Corporate Credit Rating 2025 for POWER.IT SRL: B1 (First Issuance)

modefinance published the Solicited Corporate Credit Rating of POWER.IT S.R.L. on the website and the rating assigned to the entity is B1 (First issuance). The analysis indicated that the company maintained an adequate economic and financial profile, demonstrating the capacity to withstand adverse economic conditions over the medium to long term.

POWER.IT (also the “Company”), founded in January 2019, drawing on Promax’s ten years of experience in the energy sector, was established with the goal of offering direct, transparent, and technologically advanced electricity and gas supplies. Headquartered in Bergamo, it has branches in Merate, Alta Valle Intelvi, Desenzano, Rovato and Sardinia, operating nationwide. Over time, the Company has successfully faced market challenges while maintaining steady revenue growth. It employs approximately twenty professionals organized into specialized departments and supported by advanced CRM systems for efficient sales network management. As a direct supplier within REMI, it also independently manages dispatching, ensuring full control of the supply chain and high service reliability. The Company primarily serves micro-and small enterprises and carefully selected residential customers, keeping overdue receivables below 5% through prudent portfolio management.

POWER.IT S.R.L. presents a balanced economic and financial position, characterized by an adequate capital structure (leverage of 1.99x). Shareholders’ equity (EUR 3.13 million; +111%) finances 33.41% of total assets (EUR 9.32 million) and fully covers fixed assets (EUR 2.62 million). On the debt side, the Company shows a net cash position of EUR -2.46 million, which has strengthened over the past three years. The management of short-term assets and liabilities is balanced, as reflected by a current ratio consistently above one (1.26x). Cash flow analysis indicates that the increase in liquidity from EUR 1.31 million to EUR 2.57 million stems from solid cash generation in the core business, sufficient to finance investments and debt repayments. This performance was supported by internal financing and by more efficient working capital management compared to the previous year. From an economic standpoint, the Company recorded increases in revenues (EUR 14.74 million; +64%), EBITDA (EUR 2.16 million; +137%), and net profit (EUR 1.63 million; +161%). Overall, profitability is satisfactory relative to returns on revenues, invested capital, and equity.

POWER.IT S.R.L. has a collegial administrative body, supported by the activities of a statutory auditor. The Company is fully owned by PROMAX ENERGIA S.R.L., whose share capital is held by five individuals, four of whom are members of the Board of Directors of POWER.IT. The Company does not hold equity interests in other companies.

POWER.IT S.R.L. shows a solid overall competitive position. Its size is above the sector median, supported by revenue growth recorded in recent years. Solvency is slightly above the median and generally positive. Profitability exceeds the 80th percentile of the distribution thanks to strong indicators; however, returns on equity are partly influenced by the company’s relatively limited capitalization.The sector sample highlights an improvement in solvency indicators over the period, with a debt levels approaching more balanced levels, in line with the company under review. Financial leverage also reflects a stable situation. The main liquidity indicators remain consistently adequate, demonstrating the sector’s ability to meet short-term obligations through current assets. Overall, the financial equilibrium appears solid. The profitability of the peer group remains stable throughout the period, with returns on invested capital and equity at satisfactory levels.

Fundamentals in the Italian energy sector have improved, supported by the stabilization of gas and electricity prices and a reduction in volatility compared with the record levels observed in 2022. However, the increasingly strategic role of LNG (liquefied natural gas) in the energy mix, which accounted for 42% of EU gas imports in 2023 (up from 20% in 2021), has replaced Russian pipeline gas. This shift has resulted in higher procurement costs and greater exposure to global market dynamics, such as rising gas demand in Asia and changes in US shale gas extraction policies, potentially driving up prices.

In early 2025, the Italian economy grew moderately, supported by household consumption, buoyed by stable employment and higher real incomes. Investment activity remains subdued due to low capacity utilization and tight financial conditions. Growth is being driven by the services sector, while manufacturing shows a fragile recovery, hindered by tariffs and geopolitical tensions. The construction sector also contributed positively, supported by projects under the the National Recovery and Resilience Plan (PNRR). The Bank of Italy projects GDP growth of 0.6% in 2025, 0.8% in 2026, and 0.7% in 2027, driven by domestic demand and public investment under the PNRR framework.

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 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 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