F.I.L.A. GROUP INTERIM FINANCIAL REPORT
AT SEPTEMBER 30, 2025
F.I.L.A. Fabbrica Italiana Lapis ed Affini S.p.A. via XXV Aprile 5 Pero (MI)
(Translation from the Italian original which remains the definitive version)CONTENTS
I - Interim Directors' Report 3
Corporate Bodies 3
Overview of the F.I.L.A. Group 4
Key events of the reporting period 6
Key financial highlights 8
F.I.L.A. Group's Financial Highlights 15
Operating results excluding net non-recurring charges 15
Business seasonality 17
Statement of Financial Position 19
Financial overview 22
Segment reporting 27
Business Segments - Statement of financial position 28
Business Segments - Income Statement 29
Business Segments - Other Information 30
Subsequent events 31
Outlook 31
Treasury shares 31
Accounting standards and basis of preparation 32
II - Consolidated Financial Statements of the F.I.L.A. Group at September 30, 2025 33Consolidated Financial Statements 33
Statement of Financial Position 33
Statement of Comprehensive Income 34
Statement of changes in Equity 35
Consolidated Statement of Cash Flows 36
Annexes 38
Annex 1 - List of companies included in the consolidation scope and other equity investments 38
Transactions relating to Atypical and/or Unusual Operations 39
Statement of the Manager in Charge - Interim Financial Report 40
DIRECTORS' REPORT
AT SEPTEMBER 30, 2025
I - Interim Directors' Report Corporate Bodies Board of DirectorsChairperson (*) Giovanni Gorno Tempini Chief Executive Officer (**) Massimo Candela Executive Director (**) Luca Pelosin
Non-executive Director Annalisa Matilde Barbera
Non-executive Director (*) Gianna Luzzati
Non-executive Director (*) Carlo Paris
Non-executive Director (*) Donatella Sciuto
(*) Independent director in accordance with Article 148 of the Consolidated Finance Act and Article 3 of the Code of Conduct. (**) Executive Director
Control, Risks and Related Parties CommitteeGianna Luzzati Carlo Paris Donatella Sciuto
Annalisa Matilde Barbera
Remuneration Committee Board of Statutory AuditorsDonatella Sciuto Gianna Luzzati
Annalisa Matilde Barbera
Chairperson Gianfranco Consorti
Standing Auditor Sonia Ferrero
Standing Auditor Pietro Michele Villa
Alternate Auditor Stefano Amoroso
Alternate Auditor Tina Marcella Amata
Independent Auditors Deloitte & Touche S.p.A. Overview of the F.I.L.A. GroupThe F.I.L.A. Group (hereafter also the "Group") operates in the creativity tools market, producing and marketing colouring, design, modelling, writing and painting objects, such as pencils, crayons, modelling clay, chalk, oil colours, acrylics, watercolours, paints and paper for the fine arts, school and leisure.
The F.I.L.A. Group at September 30, 2025 operates through 21 production facilities and 32 subsidiaries across the globe and employs approx. 3,000 people, becoming a pinnacle for creative solutions in many countries with brands such as GIOTTO, DAS, LYRA, Canson, Maimeri, Daler-Rowney Lukas, Ticonderoga, Pacon, Strathmore, Princeton and Arches.
Founded in Florence in 1920 by two noble Tuscan families, della Gherardesca and Marchesi Antinori, F.I.L.A.
S.p.A. (hereafter also the "Parent") has achieved strong international growth in the past 20 years, supported by a series of strategic acquisitions. Over the years, the Parent has acquired: (i) the Italian firm Adica Pongo in 1994, a leading producer of modelling clay for children; (ii) the Spanish firm Spanish Fila Hispania S.L. (formerly Papeleria Mediterranea S.L.) in 1997, the Group's former exclusive distributor in Spain; (iii) the French firm Omyacolor S.A. in 2000, a leading manufacturer of modelling putties and clays; (iv) the U.S. Dixon Ticonderoga Group in 2005, a leading producer and distributor of pencils in North America, with subsidiaries operating on the Canadian, Mexican, Chinese and European markets; (v) the German LYRA Group in 2008, which allowed the Group to enter the German, Scandinavian and Eastern Asian markets; (vi) the business unit operated by Lapiceria Mexicana in 2010, one of the main local competitors in the budget coloured and graphite pencils market; and (vii) the business unit operated by Maimeri S.p.A. in 2014, a manufacturer and distributor of paints and accessories for arts and crafts. In addition to these operations, on the conclusion of an initiative which began with the acquisition of a significant influence in 2011, control of the Indian company DOMS Industries Pvt Ltd. was acquired in 2015 (viii). In 2016, the F.I.L.A. Group focused upon development through strategic Art&Craft sector acquisitions, seeking to become the leading market player. On February 3, 2016, F.I.L.A. S.p.A. acquired control of the Daler-Rowney Lukas Group, an illustrious brand producing and distributing materials and accessories on the arts and crafts market since 1783, with a direct presence in the United Kingdom, the Dominican Republic, Germany and the USA (ix). In September 2016, the F.I.L.A. Group acquired the entire share capital of St. Cuthberts Holding Limited and the operating company St. Cuthberts Mill Limited, a highly-renowned English paper mill, founded in 1907, located in the south-west of England and involved in the production of high quality artist's papers (x). In October 2016,
F.I.L.A. S.p.A. acquired the Canson Group, founded in 1557 by the Montgolfier family, with headquarters in Annonay in France, production facilities in France and conversion and distribution centres in Italy, France, China, Australia and Brazil. Canson products are available in over 120 countries and the brand is the most respected globally involved in the production and distribution of high added value paper for the fine arts, design, leisure and schools, but also for artists' editions and technical and digital drawing materials (xi).
