO and plan assets The following tables contain the reconciliations for the DBO and plan assets: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in obligations during the year
BEGINNING OF THE PERIOD -227.3 -90.0 -317.3 -223.7 -92.3 -316.0
Current service -5.1 -2.9 -8.1 -4.6 -2.8 -7.4
Past service -1.9 -0.5 -2.4 0.0 0.0 0.0
Financial expense -1.9 -3.0 -4.9 -2.4 -3.0 -5.4
Other pension cost 0.0 0.0 0.0 0.0 -0.1 -0.1
Curtailment, settlement, plan amendment 0.0 0.1 0.1 0.0 0.1 0.1
Total impact recognized at PL -9.0 -6.3 -15.3 -7.0 -5.9 -12.9
Gains (losses) resulting from experience -1.6 0.8 -0.8 -2.2 -0.7 -2.9
Act. gains/losses resulting from changes in demographic assumptions 0.0 0.1 0.1 0.9 0.0 0.9
Act. gains/losses resulting from changes in financial assumptions 6.9 4.8 11.7 -3.4 1.2 -2.2
Total impact recognized at OCI 5.4 5.6 11.0 -4.7 0.5 -4.2
Perimeter variation 0.0 1.4 1.4 0.0 0.0 0.0
Foreign exchange gains (losses) -2.3 0.1 -2.3 3.5 0.3 3.9
Paid benefits 15.5 7.9 23.4 10.0 7.3 17.2
Minor changes -3.5 -3.3 -6.8 -5.4 0.1 -5.3
Total other changes 9.7 6.1 15.8 8.1 7.7 15.8
END OF THE PERIOD -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in plan assets during the year
BEGINNING OF THE PERIOD 250.5 7.8 258.3 237.3 7.6 244.9
Financial income on plan assets 2.0 0.3 2.3 2.4 0.2 2.6
Curtailment, settlement, plan amendment 0.0 0.0 0.0 0.0 0.0 0.0
Total impact recognized at PL 2.0 0.3 2.3 2.4 0.2 2.6
Actuarial gains (losses) from plan assets 7.3 0.0 7.3 12.3 -0.1 12.2
Total impact recognized at OCI 7.3 0.0 7.3 12.3 -0.1 12.2
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Company's contributions 6.3 0.2 6.5 6.3 0.2 6.4
Employees' contributions 5.1 0.1 5.2 5.0 0.2 5.2
Foreign exchange gains (Losses) 2.7 0.0 2.7 -3.6 0.0 -3.6
Payments -15.5 -0.4 -15.9 -10.0 -0.1 -10.1
Minor changes -0.6 0.2 -0.4 0.8 -0.1 0.7
Total other changes -2.1 0.1 -2.0 -1.5 0.1 -1.4
END OF THE PERIOD 257.7 8.2 265.9 250.5 7.8 258.3
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Employee Benefits
Current value of defined benefit plans -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
Fair value on plan assets 257.7 8.2 265.9 250.5 7.8 258.3
Total 36.5 -76.4 -39.9 23.3 -82.2 -59.0
Unrecognised plan assets -37.9 0.0 -37.9 -25.4 0.0 -25.4
of which: effect of Asset Ceiling in OCI 12.0 0.0 12.0 9.8 0.0 9.8
Total -1.4 -76.4 -77.9 -2.1 -82.2 -84.4
of which: Post-employee benefits -2.0 -76.4 -78.4 -2.7 -82.2 -85.0
Other non-current assets 0.6 0.0 0.6 0.6 0.0 0.6
\n Assumptions The weighted averages of the assumptions used to calculate the DBO as at 31 December were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assumptions used Switzerland Other
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Discount rate 1.2% 1.0% 3.7% 3.5%
Inflation rate 0.5% 1.0% 1.8% 1.8%
Future salary raises 0.5% 1.0% 3.0% 3.0%
Future pension raises 0.0% 0.0% 1.6% 1.5%
\n Sensitivity analysis A quantitative sensitivity analysis of the significant assumptions used at 31 December 2025 is provided below. Specifically, it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assump- tions used.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
0.50% -0.50% 0.50% -0.50% 0.50% -0.50%
Discount rate -5.9% 6.6% -4.2% 4.5% -5.5% 6.1%
Future salary 0.8% -0.7% 0.8% -0.2% 0.6% -0.6%
Future pension 3.6% 0.0% 3.0% -2.8% 3.5% -0.8%
Future inflation rate 0.0% 0.0% 1.1% -1.0% 0.3% -0.3%
\n The above sensitivity analysis is based on a method which involves extrapolation of the impact of reasonable changes to the key assumptions made at the reporting date on the net obligation for defined benefit plans. Future cash flows The following payments are the expected contributions that will be made in future years to provide for the obligations of the defined benefit plans.\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
Within 12 months -12.2 -6.4 -18.5
From 1 to 5 years -66.5 -24.2 -90.7
From 5 to 10 years -67.4 -26.6 -93.9
Total -146.1 -57.1 -203.2
Average plan duration (years) 12.9 7.5 11.4
\n \n Note 3.13 \u2013 Other current liabilities \n \n In accordance with IFRS 15, performance obligations to customers at contract level are recognised as contract liabilities. Contract liabilities include: \u2022 Rights of Return \u2022 After-sales service, which include Service maintenance contracts and Service type warranties \u2022 Loyalty program \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Up to 1 year From 1 to 5 years Over 5 years Total Up to 1 year From 1 to 5 years Over 5 years Total
Right of returns 3.7 0.0 0.0 3.7 2.6 0.0 0.0 2.6
After-sales services 49.4 7.5 1.9 58.8 49.6 9.3 1.4 60.3
Loyalty program 20.3 0.0 0.0 20.3 20.6 0.0 0.0 20.6
Total 73.3 7.5 1.9 82.8 72.7 9.3 1.4 83.6
\n \n \n \n \n The table below shows the opening and closing balances of contract liabilities as well as movements during the years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of returns After-sales services Loyalty program Total
Opening Balance 01.01.2025 2.6 60.4 20.6 83.6
Increase recognized 0.0 104.8 14.5 119.4
Revenue recognized 0.0 -103.7 -8.0 -111.7
Contracts cancelled 0.0 -3.1 0.0 -3.1
Net variation invoicing 0.0 -0.6 0.0 -0.6
Pay out 0.0 0.0 -6.0 -6.0
Other changes to contract balances 1.1 1.1 -0.8 1.4
Closing balance 31.12.2025 3.7 58.8 20.3 82.8
\n \n \n 8.6.4 Other disclosures\n \n \n \n FINANCIAL INSTRUMENTS\n The Group's financial instruments recognized by category and the level of confidence of their fair value measurements at 31 December 2025 are shown below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 Carrying value per type
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receivables (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0 0 246.5 0 246.5
Trade receivables 2.9 0 0 347.8 0 347.8
Current financial assets 2.11 0 6.6 5.3 0 11.9
Financial assets 2.5 1.4 0 0.7 0 2.1
Total 1.4 6.6 600.3 0 608.3
Financial liabilities
Trade payables 3.8 0 0 0 504.9 504.9
Current financial liabilities 3.11 0 6.8 0 23.7 30.5
Current loans 3.12 0 0 0 33.8 33.8
Non-current financing 3.5 0 0 0 736.1 736.1
Total 0 6.8 0 1,298.5 1,305.3
Financial instruments balance 1.4 -0.2 600.3 -1,298.5 -697.0
\n The Group\u2019s financial instruments, recognized in the financial statements with a similar breakdown at 31 December 2024, are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying value per type
31.12.2024
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receiva- bles (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0.0 0.0 350.8 0.0 350.8
Trade receivables 2.9 0.0 0.0 333.9 0.0 333.9
Current financial assets 2.11 0.0 9.2 9.2 0.0 18.4
Financial assets 2.5 2.1 2.2 0.8 0.0 5.1
Total 2.1 11.4 694.7 0.0 708.2
Financial liabilities
Trade payables 3.8 0.0 0.0 0.0 444.2 444.2
Current financial liabilities 3.11 0.0 15.0 0.0 31.8 46.8
Current loans 3.12 0.0 0.0 0.0 101.3 101.3
Non-current financing 3.5 0.0 0.0 0.0 800.1 800.1
Total 0.0 15.0 0.0 1,377.4 1,392.4
Financial instruments balance 2.1 -3.6 694.7 -1,377.4 -684.2
\n (*) For such categories the carrying amount approximates the fair value\n \n As shown in the table above, at the reporting date, there were no differences between the carrying amounts of financial instruments and the corresponding fair value.\n \n \n CREDIT RISK\n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217132924513": { "value": "\n xiv. Employment benefits Group companies provide post-employment benefits to staff, both directly and by contributing to external funds. The procedures for providing these benefits vary depending on the legal, fiscal and economic conditions in each country in which the Group operates. Employee benefits are accounted for under IAS 19 and IFRS 2. Group companies provide post-employment benefits through defined contribution and/or defined benefit plans. Post-employment benefits i. Defined benefit plans The Group\u2019s obligations and the annual cost reported in the income statement are determined by independent actuaries using the projected unit credit method. The net cumulative value of actuarial gains and losses is recorded directly in the statement of other comprehensive in- come and is not subsequently recognized in the income statement. The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses. Service costs are posted to the income statement. The liability recognized represents the present value of the defined benefit obligation, less the present value of plan assets. If an amendment to the plan changes the benefits accruing from past service, the costs arising from past service \n \n \n are recognized in the income statement at the time the change to the plan is made. The same treatment is applied if there is a change to the plan that reduces the number of employees or that amends the terms and conditions of the plan (the treatment is the same, regardless of whether the final result is a profit or a loss). For defined benefit plans, remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit/contribution liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit/contribution liability), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to the income statement in subsequent periods. Past service costs are recognized in the income statement on the earlier of: \u2022 The date of the plan amendment or curtailment, and \u2022 The date that the Group recognizes related restructuring costs Net interest is calculated by applying the discount rate to the net defined benefit/contribution liability or asset. The Group recognizes the following changes in the net defined benefit/contribution obligation under \u2018cost of sales\u2019, \u2018administration expenses\u2019 and \u2018selling and distribution expenses\u2019 in the consolidated income statement (by nature): \u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements \u2022 Net interest expense or income \n ii. Defined contribution plans Since the Group fulfils its obligations by paying contributions to a separate entity (a fund), with no further obligations, the company records its contributions to the fund in respect of employees\u2019 service, without making any actuarial calcu- lation. Where these contributions have already been paid at the reporting date, no liabilities are recorded in the financial state- ments. \n \n Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an ap- propriate valuation model. That cost is recognized in employee benefits expense, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instru- ments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered non-vesting conditions. Non-vesting conditions are re- flected in the fair value of an award and lead to the immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service condi- tions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or ser- vice conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An addi- tional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled \n \n \n \n by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computa- tion of diluted earnings per share. \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n Defined benefit plans (pension benefits) The cost of defined benefit pension plan and other post-employment medical benefits and the present value of the pen- sion obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long- term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appropriate dis- count rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the post-employment benefit obligation with at least an \u2018AA\u2019 rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation. The underlying bonds are further reviewed for quality. Those with excessive credit spreads are ex- cluded from the analysis of bonds on which the discount rate is based, on the basis that they do not represent high quality corporate bonds. The mortality rate is based on publicly available mortality tables for the specific countries. Those mor- tality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further disclosure is in \u2018Note 3.4 \u2013 Post-employment benefits\u2019. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217133258307": { "value": "\n Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an ap- propriate valuation model. That cost is recognized in employee benefits expense, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instru- ments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered non-vesting conditions. Non-vesting conditions are re- flected in the fair value of an award and lead to the immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service condi- tions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or ser- vice conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An addi- tional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled \n \n by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computa- tion of diluted earnings per share. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217133418662": { "value": "\n xv. Grants Government grants are recognized when there is a reasonable assurance that they will be received and that the Group will comply with all the conditions established for their granting by the government, government agencies and equivalent local, national or international entities. Grants related to income are those intended to compensate for expenses incurred or to provide financial support to the entity without being directly linked to the acquisition of an asset. These grants are recognized in \u2018Other revenue and income\u2019 in the income statement. Recognition should be made systematically and reasonably over the period or periods in which the entity incurs the costs that the grant is intended to compensate. Government grants related to assets received for the acquisition of tangible and intangible assets are recorded as a re- duction of the cost of the acquired asset. The asset is recorded at its gross cost, then the government grant is deducted, so the net value of the asset is the effective cost after the grant. Consequently, depreciation will be calculated on the net value of the asset. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217133457921": { "value": "\n xvi. Revenue and income Revenue is recognized when control of the goods and services has been transferred and the Group\u2019s performance obli- gations to its customers have been satisfied. Revenue is measured as the amount of consideration the Group expects to receive in exchange for transferring goods or providing services. The timing of when the Group transfers the goods or services to the customer may differ from the timing of the customer\u2019s payment. Revenues are stated net of discounts, allowances, settlement discounts and rebates. The Ariston Group typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. Contractual warranties required by law do not represent a separate performance obligation and the cost of such warranties is recognized at the time of the transfer of control of the related good. The Group also provides extended warranty. These service-type warranties are sold either separately or bundled together with the sale of products and represent a separate performance obligation, in accordance with accounting principle IFRS 15. The revenue from extended warranties is generally recognized over the time, on the basis of the period in which the service is provided. Ariston Group revenue streams are described in the following table. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue stream Revenue stream description % Revenues % Revenues
2025 2024
Professional Customers are mainly installers, medium-large distribu- tors and professionals in the field of Thermal Comfort. Standard T&Cs apply and the main performance obliga- tion is characterized by the sale of finished products in- cluding variable considerations too. The Group acts as principal. 66% 65%
DIY (Do it yourself) Customers are large retailers. The main performance obli- gation is characterized by the sale of finished products and the variable considerations are significant. T&Cs are decided by the customer by means of annual framework agreements. The Group acts as principal. 5% 6%
Business-to-business (B2B) The main performance obligation is characterized by the sale of components, burners and heating only for specific projects: e.g. for institutions (schools, hospitals, etc.). The Group acts as principal. 14% 14%
Service Indirect service: maintenance and repair services offered through Technical Support to the end customer. Direct service: maintenance and repair services offered directly to the end customer. Spare Parts: Related to Service activities (in PL reported as Net Revenue from Sales). The Group acts as principal. 15% 15%
Total 100% 100%
\n Assets and liabilities arising from rights of return Right of return assets A right-of-return asset is recognized for the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any po- tential decreases in value. The Group updates the measurement of the asset for any revisions to the expected level of returns and any additional decreases in the value of the returned products. Refund liabilities A refund liability is recognized for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group\u2019s refund liabilities arise from customers\u2019 right of return. The liability is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. Regarding the use of significant assumptions, refer to sub-paragraph \u2018Revenue recognition\u2019 included in the paragraph \u2018Significant assumptions\u2019.\n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n Revenue recognition - Estimating variable consideration for returns and volume rebates The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of return and volume rebates. The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of each product to come up with expected return percentages. These percentages are applied to determine the expected value of the variable consideration. Any significant changes in experience as compared to the historical return pattern will impact the expected return percentages estimated by the Group. The Group\u2019s expected volume rebates are analyzed on a per customer basis for contracts that are subject to a single volume threshold. Determining whether a customer will likely to be entitled to a rebate will depend on the customer\u2019s historical rebates entitlement and accumulated purchases to date. The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his- torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group. Further disclosure is provided in \u2018Note 3.13 \u2013 Other current liabilities\u2019. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217134449987": { "value": "\n Deferred tax Deferred taxes are those that the Group expects to settle or recover based on the temporary differences between the carrying amount of assets and liabilities and their corresponding tax values used for calculating taxable income. They are recognized using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differ- ences, whereas deferred tax assets are recognized only if it is probable that there will be future taxable income against which deductible temporary differences can be used. Deferred tax liabilities are recognized for all taxable temporary differences, except: \u2022 if the temporary differences derive from goodwill or the initial recognition (not in business combinations) of other assets or liabilities in transactions that do not affect the profit (loss) for the year or the taxable income; \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and impaired, if it is no longer probable that sufficient taxable income exists that can enable recovery of all or part of the assets. In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differ- ences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. Deferred taxes are calculated at the tax rate that is expected to be applied when the asset is realized or the liability extinguished. Deferred taxes are recognized directly in the income statement, except for those related to items recog- nized directly under equity, in which case the deferred taxes are also recognized under equity. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recov- ered. \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n Taxes Income taxes include all taxes based upon the taxable profits of the Group. They on income are recognized in the income statement except to the extent they relate to items recognized directly in equity or in other comprehensive income, in which case the related tax effects are recognized directly in equity or in other comprehensive income. Deferred taxes are calculated on temporary differences between the tax base of an asset or liability and the carrying amounts in the Consol- idated Financial Statements. Deferred tax assets relating to the carry-forward of unused tax losses are recognized to the extent it is probable future profits will be available against which they can be utilized. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and where there is a legally enforceable right of offset. Deferred tax assets and liabilities are measured at the enacted or substantively enacted tax rates of the relevant tax jurisdictions that are expected to apply to taxable income during the period or periods in which the temporary differences reverse. \n \n Other taxes not based on taxable profits, such as property taxes and taxes on\n \n \n capital, are included in operating expenses.\n Further disclosures are in \u2018Note 1.12 \u2013 Taxes\u2019 and in \u2018Notes 2.4 \u2013 Deferred tax assets and liabilities\u2019. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217134718086": { "value": "\n xviii. Earnings per share The basic earnings per share are calculated by dividing the portion of profit/loss attributable to the Group by the weighted average of the outstanding shares of the year. The diluted earnings per share are calculated by taking into account, both as regards the portion of profit/loss attributable to the owners of the Parent and the above-mentioned weighted average, the impact deriving from the total subscrip- tion/conversion of all potential shares that may be issued through the exercise of outstanding options. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217134752182": { "value": "\n xix. Dividends Dividends are recognized as changes in equity in the year when the Group\u2019s unconditional right to receive payment arises, that is when the general meeting approves the distribution of dividends. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217104931211": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Contingent liabilities The Group triggers provisions once pending or threatened disputes or legal proceedings are considered as a probable event, for which there could be an outflow of funds with the amount reasonably estimated. If an outflow of funds be- comes possible but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. The Group could be subject to legal and tax proceedings from various jurisdictions and for complex issues therefore eventually monitoring the status of pending legal proceedings by consulting with experts on a regular basis. Due to the uncertainty inherent in such matters, it is difficult to predict the outflow of funds that could result from such disputes with any certainty.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217134124083": { "value": "\n \n \n xxi. Significant accounting judgements, estimates and assumptions \n \n \n \n Revenue recognition - Estimating variable consideration for returns and volume rebates The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights of return and volume rebates. The Group has developed a statistical model for forecasting sales returns. The model uses the historical return data of each product to come up with expected return percentages. These percentages are applied to determine the expected value of the variable consideration. Any significant changes in experience as compared to the historical return pattern will impact the expected return percentages estimated by the Group. The Group\u2019s expected volume rebates are analyzed on a per customer basis for contracts that are subject to a single volume threshold. Determining whether a customer will likely to be entitled to a rebate will depend on the customer\u2019s historical rebates entitlement and accumulated purchases to date. The Group applied the statistical model for estimating expected volume rebates for contracts. The model uses the his- torical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Group. Further disclosure is provided in \u2018Note 3.13 \u2013 Other current liabilities\u2019. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217134211740": { "value": "Taxes \n Other taxes not based on taxable profits, such as property taxes and taxes on\n \n capital, are included in operating expenses.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217141823820": { "value": "8.5 Changes in accounting standards The accounting policies adopted in the preparation of the Consolidated Financial Statements as of 31 December 2025 are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2025, but do not have an impact on the Consolidated Financial Statements of the Group. i. Summary of the new accounting standards adopted by the Group from 1 January 2025 As from 1 January 2025 the following amendments of accounting standards have become applicable to the Group: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The new amendments are effective on 1 January 2025 and they had no impact on the Consolidated Financial Statements of the Group. ii. Accounting standards, amendments and interpretations issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s Consolidated Financial Statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial In- struments and IFRS 7 Financial Instruments: Disclosures The amendments are effective for annual periods starting on or after 1 January 2026. The Group is evaluating the potential impact from the adoption of these amendments. \u2022 IFRS 18 - Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 \u2014 Presentation and Disclosure in Financial Statements, which introduces new concepts relating to: (i) the structure of the statement of profit or loss, (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management-defined performance measures), (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. The standard is effective on or after 1 January 2027. The Group is evaluating the potential impact from the adoption of this standard. \u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures The standard is effective on or after 1 January 2027 and earlier application is permitted. The standard will have no impact on the Group\u2019s Consolidated Financial Statements. \u2022 Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 On 18 December 2024 the IASB issued amendments to improve the reporting by companies of the financial effects of nature-dependent electricity contracts that are often structured as power purchase agreements (PPAs). Nature-dependent electricity contracts assist companies to secure their electricity supply from wind and solar power sources. Since the amount of electricity generated under these contracts may vary based on uncontrollable factors\n \n related to weather conditions, current accounting requirements may not adequately capture how these contracts affect a company\u2019s performance. In response, the IASB has made targeted amendments to IFRS 9 Financial Instru- ments and IFRS 7 Financial Instruments: Disclosures to improve the disclosure of these contracts in the financial state- ments. The amendments include: - Clarifying the application of the \u2018own-use\u2019 requirements; - Permitting hedge accounting if these contracts are used as hedging instruments; and - Adding new disclosure requirements to enable investors to understand the effect of these contracts on a com- pany\u2019s financial performance and cash flows. These amendments are effective for annual reporting periods beginning on or after 1 January 2026. Early application of the amendments is permitted. The Group is evaluating the potential impact from the adoption of this standard. \u2022 Amendments about Uncertainties in the Financial Statements In November 2025, the IASB issued illustrative examples on reporting uncertainties in financial statements (Amend- ments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 \u2014 Disclosures about Uncertainties in the Financial Statements). These illustrative examples demonstrate how companies can apply IFRS Accounting Stand- ards when reporting the effects of uncertainties in their financial statements. As accompanying materials to IFRS Ac- counting Standards, these illustrative examples do not have an effective date. However, companies are expected to implement any changes in their reporting on a timely basis. There were no impacts to the Group\u2019s financial statements as a result of these illustrative examples.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170312356": { "value": "8.5 Changes in accounting standards The accounting policies adopted in the preparation of the Consolidated Financial Statements as of 31 December 2025 are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2025, but do not have an impact on the Consolidated Financial Statements of the Group. i. Summary of the new accounting standards adopted by the Group from 1 January 2025 As from 1 January 2025 the following amendments of accounting standards have become applicable to the Group: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The new amendments are effective on 1 January 2025 and they had no impact on the Consolidated Financial Statements of the Group. ii. Accounting standards, amendments and interpretations issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s Consolidated Financial Statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial In- struments and IFRS 7 Financial Instruments: Disclosures The amendments are effective for annual periods starting on or after 1 January 2026. The Group is evaluating the potential impact from the adoption of these amendments. \u2022 IFRS 18 - Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 \u2014 Presentation and Disclosure in Financial Statements, which introduces new concepts relating to: (i) the structure of the statement of profit or loss, (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management-defined performance measures), (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. The standard is effective on or after 1 January 2027. The Group is evaluating the potential impact from the adoption of this standard. \u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures The standard is effective on or after 1 January 2027 and earlier application is permitted. The standard will have no impact on the Group\u2019s Consolidated Financial Statements. \u2022 Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 On 18 December 2024 the IASB issued amendments to improve the reporting by companies of the financial effects of nature-dependent electricity contracts that are often structured as power purchase agreements (PPAs). Nature-dependent electricity contracts assist companies to secure their electricity supply from wind and solar power sources. Since the amount of electricity generated under these contracts may vary based on uncontrollable factors\n related to weather conditions, current accounting requirements may not adequately capture how these contracts affect a company\u2019s performance. In response, the IASB has made targeted amendments to IFRS 9 Financial Instru- ments and IFRS 7 Financial Instruments: Disclosures to improve the disclosure of these contracts in the financial state- ments. The amendments include: - Clarifying the application of the \u2018own-use\u2019 requirements; - Permitting hedge accounting if these contracts are used as hedging instruments; and - Adding new disclosure requirements to enable investors to understand the effect of these contracts on a com- pany\u2019s financial performance and cash flows. These amendments are effective for annual reporting periods beginning on or after 1 January 2026. Early application of the amendments is permitted. The Group is evaluating the potential impact from the adoption of this standard. \u2022 Amendments about Uncertainties in the Financial Statements In November 2025, the IASB issued illustrative examples on reporting uncertainties in financial statements (Amend- ments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 \u2014 Disclosures about Uncertainties in the Financial Statements). These illustrative examples demonstrate how companies can apply IFRS Accounting Stand- ards when reporting the effects of uncertainties in their financial statements. As accompanying materials to IFRS Ac- counting Standards, these illustrative examples do not have an effective date. However, companies are expected to implement any changes in their reporting on a timely basis. There were no impacts to the Group\u2019s financial statements as a result of these illustrative examples.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217171259443": { "value": "\n \n \n \n \n Note 1.1 \u2013 Revenue and Income\n \n \n During 2025, the Group recorded revenue of \u20ac 2,707.1 million, compared to \u20ac 2,632.7 million in the previous year, with an increase of \u20ac 74.4 million (+2.8%). \n \n The increase was mainly driven by the stronger renewable heating market in Germany and improved performances in Iberian Peninsula and Romania. In addition, the perimeter variation linked to the regaining control of Ariston Thermo Rus LLC had an impact of \u20ac 57.2 million on revenue. \n \n The Revenue item can be broken down as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue and Income (in \u20ac million) 31.12.2025 31.12.2024
Revenue from sales 2,504.5 2,435.9
Revenue from services 189.1 182.5
Other revenue 13.5 14.2
Net revenue 2,707.1 2,632.7
Other revenue and income 40.2 47.5
Total 2,747.4 2,680.1
\n \u2018Other revenue and income\u2019 is represented by items that do not directly refer to the production activities of the Group but are all the same connected to the core business and included income related to no longer due payables, the gains on the disposal of fixed assets, and other income. At 31 December 2025, they totaled \u20ac 40.2 million, a decrease of \u20ac 7.3 million compared to the same period in the previous year.\n \n \n \n Revenue by business line Thermal Comfort. This business line serves the Group's three main business categories, Hot Water, Heating and Air Treatment and is the Group's largest division. In 2025, it recorded revenue of \u20ac 2,522.8 million, accounting for 93.2% of total revenue, com- pared to \u20ac 2,464.4 million in 2024 (93.6%), up \u20ac 58.4 million or 2.4% (of which 2.9% is due to organic and foreign exchange impact). On 26 March 2025, the Ariston Group regained full ownership and operational control of Ariston Thermo Rus LLC. Starting from April 2025, the latter company has been included in the Group\u2019s consolidation scope. In 2024, Ariston Thermo Rus LLC generated \u20ac 28.1 million in revenue (from 1 January to 26 April). Revenue generated in 2025 amounted to \u20ac 57.2 million (from 1 April to 31 December). Burners. This business line recorded net revenue of \u20ac 90.1 million for 2025, accounting for 3.3% of total net revenue, compared to \u20ac 89.3 million in 2024, or 3.4% of total revenue, with a \u20ac 0.9 million or 1.0% increase (of which 1.1% is due to organic and foreign exchange impact). Components. This business line recorded net revenue of \u20ac 94.2 million for 2025, accounting for 3.5% of total net revenue, compared to \u20ac 79.1 million (3.0%) in 2024, up \u20ac 15.2 million or 19.2% (of which 9,5% is due to organic and foreign ex- change impact). On 4 March 2025, the Ariston Group announced the acquisition of DDR Heating, a U.S. based manufacturer specializing in tubular electric heaters for professional and industrial applications.\n \n \n \n \n Furthermore, on 12 June 2025, it announced the acquisition of Z.R.E. S.r.l., an Italian based manufacturer specializing in band heaters for industrial applications. The increase in organic revenue was driven by the resumption of the domestic business, thanks to a strong improvement in the water heating markets as well as the professional business, due to a good recover in the Ho.Re.Ca market. Net revenue by geographical area At 31 December 2025 the net revenue by main country is detailed below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Country 2025 2024
Netherlands (country of domicile) 107.0 111.2
Germany 539.7 511.7
Italy 271.0 279.7
Switzerland 206.5 197.3
Other countries 1,582.9 1,532.8
Total 2,707.1 2,632.7
\n Europe. This is the Group's largest market, recording net revenue of \u20ac 1,940.8 million for 2025, or 71.7% of total revenue, compared to \u20ac 1,858.8 million, or 70.6%, in 2024, up \u20ac 82.0 million or 4.4% (of which 2.8% organic and foreign exchange impact). The increase was primarily driven by the revival of the renewable heating market in Germany and improved performance in the Iberian Peninsula and Romania. On 26 March 2025, the Ariston Group regained full ownership and operational control of Ariston Thermo Rus LLC., Start- ing from April 2025, the latter company has been included in the Group\u2019s consolidation scope. In 2024, Ariston Thermo Rus LLC generated \u20ac 28.1 million in revenue (from 1 January to 26 April). Revenue generated in 2025 amounted to \u20ac 57.2 million (from 1 April to 31 December). Asia, Pacific & MEA. This is the second largest market for the Group, recording net revenue of \u20ac 496.0 million for 2025, or 18.3% of total revenue, compared to \u20ac 504.3 million, or 19.2%, in 2024, down \u20ac 8.3 million or 1.6% (of which +3.3% organic and foreign exchange impact). The increase, net of the exchange rate effect, was driven by positive trends in the renewable water heating market in Australia and improved performance in the water heating markets in Vietnam, Israel and Morocco. Americas. This is the Group's third largest market, recording net revenue of \u20ac 270.3 million for 2025, or 10.0% of total net revenue, compared to \u20ac 269.6 million, or 10.2%, in 2024, up \u20ac 0.8 million, or 0.3% (of which +4.1% organic and foreign exchange impact). The increase, net of the exchange rate effect, was due to the good performance of the water heat- ing and heating businesses in North America.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217193037131": { "value": "\n \n \n \n Note 1.1 \u2013 Revenue and Income\n \n \n During 2025, the Group recorded revenue of \u20ac 2,707.1 million, compared to \u20ac 2,632.7 million in the previous year, with an increase of \u20ac 74.4 million (+2.8%). \n \n The increase was mainly driven by the stronger renewable heating market in Germany and improved performances in Iberian Peninsula and Romania. In addition, the perimeter variation linked to the regaining control of Ariston Thermo Rus LLC had an impact of \u20ac 57.2 million on revenue. \n \n The Revenue item can be broken down as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue and Income (in \u20ac million) 31.12.2025 31.12.2024
Revenue from sales 2,504.5 2,435.9
Revenue from services 189.1 182.5
Other revenue 13.5 14.2
Net revenue 2,707.1 2,632.7
Other revenue and income 40.2 47.5
Total 2,747.4 2,680.1
\n \u2018Other revenue and income\u2019 is represented by items that do not directly refer to the production activities of the Group but are all the same connected to the core business and included income related to no longer due payables, the gains on the disposal of fixed assets, and other income. At 31 December 2025, they totaled \u20ac 40.2 million, a decrease of \u20ac 7.3 million compared to the same period in the previous year.\n \n \n \n Revenue by business line Thermal Comfort. This business line serves the Group's three main business categories, Hot Water, Heating and Air Treatment and is the Group's largest division. In 2025, it recorded revenue of \u20ac 2,522.8 million, accounting for 93.2% of total revenue, com- pared to \u20ac 2,464.4 million in 2024 (93.6%), up \u20ac 58.4 million or 2.4% (of which 2.9% is due to organic and foreign exchange impact). On 26 March 2025, the Ariston Group regained full ownership and operational control of Ariston Thermo Rus LLC. Starting from April 2025, the latter company has been included in the Group\u2019s consolidation scope. In 2024, Ariston Thermo Rus LLC generated \u20ac 28.1 million in revenue (from 1 January to 26 April). Revenue generated in 2025 amounted to \u20ac 57.2 million (from 1 April to 31 December). Burners. This business line recorded net revenue of \u20ac 90.1 million for 2025, accounting for 3.3% of total net revenue, compared to \u20ac 89.3 million in 2024, or 3.4% of total revenue, with a \u20ac 0.9 million or 1.0% increase (of which 1.1% is due to organic and foreign exchange impact). Components. This business line recorded net revenue of \u20ac 94.2 million for 2025, accounting for 3.5% of total net revenue, compared to \u20ac 79.1 million (3.0%) in 2024, up \u20ac 15.2 million or 19.2% (of which 9,5% is due to organic and foreign ex- change impact). On 4 March 2025, the Ariston Group announced the acquisition of DDR Heating, a U.S. based manufacturer specializing in tubular electric heaters for professional and industrial applications.\n \n \n Furthermore, on 12 June 2025, it announced the acquisition of Z.R.E. S.r.l., an Italian based manufacturer specializing in band heaters for industrial applications. The increase in organic revenue was driven by the resumption of the domestic business, thanks to a strong improvement in the water heating markets as well as the professional business, due to a good recover in the Ho.Re.Ca market. Net revenue by geographical area At 31 December 2025 the net revenue by main country is detailed below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Country 2025 2024
Netherlands (country of domicile) 107.0 111.2
Germany 539.7 511.7
Italy 271.0 279.7
Switzerland 206.5 197.3
Other countries 1,582.9 1,532.8
Total 2,707.1 2,632.7
\n Europe. This is the Group's largest market, recording net revenue of \u20ac 1,940.8 million for 2025, or 71.7% of total revenue, compared to \u20ac 1,858.8 million, or 70.6%, in 2024, up \u20ac 82.0 million or 4.4% (of which 2.8% organic and foreign exchange impact). The increase was primarily driven by the revival of the renewable heating market in Germany and improved performance in the Iberian Peninsula and Romania. On 26 March 2025, the Ariston Group regained full ownership and operational control of Ariston Thermo Rus LLC., Start- ing from April 2025, the latter company has been included in the Group\u2019s consolidation scope. In 2024, Ariston Thermo Rus LLC generated \u20ac 28.1 million in revenue (from 1 January to 26 April). Revenue generated in 2025 amounted to \u20ac 57.2 million (from 1 April to 31 December). Asia, Pacific & MEA. This is the second largest market for the Group, recording net revenue of \u20ac 496.0 million for 2025, or 18.3% of total revenue, compared to \u20ac 504.3 million, or 19.2%, in 2024, down \u20ac 8.3 million or 1.6% (of which +3.3% organic and foreign exchange impact). The increase, net of the exchange rate effect, was driven by positive trends in the renewable water heating market in Australia and improved performance in the water heating markets in Vietnam, Israel and Morocco. Americas. This is the Group's third largest market, recording net revenue of \u20ac 270.3 million for 2025, or 10.0% of total net revenue, compared to \u20ac 269.6 million, or 10.2%, in 2024, up \u20ac 0.8 million, or 0.3% (of which +4.1% organic and foreign exchange impact). The increase, net of the exchange rate effect, was due to the good performance of the water heat- ing and heating businesses in North America.\n Note 3.13 \u2013 Other current liabilities \n In accordance with IFRS 15, performance obligations to customers at contract level are recognised as contract liabilities. Contract liabilities include: \u2022 Rights of Return \u2022 After-sales service, which include Service maintenance contracts and Service type warranties \u2022 Loyalty program \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Up to 1 year From 1 to 5 years Over 5 years Total Up to 1 year From 1 to 5 years Over 5 years Total
Right of returns 3.7 0.0 0.0 3.7 2.6 0.0 0.0 2.6
After-sales services 49.4 7.5 1.9 58.8 49.6 9.3 1.4 60.3
Loyalty program 20.3 0.0 0.0 20.3 20.6 0.0 0.0 20.6
Total 73.3 7.5 1.9 82.8 72.7 9.3 1.4 83.6
\n \n \n The table below shows the opening and closing balances of contract liabilities as well as movements during the years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of returns After-sales services Loyalty program Total
Opening Balance 01.01.2025 2.6 60.4 20.6 83.6
Increase recognized 0.0 104.8 14.5 119.4
Revenue recognized 0.0 -103.7 -8.0 -111.7
Contracts cancelled 0.0 -3.1 0.0 -3.1
Net variation invoicing 0.0 -0.6 0.0 -0.6
Pay out 0.0 0.0 -6.0 -6.0
Other changes to contract balances 1.1 1.1 -0.8 1.4
Closing balance 31.12.2025 3.7 58.8 20.3 82.8
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217143851313": { "value": "\n \n \n Note 1.1 \u2013 Revenue and Income\n \n \n \n Revenue by business line Thermal Comfort. This business line serves the Group's three main business categories, Hot Water, Heating and Air Treatment and is the Group's largest division. In 2025, it recorded revenue of \u20ac 2,522.8 million, accounting for 93.2% of total revenue, com- pared to \u20ac 2,464.4 million in 2024 (93.6%), up \u20ac 58.4 million or 2.4% (of which 2.9% is due to organic and foreign exchange impact). On 26 March 2025, the Ariston Group regained full ownership and operational control of Ariston Thermo Rus LLC. Starting from April 2025, the latter company has been included in the Group\u2019s consolidation scope. In 2024, Ariston Thermo Rus LLC generated \u20ac 28.1 million in revenue (from 1 January to 26 April). Revenue generated in 2025 amounted to \u20ac 57.2 million (from 1 April to 31 December). Burners. This business line recorded net revenue of \u20ac 90.1 million for 2025, accounting for 3.3% of total net revenue, compared to \u20ac 89.3 million in 2024, or 3.4% of total revenue, with a \u20ac 0.9 million or 1.0% increase (of which 1.1% is due to organic and foreign exchange impact). Components. This business line recorded net revenue of \u20ac 94.2 million for 2025, accounting for 3.5% of total net revenue, compared to \u20ac 79.1 million (3.0%) in 2024, up \u20ac 15.2 million or 19.2% (of which 9,5% is due to organic and foreign ex- change impact). On 4 March 2025, the Ariston Group announced the acquisition of DDR Heating, a U.S. based manufacturer specializing in tubular electric heaters for professional and industrial applications.\n \n \n \n Furthermore, on 12 June 2025, it announced the acquisition of Z.R.E. S.r.l., an Italian based manufacturer specializing in band heaters for industrial applications. The increase in organic revenue was driven by the resumption of the domestic business, thanks to a strong improvement in the water heating markets as well as the professional business, due to a good recover in the Ho.Re.Ca market. Net revenue by geographical area At 31 December 2025 the net revenue by main country is detailed below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Country 2025 2024
Netherlands (country of domicile) 107.0 111.2
Germany 539.7 511.7
Italy 271.0 279.7
Switzerland 206.5 197.3
Other countries 1,582.9 1,532.8
Total 2,707.1 2,632.7
\n Europe. This is the Group's largest market, recording net revenue of \u20ac 1,940.8 million for 2025, or 71.7% of total revenue, compared to \u20ac 1,858.8 million, or 70.6%, in 2024, up \u20ac 82.0 million or 4.4% (of which 2.8% organic and foreign exchange impact). The increase was primarily driven by the revival of the renewable heating market in Germany and improved performance in the Iberian Peninsula and Romania. On 26 March 2025, the Ariston Group regained full ownership and operational control of Ariston Thermo Rus LLC., Start- ing from April 2025, the latter company has been included in the Group\u2019s consolidation scope. In 2024, Ariston Thermo Rus LLC generated \u20ac 28.1 million in revenue (from 1 January to 26 April). Revenue generated in 2025 amounted to \u20ac 57.2 million (from 1 April to 31 December). Asia, Pacific & MEA. This is the second largest market for the Group, recording net revenue of \u20ac 496.0 million for 2025, or 18.3% of total revenue, compared to \u20ac 504.3 million, or 19.2%, in 2024, down \u20ac 8.3 million or 1.6% (of which +3.3% organic and foreign exchange impact). The increase, net of the exchange rate effect, was driven by positive trends in the renewable water heating market in Australia and improved performance in the water heating markets in Vietnam, Israel and Morocco. Americas. This is the Group's third largest market, recording net revenue of \u20ac 270.3 million for 2025, or 10.0% of total net revenue, compared to \u20ac 269.6 million, or 10.2%, in 2024, up \u20ac 0.8 million, or 0.3% (of which +4.1% organic and foreign exchange impact). The increase, net of the exchange rate effect, was due to the good performance of the water heat- ing and heating businesses in North America.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217151122796": { "value": "\n \n Note 1.1 \u2013 Revenue and Income\n \n \n The increase was mainly driven by the stronger renewable heating market in Germany and improved performances in Iberian Peninsula and Romania. In addition, the perimeter variation linked to the regaining control of Ariston Thermo Rus LLC had an impact of \u20ac 57.2 million on revenue. \n \n The Revenue item can be broken down as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue and Income (in \u20ac million) 31.12.2025 31.12.2024
Revenue from sales 2,504.5 2,435.9
Revenue from services 189.1 182.5
Other revenue 13.5 14.2
Net revenue 2,707.1 2,632.7
Other revenue and income 40.2 47.5
Total 2,747.4 2,680.1
\n \u2018Other revenue and income\u2019 is represented by items that do not directly refer to the production activities of the Group but are all the same connected to the core business and included income related to no longer due payables, the gains on the disposal of fixed assets, and other income. At 31 December 2025, they totaled \u20ac 40.2 million, a decrease of \u20ac 7.3 million compared to the same period in the previous year.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217162439279": { "value": "\n Note 1.1 \u2013 Revenue and Income\n \n The Revenue item can be broken down as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue and Income (in \u20ac million) 31.12.2025 31.12.2024
