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Risanamento S.p.A. RN.MI

Italy · Euronext Milan · ISIN IT0001402269 · Vertical: Listed companies from Italy

0.03EUR+35.71% · 1 dayClose 05 Nov 2026

Risanamento is an Italian real estate development and urban regeneration group that has largely cleared its bank debt after the Project Starfighter transaction. The company remains focused on completing Milano Santa Giulia and on monetising two existing assets, in a property market that is recovering but still exposed to global trade uncertainty.

At the close of 05 Nov 2026, Risanamento S.p.A. (RN.MI) stock was 0.03 EUR (+35.71% on the day), with market capitalisation 47.8 m EUR, beta 0.77, 52-week range 0.01–0.05 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
47.8 m EUR
shares as of 31 Dec 2024
P/E (TTM)
unavailable
Diluted EPS TTM -0.03 · TTM to 31 Dec 2024
E/P (TTM)
-99.25%
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
0.77
Volatility (1y) 106%
52-week range
0.010.05

Price history

Loading chart…

Technical reading

RSI (14)
50.2
neutral
Bollinger (20, 2)
0.01 – 0.04
in the upper half of the band · %B 0.60 · band width 101.7%
SMA 50 / 200
0.03 / 0.02
mixed trend
MACD (12, 26, 9)
-0.00 / -0.00
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−30.0%−0.6%−29.4 pp—
3 months+26.7%−4.2%+30.8 pp—
6 months+66.2%+4.3%+61.9 pp—
Year to date+33.0%+7.5%+25.5 pp—
1 year+26.7%+9.9%+16.7 pp−6.1%
3 years−44.6%+49.8%−94.4 pp+7.7%
5 years−81.0%+42.8%−123.8 pp—
Max drawdown (1y)
−63.3%
11 Sept 2026 → 16 Oct 2026
Max drawdown (5y)
−90.4%
31 Jan 2022 → 16 Mar 2026
Compound annual growth (5y)
−28.3%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022⚠ 20232024
Revenue599.0 k370.0 k595.6 m134.0 k
Revenue YoYunavailable−38.2%—−100.0%
Net income-24.9 m-53.8 m10.6 m-47.5 m
Net income YoYunavailableunavailable—−545.7%
Diluted EPS-0.01-0.030.01-0.03
Diluted EPS YoYunavailableunavailable—−547.5%
net %-4,162.8%-14,536.5%1.8%-35,414.9%
Free cash flow-37.1 m-44.2 m40.1 m-30.7 m

The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
17.1 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
5.2 m EUR
Total assets
151.5 m EUR
Debt / equity
unavailable
Current ratio
1.67x
ROE
-164.2%
ROA
-29.0%
FCF margin
-22,929.1%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2022
370.0 k
2023
595.6 m
2024
134.0 k

