Corporate Credit Rating 2025 for ENERVIVA SRL: B1- (Affirm)

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

ENERVIVA S.R.L. (“the Company”) has been operating in the energy market since 2013, with a strong focus on sustainability and renewable energy. Based in Assisi, the Company offers numerous integrated solutions for the supply of electricity, natural gas, and the development of complex projects related to renewable energy. With a customer-centric approach and an established network of qualified partners and consultants, it supports businesses and individuals in optimized management of energy needs, helping them reduce CO2 emissions.

ENERVIVA S.R.L. confirms a sound overall financial position. Although the equity base is relatively limited, it has increased and remains sufficient to ensure balanced levels of leverage. Net financial debt remains low and sustainable. In 2024, the leverage ratio stood at 2.55, confirming a well-balanced relationship between equity and total liabilities. Gross financial debt amounted to €696 thousand, compared to cash and equivalents of €590 thousand, resulting in a net financial position (NFP) of €106 thousand, which is sustainable both in relation to equity (0.07) and EBITDA (0.17). The financial leverage ratio, at 0.47, confirms the adequacy of the company’s capital and financial structure. Financial equilibrium is also confirmed, with a current ratio of 1.66x.

In 2024, the company recorded a sharp increase in revenues, which rose to €10.06 million from €3.35 million in the previous year (+200%), against production costs of €9.48 million (+217%). EBITDA amounted to €616 thousand (+68.3%), with a margin on revenues of 6% (vs 11%), while net profit stood at €401 thousand (vs €309 thousand). Return indicators remained at adequate levels, with ROI at 11.27% and ROE at 26.86%.

The Company is managed by Mr. Marco Venturini and Mr. Moreno Pannacci, who are also its beneficial owners. Mr. Venturini holds a direct stake in Enerviva, while Mr. Pannacci owns his stake through an S.A.S.. Enerviva, which he controls. Enerviva, in turn, does not hold any shares in other companies. To date, the Company does not have a controlling body, but one is expected to be appointed by the approval date of the 2025 financial statements.

Compared to its peer group, the company is well positioned in terms of size and profitability, although the latter is partly supported by a relatively low capital base. Solvency is in line with the industry median and therefore fully adequate.

Between 2021 and 2024, the peer sample showed a progressive strengthening of capital structures, as reflected by improving leverage indicators. Liquidity remained solid and stable, with current ratios at balanced levels. In terms of profitability, ROE and ROCE showed good stability at adequate levels.

The fundamentals of the energy sector in Italy have improved, thanks to the stabilization of gas and energy prices, accompanied by 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 driven by global market dynamics (such as rising gas demand in Asia, changes in U.S. shale gas extraction policies, etc.).

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%, which weighs on household spending and investment. Global growth is also potentially affected by heightened geopolitical tensions and a 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 and S-peek). 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 - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

Responsible for Rating Approval - Naomi Busdon, Rating Process Manager
naomi.busdon@modefinance.com