Corporate Credit Rating 2026 for ENERVIVA S.R.L.: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of ENERVIVA SRL 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 capacity to withstand adverse economic conditions in the medium and long term.

ENERVIVA S.R.L. (hereinafter also referred to as "the Company") has been operating in the energy market since 2013, with a particular focus on sustainability and renewable energy. Headquartered in Assisi, the Company provides a wide range of integrated solutions for the supply of electricity and natural gas, as well as the development of complex renewable energy projects. Through a customer-centric approach and a well-established network of qualified partners and consultants, the Company supports both businesses and private customers in optimizing their energy consumption while contributing to the reduction of CO₂ emissions. Over the 2025–2029 period, the Company is expected to achieve sustained and progressive revenue growth while maintaining solid operating profitability. No adverse findings have been identified with respect to the Company or its shareholders.

ENERVIVA S.r.l. confirmed a solid economic and financial position in 2025, supported by significant revenue growth, with turnover increasing from €10.06 million to €15.45 million (+54%), and improved profitability, as reflected in net profit rising to €592 thousand from €401 thousand in 2024. Shareholders' equity increased by 34.9% to €2.02 million, further strengthening the Company's capital structure. At the same time, the increase in financial debt, primarily incurred to finance investments, remains sustainable thanks to the strong growth in cash and cash equivalents, which rose by 172% to €1.61 million. Profitability indicators also improved, with Return on Investment (ROI) reaching 12.84% and Return on Equity (ROE) increasing to 29.34%. The main area requiring ongoing attention remains trade receivables, amounting to €3.63 million. Close monitoring of collections will be essential to preserve the Company's financial balance. Overall, the Company demonstrates sustainable growth supported by a sound economic, financial, and capital structure.

The Company is managed by Mr. Marco Venturini and Mr. Moreno Pannacci, who are also the ultimate beneficial owners. Mr. Venturini holds a direct equity interest in the Company, while Mr. Pannacci holds his interest indirectly through a limited partnership (S.A.S.) owned by him. The Company does not hold any equity interests in other businesses. The Company has also established a statutory control function through the appointment of a Sole Statutory Auditor.

Compared with its peer group, the Company demonstrates an adequate market position in terms of both size and profitability, although the latter is partly supported by the Company's relatively limited capitalization. The Company's solvency is in line with the industry median and is therefore considered fully satisfactory. Over the 2021–2024 period, the peer group analyzed showed a progressive strengthening of its capital structure, as reflected in the reduction of the relevant leverage ratios. Liquidity remained solid and stable, with the current ratio consistently at balanced levels. From a profitability perspective, both Return on Equity (ROE) and Return on Capital Employed (ROCE) remained stable at satisfactory levels.

During 2025–2026, the energy market continues to be characterized by growing electricity demand (approximately 3.6% per year) and the ongoing expansion of renewable energy sources, with installed capacity reaching approximately 5,149 GW worldwide. At the same time, geopolitical tensions, particularly the crisis involving Iran, have increased price volatility, with Brent crude oil prices exceeding USD 110 per barrel. In Italy, electricity consumption amounts to approximately 311 TWh, of which 41% is generated from renewable energy sources. However, the country's continued reliance on natural gas continues to keep energy prices at elevated levels. Overall, the sector operates in a dynamic environment characterized by a high degree of uncertainty.

The outlook for the euro area points to a moderation in economic growth, with GDP expected to increase by 0.9% in 2026, while inflation is projected at 2.6%, reflecting the impact of higher energy prices associated with the crisis in the Middle East. Over the medium term, economic growth is expected to be supported by domestic demand and investments in infrastructure, digitalization, and artificial intelligence. However, challenges related to international competitiveness are expected to persist. In this context, the energy transition and the introduction of the digital euro are regarded as strategic initiatives to strengthen the resilience and competitiveness of the European economy.

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 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 - Mattia Dunnhofer, Rating Analyst
mattia.dunnhofer@modefinance.com

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