Just noticed Nexi shares got hammered today, down nearly 20% to 2.72 euros. Interesting timing because they just reported FY25 results that actually look decent on the surface. Normalised net profit came in at 783.3 million euros, up 7.2% year-over-year, and revenues hit 3.58 billion euros with a 2.1% increase. EBITDA also grew 2.3% to 1.9 billion.

But here's the thing - the reported loss attributable to parent company was massive at 3.4 billion euros, which is a huge swing from last year's 167 million euro profit. That's probably what spooked the market. So while the normalised net profit metrics look solid, the actual bottom line tells a different story. Worth watching how this plays out for the Italian payment processor.