Statistical Bulletin no. 27/3 - Issuers - December 2025 
 

Listed italian companies in the first half of 2025

In the first half of 2025, Italian companies listed on the regulated market Euronext Milan (EXM) and those traded on the multilateral trading facility Euronext Growth Milan (EGM) showed overall resilience in their economic fundamentals, despite a macroeconomic and financial environment still characterized by high uncertainty.

Listed companies other than banks and insurance firms recorded a slight decline in net income (-3.4%), mainly due to an increase in operating costs that outpaced revenue growth. Conversely, companies admitted to trading on EGM benefited significantly from revenue growth, successfully translating it into higher net profitability (+8.4%).

In the financial sector, earnings performance was overall positive, supported by strategies aimed at adapting to the new environment. Banks (+11.9%) offset the expected contraction in net interest income through growth in fees and commissions as well as improved operating efficiency. Insurance companies (+5.9%), despite being negatively affected by the decline in investment income, maintained positive results thanks to significant operating cost rationalisation.

Overall, the capital structure strengthened and market sentiment improved, as reflected in Price/Book multiples reaching new highs since 2022 across all the sectors analysed.

Listed companies other than banks and insurance companies

In the first half of 2025, Italian companies listed on EXM—excluding the banking and insurance sectors—reported aggregate profits of 14.8 billion euros, down 3.4% compared to the same period in 2024. Despite solid revenue growth (+11 billion euros, or +5.4%), net results were adversely affected by a rise in operating costs, which increased by 13.9 billion euros (+8.7%). In particular, this included an increase in selling, general and administrative expenses (+4.7%) and, most notably, a surge in other operating expenses (+118.9%). The combined impact of these factors led to a 3.9 billion euros contraction in Operating Profit (EBIT) (-14%), only partially mitigated by growth in financial income (+15.5%), a reduction in net extraordinary expenses (-86.7%) and a decline in income taxes (-14.6%). From a balance sheet perspective, aggregate Shareholders' Equity stood at 259.9 billion euros as of June 30, 2025, reflecting a slight decrease (-0.9%) compared to year-end 2024.

Profitability indicators point to a picture of broad stability. Annualized ROE increased to 11.4% (from 10.9% in 2024); this rise is technically supported by the reduction in shareholders' equity and the methodology used to annualise half-year cash flows. Efficiency metrics also showed slight improvement: annualised ROA increased to 2.7% (from 2.6%) and ROS to 11.3% (from 11.2%), signalling greater efficiency in capital deployment and substantially stable sales margins.

Margin analysis reveals divergent trends. The EBITDA Margin remained stable at 19.4%, while the Net Margin increased slightly to 6.9% (from 6.8% in the previous year). By contrast, the Free Cash Flow Margin turned negative in the first half (-1.9%), compared to 6.6% for full year 2024. This trend primarily reflects factors linked to increased investments and cash absorption related to changes in working capital, and is comparable to the value recorded for the first half of 2024 (-1.2%).

With regard to financial structure, the process of capital consolidation and deleveraging continues. The Debt to Equity ratio declined to 136.5%, improving from 138.6% recorded at year-end 2024 and well below the 159.2% recorded in 2022. Likewise, the Net Debt to EBITDA ratio fell to 319.4%, indicating a more balanced relationship between net debt and EBITDA. The Interest Coverage Ratio stands at 403.1%; although lower than at the end of 2024, it remains at a broadly sustainable level.

Market-based indicators point to a positive investor sentiment. The annualised Price/Earnings (P/E) ratio rose to 14.7x (from 13.2x at the end of 2024), reflecting higher share prices against a backdrop of essentially stable earnings. In parallel, the Price/Book (P/B) ratio reached a new high since 2022 of 1.68x, confirming market optimism regarding companies’ future value. Finally, remuneration indicators are affected by the timing of distribution: the Dividend Yield, calculated on dividends paid in the first half of the year, stands at 2.9% (compared with 4.2% for full year 2024), while the Dividend Payout Ratio is 85.5%. This latter figure is technically elevated, as it compares dividends based on 2024 profits with net income generated solely in the first half of 2025.