esef· 24 Sept 2025verified

Operating income
2022
-42.1 m
2023
7.2 m
2024
-46.8 m

esef· 24 Sept 2025verified

Depreciation & amortisation
2022
1.9 m
2023
1.0 m
2024
274.0 k

esef· 24 Sept 2025verified

EBITDA
2022
-40.2 m ≈
2023
8.3 m ≈
2024
-46.5 m ≈

esef· 24 Sept 2025derived

Interest expense
2022
11.1 m
2023
6.9 m
2024
264.0 k

esef· 24 Sept 2025verified

Pre-tax income
2022
-52.5 m
2023
4.7 m
2024
-46.0 m

esef· 24 Sept 2025verified

Income tax
2022
1.3 m
2023
-7.1 m
2024
-15.0 k

esef· 24 Sept 2025verified

Net income
2022
-53.8 m
2023
10.6 m
2024
-47.5 m

esef· 24 Sept 2025verified

Diluted EPS
2022
-0.03
2023
0.01
2024
-0.03

esef· 24 Sept 2025verified

Balance sheet · EUR

Cash
2022
9.2 m
2023
50.4 m
2024
17.1 m

esef· 24 Sept 2025verified

Receivables
2022
—
2023
9.1 m
2024
14.0 m

esef· 24 Sept 2025verified

Inventories
2022
—
2023
102.3 m
2024
111.1 m

esef· 24 Sept 2025verified

Current assets
2022
—
2023
161.8 m
2024
142.3 m

esef· 24 Sept 2025verified

Property, plant & equipment, net
2022
—
2023
699.0 k
2024
3.8 m

esef· 24 Sept 2025verified

Intangibles (excl. goodwill)
2022
—
2023
69.0 k
2024
54.0 k

esef· 24 Sept 2025verified

Total assets
2022
—
2023
175.3 m
2024
151.5 m

esef· 24 Sept 2025verified

Accounts payable
2022
—
2023
65.6 m
2024
83.8 m

esef· 24 Sept 2025verified

Current liabilities
2022
—
2023
69.8 m
2024
85.4 m

esef· 24 Sept 2025verified

Total liabilities
2022
—
2023
122.7 m
2024
146.4 m

esef· 24 Sept 2025verified

Equity
2022
42.0 m
2023
52.6 m
2024
5.2 m

esef· 24 Sept 2025verified

Shares outstanding at year end
2022
1.8 bn
2023
—
2024
1.8 bn

esef· 24 Sept 2025derived

Cash flow · EUR

Operating cash flow
2022
-44.0 m
2023
40.2 m
2024
-29.3 m

esef· 24 Sept 2025verified

Capex
2022
105.0 k
2023
122.0 k
2024
1.4 m

esef· 24 Sept 2025verified

Free cash flow
2022
-44.2 m ≈
2023
40.1 m ≈
2024
-30.7 m ≈

esef· 24 Sept 2025derived

Investing cash flow
2022
-1.2 m
2023
-2.6 m
2024
-4.0 m

esef· 24 Sept 2025verified

Financing cash flow
2022
49.1 m
2023
3.5 m
2024
12.0 k

esef· 24 Sept 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-100.0%
computed by olivLawFY 2024
Revenue CAGR 3Y
-39.3%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-747.9%
computed by olivLawFY 2024
Net income growth (YoY)
-545.7%
computed by olivLawFY 2024
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-547.5%
computed by olivLawFY 2024
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-176.7%
computed by olivLawFY 2024

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-34,719.4%
computed by olivLawFY 2024
EBIT margin
-34,923.9%
computed by olivLawFY 2024
Net margin
-35,414.9%
computed by olivLawFY 2024
FCF margin
-22,929.1%
computed by olivLawFY 2024

Returns

ROE
-164.2%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
-29.0%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
input data missing
ROCE
-70.8%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-177.3x
computed by olivLawFY 2024

Liquidity

Current ratio
1.7x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
-29.3 m EUR
computed by olivLawFY 2024
Capital expenditure
1.4 m EUR
computed by olivLawFY 2024
Free cash flow
-30.7 m EUR
computed by olivLawFY 2024
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
31,472 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
47.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-99.2%
computed by olivLawFY 2024
P/B
9.3x
computed by olivLawbalance sheet at 31 Dec 2024
P/S
356.8x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-64.3%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.03 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 47.8 m EUR

Key indicators

Market capitalisation
47.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
unavailable
insufficient data
P/B
9.3x
computed by olivLawbalance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
ROE
-164.2%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
-35,414.9%
computed by olivLawFY 2024
Revenue growth (YoY)
-100.0%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2024
Source: esefpublished 24 Sept 2025
verified 105derived 3

The data is older than the freshness threshold.

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-35,414.9%0 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-39.3%0 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-177.3x0 (on a fixed band)19%
Current ratio · Balance sheet1.7x72 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-64.3%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet29/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

RISANAMENTO SPA (RN.MI). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 134.0 k EUR in 2024; YoY growth -100.0%; net margin -35,414.9%; ROE -164.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 1.7x

