3Q 2025: Highlights

2025 年第三季度：亮点

Total net sales amounted to €74.4 million, down 0.8% from €75.0 million in 3Q 2024.
Gross margin at 36.0% of revenue, compared to 31.8% in 3Q 2024 which included a 3.9% impact from severance-related costs.
Operating loss of (€1.7) million, compared to an operating loss of (€3.8) million in 3Q 2024.
Net finance costs were (€2.4) million, compared to net finance costs of (€3.3) million in 3Q 2024.
Loss for the period of (€5.1) million, compared to a loss of (€7.4) million in 3Q 2024.
Call of a shareholders’ meeting to adopt appropriate measures pursuant to art. 2446 of the Italian civil code, “ Nominal reduction of share capital due to losses”.
As of September 30, 2025, we held €18.1 million in cash, down from €20.3 million as of December 31, 2024. Cash availability includes €9.9 million of proceeds from the disposal of two non-strategic assets, namely the sale of a plot of land in Romania, in addition to the sale of the building in High Point.
The Company continues to actively seek a CEO to lead the restructuring efforts.
Store traffic and written orders remain below expectations, due to a persisting and generalized weakness in consumer confidence in addition to trade duties by the U.S. administration. This may continue to adversely affect our results of operations.

总净销售额为 7440 万欧元，比 2024 年第三季度的 7500 万欧元下降 0.8%。
毛利率为 36.0%，相比 2024 年第三季度的 31.8%，后者受到 3.9% 裁员相关成本的影响。
经营亏损为 170 万欧元，而 2024 年第三季度的经营亏损为 380 万欧元。
净财务费用为 240 万欧元，而 2024 年第三季度的净财务费用为 330 万欧元。
本期亏损为 510 万欧元，而 2024 年第三季度的亏损为 740 万欧元。
召开股东大会以根据意大利民法第 2446 条采取适当措施，“因亏损导致的股本名义减少”。
截至2025年9月30日，我们持有 1810 万欧元现金，低于2024年12月31日的 2030 万欧元。现金可用性包括 990 万欧元来自于处置两项非战略资产的收益，即在罗马尼亚出售一块土地，以及在高点出售一栋建筑。
公司继续积极寻求首席执行官以领导重组工作。
由于消费者信心持续普遍疲软以及美国政府的贸易关税，门店客流量和书面订单仍低于预期。这可能会继续对我们的经营结果产生不利影响。

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--Natuzzi S.p.A. (NYSE: NTZ) (“we”, “Natuzzi” or the “Company” and, together with its subsidiaries, the “Group”), one of the most renowned brands in the production and distribution of design and luxury furniture, today reports its unaudited financial information for the third quarter and nine months ended September 30, 2025.

意大利巴里 SANTERAMO IN COLLE--（商业新闻）--Natuzzi S.p.A.（纽约证券交易所代码：NTZ）（“我们”、“Natuzzi” 或 “公司”，以及其子公司统称为 “集团”），是设计和奢侈家具生产与分销领域最知名的品牌之一，今天发布了截至2025年9月30日的第三季度和九个月的未经审计财务信息。

Pasquale Natuzzi, Chairman and Chief Executive Officer ad interim of the Group, commented: “ The business environment remains highly challenging, marked by persistent geopolitical uncertainty and macroeconomic headwinds that continued to discourage consumer demand and, consequently, sales.

集团董事长兼首席执行官 Pasquale Natuzzi 评论道：“商业环境依然极具挑战性，持续的地缘政治不确定性和宏观经济逆风继续抑制消费者需求，从而影响销售。

On the other hand, I should emphasize the improvement of 4.1% in the gross margin, exceeding the levels recorded in the first two quarters of the year, mainly due to a sales mix with better margins and savings from the rightsizing of our Chinese operations. Gross margin expansion, however, remains limited by higher industrial labor costs.

另一方面，我要强调毛利率提高了 4.1%，超过了年初前两个季度的水平，这主要得益于更高毛利的销售组合和我们中国业务的规模调整带来的节省。然而，毛利率的扩张仍受到较高的工业劳动力成本的限制。

However, the current level of gross result does not allow for an efficient absorption of selling and administrative expenses. While salaries and transportation costs overall decreased in the period, we are aware that they are still too high compared to the size of revenue. Consequently, the management’s challenge is to increase sales and optimize the costs structure at Group level.

然而，目前的毛利水平无法有效吸收销售和管理费用。虽然整体工资和运输成本在此期间有所下降，但我们意识到与收入规模相比，它们仍然过高。因此，管理层面临的挑战是增加销售并优化集团层面的成本结构。

Fully aware of these challenges, management is advancing its discussions with the Company’s Board of Directors and Italian governmental institutions to address Company-specific issues and aimed at restoring efficiency and profitability across the Group. We are currently defining the details of a restructuring plan, whose preliminary guidelines include a significant reduction in fixed costs, a more flexible production capacity, the divesting of certain non-strategic Italian assets, and the outsourcing of selected low value-added activities. In this regard, management has recently received a binding offer for the sale of one of its non-strategic assets.

