La photography which emerges from the season of quarterly in Italy it is not that of a stagnant economy as is often reported, but of a industrial fabric that is being recomposed. Few big groups pull, but they do it with increasingly sophisticated strategies, connecting energy, technology, and finance. "When we think of the Italian economy, our minds often turn to narratives of stagnation or slow growth," he says. Gabriel Debach, market analyst at eToro. “But if we shift our gaze from the newspaper headlines to the balance sheets and strategy of the country's large companies, a a decidedly more dynamic and counterintuitive picture. An silent transformation which is redesigning entire sectors. Some surprising trends tell a different story.”
From Italian quarterly are three trends which emerged, according to Debach: the utility who invest billions in artificial intelligence, the infrastructure that become digital, the solidity of the banks.
Utilities invest billions in artificial intelligence
One of the biggest bets on artificial intelligence in Italy comes from a public services company, A2AThe rationale for this move is brilliant in its simplicity, says Debach: Energy costs account for 65% of a data center's total operating costs. For a company that generates energy, this translates into a competitive edge almost insurmountable. But there's more. The heat generated by data centers, usually a waste, becomes a precious resource. A2A plans to recover this heat to double the thermal energy available for the district heating in Milan, a city that, not surprisingly, hosts 50% of Italian data centers. This is not a simple diversification, but the redefinition of an entire sector: theenergy it is no longer just a product, but thecritical infrastructure fueling the AI economy. A2A has launched a €23 billion plan, €1,6 billion of which is dedicated to data centers.
More generally the Italian utilities they then moved on different fronts, but they share three common pillars: record investments, financial discipline, and the ability to transform the energy transition into an industrial lever. All the big Italian companies in the sector show a sustained growth, nourished by regulated businesses and targeted investments. A2A reports revenues up 12% in the first nine months, Hera to +10,6%, Terna to +8,9%, Enel at +3,6% and Italgas at +42,8% with the integration of 2i Rete Gas.
La capex trajectory remains impressive: Enel guide with 43 billion by 2027, Terna exceeds 2 billion in nine months, Italgas it is putting 16,5 billion on the table until 2031 and then there is A2a which was mentioned. Italgas digitizes the network and makes it ready forhydrogen. Terna expands interconnections and integrates new technologies. Enel shifts the center of gravity to networks and storage, while Hera strengthens the integration between energy, water and waste. “It is the industrial response to the transition: more resilient grids, digitalization, and new production capacity to support the country's electrification. They share the desire to monetize the transition with scalable infrastructure and measurable returns,” says the analyst.
Infrastructure goes digital
Le gas networks they become intelligent: Italgas is creating a 'digital twin' to manage everything remotely. Even the most seemingly static sectors, such as gas distribution, are experiencing a technological revolution Silent but profound. Italgas is investing an impressive €3,1 billion exclusively in the digitalization of its networks. This isn't just an efficiency exercise: it's about making the more resilient critical infrastructures, safe and ready for the challenges of the energy future, as the distribution of hydrogen and biomethane.
Italian banks indicate solidity
Il Italian banking system, maximum weight at Business Square, continues to show record numbers. The quarterly results showed that the interest margin (NII) stabilized or declined after the peaks, penalized by the falling rates and from increasing cost of collection, emerges from Debach's analysis. Intesa Sanpaolo It recorded a 7% drop to 3,6 billion euros, due to loan revaluations and the drop in the Euribor, but expects a recovery in the coming quarters. UniCredit saw a drop of -5,4%, Bpm bank -8,7%, Ps of -7,4%, while Fineco -12,8% and Mediolanum of -5,2%. Poste Italiane It is among the few that are growing (+6,0%).
Il commission engine has returned to the forefront. The profitability mix is shifting towards consulting and asset management, confirming a more model fee-driven and less exposed to the cyclicality of interest rates. cost discipline rThis is then a pillar: Cost/Income Ratio between 37% and 46% for the main institutions. The language of press releases It's revealing: "record", "excellent", "solid" are the recurring words. Behind the numbers, a clear message: the interest rate cycle is closing, but the profitability Italian banking has learned to to stand on multiple columns, says Debach.
Energy: Eni and Tenaris lead the way, Saipem and Snam diverge
Il energy sector closed the quarter with signs overall positive. “The strategy of Eni is clear and distinctive: balancing upstream growth, leadership in LNG and the development of transition businesses, while keeping capital discipline and shareholder remuneration at the core,” says the analyst. Eni The company closed the first nine months of 2025 confirming the strength of its industrial model and operational execution capabilities even in a more challenging price environment. Adjusted net profit stood at €3,8 billion (-13% year-on-year) and pro forma EBIT at €9,4 billion (-19%), but production grew significantly in the third quarter, reaching 1,756 million barrels equivalent per day (bpd) (+6%), thanks to the start-up of new projects in Congo, Côte d'Ivoire, and Mexico.