Companies traded on EGM

In the first half of 2025, Italian companies traded on EGM reported aggregate profits of 178 million euros, up 8.4% compared with the same period in 2024. This positive performance was driven by robust revenue expansion, which grew by 609 million euros (+13.7%). In contrast to trends observed on the main market (EXM), the increase in turnover was not fully offset by the increase in operating costs—which grew by 578 million euros (+16.2%) —nor by other expense items. In addition, a reduction in financial charges (-9.8 million euros, or -11%) further supported the improvement in overall profitability. From a balance sheet perspective, aggregate Shareholders' Equity stood at around 5.1 billion euros as of June 30, 2025, recording a slight increase (+0.7%) compared to year-end 2024.

Profitability indicators point to a marked strengthening. Annualised ROE rose to 7% (from 3.1% in 2024), driven by higher net profits and technically amplified by the annualization of half-year cash flows. The progress in annualised ROA is even more pronounced, rising from 1.3% to 2.8%, signalling a return to greater efficiency in capital deployment. In line with this trend, ROS also improved, reaching 5.2% compared with 3.9% in 2024.

The strengthening of profitability is also evident in the margin structure. The EBITDA Margin increased to 10.7% (from 7.4% in 2024), while the Net Margin rose to 3.5% (from 1.7%), pointing to a markedly enhanced capacity for value creation. The Free Cash Flow Margin was negative (-3.1%) compared to 4.8% for the full year 2024, but closer to the figure recorded for the first half of 2024 (+0.9%).

With regard to financial structure, leverage recorded a modest increase but remains within sustainable levels. The Debt to Equity Ratio rose to 66.8% (from 61.2% at year-end 2024) while remaining below the level observed in 2023. Despite the nominal rise in debt, repayment capacity improved: the annualised Net Debt to EBITDA ratio declined to 164%, driven by the expansion of operating margins. In parallel, the Interest Coverage Ratio rose sharply to 677.2% (from 362.3% in 2024); although still below the peaks reached in 2022, this improvement has occurred in a context of structurally higher interest rates.

Market valuations reflect the improvement in economic fundamentals. The annualized Price/Earnings (P/E) ratio contracted significantly, dropping from 49.8x to 23x, primarily as a result of earnings growth. The Price/Book (P/B) ratio recorded a slight increase, reaching a new all-time high of 1.61x. Shareholder remuneration indicators are affected by the timing of distributions: the half-year Dividend Yield stands at 1.2% (compared with 1.6% for full-year 2024), while the Dividend Payout Ratio declined to 56.1% (from 77.7%). This decline is technically driven, as it compares dividends approved on the basis of the weaker profits of 2024 with net income generated solely in the first half of 2025, which has already exceeded the result for the entire previous year.

Listed banks

In the first half of 2025, Italian banks listed on EXM consolidated the growth trend observed in recent years, reporting aggregate profits of 16.7 billion euros, up 11.9% compared to the same period in 2024. This performance reflects an effective rebalancing of revenue sources: the expansion in net commission income (+2.2 billion euros, or +11.4%) more than offset the contraction in net interest income after provisions (-4%, or approximately -990 million euros), which was affected by the onset of the ECB's monetary easing cycle. These dynamics further strengthened the sector's capital base: as of June 30, 2025, aggregate Shareholders' Equity stood at 191.3 billion euros, up 4.1% compared to year-end 2024.

Profitability indicators confirm a further strengthening of performance. Annualized ROE rose to 17.5% (from 14.4% in 2024), supported by both net income growth and the technical effect of annualizing half-year flows. In parallel, annualised ROA also improved, rising to 1.2% (from 1.1% in 2024). Supporting these levels of performance, a slight increase in financial leverage was recorded, with the Leverage Ratio rising from 13.1x to 14.1x.

The improvement in margins was primarily driven by cost containment. The Cost-to-Income Ratio declined to 51.1%, marking a significant improvement compared to 57.7% in 2024 and 68.2% in 2022. Enhanced operational efficiency enabled banks to absorb the contraction in the Net Interest Margin, which stood at 2% (down from 2.1% in 2024), while preserving robust overall profitability.