充分意识到这些挑战，管理层正在与公司的董事会和意大利政府机构进行讨论，以解决公司特定问题，旨在恢复集团的效率和盈利能力。我们目前正在制定重组计划的细节，其初步指导方针包括大幅减少固定成本、提高生产能力的灵活性、剥离某些非战略意大利资产，以及外包部分低附加值活动。在这方面，管理层最近收到了对其一项非战略资产的有约束力的出售报价。

In parallel, we continue to invest in product innovation, design and marketing to enhance customer experience and drive new business opportunities, including through the Trade & Contract Division. The Company remains firmly committed to developing new projects and collections and engaging in promotional events—including international trade fairs and design shows, Natuzzi Congresses and targeted initiatives with real estate developers and designers—to consolidate the Natuzzi brand’s positioning and support commercial performance.

与此同时，我们继续投资于产品创新、设计和营销，以提升客户体验并推动新的商业机会，包括通过贸易与合同部门。公司坚定致力于开发新项目和系列，并参与促销活动——包括国际贸易展览和设计展、Natuzzi 大会以及与房地产开发商和设计师的针对性举措——以巩固 Natuzzi 品牌的定位并支持商业表现。

Finally, the search for a new CEO is progressing. We are carefully assessing a shortlist of candidates capable of leading the Company through its restructuring phase with the objective of working towards long-term sustainability. We will inform the market in a timely manner should any material developments arise.”

最后，寻找新首席执行官的工作正在推进。我们正在仔细评估一份候选人名单，以便能够在重组阶段领导公司，目标是实现长期可持续发展。如果有任何重大进展，我们将及时通知市场。”

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CALL OF A SHAREHOLDERS’ MEETING TO ADOPT APPROPRIATE MEASURES PURSUANT TO ART. 2446 OF THE ITALIAN CIVIL CODE.

召开股东大会以根据意大利民法第 2446 条采取适当措施。

Following the approval of the Company’s unaudited financial statements for the first nine months and third quarter ended September 30, 2025, the Board of Directors has verified that the Company recorded a loss for the quarter of €5.1 million, resulting in a reduction of the share capital by more than one-third, thereby triggering the obligations provided under Article 2446 of the Italian Civil Code.

在批准公司截至2025年9月30日的前三个季度和第三季度的未经审计财务报表后，董事会已确认公司在本季度录得 510 万欧元的亏损，导致股本减少超过三分之一，从而触发意大利民法第 2446 条规定的义务。

Article 2446 of the Italian Civil Code - applicable to Italian joint-stock companies ( società per azioni) - provides for the nominal reduction of the share capital to reflect the recorded losses and requires the Board of Directors to promptly convene a Shareholders’ Meeting to adopt appropriate measures.

意大利民法第 2446 条适用于意大利股份公司（società per azioni）-规定股本名义减少以反映记录的亏损，并要求董事会迅速召开股东大会以采取适当措施。

Such a share capital reduction is essentially an accounting adjustment that aligns the nominal value of the share capital with its actual current value. As of the date of this press release, the Company remains compliant with all listing requirements. The Company continues to operate normally and the reduction in share capital is not expected to prevent the Company from continuing to strive to achieve the Company’s goals as well as to pursue the implementation of its restructuring plan.

这种股本减少本质上是一种会计调整，使股本的名义价值与其实际当前价值相一致。截至本新闻稿发布之日，公司仍符合所有上市要求。公司继续正常运营，股本减少预计不会阻止公司继续努力实现其目标以及推进其重组计划的实施。

In compliance with these provisions, the Board of Directors resolved to convene the Ordinary Shareholders’ Meeting of the Company in order to consider and vote upon the measures pursuant to Article 2446, paragraph 1, of the Italian Civil Code and any related and consequent resolutions.

根据这些规定，董事会决定召开公司的普通股东大会，以考虑和投票通过根据意大利民法第 2446 条第 1 款的措施及任何相关和后续决议。

The documentation required by law, including the Board’s report on the Company’s financial position and the observations of the Board of Statutory Auditors, will be made available at the Company’s registered office at least eight days prior to the meeting, in accordance with applicable provisions.

法律要求的文件，包括董事会关于公司财务状况的报告和法定审计委员会的意见，将在会议前至少八天在公司的注册办公室提供，符合适用规定。

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2025 - THIRD QUARTER

2025 - 第三季度

CONSOLIDATED REVENUE

合并收入

Consolidated revenue for 3Q 2025 amounted to €74.4 million, compared to €75.0 million in 3Q 2024. The performance in the quarter was still impacted by ongoing macroeconomic, geopolitical, and industry-specific challenges, which continued to dampen consumers’ spending capacity and delay purchases of durable goods. This led to a lower-than-expected order intake which also impacted invoiced sales in the third quarter of 2025.

2025 年第三季度的合并收入为 7440 万欧元，较 2024 年第三季度的 7500 万欧元有所下降。本季度的表现仍受到持续的宏观经济、地缘政治和行业特定挑战的影响，这些因素继续抑制消费者的消费能力并延迟耐用消费品的购买。这导致订单接收低于预期，也影响了 2025 年第三季度的开票销售。

Sales from upholstered and other home furnishings products amounted to €72.5 million, down 1.2% compared to 3Q 2024.

