Kaleon (Terre Borromeo) debuts on the Milan and Paris stock exchanges. And runs

At the sound of the double bell - the one on the Milan Stock Exchange and the corresponding one on the Paris "marketplace" - Kaleon, the company belonging to the Borromeo family and specialised in the management and valorisation of important cultural and museum heritage sites, made its double debut today on the Euronext Growth Milan and Paris stock exchanges. After the admission decision on the Parisian 'marketplace', last Thursday also came that of the Italian Stock Exchange for the shares on the Euronext Growth Milan market, with the start of trading scheduled, concurrently on both lists, on 1 December 2025.

A positive start to the day across Europe with a minus sign. After a flare-up to EUR 4.5 (+13%), the share price at midday was up 7% to EUR 4.28 in Milan and over 7% to EUR 4.30 in Paris.

'The listing,' explained Vitaliano Borromeo, Kaleon's chairman, 'is the point of arrival of a journey that has accompanied a business model born in 1983 to innovate a sector that was considered non-innovable. But it is also the starting point towards a new beginning and the bet that Italy's cultural heritage can be managed in a professional, sustainable and efficient manner, with economic advantages and growing employment prospects. The double listing is also a bet on the fact that in Europe there is a space for a professional approach to the management of artistic heritage with a mode of financing that is not just an exposure to banks'.
"In the coming years," added Davide Molteni, CEO of Kaleon, "cultural tourism will grow sevenfold. We want, therefore, to bring professional management to these assets. Today beauty is quoted in Paris and Milan'.

A video, il momento della doppia quotazione a Milano e Parigi

The simultaneous dual listing is also an unusual choice. "Euronext," explained Luciano Di Fazio, senior partner of Emintad Italy Srl, "is a platform that integrates seven countries, but each one has its own book and each Authority operates according to a national regulation. We therefore operated in parallel on the two markets, which accepted a model admission document in English written along the lines of the Parisian one, also taking into account the different authorisation times, in order to be able to arrive at the listing on the two lists on the same day'.
The approval process took about five to six months. "This type of procedure on two 'squares',' Di Fazio added, 'has only one precedent in Europe, which concerned a company listed on Brussels and Amsterdam. The costs? "They are about 30 per cent higher than a single listing with an ordinary procedure," Di Fazio concluded.

With 194 employees as of 30 June 2025 and more than 40 years of experience in the tourism industry, Kaleon positions itself as a pioneer in high-quality cultural tourism. In 2023, Kaleon recorded over 1 million visitors. In 2024, the turnover was EUR 21.7 million, with an operating margin of around 25 per cent.