Company registration number 00460710 (England and Wales)
FERRAGAMO U.K. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
FERRAGAMO U.K. LIMITED
COMPANY INFORMATION
Directors
Vincenzo Equestre
Zewdu Berta Bereka
Angelica Visconti
Company number
00460710
Registered office
6th Floor
Manfield House
1 Southampton Street
London
WC2R 0LR
Auditor
Alliotts LLP
Manfield House
1 Southampton Street
London
WC2R 0LR
Business address
24 Old Bond Street
London
W1S 4AL
FERRAGAMO U.K. LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
FERRAGAMO U.K. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Fair review of the business

Ferragamo U.K. Limited (the “Company”) is a wholly owned subsidiary of Salvatore Ferragamo S.p.A. (the “Group”). The Company operates within the framework of the Group’s overall strategy and is dependent on the Group for strategic direction and ongoing financial support.

The Group is active in the design, production, and distribution of luxury goods for men and women, including footwear, leather goods, apparel, silk goods, jewellery, and accessories. Within the UK, the Company operates retail stores and concession arrangements, offering Group products as well as eyewear, watches and fragrances produced under licence by third-party manufacturers. The Ferragamo brand is positioned in the luxury segment through a combination of design, craftsmanship, and heritage.

The year ended 31 December 2025 continued to be affected by a challenging external environment. While inflationary pressures in the UK showed signs of moderation during the year, interest rates remained elevated and consumer confidence was subdued. In addition, geopolitical tensions and global economic uncertainty continued to weigh on discretionary consumer spending, particularly within the luxury sector.

Against this backdrop, the Company’s performance reflected the continued pressure on the UK luxury retail market. However, the directors consider that the Company’s primary stores performed in line with expectations, supported by brand strength and ongoing cost control measures implemented during the year.

The directors continue to monitor market conditions closely and have implemented measures aimed at preserving liquidity and operational flexibility. The financial position and funding arrangements of the Group provide an important mitigating factor in managing the impact of ongoing economic uncertainty.

During the year, the directors reviewed the carrying values of the Company’s cash-generating units, taking into account current trading conditions and macroeconomic factors. Based on this review, no impairment charge was recognised in respect of property, plant, and equipment.

The Company’s ability to operate successfully remains closely linked to the performance of the Ferragamo brand and the continued support of the Group. Under the EBIT adjustment mechanism in place pursuant to the Group’s advanced transfer pricing arrangements, the Group seeks to ensure that the Company earns an appropriate level of return. The directors are therefore satisfied that, having regard to the level of Group support available, the Company is able to continue in operational existence for the foreseeable future.

FERRAGAMO U.K. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

The Company operates in a highly competitive luxury retail market, where changes in consumer preferences, brand positioning, and competitive intensity represent key commercial risks. The condition of the UK retail environment remains a significant uncertainty, with interest rates, inflation, and broader fiscal factors continuing to influence consumer behaviour.

The Group’s ongoing brand and consumer repositioning strategy introduces a degree of uncertainty as to the timing and extent of its impact on the Company’s results. While the strategy is intended to support long-term value, its short-term effect on trading performance is not yet fully determinable.

Macroeconomic risks remain, including the potential impact of sustained high interest rates, geopolitical developments, and reduced tourist flows. Such factors could adversely affect demand for luxury goods and footfall in key retail locations.

The Company’s operations are predominantly located in London, which limits the extent to which market risk can be mitigated through geographical diversification. While certain locations, including the Bicester outlet, underperformed during the year, the directors consider that the Group’s overall strategic approach and ongoing review of store performance provide appropriate oversight of this exposure.

Liquidity risk is managed through funding arrangements with the parent company thorough Cash pooling arrangement. The Company does not maintain external bank borrowings and relies on intercompany financing to meet its working capital requirements. The parent company manages liquidity centrally, ensuring that sufficient funds are available to enable the Company to meet its obligations as they fall due.

The Company undertakes transactions with its parent company and other Group entities. The majority of these transactions are denominated in pound sterling, and accordingly the Company is not materially exposed to foreign exchange risk. Management continues to monitor currency exposure on an ongoing basis.

Development and performance

Trading conditions in the UK luxury fashion market remained challenging during 2025. Demand was affected by continued economic uncertainty, cost pressures, and competitive dynamics within the sector. The Company’s revenue declined during the year, reflecting these market conditions.

Despite the reduction in turnover, gross profit margins remained broadly stable, supported by pricing discipline and cost management. Profit before taxation remained broadly consistent, reflecting the operation of the Group’s transfer pricing arrangements.

The directors believe that the actions taken during the year, together with the ongoing support of the Group, provide a reasonable basis for managing the current trading environment.

Key performance indicators

The directors monitor performance using key financial indicators, including turnover, turnover growth, gross profit, and profit before taxation. These measures are considered to provide a balanced view of the Company’s performance and financial position.

During the year, revenue decreased by 6.54% compared with the prior year. Gross profit margins remained broadly consistent, with minor variations attributable to changes in sales mix and store performance. Profit before tax remained stable as a result of the existing arrangements with the parent company and is expected to continue going forward.

Financial highlights are as follows:

2025
2024
2023
£
£
£
Revenue
14,118,585
15,129,141
16,566,148
Revenue growth
(6.68)%
(8.67)%
(5.52)%
Gross profit
6,552,675
7,195,033
8,224,465
Profit/(loss) before tax
148,761
83,446
59,278
FERRAGAMO U.K. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Future developments

The Company’s future performance will continue to be influenced by conditions in the UK and global luxury markets, as well as by wider economic and geopolitical developments. While uncertainty persists in the external environment, the directors expect the Company to continue operating in line with the strategic direction of the Ferragamo Group.

The Company’s future prospects remain linked to the overall performance of the fashion industry and the global luxury goods market, which continues to be highly competitive. Despite this, the directors believe that the strength of the Ferragamo brand and its positioning in key markets provide a solid foundation to maintain competitiveness.

Global geopolitical developments may continue to generate uncertainty; however, the financial strength and ongoing support of the parent company provide the directors with confidence in the Company’s ability to manage potential challenges. The Ferragamo Group’s new strategy, which focuses on increasing revenues over the medium to long term through greater engagement with new and younger consumers, is expected to support future growth. This strategy will be delivered through targeted initiatives designed to respond to the evolving dynamics of the luxury market.

The directors consider that the measures implemented to date, together with the Company’s financial position and the experience of both the UK and Group management teams, leave the Company well placed to navigate the current environment. While macroeconomic and geopolitical uncertainties remain, Ferragamo U.K. Limited has demonstrated resilience and is well positioned to pursue future growth and sustain its competitive position.

On behalf of the board

Vincenzo Equestre
Director
5 March 2026
FERRAGAMO U.K. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the C ompany continued to be that of retailing footwear and clothing. The directors have noted the C ompany's performance during the year and continue to look for ways to expand turnover.

Results and dividends

The results for the year are set out on page 9. No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Piero Piccirelli
(Resigned 17 June 2025)
Vincenzo Equestre
Zewdu Berta Bereka
Angelica Visconti
Changes in presentation of the financial statements

The C ompany has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the C ompany's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

FERRAGAMO U.K. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Vincenzo Equestre
Director
5 March 2026
FERRAGAMO U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERRAGAMO U.K. LIMITED
- 6 -
Opinion

We have audited the financial statements of Ferragamo U.K. Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

FERRAGAMO U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERRAGAMO U.K. LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the retail sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations, and

- understanding the design of the company's remuneration policies.

FERRAGAMO U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERRAGAMO U.K. LIMITED (CONTINUED)
- 8 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of the board of directors; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sudheer Gupta BA FCA (Senior Statutory Auditor)
For and on behalf of Alliotts LLP, Statutory Auditor
Chartered Accountants
Manfield House
1 Southampton Street
London
WC2R 0LR
5 March 2026
FERRAGAMO U.K. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Revenue
3
14,118,585
15,129,141
Cost of sales
(7,565,910)
(7,934,108)
Gross profit
6,552,675
7,195,033
Administrative expenses
(13,414,333)
(13,244,865)
Other operating income
7,159,561
6,369,066
Operating profit
4
297,903
319,234
Investment income
7
18,374
27,692
Finance costs
8
(167,516)
(263,480)
Profit before taxation
148,761
83,446
Tax on profit
9
(84,319)
(181,132)
Profit/(loss) for the financial year
64,442
(97,686)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 25 form part of these financial statements.

FERRAGAMO U.K. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
10
14,167
24,167
Property, plant and equipment
11
2,181,548
2,639,655
2,195,715
2,663,822
Current assets
Inventories
12
5,480,561
5,885,029
Trade and other receivables
13
8,627,038
7,523,921
Cash and cash equivalents
1,302,724
1,838,238
15,410,323
15,247,188
Current liabilities
14
(7,641,135)
(7,887,255)
Net current assets
7,769,188
7,359,933
Total assets less current liabilities
9,964,903
10,023,755
Non-current liabilities
15
(386,697)
(431,832)
Provisions for liabilities
Deferred tax liability
17
213,846
292,005
(213,846)
(292,005)
Net assets
9,364,360
9,299,918
Equity
Called up share capital
20
7,672,735
7,672,735
Other reserves
4,366
4,366
Retained earnings
1,687,259
1,622,817
Total equity
9,364,360
9,299,918

The notes on pages 12 to 25 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 March 2026 and are signed on its behalf by:
Vincenzo Equestre
Director
Company registration number 00460710 (England and Wales)
FERRAGAMO U.K. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Other reserves
Retained earnings
Total
£
£
£
£
Balance at 1 January 2024
7,672,735
4,366
1,720,503
9,397,604
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(97,686)
(97,686)
Balance at 31 December 2024
7,672,735
4,366
1,622,817
9,299,918
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
64,442
64,442
Balance at 31 December 2025
7,672,735
4,366
1,687,259
9,364,360

The notes on pages 12 to 25 form part of these financial statements.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Ferragamo U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR. The Company's principal place of business is 24 Old Bond Street, London, W1S 4AL.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the C ompany. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This C ompany is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. T he C ompany has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the C ompany are consolidated in the financial statements of Salvatore Ferragamo S.p.A. Details of where these consolidated financial statements are available can be found in note 24.

1.2
Going concern

The true f inancial s tatements have been prepared on a going concern basis which the Directors consider to be appropriate having made the assessment set out below. In making this assessment the Directors have considered the ongoing challenges of the economic climate and the high level of competition in the luxury industry that has impacted the level of sales and profitability of the business. The company manages its day to day and medium-term funding requirements through cash and trade balances with its parent entity who suppl y all the company's inventories.

The Company has benefitted from, and continues to receive an annual intercompany EBIT adjustment from its parent company. The parent company has a transfer pricing agreement with the Italian tax authorities over the setting of prices for products sold to its foreign subsidiaries, which include Ferragamo U.K. Limited. Under this agreement adjustments to the earnings before interest and tax (EBIT) ensure profitability in both the base case and downside scenario. There is no contractual arrangement between the Company and its parent company which guarantees this charge, however the Directors have no reason to believe that the charge will not be honoured as it is based on the agreement with Italian tax authorities. A letter of support has been obtained from the parent company confirming they will continue to offer financial support to the Company for at least 12 months from the approval of the financial statements.

As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the C ompany will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the Company and value added taxes.

The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the amount of revenue can be measured reliably; (c) it is probable that future economic benefits will flow to the entity and (d) when the specific criteria relating to each of the Company's revenue streams have been met, as described below.

(i) Sale of goods

The Company operates retail shops for the sale of a range of own branded products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit, or payment card.

(ii) Rent receivable

The Company sub-leases part of a property. Income is recognised at the time the Company becomes entitled to receive the income. Where the income relates to a period of time it is allocated to accounting periods on a pro-rata basis.

(iii) Sale of services

The Company provides retail operations and visual merchandise services to other group companies. Revenue is recognised in the accounting period in which the services are rendered.

(i v) EBIT adjustment from parent company

The parent company, Salvatore Ferragamo S.p.A., has a transfer pricing agreement with the Italian tax authorities over the setting of prices for products sold to its foreign subsidiaries, which include Ferragamo U.K. Limited. Under this agreement it will make adjustments to the earnings before interest and tax (EBIT) of its subsidiary, Ferragamo U.K. Limited, to ensure profitability and this is recorded in the financial statements under other operating income as an EBIT adjustment from parent company.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line/33% straight line
Key money
Over the term of the lease
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the term of the lease
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line/33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the purchase price of direct materials.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The C ompany has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the C ompany's statement of financial position when the C ompany becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the C ompany is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The Company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Lessee lease incentives

Lease incentives received, including rent‑free periods, fit‑out contributions and other inducements, are recognised as a reduction of rental expense on a straight‑line basis over the term of the lease. The incentive is initially recorded as deferred income within liabilities and released to the profit and loss account over the period of the lease to match the benefit with the related lease costs.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

The C ompany has entered into commercial property leases as a lessee to obtain the use of property, plant, and equipment. The classification of such leases as a operating or finance lease requires the C ompany to determine, based on an evaluation of the terms and conditions of the arrangements, whether it acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Inventory

Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

Impairment review

Tangible fixed assets are recorded at cost less accumulated depreciation. At each reporting date management are required to assess whether there are any indicators of impairment of the Company’s tangible assets. Where indicators of impairment exist management is required to estimate the recoverable amount of the company's assets and determine whether the value in use of the company's assets is greater than their carrying amount. The value in use is the present value of the future cash flows expected to be derived from the cash generating unit that the assets belong to.

Judgement is required from management over key assumptions used in the value in use assessment such as discount rates, growth rates and the cash flow projections themselves. Management is also required to review the sensitivity of their assumptions and how this would impact the recoverable amount of the company's assets. The judgements, estimates and assumptions utilised by management in their assessment is critical to the determination of whether assets in the company are impaired and whether an impairment needs to be recognised in the financial statements.

3
Revenue

An analysis of the Company's revenue is as follows:

2025
2024
Revenue analysed by class of business
£
£
Sale of goods
14,118,585
15,129,141
2025
2024
Revenue analysed by geographical market
£
£
United Kingdom
14,118,585
15,129,141
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Revenue
(Continued)
- 19 -
2025
2024
Other revenue
£
£
Interest income
18,374
27,692
Rental income from sub-leases
280,422
173,631
EBIT adjustment from parent company
6,720,977
6,003,192
Sundry income
158,162
192,243
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the auditor for the audit of the company's financial statements
29,906
25,814
Depreciation of property, plant and equipment
632,983
590,233
Profit on disposal of property, plant and equipment
-
(250,347)
Amortisation of intangible assets
10,000
10,000
Operating lease charges
6,921,905
7,066,609
5
Employees

The average monthly number of persons (including directors) employed by the Company during the year was:

2025
2024
Number
Number
Sales
39
40
Management
5
5
Total
44
45

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,685,537
1,851,790
Social security costs
208,082
199,093
Pension costs
38,222
40,653
1,931,841
2,091,536
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
84,671
78,992
Company pension contributions to defined contribution schemes
2,900
2,793
87,571
81,785
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
7
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
12,238
26,368
Other interest income
6,136
1,324
Total income
18,374
27,692
8
Finance costs
2025
2024
£
£
Interest payable to group undertakings
129,306
241,329
Interest on finance leases and hire purchase contracts
14,872
14,541
Exchange differences on financing transactions
23,338
7,512
Other interest
-
0
98
167,516
263,480
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
162,478
120,278
Deferred tax
Origination and reversal of timing differences
(78,159)
60,854
Total tax charge
84,319
181,132

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
148,761
83,446
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
37,190
20,862
Tax effect of expenses that are not deductible in determining taxable profit
19,807
27,180
Depreciation on assets not qualifying for tax allowances
27,322
133,090
Taxation charge for the year
84,319
181,132
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
10
Intangible fixed assets
Software
Key money
Total
£
£
£
Cost
At 1 January 2025 and 31 December 2025
30,978
150,000
180,978
Amortisation and impairment
At 1 January 2025
30,978
125,833
156,811
Amortisation charged for the year
-
0
10,000
10,000
At 31 December 2025
30,978
135,833
166,811
Carrying amount
At 31 December 2025
-
0
14,167
14,167
At 31 December 2024
-
0
24,167
24,167
11
Property, plant and equipment
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
7,196,766
98,318
37,654
2,980,591
10,313,329
Additions
-
0
54,467
-
0
120,409
174,876
Disposals
(197,654)
-
0
-
0
(166,412)
(364,066)
At 31 December 2025
6,999,112
152,785
37,654
2,934,588
10,124,139
Depreciation and impairment
At 1 January 2025
5,009,300
-
0
37,654
2,626,720
7,673,674
Depreciation charged in the year
509,819
-
0
-
0
123,164
632,983
Eliminated in respect of disposals
(197,654)
-
0
-
0
(166,412)
(364,066)
At 31 December 2025
5,321,465
-
0
37,654
2,583,472
7,942,591
Carrying amount
At 31 December 2025
1,677,647
152,785
-
0
351,116
2,181,548
At 31 December 2024
2,187,466
98,318
-
0
353,871
2,639,655
12
Inventories
2025
2024
£
£
Finished goods and goods for resale
5,480,561
5,885,029

A total of £7,565,910 (202 4: £7,934,108 ) of inventories have been recognised as an expense in cost of sales.

No provision has been recognised against inventories as management have the right to return unsold inventories under the Group purchase agreement.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
13
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
125,084
380,268
Corporation tax recoverable
-
0
113,976
Amounts owed by group undertakings
6,813,056
5,371,710
Other receivables
2,490
-
0
Prepayments and accrued income
1,669,361
1,640,920
8,609,991
7,506,874
2025
2024
Amounts falling due after more than one year:
£
£
Other receivables
17,047
17,047
Total debtors
8,627,038
7,523,921
14
Current liabilities
2025
2024
Notes
£
£
Other borrowings
16
4,354,094
6,363,131
Trade payables
490,726
572,439
Amounts owed to group undertakings
1,722,735
49,807
Corporation tax
48,438
-
0
Other taxation and social security
492,230
327,630
Deferred income
18
45,957
45,957
Other payables
72,633
52,533
Accruals
414,322
475,758
7,641,135
7,887,255
15
Non-current liabilities
2025
2024
Notes
£
£
Deferred income
18
201,929
249,886
Other payables
184,768
181,946
386,697
431,832

Other payables includes £184,768 (202 4: £181,946) in respect of rent security deposits. An equivalent amount is included within Cash at Bank and in hand.

FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
16
Borrowings
2025
2024
£
£
Loans from group undertakings
4,354,094
6,363,131
Payable within one year
4,354,094
6,363,131

Loans from group undertakings represent a loan from the parent company. The prior year loan incurred interest at a rate of 5.62%. A new loan was taken out during the year, incurring interest at a rate of 4.96% and is repayable on demand.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
213,846
292,005
2025
Movements in the year:
£
Liability at 1 January 2025
292,005
Credit to profit or loss
(78,159)
Liability at 31 December 2025
213,846

The deferred tax liability set out above is expected to reverse in period greater than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Deferred income
2025
2024
£
£
Arising from Lease incentives
247,886
295,843
Included in the financial statements as follows:
Current liabilities
45,957
45,957
Non-current liabilities
201,929
249,886
247,886
295,843
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,222
40,653

The C ompany operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
7,672,735
7,672,735
7,672,735
7,672,735

The Company has one class of ordinary shares which carry no right to fixed income and have one vote per share at meetings of the Company.

21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The C ompany has taken advantage of the exemption available in Paragraph 33.1A of FRS102 whereby it has not disclosed transactions with other companies that are wholly owned within the Group.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,634,248
-
Loans due to entities with control, joint control or significant influence over the company
4,354,094
6,363,131
Other related parties
88,487
49,807

No guarantees have been given or received.

Loans from group undertakings represent a loan from the parent company. The prior year loan incurred interest at a rate of 5.62%. A new loan was taken out during the year, incurring interest at a rate of 4.96% and is repayable on demand.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
6,720,977
5,332,984
Other related parties
92,080
38,629
FERRAGAMO U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
22
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the Company for properties in which the stores and office are located. Additional rent is payable in relation to two of the Company's leases based on turnover achieved at the relevant store.

At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
6,674,100
7,079,636
Years 2-5
16,452,304
19,912,522
After 5 years
4,169,813
7,576,538
27,296,217
34,568,696
As lessor - operating leases

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
300,000
233,557
Years 2-5
1,200,000
1,206,968
After 5 years
334,521
560,844
1,834,521
2,001,369
23
Ultimate controlling party

The immediate parent company of Ferragamo UK Limited is Salvatore Ferragamo S.p.A, a company registered in Italy. The ultimate parent company is Ferragamo Finanziaria S.p.A.

The ultimate controlling party is Ferragamo Finanziaria S.p.A, a company registered in Italy.

The smallest and largest group into which the entity is consolidated is Salvatore Ferragamo S.p.A,, a company registered in Italy. Salvatore Ferragamo S.p.A. prepares group financial statements and these are available online in the financial reports information section of the Investor Relations site.

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