We forecast a positive quarter in terms of profitability, which is not impacted by any one-offs, extraordinaries, or protection scheme payments. BST is currently pushing hard to offset the negative results of income-backed loans with a more selective approach on new business, through the sale of Ecobonus credits, and the positive prospects for factoring and pawn loans. In our view, the business remains solid, despite a few difficulties in prior quarters related to the high-interest rate environment. In our view, the investment case remains solid, also due to falling rates, which could help the income-backed loans business regain profitability, and the proactive approach by BST management. We stick to our recommendation and raise our TP to €2.40/s.