Just caught Nexi's FY25 results and the numbers are pretty mixed. The Italian payment company reported a massive 3.4 billion euro loss for the parent company, which is quite a swing from the 167 million profit they had the year before. But here's the thing - if you look at their normalised net profit, it actually grew to 783.3 million euros, up 7.2% year-over-year. So the underlying business is still performing.

Revenues came in at 3.58 billion euros, up 2.1%, and EBITDA hit 1.9 billion euros with a 2.3% increase. Decent growth across the board. The market doesn't seem thrilled though - NEXI shares are down nearly 20% at 2.72 euros right now. Probably reacting to that big loss figure even though the core net profit metrics look solid. Worth watching how this plays out.