Corporate Credit Rating 2025 for OPTIMA ITALIA SPA: B1 (Upgrade)

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

The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

OPTIMA ITALIA S.p.A. is an Italian multi-utility company specializing in the provision of integrated services. Founded in 1999 by Danilo Caruso and Alesso Matrone, the Company initially operated as a B2B telecommunications service provider. Over the 2000s, it gradually diversified its business activities, expanding into the supply of electricity and natural gas. Since 2015, 20% of the Company’s share capital has been held by the private equity fund Alpha, through the Luxembourg-based company Optiworld S.a.r.l. 

The Company’s solvency position has improved compared to 2023, although it remains at a level that is not fully satisfactory. Financial exposure has decreased and remains broadly sustainable. Liquidity management remained stable compared with the previous year. Lastly, thanks to an increase in business volume, OPTIMA reports a strong rise in net profit, with profitability indicators reaching a fully adequate level.

The Company is governed by a board of directors, supported by an internal control body, also structured as collegiate board. Additionally, the Company has appointed an external supervisory body and entrusted the audit of its financial statements to an external audit firm. The Company has adopted the organizational model pursuant to Legislative Decree 231/2001 and has also appointed a Supervisory Board, likewise structured as a collegiate body. The ownership structure appears complex but clearly defined in terms of roles and relationships.

In terms of revenue, OPTIMA ITALIA holds a strong market position, ranking among the largest companies within its reference peer group. Regarding solvency, the Company is positioned below the industry median, reflecting a weak position due to a still-high leverage ratio. Finally, in terms of profitability, the Company ranks around the sector median, showing improvement over the previous year.

In 2024, the Italian energy market stabilized, 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, primarily due to continued reliance on fossil fuels, which remain 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 imports via new terminals, including those in Piombino and Ravenna. Gas storage facilities reached record levels, with 90% of winter 2025/26 capacity 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, showed slight expansion, partly supported by the National Recovery and Resilience Plan (PNRR). Domestic demand was constrained by slower household spending and persistently 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 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.

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

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