• Net Revenues and Adjusted Net Profits up 11% year-on-year, Return on Tangible Equity at 42% and IFR Ratio above 3x

• Group confirms strong profitability, further boosted by a significant acceleration in Global Markets' contribution in 2Q'26

Milan, September 10th, 2026 -Luigi de Bellis, Chief Executive Officer at EQUITA, commented: “We delivered a particularly positive performance in the second quarter of 2026, with double-digit growth in both Net Revenues and Net Profits, despite challenging factors on several fronts. The main contribution came from Global Markets, which recorded remarkable levels of activity, driven mainly by client business. This set of results reflects the strength of our brand, the value of our integrated platform, and the quality of the long-lasting relationships we have built over time with investors, corporates and institutions”.

Simone Riviera, Chief Executive Officer at EQUITA, added: “The acceleration seen in the second quarter supported our strong 1Q’26 results, leading the Group to report its best first-half since IPO. This confirms our strategy, as well as our ability to create value in different market conditions. We approach the second half of the year with confidence and cautious optimism, supported by a solid pipeline of mandates and strong capital solidity. The second part of 2026 will also see the completion of two significant strategic initiatives announced in March 2026, which will further diversify and strengthen our business model: the commercial partnership with Gruppo BCC Iccrea, and the acquisition of Xenon Private Equity.”

The Board of Directors of EQUITA Group S.p.A. (the “Company” and, together with its subsidiaries, “EQUITA” or the “Group”) approved the first half consolidated results as of 30 June 2026.

Consolidated Net Revenues

In the first half of 2026, the Group recorded €60.2 million in Net Revenues, representing 11% year-on-year growth (€54.1 million in 1H’25). Net Revenues linked to clients recorded double-digit growth and reached a new record-high of €58.6 million in 1H’26 (€43.2 million in 1H’25, +35%).[1] This performance represents the best first half since IPO.

The Global Markets division – which includes Sales & Trading, Client-Driven Trading & Market Making and Directional Trading – recorded significant growth in Net Revenues (+29%; €41.6 million in 1H’26, €32.3 million in 1H’25), boosted by double-digit increase in Net Revenues linked to clients (+73%; €38.0 million in 1H’26, €22.0 million in 1H’25).

EQUITA’s trading floor continues to support investors and financial institutions as the leading independent broker in Italy, confirming significant market share in equities trading (Euronext Milan: 7.5%; Euronext Growth Milan: 9.8%), bonds (4.6%), and cash equity options (4.5%).[2]

Sales & Trading revenues – net of commissions and interest expenses – were up 37% year-on-year (€17.5 million in 1H’26, €12.8 million in 1H’25) and benefitted from increased activity in the brokerage business, with both institutional and retail clients being very active in the trading of domestic and international equities, derivatives, ETFs and certificates, especially in the last months of the semester. Client Driven Trading & Market Making Net Revenues grew 124% (€20.5 million in 1H’26, €9.2 million in 1H’25) and – in line with the Sales & Trading segment – benefitted from a significant increase in trading activity on equities and derivatives, partly linked to ongoing special events in financial markets, which led to a significant increase in client trading business compared to normal brokerage levels. Directional Trading returned to a positive, tangible performance, with a contribution of €3.6 million in 1H’26 (€10.4 million in 1H’25); it is worth noting that in 1Q’26, the desk contributed only marginally to the results of the Global Markets division, due to the risk-off approach adopted by the team during periods of extreme market volatility and uncertainty, including persistent global geopolitical tensions. In 2Q’26, the return of several special events to the market led the desk to invest more regularly and record positive results, despite the tough comparison year-on-year.

In 2Q’26, the Global Markets division recorded €26.5 million in Net Revenues (€16.6 million in 2Q’25), up 59% year-on-year, driven by solid progress in client-related business (Sales & Trading +57%, Client-Driven & Market Making +150%).

In June 2026, EQUITA ranked #1 in the “Italy Trading & Execution” category of the Extel survey, reflecting the strength of its brokerage platform and the continued recognition of the Group’s execution capabilities by investors. The team also achieved top positions in other Italy-focused categories of the survey, confirming its role as leading independent broker in “Italy Sales” and “Italy Corporate Access”.

The Investment Banking division recorded €15.9 million in Net Revenues in 1H’26 (€17.2 million in 1H’25,
-7%). This result includes the resilient performance of the M&A advisory team (despite a challenging environment in Italy, which experienced a significant decline in volume of transactions and aggregate deal values in 1H’26, down -14% and -27% respectively, year-on-year)[3] the consolidation of EQUITA Debt Advisory for the entire reporting period (six-month contribution in 1H’26 vs two months in 1H’25) and the tough comparison in Global Financing (with the team recording strong performance in 1H’25, thanks to robust Debt Capital Markets activities which led EQUITA to raise more than €1 billion on behalf of clients in the period).

In the first half of 2026 EQUITA ranked as the #1 Italian investment bank by deal value in the M&A league tables for Italy, confirming its leadership, with 14 mandates disclosed and €55 billion cumulated transactions[4].

