Corporate Credit Rating 2025 for MARE ENGINEERING GROUP SPA: A3- (Upgrade)

modefinance published the update of the Solicited Corporate Credit Rating of MARE ENGINEERING GROUP S.P.A. on the website and the rating assigned to the entity is A3- (Upgrade). The analysis indicates that the Company has a solid capacity to meet its financial obligations.

MARE ENGINEERING GROUP S.P.A. (also referred to as “Mare Group”) is an Italian high-technology engineering hub operating in the strategic sectors of aerospace and defence, industry, critical infrastructure, and the twin transition. Since 2024, MARE GROUP has been listed on the Euronext Growth Milan market of Borsa Italiana.

At the close of the 2024 financial year, MARE GROUP demonstrates a robust economic and financial position, reflecting notable growth over the previous year. The Group’s listing on Euronext Growth Milan and a capital increase via Accelerated Bookbuilding (ABB) boosted a consolidated net equity from €18.8 million to €40.3 million. This action improved solvency metrics and brought the adjusted Net Financial Position down from more than €25 million to €1.3 million. On the economic front, the value of production reached €44.6 million, marking a 13.3% increase over 2023. EBITDA rose to €13.2 million, up 25.3%. Net profit totaled €1.8 million, a decrease from 2023, primarily due to extraordinary costs associated with the listing and ABB transactions. Nevertheless, MARE GROUP’s overall profitability remains robust.

The liquidity raised from capital transactions and new medium- and long-term loans has financed significant investments, particularly in the development of proprietary technology platforms and the acquisition of strategic financial instruments. At the same time, the Group has strengthened its self-financing and operational cash generation capacity. The management of credit lines has been sound, characterized by timely payments and the absence of financial stress.

In 2025, the Group is accelerating its growth through the integration of companies active in digital engineering, robotics, and industrial automation, while also strengthening its production chain in the defence and aerospace sectors. Additionally, it has entered into strategic partnerships in high-tech areas such as semiconductor testing and data analysis. The MARE Group’s 2025 Guidance indicates significant growth in turnover for the current financial year, driven by both the expansion of the scope of consolidation and a marked increase in orders in strategic sectors, as well as improvements in operating margins and net profit.

The Company's governance and control bodies are in line with the best practices. The Company has a wide shareholders base due to its recent listing on the Euronext Growth Milan market. The Group's structure and scope of consolidation are subject to continuous changes as a result of acquisitions of stakes in other companies.

Compared with its peer group, the Company is well positioned in terms of size and solvency, while profitability remains below the industry median, primarily due to the compression of the return on equity following the substantial capital strengthening. The peer group demonstrates effective liquidity management and a consistent improvement in solvency indicators. Profitability has remained relatively stable over the four-year analysis period and is considered is satisfactory.

In the first quarter of 2025, the Italian economy recorded moderate growth, supported by household consumption due to stable employment and rising real incomes. Investment remains weak, constrained by limited production capacity and restrictive financial conditions. Growth is primarily driven by the services sector, with signs of recovery in manufacturing and positive contributions from construction, driven by the PNRR. According to the Bank of Italy, GDP is expected to grow by 0.6% in 2025, 0.8% in 2026 and 0.7% in 2027, underpinned by domestic demand and public investment.

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 - Stefano Chrisich, Rating Analyst
stefano.chirsich@modefinance.com

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