3Q 2025: Highlights

2025 年第三季度：亮點

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.

總淨銷售額為 7440 萬歐元，比 2024 年第三季度的 7500 萬歐元下降 0.8%。
毛利率為 36.0%，相比 2024 年第三季度的 31.8%，後者受到 3.9% 裁員相關成本的影響。
經營虧損為 170 萬歐元，而 2024 年第三季度的經營虧損為 380 萬歐元。
淨財務費用為 240 萬歐元，而 2024 年第三季度的淨財務費用為 330 萬歐元。
本期虧損為 510 萬歐元，而 2024 年第三季度的虧損為 740 萬歐元。
召開股東大會以根據意大利民法第 2446 條採取適當措施，“因虧損導致的股本名義減少”。
截至2025年9月30日，我們持有 1810 萬歐元現金，低於2024年12月31日的 2030 萬歐元。現金可用性包括 990 萬歐元來自於處置兩項非戰略資產的收益，即在羅馬尼亞出售一塊土地，以及在高點出售一棟建築。
公司繼續積極尋求首席執行官以領導重組工作。
由於消費者信心持續普遍疲軟以及美國政府的貿易關税，門店客流量和書面訂單仍低於預期。這可能會繼續對我們的經營結果產生不利影響。

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--（商業新聞）--Natuzzi S.p.A.（紐約證券交易所代碼：NTZ）（“我們”、“Natuzzi” 或 “公司”，以及其子公司統稱為 “集團”），是設計和奢侈傢俱生產與分銷領域最知名的品牌之一，今天發佈了截至2025年9月30日的第三季度和九個月的未經審計財務信息。

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.

集團董事長兼首席執行官 Pasquale Natuzzi 評論道：“商業環境依然極具挑戰性，持續的地緣政治不確定性和宏觀經濟逆風繼續抑制消費者需求，從而影響銷售。

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，我要強調毛利率提高了 4.1%，超過了年初前兩個季度的水平，這主要得益於更高毛利的銷售組合和我們中國業務的規模調整帶來的節省。然而，毛利率的擴張仍受到較高的工業勞動力成本的限制。

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，目前的毛利水平無法有效吸收銷售和管理費用。雖然整體工資和運輸成本在此期間有所下降，但我們意識到與收入規模相比，它們仍然過高。因此，管理層面臨的挑戰是增加銷售並優化集團層面的成本結構。

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.

充分意識到這些挑戰，管理層正在與公司的董事會和意大利政府機構進行討論，以解決公司特定問題，旨在恢復集團的效率和盈利能力。我們目前正在制定重組計劃的細節，其初步指導方針包括大幅減少固定成本、提高生產能力的靈活性、剝離某些非戰略意大利資產，以及外包部分低附加值活動。在這方面，管理層最近收到了對其一項非戰略資產的有約束力的出售報價。

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.

與此同時，我們繼續投資於產品創新、設計和營銷，以提升客户體驗並推動新的商業機會，包括通過貿易與合同部門。公司堅定致力於開發新項目和系列，並參與促銷活動——包括國際貿易展覽和設計展、Natuzzi 大會以及與房地產開發商和設計師的針對性舉措——以鞏固 Natuzzi 品牌的定位並支持商業表現。

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.”

最後，尋找新首席執行官的工作正在推進。我們正在仔細評估一份候選人名單，以便能夠在重組階段領導公司，目標是實現長期可持續發展。如果有任何重大進展，我們將及時通知市場。”

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

召開股東大會以根據意大利民法第 2446 條採取適當措施。

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日的前三個季度和第三季度的未經審計財務報表後，董事會已確認公司在本季度錄得 510 萬歐元的虧損，導致股本減少超過三分之一，從而觸發意大利民法第 2446 條規定的義務。

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 條適用於意大利股份公司（società per azioni）-規定股本名義減少以反映記錄的虧損，並要求董事會迅速召開股東大會以採取適當措施。

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.

這種股本減少本質上是一種會計調整，使股本的名義價值與其實際當前價值相一致。截至本新聞稿發佈之日，公司仍符合所有上市要求。公司繼續正常運營，股本減少預計不會阻止公司繼續努力實現其目標以及推進其重組計劃的實施。

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.

