Profitability Uncertainty

While the company reports recent profitability, earnings quality remains volatile, with a large one‑off gain contributing to current results. Legal risk has increased due to ongoing arbitration with Italy and a new lawsuit filed in Milan, adding regulatory uncertainty to the portfolio. Investor sentiment, reflected in Simply Wall St’s valuation range of €27 to €45 per share, captures divergent views on the company’s future performance and capital allocation strategy.