Corporate Credit Rating 2025 for HAIKI+ SPA: B1- (First Issuance)

modefinance published the Solicited Corporate Credit Rating of HAIKI+ S.P.A. on the website and the rating assigned to the entity is B1- (first issuance). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

Haiki+ Group operates in Italy in the field of integrated environmental services, with a particular focus on the management of non-hazardous special waste and the development of solutions for the circular economy and ecological transition. Established through a spin-off from Innovatec S.p.A. and listed on Euronext Growth Milan since 2025, the company employs approximately 620 people and manages a network of 20 industrial plants, primarily located in Northern Italy, enabling it to cover the entire waste management cycle. The Group is organized into four operational divisions: Haiki Mines (landfills for special and municipal waste), Haiki Cobat (logistics and treatment services for industrial consortia), Haiki Recycling (conversion of waste into new raw materials), and Haiki Electrics (recycling of WEEE and photovoltaic panels).

During the 2024 financial year, the Haiki+ Group recorded consolidated revenues of €181.31 million, primarily generated by its subsidiary Haiki Cobat (€94 million), followed by Haiki Mines (€48 million) and Haiki Recycling (€36 million). This revenue mix reflects the Group's strategic evolution, increasingly focused on the Circular Economy sector and a growing emphasis on material recovery and waste valorisation. The value of production amounted to €184.14 million, while operating costs reached €158.69 million, benefiting from expected synergies and economies of scale following the recent corporate reorganisation, which was consolidated during the year.

EBITDA reached €25.45 million, ensuring a 14% sales margin - comparable to the sector's top performers. All business units made a positive contribution, although Haiki Electrics and Haiki Recycling - both undergoing transformation - have yet to fully realise their earnings potential due to the recent start-up of their plants and delayed inclusion in the consolidation perimeter. Consolidated EBIT totalled €2.72 million, entirely absorbed by financial management, with financial expenses amounting to €5.21 million. The net result for the year showed a loss of €2.29 million, after taxes.

From a balance sheet perspective, the leverage ratio stood at 8.24, highlighting the significant weight of third-party capital relative to shareholders’ equity (€22.48 million). Following the demerger from Innovatec S.p.A., Haiki absorbed the “Innovatec 2021–2026 6% Minibond”, with a remaining balance of €5.7 million as of 31 December 2024, and the “Innovatec 2022–2028 5.21% Basket Bond”, with a balance of €6.4 million. Net financial debt amounted to €42.68 million, showing a balanced position relative to equity (1.89x) and supported by operating profitability (1.67x). Additionally, the management of credit lines by the parent company and its main operating subsidiaries appears sound, as confirmed by the Bank of Italy’s “Centrale Rischi” report.

The company is managed by a collegial administrative body, supported by a Board of Statutory Auditors and an external audit firm. Moreover, it has established a Supervisory Body in accordance with Legislative Decree 231/2001. Following its listing on Euronext Growth Milan (EGM), the majority of Haiki+ shares are now free-floating, while a minority stake remains held by Sostenya Group, linked to the Colucci family. The Group has a complex structure, comprising numerous companies directly or indirectly controlled by the parent company, Haiki+.

The Haiki+ Group ranks among the largest Italian players in the sector in terms of revenue, although it is positioned below the median in terms of solvency and profitability. The sector peer group generally shows solid financial health and balanced liquidity, against a profitability performance that is merely adequate. The waste management sector is highly fragmented, with a clear distinction between urban and special waste, dominated by SMEs and a few large multi-utility companies. In Italy, the production of special waste - particularly in the construction sector - is increasing, but treatment capacities are unevenly distributed across the country, with the northern regions exhibiting greater capabilities. Growth opportunities for the sector are closely linked to technological innovation and the expansion of recycling, particularly in emerging segments such as batteries, photovoltaic panels, and textiles, which are becoming increasingly central to the transition toward a circular economy model.

In the fourth quarter of 2024, the Italian economy remained weak, hindered by declining consumption, investment challenges, and a contraction in exports. GDP growth forecasts for Italy are set at 1% annually for the 2025–2027 period.

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.

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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.

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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 a buyer of ancillary services provided by Modefinance (preliminary rating). Modefinance ensures that such situation does not imply a conflict of interest in the issuance of the present credit rating.

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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