Dexelance MIL:DEX
Dexelance S p A : Half-year financial report as at 30 June 2025
Source: MarketScreener
HALF-YEAR FINANCIAL REPORT AS AT 30.06.2025
9 SEPTEMBER 2025
Registered Office in Milan (MI) - Corso Venezia, 29 Share Capital EUR 26,926,298
Milan Economic and Administrative Index No. 2062252
Tax code and registration no. in the Milan Business and Trade Registry: 09008930969
HALF-YEAR FINANCIAL REPORT AS AT 30 JUNE 2025Table of contents
Corporate Bodies 2
The Group and significant events during the first half of 2025 3
Summary data of the main economic, financial and capital results 6
Strategic business areas 14
Treasury shares 19
Dexelance S.p.A. on the Stock Exchange 20
Business outlook 20
Consolidated financial statements as at 30 June 2025 22
Notes to the consolidated financial statements 43
Analysis and composition of the main budget items 43
Related parties 65
Commitments and guarantees 66
Main risks and uncertainties to which the Group is exposed 66
Subsequent events 69
Statement of the condensed consolidated half-year financial statements in accordance with Article 154-bis of Legislative Decree No. 58/1998 of 24 February 1998 (Consolidated Finance Act), as amended 71
Report of the Independent Auditors on the limited audit of the condensed consolidated half-year financial statements Error! Bookmark not defined.
Corporate Bodies
Board of Directors1
Fabio Sattin Honorary Chairman
Andrea Sasso Chair and CEO
Giorgio Gobbi CEO
Paolo Colonna Director
Giovanni Tamburi (*)Director
Alessandra Rollandi Director
Piero Generali Director
Alessandra Stea Director
Giovanni Gervasoni Director
Cristina Finocchi Mahne (*) (**)Independent Director
Lea Lidia Lavitola (*) (**)Independent Director
Paola Mungo (**)Independent Director
Board of Statutory Auditors2
Filippo Annunziata Chair
Marzia Nicelli Standing Auditor
Fabio Buttignon Standing Auditor
Independent Auditors3
EY S.p.A.
1 In office until the approval of the financial statements for the year as at 31 December 2025
2 In office until the approval of the financial statements for the year as at 31 December 2025
3 In office until the approval of the financial statements for the year as at 31 December 2031 (*) Member of the Hiring, Human Resources, and Remuneration Committee
(**) Member of the Control and Risks, Related-Party Transactions and Sustainability Committee
The Group and significant events during the first half of 2025
The GroupDexelance S.p.A. has its registered office in Milan. It was first listed for trading on the Borsa Italiana stock exchange on 18 May 2023. Dexelance stock forms part of the FTSE Italia Small Cap Index. The Company was established on 10 March 2015 with the aim of promoting an Italian design hub in the furniture and lighting segment. Its scope has also included high-end modular kitchen solutions and systems that can implement dimensional, organisational, managerial, strategic and distribution synergies, which allow Dexelance to compete internationally in a segment where Italy has a competitive advantage and excellent creative and product skills.
The information contained in this financial report regards the six-month period ended 30 June 2025, which is compared with the same period in 2024 for the income statement, and with the result achieved at 31 December 2024 for the statement of financial position.
The condensed consolidated half-year financial statements have been drawn up in accordance with IAS 34 Interim financial statements and include the financial statements of the Parent Company, Dexelance S.p.A., and the companies over which the Parent Company has the right to exercise control, determining their financial and management decisions and obtaining the related benefits.
With reference to the scope of consolidation, please note that it has not changed since 31 December 2024; however, events involving the Group in the first half of 2025 are listed below:
on 12 June 2025, Meridiani S.r.l. transferred all of the shares of Meridiani France SARL, representing 100% of its capital, to the parent company Dexelance S.p.A. Following the transaction, the proposal to change the company name to Dexelance France SARL was also approved;
on 24 June 2025, Dexelance S.p.A. signed an agreement to acquire an initial 25% stake of the capital of Roda S.r.l., the parent company of the Roda Group, a leader in high-end outdoor furniture. Please note that the transaction was then completed on 17 July 2025.
The companies included by means of the full consolidation method as at 30 June 2025, in accordance with the provisions of IFRS 10, are listed below.
Company name | Registered office | Share capital | Activity | % direct ownership | % indirect ownership |
Gervasoni S.p.A. | Pavia di Udine (Udine) | 1,000,000 | furniture | 100% | 0% |
Meridiani S.r.l. | Misinto (Monza and Brianza) | 120,000 | furniture | 61.11% | 38.89% |
Dexelance France SARL | Paris (France) | 100,000 | furniture | 100% | 0% |
Dexelance UK Ltd. | London (UK) | GBP 779,950 | furniture | 100% | 0% |
Cenacchi International S.r.l. (*) | Ozzano dell'Emilia (Bologna) | 10,000 | luxury contract | 99% | 0% |
Davide Groppi S.r.l. | Piacenza | 20,000 | lighting | 100% | 0% |
Saba Italia S.r.l. | S. Martino di Lupari (Padua) | 50,000 | furniture | 100% | 0% |
Modar S.p.A. | Barlassina (Monza and Brianza) | 500,000 | luxury contract | 100% | 0% |
IDB Suzhou Co. Ltd. | Suzhou (China) | CNY 19,539,442 | other | 100% | 0% |
Flexalighting S.r.l. (*) | Pontassieve (Florence) | 10,000 | lighting | 51% | 0% |
Borman Lighting S.r.l. (*) | Pontassieve (Florence) | 10,000 | lighting | 0% | 51% |
Dexelance USA Corp. | New York (USA) | USD 10,000 | other | 100% | 0% |
Flexalighting North America Ltd. (*) | Surrey (Canada) | CAD 105 | lighting | 0% | 26% |
Gamma Arredamenti S.p.A. (*) | Forlì (Forlì-Cesena) | 2,000,000 | furniture | 55% | 0% |
Gamma Arredamenti Inc. (*) | High Point (USA) | USD 5,000 | furniture | 0% | 55% |
Cubo Design S.r.l. (*) | Notaresco (Teramo) | 84,000 | kitchen & systems | 60% | 0% |
Axo Light S.r.l. | Scorzè (Venice) | 119,000 | lighting | 100% | 0% |
Axo Light USA Corp. | New York (USA) | USD 100,000 | lighting | 0% | 100% |
Turri S.r.l. (*) | Carugo (Como) | 1,000,000 | furniture | 51% | 0% |
Turri UK Ltd. (*) | London (UK) | GBP 10,000 | furniture | 0% | 51% |
Turri USA Corp. (*) | Miami (USA) | USD 100 | furniture | 0% | 51% |
Shanghai Turri Furnitures (*) | Shanghai (China) | CNY 8,576,479 | furniture | 0% | 51% |
(*) Fully consolidated companies due to the put and call agreement with minority shareholders, the residual amount of which is recognised under Other current and non-current financial liabilities (see Note 15). The Parent Company currently holds the majority of the shares, but based on the agreements signed with the minority shareholders and the put option that they may exercise, it has the obligation to repurchase the remaining shares held under predefined contractual conditions.
