Piazza Affari continues to gain value, but it is gradually emptying of listed companies. It is the paradox that emerges from the Consob annual report, presented in Milan by the deputy president Chiara Mosca. In 2025, thirty companies that have left the list, causing an overall loss of capitalization of approximately 2,5 billion eurosThe phenomenon is part of a broader trend involving several European markets. While the indexes rise and the companies remaining on the stock exchange increase in value, the the number of listed companies continues to decrease, with negative effects on the market's ability to finance growth and attract new capital.
Consob: Delistings on the Rise, Public Offers Taking a toll
A significant part of the farewells to Piazza Affari came at the end of public purchase or exchange offersOn the regulated market Euronext Milan, nine out of eleven deals resulted in the issuer's exit, resulting in a capitalization loss of approximately €1,75 billion. On the Euronext Growth Milan segment, dedicated primarily to small and medium-sized enterprises, delistings following takeover bids or public offerings totaled eleven out of nineteen, for a loss of nearly €570 million. Considering exits for other reasons, the overall 2025 figure rises to approximately €2,5 billion.
"The capitalization lost in 2025 due to all delistings, not just takeover bids, was approximately €2,5 billion," Mosca emphasized. The decline in the number of listed companies is not unique to Italy. Over the past decade, companies listed on the regulated market have decreased by 20% in both Italy and the United Kingdom, while in France the decline reached 46%.
Piazza Affari is worth 1.209 billion, but new listings are lacking.
The progressive thinning of the price list contrasts with thepositive trend in pricesIn 2025, the FTSE MIB gained 31,5%, posting its best performance in the last twenty years. The rally continued in the first half of 2026, when the index surpassed its previous all-time high, which had stood since March 2000. At the end of last year, the Italian stock market capitalization had reached €1.077 billion. As of June 30, 2026, it had already risen to €1.209 billion.
Growth, however, was mainly supported byrising stock prices, not from the entry of new companies. Between 2010 and 2025, the rise in share prices added approximately €750 billion to market capitalization, while the balance between new listings and delistings subtracted €96 billion. Exited companies eliminated €187 billion, compared to the €91 billion brought in by new listings. The situation has worsened especially in the last five years, during which the negative balance reached €69 billion. Furthermore, in 2025, no new listings were recorded on the regulated market.
Euronext Growth Milan is also showing signs of slowing. Net admissions fell from 36 in 2021 to just two in 2025. Over the past year, 21 companies entered, raising €127 million and having an estimated initial market capitalization of €485 million, while 19 companies exited the segment, eliminating approximately €773 million.
The stock market flight isn't just about Italy.
The weakness of Piazza Affari reflects a structural problem which affects the entire European Union. The downturn in stock markets is not an exclusively Italian phenomenon. According to Consob, over the last decade, the number of companies listed on regulated markets has decreased by 20% in both Italy and the United Kingdom, while in France the decline reached 46%. "The stock market downturn is a widespread trend internationally, particularly in Europe," observed the deputy president.
The issue takes on an even more evident dimension in comparison with the United States. As of May 31, 2026 the relationship between stock market capitalization and GDP It was 75% in the EU and 51% in Italy. In the United States it reached 247%. American stock markets now represent 45% of global capitalization, compared to just 10% for Europe. This gap is much wider than the gap between the two economies in terms of gross domestic product, considering that the United States accounts for 26% of global GDP and the European Union for 18%.
“The size of funding on European markets and the overall capitalization of companies are not representative of the size of the European Union's gross domestic product,” Mosca noted. The delay also emerges from the initial public offeringsBetween 2015 and 2025, China raised $647 billion through IPOs, ahead of the United States with $425 billion and the European Union with $221 billion.
European IPOs smaller and less backed by private capital
The gap also emerges when observing the new listings marketBetween 2015 and 2025, China raised approximately $647 billion through IPOs, ahead of the United States with $425 billion and the European Union with $221 billion. European deals are on average smaller. About three-quarters of IPOs in the European Union over the last decade raised less than $100 million. In the United States and China, however, the share of IPOs between $100 and $500 million and those above $500 million is higher. IPOs raising more than $10 billion are concentrated almost exclusively in the United States.
The gap does not only concern the stock markets. European private markets They show a lower capacity to support companies in the advanced stages of development. Listings supported by these operators represent approximately 20% of the total in the United States and China, compared to 8,4% in Europe. The consequence is that many innovative European companies struggle to reach global scale or depend on large international investors. According to Mosca, "the difference between Europe and the United States lies in the different contributions that the markets offer to growth"Integrated and deeper markets could enable European scientific research to transform into global enterprises," Mosca emphasized, pointing to financial and infrastructural fragmentation as one of the main obstacles to the continent's development.
Il necessary financial requirement Revitalizing European competitiveness in strategic sectors, from artificial intelligence to quantum technologies, from biotechnology to defense, is estimated at between €750 and €800 billion per year. Part of the resources could come from the more than €11 trillion in financial wealth held by eurozone households, provided savings are better directed toward productive investments.
The challenge of integration and market reform
For Consob, the strengthening of European markets depends on reducing regulatory and infrastructural fragmentationThe aim is to promote pan-European operators, simplify cross-border activities, and make supervision more uniform, including through a broader role for ESMA. At the same time, it will be necessary facilitate access to listing for small and medium-sized enterprises, reducing complexity and costs without weakening investor protection. The European Listing Act and the recent reform of the Consolidated Law on Finance are moving in this direction.
Market integration and regulatory simplification, according to the deputy president, should not be considered alternative strategies. Europe needs both larger, more connected markets and an environment capable of supporting SMEs on the stock exchange.
The crux of the matter remains the one highlighted by the Italian data. Piazza Affari has never been worth so much, but it continues to lose businesses. Without new listings and a greater capacity to finance growth, the rise in the indices risks masking an increasingly concentrated market that is less representative of the real economy.
Consob prepares the reform of supervisory fees
During the annual meeting with the market, Moscow has the internal functioning of Consob was also addressed, currently led by proxy after the conclusion of Paolo Savona's mandate. The President clarified that the Commission is fully exercising their functions And this isn't the first time the Authority has been under deputy leadership. Economy Minister Giancarlo Giorgetti, asked about the appointment of a new president, stated that the government will address the issue this week.
Meanwhile, Consob is preparing to review the system of contributions required from supervised entities, with the aim of improving fairness, sustainability, transparency, and predictability. Currently, the Authority's functioning depends almost entirely on the sums paid by the operators it supervises.
On the sanctions front, 56 proceedings were concluded in 2025. Twenty-one applications were submitted to use the commitments mechanism, introduced by the Capital Law, and 16 were granted. From the beginning of 2026 to July 8, the number of applications rose to 25, with 19 granted. According to Consob, the new tool has helped reduce the average length of proceedings by approximately 10%, offering the first positive indications of the possibility of containing litigation and using the Authority's resources more efficiently.