根據這些規定，董事會決定召開公司的普通股東大會，以考慮和投票通過根據意大利民法第 2446 條第 1 款的措施及任何相關和後續決議。

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，包括董事會關於公司財務狀況的報告和法定審計委員會的意見，將在會議前至少八天在公司的註冊辦公室提供，符合適用規定。

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2025 - THIRD QUARTER

2025 - 第三季度

CONSOLIDATED REVENUE

合併收入

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 年第三季度的合併收入為 7440 萬歐元，較 2024 年第三季度的 7500 萬歐元有所下降。本季度的表現仍受到持續的宏觀經濟、地緣政治和行業特定挑戰的影響，這些因素繼續抑制消費者的消費能力並延遲耐用消費品的購買。這導致訂單接收低於預期，也影響了 2025 年第三季度的開票銷售。

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

軟體傢俱及其他家居產品的銷售額為 7250 萬歐元，較 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.

軟體傢俱及其他家居產品的收入將根據集團業務的主要維度進行描述：i) 品牌/非品牌業務；ii) 主要市場；iii) 分銷。

I) BRANDED/UNBRANDED BUSINESS

I) 品牌/非品牌業務

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.

集團在品牌業務（包括 Natuzzi Italia、Natuzzi Editions 和 Divani&Divani by Natuzzi）和非品牌業務中運營，後者的系列產品專門面向大規模分銷。

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開票銷售中的貢獻：


	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	增減 €	增減 %
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%)
總計	72.5	73.4	(0.9)	(1.2%)
數字以百萬歐元計，百分比除外。

II) KEY MARKETS

II) 主要市場

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 年第三季度軟體傢俱和家居用品開票銷售的地區細分，與 2024 年第三季度相比，按地理區域劃分。


	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	增減 €	增減 %
北美	25.2	24.1	1.1	4.7%
大中華區	4.9	6.8	(1.9)	(28.3%)
西歐和南歐	22.7	22.1	0.6	2.9%
新興市場	9.0	9.4	(0.4)	(4.8%)
世界其他地區*	10.7	11.0	(0.3)	(2.7%)
總計	72.5	73.4	(0.9)	(1.2%)
數字以百萬歐元計，百分比除外。
* 包括南美和中美洲，亞太地區其他地區。

III) DISTRIBUTION

III) 分銷

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

在 2025 年第三季度，集團在 103 個國家分銷其品牌系列，具體見下表。


	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.


	直營零售	FOS**	零售店總數
（2025年9月30日）
北美	22(1)	11	33
大中華區	14(2)	237	251
西歐和南歐	28	96	124
新興市場	─	76	76
世界其他地區*	4	89	93
總計	68	509	577
(1) 包括在美國與當地合作伙伴共同管理的 3 家直營店（DOS）。由於 Natuzzi 集團對這些 DOS 並不完全控制，因此我們僅合併這些 DOS 的銷售收入。
(2) 所有由我們在中國的合資企業直接運營。由於 Natuzzi 集團在合資企業中持有 49% 的股份並不控制它，因此我們僅合併這些 DOS 的銷售收入。
* 包括南美和中美洲，亞太地區其他地區。
** FOS = 由獨立合作伙伴管理的特許經營店。

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 年第三季度軟體傢俱和家居用品開票銷售的渠道細分，與 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	增減 €	增減 %
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	不適用
批發畫廊	16.8	20.0	(3.2)	(15.5%)
批發（自由市場）	4.8	6.3	(1.5)	(23.8%)
總計	72.5	73.4	(0.9)	(1.2%)
數字以百萬歐元計，百分比除外。
不適用 = 不具意義

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.

毛利率為 36.0%，相比 2024 年第三季度的 31.8% 有所上升，後者包括去年計提的 3.9% 的裁員相關費用。

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.

管理層實施的價格調整和銷售組合的改善——高利潤率的 Natuzzi Italia 產品銷售增加——使集團能夠保護毛利率。

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，工業勞動力成本總計為 1540 萬歐元，佔收入的 20.7%，相比 2024 年第三季度的 1730 萬歐元，佔收入的 23.0%。去年，工業勞動力成本包括在中國的 290 萬歐元裁員相關費用。

“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.

