AI Terminal
Abitare In
Interim / Quarterly Report • Jun 13, 2025
4293_ir_2025-06-13_2ef9cb9c-0c26-471c-b4cb-25fde2ba9432.pdf
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
HALF-YEARLY CONSOLIDATED FINANCIAL REPORT AS AT 31 MARCH 31 2025
Address Head Office Viale Umbria, 32 Milano
Telephone +39 02 67.02.550
Email [email protected]
Website www.abitareinspa.com
HALF-YEARLY CONSOLIDATED FINANCIAL REPORT
AS AT 31 MARCH 2025
| Corporate Governance and Oversight Bodies | 3 |
|---|---|
| Group Structure as of 31 March 2025 | 4 |
| Management Report of the AbitareIn Group | 5 |
| Highlights | 8 |
| Development Pipeline | 9 |
| This is us | 10 |
| Homizy, built to share | 12 |
| AbitareIn projects | 15 |
REPORT ON MANAGEMENT AS AT 31 MARCH 2025 20
| 1.1 | Group's management performance in the first half-year | 21 |
|---|---|---|
| ending on 31 March 2025 |
- 1.2 Description of the main risks and uncertainties to which the Group is exposed 25
- 1.3 Main activities and events of the Group during the period 33
| CONSOLIDATED STATEMENT OF | 38 |
|---|---|
| FINANCIAL POSITION |
AS AT 31 MARCH 2025
(Consolidated Law on Finance)
| Notes to the Consolidated Financial Report | 44 | |
|---|---|---|
| 2.1 | Accounting principles and valuation criteria | 44 |
| 2.2 | Notes to the main items of the Statement of Financial Position | 51 |
| 2.3 | Notes to the main items of the Income Statement | 69 |
| 2.4 | Certification of the Consolidated Financial Statements pursuant to Article 154-bis, paragraph 5, of Legislative Decree No. 58/1998 |
84 |
ADMINISTRATIVE AND SUPERVISORY BODIES
CHAIRMAN AND CHIEF EXECUTIVE OFFICER Luigi Francesco Gozzini CHIEF EXECUTIVE OFFICER Marco Claudio Grillo INDEPENDENT BOARD MEMBER Mario Benito Mazzoleni INDEPENDENT BOARD MEMBER Giuseppe Carlo Vegas INDEPENDENT BOARD MEMBER Nicla Picchi INDEPENDENT BOARD MEMBER Antonella Lillo INDEPENDENT BOARD MEMBER Stefano Massarotto BOARD MEMBER Eleonora Reni
-
-
-
BOARD OF STATUTORY AUDITORS
BOARD OF DIRECTORS
| CHAIRMAN | Ivano Passoni |
|---|---|
| STANDING STATUTORY AUDITOR | Elena Valenti |
| STANDING STATUTORY AUDITOR | Matteo Ceravolo |
| SUBSTITUTE STATUTORY AUDITOR | Fanny Butera |
| SUBSTITUTE STATUTORY AUDITOR | Marco Dorizzi |
| AUDITING FIRM | BDO Italia S.p.A. |
| MANAGER IN CHARGE OF PREPARING THE ACCOUNTING DOCUMENTS |
Cristiano Contini |
GROUP STRUCTURE AS AT 31 MARCH 2025
Disclaimer
This Interim Financial Report, and in particular the sections entitled "Expected developments in management performance" and "Main risks and uncertainties to which the Abitare In Group is exposed", contain forward-looking information ("forward-looking statements"). These statements are based on the Group's current expectations and projections regarding future events and, by their nature, are subject to inherent risks and uncertainties. They refer to events and depend on circumstances that may or may not occur or arise in the future. Actual results may differ from those contained in such statements due to a multitude of factors, such as the volatility of capital and financial markets, changes in macroeconomic conditions and economic growth, and other changes in business conditions, changes in legislation and the institutional context, and many other factors, including possible developments in the war in Ukraine, most of which are beyond the Group's control.
FOREWORD
The consolidated interim financial report as at 31 March 2025 (hereinafter the "Interim Report") has been prepared in accordance with Article 154-ter of Legislative Decree No. 58/1998, as amended, and with the Issuers' Regulation issued by Consob. As such, it does not include all the supplementary information required in the annual financial statements and must be read in conjunction with the Group's consolidated financial statements as at 30 September 2024.
This Interim Report includes the condensed consolidated interim financial statements as at 31 March 2025, prepared in accordance with IAS 34, concerning interim financial reporting. The condensed consolidated interim financial statements as at 31 March 2025 have been prepared in a "condensed" format and must therefore be read in conjunction with the consolidated financial statements of the Abitare In Group for the year ended 30 September 2024, prepared in accordance with IFRS, except as otherwise described in the following notes section "Accounting standards, amendments and interpretations applicable from 1 January 2024".
INTERIM MANAGEMENT REPORT OF THE ABITAREIN GROUP
The Group specializes in the development of urban redevelopment projects involving the acquisition of disused or abandoned properties, their demolition or refurbishment for the construction of new residential complexes (demolition and construction are entirely outsourced through the execution of works contracts) and, finally, their commercialization. The Group primarily targets families, focusing in particular on its development activities in the semi-central areas of the city of Milan. The selection of these áreas — resulting from thorough research within a portfolio of opportunities identified by the parent company's internal function — is based on the socioeconomic fabric, demographic trends, and the supply-demand ratio.
Urban regeneration, which lies at the heart of our daily work, is also an ethical challenge for us: to restore dignity to spaces and to the people who inhabit them. For this reason, we select properties and areas with characteristics that foster an increase in their value over time and contribute positively to the quality of living in the city.
In this context, innovation and building performance are essential factors that enable us to maintain leadership and competitiveness in a market where housing demand is increasingly focused on high energy-efficiency buildings, characterized by responsible management of natural resources and particular attention to the well-being of their occupants.
AbitareIn is aware of operating in a context, urban regeneration, that involves various interests. For this reason, our goal is to pursue the sustainability of projects, not only from an economic standpoint but also from a social and environmental perspective.
In this effort, we are guided by a value system that places at its core architecture that respects the environment and the dynamics of the territory (Built for Planet), with a focus on people—starting with our clients and the team members who help them develop and personalize their home design (Built for People). AbitareIn looks beyond the scope of individual residential developments, with a long-term industrial vision, transparent governance, and scalable urban regeneration projects that have indirect impacts on the city and its inhabitants (Built for Prosperity).
Thus, our model is born, capable of creating value for all stakeholders: shareholders, clients, employees, and the city. To achieve these results, we are constantly working on multiple fronts:
- Refinement of the business model, which, thanks to the corporate structure, project financing methods, and execution timelines—ensures value for our shareholders;
- Strong focus on the environmental impact of projects, by developing only buildings with extremely high energy efficiency and significant green areas;
- Maximization of the impact on the city and territory, through urban regeneration projects that help raise the quality standards of buildings;
- Investment in continuous training of employees and collaborators, both on professional topics and with the aim of creating a positive and proactive work environment.
The development of our sustainable urban regeneration projects helps create value for the city and its neighborhoods:
-
- The recovery of abandoned and dilapidated buildings immediately results in the redevelopment not only of the space directly involved, but of the entire neighborhood, leading to increased value of surrounding properties.
-
- Residential projects are often integrated with public infrastructure, benefiting the entire neighborhood.
-
- In cases involving old buildings with major environmental issues, the intervention also includes soil remediation, as well as the removal and disposal of hazardous materials such as asbestos, contributing to the safety and well-being of all citizens.
-
- The construction of real estate complexes made up of hundreds of apartments leads to population growth in the area and, consequently, increased demand for services, resulting in higher revenues for local businesses and the emergence of new ones.
Since the end of 2019, the Group has launched the project called "Homizy." Homizy SIIQ S.p.A. is now an Innovative SME, 70.7% owned by the parent company Abitare In S.p.A., and is focused on developing a new strategic business line-namely, the development and monetization of residential properties through so-called co-living solutions. It is listed on the Euronext Growth Milan market, Professional segment.
In particular, Homizy aims to offer young people aged between 20 and 35, who are starting a career in a city different from their hometown or who are, in any case, seeking housing autonomy from their family, a residential solution that ensures efficiency in management and maintenance, innovative services, and spaces for socialization. Pursuant to IFRS 8 – no information is provided regarding operating segments, as it is not considered relevant.
HIGHLIGHTS
ABITAREIN HALF-YEARLY CONSOLIDATED FINANCIAL REPORT AS AT 31/03/2025
| as at 12.06.2025 | ||||
|---|---|---|---|---|
| NT ME NE OP PIPELI VEL DE |
223,000SQM | NET SALEABLE AREA 1-2 | ||
| 645€/SQM | NET SALEABLE AREA PURCHASE COST 3 | |||
| 2,440 | APARTMENTS 4 | |||
| 20 | PROJECTS | |||
| K O O DER B OR |
420 | APARTMENTS | ||
| 347 | PRELIMINARY CONTRACTS SIGNED | |||
| 193 M € |
TOTAL VALUE | |||
| 56,7 M € |
ADVANCES FROM CONTRACTED CUSTOMERS | |||
| N RESS O CTI G NSTRU O SITE PR O C |
864 | APARTMENTS DELIVERED 6-7 | ||
| 326 M € |
UNITS DELIVERED (VALUE) | |||
| 348 | APARTMENTS UNDER CONSTRUCTION | |||
| 165 M € |
APARTMENTS UNDER CONSTRUCTION (VALORE) |
KEY NON-FINANCIAL INDICATORS
8
1 This includes 17,000 sqm of commercial space equal to 140 model appartments on which development in the co living formula through the subsidiary Homizy S.p.A. is being evaluated.
2 Of which 19,900 sqm commercial of social housing.
3 It may differ from the no. of appartments depending on the actual size of the appartments sold. In recent transactions AbitareIn has seen a significant and progressive increase in the average size of appartments sold.
4 No. of appartments considering an average size of 92 sqm for marketing in free building and 82 sqm for social housing. The number of appartments actually realised and of contracts signed, without prejudice to the overall size, may vary depending on the customisation of the size of the units.
6 Dato comulativo di tutti gli appartamenti consegnati dal Gruppo
7 N. di apparatamenti ricalcolato sulla base del taglio medio delle "unità tipo"
PIPELINE IN DEVELOPMENT (AS OF THE DATE OF APPROVAL OF THIS REPORT)
As of the approval date of this report, the development pipeline of the group headed by AbitareIn (the "Group") consists, net of projects already completed and delivered, of 20 areas, covering approximately 223,000 sqm of commercial space9, corresponding to about 2,440 standard apartments10, located in various semi-central and suburban areas of the City of Milan (with the exception of one area located in Rome), in contexts with high growth potential.
Of the apartments in the pipeline, as of today, 420 apartments4 have been sold (on a preliminary basis) for a total value of approximately €193 million, with contractual advances (guaranteed by insurance surety policies) amounting to €56,7 million, and 348 apartments4 are currently under construction.
UNITS DELIVERED
The Group has delivered, to date, 864 apartments11, distributed among the projects Abitare In Poste, Abitare In Maggiolina, Olimpia Garden, Milano City Village, Palazzo Naviglio, and Trilogy Towers, for a total value exceeding €326 million.
9 Of which 17,000 sqm to be built under Subsidized and/or Agreed Housing schemes, and 16,800 sqm under development by Homizy for rental in the co-living format.
10 The number of apartments is calculated assuming an average size of 92 sqm for free-market housing and 82 sqm for ERS (Socially Subsidized Housing). The actual number of apartments built and contracts signed, while maintaining the overall square footage, may vary depending on the customization of the layout of the individual units.
THIS IS US
Founded in 2015 based on the over 15 years of experience of its founding partners, Luigi Gozzini and Marco Grillo, AbitareIn has, in just a few years, become the leading company in the residential development market in Milan, with a portfolio of 19 projects in the pipeline, totaling approximately 2,500 apartments.
In April 2016, AbitareIn was listed on the Euronext Growth Milan market (formerly AIM Italia) and, as of March 1, 2021, has been listed on the Euronext STAR Milan segment of the Euronext Milan market.
AbitareIn is committed to urban regeneration through the demolition or recovery of disused or abandoned buildings, contributing to the improvement of the city's housing fabric by creating new residential projects focused on families, characterized by strong aspirational appeal and significant aesthetic and architectural impact.
AbitareIn possesses the know-how for selecting areas, designing initiatives, and obtaining building permits, which are the pillars of its distinctive identity. Meanwhile, the actual construction phase of the projects is entrusted, through contracts, to renowned construction operators. This approach helps mitigate associated risks and is supported by extensive use of technology, enabling the company to constantly monitor the status of construction sites and intervene promptly when necessary.
The Company has developed and refined its product and marketing strategy through solid branding activities and the use of advanced technological tools and Customer Relationship Management (CRM) methodologies.
In 2022, AbitareIn introduced an innovative project: an e-commerce platform for the online sale of houses under construction. Thanks to this platform, the Company can offer its clients an extremely immersive and comprehensive purchasing experience through innovative technological solutions: the artificial intelligence of a virtual assistant available 24/7, an online apartment configurator, the ability to virtually explore apartments using virtual reality tools in the showroom, the possibility of scheduling appointments via videoconference, and the digitization of all documentation and contractual processes.
The combination of deep industry know-how and a high degree of innovation, digitization, and specialization has given rise to AbitareIn's new philosophy: Home By You. This philosophy is entirely centered on the concept of personalization while benefiting from the economies of scale typical of an industrialized model. All of this is made possible by a unique platform in the industry: the Home Configurator.
Thanks to its unique business model within the Italian market, AbitareIn has garnered the support of significant and prestigious national and international players, both from the real estate sector and the financial landscape. These entities have joined the company's shareholder structure and have accompanied the Company on its growth journey. The "compartmentalized" structure of the Group, combined with its project commercialization methods (sales occur first, followed by construction), ensures the self-financing of projects and the financial solidity of the Company.
HOMIZY, BUILT TO SHARE
Homizy is the Group's company that is currently developing rental properties in Milan in the form of CO-LIVING.
ABITAREIN HALF-YEARLY CONSOLIDATED FINANCIAL REPORT AS AT 31/03/2025
Homizy represents the application of the sharing economy to the residential sector: sharing goods, spaces, and services to create new opportunities for social interaction, through the pervasive use of technology, ensuring greater management efficiency and resource optimization.
MISSION
Its mission is to transform "living" into a shared experience by fostering connections between people, "making them feel at home" for all those who have embarked on a personal and professional growth journey in Milan.
12
| TARGET | ||
|---|---|---|
| Age | ||
| SENIOR LIVING | ||
| (MULTI) FAMILY | ||
| YOUNG PROFESSIONALS | ||
| GRADUATES | ||
| STUDENTS |
Probability of owning a home
THE TYPICAL CO-RESIDENT
- Age: 20 - 35 years
- Works in Milan, but comes from another city or is seeking housing independence
- Rents directly (B2C) or receives the room as a corporate benefit (B2B) – advantageous taxation
- Average income: < €2,500/month
- Not yet planning to take the step of buying a home
THE CO-RESIDENT PROFILE
- Is experiencing a more fluid and dynamic job market, which requires greater adaptability
- Prefers dynamic housing solutions, integrated with additional services, for an experience better suited to their needs
- Seeks solutions that foster cohesion, social interaction, and interpersonal and professional relationships
- It is (likely) their first time searching for a home and they choose co-living not only for economic reasons
- Average stay: 9 / 12 months
PRODUCT
1 Ad hoc smart building New smart and trendy residential complexes, specifically designed and built for a new rental model, ensuring efficiency in management and maintenance, innovative services, and socialization spaces.
2 Unique and Innovative Product To meet a new type of demand, anticipating market trends, with the goal of quickly achieving a leadership position in the sector.
Know-how AIn and Market Segment
Leveraging the economies of scale and know-how of AbitareIn, HZY presents a product in Milan in the price range of €650-900 per unit, with an innovative "all-inclusive" formula, during a market phase where supply is very limited and not well-aligned with current market demands. The concepts of redevelopment of semi-central and peripheral areas, which are valid for AbitareIn, remain integral.
HOW TO DO IT
TECHNOLOGY
Homizy uses the most innovative technologies available both in development and for the subsequent daily management of buildings. It will leverage the know-how of its parent company, AbitareIn, to equip itself with software that enables efficient management of every process.
USER-FRIENDLY APP
Users will benefit from significant technological support through a dedicated app: access to rooms and common areas, contract management, payments, maintenance, and a social and community section will all be entirely managed via the Homizy app.
ENERGY EFFICIENCY
Environmental sustainability is one of Homizy's priorities. The buildings will be constructed in energy class A, with system solutions that enable payback on consumption within 6-7 years.
CONCEPT
ABITAREIN PROJECTS
The Trilogy Towers residential complex, consisting of three towers named Gold, Diamond, and Platinum, is located on Via Gallarate in the northwestern quadrant of Milan.
This project aims to revitalize the urban environment, transforming a historically industrial area into a new attractive hub.
The area, rich in urban regeneration opportunities, aligns with projects such as City Life - Tre Torri and Portello.
The facades of the towers are meticulously designed, with precious and shimmering surfaces, creating a dynamic and refined effect. AbitareIn Collection
Milano Piazzale Accursio
Trilogy Towers
Savona 105 is an AbitareIn project aimed at regenerating the Tortona area, a district of Milan with a high level of cultural activity. This project is a tribute to "creative regeneration," which transforms abandoned spaces through culture, art, and design.
Set within a park that alternates green spaces with paved surfaces, the ground floor of the building hosts multiple functions, inspired by both the hospitality industry and smart city concepts: the former to ensure each resident feels like a welcomed guest every day, and the latter to facilitate the organization of daily activities.
The internal services allow for efficient optimization of daily schedules, giving residents more free time to dedicate to their passions.
AbitareIn Collection
Milano Tortona
Savona 105
Porta Naviglio Grande is a project that enhances the area between Piazzale Ohm and the streets of Richard and Faraday, with two buildings featuring geometric designs inspired by artisanal ceramics, in dialogue with the neighborhood's history.
AbitareIn contributes to the city by creating added value with its unique style.
The apartments, designed for sustainability, energy efficiency (class A1), functionality, comfort, and design, offer large outdoor spaces to enjoy the benefits of fresh air, a magnificent roof that transforms into a hanging garden, and services such as Smart Work, Bike Lab, and Delivery Room to simplify daily life.
AbitareIn Collection
Milano San Cristoforo sul Naviglio Porta Naviglio Grande
The Units is a residential complex in Piazzale Accursio, an area of Milan characterized by dynamism and innovation, close to Piazza Portello and City Life, rich in contemporary architecture, shops, and sculptures. Each apartment has a private outdoor space, and residents can also enjoy an exclusive view from the panoramic Rooftop Garden, offering moments of relaxation surrounded by green planters.
Innovative and high-tech materials, such as stone and wood combined with steel and glass, give the apartments a unique appearance, blending tradition and innovation. The interiors are designed for maximum comfort. The Smart LivingNow home automation system by Bticino allows for control of consumption and costs, the Twix material is eco-friendly, and the Controlled Mechanical Ventilation system ensures air exchange and filters out bacteria and dust.
AbitareIn Collection
Milano Portello
The Units
Lambrate Twin Palace is a residential complex with 93 apartments and 3,613 square meters of green space that fosters creative regeneration within the urban context of Ventura Lambrate in Ventura Lambrate.
It consists of two buildings, Oro and Ambra, designed to maximize natural light usage with facades that enhance shade and privacy.
The apartments feature private outdoor spaces, and energy class A1 is achieved through eco-sustainable solutions.
The project pays tribute to the artist Giampaolo Talani and creates a community with a porticoed courtyard and a green oasis with aromatic plants and trees.
