1. Regulation

Pursuant to Article 1, paragraph 1, letter w-quater.1) of the Consolidated Law on Finance (“CLF”), SMEs are small and medium-sized enterprises, issuing listed shares, with a market capitalization of less than 1 billion euros[1]. Issuers of listed shares that have exceeded this limit for three consecutive years are not considered SMEs.

The qualification as an SME is based on meeting the capitalization requirement as defined by Article 2-ter, paragraphs 1 and 3 of the Issuers' Regulation (“IR”).

The attribution of the SME qualification to an issuer entails some significant changes to the regulatory provisions with regard to:

1. ownership structures transparency, i.e. the increase from 3% to 5% of the minimum threshold for major holdings notifications pursuant to Article 120 of the CLF;
2. mandatory public takeover bids (see Article 106, paragraphs 1-bis, 1-ter and 3-quater of the CLF).

According to paragraph 2 of Article 2-ter of the IR, the issuers of listed shares shall disclose to the public any change in their qualification as an SME within five trading days from December 31, in addition to information on the acquisition and maintenance of the SME qualification (inlcuding the capitalization value) to be disclosed in their Report on Corporate Governance and Ownership Structure.

Finally, pursuant to paragraph 4 of the said Article 2-ter, Consob publishes the list of SMEs, based on its own calculation of capitalization values, on its website by 31 January of each year.

2. Methodology

The list includes only issuing companies with registered office in Italy with (at least) ordinary shares admitted to trading on EURONEXT MILAN (formerly MTA). Therefore, foreign companies listed on the same market and Italian companies with only listed savings shares are excluded from the list.

According to Article 2-ter of IR, the capitalization requirement is verified by calculating the simple average of daily capitalizations (official price multiplied by the number of shares).

It is recalled that, following the change introduced by the Capital Law with regard to the definition of SME, the list of SMEs as of 31.12.2023 published in January 2024 was later updated as of 27.03.2024 (i.e. the date on which the new capitalization threshold entered into force), taking into account only the 2023 capitalization values. Therefore, to draw up the new list as of 31.12.2024, the capitalization values of years 2023 and 2024 were taken into account.

3. List of SMEs

Below is the list of issuing companies that, based on the capitalization data calculated by Consob pursuant to Article 2-ter of the IR, currently qualify as SMEs.

Compared to the previous list published in 2024, the following companies have been removed as they are no longer listed:

• Algowatt Spa; CHL – Centro HL Distribuzione Spa; Civitanavi System Spa; Compagnia immobiliare azionaria – CIA Spa; Exprivia Spa; Greenthesis Spa; OpenJobmetis Spa; Saes Getters Spa; Servizi Italia Spa; Vianini Spa.

While the following companies have been added to the list:

• Altea Green Power Spa and Sys Dat Spa (admitted to listing on Euronext Milan in 2024); Alerion Clean Power Spa and Piaggio Spa (due to market capitalization below the threshold).

The list is published for information only. This is without prejudice to issuers’ responsibility for the verifications aimed at the qualification as an SME, in accordance with the aforementioned paragraph 2 of Article 2-ter of the IR.

List of "SME" issuers as of 31 December 2024
(January 2025)

Notes:

[1] The current market capitalization threshold was raised to EUR 1 billion (previously it was EUR 500 million) following the entry into force of Law No. 21 of 5 March 2024 (“Capital Law”).

[2] Starting from the trading session of 8 January 2025, the company's shares were delisted from Euronext Milan following the voluntary public tender and exchange offer promoted by Fnac Darty SA and RUBY Equity Investment S.à r.l.