What contradicts it

  • Net margin: -35,414.9%
  • Revenue CAGR 3Y: -39.3%
  • Interest coverage: -177.3x
  • FCF yield: -64.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from Italy · same country · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 15.7x
EV/EBITDA
—
vertical median 8.1x
P/S
356.8x
vertical median 1.1x
above median (+31,705.4%)
P/B
9.3x
vertical median 1.1x
above median (+756.8%)
ROE
-164.2%
vertical median 8.5%
below median (−2,031.5%)
Net margin
-35,414.9%
vertical median 6.2%
below median (−570,059.3%)
EBIT margin
-34,923.9%
vertical median 9.5%
below median (−368,402.6%)
Revenue YoY
-100.0%
vertical median 0.4%
below median (−23,527.3%)
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
—
vertical median 3.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DLG.MIDe' Longhi S.p.a.6.8 bn21.515.4%8.4%+8.7%+24% / +60%
ACE.MIAcea S.p.a.4.6 bn9.618.2%16.6%+0.2%−4% / +73%
DIA.MIDiasorin S.p.a.4.3 bn28.39.2%13.0%+0.8%+31% / −7%
CRL.MICarel Industries S.p.a.2.9 bn39.516.1%11.7%+8.7%+3% / +10%
AMP.MIAmplifon S.p.a.2.7 bn29.98.5%3.8%−0.6%−9% / −58%
CMB.MICembre S.p.a.1.3 bn27.020.6%18.9%+6.7%+11% / +108%
COM.MIComer Industries S.p.a.1.3 bn18.612.8%7.1%−23.0%+8% / +64%
DNR.MIIndustrie De Nora S.p.a.1.1 bn13.48.6%9.4%+1.4%−22% / −62%
ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a.969.2 m10.423.5%41.0%+1.8%−5% / −23%
AVIO.MIAvio S.p.a.883.6 m86.82.1%1.8%+21.5%+18% / +291%
CIR.MICir S.p.a. - Compagnie Industriali Riunite783.3 m6.017.1%7.3%+1.6%+4% / +72%
ASC.MIAscopiave S.p.a.646.3 m18.04.2%17.5%+13.4%−8% / +33%
AC5.MIAcinque S.p.a.412.6 m19.64.1%3.6%+0.2%−6% / +8%
BAN.MIBasic Net S.p.a.348.0 m—-4.9%-3.5%+0.4%−30% / +5%
ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a.324.7 m13.111.1%13.7%+9.2%−2% / +12%
CAI.MICairo Communication S.p.a.289.2 m6.48.1%4.4%−1.3%−22% / +28%
ECNL.MIAquafil S.p.a.129.6 m—-3.2%-0.9%−3.9%−1% / −52%
BEC.MIB&C Speakers S.p.a.118.7 m11.718.5%10.2%−1.3%−26% / −32%
ABT.MIAbitare In S.p.a.76.0 m276.00.4%0.4%+39.8%−6% / −47%
ELC.MIElica S.p.a.64.3 m—-7.8%-2.2%+1.9%−34% / −48%
DEX.MIDexelance S.p.a.50.7 m2.811.0%5.4%+12.6%−63% / −78%
RN.MIRisanamento Spa47.8 m—-164.2%-35,414.9%−100.0%+33% / −22%
CLE.MIClass Editori S.p.a.35.1 m—-29.2%-3.8%−0.7%−9% / +106%
CLF.MICaleffi - S.p.a.11.6 m5.210.9%3.8%−2.5%−4% / −10%
AEF.MIAeffe S.p.a.10.1 m0.521.9%7.7%−21.3%−59% / −86%

1- and 3-year price returns: for RN.MI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Risanamento is an Italian real estate development and urban regeneration group that has largely cleared its bank debt after the Project Starfighter transaction. The company remains focused on completing Milano Santa Giulia and on monetising two existing assets, in a property market that is recovering but still exposed to global trade uncertainty 1.

    SWOT

    Strengths

    • The group has largely reduced its bank debt and reports a positive net financial position, which gives operational flexibility 1.
    • The company holds large urban assets, including land in Milan and properties to be requalified, which create value realisation options 1.
    • The management team has experience in urban regeneration, project development and real estate asset management 1.

    Weaknesses

    • The organisational structure is small, so project execution depends on external partners and contractors 1.
    • The positive 2023 result was largely influenced by exceptional, non-recurring effects of the Project Starfighter transaction 1.
    • Dependence on the partner fund to complete the Milan areas limits direct control over the development timetable 1.

    Opportunities

    • A recovery in the property market and rising prices could support the sale or leasing of requalified assets 1.
    • Converting industrial and office buildings into modern spaces could attract tenants from services and retail 1.
    • PNRR funding and investment in non-residential construction could create additional demand for the group's projects 1.

    Threats

    • International trade tensions and United States tariffs could slow the economy and demand for property space 1.
    • Limited credit access and weak household purchasing power could keep transaction volumes low 1.
    • The cyclicality of property markets may reduce asset values, with a direct effect on the group's accounting results 1.

    Risks

    • Failure to meet the industrial planhigh

      Development targets depend on remediation, infrastructure and new partners, and delays or changes requested by partners could affect the plan timetable 1.

    • Asset sales below expectationsmedium

      If finding suitable buyers or tenants proves difficult, sales could slow and vacancy could rise 1.

    • Project execution risksmedium

      Design errors or contractor problems could lead to rework, delays and disputes 1.

    • Cyclicality of property valueshigh

      A fall in prices or rents could reduce the fair value of assets held, with a direct impact on the profit and loss account 1.

    • Tax changeslow

      Legislative changes could generate additional costs, and the tax treatment of major transactions depends on the interpretation of the authorities 1.