AbitareIn aims to enhance the duality between historical and innovative spaces, looking toward the future.
AbitareIn Collection
Milano Lambrate
Lambrate Twin Palace
Palazzo Sintesy is the new project by AbitareIn in the Prime Edition series, located in Milan Rubattino, an area undergoing urban transformation with innovative redevelopment projects aimed at creating and preserving green areas and spaces for socialization.
Close to Parco Lambro, City Life, and Ortica, it offers environmental and cultural stimuli. The structure harmonizes simple shapes and soft colors with white plaster and a Ceppo di Grè base.
The ground-floor apartments enjoy private gardens for moments of relaxation. The balconies allow natural light to enter and envelop the interiors, creating a warm and unique atmosphere. Completing the structure is a shared condominium garden. The interiors are characterized by a distinctively Italian style, combining aesthetics and functionality.
Prime Edition
Milano Rubattino
Palazzo Sintesy
BalduccioDodici is an AbitareIn project located at Via Balduccio da Pisa 12, at the corner of Via Orobia. The facade features vertical tensions that create a play of solids and voids, with elegant colors such as white, gray, and sand. The loggias overlook the Milan skyline, offering spaces that unite the city with nature, along with a private condominium oasis for relaxation and socialization. Services like a bike lab, delivery room, and multifunctional hall simplify daily routines.
The apartments, detailed to the smallest particulars, prioritize natural light, comfort, and safety, with high-quality materials and advanced technologies such as Controlled Mechanical Ventilation and surveillance systems. The complex is situated in the vibrant and innovative Fondazione Prada district, near Porta Romana, well-served by public transportation and rich in cultural, artistic, and commercial attractions. It is characterized by buildings from various eras and a blend of residential tranquility and urban energy.
AbitareIn Collection
Milano Scalo Romana BalduccioDodici
Frigia7 is an AbitareIn project located at Via Frigia 7. Characterized by a minimal style, it features linear volumes with a play of solids and voids, offering unique city panoramas from the upper floors. The use of materials and colors creates an elegant and youthful design, with loggias overlooking the Milan skyline. The apartments, ranging from tworoom to four-room layouts, are enhanced with Made in Italy design.
The Controlled Mechanical Ventilation system ensures air exchange and filters out humidity, bacteria, and dust, while the A1 energy class ensures energy efficiency. The complex includes a condominium park with shaded areas and bike parking to promote sustainable mobility.
Frigia7 is located in a redeveloped area well-connected by public transportation.
Prime Edition
Milano Precotto
Frigia 7
Corte Naviglio is an AbitareIn project located at Viale Richard 20, in the Naviglio Grande area. The facade uses metallic materials in shades of green and anthracite, with a refined design that integrates harmoniously into the neighborhood. The interiors, ranging from two-room apartments to penthouses, offer maximum comfort and make the most of natural light, thanks to the building's carefully studied exposure. The energy class A2 ensures energy efficiency and cost reduction.
The large and elegant loggias extend the interiors, allowing residents to enjoy the view in peace. The condominium park, featuring services for residents such as a lobby and bike parking, adds value. Located in Naviglio Grande, an iconic area of Milan, the project benefits from urban regeneration, offering a tranquil environment close to points of interest and leisure.
AbitareIn Collection
Milano San Cristoforo sul Naviglio Corte Naviglio
Palazzo Grè, an AbitareIn project located at Via Tacito 7 near Scalo Romana, integrates into the urban context with an architectural structure of solids and voids, creating an irregular yet harmonious space. It uses a soft color palette contrasted with metallic elements, combining typical Milanese materials. The elegant loggias allow residents to enjoy the outdoors and personalize the spaces with plants and flowers.
The apartments, ranging from two-room units to penthouses, are designed to offer maximum comfort, with materials and colors chosen to reflect the personality of the residents. All apartments have an energy class A1 rating to reduce consumption and costs. The thoughtfully designed shared services include a lobby, bike parking, parcel storage, and a well-maintained condominium park.
With an area of approximately 2,870 square meters, Palazzo Grè is located in a regenerating area, close to Milan's city center and well-served by public transportation for quick connections throughout the city.
AbitareIn Collection
Milano Calvairate
PalazzoGre
REPORT ON MANAGEMENT
AS AT 31 MARCH 2025
1.1 GROUP MANAGEMENT PERFORMANCE FOR THE FINANCIAL YEAR ENDING MARCH 31, 2025
Below are the main components of the reclassified consolidated income statement and the reclassified consolidated financial position .
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
| Description of amounts in Euro units |
31.03 2025 |
% of revenues from core operations |
31.03 2024 |
% sui ricavi della gestione caratteristica |
|---|---|---|---|---|
| Revenues from the sale of properties |
8,683,985 | 13.63% | 9,876,763 | 29.03% |
| Change in inventories of work in-progress and finished products |
28,298,814 | 44.43% | 18,116,100 | 53.25% |
| Change in inventories of acquired real estate complexes |
10,500,000 | 16.48% | 2,690,254 | 7.91% |
| Other revenues | 16,211,943 | 25.45% | 3,337,047 | 9.81% |
| Total consolidated revenues | 63,694,742 | 100.00% | 34,020,164 | 100.00% |
| Production costs | 53,466,802 | 83.94% | 24,502,637 | 72.02% |
| VALUE ADDED | 10,227,940 | 16.06% | 9,517,527 | 27.98% |
| Labor cost | 1,875,948 | 2.95% | 2,238,192 | 6.58% |
| Other operating costs | 1,814,433 | 2.85% | 1,099,983 | 3.23% |
| Ebitda | 6,537,559 | 10.26% | 6,179,352 | 18.16% |
| Depreciation, impairments, and other provisions |
614,659 | 0.97% | 631,635 | 1.86% |
| Ebit | 5,922,900 | 9.30% | 5,547,717 | 16.31% |
| Financial income and expenses and value adjustments of financial assets |
(3,752,013) | (5.89%) | (2,226,500) | (6.54%) |
| Ebt | 2,170,887 | 3.41% | 3,321,217 | 9.76% |
| Income taxes | (1,150,601) | (1.81%) | (2,377,946) | (6.99%) |
| Net profit (loss) for the year | 1,020,286 | 1.60% | 943,271 | 2.77% |
The assessment of the Group's economic performance is carried out considering some alternative performance indicators (Alternative Performance Measures), as provided by the European Securities and Markets Authority (ESMA) following the issuance of CONSOB communication of 3 December 2015 n.92543/15, which makes applicable the guidelines published on 5 October 2015 by ESMA regarding their presentation in regulated information disseminated or in prospectuses published from 3 July 2016.
Below is the description of the economic performance indicators used by the Group:
- Added value (or VA): represents an indicator of operating performance and is calculated by subtracting production costs from the total consolidated revenues of the Group;
- EBITDA (or Gross Operating Margin): represents an indicator of operating performance and is calculated by adding depreciation, impairments, and other provisions to EBIT.
The first half of the fiscal year closed with CONSOLIDATED REVENUES amounting to € 63.7 million (€ 34.0 million in the same period of the previous fiscal year) resulting from:
- (i) € 8.7 million in Sales Revenues, related mainly to the deeds of the real estate units (€9.9 million in the first half of the previous fiscal year) of the Porta Naviglio Grande project in the amount of € 6.7 million and Trilogy Towers project in the amount of € 1.7 million;
- (ii) € 10.5 million in inventory changes for the purchase of new real estate complexes (€ 2.7 million in the first half of the previous fiscal year) related to the purchase of the area located in Milan in the Greco district;
- (iii) € 28.3 million inventory changes for work progress, net of warehouse unloading related to deliveries (following the deed of sale) of apartments to customers of Porta Naviglio Grande and Trilogy Towers (€ 18.2 million inventory changes for work progress in the first half of the previous fiscal year). Production progress amounts to € 36.7 million (€ 26.6 million as of 31 March 2024). Work is progressing on the authorized projects;
- (iv) Other operating revenues amounting to € 16.2 million as of 31 March 2025, mainly include:
- Increases in tangible fixed assets in progress related to investments in properties intended for rental in the form of co-living by the subsidiaries Smartcity Siinq S.r.l. and Deametra Siinq S.r.l. amounting to € 3.7 million and € 8.3 million respectively;
- Contribution for building bonuses worth a total of € 2.2 million;
- Compensation, related to the comprehensive buildings insurance policy to cover the damage suffered by the building as a result of the fire that occurred on 28 June 2023, in the amount of € 1.2 million in the subsidiary Trilogy Towers S.r.l.;
- Other revenues for service to third parties related to pre-sales and post-sales services under the holding company AbitareIn amounting to € 0.92 million.
The CONSOLIDATED EBITDA, amounting to € 6.5 million (€ 6.1 million in the first half of 2024).
The CONSOLIDATED EBT, amounting to € 2.2 million (€ 3.2 million in the first half of 2024). The figure is affected by the City of Milan's continuing urban planning and construction freeze, as well as the incorporation of the City of Milan's new guidelines on the new rego-le for the issuance of permits.
The EBT figure was negatively impacted, for € 0.1 million, by the write-down of the investment in others companies, resulting from the fair value assessment as at the reporting period closing date.
The consolidated net profit amounted to € 1.0 million (€ 0.9 million as at 31 March 2024).
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts are stated in Euro units.
| Uses | 31.03 2025 |
30.09 2024 |
|---|---|---|
| Intangible assets | 1,922,382 | 2,044,663 |
| Property, plant and equipment | 46,769,518 | 34,839,678 |
| Financial fixed assets | 6,235 | 25,541 |
| Investments in other companies | 1,031,687 | 1,167,212 |
| Non-current financial receivables | - | 3,473,867 |
| Other non-current assets | 3,148,352 | 2,688,291 |
| Other current assets | 28,911,407 | 21,086,000 |
| Inventory | 258,294,724 | 219,495,910 |
| Other current and non-current liabilities | (102,685,315) | (84,740,732) |
| NET INVESTED CAPITAL | 237,398,990 | 200,080,430 |
| Cash and cash equivalents | (10,954,265) | (13,776,733) |
| Financial assets measured at fair value | (2,006,297) | (9,317,621) |
| Current financial liabilities | 31,154,167 | 16,382,080 |
| Non-current financial liabilities | 107,333,665 | 95,827,647 |
| FINANCIAL DEBT | 125,527,270 | 89,115,373 |
| Share capital | 133,075 | 133,075 |
| Retained earnings (losses) | 110,644,834 | 105,050,600 |
| Profit (loss) for the period | 1,093,811 | 5,781,382 |
| EQUITY | 111,871,720 | 110,965,057 |
| SOURCES OF FUNDING | 237,398,990 | 200,080,430 |
The change in intangible assets is mainly attributable, net of amortisation for the period, related related to the recognition of the right of use resulting from the renewal of the lease agreement of the building in use by the Chairman of the Board of Directors. The change in intangible assets is mainly attributable, net of amortisation for the period, to the investment made by the Group in the development and integration of the Abitare In Corporate E-Commerce platform. This platform, fully integrated with all corporate processes, is aimed at enabling the online sale of residential units and the development and integration of an online apartment configurator. These costs relate to services provided by third parties. The increase in property, plant and equipment is mainly due to the capitalised costs associated with the acquisition of properties intended for lease under the coliving formula by the subsidiary Homizy Siiq S.p.A.
Investments in other companies decreased due to the write-down of the investment in Tecma Solutions S.p.A. to fair value and the write-down of the investment in Arras Group. The reduction in financial receivables is attributable to their collection by the company during the first half of the year. The increase in inventory, net of reductions resulting from the deliveries of real estate units of the Porta Naviglio Grande project and Trilogy Towers project, is mainly due to the progress of work on the construction sites of The Units, Lambrate Twin Palace, BalduccioDodici and Palazzo Sintesy sites.
| 31.03 2025 amounts in Euro units |
31.03 2025 |
30.09 2024 |
Change | ||
|---|---|---|---|---|---|
| A. | Cash and cash equivalents | 10,954,265 | 13,776,733 | (2,822,468) | |
| B. | Cash equivalent instruments | - | - | - | |
| C. | Other current financial assets | 2,006,297 | 9,317,621 | (7,311,324) | |
| D. | Liquidity (A)+(B)+(C) | 12,960,562 | 23,094,354 | (10,133,792) | |
| Consolidated Net Financial Indebtedness | E. | Current financial debt | - | - | - |
| F. | Current portion of non-current financial liabilities |
31,154,167 | 16,382,080 | 14,772,087 | |
| G. | Current financial indebtedness (E)+(F) | 31,154,167 | 16,382,080 | 14,772,087 | |
| H. | Net current financial indebtedness (G)-(D) | 18,193,605 | (6,712,274) | 24,905,879 | |
| I. | Non-current financial debt | 107,333,665 | 95,827,647 | 11,506,018 | |
| J. | Debt instruments | - | - | - | |
| K. | Trade payables and other non-current liabilities |
- | - | - | |
| L. | Non-current financial indebtedness (I)+(J)+(K) |
107,333,665 | 95,827,647 | 11,506,018 | |
| M. | Total financial indebtedness (H)+(L) | 125,527,270 | 89,115,373 | 36,411,897 |
CONSOLIDATED NET FINANCIAL INDEBTEDNESS
Net financial indebtedness is a key indicator of the Group's financial structure. It is calculated as the sum of short-term financial liabilities ("Current financial debt" and "Current portion of non-current financial liabilities") and long-term financial liabilities ("Non-current financial debt", "Debt instruments", and "Trade payables and other non-current liabilities"), net of cash and cash equivalents ("Cash and cash equivalents", "Cash equivalent instruments", and "Other current financial assets"). This indicator is calculated in accordance with Guideline No. 39 issued on 4 March 2021, applicable as of 5 May 2021, in line with CONSOB's Warning Notice No. 5/21 dated 29 April 2021.
Other current financial assets mainly comprise investment lines undertaken by the holding company, Abitare In S.p.A., with a duration not exceeding 12 months.
Current and non-current financial liabilities predominantly consist of bank borrowings, for a total amount of € 130.5 million, by financial liabilities from leasing contracts signed by the holding company Abitare In S.p.A. for a total amount of € 1.2 mln and the remaining part from the financial debt arising from the assignment of a receivable by a supplier to a factoring company in the amount of € 6.7 million.
Consolidated net financial indebtedness as at 31 March 2025 amounted to € 125.5 million, compared to € 89.1 million as at 30 September 2024 (and € 112.2 million as at 31 December 2024). This change is mainly attributable to the progress of construction sites, with total investments of € 40.1 million, from the payment of down payments related to the future purchase of new areas in the amount of € 1.2 million to the purchase of new areas in the amount of € 5.5 million (net of down payments made in previous years), against collections mainly from the deeds of the Trilogt Towers and Porta Naviglio Grande projects in the total amount of € 6.8 million and from the deposits and down payments collected related to the preliminaries of the commercialized projects in the total amount of € 3.6 million.
The movement in cash and cash equivalents reflects a cash absorption of € 27.2 million from operating activities, € 12.4 million from investing activities, proceeds from new loans of € 30.2 million and repayment of existing loans for € 10.9 million as detailed in the consolidated statement of cash flows.
1.2 DESCRIPTION OF THE MAIN RISKS AND UNCERTAINTIES TO WHICH THE GROUP IS EXPOSED
In the course of its activities, the Group is exposed to risks and uncertainties arising from exogenous factors related to the general macroeconomic environment and the specific context of its sector, as
well as to risks stemming from strategic and management decisions.
The identification and mitigation of such risks have been carried out systematically, allowing for timely monitoring and management of the risks as they emerged.
RISKS RELATED TO GENERAL ECONOMIC CONDITIONS
The trend of Gross Domestic Product, together with the general conditions for access to the credit market, has a direct impact on the spending capacity of consumers, businesses, and institutions with which Abitare In interacts. The current macroeconomic environment is marked by a high level of uncertainty, resulting from a combination of factors such as the lingering effects of the Covid-19 pandemic, inflation, rising interest rates, the deterioration of overall confidence levels, heightened geopolitical risks due to the Russia-Ukraine conflict, and the resulting uncertainties regarding potential future scenarios.
The European Central Bank has implemented a significant increase in interest rates to ensure inflation returns to its medium-term target in a timely manner. On the credit side, bank lending has slowed down, affected by weaker demand from businesses for investment purposes and from households for home purchases. In recent months, this upward trend in interest rates has stabilised, and the first signs of a decline are beginning to emerge.
The year 2024 and the beginning of 2025 have nonetheless been marked by weak economic growth and high inflation. The expected improvement over the next two years is heavily dependent on a favorable evolution of the geopolitical scenario, which would rule out a permanent suspension of energy raw material supplies from Russia to Europe. The overall situation therefore continues to be characterized by uncertainty, and as a result, the forecasts included in this annual financial report may be subject to change.
RISKS RELATED TO THE SPREAD OF EPIDEMICS
The spread of epidemics may have a significant negative impact on the Group's operations and results, as well as on the market in which it operates. The spread of contagious diseases is beyond the Group's control, and there is therefore no guarantee that the Group will be able, in the future, to counteract their effects or mitigate the impact on its operations and results.
With reference to the COVID-19 outbreak, the Group was exposed, during the period from February to May 2020, to restrictive measures, such as the temporary closure of construction sites commissioned by the Group, and it may also in the future be exposed to the risk arising from the adoption by public authorities of further and new measures aimed at preventing and/or limiting the spread of Coronavirus or other epidemics, as well as the operational and economic consequences resulting from the adoption of such measures.
The occurrence of such events could have significant negative effects on the Group's economic, equity and financial situation.
An epidemiological scenario could also have serious economic, financial and equity consequences for the contractors selected by AbitareIn for the execution of various Real Estate Initiatives. Should these contractors, due to financial distress, no longer be able to fulfil their commitments under the agreed terms and conditions with AbitareIn, or should they be subject to insolvency proceedings or bankruptcy, AbitareIn would be forced to replace them promptly, resulting in additional time and costs for the completion of the ongoing real estate initia-
As of the date of this report, the possibility of new outbreaks of contagious dis-
RISKS RELATED TO THE INCREASE IN ENERGY AND RAW MATERIAL COSTS eases cannot be ruled out, which may lead government authorities to impose renewed restrictive measures to contain the further spread of the virus. Therefore, it is not possible to foresee the additional negative effects that the occur-
tives.
The evolution of the COVID-19 pandemic and, more recently, the conflict between Russia and Ukraine have led to an international context of economic uncertainty, resulting, among other effects, in an increase in energy and raw material costs. rence of new pandemics may cause, not only on the Group's activities, but also on financial markets and domestic economic activity.
As a result, the Group is exposed to the risk that this increase in costs, together with the scarcity of certain raw materials, may make property development activities more burdensome.
As of today, the cost of raw materials appears to have stabilized, although further changes cannot be ruled out due to an international situation that remains highly unstable.
RISKS RELATED TO THE GROUP'S FINANCIAL INDEBT-EDNESS
The Group's activity, as a whole, is capital intensive, requiring the Group to commit all the necessary financial resources at the early stages of each Real Estate Initiative. Except for the advance payments made by customers under preliminary purchase agreements—which on average amount to 30% of the purchase price of the residential unit—the remaining consideration is collected from buyers only at the end of the entire development and marketing process of the Real Estate Initiative.
The Group's financial indebtedness generally arises from the obtaining of mortgage loans disbursed in instalments based on the progress of construction works (which are secured by mortgages on the same properties), from the collection of sums received from prospective buyers as down payments and advance payments on the purchase price (pursuant to the preliminary purchase agreements), and from deferred payment terms negotiated with the Group's suppliers.
It should be noted that some of the financial debt agreements entered into by the Company and the Group include, among other things, financial covenants, change of control clauses and/or other provisions that impose limits on the use of resources or the distribution of dividends by the contracting parties (particularly in agreements signed by Operating Vehicles).
