Market UncertaintyThe momentum is weak: FY25 should be another transitional year, with profitability penalised by declining interest rates while uncertainties on the asset valuation and company strategy could penalise the stock market in the shorter run.
Profitability Challenges3Q24 results confirmed the modest profitability of the current business model, after the disengagement from the NPL investing business, in the current interest rate scenario.
Revenue GenerationThe reshaping of the business out of NPL direct investments reduced the revenue generation without a material release of capital, thus putting pressure on the company profitability.