Eni confirms its leadership with a turnover of 88,8 billion euros, Enel dominates the profit rankings in 2024, closing the year with a net result of 7 billion euros, Poste Italiane It is the leading Italian employer, with 119.117 employees. These are the main data that emerge from the 60th edition of the volume "The Main Italian Companies”, presented by theMediobanca Research Area, which analyzes the financial statements for the 2024 financial year of 2.828 companies (2.311 industrial and service companies, 29 leasing companies, 34 factoring and consumer credit companies, 359 banks and 95 insurance companies) and contains an in-depth study of the 8 most dynamic and profitable manufacturing companies of the Fourth Capitalism.
Energy giants lead the top player rankings
The 2024 ranking of the main Italian industrial and service companies confirms the supremacy of large publicly controlled energy groups. Suffice it to say that the first twenty positions see the presence of nine public companies, five private Italian ones and six with foreign capital, with a clear prevalence of the energy-oil sector, which has nine companies in the Top 20. In first place, as mentioned, there is Eni, followed by Enel, which last year recorded a turnover of 73,9 billion. Bronze medal for gse with 51,9 billion.
The data of the first semester 2025 show a rapprochement between Eni (41,3 billion) and Enel (39,7 billion). Among manufacturing companies, Stellantis Europe ranks fourth with 21,3 billion, followed by Leonardo (17,8 billion) e Prysmian (17 billion). Strong growth Italian State Railways and Saipem (+4 positions each), respectively in seventh and eighth place. Telecom Italy it is the first company in the services sector (ninth), while Edison closes the Top 10. Public companies account for nearly 80% of sales and approximately 90% of the net operating margin of the Top 10, with a value added per employee of €221, compared to €138 for private companies. Manufacturing's presence in the top ten is limited to 17,1% of revenue and 6,6% of operating margin, but accounts for 33,3% of employees. "The combined revenues of the manufacturing groups in the Top 10 do not reach 65% of Eni's turnover," Mediobanca experts emphasize, noting that "in 1965, among the top ten companies, manufacturing accounted for nearly 50% of sales, while the public sector, also active through special entities, accounted for 32%.
Overall, there are 1.519 companies in the ranking, of which 282 have a turnover exceeding one billion euros. The latter generate 1.060 billion euros in revenues (-1,5% on 2023), employ over 2 million people (+3%). They also record a EBIT Margin of 7,6%, with a net profit/sales ratio of 4% and a debt equity ratio of 90,4%.
Tops and Flops: The Ranking of Profits and Losses
Last year Enel doubled its profits, rising from 3,4 billion in 2023 to 7 billion in 2024 thanks to the good performance of ordinary activities, proceeds from disposals and lower write-downs compared to the previous year. Eni comes in second place with a profit of 2,6 billion, down from 4,8 billion in 2023. On the third step of the podium is Poste Italiane, which recorded a profit of 2 billion (compared to 1,9 billion the previous year).
Two high-end automotive companies follow: Classic Ferrari for sale, with 1,6 billion in profits (up from 1,3 billion in 2023), and Lamborghini cars, which marks a record result of 1,4 billion, almost three times the 479 million of the previous year.
Still in the luxury car sector, Maserati it stands out in the opposite direction by driving the loss ranking with a loss of 701 million euros, equal to 87% of sales, due to the collapse in registrations. Followed by Telecom Italy with a loss of 610 million (4,3% of turnover), Beko Europe Management with 492 million (21,6%), Vodafone Italia with 374 million (7,7%) and Open Fiber with a loss of 364 million, equal to 59,5% of the turnover.
The main employers
At the top of the ranking is positioned Poste Italiane, with 119.117 employees, a slight decrease of 0,2% compared to 2023. Followed by state Railways with 96.335 resources (+4,2%), Leonardo with 60.468 (+12,9%) and Enel with 60.359 (-1,1%), all above the 50 unit threshold. Rounding out the ranking are Oniverse Holding (45.886, +1,8%), Webuild (41.719, +9,8%), and Almaviva – The Italian Innovation Company (41.512, -7%).
