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.

Tiny Titans Talk – April 2nd Edition

We are pleased to present the second episode of Tiny Titans Talk, the series launched last year to spotlight some of the most successful entrepreneurial stories from Euronext Growth Milan.

On April 2nd at DAZI MILANO, during Banca Profilo’s Spring Investor Conference, the featured entrepreneurs shared their stories. On this occasion, institutional investors and some of the most promising EGM-listed companies came together to discuss 2024 results, strategies, and future goals.

Special thanks to: Alessandra Barbieri (Cofle), Alessandro Peveraro (HOMIZY), Antonio Amendola (4AIM SICAF), Charles Bromley (Corinthian FM), Diego Toscani (Promotica), Egon Zanagnolo (INTRED S.p.A.), Gabriele Riva (Tecma Solutions), Marco Cipriano (Sciuker Frames), Marco Dezi (Riba Mundo Tecnología SA), Marco Nardi (Nusco), Maria Gabriella Colucci (Arterra Bioscience), Massimiliano Riderelli Belli (DEA), Paolo Costa (Spindox), and Umberto Perillo (Svas Biosana).

EGM Analysis 2024

During 2024, the number of companies listed on the EGM was 210, with only 21 IPOs, slowing down from 34 last year. Total capitalization is 9.4 billion euros, with an average of 45.8 million.

In the last two years, 28 companies have delisted from the EGM, compared to 16 in the previous three years, indicating a less attractive EGM that suffers from a prolonged lack of liquidity. Discounted valuations have made these companies targets for acquisitions, with 17 takeover bids in the last two years compared to 14 in the previous six years.

We left you at the end of October with cautious optimism on the EGM and we return to you confirming our view. In fact, the segment continues to be dynamic for M&A, with Q4 marking a record number of operations.

Furthermore, the FTSE Italia Growth index stabilized around 8,000 points thanks to low valuations, accommodative monetary policy and fiscal stimulus. It outperformed its European counterpart Euronext Growth All Shares, which hit new lows this year. Finally, after the cut in October, consensus confirmed the estimates for the 2024-2026 period, with revenue growth of 13% in 2023-26, accompanied by an average improvement in margins of 300 basis points over the same time frame.

We mark 2024 as a transitional year. Explore the research here and watch the video analysis by Francesca Sabatini, Head of Equity Research, and Michele Calusa, Equity Research Analyst at Banca Profilo.