Debt IncreaseNet debt rose to €125.5mn, driven by construction investments, land acquisitions, and new down payments, with cash inflows remaining modest for now.
Profitability ChallengesEBT dropped to €2.2mn from €3.3mn, affected by the ongoing building and planning freeze imposed by the Municipality of Milan.
Regulatory ImpactForecasts are revised downward due to the slower than anticipated lifting of administrative restrictions in Milan.