Revenue from sales 2,504.5 2,435.9
Revenue from services 189.1 182.5
Other revenue 13.5 14.2
Net revenue 2,707.1 2,632.7
Other revenue and income 40.2 47.5
Total 2,747.4 2,680.1
\n \u2018Other revenue and income\u2019 is represented by items that do not directly refer to the production activities of the Group but are all the same connected to the core business and included income related to no longer due payables, the gains on the disposal of fixed assets, and other income. At 31 December 2025, they totaled \u20ac 40.2 million, a decrease of \u20ac 7.3 million compared to the same period in the previous year.\n \n \n \n Note 1.6 \u2013 Other operating expenses \u2018Other operating expenses\u2019 amounted to \u20ac 26.5 million, versus \u20ac 68.8 million in the previous year, and can be detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other operating expenses (in \u20ac million) 31.12.2025 31.12.2024
Non-income tax and other levies 8.8 9.8
Concession rights and other 4.2 3.8
Losses on receivables 2.2 1.4
Losses on assets 0.4 0.5
Other operating expenses 10.9 53.3
Total 26.5 68.8
\n The composition of expenses continues to mainly relate to ordinary operating activities, including office supplies, printing, subsidies and contributions, with only limited fluctuations across individual cost categories. \u2018Other operating expenses\u2019 decreased significantly in 2025 compared to the prior year, reflecting the normalization of cost levels following the exceptional items recognized in 2024. The reduction is mainly attributable to the absence of the \u20ac 35.7 million derecognition of the investment in Ariston Thermo Rus LLC, which had a material impact in the previous year following the loss of control. Excluding this extraordinary effect, \u2018Other operating expenses\u2019 remained broadly stable year on year. After regaining control and reintegrating Ariston Thermo Rus LLC in 2025, the Group recognized a gain of \u20ac 40.2 million classified in theincome statement under Gain on bargain purchases. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217142025981": { "value": "Note 1.2 \u2013 Purchase of raw materials, consumables and goods for resale In 2025, the purchase cost of raw materials, consumables and goods for resale amounted to \u20ac 1,237.1 million, up \u20ac 133.6 million compared to the previous year. As a percentage of revenue, the trend in purchases and changes in inventories shows a decrease from 46.5% in 2024, to 45.3% in 2025, mainly driven by operational efficiencies and changes in purchasing and inventory management dynamics.\n \n Note 1.3 \u2013 Services \u2018Services\u2019 amounted to \u20ac 493.2 million as at 31 December 2025, compared to \u20ac 461.5 million in December 2024, reflecting an increase of \u20ac 31.8 million. The details are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Services (in \u20ac million) 31.12.2025 31.12.2024
Logistics and transport 138.6 131.7
Sub-contracted work and maintenance 101.7 94.1
Rental and lease expenses 40.7 37.6
Advertising and promotion 39.6 36.3
Consulting services 37.0 36.5
Utilities 36.1 32.9
Bonuses and commissions 27.5 25.8
Travel expenses 27.1 26.4
Insurance 12.1 14.4
Facilities management services 11.9 11.3
Directors and Statutory Auditors' Fees 9.8 7.6
Technical support -2.2 -6.2
Other services 13.5 13.2
Total 493.2 461.5
\n Based on the figures above, the trend in service costs reflects growth broadly consistent with the expansion of the Group\u2019s operating activities and the increase in revenues recorded in 2025. As a percentage of revenue, they stood at 18.2%, up on the 17.5% recorded in 2024. Services showed increases in almost all items, in particular: - An increase of \u20ac 7.6 million in subcontracted work and maintenance costs, reflecting the rise in production volumes. - An increase of \u20ac 6.9 million in logistics and transportation costs, due to the increase in the volume of goods shipped driven by higher sales. \n \n Note 1.4 \u2013 Personnel A breakdown of personnel costs by nature is shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Personnel (in \u20ac million) 31.12.2025 31.12.2024
Wages and salaries 522.8 524.7
Social security costs 120.1 117.3
Provision for Employees severance indemnity 11.0 10.7
Provision for retirement benefits and other funds -0.1 2.0
Other personnel costs 12.7 12.6
Total 666.5 667.4
\n In 2025, personnel-related costs amounted to \u20ac 666.5 million, down by \u20ac 0.9 million, substantially in line with 2024. \u2018Wages and salaries\u2019 totaled \u20ac 522.8 million in 2025, compared to \u20ac 524.7 million in 2024. \u2018Post-employment benefits\u2019 and \u2018Provision for retirement benefits and other funds\u2019 include the net impact of accruals and releases for the year. At 31 December 2025, the Group\u2019s workforce increased from 10,612 at December 31, 2024 to 10,830.\n \n \n \n \n \n The headcount by category of employee was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Headcount (number of people) 31.12.2025 31.12.2024 Average Delta
Managers and white collars 5,753 5,661 5,707 92
Blue collars 5,077 4,951 5,014 126
Total 10,830 10,612 10,721 218
\n At 31 December 2025, the number of employees was 10,830 (10,612 at December 31, 2024), of whom 2,008 (1,955 in 2024) were based in Italy, 8,303 (8,079 in 2024) were based worldwide and 519 (578 in 2024) were based in the Nether- lands. The workforce at December 31, 2025, net of variations due to acquisitions, stood at 10,410 (down 420 unit). The increase in the headcount is primarily driven by the business combinations completed during the year and is largely at- tributable to the re-inclusion of Ariston Thermo Rus LLC within the Group\u2019s consolidation scope. Excluding the effects of business combinations, the decrease in the headcount is attributable to initiatives undertaken to optimize the Group\u2019s organizational structure, improve operational efficiency and realign the global operational footprint. These actions are aimed at ensuring a leaner structure by aligning costs with business needs while supporting long-term competitiveness and resilience.\n \n \n \n Note 1.5 \u2013 Additions and release of provisions During 2025, \u2018Additions and release of provisions\u2019 were recognized for \u20ac 47.6 million versus \u20ac 49.2 million in 2024. In detail: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Provisions (in \u20ac millions) 31.12.2025 31.12.2024
Product warranty provision 38.3 36.9
Provision for restructuring 7.4 5.7
Provision for installation 1.9 1.9
Provision for legal disputes -0.9 0.9
Bad debt provision -2.8 3.0
Other provisions 3.6 0.7
Total 47.6 49.2
\n Overall, accruals and releases of provisions in 2025 remained broadly in line with the prior year, with a slight decrease compared to 2024. The composition of provisions reflects a higher allocation to product warranty and restructuring ac- tivities, offset by releases and lower accruals in other categories. The increase in the product warranty provision is consistent with the higher sales recorded during the year, which led to increased accruals in line with historical trends and expected warranty claims. At the same time, the higher provision for restructuring reflects ongoing initiatives aimed at optimizing the Group\u2019s organizational structure and operational foot- print in response to changes in production volumes and market conditions. Overall, provisions as a percentage of revenue remained substantially stable year on year (1.8% in 2025 vs 1.9% in 2024), confirming a prudent and consistent approach to risk coverage and cost management. For further details about the changes of the year, reference should be made to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for the \u2018Loss allowance\u2019 and \u2018Note 3.3 - Non-Current Provisions\u2019.\n \n \n \n \n Note 1.6 \u2013 Other operating expenses \u2018Other operating expenses\u2019 amounted to \u20ac 26.5 million, versus \u20ac 68.8 million in the previous year, and can be detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other operating expenses (in \u20ac million) 31.12.2025 31.12.2024
Non-income tax and other levies 8.8 9.8
Concession rights and other 4.2 3.8
Losses on receivables 2.2 1.4
Losses on assets 0.4 0.5
Other operating expenses 10.9 53.3
Total 26.5 68.8
\n The composition of expenses continues to mainly relate to ordinary operating activities, including office supplies, printing, subsidies and contributions, with only limited fluctuations across individual cost categories. \u2018Other operating expenses\u2019 decreased significantly in 2025 compared to the prior year, reflecting the normalization of cost levels following the exceptional items recognized in 2024. The reduction is mainly attributable to the absence of the \u20ac 35.7 million derecognition of the investment in Ariston Thermo Rus LLC, which had a material impact in the previous year following the loss of control. Excluding this extraordinary effect, \u2018Other operating expenses\u2019 remained broadly stable year on year. After regaining control and reintegrating Ariston Thermo Rus LLC in 2025, the Group recognized a gain of \u20ac 40.2 million classified in theincome statement under Gain on bargain purchases. \n \n \n \n \n \n \n \n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n At 31 December 2025, 'Intangible assets' amounted to \u20ac 1,492.1 million, a decrease of \u20ac 9.1 million compared to 31 December 2024, after accounting for the amortization expense of \u20ac 43.0 million for the period, along with other changes. The amortization expense for the period is recognised under the appropriate item in the income statement. Changes during the period are shown in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
Perimeter variation 3.4 7.6 11.0
Increases 0.0 33.1 33.1
Decreases 0.0 -0.2 -0.2
Remeasurements and Impairment 0.0 -0.2 -0.2
Amortisation 0.0 -43.0 -43.0
Exchange rate effect -9.5 -0.6 -10.1
Other 0.0 0.4 0.4
Total changes -6.2 -2.9 -9.1
Cost net of accumulated impairment losses 891.6 824.6 1,716.3
Accumulated amortization -224.2 -224.2
As at 31.12.2025 891.6 600.5 1,492.1
\n Changes during the prior period are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 894.1 780.2 1,674.3
Accumulated amortization -161.8 -161.8
As at 31.12.2023 894.1 618.3 1,512.4
Perimeter variation 2.6 0.0 2.6
Increases 0.0 33.7 33.7
Decreases 0.0 -0.1 -0.1
Remeasurements and Impairment 0.0 -0.5 -0.5
Amortisation 0.0 -47.1 -47.1
Exchange rate effect 0.6 -1.8 -1.2
Other 0.5 1.1 1.6
Total changes 3.7 -14.8 -11.1
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
\n \n \n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the year are as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impair- ment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated amortization -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
Perimeter variation 0.0 0.1 0.0 0.0 7.5 7.6
Increases 1.9 3.2 0.0 27.4 0.6 33.1
Decreases 0.0 -0.3 0.0 0.1 0.0 -0.2
Remeasurements and Impair- ment 0.0 -0.2 0.0 0.0 0.0 -0.2
Amortization -10.6 -14.2 -0.1 0.0 -18.1 -43.0
Exchange rate effect -0.1 -0.1 0.0 -0.1 -0.3 -0.6
Other 6.6 14.0 0.0 -19.8 -0.4 0.4
Total changes -2.2 2.4 -0.1 7.7 -10.7 -2.9
Cost net of accumulated impair- ment losses 118.7 99.6 243.7 42.0 320.7 824.6
Accumulated amortization -75.5 -62.9 -8.5 0.0 -77.3 -224.2
As at 31.12.2025 43.1 36.8 235.3 42.0 243.3 600.5
\n \n \n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the prior year are the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impairment losses 112.0 76.6 246.0 31.1 314.6 780.2
Accumulated depreciation -63.5 -48.9 -7.8 0.0 -41.9 -161.8
As at 31.12.2023 48.4 27.7 238.2 31.1 272.7 618.3
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Increases 3.4 4.2 0.0 25.4 0.7 33.7
Decreases 0.0 -0.1 0.0 0.0 0.0 -0.1
Remeasurements and Impairment -0.2 -0.1 0.0 -0.2 0.0 -0.5
Amortization -12.2 -14.6 -1.3 0.0 -19.0 -47.1
Exchange rate effect 0.0 -0.1 -1.5 0.0 -0.2 -1.8
Other 5.8 17.4 0.0 -22.2 0.0 1.1
Total changes -3.2 6.7 -2.8 3.2 -18.7 -14.8
Cost net of accumulated impairment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated depreciation -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
\n \n \n \n \n \n \n \n \n Note 2.2 \u2013 Property, plant and equipment \n \n At 31 December 2025, \u2018Property, plant and equipment\u2019 amounted to \u20ac 689.9 million, up by a net \u20ac 41.2 million compared to 31 December 2024. The depreciation expense for the period is recognized under the appropriate item in the income statement and amounted to \u20ac 95.8 million. Details of and changes in \u2018Property, plant and equipment\u2019 during the year are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
Perimeter variation 15.0 10.1 0.2 2.0 27.2
Increases 14.6 10.6 80.6 34.2 139.9
of which for right of use 10.2 0.3 0.0 21.9 32.5
Decreases -2.8 -0.2 -0.1 -0.9 -4.0
Impairment -7.3 -4.1 -0.1 -0.5 -12.0
Depreciation -28.6 -24.1 0.0 -43.2 -95.8
of which for right of use -17.3 -0.4 0.0 -16.9 -34.5
Exchange rate effect -2.7 -1.9 -0.2 -0.9 -5.7
Other 14.5 13.5 -47.8 11.4 -8.4
Total changes 2.7 3.9 32.6 2.1 41.3
Cost net of accumulated impairment losses 480.6 513.3 124.2 447.4 1,565.5
Accumulated depreciation -214.0 -350.2 0.0 -311.6 -875.8
As at 31.12.2025 266.6 163.1 124.2 135.9 689.9
\n Details of and changes in \u2018Property, plant and equipment\u2019 during the prior year are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 431.6 485.0 106.6 391.2 1,414.4
Accumulated depreciation -177.9 -347.3 0.0 -269.7 -795.0
As at 31.12.2023 253.7 137.7 106.6 121.5 619.4
Perimeter variation 12.8 0.3 -1.4 -1.4 10.3
Increases 26.3 10.4 53.4 37.9 128.0
of which for right of use 21.6 0.0 0.0 24.3 45.9
Decreases 0.2 -0.2 -0.1 0.1 0.0
Impairment -1.0 -1.7 0.0 -1.9 -4.6
Depreciation -27.9 -23.1 0.0 -41.5 -92.5
of which for right of use -17.2 -0.3 0.0 -15.2 -32.7
Exchange rate effect -1.9 -0.9 -0.2 -0.7 -3.7
Other 1.8 36.8 -66.9 20.0 -8.3
Total changes 10.3 21.6 -15.1 12.1 29.2
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
\n \n \n \n \n \n \n \n The net increase was largely attributable to the capital expenditure for the period, totalling \u20ac 139.9 million, only partly offset by \u20ac 95.8 million for depreciation.\n \n \n \n \n \n \n In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the period: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets Lands and buil- dings Plant and machinery Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
Perimeter variation 0.6 0.0 0.1 0.6
Increases 10.2 0.3 21.9 32.5
Depreciation -17.3 -0.4 -16.9 -34.5
Exchange rate effect -0.5 0.0 0.1 -0.4
Other 0.2 0.1 -0.8 -0.6
Total changes -6.8 -0.0 4.4 -2.4
Cost net of accumulated impairment losses 119.7 2.4 85.0 207.1
Accumulated depreciation -65.6 -1.3 -42.4 -109.3
As at 31.12.2025 54.1 1.1 42.6 97.8
\n \n \n \n \n Below are the carrying amounts of right-of-use assets and the relevant changes during the prior period: \n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets (in \u20ac million) Land and buildings Plant and machinery Other property, plant and equipment Total
Cost net of accumulated impairment losses 98.8 2.4 55.1 156.2
Accumulated depreciation -42.6 -1.0 -25.5 -69.1
As at 31.12.2023 56.3 1.4 29.5 87.2
Perimeter variation -0.6 0.0 -0.1 -0.7
Increases 21.6 0.0 24.3 45.9
Depreciation -17.2 -0.3 -15.2 -32.7
Exchange rate effect 0.4 0.0 -0.1 0.3
Other 0.5 0.0 -0.3 0.2
Total changes 4.7 -0.2 8.6 13.1
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170429738": { "value": "Note 1.2 \u2013 Purchase of raw materials, consumables and goods for resale In 2025, the purchase cost of raw materials, consumables and goods for resale amounted to \u20ac 1,237.1 million, up \u20ac 133.6 million compared to the previous year. As a percentage of revenue, the trend in purchases and changes in inventories shows a decrease from 46.5% in 2024, to 45.3% in 2025, mainly driven by operational efficiencies and changes in purchasing and inventory management dynamics.\n Note 1.3 \u2013 Services \u2018Services\u2019 amounted to \u20ac 493.2 million as at 31 December 2025, compared to \u20ac 461.5 million in December 2024, reflecting an increase of \u20ac 31.8 million. The details are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Services (in \u20ac million) 31.12.2025 31.12.2024
Logistics and transport 138.6 131.7
Sub-contracted work and maintenance 101.7 94.1
Rental and lease expenses 40.7 37.6
Advertising and promotion 39.6 36.3
Consulting services 37.0 36.5
Utilities 36.1 32.9
Bonuses and commissions 27.5 25.8
Travel expenses 27.1 26.4
Insurance 12.1 14.4
Facilities management services 11.9 11.3
Directors and Statutory Auditors' Fees 9.8 7.6
Technical support -2.2 -6.2
Other services 13.5 13.2
Total 493.2 461.5
\n Based on the figures above, the trend in service costs reflects growth broadly consistent with the expansion of the Group\u2019s operating activities and the increase in revenues recorded in 2025. As a percentage of revenue, they stood at 18.2%, up on the 17.5% recorded in 2024. Services showed increases in almost all items, in particular: - An increase of \u20ac 7.6 million in subcontracted work and maintenance costs, reflecting the rise in production volumes. - An increase of \u20ac 6.9 million in logistics and transportation costs, due to the increase in the volume of goods shipped driven by higher sales. \n \n Note 1.4 \u2013 Personnel A breakdown of personnel costs by nature is shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Personnel (in \u20ac million) 31.12.2025 31.12.2024
Wages and salaries 522.8 524.7
Social security costs 120.1 117.3
Provision for Employees severance indemnity 11.0 10.7
Provision for retirement benefits and other funds -0.1 2.0
Other personnel costs 12.7 12.6
Total 666.5 667.4
\n In 2025, personnel-related costs amounted to \u20ac 666.5 million, down by \u20ac 0.9 million, substantially in line with 2024. \u2018Wages and salaries\u2019 totaled \u20ac 522.8 million in 2025, compared to \u20ac 524.7 million in 2024. \u2018Post-employment benefits\u2019 and \u2018Provision for retirement benefits and other funds\u2019 include the net impact of accruals and releases for the year. At 31 December 2025, the Group\u2019s workforce increased from 10,612 at December 31, 2024 to 10,830.\n \n \n \n \n \n The headcount by category of employee was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Headcount (number of people) 31.12.2025 31.12.2024 Average Delta
Managers and white collars 5,753 5,661 5,707 92
Blue collars 5,077 4,951 5,014 126
Total 10,830 10,612 10,721 218
\n At 31 December 2025, the number of employees was 10,830 (10,612 at December 31, 2024), of whom 2,008 (1,955 in 2024) were based in Italy, 8,303 (8,079 in 2024) were based worldwide and 519 (578 in 2024) were based in the Nether- lands. The workforce at December 31, 2025, net of variations due to acquisitions, stood at 10,410 (down 420 unit). The increase in the headcount is primarily driven by the business combinations completed during the year and is largely at- tributable to the re-inclusion of Ariston Thermo Rus LLC within the Group\u2019s consolidation scope. Excluding the effects of business combinations, the decrease in the headcount is attributable to initiatives undertaken to optimize the Group\u2019s organizational structure, improve operational efficiency and realign the global operational footprint. These actions are aimed at ensuring a leaner structure by aligning costs with business needs while supporting long-term competitiveness and resilience.\n \n \n \n \n \n \n Note 1.5 \u2013 Additions and release of provisions During 2025, \u2018Additions and release of provisions\u2019 were recognized for \u20ac 47.6 million versus \u20ac 49.2 million in 2024. In detail: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Provisions (in \u20ac millions) 31.12.2025 31.12.2024
Product warranty provision 38.3 36.9
Provision for restructuring 7.4 5.7
Provision for installation 1.9 1.9
Provision for legal disputes -0.9 0.9
Bad debt provision -2.8 3.0
Other provisions 3.6 0.7
Total 47.6 49.2
\n Overall, accruals and releases of provisions in 2025 remained broadly in line with the prior year, with a slight decrease compared to 2024. The composition of provisions reflects a higher allocation to product warranty and restructuring ac- tivities, offset by releases and lower accruals in other categories. The increase in the product warranty provision is consistent with the higher sales recorded during the year, which led to increased accruals in line with historical trends and expected warranty claims. At the same time, the higher provision for restructuring reflects ongoing initiatives aimed at optimizing the Group\u2019s organizational structure and operational foot- print in response to changes in production volumes and market conditions. Overall, provisions as a percentage of revenue remained substantially stable year on year (1.8% in 2025 vs 1.9% in 2024), confirming a prudent and consistent approach to risk coverage and cost management. For further details about the changes of the year, reference should be made to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for the \u2018Loss allowance\u2019 and \u2018Note 3.3 - Non-Current Provisions\u2019.\n \n \n \n \n \n Note 1.6 \u2013 Other operating expenses \u2018Other operating expenses\u2019 amounted to \u20ac 26.5 million, versus \u20ac 68.8 million in the previous year, and can be detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other operating expenses (in \u20ac million) 31.12.2025 31.12.2024
Non-income tax and other levies 8.8 9.8
Concession rights and other 4.2 3.8
Losses on receivables 2.2 1.4
Losses on assets 0.4 0.5
Other operating expenses 10.9 53.3
Total 26.5 68.8
\n The composition of expenses continues to mainly relate to ordinary operating activities, including office supplies, printing, subsidies and contributions, with only limited fluctuations across individual cost categories. \u2018Other operating expenses\u2019 decreased significantly in 2025 compared to the prior year, reflecting the normalization of cost levels following the exceptional items recognized in 2024. The reduction is mainly attributable to the absence of the \u20ac 35.7 million derecognition of the investment in Ariston Thermo Rus LLC, which had a material impact in the previous year following the loss of control. Excluding this extraordinary effect, \u2018Other operating expenses\u2019 remained broadly stable year on year. After regaining control and reintegrating Ariston Thermo Rus LLC in 2025, the Group recognized a gain of \u20ac 40.2 million classified in theincome statement under Gain on bargain purchases. \n \n \n \n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n At 31 December 2025, 'Intangible assets' amounted to \u20ac 1,492.1 million, a decrease of \u20ac 9.1 million compared to 31 December 2024, after accounting for the amortization expense of \u20ac 43.0 million for the period, along with other changes. The amortization expense for the period is recognised under the appropriate item in the income statement. Changes during the period are shown in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
Perimeter variation 3.4 7.6 11.0
Increases 0.0 33.1 33.1
Decreases 0.0 -0.2 -0.2
Remeasurements and Impairment 0.0 -0.2 -0.2
Amortisation 0.0 -43.0 -43.0
Exchange rate effect -9.5 -0.6 -10.1
Other 0.0 0.4 0.4
Total changes -6.2 -2.9 -9.1
Cost net of accumulated impairment losses 891.6 824.6 1,716.3
Accumulated amortization -224.2 -224.2
As at 31.12.2025 891.6 600.5 1,492.1
\n Changes during the prior period are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 894.1 780.2 1,674.3
Accumulated amortization -161.8 -161.8
As at 31.12.2023 894.1 618.3 1,512.4
Perimeter variation 2.6 0.0 2.6
Increases 0.0 33.7 33.7
Decreases 0.0 -0.1 -0.1
Remeasurements and Impairment 0.0 -0.5 -0.5
Amortisation 0.0 -47.1 -47.1
Exchange rate effect 0.6 -1.8 -1.2
Other 0.5 1.1 1.6
Total changes 3.7 -14.8 -11.1
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
\n \n Details of and changes in \u2018Other intangible assets\u2019 during the year are as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impair- ment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated amortization -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
Perimeter variation 0.0 0.1 0.0 0.0 7.5 7.6
Increases 1.9 3.2 0.0 27.4 0.6 33.1
Decreases 0.0 -0.3 0.0 0.1 0.0 -0.2
Remeasurements and Impair- ment 0.0 -0.2 0.0 0.0 0.0 -0.2
Amortization -10.6 -14.2 -0.1 0.0 -18.1 -43.0
Exchange rate effect -0.1 -0.1 0.0 -0.1 -0.3 -0.6
Other 6.6 14.0 0.0 -19.8 -0.4 0.4
Total changes -2.2 2.4 -0.1 7.7 -10.7 -2.9
Cost net of accumulated impair- ment losses 118.7 99.6 243.7 42.0 320.7 824.6
Accumulated amortization -75.5 -62.9 -8.5 0.0 -77.3 -224.2
As at 31.12.2025 43.1 36.8 235.3 42.0 243.3 600.5
\n \n Details of and changes in \u2018Other intangible assets\u2019 during the prior year are the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impairment losses 112.0 76.6 246.0 31.1 314.6 780.2
Accumulated depreciation -63.5 -48.9 -7.8 0.0 -41.9 -161.8
As at 31.12.2023 48.4 27.7 238.2 31.1 272.7 618.3
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Increases 3.4 4.2 0.0 25.4 0.7 33.7
Decreases 0.0 -0.1 0.0 0.0 0.0 -0.1
Remeasurements and Impairment -0.2 -0.1 0.0 -0.2 0.0 -0.5
Amortization -12.2 -14.6 -1.3 0.0 -19.0 -47.1
Exchange rate effect 0.0 -0.1 -1.5 0.0 -0.2 -1.8
Other 5.8 17.4 0.0 -22.2 0.0 1.1
Total changes -3.2 6.7 -2.8 3.2 -18.7 -14.8
Cost net of accumulated impairment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated depreciation -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
\n \n \n \n \n Note 2.2 \u2013 Property, plant and equipment \n \n At 31 December 2025, \u2018Property, plant and equipment\u2019 amounted to \u20ac 689.9 million, up by a net \u20ac 41.2 million compared to 31 December 2024. The depreciation expense for the period is recognized under the appropriate item in the income statement and amounted to \u20ac 95.8 million. Details of and changes in \u2018Property, plant and equipment\u2019 during the year are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
Perimeter variation 15.0 10.1 0.2 2.0 27.2
Increases 14.6 10.6 80.6 34.2 139.9
of which for right of use 10.2 0.3 0.0 21.9 32.5
Decreases -2.8 -0.2 -0.1 -0.9 -4.0
Impairment -7.3 -4.1 -0.1 -0.5 -12.0
Depreciation -28.6 -24.1 0.0 -43.2 -95.8
of which for right of use -17.3 -0.4 0.0 -16.9 -34.5
Exchange rate effect -2.7 -1.9 -0.2 -0.9 -5.7
Other 14.5 13.5 -47.8 11.4 -8.4
Total changes 2.7 3.9 32.6 2.1 41.3
Cost net of accumulated impairment losses 480.6 513.3 124.2 447.4 1,565.5
Accumulated depreciation -214.0 -350.2 0.0 -311.6 -875.8
As at 31.12.2025 266.6 163.1 124.2 135.9 689.9
\n Details of and changes in \u2018Property, plant and equipment\u2019 during the prior year are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 431.6 485.0 106.6 391.2 1,414.4
Accumulated depreciation -177.9 -347.3 0.0 -269.7 -795.0
As at 31.12.2023 253.7 137.7 106.6 121.5 619.4
Perimeter variation 12.8 0.3 -1.4 -1.4 10.3
Increases 26.3 10.4 53.4 37.9 128.0
of which for right of use 21.6 0.0 0.0 24.3 45.9
Decreases 0.2 -0.2 -0.1 0.1 0.0
Impairment -1.0 -1.7 0.0 -1.9 -4.6
Depreciation -27.9 -23.1 0.0 -41.5 -92.5
of which for right of use -17.2 -0.3 0.0 -15.2 -32.7
Exchange rate effect -1.9 -0.9 -0.2 -0.7 -3.7
Other 1.8 36.8 -66.9 20.0 -8.3
Total changes 10.3 21.6 -15.1 12.1 29.2
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
\n \n \n \n The net increase was largely attributable to the capital expenditure for the period, totalling \u20ac 139.9 million, only partly offset by \u20ac 95.8 million for depreciation.\n \n \n \n In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the period: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets Lands and buil- dings Plant and machinery Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
Perimeter variation 0.6 0.0 0.1 0.6
Increases 10.2 0.3 21.9 32.5
Depreciation -17.3 -0.4 -16.9 -34.5
Exchange rate effect -0.5 0.0 0.1 -0.4
Other 0.2 0.1 -0.8 -0.6
Total changes -6.8 -0.0 4.4 -2.4
Cost net of accumulated impairment losses 119.7 2.4 85.0 207.1
Accumulated depreciation -65.6 -1.3 -42.4 -109.3
As at 31.12.2025 54.1 1.1 42.6 97.8
\n \n \n \n \n Below are the carrying amounts of right-of-use assets and the relevant changes during the prior period: \n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets (in \u20ac million) Land and buildings Plant and machinery Other property, plant and equipment Total
Cost net of accumulated impairment losses 98.8 2.4 55.1 156.2
Accumulated depreciation -42.6 -1.0 -25.5 -69.1
As at 31.12.2023 56.3 1.4 29.5 87.2
Perimeter variation -0.6 0.0 -0.1 -0.7
Increases 21.6 0.0 24.3 45.9
Depreciation -17.2 -0.3 -15.2 -32.7
Exchange rate effect 0.4 0.0 -0.1 0.3
Other 0.5 0.0 -0.3 0.2
Total changes 4.7 -0.2 8.6 13.1
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217165212792": { "value": "\n Note 1.4 \u2013 Personnel A breakdown of personnel costs by nature is shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Personnel (in \u20ac million) 31.12.2025 31.12.2024
Wages and salaries 522.8 524.7
Social security costs 120.1 117.3
Provision for Employees severance indemnity 11.0 10.7
Provision for retirement benefits and other funds -0.1 2.0
Other personnel costs 12.7 12.6
Total 666.5 667.4
\n In 2025, personnel-related costs amounted to \u20ac 666.5 million, down by \u20ac 0.9 million, substantially in line with 2024. \u2018Wages and salaries\u2019 totaled \u20ac 522.8 million in 2025, compared to \u20ac 524.7 million in 2024. \u2018Post-employment benefits\u2019 and \u2018Provision for retirement benefits and other funds\u2019 include the net impact of accruals and releases for the year. At 31 December 2025, the Group\u2019s workforce increased from 10,612 at December 31, 2024 to 10,830.\n \n \n The headcount by category of employee was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Headcount (number of people) 31.12.2025 31.12.2024 Average Delta
Managers and white collars 5,753 5,661 5,707 92
Blue collars 5,077 4,951 5,014 126
Total 10,830 10,612 10,721 218
\n At 31 December 2025, the number of employees was 10,830 (10,612 at December 31, 2024), of whom 2,008 (1,955 in 2024) were based in Italy, 8,303 (8,079 in 2024) were based worldwide and 519 (578 in 2024) were based in the Nether- lands. The workforce at December 31, 2025, net of variations due to acquisitions, stood at 10,410 (down 420 unit). The increase in the headcount is primarily driven by the business combinations completed during the year and is largely at- tributable to the re-inclusion of Ariston Thermo Rus LLC within the Group\u2019s consolidation scope. Excluding the effects of business combinations, the decrease in the headcount is attributable to initiatives undertaken to optimize the Group\u2019s organizational structure, improve operational efficiency and realign the global operational footprint. These actions are aimed at ensuring a leaner structure by aligning costs with business needs while supporting long-term competitiveness and resilience.\n \n \n \n Note 3.4 \u2013 Post-employment benefits Most Group employees are eligible for benefits through pension plans in the case of retirement and resignation. Those plans are either defined contribution plans or defined benefit plans based on pensionable remuneration and length of service. The Group manages its pension plans by geographical area and most plans, classified as defined benefit plans under IAS 19, are located in Switzerland, Germany and Italy. In Switzerland, under IAS 19, the projected unit credit cost method was applied for the calculation of the defined benefit obligation and normal cost at 31 December 2025. In collaboration with an independent consultancy for institutional in- vestors, the main Pensionskasse conducted an asset/liability analysis to derive a suitable investment strategy. The study thoroughly evaluated the liabilities of the scheme. The suitability of asset classes and the optimization of the strategic asset allocation have been carried out on the basis of simulations of the funded status. As a result, the board of trustees decided on a strategic asset allocation which: contains several asset classes, is diversified globally and mimics the eco- nomic properties of the liabilities. With the exception of Swiss real estate investments, the ELCO Pensionskasse only invests in publicly traded assets. The largest share of assets is invested in Swiss Franc bonds. Other asset classes are foreign currency bonds, global equity and Swiss real estate. Alternative assets are not considered. The use of derivatives is limited to hedging currency risk and to fine tune bond and equity investments. All investments are made in institutional investment funds designed for Swiss pension schemes. With respect to the other asset strategy, the arrangement is part of the Swiss Life pension funds (\u201cBVG-Sammelstiftung Swiss Life\u201d / \u201cSammelstiftung Zusatzvorsorge Swiss Life\u201d). Hence the affiliated company has no influence on the asset strategy and asset management. The responsibility lies fully with the board of trustees of the Swiss Life pension funds, in particular in relation to collaboration with an independent consultancy for institutional investors, performing asset liabil- ity analysis, the implementation policy, deviations from the strategic asset allocation, tactical asset allocation, etc.. In Germany, pension funds are regulated in a Pension System based on three pillars. The \"first pillar\" (state and obligatory pension insurance contributions) is a defined contribution pension plan, established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It covers employees in the public and private sector and some categories of self-employed workers and is mainly financed through social security contributions paid by workers and employers in equal measure and by taxes. The \"second pillar\" (company pension schemes) is represented by voluntary supplementary pensions on a pay-as-you- go basis, and thus with defined benefits falling on both the worker and the company. The \"third pillar\" is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax incentives and subsidies. Pension provisions are recognized in accordance with IAS 19 Employee Benefits using the projected unit credit method, taking into account, among other things, estimated future pension and salary increases. The expense from the accrued interest on pension provisions is reported under interest expense. The defined benefit obligation (DBO) in accordance with IAS 19 guidelines is used as a measure of the accrued obligation. The present value of the defined benefit obligation (DBO) to be determined on the reporting date corresponds to the present value of the benefits earned on the reporting\n \n \n \n \n date, taking into account biometric assumptions (e.g. mortality, probability of disability, fluctuation) and economic as- sumptions (e.g. wage and salary increases, pension increases), where relevant in each case. For each expected benefit, that part is deemed to have been earned on the reference date which corresponds to the ratio of the length of service achieved on the reference date to the length of service achievable at the start of the respective benefit. For vested ben- eficiaries and pensioners, the DBO corresponds to the present value of all future benefits. Financing takes place internally via the scheduled accumulation of pension provisions. There are no separate assets that fulfil the requirements of IAS 19.8 for plan assets (unfunded plan). The companies pay annual contributions to the pension insurance association. In accordance with applicable regulations the insurance association is responsible for statutory insolvency protection for company pension schemes. In Italy, the employees\u2019 leaving entitlement or \u201cTFR\u201d relates to the amounts that employees are entitled to receive when they leave the company and is calculated based on the period of employment and the taxable income of each employee. Under certain conditions, the entitlement may be partially advanced to an employee during the employee\u2019s working life. The Italian legislation regarding this scheme was amended by Law 296 of 27 December 2006 and subsequent decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to supple- mentary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts rec- orded in the employees\u2019 leaving entitlement retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the Italian provi- sion consists of the residual TFR obligation until 31 December 2006. This is an unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the associated cost, being the required contributions to the pension funds, over the period in which the employee renders service. Summary of the reconciliations for the DBO and plan assets The following tables contain the reconciliations for the DBO and plan assets: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in obligations during the year
BEGINNING OF THE PERIOD -227.3 -90.0 -317.3 -223.7 -92.3 -316.0
Current service -5.1 -2.9 -8.1 -4.6 -2.8 -7.4
Past service -1.9 -0.5 -2.4 0.0 0.0 0.0
Financial expense -1.9 -3.0 -4.9 -2.4 -3.0 -5.4
Other pension cost 0.0 0.0 0.0 0.0 -0.1 -0.1
Curtailment, settlement, plan amendment 0.0 0.1 0.1 0.0 0.1 0.1
Total impact recognized at PL -9.0 -6.3 -15.3 -7.0 -5.9 -12.9
Gains (losses) resulting from experience -1.6 0.8 -0.8 -2.2 -0.7 -2.9
Act. gains/losses resulting from changes in demographic assumptions 0.0 0.1 0.1 0.9 0.0 0.9
Act. gains/losses resulting from changes in financial assumptions 6.9 4.8 11.7 -3.4 1.2 -2.2
Total impact recognized at OCI 5.4 5.6 11.0 -4.7 0.5 -4.2
Perimeter variation 0.0 1.4 1.4 0.0 0.0 0.0
Foreign exchange gains (losses) -2.3 0.1 -2.3 3.5 0.3 3.9
Paid benefits 15.5 7.9 23.4 10.0 7.3 17.2
Minor changes -3.5 -3.3 -6.8 -5.4 0.1 -5.3
Total other changes 9.7 6.1 15.8 8.1 7.7 15.8
END OF THE PERIOD -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in plan assets during the year
BEGINNING OF THE PERIOD 250.5 7.8 258.3 237.3 7.6 244.9
Financial income on plan assets 2.0 0.3 2.3 2.4 0.2 2.6
Curtailment, settlement, plan amendment 0.0 0.0 0.0 0.0 0.0 0.0
Total impact recognized at PL 2.0 0.3 2.3 2.4 0.2 2.6
Actuarial gains (losses) from plan assets 7.3 0.0 7.3 12.3 -0.1 12.2
Total impact recognized at OCI 7.3 0.0 7.3 12.3 -0.1 12.2
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Company's contributions 6.3 0.2 6.5 6.3 0.2 6.4
Employees' contributions 5.1 0.1 5.2 5.0 0.2 5.2
Foreign exchange gains (Losses) 2.7 0.0 2.7 -3.6 0.0 -3.6
Payments -15.5 -0.4 -15.9 -10.0 -0.1 -10.1
Minor changes -0.6 0.2 -0.4 0.8 -0.1 0.7
Total other changes -2.1 0.1 -2.0 -1.5 0.1 -1.4
END OF THE PERIOD 257.7 8.2 265.9 250.5 7.8 258.3
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Employee Benefits
Current value of defined benefit plans -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
Fair value on plan assets 257.7 8.2 265.9 250.5 7.8 258.3
Total 36.5 -76.4 -39.9 23.3 -82.2 -59.0
Unrecognised plan assets -37.9 0.0 -37.9 -25.4 0.0 -25.4
of which: effect of Asset Ceiling in OCI 12.0 0.0 12.0 9.8 0.0 9.8
Total -1.4 -76.4 -77.9 -2.1 -82.2 -84.4
of which: Post-employee benefits -2.0 -76.4 -78.4 -2.7 -82.2 -85.0
Other non-current assets 0.6 0.0 0.6 0.6 0.0 0.6
\n Assumptions The weighted averages of the assumptions used to calculate the DBO as at 31 December were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assumptions used Switzerland Other
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Discount rate 1.2% 1.0% 3.7% 3.5%
Inflation rate 0.5% 1.0% 1.8% 1.8%
Future salary raises 0.5% 1.0% 3.0% 3.0%
Future pension raises 0.0% 0.0% 1.6% 1.5%
\n Sensitivity analysis A quantitative sensitivity analysis of the significant assumptions used at 31 December 2025 is provided below. Specifically, it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assump- tions used.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
0.50% -0.50% 0.50% -0.50% 0.50% -0.50%
Discount rate -5.9% 6.6% -4.2% 4.5% -5.5% 6.1%
Future salary 0.8% -0.7% 0.8% -0.2% 0.6% -0.6%
Future pension 3.6% 0.0% 3.0% -2.8% 3.5% -0.8%
Future inflation rate 0.0% 0.0% 1.1% -1.0% 0.3% -0.3%
\n The above sensitivity analysis is based on a method which involves extrapolation of the impact of reasonable changes to the key assumptions made at the reporting date on the net obligation for defined benefit plans. Future cash flows The following payments are the expected contributions that will be made in future years to provide for the obligations of the defined benefit plans.\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
Within 12 months -12.2 -6.4 -18.5
From 1 to 5 years -66.5 -24.2 -90.7
From 5 to 10 years -67.4 -26.6 -93.9
Total -146.1 -57.1 -203.2
Average plan duration (years) 12.9 7.5 11.4
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217165712836": { "value": "Note 1.4 \u2013 Personnel \n The headcount by category of employee was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Headcount (number of people) 31.12.2025 31.12.2024 Average Delta
Managers and white collars 5,753 5,661 5,707 92
Blue collars 5,077 4,951 5,014 126
Total 10,830 10,612 10,721 218
\n At 31 December 2025, the number of employees was 10,830 (10,612 at December 31, 2024), of whom 2,008 (1,955 in 2024) were based in Italy, 8,303 (8,079 in 2024) were based worldwide and 519 (578 in 2024) were based in the Nether- lands. The workforce at December 31, 2025, net of variations due to acquisitions, stood at 10,410 (down 420 unit). The increase in the headcount is primarily driven by the business combinations completed during the year and is largely at- tributable to the re-inclusion of Ariston Thermo Rus LLC within the Group\u2019s consolidation scope. Excluding the effects of business combinations, the decrease in the headcount is attributable to initiatives undertaken to optimize the Group\u2019s organizational structure, improve operational efficiency and realign the global operational footprint. These actions are aimed at ensuring a leaner structure by aligning costs with business needs while supporting long-term competitiveness and resilience.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217184641895": { "value": "\n \n \n Note 1.5 \u2013 Additions and release of provisions During 2025, \u2018Additions and release of provisions\u2019 were recognized for \u20ac 47.6 million versus \u20ac 49.2 million in 2024. In detail: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Provisions (in \u20ac millions) 31.12.2025 31.12.2024
Product warranty provision 38.3 36.9
Provision for restructuring 7.4 5.7
Provision for installation 1.9 1.9
Provision for legal disputes -0.9 0.9
Bad debt provision -2.8 3.0
Other provisions 3.6 0.7
Total 47.6 49.2
\n Overall, accruals and releases of provisions in 2025 remained broadly in line with the prior year, with a slight decrease compared to 2024. The composition of provisions reflects a higher allocation to product warranty and restructuring ac- tivities, offset by releases and lower accruals in other categories. The increase in the product warranty provision is consistent with the higher sales recorded during the year, which led to increased accruals in line with historical trends and expected warranty claims. At the same time, the higher provision for restructuring reflects ongoing initiatives aimed at optimizing the Group\u2019s organizational structure and operational foot- print in response to changes in production volumes and market conditions. Overall, provisions as a percentage of revenue remained substantially stable year on year (1.8% in 2025 vs 1.9% in 2024), confirming a prudent and consistent approach to risk coverage and cost management. For further details about the changes of the year, reference should be made to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for the \u2018Loss allowance\u2019 and \u2018Note 3.3 - Non-Current Provisions\u2019.\n \n \n \n Note 2.9 \u2013 Trade receivables\n \n The bad debt provision of \u20ac 18.2 million shows a net decrease by \u20ac 4.0 million compared with 31 December 2024. This decrease is mainly attributable to the reconsolidation of Russian company which resulted in the release of the provisions allocated to the company considered third party in December 2024 and bad debt usage for old unrecoverable balance. At 31 December 2025, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed receivables. Following are the changes in the bad debt provision: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bad debt provision (in \u20ac million) Short-term Medium/long- term Total
As at 31.12.2024 17.7 4.5 22.2
Perimeter variation 0.6 0.3 0.9
Increases 3.6 0.2 3.8
Decreases -1.1 -0.5 -1.6
Release -6.4 -0.2 -6.6
Exchange rate effect -0.5 0.1 -0.6
Other 0.2 -0.1 0.1
Total changes -3.6 -0.4 -4.0
As at 31.12.2025 14.0 4.1 18.2
\n Reference should be made to the \u2018Credit Risk\u2019 paragraph for further details on ageing and the related Bad Debt Provi- sion.\n \n \n Note 3.3 \u2013 Non-current provisions \u2018Current and non-current provisions\u2019 totalled \u20ac 132.2 million, essentially in line with the previous year. The following table shows the composition of this item and the changes occurring during the year: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-current and current provisions Agent supplementary indemnity provision Product warranty provision First installation provisions Other Provi- sion Total
(in \u20ac millions)
As at 31.12.2024 of which: 2.8 94.9 7.0 27.6 132.4
- Current 0.0 43.9 2.0 16.9 62.8
- Not Current 2.8 51.0 5.1 10.7 69.6
Perimeter variation 0.0 1.4 0.0 4.4 5.8
Increases 0.4 44.8 1.9 17.7 64.8
Decreases -0.6 -40.5 -2.1 -11.7 -54.9
Releases 0.0 -6.6 0.0 -7.5 -14.1
Other 0.0 -2.3 -0.1 0.5 -1.9
Total changes -0.2 -3.1 -0.3 3.4 -0.2
As at 31.12.2025 of which: 2.6 91.8 6.7 31.0 132.2
- Current 0.0 26.6 1.9 21.5 50.0
- not Current 2.6 65.2 4.9 9.5 82.2
\n Details of and changes in \u2018other provisions\u2019 are the following: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other provisions Legal Dispute Provision Restructuring Provision Other Provision Total
(in \u20ac millions)
As at 31.12.2024 of which: 7.6 3.4 16.7 27.6
- Current 7.2 3.4 6.3 16.9
- Not Current 0.3 0.0 10.4 10.7
Perimeter variation 0.0 0.0 4.4 4.4
Increases 0.5 7.9 9.3 17.7
Decreases -1.2 -5.8 -4.8 -11.7
Releases -1.4 -0.4 -5.7 -7.5
Other 0.0 1.4 -0.8 0.5
Total changes -2.0 3.1 2.4 3.4
As at 31.12.2025 of which : 5.5 6.4 19.1 31.0
- Current 5.2 6.4 9.8 21.5
- not Current 0.3 0.0 9.3 9.5