Some loan agreements entered into by the parent company or other Group companies include Internal Cross-Default clauses. These provide that, in the event of default on any financial, credit or guarantee obligations, or the loss of benefit of the term, termination or withdrawal due exclusively to the defaulting counterparty, the bank has the right to terminate or withdraw from the financing agreement.
Failure to comply with any of the provisions or restrictions in the Group's financing agreements could result in a default event, entitling the lender to declare all loan amounts disbursed to the borrower immediately due and payable (together with any accrued and unpaid interest) and to revoke any commitments to provide further credit, with potentially significant adverse effects on the Group's operations, financial position, results and outlook.
The Group's ability to meet its debt obligations depends on its operating performance and ability to generate sufficient liquidity—factors that may be influenced by circumstances beyond the Group's control. Should such circumstances occur, the Group may in the future find itself unable to service its debt or complete its planned investments, which could have adverse effects on the parent company's and the Group's economic, equity and financial position.
| Loan type (Euro/000) |
Borrower company |
Within one year |
Beyond one year and within 5 years |
Beyond 5 years |
Total payable |
|---|---|---|---|---|---|
| Mortgage loan | Abitare In Development 3 S.r.l. | 181 | 1,062 | 565 | 1,808 |
| Landed property loan | Abitare In Development 3 S.r.l. | 118 | 693 | 369 | 1,180 |
| Unsecured loan | Abitare In Development 4 S.r.l. | 1,974 | 2,009 | - | 3,983 |
| Landed property loan | Abitare In Development 5 S.r.l. | 1,121 | 9,719 | 3,820 | 14,660 |
| Loan | Abitare In S.p.A. | 663 | - | - | 663 |
| Loan | Abitare In S.p.A. | 465 | 467 | - | 932 |
|---|---|---|---|---|---|
| Loan | Abitare In S.p.A. | 870 | 1,096 | - | 1,966 |
| Loan | Abitare In S.p.A. | 1,030 | - | - | 1,030 |
| Loan | Abitare In S.p.A. | 1,511 | - | - | 1,511 |
| Loan | Abitare In S.p.A. | 1,068 | 2,912 | - | 3,980 |
| Loan | Abitare In S.p.A. | 1,000 | 3,492 | - | 4,492 |
| Loan | Abitare In S.p.A. | 1,053 | 2,609 | - | 3,662 |
| Landed property loan | Accursio S.r.l. | 1,619 | 7,500 | 1,256 | 10,375 |
| Unsecured loan | Citynow S.r.l. | 410 | 841 | - | 1,251 |
| Loan | Deametra Siinq S.r.l. | - | 16,352 | - | 16,352 |
| Loan | Homizy Siiq S.p.A. | 263 | 1,232 | - | 1,495 |
| Loan | Homizy Siiq S.p.A. | 148 | 1,154 | 217 | 1,519 |
| Unsecured loan | Hommi S.r.l. | 618 | 3,410 | - | 4,028 |
| Unsecured loan | Housenow S.r.l. | - | 4,943 | - | 4,943 |
| Landed property loan | Lambrate Twin Palace S.r.l. | 189 | 1,498 | 12,927 | 14,614 |
| Unsecured loan | Mivivi S.r.l. | 1,236 | 2,898 | - | 4,134 |
| Landed property loan | MyCity S.r.l. | 58 | - | 5,341 | 5,399 |
| Landed property loan | Porta Naviglio Grande S.r.l. | 7,101 | - | - | 7,101 |
| Landed property loan | Savona 105 S.r.l. | 131 | 10,950 | - | 11,081 |
| Landed property loan | Smartcity Siinq S.r.l. | 33 | - | 3,964 | 3,997 |
| Landed property loan | TheUnits S.r.l. | 14 | 150 | 335 | 499 |
| Unsecured loan | Volaplana S.r.l. | 1,268 | 2,609 | - | 3,877 |
| TOTAL | 24,142 | 77,596 | 28,794 | 130,532 |
It should be noted that the property-backed mortgage loans granted by credit institutions amount to a total of € 177,402 thousand, of which € 85,258 thousand has been drawn.
RISKS RELATED TO THE GROUP'S OPERATIONS
The AbitareIn Format—which encompasses the identification of buildable areas, the assessment, management and acquisition of the necessary permits, the purchase of the land, the design phase of the properties to be developed, as well as the subsequent promotion and sale of residential units—unfolds over a medium to long-term timeframe (no less than 4 years). Given the structure of this business model, it is possible that, at the end of a given financial year, none of the operating vehicles—being prepared in accordance with the national accounting standards issued by the Italian Accounting Standards Board (OIC)—generate revenues from the sale of properties, and therefore no distributable profits are available to the parent company.
In light of the above, it is therefore possible that forecasts regarding profitability and/or project timelines may not align with the timing and objectives initially planned by the Issuer, with a potential negative impact on the Group's operations and an adverse effect on its financial position, results of operations, and economic condition.
RISKS RELATED TO DELAYS IN OBTAINING AUTHORISATIONS FOR THE DEVELOPMENT OF REAL ESTATE PROJECTS
The construction of properties on buildable land (more precisely, on areas where existing buildings are to be demolished and rebuilt or refurbished) acquired by the individual Operating Vehicles is subject to the obtainment and maintenance of the relevant administrative permits.
In this context, although AbitareIn, during the site selection phase, chooses only areas that are already urbanised and built-up in full compliance with previously issued authorisations, there is an inherent risk of delays by the Public Administration in issuing the permits required for the development of the real estate complexes (building permits, remediation certifications, landscape authorisations, etc.).
To mitigate this risk, the Company, in periods when market conditions allow, makes the purchase of land conditional upon the obtainment of a valid construction permit or at least a preliminary opinion. In the current context of steadily rising land prices and increased competition, purchases often occur before the necessary permits have been obtained.
Such delays affect customer relations and the Company's reputation, as well as its ability to plan commercial campaigns for the projects.
Still within the context of permit acquisition, the following risks are noted:
- Risk of changes in the distribution of floor area and morphological limitations of the real estate complex under construction, which could also reduce its commercial appeal and therefore the profitability of the operation;
- In the case of operations involving a change of use or amendments to urban planning regulations, there is a risk of reductions in the area that can be converted into residential use. Currently, however, the regulations have instead granted volumetric bonuses of up to 20% for the development of residential projects, depending on the type of intervention (Lombardy Regional Law No. 18/2019).
In the Municipality of Milan (the Group's main area of operation), significant delays in the issuance of authorisations persist. The Group currently has projects awaiting approval that include more than 700 apartments in total, for which it is not currently possible to estimate the timing of permit issuance.
RISKS RELATED TO THE REAL ESTATE MARKET TREND
The real estate market is cyclical in nature and influenced by a number of variables such as general economic conditions, changes in interest rates, inflation trends, tax regulations, and market liquidity.
The Group is exposed to the risk that adverse changes in macroeconomic variables and in the national and international political environment may lead to fluctuations in the selling prices of residential units, as well as a decrease in purchasing propensity.
Moreover, such adverse changes could also result in increased costs for the development of real estate projects.
In light of the above, these risks may lead to a reduction in residential unit sales, lower revenues and/or reduced profitability.
LIQUIDITY RISK
Liquidity risk refers to the inability to secure adequate financial resources necessary for business operations and for the development of operating activities.
The two main factors determining the liquidity position are, on the one hand, the resources generated or absorbed by operating and investing activities, and on the other, the maturity and renewal profile of debt or the liquidity of financial assets, along with prevailing market conditions.The Group carries out careful monitoring of financial risks that may impact operations, in order to prevent potential negative effects and to implement corrective measures. With reference to the next 12 months, the Group has commitments for land acquisitions and construction progress amounting to Euro 46 million, which are covered by liquid funds as at 31 March 2025 amounting to Euro 13 million, by existing credit lines with a residual amount of Euro 23, and, residually, by cash inflows from customer deposits and down payments totaling Euro 53 million. Subsequent to the end of the period covered by this report, holding Abitare In S.p.A. obtained new loans totaling Euro 8 million.
CREDIT RISK
Credit risk represents the exposure to potential losses arising from the failure of commercial counterparties to fulfil their contractual obligations.
The Group operates primarily in a sector where credit risk is considered marginal.
MARKET RISK
The companies of the AbitareIn Group, like any company operating in their respective sectors, are subject to competition, which could lead to a reduction in their market share and, consequently, a decrease in revenue.
For this reason, the management of AbitareIn S.p.A. and its subsidiaries is actively engaged in identifying and selecting investment opportunities, implementing marketing initiatives, and developing increasingly advanced professional skills that can contribute to the Group's growth and position it as one of the leading players in its target market.
RISKS RELATED TO THE CONSTRUCTION OF REAL ESTATE COMPLEXES
AbitareIn does not directly carry out its real estate developments but outsources construction work to external construction companies that are not integrated into the Group's structure.
As a result, projects may be affected by unforeseen costs arising from exogenous factors not anticipated at the early stages of construction.
The assignment of works is awarded to leading and reliable operators already active in the Milan market, through contracts that include various safeguards in favor of the client, in order to minimize construction-related risks. These safeguards include significant penalties for delays, deferred payments of up to 120 days, bank guarantees, and 10% retentions to ensure proper execution of the works, with release periods ranging from 6 to 24 months.
Furthermore, the construction of buildings (particularly residential) is considered a commodity in the market, allowing for quick replacement of the contractor if necessary. In addition, thanks to the widespread use of technology by AbitareIn throughout all phases from planning to construction—and in particular through the use and implementation of the BIM (Building Information Modeling) system—the Company is constantly able to monitor the actual progress of work on each site and to promptly address any critical issues that may arise.
Furthermore, with the aim of strengthening the entire production chain and reducing construction times and costs—while also improving the quality and versatility of the AbitareIn product—the Company has undertaken an ambitious longterm project aimed at consolidating relationships not only with construction companies but also with all key and strategic suppliers, through the signing of longterm commercial agreements.
Key elements of these agreements include:
- Supply volumes,
- Continuity over time,
- A common technological platform,
- Standardisation of technical solutions,
- Joint development of new products,
- Payment quality: certainty and appropriate timing.
1.3 MAIN ACTIVITIES AND EVENTS OF THE PERIOD OF THE GROUP
During the reporting period, the Group continued its operational activities on the pipeline sites, both those where construction work had already commenced and those at earlier stages of development. The development activity necessary for the implementation of projects is carried out on an ongoing basis by the Group, which currently has a pipeline of 20 projects at various stages of progress.
On 25 October 2024, the company Hommi Srl, wholly owned by Abitare In S.p.A., signed the final purchase agreement for an area located in the Greco district of Milan, with a building capacity exceeding 20,000 square meters. The area is currently leased to various tenants and will continue to generate rental income pending the completion of the permitting process.
It should also be noted that on 23 October 2024, Homizy SIIQ S.p.A. signed a preliminary agreement for the purchase of a property located in Milan, at Via Amadeo 57, intended for rental, for a total amount of Euro 1,300 thousand.
In January, notarial deeds with customers began for the Porta Naviglio Grande project. As of the date of this report, 16 apartments have been sold, for a total consideration of approximately € 8.5 million.
On 22 January 2025, the Shareholders' Meeting of AbitareIn resolved, among other things, to grant the Board of Directors the authority to purchase and dispose of treasury shares, for a period of 18 months and up to a maximum of €20 million, as well as to revoke, for the part not already executed, the resolution for the free share capital increase adopted by the shareholders' meeting on 31 May 2021.
On 31 January 2025, the Company received the certificate of conformity for its anti-bribery management system in accordance with international standard ISO 37001.
In February, a Group company signed a preliminary agreement for the purchase of a former industrial site in the NoLo district of Milan, paying a deposit of €300,000. The balance will be paid at the time of the notarial deed, which will take place only once the construction permit for the residential project has been obtained.
On 5 March 2025, the Company learned that it, its legal representative, and an employee had been registered by the Milan Public Prosecutor's Office in the registers of legal and natural persons under investigation, for the alleged offences under Articles 319 and 321 of the Italian Criminal Code, and for the corresponding administrative offence.
A search warrant was served at the Company's headquarters in order to acquire documentation relevant to the position of the employee and of a collaborator who is not under investigation.
The Company continues to express confidence in the judiciary and intends to fully cooperate to clarify the relationships between the parties involved. It is confident in its complete lack of involvement in the alleged offences, as all real estate transactions carried out by AbitareIn or its subsidiaries have obtained building permits in full compliance with applicable urban planning regulations, and without benefiting from any form of preferential treatment.
On 28 March 2025, the shareholding, held in Via Bombay No. 1 S.r.l., was sold to business partner Techbau S.p.A. The sale did not generate significant economic effects.
EVENTS AFTER 31 MARCH 2025
The deeds for the apartments in the smaller of the two buildings of the Porta Naviglio Grande project have been completed, and activities aimed at the delivery of the second building are ongoing.
EXPECTED BUSINESS OUTLOOK
In the current financial year, AbitareIn will continue its marketing activities for authorised projects, the construction of already marketed projects, as well as scouting for new opportunities.
The notarisation of deeds for the Porta Naviglio Grande project will continue, and the execution of deeds for other ongoing construction projects will begin, with expected revenues from sales amounting to approximately € 140 million.
As previously announced, the Company has also expanded its business model through partnerships with other operators, within which AbitareIn provides its technological platform and its expertise in marketing and sales, product optimisation and layout planning, apartment customisation, and customer care activities.
INTRAGROUP AND RELATED PARTY TRANSACTIONS
As required by the Consob Issuers' Regulation, the Company has adopted a "Procedure for Related Party Transactions"; for further information, please refer to the "Investors" section of the website www.abitareinspa.com. The transactions carried out by AbitareIn and by the companies included within the scope of consolidation with other related parties are part of ordinary operations and are conducted at arm's length. Information on related party transactions, including those required by the CONSOB Communication of 28 July 2006, is provided in Note 26 of the condensed consolidated interim financial statements as of 31 March 2025.
RESEARCH AND DEVELOPMENT ACTIVITIES
During the half-year, development activities continued on the Home-configurator platform. The total investment incurred during the reporting period amounted to Euro 50 thousand.
GENERAL OVERVIEW OF MAIN PENDING LITIGATIONS
Proceedings related to two properties delivered
In being two proceedings involving, respectively, the real estate complex in Via Tacito 12/14 in Milan, sold by Milano City Village, and the one in Via Tarvisio 8, sold by Abitare In Maggiolina S.r.l. Both cases involved preventive technical inspections initiated by buyers of the properties complaining of construction defects. The construction works were contracted out to third-party construction companies. The legal risk is estimated to be remote, given the position of mere sellers held by the Group companies involved.
Proceedings Public Prosecutor's Office at the Court of Milan
The Proceedings have as their object the hypothesis of Articles 319 and 321 of the Criminal Code, to which is related the charge for the corresponding administrative offence arising from a crime pursuant to Article 25 of Legislative Decree 231/2001. The crime hypothesis is based on the circumstance that Abitare In, as of 2020, established a professional collabo-ration relationship with Arch. Elena Oggioni, daughter of Municipal Manager (and later member of the Landscape Commission) Arch. Giovanni Oggioni, in which she allegedly failed to declare a position of conflict of interest, and therefore to abstain, in the sessions of the Landscape Commission in which Abitare In projects were examined. The proceedings in question are at the preliminary investigation stage; on March 5, 2025, a search and seizure order was executed at Abitare In, which concerned documents and computer media in the possession of an employee and a collaborator (not under investigation); at the same time, the Organizational Model pursuant to Legislative Decree 231/200rce was acquired. No cau-telary or prohibitory measures were applied against the company or its representatives. On March 21, 2025, an extensive defense brief was filed with the Public Prosecutors in which all the prerequisites of the bribery allegation were contested, highlighting (based on witnesses and documents) the actuality of the selection procedure and the pro-fessional relationship with Arch. Elena Oggioni and the absence of synallagma with respect to the position of her father, whose posizione within the Landscape Commission did not alter the evaluation of the interventions presented by Abitare In. At the state of the proceedings, the potential liabilities de-volving from the same cannot be determined.
Outside of these cases, no further disputes emerge against the group companies.