Saipem The company continues to normalize, with revenues of €10,98 billion (+8,4%) and adjusted EBITDA of €1,2 billion (+32,7%), equal to a margin of 10,9% (+2 percentage points). The third quarter, as reported by CEO Alessandro Puliti, marked the highest quarterly EBITDA since 2012.
Tenaris The company completes the picture with very robust results: production expansion in the US and Canada, the launch of new projects in Mexico, and increased efficiency in offshore lines demonstrate an industrial structure capable of adapting to every cycle, says Debach. In the first nine months of 2025, it reported revenues of $8,99 billion (-7% year-on-year), EBITDA of $2,18 billion (with a margin increasing to 24,3%), and net income of $1,51 billion (-3%). In the third quarter, sales reached $2,98 billion (up 2% year-on-year) with an EBITDA of $753 million (25% margin). Despite a challenging environment, the group generated $1,8 billion in operating cash, $1,3 billion in free cash flow, and maintained a positive net position of $3,5 billion.
The FTSE MIB's reactions to the earnings season
The Ftse Mib quarterly earnings season closed with the index up 2,97%. between October 1st, when Brunello Cucinelli inaugurated the season with the preliminary data, and November 14, closing date with Enel and Interpump. A progress that, on the surface, would suggest solidity. "But behind that upward trend lies a more fragmented market, marked by subdued enthusiasm, high dispersion, and a prevalence of negative reactions after the results," says Debach.
To the test of first session following the results, In fact, more than half of the companies in the index, 23 out of 40 companies, have closed down, with an average variation of -1,17%, confirming the cautious tone that has now accompanied the last two seasons. The extremes express the tension well: Campari gained 11,3% after the accounts, Diasorin It lost nearly 19%. "It's a sign of an increasingly binary market that's intolerant of disappointment," the analyst comments.
Between the beginning of October and November 14th, the gap between the best and the worst has started to expand again: from +19,34% of Italgas to -21,98% of Diasorin, the latter being the worst performer both in the post-contest reaction and in the entire season. A gap of over 40 percentage points, which suggests an increasingly binary market.
Few stocks supported the index
The index was supported by a handful of titles: Italgas, Tenaris, and Fineco led the rise with performances above +15%, followed by MPS, Moncler, Stellantis and Telecom Italia, all above +12%. On the contrary, Inwit and Diasorin have lost more than 20%, while STM, Nexi, Ferrari and Lottomatica they closed the season with a double-digit decline.
Il financial sector The backbone of the list was confirmed: Fineco (+15,9%), MPS (+15,2%), Mediolanum (+10,7%), Popolare di Sondrio (+11,5%) and BPER (+9,8%) offered the most constant contributions, with Banco BPM (+2,4%), Mediobanca (+3,3%), Intesa (+3,2%) and UniCredit (+0,02%) more stable. insurance sector, Generali closed up 1,0%, while Unipol (+5,45%) recovered ground despite a negative post-account reaction.
Among the defensive players, the season has shown greater selectivity. Enel gained +11,3% in the period, Terna + 4,1% Snam + 11,2% Italgas +19,3% with one of the best post-publication reactions (+4,2%). On the front energy the split is clear: Tenaris shone (+15,9%), Eni closed +10,8% with a positive reaction to the accounts, Saipem lost 6,7% despite +1,3% the day after. In luxury and in discretionary goods the dispersion is even more marked: Moncler +14,6%, Interpump +9,9%, Ferrari -12,5%, Lottomatica -10,7%, Prysmian -0,1%.
Aggregate revenue in the third quarter grew by 4,82%
The photography of the fundamentals adds a piece. third quarter aggregate revenue 2025 increases by 4,82%, from 156 to 163,5 billion (absent in the Unipol data). A numerical progress which, however, concentrates in a few hands. Four groups generate over 60% of total revenues: Stellantis, with 37,2 billion, accounts for 22,8% of the entire turnover, Generali represents 13,8% of it with 22,5 billion, Eni 12,6% with 20,5 billion, Enel 11,6% with 18,9 billion. The rest of the market shares the crumbs of an economy that remains highly concentrated. In terms of variations, the range is wide: Bper marks the highest annual revenue growth, while STMicroelectronics records the sharpest contraction.
