Rekeep - comment

Rekeep is expanding its international footprint through the acquisition of a 60% stake in Euromex Facility Services, which will be rebranded as Rekeep Portugal. No purchase price has been publicly disclosed, but Euromex generated c.€30m of revenue in FY25, and we estimate the total acquisition cost to be €10-15m (max). While the acquisition expands Rekeep’s international business, it is relatively small in the context of the Group. if consolidated in FY25, the Portuguese business would represent only about 2% of Group revenue.

The acquisition is consistent with Rekeep’s broader strategy. The relative size is small, so it will have a limited impact on its near-term financials. Depending on the level of follow-on investment required, it could nonetheless lead to higher international CAPEX over the medium term.

Rekeep’s international segment reported c.€320m of LTM sales to September 2025, largely driven by its Polish business. The Polish business was valued at €275m in December 2027 (from the put option), implying a valuation multiple of roughly 0.9x revenue. Applying this multiple to the €30m Portuguese business implies an EV of €27m, and c.€16m for Rekeep’s 60% stake. However, this should be treated as a theoretical maximum valuation given the limited information available and the likely lower growth trajectory in Portugal compared with Poland without significant investment.