Corporate Credit Rating 2025 for ESA ITALIA SRL: B1 (Affirm)

modefinance published the Solicited Corporate Credit Rating of ESA ITALIA SRL on the website and the rating assigned to the entity is B1 (Affirm). The analysis revealed that the company has an adequate economic-financial situation with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

ESA ITALIA, headquartered in Chieti, is the holding company of the ESA Group, operating in the sale of electricity and natural gas as well as in energy efficiency services. Its main subsidiary, ESA S.p.A., operates as a dispatching participant and manages a network of over 70 Energy Points, of which 27 are directly operated, across Abruzzo, Molise, Lazio, Marche, and Sicily. As of December 2024, ESA S.p.A. expanded its customer portfolio by 21%, driven by the acquisition of a domestic client base and organic commercial growth. In the first half of 2025, the churn rate for electricity improved, but worsened for gas, remaining broadly stable compared to 2024, although above industry medians.

The Group also provides energy efficiency and maintenance services through its subsidiaries ESA SERVICE 24H Srl (E.S.Co.) and ESA SERVICE Srl.

ESA ITALIA (hereinafter also “the Company” or “the Group”) reported a turnover of €131.9 million, almost entirely attributable to the sale of electricity and natural gas conducted by ESA S.p.A. SB (hereinafter “ESA S.p.A.”). In 2024, ESA S.p.A. recorded revenues of €123.0 million (+90% YoY), driven by a sharp increase in sales volumes, which reached 460.65 MWh (+93.7% YoY) and 24.09 million Sm³ (+31.6% YoY). EBITDA amounted to €11.4 million, mainly supported by ESA S.p.A.’s energy and gas sales (€7.8 million) and the energy efficiency activities of E.S.Co. ESA SERVICE 24H Srl. The Group closed the year with a consolidated net profit of €7.8 million, supported by a positive net financial result of €0.8 million from the sale of Ecobonus-related receivables. To finance customer portfolio acquisitions, meet working capital needs, and repay loans , ESA S.p.A. entered into several financing arrangements. Nevertheless, the Net Financial Position stood at €4.2 million, as most credit facilities remained unused at year-end. The equity structure strengthened significantly, reaching €19.5 million, supported by the solid performance of subsidiaries, resulting ina sustainable level of financial debt.

In 2024, the Group recorded a significant increase in liquidity (+€18.7 million), driven primarily by bank financing and, to a lesser extent, by operating cash flows. The Group met liquidity needs arising from working capital requirements, customer portfolio acquisitions, the purchase of readily marketable financial instruments, and the construction of new photovoltaic plants in Abruzzo, Umbria, and Puglia. Regarding working capital management, DSO increased markedly in 2024, partly due to a deterioration in credit quality confirmed by the ageing analysis. Going forward, the sustainability of cash flows will also depend on the Group’s ability to reinforcen credit risk controls.

ESA ITALIA’s share capital amounts to €2 million, held by three companies linked to the Serpellini family, in particular to the Sole Director, Mr. Walter Serpellini. The Company has a single-member supervisory body, with Mr. Marino Mauro as Sole Statutory Auditor, supported by a leading auditing firm responsible for the statutory financial statements and, starting from 2024, also for the consolidated financial statements. As part of a Group reorganization aimed at separating commercial activities from renewable energy production, ESA ITALIA sold its entire stake in ENERGY SOLAR Srl in 2025, which operates in the production of electricity from photovoltaic plants.

By scale, the Group ranks among the leading players in its sector, supported by the significant increase in sales volumes achieved by ESA S.p.A., which generates over 90% of consolidated revenues. Solvency is in line with the industry median, and profitability remains solid, above median levels. The peer group shows adequate and improving solvency indicators, reflecting a balanced financial structure over the period under review. Liquidity ratios remain consistently satisfactory, and profitability continues to strengthen, with the median ROE reaching solid levels in the latest fiscal year.

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.

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

Assistant Analyst - Tommaso Viola, Rating Analyst
tommaso.viola@modefinance.com

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