Corporate Credit Rating 2025 for METANO NORD HOLDING SRL: B1+ (Affirm)

modefinance published the Solicited Corporate Credit Rating of METANO NORD HOLDING S.R.L. on the website and the rating assigned to the entity is B1+ (Affirm). The analysis revealed that the Company has an adequate economic and financial situation and can face adverse economic conditions in the medium and long term.

METANO NORD HOLDING S.R.L. is the parent company of the Metano Nord Holding Group, primarily active in electricity and natural gas trading, urban natural gas distribution, and, to a lesser extent, the construction and real estate sectors. The Group operates mainly in the Italian market, with a particular focus on the Lombardy region.

In 2024, the Metano Nord Group further strengthened its capital and financial position, bringing consolidated shareholders’ equity to €68.44 million. During the year, the Group repaid over €16 million in financial debt, reducing its net financial position to €2.39 million. The improvement in the financial structure was supported by an increase in cash and cash equivalents, which rose to €17.87 million, driven by self-financing and more efficient working capital management. From an economic perspective, consolidated revenues grew by 11%, reaching €178.54 million, mainly driven by the increase in real estate sales (+€25.38 million). Conversely, the Group’s energy sector activities recorded a decline of €8.74 million, due to lower average gas and electricity prices, only partially offset by higher sales volumes. EBITDA rose from €8.16 million to €8.96 million, mainly reflecting the improved profitability of the subsidiaries Metano Nord S.p.A. and Utilità S.p.A. The year closed with a consolidated net profit of €2.10 million, broadly in line with the previous year.

Metano Nord Holding S.r.l., which directly or indirectly controls several other companies, has an administrative body consisting of two directors and has assigned the control function to a sole auditor. The legal audit of the financial statements and consolidated financial statements is carried out by a specialized company. The governance and control structures of the Group’s main companies are considered adequate.

The analysis of the peer group reveals a progressive increase in financial leverage and a decline in liquidity indicators. While profitability remains adequate, it has shown a marked deterioration. The Group's positioning in terms of size and solvency is sound, but its profitability is below the sector median.

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, driven by continued reliance on 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 MACSE, aimed at incentivizing storage systems. At the European level, LNG accounted for 38% of gas imports, effectively 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, thus ensuring energy security.

In the first quarter of 2025, the Italian economy recorded moderate growth, supported by household consumption underpinned by a stable labor market and rising real incomes. Investment 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), while manufacturing showed signs of recovery but remained vulnerable to rising tariffs and geopolitical uncertainty. The Bank of Italy forecasts GDP growth of 0.6% in 2025, followed by 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 - Stefano Chirsich, Rating Analyst
stefano.chirsich@modefinance.com

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