Stock exchange, SMEs to the rescue. Small caps revalued by 36% in 2025

A breeze of revival for Italian SMEs listed on the Stock Exchange after a period of fluctuating performance. The year 2025 is drawing to a close with a largely positive balance for the mid and small caps of Piazza Affari: the indices linked to them have so far recorded advances of 22.6% and 27.4% respectively, on paper still somewhat inferior to the largest capitalisations (+27% for the Ftse Mib), but not to be despised.

Indeed, the signs of redemption go beyond this pure price dynamic. Comparing the performance achieved since the beginning of the year with the change in earnings estimates for 2025 over the same period, Intermonte notes how Italian mid-cap stocks have appreciated by 26% and the 'small' by as much as 36.2%. Based on the price/earnings ratio, their premium over large caps is currently 23%, slightly higher than the historical average of 21%, but lower than the levels of a few months ago (26%).

The segment's renewed strength seems to rest on more solid foundations than in the past. "Many Italian SMEs continue to represent true 'family multinationals', the distinctive heritage of the country," observes Guglielmo Manetti, Intermonte's CEO, recalling how in recent years these types of companies have 'strengthened, consolidating the business and reducing the level of debt, and this makes them more solid, an interesting opportunity for investors'

It is precisely in this context that the European MidCap Event initiative is taking place, in the context of which Intermonte will accompany ten companies representing Made in Italy to Geneva tomorrow. The patrol, composed of Aquafil, Dhh, Emak, Fine Foods, Fnm, Igd Siiq, Reply, The Italian Sea Group, Txt e-solutions and Unidata, represents a total capitalisation of around 6 billion euros and will meet European institutional investors with the aim of strengthening the link between capital and the national production system.

The outlook for the new year is marked by cautious optimism, and after a 2025 dominated by the banking sector, with the Ftse Mib outperforming the smaller indices, Intermonte analysts do not exclude that small and mid cap may recover ground. "A further impulse," Manetti emphasises, "may come from Cassa Depositi e Prestiti's new Fondo Nazionale Strategico Indiretto, designed to support Italian companies, including in the listing phase, which will help improve liquidity and the outlook for the domestic equity market. In short, the conditions for starting a new cycle do not seem to be lacking; 2026 will tell whether this momentum will be able to turn into a more stable and lasting trajectory for Italian SMEs.