• Year-on-year growth in Net Revenues (€23.4 million, +37%) and Net Profits (€4.7 million, +53%), driven by the positive contribution of all business areas

• Current trading and new initiatives confirm the growth trajectory of the Group

Milan, May 14th, 2025 - Andrea Vismara, Chief Executive Officer at EQUITA, commented: “The first quarter of 2025 represented the best first quarter since IPO, with both Net Revenues and Net Profits recording double-digit growth year-on-year (+37% and +53% respectively). All business areas have contributed to this achievement, confirming EQUITA as the leading independent investment bank in Italy”.

“The significant progress recorded in the first quarter of 2025 is the result of the investments made and the initiatives launched in the last two years. These have led us to further diversify the offering dedicated to entrepreneurs, corporates, investors and institutions, and strengthen the team with the addition of new senior professionals with proven track record”.

The Board of Directors of EQUITA Group S.p.A. (the “Company” and, together with its subsidiaries, “EQUITA” or the “Group”) approved the additional financial information of the Group as of 31 March 2025. 

Consolidated Net Revenues

In the first quarter of 2025, Net Revenues were up 37% (€23.4 million in 1Q’25 vs €17.1 million in 1Q’24), while Net Revenues linked to clients were up 19% (€17.7 million in 1Q’25 vs €15.0 million in 1Q’24)[1], resulting in the best 1Q since IPO thanks to the positive contribution of all business areas.

The Global Markets division – which includes Sales & Trading, Client-Driven Trading & Market Making and Directional Trading – recorded a 55% growth in Net Revenues (€15.7 million in 1Q’25 vs €10.1 in 1Q’24). Net Revenues linked to clients grew by 11% year-on-year and reached €10.3 million (€9.2 million in 1Q’24). In the first three months of 2025, EQUITA trading floor maintained its role as leading independent broker in Italy, confirming significant market share in all relevant segments, from equity to fixed income and derivatives (Euronext Milan: 8.9%; Euronext Growth Milan: 7.1%; bond market: 6.3%; cash equity options: 4.0%).[2]

Sales & Trading revenues, net of commissions and interest expenses, increased by 12% year-on-year to €6.4 million in 1Q’25 (€5.7 million in 1Q’24). The result was driven by the interesting levels of investors’ activity on large caps such as banks and blue chips, which have increased both institutional and retail trading flows year-on-year, continuing the upward trend observed in 2024. This increase more than offset the declining trading volumes on Italian mid and small caps, which were still impacted by weak trading multiples and valuations. Client Driven Trading & Market Making[3] Net Revenues increased to €3.9 million in 1Q’25 (+9%, €3.6 million in 1Q’24), with a good Italian and foreign equities trading performance. This partially offset the normalisation in client trading activity on bonds and derivatives. Directional Trading contributed to the Global Market division’s results with €5.4 million in Net Revenues (€0.9 million in 1Q’24), achieving the best quarterly result since IPO.[4]

The Investment Banking division recorded €5.4 million in Net Revenues, up 25% year-on-year (€4.3 million in 1Q’24) thanks to the contribution of M&A and Debt Capital Markets. Looking at wider market figures, the first three months of 2025 highlighted resilient levels of activity in terms of M&A deals in Italy, almost in line with total values recorded in the previous year (€15.7 billion in 1Q’24 vs €15.3 billion in 1Q’25, -3%). Data also showed a higher focus on larger deals – the latter confirmed by the decreasing number of M&A transactions year-on-year (from 403 in 1Q’24 to 310 in 1Q’25, -23%). Debt Capital Markets continued to follow the positive trend observed in the previous months with an increase in corporate issues, both in terms of number of transactions (from 19 in 1Q’24 to 24 in 1Q’25, +26%) and values (from €12.9 billion in 1Q’24 to €13.6 billion in 1Q’25, +5%). However, Equity Capital Markets’ figures confirmed still subdued levels of activity due to persistent volatility. The increase in values (from €2.1 billion in 1Q’24 to €4.5 billion in 1Q’25) was inflated by a single significant accelerated bookbuilding (€3 billion). Excluding such transaction, total values were down year-on-year (-29%), while number of transactions also decreased (-47%, from 15 in 1Q’24 to 8 in 1Q’25, with no IPOs on the regulated market).[5]

In the first quarter of 2025, the investment banking team completed several high-profile mandates assisting, inter alia: Cairo Communication as financial advisor and appointed intermediary in the public tender offer on Cairo Communication shares; Newlat Food as sole global coordinator and bookrunner in the €36 million accelerated bookbuilding offering and as placement agent in the issue of €350 million senior unsecured bonds; doValue as joint bookrunner in the issue of €300 million senior secured bonds, F2i as advisor in the sale of a 40% stake of Iren Acqua to Ireti; AMCO as advisor in the acquisition of an 80% stake of the Exacta Group; MAIRE as advisor in the entry of Azzurra Capital in the share capital of NEXTCHEM; ISEM Packaging Group as advisor in the acquisition of EGISA.

The team is also involved in several mandates assisting leading financial institutions such as: UniCredit as financial advisor and appointed intermediary of the public exchange offer on Banco BPM shares; Mediobanca as financial advisor of the public exchange offer on Banca Generali shares; BPER as appointed intermediary of the public exchange offer on Banca Popolare di Sondrio shares; Banca Ifis as financial advisor and appointed intermediary of the public tender and exchange offer on Illimity Bank shares.

It is worth noting that the performance of the Investment Banking team in 1Q’25 does not include the contribution of two significant M&A mandates that have already been announced in 2024 but are expected to close in 2Q’25.

