Earnings release
Page 1
Press release pursuant to CONSOB Regulation No. 11971/99 THE BOARD OF DIRECTORS OF ESPRINET APPROVES THE GROUP'S ADDITIONAL PERIODICAL DISCLOSURES AS AT 30 SEPTEMBER 2025 9M 2025 Sales from contracts with customers: Euro 2,893.3 million EBITDA Adj.: Euro 37.3 million Net income: Euro 6.2 million Net Financial Position: negative by Euro 287.2 million Q3 2025 Sales from contracts with customers: Euro 961.8 million EBITDA Adj.: Euro 12.1 million Net income: Euro 2.8 million 2025 GUIDANCE CONFIRMED EBITDA Adj. expected to be at the upper end of the range between Euro 63 million and Euro 71 million Vimercate (Monza Brianza), 12 November 2025 – The Board of Directors of ESPRINET, a leading Group in Southern Europe in the distribution of high tech products and in the provision of applications and services for digital transformation and green transition , today approved the Additional periodical disclosures as at 30 September 2025, prepared in accordance with IFRS international accounting standards. Alessandro Cattani , Chief Executive Officer of ESPRINET : “The results achieved in the first nine months of 2025 confirm the solidity of our growth path and the Group’s ability to create sustainable value, even in a constantly evolving market environment. We recorded a 4% increase in sales to Euro 2,893.3 million and an EBITDA Adjusted of Euro 37.3 million, up 3% year -on-year. Net financial position also improved by nearly Euro 60 million compared to last year” . Cattani continues: “Following the positive results of the second quarter, the July –September period also maintained the growth trend, and the Group strengthened its position in key markets. Spain, which accounted for 36% of the Group’s business year -to-date, continues to be a major growth driver, thanks to excellent performance in ICT distribution and the ability to swiftly seize opportunities arising from a GDP expected to grow by 2.6% according to OECD estimates , placing Spain as the top-performing advanced European economy in 2025 and the near future. Italy maintained a stable trend, in line with our strategy focused on continuity and solidity.” Giovanni Testa, Chief Operating Officer of ESPRINET, adds: “Our focus on higher-margin segments, particularly Solutions and Services, is now a decisive factor for the Group’s growth and profitability. The V-Valley division has become a key reference point for partners and resellers engaged in digital transformation projects, making a decisive contribution to strengthening our leadership in Southern Europe. At the same time, the Zeliatech division continued its expansion in the green transition
Page 2
technology segment, supported also by the recent acquisition of Vamat, which opens new opportunities in the Benelux and Irish markets.” And finally, Cattani concludes : “Based on these results and the robustness of our operating model, we look with confidence to the year-end, confirming our expectations for an EBITDA Adjusted at the upper end of the range between Euro 63 and Euro 71 million. The path we have taken —based on innovation, sustainability, and the enhancement of our expertise —will continue to drive the Group’s growth and consolidate its role as a leading player in th e European technology distribution landscape.” MAIN CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2025 Sales from contracts with customers , measured net of the application of the accounting standard IFRS 15 and other adjustments, amounted to Euro 2,893.3 million in the first nine months of 2025, +4% compared to Euro 2,781.8 million in the same period last year. Net Sales (€/million) 9M 2025 9M 2024 Var. % Var. Italy 1,914.2 1,899.5 14.7 1% Spain 1,147.1 1,054.0 93.2 9% Portugal 71.9 44.4 27.5 62% Morocco 16.1 12.6 3.5 28% Total Gross Sales1 3,149.3 3,010.4 138.9 5% Reconciliation adjustments -256.0 -228.6 -27.4 12% Total Net Sales 2,893.3 2,781.8 111.5 4% In the third quarter of 2025, sales from contracts with customers , measured net of the application of IFRS 15 and other adjustments, amounted to Euro 961.8 million, growth of 3% compared to Euro 931.8 million in the same period last year. Net Sales (€/million) Q3 2025 Q3 2024 Var. % Var. Italy 599.7 597.3 2.4 0% Spain 432.4 373.6 58.8 16% Portugal 27.8 18.7 9.1 49% Morocco 5.8 4.1 1.7 42% Total Gross Sales 1,065.7 993.5 72.2 7% Reconciliation adjustments -103.9 -61.7 -42.2 68% Total Net Sales 961.8 931.8 30.0 3% Looking at the performance of the business lines in which the Group operates, in the first nine months of 2025, within the scope of the Esprinet division, which manages the historical business of the distribution of information technology and consumer electronics products, gross sales from Screens (PCs, Tablets and Smartphones) grew 5% year -on-year and 11% in the third quarter alone. Gross sales in the Devices segment, on the other hand, showed a slowdown of 5%. Within the scope of the V -Valley division, which provides advanced solutions (Solutions) for digitalization, cloud computing and cybersecurity, and responds to the need of customers and suppliers with Services to manage the increased complexity generated by digital transformation, the 1 Measured gross reconciliation adjustments, i.e. the application of IFRS 15 accounting and other minor adjustments.
