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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Major components of tax expense (income) [abstract] |
Schedule of Breakdown for Income Taxes | The following table provides a breakdown for income taxes:
| For the years ended December 31,
(€ thousands) | 2025 |  | 2024 |  | 2023
Current taxes | (39,503) |  | (39,243) |  | (54,795)
Deferred taxes | 8,948 |  | (504) |  | 21,362
Income taxes | (30,555) |  | (39,747) |  | (33,433)
Schedule of Reconciliation between Actual Income Taxes and the Theoretical Income Taxes | The table below provides a reconciliation between actual income taxes and the theoretical income taxes, calculated on the basis of the applicable corporate tax rate in effect in Italy, which was 24.0% for each of the years ended December 31, 2025, 2024 and 2023.
| For the years ended December 31,
(€ thousands, except percentages) | 2025 |  | 2024 |  | 2023
Profit before taxes | 140,042 |  | 130,608 |  | 169,094
Theoretical income tax expense - tax rate 24% | (33,610) |  | (31,346) |  | (40,583)
Tax effect on: |  |  |  |  |
Non-taxable income | 4,730 |  | 4,302 |  | 11,454
Differences between foreign tax rates and the theoretical applicable tax rate | 1,073 |  | 133 |  | 5,847
Tax (expense)/benefit relating to prior years | (113) |  | 142 |  | 2,997
Deferred tax assets recognized from previous years | 9,985 |  | 14,516 |  | 7,425
Deferred tax assets not recognized | (4,850) |  | (8,437) |  | (4,107)
Tax on dividends and earnings | 757 |  | (4,655) |  | (5,613)
Other tax items | (5,659) |  | (12,476) |  | (6,363)
Total tax expense, excluding IRAP | (27,687) |  | (37,821) |  | (28,943)
Effective tax rate, excluding IRAP | 19.8 | % |  | 29.0 | % |  | 17.1 | %
Italian regional income tax expense (IRAP) | (2,868) |  | (1,926) |  | (4,490)
Total income tax | (30,555) |  | (39,747) |  | (33,433)
Effective tax rate | 21.8 | % |  | 30.4 | % |  | 19.8 | %
Schedule of Breakdown For Deferred Tax Assets and Deferred Tax Liabilities | The following tables provide a breakdown for deferred tax assets and deferred tax liabilities:
(€ thousands) | At December 31, 2024 |  | Recognized in profit and loss |  | Recognized in comprehensive income/(loss) |  | Exchange differences and other |  | At December 31, 2025
Deferred tax assets arising on: |  |  |  |  |  |  |  |  |
Employee benefits | 6,568 |  | 175 |  | 52 |  | (249) |  | 6,546
Property, plant and equipment | 6,872 |  | (869) |  | — |  | (246) |  | 5,757
Lease liabilities | 116,599 |  | 13,165 |  | — |  | (837) |  | 128,927
Intangible assets | 3,216 |  | 269 |  | — |  | 883 |  | 4,368
Provision for obsolete inventory | 29,351 |  | 1,909 |  | — |  | (402) |  | 30,858
Elimination of intercompany margin on inventory | 40,694 |  | (540) |  | — |  | (3,161) |  | 36,993
Provisions | 2,354 |  | 3,678 |  | — |  | (2,495) |  | 3,537
Financial assets | 1,706 |  | — |  | (351) |  | 296 |  | 1,651
Tax losses | 50,188 |  | (2,487) |  | — |  | 3,480 |  | 51,181
Other | 11,253 |  | 6,744 |  | — |  | (15,098) |  | 2,899
Deferred tax assets (prior to offsetting) | 268,801 |  | 22,044 |  | (299) |  | (17,829) |  | 272,717