The structure of the Dexelance Group as at 30 June 2025 is provided below:
100%
10096
100%
100%
100%
611%
10096
55%
51%
100%
5196
100%
999é
10096
6096
38.9
10096
100%
100%
1009é
100%
51%
100%
DE XELANCE
Summary data of the main economic, financial and capital results
This financial information as at 30 June 2025 was approved by the Company's Board of Directors on 9 September 2025, and this report on operations should be read in conjunction with the half-year consolidated financial statements as at 30 June 2025, which are set out below.
To gain the best possible understanding of the Group's situation and operating performance, the tables below contain a brief analysis of the condensed consolidated half-year financial statements, which consist of the reclassified income statement and the reclassified statement of financial position.
To enable a better assessment of operating performance, the Dexelance Group uses and monitors some alternative performance indicators.
The indicators represented are not identified as accounting measures under IFRS and should therefore not be considered as alternative measures to those provided in the model financial statements for assessing the performance of the Group and its financial position. The Group considers that the financial information set out below is an additional important benchmark for assessing the Group's performance, as it allows for a more analytical monitoring of the Group's economic and financial performance. Since such financial information is not a measure that can be determined by the underlying accounting standards for the preparation of the consolidated financial statements, the criterion applied for its determination may not be consistent with that adopted by other groups, and therefore such data may not be comparable.
The definition of these alternative performance indicators is as follows.
Added value is defined as the sum of revenue for goods and services and other revenue and income less the sum of costs for the purchases of raw materials, changes in inventories, costs for services and use of third-party goods and other operating costs.
EBITDA is defined as the sum of the net profit for the year, plus the profit (loss) of discontinued assets, plus income taxes, financial income and expenses, plus amortisation, depreciation and writedowns of fixed assets.
Adjusted EBITDA is defined as the sum of net profit for the year, plus the profit (loss) of discontinued assets; income taxes; financial income and expenses; amortisation, depreciation and writedowns of fixed assets and excluding non-recurring costs/revenues.
EBIT is defined as the sum of net profit for the year, plus the profit (loss) of discontinued assets, plus income taxes, financial income and expenses.
Adjusted EBIT is defined as the sum of net profit for the year, plus the profit (loss) of discontinued assets, plus income taxes, financial income and expenses, excluding non-recurring costs, amortisation and depreciation of intangible assets with a finite useful life, models and customer lists, recorded during Purchase Price Allocation (PPA), and which will terminate at the end of the relevant depreciation process.
The adjusted net result from operating assets is defined as the net result from operating assets excluding (i) non-recurring costs/revenue; (ii) amortisation of intangible assets with a finite useful life, models and customer lists, recorded during Purchase Price Allocation (PPA), and which will terminate at the end of the relevant amortisation process; (iii) depreciation of intangible assets recorded after the performance of the impairment tests; (iv) the effects of the remeasurements of put and call options and earn-outs; and (v) the related tax effects.
Operating working capital is calculated as the net balance of customer relationships, supplier relationships, inventories and assets and liabilities arising from contracts, customer advances, while net working capital is calculated by adding to operating working capital income tax credits and/or income tax payables and other current assets and liabilities.
Invested capital is calculated as the balance between net working capital, non-current assets, liabilities for employee benefits, and provisions for risks and charges and other non-current liabilities.
The net financial position is represented by financial debts, net of cash and other cash equivalents.
Reclassified income statement
The income statement is reclassified in multiple-step format to show the gross operating profit (EBITDA) generated by the Group, namely the difference between revenue and costs associated with the purchase/transformation/sales cycle, regardless of amortisation, depreciation and writedowns, the financing methods adopted and the level of taxation.
Reclassified income statement amounts are shown in €/1,000 | 1st half 2024 | 1st half 2025 | Change | |||
amount | % | amount | % | amount | % | |
Revenue | 151,028 | 100.0% | 154,843 | 100.0% | 3,815 | 2.5% |
Other income | 2,630 | 1.7% | 2,088 | 1.3% | (542) | -20.6% |
Total revenue and income | 153,659 | 101.7% | 156,931 | 101.3% | 3,273 | 2.1% |
External operating costs (*) | (107,457) | -71.1% | (116,927) | -75.5% | (9,470) | 8.8% |
Added value | 46,202 | 30.6% | 40,004 | 25.8% | (6,198) | -13.4% |
Staff costs | (27,485) | -18.2% | (29,101) | -18.8% | (1,616) | 5.9% |
Provisions and writedowns | (238) | -0.2% | (525) | -0.3% | (287) | 120.8% |
Gross operating profit (EBITDA) | 18,479 | 12.2% | 10,378 | 6.7% | (8,101) | -43.8% |
Amortisation, depreciation and writedowns of fixed assets | (10,475) | -6.9% | (22,055) | -14.2% | (11,580) | 110.5% |
Operating profit (EBIT) | 8,004 | 5.3% | (11,677) | -7.5% | (19,680) | -245.9% |
Financial result | (5,043) | -3.3% | 4,349 | 2.8% | 9,392 | -186.2% |
Gross result | 2,961 | 2.0% | (7,328) | -4.7% | (10,288) | -347.5% |
Income tax | (1,933) | -1.3% | (436) | -0.3% | 1,497 | -77.5% |
Group consolidated net result | 1,028 | 0.7% | (7,764) | -5.0% | (8,791) | -855.4% |
(*) Includes the following income statement items: materials consumption, costs for services and leased assets and other operating costs.
Revenues for the six months ended 30 June 2025 increased from EUR 151 million to EUR 154.8 million, an increase of EUR 3.8 million, or 2.5%, compared to the same period of the previous year. This change comes solely from organic growth, as there were no changes in the scope of consolidation compared to the same period of the previous year.