Page 3
Group recorded a sales increase of 11%. Sales of Solutions and Services, following the application of the accounting standard IFRS 15, amounted to Euro 625.7 million and their ratio to total sales rose to 22% (20% in 2024). Finally, the Zeliatech division, set up in 2024 to be Europe's first green tech distributor offering technologies to enable the convergence of digital and green economy, reached Euro 144.0 million in sales as at 30 September 2025 (+10% compared to the same period of the previous year). Lastly, analysing the customers segments, as at 30 September 2025 the Group's gross sales show the following trends: +2% in the Consumer Segment (Euro 963.7 million), +6% in the Business Segment (Euro 2,185.6 million). Third -quarter results showed a 9% increase in the Consumer Segment and a 6% increase in gross sales for the Business Segment. The Gross Profit equal to Euro 161.7 million, was up 5% compared to the nine months of 2024 ( Euro 153.8 million) due to both the growth in sales and the increased percentage margin (5.59% in the January-September 2025 period compared to 5.53% in the same period of the previous year). EBITDA Adjusted , which coincides with EBITDA given that no non -recurring costs were recorded, amounted to Euro 37.3 million, compared to Euro 36.3 million in the first nine months of 2024 (+3%). As a percentage of sales, it stood at 1.29%, compared to 1.31% in the same period of 2024, and reflects the increase in the weight of operating costs (from 4.22% in the three quarters 2024 to 4.30% as at 30 September 2025). In the third quarter of 2025, costs rose by 4% and their impact of sales decreased to 4.02% (4.00% in the period July-September 2024). EBIT Adjusted, which coincides with EBIT given that non -recurring costs were recorded, amounted to Euro 18.9 million, compared to Euro 19.3 million in the first nine months of 2024 (-2%). This result was affected by the increase in depreciation and amortisation mainly as a consequence of the right of use of the new Italian warehouse in Tortona, which started in September 2024. Result before income taxes was Euro 9.4 million, up 16% compared to Euro 8.1 million in the first three quarters of 2024. Net income amounted to Euro 6.2 million, compared to Euro 6.6 million in the first nine months of 2024. The result is affected by the estimated tax burden, which is expected to largely realign at the end of the year, reflecting the different combination and composition over time of the pre-tax results of the various Group companies and some refinements in tax rate estimates. Earnings per ordinary share stood at Euro 0.12, compared to Euro 0.13 as at 30 September 2024. The Cash Conversion Cycle 2 closed at 28 days (+6 days compared to Q3 24 and -1 day with respect to Q2 25). The Net Financial Position was a negative Euro 287.2 million, compared to a negative balance of Euro 327.5 million as at 30 June 2025 and a negative balance of Euro 344.3 million as at 30 September 2024. The improvement versus both 30 June 2025 and 30 September 2024 is largely 2 Equal to the average number of days of turnover of Operating Net Working Capital of the last 4 quarters, calculated as the sum of trade receivables, inventories and trade payables.