The Alternative Asset Management division recorded Net Revenues of €2.3 million in 1Q’25 (-13% with respect to €2.7 million in 1Q’24; +2% excluding the non-recurring capital gain recorded in 1Q’24 linked to the purchase of an additional fund share of EPD agreed at a discount to the NAV). Asset management fees (liquid strategies, private debt, private equity and renewable infrastructures) were up 44% year-on-year (€1.4 million in 1Q’24 vs €2.1 million in 1Q’25) thanks to the fundraising of new illiquid funds in the second part of the 2024.

As of 31 March 2025, assets under management stood at approximately €1 billion year-on-year and proprietary, illiquid products – which benefit from an intrinsic higher profitability – represented 65% of those assets.[6] AuM figure was up year-on-year (€889 million as of 31 March 2024) thanks to  the fundraising of two new illiquid funds – EQUITA Green Impact Fund (EGIF, €140 million as of 31 March 2025) and EQUITA Private Debt Fund III (EPD III, €109 million as 31 March 2025) – which more than offset the lower AuM in liquid products, following the early reimbursement of the Euromobiliare Equity Selected Dividend fund and the maturity of the Euromobiliare Mid Small Caps fund.[7] EGIF and EPD III will continue their fundraising for the rest of 2025.

The Investment Portfolio[8], equal to approximately €14 million as of 31 March 2025 (€15 million as of 31 December 2024 and €18 million as of 31 March 2024), contributed to the results of the Alternative Asset Management division with €0.2 million in Net Revenues (€1.2 million in 1Q’24). The year-on-year performance was affected by i) the capital gain recorded in 1Q’24 (€0.4 million) following the purchase of an additional fund share of EPD at a discount to the NAV and ii) the lower contribution of the investment in EPD following the ongoing divestment phase of the fund which is approaching its maturity.

The Research Team – confirmed at the top of investors’ preferences in the Extel survey for the quality of its research on mid and small caps – continued to support all areas of business, assisting institutional investors with research reports and insights on more than 150 Italian (ca. 95% of the Italian total market capitalisation) and foreign listed companies, as well as on debt instruments.

Consolidated Profit & Loss (reclassified)

Personnel Costs[9] increased from €8.0 million in 1Q’24 to €11.4 million in 1Q’25 (+42%) as a result of the increase in Consolidated Net Revenues. The number of professionals reached 199 as of 31 March 2025 (194 as of 31 December 2024 and 193 as of 31 March 2024). The Normalised Compensation/Revenue ratio was 49.1% (48.6% in 1Q’24)[10]. Other Operating Costs increased by 8% year-on-year, from €4.9 million to €5.3 million. Among operating costs, Information Technology expenses increased by 5% (€1.6 million in 1Q’24 vs €1.7 million in 1Q’25), driven by some variable info-providing costs derived from higher post trading activities. Trading fees [11] stood at the same level year-on-year (€0.9 million in 1Q’24 and 1Q’25, +2%) despite growing volumes in Global Markets, thanks to some initiatives aimed at improving efficiency on equity trading. Other costs were up by 13% (€2.4 million in 1Q’24 vs €2.7 million in 1Q’25) mainly driven by the increase in expenses directly linked to business contributing to increase in Net Revenues (professional fees for investment banking mandates, placement agent fees, etc). Cost/Income ratio[12] was 71.6%, significantly below the 75.7% recorded in 1Q’24, thanks to the strong operating leverage of the business model.

Consolidated Profit Before Taxes was up 60%, from €4.2 million in 1Q’24 to €6.7 million in 1Q’25, while Consolidated Net Profit increased by 53%, from €3.1 million in 1Q’24 to €4.7 million in 1Q’25, recording a net margin of 20% (18% in 1Q’24).

These results confirmed the strong profitability of the Group, with 1Q’25 Net Profits representing the best 1Q since IPO.

Consolidated Shareholders’ Equity

Consolidated Shareholder Equity was €109.8 million as of 31 March 2025 and the Average Return on Tangible Equity (ROTE) was 22% (21% as of 31 March 2024). The Group’s capital solidity was confirmed by an IFR ratio well above minimum requirements, at 3.7x as of 31 March 2025 (in line with the ratio reported at year-end 2024 and above the 3.6x as of 31 March 2024).[13]

Outlook on the first half of 2025

Following the first quarter results, the Group has continued to perform positively, thanks a progress recorded in all areas of business year-on-year. This confirms the expected growth trajectory for the first half of 2025, as well as the expected growth for the 2025 fiscal year, which will benefit from the consolidation of the recently acquired EQUITA Debt Advisory (formerly CAP Advisory) on a twelve-month basis, the increase in asset management fees and equalization fees deriving from additional fundraising of EGIF and EPD III, and the solid pipeline of investment banking mandates which involves all teams.

Other significant resolutions of the Board of Directors

With specific reference to the incentive plan “EQUITA Group 2022-2025 incentive plan based on phantom shares” (the “Plan”), the Company announces that on 31 March 2025 the minimum target of total shareholder returns included in the Plan has been met (TSR of at least 40%; observation period: 18 March 2022 – 31 March 2025).

On the basis of shareholder returns achieved and the individual targets set for each beneficiary, today the Board of Directors of the Company resolved to entitle no. 573.000 phantom shares. The cost of the Plan will be included within the Group’s total compensation (60% in the 2025 fiscal year and 40% deferred to the following three fiscal years, pursuant to applicable regulation on remuneration policies).

Awards include phantom shares only, thus the Plan has no dilutive impacts on shareholders.

 

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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. 

Additional financial information is not audited

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