“其他工業成本” 為 370 萬歐元，較 2024 年第三季度的 500 萬歐元有所下降，主要是由於去年完成的上海業務關閉。

OPERATING EXPENSES

營業費用

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，營業費用（包括銷售費用、管理費用、其他營業收入/費用和應收賬款減值）總計為 2850 萬歐元，佔收入的 38.3%，相比 2024 年第三季度的 2760 萬歐元，佔收入的 36.9%。

Within Selling Expenses, salaries decreased by €0.5 million.

在銷售費用中，薪資減少了 50 萬歐元。

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.

貿易費用為（€2.1）百萬，較 2024 年第三季度的（€1.3）百萬有所增加。公司已實施價格清單調整以抵消貿易費用的增加。

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

運輸成本為（€5.6）百萬，較 2024 年第三季度的（€6.4）百萬有所下降。

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，公司受益於與商業費用相關的€1.0 百萬的非常規收入，而在 2025 年第三季度這些收入並不顯著。

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.

在管理費用中，我們報告了與重組計劃相關的諮詢費用增加了€0.4 百萬，以及不可抵扣和間接税增加了€0.2 百萬。

NET FINANCE INCOME/(COSTS)

淨財務收入/(費用)

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.

淨財務費用為（€2.4）百萬，較 2024 年第三季度的淨財務費用總額（€3.3）百萬有所減少，主要是由於貿易應收賬款和應付賬款的有利匯率變動。

CASH FLOW AND BALANCE SHEET

現金流和資產負債表

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，我們持有現金€18.1 百萬，較2024年12月31日的€20.3 百萬有所減少。期間現金差異的原因如下：

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.

經營活動使用的淨現金為（€5.8）百萬；
投資活動提供的淨現金為€3.5 百萬，其中包括來自北卡羅來納州高點市一處物業出售的€7.5 百萬收益，以及來自羅馬尼亞一塊土地出售的€2.4 百萬收益；
融資活動使用的淨現金為（€1.5）百萬；
匯率變動對現金的影響為（€0.5）百萬；
來自可隨時償還的銀行透支增加的淨現金為€2.1 百萬。

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，我們在租賃負債之前的淨財務狀況（現金及現金等價物減去長期借款減去銀行透支和短期借款減去長期借款的當前部分）為（€32.2）百萬，較2024年12月31日的（€21.7）百萬惡化了€10.5 百萬。

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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 年第三季度未經審計的合併損益表
基於 IFRS-IAS（以百萬歐元表示，除非另有説明）

	截至第三季度		變動		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	%
銷售成本	(47.6	)		(51.1	)	-6.8	%		-64.0	%		-68.2	%
毛利潤	26.8			23.9		12.1	%		36.0	%		31.8	%
其他收入	1.8			1.3				2.4	%		1.8	%
銷售費用	(21.0	)		(20.2	)	3.8	%		-28.2	%		-27.0	%
管理費用	(9.2	)		(8.5	)	8.6	%		-12.4	%		-11.3	%
應收賬款減值	(0.0	)		(0.3	)			0.0	%		-0.4	%
其他費用	(0.0	)		0.0				0.0	%		0.1	%
營業利潤/(虧損)	(1.7	)		(3.8	)			-2.4	%		-5.0	%
財務收入	0.1			0.2				0.2	%		0.3	%
財務費用	(2.2	)		(2.4	)			-3.0	%		-3.1	%
匯率淨收益/(損失)	(0.3	)		(1.1	)			-0.5	%		-1.5	%
淨財務收入/(費用)	(2.4	)		(3.3	)			-3.3	%		-4.4	%
權益法投資收益/(虧損)	(0.1	)		(0.0	)			-0.2	%		0.0	%
税前利潤/(虧損)	(4.3	)		(7.1	)			-5.8	%		-9.4	%
所得税費用/(收益)	(0.8	)		(0.3	)			-1.0	%		-0.4	%
本期利潤/(虧損)	(5.1	)		(7.4	)			-6.8	%		-9.9	%
歸屬於：
公司所有者	(5.3	)		(7.7	)
非控股權益	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 年九個月未經審計的合併損益表
基於 IFRS-IAS（以百萬歐元表示，除非另有説明）

