Italian Securities Commission publishes Capital Markets in Italy report showing EUR 1.077 trillion equity capitalisation but fewer listings and structural weaknesses

The Italian Securities Commission (Consob) published its Capital Markets in Italy report, finding that Italy’s equity market reached a record EUR 1.077 trillion capitalisation in 2025 on price gains even as the number of companies listed on the regulated market fell below 200. The report concludes the market remains undersized relative to the economy and notes the increasingly important role of private equity in financing Italian companies. Market liquidity on Euronext Milan has declined over the past decade, with annual turnover (value traded relative to market capitalisation) averaging 88% in 2025 versus almost 100% in 2015, alongside increased concentration as the top 10 issuers represent 55% of total capitalisation (37% in 2015). Net admissions and delistings since 2010 reduced market size by around EUR 96 billion (EUR 72 billion in the last five years), leaving Italy at 0.8% of the global equity market despite Italian GDP exceeding 2% of global GDP. Private equity investment rose 17% in the first half of 2025 even as fundraising fell in line with the global contraction (-33%), and over the past decade private equity funding to Italian firms was nearly three times the proceeds of all IPOs on Euronext Milan and Euronext Growth Milan. The report also highlights household financial wealth of EUR 6.148 trillion (June 2025), the limited scale of domestic asset management (assets at 70% of GDP with 7% invested in Italian equities), and an increased share of domestically listed bonds issued by Italian companies in 2025 following Consob’s bond prospectus simplification initiatives (14% versus a 3.5% ten-year average).