In June 2018, F.I.L.A. S.p.A., through its US subsidiary Dixon Ticonderoga Co. (U.S.A.), consolidated its role as a leading player on the US market with the acquisition of the US Group Pacon, which through brands such as Pacon, Riverside, Strathmore and Princeton, is a leader in the US schools and arts and crafts sector. Dixon Ticonderoga Co. (U.S.A.) was subsequently merged into Pacon Corporation (U.S.A.), which later changed its name to Dixon Ticonderoga Co. (U.S.A.) (xii).
On March 2, 2020, F.I.L.A.- Arches S.A.S., a French company wholly-owned by F.I.L.A. S.p.A., completed the purchase from the Ahlstrom-Munksjö Group of the fine art business unit specialised in fine art operating through the ARCHES®brand (xiii).
On February 8, 2022, the UK subsidiary Daler Rowney Ltd. acquired 100% of the UK company Creative Art Products Limited, located in Manchester (UK), which specialises in the schools segment and produces and distributes a wide range of art materials for children, both under the Scola brand and private label (xiv) brands. On December 20, 2023, the listing of the subsidiary DOMS Industries Limited on the National Stock Exchange of India was completed. As part of the listing, however, F.I.L.A. S.p.A. remained the largest single shareholder of the company post-listing as it held 30.6% of the share capital. On December 19, 2024, following the completion of the share placement of the Indian associate company DOMS Industries Limited, F.I.L.A. S.p.A. reduced its shareholding to 26.01% of the share capital, while still remaining the largest single shareholder of the Indian company (xv).
Key events of the reporting period
The operating and financial impacts of the conflict between Russia and Ukraine on the F.I.L.A. Group are not considered significant, also in view of the fact that since January 10, 2025 the Russian subsidiary Fila Stationary O.O.O., as a result of the voluntary bankruptcy petition and the appointment of a trustee, has been in administration.
Consequently, the company is not subject to line-by-line consolidation due to the loss of control, as established by IFRS10.
The bankruptcy case hearing was held on June 17, 2025, and bankruptcy proceedings were initiated. There are no F.I.L.A. Group companies in Ukraine at September 30, 2025.
A military conflict involving Israel has been ongoing since October 7, 2023.
The operating and financial impacts of the conflict on the Israeli commercial subsidiary Fila Art and Craft Ltd are not considered significant, also in view of the fact that the revenue of the subsidiary accounts for approximately 0.5% of the Group's total.
The F.I.L.A. Group does not have suppliers or production plant in the area.
The Israeli subsidiary has a net commercial exposure to third parties at September 30, 2025 of Euro 1,171 thousand. Group management continues to monitor the recoverability of the net exposure to third parties of the subsidiary, although currently no recoverability risks exist.
Key financial highlights
The key highlights of the F.I.L.A. Group at September 30, 2025 are reported below.
Euro thousands | September 30, 2025 | % revenue | September 30, 2024 | % revenue | Cha 2025 - | nge 2024 | |||
Revenue | 460,865 | 100.0% | 493,422 | 100.0% | (32,556) | -6.6% | |||
Gross operating profit (1) | 87,634 | 19.0% | 98,525 | 20.0% | (10,890) | -11.1% | |||
Operating profit | 60,724 | 13.2% | 68,673 | 13.9% | (7,948) | -11.6% | |||
Net financial expense | (27,664) | -6.0% | (18,706) | -3.8% | (8,958) | -47.9% | |||
Total taxes F.I.L.A. Group Profit attributable to the owners of the Parent | (10,594) 20,649 | -2.3% 4.5% | (13,944) 35,426 | -2.8% 7.2% | 3,350 (14,777) | 24.0% -41.7% | |||
Earnings per share (€ cents) | |||||||||
basic | 0.41 | 0.70 | |||||||
diluted | 0.40 | 0.68 | |||||||
ADJUSTED Net of Non-Recurring expenses - Euro | September | September | Change IFRS 16 Adjustments for | ||||||
thousands | 30, 2025 | % revenue | 30, 2024 | % revenue | 2025 - | 2024 effects Non-Recurring expenses | |||
Revenue | 460,865 | 100.0% | 493,422 | 100.0% | (32,556) | -6.6% | |||
Gross operating profit (1) | 94,208 | 20.4% | 103,548 | 21.0% | (9,340) | -9.0% | 9,615 | (6,574) | |
Gross operating profit net of IFRS16 | 84,971 | 18.4% | 94,258 | 19.1% | (9,287) | -9.9% | 9,237 | (6,574) | |
Operating profit | 67,305 | 14.6% | 77,670 | 15.7% | (10,365) | -13.3% | 2,349 | (6,580) | |
Net financial expense | (18,534) | -4.0% | (18,706) | -3.8% | 173 | 0.9% | (2,447) | (9,130) | |
Total taxes F.I.L.A. Group Profit attributable to the owners of the Parent | (11,081) 36,500 | -2.4% 7.9% | (14,877) 43,465 | -3.0% 8.8% | 3,797 (6,964) | 25.5% -16.0% | 114 2 | 487 (15,851) | |
Earnings per share (€ cents) | |||||||||
basic | 0.72 | 0.86 | |||||||
diluted | 0.70 | 0.84 | |||||||
Euro thousands | ||||||
Cash flows from operating activities | (12,220) | 26,913 | (39,133) | |||
Free cash flow to equity | (32,277) | (136) | (32,141) | |||
Net investments (3) | (11,958) | (6,258) | (5,700) | |||
% net investments on revenue | 2.6% | 1.3% | ||||
Change | IFRS 16 | |||||
2025 - 2024 | effects | |||||
Euro thousands | ||||||
Net capital employed | 838,921 | 813,883 | 25,038 | (5,182) | ||
Net Financial debt (2) | (254,559) | (181,079) | (73,479) | 6,364 | ||
Net Financial debt excluding IFRS16 and MTM | (199,061) | (119,521) | (79,540) | |||
Equity | (584,362) | (632,803) | 48,441 | (1,182) | ||
September 30, 2025 September 30, 2024
Change 2025 - 2024
September 30, 2025 December 31, 2024
The Gross Operating Profit corresponds to the "Operating Profit" before "Amortisation and Depreciation", "Net Impairment Gains (Losses) on Trade Receivables and Other Assets" and "Other Net Impairment Gains (Losses)" and derives directly from the statement of comprehensive income;
Net financial structure indicator calculated as the aggregate of the current and non-current financial debt, net of cash and cash equivalents and current financial assets. Net financial debt as defined by CONSOB
Notice DEM/6064293 of July 28, 2006 and CONSOB Attention Call No. 5/21 of April 29, 2021, excludes non-current financial assets.
