EGM Analysis FY25
2025 ended with 21 IPOs, averaging €6.1 million, and 19 delistings on the EGM market. The number of IPOs remained unchanged compared to 2024, but there were 8 more delistings. The EGM remains the leading public market for equity financing, considering the zero IPOs on other segments of the Italian Stock Exchange.
The EGM’s market capitalization rose to €10.6 billion at the end of 2025, compared to €9.4 billion at the end of 2024. Its current average market size is €54 million, up from €45.8 million at the end of 2024.
The FTSE Italia Growth index reversed the negative trend seen in the previous two years. It rebounded 20% from the April decline and is expected to grow 9% year-on-year in 2025.
On January 23, the ational Strategic Indirect Fund (FSI) presented its public-private investment vehicle to support SMEs on the stock exchange. Thirteen managers have applied for the project, eight have received authorization from the Supervisory Authority, and four have already been subscribed by CDP.
According to the FNSI, the potential amount of resources that could be mobilized by the end of 2027 ranges from €800 million (eight funds) to €1.6 billion (10-12 funds).
Furthermore, the approval, fundraising, and investment deadlines have been extended to the first half of 2027 to spread investments over a longer timeframe and avoid excessive market demand.
Find out more in the attached Report by Francesca Sabatini, Head of Equity Research, and Michele Calusa, Equity Research Analyst of Banca Profilo.
Markets 2026: more marathon than sprint
After a 2025 driven by enthusiasm and liquidity, the new year has opened on less linear foundations. The initial market rebound found support in segments such as European tech and US small caps, but it took little to bring uncertainty back to center stage: the Greenland dossier, the return of tariffs, and tensions between the new US administration and the Federal Reserve quickly shifted sentiment.
The macroeconomic picture remains difficult to read. In the United States, growth is holding up but is accompanied by inconsistent signals on employment and inflation still above target. In Europe, fiscal stimulus clashes with the need to respect budget constraints. China continues to grow but in an unbalanced manner, while Japan remains grappling with persistent yen weakness.
The outlook does not indicate a cycle reversal, but rather a phase of greater selectivity. Artificial intelligence continues to drive markets, but enters a more mature phase where it will be essential to distinguish between sustainable growth and hype. In fixed income as well, the context requires a more cautious approach, given stretched valuations and widespread fiscal pressures.
2026 will therefore require careful, consistent, and long-term oriented management. It won’t be a sprint, but a journey to tackle with a marathoner’s discipline.
Watch the Quarterly Analysis produced by Banca Profilo’s Asset Management Committee to explore the main economic scenarios and investment strategies.
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!
