We are revising our estimates downward to reflect the continued bureaucratic impasse in Milan, which continues to weigh on project execution and cash-in timing. Our 2026 forecasts are now based on more conservative assumptions across both construction and services, with contributions expected only from projects currently under development (Porta Homizy occupancy assumed at around 50%. On these assumptions, we expect production revenues to be broadly in line with 2025. EBIT should show a modest improvement, mainly driven by the recovery of at least €4mn of extraordinary costs, to reach around €10mn, while net profit estimated at approximately €7mn.