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