Corporate Credit Rating for TIRRENIA ENERGIA SRL: B1- (First Issuance)

modefinance published the Solicited Corporate Credit Rating of TIRRENIA ENERGIA S.R.L. on the website and the rating assigned to the entity is B1- (First Issuance). The analysis revealed it is a company with adequate economic and financial situation, capable of facing adverse economic conditions in the medium and long term.

TIRRENIA ENERGIA S.R.L., founded in 2021 and headquartered in Sarno, Italy, operates in the electricity and natural gas supply market, with a focus on transparency, customer proximity, and service quality. The Company manages the entire supply chain, from procurement to delivery, serving a customer base primarily composed of commercial and industrial clients, with a strong presence across Central and Southern Italy. Its growth strategy includes expanding its regional footprint and opening new local offices to broaden its commercial coverage and provide increasingly tailored energy solutions.

Tirrenia Energia closed FY2024 with a solid and well balanced economic and financial structure, supported by the strengthening of shareholders’ equity and the absence of bank debt, enabling the company to maintain a positive cash position and a proper balance between current assets and liabilities. During the year, increased volumes traded in the power segment drove revenues above €10 mln, representing growth of more than 19% compared to the previous year. EBITDA rose from €297 thousand to €420 thousand, with a margin close to 4% of sales, while net profit reached €313 thousand, up from €253 thousand in 2023. Profitability indicators remain at satisfactory levels, with a ROI consistent with the company’s operating model and a notably high ROE, partly due to the limited equity base. Although the company reported an improvement in its self financing capacity, the increase in trade receivables and the reduction in current liabilities weighed on operating cash flow, resulting in lower cash balances at year end.

Tirrenia Energia’s corporate structure is characterized by a stable and highly concentrated ownership, with three main shareholders holding almost the entire share capital: Salvatore Manna, holding 40% and serving as Sole Director; Anna Robertiello with 30%; and Michele Zarrelli with 26%. Statutory auditing is entrusted to an external professional. The company does not hold controlling or significant shareholdings in other companies. Given its current size and operations, the governance and control structure is deemed adequate; however, in view of the expected growth over the coming years, a gradual strengthening of governance and oversight functions is recommended.

Compared with its reference peer group, Tirrenia Energia has a smaller operational scale and lower solvency levels than the sector medians, while in terms of profitability the company ranks in the upper range of the sample, close to the eightieth percentile. The peer group companies exhibit an overall adequate financial balance, with improving leverage and financial leverage indicators compared with the previous year. The sector’s average profitability also improved significantly in 2024, reaching satisfactory levels.

In 2024, energy prices in Italy stabilized due to the expansion of renewable sources, reduced consumption, and favorable weather conditions. However, prices remained above pre-crisis levels due to the impact of fossil fuels. Renewable sources accounted for approximately 50% of electricity generation. Further support is expected from new investments by Terna and the launch of the MACSE, which aims to incentivize storage systems. In Europe, LNG represented 38% of gas imports, partially offsetting the decline in Russian supplies. As of the end of April 2025, gas storage stood at 47%, with 90% of capacity already allocated for the 2025/26 season, contributing to energy security. In the first quarter of 2025, the Italian economy posted moderate growth, supported by household consumption underpinned by a stable labor market and rising real incomes. Investments remained weak, constrained by underutilized production capacity and tight financial conditions. Growth was driven by the services sector and construction projects linked to the National Recovery and Resilience Plan (NRRP). Manufacturing showed signs of recovery, though it remains vulnerable to rising tariffs and geopolitical uncertainty. The Bank of Italy forecasts GDP growth of 0.6% in 2025, 0.8% in 2026, and 0.7% in 2027.

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 has 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 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 ongoing monitoring until withdrawal.

Head Analyst - Stefano Chirsich, Rating Analyst
stefano.chirsich@modefinance.com

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