Debt IncreaseNet debt rose to €125.5m, driven by construction investments, land acquisitions, and new down payments, with cash inflows remaining modest for now.
Earnings ImpactThe drop in EBT reflects both still-limited volumes of notarised deeds and, more structurally, an increase in the group’s cost base.
Forecast RevisionForecasts are revised downward due to the slower than anticipated lifting of administrative restrictions in Milan.