Other Information
Adherence to the regulatory simplification process adopted by CONSOB Resolution No. 18079 of 20 January 2012
On 10 December 2020, the Board of Directors of Abitare In S.p.A. resolved to adhere to the simplification regime provided for by Articles 70, paragraph 8, and 71, paragraph 1-bis, of the Regulation adopted by CONSOB with Resolution No. 11971 of 14 May 1999, as subsequently amended and supplemented. Accordingly, the Company has availed itself of the option to waive the obligation to publish the information documents required under Annex 3B of the aforementioned CONSOB Regulation in the case of significant transactions involving mergers, demergers, capital increases through contributions in kind, acquisitions, and disposals.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Notes | 31.03 2025 |
Of which related parties |
30.09 2024 |
Of which related parties |
|
|---|---|---|---|---|---|
| Property, plant and equipment | 1 | 46,769,518 | 34,839,678 | ||
| Intangible assets | 2 | 1,922,382 | 2,044,663 | ||
| Financial assets | 3 | 6,235 | 25,541 | ||
| Equity investments in other companies | 4;25 | 1,031,687 | 1,167,212 | 21,537 | |
| Non-current financial receivables | 25 | - | 3,473,867 | 3,473,867 | |
| Deferred tax assets | 5 | 3,148,352 | 2,688,291 | ||
| TOTAL NON-CURRENT ASSETS | 52,878,174 | 44,239,252 | |||
| Inventory | 6 | 258,294,724 | 219,495,910 | ||
| Financial assets measured at fair value | 7 | 2,006,297 | 9,317,621 | ||
| Trade receivables | 8;25 | 2,325,421 | 2,256,864 | 953,572 | |
| Other current assets | 9 | 18,105,578 | 12,439,109 | ||
| Current tax assets | 10 | 8,480,408 | 6,390,027 | ||
| Cash and cash equivalents | 11 | 10,954,265 | 13,776,733 | ||
| TOTAL CURRENT ASSETS | 300,166,693 | 263,676,264 | |||
| TOTAL ASSETS | 353,044,867 | 307,915,516 | |||
| Share capital | 133,075 | 133,075 | |||
| Reserves | 46,451,570 | 46,482,693 | |||
| Retained earnings/(losses) | 60,668,873 | 54,939,996 | |||
| Profit/(loss) for the year | 1,093,811 | 5,781,382 | |||
| EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT | 108,347,329 | 107,337,146 | |||
| Profit and reserves attributable to non-controlling interests | 3,524,391 | 3,627,911 | |||
| TOTAL EQUITY | 12 | 111,871,720 | 110,965,057 | ||
| Non-current financial liabilities | 13 | 107,333,665 | 95,827,647 | ||
| Employee benefits | 14 | 371,429 | 324,858 | ||
| Other non-current liabilities | 15;25 | 594,125 | 478,131 | 563,609 | 428,731 |
| Customer deposits and advances | 16 | 41,581,699 | 53,609,002 | ||
| Deferred tax liabilities | 5 | 6,379,878 | 6,166,206 | ||
| TOTAL NON-CURRENT LIABILITIES | 156,260,796 | 156,491,322 | |||
| Current financial liabilities | 13 | 31,154,167 | 16,382,080 | ||
| Trade payables | 17;25 | 25,623,882 | 28,626 | 13,130,472 | 65,545 |
| Other current liabilities | 18;25 | 18,020,237 | 1,059,390 | 10,241,339 | 1,333,110 |
| Customer deposits and advances | 16 | 8,183,961 | 154,000 | ||
| Current tax liabilities | 19 | 1,930,104 | 551,246 | ||
| TOTAL CURRENT LIABILITIES | 84,912,351 | 40,459,137 | |||
| TOTAL LIABILITIES | 241,173,147 | 196,950,459 | |||
| TOTAL LIABILITIES AND EQUITY | 353,044,867 | 307,915,516 |
CONSOLIDATED INCOME STATEMENT
| Notes | 31.03 2025 |
Of which related parties |
31.03 2024 |
Of which related parties |
|
|---|---|---|---|---|---|
| Revenue from sales | 20.1 | 8,683,985 | 9,876,763 | ||
| Change in inventories for work in progress | 20.2 | 28,298,814 | 18,116,100 | ||
| Change in inventories due to purchase of new areas |
20.3 | 10,500,000 | 2,690,254 | ||
| Other income | 20.4;25 | 16,211,943 | 3,337,047 | 470,000 | |
| TOTAL REVENUE | 20 | 63,694,742 | 34,020,164 | ||
| Purchases of properties for development and sale | 21.1 | 10,500,000 | 2,690,254 | ||
| Purchases of properties for development and lease | 21.1 | - | - | ||
| Purchases of raw materials, consumables, and goods |
27,701 | 58,216 | |||
| Service costs | 21.2;25 | 42,453,027 | 661,023 | 21,693,831 | 703,079 |
| Rentals and other costs | 21.3 | 486,074 | 60,336 | ||
| Personnel expenses | 21.4;25 | 1,875,948 | 80,000 | 2,238,192 | 90,000 |
| Depreciation | 21.5 | 568,787 | 609,332 | ||
| Impairment and provisions | 21.6;25 | 45,872 | 45,872 | 22,303 | 22,303 |
| Other operating costs | 21.7 | 1,814,433 | 1,099,983 | ||
| TOTAL OPERATING COSTS | 21 | 57,771,842 | 28,472,447 | ||
| OPERATING RESULT (EBIT) | 5,922,900 | 5,547,717 | |||
| Financial income | 22 | 229,971 | 1,856,793 | ||
| Financial expenses | 22 | (3,981,984) | (35,844) | (4,083,293) | |
| PROFIT BEFORE TAX (EBT) | 2,170,887 | 3,321,217 | |||
| Income taxes | 23 | (1,150,601) | (2,377,946) | ||
| PROFIT (LOSS) FOR THE YEAR | 1,020,286 | 943,271 | |||
| Of which: | |||||
| Net profit attributable to non-controlling interests |
(73,525) | (141,209) | |||
| Net profit attributable to the Group | 1,093,811 | 1,084,480 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Notes | 31.03 2025 |
31.03 2024 |
|
|---|---|---|---|
| Profit (loss) for the year | 1,020,286 | 943,271 | |
| Other components of comprehensive income | |||
| Not to be subsequently reclassified to profit or loss | |||
| Employee benefits | (40,529) | (21,877) | |
| Tax effect | 9,727 | 5,251 | |
| Total | (30,802) | (16,626) | |
| To be subsequently reclassified to profit or loss | |||
| Hedging instruments | (422) | (121,588) | |
| Tax effect | 101 | 29,181 | |
| Total | (321) | (92,407) | |
| Total change in OCI reserve | (31,123) | (109,033) | |
| Total comprehensive income for the period | 989,163 | 834,238 | |
| Of which: | |||
| Net profit attributable to non-controlling interests | (73,525) | (141,209) | |
| Net profit attributable to the Group | 1,062,688 | 975,447 | |
| Earnings per share | 24 | 0.04 | 0.03 |
| Diluted earnings per share | 24 | 0.04 | 0.03 |
STATEMENT OF CHANGES IN EQUITY
| Share capital |
Share premium reserve |
Legal reserve |
Stock grant reserve |
FTA reserve |
Treasury shares reserve |
Consolidation reserve |
OCI reserve |
Retained earnings |
Profit for the year |
Total | Non controlling interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity at 1 October 2023 |
133,004 | 41,080,488 | 39,651 | 4,401,853 | 280,589 | (1,115,515) | 5,876,568 | 149,696 | 30,710,405 | 24,289,540 105,846,279 | 3,808,130 109,654,409 | ||
| Profit for the year | 1,084,480 | 1,084,480 | (141,209) | 943,271 | |||||||||
| Actuarial valuation of TFR |
(16,626) | (16,626) | (16,626) | ||||||||||
| Valuation of hedging derivatives |
(92,407) | (92,407) | (92,407) | ||||||||||
| Purchase of treasury shares |
(3,413,294) | (3,413,294) | (3,413,294) | ||||||||||
| Change in scope of consolidation |
(59,676) | (59,676) | (22,822) | (82,498) | |||||||||
| Stock grant plan | 71 | 67,767 | (163,552) | 95,714 | - | - | |||||||
| Allocation of profit for the year |
24,289,540 (24,289,540) | - | - | ||||||||||
| Equity at 31 March 2024 |
133,075 | 41,148,255 | 39,651 | 4,238,301 | 280,589 | (4,528,809) | 5,876,568 | 40,663 | 55,035,983 | 1,084,480 103,348,756 | 3,644,099 106,992,855 | ||
| Share capital |
Share premium reserve |
Legal reserve |
Stock grant reserve |
FTA reserve |
Treasury shares reserve |
Consolidation reserve |
OCI reserve |
Retained earnings |
Profit for the year |
Total | Non controlling interests |
Total | |
| Equity at 1 October 2024 |
133,075 | 41,148,255 | 39,651 | 4,334,015 | 280,589 | (5,113,365) | 5,876,568 | (83,020) | 54,939,996 | 5,781,382 107,337,146 | 3,627,911 110,965,057 | ||
| Profit for the year | 1,093,811 | 1,093,811 | (73,525) | 1,020,286 | |||||||||
| Actuarial valuation of TFR |
(30,802) | (30,802) | (30,802) | ||||||||||
| Valuation of hedging derivatives |
(321) | (321) | (321) | ||||||||||
| Change in scope of consolidation |
(52,505) | (52,505) | (29,995) | (82,500) | |||||||||
| Allocation of profit for the year |
5,781,382 | (5,781,382) | - | - | |||||||||
| Equity at 31 March 2025 |
133,075 | 41,148,255 | 39,651 | 4,334,015 | 280,589 | (5,113,365) | 5,876,568 (114,143) | 60,668,873 | 1,093,811 108,347,329 | 3,524,391 111,871,720 |
CONSOLIDATED STATEMENT OF CASH FLOWS (INDIRECT METHOD)
| 31.03 2025 |
31.03 2024 |
|
|---|---|---|
| Operating activities | ||
| Profit (loss) for the year | 1,020,286 | 943,271 |
| Income taxes | 1,150,601 | 2,377,946 |
| Financial income | (229,971) | (1,729,336) |
| Financial expenses | 3,981,984 | 3,955,836 |
| (Gains)/losses on disposals of assets | - | - |
| Net provisions | 115,549 | 90,310 |
| Stock grant provision | - | - |
| Depreciation and amortization of property, plant, equipment and intangible assets | 568,787 | 609,332 |
| Cash flow before changes in net working capital | 6,607,236 | 6,247,359 |
| Decrease/(increase) in inventories | (38,798,814) | (22,169,516) |
| Increase/(decrease) in trade payables | 12,493,408 | 1,948,794 |
| Decrease/(increase) in trade receivables | (68,558) | (738,874) |
| Changes in other current/non-current assets and liabilities | (3,997,902) | 13,583,649 |
| Net financial expenses/income paid/collected | (3,406,776) | (2,633,010) |
| Income taxes paid | - | - |
| Use of provisions | (71,789) | (187,573) |
| Net cash generated from/(used in) operating activities (A) | (27,243,195) | (3,949,171) |
| Investing activities | ||
| Investments in property, plant and equipment | (111,865) | (458,021) |
| Disposals of property, plant and equipment | - | - |
| Investments in investment property | (12,018,535) | (1,107,044) |
| Investments in intangible assets | (245,946) | (374,608) |
| Disposals of intangible assets | - | - |
| Investments in other equity investments | - | - |
| Disposal of business unit net of cash and cash equivalents | - | - |
| Net cash generated from/(used in) investing activities (B) | (12,376,346) | (1,939,673) |
| Financing activities | ||
| Proceeds from bank loans | 30,174,905 | 22,773,544 |
| Repayment of bank loans | (10,893,798) | (4,811,588) |
| Change in current/non-current financial liabilities | 6,813,274 | (74,861) |
| Net changes in current financial assets | 10,785,191 | (3,795,143) |
| Change in scope of consolidation | (82,500) | (82,498) |
| Purchase of treasury shares | - | (3,413,294) |
| Dividends paid | - | (9,925,824) |
| Capital increase for cash consideration | - | - |
| Net cash generated from/(used in) financing activities (C) | 36,797,072 | 670,336 |
| Net cash flow for the period (A)+(B)+(C) | (2,822,469) | (5,218,508) |
| Cash and cash equivalents at beginning of period | 13,776,734 | 28,917,053 |
| Increase/(decrease) in cash and cash equivalents from 1 October to 31 March | (2,822,469) | (5,218,508) |
| Cash and cash equivalents at end of period | 10,954,265 | 23,698,545 |
To complete the information on cash flows, as required by the amendment to IAS 7, a specific table has been included in Note 13, which provides an analysis of changes in liabilities arising from financing activities.
NOTES TO THE CONSOLIDATED FINANCIAL REPORT
2.1 ACCOUNTING PRINCIPLES AND VALUATION CRITERIA
GENERAL PRINCIPLES
The condensed consolidated interim financial statements as of 31 March 2025 have been prepared in accordance with IAS 34 – Interim Financial Reporting. IAS 34 allows the preparation of financial statements in a "condensed" format, meaning that they include a significantly lower level of disclosure than that required by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and adopted by the European Union, provided that a complete set of financial statements prepared in accordance with IFRS has previously been made publicly available.
The condensed consolidated interim financial statements as of 31 March 2025 have been prepared using the same accounting policies applied by the Group in its most recent annual financial statements. The new standards effective from 1 January 2024 (as detailed in the section "New accounting standards, amendments and interpretations applicable from 1 January 2024") did not have a significant impact on the condensed consolidated interim financial statements.
These condensed consolidated interim financial statements have been prepared on a going concern basis, as the Directors have assessed the absence of financial, operational or other indicators that could raise doubts about the Group's ability to meet its obligations in the foreseeable future, and in particular over the next 12 months.
FINANCIAL STATEMENTS
The condensed consolidated interim financial statements as of 31 March 2025 consist of the statement of financial position, the income statement, the statement of comprehensive income, the statement of changes in equity, the cash flow statement, and the explanatory notes, all prepared in accordance with IFRS.
The presentation formats of the statement of financial position include a classification of current and non-current assets and current and non-current liabilities, where: (i) non-current assets include asset balances expected to be realised beyond 12 months within the normal operating cycle; (ii) current assets include asset balances expected to be realised within 12 months and cash and cash equivalents; (iii) non-current liabilities include liabilities due beyond 12 months; and (iv) current liabilities include liabilities due within 12 months.
The cash flow statement has been prepared using the indirect method for determining cash flows from operating activities. Under this method, the profit for the period is adjusted for the effects of non-cash transactions, any deferrals or provisions for past or future operating cash receipts or payments, and items of income or expense associated with investing or financing cash flows.
In accordance with CONSOB Resolution No. 15519 of 27 July 2006 regarding financial statement formats, specific supplementary income statement formats have been included, where necessary, in order to highlight any significant transactions with related parties. In addition, any transactions qualifying as non-recurring, atypical and/or unusual are indicated in the financial statements and further detailed in the explanatory notes.
PRESENTATION OF AMOUNTS IN THE CONSOLIDATED FINANCIAL STATEMENTS AND NOTES
Unless otherwise specified, the amounts in the consolidated financial statements and the explanatory notes are presented in Euro units. Rounding of the figures reported in the financial statement schedules and explanatory notes has been carried out in such a way as to ensure consistency with the amounts shown in the statements of financial position and income statement.
CONSOLIDATION PRINCIPLES
Scope of consolidation
The scope of consolidation includes subsidiaries over which control can be exercised in accordance with the definition provided by IFRS 10. Under IFRS 10, an investor controls an investee when it has rights that give it the ability to direct the relevant activities of the investee, is exposed, or has rights, to variable returns from its involvement with the investee, and has the ability to use its power to affect the amount of those returns.
The financial results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition until the effective date of disposal. Where necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with those adopted by the Group.
The consolidation of the financial statements of subsidiaries has been performed using the full consolidation method, whereby the entire amount of assets, liabilities, income, and expenses of the individual companies is taken into account, regardless of the percentage of ownership. The carrying amount of the consolidated investments held by the Company is eliminated against the corresponding share of equity.
The portion of net assets attributable to minority interests in the consolidated subsidiaries is presented separately from the Group's equity. This interest is initially measured either at fair value or at the minority's proportionate share of the acquiree's net identifiable assets, and subsequently adjusted for changes in equity. The choice of measurement basis is made on a transaction-by-transaction basis. Losses attributable to non-controlling interests in a consolidated subsidiary may exceed the minority's share of the subsidiary's equity; in such cases, non-controlling interests will show a negative balance. Changes in ownership interests in subsidiaries that do not result in a loss or gain of control are accounted for as equity transactions.
Unrealised gains and losses arising from intra-group transactions are eliminated, provided they are significant, as are all significant intercompany balances, income, and expenses. These adjustments, like other consolidation adjustments, take into account the related deferred tax effects, where applicable.
The scope of consolidation as at 31 March 2025 remains unchanged from the financial year ended 30 September 2024.
Below is the list of companies included in the scope of consolidation (fully consolidated):
| Company | Registered Office | Share Capital |
Ownership Percentage |
|---|---|---|---|
| Abitare In Development 3 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 4 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 5 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 6 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 7 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Maggiolina S.r.l. | Milan, via degli Olivetani 10/12 | 100,000 | 100% |
| Accursio S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Citynow S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Costruire In S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Creare S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Deametra Siinq S.r.l. | Milan, via degli Olivetani 10/12 | 50,000 | 71.20%* |
|---|---|---|---|
| Edimi S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Homizy Siiq S.p.A. | Milan, via degli Olivetani 10/12 | 115,850 | 71.20% |
| Hommi S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Housenow S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Hub32 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Immaginare S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Just Home S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Lambrate Twin Palace S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Milano City Village S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Mivivi S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| MyCity S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| MyTime S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| New Tacito S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Palazzo Naviglio S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Porta Naviglio Grande S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Savona 105 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Smartcity Siinq S.r.l. | Milan, via degli Olivetani 10/12 | 50,000 | 71.20%* |
| TheUnits S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Trilogy Towers S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Volaplana S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Ziro S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
*Held 71.20% by AbitareIn S.p.A. through Homizy Siiq S.p.A.
The subsidiaries prepare their interim financial statements in accordance with the applicable Italian regulations and Italian Accounting Standards; therefore, a conversion process was required to align these financial statements with the Group's accounting principles under IFRS.
USE OF ESTIMATES
The preparation of the financial statements and related notes in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts of revenues, costs, assets, and liabilities, as well as the disclosures relating to contingent assets and liabilities at the reporting date. Actual results may differ from such estimates due to the uncertainty inherent in the assumptions and conditions on which the estimates are based. Consequently, changes in the underlying conditions of the judgments, assumptions, and estimates adopted may have a material impact on future results. Estimates are used in determining the fair value of investment properties, financial instruments, and derivative financial instruments. Estimates and assumptions are periodically reviewed by management and, where deemed necessary, are supported by opinions and analyses prepared by independent and reputable external advisors (e.g., property appraisals), and the effects of any changes are recognised in the income statement.
The following are the most significant estimates used in the preparation of the financial statements, as they involve a high degree of subjective judgment, assumptions, and estimations:
- Measurement of work-in-progress and revenue recognition: the methodology adopted is the cost-to-cost method, based on actual costs incurred in relation to estimated total costs to complete; this valuation is subject to assumptions, judgments and estimates regarding future costs and the related margin.
- The value of "sismabonus" tax credits acquired from customers and of accrued "ecobonus" tax credits has been aligned to the fair value inferred from the active market (i.e., the transfer value to financial intermediaries)
- Income taxes: income taxes, relating only to non-exempt operations, are estimated based on the expected amount payable to the tax authorities upon filing of the income tax return; deferred tax assets are recognised based on expected future taxable income, taking into account the tax regime applicable to the Company, and are measured using the tax rates expected to apply in the periods in which the temporary differences will reverse or be settled.
It should also be noted that certain valuation processes are generally carried out in full only during the preparation of the annual financial statements, when all the necessary information is available, except in cases where there are indicators of impairment that require an immediate assessment of any potential losses in value.
NEW ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE FROM 1 JANUARY 2024
The following IFRS accounting standards, amendments and interpretations are applicable as of 1 January 2024.
- On 23 January 2020, the IASB issued an amendment titled "Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current", and on 31 October 2022 published another amendment titled "Amendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants". These amendments aim to clarify how to classify liabilities and other obligations as either current or non-current. Furthermore, they also improve the disclosures that an entity must provide when its right to defer settlement of a liability for at least twelve months is subject to compliance with specific conditions (e.g. covenants);
- On 22 September 2022, the IASB issued an amendment titled "Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback". The document requires a seller-lessee to measure the lease liability arising from a sale and leaseback transaction in such a way that no gain or loss is recognised in relation to the retained right-of-use asset;
• On 25 May 2023, the IASB issued an amendment titled "Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures – Supplier Finance Arrangements". This document requires an entity to provide additional information on reverse factoring arrangements, enabling users of the financial statements to assess how such supplier finance arrangements affect the entity's liabilities and cash flows, and to understand the impact of these arrangements on the entity's exposure to liquidity risk
The adoption of these amendments did not have any impact on the Group's consolidated interim financial report.
IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET EFFECTIVE
On 30 May 2024, the IASB published the document "Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7." The document clarifies several issues that emerged from the post-implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary upon achieving ESG objectives (i.e. green bonds). In particular, the amendments aim to:
- clarify the classification of financial assets with variable returns linked to environmental, social and governance (ESG) objectives and the criteria to be used for assessing the SPPI test;
- determine that the settlement date for liabilities paid via electronic payment systems is the date on which the liability is extinguished. However, entities are permitted to adopt an accounting policy that allows derecognition of a financial liability before cash is delivered on the settlement date, provided specific conditions are met. With these changes, the IASB has also introduced new disclosure requirements, particularly regarding investments in equity instruments designated at FVOCI. The amendments will apply to financial statements for periods beginning on or after 1 January 2026. The Group's management is currently evaluating the potential impact of the adoption of these amendments on the consolidated financial statements.
On 18 July 2024, the IASB issued a document titled "Annual Improvements Volume 11." The document includes clarifications, simplifications, corrections, and changes aimed at improving consistency across various IFRS Accounting Standards. The amended standards are:
- IFRS 1 First-time Adoption of International Financial Reporting Standards;
- IFRS 7 Financial Instruments: Disclosures and its implementation guidance;
- IFRS 9 Financial Instruments;
- IFRS 10 Consolidated Financial Statements; and
• IAS 7 Statement of Cash Flows. The amendments will apply from 1 January 2026, with early application permitted. The Group's management is currently assessing the potential impact of these amendments on the consolidated financial statements.
