Bonds

On 30/05/2025 Cerved Rating Agency S.p.A. confirmed the public rating A3.1 to E.S.TR.A S.p.A.

The rating affirmation reflects:
(i) the consolidation of key profitability metrics in FY24;
(ii) leverage indicators at Dec24
consistent with the previous year;
(iii) the expected normalization of profitability in FY25 as well as an expected increase in Adj. Net Financial Position (NFP) due to the substantial investment plan; leverage metrics, nevertheless, are expected to remain aligned with the assigned rating class.