"Net investments" corresponds to the sum of the following Statement of Cash Flow captions: "Total (Investments)/Divestments in Intangible Assets" and "Total Investments/Divestments in Property, Plant and Machinery"
2025 Adjustments:
2024 Adjustments:
In order to permit a more accurate assessment of the F.I.L.A. Group's financial performance and financial position, some alternative performance measures are presented alongside the conventional financial measures to the IFRS. Such alternative performance measures are not to be considered replacements for the IFRS-compliant measures. These measures are also tools used by the Directors to identify operating trends and for decision-making upon investments, the allocation of resources and other operative decisions. Alternative performance measures are not covered by IFRS and are therefore not comparable with similar performance and disclosure measures used in the financial statements of other entities.
These Alternative Performance Measures exclusively concern historical accounting data of the Group and are calculated in accordance with the Guidelines on Alternative Performance Measurement issued by ESMA on October 5, 2015 (2015/1415), as per CONSOB communication No. 92543 of December 3, 2015, the "ESMA Guidelines on Alternative Performance Measures (APMs)" issued on April 17, 2020 by the ESMA, and on October 28, 2022 in section 3 of the "European common enforcement priorities for 2022 annual financial reports".
The alternative performance measures used are illustrated below:
Gross operating profit or EBITDA: this is calculated the Profit for the Period, adjusted by the following captions: (i) Total Income taxes, (ii) Amortisation, Depreciation and Impairment losses and (iii) the Financial Management Result. The F.I.L.A. Group uses this measure as an internal management target and in external presentations (for analysts and investors), as it is useful in measuring the overall operating performance of the
F.I.L.A. Group.
The table below presents a reconciliation of the Profit for the period with the Gross Operating Profit or EBITDA:
Euro thousands | September 30, 2025 | September 30, 2024 |
Profit attributable to non-controlling interests | 1,817 | 596 |
Profit attributable to the owners of the parent | 20,649 | 35,426 |
Profit for the year | 22,467 | 36,022 |
Income taxe s | 10,594 | 13,944 |
Current taxes | 13,446 | 11,934 |
Deferred taxes | (2,852) | 2,009 |
Amortisation, depreciation and impairment losses | 26,910 | 29,852 |
Depreciation | 24,335 | 26,011 |
Net impairment losses on trade receivables and other receivables | 2,069 | (445) |
Net impairment losses on other assets | 506 | 4,286 |
Financial items | 27,664 | 18,706 |
Financial income | (10,116) | (5,621) |
Financial expense | 40,073 | 28,634 |
Gain on loss of control of subsidiary | (102) | - |
Share of losses of equity-accounted investees | (2,191) | (4,306) |
Gross operating profit or EBITDA | 87,634 | 98,525 |
Gross Operating Profit or EBITDA excluding net non-recurring charges and IFRS 16: this is calculated as the Gross Operating Profit or EBITDA excluding the following effects: (i) Net non-recurring charges on the Gross Operating Profit or EBITDA, (ii) the IFRS 16 effects (Cost offset) and (iii) Non-recurring IFRS 16 charges.
Gross Operating Profit or EBITDA excluding net non-recurring charges: this is calculated as the Gross Operating Profit or EBITDA excluding net non-recurring charges on the Gross Operating Profit or EBITDA.
Reference should be made to the reconciliation of the two above-stated Alternative Performance Measures:
Euro thousands | September 30, 2025 | September 30, 2024 |
Gross operating profit or EBITDA | 87,634 | 98,525 |
Charges for organisational structure and company process efficiency projects | 4,711 | 4,222 |
Medium/long-term incentive plan "Performance shares 2022-2026 and 2025-2029 " | 1,123 | 736 |
Costs and consultancy for extraordinary projects | 1,050 | 752 |
Non-recurring income (insurance reimbursements ) | (310) | (686) |
Adjustements for non-recurring expenses on Gross operating profit or EBITDA | 6,574 | 5,023 |
Gross operating profit or EBITDA excluding non-recurring charges | 94,208 | 103,548 |
IFRS 16 effects (Cost Offset) | (9,615) | (10,200) |
Non-recurring expense IFRS 16 | 378 | 910 |
Gross operating profit or EBITDA excluding non-recurring charges and IFRS16 | 84,971 | 94,258 |
Operating Profit or EBIT: this is calculated as the "Operating Profit" directly derived from the consolidated income statement and corresponding to the "Gross Operating Profit or EBITDA", adjusted by the following captions: (i) Amortisation and Depreciation, (ii) Net impairment Gains (Losses) on Trade Receivables and Other Assets and (iii) Other Net Impairment Gains (Losses).
The following is a reconciliation between Gross Operating Profit or EBITDA and Operating Profit or EBIT:
Euro thousands | September 30, 2025 | September 30, 2024 |
Gross operating profit or EBITDA | 87,634 | 98,525 |
Amortisation and depreciation | (24,335) | (26,011) |
Impairment losses on Trade Receivables and Other Receivables | (2,069) | 445 |
Impairment losses on Other Assets | (506) | (4,286) |
Operating profit or EBIT | 60,724 | 68,673 |
Operating Profit or EBIT excluding net non-recurring charges: this is calculated as the Operating Profit or EBIT excluding the effects from net non-recurring charges on the Operating Profit or EBIT.