Page 4
attributable to the management of net invested working capital . It is always considered that the value of the exact net financial position is influenced by technical factors like the seasonality of the business, the trend in ‘non -recourse’ assignments of trade receivables (factoring, confirming and securitization) and the trend in the behavioral models of customers and suppliers in the different periods of the year. Therefore, it is not representative of the average levels of net financial indebtedness noted during the period. The aforementioned factoring and securitization programs, which define the complete transfer of risks and benefits to the assignees and therefore involve the derecognition of receivables from the statement of financial position assets in compliance with IFRS 9, determine an overall effect on the level of consolidated net financial payables as at 30 September 2025 of Euro 412.6 million (Euro 297.1 million as at 30 September 2024 and Euro 347.7 million as at 30 June 2025). Net equity amounted to Euro 376.2 million compared to Euro 374.1 million as at 30 September 2024. The ROCE stands at 6.4%, compared to 6.5% as at 30 September 2024. (€/million) Q3 2025 Q3 2024 LTM Operating Profit (Adj. EBIT) 3 44.1 38.9 NOPAT4 33.0 29.0 Average Net Invested Capital 5 512.4 444.8 ROCE6 6.4% 6.5% OUTLOOK 2025 Following the positive second -quarter performance, in the period July -September 2025 the Group continued to grow and further strengthened its leadership in Southern Europe, outperforming competitors in seizing market opportunities. The ICT distribution sec tor again posted excellent performance in the Iberian Peninsula, supported by favorable economic conditions, while showing a nearly flat trend in Italy since the beginning of the year. By business line, the focus on high -margin Solutions and Services conti nued to contribute significantly to the Group's improved profitability, confirming the V -Valley division as the key player for partners engaged in digital transformation projects. In the green transition technologies segment, the Zeliatech division continued to grow during the first nine months of 2025 and, also thanks to the recent acquisition of Vamat, active in Benelux and Ireland, is opening up prospects for further expansion into a new addressable market in Europe valued at around Euro 16 billion. The Group also achieved significant results in the Screens segment, supported by strong demand linked to the PC refresh cycle, which analysts expect to continue for several quarters. In this context of strengthening its strategic position across countries and technologies, the Group has effectively managed the dynamics related to margins, improved working capital efficiency, and consistently maintained tight control of operating costs. 3 Equal to the sum of EBITs – excluding the effects of IFRS 16 – in the last 4 quarters. 4 LTM Operating Profit (Adj. EBIT), as defined above, net of taxes calculated at the actual tax rate of the last annual consoli dated financial statements published. 5 Equal to the average of “Loans” at the closing date of the period and at the four previous quarterly closing dates (excluding the equity effects of IFRS 16). 6 Equal to the ratio between (a) NOPAT, as defined above, and (b) the average net invested capital as defined above.
Page 5
