Italian leather sofa brand Natuzzi reported wider losses for the fourth quarter and full year 2025, citing ongoing macroeconomic and geopolitical pressures and announcing a restructuring programme aimed at restoring financial stability and improving efficiency.
Fourth-quarter revenue rose by 3.4% year-on-year to €77.5 million, but gross margin fell to 30.2% from 38.1% in the same period of 2024. The company said the decline reflected production shifts, trade tariffs and a €2.3 million impairment charge. Excluding the impairment, gross margin would have been 33.2%.
Operating loss widened to €13.6 million from €2.7 million in Q4 2024, while net loss increased to €15.5 million compared to €3.9 million a year earlier. Operating expenses rose to €37 million, representing 47.7% of revenue, and included €5.3 million in non-recurring impairments.
Natuzzi said it is reallocating lower-margin Italian production to facilities in Romania, China, Brazil and Vietnam as part of efforts to address what it described as unsustainable manufacturing costs in Italy.
The company has also initiated a negotiated crisis settlement procedure (CNC) under Italian law to support financial and operational rebalancing while maintaining business continuity.
During the quarter, €4.5 million was used in operating activities, although working capital improvements generated a €2.5 million benefit, supported mainly by a €13 million reduction in inventory.
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