Corporate Credit Rating 2025 for SIC EUROPE SRL: B1+ (First Issuance)

modefinance published the Solicited Corporate Credit Rating of SIC EUROPE S.R.L. on the website and the rating assigned to the entity is B1+ (First issuance). 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.

SIC Europe S.r.l. (also the “Company”), founded in 2015 and based in Rome, operates throughout Italy and focuses primarily (over 99% of its turnover) on last-mile logistics and handling services. The Company manages an extensive network of branches and a fleet of over 3,000 vehicles, ensuring fast, reliable, and sustainable deliveries, thanks in part to the growing use of electric and eco-friendly vehicles. To support its core business, SIC Europe integrates ancillary activities such as porterage and goods management. Operations are coordinated through proprietary platforms that guarantee digitization of flows and full traceability.

SIC EUROPE S.R.L. presents an overall adequate economic and financial situation, with no significant critical issues. The capital structure is balanced, while net financial debt is sustainable and decreasing during the year. Solvency has improved, as reflected by the leverage ratio (1.21 vs. 1.50), confirming a solid capitalization (€12.97 million; +45.26%), covering 45.19% of total assets. Net financial debt decreased from €8.57 million to €4.41 million, remaining sustainable and well balanced in relation to both shareholders’ equity (0.34x) and operating profitability (0.75x). The financial position is appropriate, with a current ratio of 1.87x.

In 2024, the Company demonstrated strong cash generation from operating activities, supported primarily by improved profitability and efficient working capital management. Operating cash flow fully covered investment requirements, mainly concentrated in the acquisition of equity interests in other companies. In 2024, revenue growth (€70.50 million; +103%) strengthened EBITDA (+86.49%; €5.83 million). Return on Investment (ROI) of 18.30% and Return on Equity (ROE) of 31.16% reflect a solid performance.

The Company is managed by Mr. Claudio Capriotti, who is also the majority shareholder of Finanziaria D’Investimento Europea S.p.A., which holds 100% of SIC EUROPE. In turn, SIC EUROPE controls five limited liability companies. The Company has no internal control bodies. In any case, controls are ensured by the statutory audit of the financial statements entrusted to an independent auditor and by a governance and compliance system that includes internal policies and procedures (e.g., Model 231 and Code of Ethics) as well as the AGCM Legality Rating (2023). The structure is geared toward transparency, regulatory compliance, and continuous process improvement.

When compared with its peer group, the Company shows a strong competitive positioning in terms of size, ranking among the largest players in its sector in Italy. The Company also performs well in terms of solvency and profitability, positioning above the median of the sample. The peer group likewise shows an improvement in solvency indicators, reflecting sufficient capitalization and a balanced financial leverage. The management of current assets and liabilities is appropriate. Finally, profitability ratios remained stable over the four-year period, at levels considered more than satisfactory.

At the macroeconomic level, GDP growth remained modest in 2024 due to tight financial conditions - with interest rates still high in the Eurozone – and inflation hovering around 2%, which weighs on household spending and investment. Global growth is also potentially affected by heightened geopolitical tensions and the tightening of U.S. trade policy.

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.

Modefinance provides ancillary services to the entity (preliminary rating). Modefinance guarantees that the provision of ancillary services does not give rise to any conflict of interest with its 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