Corporate Credit Rating 2026 for SEMPLICE GAS & LUCE SPA: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of SEMPLICE GAS & LUCE SPA on the website and the rating assigned to the entity is B1- (Affirm). The analysis highlights that the company has an adequate financial position, appearing capable of withstanding adverse economic conditions in the medium and long term.

SEMPLICE GAS & LUCE S.P.A., founded in 2017 by entrepreneurs with experience in the energy sector, operates in the open energy market by supplying electricity and natural gas. Initially active as a reseller, it elected to focus on the residential segment due to its profitability and lower risk. Until 2020, the Company relied on external operators, then launched an internal consolidation process that led, in 2023, to full operational independence and direct management of all activities. Following its conversion to a joint-stock company in 2024, it began purchasing energy directly from the GME, marking a strategic shift. The year 2025 represents a key milestone, with direct coverage of its energy requirements and the initiation of analyses for opening physical branches. The commercial offering includes variable solutions indexed to the main energy benchmarks (PUN for electricity and PSV for gas), regulated PLACET offers, and integrated packages with additional services, adaptable to both residential and business market needs. In the 2026–2028 three-year period, the Company’s management anticipates further consolidation of the customer base in the residential market through the acquisition of stakes in competing companies.

In 2025, SEMPLICE GAS & LUCE S.P.A. recorded further growth in its business volume, with revenues increasing by 27.6% to €21.27 million. The improvement in operating profitability, supported by margin expansion and the limited impact of depreciation and amortization, resulted in a significant increase in net profit (+203% compared to 2024), confirming a solid economic performance and adequate profitability levels, as reflected in ROI and ROE indicators. These results are accompanied by a satisfactory financial balance, highlighted by liquidity ratios above unity (1.34) and sound cash flow management. With regard to solvency, in 2025 the Company further strengthened its equity structure, with shareholders’ equity reaching €2.61 million (+96.6%) and an improvement in leverage, which decreased from 5.98 to 4.32. Financial debt remains almost negligible (€73 thousand), while available liquidity, amounting to €3.72 million, results in a positive net financial position of €3.65 million, demonstrating a strong financial position and a substantial capacity to meet its obligations.

The Company has an administrative body composed of two members, Dr. Vincenzo Lilli and Dr. Daniele Perfetto. A Board of Statutory Auditors is also in place, while the appointment of an external auditing firm has not been envisaged. The shareholding structure consists of three shareholders, including two limited liability companies (Fire S.r.l. and Semplice Consulting S.r.l.) and one Trust (The Telemaco Trust).

Compared with its industry peer group, the Company demonstrates a scale that is above the sector median, supported by the significant increase in business volume recorded in recent years. Profitability is also strong, with the Company ranking above the 50th percentile of the peer group analyzed. Conversely, in terms of solvency, the Company ranks below the sample median, although it maintains a balanced level of financial leverage.

Over the 2021–2024 period, the industry peer group exhibited a gradual strengthening of its capital structure, as reflected by the decline in leverage ratios. Liquidity remained solid and stable, with the current ratio consistently at balanced levels. From a profitability perspective, both ROE and ROCE remained stable at satisfactory levels, indicating sustained operating performance.

The energy market in 2025–2026 continues to be characterized by growing demand and the steady expansion of renewable energy sources, despite the ongoing dependence on fossil fuels. Geopolitical tensions in the Middle East, particularly around the Strait of Hormuz, have increased energy price volatility, while in Italy the significant share of natural gas in the national energy mix continues to support elevated price levels, resulting in a dynamic market environment marked by substantial risk factors.

The macroeconomic outlook for the euro area points to moderate growth, with GDP expected to increase by 0.9% in 2026 and inflation projected at 2.6%, largely reflecting higher energy prices. Although the economic environment remains affected by geopolitical tensions and reduced competitiveness in international markets, domestic demand—supported by employment growth, public investment, and technological innovation—is expected to remain the primary driver of economic expansion. At the same time, the energy transition and digitalization will continue to represent key strategic drivers of long-term development.

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 being assessed did not purchase any ancillary services from Modefinance.

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 - Mattia Dunnhofer, Rating Analyst
mattia.dunnhofer@modefinance.com

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