46.7 per cent reduction in debt following fresh concerns over the accounts

The sale of Santa Giulia has not been finalised, and this is putting Risanamento’s stability at risk.

The board of directors – which met on Wednesday 15 October – examined the preliminary accounts, which reveal “a deterioration in the already critical financial position”, according to a statement. The Board has given instructions to undertake, as a matter of the utmost urgency, all necessary steps to comply with legal requirements by 28 October, when it will meet again. In short, the deadline is at the end of the month.

The share price – which had been on a rollercoaster ride – also closed down 46.75 per cent (at €0.018), following several months of surprising gains during which, up until the announcement, it had recorded a six-month rise of 44 per cent. These gains were in all likelihood linked to the announcement, at the start of the summer, of the imminent finalisation of the agreement for the sale of the Santa Giulia site in Milan between Lendlease and Bizzi & Partners spa.

Risanamento’s financial difficulties are well known. The most recent financial statements filed relate to the first nine months of 2025, and the available figures are for those nine months, which ended with a loss of 5.9 million (2024 ended with a loss of 47.45 million) and a negative consolidated equity of 0.8 million (it was positive at 5.2 million in 2024, compared with 52.6 million in 2023), whilst the net financial position – which benefited from the sale of the property in Via Grosio – stood at 27.9 million.
So much so that Consob had, for some time, placed the share on the so-called ‘blacklist’, with monthly monitoring of the net financial position, which was gradually declining: falling below 12 million in September 2026. Three factors in particular are weighing on the accounts of the company, led by Claudio Calabi: the losses in 2020, amounting to 32.75 million; the continued delay in the restructuring of the MSG Heartbeat fund, to which the major Milan Santa Giulia project is linked; and the lack of capital strengthening.

To understand the situation, we need to go back to 2023, when Risanamento – which had launched the project – sold the land to Lendlease’s MSG Heartbeat fund, whilst retaining responsibility for the site remediation. As part of its strategy to reduce its exposure outside its home market, in June the Australian group signed an agreement to sell its shares to a vehicle led by Bizzi & Partners, in a deal worth around 154 million. Only once the sale is complete could the so-called ‘step-in’ clause be triggered: the fund would take over the remediation work and other projects still the responsibility of Risanamento, thereby lightening its balance sheet. The aim is to finalise the deal by the end of the year. Lendlease and Bizzi “have agreed to extend the deadline by which these conditions precedent must be met to 18 December”, the Australian group stated in a press release. However, “should the sale not go through, it is likely that Lendlease will be required to finance the project-related obligations amounting to approximately 160 million dollars in the first half of the 2027 financial year”.