Corporate Credit Rating 2025 for ENERON SPA: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of ENERON S.P.A. 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.

The Eneron Group, active mainly in Sicily and Sardinia, specializes in the supply and sale of electricity and natural gas, offering its customers customized solutions for energy saving and efficiency. For several years, it has also been involved in the co-development of photovoltaic plants. The Group's objective is to promote the energy self-sufficiency of end users, enabling them to generate energy locally. This approach aims to reduce dependence on the traditional supply network, fostering a new consumption culture based on savings, sustainability, and a circular economy. Eneron S.p.a., as the parent Company, centralizes administrative and marketing functions, both operational and strategic, and directly manages the energy efficiency business and co-development activities.

In 2024, the Eneron Group’s revenues exceeded €47 million, marking a 5.9% increase compared to the previous year, while net profit amounted to €1.37 million — a reversal from the loss recorded in 2023.This improvement was positively driven by stronger operating margins, mainly due to the expiration of fixed-price supply contracts. Operating cash flow, however, was negatively affected by cash absorption related to working capital dynamics. From a balance sheet perspective, the Group shows an overall satisfactory level of solvency, supported by an appropriate balance between equity and debt, as well as sound financial sustainability.

Eneron S.p.A. is controlled by Sinergia R&S S.r.l., whose ownership can be traced back to three members of the Martines family. As the parent company, it carries out management and coordination of its subsidiaries Onda Più S.r.l. and Energ.It S.p.A., both ooperating inthe electricity and natural gas ssupply witha long-standing presence in Sardinia and Sicily. The management of ENERON S.P.A. is entrusted to the sole director, Mr. Luigi Martines, while the control and statutory audit activities of the financial statements are delegated to a board of statutory auditors.

Compared to the reference peer group, the Company is positioned above the median in terms of revenue and solvency. Its profitability metrics have shown a noticeable improvement, although they remain below the sector median. Peer group companies generally display adequate capitalization levels and balanced financial leverage. Sector profitability remains satisfactory and continues to strengthen.

The fundamentals of the energy sector in Italy have improved, thanks to the stabilization of gas and electricity prices, along with reduced volatility compared to the record levels seen in 2022. However, the increasingly strategic role of LNG (liquefied natural gas) in the energy mix — accounting for 38% of the gas imported by the EU in 2024, up from 20% in 2021 — as a replacement for Russian pipeline gas, entails higher procurement costs and exposes Italy to the risk of potential price increases. These may be driven by global market dynamics, such as rising gas demand in Asia or changes in U.S. shale gas extraction policies.

At the macroeconomic level, GDP growth remained modest in 2024 due to tight financial conditions - with interest rates still high in the Eurozone – and inflation hovering around 2%, weighing on household spending and investment. Global growth is also potentially hindered by heightened geopolitical tensions and the tightening of U.S. trade policy.

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 purchased ancillary services from modefinance (preliminary rating). Modefinance guarantees that this purchase of ancillary activities does not constitute any conflict of interest.

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