Offsetting of deferred tax assets | (102,772) |  |  |  |  |  |  |  | (108,670)
Total deferred tax assets | 166,029 |  |  |  |  |  |  |  | 164,047
Deferred tax liabilities arising on: |  |  |  |  |  |  |  |  |
Property, plant and equipment | 1,390 |  | 1,479 |  | — |  | (445) |  | 2,424
Right-of-use assets | 109,362 |  | 11,525 |  | — |  | (7,439) |  | 113,448
Intangible assets | 47,100 |  | 1,121 |  | — |  | 411 |  | 48,632
Financial assets fair value | 1,300 |  | 196 |  | (4) |  | (39) |  | 1,453
Other | 21,749 |  | (1,225) |  | 1,254 |  | (3,034) |  | 18,744
Deferred tax liabilities (prior to offsetting) | 180,901 |  | 13,096 |  | 1,250 |  | (10,546) |  | 184,701
Offsetting of deferred tax liabilities | (102,772) |  |  |  |  |  |  |  | (108,670)
Total deferred tax liabilities | 78,129 |  |  |  |  |  |  |  | 76,031
(€ thousands) | At December 31, 2023 |  | Recognized in profit and loss |  | Recognized in comprehensive income/(loss) |  | Exchange differences and other |  | At December 31, 2024
Deferred tax assets arising on: |  |  |  |  |  |  |  |  |
Employee benefits | 6,030 |  | 224 |  | 18 |  | 296 |  | 6,568
Property, plant and equipment | 8,583 |  | (1,215) |  | — |  | (496) |  | 6,872
Lease liabilities | 103,099 |  | 333 |  | — |  | 13,167 |  | 116,599
Intangible assets | 3,379 |  | 70 |  | — |  | (233) |  | 3,216
Provision for obsolete inventory | 28,959 |  | (1,677) |  | — |  | 2,069 |  | 29,351
Elimination of intercompany margin on inventory | 39,701 |  | 61 |  | — |  | 932 |  | 40,694
Provisions | 2,368 |  | (817) |  | — |  | 803 |  | 2,354
Financial assets | 1,448 |  | — |  | 258 |  | — |  | 1,706
Tax losses | 46,366 |  | 4,196 |  | — |  | (374) |  | 50,188
Other | 7,165 |  | (2,149) |  | 1,214 |  | 5,023 |  | 11,253
Deferred tax assets (prior to offsetting) | 247,098 |  | (974) |  | 1,490 |  | 21,187 |  | 268,801
Offsetting of deferred tax assets | (86,220) |  |  |  |  |  |  |  | (102,772)
Total deferred tax assets | 160,878 |  |  |  |  |  |  |  | 166,029
Deferred tax liabilities arising on: |  |  |  |  |  |  |  |  |
Property, plant and equipment | 296 |  | (414) |  | — |  | 1,508 |  | 1,390
Right-of-use assets | 96,615 |  | 83 |  | — |  | 12,664 |  | 109,362
Intangible assets | 46,860 |  | 1,647 |  | — |  | (1,407) |  | 47,100
Financial assets fair value | 1,817 |  | 76 |  | (584) |  | (9) |  | 1,300
Other | 14,517 |  | (1,862) |  | 222 |  | 8,872 |  | 21,749
Deferred tax liabilities (prior to offsetting) | 160,105 |  | (470) |  | (362) |  | 21,628 |  | 180,901
Offsetting of deferred tax liabilities | (86,220) |  |  |  |  |  |  |  | (102,772)
Total deferred tax liabilities | 73,885 |  |  |  |  |  |  |  | 78,129
Schedule of Tax Losses Carried Forward for which No Deferred Tax Assets | The following table provides the details of tax losses carried forward for which no deferred tax assets were recognized:
| At December 31,
(€ thousands) | 2025 |  | 2024
Expiry within 1 year | 9,793 |  | 13,462
Expiry 1-5 years | 15,211 |  | 36,787
Expiry over 5 years | 27,022 |  | 39,319
No expiration | 227,718 |  | 177,010
Total tax losses carried forward | 279,744 |  | 266,578

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