The presence of Mbappe will not affect anything, and FFP will only be a bullshit for Madrid.
I've read UEFA's new rules on financial fair play allow clubs to suffer losses of €60 million over three years, compared to the previous allowance of €30 million. UEFA also imposed spending limits on salaries, transfers and agent fees to 70% of the club's total revenue in 2025/2026.
So the bigger the club's revenue, I think FFP is not a big problem for Real Madrid. Madrid's current financial condition is healthy, you can probably see it in
https://www.realmadrid.com/en-US/foundation/publications . Indeed, there are no latest reports for the 2023/2024 season. But there are not many rumors regarding real Madrid's bad financial news.
Real Madrid is a profitable club and I think they once again made a record profit last season. Firstly, for the very fact that they won the Champions League + La Liga. Secondly, since Real won the Champions League twice in three years and reached the semi-finals once, they are in first place in the ranking (which seems to take into account the last 5 years) and will receive maximum bonus payments from the Champions League. These are not the guaranteed payments that all clubs receive, but a share in the pool of media income that is distributed based on the club’s rating.
I agree with you, in the last 5 years Real Madrid has become the top team that can have the most successful percentage in the Champions League and from the highest competition for European football this has become one of Real Madrid biggest advantages in generating bonuses to increase their finances.
In La Liga, Real Madrid is one of the richest teams with huge support in it, this is why they can really always appear stable every season, Real Madrid is very lucky and other teams cannot have opportunities like Real Madrid.
Every European team is chasing UCL tickets and wants to be able to compete in it also because of the profits that can be made, the title may be the main goal but they can make lot of money when they get success from the UCL competition.
Moreover, they are also free from the threat of violations that have been determined by the FFP, Real Madrid can do several things that can avoid them from sanctions.
Everything is clear and there won't be any problems in the future, if there is desire to bring in players again they can use the exchange option.