Corporate Credit Rating for OENERGY SPA: B1+ (Affirm)

modefinance has published on the website the Corporate Credit Rating (Solicited) of  OENERGY SPA, assigning the rating of B1+ (Affirm). The analysis revealed that the company has an adequate economic-financial situation with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

OENERGY S.p.A. has been operating in the energy sector since 2010 and is authorised to sell natural gas and electricity at both wholesale and retail level to all end customers, ranging from private individuals to large corporations. Through its subsidiary OEGreen, the Group is also active in the renewable energy sector. In parallel, the commercial strategy, implemented through targeted acquisitions, including the full acquisition of Tres Energia S.p.A. in 2025, has enabled a significant expansion of the sales network, with a particular strengthening in the southern regions.
With the 2026–2030 Industrial Plan, the Group aims to consolidate its presence in both the retail and business markets, while simultaneously expanding activities with higher value added. The main growth drivers include expansion in the end-customer segment, the strengthening of wholesale operations through multi-sector supply contracts, process automation through the adoption of artificial intelligence solutions, the development of the OEnergy Point network of sales outlets, and investments in self-generation capacity from renewable sources. 

In 2025, OENERGY S.p.A. (hereinafter also the “Company” or “OENERGY”) confirmed, in continuity with the previous two financial years, an overall sound economic and financial position.

 
The most recent financial year further consolidated the positive growth trend in turnover, which reached 123.95 million euro, marking a 39% increase. This performance, together with improved operating efficiency, resulted in a strengthening of operating margins and net profit, which amounted to 1.75 million euro in 2025 compared to 1.33 million euro in 2024, with positive effects on profitability indicators, in particular the ROE, which stood at 30.35%. 

From a liquidity standpoint, the Company confirms a balanced management approach, both in static terms and in the dynamics of cash flows. In 2025, the Company generated positive operating cash flow amounting to 1.09 million euro, albeit lower than in the previous financial year, mainly due to the working capital absorption associated with volume growth. With regard to investment activities, the Company made use of new borrowings to fully finance cash outflows for investments, primarily related to the acquisition of 100% of Tres Energia S.p.A. and to the support of investment in the renewable energy sector through the acquisition of land for the development of photovoltaic plants. 

From a solvency perspective, an increase in exposures to the banking system was recorded, amounting to € 10.03 million, representing a 30.07% rise, consistent with the support of business growth and the investment plan. This dynamic is, however, more than offset by a stronger increase in shareholders’ equity, which reached € 5.77 million, up by 43.57%, leading to a slight improvement in solvency indicators. 

Net financial position also increased, rising from € 1.66 million to € 2.89 million euro; this trend does not have negative effects on the NFP/EBITDA ratio, equal to 0.75, or on the NFP/Equity ratio, equal to 0.50, both of which benefit from higher operating profitability and the capitalization. 

The Company has a collegiate administrative body, complemented by the activities of the Statutory Auditors’ Board. In addition, the Company has adopted the organisational model pursuant to Legislative Decree No. 231/2001. The corporate structure is clearly identifiable and features M2R Holding S.r.l. as the sole shareholder, which is in turn wholly owned by entrepreneur Mattia Pagani.

OENERGY, which already controls OEgreen S.p.A., has also controlled OEgroup Real Estate S.r.l. and Tres Energia S.p.A. since 2024.

No adverse issues have been identified with respect to the Company or its shareholders. 

OENERGY confirms a strong positioning in terms of size and profitability, ranking among the best performers within its industry peer group. Despite the improvement recorded, solvency ratios nevertheless place the Company below the 50th percentile of the sample distribution. It should be noted, however, that OENERGY’s stand-alone solvency profile is deemed adequate, supported by a balanced financial structure and solid capitalization.

The NFP/EBITDA and NFP/Equity ratios, both below critical thresholds, confirm the sustainability of the Company’s debt capacity. 

At the end of 2025 and into 2026, the global energy market remains in a phase of profound transformation, with electricity demand growing at an average annual rate of around 3.6% and global renewable capacity reaching approximately 5,149 GW, driven mainly by solar photovoltaic and wind energy. Fossil fuels continue to play a central role, with oil demand estimated at 740–760 thousand barrels per day and U.S. production remaining stable at around 13.6 million barrels per day. Geopolitical tensions in Iran have led to restrictions on transit through the Strait of Hormuz, a key corridor for roughly 20% of global oil and LNG flows, pushing Brent crude (a benchmark crude oil used to determine the price of oil internationally) prices above USD 110 per barrel and increasing the risk premium in energy markets.

These tensions are generating global inflationary effects and influencing monetary policy decisions. In Italy, electricity consumption in 2025 amounted to approximately 311 TWh, with 41% covered by renewable sources and about 83.5 GW of installed capacity; however, the country’s strong dependence on natural gas continues to keep energy prices high. The government has postponed the closure of certain coal-fired power plants in order to ensure security of supply.

Overall, the combination of growing demand, expanding renewable capacity and geopolitical volatility, with particular reference to Iran, defines a highly dynamic global and Italian market environment, characterized by elevated price risk. The macroeconomic projections released by the ECB in March for the euro area indicate that overall inflation is expected to rise to 2.6% in 2026, mainly due to higher energy prices linked to the conflict in the Middle East, before easing to 2.0% in 2027 and 2.1% in 2028. Disruptions in commodity markets are weighing on real income and confidence, negatively affecting consumption and investment.In particular, annual real GDP growth is projected at 0.9%, which is 0.3 percentage points lower than the December projections, while growth in 2027 and 2028 is estimated at 1.3% and 1.4%, respectively. Over the medium term, domestic demand is expected to remain the main driver of growth, supported by a stable labour market, planned public spending on defence and infrastructure, as well as the continued expansion of digitalisation and the investment cycle driven by artificial intelligence. On the external front, structural competitiveness challenges are expected to lead to a persistent loss of market share for the euro area. The current energy crisis highlights the need for an ecological transition aimed at reducing dependence on fossil fuels. Finally, in order to enhance competitiveness and financial integration in Europe, it will be essential to regulate and adopt the digital euro. 

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.

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.

Modefinance provided the rated company with ancillary services (ESG 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 - Mattia Dunhofer, Rating Analyst
mattia.dunhofer@modefinance.com

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