软体家具及其他家居产品的销售额为 7250 万欧元，较 2024 年第三季度下降 1.2%。

Revenues from upholstered and other home furnishings products are hereafter described according to the main dimensions of the Group’s business: i) Branded/Unbranded Business; ii) Key Markets; iii) Distribution.

软体家具及其他家居产品的收入将根据集团业务的主要维度进行描述：i) 品牌/非品牌业务；ii) 主要市场；iii) 分销。

I) BRANDED/UNBRANDED BUSINESS

I) 品牌/非品牌业务

The Group operates in the branded business (with Natuzzi Italia, Natuzzi Editions and Divani&Divani by Natuzzi) and unbranded business, the latter with collections dedicated to large-scale distribution.

集团在品牌业务（包括 Natuzzi Italia、Natuzzi Editions 和 Divani&Divani by Natuzzi）和非品牌业务中运营，后者的系列产品专门面向大规模分销。

The following is the contribution of each brand in terms of invoiced sales for 3Q 2025:

以下是 2025 年第三季度各品牌在开票销售中的贡献：


	3Q 2025	3Q 2024	Delta €	Delta %
Natuzzi Italia	35.2	29.8	5.4	18.2%
Natuzzi Editions	26.0	32.3	(6.3)	(19.5%)
Divani&Divani by Natuzzi	7.6	6.7	0.9	13.3%
Unbranded	3.7	4.6	(0.9)	(19.6%)
Total	72.5	73.4	(0.9)	(1.2%)
Figures in €/million, except percentage.


	2025 年第三季度	2024 年第三季度	增减 €	增减 %
Natuzzi Italia	35.2	29.8	5.4	18.2%
Natuzzi Editions	26.0	32.3	(6.3)	(19.5%)
Divani&Divani by Natuzzi	7.6	6.7	0.9	13.3%
非品牌	3.7	4.6	(0.9)	(19.6%)
总计	72.5	73.4	(0.9)	(1.2%)
数字以百万欧元计，百分比除外。

II) KEY MARKETS

II) 主要市场

Below is a breakdown of upholstery and home-furnishings invoiced sales for 3Q 2025, compared to 3Q 2024, according to the following geographic areas.

以下是 2025 年第三季度软体家具和家居用品开票销售的地区细分，与 2024 年第三季度相比，按地理区域划分。


	3Q 2025	3Q 2024	Delta €	Delta %
North America	25.2	24.1	1.1	4.7%
Greater China	4.9	6.8	(1.9)	(28.3%)
West & South Europe	22.7	22.1	0.6	2.9%
Emerging Markets	9.0	9.4	(0.4)	(4.8%)
Rest of the World*	10.7	11.0	(0.3)	(2.7%)
Total	72.5	73.4	(0.9)	(1.2%)
Figures in €/million, except percentage.
*Includes South and Central America, Rest of APAC.


	2025 年第三季度	2024 年第三季度	增减 €	增减 %
北美	25.2	24.1	1.1	4.7%
大中华区	4.9	6.8	(1.9)	(28.3%)
西欧和南欧	22.7	22.1	0.6	2.9%
新兴市场	9.0	9.4	(0.4)	(4.8%)
世界其他地区*	10.7	11.0	(0.3)	(2.7%)
总计	72.5	73.4	(0.9)	(1.2%)
数字以百万欧元计，百分比除外。
* 包括南美和中美洲，亚太地区其他地区。

III) DISTRIBUTION

III) 分销

During 3Q 2025, the Group distributed its branded collections in 103 countries, according to the following table.

在 2025 年第三季度，集团在 103 个国家分销其品牌系列，具体见下表。


	Direct Retail	FOS**	Total retail stores (Sept. 30, 2025)
North America	22(1)	11	33
Greater China	14(2)	237	251
West & South Europe	28	96	124
Emerging Markets	─	76	76
Rest of the World*	4	89	93
Total	68	509	577
(1) Included 3 Directly Operated Stores (DOS) in the U.S. managed in joint venture with a local partner. Since the Natuzzi Group does not have full control over each of these DOS, we consolidate only the sell-in from such DOS.
(2) All directly operated by our joint venture in China. Since the Natuzzi Group owns a 49% stake in the joint venture and does not control it, we consolidate only the sell-in from such DOS.
*Includes South and Central America, Rest of APAC.
** FOS = Franchise stores managed by independent partners.


	直营零售	FOS**	零售店总数
（2025年9月30日）
北美	22(1)	11	33
大中华区	14(2)	237	251
西欧和南欧	28	96	124
新兴市场	─	76	76
世界其他地区*	4	89	93
总计	68	509	577
(1) 包括在美国与当地合作伙伴共同管理的 3 家直营店（DOS）。由于 Natuzzi 集团对这些 DOS 并不完全控制，因此我们仅合并这些 DOS 的销售收入。
(2) 所有由我们在中国的合资企业直接运营。由于 Natuzzi 集团在合资企业中持有 49% 的股份并不控制它，因此我们仅合并这些 DOS 的销售收入。
* 包括南美和中美洲，亚太地区其他地区。
** FOS = 由独立合作伙伴管理的特许经营店。

Below is a breakdown of upholstery and home-furnishings invoiced sales for 3Q 2025, compared to 3Q 2024, according to distribution channels.

