​

​

For the six months ended June 30,

(Euro thousands)

  ​ ​ ​

2026

  ​ ​ ​

2025*

Personnel costs

46,954

61,349

Raw materials, consumables and finished goods used

29,476

24,931

Changes in inventories of finished goods and work in progress

5,238

14,707

Depreciation and amortization

16,222

20,702

Freight and selling expenses

14,287

16,703

Professional service fees

14,353

17,131

Net foreign exchange (gains) / losses

(3,126)

10,302

Lease expenses

6,009

10,264

Advertising and marketing expenses

6,580

6,897

Studies and research expenses

2,385

3,957

Office expenses

1,943

1,867

Travel expenses

1,122

1,409

Taxes and surcharges

801

1,280

Fair value changes on warrants

(21)

(678)

Reversal of provisions and impairment

(5,175)

(2,982)

Other

6,357

8,367

Total expenses

143,405

196,206

*

The expense information for the six months ended June 30, 2025 has been restated in accordance with IFRS 5, with the Caruso Brand presented as a discontinued operation (see Note 8).