In 2Q’26, the Investment Banking division recorded €8.7 million in Net revenues (€11.8 million in 2Q’25, -27%), with M&A advisory performing in line with the previous year and Capital Markets suffering the tough comparison with the very positive results reported by the Debt Capital Markets team in 2Q’25, with the issue of four bonds.

The Alternative Asset Management division recorded Net Revenues of €2.8 million in 1H’26 (€4.6 million in 1H’25, -40%). Asset Management fees[5] were up 13% year-on-year (€4.6 million in 1H’26 vs €4.1 million in 1H’25) thanks to the fundraising of new illiquid funds in 2025, in addition to the year-on-year growth in liquid assets following the positive performance in discretionary mandates and new inflows. The Investment Portfolio[6] recorded a €1.9 million net loss (€0.5m gain in 1H’25), following the adjustment to fair value of one investment in portfolio.

As of 30 June 2026, assets under management grew to €1.2 billion (€1.1 billion as of 31 December 2025, €1.0 billion as of 30 June 2025). Proprietary, illiquid funds represented 53% of total assets (€626 million as of 30 June 2026, €659 million as of 31 December 2025, €635 million as of 30 June 2025). In terms of revenues, illiquid funds contributed to 72% of total asset management fees in 1H’26.

In 2Q’26, the Alternative Asset Management division recorded €0.1 million in Net revenues (€2.3 million in 2Q’25), with asset management fees up 19% year-on-year (from €2.0 million in 2Q’25 to €2.4 million in 2Q’26), offset by the impact of the fair value adjustment of one investment in portfolio.

The Research Team – which confirmed its top rank among the best brokers in the Extel survey for Italy in terms of investors’ preferences for the quality of research reports on Italian and foreign issuers – continues to support all business areas, assisting investors with research reports and insights on more than 155 listed companies, both Italian (ca. 95% of the Italian total market capitalisation) and foreign, as well as on debt instruments.

Consolidated Profit & Loss (reclassified)

Personnel Costs[7] increased by 14% year-on-year (€30.0 million in 1H’26, €26.3 million in 1H’25), following the upward trend in Consolidated Net Revenues. The number of professionals stood at 206 as of 30 June 2026, in line with the previous year. In 1H’26, the ratio between Personnel Costs and Net Revenues was 49.8% (48.6% in 1H’25) and the normalised compensation/revenue ratio was 48.6% (49.2% in 1H’25)[8].

Other Operating Costs increased by 9% year-on-year (€11.9 million in 1H’26, €11.0 million in 1H’25). Information Technology expenses were down 4% compared to the previous year (€3.3 million in 1H’26, €3.5 million in 1H’25), while Trading fees[9] increased by 6% (€1.9 million in 1H’26, €1.8 million in 1H’25), a slower relative pace compared to the growth rate recorded by trading volumes in Global Markets, thanks to initiatives aimed at improving efficiency on brokerage activities. Other costs were up by 5% (€6.0 million in 1H’26, €5.7 million in 1H’25) mainly driven by the increase in expenses directly linked to business with clients (roadshows, marketing events, etc). Other Operating Costs included approximately €0.7 million of non-recurring expenses related to advisory fees for the completion of strategic initiatives.[10] Excluding the impact of such non-recurring items, Adjusted Cost/Income ratio was 68.5%, in line with the previous year (68.9% in 1H’25; 69.7% in 1H’26, including non-recurring items).[11]

Consolidated Profit Before Taxes stood at €18.3 million (€16.8 million in 1H’25, +9%) and Consolidated Net Profit increased to €13.0 million, up +7% year-on-year (€12.2 million in 1H’25). Excluding non-recurring items, Adjusted Net Profit increased to €13.6 million (+11% vs 1H’25), with a net margin of 22%, in line with the previous year.

These results confirm the strong profitability of the Group and – as highlighted for Net Revenues – represent the best first half since IPO in terms of Net Profits.

Consolidated Shareholders’ Equity

Consolidated Shareholder Equity was €107.1 million as of 30 June 2026 and the Average Return on Tangible Equity (ROTE) was 42% (40% as of 31 December 2025, 30% as of 30 June 2025). The Group’s capital solidity was confirmed by an IFR ratio of 3.3x, well above minimum requirements (3.1x as of 31 December 2025, 3.3x as of 30 June 2025).[12]

2026 Outlook

As of today, Global Markets is delivering substantial year-on-year progress, driven by the contribution of the client-related brokerage business, while the Investment Banking team remains involved in several advisory mandates and presents a solid pipeline, expected to materialize in the coming months. Alternative Asset Management continues to focus on fundraising, with asset management fees expected to deliver a year-on-year growth in 2026. The division will also benefit from the consolidation of Xenon Private Equity, with the closing expected to be completed in the final months of 2026. In the coming weeks EQUITA is also expected to announce the closing of the strategic partnership with the Gruppo BCC Iccrea, announced in March 2026. With this commercial agreement, the team will offer its financial expertise and know-how to the network of cooperative credit banks (Banche di Credito Cooperativo) and their clients, whilst preserving its role of leading independent investment bank in Italy.

 

 

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According to paragraph 2 of Art. 154-bis of the Consolidated Finance Law, the Executive appointed to draft corporate accounts, Stefania Milanesi, states that the accounting information herein included tallies with the Company’s documentary evidence, ledgers and accounts.

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