modefinance published the Solicited Corporate Credit Rating of ENERGIA SOCIALE S.P.A. on the website and the rating assigned to the entity is B1- (Affirm). The analysis highlights that the company has an adequate economic and financial situation, demonstrating the capability to withstand adverse economic conditions in the medium and long term.
ENERGIA SOCIALE (“the Company”) was established in 2017 and is headquartered in Pozzuoli, in the Province of Naples. The Company primarily sells electricity and natural gas, with a stronger focus on electricity. In 2024, more than 80% of its electricity volumes were sold through the reseller channel, while the Company has operated as a Balancing User in the gas segment since 2022. Its activities are mainly concentrated in Campania, serving primarily business customers (which accounted for 46% of 2024 revenues) as well as resellers and residential customers. Its customer base is concentrated in consumption bands above 150 kWh for electricity and 50,000 standard cubic metres for gas. In 2024, reflecting its commitment to environmental sustainability, the Company established E-Flow S.R.L., a 51%-owned subsidiary operating in the energy-efficiency sector. During 2025, the Company strengthened its governance and internal control system by introducing new compliance safeguards, including the adoption of the Organisational, Management and Control Model pursuant to Italian Legislative Decree No. 231/2001 and the appointment of a Supervisory Body.
Key Rating Assumptions
In 2025, ENERGIA SOCIALE S.P.A. reported a progressive strengthening of its capital structure, with shareholders’ equity increasing by 40.57% to €2.78 million and the leverage ratio improving from 4.52x to 3.09x. Despite financial debt rising by 18.84% to €3.91 million, financial leverage declined from 1.66x to 1.41x. The Net Financial Position (NFP), amounting to €1.89 million, remained sustainable relative to both shareholders’ equity (0.68x) and operating profitability (1.15x). The liquidity profile remained balanced, with a current ratio of 1.38x, although the increase in trade receivables and the reduction in trade payables resulted in higher cash absorption. From an income statement perspective, revenues increased by 19% to €25.18 million, accompanied by a 20% rise in production costs. EBITDA reached €1.63 million, up 8%, while the favourable contribution from financial operations supported an increase in net profit to €1.4 million, compared with €1.05 million in 2024. Overall, profitability remained at healthy levels, with an ROI of 18.77% and an ROE of 50.47%.
The Company has a very straightforward corporate structure. Its share capital is equally held by Mr. Antonio R. D’Angelo -who also serves as the Company’s Sole Director- and Mr. Ivan Campili. Each holds a 50% interest through a company of which he is the sole shareholder. ENERGIA SOCIALE, in turn, wholly owns E-Flow S.R.L. Lastly, the Company has established a Board of Statutory Auditors.
The Company demonstrates an adequate positioning in terms of size and profitability, ranking among the sector’s top performers. Conversely, its solvency metrics are below the sector median. Nevertheless, on a stand-alone basis, the Company’s net financial debt appears balanced relative to both shareholders’ equity and operating profitability. The analysed peer group shows a progressive improvement in solvency indicators. Its leverage and financial leverage ratios point to an overall balanced financial profile. Liquidity ratios also indicate efficient management of the balance between current assets and current liabilities. Regarding profitability, the indicators remain stable over the 2022–2025 period, with returns continuing at adequate levels.
In 2025–2026, the energy market continues to be characterized by growing electricity demand and the rapid expansion of renewable energy sources, while fossil fuels retain a significant role in the energy mix. Geopolitical tensions and disruptions along key supply routes are exacerbating price volatility and inflationary risks. In Italy, despite the increasing contribution of renewables, continued dependence on natural gas affects energy costs and makes security of supply a key priority.
At the macroeconomic level, in the first quarter of 2026 the Italian economy remains on a moderate growth path, supported primarily by the services sector, while manufacturing is affected by rising energy costs and weak foreign demand. The Bank of Italy forecasts GDP growth of 0.5% in both 2026 and 2027, followed by an acceleration to 0.8% in 2028. However, the outlook remains subject to geopolitical uncertainty, developments in energy prices and international trade tensions.
Sensitivity Analysis
In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized:
Important
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 assessed company did not purchase any ancillary services.
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.
Contacts
Head Analyst - Mattia Dunnhofer, Rating Analyst
mattia.dunnhofer@modefinance.com
Responsible for Rating Approval - Giada D'Avenia, Rating Process Manager
giada.davenia@modefinance.com