Corporate Credit Rating 2025 for STAR7 SPA: B1+ (Affirm)

modefinance published the Solicited Corporate Credit Rating of STAR7 S.P.A. on the website and the rating assigned to the entity is B1+ (Affirm). The analysis revealed it is a company with adequate economic and financial situation, capable of facing adverse economic conditions in the medium and long term.

STAR7 S.P.A., headquartered in Alessandria and listed on Euronext Growth Milan since 2021, was founded in the early 2000s by Lorenzo Mondo with the aim of offering translation and printing services. Over the years, the Company has evolved significantly, becoming one of the leading international providers of integrated solutions in product content and information for some of the most well-known brands in the tech, automotive, aerospace, and defense sectors. In November 2025, with the objective of consolidating its presence in the North American market in strategic sectors such as special vehicles, agricultural machinery, aerospace, and defense, the Company signed an agreement for the acquisition of an initial 20% stake in Almon Inc. through its U.S. subsidiary STAR7 LLC, which holds put and call options enabling it to acquire up to 100% of the capital. No negative findings have been reported concerning the members of the administrative body, the shareholders, or the Company itself.

In 2024, the Group's consolidated revenues increased by 15% year-on-year, reaching €119.8 million. Despite integration and restructuring costs (€0.7 million), mainly related to the business units of C.A.A.R. S.P.A. and S.T.I. S.R.L., EBITDA rose to €18.0 million (+23.9 percentage points), thanks to effective cost-efficiency initiatives implemented across various projects. Half-year data as of June 30, 2025, show a slight decline in revenues (-2.3% vs. 1H24) due to exchange rate fluctuations, while net profit stands at €1.7 million (+11.7% vs. 1H24), despite higher amortization arising from goodwill related to M&A operations (approximately €2.4 million). Solvency indicators remain at a sufficient level, and the sustainability of the net debt/EBITDA ratio has improved from 2,61 to 1,54 compared to December 2023, confirming the Group's ability to meet its financial commitments.

In 2024, STAR7 S.P.A. significantly strengthened its liquidity, which rose from €9.3 million to €25.5 million, supported by solid operating cash generation (€16.2 million) and improvements in working capital. Investments of €5.9 million were primarily financed through the issue of a €13 million bond maturing in 2031, which positively contributed to the liquidity position as of December 2024.

The Company’s management of credit lines appears appropriate, with timely payments and no signs of financial strain.

The Governance and control system is aligned with best practices, while the corporate structure is complex yet aligned with the Group’s international presence.

In terms of revenue, the Company remains one of the leading players in its sector. Regarding solvency, the Company’s position remains weak relative to the sector median, with financial leverage increasing to 1.62 (from 1.48 in 2023), partly due to the issuance of a €13 million bond (maturing 2031) aimed at acquiring C.A.A.R. and S.T.I. business units, which are strategic for the Group’s international expansion. Profitability is adequate, with operating margin improving to 15.0% (13.9% in 2023) and ROE increasing from 7.0% to 11.3% in 2024.

In the first quarter of 2025, the Italian economy posted moderate growth, supported by household consumption and a stable labor market with rising real incomes. Investments remained weak, constrained by underutilized production capacity and tight financial conditions. Growth was driven by the services sector and construction projects linked to the National Recovery and Resilience Plan (NRRP). Manufacturing showed signs of recovery. However, it remains vulnerable to rising tariffs and geopolitical uncertainty. The Bank of Italy forecasts GDP growth of 0.6% in 2025, 0.8% in 2026, and 0.7% in 2027.

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 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 an ongoing monitoring until withdrawal.

Head Analyst - Carmela Santomarco, Rating Analyst
carmela.santomarco@modefinance.com

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