On 9 April 2024, the IASB published a new standard titled "IFRS 18 Presentation and Disclosure in Financial Statements," which will replace IAS 1 Presentation of Financial Statements. The new standard aims to improve the presentation of financial statements, particularly the income statement format. Specifically, it requires:
- classify revenues and expenses into three new categories (operating section, investing section, and financing section), in addition to the income tax and discontinued operations categories already present in the income statement format;
- present two new subtotals: operating profit and profit before interest and taxes (i.e. EBIT). The new standard also:
- requires enhanced disclosures on management-defined performance measures;
- introduces new criteria for the aggregation and disaggregation of information; and
- introduces certain changes to the cash flow statement format, including the requirement to use operating profit as the starting point for the indirect method cash flow statement and the elimination of some classification options currently available (such as interest paid, interest received, dividends paid, and dividends received). The new standard will be effective from 1 January 2027, with early application permitted. The Group's management is currently evaluating the potential effects of the adoption of this new standard on the Group's consolidated financial statements.
2.2 NOTES TO THE MAIN STATEMENT OF FINANCIAL POSITION ITEMS
NOTE 1. PROPERTY, PLANT AND EQUIPMENT
The table below shows the breakdown of property, plant and equipment as at 31 March 2025 and 30 September 2024.
| 31.03 2025 |
30.09 2024 |
Change | |
|---|---|---|---|
| Property | 6,057,739 | 6,081,363 | (23,624) |
| Plant and Machinery | 3,704 | 5,343 | (1,639) |
| General Equipment | 58,080 | 60,852 | (2,772) |
| Other Tangible Assets | 1,086,160 | 1,146,820 | (60,660) |
| Tangible assets under construction and advances |
39,563,835 | 27,545,300 | 12,018,535 |
| Total | 46,769,518 | 34,839,678 | 11,929,840 |
The table below shows the changes in Property, Plant and Equipment for the periods ended 31 March 2025 and 30 September 2024, presented by individual asset category.
| Property | Plant and Machinery |
General Equipment |
Other Property, Plant and Equipment |
Other Assets under Construction |
Total Property, Plant and Equipment |
|
|---|---|---|---|---|---|---|
| Opening Balance | ||||||
| Cost | 7,127,997 | 50,067 | 74,136 | 2,118,652 | 27,545,300 | 36,916,152 |
| Amortisation (Accumulated Depreciation) |
(1,046,634) | (44,724) | (13,284) | (971,832) | - | (2,076,474) |
| Carrying Amount | 6,081,363 | 5,343 | 60,852 | 1,146,820 | 27,545,300 | 34,839,678 |
| Changes in the Period | ||||||
| Increases due to Acquisitions/construction |
70,879 | - | - | 40,986 | 12,018,535 | 12,130,400 |
| Reclassifications (Carrying Amount) |
- | - | - | - | - | - |
| Amortisation for the Period |
(94,503) | (1,639) | (2,772) | (101,646) | - | (200,560) |
| Total changes | (23,624) | (1,639) | (2,772) | (60,660) | 12,018,535 | 11,929,840 |
| Closing Balance | ||||||
| Cost | 7,198,876 | 50,067 | 74,136 | 2,159,638 | 39,563,835 | 49,046,552 |
| Amortisation (Accumulated Depreciation) |
(1,141,137) | (46,363) | (16,056) | (1,073,478) | - | (2,277,034) |
| Carrying Amount | 6,057,739 | 3,704 | 58,080 | 1,086,160 | 39,563,835 | 46,769,518 |
The "Property" item increased exclusively, by a total amount of Euro 71 thousand, due to the renovation of the offices located in Milan, Viale Umbria, 32.
The "Assets under Construction" item increased as a result of investments related to the development of properties intended for lease in the form of co-living by the subsidiaries Smartcity Siinq S.r.l. and Deametra Siinq S.r.l., for amounts of Euro 3,730 thousand and Euro 8,289 thousand, respectively.
NOTE 2. INTANGIBLE ASSETS
The table below shows the breakdown of Intangible Assets as at 31 March 2025 and 30 September 2024.
| 31.03 2025 |
30.09 2024 |
Change | |
|---|---|---|---|
| Development Costs | 773,799 | 917,245 | (143,446) |
| Concessions, Licences, Trademarks and Similar Rights |
2,049 | 2,129 | (80) |
| Intangible Assets under Development and Advance Payments |
196,592 | 170,292 | 26,300 |
| Other Intangible Assets | 949,942 | 954,997 | (5,055) |
| Total | 1,922,382 | 2,044,663 | (122,281) |
The following table presents the changes in Intangible Assets for the periods ended 31 March 2025 and 30 September 2024, broken down by asset category.
| Development Costs |
Concessions, Licences, Trademarks and Similar Rights |
Intangible Assets under Development and Advance Payments |
Other Intangible Assets |
Total Intangible Assets |
|
|---|---|---|---|---|---|
| Opening Balance | |||||
| Cost | 3,503,905 | 26,152 | 170,292 | 2,292,773 | 5,993,122 |
| Amortisation (Accumulated Depreciation) |
(2,586,660) | (24,023) | - | (1,337,776) | (3,948,459) |
| Carrying Amount | 917,245 | 2,129 | 170,292 | 954,997 | 2,044,663 |
| Changes during the Period | |||||
| Increases due to Acquisitions | 49,545 | - | 26,300 | 170,101 | 245,946 |
| Reclassifications (Carrying Amount) |
- | ||||
| Amortisation for the Period | (192,991) | (80) | - | (175,156) | (368,227) |
| Total Changes | (143,446) | (80) | 26,300 | (5,055) | (122,281) |
| Valore di fine esercizio | |||||
| Cost | 3,553,450 | 26,152 | 196,592 | 2,462,874 | 6,239,068 |
| Amortisation (Accumulated Depreciation) |
(2,779,651) | (24,103) | - | (1,512,932) | (4,316,686) |
| Carrying Amount | 773,799 | 2,049 | 196,592 | 949,942 | 1,922,382 |
The increase in development costs is exclusively attributable to the development and integration activities of the "Abitare In Corporate E-Commerce" platform with all company processes. The platform is designed to enable the online sale of residential units, supported by an online apartment configurator. These costs relate to services provided by third parties. The development costs incurred by the Group pertain to projects that meet the requirements set out in IAS 38.
In addition, the item "Other Intangible Assets" increased exclusively to the recognition of the right of use related to the renewal of the lease agreement of the building in use by the chairman of the Board of Directors.
NOTE 3. FINANCIAL ASSETS
As at 31 March 2025, this item consists of financial assets arising from the markto-market valuation of the cash flow hedge derivative contract entered into by Abitare In S.p.A.
| Description | Notional Amount | Valuation Date | Maturity Date | Mark To Market |
|---|---|---|---|---|
| Fixed-for-Floating Interest Rate Swap with Zero Floo |
667,503 | 31/03/2025 | 22/09/2025 | 6,235 |
| Total | 6,235 |
NOTE 4. INVESTMENTS IN OTHER COMPANIES
This item mainly refers to the shares representing 7.3% of the share capital held in Tecma Solutions S.p.A., a company listed on Euronext Growth Milan and specialised in Business Innovation for the Real Estate sector, for an amount of Euro 1,029 thousand.
The carrying amount decreased by Euro 23 thousand due to the impairment recognised following the alignment of the book value to the fair value as at 31 March 2025, since the asset is classified as a Financial Asset Measured at Fair Value through Profit or Loss (FVTPL). The fair value was determined based on the market price as at 31 March 2025, equal to Euro 1.79 per share.
The remaining balance of Euro 3 thousand relates to shares held in Banca di Credito Cooperativo.
In addition, the investment in Arras Group was fully written down as the company applied for a conditional composition with creditors at the Court of Milan to manage a financial crisis and try to avoid bankruptcy.
Finally, the equity investment in Via Bombay No. 1 S.r.l. was subject to consensual termination, resulting in its extinction and deletion from the assets.
| 30.09 2024 |
Increase / (Decrease) in Cost |
31.03 2025 |
|
|---|---|---|---|
| Arras Group | 91,000 | (91,000) | - |
| BCC | 2,974 | - | 2,974 |
| Bombay n.1 Srl | 21,537 | (21,537) | - |
| Tecma Solutions S.p.A. | 1,051,701 | (22,988) | 1,028,713 |
| Total | 1,167,212 | (135,525) | 1,031,687 |
NOTE 5. DEFERRED TAX ASSETS AND LIABILITIES
The net balance between deferred tax assets and deferred tax liabilities as at 31 March 2025 is composed as follows.
| 31.03 2025 |
30.09 2024 |
Changes | |
|---|---|---|---|
| Deferred Tax Assets | 3,148,352 (6,379,878) (3,231,526) 3,148,352 |
2,688,291 | 460,061 |
| Deferred Tax Liabilities | (6,379,878) | (6,166,206) | (213,672) |
| Net Position | (3,231,526) | (3,477,915) | 246,389 |
This item includes the balance of deferred tax assets and liabilities arising from temporary differences between the carrying amount of an asset or liability in the financial statements and its corresponding tax base.
| 30.09 2024 |
Recognised in the Income Statement |
Recognised in Equity |
Reclassifications | 31.03 2025 |
|
|---|---|---|---|---|---|
| Capital Increase under IAS 32 | 199,178 | (5,916) | - | - | 193,262 |
| Directors' Remuneration | 257,977 | 655 | - | - | 258,632 |
| Measurement of Work in Progress under IFRS 15 |
(6,489,352) | (179,394) | - | - | (6,668,746) |
| Effects from Application of IFRS 16 | (72,460) | 16,357 | - | - | (56,103) |
| Employee Benefits under IAS 19 | 1,628 | (1,146) | 9,727 | - | 10,209 |
| Elimination of Multi-Year Costs under IAS 38 |
(48,498) | (31,598) | - | - | (80,096) |
| Provision for Risks | 109,143 | (59,968) | - | - | 49,175 |
| Hedging Derivatives Valuation | 26,242 | - | 101 | - | 26,343 |
| Tax Loss | 22,426 | 13,392 | - | - | 35,818 |
| Change in Scope of Consolidation | (11,452) | - | - | (13,392) | (24,844) |
| Inventory Adjustment for Intercompany Mark-Up |
2,527,253 | 497,571 | - | - | 3,024,824 |
| Total | (3,477,915) | 249,953 | 9,828 | (13,392) | (3,231,526) |
NOTE 6. INVENTORIES
The table below shows the breakdown of the "Inventories" item as at 31 March 2025 and 30 September 2024.
| 31.03 2025 |
30.09 2024 |
Changes | |
|---|---|---|---|
| Inventory Advances | 2,183,245 | 2,416,557 | (233,312) |
| Real Estate Developments in Progress | 251,036,124 | 212,507,625 | 38,528,499 |
| Finished Products | 5,075,355 | 4,571,728 | 503,627 |
| Total | 258,294,724 | 219,495,910 | 38,798,814 |
| Inventory Advances |
Real Estate Developments in Progress |
Finished Products |
Total | |
|---|---|---|---|---|
| Abitare In Development 3 S.r.l. | - | 10,095,470 | - | 10,095,470 |
| Abitare In Development 4 S.r.l. | - | 15,492,580 | - | 15,492,580 |
| Abitare In Development 5 S.r.l. | - | 42,331,161 | 1,416,510 | 43,747,671 |
| Abitare In Development 6 S.r.l. | 1,818 | - | - | 1,818 |
| Abitare In Development 7 S.r.l. | - | - | 3,059 | 3,059 |
| Abitare In Maggiolina S.r.l. | - | 1,717,000 | - | 1,717,000 |
| Accursio S.r.l. | - | 21,555,935 | - | 21,555,935 |
| Citynow S.r.l. | 1,771,496 | - | - | 1,771,496 |
| Creare S.r.l. | 164,859 | - | - | 164,859 |
| Edimi S.r.l. | - | 3,160,019 | - | 3,160,019 |
| GMC Holding S.r.l. | - | 11,599,764 | - | 11,599,764 |
| Hommi S.r.l. | - | 11,926,481 | - | 11,926,481 |
| Housenow S.r.l. | 78,250 | - | - | 78,250 |
| Immaginare S.r.l. | - | 3,556,127 | - | 3,556,127 |
| Just Home S.r.l. | 5,104 | - | - | 5,104 |
| Lambrate Twin Palace S.r.l. | - | 30,040,239 | - | 30,040,239 |
| Mivivi S.r.l. | - | 1,793,413 | 287,441 | 2,080,854 |
| MyCity S.r.l. | - | 25,376,549 | - | 25,376,549 |
| New Tacito S.r.l. | - | 7,612,753 | - | 7,612,753 |
| Palazzo Naviglio S.r.l. | - | - | 15,914 | 15,914 |
| Porta Naviglio Grande S.r.l. | - | 23,366,966 | 2,009,006 | 25,375,972 |
| Savona 105 S.r.l. | - | 33,689,166 | - | 33,689,166 |
| TheUnits S.r.l. | - | 3,748,223 | - | 3,748,223 |
| Trilogy Towers S.r.l. | - | - | 1,343,425 | 1,343,425 |
| Volaplana S.r.l. | 161,718 | - | - | 161,718 |
| Ziro S.r.l. | - | 3,974,278 | - | 3,974,278 |
| Total | 2,183,245 | 251,036,124 | 5,075,355 | 258,294,724 |
The item "Finished Products" mainly refers to completed residential units owned by the subsidiaries Porta Naviglio Grande S.r.l. for a total amount of Euro 2,009 thousand, Abitare In Development 5 S.r.l. for Euro 1,416 thousand and Trilogy Towers S.r.l. for Euro 1,343 thousand.
The item "Real Estate Developments in Progress" refers to ongoing projects not yet completed as at 31 March 2025 and includes costs incurred for the acquisition of properties to be developed, for a total amount of Euro 88,167 thousand. The production cycle duration in Abitare In Group's business sector is influenced by various factors, such as the authorisation process and relationships with public authorities, specific customer customisation requests, and project scheduling.
As a result, it is not possible to precisely determine the amount of projects expected to be completed within 12 months. This item mainly consists of inventories held by the subsidiaries Abitare In Development 5 S.r.l. for a total amount of Euro 42,331 thousand, Savona 105 S.r.l. for a total amount of Euro 33,689 thousand, Lambrate Twin Palace S.r.l. for a total amount of Euro 30,040 thousand, MyCity 5 S.r.l. for a total amount of Euro 25,377 thousand, Porta Naviglio Grande S.r.l. for a total amount of Euro 23,689 thousand and Accursio S.r.l. for a total amount of Euro 21,556 thousand.
The item "Inventory Advances" refers to suspended costs related to land for which a preliminary purchase agreement has been signed.
NOTE 7. FINANCIAL ASSETS MEASURED AT FAIR VALUE
As at 31 March 2025, this item consists exclusively of investment lines opened by the holding company Abitare In S.p.A. The carrying amount reflects the fair value as at 31 March 2025, as the asset is classified as a Financial Asset Measured at Fair Value through Profit or Loss (FVTPL). The related asset management portfolio includes government bonds and corporate bonds issued by leading companies, for a total value of EUR 2,006 thousand. The duration of these investments does not exceed 12 months.
NOTE 8. TRADE RECEIVABLES
Trade receivables amount to Euro 2,325 thousand, compared to Euro 2,256 thousand at the end of the previous financial year. The Group has not set aside any allowance for doubtful accounts and there are no overdue receivables.
NOTE 9. OTHER CURRENT ASSETS
The item "Other Current Assets" amounts to Euro 18,106 thousand as at 31 March 2025, compared to Euro 12,439 thousand at the end of the previous financial year.
| 31.03 2025 |
30.09 2024 |
Changes | |
|---|---|---|---|
| Advances/Deposits for Purchases of Real Estate Complexes |
4,065,000 | 3,990,000 | 75,000 |
| Accrued Income and Prepaid Expenses | 4,580,234 | 4,280,944 | 299,290 |
| Other Current Assets | 9,460,344 | 4,168,165 | 5,292,179 |
| Other Current Assets | 18,105,578 | 12,439,109 | 5,666,469 |
The item "Advances/Deposits for Purchases of Real Estate Complexes" consists of:
- A payment of Euro 2,500 thousand, carried out by the subsidiary Citynow S.r.l, as a deposit for the purchase of a real estate complex located in Milan, in the southern area of Porta Romana railway yard. The completion of the transaction is subject to the signing of the implementation agreement of the urban development plan. The total agreed consideration for the acquisition of the entire equity interest amounts to Euro 16,000 thousand. The remaining amount will be paid upon signing of the final agreement;
- A payment of Euro 690 thousand, carried out by the subsidiary Creare S.r.l, as a deposit for the purchase of a real estate complex located in Milan, in the Porta Romana railway yard area. The total agreed consideration for the acquisition is Euro 4,600 thousand. The balance will be paid upon signing of the final agreement;
- A payment of Euro 375 thousand, carried out by the subsidiary Volaplana S.r.l, as a deposit for the purchase of a real estate complex located in Milan, in the Nolo district. The total agreed consideration for the acquisition is Euro 2,400 thousand. The balance will be paid upon signing of the final agreement;
- A payment of Euro 500 thousand, carried out by the subsidiary Abitare In Development 6 S.r.l, as a deposit for the purchase of a real estate complex located in Florence owned by Banco BPM. The agreed consideration for the purchase of the area is Euro 26,000 thousand. The balance of the price will be paid on the date of signing of the final contract.
The item "Accrued Income and Prepaid Expenses" mainly consists of:
- Assets related to costs incurred for the acquisition of sales contracts, such as commissions, amounting to Euro 1,380 thousand;
- Prepaid multi-year guarantee costs amounting to Euro 1,232 thousand;
- Prepaid costs relating to ten-year posthumous insurance policies, as required by Article 4, paragraph 1 of Legislative Decree no. 122 of 20 June 2005 with reference to Article 1669 of the Italian Civil Code, for a total amount of Euro 766 thousand;
• Prepaid software licensing costs for a total amount of Euro 893 thousand.
As of 31 March 2025, there were no accrued income and prepaid expenses with a maturity of more than five years.
The item "Other Current Assets" mainly includes:
- A "sisma bonus" tax credit acquired through invoice discounting for a total value of Euro 3,590 thousand;
- An "ecobonus" tax credit for a total value of Euro 1,353 thousand;
- A receivable claimed by the subsidiary Trilogy Towers S.r.l. amounting to Euro 764 thousand, relating to payments made in the name and on behalf of the Trilogy Towers condominium for restoration work following the fire that occurred on 28 June 2023;
- Advances to suppliers amounting to Euro 1,002 thousand to begin construction work on the sites for the TheUnits and Palazzo Sintesy projects;
- Advances to suppliers amounting to Euro 1,073 thousand for the supply of furnishings related to the Porta Naviglio Grande, Balduccio12, Lambrate Twin Palace and Palazzo Sintesy projects;
- Advances to suppliers amounting to Euro 874 thousand for the supply of furnishings related to projects intended for lease in the form of co-living in the subsidiaries Smartcity Siinq S.r.l. and Deametra Siinq S.r.l.
NOTE 10. CURRENT TAX ASSETS
Current tax assets, amounting to Euro 8,480 thousand, are mainly represented by:
- VAT credit of Euro 7,110 thousand;
- Credit for IRES advance payments in the total amount of Euro 1,206 thousand;
- Credit for IRAP advance payments in the total amount of Euro 104 thousand.
NOTE 11. CASH AND CASH EQUIVALENTS
The table below shows the breakdown of the "Cash and Cash Equivalents" item as at 31 March 2025 and 30 September 2024.
| 31.03 2025 |
30.09 2024 |
Change | |
|---|---|---|---|
| Bank and postal accounts | 10,953,288 | 13,775,756 | (2,822,468) |
| Cash-in-hand and cash equivalents | 977 | 977 | - |
| Cash and cash equivalents | 10,954,265 | 13,776,733 | (2,822,468) |
The balance of the "Cash and Cash Equivalents" item, entirely denominated in Euro, represents cash on hand and bank deposits as at the reporting dates.
As at 31 March 2025, cash and cash equivalents are not subject to any restrictions or limitations on use.
