Nocivelli ABP pays on the Stock Exchange for the ripple effects of the investigation into the Parco della Salute in Turin. In today’s session at Piazza Affari, the shares of the Brescia-based company fell by up to 12%, dropping to 5.5 euros, while the market tries to assess the possible consequences of the investigation opened by the Turin Prosecutor’s Office into the major tender for the new hospital hub in the Piedmont capital. A project with an investment of over 600 million euros and almost 1.2 billion euros considering the entire concession, representing one of the most significant contracts in the group’s portfolio.
THE SHARE PLUNGE AND MARKET FEARS
The sales were triggered by the investigation opened by the Turin Prosecutor’s Office into the procedure that led to the awarding of the design, construction, and management of the Parco della Salute, della Ricerca e dell’Innovazione, one of the largest healthcare investments currently underway in Italy. The market fears possible delays, blocks, or even a revision of the award of the project, so much so that Banca Akros has suspended its rating on the stock pending understanding the consequences of the investigation.
For Nocivelli, the Turin project represents a strategic contract. The consortium composed of Consorzio Sis and Abp Nocivelli was awarded works worth about 200 million euros and a 25-year contract for the management and maintenance of hospital plants and infrastructures, with an estimated value of around 300 million euros.
WHAT THE PROSECUTOR’S OFFICE CHARGES
The investigation coordinated by public prosecutor Giovanni Caspani and deputy prosecutor Salvatore Dolce concerns the tender that awarded the Parco della Salute to the consortium formed by Consorzio Sis and Abp Nocivelli. The alleged crime is bid rigging.
The findings emerged on May 29, when the Guardia di Finanza conducted searches in the offices of the Città della Salute in Turin and seized documentation related to the procedure. At the center of the investigation are two people: Paolo Melchior, the sole person responsible for the procedure for the construction of the new hospital hub and director of technical and maintenance services at the Città della Salute, and Battista Magliari, a technician of the winning consortium.
According to investigators’ reconstruction, Melchior allegedly informed Magliari in advance about the withdrawal of the only remaining competitor in the tender, the consortium led by Siram and Salini-Impregilo. In this way, the future winners would have known they were left alone in the competition and could calibrate their offer without the risk of being outbid by other participants.
The Prosecutor’s Office also suspects that this information was provided in exchange for money. It is precisely on this alleged economic benefit that investigators are focusing their inquiries, analyzing phones, computers, and documents seized during the searches.
The accused deny the charges. Claudio Dogliani, legal representative of the project company that won the concession, stated that the offer had been prepared weeks before the tender deadline and that it would not have been possible to modify it at the last minute. Melchior’s defense also denies any passing of confidential information.
The Prosecutor’s Office was also drawn to the content of the financial offer. On the annual concession fee, amounting to about 40 million euros, the discount offered by the winning consortium was just 479 euros, equal to 0.0012%, while on the public contribution subject to discount, the offer was zero. For investigators, this could be an indication that the winners already knew they had no real competitors.
A SEVEN-YEAR TENDER
The Parco della Salute affair has its roots in 2019. The project initially attracted the interest of three consortia, but the pandemic, inflation, and rising energy and raw material costs slowed the process and forced a revision of the economic balance of the operation.
To unlock the dossier, Marco Corsini was appointed extraordinary commissioner. Meanwhile, the Piedmont Region and the government increased the public resources available to cover the rising costs of the project.
The deadline for submitting bids was set for April 23, 2024. The day before, the competing consortium led by Siram and Salini-Impregilo withdrew, leaving only the tandem formed by Consorzio Sis and Abp Nocivelli in the race. The final award came in September 2024, while the concession contract was signed on April 24, 2025.
WHAT IS THE PARCO DELLA SALUTE
The Parco della Salute, della Ricerca e dell’Innovazione will be built in the area of corso Bramante, next to the Piedmont Region skyscraper. It is destined to become the new major healthcare hub of Turin, merging the activities of Molinette, CTO, and Sant’Anna hospitals.
The project foresees a facility with 1,040 beds and a total investment of 610.9 million euros. Of these, 226.8 million are financed by the State, 11.9 million by the Piedmont Region, and 372.2 million by the private concessionaire. The amount for design and works totals about 495 million euros, rising to over 592 million considering VAT and technical expenses. Additionally, 18.5 million euros are allocated for site remediation.
The concession lasts thirty years: five for the construction of the work and twenty-five for management. Considering the entire concession cycle, the economic value of the operation approaches 1.2 billion euros. Work was scheduled to start between 2026 and 2027, with the ribbon-cutting planned for the end of 2031. The investigation now risks adding new delays to a project already marked by years of postponements.
WHO IS NOCIVELLI AND WHO CONTROLS IT
Founded in 1963 in Castegnato, in the province of Brescia, Nocivelli started as a company active in the trade of petroleum products and lubricants. Since the late 1980s, it has progressively expanded its scope towards technological plant engineering, civil and industrial works, and facility management, becoming one of the main Italian operators in public-private partnerships for healthcare infrastructure.
The company is listed on the Milan Stock Exchange and is led by Chairman Bruno Nocivelli and CEO Nicola Turra. The board of directors also includes Laura Salvatore, Alessandra Perego, and independent director Francesco Landriscina.
The shareholding is firmly in the hands of the family. Bruno Nocivelli owns 57.63% of the capital, Laura Salvatore 26.6%, while Nicola Turra holds 3.55% and Alessandra Perego 0.89%. The free float represents just over 11% of the capital.
In the Turin project, the group is a partner of Consorzio Sis for the realization of plant engineering works and the subsequent management of technological and facility management services. It is one of the most significant contracts in the company’s portfolio.
FINANCIALS AND ORDER BOOK
The investigation arrives at a time of growth for the Brescia group. In the half-year ended December 31, 2025, production value rose to 45.6 million euros, an increase of 8.2% compared to the previous year, while revenues reached 42.8 million. EBITDA grew to 10.8 million euros, with a margin of 25.1%, and net profit stood at 7.3 million.
The net financial position is positive at 70.8 million euros and equity reached 86.7 million.
Particularly significant is the order book, which as of December 31, 2025, amounted to about 1.9 billion euros. These are multi-year contracts mainly related to public concessions and long-term agreements.
In the financial documents approved in March, the company itself indicated the Parco della Salute in Turin and the Città della Salute e della Scienza in Novara as two key milestones for future development. Projects from which Nocivelli expects the most significant economic effects starting from the 2026-2027 fiscal year.
