Corporate Credit Rating 2025 for CP SPA: B1 (Affirm)

modefinance published the Solicited Corporate Credit Rating of CP S.P.A. on the website and the rating assigned to the entity is B1 (Affirm). The analysis revealed how the company has adequate capabilities to honor obligations and can face adverse and changing economic conditions in the medium and long term.

CP S.P.A. has been selling energy and gas to industrial and retail customers, mostly within the Chinese community, since 2013. In 2023, the company began operating on the Italian Electric Power Exchange (GME), sourcing energy directly from the market at more favorable rates. The ability to offer customer service in both Chinese and Italian, as well as the use of the popular WeChat app, is a key factor in fostering customer loyalty, as evidenced by low churn rates for both electricity and gas. The company’s share capital amounts to €1.000,000 and is fully owned by the holding company Sinergie Partners S.R.L., which is associated with the same founders and directors of CP S.P.A., Jin Marco and Song Shengzhong Luca. The holding company owns real estate assets worth over €50 million and more than 20 controlling and minority stakes in companies operating in the energy and gas marketing sector (core business), real estate (income-generating properties and hospitality in Milan and its hinterland) and, to a lesser extent, in other areas such as fintech, food retail and consulting. The Board of Directors (BoD) is composed of Mr. Caso Fabrizio and the two founders mentioned above, who hold prestigious positions within the Italian Association of Chinese Entrepreneurs. This BoD is supported by a collegial supervisory board.

In 2024, CP Spa (hereinafter “the Company” or “CP”) recorded revenues of €49.7 million (+49% YoY), driven by a 28% increase in gas volumes and a 55% increase in energy volumes, supported by a strong customer retention. The decline in operating margin (approximately 5% in 2024) mainly reflects higher costs for royalties and AFC support activities incurred towards the parent company, SINERGIE PARTNERS Srl, as well as lower profitability from sales to intra-group resellers.

Nevertheless, thanks to significant financial income related to the acquisition of tax credits, the Company closed 2024 with a net profit of €3.0 million, while maintaining an excellent ROE. Despite paying €2.5 million in dividends, CP’s financial and equity structure remained balanced, with shareholders’ equity rising to €5.8 million, following a €0.5 million increase in paid-in capital. Net Financial Position (NFP) improved to €1.3 million (from €5.4 million as of December 31, 2023), leading to a marked improvement in the PFN/EBITDA ratio. Business expansion and the reduction of net working capital resulted in a significant improvement in net operating cash flow. This cash flow fully covered the funding requirements related to group support, investments in securities, and repayment of maturing loans, resulting ina substantial increase in cash and cash equivalents, which stood at €4.7 million in December 2024 (+€3.5 million YoY).

For FY25, Management expects a consolidation of financial results, benefiting not only from financial income related to tax credits, but also from the expansion of the customer base, driven by the growth of the retail segment (households and condominiums) through intra-group resellers, as well as potential synergies with other SINERGIE PARTNERS’ subsidiaries. Between December 2024 and June 2025, the Company’s customer base increased from 10,000 to over 13,000 supply points, thanks to very low churn rates and an increase in commercial production, which averaged more than 600 new accounts per month in the first half of 2025. Although the expected increase in volumes sold will generate a higher working capital requirement, the Agency considers that the Company’s financial debt sustainable as of December 31, 2025.

In terms of size, the Company ranks among the largest players in its reference peer group, with sales revenue growing 49%, driven by the aforementioned increase in volumes sold. Regarding profitability, the Company’s performance is excellent, benefiting from operating margins and financial income, primarily derived from tax credits. Although the solvency position is weaker than the reference peer group, particularly regarding financial leverage, the financial debt is considered sustainable. The peer group shows adequate and improving solvency indicators, evidencing a financially balanced position throughout the reference period. Liquidity indicators remain consistently strong. Finally, profitability continues to strengthen, with the median ROE, thanks to improvements recorded in the last fiscal year, at adequate levels.

In 2024, energy prices in Italy stabilized due to the growth of renewable energy sources, reduced consumption, and favorable weather conditions. However, prices remained above pre-crisis levels due to the continued impact of fossil fuels. Renewable sources accounted for approximately 50% of electricity generation and are expected to be further supported by new investments from Terna and the launch of the MACSE, aimed at incentivizing energy storage systems. At the European level, LNG accounted for 38% of gas imports, partially compensating for the decline in Russian gas 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, under 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 entity is not a buyer of ancillary services provided by 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 - Carmela Santomarco, Rating Analyst
carmela.santomarco@modefinance.com

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