以下是 2025 年第三季度软体家具和家居用品开票销售的渠道细分，与 2024 年第三季度相比。


	3Q 2025	3Q 2024	Delta €	Delta %
Retail DOS	15.9	16.8	(0.9)	(5.6%)
Retail FOS	34.4	30.3	4.1	13.5%
Contract	0.6	-	0.6	N.M.
Wholesale Gallery	16.8	20.0	(3.2)	(15.5%)
Wholesale (Free market)	4.8	6.3	(1.5)	(23.8%)
Total	72.5	73.4	(0.9)	(1.2%)
Figures in €/million, except percentage.
N.M. = Not meaningful


	2025 年第三季度	2024 年第三季度	增减 €	增减 %
零售 DOS	15.9	16.8	(0.9)	(5.6%)
零售 FOS	34.4	30.3	4.1	13.5%
合同	0.6	-	0.6	不适用
批发画廊	16.8	20.0	(3.2)	(15.5%)
批发（自由市场）	4.8	6.3	(1.5)	(23.8%)
总计	72.5	73.4	(0.9)	(1.2%)
数字以百万欧元计，百分比除外。
不适用 = 不具意义

GROSS MARGIN

毛利率

Gross margin was 36.0%, compared to 31.8% in 3Q 2024 which included a 3.9% impact from severance-related costs accrued last year.

毛利率为 36.0%，相比 2024 年第三季度的 31.8% 有所上升，后者包括去年计提的 3.9% 的裁员相关费用。

The price-list adjustment implemented by the management and an improved sales mix—with increased sales of higher-margin Natuzzi Italia products—has enabled the Group to protect gross margin.

管理层实施的价格调整和销售组合的改善——高利润率的 Natuzzi Italia 产品销售增加——使集团能够保护毛利率。

During 3Q 2025, industrial labor cost totaled (€15.4) million, or (20.7%) of revenue, compared to (€17.3) million, or (23.0%) of revenue in 3Q 2024. Last year, the cost of industrial labor included (€2.9) million of severance-related costs in China.

在 2025 年第三季度，工业劳动力成本总计为 1540 万欧元，占收入的 20.7%，相比 2024 年第三季度的 1730 万欧元，占收入的 23.0%。去年，工业劳动力成本包括在中国的 290 万欧元裁员相关费用。

“Other industrial costs” were (€3.7) million, compared to (€5.0) million in 3Q 2024, mainly as a result of the closure of our Shanghai operations completed last year.

“其他工业成本” 为 370 万欧元，较 2024 年第三季度的 500 万欧元有所下降，主要是由于去年完成的上海业务关闭。

OPERATING EXPENSES

营业费用

During 3Q 2025, operating expenses, which include selling expenses, administrative expenses, other operating income/expenses, and the impairment of trade receivables, totaled (€28.5) million, or (38.3%) of revenue, compared to (€27.6) million, or (36.9%) of revenue in 3Q 2024.

在 2025 年第三季度，营业费用（包括销售费用、管理费用、其他营业收入/费用和应收账款减值）总计为 2850 万欧元，占收入的 38.3%，相比 2024 年第三季度的 2760 万欧元，占收入的 36.9%。

Within Selling Expenses, salaries decreased by €0.5 million.

在销售费用中，薪资减少了 50 万欧元。

Trade duties were (€2.1) million, increasing from (€1.3) million in 3Q 2024. The Company has implemented price-list adjustments to counterbalance the increase in trade duties.

贸易费用为（€2.1）百万，较 2024 年第三季度的（€1.3）百万有所增加。公司已实施价格清单调整以抵消贸易费用的增加。

Transportation costs were (€5.6) million, compared to (€6.4) million in 3Q 2024.

运输成本为（€5.6）百万，较 2024 年第三季度的（€6.4）百万有所下降。

Notably, in the third quarter of last year, the Company benefitted from €1.0 million in extraordinary income related to commercial expenses, whereas they were not significant in 3Q 2025.

值得注意的是，在去年第三季度，公司受益于与商业费用相关的€1.0 百万的非常规收入，而在 2025 年第三季度这些收入并不显著。

Within Administrative expenses, we reported a €0.4 million increase in consultancy expenses in connection with the restructuring plan, and a €0.2 million increase of non-deductible and indirect taxes.

在管理费用中，我们报告了与重组计划相关的咨询费用增加了€0.4 百万，以及不可抵扣和间接税增加了€0.2 百万。

NET FINANCE INCOME/(COSTS)

净财务收入/(费用)

Net Finance costs were (€2.4) million, compared to a total of (€3.3) million of Net Finance costs in 3Q 2024, mainly as a result of favorable currency movements on trade receivables and payables.

净财务费用为（€2.4）百万，较 2024 年第三季度的净财务费用总额（€3.3）百万有所减少，主要是由于贸易应收账款和应付账款的有利汇率变动。

CASH FLOW AND BALANCE SHEET

现金流和资产负债表

As of September 30, 2025, we held €18.1 million in cash, down from €20.3 million as of December 31, 2024. The difference in cash during the period is the result of the following:

截至2025年9月30日，我们持有现金€18.1 百万，较2024年12月31日的€20.3 百万有所减少。期间现金差异的原因如下：

Net cash used by operating activities of (€5.8) million;
Net cash provided by investing activities of €3.5 million, which includes proceeds of €7.5 million from the sale of a property in High Point, NC, and €2.4 million from the sale of a plot of land in Romania;
Net cash used by financing activities of (€1.5) million;
Effect of movements in exchange rates on cash equal to (€0.5) million;
Net cash from increased bank-overdraft repayable on demand of €2.1 million.

