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Fair value measurement (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of financial assets [abstract] |
Summary of Financial Assets | 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
Summary of Financial Liabilities | 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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