Corporate Credit Rating 2025 for MIWA ENERGIA SPA B1- (First issuance)

modefinance published the Corporate Credit Rating (Solicited) of MIWA ENERGIA SPA on the website and the rating assigned to the entity is B1- (First issuance). The analysis highlights that the company has an adequate financial position, appearing capable of withstanding adverse economic conditions in the medium and long term.

The Company operates in the Italian energy sector, focusing on the gas and electricity sectors, and acts as a commercial partner for residential customers, condominiums, and small to medium-sized enterprises. MIWA ENERGIA was established in 2010 following the progressive liberalization of the Italian energy market, building on Zurlo S.r.l’s twenty years of experience.

MIWA ENERGIA S.P.A. has an economic and financial profile characterized by limited capitalization, with a level of financial debt that remains sustainable. This reflects an expansion in profit margins during the fiscal year, which positively affected profitability indicators. The financial position appears sound, with key indicators exceeding one.

The company has a single-member Board of Directors, chaired by one of the two shareholders, and a collegiate supervisory body. The corporate structure is lean, with control held by two members of the Zurlo family. The Company, in turn, controls two subsidiaries.

Relative to its peer group, the Company is relatively small in terms of revenue, placing it in a weaker position. Regarding solvency, it also shows a particularly limited standing, ranking among the least capitalized entities in the peer group. Lastly, in terms of profitability, the Company ranks slightly below the 50th percentile, reflecting a below-average performance.

In 2024, the Italian energy market showed signs of stabilization, with electricity and gas prices declining due to increased renewable energy production, lower consumption, and favorable weather conditions. However, prices remain above pre-crisis levels, mainly owing to the continued reliance on fossil fuels, which are more expensive and volatile. Renewable sources, particularly solar and hydroelectric power, accounted for 50% of electricity production. To support this energy transition, Terna launched strategic infrastructure investments worth €2.3 billion and introduced MACSE, a new mechanism to incentivize energy storage, with initial auctions scheduled for 2025. The EU increased the share of LNG in its gas imports (from 20% in 2021 to 38% in 2024), offsetting the reduction in Russian gas through new terminals such as those in Piombino and Ravenna. Gas storage reached record levels, with 90% of capacity for the winter of 2025/26 already allocated by April 2025. Nonetheless, structural vulnerabilities remain, including dependence on imports and exposure to geopolitical and climate-related risks, which require ongoing monitoring.

From a macroeconomic standpoint, economic activity in Italy remained subdued in Q4 2024, affected by continued weakness in manufacturing and a slowdown in the services and construction sectors. These sectors, however, continued to expand slightly, partly supported by the National Recovery and Resilience Plan (PNRR). Domestic demand was constrained by slower household spending and still unfavorable investment conditions. In autumn, Italian goods exports were hindered by a sharp decline in global demand, and looking ahead, protectionist policies announced by the new U.S. administration are expected to weigh on exports to the U.S. market. According to the latest projections from the Bank of Italy, GDP grew by 0.5% in 2024 and is expected to expand at an average annual rate of around 1% over 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 is 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 people 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 ongoing monitoring until withdrawal.

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

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