Corporate Credit Rating 2026 for ESA S.P.A. SOCIETÀ BENEFIT: B1 (Affirm)

modefinance published the Solicited Corporate Credit Rating of ESA S.P.A. SB 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 an average capability to meet its financial obligations and remaining minimally affected by adverse economic scenarios.

ESA S.p.A. SB (hereafter “ESA” or “the Company”) is a long-standing operator that has been active in the utility sector since 2005, specializing in the trading of electricity and gas, both wholesale and to end customers, through a network of approximately 80 Energy Points located in Central Italy and Sicily, which provide integrated and qualified energy assistance services. ESA operates as a Dispatching User, allowing it to source energy directly on the market, in addition to sourcing from renewable producers, wholesale operators, and resellers. The acquisition of customer portfolios has supported strong growth in the customer base, which increased from approximately 60 thousand units in December 2023 to approximately 84 thousand in December 2025, representing a CAGR of 12% over the 2023-2025 period. Regarding customer retention, in 2025 ESA's churn ratio improved for electricity, settling at 40%, while moving in the opposite direction for gas, where it reached 41%, with both figures significantly above the sector benchmarks published by ARERA. ESA is wholly owned by ESA ITALIA S.r.l., which is active both in the sale of electricity and gas and in the provision of energy efficiency services related to the installation, conversion, expansion, and maintenance of thermal, hydro-sanitary, and photovoltaic systems, including through its subsidiaries ESA SERVICE S.r.l. and ESA SERVICE H24 S.r.l., the latter holding Energy Service Company (ESCO) status.

ESA S.p.A. SB recorded significant growth in turnover, reaching 159.3 million euros in 2025 (+29% YoY), supported by higher volumes of electricity and gas traded, amounting to 582.9 GWh (+27% YoY) and 31.3 million Smc (+30% YoY), respectively. The positive trend in volumes was offset by higher costs related to the strengthening of staff in the commercial area and in the main business support functions, limiting EBITDA growth to 8.1 million euros (+5% YoY). Higher depreciation and amortization related to the capitalization of costs for the acquisition of customer portfolios, together with the decline in financial income resulting from the wind-down of activities connected to the Superbonus and Ecobonus schemes, led to a net profit of 3.6 million euros, down from 5.2 million euros in 2024; as a result, the main profitability indicators show a decline, although remaining at more than adequate levels. From a financial standpoint, the funding requirements associated with the expansion of working capital and the new investments made in 2025 led to a deterioration in the Net Financial Position (NFP), which stood at 13.9 million euros, and in the NFP/EBITDA ratio, which—although at balanced levels—worsened from 0.48x to 1.71x as of December 2025. To support any potential financial needs, the Company holds a portfolio of readily liquidatable financial instruments (such as mutual funds and insurance policies) worth 3.8 million euros. Shareholders' equity, net of dividend distribution, increased to 16.6 million euros (+1.2 million YoY), maintaining solvency indicators at adequate levels. The future evolution of the rating profile will depend on the Company's ability to preserve the stability of its customer base, contain credit risk, and maintain adequate cash generation amid the significant expansion in scale recorded over the past three years and the increasing sector competition. The marked reduction in cash and cash equivalents, down from 17.7 million euros to 9.6 million euros (-8.1 million), was driven by working capital requirements, mainly caused by the reduction in exposure to suppliers from 29.6 million euros to 22.3 million euros (-33% YoY), due to a change in the management of relationships with certain related companies and, to a residual extent, the purchase of new tax credits related to the Superbonus scheme. For these reasons, net operating cash flow was negative at 5.9 million euros in 2025, being insufficient to fund investments related to the purchase of customer portfolios (4.5 million euros) and financial instruments (0.6 million euros). The Company's management of credit lines appears sound, with no disputes, serious irregularities, or episodes of financial strain observed throughout the period under analysis.

In March 2024, the Company changed its name from SH ENERGIE to ESA S.r.l. and became a Benefit Corporation, amending its bylaws in accordance with the relevant regulations. In April 2024, the company converted into a joint-stock company (S.p.A.), with a bonus capital increase from 1.5 million euros to 8 million euros, subsequently raised to 10 million euros in December 2025. ESA is wholly owned by ESA ITALIA S.r.l., which is in turn held by three companies attributable to the Serpellini and Miscia families, and in particular to Mr. Walter Serpellini – Sole Director of both ESA and the parent company – and Mr. Francesco Miscia. The Sole Director is supported by a collegiate control body, chaired by Mr. Mauro Marino.

In terms of size, the Company ranks among the most prominent players in its sector, driven by significant growth in scale over the 2023-2025 three-year period, as confirmed by a CAGR of 37% in revenue, 35% in electricity volumes, and 20% in gas volumes. On the solvency front, the Company's positioning has remained below the sector median, while maintaining an overall sustainable debt profile. Finally, profitability is overall good and broadly in line with the peer group. The peer group's solvency indicators remain adequate and improving, benefiting from capital strengthening and greater stabilization of energy prices following the "energy crunch." Sector liquidity management is balanced, with current and quick ratios increasing throughout the entire period under analysis. After three consecutive years of growth from 2022 to 2024, sector profitability contracted slightly in 2025 while remaining more than adequate.

Between late 2025 and 2026, the global energy market continues to evolve in a context of strong growth in electricity demand and rapid expansion of renewable energy sources, particularly solar and wind power. Despite the energy transition, oil and gas continue to play a central role in the global energy mix. Geopolitical tensions related to Iran and restrictions in the Strait of Hormuz have increased market volatility, pushing Brent prices above USD 110 per barrel and generating global inflationary pressures.

In Italy, electricity consumption in 2025 reached approximately 311 TWh, with a renewable share of 41% and installed capacity of around 83.5 GW. However, strong dependence on gas continues to keep energy prices high, prompting the Government to postpone the closure of some coal-fired plants to ensure energy security. Overall, the combination of rising demand, the expansion of renewables, and geopolitical volatility, particularly concerning Iran, defines a highly dynamic global and Italian market context that is subject to significant price risks.

In the first quarter of 2026, the Italian economy continued to grow at a moderate pace, in an international context marked by a sharp increase in geopolitical uncertainty. Activity was mainly supported by services, partly due to the temporary boost from the Winter Olympic Games, while manufacturing showed signs of slowing linked to rising energy costs and weak foreign demand. Household consumption grew moderately, affected by worsening confidence and the erosion of purchasing power linked to rising energy prices; investment slowed, with a limited positive contribution due to uncertainties in the macroeconomic outlook and the fading of incentives in the residential sector. According to the Bank of Italy's most recent projections, Italian GDP is expected to grow by 0.5% in 2026 and 2027, before accelerating to 0.8% in 2028. Economic activity dynamics would be supported in the medium term by the gradual easing of inflationary pressures and the recovery of domestic demand, while in the short term it remains exposed to downside risks related to the evolution of the conflict in the Middle East, energy commodity prices, and international trade.

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.

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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 - Carmela Santomarco, Rating Analyst
carmela.santomarco@modefinance.com

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