The following is a reconciliation between Operating Profit or EBIT and Operating Profit or EBIT excluding net non-recurring charges:
Euro thousands | September 30, 2025 | September 30, 2024 |
Operating profit or EBIT | 60,724 | 68,673 |
Non-recurring expense on gross operating profit or EBITDA | 6,574 | 5,023 |
Impairment losses on Intangible assets | - | 4,252 |
Impairment losses on Tangible assets | 7 | (278) |
Non-recurring expense on Operating profit or EBIT | 6,580 | 8,998 |
Operating profit or EBIT excluding non-recurring charges | 67,305 | 77,670 |
Group profit for the period: profit for the period, normalised for non-controlling interest items.
The Group defines the "Profit attributable to the owners of the parent excluding net non-recurring charges" as the Profit attributable to the shareholders of the parent excluding Net non-recurring charges on the Profit for the period attributable to the owners of the parent.
The reconciliation between the Profit attributable to the owners of the parent and the Profit attributable to the owners of the parent excluding net non-recurring charges is presented below:
Euro thousands | September 30, 2025 | September 30, 2024 |
Profit for the period attributable to the owners of the parent | 20,649 | 35,426 |
Non-recurring expense on Operating profit or EBIT | 6,580 | 8,998 |
Financial effect on net non-recurring expense | 9,130 | - |
Fiscal effect on net non-recurring expense | (487) | (934) |
Effect on owners of the parent of net non-recurring expense | 627 | (26) |
Non-recurring expense on Profit | 15,851 | 8,038 |
Profit for the period attributable to the owners of the parent excluding non-recurring charg | 36,500 | 43,465 |
Net Financial Debt: a valid indicator of the F.I.L.A. Group's financial structure and calculated as the aggregate of the current and non-current financial debt, net of cash and cash equivalents and of current financial assets, in accordance with Consob Communication DEM/6064293 of July 28, 2006 and Consob's call to attention No. 5/21 of April 29, 2021, excluding non-current financial assets.
The non-current financial assets of the F.I.L.A. Group at September 30, 2025 and at December 31, 2024 respectively totalled Euro 926 thousand and Euro 1,032 thousand.
For further details, reference should be made to the "Financial overview" section.
Net Financial Debt excluding the IFRS 16 and MTM effects: corresponds to the Net Financial Debt excluding the effects of IFRS 16 and Mark to Market Hedging.
Basic and diluted earnings per share excluding net non-recurring charges
The Basic Earnings/(Loss) per share excluding net non-recurring charges is calculated by dividing the Profit attributable to the owners of the parent, excluding net non-recurring charges, by the average weighted number of outstanding ordinary shares during the period, excluding any treasury shares in portfolio.
The Diluted Earnings/(Loss) per share excluding net non-recurring charges is calculated by dividing the Profit attributable to the owners of the parent, excluding net non-recurring charges by the average weighted number of outstanding ordinary shares during the period and those potentially arising from the conversion of all potential ordinary shares with dilutive effect.
Euro thousands | September 30, 2025 | September 30, 2024 |
Profit for the period attributable to the owners of the parent | 20,649 | 35,426 |
Adjusted Profit for the period attributable to the owners of the parent | 36,500 | 43,465 |
Weighted average number of ordinary shares (basic) | 50,770,821 | 50,727,531 |
Basic Earnings/(Loss) basic per Share | 0.41 | 0.70 |
Basic Earnings/(Loss) basic per Share excluded net non-recurring expense | 0.72 | 0.86 |
September 30, 2025 | September 30, 2024 | |
Weighted average number of ordinary shares (base) | 50,770,821 | 50,727,531 |
Potential shares | 1,191,250 | 1,210,250 |
Weighted average number of ordinary shares (diluted) | 51,962,071 | 51,937,781 |
Basic Earnings/(Loss) diluted per Share | 0.40 | 0.68 |
Basic Earnings/(Loss) diluted per Share excluded net non-recurring expense | 0.70 | 0.84 |
The F.I.L.A. Group Key Financial Highlights for Q3 2025 are reported below.
Operating results excluding net non-recurring chargesThe operating results excluding net non-recurring charges of the F.I.L.A. Group for 9M 2025 present a decrease in the Gross Operating Profit excluding net non-recurring charges of 9.0% on the same period of 2024:
The main changes compared to 9M 2024 are outlined below.
"Revenue from sales and services" of Euro 460,865 thousand decreased on 9M 2024 by Euro 32,556 thousand (-6.6%). Net of exchange losses of Euro 15,032 thousand (mainly concerning the U.S. Dollar and the Mexican Peso), the organic contraction was Euro 17,525 thousand (-3.6%).
At geographical area level, this organic contraction concerned North America for Euro 12,808 thousand (-5.2% on the preceding period), Europe for Euro 2,902 thousand (-1.7% on the preceding period), Asia for Euro 1,428 thousand (-14.5% on the preceding period) and Central and South America for Euro 394 thousand (-0.6% on the preceding period).
"Income" of Euro 7,523 thousand increased by Euro 1,377 thousand, mainly due to higher exchange gains on
commercial transactions.
"Operating Expense" in the period of Euro 374,181 thousand contracted Euro 21,839 thousand on the same period of 2024. This decrease mainly relates to the lower variable purchasing and commercial costs, as a reflection of sales dynamics.
"Gross Operating Profit" amounted to Euro 94,208 thousand, down Euro 9,340 thousand on the same period of 2024 (-9.0%). At like-for-like exchange rates, the decrease was 6.1% on the same period of the previous year.
"Amortisation, depreciation and impairment losses" increased Euro 1,025 thousand, mainly due to higher bad
debt provisions of the US subsidiary Dixon Ticonderoga Company.
"Net Financial Expense" improved Euro 173 thousand, substantially due to lower net financial expense, mainly at the U.S. subsidiary Dixon Ticonderoga Company, the parent F.I.L.A. S.p.A. and the Mexican subsidiary Grupo F.I.L.A.- Dixon, S.A. de C.V.
Group adjusted "Taxes" amounted to Euro 11,081 thousand, decreasing on the comparative period as a result
of the positive impact of deferred taxes.