In light of the results as at 30 September 2025, and supported by industry analyst forecasts, the Group confirms its full-year guidance for an EBITDA Adjusted at the upper end of the range between Euro 63 and Euro 71 million. The manager responsible for preparing the Company's accounting documents, Stefano Mattioli, declares that, in compliance with the provisions of paragraph 2 of art. 154 -bis of Italian Legislative Decree No. 58/1998 (T.U.F. - Consolidated Law on Finance), th e financial data shown in this press release correspond to the findings resulting from accounting documents, books and records. It should be noted that the values reported in this document are not audited by the independent auditors. Esprinet Group, leader in southern Europe in the distribution of high -tech products and in the provision of applications and services for digital transformation and green transition, is a group of companies acting under the direction of the holding Esprinet S.p.A.. With 1,800 employees and with Euro 4.1 billion in sales in 2024, the Group companies operate through three main brands: Esprinet, V-Valley, and Zeliatech. Since 2025, it has also been present in Benelux and Ireland, as well as in Italy, Spain, Portugal, and Morocco. The holding (PRT:IM - ISIN IT0003850929) is listed on the Italian Stock Exchange in the Euronext STAR Milan segment and participates in UN Global Compact, adhering to its approach based on the principles of responsible business. Press release available on www.esprinet.com and on www.emarketstorage.com. For further information: INVESTOR RELATIONS CORPORATE COMMUNICATION ESPRINET S.p.A. ESPRINET S.p.A. Tel. +39 02 404961 Tel. +39 02 404961 Giulia Perfetti Paola Bramati giulia.perfetti@esprinet.com paola.bramati@esprinet.com CORPORATE COMMUNICATION CONSULTANTS COMIN & PARTNERS Federica Gramegna E-mail: federica.gramegna@cominandpartners.com Mob: 338 222 9807 Giulia Mori E-mail: giulia.mori@cominandpartners.com Mob: 347 493 8864
Page 6
SALES BY GEOGRAPHICAL SEGMENT By Country of residence of the customers Sales (€/million) 9M 2025 9M 2024 Var. % Var. Italy Spain Portugal Other EU countries Other non-EU countries Sales from contracts with customers Sales (€/million) Q3 2025 Q3 2024 Var. % Var. Italy Spain Portugal Other EU countries Other non-EU countries Sales from contracts with customers By invoicing Country7 Net Sales (€/million) 9M 2025 9M 2024 Var. % Var. Italy 1,817.4 1,807.3 10.0 1% Spain 998.7 926.2 72.5 8% Portugal 66.9 40.4 26.5 66% Morocco 10.3 7.8 2.5 32% Total Net Sales 2,893.3 2,781.8 111.5 4% Net Sales (€/million) Q3 2025 Q3 2024 Var. % Var. Italy 560.7 565.0 -4.3 -1% Spain 370.3 346.8 23.5 7% Portugal 27.1 17.5 9.6 54% Morocco 3.7 2.5 1.2 47% Total Net Sales 961.8 931.8 30.0 3% 7 Values calculated on the basis of the Group structure, therefore by invoicing country. Data not subject to auditing.
Page 7
SALES AND EBITDA BY PRODUCT TYPE Net Sales EBITDA Adjusted EBITDA Adjusted % (€/million) 9M 2025 9M 2024 Var. % Var. 9M 2025 9M 2024 Var. % Var. 9M 2025 9M 2024 Var. Screens 1,523.7 1,452.8 70.9 5% 8.1 8.7 -0.6 -7% 0.53% 0.60% -0.07% Devices 601.1 630.4 -29.3 -5% 1.0 2.5 -1.5 -61% 0.17% 0.40% -0.24% Esprinet total 2,124.8 2,083.2 41.6 2% 9.1 11.2 -2.1 -19% 0.43% 0.54% -0.11% Solutions 613.8 558.3 55.5 10% 20.6 17.3 3.3 19% 3.36% 3.10% 0.26% Services 11.9 11.0 0.9 8% 5.0 5.1 -0.1 -3% 41.77% 46.36% -4.59% V-Valley total 625.7 569.3 56.4 10% 25.6 22.4 3.2 14% 4.08% 3.93% 0.15% Green Tech 142.8 129.3 13.5 10% 2.6 2.7 -0.1 -4% 1.82% 2.09% -0.27% Zeliatech total 142.8 129.3 13.5 10% 2.6 2.7 -0.1 -4% 1.82% 2.09% -0.27% Total 2,893.3 2,781.8 111.5 4% 37.3 36.3 1.0 3% 1.29% 