Corporate Credit Rating 2025 for CIP ENERGIA SRL: B1+ (First Issuance)

modefinance published the Solicited Corporate Credit Rating of CIP ENERGIA S.R.L. on the website and the rating assigned to the entity is B1+ (First Issuance). The analysis indicates that the company maintains an adequate profile, demonstrating an average capability of repaying financial obligations, with limited exposure to adverse economic scenarios.

CIP Energia, headquartered in Milan (MI), was founded in 1980 from the merger of fifteen companies active in the wholesale trade of petroleum products for heating and transportation, under the name “Consorzio Imprenditori Petroliferi”. Over the years, the company has also expanded its activities to include the sale of natural gas (since 2007) and electricity (since 2013) to residential customers, condominiums, businesses, and Public Administration entities, under the brand “CIP Gas & Luce”, launched in 2018 to consolidate its position as a multi-service energy provider. More recently, the company introduced a 100% renewable green energy offering under the EMERALD brand.

The company operates as a Dispatching User (UDD) and Balancing User (UDB), sourcing energy on the PSV and GME platforms, as well as through bilateral contracts with major Italian and European operators. The Group adopted its current corporate name in July 2025 and, as of September 2025, boasts a customer portfolio of over 46,000 utilities, mainly in Lombardy, Apulia, and Abruzzo.

CIP Energia Srl (hereinafter also “CIP” or the “Group”) maintains a very balanced equity and financial structure, with shareholders’ equity of €23.3 million and total indebtedness declining to €54.6 million. Significant repayments during the year reduced financial liabilities to €2.0 million, resulting in a solid financial leverage ratio of 0.08. The net financial position (NFP) was cash positive at €11.0 million as of December 2024, reflecting the strong liquidity position described below.

On the economic front, consolidated revenues declined slightly to €371.7 million (-2% YoY), mainly due to lower petroleum product sales, which were largely offset by growth in gas and electricity supply business. EBITDA strengthened to €8.0 million (+€2.4 million YoY), supported by more efficient procurement and an improved sales mix. The Group closed the year with a net profit of €4.2 million, confirming solid overall profitability.

During 2024, the Group’s cash and cash equivalents increased from €8.8 million to €12.9 million, supported by net operating cash flow (CFO) of €13 million. This increase was driven by efficient working capital management, notably the offsetting of tax credits and the extension of average payment terms, as well as by cash generation from the core business operations. Cash flows were primarily allocated to the repayment of short-term bank loans totaling €8.8 million, with the remainder contributing to the increase in available liquidity. The ownership continues to focus on reinvesting profits to support business growth.

The analysis of the Bank of Italy’s Central Credit Register shows that CIP Energia Srl did not record any disputes or significant irregularities during the period under review. Management of self-liquidating credit lines shows no signs of financial stress, while four brief overdrafts were reported on revocable credit lines between April 2024 and 2025.

The Group’s shareholder base consists of 22 members, with the largest stakes held by Vamp-Gas Srl, Dell’Oca prodotti petroliferi Srl, Commerciale Paganoni Spa e Italiana Gas Srl (each owning 9.35%) and Ferremi Battista Spa (8.15%). The Group is governed by a Board of Directors chaired by Mr. Andrea Bergamo and composed of shareholders, including Mr. Pietro Eugenio Baldini and Mr. Alessandro Bonagura, both serving as Chief Executive Officers. No internal control body is in place, while statutory auditing is conducted by Auditores Italy Srl. Since 2020, CIP Energia Srl has been the sole shareholder of Eridana Gas Srl, a long-established Lodi-based company engaged in the sale and distribution of fuels and specialized lubricants for agricultural and industrial sectors. No negative findings were reported for CIP Energia Srl or its directors.

In terms of size, the Group ranks among the largest in its peer group, with sales revenues remaining broadly stable. Growth in the electricity and gas segments (+13% YoY) offset the decline in petroleum products (-5% YoY). The Group’s profitability is above the sector median, supported by more efficient procurement and higher financial income. Its solvency position is in line with peers, with leverage at adequate levels, while financial leverage is solid and significantly below the sector median. The peer group overall demonstrates balanced total and financial indebtedness relative to equity, with both leverage and financial leverage improving in 2024. Liquidity indicators remain adequate, consistently above one throughout the period analyzed. The median ROE increased in the latest financial year, reaching a satisfactory level.

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 and are expected to be supported in the future by new investments by Terna and the launch of the MACSE, which aims to incentivize storage systems. At the European level, 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, thereby 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.

Modefinance provided the rated company with ancillary services (Preliminary Rating). Modefinance ensures that the provision of ancillary services does not present conflicts of interest with its credit rating activities. 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 people 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 ongoing monitoring until withdrawal.

Head Analyst - Carmela Santomarco, Rating Analyst
carmela.santomarco@modefinance.com

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