经营活动使用的净现金为（€5.8）百万；
投资活动提供的净现金为€3.5 百万，其中包括来自北卡罗来纳州高点市一处物业出售的€7.5 百万收益，以及来自罗马尼亚一块土地出售的€2.4 百万收益；
融资活动使用的净现金为（€1.5）百万；
汇率变动对现金的影响为（€0.5）百万；
来自可随时偿还的银行透支增加的净现金为€2.1 百万。

As of September 30, 2025, we had a net financial position before lease liabilities (cash and cash equivalents minus long-term borrowings minus bank overdraft and short-term borrowings minus current portion of long-term borrowings) of (€32.2) million, compared to (€21.7) million as of December 31, 2024, indicating a deterioration of €10.5 million in the period.

截至2025年9月30日，我们在租赁负债之前的净财务状况（现金及现金等价物减去长期借款减去银行透支和短期借款减去长期借款的当前部分）为（€32.2）百万，较2024年12月31日的（€21.7）百万恶化了€10.5 百万。

******


Natuzzi S.p.A. and Subsidiaries
Unaudited consolidated statement of profit or loss for the third quarter of 2025 and 2024
on the basis of IFRS-IAS (expressed in millions Euro, except as otherwise indicated)

	Third quarter ended on		Change		Percentage of revenue
	30-Sep-25		30-Sep-24		%	30-Sep-25		30-Sep-24
Revenue	74.4			75.0		-0.8	%		100.0	%		100.0	%
Cost of Sales	(47.6	)		(51.1	)	-6.8	%		-64.0	%		-68.2	%
Gross profit	26.8			23.9		12.1	%		36.0	%		31.8	%
Other income	1.8			1.3				2.4	%		1.8	%
Selling expenses	(21.0	)		(20.2	)	3.8	%		-28.2	%		-27.0	%
Administrative expenses	(9.2	)		(8.5	)	8.6	%		-12.4	%		-11.3	%
Impairment on trade receivables	(0.0	)		(0.3	)			0.0	%		-0.4	%
Other expenses	(0.0	)		0.0				0.0	%		0.1	%
Operating profit/(loss)	(1.7	)		(3.8	)			-2.4	%		-5.0	%
Finance income	0.1			0.2				0.2	%		0.3	%
Finance costs	(2.2	)		(2.4	)			-3.0	%		-3.1	%
Net exchange rate gains/(losses)	(0.3	)		(1.1	)			-0.5	%		-1.5	%
Net finance income/(costs)	(2.4	)		(3.3	)			-3.3	%		-4.4	%
Share of profit/(loss) of equity-method investees	(0.1	)		(0.0	)			-0.2	%		0.0	%
Profit/(Loss) before tax	(4.3	)		(7.1	)			-5.8	%		-9.4	%
Income tax expense/(benefit)	(0.8	)		(0.3	)			-1.0	%		-0.4	%
Profit/(Loss) for the period	(5.1	)		(7.4	)			-6.8	%		-9.9	%
Profit/(Loss) attributable to:
Owners of the Company	(5.3	)		(7.7	)
Non-controlling interests	0.2			0.3


Natuzzi S.p.A.及其子公司
2025 年和 2024 年第三季度未经审计的合并损益表
基于 IFRS-IAS（以百万欧元表示，除非另有说明）

	截至第三季度		变动		收入百分比
	30-九月-25		30-九月-24		%	30-九月-25		30-九月-24
收入	74.4			75.0		-0.8	%		100.0	%		100.0	%
销售成本	(47.6	)		(51.1	)	-6.8	%		-64.0	%		-68.2	%
毛利润	26.8			23.9		12.1	%		36.0	%		31.8	%
其他收入	1.8			1.3				2.4	%		1.8	%
销售费用	(21.0	)		(20.2	)	3.8	%		-28.2	%		-27.0	%
管理费用	(9.2	)		(8.5	)	8.6	%		-12.4	%		-11.3	%
应收账款减值	(0.0	)		(0.3	)			0.0	%		-0.4	%
其他费用	(0.0	)		0.0				0.0	%		0.1	%
营业利润/(亏损)	(1.7	)		(3.8	)			-2.4	%		-5.0	%
财务收入	0.1			0.2				0.2	%		0.3	%
财务费用	(2.2	)		(2.4	)			-3.0	%		-3.1	%
汇率净收益/(损失)	(0.3	)		(1.1	)			-0.5	%		-1.5	%
净财务收入/(费用)	(2.4	)		(3.3	)			-3.3	%		-4.4	%
权益法投资收益/(亏损)	(0.1	)		(0.0	)			-0.2	%		0.0	%
税前利润/(亏损)	(4.3	)		(7.1	)			-5.8	%		-9.4	%
所得税费用/(收益)	(0.8	)		(0.3	)			-1.0	%		-0.4	%
本期利润/(亏损)	(5.1	)		(7.4	)			-6.8	%		-9.9	%
归属于：
公司所有者	(5.3	)		(7.7	)
非控股权益	0.2			0.3


