Corporate Credit Rating 2026 for ENERGY TRADING SERVICE SRL: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of ENERGY TRADING SERVICE SRL on the website and the rating assigned to the entity is B1- (Affirm). The analysis highlights that the company has an adequate financial position, demonstrating the capacity to withstand adverse economic conditions in the medium and long term.

ENERGY TRADING SERVICE S.R.L. (hereinafter also referred to as the "Company") is a member of the Renovatio Group, specializing in the wholesale trading of electricity. Established in 2022 with the objective of securing energy supplies for Group companies operating in the retail market, the Company is progressively expanding its activities towards external resellers, although such business still represents a limited share of total revenues.

In 2025, ETS further strengthened its growth trajectory, benefiting from increased volumes of electricity traded and the resulting growth in revenues. The Company reported improved profitability, supported by increases in both operating margins and net profit. A positive development was also represented by the progressive increase in sales to customers outside the Group, which reduced the concentration of intra-group business and enhanced exposure to market segments characterized by higher margins.

At year-end 2025, Energy Trading Service S.r.l. presented an overall adequate economic and financial profile. The capital strengthening achieved through the capital increase subscribed by the parent company Renovatio Holding S.r.l., together with the retention of earnings, resulted in a significant increase in shareholders' equity. Although the Company's capital base remains relatively limited when compared to the volumes of business generated, ETS further benefited from additional capital support received during 2026.

From a financial perspective, the Company increased its use of bank debt to support business development; however, debt sustainability indicators remain at adequate levels.

In 2025, ETS recorded a further increase in sales revenues, driven by growth in the volume of energy traded, which rose from 94.95 thousand MWh in 2024 to 110.94 thousand MWh in 2025. This growth translated into a 26% increase in sales revenues, from €23.17 million to €29.14 million, as well as an improvement in EBITDA, which increased from €403 thousand to €479 thousand, while also generating a net profit of €324 thousand, up compared to 2024.

The improvement in profitability was also supported by the progressively higher contribution of sales to customers outside the Group. In particular, the share of intercompany sales declined from 96.8% in 2024 to 89.8% on an annual basis, reaching 84.53% as of December 2025, highlighting a gradual shift towards business segments characterized by higher-margin customers. ENERGY TRADING SERVICE S.R.L., which is subject to the management and coordination activities of Renovatio Holding S.r.l., maintains a basic governance and control structure. The Company is managed by a Board of Directors, while statutory auditing activities are entrusted to an independent external auditor. Compared with its industry peer group, ETS shows a size positioning above the sector median, while solvency performance remains relatively weak. The Company's strong profitability indicators are partly influenced by its limited equity base. Overall, companies within the reference peer group display generally satisfactory levels of solvency and profitability.

At the end of 2025 and throughout 2026, the global energy market is characterized by growing electricity demand, supported by increasing electrification and the expansion of data centers, together with the rapid deployment of renewable energy sources. Nevertheless, significant uncertainty remains due to geopolitical tensions in the Middle East, which continue to affect oil and gas price volatility.

In this context, Italy remains particularly exposed to energy-related shocks because of its substantial dependence on imported energy and the continuing importance of natural gas within the national energy mix, despite the progressive expansion of renewable generation capacity. At the macroeconomic level, the Italian economy continued to expand at a moderate pace during the first quarter of 2026, supported primarily by the services sector. However, a number of downside factors persist, including weakness in the manufacturing sector, rising energy costs and ongoing geopolitical uncertainty. These factors continue to weigh on consumer and business confidence, limiting both household consumption and investment activity. The latest forecasts indicate moderate economic growth over the coming years, with a gradual improvement expected to depend largely on developments in the geopolitical environment and energy markets.

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.

The rated company did not purchased any ancillary services from 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 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 - Stefano Chirsich, Rating Analyst
stefano.chirsich@modefinance.com

Assistant Analyst - Azzurra Nicchi, Rating Analyst
azzurra.nicchi@modefinance.com

Responsible for Rating Approval - Giada D'Avenia, Rating Process Manager
giada.davenia@modefinance.com