\n At 31 December 2025, \u2018Current provisions for risks and charges\u2019 amounted to \u20ac 50.0 million compared to \u20ac 62.8 million at 31 December 2024, whereas \u2018Non-current provisions for risks and charges\u2019 amounted to \u20ac 82.2 million compared to \u20ac 69.6 million at the previous year end. Specifically, the \u2018Agents\u2019 termination indemnity\u2019 includes the accruals covering the indemnities that may be due to agents on the termination of their agency relationship. The provision shows a modest decrease of \u20ac 0.2 million compared to the previous year end. \n \n \n \n The \u2018Product warranty provision\u2019 represents the estimated costs to be borne for technical support of products sold under warranty. The method used to determine this provision is based on historical/statistical data about the warranty work performed, the costs incurred for such work and the products sold on the market which are still under warranty at the evaluation date. The provision decreased by a net amount of \u20ac 3.1 million, mainly due to the ordinary business related to the warranty on manufactured and sold products. The \u2018First installation provision\u2019 represents the estimated expense that the Group must bear for interventions on prod- ucts. The balance is substantially unchanged compared to the previous year end. \u2018Other provisions\u2019 include estimated future charges for corporate restructuring, pending legal disputes and other risks to be covered with appropriate provisions. These were estimated based on available information. \u2018Other\u2019 includes the exchange effect of the year and reclassifications.\n \n \n \n \n Note 3.4 \u2013 Post-employment benefits Most Group employees are eligible for benefits through pension plans in the case of retirement and resignation. Those plans are either defined contribution plans or defined benefit plans based on pensionable remuneration and length of service. The Group manages its pension plans by geographical area and most plans, classified as defined benefit plans under IAS 19, are located in Switzerland, Germany and Italy. In Switzerland, under IAS 19, the projected unit credit cost method was applied for the calculation of the defined benefit obligation and normal cost at 31 December 2025. In collaboration with an independent consultancy for institutional in- vestors, the main Pensionskasse conducted an asset/liability analysis to derive a suitable investment strategy. The study thoroughly evaluated the liabilities of the scheme. The suitability of asset classes and the optimization of the strategic asset allocation have been carried out on the basis of simulations of the funded status. As a result, the board of trustees decided on a strategic asset allocation which: contains several asset classes, is diversified globally and mimics the eco- nomic properties of the liabilities. With the exception of Swiss real estate investments, the ELCO Pensionskasse only invests in publicly traded assets. The largest share of assets is invested in Swiss Franc bonds. Other asset classes are foreign currency bonds, global equity and Swiss real estate. Alternative assets are not considered. The use of derivatives is limited to hedging currency risk and to fine tune bond and equity investments. All investments are made in institutional investment funds designed for Swiss pension schemes. With respect to the other asset strategy, the arrangement is part of the Swiss Life pension funds (\u201cBVG-Sammelstiftung Swiss Life\u201d / \u201cSammelstiftung Zusatzvorsorge Swiss Life\u201d). Hence the affiliated company has no influence on the asset strategy and asset management. The responsibility lies fully with the board of trustees of the Swiss Life pension funds, in particular in relation to collaboration with an independent consultancy for institutional investors, performing asset liabil- ity analysis, the implementation policy, deviations from the strategic asset allocation, tactical asset allocation, etc.. In Germany, pension funds are regulated in a Pension System based on three pillars. The \"first pillar\" (state and obligatory pension insurance contributions) is a defined contribution pension plan, established by the social pension insurance, based on the pay-as-you-go principle and related to the income limit. It covers employees in the public and private sector and some categories of self-employed workers and is mainly financed through social security contributions paid by workers and employers in equal measure and by taxes. The \"second pillar\" (company pension schemes) is represented by voluntary supplementary pensions on a pay-as-you- go basis, and thus with defined benefits falling on both the worker and the company. The \"third pillar\" is a voluntary, private savings plan in funds or insurance companies which is encouraged through tax incentives and subsidies. Pension provisions are recognized in accordance with IAS 19 Employee Benefits using the projected unit credit method, taking into account, among other things, estimated future pension and salary increases. The expense from the accrued interest on pension provisions is reported under interest expense. The defined benefit obligation (DBO) in accordance with IAS 19 guidelines is used as a measure of the accrued obligation. The present value of the defined benefit obligation (DBO) to be determined on the reporting date corresponds to the present value of the benefits earned on the reporting\n \n \n \n \n date, taking into account biometric assumptions (e.g. mortality, probability of disability, fluctuation) and economic as- sumptions (e.g. wage and salary increases, pension increases), where relevant in each case. For each expected benefit, that part is deemed to have been earned on the reference date which corresponds to the ratio of the length of service achieved on the reference date to the length of service achievable at the start of the respective benefit. For vested ben- eficiaries and pensioners, the DBO corresponds to the present value of all future benefits. Financing takes place internally via the scheduled accumulation of pension provisions. There are no separate assets that fulfil the requirements of IAS 19.8 for plan assets (unfunded plan). The companies pay annual contributions to the pension insurance association. In accordance with applicable regulations the insurance association is responsible for statutory insolvency protection for company pension schemes. In Italy, the employees\u2019 leaving entitlement or \u201cTFR\u201d relates to the amounts that employees are entitled to receive when they leave the company and is calculated based on the period of employment and the taxable income of each employee. Under certain conditions, the entitlement may be partially advanced to an employee during the employee\u2019s working life. The Italian legislation regarding this scheme was amended by Law 296 of 27 December 2006 and subsequent decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are obliged to transfer the TFR to the \u201cTreasury fund\u201d managed by the Italian state-owned social security body (\u201cINPS\u201d) or to supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be managed by the company itself. Consequently, the Italian companies\u2019 obligation to INPS and the contributions to supple- mentary pension funds take the form, under IAS 19 revised, of \u201cDefined contribution plans\u201d whereas the amounts rec- orded in the employees\u2019 leaving entitlement retain the nature of \u201cDefined benefit plans\u201d. Accordingly, the Italian provi- sion consists of the residual TFR obligation until 31 December 2006. This is an unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the associated cost, being the required contributions to the pension funds, over the period in which the employee renders service. Summary of the reconciliations for the DBO and plan assets The following tables contain the reconciliations for the DBO and plan assets: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in obligations during the year
BEGINNING OF THE PERIOD -227.3 -90.0 -317.3 -223.7 -92.3 -316.0
Current service -5.1 -2.9 -8.1 -4.6 -2.8 -7.4
Past service -1.9 -0.5 -2.4 0.0 0.0 0.0
Financial expense -1.9 -3.0 -4.9 -2.4 -3.0 -5.4
Other pension cost 0.0 0.0 0.0 0.0 -0.1 -0.1
Curtailment, settlement, plan amendment 0.0 0.1 0.1 0.0 0.1 0.1
Total impact recognized at PL -9.0 -6.3 -15.3 -7.0 -5.9 -12.9
Gains (losses) resulting from experience -1.6 0.8 -0.8 -2.2 -0.7 -2.9
Act. gains/losses resulting from changes in demographic assumptions 0.0 0.1 0.1 0.9 0.0 0.9
Act. gains/losses resulting from changes in financial assumptions 6.9 4.8 11.7 -3.4 1.2 -2.2
Total impact recognized at OCI 5.4 5.6 11.0 -4.7 0.5 -4.2
Perimeter variation 0.0 1.4 1.4 0.0 0.0 0.0
Foreign exchange gains (losses) -2.3 0.1 -2.3 3.5 0.3 3.9
Paid benefits 15.5 7.9 23.4 10.0 7.3 17.2
Minor changes -3.5 -3.3 -6.8 -5.4 0.1 -5.3
Total other changes 9.7 6.1 15.8 8.1 7.7 15.8
END OF THE PERIOD -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Change in plan assets during the year
BEGINNING OF THE PERIOD 250.5 7.8 258.3 237.3 7.6 244.9
Financial income on plan assets 2.0 0.3 2.3 2.4 0.2 2.6
Curtailment, settlement, plan amendment 0.0 0.0 0.0 0.0 0.0 0.0
Total impact recognized at PL 2.0 0.3 2.3 2.4 0.2 2.6
Actuarial gains (losses) from plan assets 7.3 0.0 7.3 12.3 -0.1 12.2
Total impact recognized at OCI 7.3 0.0 7.3 12.3 -0.1 12.2
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Company's contributions 6.3 0.2 6.5 6.3 0.2 6.4
Employees' contributions 5.1 0.1 5.2 5.0 0.2 5.2
Foreign exchange gains (Losses) 2.7 0.0 2.7 -3.6 0.0 -3.6
Payments -15.5 -0.4 -15.9 -10.0 -0.1 -10.1
Minor changes -0.6 0.2 -0.4 0.8 -0.1 0.7
Total other changes -2.1 0.1 -2.0 -1.5 0.1 -1.4
END OF THE PERIOD 257.7 8.2 265.9 250.5 7.8 258.3
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Switzerland Others Total Switzerland Others Total
Employee Benefits
Current value of defined benefit plans -221.2 -84.6 -305.8 -227.3 -90.0 -317.3
Fair value on plan assets 257.7 8.2 265.9 250.5 7.8 258.3
Total 36.5 -76.4 -39.9 23.3 -82.2 -59.0
Unrecognised plan assets -37.9 0.0 -37.9 -25.4 0.0 -25.4
of which: effect of Asset Ceiling in OCI 12.0 0.0 12.0 9.8 0.0 9.8
Total -1.4 -76.4 -77.9 -2.1 -82.2 -84.4
of which: Post-employee benefits -2.0 -76.4 -78.4 -2.7 -82.2 -85.0
Other non-current assets 0.6 0.0 0.6 0.6 0.0 0.6
\n Assumptions The weighted averages of the assumptions used to calculate the DBO as at 31 December were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assumptions used Switzerland Other
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Discount rate 1.2% 1.0% 3.7% 3.5%
Inflation rate 0.5% 1.0% 1.8% 1.8%
Future salary raises 0.5% 1.0% 3.0% 3.0%
Future pension raises 0.0% 0.0% 1.6% 1.5%
\n Sensitivity analysis A quantitative sensitivity analysis of the significant assumptions used at 31 December 2025 is provided below. Specifically, it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assump- tions used.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
0.50% -0.50% 0.50% -0.50% 0.50% -0.50%
Discount rate -5.9% 6.6% -4.2% 4.5% -5.5% 6.1%
Future salary 0.8% -0.7% 0.8% -0.2% 0.6% -0.6%
Future pension 3.6% 0.0% 3.0% -2.8% 3.5% -0.8%
Future inflation rate 0.0% 0.0% 1.1% -1.0% 0.3% -0.3%
\n The above sensitivity analysis is based on a method which involves extrapolation of the impact of reasonable changes to the key assumptions made at the reporting date on the net obligation for defined benefit plans. Future cash flows The following payments are the expected contributions that will be made in future years to provide for the obligations of the defined benefit plans.\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Switzerland Other Total
Within 12 months -12.2 -6.4 -18.5
From 1 to 5 years -66.5 -24.2 -90.7
From 5 to 10 years -67.4 -26.6 -93.9
Total -146.1 -57.1 -203.2
Average plan duration (years) 12.9 7.5 11.4
\n \n \n Note 3.10 \u2013 Current provisions This item amounts to \u20ac 50.0 million and is described in \u2018Note 3.3 - Non-current provisions for risks and charges\u2019, to which reference should be made. \n \n \n CREDIT RISK\n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n Overdue financial assets The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days). The amount of receivables past-due within 60 days is \u20ac 27.3 million (versus \u20ac 27.7 million at December 2024) whereas the amount of receivables past-due beyond 60 days is \u20ac 13.6 million (versus \u20ac 16.3 million at December 2024). The following table shows trade receivables for issued invoices broken down by past-due ranges:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing (in \u20ac million) 31.12.2025 % 31.12.2024 %
Overdue 0-30 19.4 5.6% 20.4 6.1%
Overdue 31-60 8.0 2.3% 7.3 2.2%
Overdue 61-120 3.3 0.9% 2.9 0.9%
Due after 120 and legal 10.2 2.9% 13.4 4.0%
\n The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country risk class where the trade receivable amount is allocated. The current (not overdue) receivables amounted to \u20ac 306.9 million. Also these amounts are allocated to their country risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad debt amounted to \u20ac 4.5 million. Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to impairment up to overdue below 180 days, while over 180 days the percentages remain the same. As at 31 December 2025 there is no significant financing component identified for trade receivables. \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217205258163": { "value": "\n \n Note 1.5 \u2013 Additions and release of provisions During 2025, \u2018Additions and release of provisions\u2019 were recognized for \u20ac 47.6 million versus \u20ac 49.2 million in 2024. In detail: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Provisions (in \u20ac millions) 31.12.2025 31.12.2024
Product warranty provision 38.3 36.9
Provision for restructuring 7.4 5.7
Provision for installation 1.9 1.9
Provision for legal disputes -0.9 0.9
Bad debt provision -2.8 3.0
Other provisions 3.6 0.7
Total 47.6 49.2
\n Overall, accruals and releases of provisions in 2025 remained broadly in line with the prior year, with a slight decrease compared to 2024. The composition of provisions reflects a higher allocation to product warranty and restructuring ac- tivities, offset by releases and lower accruals in other categories. The increase in the product warranty provision is consistent with the higher sales recorded during the year, which led to increased accruals in line with historical trends and expected warranty claims. At the same time, the higher provision for restructuring reflects ongoing initiatives aimed at optimizing the Group\u2019s organizational structure and operational foot- print in response to changes in production volumes and market conditions. Overall, provisions as a percentage of revenue remained substantially stable year on year (1.8% in 2025 vs 1.9% in 2024), confirming a prudent and consistent approach to risk coverage and cost management. For further details about the changes of the year, reference should be made to \u2018Note 2.9 \u2013 Trade Receivables\u2019 for the \u2018Loss allowance\u2019 and \u2018Note 3.3 - Non-Current Provisions\u2019.\n \n \n Note 3.3 \u2013 Non-current provisions \u2018Current and non-current provisions\u2019 totalled \u20ac 132.2 million, essentially in line with the previous year. The following table shows the composition of this item and the changes occurring during the year: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-current and current provisions Agent supplementary indemnity provision Product warranty provision First installation provisions Other Provi- sion Total
(in \u20ac millions)
As at 31.12.2024 of which: 2.8 94.9 7.0 27.6 132.4
- Current 0.0 43.9 2.0 16.9 62.8
- Not Current 2.8 51.0 5.1 10.7 69.6
Perimeter variation 0.0 1.4 0.0 4.4 5.8
Increases 0.4 44.8 1.9 17.7 64.8
Decreases -0.6 -40.5 -2.1 -11.7 -54.9
Releases 0.0 -6.6 0.0 -7.5 -14.1
Other 0.0 -2.3 -0.1 0.5 -1.9
Total changes -0.2 -3.1 -0.3 3.4 -0.2
As at 31.12.2025 of which: 2.6 91.8 6.7 31.0 132.2
- Current 0.0 26.6 1.9 21.5 50.0
- not Current 2.6 65.2 4.9 9.5 82.2
\n Details of and changes in \u2018other provisions\u2019 are the following: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other provisions Legal Dispute Provision Restructuring Provision Other Provision Total
(in \u20ac millions)
As at 31.12.2024 of which: 7.6 3.4 16.7 27.6
- Current 7.2 3.4 6.3 16.9
- Not Current 0.3 0.0 10.4 10.7
Perimeter variation 0.0 0.0 4.4 4.4
Increases 0.5 7.9 9.3 17.7
Decreases -1.2 -5.8 -4.8 -11.7
Releases -1.4 -0.4 -5.7 -7.5
Other 0.0 1.4 -0.8 0.5
Total changes -2.0 3.1 2.4 3.4
As at 31.12.2025 of which : 5.5 6.4 19.1 31.0
- Current 5.2 6.4 9.8 21.5
- not Current 0.3 0.0 9.3 9.5
\n At 31 December 2025, \u2018Current provisions for risks and charges\u2019 amounted to \u20ac 50.0 million compared to \u20ac 62.8 million at 31 December 2024, whereas \u2018Non-current provisions for risks and charges\u2019 amounted to \u20ac 82.2 million compared to \u20ac 69.6 million at the previous year end. Specifically, the \u2018Agents\u2019 termination indemnity\u2019 includes the accruals covering the indemnities that may be due to agents on the termination of their agency relationship. The provision shows a modest decrease of \u20ac 0.2 million compared to the previous year end. \n \n The \u2018Product warranty provision\u2019 represents the estimated costs to be borne for technical support of products sold under warranty. The method used to determine this provision is based on historical/statistical data about the warranty work performed, the costs incurred for such work and the products sold on the market which are still under warranty at the evaluation date. The provision decreased by a net amount of \u20ac 3.1 million, mainly due to the ordinary business related to the warranty on manufactured and sold products. The \u2018First installation provision\u2019 represents the estimated expense that the Group must bear for interventions on prod- ucts. The balance is substantially unchanged compared to the previous year end. \u2018Other provisions\u2019 include estimated future charges for corporate restructuring, pending legal disputes and other risks to be covered with appropriate provisions. These were estimated based on available information. \u2018Other\u2019 includes the exchange effect of the year and reclassifications.\n \n Note 3.10 \u2013 Current provisions This item amounts to \u20ac 50.0 million and is described in \u2018Note 3.3 - Non-current provisions for risks and charges\u2019, to which reference should be made. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217193856676": { "value": "\n Note 1.6 \u2013 Other operating expenses \u2018Other operating expenses\u2019 amounted to \u20ac 26.5 million, versus \u20ac 68.8 million in the previous year, and can be detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other operating expenses (in \u20ac million) 31.12.2025 31.12.2024
Non-income tax and other levies 8.8 9.8
Concession rights and other 4.2 3.8
Losses on receivables 2.2 1.4
Losses on assets 0.4 0.5
Other operating expenses 10.9 53.3
Total 26.5 68.8
\n The composition of expenses continues to mainly relate to ordinary operating activities, including office supplies, printing, subsidies and contributions, with only limited fluctuations across individual cost categories. \u2018Other operating expenses\u2019 decreased significantly in 2025 compared to the prior year, reflecting the normalization of cost levels following the exceptional items recognized in 2024. The reduction is mainly attributable to the absence of the \u20ac 35.7 million derecognition of the investment in Ariston Thermo Rus LLC, which had a material impact in the previous year following the loss of control. Excluding this extraordinary effect, \u2018Other operating expenses\u2019 remained broadly stable year on year. After regaining control and reintegrating Ariston Thermo Rus LLC in 2025, the Group recognized a gain of \u20ac 40.2 million classified in theincome statement under Gain on bargain purchases. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217193920324": { "value": "Note 1.7 \u2013 Operating profit In 2025 \u2018Operating profit\u2019 amounted to \u20ac 178.2 million compared to \u20ac 63.3 million in 2024. The increase is attributable to the changes discussed earlier.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145426319": { "value": "\n \n \n \n \n Note 1.8 \u2013 Financial income In 2025, \u2018Financial income\u2019 amounted to \u20ac 6.6 million, down compared to \u20ac 9.4 million in the previous year. This item may be analysed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial income (in \u20ac million) 31.12.2025 31.12.2024
Interest Income from bank 3.9 6.2
Employee benefits 2.3 2.6
State Green Programmes 0.1 0.2
Other financial income 0.3 0.4
Total 6.6 9.4
\n The year-on-year change can mainly be attributed to \u2018Interest income from bank\u2019. The other components contributing to the overall total remained relatively stable compared to the previous year.\n \n \n \n \n \n \n \n \n \n Note 1.9 \u2013 Financial expense \u2018Financial expense\u2019 totaled \u20ac 42.2 million at the end of December 2025, compared to \u20ac 48.8 million realized in 2024. The breakdown of this line item is detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial expense (in \u20ac million) 31.12.2025 31.12.2024
Interest and other expenses due to bank 30.9 37.6
Employee benefits 4.9 5.4
Leases 3.8 3.6
Business Combinations 1.9 1.7
Other financial expense 0.6 0.6
Total 42.2 48.8
\n Compared to the previous year, \u2018Financial expense\u2019 decreased by \u20ac 6.6 million. The decline is mainly due to \u201cInterest and other expense due to bank\u201d as a result of a reduction in the average level of debt during the year and the contraction in applicable interest rates.\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145542299": { "value": "\n \n \n \n Note 1.8 \u2013 Financial income In 2025, \u2018Financial income\u2019 amounted to \u20ac 6.6 million, down compared to \u20ac 9.4 million in the previous year. This item may be analysed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial income (in \u20ac million) 31.12.2025 31.12.2024
Interest Income from bank 3.9 6.2
Employee benefits 2.3 2.6
State Green Programmes 0.1 0.2
Other financial income 0.3 0.4
Total 6.6 9.4
\n The year-on-year change can mainly be attributed to \u2018Interest income from bank\u2019. The other components contributing to the overall total remained relatively stable compared to the previous year.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217171136379": { "value": "\n \n \n Note 1.8 \u2013 Financial income In 2025, \u2018Financial income\u2019 amounted to \u20ac 6.6 million, down compared to \u20ac 9.4 million in the previous year. This item may be analysed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial income (in \u20ac million) 31.12.2025 31.12.2024
Interest Income from bank 3.9 6.2
Employee benefits 2.3 2.6
State Green Programmes 0.1 0.2
Other financial income 0.3 0.4
Total 6.6 9.4
\n The year-on-year change can mainly be attributed to \u2018Interest income from bank\u2019. The other components contributing to the overall total remained relatively stable compared to the previous year.\n \n \n \n \n \n Note 1.9 \u2013 Financial expense \u2018Financial expense\u2019 totaled \u20ac 42.2 million at the end of December 2025, compared to \u20ac 48.8 million realized in 2024. The breakdown of this line item is detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial expense (in \u20ac million) 31.12.2025 31.12.2024
Interest and other expenses due to bank 30.9 37.6
Employee benefits 4.9 5.4
Leases 3.8 3.6
Business Combinations 1.9 1.7
Other financial expense 0.6 0.6
Total 42.2 48.8
\n Compared to the previous year, \u2018Financial expense\u2019 decreased by \u20ac 6.6 million. The decline is mainly due to \u201cInterest and other expense due to bank\u201d as a result of a reduction in the average level of debt during the year and the contraction in applicable interest rates.\n \n \n \n \n Note 1.11 \u2013 Profit (loss) on investments This item was negative for \u20ac 9.2 million, down by \u20ac 4.6 million compared with the previous year, mainly due to the re- measuring of the obligations relating to the Put and Call options connected to Chromagen Australia. Any related differ- ences have been recognized in the income statement of any valuation differences. \n \n \n \n Note 2.5 \u2013 Financial assets \u2018Financial assets\u2019 amounted to \u20ac 2.1 million at 31 December 2025, down by \u20ac 3.0 million compared to December 2024. This item mainly consists of \u201cOther investments\u201d held for the medium/long term and measured at fair value, since they are largely classified as \u201cFinancial instruments at fair value through profit or loss (FVTPL)\u201d.\n Note 2.6 \u2013 Other non-current assets \u2018Other non-current assets\u2019 primarily include guarantee deposits due after one year and other assets with a financial im- pact of more than one year. At 31 December 2025, \u2018Other non-current assets\u2019 amounted to \u20ac 8.3 million, up compared with \u20ac 7.0 million at 31 De- cember 2024.\n \n \n \n \n \n Note 2.9 \u2013 Trade receivables\n \n \n \n Trade receivables amounted to \u20ac 347.8 million, net of a bad debt provision of \u20ac 18.2 million. Compared with 31 December 2024, the net balance shows an increase of \u20ac 13.9 million in absolute values. The variation is primarily attributable to the slight rise in sales volumes. Nevertheless, the country mix effect played a crucial role in partially mitigating this impact though the diversification of geographical sales. The percentage of trade receivables on the turnover of the last 12 months was equal to 13.0% compared with 12.9% recorded at 31 December 2024. \n \n \n \n \n The bad debt provision of \u20ac 18.2 million shows a net decrease by \u20ac 4.0 million compared with 31 December 2024. This decrease is mainly attributable to the reconsolidation of Russian company which resulted in the release of the provisions allocated to the company considered third party in December 2024 and bad debt usage for old unrecoverable balance. At 31 December 2025, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed receivables. Following are the changes in the bad debt provision: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bad debt provision (in \u20ac million) Short-term Medium/long- term Total
As at 31.12.2024 17.7 4.5 22.2
Perimeter variation 0.6 0.3 0.9
Increases 3.6 0.2 3.8
Decreases -1.1 -0.5 -1.6
Release -6.4 -0.2 -6.6
Exchange rate effect -0.5 0.1 -0.6
Other 0.2 -0.1 0.1
Total changes -3.6 -0.4 -4.0
As at 31.12.2025 14.0 4.1 18.2
\n Reference should be made to the \u2018Credit Risk\u2019 paragraph for further details on ageing and the related Bad Debt Provi- sion.\n \n \n \n \n \n \n \n Note 2.11 \u2013 Current financial assets\n At 31 December, 2025, \u2018Current financial assets\u2019 amounted to \u20ac 11.9 million, down from \u20ac 18.4 million reported at the end of 2024. \n \n The item mainly includes:\n \n \u2022 \u2018Short-term financial receivables\u2019, mainly security deposits amounting to \u20ac 1.9 million as of 31 December 2025 (\u20ac 2.8 million as of 31 December 2024); \n \n \n \u2022 \u2018Financial derivative assets\u2019 of \u20ac 6.6 million (\u20ac 9.1 million as of 31 December 2024) arising from the fair value meas- urement of derivative financial instruments. The fair value of financial derivatives included hedges on commodities for \u20ac 3.7 million, on interest rates for \u20ac 2.1 million and on foreign exchange for \u20ac 0.8 million. Closed derivatives not yet collected amounted to \u20ac 1.5 million (\u20ac 4.0 million as of 31 December 2024).\n \n \n \n \n Note 2.13 \u2013 Cash and cash equivalents\n \u2018Cash and cash equivalents\u2019, amounting to \u20ac 246.5 million at 31 December 2025, primarily consist of bank and postal accounts, as shown in the following table: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Cash and cash equivalents (in \u20ac million) 31.12.2025 31.12.2024
Bank and postal deposits 223.0 289.8
Short Term Investments 23.4 60.7
Cash on hand 0.2 0.2
Total 246.5 350.8
\n \u2018Bank and postal accounts\u2019 primarily consist of credit balances on current accounts and show a decrease of \u20ac 66.8 million compared to 31 December 2024. The other components also decreased compared to the previous year end. The reduction in cash and cash equivalents mainly reflects the cash used by the initiatives undertaken to optimize the Group\u2019s debt profile, the dividends distributed during the year and the cash outflows associated with recent business combinations. \n \n The reconciliation between cash and cash equivalents and the consolidated statement of cash flows is provided below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Table of Reconciliation among Cash & Cash Equivalent and Consolidated statement of cash flows 31.12.2025 31.12.2024
(in \u20ac million)
Cash and cash equivalents (as included in the Consolidated statement of financial position) 246.5 350.8
Short-term bank notes or similar tradable instruments and others 0.0 0.2
Bank overdrafts -2.5 -0.2
Notes payable -5.6 -5.5
Cash and cash equivalents (as included in the Consolidated statement of cash flows) 238.4 345.2
\n For the purposes of the \u2018Consolidated Statement of Cash flows\u2019, the Group has included the financial instruments shown in the above table (bank overdrafts, short-term bank notes and notes payable) in \u2018Cash and cash equivalents\u2019. Indeed, these instruments are readily convertible and repayable on demand. In particular, short-term bank notes and notes pay- able are similar to bank overdrafts and are used primarily in China to settle commercial transactions, with the net balance of these notes fluctuating throughout the year.\n \n \n \n Note 3.5 \u2013 Non-current financing and current loans\n As at 31 December 2025, \u2018Non-current financing and current loans\u2019 amounted to \u20ac 769.9 million compared to \u20ac 901.4 million in the previous year, and was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
< 1 year < 5 years > 5 years Total < 1 year < 5 years > 5 years Total
Fair value of Current and Non-current Financing 33.8 645.6 90.5 769.9 101.3 713.6 86.6 901.4
\n \u2019Current financial liabilities\u2019 for loans decreased by \u20ac 67.5 million compared to the previous year, primarily due to the regular maturing of medium and long-term debt. Meanwhile, \u2018Non-Current financing\u2019 as of 31 December 2025, decreased by \u20ac 64.0 million, mainly due to repayments made in 2025. \n \n In accordance with IFRS 16, the carrying amounts of financial liabilities arising from right-of-use assets, broken down by due date at 31 December 2025, are presented below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 31.12.2025 (in \u20ac million) 0-12 months 2-5 years >5 years Total
Financial payables
- non-current loans 65.7 6.5 72.2
- current loans 28.5 28.5
Financial payables 28.5 65.7 6.5 100.7
\n Net financial indebtedness The reconciliation with the Net Financial Indebtedness adjusted is set out below. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Net Financial Indebtedness
(\u20ac million)
A Cash 246.5 350.8
B Cash equivalents including the current financial assets 0.0 0.0
C Other current financial assets 3.3 6.4
D Liquidity (A+B+C) 249.9 357.1
E Current financial liabilities -52.6 -46.9
F Current portion of non-current financial liabilities -33.8 -101.3
G Current Financial Indebtedness (E+F) -86.4 -148.2
H Net Current Financial Indebtedness (G-D) 163.4 208.9
I Non-current financial liabilities -736.1 -800.1
J Non-current financing (Debt instruments) -0.0 -0.0
K Non-current Trade and Other Payables -1.1 -11.5
L Non-Current Financial Indebtedness (I+J+K) -737.2 -811.7
M Net Financial Indebtedness (H+L) (*) -573.7 -602.7
N Group Net Financial Indebtedness -542.0 -579.1
O \u2206 M-N -31.7 -23.6
\n \n At 31 December 2025, the Group recognized adjusted net financial indebtedness of \u20ac -542.0 million, compared with \u20ac - 579.1 million as of 31 December 2024. \n \n A reconciliation of the changes in financial assets and liabilities used in financing activities as per the cash flow statement and the balances shown on the financial statements is provided below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-cur- rent financing Current financial liabilities Current loans Current financial assets Total Net impact
31.12.2024 800.1 46.8 101.3 -18.4 929.9
Increase/decrease in short-term 0.0 -5.3 -69.7 5.8 -69.3
financial payables (1)
New loans (1) 100.8 0.0 0.0 0.0 100.8
Loans repayment (1) -195.8 0.0 0.0 0.0 -195.8
New lease contracts 32.5 0.0 0.0 0.0 32.5
Reclassification -3.4 0.0 3.4 0.0 0.0
Exchange rate effects -0.1 -0.6 -0.3 0.0 -1.1
Perimeter variation 1.1 2.0 0.2 -2.0 1.2
Net variation MTM 0.0 -8.1 0.0 2.6 -5.5
Other movements 0.9 -4.1 -1.1 0.2 -4.1
31.12.2025 736.1 30.5 33.8 -11.9 788.4
\n (1): Included in the Cash flow Statement.\n \n \n \n \n Note 3.6 \u2013 Other non-current liabilities \u2018Other non-current liabilities\u2019 amounted to \u20ac 34.8 million compared to \u20ac 24.0 million at the previous year end. These liabilities primarily includes amounts due after one year and non-current contract liabilities. For information about con- tract liabilities, reference should be made to \u2018Note 3.13 \u2013 Other current liabilities\u2019. The non-current portion of the contract liabilities amounted to \u20ac 9.4 million, compared to \u20ac 10.8 million at 31 December 2024. During the year, the put/call option liability related to Chromagen Australia was reclassified to the current bracket as the exercise date falls within two months from the approval of the 2025 financial statements. \u2018Other non-current liabilities\u2019 include the advance on government grants received in 2025 in relation to expenditure scheduled for the subsequent years. \n \n \n \n \n Note 3.8 \u2013 Trade payables \u2018Trade payables\u2019 2025amounted to \u20ac 504.9 million at 31 December 2024, up by \u20ac 60.8 million, compared with 31 Decem- ber 2024. They do not bear interest and their carrying amount approximates their fair value at the reporting date. Trade payables in terms of the average DPO amounted to 90.0 days in 2025 and 89.0 days in 2024. The reduction of trade payables is due to careful management of procurement terms and supplier agreements.\n \n \n \n \n Note 3.11 \u2013 Current financial liabilities\n At 31 December 2025, \u2018Current financial liabilities\u2019 amounted to \u20ac 30.5 million compared to \u20ac 46.8 million at the previous year end. Liabilities are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Current financial liabilities (in \u20ac million) 31.12.2025 31.12.2024
Financial derivative liabilities 8.6 16.9
Short-term debt due to bank 6.3 10.0
Financial notes payables 5.6 5.5
Other current financial liabilities 10.0 14.3
Total 30.5 46.8
\n \n \n As of 31 December 2025, 'Financial derivative liabilities' totaled \u20ac 8.6 million, which includes the negative fair value and the derivatives that have been closed but not yet settled. The Group does not have any collateral. The fair value of financial derivatives included hedges on foreign exchange for \u20ac 1.2 million (\u20ac 4.5 million as of 31 Decem- ber 2024), on interest rates for \u20ac 5.6 (\u20ac 9.5 million as of 31 December 2024), and on commodities for \u20ac 0.02 million (\u20ac 0.9 million as of 31 December 2024). As of the reporting date, negative accruals to financial derivatives that have been closed but not yet settled amounted to \u20ac 1.8 million. The change in commodity, foreign exchange and interest rate hedges was offset by the changes in the value of the underlying hedged items. The fair value measurement of the derivative instruments has a direct contra-entry in\n \n \n \n \n the equity reserve related to the cash flow hedge for a total of \u20ac 0.2 million. For a more detailed explanation of hedging instruments, please refer to the section on financial risk management instruments.\n \n \n \n Short-term debt due to banks showed a \u20ac 3.7 million decrease as result of a lower draw-down of short-term lines. Short- term uncommitted credit lines amounted to approximately \u20ac 487.6 million and consisted almost entirely of current ac- count credit lines and advances utilised for \u20ac 103.6 million at the reporting date (\u20ac 90.0 million as of 31 December 2024). \u2018Financial notes payable\u2019 amounted to \u20ac 5.6 million (\u20ac 5.5 million as of 31 December 2024) and consisted of short-term debt for bank notes or similar tradable instruments issued, held by subsidiaries in China, and used in commercial trans- actions with customers and suppliers in order to settle supply agreements. The item \u2018Other current financial liabilities\u2019 amounted to \u20ac 10.0 million (\u20ac 14.3 million as of 31 December 2024) and mainly consisted of interest accrual on medium/long-term loans. Note 3.12 \u2013 Current loans The balance of \u2018Current loans\u2019 amounted to \u20ac 33.8 million compared to \u20ac 101.3 million as of 31 December 2024. The item primarily consists of the short-term portion of medium/long-term bank loans, with detailed information pro- vided in \u2018Note 3.5 - Non-current financing and current loans\u2019.\n \n \n \n \n \n \n \n \n FINANCIAL INSTRUMENTS\n The Group's financial instruments recognized by category and the level of confidence of their fair value measurements at 31 December 2025 are shown below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 Carrying value per type
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receivables (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0 0 246.5 0 246.5
Trade receivables 2.9 0 0 347.8 0 347.8
Current financial assets 2.11 0 6.6 5.3 0 11.9
Financial assets 2.5 1.4 0 0.7 0 2.1
Total 1.4 6.6 600.3 0 608.3
Financial liabilities
Trade payables 3.8 0 0 0 504.9 504.9
Current financial liabilities 3.11 0 6.8 0 23.7 30.5
Current loans 3.12 0 0 0 33.8 33.8
Non-current financing 3.5 0 0 0 736.1 736.1
Total 0 6.8 0 1,298.5 1,305.3
Financial instruments balance 1.4 -0.2 600.3 -1,298.5 -697.0
\n The Group\u2019s financial instruments, recognized in the financial statements with a similar breakdown at 31 December 2024, are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying value per type
31.12.2024
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receiva- bles (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0.0 0.0 350.8 0.0 350.8
Trade receivables 2.9 0.0 0.0 333.9 0.0 333.9
Current financial assets 2.11 0.0 9.2 9.2 0.0 18.4
Financial assets 2.5 2.1 2.2 0.8 0.0 5.1
Total 2.1 11.4 694.7 0.0 708.2
Financial liabilities
Trade payables 3.8 0.0 0.0 0.0 444.2 444.2
Current financial liabilities 3.11 0.0 15.0 0.0 31.8 46.8
Current loans 3.12 0.0 0.0 0.0 101.3 101.3
Non-current financing 3.5 0.0 0.0 0.0 800.1 800.1
Total 0.0 15.0 0.0 1,377.4 1,392.4
Financial instruments balance 2.1 -3.6 694.7 -1,377.4 -684.2
\n (*) For such categories the carrying amount approximates the fair value\n \n As shown in the table above, at the reporting date, there were no differences between the carrying amounts of financial instruments and the corresponding fair value.\n \n \n \n \n \n \n Current and non-current loans are at both fixed and floating rates and are recognized at their amortized cost.\n \n \n Current financial assets/liabilities include the year-end fair value of the derivative financial instruments used to hedge the purchase of commodities (positive for \u20ac 3.7 million), exchange rates (negative for \u20ac 0.4 million) and interest rates (nega- tive for \u20ac 3.5 million). This has been already described in \u2018Note 3.11 \u2013 Current financial liabilities\u2019 and in \u2018Note 2.11 \u2013 Current financial assets\u2019. For details on these transactions, reference should be made to the section on \u2018Hedging instruments\u2019. \n \n The Group is exposed to operations which include financial risks, including credit risk, liquidity risk and market risk, which it constantly monitors. The following section provides qualitative and quantitative information about the impact of these risks on the Group. \n Financial instruments at fair value through OCI include the fair value of derivatives mainly on interest rates, exchange rates and commodities for which the Group has applied \u2018Cash flow hedging\u2019 (IFRS 9 - Hedge Accounting).\n \n \n \n \n \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n Credit risk is the Group\u2019s exposure to potential losses from failure by commercial counterparties to fulfil obligations they have entered into. Failure to collect or late collection of trade receivables could have a negative impact on the Group\u2019s financial performance and financial balance. The Group\u2019s policy for managing credit risk from commercial activities envisages the preliminary assessment of counter- parties\u2019 creditworthiness, the management of credit limits and the adoption of risk mitigation instruments, such as the acquisition of bank guarantees, letters of credit and the external transfer of part of the insolvency risk through a global program of credit insurance. The portion of secured receivables, at 31 December 2025, accounted for 58.1% of the total exposure compared to 59.8% at 31 December 2024. In order to mitigate credit risk, the Group has also adopted a policy which defines the strategic guidelines and operating rules for an effective system to control each company\u2019s credit. In addition, the policy defines the means for estimating expected losses, in accordance with the means set out hereafter and taking account of the mitigating factor represented by the aforementioned instruments for insured credit. \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n Maximum risk exposure The maximum exposure to risk, net of guarantees, at 31 December 2025 was \u20ac 145.9 million compared to \u20ac 134.3 at 31 December 2024. The Group has not identified any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk portfolio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing its liquidity in leading bank and corporate counterparties selected according to their credit quality. All recognized receivables have a credit risk rating minimum. The table below summarizes the types of instruments protecting the Group against credit risk: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Type (in \u20ac million) 31.12.2025 % 31.12.2024 %
Receivables under insurance policies 181.9 52.3% 181.6 54.4%
Other financial means of securing 20.0 5.8% 18.0 5.4%
Total secured receivables 201.9 58.1% 199.5 59.8%
Non-secured receivables 145.9 41.9% 134.3 40.2%
Total receivables 347.8 100.0% 333.9 100.0%
\n \u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees, as well as other methods of covering default risk through the Central Payment Regulator System, introduced following as part of the Wolf-Brink busi- ness combination. \n \n Overdue financial assets The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days). The amount of receivables past-due within 60 days is \u20ac 27.3 million (versus \u20ac 27.7 million at December 2024) whereas the amount of receivables past-due beyond 60 days is \u20ac 13.6 million (versus \u20ac 16.3 million at December 2024). The following table shows trade receivables for issued invoices broken down by past-due ranges:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing (in \u20ac million) 31.12.2025 % 31.12.2024 %
Overdue 0-30 19.4 5.6% 20.4 6.1%
Overdue 31-60 8.0 2.3% 7.3 2.2%
Overdue 61-120 3.3 0.9% 2.9 0.9%
Due after 120 and legal 10.2 2.9% 13.4 4.0%
\n The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country risk class where the trade receivable amount is allocated. The current (not overdue) receivables amounted to \u20ac 306.9 million. Also these amounts are allocated to their country risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad debt amounted to \u20ac 4.5 million. Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to impairment up to overdue below 180 days, while over 180 days the percentages remain the same. As at 31 December 2025 there is no significant financing component identified for trade receivables. \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n LIQUIDITY RISK As of 31 December 2025, the Group\u2019s \u201cOverall available liquidity\u201d, defined as the sum of cash and cash equivalents and the unused portion of committed credit lines (equal to \u20ac 1.045 million at December month-end) amounted to approxi- mately \u20ac 1,291 million. As of 31 December 2025 the Group's overall bank credit lines, including used and unused credit lines (both committed and uncommitted) totaled approximately \u20ac2.2 billion, of which approximately 35% was drawn. Cash generated from operations and bank financing are the primary sources of liquidity. The Group periodically assesses its financial needs, in order to act promptly and implement the necessary actions to find additional resources when needed. The Group seeks to maintain an adequate mix of resources in terms of maturities, financial instruments and available amounts. The following table shows the contractual due dates for the financial liabilities other than derivatives. These figures are based on undiscounted cash flows, including financial charges, at the next closest date when the Group may be asked for repayment. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 2025 (in \u20ac million) < 1 month 2-6 months 6-12 months 1-5 years > 5 years Total
Trade payables 142.0 362.5 0.1 0.3 0.0 504.9
Financial payables
- Current financial liabilities 4.3 22.4 3.8 30.5
- Current loans 33.8 33.8
- Non-current loans 10.1 2.2 12.5 653.7 162.1 840.6
Total financial payables 14.4 24.6 50.1 653.7 162.1 904.9
Expiry dates 156.4 387.1 50.2 654.0 162.1 1,409.8
\n Details about the due dates of financial and trade payables as at 31 December 2024 are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 2024 (in \u20ac million) < 1 month 2-6 months 6-12 months 1-5 years > 5 years Total
Trade payables 88.1 355.6 0.4 0.1 444.2
Financial payables
- Current financial liabilities 2.2 35.4 10.4 48.0
- Current loans 101.3 101.3
- Non-current loans 8.8 4.3 12.6 794.8 99.0 919.6
Total financial payables 11.0 39.7 124.4 794.8 99.0 1,068.9
Expiry dates 99.1 395.3 124.8 794.9 99.0 1,513.1
\n \n \n MARKET RISK The Group is exposed to various market risks, particularly the potential impact of fluctuations in exchange rates, interest rates and commodity prices on the carrying amount of assets, liabilities and expected cash flows. Market risk manage- ment policies related to interest rates, exchange rates and commodities are centrally defined to mitigate these risks in a structured and proactive manner, supporting the Group's objectives. The three types of market risk are outlined below. Exchange rate risk The international context in which the Group operates exposes the Group to the risk that changes in exchange rates may affect its financial results. Exposure to exchange rate risk determines: a) impacts on the operating result due to the different valuation of income and expense in another currency compared to the time when the price conditions were agreed upon (economic risk);\n \n \n b) impacts on the operating result due to the translation of trade or financial receivables/payables denominated in another currency (transaction risk); c) impacts on the consolidated financial statements due to the translation of assets and liabilities held by companies that prepare their financial statements in a currency other than the euro (translation risk). The Group\u2019s most significant exposure to other currencies refers to the exchange rate of the euro against the US dollar, Chinese renminbi, Swiss franc and several other currencies for lower amounts. Economic risk is hedged using average rate forward financial instruments, which are hedging agreements utilized to mit- igate the volatility in currency markets. These instruments refer to monthly average exchange rates and enable the Group to meet the objectives outlined in its market risk management policy. To achieve these goals, the Group hedges a defined portion of its net exposure to currencies other than its functional currency using derivatives. At each reporting date, the exposure is reflected in the financial statements through hedge accounting, which requires the recognition of derivatives at their fair value in the statement of financial position. The Group believes it is appropriate to use hedge accounting, as the hedging relationship meets the effectiveness criteria under IFRS 9. To minimize exposure to the transaction risk, the Group uses derivative forward instruments which provide protection against revaluations/write-downs of credit and debit positions of both a financial and commercial nature. The Group does not hedge the translation risk except for any distribution of intergroup dividends. At the reporting date, the notional amount of forward currency contracts (sale and purchase) entered into by the Group, can be summarized as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in \u20ac million) Notional amount in Currency Notional amount in \u20ac
CHF 70.9 76.2
GBP 3.7 4.2
CNY 309.8 37.7
USD 19.7 16.7
\n At the same date, the fair value of the foreign exchange derivatives was negative overall, standing at \u20ac 0.4 million. In relation to exchange rate risk, the Group performed sensitivity analysis to measure how exchange rate fluctuations against the euro may affect pre-tax profitability. The sensitivity analysis was performed on the currencies to which the Group is exposed. The assumed scenario envisages a general variation in exchange rates of 2%. The following table shows sensitivity, while keeping all the other variables fixed, in terms of profit before tax and equity, gross of the tax effect. The largest exposures are CHF and CNY. In the sensitivity analysis, the two exposures tend to offset each other as they are on the opposite side. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in \u20ac million) Effect on profit before tax Effect on equity
31.12.2025
Foreign currency revaluation 1.0 1.0
Foreign currency devaluation -1.0 -1.0
\n Commodity price fluctuation risk Profit and loss are affected by the performance of the prices of raw materials, in particular non-ferrous metals such as copper, nickel, silver and aluminium, as well as precious metals like silver, which are one of the primary components of most products traded by the Group.\n \n \n In order to hedge against the risk of fluctuating copper, silver and nickel prices, the Group, through its parent company Ariston Holding N.V., has implemented the necessary hedging measures in accordance with the procedures adopted in previous years, aimed at reducing the impact of price volatility on future purchases. Consequently, it partially hedged purchases also for 2026 and 2027. In order to achieve the goals set out in the market risk management policy, the Group entered into derivatives, hedging a set amount of raw material purchases. At each reporting date, the exposure is presented in the financial statements using hedge accounting, which requires recognizing derivatives at their fair value in the statement of financial position. The Group considered it possible to use hedge accounting since the hedging relationship is effective in accordance with IFRS 9. When these instruments no longer qualify for hedge accounting, they are recognized as trading instruments. At the reporting date, the notional amount of forward commodity contracts entered into by the Group, can be summa- rized as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Commodity Financial instruments Quantity/ton Total price (in \u20ac million)
Copper Forward 1,385.0 12.1
Nickel Average Forward 27.0 0.4
Silver Average Forward 1.55 1.7
Aluminum Forward 175.0 0.4
\n The fair value measurement of the derivatives on commodities showed a net positive amount of \u20ac 3.7 million. Derivatives contracts entered into and terminated during the year generated a positive result of approximately \u20ac 0.01 million which affected the purchase price of commodities. Interest rate risk Interest rate risk refers to the possible impact of fluctuations in the interest rates applied to the Group\u2019s loans on the income statement. The amount of the Group\u2019s exposure to variable rate debt, unhedged against interest rate risk, represents the main risk element for the negative impact from an increase in market interest rates. The interest rate risk to which the Group is exposed originates primarily from bank financing. The Group's policy for managing this risk seeks to strike a balance between fixed and variable rate debts, taking into account the maturity profile and the short-term market outlook, with the purpose of containing funding costs. As of 31 December 2025, the Group had in place, for hedging purposes, interest rate swap (IRS) transactions for a total notional amount of \u20ac 352.9 million. At the same date, 56% of bank financing was hedged or fixed and 44% was at a variable rate, consistent with the Group policy. The sensitivity analysis of interest rate risk is conducted under the delta margin approach and is aimed at measuring how a given change in interest rates would affect financial expense associated with variable rate debt over the next 12 months. The sensitivity of the interest rate spread, assuming a generalized +/- 50 basis point change in interest rates, amounted to \u20ac +1.5 million and \u20ac -1.5 million, respectively, at the end of December 2025.\n \n \n \n HEDGING INSTRUMENTS \n \n In summary, on 31 December 2025, the following financial hedging instruments were in place: \u2022 against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2 years; \u2022 against commodities \u2013 copper, nickel, silver, aluminum with maturities up to 2 years; \u2022 against interest rates \u2013 medium/long-term floating rate loans with maturities up to 7 years.\n \n \n \n \n \n The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac- tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognized in hedge accounting. The following table provides detailed information about the hedging instruments in place as of 31 December 2025. Com- pared to the previous year, the overall mark\u2011to\u2011market position improved, mainly driven by commodity\u2011related hedges. In particular, hedging contracts on copper and silver recorded a significant positive revaluation, reflecting the increase in the market prices of these commodities throughout the year. This development contributed to a more favorable valua- tion of the Group\u2019s hedging portfolio. Amounts are expressed in millions of euro: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2025 (in \u20ac million) Nature of risk covered Fair value 31.12.2025 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -3.5 - 2.1 - -5,6 -3.5