1.31% -0.02% Net Sales (€/million) 9M 2025 9M 2024 Var. % Var. Screens 1,536.9 1,467.0 69.9 5% Devices 606.2 636.5 -30.3 -5% Esprinet total 2,143.1 2,103.5 39.7 2% Solutions 850.2 765.3 84.9 11% Services 12.0 11.1 0.9 8% V-Valley total 862.2 776.4 85.8 11% Green Tech 144.0 130.6 13.5 10% Zeliatec total 144.0 130.6 13.5 10% Total Gross Sales 3,149.3 3,010.4 138.9 5% Reconciliation adjustments -256.0 -228.6 -27.4 12% Total 2,893.3 2,781.8 111.5 4% Net Sales EBITDA Adjusted EBITDA Adjusted % (€/million) Q3 2025 Q3 2024 Var. % Var. Q3 2025 Q3 2024 Var. % Var. Q3 2025 Q3 2024 Var. Screens 531.2 492.2 39.0 8% 2.8 3.4 -0.6 -18% 0.53% 0.69% -0.16% Devices 197.6 201.2 -3.6 -2% 1.1 -0.6 1.7 0% 0.53% -0.30% 0.83% Esprinet total 728.8 693.4 35.4 5% 3.9 2.8 1.1 38% 0.53% 0.40% 0.12% Solutions 187.3 187.3 -0.0 0% 5.9 6.1 -0.2 -3% 3.15% 3.26% -0.11% Services 3.3 3.3 0.0 0% 1.1 1.5 -0.4 -27% 33.33% 45.45% -12.12% V-Valley total 190.6 190.6 -0.0 0% 7.0 7.6 -0.6 -8% 3.67% 3.99% -0.31% Green Tech 42.4 47.8 -5.4 -11% 1.2 1.2 0.0 0% 2.83% 2.51% 0.32% Zeliatech total 42.4 47.8 -5.4 -11% 1.2 1.2 0.0 0% 2.83% 2.51% 0.32% Total 961.8 931.8 30.0 3% 12.1 11.6 0.5 4% 1.26% 1.25% 0.01% Net Sales (€/million) Q3 2025 Q3 2024 Var. % Var. Screens 541.2 488.4 52.8 11% Devices 201.4 199.3 2.1 1% Esprinet total 742.6 687.7 54.9 8% Solutions 276.3 255.2 21.1 8% Services 3.5 3.3 0.2 7% V-Valley total 279.7 258.5 21.3 8% Green Tech 43.3 47.5 -4.2 -9% Zeliatec total 43.3 47.5 -4.2 -9% Total Gross Sales 1,065.7 993.5 72.2 7% Reconciliation adjustments -103.9 -61.7 -42.2 68% Total 961.8 931.8 30.0 3%
Page 8
SALES BY CUSTOMER TYPE (€/million) 9M 2025 9M 2024 Var. % Var. Retailer, E-tailer (Consumer Segment) IT Reseller (Business Segment) Reconciliation adjustments Net Sales (€/million) Q3 2025 Q3 2024 Var. % Var. Retailer, E-tailer (Consumer Segment) IT Reseller (Business Segment) Reconciliation adjustments Net Sales
Page 9
RECLASSIFIED CONSOLIDATED INCOME STATEMENT (1) Cash discounts for ’non-recourse’ advances of trade receivables as part of revolving factoring and securitization programs. (2) Gross of amortization/depreciation that, by destination, would be included in the cost of sales . (3) Adjusted as gross of non-recurring items. 9M 2024 % Var. Q3 2024 % Var. Sales from contracts with customers 2,893,250 2,781,756 4% 961,767 931,826 3% Cost of goods sold excl. factoring/securitisation 2,722,722 2,615,471 4% 907,704 878,770 3% Financial cost of factoring/securisation(1) 8,843 12,515 -29% 3,283 4,133 -21% Gross Profit (2) 161,685 153,770 5% 50,780 48,923 4% Gross Profit % 5.59% 5.53% 5.28% 5.25% Personnel costs 73,708 71,802 3% 22,695 22,081 3% Other operating costs 50,696 45,650 11% 15,943 15,201 5% EBITDA adjusted (3) 37,281 36,318 3% 12,142 11,641 4% EBITDA adjusted % 1.29% 1.31% 1.26% 1.25% Depreciation and amortisation 6,765 6,911 -2% 2,236 2,636 -15% IFRS 16 Right of Use depreciation 11,589 10,080 15% 3,853 3,643 6% Goodwill impairment - - n/s - - n/s EBIT adjusted (3) 18,927 19,327 -2% 6,053 5,362 13% EBIT adjusted % 0.65% 0.69% 0.63% 0.58% Non recurring costs(4) - - n/s - - n/s EBIT 18,927 19,327 -2% 6,053 5,362 13% EBIT % 0.65% 0.69% 0.63% 0.58% IFRS 16 interest expenses on leases 3,484 2,678 30% 1,142 1,059 8% Other financial (income) expenses 8,076 8,098 0% 2,122 2,997 -29% Foreign exchange (gains) losses (2,045) 435 <100% 422 (958) <100% Result before income taxes 9,412 8,116 16% 2,367 2,264 5% Income taxes 3,248 1,518 >100% (389) (1,082) -64% Net result 6,164 6,598 -7% 2,756 3,346 -18% - of which attributable to non-controlling interests - - n/s - - n/s - of which attributable to the Group 6,164 6,598 -7% 2,756 3,346 -18% 9M 2025 Q3 2025
