Construction Setbacks And Cost OverrunsUrgent contractor replacement on a major site caused significant extra costs and pushed back building delivery, increasing project execution risk and squeezing near‑term profitability.
Permitting And Regulatory DelaysMunicipal permitting delays in Milan are blocking the start of new development projects, reducing visibility on timing of revenue and cash receipts and creating material execution risk.
Rising Leverage And Valuation PressureHigher investments and land purchases increased net financial debt and leverage, prompting analysts to lower target price to reflect slower deliveries and higher expected costs.