	截至九個月		變動		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	%
銷售成本	(150.7	)		(156.7	)	-3.8	%		-65.3	%		-64.2	%
毛利潤	80.0			87.2		-8.2	%		34.7	%		35.8	%
其他收入	8.4			3.8				3.6	%		1.6	%
銷售費用	(64.0	)		(67.2	)	-4.8	%		-27.7	%		-27.6	%
管理費用	(29.2	)		(27.0	)	8.2	%		-12.6	%		-11.1	%
應收賬款減值	(0.1	)		(0.3	)			0.0	%		-0.1	%
其他費用	(0.4	)		(0.1	)			-0.2	%		0.0	%
營業利潤/(虧損)	(5.2	)		(3.6	)			-2.3	%		-1.5	%
財務收入	0.4			0.6				0.2	%		0.2	%
財務費用	(6.7	)		(7.3	)			-2.9	%		-3.0	%
淨匯率收益/(損失)	(2.2	)		(0.7	)			-1.0	%		-0.3	%
淨財務收入/(費用)	(8.6	)		(7.5	)			-3.7	%		-3.1	%
權益法投資收益/(損失)	(0.2	)		0.1				-0.1	%		0.0	%
税前利潤/(虧損)	(14.0	)		(11.0	)			-6.1	%		-4.5	%
所得税費用/(收益)	(1.0	)		(0.5	)			-0.4	%		-0.2	%
本期利潤/(虧損)	(15.1	)		(11.5	)			-6.5	%		-4.7	%
歸屬於：
公司所有者	(15.4	)		(11.9	)
非控股權益	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
未經審計的合併財務狀況表（簡明）基於 IFRS-IAS (以百萬歐元表示)
	2025年9月30日	2024年12月31日
資產
非流動資產	161.5	175.6
流動資產	126.7	143.4
資產總計	288.2	319.0

權益和負債
歸屬於公司所有者的權益	35.4	54.0
非控股權益	3.9	4.2
非流動負債	95.0	102.5
流動負債	153.9	158.3
權益和負債總計	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
淨財務狀況與 IFRS 下最直接可比指標的調節 (以百萬歐元表示)
	2025年9月30日		2024年12月31日
現金及現金等價物	18.1			20.3
減：
銀行透支和短期借款	28.9			23.3
長期借款的流動部分	5.6			4.5
長期借款	15.9			14.2
租賃負債前的淨財務狀況	(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
未經審計的合併現金流量表（簡明）
(以百萬歐元表示)	2025年9月30日		2024年12月31日

經營活動提供的（使用的）淨現金	(5.8	)		1.7
投資活動提供的（使用的）淨現金	3.5			(4.3	)
融資活動提供的（使用的）淨現金	(1.5	)		(12.8	)
現金及現金等價物的增加（減少）	(3.7	)		(15.4	)
年初現金及現金等價物	17.0			31.6
匯率變動對持有現金的影響	(0.5	)		0.8
期末現金及現金等價物	12.7			17.0

根據現金流量表，現金及現金等價物包括以下內容：
(以百萬歐元表示)	2025年9月30日		2024年12月31日
財務狀況表中的現金及現金等價物	18.1			20.3
可隨時償還的銀行透支	(5.4	)		(3.3	)
現金流量表中的現金及現金等價物	12.7			17.0

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CONFERENCE CALL

電話會議

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.

公司將於 2025年12月17日（星期三） 上午 10:00（美國東部時間）（意大利時間下午 4:00）召開電話會議，討論財務信息。

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

要參加電話會議，感興趣的人員需要：

dial-in the following number:

撥打以下號碼：

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

國際電話/長途電話：+1-412-717-9633，然後輸入密碼 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. 點擊以下鏈接：https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ 通過視頻加入。參與者在註冊鏈接後也可以選擇通過電話收聽。

**********

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.

本新聞稿不構成出售證券的要約或購買證券的要約邀請，並且在任何法律規定該要約、邀請或銷售在註冊或資格之前是非法的司法管轄區內不構成要約、邀請或銷售。任何此類證券未根據 1933 年美國證券法註冊，且在未註冊或適用的註冊豁免的情況下不得在美國提供或出售。

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

關於前瞻性聲明的警示性聲明

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.