The Group's revenue by type of activity or strategic business area (SBA) and by geographic area in the first six months of 2025 and in the previous six months are broken down as follows:
an 8% decrease in the "Furniture" sector compared to the previous year was mainly due to the slowdown observed in the reference market;
a 7% increase in the "Lighting" segment as a result of the ongoing growth trend;
an increase in the "Luxury Contract" segment of approximately 15% compared to the previous period, tied to the trend of the projects in progress during this half-year period;
A 10% increase in the "Kitchens and Systems" sector, tied to the growth recorded by the company Cubo Design compared to the same period of the previous year.
amounts are shown in €/1,000
1st half 2024
1st half 2025
Furniture
69,238
63,626
Lighting
16,070
17,245
Luxury Contract
36,460
41,813
Kitchen & Systems
29,261
32,159
Total
151,028
154,843
amounts are shown in €/1,000
1st half 2024
1st half 2025
Italy
40,194
39,403
EU
36,611
37,666
Non-EU
74,223
77,774
Total
151,028
154,843
Considering the impact of some non-recurring economic components on the result for the period, the management also wishes to highlight the following economic values: Adjusted EBITDA, adjusted EBIT and Adjusted Net Result.
In particular, Adjusted EBITDA is determined without reflecting non-recurring costs and revenues.
Adjusted EBIT was calculated gross of both non-recurring costs and the amortisation and impairment of intangible assets with a finite useful life (models, order book and customer relations) recorded during the Purchase Price Allocation (PPA) and which will expire at the end of the relevant amortisation process.
Lastly, the Adjusted Net Result is calculated excluding non-recurring costs and revenues, the aforementioned amortisation of certain intangible assets with a finite useful life, and without taking into account the positive and negative economic effects resulting from the remeasurement of "figurative" financial charges for put and call options and earn-outs of minority shareholders.
1st half 2024
1st half 2025
amounts are shown in €/1,000
Effective
data
Adjusted
data
Effective
data
Adjusted
data
Revenue
151,028
151,028
154,843
154,843
Other income
2,630
2,630
2,088
2,088
Total revenue and income
153,659
153,659
156,931
156,931
External operating costs
(107,457)
(106,871)
(116,927)
(116,525)
Added value
46,202
46,787
40,004
40,406
Staff costs
(27,485)
(27,468)
(29,101)
(28,825)
Provisions and writedowns
(238)
(238)
(525)
(525)
Gross operating profit (EBITDA)
18,479
19,081
10,378
11,056
Amortisation, depreciation and writedowns of fixed
assets
(6,777)
(6,777)
(6,886)
(6,886)
Amortisation, depreciation and writedowns of fixed
assets arising from the PPA process
(3,698)
-
(15,169)
-
Operating profit (EBIT)
8,004
12,304
(11,677)
4,170
Financial result
(5,043)
(2,436)
4,349
(2,665)
Gross result
2,961
9,868
(7,328)
1,505
Income tax
(1,933)
(3,053)
(436)
(1,628)
Group consolidated net result
1,028
6,815
(7,764)
(123)
The reconciliation of the above values is shown below. Starting with the actual amounts, the components taken into account to calculate the adjusted values as at 30 June 2024 and 30 June 2025 are listed below:
amounts are shown in €/1,000
Effective data 1st half 2024
Non-recurring costs/revenues
PPA
depreciation, amortisation and
writedowns
Remeasurement of put and call options and earn-outs
Adjusted data 1st half 2024
Revenue
151,028
151,028
Other income
2,630
-
2,630
Total revenue and income
153,659
-
-
-
153,659
External operating costs
(107,457)
585
(106,871)
Added value
46,202
585
-
-
46,787
Staff costs
(27,485)
17
(27,468)
Provisions and writedowns
(238)
(238)
Gross operating profit (EBITDA)
18,479
602
-
-
19,081
Amortisation, depreciation and
writedowns of fixed assets
(6,777)
(6,777)
Amortisation, depreciation and
writedowns of fixed assets arising from the PPA process
(3,698)
3,698
-
Operating profit (EBIT)
8,004
602
3,698
-
12,304
Financial result
(5,043)
(369)
2,975
(2,436)
Gross result
2,961
234
3,698
2,975
9,868
Income tax
(1,933)
(77)
(1,043)
(3,053)
Group consolidated net result
1,028
156
2,655
2,975
6,815
amounts are shown in €/1,000
Actual 2025 1st half data
Non-recurring costs/revenues
PPA
depreciation, amortisation and
writedowns
Remeasurement of put and call options and earn-outs
Adjusted 2025 1st half data
Revenue
154,843
154,843
Other income
2,088
2,088
Total revenue and income
156,931
-
-
-
156,931
External operating costs
(116,927)
402
(116,525)
Added value
40,004
402
-
-
40,406
Staff costs
(29,101)
276
(28,825)
Provisions and writedowns
(525)
(525)
Gross operating profit (EBITDA)
10,378
678
-
-
11,056
Amortisation, depreciation and
writedowns of fixed assets
(6,886)
(6,886)
Amortisation, depreciation and
writedowns of fixed assets arising from the PPA process
(15,169)
15,169
-
Operating profit (EBIT)
(11,677)
678
15,169
-
4,170
Financial result
4,349
(7,014)
(2,665)
Gross result
(7,328)
678
15,169
(7,014)
1,505
Income tax
(436)
(77)
(1,115)
(1,628)
Group consolidated net result
(7,764)
601
14,054
(7,014)
(123)
During the six months ended 30 June 2025, the Group incurred non-recurring costs of EUR 678 thousand, of which EUR 276 thousand concerned extraordinary personnel expenses and EUR 363 thousand, extraordinary commercial transactions.
As in the past, there is instead no need to present a full half-year income statement (where, taking into account growth by external lines, management presents a consolidated Group net result assuming that the acquisitions in the period took place on 1 January), as there were no changes in the scope of consolidation in the reporting periods.
Reclassified statement of financial position
The statement of financial position is reclassified in order to highlight the investment structure and the composition of the financing sources.
Reclassified statement of financial position
amounts are shown in €/1,000
31/12/2024
30/06/2025
amount
%
amount
%
Intangible assets
235,484
87.8%
220,648
80.7%
Right of use
34,427
12.8%
33,735
12.3%
Property, plant and equipment
28,223
10.5%
29,010
10.6%
Holdings and other non-current assets
8,708
3.2%
8,871
3.2%
Non-current assets (A)
306,842
114.5%
292,264
106.9%
Inventories
45,529
17.0%
48,979
17.9%
Trade receivables
41,632
15.5%
43,572
15.9%
Other current assets
8,824
3.3%
13,608
5.0%
Current assets (B)
95,985
35.8%
106,159
38.8%
Trade payables
(53,611)
-20.0%
(47,112)
-17.2%
Other current liabilities
(43,205)
-16.1%
(40,211)
-14.7%
Current liabilities (C)
(96,817)
-36.1%
(87,324)
-31.9%
Net working capital (D = B - C)
(832)
-0.3%
18,835
6.9%
Provisions for risk and severance pay
(12,163)
-4.5%
(12,629)
-4.6%
Other non-current liabilities
(25,748)
-9.6%
(25,056)
-9.2%
Medium/long-term assets (liabilities) (E)
(37,911)
-14.1%
(37,685)
-13.8%
Net invested capital (A + D + E)
268,099
100.0%
273,414
100.0%
Shareholders' equity
170,452
63.6%
161,524
59.1%
Net financial position, banks
(5,180)
-1.9%
17,108
6.3%
Net financial position, others
102,827
38.4%
94,781
34.7%
Net financial position
97,647
36.4%
111,890
40.9%
Equity and debt
268,099
100.0%
273,414
100.0%
Net invested capital consists mostly of intangible assets arising from company acquisitions completed since the Company's incorporation; during the period, this increases by EUR 5,315 thousand due to the combined effect of:
the decrease of EUR 14,578 thousand in non-current assets, mainly due to the reduction in the value of intangible assets in the amount of EUR 14,836 thousand as a result of the amortisation and impairment recognised in the reporting period. As at 30 June 2025, a partial write-down of goodwill recognised for the Turri CGU in the amount of EUR 11,200 thousand was made, taking the performance during the period and the future prospects into account. For more information, please refer to the explanatory notes to the financial statements.
