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Natuzzi (NTZ) investor relations material
Natuzzi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Dec, 2025
Executive summary
Geopolitical instability and weak consumer confidence continue to impact business, with store foot traffic lagging in the US and Europe despite marketing investments.
Total net sales for 3Q 2025 were €74.4 million, down 0.8% year-over-year, reflecting ongoing macroeconomic and geopolitical challenges impacting consumer demand and sales.
Gross margin improved to 36.0% from 31.8% in 3Q 2024, driven by a more favorable sales mix, higher-margin branded product sales, and cost savings from Chinese operations.
Management is advancing a restructuring plan focused on cost reduction, asset divestitures, and operational flexibility, with ongoing discussions with the Italian government for strategic aid.
A shareholders' meeting has been called to address share capital reduction due to losses, as required by Italian law.
Financial highlights
Sales of higher-margin branded products (Natuzzi Italia) grew 18–18.2% year-over-year, while unbranded product sales declined about 20%.
Gross margin improvement attributed to sales mix shift and cost savings from the closure of the Shanghai factory.
Operating loss narrowed to (€1.7) million from (€3.8) million in 3Q 2024; net loss for the period was (€5.1) million, compared to (€7.4) million a year earlier.
SG&A costs remain high relative to current revenue, despite reductions in wages and transportation expenses.
Cash and cash equivalents: €18.1 million as of September 30, 2025, down from €20.3 million at year-end 2024.
Outlook and guidance
Management targets profitability at monthly revenues of €28–29 million, aiming for positive cash flow through cost reduction and margin improvement.
Ongoing restructuring plan includes significant fixed cost reductions, asset divestitures, and outsourcing of low value-added activities.
Conservative forecast for the contract trade division in 2026, expecting €5–10 million in revenue, with potential for exponential growth as projects scale.
Optimism for improved sales in the next year, contingent on consumer confidence and geopolitical developments.
Persisting weak consumer confidence and trade duties, especially in the U.S., are expected to continue to impact results.
What is the target workforce size in Italy?
What is the 2026 revenue target for Contract Trade?
What monthly revenue is needed for profitability?
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Frequently asked questions
Natuzzi S.p.A. is an Italian company specializing in the design, manufacture, and retail of furniture and home furnishings. The company is known for its high-quality leather sofas, armchairs, and other upholstered furniture, which are crafted with a focus on Italian craftsmanship and design. Natuzzi also offers a range of home accessories, including coffee tables, rugs, and lighting, creating a comprehensive suite of products for living room spaces. The company serves a global market, distributing its products through a network of directly operated stores, franchisees, and third-party retailers. The company is headquartered in Santeramo in Colle, Italy, and its shares are listed on the NYSE.
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