Natuzzi S.p.A. and Subsidiaries
Unaudited consolidated statement of profit or loss for the nine months of 2025 and 2024
on the basis of IFRS-IAS (expressed in millions Euro, except as otherwise indicated)

	Nine months ended on		Change		Percentage of revenue
	30-Sep-25		30-Sep-24		%	30-Sep-25		30-Sep-24
Revenue	230.7			243.9		-5.4	%		100.0	%		100.0	%
Cost of Sales	(150.7	)		(156.7	)	-3.8	%		-65.3	%		-64.2	%
Gross profit	80.0			87.2		-8.2	%		34.7	%		35.8	%
Other income	8.4			3.8				3.6	%		1.6	%
Selling expenses	(64.0	)		(67.2	)	-4.8	%		-27.7	%		-27.6	%
Administrative expenses	(29.2	)		(27.0	)	8.2	%		-12.6	%		-11.1	%
Impairment on trade receivables	(0.1	)		(0.3	)			0.0	%		-0.1	%
Other expenses	(0.4	)		(0.1	)			-0.2	%		0.0	%
Operating profit/(loss)	(5.2	)		(3.6	)			-2.3	%		-1.5	%
Finance income	0.4			0.6				0.2	%		0.2	%
Finance costs	(6.7	)		(7.3	)			-2.9	%		-3.0	%
Net exchange rate gains/(losses)	(2.2	)		(0.7	)			-1.0	%		-0.3	%
Net finance income/(costs)	(8.6	)		(7.5	)			-3.7	%		-3.1	%
Share of profit/(loss) of equity-method investees	(0.2	)		0.1				-0.1	%		0.0	%
Profit/(Loss) before tax	(14.0	)		(11.0	)			-6.1	%		-4.5	%
Income tax expense/(benefit)	(1.0	)		(0.5	)			-0.4	%		-0.2	%
Profit/(Loss) for the period	(15.1	)		(11.5	)			-6.5	%		-4.7	%
Profit/(Loss) attributable to:
Owners of the Company	(15.4	)		(11.9	)
Non-controlling interests	0.3			0.4


Natuzzi S.p.A.及其子公司
2025 年和 2024 年九个月未经审计的合并损益表
基于 IFRS-IAS（以百万欧元表示，除非另有说明）

	截至九个月		变动		收入百分比
	2025年9月30日		2024年9月30日		%	2025年9月30日		2024年9月30日
收入	230.7			243.9		-5.4	%		100.0	%		100.0	%
销售成本	(150.7	)		(156.7	)	-3.8	%		-65.3	%		-64.2	%
毛利润	80.0			87.2		-8.2	%		34.7	%		35.8	%
其他收入	8.4			3.8				3.6	%		1.6	%
销售费用	(64.0	)		(67.2	)	-4.8	%		-27.7	%		-27.6	%
管理费用	(29.2	)		(27.0	)	8.2	%		-12.6	%		-11.1	%
应收账款减值	(0.1	)		(0.3	)			0.0	%		-0.1	%
其他费用	(0.4	)		(0.1	)			-0.2	%		0.0	%
营业利润/(亏损)	(5.2	)		(3.6	)			-2.3	%		-1.5	%
财务收入	0.4			0.6				0.2	%		0.2	%
财务费用	(6.7	)		(7.3	)			-2.9	%		-3.0	%
净汇率收益/(损失)	(2.2	)		(0.7	)			-1.0	%		-0.3	%
净财务收入/(费用)	(8.6	)		(7.5	)			-3.7	%		-3.1	%
权益法投资收益/(损失)	(0.2	)		0.1				-0.1	%		0.0	%
税前利润/(亏损)	(14.0	)		(11.0	)			-6.1	%		-4.5	%
所得税费用/(收益)	(1.0	)		(0.5	)			-0.4	%		-0.2	%
本期利润/(亏损)	(15.1	)		(11.5	)			-6.5	%		-4.7	%
归属于：
公司所有者	(15.4	)		(11.9	)
非控股权益	0.3			0.4


Natuzzi S.p.A. and Subsidiaries
Unaudited consolidated statements of financial position (condensed) on the basis of IFRS-IAS (Expressed in millions of Euro)
	30-Sep-25	31-Dec-24
ASSETS
Non-current assets	161.5	175.6
Current assets	126.7	143.4
TOTAL ASSETS	288.2	319.0

EQUITY AND LIABILITIES
Equity attributable to Owners of the Company	35.4	54.0
Non-controlling interests	3.9	4.2
Non-current liabilities	95.0	102.5
Current liabilities	153.9	158.3
TOTAL EQUITY AND LIABILITIES	288.2	319.0


Natuzzi S.p.A.及其子公司
未经审计的合并财务状况表（简明）基于 IFRS-IAS (以百万欧元表示)
	2025年9月30日	2024年12月31日
资产
非流动资产	161.5	175.6
流动资产	126.7	143.4
资产总计	288.2	319.0

