Corporate Credit Rating for GREENTHESIS SPA: B1- (First Issuance)

modefinance has published on the website the Corporate Credit Rating (Solicited) of GREENTHESIS S.P.A., assigning the rating of B1- (First Issuance). The analysis indicates that the company maintains an overall adequate profile, reflecting an average capability to meet its financial obligations, with a limited exposure to adverse economic scenarios. 

Greenthesis S.p.A. is jointly controlled by Planesys S.p.A. (60%) and Greta Lux S.à r.l. (40%), which is ultimately backed by the infrastructure fund PATRIZIA SE, following the business combination between Planesys and Greta Lux, completed in June 2024 through the vehicle Eagle S.p.A., which resulted in GTH’s delisting from Borsa Italiana in September 2024.
Founded in 1997, the Greenthesis Group is one of Italy’s leading integrated operators in waste cycle management, environmental remediation, and renewable energy generation.
With over 30 years of operating history and a network of more than 30 facilities across the country, the Group covers the entire waste management value chain—from treatment and recovery to final disposal—excluding collection activities. In recent years, the Group has pursued an intensive external growth strategy, completing several acquisitions that have significantly expanded its operational perimeter—strengthening its presence in North-East Italy with the Ethan Group (2024) and Bigaran (2023), extending its geographic footprint in the North-Centre with Friul Julia Appalti (2025) and BraServizi (2025), in the South with Glob Eco (2025), enhancing the Energy business unit with Energen (2025), and entering the healthcare waste segment through an indirect stake in Zanetti Arturo & C. (2025).The Group’s international presence, currently under development, extends to the United Arab Emirates and, starting from 2026, to Libya, confirming its ambition to strengthen itspositioning in the integrated waste management market beyond national borders

The Greenthesis Group closed its first consolidated financial year (June 4 – December 31, 2024) with revenues of €120.2 million and EBITDA of €21.1 million, negatively impacted by €5.5 million in transaction costs incurred in connection with the acquisition and subsequent delisting of Greenthesis by Eagle S.p.A. On an annualized pro forma basis, revenues amounted to €227.6 million (+€54.2 million vs. 2023), with growth primarily driven by the inclusion of Ethan and Bigaran in the consolidation perimeter. Proforma EBITDA increased to €49.0 million (+€7.5 million); however, the EBITDA margin slightly declined to 21.5%, reflecting the contribution of the newly acquired companies, which also operate in industrial waste treatment—a comparatively lower-margin segment. Pro-forma net income stood at €8.1 million (€15.8 million in 2023), affected by PPA-related amortization and higher net financial expenses (€12.4 million). For 2025, management expects revenues to exceed €250 million, supported by contributions from acquisitions completed during the year across the Disposal, Remediation, and Energy business units.
The Group confirms its external growth strategy, aimed at expanding geographic coverage, increasing authorized treatment capacity, and strengthening its competitive positioning along the integrated waste management value chain.

Shareholders’ equity amounted to €340.5 million (€39.0 million at year-end 2023), with the increase almost entirely attributable to the contribution to Eagle S.p.A. of the stakes held in Greenthesis by Planesys (60%) and Greta Lux (28.33%), valued at fair value, complemented by a capital injection of €39.4 million to finance the mandatory tender offer on the remaining share capital, which resulted in the company's delisting in September 2024.Gross financial debt remained stable at €155.6 million, while Net Financial Position (NFP) stood at €131.3 million, deteriorating by €42.1 million year-on-year (vs. €89.3 million in 2023), primarily driven by a contraction in available liquidity — from €68.2 million at year-end 2023 to €24.3 million at year-end 2024.
The debt sustainability ratio, measured as pro forma NFP/EBITDA, rose from 2.2x in 2023 to 2.7x — a level considered balanced, reflecting the sector's capital intensity and its sustained investment requirements in plant and infrastructure. In 2025, the Group secured a new €215 million financing facility with Natixis and Intesa Sanpaolo to refinance existing debt and fund its growth pipeline.
The Agency expects EBITDA expansion — underpinned by the broader consolidation perimeter following recent acquisitions — to sustain adequate debt sustainability metrics in the near term.

The core business consists of the treatment, recovery, and disposal of municipal, industrial, and special waste, accounting for approximately three-quarters of consolidated revenues. Within this segment, REA Dalmine S.p.A. stands out as one of the most advanced waste-to-energy plants in Europe, with a capacity of 155,000 tonnes per year and combined electricity and heat generation supplied to the Bergamo district heating network. Environmental remediation, while contributing to a limited share of revenues, is the Group's main growth driver. The Group is among the national leaders in the sector, with over 500 projects completed or inprogress, including 21 National Priority Sites (Sites of National Interest, SIN), and a solid order backlog exceeding €300 million.
Energy production from renewable sources—through waste-to-energy plants, anaerobic digestion, and biomethane production—represents the Group’s third pillar, contributing approximately 7% to consolidated revenues.

The governance structure is soundly organized, with a five-member Board of Directors and a Board of Statutory Auditors serving as the internal control body. The separate and consolidated financial statements are subject to statutory audit by PricewaterhouseCoopers S.p.A. The Company has adopted a Code of Ethics and an Organizational, Management and Control Model pursuant to Legislative Decree No. 231/2001. 

Based on the 2024 consolidated financial statements, GTH demonstrates a solid scale, ranking among the main Italian players in the waste management sector, with revenues in the €50–500 million range. Its solvency position ranks above that of comparable peers, underpinned by a materially strengthened equity base in 2024, deemed adequate relative to total indebtedness. The profitability profile, while weighed down by a negative ROE attributable to non-recurring cost items, reflects a solid operating margin, confirming the sound overall quality of management.
The peer group shows a satisfactory solvency profile, with leverage gradually decreasing from 2.28x in 2021 to 1.83x in 2024, and financial leverage remaining broadly stable at around 0.4x, indicating a limited reliance on financial debt.The sources–uses structure appears balanced, with the current ratio and quick ratio at 1.25x and 1.08x, respectively, in 2024, both at healthy liquidity levels. Profitability shows a gradual decline, with ROE decreasing from solid levels (13% in 2021) to more moderate levels (9% in 2024). 

In the first quarter of 2026, the Italian economy continued to expand at a moderate pace, driven by services—also supported by the temporary boost from the Winter Olympic Games—against a backdrop of slowing manufacturing activity and consumption weighed down by the erosion of purchasing power. Rising energy prices, linked to the conflict in the Middle East, are contributing to upside risks to inflation, which is expected to reach 2.6% in 2026 under the baseline scenario.On public finances, 2025 recorded an improvement in fiscal balances, with the primary balance returning to positive territory. According to the Bank of Italy’s projections, GDP is expected to grow by 0.5% in both 2026 and 2027, accelerating to 0.8% in 2028, supported by the gradual easing of inflationary pressures and a recovery in domestic demand. However, the outlook remains exposed to downside risks related to geopolitical tensions, elevated energy prices, and weaker international trade.

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.

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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 ongoing monitoring until withdrawal.

Head Analyst - Carmela Santomarco, Rating Analyst
carmela.santomarco@modefinance.com

Responsible for Rating Approval - Naomi Busdon, Rating Process Manager
naomi.busdon@modefinance.com