Average Forward FX -0.4 - 0.8 -1.2 -0.4
Forward Commodity 2.2 - 2.2 - 0.0 2.2
Average Forward Commodity 1.5 - 1.5 - -0.0 1.4
Hedging instruments -0.2 - 6,6 - -6.8 -0.2
\n The following table provides detailed information about the hedging instruments in use as of 31 December 2024.The amounts are expressed in millions of euro: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2024 (in \u20ac million) Nature of risk covered Fair value 31.12.2024 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -1.5 - 8.0 - -9.4 -1.5
Average Forward FX -3.9 - 0.6 -4.5 -3.9
Forward Commodity 0.1 - 0.4 - -0.3 0.1
Average Forward Commodity -0.5 - 0.2 - -0.6 -0.5
Hedging instruments -5.8 - 9.1 - -14.9 -5.8
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217200744319": { "value": "\n \n Note 1.8 \u2013 Financial income In 2025, \u2018Financial income\u2019 amounted to \u20ac 6.6 million, down compared to \u20ac 9.4 million in the previous year. This item may be analysed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial income (in \u20ac million) 31.12.2025 31.12.2024
Interest Income from bank 3.9 6.2
Employee benefits 2.3 2.6
State Green Programmes 0.1 0.2
Other financial income 0.3 0.4
Total 6.6 9.4
\n The year-on-year change can mainly be attributed to \u2018Interest income from bank\u2019. The other components contributing to the overall total remained relatively stable compared to the previous year.\n \n \n \n Note 1.9 \u2013 Financial expense \u2018Financial expense\u2019 totaled \u20ac 42.2 million at the end of December 2025, compared to \u20ac 48.8 million realized in 2024. The breakdown of this line item is detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial expense (in \u20ac million) 31.12.2025 31.12.2024
Interest and other expenses due to bank 30.9 37.6
Employee benefits 4.9 5.4
Leases 3.8 3.6
Business Combinations 1.9 1.7
Other financial expense 0.6 0.6
Total 42.2 48.8
\n Compared to the previous year, \u2018Financial expense\u2019 decreased by \u20ac 6.6 million. The decline is mainly due to \u201cInterest and other expense due to bank\u201d as a result of a reduction in the average level of debt during the year and the contraction in applicable interest rates.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217200830503": { "value": "\n Note 1.8 \u2013 Financial income In 2025, \u2018Financial income\u2019 amounted to \u20ac 6.6 million, down compared to \u20ac 9.4 million in the previous year. This item may be analysed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial income (in \u20ac million) 31.12.2025 31.12.2024
Interest Income from bank 3.9 6.2
Employee benefits 2.3 2.6
State Green Programmes 0.1 0.2
Other financial income 0.3 0.4
Total 6.6 9.4
\n The year-on-year change can mainly be attributed to \u2018Interest income from bank\u2019. The other components contributing to the overall total remained relatively stable compared to the previous year.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145642729": { "value": "\n \n \n \n Note 1.9 \u2013 Financial expense \u2018Financial expense\u2019 totaled \u20ac 42.2 million at the end of December 2025, compared to \u20ac 48.8 million realized in 2024. The breakdown of this line item is detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial expense (in \u20ac million) 31.12.2025 31.12.2024
Interest and other expenses due to bank 30.9 37.6
Employee benefits 4.9 5.4
Leases 3.8 3.6
Business Combinations 1.9 1.7
Other financial expense 0.6 0.6
Total 42.2 48.8
\n Compared to the previous year, \u2018Financial expense\u2019 decreased by \u20ac 6.6 million. The decline is mainly due to \u201cInterest and other expense due to bank\u201d as a result of a reduction in the average level of debt during the year and the contraction in applicable interest rates.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217200855751": { "value": "\n Note 1.9 \u2013 Financial expense \u2018Financial expense\u2019 totaled \u20ac 42.2 million at the end of December 2025, compared to \u20ac 48.8 million realized in 2024. The breakdown of this line item is detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Financial expense (in \u20ac million) 31.12.2025 31.12.2024
Interest and other expenses due to bank 30.9 37.6
Employee benefits 4.9 5.4
Leases 3.8 3.6
Business Combinations 1.9 1.7
Other financial expense 0.6 0.6
Total 42.2 48.8
\n Compared to the previous year, \u2018Financial expense\u2019 decreased by \u20ac 6.6 million. The decline is mainly due to \u201cInterest and other expense due to bank\u201d as a result of a reduction in the average level of debt during the year and the contraction in applicable interest rates.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217200918423": { "value": "\n Note 1.10 \u2013 Exchange rate gains/losses \u2018Exchange rate gains/losses\u2019 showed a positive result of \u20ac 0.4 million, which can be broken down as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Exchange rate gains/losses (in \u20ac million) 31.12.2025 31.12.2024
Exchange rate gains 13.9 5.8
Exchange rate losses -13.7 -5.0
Unrealised exchange rate gains 2.0 5.9
Unrealised exchange rate losses -1.9 -12.2
Total 0.4 -5.5
\n Exchange gains/losses\u2019 include monetary adjustments to items that are recognized at the end of the reporting period. \u2018Unrealized exchange gains\u2019 and \u2018Unrealized exchange losses\u2019 include monetary changes that have not yet been realized because they refer to financial transactions still open at the end of the reporting period.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217175935798": { "value": "\n Note 1.11 \u2013 Profit (loss) on investments This item was negative for \u20ac 9.2 million, down by \u20ac 4.6 million compared with the previous year, mainly due to the re- measuring of the obligations relating to the Put and Call options connected to Chromagen Australia. Any related differ- ences have been recognized in the income statement of any valuation differences. \n \n Note 2.5 \u2013 Financial assets \u2018Financial assets\u2019 amounted to \u20ac 2.1 million at 31 December 2025, down by \u20ac 3.0 million compared to December 2024. This item mainly consists of \u201cOther investments\u201d held for the medium/long term and measured at fair value, since they are largely classified as \u201cFinancial instruments at fair value through profit or loss (FVTPL)\u201d.\n \n \n \n \n \n \n FINANCIAL INSTRUMENTS\n The Group's financial instruments recognized by category and the level of confidence of their fair value measurements at 31 December 2025 are shown below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 Carrying value per type
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receivables (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0 0 246.5 0 246.5
Trade receivables 2.9 0 0 347.8 0 347.8
Current financial assets 2.11 0 6.6 5.3 0 11.9
Financial assets 2.5 1.4 0 0.7 0 2.1
Total 1.4 6.6 600.3 0 608.3
Financial liabilities
Trade payables 3.8 0 0 0 504.9 504.9
Current financial liabilities 3.11 0 6.8 0 23.7 30.5
Current loans 3.12 0 0 0 33.8 33.8
Non-current financing 3.5 0 0 0 736.1 736.1
Total 0 6.8 0 1,298.5 1,305.3
Financial instruments balance 1.4 -0.2 600.3 -1,298.5 -697.0
\n The Group\u2019s financial instruments, recognized in the financial statements with a similar breakdown at 31 December 2024, are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying value per type
31.12.2024
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receiva- bles (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0.0 0.0 350.8 0.0 350.8
Trade receivables 2.9 0.0 0.0 333.9 0.0 333.9
Current financial assets 2.11 0.0 9.2 9.2 0.0 18.4
Financial assets 2.5 2.1 2.2 0.8 0.0 5.1
Total 2.1 11.4 694.7 0.0 708.2
Financial liabilities
Trade payables 3.8 0.0 0.0 0.0 444.2 444.2
Current financial liabilities 3.11 0.0 15.0 0.0 31.8 46.8
Current loans 3.12 0.0 0.0 0.0 101.3 101.3
Non-current financing 3.5 0.0 0.0 0.0 800.1 800.1
Total 0.0 15.0 0.0 1,377.4 1,392.4
Financial instruments balance 2.1 -3.6 694.7 -1,377.4 -684.2
\n (*) For such categories the carrying amount approximates the fair value\n \n As shown in the table above, at the reporting date, there were no differences between the carrying amounts of financial instruments and the corresponding fair value.\n \n \n \n \n Current and non-current loans are at both fixed and floating rates and are recognized at their amortized cost.\n \n \n Current financial assets/liabilities include the year-end fair value of the derivative financial instruments used to hedge the purchase of commodities (positive for \u20ac 3.7 million), exchange rates (negative for \u20ac 0.4 million) and interest rates (nega- tive for \u20ac 3.5 million). This has been already described in \u2018Note 3.11 \u2013 Current financial liabilities\u2019 and in \u2018Note 2.11 \u2013 Current financial assets\u2019. For details on these transactions, reference should be made to the section on \u2018Hedging instruments\u2019. \n \n The Group is exposed to operations which include financial risks, including credit risk, liquidity risk and market risk, which it constantly monitors. The following section provides qualitative and quantitative information about the impact of these risks on the Group. \n Financial instruments at fair value through OCI include the fair value of derivatives mainly on interest rates, exchange rates and commodities for which the Group has applied \u2018Cash flow hedging\u2019 (IFRS 9 - Hedge Accounting).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217141828336": { "value": "\n Note 1.12 \u2013 Taxes Tax expense (income) and the related profit before tax for 2025 and 2024 consisted of the following: \n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Taxes
(in \u20ac million) 2025 2024 Delta
Profit before taxes 133.8 13.8 120.0
Current taxes 36.9 21.9 15.0
Deferred taxes -35.6 -10.5 -25.2
Total taxes 1.2 11.4 -10.2
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n In 2025, total taxes of \u20ac 1.2 million decreased by \u20ac 10.2 million compared to the 2024 balance of \u20ac 11.4 million. However, both years have been affected by significant extraordinary events: the 2024 profit before taxes has been negatively im- pacted by the Russian deconsolidation amounting to \u20ac 42.8 million, while the 2025 profit before taxes has been positively impacted by the Russian reconsolidation amounting to \u20ac 40.2 million. Both extraordinary items do not have in general an impact on the tax line, since the investment\u2019s results are excluded from taxation. Only in 2024, the deconsolidation had an indirect positive effect deriving from the reversal of the deferred tax liabilities on the Russian undistributed earnings accrued in previous years based on IAS 12.40, for an amount equal to \u20ac 1.7 million. Moreover, 2025 has been character- ized by another significant event: the change in the tax rate in Germany that had a positive effect on this item following the remeasurement of deferred taxes, mainly composed of significant deferred tax liabilities arising from the recent Wolf acquisition PPA. The positive effects of the change in the tax rate in Germany amounts to \u20ac 19.0 million. The following table shows the resulting PBT and taxes after the above-mentioned adjustments. \n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Taxes
2025 2024 Delta
(in \u20ac million)
Profit before taxes adjusted for Russia 93.6 56.6 37.0
Current taxes 36.9 21.9 15.0
Deferred taxes adjusted for Russia (2024) and Germany (2025) -16.6 -8.8 -7.9
Adjusted total taxes 20.3 13.1 7.2
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Only by looking at the adjusted numbers it is possible to compare the 2025 taxes with the previous year taxes. Overall, total taxes rose by \u20ac 7.2 million, mainly due to the increase in the profit before taxes of \u20ac 37.0 million. The increase in the profit before taxes mainly derives from the business results. The reconciliation of the differences between the theoretical income taxes at the parent local rate and total income taxes is based on the Italian local corporation income tax rate in force in 2025 (24%). Indeed, Ariston Holding N.V. is incorpo- rated in the Netherlands but is tax resident in Italy. The 2025 reconciliation takes into account the Russian re-consolida- tion which affects the profit before taxes and the change of the tax rate in Germany which affects taxes. Therefore, for a meaningful reconciliation, the profit before taxes in the consolidated financial statements adjusted for \u20ac 40.2 million to neutralize the Russian reconsolidation and the impact of the change in the German tax rate are separately shown in the table. The reconciliation of Ariston\u2019s income tax expense for 2025 is shown in the following table: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Effective tax rate reconciliation (in \u20ac million) 2025 %
Profit before taxes from financial statement 133.8
Russia adjustments without tax implications -40.2
Profit before taxes adjusted 93.6
Taxes at nominal Tax Rate 22.5 24.00%
Change in the tax rate in Germany -19.0 -20.3%
Foreign income at different tax rate -2.8 -3.0%
Deferred taxes not recognized and write down 5.2 5.6%
Italian IRAP 4.6 4.9%
Recognition or use of previously unrecognized DTA -3.6 -3.9%
Permanent differences 1.0 1.0%
Italian revaluation -6.9 -7.4%
Prior year taxes -0.5 -0.5%
Other 0.8 0.8%
Effective tax charge 1.2 1.3%
\n Overall, the 2025 tax rate adjusted for the Russia re-consolidation is equal to 1.3% and if further adjusted for the change of German tax rate, it is equal to 21.6%. The 2025 tax rate of 21,6% is aligned with the adjusted previous year tax rate of 20.1%. As in the previous years, the 2025 effective tax rate is positively impacted by the on-going net benefit deriving from the revaluation of intangible assets and property, plant and equipment carried out in 2020 for both Local GAAP and tax pur- poses in Italy. In addition to the initial positive impact of the revaluation accrued in the 2020 financial statements and equal to the expected tax benefit for the first five-year business plan, in the 2025 financial statements the expected benefit for the additional year of the new five-year business plan period has been recognized as positively impacting the tax rate. For comparative purposes, here below is shown a reconciliation of Ariston\u2019s income tax expense for 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Effective tax rate reconciliation (in \u20ac million) 2024 %
Profit before taxes from Financial Statements 13.8
Deconsolidation impacts of Ariston Thermo Rus without tax implications 42.8
Profit before taxes adjusted 56.6
Taxes at nominal Tax Rate 13.6 24.0%
Foreign income at different tax rate -3.3 -5.7%
Deferred taxes not recognized and written down 8.4 14.8%
Italian IRAP 3.1 5.6%
Recognition or use of previously unrecognized DTA -0.2 -0.4%
Permanent differences 0.7 1.3%
Italian revaluation -5.8 -10.2%
Prior year taxes -4.0 -7.1%
Russia deconsolidation DTL -1.7 -3.0%
Other 0.5 0.9%
Effective tax charge 11.4 20.1%
\n Deferred taxes not recognized and written down arise from the realization of tax losses in certain countries, mainly in Belgium, Egypt, India and the United States. The negative impact has been partially offset by the recognition of deferred tax assets on unused losses in the US due to the expected future profitability. As in the previous years, the 2025 effective tax rate is positively impacted by the on-going net benefit deriving from the revaluation of intangible assets and property, plant and equipment carried out in 2021 for both Local GAAP and tax pur- poses in Italy. In addition to the initial positive impact of the revaluation accrued in the 2021 financial statements and equal to the expected tax benefit for the first five-year business plan, in the 2024 financial statements the expected benefit for the additional year of the new five-year business plan period has been recognized as positively impacting the tax rate.\n \n Pillar 2 The OECD Pillar Two initiative aims to ensure that multinational corporations pay a minimum effective tax rate of 15 percent on a jurisdictional basis. The implementation of the Global Minimum Tax, provided for in Directive No. 2022/2523 of 15 December 2022 (implementing the OECD/G20 Pillar Two proposal), is effective in Italy as from 1 January 2024 and was implemented with Legislative Decree No. 209 of 27 December 2023. The Italian legislation related to Pillar Two ap- plies to Ariston Holding NV being a Duch company tax resident in Italy. Many other countries have initiated domestic legislative procedures to enact the related tax legislation as well. Tax 2025 financial year represents the second year of application of the Global Minimum Tax. Given the complexity of the system enacted by the above-mentioned legislation, a simplified regime (the so-called \u201cTransitional Safe Harbours\u201d) has been introduced for the first three years, equivalent to 2024, 2025 and 2026 for the Ariston Group. The Safe Harbours regime has been recently modified by the OECD Administrative Guidance dated 5 January 2026, including a further \u201cSim- plified Effective Tax Rate Safe Harbour\u201d that should further reduce compliance burden in high tax jurisdictions. The Transitional Safe Harbours are mainly based on accounting information already available for each jurisdiction and on the application of three tests (De Minimis test, Simplified Effective Effective Tax Rate test and Routine Profits test). If at least one of these tests is met, no additional top-up tax is calculated, and compliance obligation is reduced. Based on the once out, always out rule, a jurisdiction that failed to qualify for any safe harbour test in 2024 cannot benefit from any of the Transitional Safe Harbours either in 2025 or in 2026. The impact of Pillar 2 legislation on Ariston Group is extremely limited: only two jurisdictions failed one of the Transitional Safe Harbours tests in 2024 and this led to an immaterial amount of Qualified Domestic Minimum top-up tax (QDMTT) already accrued in the same period. Based on the information available, the situation is not expected to change in 2025 and the immaterial top up tax arising in 2025 has been recorded in the 2025 financial statement. Finally, the Group has applied the temporary exception, introduced in May 2023 by IASB with the \u201cAmendments to IAS 12 Income taxes: International Tax Reform \u2013 Pillar II Model Rules\u201d, regarding the accounting requirements for deferred taxes under IAS 12; therefore, the Group neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes. \n \n \n Notes 2.4 \u2013 Deferred tax assets and liabilities The net deferred taxes show a negative net balance of \u20ac 55.7 million in comparison with a negative net balance of de- ferred taxes of \u20ac 86.5 million of 2024, with an overall variation of \u20ac 30.8 million. The reduction of the net balance mainly derives from the reduction of deferred tax liabilities. In 2025, different factors created the reduction of the deferred tax liabilities. The first item is the change of the tax rate enacted in 2025 in Germany that impacted the deferred taxes for an amount of \u20ac 19.0 million. Pursuant to Sec. 23 para. 1 of the German Corporate Income Tax Act, the German Corporate Income Tax rate will gradually reduce from 15% to 10%, starting on 1 January 2028 and concluding in 2032. The impact on the deferred tax liabilities has been entirely accrued in 2025. The other recurring item is the amortization of the assets deriving from the purchase price allocation, mainly arising from the Wolf-Brink business combination occurred in 2023 and amounting to \u20ac 5.7 million. Another reason for the deferred tax liabilities decrease derives from the reduction of those pertaining to undistributed earnings. Starting from 2021, a deferred tax liability on the undistributed earnings in Ariston subsidiaries is recorded equal to the expected tax burden on the remittance of earnings from those jurisdictions. The amount of the deferred tax liabil- ities on undistributed earnings recorded in 2025 is equal to \u20ac 15.5 million, a decrease of \u20ac 4.3 million in respect to the previous year. A significant part of this decrease, \u20ac 3.1 million relates to the reduction of the withholding tax on distribu- tion of earnings from China deriving from the new Tax treaty against double taxation between Italy and China becoming effective in 2026. The remaining part, equal to \u20ac 1.2 million, mainly derives from the dividend policy applied aimed at maximizing dividend distribution. The components of deferred tax assets and liabilities at 31 December 2025 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax assets 31.12.2024 P&L Equity Translation differences and others 31.12.2025
(in \u20ac million)
Intellectual property 21.7 0.0 0.0 0.7 22.4
Research and development 8.0 0.1 0.0 -0.1 8.1
Tangible assets and leasing 21.1 -3.5 0.0 6.1 23.8
Provisions for risks 25.4 -1.5 -0.2 6.6 30.2
Inventory&Bad Debt 19.2 0.2 0.0 -5.8 13.6
Hedging 2.4 0.0 -2.4 1.3 1.4
Tax timing differences 8.2 4.5 0.0 3.6 16.2
Tax losses 7.4 1.3 0.0 -0.3 8.4
Other 8.8 -4.0 0.0 -2.8 2.0
TOTAL 122.1 -2.9 -2.6 9.4 126.0
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax liabilities 31.12.2024 P&L Equity Translation differences and others 31.12.2025
(in \u20ac million)
Intellectual property -135.1 21.5 0.0 -2.0 -115.6
Tangible assets and leasing -35.5 9.8 0.0 -11.6 -37.4
Inventory -2.7 0.2 0.0 1.2 -1.4
Taxes on undistributed profits -20.0 4.7 0.2 -0.2 -15.3
Hedging and exchange gain or loss -2.8 2.0 -0.7 -1.2 -2.8
Tax timing differences -8.8 0.0 0.0 1.3 -7.4
Other -3.7 0.5 -0.2 1.6 -1.9
TOTAL -208.7 38.6 -0.7 -11.0 -181.7
\n As comparative data, the components of deferred tax assets and liabilities at 31 December 2024 were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax assets 31.12.2023 P&L Equity Translation differ- ences and others 31.12.2024
(in \u20ac million)
Brand and patents 20.4 -0.1 0.0 1.4 21.7
Research and development 7.8 0.1 0.0 0.1 8.0
Tangible assets and leasing 15.7 -1.1 0.0 6.5 21.1
Provisions for risks 28.2 -4.6 3.5 -1.7 25.4
Inventory & Bad Debt 17.7 1.4 0.0 0.1 19.2
Hedging 2.3 0.0 -1.0 1.1 2.4
Tax timing differences 6.0 3.0 0.0 -0.8 8.2
Tax losses 9.7 -2.3 0.0 0.0 7.4
Other 6.9 3.9 0.0 -2.0 8.8
Total 114.6 0.3 2.5 4.7 122.1
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax liabilities 31.12.2023 P&L Equity Translation differ- ences and others 31.12.2024
(in \u20ac million)
Brand and intellectual property -143.5 4.2 0.0 4.2 -135.1
Tangible assets and leasing -26.9 -5.0 0.0 -3.6 -35.5
Inventory -3.3 1.4 0.0 -0.8 -2.7
Taxes on undistributed profits -24.6 4.6 0.0 0.0 -20.0
Hedging and exchange gain or loss -4.6 1.2 1.7 -1.1 -2.8
Tax timing differences -8.5 -0.9 0.0 0.6 -8.8
Other -2.8 4.7 0.0 -5.6 -3.7
Total -214.3 10.2 1.7 -6.3 -208.7
\n The decision to recognize deferred tax assets is made for each legal entity in the Group by critically assessing whether the conditions exist for the future recoverability of such assets on the basis of actual results, as well as updated plans. Ariston recognizes in its consolidated statement of financial position the amount of deferred tax assets less the deferred tax liabilities of the individual consolidated legal entities, where these may be offset.\n \n \n Note 2.7 \u2013 Non-current tax receivables As at 31 December 2025, 'Non-current tax receivables' amounted to \u20ac 1.9 million, slightly up from \u20ac 1.0 million in the same period of 2024. This item includes receivables due to the Group from the tax authorities.\n \n \n Note 2.10 \u2013 Tax receivables \u2018Tax receivables\u2019 primarily includes the amounts due to Group companies from the taxation authorities in several coun- tries where the Group operates. At 31 December 2025, this item amounted to \u20ac 38.0 million, compared to \u20ac 39.9 million in 2024, as shown in this table:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Tax receivables (in \u20ac million) 31.12.2025 31.12.2024
Tax receivable for taxes paid in excess 21.3 26.4
Tax receivables towards Merloni Holding 12.3 8.7
Other short term tax receivables 4.5 4.7
Total 38.0 39.9
\n Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident in Italy and is controlled by Merloni Holding S.p.A. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem- ber 2025, the income tax assets and liabilities of individual Italian companies are transferred to Merloni Holding S.p.A. and included in the \u2018Tax assets\u2019 from the parent for tax consolidation purposes. The increase amounts to \u20ac 3.6 million and mainly derives from the taxable base for tax consolidation purposes at Ariston Group level.\n \n \n \n Notes 3.2 \u2013 Deferred tax liabilities \u2018Deferred tax liabilities\u2019 are discussed in \u2018Note 2.4 - Deferred tax assets and liabilities\u2019, to which reference should be made.\n \n \n \n Note 3.7 \u2013 Non-current tax liabilities \u2018Non-current tax liabilities\u2019 amounted to \u20ac 0.7 million at 31 December 2025, down by \u20ac 3.2 million compared to the previous year end. The decrease is primarily due to a \u20ac 2.6 million payment made to the \u2018French Tax Administration\u2019. \n \n \n \n Note 3.9 \u2013 Tax payables \u2018Tax payables\u2019 amounted to \u20ac 53.5 million versus \u20ac 53.4 million in 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Tax payables (in \u20ac million) 31.12.2025 31.12.2024
Income tax payables 28.6 33.9
Tax payables towards Merloni Holding 13.6 8.3
Other tax payables 11.4 11.1
Total 53.5 53.4
\n Tax payables remained broadly stable year on year, amounting to \u20ac 53.5 million at 31 December 2025 compared with \u20ac 53.4 million at 31 December 2024. The overall stability reflects offsetting movements within the individual components. In particular, \u2018Income tax payables\u2019 decreased to \u20ac 28.6 million from \u20ac 33.9 million, mainly due to the Group\u2019s operating performance and timing effects. This reduction was more than offset by an increase in tax payables towards Merloni Holding, which rose to \u20ac 13.6 million from \u20ac 8.3 million, mainly in connection with the national tax consolidation mecha- nism. Other tax payables remained broadly in line with the prior year. Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident of Italy and is controlled by Merloni Holding S.p.A. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem- ber 2025, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively, Merloni Holding S.p.A.. These amounts are included in the \u2018Tax payables\u2019 due to the controlling shareholder for tax con- solidation.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217165115571": { "value": "\n Note 1.13 \u2013 Basic and diluted earnings per share Basic earnings per share are determined as the ratio of the Group\u2019s portion of the profit for the year to the weighted average number of ordinary shares outstanding during the year. The Group\u2019s treasury shares are included in this calcula- tion for 2025. Diluted earnings per share are determined considering the potential effect of the options allocated to beneficiaries of dilutive stock option on the calculation of the number of outstanding shares. Basic earnings per share amounted to \u20ac 0.36 in 2025 and have been calculated by dividing the profit for the year attribut- able to the ordinary shareholders of the Parent Company, of \u20ac 132.4 million, by the number of total shares \u2013 ordinary and multiple voting \u2013 outstanding during the year, equal to 368,103,644. Diluted earnings per share amounted to \u20ac 0.36 and have been calculated by dividing the profit for the year attributable to the ordinary shareholders of the Parent Company, of \u20ac 132.4 million, by the number of total shares and potential shares to be issued for the LTI plan, which totaled 369,173,504. Basic and diluted earnings per share have been calculated as shown in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Net profit attributable to ordinary shareholders \u20ac million 132.4 2.5
Weighted average of ordinary and multiple voting shares outstanding number 368,103,644 369,769,513
Basic earnings per share \u20ac 0.36 0.01
Net profit attributable to ordinary shares outstanding net of dilution \u20ac million 132.4 2.5
Weighted average of ordinary and multiple voting shares outstanding number 368,103,644 369,769,513
Potential shares to be issued for LTI plan number 1,069,860 409,547
Weighted average of ordinary and multiple voting shares outstanding adjusted for dilution number 369,173,504 370,179,060
Diluted earnings per share \u20ac 0.36 0.01
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217201014342": { "value": "\n \n \n \n \n \n \n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n At 31 December 2025, 'Intangible assets' amounted to \u20ac 1,492.1 million, a decrease of \u20ac 9.1 million compared to 31 December 2024, after accounting for the amortization expense of \u20ac 43.0 million for the period, along with other changes. The amortization expense for the period is recognised under the appropriate item in the income statement. Changes during the period are shown in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
Perimeter variation 3.4 7.6 11.0
Increases 0.0 33.1 33.1
Decreases 0.0 -0.2 -0.2
Remeasurements and Impairment 0.0 -0.2 -0.2
Amortisation 0.0 -43.0 -43.0
Exchange rate effect -9.5 -0.6 -10.1
Other 0.0 0.4 0.4
Total changes -6.2 -2.9 -9.1
Cost net of accumulated impairment losses 891.6 824.6 1,716.3
Accumulated amortization -224.2 -224.2
As at 31.12.2025 891.6 600.5 1,492.1
\n Changes during the prior period are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 894.1 780.2 1,674.3
Accumulated amortization -161.8 -161.8
As at 31.12.2023 894.1 618.3 1,512.4
Perimeter variation 2.6 0.0 2.6
Increases 0.0 33.7 33.7
Decreases 0.0 -0.1 -0.1
Remeasurements and Impairment 0.0 -0.5 -0.5
Amortisation 0.0 -47.1 -47.1
Exchange rate effect 0.6 -1.8 -1.2
Other 0.5 1.1 1.6
Total changes 3.7 -14.8 -11.1
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
\n \n \n The total amount of goodwill was \u20ac 891.6 million, showing a decrease from \u20ac 897.8 million at the end of 2024, which is consistent with the prior period. The changes are primarily due to the following factors: - Goodwill resulting from the business combinations completed during the year. Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. - The changes in exchange rates, negative for \u20ac 9.5 million.\n \n \n \n \n \n \n The total amount of goodwill recognised in the statement of financial position is not amortized but is subject at least annually to an impairment test (together with the other intangible assets with indefinite useful lives) to assess its recov- erability, as envisaged by IAS 36. Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re- lated to the acquisition are expected. Consequently, at 31 December 2025, the impairment test was carried out as described in the subparagraph \u2018Impairment Test\u2019. \n \n \n \n The item \u2018Other intangible assets\u2019 can be detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) 31.12.2025 31.12.2024
Concessions, licenses, trademarks 235.3 235.5
Development costs 43.1 45.3
Intangible assets in progress 42.0 34.3
Software 36.8 34.4
Other 243.3 253.9
Total 600.5 603.4
\n\n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the year are as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impair- ment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated amortization -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
Perimeter variation 0.0 0.1 0.0 0.0 7.5 7.6
Increases 1.9 3.2 0.0 27.4 0.6 33.1
Decreases 0.0 -0.3 0.0 0.1 0.0 -0.2
Remeasurements and Impair- ment 0.0 -0.2 0.0 0.0 0.0 -0.2
Amortization -10.6 -14.2 -0.1 0.0 -18.1 -43.0
Exchange rate effect -0.1 -0.1 0.0 -0.1 -0.3 -0.6
Other 6.6 14.0 0.0 -19.8 -0.4 0.4
Total changes -2.2 2.4 -0.1 7.7 -10.7 -2.9
Cost net of accumulated impair- ment losses 118.7 99.6 243.7 42.0 320.7 824.6
Accumulated amortization -75.5 -62.9 -8.5 0.0 -77.3 -224.2
As at 31.12.2025 43.1 36.8 235.3 42.0 243.3 600.5
\n \n \n \n \n \n \n \n \n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the prior year are the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impairment losses 112.0 76.6 246.0 31.1 314.6 780.2
Accumulated depreciation -63.5 -48.9 -7.8 0.0 -41.9 -161.8
As at 31.12.2023 48.4 27.7 238.2 31.1 272.7 618.3
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Increases 3.4 4.2 0.0 25.4 0.7 33.7
Decreases 0.0 -0.1 0.0 0.0 0.0 -0.1
Remeasurements and Impairment -0.2 -0.1 0.0 -0.2 0.0 -0.5
Amortization -12.2 -14.6 -1.3 0.0 -19.0 -47.1
Exchange rate effect 0.0 -0.1 -1.5 0.0 -0.2 -1.8
Other 5.8 17.4 0.0 -22.2 0.0 1.1
Total changes -3.2 6.7 -2.8 3.2 -18.7 -14.8
Cost net of accumulated impairment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated depreciation -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
\n \n \n \n Other intangible assets have a definite useful life and are consequently amortized as necessary. The change in \u2018Other\u2019 from the beginning of the period was \u20ac -10.7 million. This decrease was primarily attributed to the amortization of the period. Additionally, starting in 2023, following the merger of Wolf-Brink, customer lists have been recognized in this category, with a net value of \u20ac 222.8 million as at 31 December 2025 (\u20ac 235.9 million as at 31 December 2024). \n \n \u2018Development costs\u2019 refer to products for which the return on investments occurs within a five-year period, on average. The capitalized costs for the period (including reclassified amounts from the \u2018Intangible asset in progress\u2019), attributable only to product development projects, amounted to \u20ac 20.0 million (\u20ac 17.4 million in 2024) out of a total of \u20ac 43.1 million (\u20ac 45.3 million in 2024) reported in the financial statements. The amount of \u2018Development costs\u2019 internally generated is equal to \u20ac 43.3 million, while the rest was acquired through business combinations (mainly Wolf-Brink for \u20ac 27.4 million with a carrying amount as at 31 December 2025 equal to \u20ac 2.0 million). The Group evaluated the development costs related to products based on the criteria outlined in the Climate Delegated Act only for objective mitigation of climate change. As evidence of the commitment to promote a more efficient and renewable product portfolio, these investments have been capitalized. The impairment of the previously capitalized de- velopment costs was charged to the income statement if the related product revenues do not meet the level of future economic benefits. To determine the loss in value of capitalized development costs, in addition to the assessment of the economic return from each development project, the Group arranged to allocate them to the Net capital employed of the related CGUs and assesses their recoverability together with the related tangible assets, determining their value in use with the dis- counted cash flow method.\n \u2018Concessions, licenses, trademarks\u2019 remained stable compared to prior year. Trademarks have an indefinite useful life and are subject to impairment testing. For further details, please refer to the next sub-paragraph \u2018Impairment Test\u2019.\n \n \n \n \n \n Impairment test In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks) are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment. The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to the CGU Thermal Comfort (\u20ac 1,096.4 million in 2025 and \u20ac 1,110.3 million in 2024), while other goodwill balances relate to the CGUs Burners (\u20ac 12.5 million in 2025 equal to 2024) and Components (\u20ac 5.5 million in 2025 equal to 2024). In line with previous years, the Group applied the long-term business plan, which includes the latest available financials from the 3-year plan 2026 - 2028 which are approved by the Board, as the base for the impairment test. The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGUs is determined using value-in-use and was based on the following assumptions: \u2022 the expected future cash flows covering the period from 1 January 2026 through 31 December 2028. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat- egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state- ments and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con- sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and the segment for the respective CGU over the period considered. The expected future cash flows include a terminal period to estimate the future result beyond the time period explicitly considered which incor- porates a long-term growth rate assumption of 1.68%. The growth rate is determined by weighting the GDP growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2024 release); \u2022 the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows; \u2022 pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under con- sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal to: \u2022 TCO for 10.62%; \u2022 BUR for 11.21%; \u2022 COM for 11.92%. As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any further market shock. The stress tests included: \u2022 a reduction of 5%, 10% and 15% in EBITDA and Capex over the entire test period and for all markets and brands; \u2022 increase of WACC by +1% and decrease of growth rate by -1%. Each stress test is performed on a stand-alone basis. Any reasonable possible change in the key assumptions reported above would not cause any impairment loss. Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon: \u2022 WACC percentage increase on a weighted average of more than 22%; \n \n \n \n \n \n \n \n \u2022 Cash Flow percentage decrease: Thermal Comfort 14.3% (16.0% in 2024), Burners 64.2% (49.7% in 2024), Com- ponents 82.0% (71.4% in 2024). Assumptions related to the impairment plan Below is a summary of the main assumptions used within the impairment test for each CGU: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,975.7 49.6 31.8
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,096.4 12.5 5.5
Growth rate (%) 1.71% 0.94% 0.98%
WACC (%) 10.62% 11.21% 11.92%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,924.5 46.1 33.5
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,110.3 12.5 5.5
Growth rate (%) 1.72% 0.98% 0.91%
WACC (%) 9.95% 10.70% 11.57%
\n Impairment test results The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each CGU to which goodwill is allocated. As such, no impairment charges were recognized for goodwill and intangible assets with indefinite useful lives for the year ended 31 December 2025.\n \n \n \n \n \n \n Note 2.2.1 \u2013 Information on tangible and intangible assets by main country At 31 December 2025 the information on tangible and intangible assets (excluding goodwill) by main country is detailed below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Country 31.12.2025 31.12.2024
Netherlands (country of domicile) 79.8 87.3
Germany 549.5 563.5
Italy 327.6 306.1
Switzerland 61.2 53.7
Other countries 272.1 241.4
Total 1,290.4 1,251.9
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217201316567": { "value": "\n \n \n \n \n \n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n At 31 December 2025, 'Intangible assets' amounted to \u20ac 1,492.1 million, a decrease of \u20ac 9.1 million compared to 31 December 2024, after accounting for the amortization expense of \u20ac 43.0 million for the period, along with other changes. The amortization expense for the period is recognised under the appropriate item in the income statement. Changes during the period are shown in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
Perimeter variation 3.4 7.6 11.0
Increases 0.0 33.1 33.1
Decreases 0.0 -0.2 -0.2
Remeasurements and Impairment 0.0 -0.2 -0.2
Amortisation 0.0 -43.0 -43.0
Exchange rate effect -9.5 -0.6 -10.1
Other 0.0 0.4 0.4
Total changes -6.2 -2.9 -9.1
Cost net of accumulated impairment losses 891.6 824.6 1,716.3
Accumulated amortization -224.2 -224.2
As at 31.12.2025 891.6 600.5 1,492.1
\n Changes during the prior period are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 894.1 780.2 1,674.3
Accumulated amortization -161.8 -161.8
As at 31.12.2023 894.1 618.3 1,512.4
Perimeter variation 2.6 0.0 2.6
Increases 0.0 33.7 33.7
Decreases 0.0 -0.1 -0.1
Remeasurements and Impairment 0.0 -0.5 -0.5
Amortisation 0.0 -47.1 -47.1
Exchange rate effect 0.6 -1.8 -1.2
Other 0.5 1.1 1.6
Total changes 3.7 -14.8 -11.1
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
\n \n \n The total amount of goodwill was \u20ac 891.6 million, showing a decrease from \u20ac 897.8 million at the end of 2024, which is consistent with the prior period. The changes are primarily due to the following factors: - Goodwill resulting from the business combinations completed during the year. Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. - The changes in exchange rates, negative for \u20ac 9.5 million.\n \n \n \n \n The total amount of goodwill recognised in the statement of financial position is not amortized but is subject at least annually to an impairment test (together with the other intangible assets with indefinite useful lives) to assess its recov- erability, as envisaged by IAS 36. Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re- lated to the acquisition are expected. Consequently, at 31 December 2025, the impairment test was carried out as described in the subparagraph \u2018Impairment Test\u2019. \n \n \n \n The item \u2018Other intangible assets\u2019 can be detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) 31.12.2025 31.12.2024
Concessions, licenses, trademarks 235.3 235.5
Development costs 43.1 45.3
Intangible assets in progress 42.0 34.3
Software 36.8 34.4
Other 243.3 253.9
Total 600.5 603.4
\n\n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the year are as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impair- ment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated amortization -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
Perimeter variation 0.0 0.1 0.0 0.0 7.5 7.6
Increases 1.9 3.2 0.0 27.4 0.6 33.1
Decreases 0.0 -0.3 0.0 0.1 0.0 -0.2
Remeasurements and Impair- ment 0.0 -0.2 0.0 0.0 0.0 -0.2
Amortization -10.6 -14.2 -0.1 0.0 -18.1 -43.0
Exchange rate effect -0.1 -0.1 0.0 -0.1 -0.3 -0.6
Other 6.6 14.0 0.0 -19.8 -0.4 0.4
Total changes -2.2 2.4 -0.1 7.7 -10.7 -2.9
Cost net of accumulated impair- ment losses 118.7 99.6 243.7 42.0 320.7 824.6
Accumulated amortization -75.5 -62.9 -8.5 0.0 -77.3 -224.2
As at 31.12.2025 43.1 36.8 235.3 42.0 243.3 600.5
\n \n \n \n \n \n \n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the prior year are the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impairment losses 112.0 76.6 246.0 31.1 314.6 780.2
Accumulated depreciation -63.5 -48.9 -7.8 0.0 -41.9 -161.8
As at 31.12.2023 48.4 27.7 238.2 31.1 272.7 618.3
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Increases 3.4 4.2 0.0 25.4 0.7 33.7
Decreases 0.0 -0.1 0.0 0.0 0.0 -0.1
Remeasurements and Impairment -0.2 -0.1 0.0 -0.2 0.0 -0.5
Amortization -12.2 -14.6 -1.3 0.0 -19.0 -47.1
Exchange rate effect 0.0 -0.1 -1.5 0.0 -0.2 -1.8
Other 5.8 17.4 0.0 -22.2 0.0 1.1
Total changes -3.2 6.7 -2.8 3.2 -18.7 -14.8
Cost net of accumulated impairment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated depreciation -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
\n \n \n \n Other intangible assets have a definite useful life and are consequently amortized as necessary. The change in \u2018Other\u2019 from the beginning of the period was \u20ac -10.7 million. This decrease was primarily attributed to the amortization of the period. Additionally, starting in 2023, following the merger of Wolf-Brink, customer lists have been recognized in this category, with a net value of \u20ac 222.8 million as at 31 December 2025 (\u20ac 235.9 million as at 31 December 2024). \n \n \u2018Development costs\u2019 refer to products for which the return on investments occurs within a five-year period, on average. The capitalized costs for the period (including reclassified amounts from the \u2018Intangible asset in progress\u2019), attributable only to product development projects, amounted to \u20ac 20.0 million (\u20ac 17.4 million in 2024) out of a total of \u20ac 43.1 million (\u20ac 45.3 million in 2024) reported in the financial statements. The amount of \u2018Development costs\u2019 internally generated is equal to \u20ac 43.3 million, while the rest was acquired through business combinations (mainly Wolf-Brink for \u20ac 27.4 million with a carrying amount as at 31 December 2025 equal to \u20ac 2.0 million). The Group evaluated the development costs related to products based on the criteria outlined in the Climate Delegated Act only for objective mitigation of climate change. As evidence of the commitment to promote a more efficient and renewable product portfolio, these investments have been capitalized. The impairment of the previously capitalized de- velopment costs was charged to the income statement if the related product revenues do not meet the level of future economic benefits. To determine the loss in value of capitalized development costs, in addition to the assessment of the economic return from each development project, the Group arranged to allocate them to the Net capital employed of the related CGUs and assesses their recoverability together with the related tangible assets, determining their value in use with the dis- counted cash flow method.\n \u2018Concessions, licenses, trademarks\u2019 remained stable compared to prior year. Trademarks have an indefinite useful life and are subject to impairment testing. For further details, please refer to the next sub-paragraph \u2018Impairment Test\u2019.\n \n \n \n Impairment test In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks) are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment. The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to the CGU Thermal Comfort (\u20ac 1,096.4 million in 2025 and \u20ac 1,110.3 million in 2024), while other goodwill balances relate to the CGUs Burners (\u20ac 12.5 million in 2025 equal to 2024) and Components (\u20ac 5.5 million in 2025 equal to 2024). In line with previous years, the Group applied the long-term business plan, which includes the latest available financials from the 3-year plan 2026 - 2028 which are approved by the Board, as the base for the impairment test. The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGUs is determined using value-in-use and was based on the following assumptions: \u2022 the expected future cash flows covering the period from 1 January 2026 through 31 December 2028. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat- egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state- ments and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con- sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and the segment for the respective CGU over the period considered. The expected future cash flows include a terminal period to estimate the future result beyond the time period explicitly considered which incor- porates a long-term growth rate assumption of 1.68%. The growth rate is determined by weighting the GDP growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2024 release); \u2022 the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows; \u2022 pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under con- sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal to: \u2022 TCO for 10.62%; \u2022 BUR for 11.21%; \u2022 COM for 11.92%. As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any further market shock. The stress tests included: \u2022 a reduction of 5%, 10% and 15% in EBITDA and Capex over the entire test period and for all markets and brands; \u2022 increase of WACC by +1% and decrease of growth rate by -1%. Each stress test is performed on a stand-alone basis. Any reasonable possible change in the key assumptions reported above would not cause any impairment loss. Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon: \u2022 WACC percentage increase on a weighted average of more than 22%; \n \n \n \n \n \n \u2022 Cash Flow percentage decrease: Thermal Comfort 14.3% (16.0% in 2024), Burners 64.2% (49.7% in 2024), Com- ponents 82.0% (71.4% in 2024). Assumptions related to the impairment plan Below is a summary of the main assumptions used within the impairment test for each CGU: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,975.7 49.6 31.8
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,096.4 12.5 5.5
Growth rate (%) 1.71% 0.94% 0.98%
WACC (%) 10.62% 11.21% 11.92%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,924.5 46.1 33.5
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,110.3 12.5 5.5
Growth rate (%) 1.72% 0.98% 0.91%
WACC (%) 9.95% 10.70% 11.57%
\n Impairment test results The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each CGU to which goodwill is allocated. As such, no impairment charges were recognized for goodwill and intangible assets with indefinite useful lives for the year ended 31 December 2025.\n \n \n \n \n Note 2.2.1 \u2013 Information on tangible and intangible assets by main country At 31 December 2025 the information on tangible and intangible assets (excluding goodwill) by main country is detailed below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Country 31.12.2025 31.12.2024