权益和负债
归属于公司所有者的权益	35.4	54.0
非控股权益	3.9	4.2
非流动负债	95.0	102.5
流动负债	153.9	158.3
权益和负债总计	288.2	319.0


Natuzzi S.p.A. and Subsidiaries
Reconciliations between Net Financial Position and the most directly comparable measures under IFRS (Expressed in millions of Euro)
	30-Sep-25		31-Dec-24
Cash and cash equivalents	18.1			20.3
Less:
Bank overdrafts and short-term borrowings	28.9			23.3
Current portion of long-term borrowings	5.6			4.5
Long-term borrowings	15.9			14.2
Net Financial Position before lease liabilities	(32.2	)		(21.7	)


Natuzzi S.p.A.及其子公司
净财务状况与 IFRS 下最直接可比指标的调节 (以百万欧元表示)
	2025年9月30日		2024年12月31日
现金及现金等价物	18.1			20.3
减：
银行透支和短期借款	28.9			23.3
长期借款的流动部分	5.6			4.5
长期借款	15.9			14.2
租赁负债前的净财务状况	(32.2	)		(21.7	)


Natuzzi S.p.A. and Subsidiaries
Unaudited consolidated statements of cash flows (condensed)
(Expressed in millions of Euro)	30-Sep-25		31-Dec-24

Net cash provided by (used in) operating activities	(5.8	)		1.7
Net cash provided by (used in) investing activities	3.5			(4.3	)
Net cash provided by (used in) financing activities	(1.5	)		(12.8	)
Increase (decrease) in cash and cash equivalents	(3.7	)		(15.4	)
Cash and cash equivalents, beginning of the year	17.0			31.6
Effect of movements in exchange rates on cash held	(0.5	)		0.8
Cash and cash equivalents, end of the period	12.7			17.0

For the purpose of the statements of cash flow, cash and cash equivalents comprise the following:
(Expressed in millions of Euro)	30-Sep-25		31-Dec-24
Cash and cash equivalents in the statement of financial position	18.1			20.3
Bank overdrafts repayable on demand	(5.4	)		(3.3	)
Cash and cash equivalents in the statement of cash flows	12.7			17.0


Natuzzi S.p.A.及其子公司
未经审计的合并现金流量表（简明）
(以百万欧元表示)	2025年9月30日		2024年12月31日

经营活动提供的（使用的）净现金	(5.8	)		1.7
投资活动提供的（使用的）净现金	3.5			(4.3	)
融资活动提供的（使用的）净现金	(1.5	)		(12.8	)
现金及现金等价物的增加（减少）	(3.7	)		(15.4	)
年初现金及现金等价物	17.0			31.6
汇率变动对持有现金的影响	(0.5	)		0.8
期末现金及现金等价物	12.7			17.0

根据现金流量表，现金及现金等价物包括以下内容：
(以百万欧元表示)	2025年9月30日		2024年12月31日
财务状况表中的现金及现金等价物	18.1			20.3
可随时偿还的银行透支	(5.4	)		(3.3	)
现金流量表中的现金及现金等价物	12.7			17.0

**********

CONFERENCE CALL

电话会议

The Company will host a conference call on Wednesday, December 17, 2025, at 10:00 a.m. U.S. Eastern time (4.00 p.m. Italy time) to discuss financial information.

公司将于 2025年12月17日（星期三） 上午 10:00（美国东部时间）（意大利时间下午 4:00）召开电话会议，讨论财务信息。

To join live the conference call, interested persons will need to either:

要参加电话会议，感兴趣的人员需要：

dial-in the following number:

拨打以下号码：

Toll/International: +1-412-717-9633, then passcode 39252103#,

国际电话/长途电话：+1-412-717-9633，然后输入密码 39252103#，

or 2. click on the following link: https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ to join via video. Participants also have the option to listen via phone after registering to the link.

或 2. 点击以下链接：https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ 通过视频加入。参与者在注册链接后也可以选择通过电话收听。

**********

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any such securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

本新闻稿不构成出售证券的要约或购买证券的要约邀请，并且在任何法律规定该要约、邀请或销售在注册或资格之前是非法的司法管辖区内不构成要约、邀请或销售。任何此类证券未根据 1933 年美国证券法注册，且在未注册或适用的注册豁免的情况下不得在美国提供或出售。

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

关于前瞻性声明的警示性声明

Certain statements included in this press release constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements involve inherent risks and uncertainties, as well as other factors that may be beyond our control. The Company cautions readers that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to: effects on the Group from competition with other furniture producers, material changes in consumer demand or preferences, significant economic developments in the Group’s primary markets, the Group’s execution of its reorganization plans for its manufacturing facilities, significant changes in labor, material and other costs affecting the construction of new plants, significant changes in the costs of principal raw materials and in energy costs, significant exchange rate movements or changes in the Group’s legal and regulatory environment, including developments related to the Italian Government’s investment incentive or similar programs, the duration, severity and geographic spread of any public health outbreaks (including the spread of any future epidemic), consumer demand, our supply chain and the Company’s financial condition, business operations and liquidity, the geopolitical tensions and market uncertainties resulting from the ongoing armed conflict between Russia and Ukraine, the Israel-Hamas war and other conflicts in the Middle East, the inflationary environment and potential increases in interest rates and energy prices, as well as protectionist trade policies, tariffs and related retaliatory measures. The Company cautions readers that the foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and events. Additional information about potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 20-F. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release.