Net of the profit attributable to "non-controlling interests", the F.I.L.A. Group result net of non-recurring charges in Q3 2025 was a profit of Euro 36,500 thousand, compared to Euro 43,465 thousand in the previous year.
Business seasonalityThe Group's operations are affected by the business's seasonal nature, as reflected in the consolidated results.
The F.I.L.A. Group primarily operates in the school and office strategic business segment and the fine arts Strategic business segment. Historically, the school and office strategic business segment has reported greater sales in the second and third quarters of the year than in the first and fourth quarters of the year. This is mainly due to the fact that in the Group's main markets (i.e., North America, Mexico, India and Europe), schools reopen in the period from June to September. By contrast, the fine arts strategic business segment reports greater sales to some extent in the first, but especially in the fourth quarter, than in the second and third quarters, partially offsetting the seasonal nature of the school and office strategic business segment.
The quarterly breakdown of profit or loss shows the concentration of sales in the second and third quarters in conjunction with the "school campaign". Specifically, significant sales are made through the traditional "school suppliers" channel in June and through the "retailers" channel in August.
Seasonality is more significant when it is viewed in relation to working capital. In fact, in the school and office Strategic business segment the Group has historically invested large quantities of financial resources to meet the enormous demand for products from July to September, while only receiving payments from November.
The key highlights for Q3 2025 and 2024 are reported below:
2025 | 2024 | |||||||
Euro thousands | September | June | March | December | September | June | March | |
Revenue | 460,865 | 314,467 | 136,324 | 612,584 | 493,422 | 333,283 | 131,898 | |
Full year portion | 100.0% | 68.2% | 29.6% | 100.0% | 80.5% | 54.4% | 21.5% | |
Gross operating profit or EBITDA | 87,634 | 60,349 | 21,736 | 109,045 | 98,525 | 68,356 | 20,432 | |
% revenue from sales and services | 19.0% | 19.2% | 15.9% | 17.8% | 20.0% | 20.5% | 15.5% | |
Full year portion | 100.0% | 68.9% | 24.8% | 100.0% | 90.4% | 62.7% | 18.7% | |
Gross operating profit or EBITDA Adjusted for net non- recurring expense | 94,208 | 65,354 | 22,598 | 118,221 | 103,548 | 70,829 | 21,116 | |
% revenue from sales and services | 20.4% | 20.8% | 16.6% | 19.3% | 21.0% | 21.3% | 16.0% | |
Full year portion | 100.0% | 69.4% | 24.0% | 100.0% | 87.6% | 59.9% | 17.9% | |
Gross operating profit or EBITDA Adjusted for net non- recurring expense and IFRS16 | 84,971 | 59,164 | 19,502 | 103,065 | 94,258 | 64,638 | 18,536 | |
% revenue from sales and services | 18.4% | 18.8% | 14.3% | 16.8% | 19.1% | 19.4% | 14.1% | |
Full year portion | 100.0% | 70.0% | 23.0% | 100.0% | 91.5% | 62.7% | 18.0% | |
Net Financial Debt - F.I.L.A.Group | (254,559) | (288,752) | (230,829) | (181,079) | (321,607) | (369,046) | (363,016) | |
Net Financial Debt - F.I.L.A.Group excluded IFRS16 and MTM | (199,061) | (231,974) | (172,002) | (119,521) | (261,578) | (305,697) | (299,493) | |
The statement of financial position of the F.I.L.A. Group at September 30, 2025 is reported below:
Euro thousands | September 30, 2025 | December 31, 2024 | Change 2025 - 2024 |
Intangible assets | 341,452 | 375,746 | (34,294) |
Property, plant & equipment | 104,053 | 108,667 | (4,614) |
Financial assets | 142,619 | 140,534 | 2,085 |
Net Non-Curre nt Asse ts | 588,124 | 624,947 | (36,823) |
Othe r Non-Curre nt Asse ts/ Liabilities | 21,670 | 20,466 | 1,203 |
Inventories | 231,178 | 257,353 | (26,175) |
Trade receivables and other assets | 147,716 | 94,978 | 52,738 |
Trade payables and other liabilities | (80,549) | (110,801) | 30,252 |
Other current assets and liabilities | (2,267) | 126 | (2,393) |
Net working capital | 296,078 | 241,656 | 54,423 |
Provisions | (66,951) | (73,187) | 6,236 |
Net invested capital | 838,921 | 813,883 | 25,038 |
Equity | (584,362) | (632,803) | 48,441 |
Net financial debt excluded IFRS16 Effect and MTM | (199,061) | (119,521) | (79,540) |
IFRS16 Effect | (53,934) | (60,297) | 6,364 |
Market to Market Hedging | (1,564) | (1,260) | (303) |
Net financial debt - F.I.L.A. Group | (254,559) | (181,079) | (73,479) |
Net financial debt | (838,921) | (813,883) | (25,038) |
The F.I.L.A. Group's "Net Invested Capital" of Euro 838,921 thousand at September 30, 2025 was composed of "Non-current Assets" of Euro 588,124 thousand (Euro 624,947 thousand at December 31, 2024), "Net Working Capital" of Euro 296,078 thousand (increasing Euro 54,423 thousand on December 31, 2024) and "Other Non-current Assets/Liabilities" of Euro 21,670 thousand (increasing Euro 1,204 thousand on December 31, 2024), net of "Provisions" of Euro 66,951 thousand (Euro 73,187 thousand at December 31, 2024).
"Intangible Assets" decreased on December 31, 2024 by Euro 34,294 thousand, mainly due to negative exchange differences of Euro 26,829 thousand and amortisation of Euro 9,174 thousand. The decrease was offset by net investments of Euro 1,801 thousand, principally by the parent F.I.L.A. S.p.A. (Euro 1,568 thousand) for implementation of the ERP system at a number of Group companies.
"Property, Plant and Machinery" decreased on December 31, 2024 by Euro 4,614 thousand, mainly as a result of the reduction of "Property, Plant and Machinery Right-of-Use" of Euro 5,296 thousand, offset by the increase in "Property, Plant and Machinery" of Euro 681 thousand.
