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.
