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Fair value measurement | 12 Months Ended
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Dec. 31, 2025
Disclosure of financial assets [abstract] |
Fair value measurement | 34. Fair value measurement The reported amount of derivative instruments, whether assets or liabilities, reflects their fair value at the reporting date. The carrying amount of cash and cash equivalents, financial assets and trade receivables, as adjusted for impairment where necessary as required by IFRS 9, approximates their estimated realizable value and their fair value. Lease liabilities are measured at their present value, while all of the other financial liabilities recorded at amortized cost approximate fair value. For units in investment funds sensitivity has not been calculated as the valuation is made on the basis of the latest available net asset value (NAV). Categories of financial assets and liabilities according to IFRS 7 The following table provides a breakdown for financial assets by category at December 31, 2025.
| At December 31, 2025
| Financial assets |  |  |  | Fair value Level
(€ thousands) | FVPL |  | FVOCI |  | Amortized cost |  | Total |  | Note |  | 1 |  | 2 |  | 3
Derivative financial instruments | — |  | 7,055 |  | — |  | 7,055 |  | 21 |  | — |  | 7,055 |  | —
Cash and cash equivalents | — |  | — |  | 220,121 |  | 220,121 |  | 24 |  | — |  | 220,121 |  | —
Trade receivables | — |  | — |  | 227,087 |  | 227,087 |  | 20 |  | — |  | 227,087 |  | —
Other non-current financial assets | 4,886 |  | — |  | 33,610 |  | 38,496 |  | 18 |  | — |  | 34,073 |  | 4,423
Other current financial assets | 68,635 |  | 7,047 |  | 1,750 |  | 77,432 |  | 22 |  | 10,309 |  | 12,747 |  | 54,376
Financial assets | 73,521 |  | 14,102 |  | 482,568 |  | 570,191 |  |  |  | 10,309 |  | 501,083 |  | 58,799
The following table provides an additional breakdown for other current financial assets at December 31, 2025.
| At December 31, 2025
| Other current financial assets |  | Fair value Level
(€ thousands) | FVPL |  | FVOCI |  | Amortized cost |  | Total |  | 1 |  | 2 |  | 3
Private equity | 21,565 |  | — |  | — |  | 21,565 |  | — |  | — |  | 21,565
Private debt | 11,720 |  | — |  | — |  | 11,720 |  | — |  | 284 |  | 11,436
Hedge funds | 11,370 |  | — |  | — |  | 11,370 |  | — |  | — |  | 11,370
Real estate funds | 10,005 |  | — |  | — |  | 10,005 |  | — |  | — |  | 10,005
Money market funds and floating income | 10,713 |  | 3,151 |  | — |  | 13,864 |  | 3,151 |  | 10,713 |  | —
Fixed income | — |  | 3,896 |  | — |  | 3,896 |  | 3,896 |  | — |  | —
Guarantee deposits | — |  | — |  | 1,492 |  | 1,492 |  | — |  | 1,492 |  | —
Equity | 3,262 |  | — |  | — |  | 3,262 |  | 3,262 |  | — |  | —
Financial receivables | — |  | — |  | 258 |  | 258 |  | — |  | 258 |  | —
Total other current financial assets | 68,635 |  | 7,047 |  | 1,750 |  | 77,432 |  | 10,309 |  | 12,747 |  | 54,376
The following table presents the changes in level 3 items for the years ended December 31, 2025 and 2024.
(€ thousands) | Fair value Level 3
| 2025 |  | 2024
At January 1 | 59,356 |  | 57,131
Investments | 5,297 |  | 2,969
Disposals | (6,831) |  | (5,617)
Fair value adjustments | 2,994 |  | 3,598
Realized gains | 155 |  | 94
Exchange rate (losses)/gains | (2,172) |  | 1,181
At December 31 | 58,799 |  | 59,356
The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non-active markets) and the fair value of Level 3 items is estimated on the basis of the last available NAV.
| At December 31, 2024
| Financial assets |  |  |  | Fair value Level
(€ thousands) | FVPL |  | FVOCI |  | Amortized cost |  | Total |  | Note |  | 1 |  | 2 |  | 3
Derivative financial instruments | — |  | 1,711 |  | — |  | 1,711 |  | 21 |  | — |  | 1,711 |  | —
Cash and cash equivalents | — |  | — |  | 219,130 |  | 219,130 |  | 24 |  | — |  | 219,130 |  | —
Trade receivables | — |  | — |  | 248,790 |  | 248,790 |  | 20 |  | — |  | 248,790 |  | —
Other non-current financial assets | 5,880 |  | — |  | 35,606 |  | 41,486 |  | 18 |  | — |  | 36,196 |  | 5,290
Other current financial assets | 61,415 |  | 12,224 |  | 3,630 |  | 77,269 |  | 22 |  | 15,428 |  | 7,775 |  | 54,066
Financial assets | 67,295 |  | 13,935 |  | 507,156 |  | 588,386 |  |  |  | 15,428 |  | 513,602 |  | 59,356
The following table provides an additional breakdown for other current financial assets at December 31, 2024.