The decrease in "Property, Plant and Machinery Right-of-Use" was mainly due to depreciation in the period of Euro 7,266 thousand and negative currency differences of Euro 2,828 thousand. This reduction is offset by net investments in the period of Euro 4,787 thousand, mainly by the Mexican subsidiary Grupo F.I.L.A.-Dixon,
S.A. de C.V. for Euro 2,061 thousand and by the Brazilian subsidiary Fila Canson Do Brasil for Euro 1,556 thousand.
The movement in "Property, Plant and Machinery" is mainly due to the investments in the period amounting to Euro 10,833 thousand by Canson SAS (France) for Euro 3,630 thousand, mainly for the Biomass project, by the Mexican subsidiary Grupo F.I.L.A.-Dixon, S.A. de C.V. for Euro 2,420 thousand and by the US subsidiary Dixon Ticonderoga Company for Euro 2,183 thousand. The overall movement is offset by depreciation in the period of Euro 7,896 thousand and negative currency differences of Euro 1,843 thousand.
"Financial Assets" increased on December 31, 2024 by Euro 2,085 thousand, principally regarding the adjustment of the Carrying Amount of the investment of F.I.L.A. S.p.A. in the Indian associate DOMS Industries Limited of Euro 3,692 thousand (relating to the latest approved results of the Indian company for 9M 2025), in line with the share of equity held in the associate of 26.01%, and a decrease of Euro 1,501 thousand due to the progressive amortisation of the gains allocated following the "Purchase Price Allocation" process.
The increase in "Net Working Capital" of Euro 54,423 thousand relates to the following:
subsidiary Fila Dixon (Kunshan) for Euro 7,633 thousand;
The decrease in "Provisions" on December 31, 2024 of Euro 6,236 thousand principally concerns:
of Euro 4,665 thousand;
provision by the UK subsidiary Daler Rowney Ltd for Euro 444 thousand.
The "Equity" attributable to owners of the Parent", amounting to Euro 584,362 thousand, decreased on December 31, 2024 by Euro 48,441 thousand. Net of the profit for the period of Euro 22,467 thousand (of which a profit of Euro 1,817 thousand attributable to non-controlling interests), the residual movement mainly concern the dividends paid for Euro 41,951 thousand, of which F.I.L.A. S.p.A. shareholders for Euro 40,636 thousand and the non-controlling interests of the subsidiaries for Euro 1,314 thousand, the decrease in the translation reserve of Euro 30,482 thousand and the decrease in the "fair value hedge" of the hedging derivatives (IRS) for Euro 256 thousand. These changes are offset by the increase in the Negative Reserve for Treasury Shares in Portfolio for Euro 852 thousand and of the Share Premium Reserve for Euro 82 thousand, following the free allocation of shares of the parent F.I.L.A. S.p.A. to all beneficiaries of the "2022-2026 Performance Shares" Plan, regarding the first tranche (LTI 2022-2024), the movement in the "Actuarial Gains/Losses" reserve of Euro 576 thousand, the allocation to the Share Based Premium reserve of Euro 186 thousand in relation to the 2022-2026 and 2025-2029 medium/long-term incentive plans and the impact of hyper-inflation on the hyper-inflated economies of Euro 56 thousand.
F.I.L.A. Group "Net Financial Debt" at September 30, 2025 was Euro 254,559 thousand, increasing Euro
73,479 thousand on December 31, 2024.
For greater details, reference should be made to the Net financial debt and cash flows section.
Financial overviewThe Group's Net Financial Debt at September 30, 2025 and Cash Flows for the period then ended are summarised in the following table to complete the discussion about its financial position and financial performance.
For the definition of the Financial Debt, reference should be made to CONSOB's call to attention No. 5/21 of
April 29, 2021, which cites the new ESMA guidelines in this regard.
The F.I.L.A. Group Net Financial Debt at September 30, 2025 was Euro 254,559 thousand:
Euro thousands | September 30, 2025 | December 31, 2024 | Change 2025 - 2024 |
A Cash | 105 | 107 | (2) |
B Cash equivalents | 144,826 | 176,237 | (31,411) |
C Other current financial assets | 574 | 1,137 | (563) |
D Liquidity (A + B + C) | 145,505 | 177,480 | (31,975) |
E Current bank loans and borrowings | (69,981) | (4,100) | (65,881) |
F Current portion of non-current bank loans and borrowings | (43,848) | (36,433) | (7,415) |
G Current financial debt (E + F) | (113,829) | (40,533) | (73,296) |
H Net current financial (position) debt (G - D) | 31,676 | 136,948 | (105,272) |
I Non-current bank loans and borrowings | (286,234) | (318,027) | 31,793 |
J Bonds issued | - | - | - |
K Trade payables and other non current liabilities | - | - | - |
L Non-current financial debt (I + J + K) | (286,234) | (318,027) | 31,793 |
M Net financial debt (H + L) | (254,559) | (181,079) | (73,479) |
The Net Financial Debt - F.I.L.A. Group comprises the Net Financial Debt excluding the IFRS16 and MTM effects for a debt of Euro 254,559 thousand (debt of Euro 181,079 thousand at December 31, 2024), the effect of IFRS16 for Euro 53,934 thousand and the Mark to Market Hedging for Euro 1,564 thousand.
