Rebirth: €1.15 million loss in the first half of 2026, €5 million bond issue planned
In the first half of 2026, the increase in the production value of Rebirth reflects the progress of construction sites rather than sales. The residential programmes in Praticello and Saluggia (fifteen housing units in total) are under construction, and their marketing as well as their cash receipts are expected in 2027.
Over the half-year, consolidated net income came to a loss of €1.15 million. To finance the completion of its projects, the group is relying on increased shareholder loans and on a planned bond issue.
Production value up, revenue down
Rebirth published its consolidated half-year accounts on 2026-10-30. The production value reached €2.85 million, compared with €2.65 million in the first half of 2025, an increase of 7.5%. This amount includes a capital gain of €124 thousand: excluding this item, the increase is 2.8%, to €2.73 million.
Revenue from sales and services fell to €1.23 million, compared with €3.51 million a year earlier. According to the company, the comparison is mainly affected by approximately €2.16 million of property sales recorded in the first half of 2025. Rental income remained broadly stable.
The progress of construction sites is reflected in the positive change in inventories, which amounted to €1.28 million. Production costs reached €3.74 million, compared with €2.71 million a year earlier.
EBITDA (before other operating expenses and depreciation, according to the company's restated table) came to €172 thousand, compared with €664 thousand. Gross financial expenses fell by 11.6% to €261 thousand.
Consolidated net income, including minority interests, was a loss of €1.15 million, compared with a loss of €213 thousand in the first half of 2025. The group's share corresponds to a loss of €1.11 million.
Rising shareholder loans and €5 million bond issue in preparation
Consolidated shareholders' equity stood at €28.22 million as of 30 June 2026, broadly stable compared with €28.11 million at the end of 2025. It represents 67.2% of a balance sheet total of €41.98 million.
Shareholder loans rose from €1.49 million to €2.17 million over the half-year, which the company presents as a reflection of its shareholders' support. Over the same period, bank debt decreased from €7.84 million to €7.35 million.
Cash and cash equivalents amounted to €27,492 as of 30 June, compared with €86,775 at the end of 2025. The group states that it monitors its financing requirements and maturities against the expected sources of financing.
On 19 October 2026, the board of directors approved a bond issue of up to €5 million, at a rate of 6.50% over five years. Rebirth aims to complete it by the end of 2026, subject to the finalisation of the issue and its placement.
The funds raised, together with the proceeds from the planned property sales, are expected to finance the completion of ongoing projects. Chief Executive Officer Massimiliano Alfieri stated that the priority is to complete the projects, develop their marketing and increase revenue from operating activities.
More than €7 million in gross revenue expected in 2027 from Praticello and Saluggia
Among the main commercial opportunities cited by the group are the housing units in Praticello and Saluggia. In Formello, Praticello comprises ten units on a plot of approximately 9,000 m². Construction, launched in September 2025, is at an advanced stage and some units have already been reserved.
In Rome, Saluggia comprises five units of approximately 100 m² each, with completion scheduled for the first quarter of 2027. In hospitality, the first group of the Marta Lake scattered hotel, on Lake Bolsena, was inaugurated at the end of June. Its economic contribution remained limited over the half-year.
The subsidiary Rebirth Hospitality increased its individual production value to €170 thousand, compared with €63 thousand a year earlier. The Marta Lake programme plans for more than 20 residences in full operation by the end of 2027. In Valledoria, Sardinia, the objective is to open a nine-room hotel for the 2027 summer season.
In the Canary Islands, more than 50 housing units intended for sale are planned in Fuerteventura. For 2027, management anticipates more than €7 million in gross revenue from sales of Praticello and Saluggia, subject to effective marketing and the timetable for signing deeds.
