S&P’s downgrade of Rekeep to B- reinforces pressure on credit metrics after weaker 1H26 results, though the rating report adds little to our existing analysis. We continue to

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Please find our updated Rekeep analysis here.

Note: Beta testers can check Rekeep on the Beta portal here.

Rekeep’s 1H26 results highlighted continued pressure on EBITDA, with higher labour and third-party costs weighing on margins despite stable revenue and strong contract wins. While leverage has increased to 6.2x, the bonds have fallen to 76c, bringing the potential asset disposal into sharper focus. Our analysis suggests the energy business could be sold for c.€275m, with proceeds used to repay debt and potentially redeem the 2029 SSNs at 103c. We therefore see the asset sale as the key near-term catalyst, while the resilient backlog and absence of near-term maturities provide support to the credit.

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Q2 results should see the bonds trade off further, although recent comments around potential asset sales are likely to mute any

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Investors’ concerns around Rekeep’s working-capital movement should ease following the Q1 call and, with results slightly ahead of our

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Rekeep S.p.A. reported Q4 and FY25 results on Friday, prompting a further 3–4 point sell-off in the bonds. Revenue came in line with our expectations, and improved

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Moody’s Ratings has revised the outlook on Rekeep S.p.A. to negative from stable, citing expectations of weaker operating performance over the

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Rekeep is expanding its international footprint through the acquisition of a 60% stake in Euromex Facility Services, which will be rebranded as

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Please find our updated analysis post the recent Q3 results here. 

The Q3 results announcement was overshadowed by the confirmation of the criminal investigation undertaken by the Palermo

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The Bologna Court has rejected the petition filed by minority shareholders against the management of MSC Società di Partecipazione tra Lavoratori S.p.A., the

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Rekeep reported its Q3 numbers, although most of the discussion focused on the criminal investigation undertaken by the

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Rekeep is set to report its Q3 results later today, but investor focus is instead on reports that the Palermo Prosecutor’s Office has requested house arrest for

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Please find our updated model post Q2 results here

The Q2 figures were mundane at best, and with no sign of the long-awaited asset sale, some investors have exited, causing a slight weakness in

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Rekeep’s Q2 results demonstrate stable revenue with a slight decline in EBITDA, primarily attributable to the domestic facility management segment and

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Please find our updated analysis on Rekeep here.

Rekeep successfully refinanced its bonds earlier this year, and with some market dislocation in early April, we took the opportunity to reinvest in the name. Rekeep had to offer

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Please find our updated analysis on Rekeep after its FY24 results here.

The recent market dislocation has led to the bonds falling 5pts, yielding 10.6%, and it is worth a revisit. Rekeep is not impacted by tariffs and is low beta to the market. There are no

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Rekeep will redeem its existing notes today, February 21st. This exits our successful long position in these bonds, initiated in

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Rekeep has successfully raised €360m 2029 bonds at 9%, with the use of proceeds to take out the existing 7.25% bonds.  We had said that there would be a

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