the increase in current assets in the amount of EUR 10,174 thousand, mainly due to the increase in the value of inventories (for EUR 3,450 thousand) and the increase in other current assets (for EUR 4,784 thousand), particularly tax receivables regarding direct and indirect taxes;
the decrease in current liabilities in the amount of EUR 9,493 thousand, mainly due to the decrease in the value of trade payables (amounting to EUR 6,499 thousand) compared to 31 December 2024; this decrease is attributable to the normal cyclical nature of payments.
Current assets and liabilities in the first half of the year reflect the normal seasonal trend in the industry.
Financing sources comprise 59% from equity and 41% from third parties, and show an increase in the net financial position of EUR 14,243 thousand (+14.6%) compared to the previous period.
Net financial position
The net financial position, as defined and monitored by the Company's and the Group's management, breaks down as follows:
amounts are shown in €/1,000 | Balance at 30/06/2024 | Balance at 31/12/2024 | Balance at 30/06/2025 | June variations. 2024 - Jun. 2025 | Variations Dec. 2024 - Jun. 2025 |
Short-term bank loans | 22,177 | 23,604 | 22,823 | 646 | (781) |
Medium/long-term bank debt | 53,109 | 39,510 | 26,418 | (26,690) | (13,092) |
Cash and cash equivalents | (31,842) | (33,681) | (31,494) | 348 | 2,187 |
Other current financial assets | (31,474) | (34,614) | (639) | 30,834 | 33,975 |
NFP, banks | 11,970 | (5,180) | 17,108 | 5,138 | 22,288 |
Current earn-out payable | 1,946 | 4,790 | 4,091 | 2,145 | (699) |
Non-current earn-out payable | 10,516 | 1,780 | 2,345 | (8,171) | 565 |
Current payable for purchase of minority shares through the exercise of the put option | 595 | 9,747 | 10,156 | 9,562 | 410 |
Non-current payable for purchase of minority shares through the exercise of the put option | 55,829 | 45,656 | 37,668 | (18,160) | (7,987) |
NFP, other than banks | 68,885 | 61,972 | 54,261 | (14,625) | (7,711) |
Current financial payables to lessors | 6,376 | 6,512 | 6,324 | (51) | (188) |
Non-current financial payables to lessors | 28,686 | 29,430 | 29,163 | 477 | (267) |
NFP, payables to lessors (IFRS 16) | 35,061 | 35,942 | 35,487 | 426 | (455) |
Other financial payables | 778 | 4,913 | 5,034 | 4,256 | 121 |
NFP, total | 116,695 | 97,647 | 111,890 | (4,805) | 14,243 |
Bank debt as at 30 June 2025 totalled EUR 49,241 thousand. The reduction from the previous period was due to the repayment of loans under the plan. Indebtedness of EUR 17,108 thousand is expressed net of cash and cash equivalents and other current financial assets of EUR 32,133 thousand. The change in the net financial position during the period is characterised by (i) a high absorption of operating working capital, due to the timing of receipt of advance payments related to the progress stage of open
job orders, (ii) net capital expenditure for the period of EUR 4.7 million, and (iii) the payment of current taxes of EUR 5.3 million. We also report the voluntary early repayment, compared to the original amortisation plan, of a loan with a nominal value of €6 million in order to reduce financial expenses.
The earn-out payable of EUR 6,436 thousand recognised at 30 June 2025 refers to the debt owed to the sellers of SUR (merged into Gervasoni during the 2022 financial year), Cubo Design and Turri. It represents the update of the best possible estimate of the earn-out, which was determined at the time of acquisition and accounted for at fair value at 30 June 2025. The earnout is directly linked to the performance of the acquired companies, usually the EBITDA and net financial position as contractually defined between the parties. It should be noted that, during the first half, the earn-out payment related to the acquisition of SUR (merged into Gervasoni during the 2022 financial year) totalled EUR 482 thousand.
Payables for put options amounted to EUR 47,825 thousand at 30 June 2025 and relate to the fair value of the liability for the exercise of the put option (in favour of the seller) and the call option (in favour of the Group) for the purchase of the residual stake of 1% in Cenacchi International, 49% of Flexalighting and Flexalighting North America, 45% of Gamma Arredamenti International and 40% of Cubo Design.
The acquisition value of the minority stake through the put option was also subject to a contractual definition that links its value to actual company performance and, for this reason, is periodically reassessed based on a contractually predefined calculation between the parties (usually EBITDA and net financial position).
Please note that, for the debt from options related to the minority interest in Turri S.r.l., a remeasurement was made against the revised budget approved and used by the directors during the impairment test, which led to the reduction of the non-current portion of this debt for a total of EUR 9,289,000.
Strategic business areasThe Dexelance Group is divided into four operating segments or strategic business areas (SBAs), as defined by management at the operational management level, and one other, residual segment (mainly attributable to the Parent Company, which acts as the holding company):
Furniture: design, production (both in-house and through third-party manufacturers) and marketing of indoor and outdoor furniture products, mainly dedicated to the living area. At the reference date of the financial statements, this segment was made up of the companies Gervasoni S.p.A., Meridiani S.r.l., Saba Italia S.r.l., Gamma Arredamenti International S.p.A., Turri S.r.l. and its subsidiaries, Dexelance France SARL and Dexelance UK Co. Ltd., Dexelance USA Corp. and IDB Suzhou Co. Ltd.