    Investment thesis

    What would need to be true (bull case)

    • If the Italian property recovery continues and the requalification projects are completed, asset monetisation could generate significant proceeds for a group that no longer carries bank debt 1.
    • The positive net financial position and release from bank pressure could give the company flexibility for new partnerships and projects 1.
    • Assets held in Milan and Vicenza, combined with management experience, could support value creation through requalification 1.

    What would break the thesis

    • The positive 2023 result was influenced by exceptional effects of Project Starfighter, so a recurring profit could be hard to demonstrate 1.
    • Dependence on remediation, infrastructure and a partner fund may limit the group's control over project timing and costs 1.
    • Global trade uncertainty and property market cyclicality could reduce asset values and the pace of sales 1.

    What to watch

    • Progress of the Via Grosio requalification and granting of the building permit2025
    • Progress of remediation and infrastructure works at Milano Santa Giulia2025
    • Results of the asset valuation and any adjustments to carrying valuesnext annual report
    • Rescheduling of the guarantee commissions under discussion with banks2025

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The Risanamento Group works in real estate development, urban regeneration, asset management and property leasing. Its main initiative is Milano Santa Giulia, where the company remains responsible for remediation and infrastructure works after transferring about 385,000 sq m of buildable area to a fund 1. Following Project Starfighter, which involved a consideration of 648 million euro, the group extinguished substantially all of its bank indebtedness 1.

    The industrial plan includes two requalification projects on assets already owned: Via Grosio in Milan, where 18,000 sq m of industrial space is to be converted into offices and retail, and the Torri di Quartesolo complex in the province of Vicenza, with about 25,000 sq m of existing offices 1. The organisational structure is small, at around 30 people, so execution depends on partners and external contractors 1.

    At 31 December 2024 the group reported a positive net financial position of about 14 million euro and no bank debt, apart from guarantee commissions under rescheduling discussion 1. The parent company reported a net profit of 11.9 million euro for fiscal 2023, after a loss in the previous year 1.

    Segments

    Milano Santa Giulia development

    The main segment centres on Milano Santa Giulia, where remediation and infrastructure remain the group's responsibility, while the actual development of the remaining areas was transferred to a fund managed by Lendlease 1.

    Requalification of existing assets

    The Via Grosio and Torri di Quartesolo projects aim to unlock value from assets already held by changing their use, mainly towards offices and commercial space, and both are still at permitting or preliminary project stage 1.

    Market context

    The Italian residential property market is in a recovery phase that began in 2024, with rising prices and transaction volumes; sales grew about 1.3 percent year on year to 719,578 transactions 1. The source nonetheless describes the recovery as fragile, conditioned by household spending power and access to credit 1.

    Forecasts for Milan point to a broadly stable market, with a slight decline in transactions in 2024, while Rome shows slower but positive growth 1. For the company, Milan projects depend on credit conditions, and investment demand could support asset monetisation in Rome and northern Italy 1.

    Trends

    • Property cycle recoverytailwind

      The market has entered a phase of rising prices and transactions, which could ease asset sales and support the values of the group's properties 1.

    • Access to creditmixed

      Lending conditions have gradually eased, but supply remains insufficient relative to demand, which may limit the pace of sales and development 1.

    • Global trade uncertaintyheadwind

      New United States tariffs and trade tensions weigh on exports and investment, and forecasts for the Italian economy could be revised if tensions persist 1.

    • PNRR funding and investmenttailwind

      Projects financed under the PNRR support construction investment, particularly non-residential, which could create demand for office and commercial space 1.

    Competitive position

    The source analysed does not explicitly name competitors. The company nonetheless operates in a property market with many developers and investment funds, and its Milan and Vicenza projects compete for the same buyers and tenants 1.

    Competitive position depends on the group's ability to attract partners, maintain execution quality and manage financing costs, issues that the source links to the risks of delivering the industrial plan 1.

    • Lendlease

      Partner in the Project Starfighter transaction and developer of the transferred Milano Santa Giulia areas through a fund managed by its Italian subsidiary 1.

    • Real estate investment funds active in Milan

      The source refers to funds that buy and develop urban assets, which can compete for projects and partners in the Milan and Rome areas 1.

    • Local residential and commercial developers

      Regional developers compete for demand and land in the same urban markets, particularly in office and commercial segments 1.

    • Institutional office investors

      Institutional investors are potential buyers and partners for requalified assets, but may also compete for the same projects 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Risanamento S.p.A. · 31 Dec 2024

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.