Page 10
CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Sales from contracts with customers 2,893,250 - 2,781,756 - Cost of sales (2,733,166) - (2,630,004) - Gross profit 160,084 - 151,752 - Sales and marketing costs (59,552) - (56,311) - Overheads and administrative costs (81,072) - (76,370) - Impairment loss/reversal of financial assets (533) - 256 - Operating result (EBIT) 18,927 - 19,327 - Finance costs - net (9,515) - (11,211) - Result before income taxes 9,412 - 8,116 - Income tax expenses (3,248) - (1,518) - Net result 6,164 - 6,598 - - of which attributable to non-controlling interests - - - of which attributable to Group 6,164 - 6,598 - Earnings per share - basic (euro) 0.12 0.13 Earnings per share - diluted (euro) 0.12 0.13 (€/000) 9M 2025 non - recurring 9M2024 non - recurring Net result (A) 6,164 6,598 Other comprehensive income: - Changes in translation adjustment reserve (41) (3) Other comprehensive income not be reclassified in the income statement: - Changes in 'TFR' equity reserve 50 36 - Taxes on changes in 'TFR' equity reserve (12) (9) Other comprehensive income (B): (3) 24 Total comprehensive income (C=A+B) 6,161 6,622 - of which attributable to Group 6,161 6,622 - of which attributable to non-controlling interests - - (€/000) 9M 2024 9M 2025
Page 11
CONSOLIDATED INCOME STATEMENT OF THE THIRD QUARTER CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF THE THIRD QUARTER Sales from contracts with customers 961,767 - 931,826 - Cost of sales (911,505) - (883,585) - Gross profit 50,262 - 48,241 - Sales and marketing costs (17,969) - (17,177) - Overheads and administrative costs (25,702) - (25,661) - Impairment loss/reversal of financial assets (538) (41) Operating result (EBIT) 6,053 - 5,362 - Finance costs - net (3,686) - (3,098) - Result before income taxes 2,367 - 2,264 - Income tax expenses 389 - 1,082 - Net result 2,756 - 3,346 - - of which attributable to non-controlling interests - - - of which attributable to Group 2,756 - 3,346 - Earnings per share - basic (euro) 0.05 0.07 Earnings per share - diluted (euro) 0.05 0.07 (€/000) Q3 2025 non - recurring Q3 2024 non - recurring Net result (A) 2,756 3,346 Other comprehensive income: - Changes in translation adjustment reserve (18) (17) Other comprehensive income not be reclassified in the income statement: - Changes in 'TFR' equity reserve 40 (149) - Taxes on changes in 'TFR' equity reserve (10) 35 Other comprehensive income (B): 12 (131) Total comprehensive income (C=A+B) 2,768 3,215 - of which attributable to Group 2,768 3,215 - of which attributable to non-controlling interests - - (€/000) Q3 2025 Q3 2024
Page 12
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (€/000) 30/09/2025 31/12/2024 Fixed assets 290,831 302,084 Operating net working capital 387,103 135,209 Other current assets/liabilities 26,019 31,891 Other non-current assets/liabilities (40,633) (43,699) Total uses 663,320 425,485 Short-term financial liabilities 251,951 87,799 Lease liabilities 13,948 12,633 Financial assets held for trading (175) (103) Financial receivables from factoring companies (518) (133) Current debts for investments in subsidiaries 600 - Other financial receivables (9,111) (10,154) Cash and cash equivalents (141,098) (216,250) Net current financial debt 115,597 (126,208) Borrowings 48,712 30,762 Lease liabilities 122,849 131,084 Non-current debts for investments in subsidiaries - 600 Net Financial debt 287,158 36,238 Net equity 376,162 389,247 Total sources of funds 663,320 425,485
