Spain’s credit rating upgraded to ’A+’ by S&P on strong growth
Introduction & Market Context
Equita Group SpA (BIT:EQUI) presented its first-half 2025 financial results on September 11, 2025, showcasing strong performance across all business segments amid favorable market conditions. The Italian investment bank and financial services firm reported significant growth in both revenues and profitability, supported by increased trading volumes and capital markets activity.
The presentation highlighted how Equita capitalized on the 26% increase in equity trading volumes on Euronext Milan and the 61% rise in Equity Capital Markets (ECM) transactions (excluding the Exor ABB on Ferrari shares) during the first half of 2025 compared to the same period last year.
As shown in the following chart of market trends and trading volumes, Equita benefited from the overall positive market environment, despite some segments showing declines:
Quarterly Performance Highlights
Equita Group reported impressive financial results for the first half of 2025, with consolidated net revenues reaching €54.1 million, a 33% increase compared to 1H 2024. Net profits surged by 51% to €12.2 million, reflecting the company’s strong operational performance and effective cost management.
The second quarter of 2025 was particularly strong, with net revenues of €30.7 million (+30% year-over-year) and net profits of €7.5 million (+49% year-over-year), demonstrating accelerating momentum in the business.
Return on Tangible Equity (ROTE) improved to 30% from 25% in the first half of 2024, while the IFR Ratio slightly decreased to 3.3x from 3.6x, still indicating a solid capital position.
The following snapshot provides a comprehensive overview of Equita’s 1H 2025 financial performance:
Detailed Financial Analysis
Equita’s growth was driven by both client-related business, which increased by 17% to €43.2 million, and exceptional performance in directional trading activities. The company maintained strong operating leverage, as evidenced by the improvement in its cost-to-income ratio despite an increase in the number of professionals to 206 (from 194 in 1H 2024).
The presentation revealed that Equita has achieved consistent growth in net revenues since its IPO, with a CAGR of 4% from 2017 to 2024. This growth trajectory continued into 2025, with the first half showing particularly strong performance in directional trading.
The following chart illustrates Equita’s revenue trends and the contribution of different business segments:
Equita’s cost structure demonstrates the company’s ability to manage expenses while growing its business. The detailed breakdown of personnel costs and operating expenses provides insight into how the company has maintained operational efficiency:
Strategic Initiatives and Business Segment Performance
Equita reported growth across all its business divisions. The Global Markets segment, which includes Sales & Trading, Client-Driven Trading, and Directional Trading, showed particularly strong performance. Investment Banking achieved 7% organic growth, maintaining its positive trajectory with a CAGR of 6% from 2017 to 2024.
The Alternative Asset Management division saw a 34% increase in fees year-over-year, continuing its impressive growth trend with a CAGR of 15% from 2017 to 2024. The company has been strategically increasing its focus on illiquid assets, which now represent a larger portion of its assets under management.
The company’s assets under management have shown steady growth, with an increasing contribution from illiquid assets such as Private Debt, Private Equity, and Infrastructure investments, as illustrated in the financial results snapshot:
Forward-Looking Statements
While the presentation did not explicitly provide guidance for the remainder of 2025, the strong first-half performance positions Equita well for continued growth. The company’s diversified business model, with contributions from Global Markets, Investment Banking, and Alternative Asset Management, provides resilience against potential market volatility.
The ongoing expansion of Equita’s professional team, which grew to 206 individuals, indicates the company’s commitment to supporting future growth initiatives. Additionally, the increasing focus on illiquid assets within the Alternative Asset Management division suggests a strategic shift toward more stable, long-term revenue streams.
Market trends remain generally supportive, with YTD August 2025 figures showing Euronext Milan volumes up 33% year-over-year, although some segments like Euronext Growth Milan (-18%) and Bonds (-7%) have experienced declines. These mixed market conditions will likely influence Equita’s performance in the second half of the year.
Equita’s shares closed at €5.08 on the day of the presentation, up 1.18% or €0.06, reflecting positive market reception of the results. The stock has been trading between €3.80 and €5.19 over the past 52 weeks, with the current price near the upper end of this range.
Full presentation:
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