Lighting: design, production (both in-house and through third-party manufacturers) and marketing of high-quality designer lighting products. At the reference date of the financial statements, this segment was made up of the companies Davide Groppi S.r.l., Flexalighting S.r.l., Flexalighting North America Ltd. and Axo Light S.r.l. and its subsidiaries;
Luxury Contract: design and installation of bespoke and commissioned fittings for luxury brand shops and high-end hotels and homes, commissioned and in collaboration with well-known architects and designers. At the reference date of the financial statements, this segment was made up of the companies Cenacchi International S.r.l. and Modar S.p.A.;
Kitchens and Systems: design, production, and sale of modular kitchen solutions and systems. At the reference date, Cubo Design S.r.l. also belonged to this area;
Other: this consists of the parent company Dexelance S.p.A.
The strategic business area is typically the reference unit by means of which the Group monitors the performance of its business. It is characterised by the homogeneity of the core markets, without however having an independent organisation.
Income statement by strategic business area
The breakdown of the income statement by operating segment as at 30 June 2024 and 30 June 2025 is provided below:
amounts are shown in €/1,000 | Furniture | Lighting | Luxury Contract | Kitchen & Systems | Other | 1st half 2024 |
Revenue(*) | 69,238 | 16,070 | 36,460 | 29,261 | - | 151,028 |
Other income | 1,644 | 262 | 73 | 647 | 4 | 2,630 |
Total revenue and income | 70,882 | 16,332 | 36,533 | 29,907 | 4 | 153,659 |
Purchases of raw materials | (27,862) | (5,176) | (12,116) | (14,305) | (9) | (59,468) |
Costs for services and use of third- party assets | (22,744) | (4,763) | (11,040) | (6,967) | (2,475) | (47,989) |
Staff costs | (13,313) | (3,602) | (6,269) | (3,614) | (687) | (27,485) |
Provisions and writedowns | (29) | (45) | (9) | (155) | - | (238) |
Gross operating profit (EBITDA) | 6,934 | 2,746 | 7,098 | 4,867 | (3,167) | 18,479 |
Amortisation, depreciation and writedowns of fixed assets | (4,239) | (823) | (2,255) | (3,044) | (114) | (10,475) |
Operating profit/(loss) (EBIT) | 2,695 | 1,923 | 4,843 | 1,823 | (3,280) | 8,004 |
Financial income | 1,594 | |||||
Financial expenses | (6,637) | |||||
Gross result | 2,961 | |||||
Income tax | (1,933) | |||||
Net profit/(loss) | 1,028 |
amounts are shown in €/1,000 | Furniture | Lighting | Luxury Contract | Kitchen & Systems | Other | 1st half 2025 |
Revenue(*) | 63,626 | 17,245 | 41,813 | 32,159 | - | 154,843 |
Other income | 1,183 | 240 | 40 | 625 | 0 | 2,088 |
Total revenue and income | 64,809 | 17,485 | 41,853 | 32,784 | 0 | 156,931 |
Purchases of raw materials | (25,169) | (5,318) | (16,674) | (17,493) | (2) | (64,656) |
Costs for services and use of third- party assets | (25,422) | (5,526) | (12,194) | (6,894) | (2,235) | (52,271) |
Staff costs | (13,770) | (4,256) | (6,788) | (3,562) | (725) | (29,101) |
Provisions and writedowns | (322) | (15) | (8) | (180) | - | (525) |
Gross operating profit (EBITDA) | 126 | 2,370 | 6,188 | 4,656 | (2,962) | 10,378 |
Amortisation, depreciation and writedowns of fixed assets | (15,917) | (910) | (2,281) | (2,815) | (132) | (22,055) |
Operating profit/(loss) (EBIT) | (15,791) | 1,459 | 3,907 | 1,841 | (3,093) | (11,677) |
Financial income | 10,260 | |||||
Financial expenses | (5,911) | |||||
Gross result | (7,328) | |||||
Income tax | (436) | |||||
Net profit/(loss) | (7,764) |
(*) Revenue for each segment include both revenue realised in respect of third parties and revenue realised in respect of other Group operating segments. The figure for the latter was not material: it was therefore not deemed necessary to provide a breakdown in table format.
Revenue from the "Lighting", "Luxury Contract" and "Kitchen & Systems" operating segments in the first half of 2025 increased compared to the same period in 2024 (by
+7%, +15% and +10% respectively), due in full to the organic growth recorded by the companies belonging to these various sectors.
On the other hand, revenue in the "Furniture" operating segment decreased compared to the first half of the previous year, due to the slowdown observed in the reference market.
The decrease in EBITDA is mainly related to the unsatisfactory result of the "Furniture" SBA and the increase in business development costs. The performance of the "Furniture" SBA is mainly affected by the negative result of some orders won by Turri that were impaired by significant non-conformities and programming errors that required a substantial adjustment and recalculation of the margins to be completed. Another company was impacted by the implementation of the new IT system, which caused delays and temporary dysfunctions in the management of operational and logistical flows that have since been resolved.
The negative contribution to EBITDA of the strategic business area "Other" should be noted, which is due mainly to the parent company's structural costs.
