Rekeep - comment

Rekeep reported its Q3 numbers, although most of the discussion focused on the criminal investigation undertaken by the Palermo Public Prosecutor’s Office. The contract under investigation represents approximately €12m of revenue, which is less than 0.5% of Rekeep’s overall backlog (and c.5% of the Servizi Ospedalieri laundering and sterilisation segment). The contract began in Q4 2024, and Rekeep has recorded approximately €1.5m of revenue to date. It is a 6.5-year contract expiring in 2031.

Operationally, Rekeep’s results were broadly flat, with international activities supporting modest revenue improvement. EBITDA declined due to ongoing start-up costs in Poland. Backlog has increased to 2.1x revenue, not including approximately €400m of contracts that are in the finalisation phase but already operational.

Rekeep has not yet released its full Q3 numbers and has only provided presentations. We will update our views once the complete set of figures is published.