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of Contents](#toc)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNatuzzi S.p.A.\n\nAnnual Report on Form 20-F\n\n2025\n\n \n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n \n\nFORM 20-F\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Fiscal Year Ended: December 31, 2025\n\nCommission file number: 001-11854\n\nNATUZZI S.p.A.\n\n(Exact name of Registrant as specified in its charter)\n\nRepublic of Italy\n\n(Jurisdiction of incorporation or organization)\n\nVia Iazzitiello 47, 70029, Santeramo in Colle, Bari, Italy\n\n(Address of principal executive offices)\n\n \n\nMr. Pietro Direnzo\n\nTel.: +39 080 8820 111; pdirenzo@natuzzi.com; Via Iazzitiello 47, 70029 Santeramo in Colle, Bari, Italy\n\n(Name, telephone, e-mail and/or facsimile number and address of company contact person)\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol\n\n \n\nName of each exchange on which registered\n\nAmerican Depositary Shares, each representing five Ordinary Shares\n\n \n\nNTZ\n\n \n\nNew York Stock Exchange\n\nOrdinary Shares, with a par value of €1.00 each*\n\n \n\n \n\n \n\nNew York Stock Exchange*\n\n \n\n*Not for trading, but only in connection with registration of American Depositary Shares\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\nNone\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\nNone\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:\n\nAs of December 31, 2025: 55,073,045 Ordinary Shares\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\nYes ☐ No ☒\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.\n\nYes ☐ No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☐\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (§ 15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\nU.S. GAAP ☐ International Financial Reporting Standards as issued ☒ Other ☐\n\nby the International Accounting Standards Board\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.\n\n☐ Item 17 ☐ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes ☐ No ☒\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n \n\nPage\n\n[PART I](#part_i)\n\n3\n\n[ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#item_1_identity_directors_senior_managem)\n\n3\n\n[ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#item_2_fer_statistics_expected_timetable)\n\n3\n\n[ITEM 3. KEY INFORMATION](#item_3_key_information)\n\n3\n\n \n\n[Risk Factors](#risk_factors)\n\n3\n\n[ITEM 4. INFORMATION ON THE COMPANY](#item_4_information_on_company)\n\n16\n\n \n\n[Business Overview](#business_overview)\n\n16\n\n \n\n[Organizational Structure](#organizational_structure)\n\n17\n\n \n\n[Strategy](#strategy)\n\n18\n\n \n\n[Manufacturing](#manufacturing)\n\n23\n\n \n\n[Supply-Chain Management](#supplychain_management)\n\n25\n\n \n\n[Products](#products)\n\n26\n\n \n\n[Innovation](#innovation)\n\n27\n\n \n\n[Advertising](#advertising)\n\n29\n\n \n\n[Retail Development](#retail_development)\n\n30\n\n \n\n[Markets](#markets)\n\n30\n\n \n\n[Customer Credit Management](#customer_credit_management)\n\n34\n\n \n\n[Incentive Programs and Tax Benefits](#incentive_programs_tax_benefits)\n\n35\n\n \n\n[Management of Exchange Rate Risk](#management_exchange_rate_risk)\n\n36\n\n \n\n[Trademarks and Patents](#trademarks_patents)\n\n36\n\n \n\n[Regulation](#regulation)\n\n37\n\n \n\n[Environmental Regulatory Compliance](#environmental_regulatory_compliance)\n\n37\n\n \n\n[Insurance](#insurance)\n\n37\n\n \n\n[Description of Properties](#description_properties)\n\n38\n\n \n\n[Capital Expenditures](#capital_expenditures)\n\n38\n\n[ITEM 4A. UNRESOLVED STAFF COMMENTS](#item_4a_unresolved_staff_comments)\n\n38\n\n[ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#item_5_operating_financial_review_prospe)\n\n39\n\n \n\n[Non-GAAP Financial Measures](#nongaap_financial_measures)\n\n39\n\n \n\n[Results of Operations](#results_operations)\n\n40\n\n \n\n[2025 Compared to 