Informazione
Regolamentata n.
20115-85-2026Data/Ora Inizio Diffusione 10 Settembre 2026 12:26:43Euronext Star Milan
Societa' :EQUITA GROUP
Utenza - referente :EQUITAGROUPN04 - Graziotto Andrea Tipologia :REGEM; 3.1; 2.2; 1.2 Data/Ora Ricezione :10 Settembre 2026 12:26:43 Data/Ora Inizio Diffusione :10 Settembre 2026 12:26:43 Oggetto :EQUITA reports first half 2026 results. Net Revenues and Adjusted Net Profits +11% respectively. ROTE to 42% and IFR Ratio above 3x. Acceleration in Global Markets in
2Q'26
Testo del comunicato
Vedi allegato
EQUITA Group S.p.A.
Via Turati, 9 - 20121 Milan | Tel. +39 02 6204.1 ir@equita.eu | www.equita.eu 1
Milan, September 10th, 2026
Luigi de Bellis, Chief Executive Officer at EQUITA, commented : “We delivered a particularly positive performance in the second quarter of 2026 , with double -digit growth in both Net Re venues and Net Profits , despite challenging factors on several fronts. The main contribution came from Global Markets, which recorded remarkabl e levels of activity, driven mainly by client business . This set of results reflect s the strength of our brand, the value of our integrated platform, and the quality of the long-lasting relationships we have built over time with investors, corporates and institutions ”.
Simone Riviera, Chief Executive Officer at EQUITA , added : “The acceleration seen in the second quarter supported our s trong 1Q’26 results , leading the Group to report its best first-half since IPO. This confirm s our strategy , as well as our ability to create value in different market conditions. We approach the second half of the year with confidence and cautious optimism, supported by a solid pipeline of mandates and strong capital solidity .
The second part of 2026 will also see the completion of two significant strategic initiatives announced in March 2026 , which will further diversify and strengthen our business mode l: the commercial partnership with Gruppo BCC Iccrea , and the acquisition of Xenon Private Equity .” The Board of Directors of EQUITA Group S.p.A. (the “ Company ” and, together with its subsidiaries, “ EQUITA ” or the “ Group ”) approved the first half consolidated results as of 30 June 202 6.
Consolidated Net Revenues In the first half of 2026 , the Group recorded € 60.2 million in Net Revenues, representing 11% year -on-
year growth (€54.1 million in 1H’25). Net Revenues linked to clients recorded double -digit growth and reach ed a new record -high of €58.6 million in 1 H’26 (€43.2 million in 1 H’25, + 35%).1 This performance represents the best first half since IPO .
The Global Markets division – which includes Sales & Trading, Client -Driven Trading & Market Making and Directional Trading – recorded significant growth in Net Revenues ( +29%; €41.6 million in 1 H’26, €32.3 million in
1 Excluding the contribution of Directional Trading, Investment Portfolio linked to Alternative Asset Management initiatives an d performance fees from asset management business .
PRESS
RELEASE
EQUITA approves first half 2026 financial results : Net Revenues and Adjusted Net Profits up 11% year-on-year, Return on Tangible E quity at 42% and IFR Ratio above 3x Group confirms strong profitability, further boosted by a significant acceleration in Global Markets' contribution in 2Q'26
EQUITA Group S.p.A.
Via Turati, 9 - 20121 Milan | Tel. +39 02 6204.1 | ir@equita.eu | www.equita.eu 2
1H’25 ), boosted by double -digit increase in Net Revenues linked to clients (+73%; €38.0 million in 1H’26 , €22.0 million in 1H’25 ).
