Corporate Credit Rating for GLOBAL POWER SPA: B1- (Affirm) 02/03/2026

modefinance has published on the website the Corporate Credit Rating (Solicited) of GLOBAL POWER S.P.A., assigning the rating of B1- (Affirm). The analysis highlights how entity has adequate capabilities to honor obligations and is able to address adverse and changing economic conditions in the medium and long term.

GLOBAL POWER S.P.A., established in 2004, operates in the energy sector as a provider of electricity and gas. The Company primarily serves major Italian companies, institutions, and public administrations. In 2025, AGSM AIM Group, active in the production and distribution of electricity and natural gas, acquired 100% of Global Power’s shares, with the aim of strengthening the Group’s presence in the North-Eastern Italy and nationwide. 

The Company continues to show an economic and financial position that is not yet fully adequate; however, the financial statements for FY2024 show significant improvements compared with the previous two years. The solvency position, while still not entirely satisfactory, has visibly improved, particularly in terms of leverage and financial leverage indicators. The net financial position has decreased, and debt sustainability ratios are now below their respective risk thresholds. Liquidity management remains adequate, as does profitability, which—thanks to a break-even result at year-end—can be considered overall satisfactory.

Although cash flow from operating activities declined compared with the previous year, this absorption of resources was fully offset by cash flows from investing activities, resulting in a positive total cash flow at year-end.

With reference to the corporate structure, the company is wholly owned by AGSM AIM ENERGIA S.P.A. (100%). In turn, the Company holds 100% of the share capital of GLOBAL POWER PLUS S.R.L. The administrative body has a collegial structure, as does the supervisory body. The Company has appointed an audit firm to carry out the statutory audit.

The reference peer group shows low but improving levels of both leverage and financial leverage compared with the previous fiscal year. Liquidity indicators remain stable and above unity, while ROE has increased to more than adequate levels.

In 2024, the Italian energy market experienced a phase of stabilization, with electricity and gas prices declining as a result of increased renewable energy production, lower consumption, and favorable weather conditions. Nevertheless, prices remain above pre-crisis levels, mainly due to continued reliance on fossil fuels, which are more expensive and volatile. Renewable sources, particularly solar and hydroelectric power, accounted for 50% of electricity production. To support this energy transition, Terna launched €2.3 billion of strategic infrastructure investments and introduced MACSE, a new mechanism to incentivize energy storage, with initial auctions scheduled for 2025. The EU increased the share of LNG in its gas imports (from 20% in 2021 to 38% in 2024), offsetting the reduction in Russian gas through new terminals, such as those in Piombino and Ravenna. Gas storage reached record levels, with 90% of winter 2025/26 capacity already allocated by April 2025.

Nonetheless, structural vulnerabilities persist, including dependence on imports and exposure to geopolitical and climate-related risks, which require ongoing monitoring.

From a macroeconomic perspective, economic activity in Italy remained subdued in Q4 2024, affected by continued weakness in manufacturing and a slowdown in the services and construction sectors. These sectors, however, still showed slight expansion, partly supported by the National Recovery and Resilience Plan (PNRR). Domestic demand was constrained by slower household spending and persistently unfavorable investment conditions. In autumn, Italian goods exports were hindered by a sharp decline in global demand, and protectionist policies announced by the new U.S. administration are expected to negatively affect exports to the U.S. market. According to the latest projections from the Bank of Italy, GDP grew by 0.5% in 2024 and is expected to expand at an average annual rate of around 1% over the 2025–2027 period.

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 published 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 adopts the following definition of default: a company in bankruptcy, in involuntary liquidation, in controlled administration, or that is insolvent with respect to an expired financial commitment. The quality of the information available for evaluating the rating of the analyzed company has been judged by modefinance as satisfactory.

In accordance with the Credit Rating Agencies Regulation, this rating has been transmitted to the company evaluated before its publication, so as to allow it to identify any material errors contained in the report. No changes have been made following the conclusion of the notification process.

The rated entity is not a purchaser of auxiliary services provided by modefinance.

This rating is issued by modefinance independently. The analysts, members of the rating team involved in the process, modefinance Srl, members of the board of directors, and shareholders do not have any conflicts of interest, neither actual nor potential, with the evaluated company or related third parties. If a potential conflict of interest were to arise in the future in relation to the individuals mentioned above, modefinance will provide the necessary information and, if necessary, withdraw the rating.

This credit rating represents an opinion of modefinance on the overall health of the evaluated company, and it should be relied upon within certain limits. The issued rating is subject to monitoring and review until its withdrawal.

Head Analyst - Tommaso Viola, Rating Analyst
tommaso.viola@modefinance.com

Assistant Analyst - Fabio Politelli
fabio.politelli@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com