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

modefinance published the Solicited Corporate Credit Rating of ENTRACO S.R.L. 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.

ENTRACO S.R.L. (hereinafter also referred to as "the Company"), active since 2011, is an Italian energy company operating in the liberalized market, specializing in the supply and sale of electricity and natural gas to both residential and business customers. Over the years, the Company has progressively expanded its operating scope, complementing its core business with VoIP services and renewable energy initiatives, while also strengthening its role within the energy value chain through trading activities and direct energy sourcing.

From an economic and financial perspective, ENTRACO recorded significant growth in 2025, with revenue increasing to €20.7 million from €10.8 million in the previous year (+92%). The expansion of energy volumes sold and the customer base supported an improvement in operating profitability, with EBITDA rising to €278 thousand and net profit reaching €127 thousand. At the same time, the Company strengthened its equity base, while maintaining a financial structure still characterized by a significant reliance on third-party capital. The increase in financial debt recorded during the year, aimed at supporting growth and investment initiatives, appears overall sustainable thanks to the Company's ability to generate operating margins, its contained net financial position, and the maintenance of adequate liquidity levels.

Cash flow analysis highlights the Company's sound self-financing capacity, although accompanied by a significant absorption of financial resources related to the expansion of working capital, particularly the increase in trade receivables resulting from business growth. Investments and the higher operating funding requirements were supported through new bank financing facilities, while cash and cash equivalents remained above €1 million at year-end.

Regarding the governance and oversight framework, the Company is managed by a Sole Director and is subject to statutory audit. No internal control bodies are in place. ENTRACO S.R.L. has a transparent and easily identifiable ownership structure: the majority shareholder is Dr. Anna Rita Tofani (60%), who also serves as Sole Director, while the remaining 40% of the share capital is held by her daughter, Giorgia Talenti. The Company does not hold controlling or associated interests in other entities.

In terms of revenue, the Company holds a satisfactory size positioning compared with its reference peer group. However, solvency and profitability indicators remain below the respective peer group medians. Peer companies generally exhibit adequate capitalization levels, with leverage and financial leverage ratios showing a progressive improvement over time. Median profitability levels are adequate and strengthening in 2025.

Between late 2025 and 2026, the global energy and economic environment has been characterized by heightened uncertainty. Worldwide electricity demand continues to expand, supported by the rapid deployment of renewable energy capacity, particularly solar photovoltaic and wind power, while fossil fuels continue to play a significant role in the global energy mix.

Geopolitical tensions in the Middle East, particularly involving Iran and the Strait of Hormuz, have increased volatility in global oil and natural gas markets, contributing to higher inflationary pressures and influencing monetary policy decisions across major economies.

In Italy, despite continued growth in renewable electricity generation, the country's significant dependence on natural gas continues to support elevated energy prices, prompting the Government to postpone the planned closure of certain coal-fired power plants in order to safeguard security of supply.

From a macroeconomic perspective, Italy's economy continued to expand at a moderate pace during the first months of 2026, driven primarily by the services sector, while manufacturing activity remained under pressure due to higher energy costs and weak external demand. Household consumption and private investment recorded only modest growth as a result of persistent uncertainty and reduced purchasing power. According to the latest projections of the Bank of Italy, real GDP is expected to grow by 0.5% in both 2026 and 2027, before accelerating to 0.8% in 2028. Nevertheless, the outlook remains subject to significant downside risks associated with geopolitical developments, energy commodity prices, and international trade conditions.

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 people 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 ongoing monitoring until withdrawal.

Head Analyst - Stefano Chirsich, Rating Analyst
stefano.chirsich@modefinance.com

Responsible for Rating Approval - Andrea Pausa, Rating Process Analyst
a.pausa@teamsystem.com