Corporate Credit Rating 2026 for NWG ENERGIA S.P.A. SOCIETÀ BENEFIT: A3- (Affirm)

modefinance published the Solicited Corporate Credit Rating of NWG ENERGIA S.P.A. SOCIETÀ BENEFIT on the website and the rating assigned to the entity is A3- (Affirm). The analysis highlights that the Company has a strong capacity to fulfill its financial obligations.

NWG ENERGIA S.P.A. SOCIETÀ BENEFIT (hereinafter “the Company” or “NWG ENERGIA”) has been active since 2014 in the trading of electricity from renewable sources. Its energy mix comprises 69% wind and 31% solar, all produced in Italy and certified through the Guarantees of Origin (GO) system. The Company became a benefit corporation in 2016 and obtained B-Corp certification, attesting to its compliance with high environmental, social, and transparency standards. Since 2022, it has also published its Sustainability Report, certified by KPMG. The Company operates both as an electricity reseller and as a Dispatching User, covering approximately 59% of its energy requirements through direct purchases on the electricity market. Ownership of NWG ENERGIA S.P.A. is primarily attributable to Mr. Francesco D’Antini and Mr. Antonio Rainone, who together control approximately 60% through CAPITAL HOLDING S.R.L. and FA.RA. HOLDING S.R.L.. Since 2019, following the exit of a shareholder, the Company has held 20% of its share capital in the form of treasury shares.

The moderate decline in sales revenues to 130.6 million euros (-6% YoY) was driven by energy price trends, against a backdrop of unchanged energy volumes traded, at 360.8 GWh (-0.2% YoY). Net operating margin decreased from 16.9 million euros to 10.9 million euros, reflecting both the tariff revision - with discounts applied in favour of new customers as well as those already under contract - and higher amortization charges related to capitalized customer acquisition costs. The Company closed 2025 with net income of 7.8 million euros, maintaining a strong ROE of 35%. On the balance sheet and financial front, NWG ENERGIA continues to demonstrate a solid positioning, with leverage improving from 1.36x to 0.94x and net equity strengthening to 22.3 million euros (+13% YoY). Following the repayments made during the year (0.6 million euros), the Company was free of financial debt at year-end 2025, while the positive net financial position (NFP) balance narrowed from 6.9 million euros to 3.1 million euros, reflecting cash absorption. It should be noted that this NFP figure does not include 3 million euros in readily realizable securities, an additional financial buffer to meet potential funding needs. Against declining net operating cash flows of 10.9 million euros, NWG ENERGIA recorded a liquidity absorption (down to 3.1 million euros as at December 2025) of 4.4 million euros overall, mainly attributable to outlays related to customer acquisition (6 million euros), the purchase of readily realizable investment securities (3 million euros), and dividend distribution (5.3 million euros). In addition to available liquidity, the Company also benefits from significant committed credit lines, providing further support for any financial needs that may arise.

NWG ENERGIA has a collegial administrative body, whose activities are overseen by the Board of Statutory Auditors. The statutory audit of the financial statements and the certification of the sustainability report are entrusted to leading specialized firms. During FY2022, the adoption of the Organizational Model pursuant to Legislative Decree 231/2001 was followed by the appointment of the Supervisory Board.

In terms of size, the Company ranks among the more significant players in its sector, with a stable customer base of around 112 thousand POD as at December 2025, supported by an adequate annual churn rate of 28%. The economic performance achieved and the resulting capital strengthening have enabled NWG ENERGIA to maintain a solid positioning in terms of solvency and profitability, above the sector median.

Solvency indicators for the peer group with revenues between 5 and 200 million euros remain adequate, supported by capital strengthening fuelled by the greater stabilization of energy prices following the "energy crunch". Sector-wide liquidity management shows steady improvement over the analysis period. Finally, after three consecutive years of growth over the 2022-2024 period, sector profitability interrupted its expansionary phase in 2025 yet remained at adequate levels.

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.

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: 

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