The reconciliation between the Net Financial Debt - F.I.L.A. Group and the Statement of Financial Position is reported below:
Compared to December 31, 2024 (Euro 181,079 thousand), the Net Financial Debt increased Euro 73,479 thousand at September 30, 2025, as outlined below in the Statement of Cash Flows:
Euro thousands | September 30, 2025 | September 30, 2024 |
Gross operating profit | 87,634 | 98,525 |
Non-monetary adjustments | (502) | 193 |
IFRS16 operating flow | (9,615) | (10,200) |
Income taxes | (10,827) | (5,489) |
Cash Flows from Operating Activities Before Changes in NWC | 66,690 | 83,029 |
Change in NWC | (72,242) | (59,634) |
Change in Inventories | 12,116 | 14,197 |
Change in Trade Receivables and Other Assets | (58,543) | (62,158) |
Change in Trade Payables and Other Liabilities | (24,676) | (11,053) |
Change in Other Current Assets/Liabilities | (1,139) | (620) |
Net Cash Flows used in Operating Activities | (5,552) | 23,395 |
Investments in Property, Plant and Equipment and Intangible Assets | (11,958) | (6,258) |
Financial income | 2,435 | 1,103 |
Net Cash Flows used in Investing Activities | (9,524) | (5,155) |
Change in Equity (Dividend paid and own shares) | (41,951) | (36,491) |
Financial Expense | (11,358) | (16,199) |
Financial Expense IFRS16 | (2,447) | (2,742) |
Net Cash Flows used in Financing Activities | (55,756) | (55,432) |
Exchange differences and other variations | (3,396) | 565 |
Total Net Cash Flows | (74,228) | (36,627) |
Free cash flow to equity | (32,277) | (136) |
Effect of exchange gains (losses) | (4,107) | 2,043 |
Change in amortized cost | (1,072) | 1,659 |
Mark to mark hedging adjustment | (303) | (1,200) |
NFD change due to IFRS16 FTA | 6,364 | 17,939 |
NFD change due to brand acquisition | - | (2,010) |
NFD from Change in Consolidation Scope (Deconsolidation of Russian company Fila Stationary O.O.O.)
(133) -
Change in Net Financial Debt - F.I.L.A. Group (73,479) (18,195)The net cash flow absorbed in Q3 2025 from "Operating Activities" of Euro 5,552 thousand (in Q3 2024 a
generation of Euro 23,395 thousand) concerns:
"Investing activities" used net cash flows of Euro 9,524 thousand (Euro 5,155 thousand in 9M 2024), mainly due to the use of cash for Euro 11,958 thousand (Euro 6,258 thousand in 9M 2024) for net property, plant and equipment and intangible asset investment, particularly regarding Grupo F.I.L.A. - Dixon, S.A. de C.V. (Mexico), the parent F.I.L.A. S.p.A. and Dixon Ticonderoga Company (U.S.A.).
"Financing activities" used net cash flows of Euro 55,756 thousand (Euro 55,432 thousand used in 9M 2024), concerning the dividends paid for a total of Euro 41,951 thousand (to the shareholders of F.I.L.A. S.p.A for Euro 40,636 thousand and to the non-controlling interest shareholders of the subsidiaries for Euro 1,314 thousand), the interest paid on loans and credit lines granted to the Group companies of Euro 11,358 thousand, mainly the parent F.I.L.A. S.p.A., Dixon Ticonderoga Company (U.S.A.) and Grupo F.I.L.A. - Dixon, S.A. de C.V. (Mexico), in addition to interest expense due to the application of IFRS 16 of Euro 2,447 thousand.
"Free Cash Flow to Equity" was a negative Euro 32,277 thousand (negative Euro 136 thousand at September 30, 2024), and is calculated as the difference between the Total Net Cash Flow for a negative Euro 74,228 thousand (negative Euro 36,627 thousand at September 30, 2024), and the changes to Equity of Euro 41,951 thousand (Euro 36,491 thousand at September 30, 2024).
Excluding the currency effect regarding the translation of the Net Financial Debt in currencies other than the Euro (negative for Euro 4,107 thousand), the "Amortised cost" movement for a negative Euro 1,072 thousand, the Mark to Market Hedging adjustment for a negative Euro 303 thousand, the movement in the Net Financial Debt due to the application of IFRS 16 for a positive Euro 6,364 thousand, as well as the overall negative impact generated by the change in the consolidation scope of Euro 133 thousand (relating to the deconsolidation of the Russian subsidiary Fila Stationary O.O.O.), the Net Financial Debt of the Group therefore increased Euro 73,479 thousand (increase of Euro 18,195 thousand at September 30, 2024).
Changes in net cash and cash equivalents are detailed below: | |||
September 30, | December 31, | September 30, | |
Euro thousands | 2025 | 2024 | 2024 |
Opening Cash and Cash Equivalents | 172,854 | 124,807 | 124,807 |
Cash and cash equivalents | 176,344 | 125,851 | 125,851 |
Current account overdrafts | (3,490) | (1,044) | (1,044) |
Closing Cash and Cash Equivalents | 144,652 | 172,854 | 50,595 |
Cash and cash equivalents | 144,931 | 176,344 | 52,459 |
Current account overdrafts | (279) | (3,490) | (1,865) |
In terms of segment reporting, the F.I.L.A. Group has adopted IFRS 8.
IFRS 8 requires an entity to base segment reporting on internal reporting, which is regularly reviewed by the
entity's chief operating decision maker to allocate resources to the various segments and assess performance.
Geographical segments are the primary basis of analysis and of decision-making by the F.I.L.A. Group's
management, therefore fully in line with the internal reporting prepared for these purposes.
In particular, the Group's business is divided into five business segments, each of which is composed of various
geographical segments, i.e. (i) Europe, (ii) North America (USA and Canada), (iii) Central and South America,
(iv) Asia and (v) the Rest of the World, which includes South Africa and Australia. Each of the five business segments designs, markets, purchases, manufactures and sells products under known consumer brands in demand amongst end users and used in schools, homes and workplaces. Product designs are adapted to end users' preferences in each geographical segment.
The group's products are similar in terms of quality and production, target market, margins, sales network and customers, even with reference to the different brands which the group markets. Accordingly, there is no diversification by segments in consideration of the substantial uniformity of the risks and benefits relating to the products produced by the F.I.L.A. Group.
The accounting policies applied to segment reporting are in line with those used for the preparation of the consolidated financial statements.
Business Segment Reporting of the F.I.L.A. Group aggregates companies by geographical segment on the basis of the "entity location".
