Corporate Credit Rating 2026 for INXIEME ENERGIA SRL: B1 (First Issuance)

modefinance published the Solicited Corporate Credit Rating of INXIEME ENERGIA SRL on the website and the rating assigned to the entity is B1 (First Issuance). The analysis highlights that the company has an adequate economic-financial situation with average capability to meet its financial obligations and it is minimally affected by adverse economic scenarios.

Inxieme Energia is an Italian company operating in the renewable electricity intermediation and energy management sector. It is controlled by the Spanish company Gnera Energía y Tecnología, a certified operator in both the European and Italian electricity markets.

The Company’s business model is based on purchasing electricity generated by renewable energy plants and reselling it on the Electricity Market, retaining a management fee, while also carrying out trading and cross-border arbitrage activities. Inxieme acts as an intermediary between energy producers and the market, reducing operational, financial, and regulatory barriers for producers while ensuring efficient access to energy monetization. The business model is characterized by a relatively low-risk profile, supported by the absence of direct exposure to electricity price volatility, a positive working capital cycle, and a credit profile linked to institutional counterparties such as Gestore dei Mercati Energetici (GME) and Terna. Founded in 2014 to replicate in Italy a business model already well established in Spain, the Company has developed a centralized operating platform encompassing administrative, commercial, regulatory, and compliance functions. Over time, Inxieme has evolved its market positioning by expanding and diversifying its customer portfolio, initially focused on large operators and subsequently broadened to include small and medium-sized renewable energy producers in order to reduce customer concentration risk. Since 2021, Inxieme has undertaken a significant expansion of its reseller business unit, which has become an additional growth driver. This development has been supported by substantial investments in digitalization and the implementation of dedicated energy management software platforms. As of 2026, Inxieme manages more than 1,000 MW of renewable energy capacity and continues to grow both in terms of volumes and customer base. The Company maintains an expanding organizational structure that remains efficient, highly specialized, and well positioned to support future growth.

In 2025, INXIEME ENERGIA S.R.L. reported sales revenues of €202.06 million, up 43% year-on-year, thereby confirming the positive growth trajectory recorded in previous years. The increase in turnover did not, however, translate into higher operating profitability due to the impact of extraordinary cost items, most notably the windfall profits tax amounting to €1.8 million.

As a result, EBITDA remained broadly stable at €1.35 million, compared with €1.86 million in 2024, while the financial year closed with a net loss of 313 thousand euros. Net earnings were also affected by a non-recurring expense, which had already been fully recovered during 2026. From a financial perspective, the Company maintained an adequate balance between current assets and current liabilities, as reflected by a current ratio of 1.06x, while preserving a positive cash position, with net financial debt (NFD) standing at -€4.89 million. Conversely, the capital structure continues to show an imbalance between shareholders’ equity and total liabilities, with leverage levels remaining significantly above conventional equilibrium thresholds. In this respect, the Company would benefit from a stronger capitalization profile. Lastly, cash flow dynamics are effectively managed, supported by strong operating cash flow. Overall, the Company demonstrates a balanced financial structure, underpinned by a solid ability to generate cash internally and by efficient working capital management.

With regard to its ownership structure, Inxieme Energia is wholly owned by the Spanish company Gnera Energía y Tecnología and does not hold any equity investments in other entities. Corporate governance is entrusted to a Board of Directors, while the statutory audit of the financial statements is performed by a sole external auditor.

Relative to its industry peer group, INXIEME ENERGIA ranks among the largest operators in the sector by size, supported by sustained revenue growth that has further strengthened its competitive positioning in recent years. The Company also demonstrates profitability metrics above the sector average, reflecting its ability to generate operating margins and achieve satisfactory returns on both invested capital and shareholders’ equity. By contrast, its solvency profile remains comparatively weaker, with leverage indicators below the median of the peer group due to a capital structure that remains more leveraged than those of comparable companies exhibiting stronger financial resilience. The peer group has, overall, shown a progressive strengthening of its financial structure over the period under review, with solvency indicators steadily improving and leverage ratios converging towards balanced levels. Liquidity metrics have also improved modestly in the latest financial year, remaining throughout the period consistent with a sound financial position.

Profitability across the peer group has remained broadly stable over time, with returns on equity and invested capital continuing to reflect satisfactory levels of performance. Against this backdrop, Inxieme Energia compares favourably in terms of operating profitability and business scale, while its principal area for improvement remains the strengthening of its capital structure and leverage profile.

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.

From an economic perspective, the Euro area shows moderate but resilient growth: GDP increased by 0.9% in the first nine months of 2025, with an annual forecast of around 1.3%. Growth is supported by investments, a strong labour market, declining inflation, and PNRR funds. The outlook for 2026 remains positive, although risks persist due to geopolitical tensions and international trade uncertainties.

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 company has not buy ancillary services.

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 - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

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