2024](#cy_compared_to_py)\n\n41\n\n \n\n[2024 Compared to 2023](#py_compared_to_pyminus1)\n\n45\n\n \n\n[Liquidity and Capital Resources](#liquidity_capital_resources)\n\n45\n\n \n\n[Research and Development](#research_and_development)\n\n49\n\n \n\n[Trend information](#trend_information)\n\n49\n\n \n\n[Critical Accounting Estimates](#critical_accounting_estimates)\n\n51\n\n \n\n[New Accounting Standards under IFRS](#new_accounting_stards_under_ifrs)\n\n53\n\n[ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#item_6_directors_senior_management_emplo)\n\n55\n\n \n\n[Compensation of Directors and Officers](#compensation_directors_ficers)\n\n58\n\n \n\n[Statutory Auditors](#statutory_auditors)\n\n59\n\n \n\n[Employees](#employees)\n\n60\n\n \n\n[Share Ownership](#share_ownership)\n\n60\n\n \n\n[Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation](#disclosure_of_a_registrants_action)\n\n61\n\n[ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#item_7_major_shareholders_related_party_)\n\n62\n\n \n\n[Major Shareholders](#major_shareholders)\n\n62\n\n \n\n[Related Party Transactions](#related_party_transactions2)\n\n63\n\n[ITEM 8. FINANCIAL INFORMATION](#item_8_financial_information)\n\n64\n\n \n\n[Consolidated Financial Statements](#consolidated_financial_statements)\n\n64\n\n \n\n[Export Sales](#export_sales)\n\n64\n\n \n\n[Legal and Governmental Proceedings](#legal_governmental_proceedings)\n\n64\n\n \n\n[Dividends](#dividends)\n\n64\n\n[ITEM 9. THE OFFER AND LISTING](#item_9_fer_listing)\n\n65\n\n \n\n[Trading Markets](#trading_markets)\n\n65\n\n \n\n \n\n \n\n \n\ni\n\n[Table of Contents](#toc)\n\n \n\n[ITEM 10. ADDITIONAL INFORMATION](#item_10_additional_information)\n\n66\n\n \n\n[By-laws](#bylaws)\n\n66\n\n \n\n[Material Contracts](#material_contracts)\n\n71\n\n \n\n[Exchange Controls](#exchange_controls)\n\n72\n\n \n\n[Taxation](#taxation)\n\n73\n\n \n\n[Documents on Display](#documents_on_display)\n\n78\n\n[ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#item_11_quantitative_qualitative_disclos)\n\n79\n\n[ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#item_12_description_securities_or_than_e)\n\n81\n\n[ITEM 12A. DEBT SECURITIES](#item_12a_debt_securities)\n\n81\n\n[ITEM 12B. WARRANTS AND RIGHTS](#item_12b_warrants_rights)\n\n81\n\n[ITEM 12C. OTHER SECURITIES](#item_12c_or_securities)\n\n81\n\n[ITEM 12D. AMERICAN DEPOSITARY SHARES](#item_12d_american_depositary_shares)\n\n81\n\n \n\n \n\n[PART II](#part_ii)\n\n83\n\n[ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#item_13_defaults_dividend_arrearages_del)\n\n83\n\n[ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#item_14_material_modifications_to_rights)\n\n83\n\n[ITEM 15. CONTROLS AND PROCEDURES](#item_15_controls_procedures)\n\n83\n\n[ITEM 16. [RESERVED]](#item_16_reserved)\n\n84\n\n[ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT](#item_16a_audit_committee_financial_exper)\n\n84\n\n[ITEM 16B. CODE OF ETHICS](#item_16b_code_ethics)\n\n84\n\n[ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#item_16c_principal_accountant_fees_servi)\n\n84\n\n[ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#item_16d_exemptions_from_listing_stards_)\n\n84\n\n[ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#item_16e_purchases_equity_securities_by_)\n\n85\n\n[ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#item_16f_change_in_registrants_certifyin)\n\n85\n\n[ITEM 16G. CORPORATE GOVERNANCE](#item_16g_corporate_governance)\n\n85\n\n[ITEM 16H. MINE SAFETY DISCLOSURE](#item_16h_mine_safety_disclosure)\n\n88\n\n[ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#item_16_i)\n\n88\n\n[ITEM 16J. INSIDER TRADING POLICIES](#item_16_j_insider_trading)\n\n88\n\n[ITEM 16K. CYBERSECURITY](#item_16k_cybersecurity)\n\n88\n\n \n\n \n\n[PART III](#part_iii)\n\n91\n\n[ITEM 17. FINANCIAL STATEMENTS](#item_17_financial_statements)\n\n91\n\n[ITEM 18. FINANCIAL STATEMENTS](#item_18_financial_statements)\n\n91"}