Corporate Credit Rating 2025 for BANCO ENERGIA FORNITURE SRL SOCIETÀ BENEFIT: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of BANCO ENERGIA FORNITURE S.R.L. SOCIETÀ BENEFIT on the website and the rating assigned to the entity is B1- (Affirm). The analysis revealed it is a company with adequate economic and financial situation, capable of facing adverse economic conditions in the medium and long term.

BANCO ENERGIA FORNITURE S.R.L. SOCIETÀ BENEFIT, part of the DG S.R.L. Group, was founded in 2017 and operates in the national electricity market as a trader and wholesaler. The Company primarily sources energy from the market managed by GME (Gestore dei Mercati Energetici) and resells the acquired volumes to resellers, which in turn supply residential customers and small businesses. Since 2024, the Company has adopted the status of Società Benefit, embedding common-benefit objectives into its bylaws and strengthening its commitment to sustainability and social responsibility.

BANCO ENERGIA FORNITURE S.R.L. SOCIETÀ BENEFIT closed fiscal year 2024 with an overall balanced economic and financial position, albeit with a slight deterioration compared to the previous year. The increase in liabilities, driven by a sharp rise in trade payables, led to higher leverage, resulting in a still weak equity-to-third-party funds ratio. However, the absence of financial debt supports solvency and allows the Company to maintain a positive cash position. The Company confirms an effective credit risk management, with overdue positions remaining under control. Despite a 51% increase in revenues compared to 2023, driven by a significant expansion in managed volumes, profitability remains modest, in line with the structural characteristics of trading and wholesale energy activities. Profitability indicators (ROI and ROE) recorded a slight decline year on year, while remaining overall satisfactory. In 2024, the Company further strengthened its liquidity profile, doubling cash balances compared to the previous year, thanks to solid operating cash flow generation and efficient working capital management. Liquidity resources were mainly allocated to increased security deposits with Terna, Enel, and GME.

BANCO ENERGIA FORNITURE S.R.L. SOCIETÀ BENEFIT has a governance and control structure based on single-member bodies, which is considered adequate for its current size and activities. The Company is wholly owned by DG S.R.L., the parent company of a group of businesses primarily active in the energy sector. The Group is ultimately controlled by Mr. Giovanni Pellicioli and Mr. Dario Zingaretti, who are its key shareholders.

Compared to its reference peer group, the Company shows a size positioning above the median, supported by strong business growth recorded in 2024. Conversely, elevated leverage weighs on the solvency profile, placing it in the lower percentiles of the peer distribution. Profitability positioning remains satisfactory. Peer companies generally display adequate capitalization levels, more balanced financial leverage, and profitability indicators that are solid and improving.

In 2024, energy prices in Italy stabilized due to the expansion of renewable sources, reduced consumption, and favorable weather conditions. However, prices remained above pre-crisis levels due to the impact of fossil fuels. Renewable sources accounted for approximately 50% of electricity generation. They are expected to be further supported by new investments by Terna and the launch of the MACSE, which aims to incentivize storage systems. In Europe, LNG accounted for 38% of gas imports, partially offsetting the decline in Russian supplies. As of the end of April 2025, gas storage stood at 47%, with 90% of capacity already allocated for the 2025/26 season, thus ensuring energy security. 

In the first quarter of 2025, the Italian economy posted moderate growth, supported by household consumption, underpinned by a stable labor market and rising real incomes. Investments remained weak, constrained by underutilized production capacity and tight financial conditions. Growth was driven by the services sector and construction projects linked to the National Recovery and Resilience Plan (NRRP). Manufacturing showed signs of recovery, though it remains vulnerable to rising tariffs and geopolitical uncertainty. The Bank of Italy forecasts GDP growth of 0.6% in 2025, 0.8% in 2026, and 0.7% in 2027.

The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. Modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on Modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated company has not purchased ancillary services from modefinance.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.

Head Analyst - Stefano Chirsich, Rating Analyst
stefano.chirsich@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com