EQUITA ’s trading floor continue s to support investors and financial institutions as the leading independent broker in Italy, confirming significant market share in equit ies trading (Euronext Milan:
7.5%; Euronext Growth Milan: 9.8%), bonds (4.6%), and cash equity options (4.5%).2 Sales & Trading revenues – net of commissions and interest expenses – were up 37% year -on-year (€17.5 million in 1 H’26, €12.8 million in 1 H’25) and benefitted from increased activity in the brokerage business , with both institutional and retail client s being very active in the trading of domestic and international equities , derivatives , ETFs and certificates , especially in the last months of the semester . Client Driven Trading & Market Making Net Revenues grew 124% ( €20.5 million in 1 H’26, €9.2 million in 1 H’25) and – in line with the Sales & Trading segment – benefitted from a significant increase in trading activity on equities and derivatives , partly linked to ongoing special events in financial markets, which led to a significant increase in client trading business compared to normal brokerage levels . Directional Trading returned to a positive, tangible performance , with a contribution of €3.6 million in 1H’26 (€10.4 million in 1H’25) ; it is worth noting that in 1Q’26 , the desk contributed only marginally to the results of the Global Markets division, due to the risk -off approach adopted by the team during periods of extreme market volatility and uncertainty, including persistent global geopolitical tensions . In 2Q’26, the return of several special events to the market led the desk to invest more regularly and record positive result s, despite the tough comparison year -on-year.
In 2Q’26, the Global Markets division recorded €26.5 million in Net Revenues (€16.6 million in 2Q’25), up 59% year-on-year, driven by solid progress in client -related business (Sales & Trading +57%, Client -Driven & Market Making +150%).
In June 2026, EQUITA ranked #1 in the “ Italy Trading & Execution ” category of the Extel survey , reflecting the strength of its brokerage platform and the continued recognition of the Group’s execution capabilities by investors . The team also achieved top positions in other Italy-focused categories of the survey , confirming its role as leading independent broker in “Italy Sales” and “Italy Corporate Access”.
The Investment Banking division recorded € 15.9 million in Net Revenues in 1H’26 (€17.2 million in 1 H’25, -7%). This result includes the resilient performance of the M&A advisory team (despite a challenging environment in Italy, which experience d a significant decline in volume of transactions and aggregate deal values in 1H’26, down -14% and -27% respectively, year -on-year)3 the consolidation of EQUITA Debt Advisory for the entire reporting period (six-month contribution in 1H ’26 vs two months in 1H’25) and the
2 Source: AMF Italia. Figures refer to brokered volumes on behalf of third parties (1H’26) 3 Looking at the Italian context, in the first six months of 2026 the number of announced deals decreased by 14% (from 744 in 1H'25 to 637 in 1H'26) ; total values went down by 27% (from €30.4 billion in 1H'25 to €22.2 billion in 1H'26). This performance was almost attributable to the dynamic observed in the first quarter of 2026 , where t he number of deals and aggregate values decline d by 45% and 25% respectively; in the second quarter of 2026 , in fact, performance was broadly in line year -on-year, both in terms of number of deals ( -5%) and aggregate values ( -1%). Source: KPMG .
(€m) 1H'26 1H'25 % Var 2Q'26 2Q'25 % Var Global Markets 41,6 32,3 29% 26,5 16,6 59% o/w Sales & Trading 17,5 12,8 37% 10,1 6,4 57% o/w Client Driven Trading & Market Making 20,5 9,2 124% 13,1 5,3 150% o/w Directional Trading 3,6 10,4 (66%) 3,2 4,9 (35%) Investment Banking 15,9 17,2 (7%) 8,7 11,8 (27%) Alternative Asset Management 2,8 4,6 (40%) 0,1 2,3 (96%) o/w Asset management fees 4,6 4,1 13% 2,4 2,0 19% o/w Investment Portfolio & Other (1)(1,9) 0,5 n.m. (2,3) 0,3 n.m.
Consolidated Net Revenues 60,2 54,1 11% 35,3 30,7 15% o/w Client Related (S&T, CD&MM, IB, AAM fees) 58,6 43,2 35% 34,3 25,5 35% o/w Non-Client Related (Directional Trading) 3,6 10,4 (66%) 3,2 4,9 (35%) o/w Investment Portfolio & Other (1)(1,9) 0,5 n.m. (2,3) 0,3 n.m.
(1) Includes figures deriving from AAM activities not related to the fees / asset management business.
EQUITA Group S.p.A.
Via Turati, 9 - 20121 Milan | Tel. +39 02 6204.1 | ir@equita.eu | www.equita.eu 3
tough comparison in Global Financing (with the team recording strong performance in 1H ’25, thanks to robust Debt Capital Markets activities which led EQUITA to raise more than €1 billion on behalf of clients in the period ).
In the first half of 202 6 EQUITA ranked as the #1 Italian investment bank by deal value in the M&A league tables for Italy , confirming its leadership , with 14 mandates disclosed and €55 billion cumulated transactions4.