本新聞稿中包含的某些聲明構成根據 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條的安全港條款的前瞻性聲明。這些聲明可能以多種方式表達，包括使用未來或現在時的語言。諸如 “估計”、“預測”、“項目”、“預期”、“可能”、“目標”、“期望”、“打算”、“繼續”、“尋求”、“相信”、“計劃”、“目標”、“可以”、“應該”、“將”、“可能”、“會”、“戰略”、“協同效應”、“機會”、“趨勢”、“雄心”、“目標”、“旨在”、“未來”、“潛在”、“展望” 等詞語及類似含義的詞語可能表示前瞻性聲明。這些聲明涉及固有的風險和不確定性，以及可能超出我們控制的其他因素。公司提醒讀者，許多重要因素可能導致實際結果與任何前瞻性聲明中包含的結果存在重大差異。這些因素包括但不限於：與其他傢俱生產商的競爭對集團的影響、消費者需求或偏好的重大變化、集團主要市場的重大經濟發展、集團對其製造設施重組計劃的執行、影響新工廠建設的勞動力、材料和其他成本的重大變化、主要原材料和能源成本的重大變化、匯率的重大波動或集團法律和監管環境的變化，包括與意大利政府的投資激勵或類似計劃相關的發展、任何公共衞生疫情（包括未來疫情的傳播）的持續時間、嚴重程度和地理傳播、消費者需求、我們的供應鏈以及公司的財務狀況、業務運營和流動性、由於俄羅斯與烏克蘭之間持續的武裝衝突、以色列 - 哈馬斯戰爭和中東其他衝突所導致的地緣政治緊張局勢和市場不確定性、通貨膨脹環境以及潛在的利率和能源價格上漲，以及保護主義貿易政策、關税和相關的報復措施。公司提醒讀者，以上重要因素的清單並不詳盡。在依賴前瞻性聲明做出與公司相關的決策時，投資者和其他人應仔細考慮上述因素以及其他不確定性和事件。有關可能影響公司業務和財務結果的潛在因素的更多信息包含在公司向美國證券交易委員會提交的文件中，包括公司最近的 20-F 表年度報告。公司沒有義務在本新聞稿日期之後更新任何前瞻性聲明。

Use of non-GAAP Measures

非公認會計原則指標的使用

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.

本新聞稿討論了淨財務狀況，這是管理層內部使用的非國際財務報告準則（IFRS）指標，並構成根據美國證券交易委員會的規則和法規定義的非公認會計原則（GAAP）財務指標。我們認為，淨財務狀況提供了有關我們業績和評估我們財務表現及財務狀況的有用和相關的信息。淨財務狀況與國際財務報告準則下最直接可比指標之間的調節在本新聞稿中提供。

About Natuzzi S.p.A.

關於 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.成立於 1959 年，由 Pasquale Natuzzi 創立，是設計和奢侈傢俱生產和分銷領域最知名的品牌之一。截至2025年9月30日，Natuzzi 通過 577 家單品牌商店和畫廊的全球零售網絡在全球分銷其系列產品。Natuzzi 產品藴含了意大利設計的精髓和 “意大利製造” 的獨特工藝細節，其中大部分生產發生在意大利。自1993年5月13日起，Natuzzi 已在紐約證券交易所上市。Natuzzi S.p.A.致力於社會責任和環境可持續性，獲得 ISO 9001 和 14001 認證（質量和環境）、ISO 45001 認證（工作場所安全）以及 FSC®鏈條管理，CoC（FSC-C131540）。

View source version on businesswire.com: https://www.businesswire.com/news/home/20251216911445/en/

在 businesswire.com 上查看源版本：https://www.businesswire.com/news/home/20251216911445/en/

Natuzzi Investor Relations

Natuzzi 投資者關係

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

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

Natuzzi Corporate Communication

Natuzzi 企業傳播

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

Giancarlo Renna（傳播經理）| 電話：+39. 342.3412261 | grenna@natuzzi.com

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

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

Source: Natuzzi S.p.A.

來源：Natuzzi S.p.A.

納圖茲公佈 2025 年第三季度財務業績 | Natuzzi SPA 股票新聞