Netherlands (country of domicile) 79.8 87.3
Germany 549.5 563.5
Italy 327.6 306.1
Switzerland 61.2 53.7
Other countries 272.1 241.4
Total 1,290.4 1,251.9
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217201537390": { "value": "\n \n \n \n \n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n At 31 December 2025, 'Intangible assets' amounted to \u20ac 1,492.1 million, a decrease of \u20ac 9.1 million compared to 31 December 2024, after accounting for the amortization expense of \u20ac 43.0 million for the period, along with other changes. The amortization expense for the period is recognised under the appropriate item in the income statement. Changes during the period are shown in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
Perimeter variation 3.4 7.6 11.0
Increases 0.0 33.1 33.1
Decreases 0.0 -0.2 -0.2
Remeasurements and Impairment 0.0 -0.2 -0.2
Amortisation 0.0 -43.0 -43.0
Exchange rate effect -9.5 -0.6 -10.1
Other 0.0 0.4 0.4
Total changes -6.2 -2.9 -9.1
Cost net of accumulated impairment losses 891.6 824.6 1,716.3
Accumulated amortization -224.2 -224.2
As at 31.12.2025 891.6 600.5 1,492.1
\n Changes during the prior period are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 894.1 780.2 1,674.3
Accumulated amortization -161.8 -161.8
As at 31.12.2023 894.1 618.3 1,512.4
Perimeter variation 2.6 0.0 2.6
Increases 0.0 33.7 33.7
Decreases 0.0 -0.1 -0.1
Remeasurements and Impairment 0.0 -0.5 -0.5
Amortisation 0.0 -47.1 -47.1
Exchange rate effect 0.6 -1.8 -1.2
Other 0.5 1.1 1.6
Total changes 3.7 -14.8 -11.1
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
\n \n \n The total amount of goodwill was \u20ac 891.6 million, showing a decrease from \u20ac 897.8 million at the end of 2024, which is consistent with the prior period. The changes are primarily due to the following factors: - Goodwill resulting from the business combinations completed during the year. Refer to \u2018Note 2.1.1 \u2013 Business combinations\u2019 for further details. - The changes in exchange rates, negative for \u20ac 9.5 million.\n \n \n The total amount of goodwill recognised in the statement of financial position is not amortized but is subject at least annually to an impairment test (together with the other intangible assets with indefinite useful lives) to assess its recov- erability, as envisaged by IAS 36. Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re- lated to the acquisition are expected. Consequently, at 31 December 2025, the impairment test was carried out as described in the subparagraph \u2018Impairment Test\u2019. \n \n \n \n Impairment test In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks) are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment. The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to the CGU Thermal Comfort (\u20ac 1,096.4 million in 2025 and \u20ac 1,110.3 million in 2024), while other goodwill balances relate to the CGUs Burners (\u20ac 12.5 million in 2025 equal to 2024) and Components (\u20ac 5.5 million in 2025 equal to 2024). In line with previous years, the Group applied the long-term business plan, which includes the latest available financials from the 3-year plan 2026 - 2028 which are approved by the Board, as the base for the impairment test. The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGUs is determined using value-in-use and was based on the following assumptions: \u2022 the expected future cash flows covering the period from 1 January 2026 through 31 December 2028. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat- egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state- ments and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con- sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and the segment for the respective CGU over the period considered. The expected future cash flows include a terminal period to estimate the future result beyond the time period explicitly considered which incor- porates a long-term growth rate assumption of 1.68%. The growth rate is determined by weighting the GDP growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2024 release); \u2022 the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows; \u2022 pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under con- sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal to: \u2022 TCO for 10.62%; \u2022 BUR for 11.21%; \u2022 COM for 11.92%. As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any further market shock. The stress tests included: \u2022 a reduction of 5%, 10% and 15% in EBITDA and Capex over the entire test period and for all markets and brands; \u2022 increase of WACC by +1% and decrease of growth rate by -1%. Each stress test is performed on a stand-alone basis. Any reasonable possible change in the key assumptions reported above would not cause any impairment loss. Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon: \u2022 WACC percentage increase on a weighted average of more than 22%; \n \n \n \n \u2022 Cash Flow percentage decrease: Thermal Comfort 14.3% (16.0% in 2024), Burners 64.2% (49.7% in 2024), Com- ponents 82.0% (71.4% in 2024). Assumptions related to the impairment plan Below is a summary of the main assumptions used within the impairment test for each CGU: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,975.7 49.6 31.8
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,096.4 12.5 5.5
Growth rate (%) 1.71% 0.94% 0.98%
WACC (%) 10.62% 11.21% 11.92%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,924.5 46.1 33.5
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,110.3 12.5 5.5
Growth rate (%) 1.72% 0.98% 0.91%
WACC (%) 9.95% 10.70% 11.57%
\n Impairment test results The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each CGU to which goodwill is allocated. As such, no impairment charges were recognized for goodwill and intangible assets with indefinite useful lives for the year ended 31 December 2025.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217162858937": { "value": "\n \n \n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n At 31 December 2025, 'Intangible assets' amounted to \u20ac 1,492.1 million, a decrease of \u20ac 9.1 million compared to 31 December 2024, after accounting for the amortization expense of \u20ac 43.0 million for the period, along with other changes. The amortization expense for the period is recognised under the appropriate item in the income statement. Changes during the period are shown in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
Perimeter variation 3.4 7.6 11.0
Increases 0.0 33.1 33.1
Decreases 0.0 -0.2 -0.2
Remeasurements and Impairment 0.0 -0.2 -0.2
Amortisation 0.0 -43.0 -43.0
Exchange rate effect -9.5 -0.6 -10.1
Other 0.0 0.4 0.4
Total changes -6.2 -2.9 -9.1
Cost net of accumulated impairment losses 891.6 824.6 1,716.3
Accumulated amortization -224.2 -224.2
As at 31.12.2025 891.6 600.5 1,492.1
\n Changes during the prior period are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Intangible assets (in \u20ac million) Goodwill Other intangible assets Total
Cost net of accumulated impairment losses 894.1 780.2 1,674.3
Accumulated amortization -161.8 -161.8
As at 31.12.2023 894.1 618.3 1,512.4
Perimeter variation 2.6 0.0 2.6
Increases 0.0 33.7 33.7
Decreases 0.0 -0.1 -0.1
Remeasurements and Impairment 0.0 -0.5 -0.5
Amortisation 0.0 -47.1 -47.1
Exchange rate effect 0.6 -1.8 -1.2
Other 0.5 1.1 1.6
Total changes 3.7 -14.8 -11.1
Cost net of accumulated impairment losses 897.8 801.7 1,699.5
Accumulated amortization -198.1 -198.1
As at 31.12.2024 897.8 603.4 1,501.2
\n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the year are as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impair- ment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated amortization -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
Perimeter variation 0.0 0.1 0.0 0.0 7.5 7.6
Increases 1.9 3.2 0.0 27.4 0.6 33.1
Decreases 0.0 -0.3 0.0 0.1 0.0 -0.2
Remeasurements and Impair- ment 0.0 -0.2 0.0 0.0 0.0 -0.2
Amortization -10.6 -14.2 -0.1 0.0 -18.1 -43.0
Exchange rate effect -0.1 -0.1 0.0 -0.1 -0.3 -0.6
Other 6.6 14.0 0.0 -19.8 -0.4 0.4
Total changes -2.2 2.4 -0.1 7.7 -10.7 -2.9
Cost net of accumulated impair- ment losses 118.7 99.6 243.7 42.0 320.7 824.6
Accumulated amortization -75.5 -62.9 -8.5 0.0 -77.3 -224.2
As at 31.12.2025 43.1 36.8 235.3 42.0 243.3 600.5
\n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the prior year are the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impairment losses 112.0 76.6 246.0 31.1 314.6 780.2
Accumulated depreciation -63.5 -48.9 -7.8 0.0 -41.9 -161.8
As at 31.12.2023 48.4 27.7 238.2 31.1 272.7 618.3
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Increases 3.4 4.2 0.0 25.4 0.7 33.7
Decreases 0.0 -0.1 0.0 0.0 0.0 -0.1
Remeasurements and Impairment -0.2 -0.1 0.0 -0.2 0.0 -0.5
Amortization -12.2 -14.6 -1.3 0.0 -19.0 -47.1
Exchange rate effect 0.0 -0.1 -1.5 0.0 -0.2 -1.8
Other 5.8 17.4 0.0 -22.2 0.0 1.1
Total changes -3.2 6.7 -2.8 3.2 -18.7 -14.8
Cost net of accumulated impairment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated depreciation -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
\n \n \n \n \n \n \n Note 2.2 \u2013 Property, plant and equipment \n \n At 31 December 2025, \u2018Property, plant and equipment\u2019 amounted to \u20ac 689.9 million, up by a net \u20ac 41.2 million compared to 31 December 2024. The depreciation expense for the period is recognized under the appropriate item in the income statement and amounted to \u20ac 95.8 million. Details of and changes in \u2018Property, plant and equipment\u2019 during the year are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
Perimeter variation 15.0 10.1 0.2 2.0 27.2
Increases 14.6 10.6 80.6 34.2 139.9
of which for right of use 10.2 0.3 0.0 21.9 32.5
Decreases -2.8 -0.2 -0.1 -0.9 -4.0
Impairment -7.3 -4.1 -0.1 -0.5 -12.0
Depreciation -28.6 -24.1 0.0 -43.2 -95.8
of which for right of use -17.3 -0.4 0.0 -16.9 -34.5
Exchange rate effect -2.7 -1.9 -0.2 -0.9 -5.7
Other 14.5 13.5 -47.8 11.4 -8.4
Total changes 2.7 3.9 32.6 2.1 41.3
Cost net of accumulated impairment losses 480.6 513.3 124.2 447.4 1,565.5
Accumulated depreciation -214.0 -350.2 0.0 -311.6 -875.8
As at 31.12.2025 266.6 163.1 124.2 135.9 689.9
\n Details of and changes in \u2018Property, plant and equipment\u2019 during the prior year are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 431.6 485.0 106.6 391.2 1,414.4
Accumulated depreciation -177.9 -347.3 0.0 -269.7 -795.0
As at 31.12.2023 253.7 137.7 106.6 121.5 619.4
Perimeter variation 12.8 0.3 -1.4 -1.4 10.3
Increases 26.3 10.4 53.4 37.9 128.0
of which for right of use 21.6 0.0 0.0 24.3 45.9
Decreases 0.2 -0.2 -0.1 0.1 0.0
Impairment -1.0 -1.7 0.0 -1.9 -4.6
Depreciation -27.9 -23.1 0.0 -41.5 -92.5
of which for right of use -17.2 -0.3 0.0 -15.2 -32.7
Exchange rate effect -1.9 -0.9 -0.2 -0.7 -3.7
Other 1.8 36.8 -66.9 20.0 -8.3
Total changes 10.3 21.6 -15.1 12.1 29.2
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
\n \n \n \n \n \n The net increase was largely attributable to the capital expenditure for the period, totalling \u20ac 139.9 million, only partly offset by \u20ac 95.8 million for depreciation.\n \n \n \n In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the period: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets Lands and buil- dings Plant and machinery Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
Perimeter variation 0.6 0.0 0.1 0.6
Increases 10.2 0.3 21.9 32.5
Depreciation -17.3 -0.4 -16.9 -34.5
Exchange rate effect -0.5 0.0 0.1 -0.4
Other 0.2 0.1 -0.8 -0.6
Total changes -6.8 -0.0 4.4 -2.4
Cost net of accumulated impairment losses 119.7 2.4 85.0 207.1
Accumulated depreciation -65.6 -1.3 -42.4 -109.3
As at 31.12.2025 54.1 1.1 42.6 97.8
\n \n Below are the carrying amounts of right-of-use assets and the relevant changes during the prior period: \n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets (in \u20ac million) Land and buildings Plant and machinery Other property, plant and equipment Total
Cost net of accumulated impairment losses 98.8 2.4 55.1 156.2
Accumulated depreciation -42.6 -1.0 -25.5 -69.1
As at 31.12.2023 56.3 1.4 29.5 87.2
Perimeter variation -0.6 0.0 -0.1 -0.7
Increases 21.6 0.0 24.3 45.9
Depreciation -17.2 -0.3 -15.2 -32.7
Exchange rate effect 0.4 0.0 -0.1 0.3
Other 0.5 0.0 -0.3 0.2
Total changes 4.7 -0.2 8.6 13.1
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217103705999": { "value": "\n \n \n \n Note 2.1 \u2013 Intangible assets\n \n \n \n \n The item \u2018Other intangible assets\u2019 can be detailed as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) 31.12.2025 31.12.2024
Concessions, licenses, trademarks 235.3 235.5
Development costs 43.1 45.3
Intangible assets in progress 42.0 34.3
Software 36.8 34.4
Other 243.3 253.9
Total 600.5 603.4
\n\n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the year are as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impair- ment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated amortization -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
Perimeter variation 0.0 0.1 0.0 0.0 7.5 7.6
Increases 1.9 3.2 0.0 27.4 0.6 33.1
Decreases 0.0 -0.3 0.0 0.1 0.0 -0.2
Remeasurements and Impair- ment 0.0 -0.2 0.0 0.0 0.0 -0.2
Amortization -10.6 -14.2 -0.1 0.0 -18.1 -43.0
Exchange rate effect -0.1 -0.1 0.0 -0.1 -0.3 -0.6
Other 6.6 14.0 0.0 -19.8 -0.4 0.4
Total changes -2.2 2.4 -0.1 7.7 -10.7 -2.9
Cost net of accumulated impair- ment losses 118.7 99.6 243.7 42.0 320.7 824.6
Accumulated amortization -75.5 -62.9 -8.5 0.0 -77.3 -224.2
As at 31.12.2025 43.1 36.8 235.3 42.0 243.3 600.5
\n \n \n \n \n \n \n \n Details of and changes in \u2018Other intangible assets\u2019 during the prior year are the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other intangible assets (in \u20ac million) Development costs Software Concessions, licenses and trademarks Intangible assets in progress Other Total
Cost net of accumulated impairment losses 112.0 76.6 246.0 31.1 314.6 780.2
Accumulated depreciation -63.5 -48.9 -7.8 0.0 -41.9 -161.8
As at 31.12.2023 48.4 27.7 238.2 31.1 272.7 618.3
Perimeter variation 0.0 0.0 0.0 0.0 0.0 0.0
Increases 3.4 4.2 0.0 25.4 0.7 33.7
Decreases 0.0 -0.1 0.0 0.0 0.0 -0.1
Remeasurements and Impairment -0.2 -0.1 0.0 -0.2 0.0 -0.5
Amortization -12.2 -14.6 -1.3 0.0 -19.0 -47.1
Exchange rate effect 0.0 -0.1 -1.5 0.0 -0.2 -1.8
Other 5.8 17.4 0.0 -22.2 0.0 1.1
Total changes -3.2 6.7 -2.8 3.2 -18.7 -14.8
Cost net of accumulated impairment losses 117.9 87.9 243.7 34.3 317.9 801.7
Accumulated depreciation -72.5 -53.6 -8.3 0.0 -63.9 -198.1
As at 31.12.2024 45.3 34.4 235.5 34.3 253.9 603.4
\n \n \n \n \n \u2018Development costs\u2019 refer to products for which the return on investments occurs within a five-year period, on average. The capitalized costs for the period (including reclassified amounts from the \u2018Intangible asset in progress\u2019), attributable only to product development projects, amounted to \u20ac 20.0 million (\u20ac 17.4 million in 2024) out of a total of \u20ac 43.1 million (\u20ac 45.3 million in 2024) reported in the financial statements. The amount of \u2018Development costs\u2019 internally generated is equal to \u20ac 43.3 million, while the rest was acquired through business combinations (mainly Wolf-Brink for \u20ac 27.4 million with a carrying amount as at 31 December 2025 equal to \u20ac 2.0 million). The Group evaluated the development costs related to products based on the criteria outlined in the Climate Delegated Act only for objective mitigation of climate change. As evidence of the commitment to promote a more efficient and renewable product portfolio, these investments have been capitalized. The impairment of the previously capitalized de- velopment costs was charged to the income statement if the related product revenues do not meet the level of future economic benefits. To determine the loss in value of capitalized development costs, in addition to the assessment of the economic return from each development project, the Group arranged to allocate them to the Net capital employed of the related CGUs and assesses their recoverability together with the related tangible assets, determining their value in use with the dis- counted cash flow method.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217201732399": { "value": "\n Note 2.1 \u2013 Intangible assets\n \n The total amount of goodwill recognised in the statement of financial position is not amortized but is subject at least annually to an impairment test (together with the other intangible assets with indefinite useful lives) to assess its recov- erability, as envisaged by IAS 36. Therefore, the goodwill has been allocated to the cash generating units (CGU) from which future economic benefits re- lated to the acquisition are expected. Consequently, at 31 December 2025, the impairment test was carried out as described in the subparagraph \u2018Impairment Test\u2019. \n \n Impairment test In accordance with IAS 36 - Impairment of Assets, goodwill and intangible assets with indefinite useful lives (Trademarks) are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to CGUs within the unique operating segment. The impairment test is performed by comparing the carrying and recoverable amount of each CGU to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of goodwill and intangible assets with indefinite useful lives recognised by the Company primarily relates to the CGU Thermal Comfort (\u20ac 1,096.4 million in 2025 and \u20ac 1,110.3 million in 2024), while other goodwill balances relate to the CGUs Burners (\u20ac 12.5 million in 2025 equal to 2024) and Components (\u20ac 5.5 million in 2025 equal to 2024). In line with previous years, the Group applied the long-term business plan, which includes the latest available financials from the 3-year plan 2026 - 2028 which are approved by the Board, as the base for the impairment test. The estimate of the recoverable amount for the purposes of performing the annual impairment test for each of the CGUs is determined using value-in-use and was based on the following assumptions: \u2022 the expected future cash flows covering the period from 1 January 2026 through 31 December 2028. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. Regarding climate-related matters, the expected cash flows incorporated certain climate-related risks to pursue the Group\u2019s global sustainability strat- egy. These cash flows relate to the respective CGUs in their current condition when preparing the financial state- ments and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used to estimate the future cash flow are based on assumptions that are con- sidered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and the segment for the respective CGU over the period considered. The expected future cash flows include a terminal period to estimate the future result beyond the time period explicitly considered which incor- porates a long-term growth rate assumption of 1.68%. The growth rate is determined by weighting the GDP growth rate at constant prices for the market in which the Group operates, to the revenues obtained in such markets. This GDP growth rate has been obtained from an authoritative international source (IMF, October 2024 release); \u2022 the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows; \u2022 pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under con- sideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied for each CGU is equal to: \u2022 TCO for 10.62%; \u2022 BUR for 11.21%; \u2022 COM for 11.92%. As part of the impairment test, additional stress tests are performed to assess the Group\u2019s capacity to resist any further market shock. The stress tests included: \u2022 a reduction of 5%, 10% and 15% in EBITDA and Capex over the entire test period and for all markets and brands; \u2022 increase of WACC by +1% and decrease of growth rate by -1%. Each stress test is performed on a stand-alone basis. Any reasonable possible change in the key assumptions reported above would not cause any impairment loss. Further, the headroom breakeven point is calculated through both the WACC percentage increase and the cash flow percentage decrease (in order to make it nil); for the reporting period the results are, within the planned horizon: \u2022 WACC percentage increase on a weighted average of more than 22%; \n \n \u2022 Cash Flow percentage decrease: Thermal Comfort 14.3% (16.0% in 2024), Burners 64.2% (49.7% in 2024), Com- ponents 82.0% (71.4% in 2024). Assumptions related to the impairment plan Below is a summary of the main assumptions used within the impairment test for each CGU: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,975.7 49.6 31.8
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,096.4 12.5 5.5
Growth rate (%) 1.71% 0.94% 0.98%
WACC (%) 10.62% 11.21% 11.92%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 Thermal Comfort (TCO) Burners (BUR) Components (COM)
Net invested capital (\u20ac/000) 1,924.5 46.1 33.5
of which Goodwill and Other intan- gible assets with indefinite useful lives (\u20ac/000) 1,110.3 12.5 5.5
Growth rate (%) 1.72% 0.98% 0.91%
WACC (%) 9.95% 10.70% 11.57%
\n Impairment test results The values estimated as described in the above paragraph are determined to be in excess of the carrying amount for each CGU to which goodwill is allocated. As such, no impairment charges were recognized for goodwill and intangible assets with indefinite useful lives for the year ended 31 December 2025.\n \n Note 2.2 \u2013 Property, plant and equipment \n \n In order to recognize any impairment loss to tangible assets, in the presence of impairment indicators, the Group attrib- utes these assets to the Net invested capital of the related CGUs and assesses their recoverability by determining their value in use with the discounted cash flow method.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217185215017": { "value": "\n \n \n Note 2.2 \u2013 Property, plant and equipment \n \n At 31 December 2025, \u2018Property, plant and equipment\u2019 amounted to \u20ac 689.9 million, up by a net \u20ac 41.2 million compared to 31 December 2024. The depreciation expense for the period is recognized under the appropriate item in the income statement and amounted to \u20ac 95.8 million. Details of and changes in \u2018Property, plant and equipment\u2019 during the year are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
Perimeter variation 15.0 10.1 0.2 2.0 27.2
Increases 14.6 10.6 80.6 34.2 139.9
of which for right of use 10.2 0.3 0.0 21.9 32.5
Decreases -2.8 -0.2 -0.1 -0.9 -4.0
Impairment -7.3 -4.1 -0.1 -0.5 -12.0
Depreciation -28.6 -24.1 0.0 -43.2 -95.8
of which for right of use -17.3 -0.4 0.0 -16.9 -34.5
Exchange rate effect -2.7 -1.9 -0.2 -0.9 -5.7
Other 14.5 13.5 -47.8 11.4 -8.4
Total changes 2.7 3.9 32.6 2.1 41.3
Cost net of accumulated impairment losses 480.6 513.3 124.2 447.4 1,565.5
Accumulated depreciation -214.0 -350.2 0.0 -311.6 -875.8
As at 31.12.2025 266.6 163.1 124.2 135.9 689.9
\n Details of and changes in \u2018Property, plant and equipment\u2019 during the prior year are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Property, plant and equipment Land and buildings Plant and machinery Construction in progress Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 431.6 485.0 106.6 391.2 1,414.4
Accumulated depreciation -177.9 -347.3 0.0 -269.7 -795.0
As at 31.12.2023 253.7 137.7 106.6 121.5 619.4
Perimeter variation 12.8 0.3 -1.4 -1.4 10.3
Increases 26.3 10.4 53.4 37.9 128.0
of which for right of use 21.6 0.0 0.0 24.3 45.9
Decreases 0.2 -0.2 -0.1 0.1 0.0
Impairment -1.0 -1.7 0.0 -1.9 -4.6
Depreciation -27.9 -23.1 0.0 -41.5 -92.5
of which for right of use -17.2 -0.3 0.0 -15.2 -32.7
Exchange rate effect -1.9 -0.9 -0.2 -0.7 -3.7
Other 1.8 36.8 -66.9 20.0 -8.3
Total changes 10.3 21.6 -15.1 12.1 29.2
Cost net of accumulated impairment losses 458.7 487.4 91.6 419.7 1,457.5
Accumulated depreciation -194.8 -328.2 0.0 -286.0 -809.0
As at 31.12.2024 264.0 159.2 91.6 133.8 648.5
\n \n The net increase was largely attributable to the capital expenditure for the period, totalling \u20ac 139.9 million, only partly offset by \u20ac 95.8 million for depreciation.\n \n \n In order to recognize any impairment loss to tangible assets, in the presence of impairment indicators, the Group attrib- utes these assets to the Net invested capital of the related CGUs and assesses their recoverability by determining their value in use with the discounted cash flow method.\n The item \u2018Other property, plant and equipment\u2019 amounted to \u20ac 135.9 million, up by \u20ac 2.1 million compared with 31 December 2024.\n \n The breakdown is detailed below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other property, plant and equipment (in \u20ac million) 31.12.2025 31.12.2024
Industrial and commercial equipment 75.9 76.7
Vehicles & transportation equipment 43.8 39.1
Furniture and office equipment 10.2 12.0
EDP machinery 3.2 2.9
Other 2.8 3.0
Total 135.9 133.8
\n \n Note 2.2.1 \u2013 Information on tangible and intangible assets by main country At 31 December 2025 the information on tangible and intangible assets (excluding goodwill) by main country is detailed below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Country 31.12.2025 31.12.2024
Netherlands (country of domicile) 79.8 87.3
Germany 549.5 563.5
Italy 327.6 306.1
Switzerland 61.2 53.7
Other countries 272.1 241.4
Total 1,290.4 1,251.9
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217124512724": { "value": "\n \n Note 2.2 \u2013 Property, plant and equipment \n \n \n \n \n \n In accordance with IFRS 16, below are the carrying amounts of right-of-use assets and the relevant changes during the period: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets Lands and buil- dings Plant and machinery Other property, plant and equipment Total
(in \u20ac million)
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
Perimeter variation 0.6 0.0 0.1 0.6
Increases 10.2 0.3 21.9 32.5
Depreciation -17.3 -0.4 -16.9 -34.5
Exchange rate effect -0.5 0.0 0.1 -0.4
Other 0.2 0.1 -0.8 -0.6
Total changes -6.8 -0.0 4.4 -2.4
Cost net of accumulated impairment losses 119.7 2.4 85.0 207.1
Accumulated depreciation -65.6 -1.3 -42.4 -109.3
As at 31.12.2025 54.1 1.1 42.6 97.8
\n \n \n \n \n \n \n \n Below are the carrying amounts of right-of-use assets and the relevant changes during the prior period: \n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of use assets (in \u20ac million) Land and buildings Plant and machinery Other property, plant and equipment Total
Cost net of accumulated impairment losses 98.8 2.4 55.1 156.2
Accumulated depreciation -42.6 -1.0 -25.5 -69.1
As at 31.12.2023 56.3 1.4 29.5 87.2
Perimeter variation -0.6 0.0 -0.1 -0.7
Increases 21.6 0.0 24.3 45.9
Depreciation -17.2 -0.3 -15.2 -32.7
Exchange rate effect 0.4 0.0 -0.1 0.3
Other 0.5 0.0 -0.3 0.2
Total changes 4.7 -0.2 8.6 13.1
Cost net of accumulated impairment losses 112.5 2.1 66.7 181.3
Accumulated depreciation -51.7 -1.0 -28.4 -81.1
As at 31.12.2024 60.9 1.1 38.2 100.2
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n \n \n In accordance with IFRS 16, the carrying amounts of financial liabilities arising from right-of-use assets, broken down by due date at 31 December 2025, are presented below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 31.12.2025 (in \u20ac million) 0-12 months 2-5 years >5 years Total
Financial payables
- non-current loans 65.7 6.5 72.2
- current loans 28.5 28.5
Financial payables 28.5 65.7 6.5 100.7
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217184557586": { "value": "\n Note 2.3 \u2013 Investments in associates & Joint ventures \n \n Associates On 11 March 2025, the Ariston Group acquired 20.00% of the German company HeimWatt GmbH. The investment was around \u20ac 3.2 million. The core activities focus on the design, installation, and integration of photovoltaic systems and heat pumps, enabling households to produce and use clean energy efficiently. The Group\u2019s interest in HeimWatt GmbH is accounted for using the equity method in the consolidated financial state- ments. On 26 March 2025, the Ariston Group subscribed to a capital increase in the Belgian company Thermovault B.V. Prior to the transaction, the Ariston Group held a 18.97% equity interest in Thermovault B.V.. Following the capital in- crease subscribed during the year, the Group\u2019s ownership increased to 27.98%. As a result, the Group\u2019s interest in Ther- movault B.V. is accounted for using the equity method in the consolidated financial statements starting from 2025. As at 31 December 2025, the carrying amount of the investment was approximately \u20ac 3.8 million. \n \n \n Joint ventures On 27 May 2025, the Company Ariston Lennox Water Heating North America, LLC was created. The Group holds 50.1% interest in the Joint Venture, involved in the commercialization of Ariston products under the Lennox brand within the United States and Canadian markets. In addition, the Joint Venture is required to provide operational support, including technical assistance and after-sales service, to Lennox in relation to the aforementioned products. The interest of Ariston Group in Ariston Lennox Water Heating North America, LLC is accounted for using the equity method. As at 31 December 2025 the investment amount is equal to \u20ac 0.7 million. JV\u2019s financial results are not material for the Group for the year 2025.\n \n \n \n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered of- fice Curr. Share capital Business unit (*) Investing companies Group's inte- rest
1 Ariston Lennox Water heating North America LLC USA USD 1,400,000 TC Ariston USA LLC 50.10
2 Cinergi Ltd UK GBP 100 TC Ariston U.K. Ltd. 24.75
3 Haas Heating B.V. Netherlands EUR 100 TC Atag Heating B.V. 24.50
4 HeimWatt GmbH Germany EUR 30,332 TC WEBA Services GmbH 20.00
5 Joint venture \"Ariston Thermo - UTG LLC\" (**) Uzbekistan EUR 1,000,000 TC Ariston Holding N.V. 51.00
6 Thermal Earth Ltd UK GBP 81 TC Ariston U.K. Ltd. 30.00
7 Thermovault Belgium EUR 6,283,576 TC Ariston Holding N.V. 27.98
\n (**) The company was not included in the scope of consolidation because of its limited area of operation and significance\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217152618905": { "value": "\n Associates On 11 March 2025, the Ariston Group acquired 20.00% of the German company HeimWatt GmbH. The investment was around \u20ac 3.2 million. The core activities focus on the design, installation, and integration of photovoltaic systems and heat pumps, enabling households to produce and use clean energy efficiently. The Group\u2019s interest in HeimWatt GmbH is accounted for using the equity method in the consolidated financial state- ments. On 26 March 2025, the Ariston Group subscribed to a capital increase in the Belgian company Thermovault B.V. Prior to the transaction, the Ariston Group held a 18.97% equity interest in Thermovault B.V.. Following the capital in- crease subscribed during the year, the Group\u2019s ownership increased to 27.98%. As a result, the Group\u2019s interest in Ther- movault B.V. is accounted for using the equity method in the consolidated financial statements starting from 2025. As at 31 December 2025, the carrying amount of the investment was approximately \u20ac 3.8 million. \n \n \n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered of- fice Curr. Share capital Business unit (*) Investing companies Group's inte- rest
1 Ariston Lennox Water heating North America LLC USA USD 1,400,000 TC Ariston USA LLC 50.10
2 Cinergi Ltd UK GBP 100 TC Ariston U.K. Ltd. 24.75
3 Haas Heating B.V. Netherlands EUR 100 TC Atag Heating B.V. 24.50
4 HeimWatt GmbH Germany EUR 30,332 TC WEBA Services GmbH 20.00
5 Joint venture \"Ariston Thermo - UTG LLC\" (**) Uzbekistan EUR 1,000,000 TC Ariston Holding N.V. 51.00
6 Thermal Earth Ltd UK GBP 81 TC Ariston U.K. Ltd. 30.00
7 Thermovault Belgium EUR 6,283,576 TC Ariston Holding N.V. 27.98
\n (**) The company was not included in the scope of consolidation because of its limited area of operation and significance\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260226134130617": { "value": "\n \n \n Joint ventures On 27 May 2025, the Company Ariston Lennox Water Heating North America, LLC was created. The Group holds 50.1% interest in the Joint Venture, involved in the commercialization of Ariston products under the Lennox brand within the United States and Canadian markets. In addition, the Joint Venture is required to provide operational support, including technical assistance and after-sales service, to Lennox in relation to the aforementioned products. The interest of Ariston Group in Ariston Lennox Water Heating North America, LLC is accounted for using the equity method. As at 31 December 2025 the investment amount is equal to \u20ac 0.7 million. JV\u2019s financial results are not material for the Group for the year 2025.\n \n \n \n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered of- fice Curr. Share capital Business unit (*) Investing companies Group's inte- rest
1 Ariston Lennox Water heating North America LLC USA USD 1,400,000 TC Ariston USA LLC 50.10
2 Cinergi Ltd UK GBP 100 TC Ariston U.K. Ltd. 24.75
3 Haas Heating B.V. Netherlands EUR 100 TC Atag Heating B.V. 24.50
4 HeimWatt GmbH Germany EUR 30,332 TC WEBA Services GmbH 20.00
5 Joint venture \"Ariston Thermo - UTG LLC\" (**) Uzbekistan EUR 1,000,000 TC Ariston Holding N.V. 51.00
6 Thermal Earth Ltd UK GBP 81 TC Ariston U.K. Ltd. 30.00
7 Thermovault Belgium EUR 6,283,576 TC Ariston Holding N.V. 27.98
\n (**) The company was not included in the scope of consolidation because of its limited area of operation and significance\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145004545": { "value": "\n Notes 2.4 \u2013 Deferred tax assets and liabilities The net deferred taxes show a negative net balance of \u20ac 55.7 million in comparison with a negative net balance of de- ferred taxes of \u20ac 86.5 million of 2024, with an overall variation of \u20ac 30.8 million. The reduction of the net balance mainly derives from the reduction of deferred tax liabilities. In 2025, different factors created the reduction of the deferred tax liabilities. The first item is the change of the tax rate enacted in 2025 in Germany that impacted the deferred taxes for an amount of \u20ac 19.0 million. Pursuant to Sec. 23 para. 1 of the German Corporate Income Tax Act, the German Corporate Income Tax rate will gradually reduce from 15% to 10%, starting on 1 January 2028 and concluding in 2032. The impact on the deferred tax liabilities has been entirely accrued in 2025. The other recurring item is the amortization of the assets deriving from the purchase price allocation, mainly arising from the Wolf-Brink business combination occurred in 2023 and amounting to \u20ac 5.7 million. Another reason for the deferred tax liabilities decrease derives from the reduction of those pertaining to undistributed earnings. Starting from 2021, a deferred tax liability on the undistributed earnings in Ariston subsidiaries is recorded equal to the expected tax burden on the remittance of earnings from those jurisdictions. The amount of the deferred tax liabil- ities on undistributed earnings recorded in 2025 is equal to \u20ac 15.5 million, a decrease of \u20ac 4.3 million in respect to the previous year. A significant part of this decrease, \u20ac 3.1 million relates to the reduction of the withholding tax on distribu- tion of earnings from China deriving from the new Tax treaty against double taxation between Italy and China becoming effective in 2026. The remaining part, equal to \u20ac 1.2 million, mainly derives from the dividend policy applied aimed at maximizing dividend distribution. The components of deferred tax assets and liabilities at 31 December 2025 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax assets 31.12.2024 P&L Equity Translation differences and others 31.12.2025
(in \u20ac million)
Intellectual property 21.7 0.0 0.0 0.7 22.4
Research and development 8.0 0.1 0.0 -0.1 8.1
Tangible assets and leasing 21.1 -3.5 0.0 6.1 23.8
Provisions for risks 25.4 -1.5 -0.2 6.6 30.2
Inventory&Bad Debt 19.2 0.2 0.0 -5.8 13.6
Hedging 2.4 0.0 -2.4 1.3 1.4
Tax timing differences 8.2 4.5 0.0 3.6 16.2
Tax losses 7.4 1.3 0.0 -0.3 8.4
Other 8.8 -4.0 0.0 -2.8 2.0
TOTAL 122.1 -2.9 -2.6 9.4 126.0
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax liabilities 31.12.2024 P&L Equity Translation differences and others 31.12.2025
(in \u20ac million)
Intellectual property -135.1 21.5 0.0 -2.0 -115.6
Tangible assets and leasing -35.5 9.8 0.0 -11.6 -37.4
Inventory -2.7 0.2 0.0 1.2 -1.4
Taxes on undistributed profits -20.0 4.7 0.2 -0.2 -15.3
Hedging and exchange gain or loss -2.8 2.0 -0.7 -1.2 -2.8
Tax timing differences -8.8 0.0 0.0 1.3 -7.4
Other -3.7 0.5 -0.2 1.6 -1.9
TOTAL -208.7 38.6 -0.7 -11.0 -181.7
\n As comparative data, the components of deferred tax assets and liabilities at 31 December 2024 were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax assets 31.12.2023 P&L Equity Translation differ- ences and others 31.12.2024
(in \u20ac million)
Brand and patents 20.4 -0.1 0.0 1.4 21.7
Research and development 7.8 0.1 0.0 0.1 8.0
Tangible assets and leasing 15.7 -1.1 0.0 6.5 21.1
Provisions for risks 28.2 -4.6 3.5 -1.7 25.4
Inventory & Bad Debt 17.7 1.4 0.0 0.1 19.2
Hedging 2.3 0.0 -1.0 1.1 2.4
Tax timing differences 6.0 3.0 0.0 -0.8 8.2
Tax losses 9.7 -2.3 0.0 0.0 7.4
Other 6.9 3.9 0.0 -2.0 8.8
Total 114.6 0.3 2.5 4.7 122.1
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Deferred tax liabilities 31.12.2023 P&L Equity Translation differ- ences and others 31.12.2024
(in \u20ac million)
Brand and intellectual property -143.5 4.2 0.0 4.2 -135.1
Tangible assets and leasing -26.9 -5.0 0.0 -3.6 -35.5
Inventory -3.3 1.4 0.0 -0.8 -2.7
Taxes on undistributed profits -24.6 4.6 0.0 0.0 -20.0
Hedging and exchange gain or loss -4.6 1.2 1.7 -1.1 -2.8
Tax timing differences -8.5 -0.9 0.0 0.6 -8.8
Other -2.8 4.7 0.0 -5.6 -3.7
Total -214.3 10.2 1.7 -6.3 -208.7
\n The decision to recognize deferred tax assets is made for each legal entity in the Group by critically assessing whether the conditions exist for the future recoverability of such assets on the basis of actual results, as well as updated plans. Ariston recognizes in its consolidated statement of financial position the amount of deferred tax assets less the deferred tax liabilities of the individual consolidated legal entities, where these may be offset.\n \n Notes 3.2 \u2013 Deferred tax liabilities \u2018Deferred tax liabilities\u2019 are discussed in \u2018Note 2.4 - Deferred tax assets and liabilities\u2019, to which reference should be made.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217095401192": { "value": "Note 2.6 \u2013 Other non-current assets \u2018Other non-current assets\u2019 primarily include guarantee deposits due after one year and other assets with a financial im- pact of more than one year. At 31 December 2025, \u2018Other non-current assets\u2019 amounted to \u20ac 8.3 million, up compared with \u20ac 7.0 million at 31 De- cember 2024.\n \n Note 2.12 \u2013 Other current assets At 31 December 2025, 'Other current assets' amounted to \u20ac 86.7 million, compared to \u20ac 62.8 million at 31 December 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other current assets (in \u20ac million) 31.12.2025 31.12.2024
Indirect tax receivables 38.8 37.6
Credits from government 17.7 0.9
Prepaid expenses 14.4 11.3
Advances to suppliers 8.8 5.6
Supplier debit balance 3.7 5.1
Receivables from employees 0.7 0.8
Other receivables 2.6 1.4
Total 86.7 62.8
\n \n \n \n \n The credit for government is primarily related to the incentives granted in Italy in connection with investment programs. For further information, please refer to paragraph \u20188.6.4 \u2013 Other disclosures\u2019, section \u2018Grants\u2019.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145306153": { "value": "Note 2.6 \u2013 Other non-current assets \u2018Other non-current assets\u2019 primarily include guarantee deposits due after one year and other assets with a financial im- pact of more than one year. At 31 December 2025, \u2018Other non-current assets\u2019 amounted to \u20ac 8.3 million, up compared with \u20ac 7.0 million at 31 De- cember 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217164037428": { "value": "Note 2.6 \u2013 Other non-current assets \u2018Other non-current assets\u2019 primarily include guarantee deposits due after one year and other assets with a financial im- pact of more than one year. At 31 December 2025, \u2018Other non-current assets\u2019 amounted to \u20ac 8.3 million, up compared with \u20ac 7.0 million at 31 De- cember 2024.\n \n \n Note 2.12 \u2013 Other current assets At 31 December 2025, 'Other current assets' amounted to \u20ac 86.7 million, compared to \u20ac 62.8 million at 31 December 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other current assets (in \u20ac million) 31.12.2025 31.12.2024
Indirect tax receivables 38.8 37.6
Credits from government 17.7 0.9
Prepaid expenses 14.4 11.3
Advances to suppliers 8.8 5.6
Supplier debit balance 3.7 5.1
Receivables from employees 0.7 0.8
Other receivables 2.6 1.4
Total 86.7 62.8
\n \n \n \n The increase in 'Other current assets' primarily reflects the credits from government and advances to suppliers which rose compared to 2024.\n \n \n The credit for government is primarily related to the incentives granted in Italy in connection with investment programs. For further information, please refer to paragraph \u20188.6.4 \u2013 Other disclosures\u2019, section \u2018Grants\u2019.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145408149": { "value": "Note 2.7 \u2013 Non-current tax receivables As at 31 December 2025, 'Non-current tax receivables' amounted to \u20ac 1.9 million, slightly up from \u20ac 1.0 million in the same period of 2024. This item includes receivables due to the Group from the tax authorities.\n Note 2.10 \u2013 Tax receivables \u2018Tax receivables\u2019 primarily includes the amounts due to Group companies from the taxation authorities in several coun- tries where the Group operates. At 31 December 2025, this item amounted to \u20ac 38.0 million, compared to \u20ac 39.9 million in 2024, as shown in this table:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Tax receivables (in \u20ac million) 31.12.2025 31.12.2024
Tax receivable for taxes paid in excess 21.3 26.4
Tax receivables towards Merloni Holding 12.3 8.7
Other short term tax receivables 4.5 4.7
Total 38.0 39.9
\n Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident in Italy and is controlled by Merloni Holding S.p.A. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem- ber 2025, the income tax assets and liabilities of individual Italian companies are transferred to Merloni Holding S.p.A. and included in the \u2018Tax assets\u2019 from the parent for tax consolidation purposes. The increase amounts to \u20ac 3.6 million and mainly derives from the taxable base for tax consolidation purposes at Ariston Group level.\n \n Note 3.7 \u2013 Non-current tax liabilities \u2018Non-current tax liabilities\u2019 amounted to \u20ac 0.7 million at 31 December 2025, down by \u20ac 3.2 million compared to the previous year end. The decrease is primarily due to a \u20ac 2.6 million payment made to the \u2018French Tax Administration\u2019. \n \n Note 3.9 \u2013 Tax payables \u2018Tax payables\u2019 amounted to \u20ac 53.5 million versus \u20ac 53.4 million in 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Tax payables (in \u20ac million) 31.12.2025 31.12.2024
Income tax payables 28.6 33.9
Tax payables towards Merloni Holding 13.6 8.3
Other tax payables 11.4 11.1
Total 53.5 53.4
\n Tax payables remained broadly stable year on year, amounting to \u20ac 53.5 million at 31 December 2025 compared with \u20ac 53.4 million at 31 December 2024. The overall stability reflects offsetting movements within the individual components. In particular, \u2018Income tax payables\u2019 decreased to \u20ac 28.6 million from \u20ac 33.9 million, mainly due to the Group\u2019s operating performance and timing effects. This reduction was more than offset by an increase in tax payables towards Merloni Holding, which rose to \u20ac 13.6 million from \u20ac 8.3 million, mainly in connection with the national tax consolidation mecha- nism. Other tax payables remained broadly in line with the prior year. Ariston Holding N.V. is incorporated in the Netherlands but is a tax resident of Italy and is controlled by Merloni Holding S.p.A. Ariston Holding N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme. At 31 Decem- ber 2025, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively, Merloni Holding S.p.A.. These amounts are included in the \u2018Tax payables\u2019 due to the controlling shareholder for tax con- solidation.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145708015": { "value": "\n Note 2.8 \u2013 Inventories \u2018Inventories\u2019 at 31 December 2025 and at 31 December 2024, are broken down below, net of the obsolete stock provision. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Inventories (in \u20ac million) 31.12.2025 31.12.2024
Raw materials 186.5 175.6
Work in progress and semi-finished goods 31.5 31.9
Finished goods and goods for resale 293.0 263.0
Total 511.0 470.4
\n As at 31 December 2025, the gross value of inventories was \u20ac 585.1 million, up from \u20ac 553.7 million on 31 December 2024. Meanwhile, the provision amounted to \u20ac 74.1 million, down from \u20ac 83.3 million in the previous year. As at 31 December 2025, inventories totaled \u20ac 511.0 million, an increase of \u20ac 40.6 million compared to 31 December 2024. This change is mainly attributed to the following factors: \u2022 the re-consolidation of Ariston Thermo Rus LLC equal to \u20ac 33.1 million; \u2022 organic change and perimeter variation of \u20ac 16.4 million, primarily resulting from initiatives to improve customer service levels, supported by coordinated monthly planning across functions; \u2022 negative exchange rate effect of \u20ac 8.9 million. Inventories are recognized at the lower between purchase and production cost, according to the weighted average cost method, and their net realizable value which includes the costs necessary to sell inventories. Based on that, they had no material impact for the Group. The provision for obsolete or slow-moving stock increased compared to the previous year, both in percentage terms and in absolute value. In 2025, the provision amounted to 14.5% of the total inventory, down from 17.7% the year before. Additionally, the absolute variation in the provision was \u20ac -9.1 million. The obsolescence risk is measured taking into account stock rotation, calculated monthly as the ratio of inventories to consumption over the last twelve months for raw materials (forty-eight months for spare parts with a life cycle defined as \u201cinactive\u201d), and the product life cycle. In the obsolescence risk, the Group has considered the technological obsoles- cence which can arise from climate change and the energy transition for materials and products in stock. Based on these parameters, impairment percentages are applied which increase in proportion to the estimated risk. The change in the obsolete stock provision changed as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Obsolete stock provision (in \u20ac million) Raw materials Work in progress and semi-finished goods Finished goods and goods for resale Total
As at 31.12.2024 23.1 2.8 57.4 83.3
Perimeter variation 1.0 - 1.5 2.5
Increases 9.6 1.7 9.5 20.8
Decreases -3.5 -0.2 -4.3 -8.0
Release -7.3 -1.0 -14.3 -22.6
Exchange rate effect -0.4 0.0 -0.8 -1.1
Other 0.0 0.0 -0.7 -0.7
Total changes -0.6 0.5 -9.1 -9.1
As at 31.12.2025 22.5 3.3 48.3 74.1
\n The recognition of inventories using the weighted average cost method does not show any significant differences com- pared with measurement at current costs.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217145924663": { "value": "\n \n \n \n \n \n Note 2.9 \u2013 Trade receivables\n \n \n \n Trade receivables amounted to \u20ac 347.8 million, net of a bad debt provision of \u20ac 18.2 million. Compared with 31 December 2024, the net balance shows an increase of \u20ac 13.9 million in absolute values. The variation is primarily attributable to the slight rise in sales volumes. Nevertheless, the country mix effect played a crucial role in partially mitigating this impact though the diversification of geographical sales. The percentage of trade receivables on the turnover of the last 12 months was equal to 13.0% compared with 12.9% recorded at 31 December 2024. \n \n \n \n \n The bad debt provision of \u20ac 18.2 million shows a net decrease by \u20ac 4.0 million compared with 31 December 2024. This decrease is mainly attributable to the reconsolidation of Russian company which resulted in the release of the provisions allocated to the company considered third party in December 2024 and bad debt usage for old unrecoverable balance. At 31 December 2025, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed receivables. Following are the changes in the bad debt provision: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bad debt provision (in \u20ac million) Short-term Medium/long- term Total
As at 31.12.2024 17.7 4.5 22.2
Perimeter variation 0.6 0.3 0.9
Increases 3.6 0.2 3.8
Decreases -1.1 -0.5 -1.6
Release -6.4 -0.2 -6.6
Exchange rate effect -0.5 0.1 -0.6
Other 0.2 -0.1 0.1
Total changes -3.6 -0.4 -4.0
As at 31.12.2025 14.0 4.1 18.2
\n Reference should be made to the \u2018Credit Risk\u2019 paragraph for further details on ageing and the related Bad Debt Provi- sion.\n \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n Maximum risk exposure The maximum exposure to risk, net of guarantees, at 31 December 2025 was \u20ac 145.9 million compared to \u20ac 134.3 at 31 December 2024. The Group has not identified any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk portfolio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing its liquidity in leading bank and corporate counterparties selected according to their credit quality. All recognized receivables have a credit risk rating minimum. The table below summarizes the types of instruments protecting the Group against credit risk: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Type (in \u20ac million) 31.12.2025 % 31.12.2024 %