NOTE 12. EQUITY
The table below provides a breakdown of equity as at 31 March 2025:
| Share Capital |
Share Premium Reserve |
Legal Reserve |
Stock Grant Reserve |
FTA Reserve |
Treasury Share Reserve |
Consolidation Reserve |
OCI Reserve |
Retained Earnings |
Profit for the Period |
Total | Non Controlling Interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity as at 1 October 2024 |
133,075 41,148,255 | 39,651 | 4,334,015 | 280,589 | (5,113,365) | 5,876,568 | (83,020) | 54,939,996 | 5,781,382 107,337,146 | 3,627,911 | 110,965,057 | ||
| Profit for the Period | 1,093,811 | 1,093,811 | (73,525) | 1,020,286 | |||||||||
| Actuarial Valuation of Employee Severance Indemnity (TFR) |
(30,802) | (30,802) | (30,802) | ||||||||||
| Valuation of Hedging Derivatives |
(321) | (321) | (321) | ||||||||||
| Change in Scope of Consolidation |
(52,505) | (52,505) | (29,995) | (82,500) | |||||||||
| Allocation of Profit for the Period |
5,781,382 | (5,781,382) | - | - | |||||||||
| Equity as at 31 March 2025 |
133,075 41,148,255 | 39,651 | 4,334,015 | 280,589 | (5,113,365) | 5,876,568 (114,143) | 60,668,873 | 1,093,811 | 108,347,329 | 3,524,391 | 111,871,720 |
OCI Reserve
This item shows a balance of Euro 114 thousand (compared to Euro 83 thousand as at 30 September 2024) and includes:
- Gains/(losses) to be reclassified to the income statement, relating to the cash flow hedge reserve on derivatives of Abitare In S.p.A. showing a negative balance of Euro 0.5 thousand;
- Gains/(losses) not to be reclassified to the income statement, relating to the actuarial valuation of the employee severance indemnity fund as per IAS 19, showing a balance of Euro 31 thousand.
Treasury Share Reserve
On 14 July 2023, the ordinary Shareholders' Meeting of Abitare In S.p.A. approved the launch of a treasury share purchase and disposal plan (the "Buy-Back Plan"). The share repurchase transactions under the Buy-Back Plan were carried out in accordance with the procedures and operational limits set forth by the aforementioned shareholders' resolution, Article 5 of EU Regulation 596/2014, Article 3 of the Commission Delegated Regulation (EU) No. 1052/2016 of 8 March 2016, and the applicable sector regulations.
As at 31 March 2025, the total number of treasury shares held amounted to 1,078,599, for a total value of Euro 5,113 thousand.
Non-Controlling Interests
This item amounts to Euro 3,524 thousand (Euro 3,628 thousand as at 30 September 2024) and mainly refers to the interests of minority shareholders in the subsidiaries Homizy Siiq S.p.A., Deametra Siinq S.r.l., and Smartcity Siinq S.r.l. The change during the reporting period is attributable to the purchase of 25,000 shares of Homizy from minority shareholders occurring on 24 October 2024.
NOTE 13. CURRENT AND NON-CURRENT FINANCIAL LIABILITIES
The table below shows the breakdown of non-current financial liabilities as at 31 March 2025 and 30 September 2024.
| 31.03 2025 |
30.09 2024 |
||||||
|---|---|---|---|---|---|---|---|
| Non-current portion |
Current portion |
Total | Non-current portion |
Current portion |
Total | Cange | |
| Medium/Long term Bank Loans |
106,389,647 | 24,141,976 | 130,531,623 | 94,910,296 | 16,156,496 | 111,066,792 | 19,464,831 |
| Short-term Bank Loans |
- | - | - | - | - | - | |
| Other Financial Liabilities |
944,018 | 7,012,191 | 7,956,209 | 917,351 | 225,584 | 1,142,935 | 6,813,274 |
| Total | 107,333,665 | 31,154,167 | 138,487,832 | 95,827,647 | 16,382,080 112,209,727 | 26,278,105 |
Bank Loans
During the first half of the financial year, the following new loans were obtained:
- Unsecured loan in the hands of the subsidiary Housenow S.r.l. for a total amount of Euro 5,000 thouosand assisted by a SACE guarantee (future guarantee) to be understood as a public support intervention for the development of productive activities benefiting from the counter-guarantee of the Italian State, within the scope of application of Legislative Decree No. 123 of 31 March 1998;
- Unsecured loan in the hands of the subsidiary Hommi S.r.l. for a total amount of Euro 4,000 thousand.
During the first half of the year, the following loan was repaid:
• Unsecured loan in the head of the holding company Abitare In S.p.A. resolved for a total amount of Euro 4,500 thousand assisted by SACE Italy guarantee, as a public support intervention for the effects of the Covid-19 epidemic, benefiting from the counter-guarantee of the Italian State that falls within the scope of application of the "Temporary measures for the support of liquidity of enterprises" referred to in Article 1 of the Liquidity Decree.
The following table contains information on the loans outstanding as at 31 March 2025.
| Type of Loan (EUR/000) |
Borrowing Company | Disbursed / Approved Amount* |
Date of Agreement |
Maturity Date |
Debt Due Within the Year |
Debt Due Beyond the Year |
Total Debt Carrying Amount |
Total Debt Nominal Value |
Mortgage on Properties/Guarantees |
Covenants |
|---|---|---|---|---|---|---|---|---|---|---|
| Mortgage loan | Abitare In Development 3 S.r.l. | 3,000 | 22.06.2018 | 30.06.2033 | 181 | 1,627 | 1,808 | 1,820 | 6,000 | No |
| Landed property loan | Abitare In Development 3 S.r.l. | 1,500 | 05.05.2022 | 30.06.2033 | 118 | 1,062 | 1,180 | 1,187 | 3,000 | No |
| Unsecured loan | Abitare In Development 4 S.r.l. | 5,875 | 04.03.2022 | 03.03.2027 | 1,974 | 2,009 | 3,983 | 3,977 | n/a | No |
| Landed property loan | Abitare In Development 5 S.r.l. | 25,100 | 07.07.2022 | 31.12.2032 | 1,121 | 13,539 | 14,660 | 16,579 | 50,200 | Yes |
| Loan | Abitare In S.p.A. | 5,200 | 23.09.2020 | 23.09.2025 | 663 | - | 663 | 667 | n/a | Yes |
| Loan | Abitare In S.p.A. | 1,400 | 23.06.2022 | 31.07.2027 | 465 | 467 | 932 | 933 | n/a | No |
| Loan | Abitare In S.p.A. | 2,600 | 27.05.2022 | 26.05.2027 | 870 | 1,096 | 1,966 | 1,961 | n/a | No |
| Loan | Abitare In S.p.A. | 3,000 | 18.07.2022 | 31.12.2025 | 1,030 | - | 1,030 | 1,022 | n/a | Yes |
| Loan | Abitare In S.p.A. | 3,000 | 29.07.2022 | 28.07.2025 | 1,511 | - | 1,511 | 1,500 | n/a | Yes |
| Loan | Abitare In S.p.A. | 5,000 | 29.09.2023 | 30.09.2028 | 1,068 | 2,912 | 3,980 | 3,984 | n/a | Yes |
| Loan | Abitare In S.p.A. | 5,000 | 12.10.2023 | 30.09.2029 | 1,000 | 3,492 | 4,492 | 4,500 | n/a | No |
| Loan | Abitare In S.p.A. | 5,000 | 16.11.2023 | 30.09.2028 | 1,053 | 2,609 | 3,662 | 3,684 | n/a | No |
| Landed property loan Accursio S.r.l. | 30,900 | 31.12.2021 | 31.12.2031 | 1,619 | 8,756 | 10,375 | 10,500 | 61,800 | Yes | |
| Unsecured loan | Citynow S.r.l. | 2,000 | 01.02.2022 | 01.02.2028 | 410 | 841 | 1,251 | 1,256 | n/a | No |
| Loan | Deametra Siinq S.r.l. | 23,000 | 29.12.2022 | 30.06.2026 | - | 16,352 | 16,352 | 16,533 | 41,400 | Yes |
| Loan | Homizy Siiq S.p.A. | 1,500 | 21.05.2024 | 21.05.2029 | 263 | 1,232 | 1,495 | 1,500 | n/a | No |
| Loan | Homizy Siiq S.p.A. | 1,500 | 21.05.2024 | 05.10.2031 | 148 | 1,371 | 1,519 | 1,500 | n/a | No |
| Unsecured loan | Hommi S.r.l. | 4,000 | 25.10.2024 | 31.12.2030 | 618 | 3,410 | 4,028 | 4,000 | n/a | No |
| Unsecured loan | Housenow S.r.l. | 5,000 | 24.12.2024 | 31.12.2030 | - | 4,943 | 4,943 | 5,000 | n/a | No |
| Landed property loan | Lambrate Twin Palace S.r.l. | 18,100 | 25.05.2021 | 30.06.2050 | 189 | 14,425 | 14,614 | 14,614 | 36,200 | No |
| Unsecured loan | Mivivi S.r.l. | 5,000 | 06.05.2022 | 06.05.2028 | 1,236 | 2,898 | 4,134 | 4,155 | n/a | No |
| Landed property loan | MyCity S.r.l. | 17,300 | 28.03.2024 | 28.03.2054 | 58 | 5,341 | 5,399 | 5,382 | 34,600 | No |
| Landed property loan | Porta Naviglio Grande S.r.l. | 11,802 | 14.01.2021 | 14.12.2025 | 7,101 | - | 7,101 | 7,150 | 23,604 | Yes |
| Landed property loan | Savona 105 S.r.l. | 37,500 | 03.12.2020 | 31.12.2030 | 131 | 10,950 | 11,081 | 10,950 | 75,000 | Yes |
| Landed property loan | Smartcity Siinq S.r.l. | 9,100 | 22.12.2023 | 13.12.2036 | 33 | 3,964 | 3,997 | 3,980 | 18,200 | No |
| Landed property loan | TheUnits S.r.l. | 3,100 | 15.02.2021 | 30.09.2040 | 14 | 485 | 499 | 500 | 6,200 | No |
| Unsecured loan | Volaplana S.r.l. | 5,000 | 12.01.2022 | 11.01.2028 | 1,268 | 2,609 | 3,877 | 3,865 | n/a | No |
| Total | 240,477 | 24,142 | 106,390 | 130,532 | 132,699 |
*For mortgage loans, disbursement is scheduled based on Work Progress Reports (SAL), up to the indicated amount.
The following is a sensitivity analysis that was determined based on the Group's exposure as of 31 March 2025 and concerns the effect on the economic account of rate changes, upward and downward.
The columns reflect either an increase (+) or, conversely, a decrease (−) in financial charges compared to the amount reported in the consolidated interim report.
The columns reflect either an increase (+) or, conversely, a decrease (−) in financial charges compared to the amount reported in the consolidated interim report.
| Interest rate variation | Interest rate variation | |||||
|---|---|---|---|---|---|---|
| (+) | (-) | (+) | (-) | |||
| +50 BP | -50 BP | 660 | (656) | |||
| +100 BP | -100 BP | 1,320 | (1,319) | |||
| +200 BP | -200 BP | 2,641 | (2,646) | |||
| +300 BP | -300 BP | 3,961 | (3,973) |
| The table below provides a summary of the financial covenants included in cer | |||||
|---|---|---|---|---|---|
| tain of the Group's loan agreements: |
| Loan | Requency and Date of Last Calculation |
Parameter | Limit | Parameter as at Last Measurement Date |
|---|---|---|---|---|
| AbitareIn S.p.A. (BNL) | Financial year (30.09.2024) |
consolidated net financial debt/consolidated equity |
< 1.75 | 0.80 |
| AbitareIn S.p.A. (BNL) | Financial year (30.09.2024) |
net financial debt in financial statements/equity in financial statements |
< 0.75 | (0,11) |
| AbitareIn S.p.A. (BNL) | Financial year (30.09.2024) |
Loan to Value | < 45.00% | 43.66% |
| AbitareIn S.p.A. (BPER) | Financial year (30.09.2024) |
consolidated net financial debt/consolidated equity |
< 1.75 | 0.80 |
| AbitareIn S.p.A. (BPER) | Financial year (30.09.2024) |
net financial debt in financial statements/equity in financial statements |
< 0.75 | (0,11) |
| AbitareIn S.p.A. (MPS) | Financial year (30.09.2024) |
consolidated net financial debt/consolidated equity |
< 1.75 | 0.80 |
| AbitareIn Development 5 S.r.l. |
Financial year (30.09.2024) |
Loan to Cost/Loan to Value | < 69.8%/51% | 49,47%/24,73% |
| Accursio S.r.l. | Financial year (30.09.2024) |
Loan to Cost/Loan to Value | < 69.17%/60% | 59,24%/n/a |
| Deametra Siinq S.r.l. | Financial year (30.09.2024) |
Loan to Value | < 70,00% | n/a |
| Porta Naviglio Grande S.r.l. |
Financial year (30.09.2024) |
Loan to Cost/Loan to Value | < 63%/45% | 42,69%/30,91% |
| Savona 105 S.r.l. | Calendar year (31.12.2024) |
Loan to Cost | < 69.5% | 46.81% |
As at 30 September 2024 and 31 December 2024, all financial covenants were fully met.
The "Other Financial Liabilities" item is composed of:
- The financial liability relating to the multi-year right-of-use for the office building located at Viale Umbria 36, amounting to Euro 704 thousand under the holding company Abitare In S.p.A.;
- The financial liability to the leasing company for the purchase of the property located at Via Amadeo 57, amounting to Euro 292 thousand under the holding company Abitare In S.p.A.;
- The financial liability for the multi-year right-of-use of the property used by the Chairman of the Board of Directors, amounting to Euro 205 thousand under the holding company Abitare In S.p.A.;
- The financial debt arising from the assignment of a receivable by a supplier to a factoring company in the amount of Euro 5,000 thousand in the subsidiary Porta Naviglio Grande S.r.l.;
- The financial debt arising from the assignment of a receivable by a supplier to a factoring company in the amount of Euro 1,755 thousand in the subsidiary Lambrate Twin Palace S.r.l.
NOTE 14. EMPLOYEE BENEFITS
In accordance with IAS 19R, the main economic and financial assumptions used for actuarial valuations are detailed below:
| 31.03 2025 |
30.09 2024 |
|
|---|---|---|
| Annual Inflation Rate | 2.00% | 2.50% |
| Annual Discount Rate | 3.30% | 3.25% |
| Annual Salary Increase Rate | 2.00% | 2.50% |
Employee benefits have changed as follows over the financial periods:
| Balance as at 30 September 2024 | 324,858 |
|---|---|
| Financial Charges | 4,822 |
| Advances and Settlements | (68,457) |
| Provision to the Fund | 69,677 |
| Actuarial Gain / (Loss) | 40,529 |
| Balance as at 31 March 2025 | 371,429 |
The following table presents the reconciliation of employee benefit obligations in accordance with IAS 19:
Reconciliation of Employee Benefit Obligations
| Defined Benefit Obligation | 312,924 |
|---|---|
| Service Cost | 45,327 |
| Net Interest Cost | 4,821 |
| (Benefits Paid) | (41,574) |
| Transfers In (Out) | - |
| Expected Defined Benefit Obligation | 321,498 |
| (Actuarial Gain) / Loss | 17,151 |
| Actuarial Gains and Losses on DBO – Changes in Financial Assumptions | 1,515 |
| Actuarial Gains and Losses on DBO – Experience Adjustments and Other | 15,636 |
| Assumptions | |
| Defined Benefit Obligations as at 31.03.2025 | 338,649 |
NOTE 15. OTHER NON-CURRENT LIABILITIES
As at 31 March 2025, the item "Other Non-Current Liabilities", amounting to Euro 594 thousand, consisted of the provision for severance pay in the amount of Euro 478 thousand and the risk provision that emerged from the negative mark-to-market value of the cash flow hedge derivative entered into by the holding company Abitare In S.p.A. in the amount of Euro 116 thousand.
The movements in the Severance Indemnity Fund for Directors are as follows:
| Balance as at 30 September 2024 | 428,731 |
|---|---|
| Financial Charges | 6,860 |
| Advances and Settlements | - |
| Provision to the Fund | 45,872 |
| Actuarial Gain / (Loss) | (3,332) |
| Balance as at 31 March 2025 | 478,131 |
The table below shows the breakdown of the provision for risks:
| Description | Notional Amount | Valuation Date | Maturity Date | Mark To Market |
|---|---|---|---|---|
| Fixed-for-Floating Interest Rate Swap with Zero Floor |
3,984,433 | 31/03/2025 | 30/09/2028 | 115,994 |
| Total | 115,994 |
NOTE 16. CUSTOMER DEPOSITS AND ADVANCES
The table below shows the breakdown of the "Customer Deposits and Advances" item as at 31 March 2025 and 30 September 2024.
| 31.03 2025 |
30.09 2024 |
Changes | |
|---|---|---|---|
| Non-current Customer Deposits | 28,993,164 | 16,700,785 | 12,292,379 |
| Non-current Customer Advances | 12,588,535 | 36,908,217 | (24,319,682) |
| Current Customer Deposits | 2,430,700 | 154,000 | 2,276,700 |
| Current Customer Advances | 5,753,261 | - | 5,753,261 |
| Total | 49,765,660 | 53,763,002 | (3,997,342) |
The item "Advances" consists of deposits and down payments received under contracts for the sale of real estate units under construction. In particular, the noncurrent liability for customer deposits and advances, amounting to Euro 41,582 thousand, is attributable to the following subsidiaries: Abitare In Development 5 S.r.l. for a total amount of Euro 10,790 thousand, MyCity S.r.l. for a total amount of Euro 10,729 thousand, Savona 105 S.r.l. for a total amount of Euro 8,803 thousand, Lambrate Twin Palace S.r.l. for a total amount of Euro 5,301 thousand, GMC Holding S.r.l. for a total amount of Euro 2,732 thousand, Immaginare S.r.l. for a total amount of Euro 1,729 thousand, Abitare In Development 4 S.r.l. for a total amount of Euro 803 thousand and TheUnits S.r.l. for a total amount of Euro 695 thousand.
The current liability for customer deposits and advances, amounting to Euro 8,184 thousand, is held exclusively by the subsidiary Porta Naviglio Grande S.r.l.
NOTE 17. TRADE PAYABLES
Trade payables amount to Euro 25,624 thousand (Euro 13,130 thousand as at 30 September 2024) and are recognised at their nominal value. All payables are due within the following financial year. The payables mainly relate to suppliers involved in production activities. There are no significant payables denominated in currencies other than the Euro. There are no debts for significant amounts outside the Italian territory.
NOTE 18. OTHER CURRENT LIABILITIES
The table below shows the breakdown of the "Other Current Liabilities" item as at 31 March 2025 and 30 September 2024.
| 31.03 2025 |
30.09 2024 |
Changes | |
|---|---|---|---|
| Urbanisation Charges | 1,159,643 | 1,382,609 | (222,966) |
| Other Payables | 16,708,159 | 8,623,580 | 8,084,579 |
| Accrued Expenses and Deferred Income | 69,493 | 94,494 | (25,001) |
| Payables to Social Security Institutions | 82,942 | 140,656 | (57,714) |
| Other Current Liabilities | 18,020,237 | 10,241,339 | 7,778,898 |
Payables arising from the instalment payment of urbanisation charges amount to a total of Euro 1,160 thousand and are attributable to the subsidiaries Abitare In Maggiolina S.r.l. for a total amount of Euro 367 thousand, MyCity S.r.l. for a total amount of Euro 218 thousand, Porta Naviglio Grande S.r.l. for a total amount of Euro 305 thousand and Lambrate Twin Palace S.r.l. for a total amount of Euro 270 thousand.