With regard to asset quality, the banking system remains solid and characterized by a low risk profile. The aggregate NPL Ratio dropped to 3.1% (down from 3.2% at year-end 2024). The decline in the Coverage Ratio to 62.9% (from 69.2%) does not raise concerns, as it is consistent with the system's high capitalization levels and the further decline in the Cost of Risk, which stood at 0.21% (from 0.23% in 2024). On the liquidity front, the Loan-to-Deposit Ratio rose to 121.6%, up from 118.7% at the end of 2024.

The combination of rising profitability and financial solidity has supported stock market valuations. The annualized Price/Earnings (P/E) ratio climbed to 7.9x (from 7x at year-end 2024), while the Price/Book (P/B) ratio reached a new high since 2022 of 1.38x, clearly exceeding the parity threshold (1.01x at year-end 2024) and signalling improved investor sentiment towards the banking sector. Finally, shareholder remuneration indicators highlight a half-year Dividend Yield of 3.6% and a Dividend Payout Ratio of 57.3% (up from 54.7% in 2024). Here too, the payout ratio is influenced by technical calendar factors, as dividends approved based on full-year 2024 profits are compared solely against results generated in the first half of 2025.

Listed insurance companies

In the first half of 2025, insurance companies listed on EXM reported aggregate profits of approximately 3 billion euros, an increase of 5.9% compared to the same period in 2024. This result was primarily driven by a sharp contraction in selling, general, and administrative expenses (-5.8 billion euros, or -35.8%). Positive contributions also stemmed from the growth in insurance revenues (+1.4 billion euros, +4.4%), the recovery of net income from investments and loans (+362 million euros, compared to a negative balance of 16 million euros in 2024), and the robust performance of other operating revenues (+16%). These favourable dynamics more than offset negative factors, represented by the rise in claims and reserves (+570 million euros, +2.1%), losses on non-operating activities (326 million euros, vs a profit of 167 million euros in 2024), and, most notably, the severe contraction in net investment income, which fell by 6.7 billion euros (-47.7%). From a capital perspective, Shareholders' Equity stood at 42.2 billion euros, down 1.7% from 43 billion euros at year-end 2024.

Profitability indicators show an overall improvement. Annualized ROE rose to 14.4% (from 12.4% in 2024), driven by net profit growth, the reduction in shareholders' equity, and the technical effect of annualizing half-year data. Annualized ROA also improved, rising from 0.9% to 1%, against a backdrop of a slight increase in financial leverage (Leverage Ratio at 14.8x, up from 14.5x). With regard to core insurance operations, technical efficiency improved: the Technical Cost Ratio fell to 84.4% (from 88.1% in 2024), partially offsetting the decline in Investment Yield, which stood at 2.6% in the first half of 2025 (down from 4.6% in 2024).

Market valuations reflect investor confidence in the sector's solidity. The Price/Earnings (P/E) ratio rose slightly, moving from 9.7x to 9.8x, while the Price/Book (P/B) ratio showed a more marked increase, rising from 1.2x to 1.4x, signalling an upward revision of expectations regarding the asset quality of the Italian insurance sector.

Shareholder remuneration indicators are influenced by the timing of distributions: the half-year Dividend Yield stands at 4.7% (4.5% for the full year 2024), while the Dividend Payout Ratio rose to 92% (from 43.8% in 2024). This high payout figure is due to technical factors, as it compares dividends related to full-year 2024 profits with net income generated exclusively in the first half of 2025.

The Report was prepared by:
Francesco Scalese - CONSOB, Statistics Office, Research Department (f.scalese@consob.it)
Davide Danzilli - CONSOB, Statistics Office, Research Department (d.danzilli@consob.it)

Thanks to Andrea Conforti, Simona Di Rocco e Giovanna Di Stefano and Factset for the support.

Editorial secretary: Andrea Cianciullo

For information and clarifications write to: Ufficio.Statistiche@consob.it