Assets under management reached a new all-time high, while dividends distributed also set a record in a year of strong growth for the listed financial sector and companies traded on Euronext Growth Milan. This is the picture emerging from Consob’s Statistical Bulletins on Intermediaries and Issuers, covering the whole of 2025.

As regards financial intermediation, at the end of 2025 the value of financial instruments held with supervised intermediaries in connection with investment services and asset management increased by 7.9% compared with 2024, reaching €4,373 billion, the highest level since Consob began collecting data in 2010. Within this framework, the value of Italian equity securities is particularly significant, having risen to €533.9 billion, an increase of 24.2%, equivalent to more than €100 billion compared with 2024, confirming investors’ confidence in the Italian market.

Assets under management also increased compared with 2024, according to the Statistical Bulletin on Intermediaries, reaching €1,763 billion, up 8.7%, mainly supported by the 20.2% expansion in investment funds, or undertakings for collective investment. During the year, net subscriptions to Italian open-ended undertakings for collective investment were also positive, amounting to approximately €17.5 billion, mainly driven by the bond fund segment.

In 2025, all the main activities relating to investment services also increased: the placement of financial instruments rose by 13.1% to €535.2 billion; dealing on own account increased by 28.1% to almost €2,100 billion; the execution of orders increased by 8.7%; and the reception and transmission of orders rose by 10.6%. The placement of insurance-based investment products also increased by 10.7%, driven by unit-linked policies, which rose by 12.1%.

With regard to issuers incorporated under Italian law whose securities are listed or traded on Italian financial markets, the Statistical Bulletin on Issuers shows that 2025 was characterised by a significant increase in the profits of listed banks, which rose by 12.7% to €30.1 billion, mainly due to higher fee and commission income and income from equity investments. The profits of insurance companies also increased, reaching €6.2 billion, up 16.2%, supported by higher insurance revenue and lower operating costs.

Listed companies other than banks and insurance companies recorded aggregate profits of €24.2 billion, down 15.7% compared with the previous year, mainly reflecting negative extraordinary items related to impairments recognised by certain issuers. Operating indicators nevertheless point to broadly stable industrial performance and a positive capacity to generate cash flows.

Overall, dividends distributed by listed companies to shareholders exceeded €37 billion. The high returns delivered to the market, together with solid operating results, supported overall valuations. This is demonstrated by the increase in price-to-book multiples across all sectors, confirming the progressive strengthening of investor sentiment.

Companies traded on Euronext Growth Milan also recorded a positive performance, closing 2025 with profits up 37.4% to €353 million, thanks to higher revenue and improved operating profitability. Against this backdrop, the sector’s return on equity increased to 7.2%, more than double the level recorded in 2024 and the highest figure in the past three years.