The item "Other Payables" mainly includes:
- A retention payable to the contractor responsible for the construction of properties held by the subsidiaries TheUnits S.r.l., Abitare In Development 3 S.r.l., Costruire In S.r.l., MyCity S.r.l., Porta Naviglio Grande S.r.l., Lambrate Twin Palace S.r.l. e Milano City Village S.r.l. amounting to Euro 8,430 thousand;
- A retention payable to contractors responsible for demolition and remediation works related to real estate projects managed by the subsidiaries Abitare In Development 4 S.r.l. and Savona 105 S.r.l. amounting to Euro 196 thousand; A retention payable to the contractor responsible for the renovation of real estate projects intended for lease in the form of co-living in the subsidiaries Deametra Siinq S.r.l. and Smartcity Siinq S.r.l. amounting to Euro 843 thousand;
- Payables to directors amounting to EUR 1,059 thousand;
- A debt in the subsidiary Lambrate Twin Palace S.r.l. in the total amount of Euro 5,007 thousand arising from the rustication deeds with termination clause made in December 2024;
- A payable of Euro 506 thousand by the subsidiary Trilogy Towers S.r.l., relating to the reimbursement, in the name and on behalf of the Trilogy Towers condominium, of the property insurance policy for damage suffered following the fire that occurred on 28 June 2023.
NOTE 19. CURRENT TAX LIABILITIES
The item "Current Tax Liabilities", amouting to Euro 1,930 thousand, is mainly rappresented by the liability for tax IMU in the amount of Euro 301 thousand, of the liability to the tax authorities for professional withholdings to be paid in the total amount of Euro 142 thousand, the liability to the tax authorities for IRES in the amount of Euro 945 thousand and the liability to the tax authorities for IRAP in the amount of Euro 537 thousand.
2.3 NOTES TO THE MAIN INCOME STATEMENT ITEMS
NOTE 20. REVENUE AND CHANGES IN WORK IN PROGRESS AND FINISHED PRODUCTS
Total revenue decreased from Euro 34,020 thousand as at 31 March 2024 to Euro 63,695 thousand as at 31 March 2025.
The breakdown of sales and service revenues by business segment and geographical area has been omitted, as the business is conducted entirely in Italy.
Note 20.1 Revenue from sales and services
The composition of revenues from sales and services is as follows:
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Abitare In Development 5 S.r.l. | 15,000 | - | 15,000 |
| Abitare In Development 7 S.r.l. | 268,000 | - | 268,000 |
| City Zeden S.r.l. | - | 397,947 | (397,947) |
| Milano City Village S.r.l. | - | 3,271,700 | (3,271,700) |
| Palazzo Naviglio S.r.l. | - | 2,466,956 | (2,466,956) |
| Porta Naviglio Grande S.r.l. | 6,682,185 | - | 6,682,185 |
| Trilogy Towers S.r.l. | 1,718,800 | 3,740,160 | (2,021,360) |
| Total | 8,683,985 | 9,876,763 | (1,192,778) |
Revenue from sales and services, amounting to Euro 8,684 thousand as at 31 March 2025, mainly relates to the sale of residential units carried out by the subsidiaries Porta Naviglio Grande S.r.l. for a total amount of Euro 6,682 thousand and Trilogy Towers S.r.l. for a total amount of Euro 1,719 thousand.
Note 20.2 Change in inventories for work in progress
The breakdown of the change in inventories for work in progress is as follows:
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Abitare In Development 3 S.r.l. | 10,095,470 | - | 10,095,470 |
| Abitare In Development 4 S.r.l. | 553,388 | 1,767,268 | (1,213,880) |
| Abitare In Development 5 S.r.l. | 12,318,083 | 8,596,892 | 3,721,191 |
| Abitare In Development 6 S.r.l. | 1,818 | - | 1,818 |
| Abitare In Development 7 S.r.l. | (309,941) | - | (309,941) |
| Accursio S.r.l. | 744,283 | 618,751 | 125,532 |
| City Zeden S.r.l. | - | (356,623) | 356,623 |
|---|---|---|---|
| Citynow S.r.l. | 230,527 | 266,602 | (36,075) |
| Creare S.r.l. | 25,545 | 76,623 | (51,078) |
| Edimi S.r.l. | 86,227 | 93,744 | (7,517) |
| GMC Holding S.r.l. | 56,110 | 1,667,189 | (1,611,079) |
| Hommi S.r.l. | 1,426,481 | - | 1,426,481 |
| Housenow S.r.l. | 78,250 | - | 78,250 |
| Immaginare S.r.l. | 51,126 | 37,392 | 13,734 |
| Just Home S.r.l. | 5,104 | - | 5,104 |
| Lambrate Twin Palace S.r.l. | 869,345 | 4,168,617 | (3,299,272) |
| Milano City Village S.r.l. | - | (2,969,041) | 2,969,041 |
| Mivivi S.r.l. | (614,937) | 844,053 | (1,458,990) |
| MyCity S.r.l. | 6,273,609 | 2,937,813 | 3,335,796 |
| New Tacito S.r.l. | 206,202 | 127,729 | 78,473 |
| Palazzo Naviglio S.r.l. | - | (2,211,904) | 2,211,904 |
| Porta Naviglio Grande S.r.l. | (4,235,959) | 4,891,692 | (9,127,651) |
| Savona 105 S.r.l. | 982,034 | 279,401 | 702,633 |
| TheUnits S.r.l. | 653,649 | 503,818 | 149,831 |
| Trilogy Towers S.r.l. | (1,472,788) | (3,192,449) | 1,719,661 |
| Volaplana S.r.l. | 161,718 | (527,104) | 688,822 |
| Ziro S.r.l. | 113,470 | 495,637 | (382,167) |
| Total | 28,298,814 | 18,116,100 | 10,182,714 |
Note 20.3 Change in inventories due to the purchase of new areas
As at 31 March 2025, this item includes costs incurred for the purchase of a real estate complex by the subsidiary Hommi S.r.l., amounting to Euro 10,500 thousand.
Note 20.4 Other operating income
Other operating income, amounting to Euro 16,212 thousand as at 31 March 2025, mainly includes:
- Capitalised costs for property, plant and equipment under construction, related to investments in properties intended for lease in the form of co-living, by the subsidiaries Smartcity Siinq S.r.l. and Deametra Siinq S.r.l., amounting to Euro 3,730 thousand and Euro 8,288 thousand, respectively;
- Contribution for building bonuses in subsidiary Abitare In Development 3 S.r.l. in the amount of Euro 2,203 thousand;
- Compensation, relating to the comprehensive buildings insurance policy to cover the damage suffered by the building as a result of the fire that occurred on 28 June 2023, in the amount of Euro 1,242 thousand, held by subsidiary Trilogy Towers S.r.l.
NOTE 21. OPERATING COSTS
Note 21.1 Real Estate Acquisitions for Development
As at 31 March 2025, this item includes costs incurred for the purchase of a real estate complex by the subsidiary Hommi S.r.l., amounting to Euro 10,500 thousand.
Note 21.2 Service costs
The breakdown of the "Service Costs" item is presented below:
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Legal, Notarial and Administrative Consulting | 737,572 | 641,438 | 96,134 |
| Technical Consulting | 568,328 | 800,794 | (232,466) |
| Design and Works Management | 1,309,177 | 1,881,333 | (572,156) |
| Construction Costs | 35,233,573 | 11,198,569 | 24,035,004 |
| Remediation Works | 339,017 | 26,579 | 312,438 |
| Demolition | 7,750 | 478,687 | (470,937) |
| Construction Charges | 96,950 | 2,590,180 | (2,493,230) |
| Directors' Fees | 586,639 | 654,001 | (67,362) |
| Fees for Statutory Auditors, Audit Firm and Supervisory Body |
230,357 | 196,974 | 33,383 |
| Marketing and Advertising | 244,121 | 632,851 | (388,730) |
| Furniture Costs | 221,917 | 149,323 | 72,594 |
| Commissions to Intermediaries | 246,767 | 188,943 | 57,824 |
| Surety Insurance Policies | 267,685 | 301,600 | (33,915) |
| Insurance | 80,434 | 73,336 | 7,098 |
| Condominium Expenses | 330,712 | 239,174 | 91,538 |
| Utilities | 305,422 | 302,941 | 2,481 |
| Other | 1,646,606 | 1,337,108 | 309,498 |
| Total | 42,453,027 | 21,693,831 | 20,759,196 |
The decreased design costs are due to the conclusion of the definition of the Frigia project,7. The increase in construction costs is due to the progress of work on the Porta Naviglio Grande, Lambrate Twin Palace, Sintesy Palace and Balduccio12 construction sites. The increase in construction costs is, in addition, infuenced by the progress of renovation work on the project intended for lease in the form of co-living under the subsidiary Deametra Siinq S.r.l. The reduction in costs related to demolition is due to the conclusion of preliminary activities for the renovation of the building intended for lease in the form of co-living in the head of the subsidiary Deametra Siinq S.r.l. The reduction in construction charges is due to the purchase of equalization rights during the year ended at 30 September 2024. Finally, the internalization of marketing activities brought about a significant reduction in costs.
Note 21.3 Rental and similar
Rental and similar costs, amounting to Euro 486 thousand as of 31 March 2025 (Euro 60 thousand as of 31 March 2024), recorded in the income statement refer exclusively to short-term contracts. These contracts, having a duration of less than 12 months, fall under the exemptions provided for in IFRS 16 accounting standard. Therefore, they were not recognized under assets for rights of use and lease liabilities. These costs are recognized on an accrual basis. There are no significant future commitments arising from such leases.
Note 21.4 Personnel costs
The breakdown of personnel costs is provided below:
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Wages and Salaries | 1,165,929 | 1,480,833 | (314,904) |
| Social Security Contributions | 369,598 | 372,561 | (2,963) |
| Severance Indemnity (TFR) | 69,677 | 68,007 | 1,670 |
| Other Costs | 270,744 | 316,791 | (46,047) |
| Total Personnel Costs | 1,875,948 | 2,238,192 | (362,244) |
Workforce
The average and actual number of employees by category, for the financial years ended 31 March 2025 and 31 March 2024, is shown in the table below:
| 31.03 2025 |
31.03 2024 |
|||
|---|---|---|---|---|
| Average | Actual | Average | Actual | |
| Executives | 2 | 2 | 2 | 2 |
| Employees | 50 | 53 | 52 | 46 |
| Total | 52 | 55 | 54 | 48 |
Note 21.5 Depreciation
The breakdown of the "Depreciation" item is provided below:
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Amortisation of Intangible Assets | 368,227 | 415,205 | (46,978) |
| Depreciation of Property, Plant and Equipment | 200,560 | 194,127 | 6,433 |
| Total Depreciation and Amortisation | 568,787 | 609,332 | (40,545) |
The increase in depreciation is mainly related to the investments made by the subsidiary Abitare In Development 3 S.r.l. for the renovation of the offices located in Milan in Viale Umbria, 32.
Note 21.6 Impairment and provisions
The "Impairment and Provisions" amounting of Euro 46 thousand consists solely of the provision for the severance indemnity granted to directors.
Note 21.7 Other operating costs
Other operating costs amount to Euro 1,814 thousand and mainly include indirect taxes of Euro 793 thousand (of which Euro 584 thousand refers to IMU), contractual penalties totalling Euro 641 thousand (in the subsidiaries TheUnits S.r.l. in the amount of Euro 105 thousand, Savona 105 S.r.l. in the amount of Euro 512 thousand and Trilogy Towers S.r.l. in the amount of Euro 24 thousand), and the remaining amount relates to subscriptions, membership fees, and various types of losses incurred.
NOTE 22. FINANCIAL INCOME AND EXPENSES
As of 31 March 2025, financial income amounted to Euro 230 thousand, details of financial income are given below:
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Income from Investment Securities | 91,926 | 195,143 | (103,217) |
| Interest Income | 130,424 | 4,624 | 125,800 |
| Income from Derivatives | 7,608 | 127,457 | (119,849) |
| Other Financial Income | 13 | 1,529,569 | (1,529,556) |
| Total | 229,971 | 1,856,793 | (1,626,822) |
Financial income from securities, amounting to Euro 92 thousand, is due to the revaluation of investment lines made by the holding company Abitare In S.p.A., generated by the accounting alignment to fair value as of 31 March, 2025. Interest income mainly refers, for a total amount of Euro 129 thousand, to active returns accrued on the loan granted to third parties by the holding company Abitare In S.p.A. Income from derivatives amounting to Euro 8 thousand, is generated by cash flow hedge derivatives entered into by the holding company Abitare In S.p.A.
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Impairment of Investments | 149,832 | 560,858 | (411,026) |
| Interest Expense on Loans | 3,457,152 | 2,925,867 | 531,285 |
| Interest Expense on Urbanisation Charges | - | 30,865 | (30,865) |
| Loan Fees | 254,385 | 281,374 | (26,989) |
| Other Financial Expenses | 120,615 | 284,329 | (163,714) |
| Totale | 3,981,984 | 4,083,293 | (101,309) |
As of 31 March 2025, borrowing costs amounted to Euro 3,981 thousand, details of borrowing costs are shown below:
"Write-down of equity investments" amounting to Euro 150 thousand, refers to the write-down of the equity investment in Tecma Solutions S.p.A. for a total amount of Euro 23 thousand. The fair value benchmark was used as the listing value as of 31 March 2025, equal to Euro 1.79 per share. The investment in Arras Group was fully written down, in the amount of Euro 91 thousand, as the company applied for a conditional arrangement with the Tribunal of Milan to manage a financial crisis and try to avoid bankruptcy. The remaining portion, amounting to Euro 36 thousand, refers to the consenual termination of Abitare In S.p.A.'s investment in Via Bombay n.1 S.r.l. Interest payable to credit institutions, amounting to Euro 3,457 thousand, is attributable to average financial debt in the first half of the year. Fees amounting to Euro 254 thousand are financial charges incurred in obtaining new financing
NOTE 23. INCOME TAXES
The breakdown of the "Income Taxes" item as at 31 March 2025 and 31 March 2024 is presented below.
| 31.03 2025 |
31.03 2024 |
Change | |
|---|---|---|---|
| Current | 1,400,554 | 1,277,112 | 123,442 |
| Deferred | (249,953) | 1,100,834 | (1,350,787) |
| Income taxes | 1,150,601 | 2,377,946 | (1,227,345) |
The reconciliation between the actual tax expense recognised in the financial statements and the theoretical tax expense, calculated on the basis of the theoretical tax rate applicable to IRES and IRAP, is as follows:
| IRES | % | 2025 | 2024 |
|---|---|---|---|
| Profit Before Tax | 2,170,887 | 3,321,217 | |
| Theoretical Tax Rate % | 24% | 521,013 | 797,092 |
| Increases: | |||
|---|---|---|---|
| IMU (Municipal Property Tax) | 462,799 | 450,665 | |
| Unpaid Remuneration and Employee Bonuses | 39,640 | 315,340 | |
| Provisions for Bonuses/Bad Debt Provision/Impairments | 149,832 | 1,152,678 | |
| Non-Deductible Interest | - | - | |
| Adjustments Due to Consolidated IAS Entries | 2,966,477 | 3,514,221 | |
| Other Increases | 817,874 | 2,896,702 | |
| Total | 4,436,622 | 8,329,606 | |
| Decreases: | |||
| Paid Remuneration and Employee Bonuses | 358,860 | 33,834 | |
| Dividends/Revaluations/Capital Gains | - | 5,700,000 | |
| Use of Provisions for Risks | - | - | |
| Deduction for Tax Losses Carried Forward, ACE, IRAP and Contributions |
2,273,508 | 957,007 | |
| Other Decreases | 375,346 | 815,803 | |
| Total | 3,007,714 | 7,506,644 | |
| IRES Taxable Income | 3,599,795 | 4,144,179 | |
| IRES for the Year | 863,951 | 994,603 | |
| Prior Year IRES Adjustments (Income/Expense) | 13,391 | - | |
| IRES | 877,342 | 994,603 | |
| IRAP | % | 2025 | 2024 |
| Difference Between IRAP-Relevant Income and Costs | 5,297,938 | 614,322 | |
|---|---|---|---|
| Theoretical Tax Rate % | 3.90% | 206,620 | 23,959 |
| Increases: | |||
| Cost of Collaborators and Directors | 995,503 | 939,357 | |
| IMU (Municipal Property Tax) | 584,311 | 451,720 | |
| Adjustments Due to Consolidated IAS Entries | - | 3,514,221 | |
| Other Increases | 3,593,275 | 3,216,035 | |
| Total | 5,173,089 | 8,121,333 | |
| Decreases: | |||
| Operating Grants | 2,261,447 | 944,945 | |
| Deductions for Tax Wedge | 1,617,658 | 1,557,550 | |
| Adjustments Due to Consolidated IAS Entries | - | - | |
| Other Decreases | 361,240 | 849,857 | |
| Total | 4,240,345 | 3,352,352 | |
| IRAP Taxable Income | 6,230,682 | 5,383,303 | |
| IRAP for the Year | 523,212 | 282,509 | |
| Prior Year IRAP Adjustments (Income/Expense) | - | - | |
| IRAP | 523,212 | 282,509 |
NOTE 24. BASIC AND DILUTED EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the profit for the year attributable to the ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit attributable to the ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year and those potentially issuable upon the achievement of the targets set out in the stock grant plan.
The breakdown of basic and diluted earnings per share for the years ended 31 March 2025 and 31 March 2024 is presented below.
| 31.03 2025 |
31.03 2024 |
Changes | |
|---|---|---|---|
| Net Profit Attributable to the Group (Euro) | 1,020,286 | 943,271 | 77,015 |
| Number of Shares Outstanding* | 25,547,181 | 25,687,053 | (139,872) |
| Number of Potential Ordinary Shares | 1,211,802 | 1,211,802 | - |
| Weighted Average Number of Shares Outstanding for Diluted EPS Calculation |
26,758,983 | 26,898,855 | (139,872) |
| Earnings per Share (Euro) | 0.04 | 0.04 | - |
| Diluted Earnings per Share (Euro) | 0.04 | 0.04 | - |
| 31.03 2025 |
31.03 2024 |
Changes | |
| Net Profit of the Group from Comprehensive Income Statement (Euro) |
989,163 | 834,238 | 154,925 |
| Number of Shares Outstanding* | 25,547,181 | 25,687,053 | (139,872) |
| Number of Potential Ordinary Shares | 1,211,802 | 1,211,802 | - |
| Weighted Average Number of Shares Outstanding for Diluted EPS Calculation |
26,758,983 | 26,898,855 | (139,872) |
| Earnings per Share (Euro) | 0.04 | 0.03 | 0.01 |
Diluted Earnings per Share (Euro) 0.04 0.03 0.01
NOTA 25. OPERAZIONI CON PARTI CORRELATE
Pursuant to IAS 24, the Group's related parties are those entities and individuals that have the ability to exercise control, joint control, or significant influence over the Group and its subsidiaries.
The relationships between companies are of a commercial and financial nature and are generally formalised through contracts. These transactions are carried out at market value and are closely monitored by the Board of Directors. Transactions with such counterparties relate to the ordinary operations of the individual entities; no atypical or unusual transactions have been identified.