Receivables under insurance policies 181.9 52.3% 181.6 54.4%
Other financial means of securing 20.0 5.8% 18.0 5.4%
Total secured receivables 201.9 58.1% 199.5 59.8%
Non-secured receivables 145.9 41.9% 134.3 40.2%
Total receivables 347.8 100.0% 333.9 100.0%
\n \u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees, as well as other methods of covering default risk through the Central Payment Regulator System, introduced following as part of the Wolf-Brink busi- ness combination. \n \n Overdue financial assets The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days). The amount of receivables past-due within 60 days is \u20ac 27.3 million (versus \u20ac 27.7 million at December 2024) whereas the amount of receivables past-due beyond 60 days is \u20ac 13.6 million (versus \u20ac 16.3 million at December 2024). The following table shows trade receivables for issued invoices broken down by past-due ranges:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing (in \u20ac million) 31.12.2025 % 31.12.2024 %
Overdue 0-30 19.4 5.6% 20.4 6.1%
Overdue 31-60 8.0 2.3% 7.3 2.2%
Overdue 61-120 3.3 0.9% 2.9 0.9%
Due after 120 and legal 10.2 2.9% 13.4 4.0%
\n The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country risk class where the trade receivable amount is allocated. The current (not overdue) receivables amounted to \u20ac 306.9 million. Also these amounts are allocated to their country risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad debt amounted to \u20ac 4.5 million. Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to impairment up to overdue below 180 days, while over 180 days the percentages remain the same. As at 31 December 2025 there is no significant financing component identified for trade receivables. \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217151607823": { "value": "\n \n \n \n Note 2.9 \u2013 Trade receivables\n \n \n \n \n \n \n \n The bad debt provision of \u20ac 18.2 million shows a net decrease by \u20ac 4.0 million compared with 31 December 2024. This decrease is mainly attributable to the reconsolidation of Russian company which resulted in the release of the provisions allocated to the company considered third party in December 2024 and bad debt usage for old unrecoverable balance. At 31 December 2025, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed receivables. Following are the changes in the bad debt provision: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bad debt provision (in \u20ac million) Short-term Medium/long- term Total
As at 31.12.2024 17.7 4.5 22.2
Perimeter variation 0.6 0.3 0.9
Increases 3.6 0.2 3.8
Decreases -1.1 -0.5 -1.6
Release -6.4 -0.2 -6.6
Exchange rate effect -0.5 0.1 -0.6
Other 0.2 -0.1 0.1
Total changes -3.6 -0.4 -4.0
As at 31.12.2025 14.0 4.1 18.2
\n Reference should be made to the \u2018Credit Risk\u2019 paragraph for further details on ageing and the related Bad Debt Provi- sion.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n Credit risk is the Group\u2019s exposure to potential losses from failure by commercial counterparties to fulfil obligations they have entered into. Failure to collect or late collection of trade receivables could have a negative impact on the Group\u2019s financial performance and financial balance. The Group\u2019s policy for managing credit risk from commercial activities envisages the preliminary assessment of counter- parties\u2019 creditworthiness, the management of credit limits and the adoption of risk mitigation instruments, such as the acquisition of bank guarantees, letters of credit and the external transfer of part of the insolvency risk through a global program of credit insurance. The portion of secured receivables, at 31 December 2025, accounted for 58.1% of the total exposure compared to 59.8% at 31 December 2024. In order to mitigate credit risk, the Group has also adopted a policy which defines the strategic guidelines and operating rules for an effective system to control each company\u2019s credit. In addition, the policy defines the means for estimating expected losses, in accordance with the means set out hereafter and taking account of the mitigating factor represented by the aforementioned instruments for insured credit. \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n Maximum risk exposure The maximum exposure to risk, net of guarantees, at 31 December 2025 was \u20ac 145.9 million compared to \u20ac 134.3 at 31 December 2024. The Group has not identified any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk portfolio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing its liquidity in leading bank and corporate counterparties selected according to their credit quality. All recognized receivables have a credit risk rating minimum. The table below summarizes the types of instruments protecting the Group against credit risk: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Type (in \u20ac million) 31.12.2025 % 31.12.2024 %
Receivables under insurance policies 181.9 52.3% 181.6 54.4%
Other financial means of securing 20.0 5.8% 18.0 5.4%
Total secured receivables 201.9 58.1% 199.5 59.8%
Non-secured receivables 145.9 41.9% 134.3 40.2%
Total receivables 347.8 100.0% 333.9 100.0%
\n \u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees, as well as other methods of covering default risk through the Central Payment Regulator System, introduced following as part of the Wolf-Brink busi- ness combination. \n \n Overdue financial assets The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days). The amount of receivables past-due within 60 days is \u20ac 27.3 million (versus \u20ac 27.7 million at December 2024) whereas the amount of receivables past-due beyond 60 days is \u20ac 13.6 million (versus \u20ac 16.3 million at December 2024). The following table shows trade receivables for issued invoices broken down by past-due ranges:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing (in \u20ac million) 31.12.2025 % 31.12.2024 %
Overdue 0-30 19.4 5.6% 20.4 6.1%
Overdue 31-60 8.0 2.3% 7.3 2.2%
Overdue 61-120 3.3 0.9% 2.9 0.9%
Due after 120 and legal 10.2 2.9% 13.4 4.0%
\n The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country risk class where the trade receivable amount is allocated. The current (not overdue) receivables amounted to \u20ac 306.9 million. Also these amounts are allocated to their country risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad debt amounted to \u20ac 4.5 million. Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to impairment up to overdue below 180 days, while over 180 days the percentages remain the same. As at 31 December 2025 there is no significant financing component identified for trade receivables. \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217163844273": { "value": "\n \n \n Note 2.9 \u2013 Trade receivables\n \n \n \n \n \n The bad debt provision of \u20ac 18.2 million shows a net decrease by \u20ac 4.0 million compared with 31 December 2024. This decrease is mainly attributable to the reconsolidation of Russian company which resulted in the release of the provisions allocated to the company considered third party in December 2024 and bad debt usage for old unrecoverable balance. At 31 December 2025, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed receivables. Following are the changes in the bad debt provision: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bad debt provision (in \u20ac million) Short-term Medium/long- term Total
As at 31.12.2024 17.7 4.5 22.2
Perimeter variation 0.6 0.3 0.9
Increases 3.6 0.2 3.8
Decreases -1.1 -0.5 -1.6
Release -6.4 -0.2 -6.6
Exchange rate effect -0.5 0.1 -0.6
Other 0.2 -0.1 0.1
Total changes -3.6 -0.4 -4.0
As at 31.12.2025 14.0 4.1 18.2
\n Reference should be made to the \u2018Credit Risk\u2019 paragraph for further details on ageing and the related Bad Debt Provi- sion.\n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n Maximum risk exposure The maximum exposure to risk, net of guarantees, at 31 December 2025 was \u20ac 145.9 million compared to \u20ac 134.3 at 31 December 2024. The Group has not identified any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk portfolio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing its liquidity in leading bank and corporate counterparties selected according to their credit quality. All recognized receivables have a credit risk rating minimum. The table below summarizes the types of instruments protecting the Group against credit risk: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Type (in \u20ac million) 31.12.2025 % 31.12.2024 %
Receivables under insurance policies 181.9 52.3% 181.6 54.4%
Other financial means of securing 20.0 5.8% 18.0 5.4%
Total secured receivables 201.9 58.1% 199.5 59.8%
Non-secured receivables 145.9 41.9% 134.3 40.2%
Total receivables 347.8 100.0% 333.9 100.0%
\n \u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees, as well as other methods of covering default risk through the Central Payment Regulator System, introduced following as part of the Wolf-Brink busi- ness combination. \n \n Overdue financial assets The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days). The amount of receivables past-due within 60 days is \u20ac 27.3 million (versus \u20ac 27.7 million at December 2024) whereas the amount of receivables past-due beyond 60 days is \u20ac 13.6 million (versus \u20ac 16.3 million at December 2024). The following table shows trade receivables for issued invoices broken down by past-due ranges:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing (in \u20ac million) 31.12.2025 % 31.12.2024 %
Overdue 0-30 19.4 5.6% 20.4 6.1%
Overdue 31-60 8.0 2.3% 7.3 2.2%
Overdue 61-120 3.3 0.9% 2.9 0.9%
Due after 120 and legal 10.2 2.9% 13.4 4.0%
\n The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country risk class where the trade receivable amount is allocated. The current (not overdue) receivables amounted to \u20ac 306.9 million. Also these amounts are allocated to their country risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad debt amounted to \u20ac 4.5 million. Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to impairment up to overdue below 180 days, while over 180 days the percentages remain the same. As at 31 December 2025 there is no significant financing component identified for trade receivables. \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170309130": { "value": "\n \n Note 2.9 \u2013 Trade receivables\n \n \n \n The bad debt provision of \u20ac 18.2 million shows a net decrease by \u20ac 4.0 million compared with 31 December 2024. This decrease is mainly attributable to the reconsolidation of Russian company which resulted in the release of the provisions allocated to the company considered third party in December 2024 and bad debt usage for old unrecoverable balance. At 31 December 2025, the provision was deemed to be appropriate for the estimated losses from unsecured or disputed receivables. Following are the changes in the bad debt provision: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bad debt provision (in \u20ac million) Short-term Medium/long- term Total
As at 31.12.2024 17.7 4.5 22.2
Perimeter variation 0.6 0.3 0.9
Increases 3.6 0.2 3.8
Decreases -1.1 -0.5 -1.6
Release -6.4 -0.2 -6.6
Exchange rate effect -0.5 0.1 -0.6
Other 0.2 -0.1 0.1
Total changes -3.6 -0.4 -4.0
As at 31.12.2025 14.0 4.1 18.2
\n Reference should be made to the \u2018Credit Risk\u2019 paragraph for further details on ageing and the related Bad Debt Provi- sion.\n \n \n FINANCIAL INSTRUMENTS\n \n The Group is exposed to operations which include financial risks, including credit risk, liquidity risk and market risk, which it constantly monitors. The following section provides qualitative and quantitative information about the impact of these risks on the Group. \n \n \n \n \n \n \n \n \n \n \n \n \n CREDIT RISK\n \n \n \n \n \n \n \n \n \n Credit risk is the Group\u2019s exposure to potential losses from failure by commercial counterparties to fulfil obligations they have entered into. Failure to collect or late collection of trade receivables could have a negative impact on the Group\u2019s financial performance and financial balance. The Group\u2019s policy for managing credit risk from commercial activities envisages the preliminary assessment of counter- parties\u2019 creditworthiness, the management of credit limits and the adoption of risk mitigation instruments, such as the acquisition of bank guarantees, letters of credit and the external transfer of part of the insolvency risk through a global program of credit insurance. The portion of secured receivables, at 31 December 2025, accounted for 58.1% of the total exposure compared to 59.8% at 31 December 2024. In order to mitigate credit risk, the Group has also adopted a policy which defines the strategic guidelines and operating rules for an effective system to control each company\u2019s credit. In addition, the policy defines the means for estimating expected losses, in accordance with the means set out hereafter and taking account of the mitigating factor represented by the aforementioned instruments for insured credit. \n \n \n \n \n \n \n \n \n \n \n In accordance with IFRS 9 and the impairment requirements based on Expected Credit Losses (\u201cECLs\u201d), the Group applies the simplified approach to trade receivables, using a provision matrix. In particular, the Group applies a new policy which groups trade receivables into clusters by type (ordinary/legal), ageing (past-due ranges) and country rating, applying the relevant historical loss rates to the balance outstanding and subse- quently adjusting it for forward-looking factors determined by the counterparty Probability of Default (PD) at one year obtained from external resources. With regard to impairment criteria, these are clearly based on the specific statutory and tax rules in force in the various countries where the Group companies are present.\n \n \n \n \n \n \n \n Maximum risk exposure The maximum exposure to risk, net of guarantees, at 31 December 2025 was \u20ac 145.9 million compared to \u20ac 134.3 at 31 December 2024. The Group has not identified any concentration risk on customers and on its trade receivables as the Group has a very diversified customer risk portfolio without any significant increase in a risky customer share. The Group seeks to mitigate the credit risk by depositing its liquidity in leading bank and corporate counterparties selected according to their credit quality. All recognized receivables have a credit risk rating minimum. The table below summarizes the types of instruments protecting the Group against credit risk: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Type (in \u20ac million) 31.12.2025 % 31.12.2024 %
Receivables under insurance policies 181.9 52.3% 181.6 54.4%
Other financial means of securing 20.0 5.8% 18.0 5.4%
Total secured receivables 201.9 58.1% 199.5 59.8%
Non-secured receivables 145.9 41.9% 134.3 40.2%
Total receivables 347.8 100.0% 333.9 100.0%
\n \u201cOther\u201d mainly includes receivables insured through letters of credit and bank guarantees, as well as other methods of covering default risk through the Central Payment Regulator System, introduced following as part of the Wolf-Brink busi- ness combination. \n \n Overdue financial assets The instrument used for the classification and monitoring of credit is ageing, according to which the accounts receivables are divided by their expiry dates, starting from the most recent (1-30 days) to the oldest (beyond 120 days). The amount of receivables past-due within 60 days is \u20ac 27.3 million (versus \u20ac 27.7 million at December 2024) whereas the amount of receivables past-due beyond 60 days is \u20ac 13.6 million (versus \u20ac 16.3 million at December 2024). The following table shows trade receivables for issued invoices broken down by past-due ranges:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Overdue ageing (in \u20ac million) 31.12.2025 % 31.12.2024 %
Overdue 0-30 19.4 5.6% 20.4 6.1%
Overdue 31-60 8.0 2.3% 7.3 2.2%
Overdue 61-120 3.3 0.9% 2.9 0.9%
Due after 120 and legal 10.2 2.9% 13.4 4.0%
\n The credit policy defines the depreciation grid for the statistical part, differentiating percentages by ageing and country risk class where the trade receivable amount is allocated. The current (not overdue) receivables amounted to \u20ac 306.9 million. Also these amounts are allocated to their country risk class and subject to depreciation according to the assigned devaluation percentage. The related provision for bad debt amounted to \u20ac 4.5 million. Companies with a credit insurance contract, as well as credits covered by other forms of guarantee, are not subject to impairment up to overdue below 180 days, while over 180 days the percentages remain the same. As at 31 December 2025 there is no significant financing component identified for trade receivables. \n \n \n \n \n \n \n \n Method used to calculate the bad debt provision The allocation for the provision is made on the basis of both analytical and generic assessments, as set out below: Specific write-off: the receivables in litigation or past-due for longer than one year or transferred to an external collection agency are subject to a specific impairment loss according to the progress of their recovery and the information provided by the attorneys. Simplified IFRS 9 model: for receivables that are past-due within the year, assessments are applied based on historical loss rates in relation to the ageing of receivables and the risk grade of each individual country, adjusting them through a forward-looking component identified as Probability of Default of the single counterparty at one year. Here below are the percentages used for the simplified IFRS 9 (ECL). Depreciation grid \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables ageing Country risk A Country risk B Country risk C Country risk D
Overdue > 360 days 56.4% 49.9% 40.5% 60.1%
Overdue 271- 360 43.2% 36.5% 21.9% 39.1%
Overdue 181- 270 28.9% 23.8% 8.1% 26.4%
Overdue 121-180 17.9% 14.6% 2.8% 14.9%
Overdue 91-120 12.2% 10.2% 1.0% 11.2%
Overdue 61-90 6.7% 4.9% 0.5% 5.9%
Overdue 31-60 2.4% 2.1% 0.2% 2.1%
Overdue 0-30 0.5% 0.4% 0.1% 0.6%
Current (not overdue) 0.1% 0.1% 0.0% 0.3%
\n The Group has established an internal model for defining country-risk classes. The model starts from OECD and Coface country rating, adjusting them according to Ariston companies\u2019 past credit experience in performances, business relations and control of the market. This leads to the classification of all the countries where the Ariston Group operates in 4 risk categories from A (low risk) to D (high risk) which result in the application of different impairment measures according to the level of risk assigned.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Following is the summary of the specific and simplified ECLs assessments used to determine the bad debt provision: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Analysis of bad debt provision 31.12.2025 31.12.2024
Total receivables Gross 366.0 356.1
Provision 18.2 22.2
Net 347.8 333.9
Receivables impaired on a specific basis Gross 4.3 5.0
Provision 4.1 4.4
Net 0.2 0.6
Receivables impaired on a simplified ECLs Gross 361.7 351.0
Provision 14.1 17.7
Net 347.6 333.3
\n \n \n \n \n \n \n LIQUIDITY RISK As of 31 December 2025, the Group\u2019s \u201cOverall available liquidity\u201d, defined as the sum of cash and cash equivalents and the unused portion of committed credit lines (equal to \u20ac 1.045 million at December month-end) amounted to approxi- mately \u20ac 1,291 million. As of 31 December 2025 the Group's overall bank credit lines, including used and unused credit lines (both committed and uncommitted) totaled approximately \u20ac2.2 billion, of which approximately 35% was drawn. Cash generated from operations and bank financing are the primary sources of liquidity. The Group periodically assesses its financial needs, in order to act promptly and implement the necessary actions to find additional resources when needed. The Group seeks to maintain an adequate mix of resources in terms of maturities, financial instruments and available amounts. The following table shows the contractual due dates for the financial liabilities other than derivatives. These figures are based on undiscounted cash flows, including financial charges, at the next closest date when the Group may be asked for repayment. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 2025 (in \u20ac million) < 1 month 2-6 months 6-12 months 1-5 years > 5 years Total
Trade payables 142.0 362.5 0.1 0.3 0.0 504.9
Financial payables
- Current financial liabilities 4.3 22.4 3.8 30.5
- Current loans 33.8 33.8
- Non-current loans 10.1 2.2 12.5 653.7 162.1 840.6
Total financial payables 14.4 24.6 50.1 653.7 162.1 904.9
Expiry dates 156.4 387.1 50.2 654.0 162.1 1,409.8
\n Details about the due dates of financial and trade payables as at 31 December 2024 are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 2024 (in \u20ac million) < 1 month 2-6 months 6-12 months 1-5 years > 5 years Total
Trade payables 88.1 355.6 0.4 0.1 444.2
Financial payables
- Current financial liabilities 2.2 35.4 10.4 48.0
- Current loans 101.3 101.3
- Non-current loans 8.8 4.3 12.6 794.8 99.0 919.6
Total financial payables 11.0 39.7 124.4 794.8 99.0 1,068.9
Expiry dates 99.1 395.3 124.8 794.9 99.0 1,513.1
\n \n \n MARKET RISK The Group is exposed to various market risks, particularly the potential impact of fluctuations in exchange rates, interest rates and commodity prices on the carrying amount of assets, liabilities and expected cash flows. Market risk manage- ment policies related to interest rates, exchange rates and commodities are centrally defined to mitigate these risks in a structured and proactive manner, supporting the Group's objectives. The three types of market risk are outlined below. Exchange rate risk The international context in which the Group operates exposes the Group to the risk that changes in exchange rates may affect its financial results. Exposure to exchange rate risk determines: a) impacts on the operating result due to the different valuation of income and expense in another currency compared to the time when the price conditions were agreed upon (economic risk);\n \n \n \n \n b) impacts on the operating result due to the translation of trade or financial receivables/payables denominated in another currency (transaction risk); c) impacts on the consolidated financial statements due to the translation of assets and liabilities held by companies that prepare their financial statements in a currency other than the euro (translation risk). The Group\u2019s most significant exposure to other currencies refers to the exchange rate of the euro against the US dollar, Chinese renminbi, Swiss franc and several other currencies for lower amounts. Economic risk is hedged using average rate forward financial instruments, which are hedging agreements utilized to mit- igate the volatility in currency markets. These instruments refer to monthly average exchange rates and enable the Group to meet the objectives outlined in its market risk management policy. To achieve these goals, the Group hedges a defined portion of its net exposure to currencies other than its functional currency using derivatives. At each reporting date, the exposure is reflected in the financial statements through hedge accounting, which requires the recognition of derivatives at their fair value in the statement of financial position. The Group believes it is appropriate to use hedge accounting, as the hedging relationship meets the effectiveness criteria under IFRS 9. To minimize exposure to the transaction risk, the Group uses derivative forward instruments which provide protection against revaluations/write-downs of credit and debit positions of both a financial and commercial nature. The Group does not hedge the translation risk except for any distribution of intergroup dividends. At the reporting date, the notional amount of forward currency contracts (sale and purchase) entered into by the Group, can be summarized as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in \u20ac million) Notional amount in Currency Notional amount in \u20ac
CHF 70.9 76.2
GBP 3.7 4.2
CNY 309.8 37.7
USD 19.7 16.7
\n At the same date, the fair value of the foreign exchange derivatives was negative overall, standing at \u20ac 0.4 million. In relation to exchange rate risk, the Group performed sensitivity analysis to measure how exchange rate fluctuations against the euro may affect pre-tax profitability. The sensitivity analysis was performed on the currencies to which the Group is exposed. The assumed scenario envisages a general variation in exchange rates of 2%. The following table shows sensitivity, while keeping all the other variables fixed, in terms of profit before tax and equity, gross of the tax effect. The largest exposures are CHF and CNY. In the sensitivity analysis, the two exposures tend to offset each other as they are on the opposite side. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in \u20ac million) Effect on profit before tax Effect on equity
31.12.2025
Foreign currency revaluation 1.0 1.0
Foreign currency devaluation -1.0 -1.0
\n Commodity price fluctuation risk Profit and loss are affected by the performance of the prices of raw materials, in particular non-ferrous metals such as copper, nickel, silver and aluminium, as well as precious metals like silver, which are one of the primary components of most products traded by the Group.\n \n \n In order to hedge against the risk of fluctuating copper, silver and nickel prices, the Group, through its parent company Ariston Holding N.V., has implemented the necessary hedging measures in accordance with the procedures adopted in previous years, aimed at reducing the impact of price volatility on future purchases. Consequently, it partially hedged purchases also for 2026 and 2027. In order to achieve the goals set out in the market risk management policy, the Group entered into derivatives, hedging a set amount of raw material purchases. At each reporting date, the exposure is presented in the financial statements using hedge accounting, which requires recognizing derivatives at their fair value in the statement of financial position. The Group considered it possible to use hedge accounting since the hedging relationship is effective in accordance with IFRS 9. When these instruments no longer qualify for hedge accounting, they are recognized as trading instruments. At the reporting date, the notional amount of forward commodity contracts entered into by the Group, can be summa- rized as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Commodity Financial instruments Quantity/ton Total price (in \u20ac million)
Copper Forward 1,385.0 12.1
Nickel Average Forward 27.0 0.4
Silver Average Forward 1.55 1.7
Aluminum Forward 175.0 0.4
\n The fair value measurement of the derivatives on commodities showed a net positive amount of \u20ac 3.7 million. Derivatives contracts entered into and terminated during the year generated a positive result of approximately \u20ac 0.01 million which affected the purchase price of commodities. Interest rate risk Interest rate risk refers to the possible impact of fluctuations in the interest rates applied to the Group\u2019s loans on the income statement. The amount of the Group\u2019s exposure to variable rate debt, unhedged against interest rate risk, represents the main risk element for the negative impact from an increase in market interest rates. The interest rate risk to which the Group is exposed originates primarily from bank financing. The Group's policy for managing this risk seeks to strike a balance between fixed and variable rate debts, taking into account the maturity profile and the short-term market outlook, with the purpose of containing funding costs. As of 31 December 2025, the Group had in place, for hedging purposes, interest rate swap (IRS) transactions for a total notional amount of \u20ac 352.9 million. At the same date, 56% of bank financing was hedged or fixed and 44% was at a variable rate, consistent with the Group policy. The sensitivity analysis of interest rate risk is conducted under the delta margin approach and is aimed at measuring how a given change in interest rates would affect financial expense associated with variable rate debt over the next 12 months. The sensitivity of the interest rate spread, assuming a generalized +/- 50 basis point change in interest rates, amounted to \u20ac +1.5 million and \u20ac -1.5 million, respectively, at the end of December 2025.\n \n In summary, on 31 December 2025, the following financial hedging instruments were in place: \u2022 against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2 years; \u2022 against commodities \u2013 copper, nickel, silver, aluminum with maturities up to 2 years; \u2022 against interest rates \u2013 medium/long-term floating rate loans with maturities up to 7 years.\n \n \n \n \n The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac- tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognized in hedge accounting. The following table provides detailed information about the hedging instruments in place as of 31 December 2025. Com- pared to the previous year, the overall mark\u2011to\u2011market position improved, mainly driven by commodity\u2011related hedges. In particular, hedging contracts on copper and silver recorded a significant positive revaluation, reflecting the increase in the market prices of these commodities throughout the year. This development contributed to a more favorable valua- tion of the Group\u2019s hedging portfolio. Amounts are expressed in millions of euro: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2025 (in \u20ac million) Nature of risk covered Fair value 31.12.2025 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -3.5 - 2.1 - -5,6 -3.5
Average Forward FX -0.4 - 0.8 -1.2 -0.4
Forward Commodity 2.2 - 2.2 - 0.0 2.2
Average Forward Commodity 1.5 - 1.5 - -0.0 1.4
Hedging instruments -0.2 - 6,6 - -6.8 -0.2
\n The following table provides detailed information about the hedging instruments in use as of 31 December 2024.The amounts are expressed in millions of euro: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2024 (in \u20ac million) Nature of risk covered Fair value 31.12.2024 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -1.5 - 8.0 - -9.4 -1.5
Average Forward FX -3.9 - 0.6 -4.5 -3.9
Forward Commodity 0.1 - 0.4 - -0.3 0.1
Average Forward Commodity -0.5 - 0.2 - -0.6 -0.5
Hedging instruments -5.8 - 9.1 - -14.9 -5.8
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217174329040": { "value": "\n \n Note 2.11 \u2013 Current financial assets\n At 31 December, 2025, \u2018Current financial assets\u2019 amounted to \u20ac 11.9 million, down from \u20ac 18.4 million reported at the end of 2024. \n \n The item mainly includes:\n \n \n \n \u2022 \u2018Financial derivative assets\u2019 of \u20ac 6.6 million (\u20ac 9.1 million as of 31 December 2024) arising from the fair value meas- urement of derivative financial instruments. The fair value of financial derivatives included hedges on commodities for \u20ac 3.7 million, on interest rates for \u20ac 2.1 million and on foreign exchange for \u20ac 0.8 million. Closed derivatives not yet collected amounted to \u20ac 1.5 million (\u20ac 4.0 million as of 31 December 2024).\n \n \n \n \n \n Note 3.11 \u2013 Current financial liabilities\n At 31 December 2025, \u2018Current financial liabilities\u2019 amounted to \u20ac 30.5 million compared to \u20ac 46.8 million at the previous year end. Liabilities are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Current financial liabilities (in \u20ac million) 31.12.2025 31.12.2024
Financial derivative liabilities 8.6 16.9
Short-term debt due to bank 6.3 10.0
Financial notes payables 5.6 5.5
Other current financial liabilities 10.0 14.3
Total 30.5 46.8
\n \n \n As of 31 December 2025, 'Financial derivative liabilities' totaled \u20ac 8.6 million, which includes the negative fair value and the derivatives that have been closed but not yet settled. The Group does not have any collateral. The fair value of financial derivatives included hedges on foreign exchange for \u20ac 1.2 million (\u20ac 4.5 million as of 31 Decem- ber 2024), on interest rates for \u20ac 5.6 (\u20ac 9.5 million as of 31 December 2024), and on commodities for \u20ac 0.02 million (\u20ac 0.9 million as of 31 December 2024). As of the reporting date, negative accruals to financial derivatives that have been closed but not yet settled amounted to \u20ac 1.8 million. The change in commodity, foreign exchange and interest rate hedges was offset by the changes in the value of the underlying hedged items. The fair value measurement of the derivative instruments has a direct contra-entry in\n \n \n \n the equity reserve related to the cash flow hedge for a total of \u20ac 0.2 million. For a more detailed explanation of hedging instruments, please refer to the section on financial risk management instruments.\n \n \n HEDGING INSTRUMENTS \n \n In summary, on 31 December 2025, the following financial hedging instruments were in place: \u2022 against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2 years; \u2022 against commodities \u2013 copper, nickel, silver, aluminum with maturities up to 2 years; \u2022 against interest rates \u2013 medium/long-term floating rate loans with maturities up to 7 years.\n \n \n \n \n \n The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac- tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognized in hedge accounting. The following table provides detailed information about the hedging instruments in place as of 31 December 2025. Com- pared to the previous year, the overall mark\u2011to\u2011market position improved, mainly driven by commodity\u2011related hedges. In particular, hedging contracts on copper and silver recorded a significant positive revaluation, reflecting the increase in the market prices of these commodities throughout the year. This development contributed to a more favorable valua- tion of the Group\u2019s hedging portfolio. Amounts are expressed in millions of euro: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2025 (in \u20ac million) Nature of risk covered Fair value 31.12.2025 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -3.5 - 2.1 - -5,6 -3.5
Average Forward FX -0.4 - 0.8 -1.2 -0.4
Forward Commodity 2.2 - 2.2 - 0.0 2.2
Average Forward Commodity 1.5 - 1.5 - -0.0 1.4
Hedging instruments -0.2 - 6,6 - -6.8 -0.2
\n The following table provides detailed information about the hedging instruments in use as of 31 December 2024.The amounts are expressed in millions of euro: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2024 (in \u20ac million) Nature of risk covered Fair value 31.12.2024 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -1.5 - 8.0 - -9.4 -1.5
Average Forward FX -3.9 - 0.6 -4.5 -3.9
Forward Commodity 0.1 - 0.4 - -0.3 0.1
Average Forward Commodity -0.5 - 0.2 - -0.6 -0.5
Hedging instruments -5.8 - 9.1 - -14.9 -5.8
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217180301461": { "value": "\n Note 2.11 \u2013 Current financial assets\n \n The item mainly includes:\n \n \u2022 \u2018Financial derivative assets\u2019 of \u20ac 6.6 million (\u20ac 9.1 million as of 31 December 2024) arising from the fair value meas- urement of derivative financial instruments. The fair value of financial derivatives included hedges on commodities for \u20ac 3.7 million, on interest rates for \u20ac 2.1 million and on foreign exchange for \u20ac 0.8 million. Closed derivatives not yet collected amounted to \u20ac 1.5 million (\u20ac 4.0 million as of 31 December 2024).\n \n Note 3.11 \u2013 Current financial liabilities\n \n As of 31 December 2025, 'Financial derivative liabilities' totaled \u20ac 8.6 million, which includes the negative fair value and the derivatives that have been closed but not yet settled. The Group does not have any collateral. The fair value of financial derivatives included hedges on foreign exchange for \u20ac 1.2 million (\u20ac 4.5 million as of 31 Decem- ber 2024), on interest rates for \u20ac 5.6 (\u20ac 9.5 million as of 31 December 2024), and on commodities for \u20ac 0.02 million (\u20ac 0.9 million as of 31 December 2024). As of the reporting date, negative accruals to financial derivatives that have been closed but not yet settled amounted to \u20ac 1.8 million. The change in commodity, foreign exchange and interest rate hedges was offset by the changes in the value of the underlying hedged items. The fair value measurement of the derivative instruments has a direct contra-entry in\n \n \n the equity reserve related to the cash flow hedge for a total of \u20ac 0.2 million. For a more detailed explanation of hedging instruments, please refer to the section on financial risk management instruments.\n \n \n \n \n \n \n FINANCIAL INSTRUMENTS\n The Group's financial instruments recognized by category and the level of confidence of their fair value measurements at 31 December 2025 are shown below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 Carrying value per type
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receivables (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0 0 246.5 0 246.5
Trade receivables 2.9 0 0 347.8 0 347.8
Current financial assets 2.11 0 6.6 5.3 0 11.9
Financial assets 2.5 1.4 0 0.7 0 2.1
Total 1.4 6.6 600.3 0 608.3
Financial liabilities
Trade payables 3.8 0 0 0 504.9 504.9
Current financial liabilities 3.11 0 6.8 0 23.7 30.5
Current loans 3.12 0 0 0 33.8 33.8
Non-current financing 3.5 0 0 0 736.1 736.1
Total 0 6.8 0 1,298.5 1,305.3
Financial instruments balance 1.4 -0.2 600.3 -1,298.5 -697.0
\n The Group\u2019s financial instruments, recognized in the financial statements with a similar breakdown at 31 December 2024, are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying value per type
31.12.2024
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receiva- bles (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0.0 0.0 350.8 0.0 350.8
Trade receivables 2.9 0.0 0.0 333.9 0.0 333.9
Current financial assets 2.11 0.0 9.2 9.2 0.0 18.4
Financial assets 2.5 2.1 2.2 0.8 0.0 5.1
Total 2.1 11.4 694.7 0.0 708.2
Financial liabilities
Trade payables 3.8 0.0 0.0 0.0 444.2 444.2
Current financial liabilities 3.11 0.0 15.0 0.0 31.8 46.8
Current loans 3.12 0.0 0.0 0.0 101.3 101.3
Non-current financing 3.5 0.0 0.0 0.0 800.1 800.1
Total 0.0 15.0 0.0 1,377.4 1,392.4
Financial instruments balance 2.1 -3.6 694.7 -1,377.4 -684.2
\n (*) For such categories the carrying amount approximates the fair value\n \n As shown in the table above, at the reporting date, there were no differences between the carrying amounts of financial instruments and the corresponding fair value.\n \n \n Current and non-current loans are at both fixed and floating rates and are recognized at their amortized cost.\n \n Current financial assets/liabilities include the year-end fair value of the derivative financial instruments used to hedge the purchase of commodities (positive for \u20ac 3.7 million), exchange rates (negative for \u20ac 0.4 million) and interest rates (nega- tive for \u20ac 3.5 million). This has been already described in \u2018Note 3.11 \u2013 Current financial liabilities\u2019 and in \u2018Note 2.11 \u2013 Current financial assets\u2019. For details on these transactions, reference should be made to the section on \u2018Hedging instruments\u2019. \n \n The Group is exposed to operations which include financial risks, including credit risk, liquidity risk and market risk, which it constantly monitors. The following section provides qualitative and quantitative information about the impact of these risks on the Group. \n Financial instruments at fair value through OCI include the fair value of derivatives mainly on interest rates, exchange rates and commodities for which the Group has applied \u2018Cash flow hedging\u2019 (IFRS 9 - Hedge Accounting).\n \n HEDGING INSTRUMENTS \n \n In summary, on 31 December 2025, the following financial hedging instruments were in place: \u2022 against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2 years; \u2022 against commodities \u2013 copper, nickel, silver, aluminum with maturities up to 2 years; \u2022 against interest rates \u2013 medium/long-term floating rate loans with maturities up to 7 years.\n \n \n The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac- tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognized in hedge accounting. The following table provides detailed information about the hedging instruments in place as of 31 December 2025. Com- pared to the previous year, the overall mark\u2011to\u2011market position improved, mainly driven by commodity\u2011related hedges. In particular, hedging contracts on copper and silver recorded a significant positive revaluation, reflecting the increase in the market prices of these commodities throughout the year. This development contributed to a more favorable valua- tion of the Group\u2019s hedging portfolio. Amounts are expressed in millions of euro: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2025 (in \u20ac million) Nature of risk covered Fair value 31.12.2025 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -3.5 - 2.1 - -5,6 -3.5
Average Forward FX -0.4 - 0.8 -1.2 -0.4
Forward Commodity 2.2 - 2.2 - 0.0 2.2
Average Forward Commodity 1.5 - 1.5 - -0.0 1.4
Hedging instruments -0.2 - 6,6 - -6.8 -0.2
\n The following table provides detailed information about the hedging instruments in use as of 31 December 2024.The amounts are expressed in millions of euro: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2024 (in \u20ac million) Nature of risk covered Fair value 31.12.2024 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -1.5 - 8.0 - -9.4 -1.5
Average Forward FX -3.9 - 0.6 -4.5 -3.9
Forward Commodity 0.1 - 0.4 - -0.3 0.1
Average Forward Commodity -0.5 - 0.2 - -0.6 -0.5
Hedging instruments -5.8 - 9.1 - -14.9 -5.8
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217151459218": { "value": "\n Note 2.12 \u2013 Other current assets At 31 December 2025, 'Other current assets' amounted to \u20ac 86.7 million, compared to \u20ac 62.8 million at 31 December 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other current assets (in \u20ac million) 31.12.2025 31.12.2024
Indirect tax receivables 38.8 37.6
Credits from government 17.7 0.9
Prepaid expenses 14.4 11.3
Advances to suppliers 8.8 5.6
Supplier debit balance 3.7 5.1
Receivables from employees 0.7 0.8
Other receivables 2.6 1.4
Total 86.7 62.8
\n \n The increase in 'Other current assets' primarily reflects the credits from government and advances to suppliers which rose compared to 2024.\n \n \n The credit for government is primarily related to the incentives granted in Italy in connection with investment programs. For further information, please refer to paragraph \u20188.6.4 \u2013 Other disclosures\u2019, section \u2018Grants\u2019.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217152132889": { "value": "\n \n \n Note 2.13 \u2013 Cash and cash equivalents\n \u2018Cash and cash equivalents\u2019, amounting to \u20ac 246.5 million at 31 December 2025, primarily consist of bank and postal accounts, as shown in the following table: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Cash and cash equivalents (in \u20ac million) 31.12.2025 31.12.2024
Bank and postal deposits 223.0 289.8
Short Term Investments 23.4 60.7
Cash on hand 0.2 0.2
Total 246.5 350.8
\n \u2018Bank and postal accounts\u2019 primarily consist of credit balances on current accounts and show a decrease of \u20ac 66.8 million compared to 31 December 2024. The other components also decreased compared to the previous year end. The reduction in cash and cash equivalents mainly reflects the cash used by the initiatives undertaken to optimize the Group\u2019s debt profile, the dividends distributed during the year and the cash outflows associated with recent business combinations. \n \n The reconciliation between cash and cash equivalents and the consolidated statement of cash flows is provided below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Table of Reconciliation among Cash & Cash Equivalent and Consolidated statement of cash flows 31.12.2025 31.12.2024
(in \u20ac million)
Cash and cash equivalents (as included in the Consolidated statement of financial position) 246.5 350.8
Short-term bank notes or similar tradable instruments and others 0.0 0.2
Bank overdrafts -2.5 -0.2
Notes payable -5.6 -5.5
Cash and cash equivalents (as included in the Consolidated statement of cash flows) 238.4 345.2
\n For the purposes of the \u2018Consolidated Statement of Cash flows\u2019, the Group has included the financial instruments shown in the above table (bank overdrafts, short-term bank notes and notes payable) in \u2018Cash and cash equivalents\u2019. Indeed, these instruments are readily convertible and repayable on demand. In particular, short-term bank notes and notes pay- able are similar to bank overdrafts and are used primarily in China to settle commercial transactions, with the net balance of these notes fluctuating throughout the year.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217110235720": { "value": "\n Note 2.13 \u2013 Cash and cash equivalents\n \n The reconciliation between cash and cash equivalents and the consolidated statement of cash flows is provided below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Table of Reconciliation among Cash & Cash Equivalent and Consolidated statement of cash flows 31.12.2025 31.12.2024
(in \u20ac million)
Cash and cash equivalents (as included in the Consolidated statement of financial position) 246.5 350.8
Short-term bank notes or similar tradable instruments and others 0.0 0.2
Bank overdrafts -2.5 -0.2
Notes payable -5.6 -5.5
Cash and cash equivalents (as included in the Consolidated statement of cash flows) 238.4 345.2
\n For the purposes of the \u2018Consolidated Statement of Cash flows\u2019, the Group has included the financial instruments shown in the above table (bank overdrafts, short-term bank notes and notes payable) in \u2018Cash and cash equivalents\u2019. Indeed, these instruments are readily convertible and repayable on demand. In particular, short-term bank notes and notes pay- able are similar to bank overdrafts and are used primarily in China to settle commercial transactions, with the net balance of these notes fluctuating throughout the year.\n \n Note 3.5 \u2013 Non-current financing and current loans\n \n A reconciliation of the changes in financial assets and liabilities used in financing activities as per the cash flow statement and the balances shown on the financial statements is provided below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-cur- rent financing Current financial liabilities Current loans Current financial assets Total Net impact
31.12.2024 800.1 46.8 101.3 -18.4 929.9
Increase/decrease in short-term 0.0 -5.3 -69.7 5.8 -69.3
financial payables (1)
New loans (1) 100.8 0.0 0.0 0.0 100.8
Loans repayment (1) -195.8 0.0 0.0 0.0 -195.8
New lease contracts 32.5 0.0 0.0 0.0 32.5
Reclassification -3.4 0.0 3.4 0.0 0.0
Exchange rate effects -0.1 -0.6 -0.3 0.0 -1.1
Perimeter variation 1.1 2.0 0.2 -2.0 1.2
Net variation MTM 0.0 -8.1 0.0 2.6 -5.5
Other movements 0.9 -4.1 -1.1 0.2 -4.1
31.12.2025 736.1 30.5 33.8 -11.9 788.4
\n (1): Included in the Cash flow Statement.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217132305160": { "value": "\n \n Note 2.14 \u2013 Assets held for sale At 31 December 2025, 'Assets Held for Sale' amounted to \u20ac 1.7 million, up from the previous year end. This item includes assets held for sale by: \u2022 Ariston S.p.A., an Italian subsidiary, for which a building is subject to a binding sale agreement and is expected to be sold in 2026; \u2022 the Romanian subsidiary. Assets held for sale are measured in accordance with IFRS 5 at the lower of their carrying amount and fair value less costs to sell. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217205122978": { "value": "\n Note 2.14 \u2013 Assets held for sale At 31 December 2025, 'Assets Held for Sale' amounted to \u20ac 1.7 million, up from the previous year end. This item includes assets held for sale by: \u2022 Ariston S.p.A., an Italian subsidiary, for which a building is subject to a binding sale agreement and is expected to be sold in 2026; \u2022 the Romanian subsidiary. Assets held for sale are measured in accordance with IFRS 5 at the lower of their carrying amount and fair value less costs to sell. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217164542138": { "value": "\n \n \n \n \n Note 3.1 \u2013 Equity\n \n At 31 December 2025, the fully paid up share capital of Ariston Holding N.V. was \u20ac 46,476,001.99, comprising 125,505,005 ordinary shares and 22,095,194 non-listed ordinary shares with a nominal value of \u20ac 0.01 each, and 225,000,000 multiple voting shares with a nominal value of \u20ac 0.20 each. The capital structure at 31 December 2025 for ordinary shares, non- listed ordinary shares and multiple voting shares is shown below. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Shareholders Ordinary shares (1) Non-listed ordi- nary shares (2) % of total ordi- nary shares and non-listed ordi- nary shares Multiple voting shares (3) Total number of shares (4) % of total shares
Merloni Holding S.p.A. 21,366,514 14.48% 198,000,000 219,366,514 58.87%
Amaranta S.r.l. 2,649,000 1.79% 27,000,000 29,649,000 7.96%
Treasury shares 4,654,120 3.15% 4,654,120 1.25%
Centrotec SE 19,321,473 22,095,194 28.06% 41,416,667 11.12%
Other share- holders 77,513,898 (5) 52.52% 77,513,898 20.80%
Total 125,505,005 22,095,194 100.00% 225,000,000 372,600,199 100.00%