Statement of financial position by strategic business area
The breakdown of the statement of financial position by strategic business area as at 31 December 2024 and 30 June 2025 is provided below:
amounts are shown in €/1,000 | Furniture | Lighting | Luxury Contract | Kitchen & Systems | Other | 31/12/2024 |
Intangible assets | 99,241 | 22,011 | 42,025 | 72,158 | 49 | 235,484 |
Right of use | 20,581 | 2,999 | 3,881 | 6,332 | 634 | 34,427 |
Property, plant and equipment | 15,353 | 2,056 | 2,108 | 7,949 | 757 | 28,223 |
Holdings and other non-current assets | 6,005 | 546 | 592 | 1,262 | 303 | 8,708 |
Non-current assets | 141,181 | 27,611 | 48,606 | 87,702 | 1,743 | 306,842 |
Inventory and contract assets | 28,235 | 6,751 | 7,470 | 3,072 | - | 45,529 |
Trade receivables | 19,906 | 4,191 | 9,838 | 7,697 | - | 41,632 |
Business advances and contract liabilities | (14,823) | (903) | (11,130) | (1,580) | - | (28,435) |
Trade payables | (25,613) | (4,426) | (12,651) | (10,460) | (461) | (53,611) |
Operating net working capital | 7,705 | 5,614 | (6,473) | (1,271) | (461) | 5,114 |
Other current liabilities | (6,359) | (1,778) | (3,228) | (1,739) | (1,667) | (14,771) |
Other current assets | 4,891 | 595 | 919 | 1,415 | 1,005 | 8,824 |
Net working capital | 6,238 | 4,431 | (8,782) | (1,595) | (1,123) | (832) |
Provisions for risk and severance pay | (5,269) | (1,515) | (3,399) | (1,862) | (119) | (12,163) |
Other non-current liabilities | (8,307) | (527) | (3,391) | (12,660) | (862) | (25,748) |
Net invested capital | 133,843 | 30,000 | 33,033 | 71,585 | (361) | 268,099 |
Net financial debt | (97,647) | |||||
Shareholders' equity | (170,452) | |||||
Financing sources | (268,099) |
amounts are shown in €/1,000 | Furniture | Lighting | Luxury Contract | Kitchen & Systems | Other | 30/06/2025 |
Intangible assets | 87,485 | 21,468 | 40,355 | 71,283 | 57 | 220,648 |
Right of use | 21,670 | 2,610 | 2,937 | 5,770 | 747 | 33,735 |
Property, plant and equipment | 14,937 | 2,668 | 3,936 | 6,726 | 743 | 29,010 |
Holdings and other non-current assets | 6,361 | 552 | 565 | 1,142 | 253 | 8,871 |
Non-current assets | 130,453 | 27,298 | 47,793 | 84,921 | 1,799 | 292,264 |
Inventory and contract assets | 28,491 | 7,427 | 8,012 | 5,048 | - | 48,979 |
Trade receivables | 20,514 | 4,976 | 8,683 | 9,399 | - | 43,572 |
Business advances and contract liabilities | (14,130) | (1,552) | (6,271) | (2,628) | - | (24,582) |
Trade payables | (21,198) | (3,632) | (9,055) | (12,979) | (248) | (47,112) |
Operating net working capital | 13,677 | 7,219 | 1,369 | (1,160) | (248) | 20,857 |
Other current liabilities | (6,948) | (2,266) | (3,197) | (2,312) | (906) | (15,629) |
Other current assets | 5,312 | 463 | 2,582 | 1,045 | 4,206 | 13,608 |
Net working capital | 12,041 | 5,416 | 754 | (2,428) | 3,052 | 18,835 |
Provisions for risk and severance pay | (5,595) | (1,555) | (3,379) | (1,963) | (137) | (12,629) |
Other non-current liabilities | (8,144) | (494) | (3,011) | (12,277) | (1,130) | (25,056) |
Net invested capital | 128,755 | 30,666 | 42,157 | 68,253 | 3,583 | 273,414 |
Net financial debt | (111,890) | |||||
Shareholders' equity | (161,524) | |||||
Financing sources | (273,414) |
Non-current assets as at 30 June 2025 recorded a decrease of EUR 14,578 thousand compared to the previous period, mainly due to the amortisation and impairment of intangible assets for the period, as discussed above (see Note 1).
There was an increase in net operating working capital, which amounted to EUR 20,857 thousand as at 30 June 2025; the change from the previous period was mainly due to the increase in the value of inventories (+8%), the reduction in trade advances and liabilities arising from contracts (-14%) and the reduction in the value of trade payables (-12%). This change is in line with the seasonal trend in the sector.
The net operating working capital of the "Furniture" segment shows a positive change mainly due to the decrease in the value of trade payables as a result of the related financial payment dynamics.
The increase in net working capital observed in the "Luxury Contract" operating segment is mainly attributable to the combined effect of the financial dynamics of the collection of receivables, advance payments and the payment of payables of job orders in progress.
Operating working capital in the "Lighting" and "Kitchens and Systems" segments remains substantially in line with the previous period.
Treasury sharesAs at 18 December 2023, the programme aimed at increasing the portfolio of treasury shares of the parent company Italian Dexelance S.p.A. became operative in order to (i) equip itself with a portfolio of treasury shares to be used to service transactions consistent with the Group's strategic development lines in view of or within the scope of agreements with strategic partners, including, but not limited to, transactions involving sales and/or exchanges, swaps, contributions, assignments or other acts that include other extraordinary finance transactions (ii) use treasury shares for transactions to support market liquidity, so as to facilitate trading in the securities themselves at times of low market liquidity and to encourage regular trading, in accordance with the provisions of the law on market abuse and accepted market practices. The aforementioned share buy-back programme was resolved by the Shareholders' Meeting of 17 November 2023.
On 22 April 2024, the Shareholders' Meeting resolved a share buyback programme which, in addition to the above objectives, also provided for the allocation of treasury shares to the implementation of incentive plans based on Company shares for directors and employees in key function roles within the Company.
On 22 April 2025, the Shareholders' Meeting resolved a new share buyback programme up to a maximum number of two million for the above-mentioned purposes after the previous authorisation of 22 April 2024 had been revoked to the extent that it had not been used.
Please refer to the specific section on this matter included below for more detailed information on the share incentive plan.
It should be noted that from 18 December 2023 to 30 June 2025, 319,179 treasury shares, equal to 1.19% of the share capital, had been purchased for a total amount of EUR 2,824 thousand.
Dexelance S.p.A. on the Stock ExchangeThe shares of the parent company Dexelance S.p.A. were listed on the Euronext STAR Milan segment of Borsa Italiana S.p.A. on 18 May 2023 at an IPO price of EUR 10.88. Dexelance stock also forms part of the FTSE Italia Small Cap index.
The chart below shows the price trend of the Dexelance stock and the related trading volumes of the first half of 2025, from 1 January to 30 June 2025.
As at 30 June 2025, the stock market capitalisation amounted to EUR 182.5 million against the Group's consolidated shareholders' equity of EUR 161.5 million.
Source: borsaitaliana.it
Business outlookThe Group continuously monitors both the performance of relevant markets and the developments in the conflicts between Ukraine and Russia, Israel and Palestine, and in other regions in turmoil, which call for a continuing cautious approach to macroeconomic forecasts in relation to the repercussions on prices of raw materials, demand, and the performance of the financial markets. In this regard, it should be
noted that Group's exposure in terms of turnover in relation to countries involved in the conflicts is not significant.
In addition to the aforementioned tensions in the macroeconomic environment in recent years, there are the effects of fiscal and trade policies in terms of duties and tariffs that could affect international trade and thus impact the propensity to consume. The Group assesses these effects as having a medium level of risk, as its product offering is aimed at the high-end of the market, which exhibits less sensitivity to price changes.
For the year 2025, in an uncertain macroeconomic and geopolitical context, the market is expected to shrink, which is also in line with the latest research in the wood-furniture sector. The Group is confident that it can outperform the reference market in terms of revenues.
The strategic objective of growth by external lines is confirmed, as has been extensively described in the post-reporting date events.