In 2Q’26 , the Investment Banking division recorded €8.7 million in Net revenues (€11.8 million in 2Q’25, -27%) , with M&A advisory performing in line with the previous year and Capital Markets suffering the tough comparison with the very positive results reported by the Debt Capital Markets team in 2Q’25, with the issue of four bonds .
The Alternative Asset Management division recorded Net Revenues of €2. 8 million in 1 H’26 (€ 4.6 million in 1H’25, -40%). Asset Management fees5 were up 13% year -on-year (€4.6 million in 1 H’26 vs € 4.1 million in 1H’25) thanks to the fundraising of new illiquid funds in 2025 , in addition to the year -on-year growth in liquid assets following the positive performance in discretionary mandates and new inflows. The Investment Portfolio6 recorded a €1.9 million net loss (€0.5m gain in 1H’25) , following the adjustment to fair value of one investment in portfolio .
As of 30 June 2026 , assets under management grew to €1.2 billion (€1.1 billion as of 31 December 2025, €1.0 billion as of 30 June 2025) . Proprietary, illiquid funds represented 53% of total assets (€626 million as of 30 June 2026, €659 million as of 31 December 2025, €635 million as of 3 0 June 2025 ). In terms of revenues, illiquid funds contributed to 7 2% of total asset management fees in 1 H’26.
In 2Q’2 6, the Alternative Asset Management division recorded € 0.1 million in Net revenues (€ 2.3 million in 2Q’2 5), with asset management fees up 19% year -on-year (from €2.0 million in 2Q’25 to €2.4 million in 2Q’26) , offset by the impact of the fair value adjustment of one investment in portfolio .
The Research Team – which confirmed its top rank among the best brokers in the Extel survey for Italy in terms of investors’ preferences for the quality of research reports on Italian and foreign issuers – continue s to support all business areas , assisting investors with research reports and insights on more than 155 listed companies, both Italian (ca. 95% of the Italian total market capitalisation) and foreign, as well as on debt instruments.
Consolidate d Profit & Loss (reclassified) Personnel Costs7 increased by 14% year-on-year (€30.0 million in 1H’26, €26.3 million in 1H’25 ), following the upward trend in Consolidated Net Revenues. The number of professionals stood at 206 as of 3 0 June 2026, in line with the previous year . In 1H’26, the ratio between Personnel Costs and Net Revenues was 49.8% (48.6% in 1H ’25) and the normali sed compensation/ revenue ratio was 48.6% (49.2% in 1H’25)8.
Other Operating Costs increased by 9% year -on-year (€11.9 millio n in 1 H’26, €11.0 million in 1H’25 ).
Information Technology expenses were down 4% compared to the previous year (€3.3 million in 1H’26 , €3.5 million in 1H’25), while Trading fees9 increased by 6% (€1.9 million in 1H’26, €1.8 million in 1H’25 ), a slower relative pace compared to the growth rate recorded by trading volumes i n Global Markets , thanks to initiatives
4 Source: internal elaboration based on Mergermarket data (1H’26).
5 Liquid strategies, private debt, private equity, and renewable infrastructures.
6 The Investment Portfolio includes the investments made by the Group in the Alternative Asset Management products that have be en launched, with the purpose of further aligning EQUITA’s and investors’ interests.
7 Excludes compensation of Board of Directors and Statutory Auditors. Those items are included in Other operating costs.
8 Excludes items related to Net Revenues but attributable to shareholders , which do not contribute to the remuneration of the Group’s professionals (e.g. HTC portfolio , etc).
9 Item directly linked to the Net Revenues of the Global Markets.
EQUITA Group S.p.A.
Via Turati, 9 - 20121 Milan | Tel. +39 02 6204.1 | ir@equita.eu | www.equita.eu 4
aimed at improving efficiency on brokerage activities . Other costs were up by 5% (€6.0 million in 1H’26, €5.7 million in 1H’25 ) mainly driven by the increase in expenses directly linked to business with clients ( roadshows, marketing events , etc) . Other Operating Costs included approximately €0. 7 million of non -recurring expenses related to advisory fees for the completion of strategic initiatives.10 Excluding the impact of such non -recurring items, Adjusted C ost/Income ratio was 68.5%, in line with the previous year (68.9% in 1 H’25; 69.7% in 1H’26, including non -recurring items) .11 Consolidated Profit Before Taxes stood at € 18.3 million (€16.8 million in 1H’25, +9% ) and Consolidated Net Profit increased to €13.0 million , up +7% year-on-year (€12.2 million in 1H’25 ). Excluding non -recurring items, Adjusted Net Profit increased to € 13.6 million (+11% vs 1 H’25), with a net margin of 2 2%, in line with the previous year.
