Turmoil over the accounts of Il Fatto Quotidiano. Especially on X – not only because of a post by Carlo Calenda – tensions are rising over the financial figures of the company that publishes the newspaper directed by Marco Travaglio and Peter Gomez.
But doubts about the going concern of Il Fatto also come from the auditors of Seif (Società Editoriale Il Fatto Spa), the company of Il Fatto Quotidiano led by CEO Cinzia Monteverdi.
There is a “significant uncertainty regarding the going concern,” Matteo Ferrucci, partner at Kpmg, puts in black and white in the report accompanying Seif’s 2025 financial statements. Ferrucci signs the accounts but highlights a significant critical issue for the future of the group centered on the newspaper founded by Antonio Padellaro and Marco Travaglio.
But let’s start with the numbers. The consolidated financial statements closed with a loss of 2.6 million and a negative net equity of 6.4 million. As of December 31, current financial debt was 3.15 million with a negative net working capital of 8.97 million.
The consolidated financial statements read under “going concern”: the directors “have made their assessment regarding the existence of the going concern requirement.” This “with regard to the time horizon of at least 12 months following the consolidated financial statement reference date.” Meanwhile, the directors have prepared a Liquidity Plan that foresees the repayment of debts maturing in 2026 for 3.5 million and obtaining new financing for 2.755 million.
Here are the actions the company’s leadership intends to carry out: “With reference to the above-mentioned uncertainty, the Directors have identified at the consolidated level the mitigation elements described below (whose management during 2025 has already generated a reduction in industrial costs related to the production and distribution activities of the newspaper on newsstands): 1) the Group’s ability to adjust the timing, and possibly avoid incurring, a significant part of the planned investments, depending on the financial resources actually available, consequently postponing the objectives of the 2026-2028 Plan; 2) the Parent Company’s ability to implement efficiency actions on circulation with consequent savings in printing and distribution costs; 3) the possibility of initiating discussions with credit institutions to obtain credit lines, additional to those already planned in the Liquidity Plan, to meet obligations arising from regular business management in executing the 2026-2028 Plan.” The company’s main financier, as emerges from the report, is Unicredit. Much smaller amounts come from Intesa Sanpaolo.
Moves outlined by management, however, do not convince the auditors.
We will see in the coming months who will be proven right.
