Corporate Credit Rating 2026 for ENJOY ENERGY SRL: B1- (First Issuance)

modefinance published the Solicited Corporate Credit Rating of ENJOY ENERGY SRL on the website and the rating assigned to the entity is B1- (First Issuance). 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.

ENJOY ENERGY S.R.L. (hereinafter also referred to as the “Company”), established in 2019 and operational since 2020, is an energy retailer active in the sale of electricity and natural gas, primarily targeting the retail customer segment. Leveraging a direct sales network, subsequently complemented by a dealer channel and supported by ongoing investments in digitalization, the Company has achieved rapid growth in its customer base. Furthermore, obtaining the status of Gas Balancing User and Electricity Dispatching User has strengthened its operational positioning within the energy market.

In 2025, Enjoy Energy reported a significant increase in both revenues and energy volumes sold, driven by the continued expansion of its customer portfolio. This growth was accompanied by higher energy procurement costs, resulting in some contraction of operating margins. Nevertheless, the Company maintained overall satisfactory financial performance, broadly in line with previous financial years.

At year-end 2025, ENJOY ENERGY S.R.L. maintained an overall solid and balanced financial position. The strengthening of shareholders’ equity provides adequate support for investments while preserving a satisfactory degree of financial independence. Financial leverage remains at appropriate levels and is consistent with the Company's business growth trajectory. The Company reported a net cash position, confirming prudent liquidity management and a sound cash generation capability. From a financial standpoint, ENJOY ENERGY continues to maintain a healthy balance between sources and uses of funds, with current assets more than sufficient to cover short-term liabilities.

In 2025, the Company delivered solid business growth, closing the year with revenues of €16.18 million, up 42% compared to 2024. Growth was primarily driven by the expansion of commercial volumes. The number of electricity delivery points (PODs) served increased from 4,807 in December 2024 to 9,300 in December 2025, while electricity volumes supplied rose from 15,300 MWh to 28,985 MWh. On the gas side, the number of delivery points (PDRs) increased from 1,673 to 3,994, with volumes supplied rising from 2.84 million Smc to 4.04 million Smc. Revenue growth was accompanied by a significant increase in production costs (+59.14%), largely attributable to higher raw material and commodity procurement costs (+64.02%). As a result, operating margins contracted; however, the Company continued to generate satisfactory earnings, broadly in line with previous financial years.

ENJOY ENERGY S.R.L. features a relatively simple governance and control structure. Ownership is directly or indirectly attributable, through 2A Immobiliare S.r.l., to the Sole Director, Mr. Andrea Agostani. Furthermore, the Company does not have a Board of Statutory Auditors, although it has appointed a Sole Auditor. Compared with its sector peer group, the Company remains below the median in terms of size, reflecting its relatively recent entry into the reference market. Nevertheless, reduction in solvency indicators support a favorable positioning. The reduction in the ROE indicator has not adversely affected the Company's standing, which remains above that of the reference peer group.

The fundamentals of the energy sector continue to reflect a market environment characterized by structurally growing energy demand, supported by the expansion of renewable generation capacity while still being significantly influenced by fossil fuels. Globally, the market benefits from the continued increase in renewable installed capacity, particularly solar photovoltaic and wind power. At the same time, geopolitical tensions in the Middle East, especially those involving Iran and the Strait of Hormuz, continue to generate volatility and upward pressure on energy prices. In Italy, the increasing contribution of renewable energy sources supports electricity supply, although dependence on natural gas continues to affect energy costs. Overall, the sector operates within a dynamic environment, offering opportunities linked to the energy transition while remaining exposed to commodity price fluctuations and geopolitical risks.

From a macroeconomic perspective, the outlook for the Euro Area remains characterized by moderate economic growth and a degree of uncertainty stemming from geopolitical tensions and energy price dynamics. Inflation is expected to remain above target in the short term, negatively affecting household purchasing power, consumer and business confidence, and investment decisions. Economic growth is expected to be primarily driven by domestic demand, supported by a resilient labor market, public investment programs, and the ongoing digitalization and technological innovation cycle. However, challenges related to the international competitiveness of the Euro Area persist. In this context, the energy transition and deeper European financial integration are expected to play a key role in enhancing long-term growth prospects and reducing structural vulnerabilities.

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 purchased ancillary services from modefinance (preliminary rating). Modefinance guarantees that this purchase of ancillary activities does not constitute any conflict of interest.

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

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