Consolidated financial statements as at 30 June 2025
Consolidated statement and financial position | |||
(amounts in thousands of euros) | Notes | 30/06/2025 | 31/12/2024 |
NON-CURRENT ASSETS | |||
Intangible assets | 1 | 220,648 | 235,484 |
Goodwill | 123,264 | 134,811 | |
Brands | 57,462 | 57,461 | |
Models | 5,431 | 6,085 | |
Customer relations and order book | 31,898 | 35,211 | |
Other intangible assets | 2,594 | 1,916 | |
Right of use | 2 | 33,735 | 34,427 |
Property, plant and equipment | 3 | 29,010 | 28,223 |
Deferred tax assets | 17 | 4,310 | 4,122 |
Equity investments | 6 | 6 | |
Other non-current assets | 4 | 4,555 | 4,580 |
Total non-current assets | 292,264 | 306,842 | |
CURRENT ASSETS | |||
Inventories | 5 | 40,391 | 37,096 |
Contract assets | 6 | 8,588 | 8,433 |
Trade receivables | 7 | 43,572 | 41,632 |
Income tax credits | 3,748 | 1,440 | |
Other current assets | 8 | 9,860 | 7,385 |
Other current financial assets | 9 | 639 | 34,614 |
Cash and cash equivalents | 10 | 31,494 | 33,681 |
Total current assets | 138,292 | 164,279 | |
TOTAL ASSETS | 430,556 | 471,121 | |
(amounts in thousands of euros) | Notes | 30/06/2025 | 31/12/2024 |
SHAREHOLDERS' EQUITY | |||
Share capital | 26,926 | 26,926 | |
Other reserves and retained earnings, including profit (loss) for the period | 134,598 | 143,526 | |
Total Group shareholders' equity | 161,524 | 170,452 | |
Shareholders' equity - minority interests | 0 | 0 | |
Total shareholders' equity | 11 | 161,524 | 170,452 |
NON-CURRENT LIABILITIES | |||
Post-employment benefits | 12 | 7,462 | 7,363 |
Provisions for risks and charges | 13 | 5,167 | 4,801 |
Medium/long-term bank loans | 14 | 26,418 | 39,510 |
Other non-current financial liabilities | 15 | 40,013 | 47,435 |
Other medium/long-term loans | 15 | 5,034 | 4,913 |
Non-current financial payables to lessors | 15 | 29,163 | 29,430 |
Other non-current liabilities | 16 | 1,873 | 1,858 |
Deferred taxes | 17 | 23,183 | 23,889 |
Total non-current liabilities | 138,313 | 159,199 | |
CURRENT LIABILITIES | |||
Short-term bank loans | 14 | 22,823 | 23,604 |
Other current financial liabilities | 15 | 14,248 | 14,537 |
Other short-term loans | 15 | 0 | 0 |
Current financial payables to lessors | 15 | 6,324 | 6,512 |
Trade payables | 18 | 47,112 | 53,611 |
Income tax payables | 616 | 1,039 | |
Other current liabilities | 19 | 39,595 | 42,166 |
Payables to staff and social security organisations | 11,593 | 10,609 | |
Contract liabilities | 9,936 | 16,557 | |
Other payables | 18,066 | 15,000 | |
Total current liabilities | 130,719 | 141,470 | |
TOTAL LIABILITIES | 269,031 | 300,669 | |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 430,556 | 471,121 |
Consolidated income statement | |||
(amounts in thousands of euros) | Notes | 1st half 2025 | 1st half 2024 |
Revenue | 20 | 154,843 | 151,028 |
Other income | 21 | 2,088 | 2,630 |
Total revenue and income | 156,931 | 153,659 | |
Purchases of raw materials | 22 | (70,610) | (60,791) |
Change in inventories | 5,954 | 1,323 | |
Staff costs | 23 | (29,101) | (27,485) |
Costs for services and use of third-party assets | 24 | (50,919) | (46,741) |
Other operating costs | 25 | (1,351) | (1,248) |
Provisions and writedowns | 26 | (525) | (238) |
Amortisation, depreciation and writedowns of fixed assets | 27 | (22,055) | (10,475) |
Operating profit/(loss) (EBIT) | (11,677) | 8,004 | |
Financial income | 28 | 10,260 | 1,594 |
Financial expenses | 28 | (5,911) | (6,637) |
Profit/(loss) before taxes resulting from continuing operations | (7,328) | 2,961 | |
Income tax | 29 | (436) | (1,933) |
Net profit/(loss) | (7,764) | 1,028 | |
Attributable to: Profit/(loss) pertaining to the Group | (7,764) | 1,028 | |
Profit/(loss) pertaining to third parties | 0 | 0 | |
Basic earnings (loss) per share | (0.29) | 0.04 | |
Diluted earnings (loss) per share | (0.29) | 0.04 | |
Consolidated statement of comprehensive income | |||
(amounts in thousands of euros) | Notes | 1st half 2025 | 1st half 2024 |
Profit/(loss) for the year | (7,764) | 1,028 | |
Profit/(loss) from cash flow hedge | 12 | 280 | |
Tax effects | (3) | (67) | |
Total profit/(loss) from cash flow hedges, net of tax | 30 | 9 | 213 |
Foreign currency translation differences | (415) | (2) | |
Other movements | 6 | 32 | |
Total comprehensive income items that will subsequently be reclassified to profit/(loss) for the year
(400) 243
Actuarial profits/(losses) - -
Tax effects - -
Total actuarial profit/(loss), net of taxes - -
Comprehensive income items that will not subsequently be reclassified to profit/(loss) for the year | - | - |
Comprehensive income statement net of taxes | (400) | 243 |
Total comprehensive net profit/(loss) for the period | (8,164) | 1,271 |
Attributable to: Shareholders of the parent company | (8,164) | 1,271 |
Minority shareholders | - | - |
Consolidated Statement of changes in shareholders' equity
(amounts in thousands of euros) | Share capital | Share premium reserve | Cash flow hedging reserve | Actuarial gains/(losses) | Other reserves | Retained earnings | Profit/(loss) for the period | Total Group shareholders' equity | Capital and reserves -minority interests | Profit -minority interests | Shareholders' equity - minority interests | Total shareholders' equity |
Balance at 1 January 2024 | 26,926 | 66,971 | (520) | 183 | (709) | 33,521 | 28,007 | 154,378 | - - | - | 154,378 |
Allocation of result for the year | 28,007 | (28,007) | - | - | - | ||||||
Other income statement items | 213 | 33 | 246 | - | 246 | ||||||
Purchase of treasury shares | (885) | (885) | - | (885) | |||||||
Share Incentive Plan | 60 | 60 | - | 60 | |||||||
Profit/(loss) for the period | 1,028 | 1,028 | - | 1,028 | |||||||
Balance at 30 June 2024 | 26,926 | 66,971 | (307) | 183 | (1,501) | 61,528 | 1,028 | 154,827 | - - | - | 154,827 |
(amounts in thousands of euros) | Share capital | Share premium reserve | Cash flow hedging reserve | Actuarial gains/(losses) | Other reserves | Retained earnings | Profit/(loss) for the period | Total Group shareholders' equity | Capital and reserves -minority interests | Profit -minority interests | Shareholders' equity - minority interests | Total shareholders' equity |
Balance at 1 January 2025 | 26,926 | 66,971 | (561) | 115 | (2,431) | 61,528 | 17,904 | 170,452 | - - | - | 170,452 |
Allocation of result for the year | 17,904 | (17,904) | - | - | - | ||||||
Other income statement items | 9 | (409) | (400) | - | (400) | ||||||
Purchase of treasury shares | (896) | (896) | - | (896) | |||||||
Share Incentive Plan | 132 | 132 | - | 132 | |||||||
Profit/(loss) for the period | (7,764) | (7,764) | - | (7,764) | |||||||
Balance at 30 June 2025 | 26,926 | 66,971 | (551) | 115 | (3,605) | 79,432 | (7,764) | 161,524 | - - | - | 161,524 |
