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Consolidated Cash Flow Statement - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income / (loss) € 109,487 € 90,861 € 135,661
Income taxes 30,555 39,747 33,433
Depreciation, amortization and impairment of assets 259,923 235,950 194,952
Financial income (41,509) (26,028) (37,282)
Financial expenses 50,471 51,995 68,121
Foreign exchange (gains)/losses (9,000) 11,338 5,262
Accruals to the provision for obsolete inventory 2,472 25,745 31,850
Accruals/(Releases) for other provisions 8,445 8,180 (1,168)
Result from investments accounted for using the equity method (524) (1,061) 2,953
Other non-cash expenses, net 47,738 51,253 66,641
Change in inventories (23,606) (5,896) (72,770)
Change in trade receivables (3,048) (12,572) (51,022)
Change in trade payables including customer advances 24,166 (13,098) 11,670
Change in other operating assets and liabilities (42,971) (86,373) (29,765)
Interest paid (39,590) (38,140) (29,166)
Income taxes paid (37,450) (52,772) (53,988)
Net cash flows from operating activities 335,559 279,129 275,382
Investing activities      
Payments for property, plant and equipment (80,504) (100,104) (57,034)
Payments for intangible assets (22,392) (25,425) (20,843)
Payments related to right-of-use assets (2,917) 0 0
Proceeds from disposals of non-current financial assets 289 334 2,345
Payments for purchases of non-current financial assets (1,168) (4,174) (2,623)
Proceeds from the sale of investment 0 7,582 0
Proceeds from disposals of current financial assets and derivative instruments 16,306 41,421 270,317
Payments for acquisitions of current financial assets and derivative instruments (15,135) (26,341) (36,956)
Business combinations, net of cash acquired 0 (19,307) (117,686)
Acquisition of investments accounted for using the equity method (4,394) 0 (15,734)
Net cash flows (used in)/from investing activities (109,915) (126,014) 21,786
Financing activities      
Repayments of borrowings (178,738) (290,781) (306,150)
Proceeds from borrowings 49,937 259,720 204,424
Payments of lease liabilities (147,671) (143,549) (125,732)
Repayments of other non-current financial liabilities (110) 0 0
Deferred payments for business combinations (9,086) 0 0
Sales of shares held in treasury 107,216 0 3,654
Dividends to owners of the parent (30,491) (30,290) (25,031)
Dividends paid to non-controlling interests (6,832) (6,132) (6,068)
Contribution from non-controlling interests 721 0 0
Payments for acquisition of non-controlling interests 0 (23,502) 0
Proceeds from the exercise of warrants 0 0 4,409
Net cash flows used in financing activities (215,054) (234,534) (250,494)
Effects of exchange rate changes on cash and cash equivalents (9,599) 4,270 (4,716)
Net increase/(decrease) in cash and cash equivalents 991 (77,149) 41,958
Cash and cash equivalents at the beginning of the year 219,130 296,279 254,321
Cash and cash equivalents at the end of the year € 220,121 € 219,130 € 296,279