Just caught Nexi's FY25 numbers and there's quite a mix here. Normalised net profit jumped 7.2% to 783.3 million euros, and EBITDA was up 2.3% to 1.9 billion, so operational performance looks solid. Revenue growth came in at 2.1% hitting 3.58 billion euros. But here's the thing - the stock is down nearly 20% and they reported a massive 3.4 billion euro loss to shareholders. That swing from 167 million profit last year is pretty brutal. The net profit growth on the normalised side is decent enough, but the reported numbers tell a different story. Market seems to be reacting to that bottom line hit more than the operational improvements. Interesting disconnect between the underlying business momentum and how the stock is trading right now.