Corporate Credit Rating 2025 for EREDI CAMPIDONICO SPA: B1+ (First Issuance)

modefinance published the Solicited Corporate Credit Rating of EREDI CAMPIDONICO S.P.A. on the website and the rating assigned to the entity is B1+ (First Issuance). The analysis indicated that the company maintained an adequate economic and financial profile, demonstrating the capacity to withstand adverse economic conditions over the medium to long term.

EREDI CAMPIDONICO S.P.A. (also referred to as the “Company” or the “Group”) is a historic Piedmontese enterprise operating in the energy sector, founded in 1927 and headquartered in Grugliasco (Turin). Originally established as a family business engaged in the trading of fuels, it has progressively expanded and diversified its activities to become an integrated operator in the supply of natural gas, electricity, and energy services. The Group has expanded both organically and through acquisitions, strengthening its regional presence and broadening its offering across the agricultural and industrial sectors. Its current operations span multiple business lines, including the supply of natural gas and electricity, the marketing of petroleum products and lubricants, and the provision of integrated energy services for the management and maintenance of heating systems, heat metering, and energy efficiency retrofitting. The Company, active primarily in Piedmont and Liguria, maintains a strong regional presence and a well-established reputation for quality, reliability, and innovation.

EREDI CAMPIDONICO S.P.A. presents an overall sound economic and financial position, characterized primarily by a solid capital structure (leverage ratio of 0.51x) and a sustainable level of net financial debt (€6.09 million vs last year’s €55.98 million in equity), corresponding to 0.07x equity and 0.45x EBITDA. The management of current assets and liabilities is well balanced, as reflected by a current ratio of 4.08. In 2024, the Company recorded a significant increase in liquidity (€12.85 million; +50%), driven by strong operating cash flow generation (+€46.32 million), supported by an improvement in working capital (+€50.88 million) and disvestments in fixed assets. These developments enabled a reduction in financial debt, the distribution of dividends, and the reinforcement of the cash position. On the income side, the Company recorded its second consecutive decline in revenues (€190.57 million; -25%), primarily due to the expiration of energy retrofitting incentives, which also impacted margins and net profit (€5.33 million; -40.16%). Nonetheless, overall profitability remains adequate, both in terms of return on invested capital and return on equity.

The Company has a lean capital structure, with four shareholders, all members of the Campidonico family. The shareholder holding 50% of the Company also serves as Chair of the Board of Directors, which is predominantly composed of family members. The Board’s activities are supported by a Board of Statutory Auditors and an independent external auditing firm. The Company also functions as the parent entity, controlling four subsidiaries.

In comparison with its industry peers, the EREDI CAMPIDONICO Group stands out for its significant size, positioning it among the leading Italian operators in the sector. Its robust capital base and sound financial structure place the Group above the 80th percentile of the peer sample, while profitability remains broadly in line with the median. The peer group shows a gradual strengthening of its financial position, with balanced leverage and limited reliance on financial debt relative to equity. Liquidity indicators confirm an adequate financial equilibrium, and profitability has remained stable over time, delivering satisfactory returns.

Fundamentals in the Italian energy sector have improved, supported by the stabilization of gas and electricity prices and a reduction in volatility compared with the record levels observed in 2022. However, the increasingly strategic role of LNG (liquefied natural gas) in the energy mix, which accounted for 42% of EU gas imports in 2023, up from 20% in 2021, has replaced Russian pipeline gas, resulting in higher procurement costs and greater exposure to global market dynamics, such as rising gas demand in Asia and changes in US shale gas extraction policies, potentially driving up prices.

In early 2025, the Italian economy grew moderately, supported by household consumption, buoyed by stable employment and higher real incomes. Investment activity remains subdued due to low capacity utilization and tight financial conditions. Growth is being driven by the services sector, while manufacturing is showing a fragile recovery, hindered by tariffs and geopolitical tensions. The construction sector also contributed positively, supported by projects linked to the National Recovery and Resilience Plan (PNRR). The Bank of Italy forecasts GDP growth of 0.6% in 2025, 0.8% in 2026, and 0.7% in 2027, driven by domestic demand and public investment under the PNRR framework.

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 - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

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