2025 marks the first year of decline in the number of companies listed on the EGM, which has 208 issuers, down from 210 at the end of 2024. However, the EGM remains the main public market for equity financing, with 16 IPOs compared to zero on other segments of the Italian Stock Exchange.
The EGM’s capitalization rose to €11.2 billion at the end of October 2025, compared to €9.4 billion at the end of 2024. Its current average size is €54 million, up from €45.8 million at the end of 2024. Excluding April, the FTSE Italia Growth index maintained an upward trend, posting a positive performance since the beginning of the year.
Liquidity is showing the first signs of improvement. Trading volumes increased in October to €283 million, well above the monthly average of €159 million recorded in the first three quarters of the year.
The National Strategic Indirect Fund (FNSI) was introduced as a public-private investment vehicle to support SMEs. Six Italian managers have already made initial commitments.
Finally, we have identified three companies that meet quality requirements in terms of size, profitability, and free float to be considered true “gems” of the market.
Find out more in the attached report by Francesca Sabatini, Head of Equity Research, and Michele Calusa, Equity Research Analyst of Banca Profilo.
