Corporate Credit Rating 2026 for ECOSERVIM SRL: B1- (Downgrade)

modefinance published the Solicited Corporate Credit Rating of ECOSERVIM S.R.L. on the website and the rating assigned to the entity is B1- (Downgrade). The analysis revealed how the company has adequate capabilities to honor obligations and can face adverse and changing economic conditions in the medium and long term.

ECOSERVIM S.R.L. was founded in 1996, although the company's roots date back to the 1970s, thanks to the entrepreneurial initiative of Matteo Bonini, who established a small thermo-hydraulic services company. Today, the company is led by his son, Gianluca, who has expanded the range of services offered to both companies and individuals across the region. This expansion led to the creation of the eponymous group, which operates in the energy and facility management sectors, with a particular focus on plumbing, energy saving, construction and heating/cooling systems. The Company’s operations experienced strong growth driven by the Ecobonus incentives, which was subsequently followed by a slowdown due to the discontinuation of such incentives. For these reasons, also in light of the decline in revenues related to building renovation activities, Ecoservim has maintained its focus on its core business, which it intends to continue prioritizing in the future.

ECOSERVIM S.R.L. confirms an overall adequate financial condition, although in 2024 its turnover decreased significantly (€6.25 million; -94%) due to the termination of the Superbonus scheme, which negatively affected the building renovation sector. Alongside the decline in sales revenues, the Company recorded negative operating margins (EBITDA of €-6.73 million compared to €23.14 million in 2023). Nevertheless, Net income for the year (€2.93 million compared to €16.19 million) closed positive thanks to the dividends received from the subsidiary (€10 million).
The capital structure remains sufficiently balanced (leverage ratio of 2.48), and a significant reduction in financial debt is noted (€-19.62 million compared to €-31.36 million), aligning indebtedness with to shareholders’ equity (€20.22 million; -36.24%). A positive aspect is the decrease in tax receivables, whose transfer to banking institutions allowed the release of a substantial amount of liquid resources.
Cash flow analysis shows that the reduction in liquidity in 2024 is entirely attributable to financial management - characterized by significant debt repayments and dividend distributions – which were only partially offset by cash generated from operating activities and disposals. Conversely, operating management shows a marked improvement compared to the previous year, mainly supported by the positive dynamics of working capital, which benefited largely from the sale of tax credits.
Additional liquidity was also generated through the disposal of non-current financial assets.

The Company is wholly-owned by Aura S.r.l., which is in turn owned by Mr. Gianluca Bonini. Mr. Bonini also serves as Chairman of the Board of Directors, together with two other board members. The Company has appointed a Board of Statutory Auditors, supported by an external audit firm. ECOSERVIM in turn wholly-owns Lombardi Gestioni S.r.l. No negative issues have been identified with regard to the Company, its shareholders, or members of the governing bodies.

ECOSERVIM S.R.L. ranks among the larger companies in the sector, although it should be noted that the industry is predominantly composed of small-sized enterprises. Compared to its peers, the Company shows profitability and solvency indicators below the median. This situation is attributable to a financial structure that is not fully balanced, with a relatively high level of leverage, alongside with underperforming operating margin. The peer group analyzed generally shows a sufficiently balanced capital structure and a moderate level of financial indebtedness relative to equity, with an overall sound financial equilibrium. In terms of profitability, the sector sample shows substantial stability of indicators over the period considered, overall reflecting good economic performance.

In the 2025–2026 period, the Italian economy is characterized by modest growth and macroeconomic stabilization, with rates below the euro area average. Real GDP is expected to increase between 0.4% and 0.6% in 2025, with a slight acceleration to around 0.8% in 2026, driven mainly by domestic demand and investments related to the National Recovery and Resilience Plan (PNRR), while the external contribution remains weak. Inflation is declining toward levels consistent with price stability, and the labor market shows resilience, with a slight decrease in unemployment despite persistent structural issues. Public finances indicate a gradual improvement in the deficit, although public debt remains high and represents a significant constraint. Overall, the scenario reflect a fragile equilibrium: prospects for 2026 are moderately more favorable, but a strengthening of growth depends on the effectiveness of public investment and the progress of structural reforms.

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized: 

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 did not provide any ancillary services to the entity. 

The rated entity is not a buyer of ancillary services provided by modefinance. 

Head Analyst - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

Assistant Analyst - Fabio Politelli, Rating Analyst
fabio.politelli@modefinance.com

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