These r esults confirm the strong profitability of the Group and – as highlighted for Net Revenues – represent the best first half since IPO in terms of Net Profits .
Consolidated Shareholders’ Equity Consolidated Shareholder Equity was € 107.1 million as of 3 0 June 2026 and the Average Return on Tangible Equity (ROTE) was 42% (40% as of 3 1 December 2025, 30% as of 3 0 June 2025 ). The Group’s capital solidity was confirmed by an IFR ratio of 3.3x, well above minimum requirements (3.1x as of 3 1 December 2025, 3.3x as of 3 0 June 2025).12
2026 Outlook
As of today, Global Markets is delivering substantial year -on-year progress, driven by the contribution of the client -related brokerage business, while the Investment Banking team remains involved in several advisory mandates and presents a solid pipeline , expected to materialize in the coming months . Alternative Asset Management continues to focus on fundraising , with asset management fees expected to deliver a year-on-year
10 Reference is made to the commercial agreement with Iccrea Banca and the acquisition of Xenon Private Equity, both initiatives announced in March 2026 11 Ratio between T otal Costs (exclu ding non -recurring items) and Net Revenues.
12 IFR ratio is calculated pursuant to EU 2033/19 Regulation. Starting from 2024, the IFR ratio calculation methodology has changed. The p revious year ratio has been amended accordingly.
Profit & Loss (reclassified, €m) 1H'26 1H'25 % YoY% Rev
(1H'26)% Rev
(1H'25)2Q'26% YoY
(vs 2Q'25)% QoQ
(vs 1Q'26)
Global Markets 41,6 32,3 29% 69% 60% 26,5 59% 76% Investment Banking 15,9 17,2 (7%) 26% 32% 8,7 (27%) 20% Alternative Asset Management 2,8 4,6 (40%) 5% 9% 0,1 (96%) (96%) Consolidated Net Revenues 60,2 54,1 11% 100% 100% 35,3 15% 41% Personnel costs (1)(30,0) (26,3) 14% (50%) (49%) (17,8) 19% 46% Other operating costs (2)(11,9) (11,0) 9% (20%) (20%) (5,9) 4% (4%) of which Information Technology (3,3) (3,5) (4%) (6%) (6%) (1,6) (8%) (4%) of which Trading Fees (1,9) (1,8) 6% (3%) (3%) (0,9) 3% (14%) of which Non-Recurring (0,7) - n.a. (1%) - (0,3) n.a. n.a.
of which Other (prof. fees, marketing, governance,…) (2)(6,0) (5,7) 5% (10%) (11%) (3,1) 2% 5% Total Costs (42,0) (37,3) 12% (70%) (69%) (23,7) 15% 30% Consolidated Profit before taxes 18,3 16,8 9% 30% 31% 11,6 14% 73% Income taxes (5,2) (4,5) 15% (9%) (8%) (3,2) 25% 57% Consolidated Net Profit 13,0 12,2 7% 22% 23% 8,4 11% 81% Adj. Consolidated Net Profit (ex. one-offs) 13,6 12,2 11% 22% 23% 8,6 14% 73% (1) Excludes compensation of BoD and Statutory Auditors (2) Includes compensation of BoD and Statutory Auditors, net recoveries on impairment of tangible/intangibles assets and operating income/expenses
EQUITA Group S.p.A.
Via Turati, 9 - 20121 Milan | Tel. +39 02 6204.1 | ir@equita.eu | www.equita.eu 5
growth in 2026. The division will also benefit from the consolidation of Xenon Private Equity, with the closing expected to be completed in the final months of 2026 . In the coming weeks EQUITA is also expected to announce the closing of the strategic partnership with the Gruppo BCC Iccrea , announced in March 2026 . With this commercial agreement, the team will offer its financial expertise and know -how to the network of cooperative credit banks (Banche di Credito Cooperativo) and their clients , whilst preserving its role of leading independent investment bank in Italy .
