The Adjusted net financial position, which does not reflect the mark-to-market impact of derivative financial instruments and the impact from the application of IFRS 16, was €145.9 million as at 31 January 2026, and mainly consists of the following items:
- €160 million for the “sustainability‐linked bond” issued on 10 November 2021 and maturing on 10 November 2027;
- €65 million for the “Amortizing Sustainability‐Linked line” maturing on 7 April 2027;
- €120 million for the "Revolving Sustainability‐Linked line" maturing on 7 April 2027, undrawn as at 31 January 2026.
On the 27 March 2026, the Group entered into a sustainability-linked financing agreement for a total of €300 million, with a 5-year maturity. The transaction, aimed at further strengthening the Group's financial structure, allowed for the repayment and replacement of existing credit facilities (including the €65 million Amortizing line and the €120 million Revolving line) under more favorable economic and contractual terms. The new credit facilities consist of: (i) a €120 million Term Loan, (ii) a €120 million Revolving Credit Facility and (iii) a €60 million committed "Backstop" Facility, which may be drawn by OVS for Capex and/or to redeem the Outstanding Bonds no later than November 2027.
All the Group's main financial lines are linked to sustainability performance with targets in line with those defined at the time of the bond issue.
The Reported Net financial position at 31 January 2026 was €1,316.2 million and includes €11.9 million resulting from the mark-to-market value of hedging derivative instruments at that date and €1,158.4 million resulting from the application of IFRS 16 concerning the discounting of future lease payments.
Management believes that about €650 million out of the €1,316.2 million refer to future rent that do not represent a financial liability since the Group has an exit option.