Debt

As at 31 December 2025, the Group's net debt, which also reflects the completion of the Share Buyback program, decreased to Euro 46.1 million (Euro 6.6 million pre-IFRS 16), compared with Euro 82.7 million (Euro 40.3 million pre-IFRS 16) in 2024.

As at December 31, 2025, the Group’s gross debt amounted to Euro 98.3 million, composed of:

• a medium-long-term debt position of Euro 57.7 million, made of bank loans for Euro 28.7 million, related to the Credit Facility signed in September 2022, and an IFRS-16 effect for Euro 29.0 million;

• a short-term debt position of Euro 40.6 million, made of bank loans for Euro 30.0 million, related to the Credit Facility, and an IFRS-16 effect for Euro 10.6 million;

As at December 31, 2025, the Group’s net cash position amounted of Euro 52.1 million.

The Group net financial position does not include the valuation of derivative financial instruments and the option liability on the minority interests.