The following tables provide details of assets and liabilities with identified related parties:
| 31.03 2025 |
30.09 2024 |
Variazione | |
|---|---|---|---|
| Equity investment in Via Bombay n.1 S.r.l. | - | 21,537 | (21,537) |
| Loan vs Via Bombay n.1 S.r.l. | - | 3,473,867 | (3,473,867) |
| Trade receivables vs Via Bombay n.1 S.r.l. | - | 953,572 | (953,572) |
| Provision for TFM | 478,131 | 428,731 | 49,400 |
| Payables to auditors | 28,626 | 65,545 | (36,919) |
| Payables to directors | 1,059,390 | 1,333,110 | (273,720) |
| Total | 1,566,147 | 6,276,362 | (4,710,215) |
The following tables provide details of income and expenses with identified related parties:
| 31.03 2025 |
31.03 2024 |
Change | |
|---|---|---|---|
| Service Revenue from Via Bombay n.1 S.r.l. | - | 470,000 | (470,000) |
| Revaluation of Investment in Via Bombay n.1 S.r.l. | 35,844 | - | 35,844 |
| Directors' Remuneration | 586,639 | 654,001 | (67,362) |
| Severance Indemnity for Directors (TFM) | 45,872 | 22,303 | 23,569 |
| Statutory Auditors' Fees | 74,384 | 49,078 | 25,306 |
| Compensation to Executives with Strategic Responsibilities | 80,000 | 90,000 | (10,000) |
| Total | 822,739 | 1,285,382 | (462,643) |
Commitments and Guarantees Provided by the Group
In addition to what has already been disclosed in Note 13, Abitare In guarantees the fulfilment of obligations undertaken by its subsidiaries towards Reale Mutua Assicurazioni, in relation to the issuance by the latter of guarantees that the subsidiaries provide in favour of third parties. As at 31 March 2025, the total guaranteed amount is Euro 157,7 million.
The following is a list of guarantees issued by Abitare In S.p.A. on behalf of its subsidiaries in favour of lending institutions:
| Company | Guaranteed Amount |
Issue Date | Type of Guarantee |
|---|---|---|---|
| Abitare In Development 3 S.r.l. | 3,000,000 | 22.06.2018 | Loan repayment guarantee |
| Abitare In Development 4 S.r.l. | 1,175,000 | 03.03.2022 | Comfort letter of 1,7 mln |
| Accursio S.r.l. | 10,500,000 | 22.06.2018 | Loan repayment guarantee |
| Citynow S.r.l. | 400,000 | 01.02.2022 | Loan repayment guarantee |
| Total | 85,425,000 | ||
|---|---|---|---|
| Volaplana S.r.l. | 5,000,000 | 11.01.2022 | Loan repayment guarantee |
| Smartcity Siinq S.r.l. | 13,650,000 | 13.12.2021 | Loan repayment guarantee |
| Savona 105 S.r.l. | 10,950,000 | 03.12.2020 | Loan repayment guarantee |
| Porta Naviglio Grande S.r.l.* | 3,650,000 | 17.12.2020 | Loan repayment guarantee |
| MyCity S.r.l. | 17,300,000 | 15.05.2023 | Comfort letter |
| Mivivi S.r.l. | 5,000,000 | 06.05.2022 | Loan repayment guarantee |
| Lambrate Twin Palace S.r.l. | 3,300,000 | 25.05.2021 | Comfort letter of 3,3 mln and subordination of 2 mln loan |
| Hommi S.r.l. | 10,000,000 | 25.10.2024 | Loan repayment guarantee |
| Homizy Siiq S.p.A. | 1,500,000 | 21.05.2024 | Loan repayment guarantee |
*the sales target has been met, allowing the company to request the cancellation of the guarantee.
NOTE 26. SEGMENT REPORTING
IFRS 8 defines an operating segment as a component:
- that engages in business activities from which it may earn revenues and incur expenses;
- whose operating results are regularly reviewed by the entity's chief operating decision maker;
- for which discrete financial information is available.
For the purposes of IFRS 8, the Group's operations can be identified in two operating segments:
- Residential development for sale
- Build to rent.
Below is the statement of financial position by segment as at 31 March 2025 and 30 September 2024:
| Residential Development for Sale |
Build to rent | Intercompany Eliminations |
30.09 2024 |
|
|---|---|---|---|---|
| Property, Plant and Equipment | 7,294,378 | 27,545,300 | - | 34,839,678 |
| Intangible Assets | 1,856,905 | 187,758 | - | 2,044,663 |
| Financial Assets | 3,141,541 | - | (3,116,000) | 25,541 |
| Investments in Other Companies | 1,335,712 | - | (168,500) | 1,167,212 |
| Non-current financial receivables | 3,473,867 | - | - | 3,473,867 |
| Deferred Tax Assets | 2,190,440 | 497,851 | - | 2,688,291 |
| TOTAL NON-CURRENT ASSETS | 19,292,843 | 28,230,909 | (3,284,500) | 44,239,252 |
| Inventory | 219,495,910 | - | - | 219,495,910 |
| Financial Assets Measured at Fair Value | 9,317,621 | - | - | 9,317,621 |
| Trade Receivables | 3,414,271 | 800,000 | (1,957,407) | 2,256,864 |
| Other Current Assets | 12,039,498 | 399,611 | - | 12,439,109 |
| Current Tax Assets | 5,207,842 | 1,182,185 | - | 6,390,027 |
| Cash and Cash Equivalents | 10,641,964 | 3,134,769 | - | 13,776,733 |
| TOTAL CURRENT ASSETS | 260,117,106 | 5,516,565 | (1,957,407) | 263,676,264 |
|---|---|---|---|---|
| TOTAL ASSETS | 279,409,949 | 33,747,474 | (5,241,907) | 307,915,516 |
| Share Capital | 133,075 | 115,850 | (115,850) | 133,075 |
| Reserves | 46,481,738 | 13,698,564 | (13,697,609) | 46,482,693 |
| Retained Earnings/(Losses) | 45,859,286 | (778,665) | 9,859,375 | 54,939,996 |
| Profit/(Loss) for the Period | 6,166,652 | (542,939) | 157,669 | 5,781,382 |
| GROUP EQUITY | 98,640,751 | 12,492,810 | (3,796,415) | 107,337,146 |
| Non-controlling Interests | 3,627,911 | |||
| TOTAL EQUITY | 98,640,751 | 12,492,810 | (3,796,415) | 110,965,057 |
| Non-current Financial Liabilities | 82,383,815 | 13,443,832 | - | 95,827,647 |
| Employee Benefits | 306,914 | 17,944 | - | 324,858 |
| Other Non-current Liabilities | 563,609 | - | - | 563,609 |
| Customer Deposits and Advances | 53,609,002 | - | - | 53,609,002 |
| Deferred Tax Liabilities | 6,164,725 | 1,481 | - | 6,166,206 |
| TOTAL NON-CURRENT LIABILITIES | 143,028,065 | 13,463,257 | - | 156,491,322 |
| Current Financial Liabilities | 16,239,689 | 142,391 | - | 16,382,080 |
| Trade Payables | 11,129,782 | 6,981,819 | (4,981,129) | 13,130,472 |
| Other Current Liabilities | 9,813,765 | 519,848 | (92,274) | 10,241,339 |
| Customer Deposits and Advances | 154,000 | - | - | 154,000 |
| Current Tax Liabilities | 403,897 | 147,349 | - | 551,246 |
| TOTAL CURRENT LIABILITIES | 37,741,133 | 7,791,407 | (5,073,403) | 40,459,137 |
| TOTAL LIABILITIES | 180,769,198 | 21,254,664 | (5,073,403) | 196,950,459 |
| TOTAL LIABILITIES AND EQUITY | 279,409,949 | 33,747,474 | (8,869,818) | 307,915,516 |
| Residential Development for Sale |
Build to rent | Intercompany Eliminations |
31.03 2025 |
|
|---|---|---|---|---|
| Property, Plant and Equipment | 7,205,683 | 39,563,835 | - | 46,769,518 |
| Intangible Assets | 1,716,597 | 205,785 | - | 1,922,382 |
| Financial Assets | 6,235 | - | - | 6,235 |
| Investments in Other Companies | 1,282,687 | - | (251,000) | 1,031,687 |
| Non-current Financial Receivables | 3,216,000 | - | (3,216,000) | - |
| Deferred Tax Assets | 2,558,282 | 590,070 | - | 3,148,352 |
| TOTAL NON-CURRENT ASSETS | 15,985,484 | 40,359,690 | (3,467,000) | 52,878,174 |
| Inventory | 258,294,724 | - | - | 258,294,724 |
| Financial Assets Measured at Fair Value | 2,006,297 | - | - | 2,325,421 |
| Trade Receivables | 5,843,000 | 344,324 | (3,861,903) | 2,325,421 |
| Other Current Assets | 17,087,466 | 2,013,897 | (1,000,000) | 18,101,363 |
| Current Tax Assets | 6,442,506 | 2,037,902 | - | 8,480,408 |
| Cash and Cash Equivalents | 7,032,610 | 3,921,655 | - | 10,954,265 |
| TOTAL CURRENT ASSETS | 296,706,603 | 8,317,778 | (4,861,903) | 300,162,478 |
| TOTAL ASSETS | 312,692,087 | 48,677,468 | (8,328,903) | 353,040,652 |
| Share Capital | 133,075 | 115,850 | (115,850) | 133,075 |
| Reserves | 46,446,445 | 13,720,392 | (13,719,482) | 46,447,355 |
| Retained Earnings/(Losses) | 52,025,938 | (1,343,478) | 9,986,413 | 60,668,873 |
| Profit/(Loss) for the Period | 1,275,580 | (255,294) | 73,525 | 1,093,811 |
| GROUP EQUITY | 99,881,038 | 12,237,470 | (3,775,394) | 108,343,114 |
| Non-controlling Interests | 3,524,391 | |||
| TOTAL EQUITY | 99,881,038 | 12,237,470 | (3,775,394) | 111,867,505 |
| Non-current Financial Liabilities | 84,415,709 | 22,917,956 | - | 107,333,665 |
| 212,811,049 | 36,439,998 | (8,077,900) | 241,173,147 |
|---|---|---|---|
| 79,489,485 | 13,500,766 | (8,077,900) | 84,912,351 |
| 1,744,648 | 185,456 | - | 1,930,104 |
| 8,183,961 | - | - | 8,183,961 |
| 16,999,675 | 1,412,440 | (391,878) | 18,020,237 |
| 21,851,307 | 11,458,597 | (7,686,022) | 25,623,882 |
| 30,709,894 | 444,273 | - | 31,154,167 |
| 133,321,564 | 22,939,232 | - | 156,260,796 |
| 6,378,397 | 1,481 | - | 6,379,878 |
| 41,581,699 | - | - | 41,581,699 |
| 594,125 | - | - | 594,125 |
| 351,634 | 19,795 | - | 371,429 |
Below is the statement of profit or loss by segment as at 31 March 2025 and 31 March 2024:
| Residential Development for Sale |
Build to rent | Intercompany Eliminations |
31.03 2024 |
|
|---|---|---|---|---|
| Sales Revenue | 9,876,763 | - | - | 9,876,763 |
| Service Revenue | 22,665 | - | (22,665) | - |
| Change in Inventories for Work in Progress | 18,116,100 | - | - | 18,116,100 |
| Change in Inventories Due to Purchase of New Areas | 2,690,254 | - | - | 2,690,254 |
| Other Revenue | 2,237,236 | 1,114,688 | (14,877) | 3,337,047 |
| TOTAL REVENUE | 32,943,018 | 1,114,688 | (37,542) | 34,020,164 |
| Real Estate Purchases for Development for Sale | 2,690,254 | - | - | 2,690,254 |
| Real Estate Purchases for Development for Lease | - | - | - | - |
| Purchases of Raw Materials, Consumables and Goods | 58,216 | - | - | 58,216 |
| Service Costs | 20,900,471 | 830,902 | (37,542) | 21,693,831 |
| Rent and Other Costs | 60,236 | 100 | - | 60,336 |
| Personnel Costs | 2,171,068 | 67,124 | - | 2,238,192 |
| Depreciation and Amortisation | 592,359 | 16,973 | - | 609,332 |
| Impairment and Provisions | 22,303 | - | - | 22,303 |
| Other Operating Costs | 970,051 | 129,932 | - | 1,099,983 |
| TOTAL OPERATING COSTS | 27,464,958 | 1,045,031 | (37,542) | 28,472,447 |
| OPERATING RESULT (EBIT) | 5,478,060 | 69,657 | - | 5,547,717 |
| Financial Income | 1,856,793 | |||
| Financial Expenses | (4,083,293) | |||
| PROFIT BEFORE TAXES (EBT) | 3,321,217 | |||
| Taxes | (2,377,946) | |||
| PROFIT (LOSS) FOR THE YEAR | 943,271 |
| Residential Development for Sale |
Build to rent | Intercompany Eliminations |
31.03 2025 |
|
|---|---|---|---|---|
| Sales Revenue | 8,683,985 | - | - | 8,683,985 |
| Service Revenue | 3,922,563 | - | (3,922,563) | - |
| Change in Inventories for Work in Progress | 28,298,814 | - | - | 28,298,814 |
| Change in Inventories Due to Purchase of New Areas | 10,500,000 | - | - | 10,500,000 |
|---|---|---|---|---|
| Other Revenue | 4,192,961 | 12,018,982 | - | 16,211,943 |
| TOTAL REVENUE | 55,598,323 | 12,018,982 | (3,922,563) | 63,694,742 |
| Real Estate Purchases for Development for Sale | 10,500,000 | - | - | 10,500,000 |
| Real Estate Purchases for Development for Lease | - | - | - | - |
| Purchases of Raw Materials, Consumables and Goods | 27,701 | - | - | 27,701 |
| Service Costs | 35,034,852 | 11,340,738 | (3,922,563) | 42,453,027 |
| Rent and Other Costs | 485,999 | 75 | - | 486,074 |
| Personnel Costs | 1,797,937 | 78,011 | - | 1,875,948 |
| Depreciation and Amortisation | 560,512 | 8,275 | - | 568,787 |
| Impairment and Provisions | 45,872 | - | - | 45,872 |
| Other Operating Costs | 1,663,109 | 151,324 | - | 1,814,433 |
| TOTAL OPERATING COSTS | 50,115,982 | 11,578,423 | (3,922,563) | 57,771,842 |
| OPERATING RESULT (EBIT) | 5,482,341 | 440,559 | - | 5,922,900 |
| Financial Income | 229,971 | |||
| Financial Expenses | (3,981,984) | |||
| PROFIT BEFORE TAXES (EBT) | 2,170,887 | |||
| Taxes | (1,150,601) | |||
| PROFIT (LOSS) FOR THE YEAR | 1,020,286 |
FINANCIAL RISK MANAGEMENT POLICY
Reference is made to the consolidated management report.
DISCLOSURE ON THE CARRYING AMOUNT AND FAIR VALUE OF FINANCIAL INSTRUMENTS
IFRS 7 and IFRS 13 require the classification of financial instruments measured at fair value based on the quality of the inputs used to determine the fair value. Specifically, IFRS 7 and IFRS 13 define three levels of fair value:
- Level 1: This category includes financial assets/liabilities whose fair value is determined based on quoted (unadjusted) prices in active markets, both Official and Over-the-Counter, for identical assets or liabilities;
- Level 2: This category includes financial assets/liabilities whose fair value is determined based on inputs other than quoted prices included within Level 1, but which are observable directly or indirectly in the market for the asset or liability;
- Level 3: This category includes financial assets/liabilities whose fair value is determined using unobservable market data. This category includes instruments measured based on internal estimates using proprietary methods and industry best practices.
There were no transfers between the different levels of the fair value hierarchy during the periods under review.
The table below summarises the assets and liabilities measured at fair value as at 31 March 2025, classified by the level reflecting the inputs used in the fair value measurement:
| AS AT 31.03.2025 |
|||||
|---|---|---|---|---|---|
| (In Euro) | Note | Carrying Amount |
Level 1 | Level 2 | Level 3 |
| Assets | |||||
| Financial Assets | 3 | 6,235 | 6,235 | - | - |
| Investments in Other Companies | 4 | 1,031,687 | 1,031,687 | - | - |
| Financial Assets Measured at Fair Value | 7 | 2,006,297 | 2,006,297 | ||
| Trade Receivables | 8 | 2,325,421 | - | - | 2,325,421 |
| Other Current Assets | 9 | 18,101,363 | - | 18,101,363 | |
| Cash and Cash Equivalents | 11 | 10,954,265 | 10,954,265 | - | - |
| Liabilities | |||||
| Non-current Financial Liabilities | 13 | 107,333,665 | 107,333,665 | - | - |
| Other Non-current Liabilities | 15 | 594,125 | - | - | 594,125 |
| Current Financial Liabilities | 13 | 31,154,167 | 31,154,167 | - | - |
| Customer Deposits and Advances | 16 | 49,765,660 | - | - | 49,765,660 |
| Trade Payables | 17 | 25,623,882 | - | - | 25,623,882 |
| Other Current Liabilities | 18 | 18,020,237 | - | - | 18,020,237 |
CONTINGENT LIABILITIES AND MAIN PENDING LITIGATION
Reference is made to the information provided in the interim management report.
TRANSACTIONS ARISING FROM ATYPICAL AND/OR UNUSUAL OPERATIONS
Pursuant to CONSOB communication no. DEM/6064296 of 28 July 2006, it is specified that during the first half-year ended 31 March 2025, the Abitare In Group did not carry out any atypical and/or unusual transactions, as defined by the communication itself.
NON-RECURRING EVENTS AND SIGNIFICANT TRANSACTIONS
Pursuant to CONSOB communication no. DEM/6064296 of 28 July 2006, it is specified that during the first half-year ended 31 March 2025, the Abitare In Group did not carry out any non-recurring significant transactions, as defined by the communication itself.
DISCLOSURE ON CONTRIBUTIONS RECEIVED FROM PUBLIC ADMINISTRATIONS
Below is the disclosure relating to contributions received from Public Administrations by the Abitare In Group:
• Euro 9 thousand as a tax credit for investments in Research & Development pursuant to Article 244, paragraph 1 of Legislative Decree No. 34 of 2020 recognized to the holding company Abitare In S.p.A.
FEES TO THE STATUTORY AUDIT FIRM
Below is the breakdown of fees accrued for the six-month period ended 31 March 2024 for audit services and for non-audit services provided by the same audit firm, BDO S.p.A.
| Amounts in €K | 31.03 2025 |
|---|---|
| Review of Interim Financial Statements | 30 |
| Statutory Audit | - |
| Other Assurance Services | - |
| Total | 30 |
3.4 CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO ARTICLE 154-BIS, PARAGRAPH 5, OF LEGISLATIVE DECREE NO. 58/1998 (CONSOLIDATED FINANCE ACT)
-
- We, the undersigned, Luigi Francesco Gozzini and Cristiano Contini, in our respective capacities as Chief Executive Officer and Manager responsible for the preparation of the company's financial reports of Abitare In S.p.A., certify, also taking into account the provisions of Article 154-bis, paragraphs 3 and 4, of Legislative Decree No. 58 of 24 February 1998, that:
- the administrative and accounting procedures used in the preparation of the condensed consolidated half-yearly financial statements as at 31 March 2025 are adequate in relation to the characteristics of the company and
- have been effectively applied.
-
- Furthermore, it is certified that:
- 2.1 The condensed consolidated half-yearly financial statements as at 31 March 2025:
- (a) have been prepared in accordance with the applicable international accounting standards recognised by the European Community pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002;
- (b) correspond to the results documented in the books and accounting records;
- (c) provide a true and fair view of the financial position, performance and cash flows of the issuer and of the group of companies included in the consolidation.
- 2.2 The interim management report includes a reliable analysis of the important events that occurred during the first six months of the financial year and their impact on the condensed consolidated half-yearly financial statements, together with a description of the main risks and uncertainties for the remaining six months of the year. The interim management report also contains a reliable analysis of information on significant related party transactions.
Milan, 12 June 2025
Luigi Francesco Gozzini (Chief Executive Officer)
