{"url_path":"/sec/ntz/10-k/2026/item-8","section_key":"item-8","section_title":"Item 8 FINANCIAL INFORMATION","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/900391/0001193125-26-226962-index.html","accession_number":"0001193125-26-226962","cik":"0000900391","ticker":"NTZ","issuer_name":"NATUZZI S P A","edgar_url":"https://www.sec.gov/Archives/edgar/data/900391/0001193125-26-226962-index.html","primary_entity_key":"0000900391","primary_entity_name":"NATUZZI S P A"},"word_count":462,"has_tables":true,"body_markdown":"## ITEM 8. FINANCIAL INFORMATION\n\nConsolidated Financial Statements\n\nPlease refer to “Item 18. Financial Statements” of this Annual Report.\n\nExport Sales\n\nSales of upholstery products manufactured in Italy and sold outside Italy totaled €123.1 million in 2025, up 35.8% from €90.6 million in 2024, primarily due to the shift of production from the Group’s Chinese operations to Italy. See “Item 4. Information on the Company—Manufacturing.” This figure represents 47.2% of the Group’s 2025 net leather and fabric-upholstered furniture sales (33.2% in 2024).\n\nLegal and Governmental Proceedings\n\nThe Group is involved in legal and tax proceedings, including several minor claims and legal actions, arising in the ordinary course of business. The provision recorded against these claims is €3.3 million as of December 31, 2025 (€5.9 million as of December 31, 2024). See “Item 3. Key Information—Risk factors” and Note 26 to the Consolidated Financial Statements.\n\nApart from the proceedings described above, neither the Company nor any of its subsidiaries is a party to any legal or governmental proceeding that is pending or, to the Company’s knowledge, threatened or contemplated against the Company or any such subsidiary that, if determined adversely to the Company or any such subsidiary, would have a materially adverse effect, either individually or in the aggregate, on the business, financial condition or results of the Group’s operations.\n\nDividends\n\nSince the result attributable to the owners of the Company for the financial year ended December 31, 2025 was negative, the Company has decided not to distribute any dividend for the year ended December 31, 2025. The Group has also not paid dividends in any of the prior three fiscal years.\n\nThe payment of future dividends will depend on the Company’s earnings and financial condition, capital requirements, governmental regulations and policies and other factors. Accordingly, there can be no assurance that dividends in future years will be paid at a rate similar to dividends paid in past years or at all.\n\nDividends paid to owners of ADSs or Ordinary Shares who are U.S. residents qualifying under the Income Tax Convention will generally be subject to Italian withholding tax at a maximum rate of 15%, provided that certain certifications are given timely. As a result of changes to the foreign tax credit rules for taxable years beginning after December 28, 2021, any Italian income tax withheld from dividends on our ordinary shares or ADSs is unlikely to be treated as creditable unless U.S. owners are either eligible for and elect benefits under the current income tax convention between the United States and Italy (the “Income Tax Convention”) or consistently elect to apply a modified version of these rules under recently issued temporary guidance and comply with specific requirements set forth in such guidance. See “Item 10. Additional Information—Taxation—Taxation of Dividends.”\n\n64\n\n[Table of Contents](#toc)"}