The Group’s outstanding derivative instruments are presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At June 30, 2026 | | At December 31, 2025 | | (€ thousands) | Notional amount | | Positive fair value | | Negative fair value | | Notional amount | | Positive fair value | | Negative fair value | | Foreign currency exchange risk | | | | | | | | | | | | | Foreign currency derivatives | 1,166,054 | | 9,006 | | (18,580) | | 835,812 | | 6,993 | | (4,315) | | Interest rate risk | | | | | | | | | | | | | Interest rate swaps | 80,925 | | 255 | | (29) | | 81,295 | | 62 | | (261) | | Inflation rate swaps | 5,775 | | — | | (832) | | — | | — | | — | | Total derivatives instruments - Notional / Assets / (Liabilities) | 1,252,754 | | 9,261 | | (19,441) | | 917,107 | | 7,055 | | (4,576) |
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