Proger, Cerved confirms A2.1 rating: backlog at €765m and €40m investment plan
Leverage below 0.5x, adjusted EBITDA at €25.7 million, revenues expected to exceed €190 million in 2026. A €40 million investment plan, backed by Azzurra Capital Investments' entry into the share capital, supports growth.
Cerved Rating Agency has confirmed the public rating of A2.1 assigned to Proger S.p.A., placing the company in the “High Investment Grade” category. The assessment reflects the company’s strong financial position, with leverage below 0.5x, a backlog of €765 million, and a very low credit risk profile.
In the 2025 pre-closing, Proger recorded a Production Value of €170.7 million and an adjusted EBITDA of €25.7 million (above 15%), despite the delay of several significant contracts attributable to external factors. The adjusted Net Financial Position stood at €10.2 million, with adjusted NFP/EBITDA and adjusted NFP/Equity ratios of 0.40x and 0.09x respectively — values considered optimal in absolute terms, confirming, as in previous years, both the company’s strong financial capacity and the solid balance sheet structure underpinning its risk management.
“The confirmation of the A2.1 rating is a further independent endorsement of the Group’s financial strength at a time of significant geopolitical and macroeconomic instability,” said Luca Di Cesare, Chief Planning & Control Officer at Proger.
The rating confirmation comes alongside a series of additional recognitions received by Proger in April and May:
- On 23 April, the company was recognised at the Credit Reputation Awards by MF Centrale Risk, confirming its position, for the third consecutive year, among the top performers in timeliness and management of banking relationships.
- On 28 April, Proger received the Alta Onorificenza di Bilancio from Industria Felix, an award granted in collaboration with the Cerved Research Department.
- On 18 May, the company received the Legalità e Profitto Economy merit certificate at the RSM Awards 2026.
“In 2026, Proger S.p.A. will report a Production Value of €190 million, with margins growing to 16.6%. The forecast is firmly supported by a backlog exceeding half a billion euros and a hard pipeline approaching €200 million,” said Roberto Lombardi, CFO of the Proger Group. “Azzurra’s entry into Proger’s share capital has enabled us to plan approximately €40 million in strategic investments over the next two years: €25 million will be allocated to M&A activities, while the remaining €15 million will fund internal growth through research and development and the strengthening of the company’s core competencies“.