| At December 31, 2024
| Other current financial assets |  | Fair value Level
(€ thousands) | FVPL |  | FVOCI |  | Amortized cost |  | Total |  | 1 |  | 2 |  | 3
Private equity | 23,954 |  | — |  | — |  | 23,954 |  | — |  | — |  | 23,954
Private debt | 10,395 |  | — |  | — |  | 10,395 |  | — |  | 281 |  | 10,114
Hedge funds | 10,285 |  | — |  | — |  | 10,285 |  | — |  | — |  | 10,285
Real estate funds | 9,713 |  | — |  | — |  | 9,713 |  | — |  | — |  | 9,713
Money market funds and floating income | 3,864 |  | 5,785 |  | — |  | 9,649 |  | 5,785 |  | 3,864 |  | —
Fixed income | — |  | 6,439 |  | — |  | 6,439 |  | 6,439 |  | — |  | —
Guarantee deposits | — |  | — |  | 3,360 |  | 3,360 |  | — |  | 3,360 |  | —
Equity | 3,204 |  | — |  | — |  | 3,204 |  | 3,204 |  | — |  | —
Financial receivables | — |  | — |  | 270 |  | 270 |  | — |  | 270 |  | —
Total other current financial assets | 61,415 |  | 12,224 |  | 3,630 |  | 77,269 |  | 15,428 |  | 7,775 |  | 54,066
The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non-active markets) and the fair value of Level 3 items is estimated on the basis of the last available NAV. The following tables provide a breakdown for financial liabilities by category.
| At December 31, 2025
| Financial liabilities |  |  |  | Fair value Level
(€ thousands) | FVPL |  | FVOCI |  | Amortized cost |  | Total |  | Note |  | 1 |  | 2 |  | 3
Derivative financial instruments | — |  | 4,576 |  | — |  | 4,576 |  | 21 |  | — |  | 4,576 |  | —
Non-current borrowings | — |  | — |  | 162,123 |  | 162,123 |  | 27 |  | — |  | 162,123 |  | —
Current borrowings | — |  | — |  | 84,066 |  | 84,066 |  | 27 |  | — |  | 84,066 |  | —
Other non-current financial liabilities | 105,632 |  | — |  | — |  | 105,632 |  | 28 |  | — |  | 105,632 |  | —
Trade payables and customer advances | — |  | — |  | 326,245 |  | 326,245 |  | 32 |  | — |  | 326,245 |  | —
Lease liabilities – Current / Non-current | — |  | — |  | 731,589 |  | 731,589 |  | 29 |  | — |  | — |  | 731,589
Financial liabilities | 105,632 |  | 4,576 |  | 1,304,023 |  | 1,414,231 |  |  |  | — |  | 682,642 |  | 731,589
| At December 31, 2024
| Financial liabilities |  |  |  | Fair value Level
(€ thousands) | FVPL |  | FVOCI |  | Amortized cost |  | Total |  | Note |  | 1 |  | 2 |  | 3
Derivative financial instruments | — |  | 15,138 |  | — |  | 15,138 |  | 21 |  | — |  | 15,138 |  | —
Non-current borrowings | — |  | — |  | 196,401 |  | 196,401 |  | 27 |  | — |  | 196,401 |  | —
Current borrowings | — |  | — |  | 177,166 |  | 177,166 |  | 27 |  | — |  | 177,166 |  | —
Other non-current financial liabilities | 146,338 |  | — |  | 110 |  | 146,448 |  | 28 |  | — |  | 146,338 |  | 110
Trade payables and customer advances | — |  | — |  | 309,771 |  | 309,771 |  | 32 |  | — |  | 309,771 |  | —
Lease liabilities – Current / Non-current | — |  | — |  | 661,685 |  | 661,685 |  | 29 |  | — |  | — |  | 661,685
Financial liabilities | 146,338 |  | 15,138 |  | 1,345,133 |  | 1,506,609 |  |  |  | — |  | 844,814 |  | 661,795

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