SME and Capital Market Observatory SMEs and the Stock Market: between opportunity and flight The numbers that Italy cannot ignore

Milan, February 9, 2026 – Italian SMEs see access to the capital market as an opportunity to grow, innovate, and thus become more competitive, but at the same time they find it difficult to take the leap, often due to cultural and size-related issues.  

This is the message that emerges from the First Report of the Observatoryon SMEs and Capital Markets, established by Consob and Cetif Università Cattolica, to analyze, for the first time in a systematic way, the conditions of access and permanence of Italian small and medium-sized enterprises in capital markets. The report is the result of a year of research, with contributions from the Scientific Committee and a Stakeholder Group bringing together associations, institutions, market operators, and università.

The mapping, consisting of a representative sample of approximately 120,000 Italian SMEs, paints a clear picture, characterized by a prevalence of small or very small companies:
• 88% of unlisted SMEs have fewer than 50 employees.
• Lombardy alone accounts for 22% of all SMEs.
• Manufacturing remains the most represented sector (33.6% of unlisted companies, 31.8% of listed companies).

The listed companies in the sample (equal to 0.14% of the total observed) are characterized by their larger size, their presence in the technological and scientific sectors, and consequently their stronger focus on innovation, competitiveness, and growth. The Observatory's activity focuses on the relationship between SMEs and the capital market, which reveals a complex picture with marked critical issues. In general, Italian mid-small caps are valued by the market at lower multiples than European benchmarks. This undervaluation has real effects, such as a reduced ability of SMEs to raise capital, difficulty in using securities as leverage for strategic operations, and an incentive to delist.

Between 2023 and the first half of 2025, 62 SMEs will have entered the stock market; in the same period, 86 will have left the stock market, with a total loss of over €44 billion in capitalization. There are three main reasons for delisting: low liquidity, valuations that are not in line with fundamentals, and the growing attractiveness of private equity, which offers significant premiums and greater management flexibility. The report also identifies some factors that could bring capital back to SMEs, such as the return of positive flows in PIRs (Individual Savings Plans), the launch of the National Indirect Strategic Fund (over €1 billion from 2026), lower interest rates, and an expected improvement in earnings during 2026.

The report examines the sector's propensity for innovation, highlighting both areas of lag, such as private spending on research and development, which remains below the European average, and areas of recovery, such as the growth of Italian venture capital, whose volume remains undersized compared to France and Germany. In essence, innovative SMEs perform better but encounter difficulties in accessing venture capital.

Researchers from Consob and Cetif collected first-hand accounts from many entrepreneurs involved in listings, translistings, and delistings. The common thread running through the interviews is not surprising: the stock market is perceived as a powerful growth accelerator, but also as an environment that does not always succeed in leveraging the potential of SMEs. While entrepreneurs highlight benefits in terms of governance, access to credit, and international credibility, they also express strong frustration at the undervaluation of their shares. There is also a deeply rooted cultural issue that makes it difficult for many SMEs to accept the opening up of their capital and the imposition of stricter transparency rules.

The Report proposes a number of areas for action, such as:

1. Increase the presence of institutional investors, including pension funds and insurance companies.
2. Support and stabilize instruments such as PIRs and ELTIFs ( European Long Term Investment Funds), which have already proven effective in channeling savings toward SMEs.
3. Promote the growth of businesses to increase their attractiveness on the markets.
4. Strengthen quality standards at entry to enhance the market's reputation.
5. Supporting the training of entrepreneurs, especially in the first few years after listing.

"The Observatory's first report confirms the strategic role of SMEs in the country's growth and, at the same time, the structural difficulties that still limit their access to capital markets. The collaboration between Consob and the academic world," says Luca Filippa, Director General of Consob, "has given rise to an open and inclusive observatory, capable of fostering a qualified dialogue between institutions, market operators, businesses, and università. In accordance with our supervisory mandate, we work to ensure transparent, liquid, and accessible markets that combine investor protection with better financing of the real economy. Strengthening entry quality, broadening the investor base, and providing management support are decisive conditions for transforming the potential of SMEs into value for the country."

"SMEs remain a fundamental asset of our economy, but they need to make a qualitative leap forward," said Federico Rajola, Director Cetif Full Professor at Università Cattolica Università del Sacro Cuore. "This first part of the Observatory has provided a snapshot of the situation, highlighting the point of view of entrepreneurs. In the second part, we will also consult with European academics to understand how the issue has been addressed and, in some cases, overcome in other countries."

The initial findings of the Observatory and the relationship between SMEs and the capital market will be discussed at an event organized on February 19 in Milan atUniversità Cattolica Università del Sacro Cuore "SMEs, competition, and the search for capital,"where the Spanish, Swedish, and US cases will also be described.