Manufacturing: half of the turnover from the mechanic
Considering manufacturing alone, the top 20 companies achieve a aggregate turnover of 160 billion euros, or 54,6 billion less than the overall value of the three energy-oil companies on the podium (214,6 billion). mechanical sector is the most represented within the Top 20, with eight companies: five operate in the production of means of transport (Stellantis Europe, Leonardo, Fincantieri, Iveco and Ferrari), while three are active in the manufacturing of machines and equipment (Nuovo Pignone, Ali Holding, and Danieli). They generate almost half the turnover of the top 20 manufacturing companies in the ranking. Three companies from the food industry (Parmalat, Cremonini and Barilla), three metallurgical (Marcegaglia, Chimet and Finarvedi), two specialized in rubber and cables (Prysmian and Pirelli), one in the leather and hide sector (Prada), one in the pharmaceutical sector (Menarini), one in the chemicals sector (Mapei) and one in building materials (Buzzi).
Banks and insurance
In 2024, the ranking of the top 20 Italian banks (based on total tangible assets) will be in first place. Intesa Sanpaolo, with 922,7 billion in assets (-3,2%), closely followed by Unicredit with 781,8 billion (-0,1%). Third CDP (€391,3 billion, -1,2%). Ranking fourth through tenth are Banco BPM (€196,9 billion, -1,9%), Gruppo Bancario Cooperativo Iccrea (€164,4 billion, -5,7%), Bper Banca (€139,9 billion, -1,1%), Banca Monte dei Paschi di Siena (€122,4 billion), Mediobanca (€98,2 billion, +8,1%), Banca Nazionale del Lavoro (€92,8 billion, -9,8%), and Crédit Agricole Italia (€90,9 billion, -1,9%).
In the insurance sector, Generali maintains absolute dominance of the Top 10 groups and is the undisputed queen in all 60 editions. It closes 2024 with "insurance revenues from insurance contracts issued" equal to 54,1 billion euros, or 67% of the total generated by the entire sector. Followed by Unipol Insurance (9,8 billion) e Società Reale Mutua di Assicurazioni (€4,4 billion). "The rankings in the top five insurance groups would change partially if gross premiums were taken into account (no longer reported in the new consolidated financial statements)," Mediobanca highlights. In this case, Generali remained stable in first place (€95,2 billion), followed by Intesa Sanpaolo Assicurazioni (€19,6 billion), Poste Vita (€18 billion), Unipol Assicurazioni (€15,6 billion), and Mediolanum Vita (€6,5 billion).
The most dynamic companies
Moving on to an in-depth look at the most dynamic companies of the Fourth Capitalism, the Mediobanca Research Area discusses eight Italian companies, leaders in industrial and pharmaceutical innovation. These are: Dompé Holdings (biopharmaceutical sector), Techno probe (microelectronics), Bsp Pharmaceuticals (oncology and biotechnological drugs), International branch (alcoholic beverages), Gessi Holding (private wellness, high-end bathroom and kitchen furnishings), alpha sigma (pharmaceutical), Sabelli (dairy sector), Flamma (pharmaceutical company specializing in the production of active ingredients and chemical intermediates).
The ranking includes Italian family-owned manufacturing companies in the medium-sized segment with high growth rates in revenue and profitability. These companies saw their revenue grow by at least 20% in 2024 compared to 2023 and achieved a profit margin of at least 4% on revenue in both 2024 and 2023.
Specifically, over the two years under investigation, these groups achieved an aggregate increase in sales of +32,4%, a significant figure compared to the overall manufacturing sector's decline of -0,7%. Four of the groups are located in the Northwest (three in Lombardy and one in Piedmont), two in Central Italy (one in the Marche and one in Lazio), and two in the South and Islands (both in Abruzzo).
"From cancer drugs to semiconductors, including luxury design, spirits, and premium cheeses, these companies embody the vibrant and innovative profile of Italy's industrial and technological sector," emphasizes the Mediobanca Research Area, which notes that their strength also lies in their international reach: overall, over 75% of their aggregate turnover comes from exports, a significantly higher share than the 51% recorded by manufacturing as a whole. Moreover, some dynamic companies generate over 90% of their revenues abroad.
