Just caught Nexi's FY25 numbers and there's some interesting mixed signals here. The normalised net profit came in at 783.3 million euros, which is a solid 7.2% jump year-over-year - that's the kind of growth you want to see. But then you look at the headline loss of 3.4 billion euros and it's a pretty wild swing from last year's 167 million profit.

Revenues ticked up 2.1% to 3.58 billion, and EBITDA grew 2.3% to 1.9 billion, so operationally things seem stable enough. The normalised net profit figure suggests the core business is actually performing okay - that massive loss appears to be driven by one-off items or write-downs rather than operational collapse.

That said, the stock's getting hammered, down nearly 20% at 2.72 euros. Could be an overreaction if you believe in the underlying business, or maybe the market's pricing in something else we're not seeing yet. Worth keeping an eye on how they explain that loss in their guidance.