Weak Q4 results - heavy LLP on senior notes ILTY reported a weak set of Q4 results with EUR9.2m net profit excl. non-recurring items (roughly in line with our EUR8m estimate) despite personnel costs being at record lows (EUR9.3m in Q4). In Q4 24, ILTY took c. EUR59m loan loss provisions (part should be seen as recurring in our view). The impact relates mostly to the senior notes which drove up the cost of risk to 192bps in 2024 (while the ordinary cost of risk stood at 78bps). Non-recurring ref ....