The Italian Securities Commission (Consob) published the Markets section of its Statistical Bulletin for the second half of 2025, showing a broad strengthening of Italian financial market activity during 2025. Total market capitalisation of companies under Consob supervision rose sharply and the market-cap-to-GDP ratio moved close to 50%, while the number of listed and admitted companies fell year on year but returned to modest growth in the second half. At end-2025, 426 companies were listed on Italian regulated markets or admitted to trading on multilateral trading facilities under Consob supervision (411 with registered offices in Italy), up from 423 at end-June but below 434 at end-2024. Total market capitalisation increased from about EUR 836bn at end-2024 to about EUR 1,077bn at end-2025 (+28.8%); the capitalisation of Italian companies rose 40.6%, particularly in the financial sector, lifting the market-cap-to-GDP ratio from roughly 38% to close to 48%, the highest level in Consob’s time series (since 2010). Trading activity also expanded: equity turnover rose by around 30% versus 2024, Italian government bond trading by around 39%, and ETF and securitised derivatives (ETC and ETN) trading by more than 44%, while mutual fund trading fell by 45%; derivatives trading rose 12% and covered warrants and certificates by about 25%. By venue, Euronext Milan continued to shrink to 198 listed companies (from 202 at end-June and 209 at end-2024, with no new admissions), while Euronext Growth Milan recovered to 211 companies (from 204 at end-June), close to its 2024 level.

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