本新闻稿中包含的某些声明构成根据 1933 年证券法第 27A 条和 1934 年证券交易法第 21E 条的安全港条款的前瞻性声明。这些声明可能以多种方式表达，包括使用未来或现在时的语言。诸如 “估计”、“预测”、“项目”、“预期”、“可能”、“目标”、“期望”、“打算”、“继续”、“寻求”、“相信”、“计划”、“目标”、“可以”、“应该”、“将”、“可能”、“会”、“战略”、“协同效应”、“机会”、“趋势”、“雄心”、“目标”、“旨在”、“未来”、“潜在”、“展望” 等词语及类似含义的词语可能表示前瞻性声明。这些声明涉及固有的风险和不确定性，以及可能超出我们控制的其他因素。公司提醒读者，许多重要因素可能导致实际结果与任何前瞻性声明中包含的结果存在重大差异。这些因素包括但不限于：与其他家具生产商的竞争对集团的影响、消费者需求或偏好的重大变化、集团主要市场的重大经济发展、集团对其制造设施重组计划的执行、影响新工厂建设的劳动力、材料和其他成本的重大变化、主要原材料和能源成本的重大变化、汇率的重大波动或集团法律和监管环境的变化，包括与意大利政府的投资激励或类似计划相关的发展、任何公共卫生疫情（包括未来疫情的传播）的持续时间、严重程度和地理传播、消费者需求、我们的供应链以及公司的财务状况、业务运营和流动性、由于俄罗斯与乌克兰之间持续的武装冲突、以色列 - 哈马斯战争和中东其他冲突所导致的地缘政治紧张局势和市场不确定性、通货膨胀环境以及潜在的利率和能源价格上涨，以及保护主义贸易政策、关税和相关的报复措施。公司提醒读者，以上重要因素的清单并不详尽。在依赖前瞻性声明做出与公司相关的决策时，投资者和其他人应仔细考虑上述因素以及其他不确定性和事件。有关可能影响公司业务和财务结果的潜在因素的更多信息包含在公司向美国证券交易委员会提交的文件中，包括公司最近的 20-F 表年度报告。公司没有义务在本新闻稿日期之后更新任何前瞻性声明。

Use of non-GAAP Measures

非公认会计原则指标的使用

This press release discusses Net Financial Position, which is a non-IFRS measure used by management internally and constitutes a non-GAAP financial measure defined in accordance with US Securities and Exchange Commission rules and regulations. We believe that Net Financial Position provides useful and relevant information regarding our performance and our ability to assess our financial performance and financial position. Reconciliations between Net Financial Position and the most directly comparable measures under IFRS is provided in this press release.

本新闻稿讨论了净财务状况，这是管理层内部使用的非国际财务报告准则（IFRS）指标，并构成根据美国证券交易委员会的规则和法规定义的非公认会计原则（GAAP）财务指标。我们认为，净财务状况提供了有关我们业绩和评估我们财务表现及财务状况的有用和相关的信息。净财务状况与国际财务报告准则下最直接可比指标之间的调节在本新闻稿中提供。

About Natuzzi S.p.A.

关于 Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture. As of September 30, 2025, Natuzzi distributes its collections worldwide through a global retail network of 577 monobrand stores in addition to galleries. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC® Chain of Custody, CoC (FSC-C131540).

Natuzzi S.p.A.成立于 1959 年，由 Pasquale Natuzzi 创立，是设计和奢侈家具生产和分销领域最知名的品牌之一。截至2025年9月30日，Natuzzi 通过 577 家单品牌商店和画廊的全球零售网络在全球分销其系列产品。Natuzzi 产品蕴含了意大利设计的精髓和 “意大利制造” 的独特工艺细节，其中大部分生产发生在意大利。自1993年5月13日起，Natuzzi 已在纽约证券交易所上市。Natuzzi S.p.A.致力于社会责任和环境可持续性，获得 ISO 9001 和 14001 认证（质量和环境）、ISO 45001 认证（工作场所安全）以及 FSC®链条管理，CoC（FSC-C131540）。

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Natuzzi Investor Relations

Natuzzi 投资者关系

Piero Direnzo | tel. +39 080-8820-812 | pdirenzo@natuzzi.com

Piero Direnzo | 电话：+39 080-8820-812 | pdirenzo@natuzzi.com

Natuzzi Corporate Communication

Natuzzi 企业传播

Giancarlo Renna (Communication Manager) | tel. +39. 342.3412261 | grenna@natuzzi.com

Giancarlo Renna（传播经理）| 电话：+39. 342.3412261 | grenna@natuzzi.com

Barbara Colapinto | tel. +39 331 6654275 | bcolapinto@natuzzi.com

Barbara Colapinto | 电话：+39 331 6654275 | bcolapinto@natuzzi.com

Source: Natuzzi S.p.A.

来源：Natuzzi S.p.A.

纳图兹公布 2025 年第三季度财务业绩 | Natuzzi SPA 股票新闻