This page contains the list of SMEs within the meaning of art. 1 w-quater.1) of the Consolidated Law on Finance.

The list includes only Italian companies (with registered offices in Italy) with (at least) ordinary shares admitted to trading on the MTA. Foreign companies and Italian companies with only savings shares listed are therefore excluded from the list.

Following the amendments introduced with Legislative Decree no. 76 of 16/7/2020 (so-called simplifications decree) and the consequent amendments to the Issuers' Regulations, the capitalisation parameter has become the only criterion for the qualification of SME issuers.

For the purposes of publication and updating of the list, the acquisition of SME status is the result of not exceeding the threshold relating to capitalisation (of EUR 500 million) in at least one of the years of the previous three-year period (2019-2020-2021).

For the loss of this status, the capitalisation requirement must be exceeded for three consecutive years.

By virtue of the transitional regime, companies that as at 15 September 2020 had this status based on the criterion of not exceeding the turnover threshold of 300 million euros are included in the SME list.

In accordance with the provisions of Article 2-ter of Consob's Issuers' Regulations, containing "Provisions implementing the definition of SMEs", the capitalisation conditions (pursuant art. 1 w-quater.1) of the Consolidated Law on Finance) were verified by calculating the simple average of daily capitalisations (official price multiplied by the number of shares) for all issuers of ordinary shares listed on the EURONEXT MILAN regulated market managed by Borsa Italiana.

The calculation was made for each of the three consecutive calendar years 2019-2020-2021.

Companies that are SMEs for turnover only under and for the purposes of the transitional regime have been highlighted in the list with an asterisk.

Listed shares issuers "SMEs" (updated as January 2022)