Page 13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS Non - current assets Property, plant and equipment 24,401 27,001 Right of use assets 126,453 135,461 Goodwill 112,917 112,917 Intangibles assets 11,736 13,152 Deferred income tax assets 12,930 11,200 Receivables and other non - current assets 2,394 2,353 290,831 302,084 Current assets Inventory 661,131 637,127 Trade receivables 552,970 764,264 Income tax assets 3,871 3,767 Other assets 87,234 98,127 Financial assets held for trading 175 103 Cash and cash equivalents 141,098 216,250 1,446,479 1,719,638 Total assets 1,737,310 2,021,722 EQUITY Share capital 7,861 7,861 Reserves 362,137 359,865 Group net income 6,164 21,521 Group net equity 376,162 389,247 Non - controlling interest - - Total equity 376,162 389,247 LIABILITIES Non - current liabilities Borrowings 48,712 30,762 Lease liabilities 122,849 131,084 Deferred income tax liabilities 23,323 21,654 Retirement benefit obligations 5,307 5,347 Debts for investments in subsidiaries - 600 Provisions and other liabilities 12,003 16,698 212,194 206,145 Current liabilities Trade payables 826,998 1,266,182 Short-term financial liabilities 251,951 87,799 Lease liabilities 13,948 12,633 Income tax liabilities 3,212 1,980 Debts for investments in subsidiaries 600 - Provisions and other liabilities 52,245 57,736 1,148,954 1,426,330 Total liabilities 1,361,148 1,632,475 Total equity and liabilities 1,737,310 2,021,722 (€/000) 31/12/202430/09/2025
Page 14
CONSOLIDATED STATEMENT OF CASH FLOWS Cash flow provided by (used in) operating activities (D=A+B+C) (222,570) (305,612) Cash flow generated from operations (A) 37,750 35,248 Operating income (EBIT) 18,927 19,327 Depreciation, amortisation and other fixed assets write-downs 18,354 16,991 Net changes in provisions for risks and charges 55 (1,198) Net changes in retirement benefit obligations (117) (154) Stock option/grant costs 531 282 Cash flow provided by (used in) changes in working capital (B) (250,506) (331,996) Inventory (24,004) (167,700) Trade receivables 211,294 127,378 Other current assets 10,131 (14,579) Trade payables (439,341) (269,577) Other current liabilities (8,586) (7,518) Other cash flow provided by (used in) operating activities (C) (9,814) (8,864) Interests paid (8,760) (7,182) Received interests 560 991 Foreign exchange (losses)/gains 2,202 (530) Income taxes paid (3,816) (2,143) Cash flow provided by (used in) investing activities (E) (2,790) (5,748) Net investments in property, plant and equipment (2,730) (5,506) Net investments in intangible assets (19) (265) Net investments in other non current assets (41) 23 Cash flow provided by (used in) financing activities (F) 150,208 152,277 Medium/long term borrowing 40,000 - Repayment/renegotiation of medium/long-term borrowings (33,415) (27,289) Leasing liabilities remboursement (9,873) (9,388) Net change in financial liabilities 172,673 195,112 Net change in financial assets and derivative instruments 586 (394) Deferred price acquisitions - (5,764) Dividend payments (19,763) - Net increase/(decrease) in cash and cash equivalents (G=D+E+F) (75,152) (159,083) Cash and cash equivalents at year-beginning 216,250 260,883 Net increase/(decrease) in cash and cash equivalents (75,152) (159,083) Cash and cash equivalents at year-end 141,098 101,800 (euro/000) 9M 2024 9M 2025