Banca Profilo S.p.a. · MIL:PRO
Banca Profilo — Earnings Presentation (February 2026)
21 slides from Banca Profilo's earnings presentation, Feb 9, 2026
Slide 1: EGM Analysis - 2025
EGM Analysis - 2025 9 February 2026 Banca Profilo Research Team Francesca R. Sabatini - Head of Equity Research Enrico Luca, CFA - Equity Research Analyst Michele Calusa - Equity Research Analyst
Slide 2: Agenda
Agenda EGM ALL COMPANIES 2025 NEW LISTINGS 2
Slide 3: 2025 YTD – EGM Highlights
2025 YTD – EGM Highlights EGM ● Delistings continue. Despite 2025 ultimately closed with 21 IPOs and 19 delistings, preserving a marginally positive net balance, it marks a clear worsening versus both 2024 and historical trends. Euronext Growth Milan is dedicated to ● EGM remains the leading public
Slide 4: FNSI Key takeaways
FNSI Key takeaways Presentation ● In 1H25, the Fondo Nazionale Strategico Indiretto, promoted by the Ministry of Economy and Finance (MEF) and managed by CDP, was launched. The initial endowment amounts to €350 million, with up to 49% of public resources allocated to investment funds (OICR) mandated
Slide 5: A structural decline in EGM appeal
A structural decline in EGM appeal After a still-positive balance in 2024 (21 listings vs. 11 delistings), market dynamics have worsened in 2025, which at one point saw delistings overtake new listings. While the year ultimately closed with 21 IPOs and 19 delistings, preserving a marginally positive
Slide 6: EGM’s market size grows
EGM’s market size grows EGM’s market size shows a notable reversal after a prolonged downward trend: total market capitalization reached €10.6bn at end-December (vs. €9.4bn at YE24), with average market cap increasing to €53.4mln (vs. €45.8mln at YE24). However, this market remains dominated by smal
Slide 7: Limited number of “Gems”
imited number of “Gems” Although the size of the EGM has been increasing, there are still few, far too few, companies which meet quality thresholds for size, profitability and free float to be considered true «gems» of the market. Only 3 companies in the EGM show €100mln in revenue or market capital
Slide 8: Best companies in terms of size, profitability and liquidity
Best companies in terms of size, profitability and liquidity At the end of December, • only 8 companies generated above €100mln F 24 revenue or market cap (20% of total) • 91 had a FY24 EBITDA margin >10% and positive Net Income (44% of total), including two of our coverage names (DEA and Arterra Bi
Slide 9: EGM – the M&A Hub
EGM – the M&A Hub Over the past five years, M&A activity among EGM companies has grown steadily. Momentum has continued into 2025, setting new first- and third-quarter records with 25 and 29 deals, respectively, reaching a total of 118 transactions. This sustained trend confirms EGM as one of the mo
Slide 10: Liquidity: early signs of improvement
Liquidity: early signs of improvement In 2025, the avg. monthly turnover was €171mln. Liquidity in the segment, long a key weakness, is showing early signs of improvement. In 2025, 64% of companies traded less than 0.1% of their market cap, compared with 74% in 2024, while over the last 3-months the
Slide 11: FTSE ITALIA GROWTH index entered an upward trend
FTSE ITALIA GROWTH index entered an upward trend After reaching a record high of 11,551 in January 2022, the FTSE Italia Growth Index experienced a liquidity crisis, bottoming out at 7,594 in late October 2023. Since then, it has partially recovered and recently stabilized around 8,500 points for: (
Slide 12: FTSE ITALIA GROWTH index overperforming European peers
FTSE ITALIA GROWTH index overperforming European peers The FTSE Italia Growth Index has not only outperformed the Euronext Growth All Shares Index over the past three years (-7.7% vs - 13.9%, respectively), but it has also demonstrated relative strength since November 2023 (+11.4% vs +2.6%). After b
Slide 13: EGM - Growth and profitability 1H25 vs FY24
EGM - Growth and profitability 1H25 vs FY24 In 1H25, 58% of EGM companies reported positive yoy revenue growth (slightly below 62% in FY24), while the average revenue growth was 8%, down from 10% in FY24. On the profitability side, 38% of companies achieved an EBITDA margin above 15% (vs. 42% in F 2
Slide 14: EGM – Outlook intact
EGM – Outlook intact In January, consensus estimates for 2025E and 2026E Revenues were revised slightly upward compared to our last report in November. Revenue is now expected at €66.6mln in 2025 (+18% yoy) and € 5.2mln in 2026 (+1 % yoy), versus previous estimates of €62. mln and € 0. mln. EBITDA i
Slide 15: EGM - Sectors market multiples 1-year trend
EGM - Sectors market multiples 1-year trend In the last 12 months, the median EGM EV/EBITDA 1-year forward increased from 5x to 7x. Basic Materials saw the largest 12M re-rating, from 4.2x to 7x, similarly Consumer Discretionary was up from 5.2x to 8x The only sector that saw a de-rating was Utiliti
Slide 16: EGM - Sector market multiples
EGM - Sector market multiples As of end-2025, the EGM segment shows a median EV/EBITDA 2026E of 5x, up from 5.3x at end-October. Compared to our previous report, Basic Materials became the second most expensive surpassing both Health Care and Technology due to their de-rating. Among sectors, Energy
Slide 17: Agenda
Agenda EGM ALL COMPANIES 2025 NEW LISTINGS 17
Slide 18: EGM – Focus on new listings
EGM – Focus on new listings In 2025, 21 IPOs were completed (20 via Private Placement, raising €87.4mln, and 1 Direct Listing). After a slow first half with only 6 IPOs, activity accelerated with 10 listings in 3Q25 and 5 in 4Q25. Sector-wise, the IPOs were diversified, with Industrials leading at 7
Slide 19: EGM - New listings by revenue and margin
EGM - New listings by revenue and margin The 2024 figures illustrate the size and profitability profile of companies that went public in 2025, excluding the SPAC Friends. Sales range from 0 for Gain360 to €181.3mln for Haiki Cobat, with most companies below €50mln. EBITDA margins are highly disperse
Slide 20: References
References Francesca Sabatini francesca.sabatini@bancaprofilo.it Head of Equity Research Tel. +39 02 58408.461 Enrico Luca, CFA enrico.luca@bancaprofilo.it Equity Research Analyst Tel. +39 02 58408.752 Michele Calusa michele.calusa@bancaprofilo.it Equity Research Analyst Tel. +39 02 58408.784 Via Ce
Slide 21: Disclaimer
Disclaimer ANALYST’S AND BANK’S INFORMATION I DOC ME A EE DRAF ED FRA CE CA A A I I W O I EMP O ED A CA PROFI O .P.A. (“ E A K”) A FI A CIA A A T; FRANCESCA SABATINI IS RESPONSIBLE FOR THE DRAFTING OF THE DOCUMENT. BANCA PROFILO S.P.A. IS A BANK AUTHORISED TO PERFORM BANKING AND INVESTMENT SERVICES;
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