Corporate Credit Rating 2025 for SENTRA ENERGIA SPA: B1- (First Issuance)

modefinance has published on its website the Corporate Credit Rating (Solicited) of SENTRA ENERGA S.P.A., assigning a rating of 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.

SENTRA ENERGIA S.p.A., headquartered in Rome, has been operating in the liberalized electricity and natural gas market since 2013. The company stands out for a mission focused on delivering competitive services and maintaining a direct relationship with customers, targeting households, businesses, and public administrations. Over the years, it has built a widespread national presence through a structured sales network and local partnerships. Its strategy is based on transparency, flexibility, and a multichannel approach, including physical retail outlets, customer information centers, and digital platforms. The commercial model supports growth and strengthens ties with the community, while the current portfolio shows a strong presence in both business and retail segments.

The Company’s solvency is considered overall weak due to limited capitalization, while liquidity management remains sound. Profitability is excellent and improving compared to the previous financial year.

The Company has a single-member board of directors, with a Board of Statutory Auditors in place. SENTRA ENERGIA S.p.A. has a clearly identifiable corporate structure, with AVILA HOLDING S.r.l. as its majority shareholder (85%), controlled by the Ferrante family. The Company also holds a 10% equity interest in SENTRA SERVIZI S.r.l.

In terms of size, the Company has a position relative to its peers in revenue and profitability. With regard to solvency, SENTRA is below the median. The reference peer group shows, over the period considered, adequate capitalization levels, with leverage and financial leverage indicators improving compared to 2023. The financial balance is adequate, and ROE is solid, showing marked improvement over the previous financial 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, mainly due to 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 €2.3 billion of strategic infrastructure investments 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 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.

Macroeconomically, 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 still unfavorable investment conditions. In autumn, Italian goods exports were hindered by a sharp decline in global demand, and protectionist policies announced by the new U.S. administration are expected to negatively affect 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 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