EGM Analysis 3Q25

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. 

AI and Markets: Calm Waters or Storm Ahead?

In recent months, markets have remained surprisingly calm. After a turbulent period dominated by inflation and geopolitical tensions, conditions seem to have returned to an apparent normality. Yet, it is often in these moments of calm that the most dangerous fragilities lie hidden.

In the third quarter of 2025, market momentum was driven mainly by the euphoria surrounding artificial intelligence. The rally of major tech giants, fueled by liquidity and high expectations, has overshadowed signs of macroeconomic slowdown. In reality, the balance remains fragile: global demand is weakening, consumption is slowing, and productivity is flattening—particularly in the United States.

At the same time, the concentration of gains in a handful of stocks and the compression of credit spreads bring back memories of bubble-like dynamics. We are not in a recessionary environment, but some indicators call for greater caution from investors.

What lies ahead in the coming months? Find out in the Quarterly Analysis prepared by Banca Profilo’s Asset Management Committee.

Banca Profilo renews the Reverse Roadshow: a journey through innovation and local excellence

Once again this year, Banca Profilo brought together Italian and international institutional investors to discover some of the finest examples of Italian entrepreneurship, through a Reverse Roadshow set against the stunning backdrop of Naples.

Ten investors had the opportunity to visit the headquarters and production sites of Gruppo Nusco S.p.A., SVAS Biosana S.p.A., and Arterra Bioscience S.p.A., gaining first-hand insight into companies we proudly support through our EGA, Research, and Corporate Broking activities.

The evening concluded with a special moment: Arterra hosted us at their company celebration in the beautiful Villa Doria D’Angri, where we experienced the team spirit, passion, and corporate culture that distinguish their young and talented group.

A heartfelt thank you to all the companies involved and to the investors who made this event so meaningful.

We will continue to build bridges between capital and enterprise, with passion and dedication.

Markbass S.p.A. admitted to Euronext Growth Milan with Banca Profilo

We are pleased to announce that Markbass S.p.A., a historic company in the bass and guitar amplification sector, has been admitted by Borsa Italiana to trading of its ordinary shares on the Euronext Growth Milan (EGM) market.

Present in over 60 countries, Markbass has established itself as a benchmark in bass amplification thanks to its constant drive for innovation. Over the years, it has expanded its business into musical instruments, audio systems and strings, winning over a wide range of clients: from young talents, through its entry-level lines, to internationally renowned artists such as Marcus Miller, Richard Bona and Paolo Costa.

In this transaction, Banca Profilo supported Markbass as Euronext Growth Advisor, Global Coordinator and Corporate Broker.

We wish Markbass a future full of success and innovation!

ETS debuts on the EGM market

We are pleased to announce that ETS – ETS S.p.A. Engineering and Technical Services, an engineering company active in design and project management across various sectors such as infrastructure, healthcare construction, residential building, and so-called mission critical infrastructure (including data centers, nuclear or hydrogen plants, and airports) – has been admitted by Borsa Italiana to the trading of its ordinary shares on the EGM market.

In this transaction, Banca Profilo assisted ETS as Euronext Growth Advisor, Global Coordinator, and Corporate Broker.

We wish ETS a future full of success and innovation in the dynamic and challenging world of engineering!

EGM Analysis – 1Q25

In the first four months of 2025, the number of companies listed on EGM stood at 202, with only 3 IPOs — a slowdown compared to the 5 in the same period last year. The total market capitalization is €9.1 billion, with an average of €45.7 million per company.

Companies continue to leave the EGM: there were 9 delistings in the first four months alone, nearing the 11 recorded for all of 2024. Since the beginning of 2023, there have been 37 delistings, compared to just 16 over the previous three years. This trend highlights the gap between real company value and market prices, which are affected by poor liquidity.

The 2024 results once again confirmed the growth potential and solid profitability of EGM-listed companies. However, the number of companies reporting revenue growth and the average growth rate declined; on the other hand, the number of companies with an EBITDA margin above 15% increased.

In 2024, revenue growth generally fell short of market expectations, prompting analysts to revise their forecasts and shift recovery expectations to the following two years. In terms of profitability, despite a positive surprise, consensus estimates for EBITDA margins over the next two years remained largely unchanged.

Explore the full Report in the attachment and the video analysis by Francesca Sabatini, Head of Equity Research, and Michele Calusa, Equity Research Analyst at Banca Profilo.

Spring Investor Conference 2025

The entrepreneurs who took part in the Spring Investor Conference organized by Banca Profilo on April 2 at DAZI MILANO share their insights.

On this occasion, institutional investors and some of the most promising companies listed on Euronext Growth Milan gathered to discuss their 2024 results, ongoing strategies, and future goals.

Throughout the day, 55 one-to-one meetings were held, involving 40 institutional investors from Italy and abroad and 12 EGM-listed companies: Arterra Bioscience, Cofle Group, D.E.A., HOMIZY, INTRED, Nusco, Promotica, Riba Mundo Tecnología, Sciuker Frames, Spindox, SVAS Biosana, Tecma Solutions.

It was a valuable opportunity for constructive dialogue, strategic exchange, and a shared vision of the future of the Italian financial market.

Thank you to everyone who participated. We look forward to seeing you again in September to continue this journey of growth and collaboration together.