Corporate Credit Rating 2026 for PLATINUM ENERGY S.P.A.: B1- (First Issuance)

modefinance published the Solicited Corporate Credit Rating of PLATINUM ENERGY SPA 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.

PLATINUM ENERGY S.P.A. (hereinafter also referred to as "the Company"), established in 2017 under the name Società Energia Toscana S.r.l., operates in the Italian liberalized electricity and natural gas market, serving both residential and business customers. Since 2023, following the entry of its current majority shareholder, the Company has embarked on a growth and organizational strengthening path that has supported a significant expansion of its customer base and sales volumes. In parallel, the Company has broadened its operational scope to the renewable energy sector, developing expertise in the design and construction of energy-generating plants, with the objective of progressively strengthening its presence across the energy value chain.

In FY2025, Platinum Energy SPA demonstrated a significant improvement in its economic and financial profile, supported by the strong expansion of its customer base and sales volumes. Revenues increased to €12.3 million, compared with €4.3 million in the previous year, resulting in EBITDA of approximately €0.9 million, EBIT of €0.86 million and net profit of €0.64 million. Shareholders’ equity rose to €1.1 million, while the Company maintained a net cash position, supported by stronger liquidity and limited reliance on bank debt. Operating cash flow remained positive, supporting business growth and the investments required for the development of the Company’s activities.

The Company’s share capital is 98% owned by Platinum S.r.l., a holding company controlled by Mr. Qikuan Huang and Mr. Hui Zhang, while the remaining 2% is held directly by Mr. Qikuan Huang, who also serves as Sole Director of the Company. Considering both the ownership structure and his management role, Mr. Qikuan Huang may be regarded as the ultimate beneficial owner of the Group.

Driven by the strong growth in business volumes recorded in 2025, the Company strengthened its competitive position within its reference market, although its scale remains below the sector median. From a solvency perspective, the Company performs slightly below the median of its peer group, while profitability is particularly strong, supported by improving operating margins and a high ROE. Overall, peer group companies are characterized by balanced financial structures and satisfactory profitability levels.

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