\n Notes: (1) Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote. (2) Non-listed ordinary shares are not listed, freely transferable and each of them confers the right to cast one vote. Until 2 January 2025, lock-up provisions applied to the ordinary shares and non-listed ordinary shares held by CENTROTEC SE. (3) Multiple voting shares confer economic rights equal to the ordinary shares, are not listed and confer the right to cast twenty votes, subject to a voting threshold. See \u2018Share capital and general meeting\u2019, sub-paragraph \u2018Voting rights and adoption of resolutions\u2019 in the Governance report. If a holder of multiple voting shares intends to transfer to any third party (be it a shareholder or not) one or more multiple voting shares, the other holders of multiple voting shares shall have the right, in accordance with the procedure outlined in article 16 of the articles of association, to exercise a right of first refusal. (4) Each issued and outstanding share ranks equally with, and will be eligible for any dividends that may be declared on, all other shares, and will be equally entitled to the profits and (other) reserves of the Company, except for the entitlement to the conversion reserve (included into the \u2018Retained earn- ings/(losses) and other reserves\u2019 in the Statement of Changes in Equity) and the liquidation distribution. All profit distributions and repayment of capital will be made in such a way that on each share the same amount or value is distributed. (5) Including 535,268 ordinary shares held by Paolo Merloni. \n \n \n \n At 31 December 2025, the total consolidated equity amounted to \u20ac 1,515.1 million, up from \u20ac 1,425.1 million on 31 December 2024. \n \n The overall change is the result of the sum of positive and negative items, such as:\n \u2022 the Group\u2019s profit for the year amounting to \u20ac 132.4 million; \u2022 the decrease in \u2018Retained earnings and other reserves\u2019 for the dividends paid in May 2025 for a total amount of \u20ac 29.5 million; \u2022 the financial statements translation reserve in the Group currency, used to recognize the exchange differences arising from the translation of the financial statements of foreign subsidiaries not included in the Euro area, which had a negative impact of \u20ac 24.7 million (included in \u2018Retained earnings/(losses carried forward) and other reserves\u2019 in the statement of changes in equity); \n \n \u2022 in November 2025, the Company started a treasury share buyback program to serve the Group\u2019s LTI plans with a number of Ariston shares to be acquired equal to 2,000,000. The treasury share buyback program was launched on 6 November 2025 and was still in place at 31 December 2025. Total treasury shares at 31 December 2025 amounted to \u20ac 22.4 million (4,654,120 ordinary shares);\n \u2022 the increase in the \u2018Reserve for gains/losses\u2019 in equity and in \u2018Actuarial gains (losses)\u2019 for a total amount of \u20ac 6.8 million due to the net positive mark-to-market impact in hedge accounting and the positive change due to the remeasure- ment of the pension provision;\n \n \n \n \u2022 the \u2018Stock-based incentive plans reserve\u2019 which increased by \u20ac 4.4 million during the year, due to the expense of share-based plans for 2025 and which decreased by \u20ac 1.4 million following the assignment of shares for LTI plans for 2022. At 31 December 2025, the reserve amounted to \u20ac 6.9 million (\u20ac 4.0 million at 31 December 2024) and related to long-term incentive plans for 2023-2025: - 2023: \u20ac 3.0 million - 2024: \u20ac 2.3 million - 2025: \u20ac 1.6 million For further details, reference should be made to \u2018Note 3.1.1 - Stock-based incentive plans payments\u2019. \n \n Dividends paid The table below shows the dividends approved and paid during the year and in previous years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
DIVIDENDS to the parents (in \u20ac thousand) 2025 2024 2023
Dividends paid during the year 29,455 63,078 48,342
\n At the reporting date, there were no dividends approved by the general meeting yet to be paid.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217102629618": { "value": "\n \n \n \n Note 3.1 \u2013 Equity\n \n At 31 December 2025, the fully paid up share capital of Ariston Holding N.V. was \u20ac 46,476,001.99, comprising 125,505,005 ordinary shares and 22,095,194 non-listed ordinary shares with a nominal value of \u20ac 0.01 each, and 225,000,000 multiple voting shares with a nominal value of \u20ac 0.20 each. The capital structure at 31 December 2025 for ordinary shares, non- listed ordinary shares and multiple voting shares is shown below. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Shareholders Ordinary shares (1) Non-listed ordi- nary shares (2) % of total ordi- nary shares and non-listed ordi- nary shares Multiple voting shares (3) Total number of shares (4) % of total shares
Merloni Holding S.p.A. 21,366,514 14.48% 198,000,000 219,366,514 58.87%
Amaranta S.r.l. 2,649,000 1.79% 27,000,000 29,649,000 7.96%
Treasury shares 4,654,120 3.15% 4,654,120 1.25%
Centrotec SE 19,321,473 22,095,194 28.06% 41,416,667 11.12%
Other share- holders 77,513,898 (5) 52.52% 77,513,898 20.80%
Total 125,505,005 22,095,194 100.00% 225,000,000 372,600,199 100.00%
\n Notes: (1) Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote. (2) Non-listed ordinary shares are not listed, freely transferable and each of them confers the right to cast one vote. Until 2 January 2025, lock-up provisions applied to the ordinary shares and non-listed ordinary shares held by CENTROTEC SE. (3) Multiple voting shares confer economic rights equal to the ordinary shares, are not listed and confer the right to cast twenty votes, subject to a voting threshold. See \u2018Share capital and general meeting\u2019, sub-paragraph \u2018Voting rights and adoption of resolutions\u2019 in the Governance report. If a holder of multiple voting shares intends to transfer to any third party (be it a shareholder or not) one or more multiple voting shares, the other holders of multiple voting shares shall have the right, in accordance with the procedure outlined in article 16 of the articles of association, to exercise a right of first refusal. (4) Each issued and outstanding share ranks equally with, and will be eligible for any dividends that may be declared on, all other shares, and will be equally entitled to the profits and (other) reserves of the Company, except for the entitlement to the conversion reserve (included into the \u2018Retained earn- ings/(losses) and other reserves\u2019 in the Statement of Changes in Equity) and the liquidation distribution. All profit distributions and repayment of capital will be made in such a way that on each share the same amount or value is distributed. (5) Including 535,268 ordinary shares held by Paolo Merloni. \n \n \n The overall change is the result of the sum of positive and negative items, such as:\n \n \u2022 in November 2025, the Company started a treasury share buyback program to serve the Group\u2019s LTI plans with a number of Ariston shares to be acquired equal to 2,000,000. The treasury share buyback program was launched on 6 November 2025 and was still in place at 31 December 2025. Total treasury shares at 31 December 2025 amounted to \u20ac 22.4 million (4,654,120 ordinary shares);\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217165540804": { "value": "\n \n \n Note 3.1 \u2013 Equity\n \n At 31 December 2025, the fully paid up share capital of Ariston Holding N.V. was \u20ac 46,476,001.99, comprising 125,505,005 ordinary shares and 22,095,194 non-listed ordinary shares with a nominal value of \u20ac 0.01 each, and 225,000,000 multiple voting shares with a nominal value of \u20ac 0.20 each. The capital structure at 31 December 2025 for ordinary shares, non- listed ordinary shares and multiple voting shares is shown below. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Shareholders Ordinary shares (1) Non-listed ordi- nary shares (2) % of total ordi- nary shares and non-listed ordi- nary shares Multiple voting shares (3) Total number of shares (4) % of total shares
Merloni Holding S.p.A. 21,366,514 14.48% 198,000,000 219,366,514 58.87%
Amaranta S.r.l. 2,649,000 1.79% 27,000,000 29,649,000 7.96%
Treasury shares 4,654,120 3.15% 4,654,120 1.25%
Centrotec SE 19,321,473 22,095,194 28.06% 41,416,667 11.12%
Other share- holders 77,513,898 (5) 52.52% 77,513,898 20.80%
Total 125,505,005 22,095,194 100.00% 225,000,000 372,600,199 100.00%
\n Notes: (1) Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote. (2) Non-listed ordinary shares are not listed, freely transferable and each of them confers the right to cast one vote. Until 2 January 2025, lock-up provisions applied to the ordinary shares and non-listed ordinary shares held by CENTROTEC SE. (3) Multiple voting shares confer economic rights equal to the ordinary shares, are not listed and confer the right to cast twenty votes, subject to a voting threshold. See \u2018Share capital and general meeting\u2019, sub-paragraph \u2018Voting rights and adoption of resolutions\u2019 in the Governance report. If a holder of multiple voting shares intends to transfer to any third party (be it a shareholder or not) one or more multiple voting shares, the other holders of multiple voting shares shall have the right, in accordance with the procedure outlined in article 16 of the articles of association, to exercise a right of first refusal. (4) Each issued and outstanding share ranks equally with, and will be eligible for any dividends that may be declared on, all other shares, and will be equally entitled to the profits and (other) reserves of the Company, except for the entitlement to the conversion reserve (included into the \u2018Retained earn- ings/(losses) and other reserves\u2019 in the Statement of Changes in Equity) and the liquidation distribution. All profit distributions and repayment of capital will be made in such a way that on each share the same amount or value is distributed. (5) Including 535,268 ordinary shares held by Paolo Merloni. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217164756890": { "value": "\n \n Note 3.1 \u2013 Equity\n \n \n At 31 December 2025, the total consolidated equity amounted to \u20ac 1,515.1 million, up from \u20ac 1,425.1 million on 31 December 2024. \n \n The overall change is the result of the sum of positive and negative items, such as:\n \u2022 the Group\u2019s profit for the year amounting to \u20ac 132.4 million; \u2022 the decrease in \u2018Retained earnings and other reserves\u2019 for the dividends paid in May 2025 for a total amount of \u20ac 29.5 million; \u2022 the financial statements translation reserve in the Group currency, used to recognize the exchange differences arising from the translation of the financial statements of foreign subsidiaries not included in the Euro area, which had a negative impact of \u20ac 24.7 million (included in \u2018Retained earnings/(losses carried forward) and other reserves\u2019 in the statement of changes in equity); \n \n \u2022 in November 2025, the Company started a treasury share buyback program to serve the Group\u2019s LTI plans with a number of Ariston shares to be acquired equal to 2,000,000. The treasury share buyback program was launched on 6 November 2025 and was still in place at 31 December 2025. Total treasury shares at 31 December 2025 amounted to \u20ac 22.4 million (4,654,120 ordinary shares);\n \u2022 the increase in the \u2018Reserve for gains/losses\u2019 in equity and in \u2018Actuarial gains (losses)\u2019 for a total amount of \u20ac 6.8 million due to the net positive mark-to-market impact in hedge accounting and the positive change due to the remeasure- ment of the pension provision;\n \n \u2022 the \u2018Stock-based incentive plans reserve\u2019 which increased by \u20ac 4.4 million during the year, due to the expense of share-based plans for 2025 and which decreased by \u20ac 1.4 million following the assignment of shares for LTI plans for 2022. At 31 December 2025, the reserve amounted to \u20ac 6.9 million (\u20ac 4.0 million at 31 December 2024) and related to long-term incentive plans for 2023-2025: - 2023: \u20ac 3.0 million - 2024: \u20ac 2.3 million - 2025: \u20ac 1.6 million For further details, reference should be made to \u2018Note 3.1.1 - Stock-based incentive plans payments\u2019. \n \n Dividends paid The table below shows the dividends approved and paid during the year and in previous years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
DIVIDENDS to the parents (in \u20ac thousand) 2025 2024 2023
Dividends paid during the year 29,455 63,078 48,342
\n At the reporting date, there were no dividends approved by the general meeting yet to be paid.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217165723288": { "value": "\n Note 3.1 \u2013 Equity\n \n Dividends paid The table below shows the dividends approved and paid during the year and in previous years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
DIVIDENDS to the parents (in \u20ac thousand) 2025 2024 2023
Dividends paid during the year 29,455 63,078 48,342
\n At the reporting date, there were no dividends approved by the general meeting yet to be paid.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217132552332": { "value": "\n \n \n Note 3.1.1 \u2013 Stock-based incentive plans payments 2025 remuneration of the executive directors The remuneration of the executive directors is in accordance with the remuneration policy. There are no loans, advances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to or on behalf of an executive director. The following table summarizes the remuneration received by the executive directors for the years ended 31 December 2025 and 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Director, Position, Year Base remuneration Variable incentive Extraordinary items Pension expense Total remuneration Proportion of fixed and variable remuneration
Fixed Remu- neration Fees Benefits and perquisites Short-term incentive Long-term incentive
Paolo Merloni 2025 1,100 70 26 528 136 (1) - 54 1,914 65% fixed 35% variable
Executive Chair 2024 1,100 73 66 0 455 (2) - 50 1,744 74% fixed 26% variable
Maurizio Bru- sadelli 2025 1,900 50 73 792 0 3,250 (3) 44 6,109 87% fixed 13% variable
Chief Executive Officer (3) 2024 1,900 50 94 0 0 2,800 (4) 39 4,883 100% fixed
\n Notes: \u25aa Fixed remuneration represents for the Executive Chair the base salary and the executive director fee. For the chief executive officer the fixed remuneration represents base salary, executive director fee and non-compete consideration. \u25aa Fees represent the Board fee and the committee membership fees. \u25aa The short-term incentive represents the incentive to be paid for performance results achieved in 2025. \u25aa The long-term incentive value is calculated as follows: (i) for 2025, the LTI is valued referring to the share price on 30 December 2025 at close of trade (\u20ac 4.46) and (ii) for 2024, the LTI is valued referring to the share price on 30 December 2024 at close of trade (\u20ac 3.45). (1) LTI accrued value based on IFRS2 expenses is \u20ac 325 thousand. (2) LTI accrued value based on IFRS2 expenses is \u20ac 1,437 thousand. (3) The chief executive officer received the payment of a one-off amounting to \u20ac 2,800 thousand as foreseen by his terms of engagement and a one- off exceptional retention bonus amounting to \u20ac 450 thousand. (4) The chief executive officer received a one-off payment amounting to \u20ac 2,800 thousand as foreseen by his terms of engagement. \n \n \n \n \n \n Long-term incentive In 2025 the LTIP 2022 vested. The compensation and talent development committee has proposed to the Board to rec- ognize the following level of achievement: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bandwidth pay-out level
KPI Weight Minimum On-target Maximum
Group Adjusted EBIT/Net sales matrix 70%
Relative TSR 15%
Sustainability Objec- tive15%
\n In 2025, the compensation and talent development committee also proposed to the Board the grant of a new LTIP cov- ering the performance years 2025-2027, in line with the remuneration policy. The table below provides an overview of the outstanding LTI in 2025. It also provides an overview of (i) the number of PSUs of the LTIP 2022 that vested during 2025 as resolved by the Board on 5 March 2025 and (ii) the new PSUs and RSUs granted under the LTIP 2025 as resolved by the Board on 9 April 2025. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Director, position Main conditions of performance share plans Information regarding 2025
Opening balance During the year Closing balance
Plan Performance period Vesting start date Vesting end date Units on 1 January 2025 (1) Units awarded Units vested/ shares re- ceived Units vested/ shares re- ceived Units awarded and un- vested Unexer- cised shares
Paolo Merloni Executive Chair 2022 2022-2024 28.04.2022 31.03.2025 104,948 0 30,435 30,435 0 30,435
2023 2023-2025 04.05.2023 30.03.2026 110,741 0 0 0 110,741 0
2024 2024-2026 06.05.2024 31.03.2027 218,124 0 0 0 218,124 0
2025 2025-2027 03.06.2025 31.03.2028 0 250,740 (2) 0 0 250,740 0
2023 2023-2025 03.08.2023 30.03.2026 208,776 0 0 0 208,776 0
Maurizio Brusadelli Chief Executive Of- ficer 2024 2024-2026 06.05.2024 31.03.2027 376,760 0 0 0 376,760 0
2025 2025-2027 03.06.2025 31.03.2028 0 433,098 (2)(3) 0 0 433,098 0
\n (1) Unvested PSUs. (2) The number of units granted to the executive directors, as resolved by the Board on 9 April 2025 on the proposal of the compensation and talent development committee, is determined by dividing the individual grant value by the average closing price of the Company\u2019s shares on the 30 trading days before the grant. Specifically, for LTIP 2025 the average closing price on the 30 trading days before the grant was \u20ac 4.387. (3) The units for the chief executive officer have been granted in the form of 60% PSUs and 40% RSU, i.e. 259,859 PSUs and 173,239 RSUs. The table below provides an overview of the ordinary shares held by the executive directors as of 31 December 2025. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Executive director Number of ordinary shares
Paolo Merloni 535,268
Maurizio Brusadelli 80,000
\n \n \n \n \n \n Change of remuneration of executive directors and Company performance The following table shows a comparison of the fixed remuneration over the last five years of the executive directors who served as executive director in 2025. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Annual change 2021 2022 2023 2024 2025
Executive directors' fixed remuneration (in \u20ac thousand)
Paolo Merloni Executive Chair 1,003 1,118 1,241 1,239 1,196
Maurizio Brusadelli (1) Chief Executive Officer N.A. N.A. 974 2,044 2,023
Executive directors' total remuneration (in \u20ac thousand)
Paolo Merloni Executive Chair 2,879 3,523 2,813 1,744 1,914
Maurizio Brusadelli Chief Executive Officer N.A. N.A. 1,399 4,883 6,109
Company performance (in \u20ac million)
EBIT 171 194 285 63 178
EBITDA 247 283 417 203 317
EBIT Adjusted 203 223 314 160 193
EBITDA Adjusted 277 305 422 276 311
Average remuneration on a full-time equivalent basis of employees (in \u20ac thousand) (1)
Employees of the Group 54 59 65 63 64
Internal pay ratio Chief Executive Officer
Chief Executive Officer vs em- ployees of the Group40 44 N.A.(2) 105 124
\n (1) The population composition changes across the years in terms of FTE, mix and countries. (2) In 2023 there is no relevant full year data for the CEO remuneration. Internal pay ratio of the chief executive officer based on fixed remuneration In accordance with Dutch law and the Dutch Corporate Governance Code, the internal pay ratio is an important factor in determining the remuneration policy. Pursuant to the Dutch Corporate Governance Code 'pay ratio' is understood to mean the ratio between (a) the total annual remuneration of the chief executive officer and (b) the average annual re- muneration of the employees of the company and the group companies whose financial data the company consolidates, where: (i) the total annual remuneration of the chief executive officer includes all remuneration components (such as fixed remuneration, variable remuneration in cash (bonus), the share-based part of the remuneration, social security contributions, pension, expense allowance, etc.), as included in the (consolidated) financial statements; (ii) the average annual remuneration of the employees is determined by dividing the total wage costs in the financial year (as included in the (consolidated) financial statements) by the average number of FTEs during the financial year; and (iii) the value of the share-based remuneration is determined at the time of assignment, in line with the applicable rules under the applied reporting requirements. The Company has elected to follow this methodology from 2022. The 2025 pay ratio of the chief executive officer versus the employees of the Group is 124. This number is significantly impacted by the one-off amount paid to the chief executive officer as foreseen by his terms of engagement. The 2025 pay ratio of the chief executive officer excluding this one-off payment is 73.\n \n \n \n \n \n 2025 remuneration of the non-executive directors The remuneration of the non-executive directors is in accordance with the remuneration policy. There are no loans, ad- vances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to the non-executive directors. The following table summarizes the remuneration received by the non-executive directors for the years ended 31 De- cember 2025 and 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-executive director (in \u20ac thousand) Fee 2025 Supplementary committee fee 2025 Remuneration 2025 Remuneration 2024
Laurent Jacquemin 50 10 60 60
Marinella Soldi (1) 50 13 63 70
Antonia Di Bella 50 20 70 67
Guido Krass 50 10 60 60
Roberto Guidetti (2) 50 27 77 90
Maria Francesca Merloni 50 - 50 50
Ignazio Rocco di Torrepadula (3) 50 13 63 70
Enrico Vita 50 10 60 60
Katja Gerber (4) 50 10 60 40
\n (1) Member of the ESG committee up to 7 May 2025. (2) Chair of the ESG committee up to 7 May 2025. (3) Member of the audit committee up to 7 May 2025. (4) Member of the ESG committee up to 7 May 2025 and member of the audit and sustainability committee since 7 May 2025. The following table shows a comparison of the remuneration over the last five years of non-executive directors who served as non-executive director in 2025: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-executive director (in \u20ac thousand) 2021 2022 2023 2024 2025
Laurent Jacquemin 48 (1) 50 (1) 50 (1) 60 60
Marinella Soldi (2) 67 70 70 70 63
Antonia Di Bella - - 60 67 70
Guido Krass - - 60 60 60
Roberto Guidetti (3) 71 90 90 90 77
Maria Francesca Merloni 48 50 50 50 50
Ignazio Rocco di Torrepadula (4) 38 60 70 70 63
Enrico Vita 52 60 60 60 60
Katja Gerber (5) - - - 40 60
\n (6) Fees received during his period as CEO ended on 27 July 2023. (7) Member of the ESG committee up to 7 May 2025. (8) Chair of the ESG committee up to 7 May 2025. (9) Member of the audit committee up to 7 May 2025. Member of the ESG committee up to 7 May 2025 and member of the audit and sustainability committee since 7 May 2025.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217135022039": { "value": "\n \n Note 3.1.1 \u2013 Stock-based incentive plans payments 2025 remuneration of the executive directors The remuneration of the executive directors is in accordance with the remuneration policy. There are no loans, advances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to or on behalf of an executive director. The following table summarizes the remuneration received by the executive directors for the years ended 31 December 2025 and 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Director, Position, Year Base remuneration Variable incentive Extraordinary items Pension expense Total remuneration Proportion of fixed and variable remuneration
Fixed Remu- neration Fees Benefits and perquisites Short-term incentive Long-term incentive
Paolo Merloni 2025 1,100 70 26 528 136 (1) - 54 1,914 65% fixed 35% variable
Executive Chair 2024 1,100 73 66 0 455 (2) - 50 1,744 74% fixed 26% variable
Maurizio Bru- sadelli 2025 1,900 50 73 792 0 3,250 (3) 44 6,109 87% fixed 13% variable
Chief Executive Officer (3) 2024 1,900 50 94 0 0 2,800 (4) 39 4,883 100% fixed
\n Notes: \u25aa Fixed remuneration represents for the Executive Chair the base salary and the executive director fee. For the chief executive officer the fixed remuneration represents base salary, executive director fee and non-compete consideration. \u25aa Fees represent the Board fee and the committee membership fees. \u25aa The short-term incentive represents the incentive to be paid for performance results achieved in 2025. \u25aa The long-term incentive value is calculated as follows: (i) for 2025, the LTI is valued referring to the share price on 30 December 2025 at close of trade (\u20ac 4.46) and (ii) for 2024, the LTI is valued referring to the share price on 30 December 2024 at close of trade (\u20ac 3.45). (1) LTI accrued value based on IFRS2 expenses is \u20ac 325 thousand. (2) LTI accrued value based on IFRS2 expenses is \u20ac 1,437 thousand. (3) The chief executive officer received the payment of a one-off amounting to \u20ac 2,800 thousand as foreseen by his terms of engagement and a one- off exceptional retention bonus amounting to \u20ac 450 thousand. (4) The chief executive officer received a one-off payment amounting to \u20ac 2,800 thousand as foreseen by his terms of engagement. \n \n \n \n Long-term incentive In 2025 the LTIP 2022 vested. The compensation and talent development committee has proposed to the Board to rec- ognize the following level of achievement: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bandwidth pay-out level
KPI Weight Minimum On-target Maximum
Group Adjusted EBIT/Net sales matrix 70%
Relative TSR 15%
Sustainability Objec- tive15%
\n In 2025, the compensation and talent development committee also proposed to the Board the grant of a new LTIP cov- ering the performance years 2025-2027, in line with the remuneration policy. The table below provides an overview of the outstanding LTI in 2025. It also provides an overview of (i) the number of PSUs of the LTIP 2022 that vested during 2025 as resolved by the Board on 5 March 2025 and (ii) the new PSUs and RSUs granted under the LTIP 2025 as resolved by the Board on 9 April 2025. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Director, position Main conditions of performance share plans Information regarding 2025
Opening balance During the year Closing balance
Plan Performance period Vesting start date Vesting end date Units on 1 January 2025 (1) Units awarded Units vested/ shares re- ceived Units vested/ shares re- ceived Units awarded and un- vested Unexer- cised shares
Paolo Merloni Executive Chair 2022 2022-2024 28.04.2022 31.03.2025 104,948 0 30,435 30,435 0 30,435
2023 2023-2025 04.05.2023 30.03.2026 110,741 0 0 0 110,741 0
2024 2024-2026 06.05.2024 31.03.2027 218,124 0 0 0 218,124 0
2025 2025-2027 03.06.2025 31.03.2028 0 250,740 (2) 0 0 250,740 0
2023 2023-2025 03.08.2023 30.03.2026 208,776 0 0 0 208,776 0
Maurizio Brusadelli Chief Executive Of- ficer 2024 2024-2026 06.05.2024 31.03.2027 376,760 0 0 0 376,760 0
2025 2025-2027 03.06.2025 31.03.2028 0 433,098 (2)(3) 0 0 433,098 0
\n (1) Unvested PSUs. (2) The number of units granted to the executive directors, as resolved by the Board on 9 April 2025 on the proposal of the compensation and talent development committee, is determined by dividing the individual grant value by the average closing price of the Company\u2019s shares on the 30 trading days before the grant. Specifically, for LTIP 2025 the average closing price on the 30 trading days before the grant was \u20ac 4.387. (3) The units for the chief executive officer have been granted in the form of 60% PSUs and 40% RSU, i.e. 259,859 PSUs and 173,239 RSUs. The table below provides an overview of the ordinary shares held by the executive directors as of 31 December 2025. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Executive director Number of ordinary shares
Paolo Merloni 535,268
Maurizio Brusadelli 80,000
\n \n \n \n Change of remuneration of executive directors and Company performance The following table shows a comparison of the fixed remuneration over the last five years of the executive directors who served as executive director in 2025. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Annual change 2021 2022 2023 2024 2025
Executive directors' fixed remuneration (in \u20ac thousand)
Paolo Merloni Executive Chair 1,003 1,118 1,241 1,239 1,196
Maurizio Brusadelli (1) Chief Executive Officer N.A. N.A. 974 2,044 2,023
Executive directors' total remuneration (in \u20ac thousand)
Paolo Merloni Executive Chair 2,879 3,523 2,813 1,744 1,914
Maurizio Brusadelli Chief Executive Officer N.A. N.A. 1,399 4,883 6,109
Company performance (in \u20ac million)
EBIT 171 194 285 63 178
EBITDA 247 283 417 203 317
EBIT Adjusted 203 223 314 160 193
EBITDA Adjusted 277 305 422 276 311
Average remuneration on a full-time equivalent basis of employees (in \u20ac thousand) (1)
Employees of the Group 54 59 65 63 64
Internal pay ratio Chief Executive Officer
Chief Executive Officer vs em- ployees of the Group40 44 N.A.(2) 105 124
\n (1) The population composition changes across the years in terms of FTE, mix and countries. (2) In 2023 there is no relevant full year data for the CEO remuneration. Internal pay ratio of the chief executive officer based on fixed remuneration In accordance with Dutch law and the Dutch Corporate Governance Code, the internal pay ratio is an important factor in determining the remuneration policy. Pursuant to the Dutch Corporate Governance Code 'pay ratio' is understood to mean the ratio between (a) the total annual remuneration of the chief executive officer and (b) the average annual re- muneration of the employees of the company and the group companies whose financial data the company consolidates, where: (i) the total annual remuneration of the chief executive officer includes all remuneration components (such as fixed remuneration, variable remuneration in cash (bonus), the share-based part of the remuneration, social security contributions, pension, expense allowance, etc.), as included in the (consolidated) financial statements; (ii) the average annual remuneration of the employees is determined by dividing the total wage costs in the financial year (as included in the (consolidated) financial statements) by the average number of FTEs during the financial year; and (iii) the value of the share-based remuneration is determined at the time of assignment, in line with the applicable rules under the applied reporting requirements. The Company has elected to follow this methodology from 2022. The 2025 pay ratio of the chief executive officer versus the employees of the Group is 124. This number is significantly impacted by the one-off amount paid to the chief executive officer as foreseen by his terms of engagement. The 2025 pay ratio of the chief executive officer excluding this one-off payment is 73.\n \n \n \n 2025 remuneration of the non-executive directors The remuneration of the non-executive directors is in accordance with the remuneration policy. There are no loans, ad- vances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to the non-executive directors. The following table summarizes the remuneration received by the non-executive directors for the years ended 31 De- cember 2025 and 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-executive director (in \u20ac thousand) Fee 2025 Supplementary committee fee 2025 Remuneration 2025 Remuneration 2024
Laurent Jacquemin 50 10 60 60
Marinella Soldi (1) 50 13 63 70
Antonia Di Bella 50 20 70 67
Guido Krass 50 10 60 60
Roberto Guidetti (2) 50 27 77 90
Maria Francesca Merloni 50 - 50 50
Ignazio Rocco di Torrepadula (3) 50 13 63 70
Enrico Vita 50 10 60 60
Katja Gerber (4) 50 10 60 40
\n (1) Member of the ESG committee up to 7 May 2025. (2) Chair of the ESG committee up to 7 May 2025. (3) Member of the audit committee up to 7 May 2025. (4) Member of the ESG committee up to 7 May 2025 and member of the audit and sustainability committee since 7 May 2025. The following table shows a comparison of the remuneration over the last five years of non-executive directors who served as non-executive director in 2025: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-executive director (in \u20ac thousand) 2021 2022 2023 2024 2025
Laurent Jacquemin 48 (1) 50 (1) 50 (1) 60 60
Marinella Soldi (2) 67 70 70 70 63
Antonia Di Bella - - 60 67 70
Guido Krass - - 60 60 60
Roberto Guidetti (3) 71 90 90 90 77
Maria Francesca Merloni 48 50 50 50 50
Ignazio Rocco di Torrepadula (4) 38 60 70 70 63
Enrico Vita 52 60 60 60 60
Katja Gerber (5) - - - 40 60
\n (6) Fees received during his period as CEO ended on 27 July 2023. (7) Member of the ESG committee up to 7 May 2025. (8) Chair of the ESG committee up to 7 May 2025. (9) Member of the audit committee up to 7 May 2025. Member of the ESG committee up to 7 May 2025 and member of the audit and sustainability committee since 7 May 2025.\n \n \n \n REMUNERATION PAID TO THE PARENT COMPANY\u2019S BOARD OF DIRECTORS Fees attributable to the year and represented by remuneration to Directors of the Parent Company, at 31 December 2025, are summarized as follow: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Office Base remuneration Variable incentive
(in \u20ac million) Year Fixed Remunera- tion Fees Short-term incentive Extraordinary items
Directors 2025 3.0 0.7 1.3 3.3
Total 3.0 0.7 1.3 3.3
\n Notes: - Base remuneration does not include Benefits and Perks - Variable incentive does not include the Long-term incentive - Fixed remuneration represents for the Executive Chair the base salary and the executive director fee. For the Chief Executive Officer the fixed remuner- ation represents base salary, executive director fee and non-compete agreement - Fees represent the Board fee and the committee membership fees - The short-term incentive represents the incentive to be paid for performance results achieved in 2025 - Extraordinary items represent the payment to the Chief Executive Officer of a one-off amounting to \u20ac 2.8 million as foreseen by his terms of engage- ment and a one-off exceptional retention bonus amounting to \u20ac 0.5 million. Both the remuneration of the executive directors and the non-executive directors have been included in \u2018Note 3.1.1 \u2013 Stock-based incentive plan payments\u2019.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217152612237": { "value": "\n Note 3.1.1 \u2013 Stock-based incentive plans payments 2025 remuneration of the executive directors The remuneration of the executive directors is in accordance with the remuneration policy. There are no loans, advances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to or on behalf of an executive director. The following table summarizes the remuneration received by the executive directors for the years ended 31 December 2025 and 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Director, Position, Year Base remuneration Variable incentive Extraordinary items Pension expense Total remuneration Proportion of fixed and variable remuneration
Fixed Remu- neration Fees Benefits and perquisites Short-term incentive Long-term incentive
Paolo Merloni 2025 1,100 70 26 528 136 (1) - 54 1,914 65% fixed 35% variable
Executive Chair 2024 1,100 73 66 0 455 (2) - 50 1,744 74% fixed 26% variable
Maurizio Bru- sadelli 2025 1,900 50 73 792 0 3,250 (3) 44 6,109 87% fixed 13% variable
Chief Executive Officer (3) 2024 1,900 50 94 0 0 2,800 (4) 39 4,883 100% fixed
\n Notes: \u25aa Fixed remuneration represents for the Executive Chair the base salary and the executive director fee. For the chief executive officer the fixed remuneration represents base salary, executive director fee and non-compete consideration. \u25aa Fees represent the Board fee and the committee membership fees. \u25aa The short-term incentive represents the incentive to be paid for performance results achieved in 2025. \u25aa The long-term incentive value is calculated as follows: (i) for 2025, the LTI is valued referring to the share price on 30 December 2025 at close of trade (\u20ac 4.46) and (ii) for 2024, the LTI is valued referring to the share price on 30 December 2024 at close of trade (\u20ac 3.45). (1) LTI accrued value based on IFRS2 expenses is \u20ac 325 thousand. (2) LTI accrued value based on IFRS2 expenses is \u20ac 1,437 thousand. (3) The chief executive officer received the payment of a one-off amounting to \u20ac 2,800 thousand as foreseen by his terms of engagement and a one- off exceptional retention bonus amounting to \u20ac 450 thousand. (4) The chief executive officer received a one-off payment amounting to \u20ac 2,800 thousand as foreseen by his terms of engagement. \n \n Long-term incentive In 2025 the LTIP 2022 vested. The compensation and talent development committee has proposed to the Board to rec- ognize the following level of achievement: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Bandwidth pay-out level
KPI Weight Minimum On-target Maximum
Group Adjusted EBIT/Net sales matrix 70%
Relative TSR 15%
Sustainability Objec- tive15%
\n In 2025, the compensation and talent development committee also proposed to the Board the grant of a new LTIP cov- ering the performance years 2025-2027, in line with the remuneration policy. The table below provides an overview of the outstanding LTI in 2025. It also provides an overview of (i) the number of PSUs of the LTIP 2022 that vested during 2025 as resolved by the Board on 5 March 2025 and (ii) the new PSUs and RSUs granted under the LTIP 2025 as resolved by the Board on 9 April 2025. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Director, position Main conditions of performance share plans Information regarding 2025
Opening balance During the year Closing balance
Plan Performance period Vesting start date Vesting end date Units on 1 January 2025 (1) Units awarded Units vested/ shares re- ceived Units vested/ shares re- ceived Units awarded and un- vested Unexer- cised shares
Paolo Merloni Executive Chair 2022 2022-2024 28.04.2022 31.03.2025 104,948 0 30,435 30,435 0 30,435
2023 2023-2025 04.05.2023 30.03.2026 110,741 0 0 0 110,741 0
2024 2024-2026 06.05.2024 31.03.2027 218,124 0 0 0 218,124 0
2025 2025-2027 03.06.2025 31.03.2028 0 250,740 (2) 0 0 250,740 0
2023 2023-2025 03.08.2023 30.03.2026 208,776 0 0 0 208,776 0
Maurizio Brusadelli Chief Executive Of- ficer 2024 2024-2026 06.05.2024 31.03.2027 376,760 0 0 0 376,760 0
2025 2025-2027 03.06.2025 31.03.2028 0 433,098 (2)(3) 0 0 433,098 0
\n (1) Unvested PSUs. (2) The number of units granted to the executive directors, as resolved by the Board on 9 April 2025 on the proposal of the compensation and talent development committee, is determined by dividing the individual grant value by the average closing price of the Company\u2019s shares on the 30 trading days before the grant. Specifically, for LTIP 2025 the average closing price on the 30 trading days before the grant was \u20ac 4.387. (3) The units for the chief executive officer have been granted in the form of 60% PSUs and 40% RSU, i.e. 259,859 PSUs and 173,239 RSUs. The table below provides an overview of the ordinary shares held by the executive directors as of 31 December 2025. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Executive director Number of ordinary shares
Paolo Merloni 535,268
Maurizio Brusadelli 80,000
\n \n Change of remuneration of executive directors and Company performance The following table shows a comparison of the fixed remuneration over the last five years of the executive directors who served as executive director in 2025. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Annual change 2021 2022 2023 2024 2025
Executive directors' fixed remuneration (in \u20ac thousand)
Paolo Merloni Executive Chair 1,003 1,118 1,241 1,239 1,196
Maurizio Brusadelli (1) Chief Executive Officer N.A. N.A. 974 2,044 2,023
Executive directors' total remuneration (in \u20ac thousand)
Paolo Merloni Executive Chair 2,879 3,523 2,813 1,744 1,914
Maurizio Brusadelli Chief Executive Officer N.A. N.A. 1,399 4,883 6,109
Company performance (in \u20ac million)
EBIT 171 194 285 63 178
EBITDA 247 283 417 203 317
EBIT Adjusted 203 223 314 160 193
EBITDA Adjusted 277 305 422 276 311
Average remuneration on a full-time equivalent basis of employees (in \u20ac thousand) (1)
Employees of the Group 54 59 65 63 64
Internal pay ratio Chief Executive Officer
Chief Executive Officer vs em- ployees of the Group40 44 N.A.(2) 105 124
\n (1) The population composition changes across the years in terms of FTE, mix and countries. (2) In 2023 there is no relevant full year data for the CEO remuneration. Internal pay ratio of the chief executive officer based on fixed remuneration In accordance with Dutch law and the Dutch Corporate Governance Code, the internal pay ratio is an important factor in determining the remuneration policy. Pursuant to the Dutch Corporate Governance Code 'pay ratio' is understood to mean the ratio between (a) the total annual remuneration of the chief executive officer and (b) the average annual re- muneration of the employees of the company and the group companies whose financial data the company consolidates, where: (i) the total annual remuneration of the chief executive officer includes all remuneration components (such as fixed remuneration, variable remuneration in cash (bonus), the share-based part of the remuneration, social security contributions, pension, expense allowance, etc.), as included in the (consolidated) financial statements; (ii) the average annual remuneration of the employees is determined by dividing the total wage costs in the financial year (as included in the (consolidated) financial statements) by the average number of FTEs during the financial year; and (iii) the value of the share-based remuneration is determined at the time of assignment, in line with the applicable rules under the applied reporting requirements. The Company has elected to follow this methodology from 2022. The 2025 pay ratio of the chief executive officer versus the employees of the Group is 124. This number is significantly impacted by the one-off amount paid to the chief executive officer as foreseen by his terms of engagement. The 2025 pay ratio of the chief executive officer excluding this one-off payment is 73.\n \n 2025 remuneration of the non-executive directors The remuneration of the non-executive directors is in accordance with the remuneration policy. There are no loans, ad- vances or guarantees provided by the Company or any undertaking belonging to the same group of the Company to the non-executive directors. The following table summarizes the remuneration received by the non-executive directors for the years ended 31 De- cember 2025 and 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-executive director (in \u20ac thousand) Fee 2025 Supplementary committee fee 2025 Remuneration 2025 Remuneration 2024
Laurent Jacquemin 50 10 60 60
Marinella Soldi (1) 50 13 63 70
Antonia Di Bella 50 20 70 67
Guido Krass 50 10 60 60
Roberto Guidetti (2) 50 27 77 90
Maria Francesca Merloni 50 - 50 50
Ignazio Rocco di Torrepadula (3) 50 13 63 70
Enrico Vita 50 10 60 60
Katja Gerber (4) 50 10 60 40
\n (1) Member of the ESG committee up to 7 May 2025. (2) Chair of the ESG committee up to 7 May 2025. (3) Member of the audit committee up to 7 May 2025. (4) Member of the ESG committee up to 7 May 2025 and member of the audit and sustainability committee since 7 May 2025. The following table shows a comparison of the remuneration over the last five years of non-executive directors who served as non-executive director in 2025: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-executive director (in \u20ac thousand) 2021 2022 2023 2024 2025
Laurent Jacquemin 48 (1) 50 (1) 50 (1) 60 60
Marinella Soldi (2) 67 70 70 70 63
Antonia Di Bella - - 60 67 70
Guido Krass - - 60 60 60
Roberto Guidetti (3) 71 90 90 90 77
Maria Francesca Merloni 48 50 50 50 50
Ignazio Rocco di Torrepadula (4) 38 60 70 70 63
Enrico Vita 52 60 60 60 60
Katja Gerber (5) - - - 40 60
\n (6) Fees received during his period as CEO ended on 27 July 2023. (7) Member of the ESG committee up to 7 May 2025. (8) Chair of the ESG committee up to 7 May 2025. (9) Member of the audit committee up to 7 May 2025. Member of the ESG committee up to 7 May 2025 and member of the audit and sustainability committee since 7 May 2025.\n \n RELATED PARTY DISCLOSURES At 31 December 2025 Ariston Holding N.V., controlled by Merloni Holding S.p.A., and its Italian subsidiaries, adopted the national tax consolidation scheme. At 31 December 2025, the income tax receivables and payables of the individual Italian companies were recorded from or to, respectively, Merloni Holding S.p.A. All tax receivables and payables are non-inter- est-bearing. At 31 December 2025, the Company and its Italian subsidiaries had a payable position from Merloni Holding S.p.A. for \u20ac 1.3 million. All transactions with related parties were carried out in the Group\u2019s interest. Based on the transactions carried out by the Ariston Group during 2025, related parties are mainly represented by: \u2022 companies directly and/or indirectly related to the majority shareholder of Ariston Holding N.V.; \u2022 directors and/or companies related to the same. The following table shows the figures of the main transactions with related parties: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
(in million \u20ac) Receivables Payables Revenue Costs Receivables Payables Revenue Costs
Merloni Holding S.p.A. 12.4 13.7 0.1 0.1 8.8 8.5 0.1 0.1
Novapower S.r.l. 0.1 0.8 0.1 0.3 0.1 0.7 0.1 0.3
Nova Re S.r.l. 0.0 0.0 0.0 0.3 0.0 0.2 0.0 0.3
Novacapital S.r.l. 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0
Centrotec Building Technology 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.1
Centrotec Immobilien GmbH 0.0 0.1 0.0 0.0 0.0 0.1 0.0 1.8
Centrotec SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2
Centrotherm Systemtechnik GmbH 0.0 0.1 0.0 0.0 0.0 0.1 0.0 2.2
M\u00f6ller Medical GmbH 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
CS Wismar GmbH 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.9
Ubbink BV 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.4
Ubbink NV-SA 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.6
Total 12.6 15.1 0.2 0.8 9.1 9.7 1.2 7.0
\n As regards transactions with related parties, it should be noted that they are not to be qualified as atypical or unusual but should be included in the normal course of the business carried out by Group companies. These transactions are regu- lated by market conditions and are based on the characteristics of the services provided. The transactions carried out by the Group with these related parties are primarily of a commercial nature, except for Merloni Holding S.p.A. where trans- actions mainly related to the national tax consolidation scheme. In addition, members of the Ariston Board and executives with strategic responsibilities and their families are also con- sidered related parties. No transactions were carried out with them during the year. About the key management personnel compensation, reference should be made to \u2018Note 3.1.1 - Stock-based incentive plans payments\u2019.\n \n REMUNERATION PAID TO THE PARENT COMPANY\u2019S BOARD OF DIRECTORS Fees attributable to the year and represented by remuneration to Directors of the Parent Company, at 31 December 2025, are summarized as follow: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Office Base remuneration Variable incentive
(in \u20ac million) Year Fixed Remunera- tion Fees Short-term incentive Extraordinary items
Directors 2025 3.0 0.7 1.3 3.3
Total 3.0 0.7 1.3 3.3
\n Notes: - Base remuneration does not include Benefits and Perks - Variable incentive does not include the Long-term incentive - Fixed remuneration represents for the Executive Chair the base salary and the executive director fee. For the Chief Executive Officer the fixed remuner- ation represents base salary, executive director fee and non-compete agreement - Fees represent the Board fee and the committee membership fees - The short-term incentive represents the incentive to be paid for performance results achieved in 2025 - Extraordinary items represent the payment to the Chief Executive Officer of a one-off amounting to \u20ac 2.8 million as foreseen by his terms of engage- ment and a one-off exceptional retention bonus amounting to \u20ac 0.5 million. Both the remuneration of the executive directors and the non-executive directors have been included in \u2018Note 3.1.1 \u2013 Stock-based incentive plan payments\u2019.\n \n \n LIST OF COMPANIES AT 31 DECEMBER 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered office Curr. Share capital Business unit (*) Investing companies Direct in- terest Subsidiaries' interest Minority interest
1 Ariston Holding N.V. Netherlands EUR 46,476,002 TC
2 Air Install Group B.V. Netherlands EUR 18,154 TC Brink Climate Systems B.V. 100.00
3 AR1 S.r.l. Italy EUR 200,000 TC Ariston S.p.A. 100.00
4 Ariston Benelux S.A./N.V. Belgium EUR 15,000,000 TC Ariston Holding N.V. 100.00
5 Ariston Climate Solutions d.o.o. Ni\u0161. Serbia RSD 11,740,000 TC ATAG Heating B.V. 100.00
6 Ariston Climate Solutions Me- xico S.A. de C.V. Mexico MXN 1,827,860,000 TC Elcotherm AG 99.99
Atag Heating B.V. 0.01
7 Ariston Climate Systems GmbH Germany EUR 25,000 TC Ariston Holding N.V. 100.00
8 Ariston Croatia d.o.o. Croatia EUR 110,000 TC Ariston Holding N.V. 100.00
9 Ariston CZ S.r.o. Czech Republic CZK 30,000,000 TC Ariston Holding N.V. 100.00
10 Ariston Deutschland GmbH Germany EUR 255,700 TC Ariston Holding N.V. 100.00
11 Ariston Egypt LLC Egypt EGP 10,900,000 TC Ariston Group Water Heating Solutions Egypt LLC 99.99
Ariston Holding N.V. 0.01
12 Ariston France S.a.s. France EUR 54,682,110 TC Ariston Holding N.V. 99.99
Ariston Deutschland GmbH 0.01
13 Ariston Group Greece P.C. Greece EUR 2,500,000 TC ATAG Heating B.V. 100.00
14 Ariston Group India Private Limi- ted India INR 457,500,000 TC Ariston Holding N.V. 99.99
Ariston S.p.A. 0.01
15 Ariston Group Water Heating Solutions Egypt LLC Egypt EGP 438,595,000 TC ATAG Heating B.V. 99.99
Ariston Holding N.V. 0.01
16 Ariston Gulf Water Heating LLC UAE AED 400,000 TC Ariston Holding N.V. 100.00
17 Ariston Heating Solutions (China) Co. Ltd. China CNY 145,885,010 TC Ariston Holding N.V. 100.00
18 Ariston Heating Technology Ni- geria Ltd. Nigeria NGN 100,000,000 TC Ariston Holding N.V. 100.00
19 Ariston Holding USA LLC USA USD 98,037,666 TC Elcotherm AG 100.00
20 Ariston Hung\u00e1ria Kft. Hungary HUF 131,000,000 TC Ariston Holding N.V. 100.00
21 Ariston Iberica S.L. Spain EUR 800,000 TC Ariston Holding N.V. 100.00
22 Ariston Industrial Vietnam Co. Ltd. Vietnam VND 41,600,000,000 TC Ariston Holding N.V. 100.00
