Corporate Credit Rating 2025 for OENERGY SPA: B1+ (Upgrade)

modefinance published the Solicited Corporate Credit Rating of OENERGY S.P.A. on the website and the rating assigned to the entity is B1+ (Upgrade). 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.

OENERGY S.P.A. has been operating in the energy sector since 2010 and is licensed for both the retail and wholesale distribution of natural gas and electricity, serving a wide range of customers, from households to large corporations. Through its subsidiary OEGreen, the company is also active in the renewable energy sector, which it plans to increasingly prioritize starting in 2025. In fact, it has already begun making significant investments in photovoltaic plants.

Building on the positive results of previous years, the company continued its growth trajectory in 2024, expanding its customer base by over 20,000 and achieving a 31% increase in revenue. A key factor in this performance was the consolidation of its business strategy, supported by targeted acquisitions of companies within the sector.

In 2024, OENERGY S.P.A. confirmed its solid overall economic and financial position. The FY24 results reflected, once again, the positive growth trend in the company’s turnover (€88.92 million; +31%), which, together with improved operational efficiency, led to a strengthening of both operating margins and net income (€1.33 million vs €457 thousand), resulting in an improvement in profitability indicators (ROE equal to 33,18%).

On the liquidity front, the company maintained a balanced approach, both in static terms and in the dynamics of cash flows. In fact, in 2024, OENERGY generated a positive operating cash flow (€1.45 million), primarily driven by self-financing, only partially absorbed by changes in net working capital. The company also resorted to new debt to fully finance its investment flows, aimed at supporting business growth initiatives – including in the renewable energy segment – as outlined in the strategic plan. This included the acquisition of Tres Energia S.r.l. and the establishment of OEgroup Real Estate S.r.l.

Finally, on the solvency front, financial ratios improved, particularly with respect to leverage. Despite the increase in exposures to the banking system, aimed at supporting business growth and investments, net financial debt (1.66 million euros; +37.19%) remains largely sustainable in relation to EBITDA (1.54 million euros; +67.59%) and equity (4.02 million euros; +49.68%). Also in 2024, the Company confirms its strong ability to further access external financing sources, in line with its growth strategy that involves the use of credit for targeted investments, as previously mentioned.

The company has both an administrative and a supervisory body, each in a collegial form, and adopts the organizational model under Legislative Decree ex-231/2001. The corporate structure is streamlined, with a single shareholder, M2R HOLDING S.R.L., fully controlled by the entrepreneur Mr. Mattia Pagani. OENERGY, already the parent company of OEgreen S.p.A., has also held control of OEgroup Real Estate S.r.l. and Tres Energia S.r.l. since 2024.

Compared to its reference peer group, the company has confirmed its strong positioning in terms of both size and profitability, placing it among the best-performing companies in the sector. The increase in solvency ratios, however, has resulted in a placement below the 50th percentile within the peer group distribution. It is worth highlighting that OENERGY’s stand-alone solvency profile is solid, supported by a balanced financial structure. The PFN/EBITDA and PFN/Equity ratios, both below critical thresholds, confirm a sustainable debt capacity. The peer group shows improving solvency indicators, with a structure that reflects adequate capitalization and limited reliance on financial debt. Liquidity management remains adequate, while profitability indicators, which show a strengthening trend, are at satisfactory levels.

Recent developments in the reference sector indicate that the energy industry, which holds significant strategic importance in Italy, is currently undergoing a stabilization phase following the crises of recent years, while also experiencing a profound transformation. The market is characterized by high fragmentation, which poses a substantial barrier to entry, and by business volumes that are heavily influenced by fluctuations in energy commodity prices. The Russia-Ukraine conflict has necessitated a reconfiguration of the country’s energy supply sources, a process that has been facilitated by favorable weather conditions throughout 2023. This, in turn, has contributed to the growth in the share of energy produced from renewable sources. In the medium to long term, the sector shows signs of recovery and a gradual reduction in uncertainty.

Regarding the broader macroeconomic context, in the fourth quarter of 2024, economic activity in Italy remained weak, while GDP growth forecasts for the 2025–2027 period are projected at +1% annually. However, these projections may be revised downward due to the increasing climate of geopolitical and macroeconomic instability at the international level.

The present Corporate Credit Rating is published by modefinance in accordance with EU Regulation No. 1060/2009 and subsequent 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.

Modefinance provided the rated company with ancillary services (ESG Rating). Modefinance ensures that the provision of ancillary services does not present conflicts of interest with its credit rating activities.

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 - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

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