For disclosure on the association between the geographical segments and F.I.L.A. group companies, reference should be made to the attachments to this report in the "List of companies included in the consolidation scope and other equity investments" section.
The segment reporting required in accordance with IFRS 8 is presented below.
Business Segments - Statement of financial positionConsolidation F.I.L.A. Group
Rest
of the World
Asia
Central - South
America
North
America
Europe
December 31, 2024
Euro thousands
The key statement of financial position figures for the F.I.L.A. Group by region, at September 30, 2025 and December 31, 2024, are reported below:
September 30, 2025 Euro thousands | Europe | North America | Central - South America | Asia o | Rest f the World | Consolidation | F.I.L.A. Group |
Intangible Assets | 118,962 | 193,237 | 836 | 33 | - | 28,384 | 341,452 |
Property, plant & equipment | 59,197 | 26,660 | 17,085 | 755 | 390 | (33) | 104,053 |
Total non-current assets | 178,159 | 219,897 | 17,921 | 788 | 390 | 28,351 | 445,505 |
of which Infragroup | (76) | ||||||
Inventories | 105,701 | 88,330 | 41,648 | 3,789 | 1,696 | (9,986) | 231,178 |
Trade receivables and Other assets | 89,559 | 43,160 | 45,770 | 6,630 | 1,534 | (38,937) | 147,716 |
Trade payables and Other liabilities | (62,269) | (22,763) | (24,842) | (6,902) | (2,346) | 38,573 | (80,549) |
Other Current Assets and Liabilities | (1,613) | (645) | (5) | (6) | 2 - | (2,267) | |
Net Working Capital | 131,378 | 108,082 | 62,571 | 3,511 | 886 | (10,350) | 296,078 |
of which Infragroup | (16,466) | (7,764) | 11,259 | 698 | 1,924 | ||
Net Financial (Position) Debt | (113,913) | (105,314) | (30,617) | 9,117 | (5,288) | (8,544) | (254,559) |
of which Infragroup | (57,528) | 32,918 | 10,691 | - | 5,375 |
Intangible Assets | 124,866 | 222,718 | 849 | 49 | - | 27,264 | 375,746 | ||
Property, plant & equipment | 59,844 | 33,008 | 13,437 | 2,120 | 291 | (33) | 108,667 | ||
Total non-current assets | 184,710 | 255,726 | 14,286 | 2,169 | 291 | 27,231 | 484,413 | ||
of which Infragroup | (76) | ||||||||
Inventories | 108,868 | 113,465 | 35,563 | 11,476 | 1,560 | (13,579) | 257,353 | ||
Trade Receivables and other assets | 55,648 | 26,699 | 35,922 | 9,650 | 1,340 | (34,281) | 94,978 | ||
Trade payables and other liabilities | (65,742) | (43,103) | (25,264) | (9,405) | (1,999) | 34,712 | (110,801) | ||
Other Current Assets and Liabilities | (1,886) | 2,222 | (212) | 24 | (22) | - | 126 | ||
Net Working Capital | 96,888 | 99,283 | 46,009 | 11,745 | 879 | (13,148) | 241,656 | ||
of which Infragroup | (17,544) | (2,536) | 6,666 | (1,459) | 1,726 | ||||
Net Financial (Position) Debt | (52,480) | (126,846) | (14,159) | 7,992 | (5,286) | 9,700 | (181,079) | ||
of which Infragroup | (37,606) | 28,194 | 13,243 | - | 5,869 |
The group's key statement of comprehensive income figures broken down by geographical segment for the
nine months ended September 30, 2025 and September 30, 2024, are reported below:
September 30, 2025 Euro thousands | Europe | North America | Central - South America | Asia | Rest of the World | Consolidation | F.I.L.A. Group |
Revenue of which Infragroup | 230,765 (62,892) | 233,958 (6,746) | 71,735 (16,847) | 23,807 (15,555) | 2,641 - | (102,041) | 460,865 |
Gross operating profit (loss) | 26,203 | 48,713 | 9,433 | (123) | 269 | 3,139 | 87,634 |
Operating profit (loss) | 14,075 | 37,712 | 6,929 | (1,218) | 80 | 3,146 | 60,724 |
Net financial income (expense) | (5,173) | (5,863) | 262 | 488 | (255) | (17,122) | (27,664) |
of which Infragroup | (12,401) | (4,917) | 483 | (496) | 209 | - | - |
Profit (loss) for the year | 6,523 | 23,803 | 7,939 | (913) | (152) | (14,733) | 22,467 |
Profit (loss) attributable to Non-controlling interests | 1,365 | 255 | 109 | 88 | - | - | 1,817 |
Profit (loss) attributable to the owners of the Parent | 5,158 | 23,548 | 7,830 | (1,002) | (152) | (14,733) | 20,649 |
September 30, 2024 Euro thousands | Europe | North America | Central - South America | Asia | Rest of the World | Consolidation | F.I.L.A. Group |
Revenue | 233,195 | 255,634 | 83,187 | 25,508 | 2,757 | (106,860) | 493,422 |
of which Infragroup | (61,784) | (8,717) | (20,696) | (15,662) | (1) | - | - |
Gross operating profit (loss) | 29,551 | 52,825 | 12,899 | 3,127 | 249 | (126) | 98,525 |
Operating profit (loss) | 12,528 | 39,504 | 10,593 | 1,921 | 72 | 4,054 | 68,673 |
Net financial income (expense) | 10,394 | (7,642) | (7,235) | 497 | (244) | (14,477) | (18,706) |
of which Infragroup | (13,745) | (1,133) | 629 | 511 | 283 | - | - |
Profit (loss) for the year | 19,493 | 24,100 | 2,254 | 2,084 | (171) | (11,738) | 36,022 |
Profit (loss) attributable to Non-controlling interests | 74 | 339 | 183 | 153 | - | 596,395 | |
Profit (loss) attributable to the owners of the Parent | 19,419 | 23,761 | 2,254 | 1,901 | (171) | (11,738) | 35,426 |