Tiny Titans Talk 2026

This year once again marks the return of Tiny Titans Talk, the series by Banca Profilo dedicated to the most dynamic companies listed on Euronext Growth Milan and their stories of growth, innovation and entrepreneurial vision.

During the Banca Profilo Spring Investor Conference, held at DAZI MILANO, we gave the floor to the entrepreneurs, managers and investors who took part in the event, exploring strategies, market challenges and future goals in an increasingly complex economic and geopolitical environment.

Through a series of short interviews, participants shared their perspectives on market evolution, growth opportunities and the distinctive strengths of their businesses and investment realities.

The protagonists of Tiny Titans Talk

• Marco De Virgiliis – Owner & CEO of Markbass S.p.A.
• Gianbattista Parietti – Owner & CEO of E.T.S S.p.A.
• Alessandro Peveraro – CEO of Homizy S.p.A.
• Fabio Piazzano – Investor at Capital 1
• Fabio Lazzerini – CEO of Comtel S.p.A.
• Jean Philippe Cridlig – Investor at Hexagon Advisor
• Raffaele De Bettin – Owner & CEO of DBA S.p.A.
• Erika Padoan – Investor Relations Manager at Redelfi S.p.A.
• Emanuele Cardone – CFO of Redelfi S.p.A.
• Paolo Angelici – Chairman of DEA S.p.A.
• Gianluca Del Fabbro – General Manager of Franchetti S.p.A.
• Julie Paray – Investor at Eiffel Investments Group

Once again, Tiny Titans Talk confirms itself as a space for discussion and insight dedicated to the entrepreneurial excellence of the EGM market, fostering dialogue between companies and investors within the Italian financial ecosystem.

See you at the next Investor Conference.

Spring Investor Conference 2026

This year once again, the Banca Profilo Spring Investor Conference – Tiny Titans Talk took place at DAZI MILANO, the event organized by Banca Profilo that brought together institutional investors and some of the most dynamic companies listed on the Euronext Growth Milan market.

In a complex geopolitical environment and amid constantly evolving markets, the conference represented an important opportunity for dialogue and exchange between entrepreneurship and capital, both Italian and international. During the event, participants discussed 2025 results, shared growth strategies and explored future market perspectives.

This year’s edition recorded growing numbers: over 100 meetings organized, more than 40 Italian and international investors involved, and 15 participating issuers. Particularly meaningful was also the dialogue among entrepreneurs, who, during networking sessions and tailor-made activities, had the opportunity to exchange ideas, visions and strategic insights in an authentic and highly qualified environment.

Participating companies included:

Arterra Bioscience S.p.A., Braga Moro, Cofle Group, DEA – Distribuzione Elettrica Adriatica S.p.A., DBA Group, ETS S.p.A. – Engineering and Technical Services, HOMIZY, MARKBASS S.p.A., Gruppo Nusco S.p.A., SVAS Biosana S.p.A., INTRED S.p.A., Comtel, Franchetti S.p.A., Redelfi e Radici Pietro Industries & Brands S.p.A.

An occasion for constructive dialogue, networking and shared vision on the future of the Italian financial market.

Markets 2026: When Resilience Turns to Complacency

The past few weeks have put market analysis to a severe test. When the United States and Israel struck Iran, Tehran responded by closing the Strait of Hormuz, through which about one-fifth of the world’s crude oil passes. The price of Dated Brent, the benchmark for the physical North Sea oil market for near-term deliveries, peaked at $140 per barrel, up from $70 before the conflict—a surge that rippled through the entire production chain. This surge was not confined to energy prices but spread throughout the entire production chain, putting central banks and end consumers in a tight spot.

The macroeconomic picture is difficult to interpret. Central banks find themselves in a very delicate position: the BCE sees inflation revised to 2.6% and growth stuck at 0.9%, a textbook case of stagflation. The Fed has significantly scaled back expectations of rate cuts. De-dollarization is advancing as a structural trend, but for Europe, a weak dollar does not solve its energy dependence.

Meanwhile, the markets have continued to rise. The S&P 500 has hit new record highs in six weeks, marking one of the fastest recoveries from a geopolitical shock of this magnitude. Beneath the surface, however, selectivity is key: this is not indiscriminate risk-on, but disciplined positioning with hedges on oil and interest rates. Artificial intelligence remains a cross-cutting theme, but its energy and geopolitical challenges will eventually need to be resolved.

The second quarter will require careful, long-term-oriented management. Success will not go to those who anticipate the next shock, but to those who know how to adjust course without losing their bearings.

View the Quarterly Analysis prepared by Banca Profilo’s Asset Management Committee to explore the main economic scenarios and investment strategies.

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.