23 Ariston Kazakhstan LLP Kazakhstan KZT 212,100 TC Ariston Holding N.V. 100.00
24 Ariston Maroc SA Morocco MAD 3,000,000 TC Ariston Holding N.V. 100.00
25 Ariston Polska Sp. zo.o. Poland PLN 12,000,000 TC Ariston Holding N.V. 100.00
26 Ariston Pte Ltd. Singapore SGD 100,000 TC Ariston Holding N.V. 100.00
27 Ariston S.p.A. Italy EUR 30,100,000 TC Ariston Holding N.V. 100.00
28 Ariston Sales Mexico S.A. de C.V. Mexico MXN 132,238,920 TC Ariston Climate Solu- tions Mexico S.A. de C.V. 0.07
ATAG Heating B.V. 0.01
Calentadores de Ame- rica S.A. de C.V. 99.92
29 Ariston South Africa (Pty) Ltd. South Africa ZAR 100 TC Ariston Holding N.V. 100.00
30 Ariston Thermo Argentina S.r.l. Argentina ARS 50,000,000 TC Ariston Holding N.V. 99.66
Thermowatt S.p.A. 0.34
31 Ariston Thermo Romania S.r.l. Romania RON 29,041,740 TC Ariston Holding N.V. 100.00
32 Ariston Thermo Rus LLC (1) Russia RUB 1,403,787,727 TC Ariston Holding N.V. 100.00
33 Ariston Thermo Tunisie SA Tunisia EUR 500,000 TC Elcotherm AG 66.70
Third parties 33.30
34 Ariston U.K. Ltd. UK GBP 7,500,000 TC Ariston Holding N.V. 100.00
35 Ariston Ukraine LLC Ukraine UAH 38,705,753 TC Ariston Holding N.V. 100.00
36 Ariston USA LLC USA USD 10,275,184 TC Ariston Holding USA LLC 100.00
37 Ariston Vietnam CO. Ltd. Vietnam VND 31,471,000,000 TC Ariston Holding N.V. 100.00
38 Ariston Water Heating Products India Private Limited India INR 1,500,000,000 TC Atag Heating B.V. 99.99
Ariston Climate Sy- stems GmbH 0.01
39 Atag Electronics B.V. Netherlands EUR 1 TC Atag Heating B.V. 100.00
40 Atag Engineering B.V. Netherlands EUR 1 TC Atag Heating B.V. 100.00
41 Atag Heating B.V. Netherlands EUR 10,000 TC Ariston Holding N.V. 100.00
42 Atag Heizungstechnik GmbH Germany EUR 512,000 TC Atag Heating B.V. 100.00
43 Atag Verwarming Belgie B.V.BA Belgium EUR 18,600 TC Atag Heating B.V. 100.00
44 Atmor Electronic Technology Company Ltd. Hong Kong HKD 1,092,001 TC Ariston IL Ltd 100.00
45 BCE S.r.l. Italy EUR 10,400 BUR Ecoflam Bruciatori S.p.A.100.00
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered office Curr. Share capital Business unit (*) Investing companies Direct in- terest Subsidiaries' interest Minority interest
46 Brink Climate Systems B.V. Netherlands EUR 20,004 TC Ariston Climate Sy- stems GmbH 100.00
47 Brink Climate Systems France S.a.s. France EUR 10,000 TC Brink Climate Systems B.V. 100.00
48 Calentadores de America S.A. de C.V. Mexico MXN 958,143,637 TC Ariston Climate Solu- tions Mexico S.A. de C.V. 99.99
Atag Heating B.V. 0.01
49 Chromagen Australia PTY Ltd. Australia AUD 10,358,995 TC Elcotherm AG 51.00
Third parties 49.00
50 Ariston IL Ltd Israel ILS 13,322 TC Elcotherm AG 100.00
51 Clima Techno Service S.r.l. Italy EUR 10,000 TC Ariston S.p.A. 100.00
52 Cuenod S.a.s. France EUR 15,422,390 BUR Ariston France sas 100.00
53 Domotec AG Switzerland CHF 50,000 TC Elcotherm AG 100.00
54 DDR Heating Inc USA USD 37,812.46 TC Ariston Holding USA LLC 100.00
55 Ecoflam Bruciatori S.p.A. Italy EUR 3,690,000 BUR Ariston Holding N.V. 100.00
56 Elco Austria GmbH Austria EUR 35,000 TC Elcotherm AG 100.00
57 Elco B.V. Netherlands EUR 2,046,004 TC Elco Burners B.V. 100.00
58 ATAG Heating Belgium S.A./N.V. Belgium EUR 3,650,000 TC Ariston Benelux S.A./N.V. 99.99
Elco B.V. 0.01
59 Elco Burners B.V. Netherlands EUR 22,734 BUR Atag Heating B.V. 100.00
60 Elco Burners GmbH Germany EUR 25,000 BUR Ariston Deutschland GmbH 100.00
61 Elco GmbH Germany EUR 50,000 TC Ariston Deutschland GmbH 100.00
62 Elco Heating Solutions Ltd. UK GPB 3,001,750 TC Ariston U.K. Ltd. 100.00
63 Elco Italia S.p.A. Italy EUR 3,500,000 TC Ariston S.p.A. 100.00
64 Elcotherm AG Switzerland CHF 1,000,000 TC Ariston Holding N.V. 100.00
65 Gastech-Energi A/S Denmark DKK 7,554,935 TC Ariston Holding N.V. 100.00
66 General Bruciatori S.r.l. Italy EUR 46,800 BUR Ecoflam Bruciatori S.p.A. 100.00
67 Holmak export import D.o.o.e.l. Macedonia MKD 816,651 TC Brink Climate Systems B.V. 100.00
68 Ingrado S.r.l. Italy EUR 10,000 TC Ariston Holding N.V. 100.00
69 Instachauf S.a.s. France EUR 200,000 TC Ariston Holding N.V. 100.00
70 Ned Air B.V. Netherlands EUR 54,000 TC Ariston Climate Sy- stem GmbH 100.00
71 Ariston Canada Inc. Canada CAD 43,000,000 TC Ariston Holding N.V. 100.00
72 NTI USA Inc. USA USD 1 TC Ariston Canada Inc. 100.00
73 Pro-Klima D.o.o. Croatia EUR 1,208,820 TC Wolf GmbH 100.00
74 PT ARISTON CLIMATE SOLU- Indonesia IDR 10,000,000,000 TC Atag Heating B.V. 99.99
TIONS INDONESIA PT Ariston Group In- donesia Ltd. 0.01
75 PT Ariston Group Indonesia Ltd. Indonesia IDR 16,260,750,000 TC Ariston Holding N.V. 99,93
Ariston Pte Ltd. 0.07
76 Racold Thermo Private Ltd. India INR 262,134,750 TC Ariston Holding N.V. 99.99
Ariston S.p.A. 0.01
77 S.H.E. d.o.o. Svilajnac Serbia RSD 35,432,220 COM Thermowatt S.p.A. 100.00
78 SPM Innovation S.a.s. France EUR 750,020 BUR Ariston Holding N.V. 100.00
79 Tasfiye Halinde Ariston Thermo Is\u0131tma ve So\u011futma Sistemleri \u0130thalat ve \u0130hracat ve Da\u011f\u0131t\u0131m Ltd.\u015eti. Turkey TRY 66,157,500 TC Ariston Holding N.V. 100.00
80 Thermowatt (Wuxi) Electric Co. Ltd. China CNY 82,769,200 COM Ariston Heating Solu- tions (China) Co. Ltd. 70.00
Ariston Holding N.V. 30.00
81 Thermowatt Professional S.r.l. Italy EUR 100,000 COM Thermowatt S.p.A. 100.00
82 Thermowatt S.p.A. Italy EUR 7,700,000 COM Ariston Holding N.V. 100.00
83 UAB ARISTON Lithuania Lithuania EUR 250,000 TC Ariston Holding N.V. 100.00
84 WOLF Energiesparsysteme O.O.O. Russia RUB 113,200,000 TC Wolf GmbH 99.00
Wolf Power Systems 1.00
85 Wolf Energiesystemen B.V. Netherlands EUR 150,000 TC Wolf GmbH 100.00
86 Wolf France S.a.s. France EUR 1,040,000 TC Wolf GmbH 100.00
87 Wolf GmbH Germany EUR 20,000,000 TC Ariston Climate Sy- stems GmbH 100.00
88 Ariston Climate Solutions (Shanghai) Co., Ltd. China CNY 14,512,361 TC Wolf GmbH 100.00
89 Wolf Power Systems GmbH Germany EUR 500,000 TC WEBA Services GmbH 89.00
Wolf GmbH 11.00
90 WEBA Services GmbH Germany EUR 83,333 TC Ariston Deutschland GmbH 100.00
91 Z.R.E. Srl Italy EUR 98,800 COM Thermowatt S.p.A. 100.00
\n \n \n \n \n The participation shares in this table are the ones relevant for determining the Consolidated financial statements. The companies acquired with the put/call contracts to be exercised on the remaining shares of the share capital were fully consolidated, together with the acquisition agreement based on the provisions set forth in IFRS3 (see the specific treatment of the individual put/call options in the notes) All companies summarised in the table above are consolidated using the line by line method Ariston Thermo Rus LLC has been included in the perimeter as of April 2025, following the regaining of control of the entity pursuant to Presidential Decree No. 176 of (1) the Russian Federation (*) Refers to the main Division\n \n \n \n \n LIST OF COMPANIES NOT INCLUDED IN THE SCOPE OF CONSOLIDATION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
N\u00b0 Company Registered of- fice Curr. Share capital Business unit (*) Investing companies Group's inte- rest
1 Ariston Lennox Water heating North America LLC USA USD 1,400,000 TC Ariston USA LLC 50.10
2 Cinergi Ltd UK GBP 100 TC Ariston U.K. Ltd. 24.75
3 Haas Heating B.V. Netherlands EUR 100 TC Atag Heating B.V. 24.50
4 HeimWatt GmbH Germany EUR 30,332 TC WEBA Services GmbH 20.00
5 Joint venture \"Ariston Thermo - UTG LLC\" (**) Uzbekistan EUR 1,000,000 TC Ariston Holding N.V. 51.00
6 Thermal Earth Ltd UK GBP 81 TC Ariston U.K. Ltd. 30.00
7 Thermovault Belgium EUR 6,283,576 TC Ariston Holding N.V. 27.98
\n (**) The company was not included in the scope of consolidation because of its limited area of operation and significance\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217165911730": { "value": "\n \n \n Note 3.5 \u2013 Non-current financing and current loans\n As at 31 December 2025, \u2018Non-current financing and current loans\u2019 amounted to \u20ac 769.9 million compared to \u20ac 901.4 million in the previous year, and was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
< 1 year < 5 years > 5 years Total < 1 year < 5 years > 5 years Total
Fair value of Current and Non-current Financing 33.8 645.6 90.5 769.9 101.3 713.6 86.6 901.4
\n \u2019Current financial liabilities\u2019 for loans decreased by \u20ac 67.5 million compared to the previous year, primarily due to the regular maturing of medium and long-term debt. Meanwhile, \u2018Non-Current financing\u2019 as of 31 December 2025, decreased by \u20ac 64.0 million, mainly due to repayments made in 2025. \n \n In accordance with IFRS 16, the carrying amounts of financial liabilities arising from right-of-use assets, broken down by due date at 31 December 2025, are presented below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 31.12.2025 (in \u20ac million) 0-12 months 2-5 years >5 years Total
Financial payables
- non-current loans 65.7 6.5 72.2
- current loans 28.5 28.5
Financial payables 28.5 65.7 6.5 100.7
\n Net financial indebtedness The reconciliation with the Net Financial Indebtedness adjusted is set out below. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Net Financial Indebtedness
(\u20ac million)
A Cash 246.5 350.8
B Cash equivalents including the current financial assets 0.0 0.0
C Other current financial assets 3.3 6.4
D Liquidity (A+B+C) 249.9 357.1
E Current financial liabilities -52.6 -46.9
F Current portion of non-current financial liabilities -33.8 -101.3
G Current Financial Indebtedness (E+F) -86.4 -148.2
H Net Current Financial Indebtedness (G-D) 163.4 208.9
I Non-current financial liabilities -736.1 -800.1
J Non-current financing (Debt instruments) -0.0 -0.0
K Non-current Trade and Other Payables -1.1 -11.5
L Non-Current Financial Indebtedness (I+J+K) -737.2 -811.7
M Net Financial Indebtedness (H+L) (*) -573.7 -602.7
N Group Net Financial Indebtedness -542.0 -579.1
O \u2206 M-N -31.7 -23.6
\n \n \n \n At 31 December 2025, the Group recognized adjusted net financial indebtedness of \u20ac -542.0 million, compared with \u20ac - 579.1 million as of 31 December 2024. \n \n A reconciliation of the changes in financial assets and liabilities used in financing activities as per the cash flow statement and the balances shown on the financial statements is provided below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Non-cur- rent financing Current financial liabilities Current loans Current financial assets Total Net impact
31.12.2024 800.1 46.8 101.3 -18.4 929.9
Increase/decrease in short-term 0.0 -5.3 -69.7 5.8 -69.3
financial payables (1)
New loans (1) 100.8 0.0 0.0 0.0 100.8
Loans repayment (1) -195.8 0.0 0.0 0.0 -195.8
New lease contracts 32.5 0.0 0.0 0.0 32.5
Reclassification -3.4 0.0 3.4 0.0 0.0
Exchange rate effects -0.1 -0.6 -0.3 0.0 -1.1
Perimeter variation 1.1 2.0 0.2 -2.0 1.2
Net variation MTM 0.0 -8.1 0.0 2.6 -5.5
Other movements 0.9 -4.1 -1.1 0.2 -4.1
31.12.2025 736.1 30.5 33.8 -11.9 788.4
\n (1): Included in the Cash flow Statement.\n \n \n \n \n Note 3.11 \u2013 Current financial liabilities\n At 31 December 2025, \u2018Current financial liabilities\u2019 amounted to \u20ac 30.5 million compared to \u20ac 46.8 million at the previous year end. Liabilities are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Current financial liabilities (in \u20ac million) 31.12.2025 31.12.2024
Financial derivative liabilities 8.6 16.9
Short-term debt due to bank 6.3 10.0
Financial notes payables 5.6 5.5
Other current financial liabilities 10.0 14.3
Total 30.5 46.8
\n \n Short-term debt due to banks showed a \u20ac 3.7 million decrease as result of a lower draw-down of short-term lines. Short- term uncommitted credit lines amounted to approximately \u20ac 487.6 million and consisted almost entirely of current ac- count credit lines and advances utilised for \u20ac 103.6 million at the reporting date (\u20ac 90.0 million as of 31 December 2024). \u2018Financial notes payable\u2019 amounted to \u20ac 5.6 million (\u20ac 5.5 million as of 31 December 2024) and consisted of short-term debt for bank notes or similar tradable instruments issued, held by subsidiaries in China, and used in commercial trans- actions with customers and suppliers in order to settle supply agreements. The item \u2018Other current financial liabilities\u2019 amounted to \u20ac 10.0 million (\u20ac 14.3 million as of 31 December 2024) and mainly consisted of interest accrual on medium/long-term loans. Note 3.12 \u2013 Current loans The balance of \u2018Current loans\u2019 amounted to \u20ac 33.8 million compared to \u20ac 101.3 million as of 31 December 2024. The item primarily consists of the short-term portion of medium/long-term bank loans, with detailed information pro- vided in \u2018Note 3.5 - Non-current financing and current loans\u2019.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217170124266": { "value": "\n \n \n \n Note 3.6 \u2013 Other non-current liabilities \u2018Other non-current liabilities\u2019 amounted to \u20ac 34.8 million compared to \u20ac 24.0 million at the previous year end. These liabilities primarily includes amounts due after one year and non-current contract liabilities. For information about con- tract liabilities, reference should be made to \u2018Note 3.13 \u2013 Other current liabilities\u2019. The non-current portion of the contract liabilities amounted to \u20ac 9.4 million, compared to \u20ac 10.8 million at 31 December 2024. During the year, the put/call option liability related to Chromagen Australia was reclassified to the current bracket as the exercise date falls within two months from the approval of the 2025 financial statements. \u2018Other non-current liabilities\u2019 include the advance on government grants received in 2025 in relation to expenditure scheduled for the subsequent years. \n \n \n \n \n Note 3.13 \u2013 Other current liabilities \u2018Other current liabilities\u2019 amounted to \u20ac 275.0 million, up by \u20ac 33.1 million on \u20ac 241.9 million at 31 December 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other current liabilities
31.12.2025 31.12.2024
(in \u20ac million)
Contract liabilities 73.3 72.7
Current payables due to personnel 64.0 63.8
Customers credit balance 39.1 29.8
Indirect tax payables 27.1 31.6
Short Term put/call debts 22.1 0.1
Current payables for social security contributions 20.9 21.0
Advances from customers 10.3 8.7
Deferred income 5.2 12.3
Other current payables 12.8 1.7
Total 275.0 241.9
\n\n \n \n \n In accordance with IFRS 15, performance obligations to customers at contract level are recognised as contract liabilities. Contract liabilities include: \u2022 Rights of Return \u2022 After-sales service, which include Service maintenance contracts and Service type warranties \u2022 Loyalty program \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Up to 1 year From 1 to 5 years Over 5 years Total Up to 1 year From 1 to 5 years Over 5 years Total
Right of returns 3.7 0.0 0.0 3.7 2.6 0.0 0.0 2.6
After-sales services 49.4 7.5 1.9 58.8 49.6 9.3 1.4 60.3
Loyalty program 20.3 0.0 0.0 20.3 20.6 0.0 0.0 20.6
Total 73.3 7.5 1.9 82.8 72.7 9.3 1.4 83.6
\n \n \n \n \n \n \n \n \n \n \n The table below shows the opening and closing balances of contract liabilities as well as movements during the years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of returns After-sales services Loyalty program Total
Opening Balance 01.01.2025 2.6 60.4 20.6 83.6
Increase recognized 0.0 104.8 14.5 119.4
Revenue recognized 0.0 -103.7 -8.0 -111.7
Contracts cancelled 0.0 -3.1 0.0 -3.1
Net variation invoicing 0.0 -0.6 0.0 -0.6
Pay out 0.0 0.0 -6.0 -6.0
Other changes to contract balances 1.1 1.1 -0.8 1.4
Closing balance 31.12.2025 3.7 58.8 20.3 82.8
\n \n \n \n \u2018Current payables due to personnel\u2019 include the amounts accrued by personnel and not yet disbursed. The item \u2018Indirect tax payables\u2019 includes the VAT payables due to tax authorities. The \u20ac 4.5 million decrease was linked to the business operations. The \u2018Short-term put/call debts\u2019 arises from purchase agreements that are to be settled in the near future. The increase is mainly attributable to the reclassification to current liabilities of the put/call debts related to Chromagen Australia. The present value of this amount is \u20ac 20.9 million, and the exercise date falls within two months following the approval of the Financial Statements for FY 2025. \u2018Current payables for social security contributions\u2019 included all relationships that the Company is required to maintain with social security and insurance entities for its employees and workers with atypical contracts ( parasubordinati). It has not substantially changed compared with December 2024. The item \u2018Advances from customers\u2019 shows all advances received from customers for supplies not yet delivered. It was up by \u20ac 1.6 million compared to 31 December 2024. \n \n \u2018Deferred income\u2019 includes adjustments to costs and revenue for the year in order to comply with the accruals basis of accounting and the matching principle (accruals and deferred income also relating to financial liabilities).\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217180956718": { "value": "\n \n Note 3.6 \u2013 Other non-current liabilities \u2018Other non-current liabilities\u2019 amounted to \u20ac 34.8 million compared to \u20ac 24.0 million at the previous year end. These liabilities primarily includes amounts due after one year and non-current contract liabilities. For information about con- tract liabilities, reference should be made to \u2018Note 3.13 \u2013 Other current liabilities\u2019. The non-current portion of the contract liabilities amounted to \u20ac 9.4 million, compared to \u20ac 10.8 million at 31 December 2024. During the year, the put/call option liability related to Chromagen Australia was reclassified to the current bracket as the exercise date falls within two months from the approval of the 2025 financial statements. \u2018Other non-current liabilities\u2019 include the advance on government grants received in 2025 in relation to expenditure scheduled for the subsequent years. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217183849996": { "value": "\n Note 3.6 \u2013 Other non-current liabilities \u2018Other non-current liabilities\u2019 amounted to \u20ac 34.8 million compared to \u20ac 24.0 million at the previous year end. These liabilities primarily includes amounts due after one year and non-current contract liabilities. For information about con- tract liabilities, reference should be made to \u2018Note 3.13 \u2013 Other current liabilities\u2019. The non-current portion of the contract liabilities amounted to \u20ac 9.4 million, compared to \u20ac 10.8 million at 31 December 2024. During the year, the put/call option liability related to Chromagen Australia was reclassified to the current bracket as the exercise date falls within two months from the approval of the 2025 financial statements. \u2018Other non-current liabilities\u2019 include the advance on government grants received in 2025 in relation to expenditure scheduled for the subsequent years. \n \n \n \n \n Note 3.13 \u2013 Other current liabilities \u2018Other current liabilities\u2019 amounted to \u20ac 275.0 million, up by \u20ac 33.1 million on \u20ac 241.9 million at 31 December 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other current liabilities
31.12.2025 31.12.2024
(in \u20ac million)
Contract liabilities 73.3 72.7
Current payables due to personnel 64.0 63.8
Customers credit balance 39.1 29.8
Indirect tax payables 27.1 31.6
Short Term put/call debts 22.1 0.1
Current payables for social security contributions 20.9 21.0
Advances from customers 10.3 8.7
Deferred income 5.2 12.3
Other current payables 12.8 1.7
Total 275.0 241.9
\n\n \n \n \n In accordance with IFRS 15, performance obligations to customers at contract level are recognised as contract liabilities. Contract liabilities include: \u2022 Rights of Return \u2022 After-sales service, which include Service maintenance contracts and Service type warranties \u2022 Loyalty program \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Up to 1 year From 1 to 5 years Over 5 years Total Up to 1 year From 1 to 5 years Over 5 years Total
Right of returns 3.7 0.0 0.0 3.7 2.6 0.0 0.0 2.6
After-sales services 49.4 7.5 1.9 58.8 49.6 9.3 1.4 60.3
Loyalty program 20.3 0.0 0.0 20.3 20.6 0.0 0.0 20.6
Total 73.3 7.5 1.9 82.8 72.7 9.3 1.4 83.6
\n \n \n \n \n \n \n \n \n \n \n \n The table below shows the opening and closing balances of contract liabilities as well as movements during the years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of returns After-sales services Loyalty program Total
Opening Balance 01.01.2025 2.6 60.4 20.6 83.6
Increase recognized 0.0 104.8 14.5 119.4
Revenue recognized 0.0 -103.7 -8.0 -111.7
Contracts cancelled 0.0 -3.1 0.0 -3.1
Net variation invoicing 0.0 -0.6 0.0 -0.6
Pay out 0.0 0.0 -6.0 -6.0
Other changes to contract balances 1.1 1.1 -0.8 1.4
Closing balance 31.12.2025 3.7 58.8 20.3 82.8
\n \n \n \n \u2018Current payables due to personnel\u2019 include the amounts accrued by personnel and not yet disbursed. The item \u2018Indirect tax payables\u2019 includes the VAT payables due to tax authorities. The \u20ac 4.5 million decrease was linked to the business operations. The \u2018Short-term put/call debts\u2019 arises from purchase agreements that are to be settled in the near future. The increase is mainly attributable to the reclassification to current liabilities of the put/call debts related to Chromagen Australia. The present value of this amount is \u20ac 20.9 million, and the exercise date falls within two months following the approval of the Financial Statements for FY 2025. \u2018Current payables for social security contributions\u2019 included all relationships that the Company is required to maintain with social security and insurance entities for its employees and workers with atypical contracts ( parasubordinati). It has not substantially changed compared with December 2024. The item \u2018Advances from customers\u2019 shows all advances received from customers for supplies not yet delivered. It was up by \u20ac 1.6 million compared to 31 December 2024. \n \n \u2018Deferred income\u2019 includes adjustments to costs and revenue for the year in order to comply with the accruals basis of accounting and the matching principle (accruals and deferred income also relating to financial liabilities).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217181043479": { "value": "\n Note 3.8 \u2013 Trade payables \u2018Trade payables\u2019 2025amounted to \u20ac 504.9 million at 31 December 2024, up by \u20ac 60.8 million, compared with 31 Decem- ber 2024. They do not bear interest and their carrying amount approximates their fair value at the reporting date. Trade payables in terms of the average DPO amounted to 90.0 days in 2025 and 89.0 days in 2024. The reduction of trade payables is due to careful management of procurement terms and supplier agreements.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217181126669": { "value": "\n \n \n Note 3.13 \u2013 Other current liabilities \u2018Other current liabilities\u2019 amounted to \u20ac 275.0 million, up by \u20ac 33.1 million on \u20ac 241.9 million at 31 December 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other current liabilities
31.12.2025 31.12.2024
(in \u20ac million)
Contract liabilities 73.3 72.7
Current payables due to personnel 64.0 63.8
Customers credit balance 39.1 29.8
Indirect tax payables 27.1 31.6
Short Term put/call debts 22.1 0.1
Current payables for social security contributions 20.9 21.0
Advances from customers 10.3 8.7
Deferred income 5.2 12.3
Other current payables 12.8 1.7
Total 275.0 241.9
\n\n \n \n \n In accordance with IFRS 15, performance obligations to customers at contract level are recognised as contract liabilities. Contract liabilities include: \u2022 Rights of Return \u2022 After-sales service, which include Service maintenance contracts and Service type warranties \u2022 Loyalty program \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Up to 1 year From 1 to 5 years Over 5 years Total Up to 1 year From 1 to 5 years Over 5 years Total
Right of returns 3.7 0.0 0.0 3.7 2.6 0.0 0.0 2.6
After-sales services 49.4 7.5 1.9 58.8 49.6 9.3 1.4 60.3
Loyalty program 20.3 0.0 0.0 20.3 20.6 0.0 0.0 20.6
Total 73.3 7.5 1.9 82.8 72.7 9.3 1.4 83.6
\n \n \n \n \n \n \n \n \n \n \n \n The table below shows the opening and closing balances of contract liabilities as well as movements during the years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of returns After-sales services Loyalty program Total
Opening Balance 01.01.2025 2.6 60.4 20.6 83.6
Increase recognized 0.0 104.8 14.5 119.4
Revenue recognized 0.0 -103.7 -8.0 -111.7
Contracts cancelled 0.0 -3.1 0.0 -3.1
Net variation invoicing 0.0 -0.6 0.0 -0.6
Pay out 0.0 0.0 -6.0 -6.0
Other changes to contract balances 1.1 1.1 -0.8 1.4
Closing balance 31.12.2025 3.7 58.8 20.3 82.8
\n \n \n \n \u2018Current payables due to personnel\u2019 include the amounts accrued by personnel and not yet disbursed. The item \u2018Indirect tax payables\u2019 includes the VAT payables due to tax authorities. The \u20ac 4.5 million decrease was linked to the business operations. The \u2018Short-term put/call debts\u2019 arises from purchase agreements that are to be settled in the near future. The increase is mainly attributable to the reclassification to current liabilities of the put/call debts related to Chromagen Australia. The present value of this amount is \u20ac 20.9 million, and the exercise date falls within two months following the approval of the Financial Statements for FY 2025. \u2018Current payables for social security contributions\u2019 included all relationships that the Company is required to maintain with social security and insurance entities for its employees and workers with atypical contracts ( parasubordinati). It has not substantially changed compared with December 2024. The item \u2018Advances from customers\u2019 shows all advances received from customers for supplies not yet delivered. It was up by \u20ac 1.6 million compared to 31 December 2024. \n \n \u2018Deferred income\u2019 includes adjustments to costs and revenue for the year in order to comply with the accruals basis of accounting and the matching principle (accruals and deferred income also relating to financial liabilities).\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217141320079": { "value": "\n \n Note 3.13 \u2013 Other current liabilities \u2018Other current liabilities\u2019 amounted to \u20ac 275.0 million, up by \u20ac 33.1 million on \u20ac 241.9 million at 31 December 2024. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Other current liabilities
31.12.2025 31.12.2024
(in \u20ac million)
Contract liabilities 73.3 72.7
Current payables due to personnel 64.0 63.8
Customers credit balance 39.1 29.8
Indirect tax payables 27.1 31.6
Short Term put/call debts 22.1 0.1
Current payables for social security contributions 20.9 21.0
Advances from customers 10.3 8.7
Deferred income 5.2 12.3
Other current payables 12.8 1.7
Total 275.0 241.9
\n\n \n \n \n In accordance with IFRS 15, performance obligations to customers at contract level are recognised as contract liabilities. Contract liabilities include: \u2022 Rights of Return \u2022 After-sales service, which include Service maintenance contracts and Service type warranties \u2022 Loyalty program \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 31.12.2024
Up to 1 year From 1 to 5 years Over 5 years Total Up to 1 year From 1 to 5 years Over 5 years Total
Right of returns 3.7 0.0 0.0 3.7 2.6 0.0 0.0 2.6
After-sales services 49.4 7.5 1.9 58.8 49.6 9.3 1.4 60.3
Loyalty program 20.3 0.0 0.0 20.3 20.6 0.0 0.0 20.6
Total 73.3 7.5 1.9 82.8 72.7 9.3 1.4 83.6
\n \n \n \n \n \n \n \n \n The table below shows the opening and closing balances of contract liabilities as well as movements during the years: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Right of returns After-sales services Loyalty program Total
Opening Balance 01.01.2025 2.6 60.4 20.6 83.6
Increase recognized 0.0 104.8 14.5 119.4
Revenue recognized 0.0 -103.7 -8.0 -111.7
Contracts cancelled 0.0 -3.1 0.0 -3.1
Net variation invoicing 0.0 -0.6 0.0 -0.6
Pay out 0.0 0.0 -6.0 -6.0
Other changes to contract balances 1.1 1.1 -0.8 1.4
Closing balance 31.12.2025 3.7 58.8 20.3 82.8
\n \n \n \n \n \u2018Deferred income\u2019 includes adjustments to costs and revenue for the year in order to comply with the accruals basis of accounting and the matching principle (accruals and deferred income also relating to financial liabilities).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217181236886": { "value": "Note 3.14 \u2013 Liabilities held for sale There are no \u2018Liabilities held for sale\u2019.", "dimensions": { "concept": "aris:DisclosureOfLiabilitiesHeldForSaleExplanatoryTextBlock", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217150042047": { "value": "\n \n COMMITMENTS Commitments At 31 December 2025, there were no other commitments to be reported herein except for those concerning the call and put options entered into as part of the recent acquisitions and already accounted for under \u2018Other liabilities\u2019. The company has issued downstream a guarantee pursuant to Section 403 of Book 2 of the Dutch Civil Code for Elco Burners B.V. As at 31 December 2025, the total liabilities of Elco Burners B.V. amount to \u20ac 2.7 million (as at 31 December 2024 the amount was equal to \u20ac 3.5 million). \n \n Guarantees issued\n No sureties in favor of third were issued by the Group. Third-party assets in deposit accounts amounted to \u20ac 8.5 million. \n \n No collateral guarantees were issued by the Group.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217150124944": { "value": "\n COMMITMENTS Commitments At 31 December 2025, there were no other commitments to be reported herein except for those concerning the call and put options entered into as part of the recent acquisitions and already accounted for under \u2018Other liabilities\u2019. The company has issued downstream a guarantee pursuant to Section 403 of Book 2 of the Dutch Civil Code for Elco Burners B.V. As at 31 December 2025, the total liabilities of Elco Burners B.V. amount to \u20ac 2.7 million (as at 31 December 2024 the amount was equal to \u20ac 3.5 million). \n \n Guarantees issued\n No sureties in favor of third were issued by the Group. Third-party assets in deposit accounts amounted to \u20ac 8.5 million. \n \n No collateral guarantees were issued by the Group.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217175535968": { "value": "\n Guarantees issued\n \n No collateral guarantees were issued by the Group.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217150152705": { "value": "\n GRANTS In 2025 the Group unveils a multi-year investment plan totalling \u20ac 500 million (2022\u20132028), launched by the Group in Italy with the dual objective of strengthening Research and Development activities in key technologies and equipping the company with an industrial footprint capable of supporting long-term growth. In this context, the Group has consistently been eligible for public grants in the countries where it invests. In terms of R&D, the Group enhanced its dedicated centers focused on renewable energy solutions, with innovations affecting both domestic hot water systems and conventional heating technologies. On the production side, the Group carried out modernization initiatives across historical sites, including the re-shoring to Italy of high value-added manufacturing processes. The investment plan is supported by government grants linked to industrial development, sustainability, and innovation programs. These initiatives aim to promote economic recovery, enhance environmental performance, and improve en- ergy efficiency through the optimization of production processes. They also include research and innovation projects focused on advancing technological capabilities, increasing energy efficiency, and fostering the transition toward more sustainable and digital solutions. During 2025, the Group recognized \u20ac 35.3 million in government grants and incentives. These primarily relate to advances on grants supporting ongoing strategic initiatives, as well as incentives granted in Italy and Serbia in connection with investment programs and employment growth (please refer to note \u20182.12 \u2013 Other current assets\u2019).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217165027262": { "value": "\n \n FINANCIAL INSTRUMENTS\n The Group's financial instruments recognized by category and the level of confidence of their fair value measurements at 31 December 2025 are shown below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31.12.2025 Carrying value per type
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receivables (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0 0 246.5 0 246.5
Trade receivables 2.9 0 0 347.8 0 347.8
Current financial assets 2.11 0 6.6 5.3 0 11.9
Financial assets 2.5 1.4 0 0.7 0 2.1
Total 1.4 6.6 600.3 0 608.3
Financial liabilities
Trade payables 3.8 0 0 0 504.9 504.9
Current financial liabilities 3.11 0 6.8 0 23.7 30.5
Current loans 3.12 0 0 0 33.8 33.8
Non-current financing 3.5 0 0 0 736.1 736.1
Total 0 6.8 0 1,298.5 1,305.3
Financial instruments balance 1.4 -0.2 600.3 -1,298.5 -697.0
\n The Group\u2019s financial instruments, recognized in the financial statements with a similar breakdown at 31 December 2024, are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying value per type
31.12.2024
(in \u20ac million) Note Fin. instr. at fair value through P&L Fin. instr. at fair value through OCI Loans & receiva- bles (*) Fin. liabilities at amortised cost (*) Total
Measured at: Fair value Fair value Amortized cost Amortised cost
Financial assets
Cash and cash equivalents 2.13 0.0 0.0 350.8 0.0 350.8
Trade receivables 2.9 0.0 0.0 333.9 0.0 333.9
Current financial assets 2.11 0.0 9.2 9.2 0.0 18.4
Financial assets 2.5 2.1 2.2 0.8 0.0 5.1
Total 2.1 11.4 694.7 0.0 708.2
Financial liabilities
Trade payables 3.8 0.0 0.0 0.0 444.2 444.2
Current financial liabilities 3.11 0.0 15.0 0.0 31.8 46.8
Current loans 3.12 0.0 0.0 0.0 101.3 101.3
Non-current financing 3.5 0.0 0.0 0.0 800.1 800.1
Total 0.0 15.0 0.0 1,377.4 1,392.4
Financial instruments balance 2.1 -3.6 694.7 -1,377.4 -684.2
\n (*) For such categories the carrying amount approximates the fair value\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217152051174": { "value": "\n LIQUIDITY RISK As of 31 December 2025, the Group\u2019s \u201cOverall available liquidity\u201d, defined as the sum of cash and cash equivalents and the unused portion of committed credit lines (equal to \u20ac 1.045 million at December month-end) amounted to approxi- mately \u20ac 1,291 million. As of 31 December 2025 the Group's overall bank credit lines, including used and unused credit lines (both committed and uncommitted) totaled approximately \u20ac2.2 billion, of which approximately 35% was drawn. Cash generated from operations and bank financing are the primary sources of liquidity. The Group periodically assesses its financial needs, in order to act promptly and implement the necessary actions to find additional resources when needed. The Group seeks to maintain an adequate mix of resources in terms of maturities, financial instruments and available amounts. The following table shows the contractual due dates for the financial liabilities other than derivatives. These figures are based on undiscounted cash flows, including financial charges, at the next closest date when the Group may be asked for repayment. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 2025 (in \u20ac million) < 1 month 2-6 months 6-12 months 1-5 years > 5 years Total
Trade payables 142.0 362.5 0.1 0.3 0.0 504.9
Financial payables
- Current financial liabilities 4.3 22.4 3.8 30.5
- Current loans 33.8 33.8
- Non-current loans 10.1 2.2 12.5 653.7 162.1 840.6
Total financial payables 14.4 24.6 50.1 653.7 162.1 904.9
Expiry dates 156.4 387.1 50.2 654.0 162.1 1,409.8
\n Details about the due dates of financial and trade payables as at 31 December 2024 are shown in the table below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Expiry dates 2024 (in \u20ac million) < 1 month 2-6 months 6-12 months 1-5 years > 5 years Total
Trade payables 88.1 355.6 0.4 0.1 444.2
Financial payables
- Current financial liabilities 2.2 35.4 10.4 48.0
- Current loans 101.3 101.3
- Non-current loans 8.8 4.3 12.6 794.8 99.0 919.6
Total financial payables 11.0 39.7 124.4 794.8 99.0 1,068.9
Expiry dates 99.1 395.3 124.8 794.9 99.0 1,513.1
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217152158350": { "value": "\n MARKET RISK The Group is exposed to various market risks, particularly the potential impact of fluctuations in exchange rates, interest rates and commodity prices on the carrying amount of assets, liabilities and expected cash flows. Market risk manage- ment policies related to interest rates, exchange rates and commodities are centrally defined to mitigate these risks in a structured and proactive manner, supporting the Group's objectives. The three types of market risk are outlined below. Exchange rate risk The international context in which the Group operates exposes the Group to the risk that changes in exchange rates may affect its financial results. Exposure to exchange rate risk determines: a) impacts on the operating result due to the different valuation of income and expense in another currency compared to the time when the price conditions were agreed upon (economic risk);\n \n \n \n b) impacts on the operating result due to the translation of trade or financial receivables/payables denominated in another currency (transaction risk); c) impacts on the consolidated financial statements due to the translation of assets and liabilities held by companies that prepare their financial statements in a currency other than the euro (translation risk). The Group\u2019s most significant exposure to other currencies refers to the exchange rate of the euro against the US dollar, Chinese renminbi, Swiss franc and several other currencies for lower amounts. Economic risk is hedged using average rate forward financial instruments, which are hedging agreements utilized to mit- igate the volatility in currency markets. These instruments refer to monthly average exchange rates and enable the Group to meet the objectives outlined in its market risk management policy. To achieve these goals, the Group hedges a defined portion of its net exposure to currencies other than its functional currency using derivatives. At each reporting date, the exposure is reflected in the financial statements through hedge accounting, which requires the recognition of derivatives at their fair value in the statement of financial position. The Group believes it is appropriate to use hedge accounting, as the hedging relationship meets the effectiveness criteria under IFRS 9. To minimize exposure to the transaction risk, the Group uses derivative forward instruments which provide protection against revaluations/write-downs of credit and debit positions of both a financial and commercial nature. The Group does not hedge the translation risk except for any distribution of intergroup dividends. At the reporting date, the notional amount of forward currency contracts (sale and purchase) entered into by the Group, can be summarized as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in \u20ac million) Notional amount in Currency Notional amount in \u20ac
CHF 70.9 76.2
GBP 3.7 4.2
CNY 309.8 37.7
USD 19.7 16.7
\n At the same date, the fair value of the foreign exchange derivatives was negative overall, standing at \u20ac 0.4 million. In relation to exchange rate risk, the Group performed sensitivity analysis to measure how exchange rate fluctuations against the euro may affect pre-tax profitability. The sensitivity analysis was performed on the currencies to which the Group is exposed. The assumed scenario envisages a general variation in exchange rates of 2%. The following table shows sensitivity, while keeping all the other variables fixed, in terms of profit before tax and equity, gross of the tax effect. The largest exposures are CHF and CNY. In the sensitivity analysis, the two exposures tend to offset each other as they are on the opposite side. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
(in \u20ac million) Effect on profit before tax Effect on equity
31.12.2025
Foreign currency revaluation 1.0 1.0
Foreign currency devaluation -1.0 -1.0
\n Commodity price fluctuation risk Profit and loss are affected by the performance of the prices of raw materials, in particular non-ferrous metals such as copper, nickel, silver and aluminium, as well as precious metals like silver, which are one of the primary components of most products traded by the Group.\n \n \n \n \n \n In order to hedge against the risk of fluctuating copper, silver and nickel prices, the Group, through its parent company Ariston Holding N.V., has implemented the necessary hedging measures in accordance with the procedures adopted in previous years, aimed at reducing the impact of price volatility on future purchases. Consequently, it partially hedged purchases also for 2026 and 2027. In order to achieve the goals set out in the market risk management policy, the Group entered into derivatives, hedging a set amount of raw material purchases. At each reporting date, the exposure is presented in the financial statements using hedge accounting, which requires recognizing derivatives at their fair value in the statement of financial position. The Group considered it possible to use hedge accounting since the hedging relationship is effective in accordance with IFRS 9. When these instruments no longer qualify for hedge accounting, they are recognized as trading instruments. At the reporting date, the notional amount of forward commodity contracts entered into by the Group, can be summa- rized as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Commodity Financial instruments Quantity/ton Total price (in \u20ac million)
Copper Forward 1,385.0 12.1
Nickel Average Forward 27.0 0.4
Silver Average Forward 1.55 1.7
Aluminum Forward 175.0 0.4
\n The fair value measurement of the derivatives on commodities showed a net positive amount of \u20ac 3.7 million. Derivatives contracts entered into and terminated during the year generated a positive result of approximately \u20ac 0.01 million which affected the purchase price of commodities. Interest rate risk Interest rate risk refers to the possible impact of fluctuations in the interest rates applied to the Group\u2019s loans on the income statement. The amount of the Group\u2019s exposure to variable rate debt, unhedged against interest rate risk, represents the main risk element for the negative impact from an increase in market interest rates. The interest rate risk to which the Group is exposed originates primarily from bank financing. The Group's policy for managing this risk seeks to strike a balance between fixed and variable rate debts, taking into account the maturity profile and the short-term market outlook, with the purpose of containing funding costs. As of 31 December 2025, the Group had in place, for hedging purposes, interest rate swap (IRS) transactions for a total notional amount of \u20ac 352.9 million. At the same date, 56% of bank financing was hedged or fixed and 44% was at a variable rate, consistent with the Group policy. The sensitivity analysis of interest rate risk is conducted under the delta margin approach and is aimed at measuring how a given change in interest rates would affect financial expense associated with variable rate debt over the next 12 months. The sensitivity of the interest rate spread, assuming a generalized +/- 50 basis point change in interest rates, amounted to \u20ac +1.5 million and \u20ac -1.5 million, respectively, at the end of December 2025.\n \n \n \n HEDGING INSTRUMENTS \n \n In summary, on 31 December 2025, the following financial hedging instruments were in place: \u2022 against exchange rates \u2013 Swiss franc, British pound sterling, US dollar and Chinese renminbi with maturities up to 2 years; \u2022 against commodities \u2013 copper, nickel, silver, aluminum with maturities up to 2 years; \u2022 against interest rates \u2013 medium/long-term floating rate loans with maturities up to 7 years.\n \n \n \n \n \n \n \n \n \n The hedging instruments applied to exchange rates were set up in order to reduce the Group\u2019s economic and transac- tional risk, and they meet all the formal requirements set out in the IAS/IFRSs and are therefore recognized in hedge accounting. The following table provides detailed information about the hedging instruments in place as of 31 December 2025. Com- pared to the previous year, the overall mark\u2011to\u2011market position improved, mainly driven by commodity\u2011related hedges. In particular, hedging contracts on copper and silver recorded a significant positive revaluation, reflecting the increase in the market prices of these commodities throughout the year. This development contributed to a more favorable valua- tion of the Group\u2019s hedging portfolio. Amounts are expressed in millions of euro: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2025 (in \u20ac million) Nature of risk covered Fair value 31.12.2025 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -3.5 - 2.1 - -5,6 -3.5
Average Forward FX -0.4 - 0.8 -1.2 -0.4
Forward Commodity 2.2 - 2.2 - 0.0 2.2
Average Forward Commodity 1.5 - 1.5 - -0.0 1.4
Hedging instruments -0.2 - 6,6 - -6.8 -0.2
\n The following table provides detailed information about the hedging instruments in use as of 31 December 2024.The amounts are expressed in millions of euro: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Hedging instruments 31.12.2024 (in \u20ac million) Nature of risk covered Fair value 31.12.2024 Non-current financial assets Current financial assets Non-cur- rent finan- cial liabili- ties Current fi- nancial liabilities Total
Interest Rate Swap Interest rate -1.5 - 8.0 - -9.4 -1.5
Average Forward FX -3.9 - 0.6 -4.5 -3.9
Forward Commodity 0.1 - 0.4 - -0.3 0.1
Average Forward Commodity -0.5 - 0.2 - -0.6 -0.5
Hedging instruments -5.8 - 9.1 - -14.9 -5.8
\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217161453593": { "value": "\n AUDIT FEES The fees for services provided by the Company\u2019s independent auditors to the Company and its subsidiaries are broken down as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Audit fee
(in \u20ac million) 31.12.2025 31.12.2024
Audit fees 2.0 1.9
Other non-audit services 0.4 0.6
Total 2.4 2.5
\n The fees for audit services provided in 2025 by EY Accountants B.V. are equal to \u20ac 0.2 million (\u20ac 0.2 million in 2024).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260217161541855": { "value": "\n EVENTS AFTER THE REPORTING PERIOD Acquisition of Riello Group On 16 December 2025, Ariston Group announced the acquisition of a 100% stake of Riello Group, a long-established player renowned for its portfolio of heritage brands such as Riello and Beretta. Established in 1922 in Legnago, in the Veneto region, Riello is a highly regarded player in the climate comfort and combustion technology sectors. In 2025 plans to achieve approximately 400 million euro of net sales, with an adjusted EBITDA of approximately \u20ac 35 million. The transaction covers all of Riello\u2019s activities, which are split between climate comfort and combustion solutions. The transaction unlocks multiple levers of value creation from technological synergies, sourcing and logistics, and complementary product portfolio. In particular, Riello will benefit from Ariston\u2019s renewable and high efficiency climate comfort and hot water solutions, including its last generation of in-house, made in Europe, air-to-water heat pumps, as well as connectivity and advanced digital services. Conversely, Ariston will gain from Riello\u2019s unique lineup of commercial and industrial boilers and its specialty combustion technology solutions. In Italy, thanks to the combination of Ariston and Riello\u2019s business, the Group will strengthen its role in the climate comfort and water heating sector, broadening the product portfolio, harnessing an extensive network of loyal installers, supported by a capillary post-sales services\u2019 network. This deal also positions Ariston as a global reference expert in clean combustion technologies, serving residential, commercial, and light-to-mid industrial process applications. Ariston will boast one of the industry's most comprehensive portfolios of combustion systems and burner solutions - fuelled by natural gas, \n \n hydrogen blends, biogas, biofuels, and fuel oils - enjoying a significant international business in Europe, North America and Asia. The parties agreed on an Enterprise Value of \u20ac 289 million, including run-rate synergies, on a cash and debt-free basis corresponding to a multiple of around 5 times EV/2026 Adjusted EBITDA. The transaction is expected to generate an adjusted EPS accretion by year 2 post closing; and high teen accretion in 2026, including run-rate synergies. The acquisition will be financed through Ariston Group\u2019s own funds with payment to be settle by closing. The leverage post-acquisition3 expected below 2.5x (NFP4/EBITDA). The closing of the transaction is subject to obtaining clearance from the competent merger \u2011control authorities in Italy, Poland, Romania and Spain. During the period between the signing of the Binding Offer and the receipt of such clearances, the parties are strictly prohibited from engaging in any interaction that could imply, or result in, a transfer of effective control prior to obtaining the required approvals. Any conduct that may suggest or lead to a premature change of control is expressly forbidden during this interim phase. Completion remains contingent upon the satisfaction of customary closing conditions and is expected to occur within the first half of 2026. As a consequence, Riello Group will be consolidated by Ariston Group starting from the effective closing date. As of the date of this Annual Report, the transaction has not yet been completed. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:815600CC86D25A205563", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FN20260226105354192": { "value": "Tax effect included", "dimensions": { "concept": "xbrl:note", "noteId": "FN20260226105354192", "language": "en" } } } }