Consolidated statement of cash flows | ||
(amounts in thousands of euros) | 1sthalf 2025 | 1sthalf 2024 |
A. Cash flows from operating activities (indirect method) | ||
Profit/(loss) for the period | (7,764) | 1,028 |
Income tax | 436 | 1,933 |
Interest expense/(interest income) | 4,252 | 5,047 |
Other non-monetary income and expenses | (8,557) | 20 |
Capital (gains)/losses on disposals | (6) | (128) |
1. Profit/(loss) before income taxes, interest, dividends and capital gains/losses from transfer | (11,639) | 7,900 |
Severance Indemnity Provision | 620 | 475 |
Provisions | 738 | 461 |
Depreciation and amortisation of fixed assets | 10,855 | 10,475 |
Impairment losses | 11,162 | 28 |
Other adjustments for non-monetary items | (170) | 110 |
2. Cash flow before changes in net working capital | 11,566 | 19,448 |
Decrease/(Increase) in inventories | (3,295) | (2,948) |
Decrease/(Increase) in contract assets | (155) | (1,283) |
Decrease/(Increase) in trade receivables | (2,697) | (172) |
Increase/(Decrease) in trade payables | (6,528) | (4,696) |
Increase/(Decrease) in contract liabilities | (6,621) | 4,147 |
Decrease/(Increase) in other changes in net working capital | 2,393 | 6,275 |
Interest received/paid on loans | (936) | (1,972) |
(Income taxes paid) | (4,546) | (1,146) |
Disbursement of severance payments and other provisions | (775) | (599) |
3. Cash flow after other adjustments | (23,160) | (2,394) |
Cash flow of operating activities (A = 2 + 3) | (11,594) | 17,054 |
B. Cash flows from investment activities | ||
Investments in tangible fixed assets, net of divestments | (3,775) | (3,872) |
Investments in intangible assets, net of divestments | (912) | (369) |
Investments in financial fixed assets, net of divestments | 0 | 276 |
Investments in other financial assets, net of divestments | 33,975 | (2,853) |
Exercise of options and earn-out | (482) | (7,022) |
Cash flow of investment activities (B) | 28,805 | (13,839) |
C. Cash flows from financing activities | ||
Third-party financing Increase (decrease) in short-term payables to banks | (333) | (111) |
Loans taken out | 5,812 | 2,125 |
Loan repayment | (19,686) | (9,863) |
Payments for lease liabilities | (4,295) | (4,095) |
Equity | ||
Purchase of treasury shares | (896) | (885) |
Cash flow of financing activities (C) | (19,398) | (12,830) |
Increase (decrease) in cash and cash equivalents (A ± B ± C) | (2,187) | (9,614) |
Cash and cash equivalents at 1 January | 33,681 | 41,457 |
Cash and cash equivalents at 30 June | 31,494 | 31,842 |
Change in cash | (2,187) | (9,614) |
The half-year financial report of the Group as at 30 June 2025 is drawn up in accordance with the Article 154-ter of Legislative Decree No. 58/98 (Consolidated Finance Act) and subsequent amendments and additions.
The Group draws up its condensed consolidated half-year financial statements in accordance with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and transposed into European Union and Italian law.
The consolidated financial statements for the period were drawn up in the condensed manner permitted by IAS 34 for interim financial statements. Therefore, the document does not set out all the information required for the drawing up of annual financial statements and, for this reason, it should be read together with the consolidated financial statements as at 31 December 2024.
It should be noted that the principles adopted for the condensed consolidated half-year financial statements are in line with those employed to draw up the consolidated financial statements as at 31 December 2024. In addition, the Group has not adopted in advance any new standards, interpretations or amendments issued but not yet in force.
The consolidated half-year financial statements comprise the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Changes in Shareholders' Equity, the Cash Flow Statement and these explanatory notes. For the purposes of drawing up consolidated financial statements for the period in accordance with international accounting standards, the Group has adopted:
a format for the consolidated statement of financial position that separates current and non-current assets and liabilities, it being understood that "current" refers to assets and liabilities that are achievable in the normal operating cycle (IAS 1, para. 57), generally identified within the 12-month period following the reporting date;
a format by nature for the statement of comprehensive income;
the indirect method for cash flows in the cash flow statement.
The consolidated financial statements for the period were drawn up on a going concern basis, as the directors verified that there were no indicators of a financial, operational, or other kind that could indicate concerns regarding the group's ability to meet its obligations in the foreseeable future and, in particular, within the next 12 months from the date of the end of the reporting period.
The financial statements were drawn up on the basis of the historical cost principle, except for certain financial derivatives and potential considerations to be recognised at the acquisition date of a business combination, which were measured at their fair value. These financial statements have been approved by resolution of the Board of Directors on 9 September 2025.
The condensed consolidated half-year financial statements are subject to a limited audit by EY S.p.A., which is in charge of the statutory audit of the Parent Company and the main subsidiaries.
Translation of financial statements expressed in a currency other than the functional currencyThe consolidated half-year financial statements were drawn up on the basis of the financial statements prepared by the individual subsidiaries, which have been adjusted, where necessary, to align them with the accounting standards employed by the Parent Company in drawing up its consolidated financial statements, which are in compliance with the IFRS adopted by the European Union.
In addition, please note that the criteria adopted for the consolidation of subsidiaries is consistent with the criteria used for the preparation of the financial statements for the period ended 31 December 2024.
The consolidated half-year financial statements are presented in euros, which is the functional and reporting currency adopted by the Parent Company. Each Group company defines its own functional currency, which is used to measure items included in its separate financial statements.
The following are the exchange rates applied when converting financial statements into a currency other than the euro for the periods ended 30 June 2024, 31 December 2024 and 30 June 2025: