Debt LevelsNet debt rose to €125.5m, driven by construction investments, land acquisitions, and new down payments, with cash inflows remaining modest for now.
Execution RiskVisibility on the timing of a restart remains low, which is why execution risk in valuation models has been increased, reflected in a cut to the target price.
Regulatory ChallengesForecasts are revised downward due to the slower than anticipated lifting of administrative restrictions in Milan.