* * * According to paragraph 2 of Art. 154 -bis of the Consolidated Finance Law, the Executive appointed to draft corporate accounts, Stefania Milanesi, states that the accounting information herein included tallies with the Company’s documentary evidence, ledgers and accounts.
* * *
EQUITA Group
Investor Relations – Andrea Graziotto ir@equita.eu Close to Media
Adriana Liguori
adriana.liguori@closetomedia.it FinElk
Joseph Walford
equita@finelk.eu
EQUITA is the leading independent Italian investment bank. As the go -to partner for investors, institutions, listed companies, corporates and entrepreneurs, EQUITA acts as broker, financial advisor and alternative asset management platform by offering a broad range of financial ser vices that include M&A and corporate finance advisory, access to capital markets, insights on financial markets, trading ideas and investment solutions, assisting clients with their financial projects and strategic initiatives in Italy and abroad. Drawing on half a century of experience, EQUITA is committed to promo ting the role of finance by creating value for the economy and the ent ire financial system, thanks to its deep understanding of markets, strategic transactions, and sustainability. EQUITA has a unique business model, with research at the core of the strategy and clients access to a leading trading floor constantly con nected with financial markets globally, a successful track -record in the execution of investment banking transactions – enhanced also by the international partnership with Clairfield who identifies cross -border opportunities for Italian and foreign companies – and proven expertise in the management of investment funds, especially in illiquid asset classes like private debt, private equity, infrastructures and renewables. EQUITA stands out for its independence and i ntegrity, the commitment of its professionals to b est-serve clients, and the concept of “partnership” that sees its managers and employees as shareholders of an investment bank li sted on the Italian Stock Exchange as “STAR” company. Visit www.equita.eu to learn more… because WE KNOW HOW .
EQUITA Group S.p.A.
Via Turati, 9 - 20121 Milan | Tel. +39 02 6204.1 | ir@equita.eu | www.equita.eu 6
EQUITA Group – Income Statement (consolidated)
Profit & Loss 30-Jun-26 30-Jun-25 10Net trading income 21.425.338 13.298.348 40Commission income (2.030.740) 466.644 50Commission income 41.749.958 37.378.485 60Commission expense (4.536.061) (3.463.418) 70Interest and similar income 7.014.233 7.024.481 80Interest and similar expense (6.384.902) (7.423.611) 90Dividends and similar income 2.813.869 6.821.124 110 Net Income 60.051.695 54.102.053 120Net losses/recoveries on impairment 47.597 (41.050) a) financial assets at amortized cost 47.597 (41.050) 130 Net Result of financial activities 60.099.292 54.061.003 140Administrative expenses (40.801.498) (36.106.397) a) personnel expenses (1) (30.364.106) (26.633.840) b) other administrative expenses (10.437.393) (9.472.557) 150Net provisions for risks and charges - -
160Net (losses) recoveries on impairment of tangible assets (926.730) (929.100) 170Net (losses) recoveries on impairment of intangible assets (78.549) (105.213) 180Other operating income and expense (15.076) (92.256) 190 Operating costs (41.821.853) (37.232.966) 240 Profit (loss) on ordinary operations before tax 18.277.439 16.828.037 250Income tax on ordinary operations (5.237.509) (4.540.990) 260 Net Profit (loss) on ordinary operations after tax 13.039.930 12.287.047 280 Net Profit (loss) of the period 13.039.930 12.287.047 290 Net Profit (loss) of the period - Third parties interests - 69.965 300 Net profit (loss) of the period - Group 13.039.930 12.217.082 (1) The item "Personnel expenses" includes compensation of the Board of Directors and Statutory Board; in the reclassified profit & loss such expenses have been included in "Other operating expenses".
EQUITA Group S.p.A.
Via Turati, 9 - 20121 Milan | Tel. +39 02 6204.1 | ir@equita.eu | www.equita.eu 7
EQUITA Group – Balance Sheet (consolidated)
Assets 30-Jun-26 31-Dec-25 10Cash and cash equivalents 91.577.689 118.875.071 20Financial assets at fair value with impact on P&L 116.424.579 100.978.963 a) financial assets held for trading 98.271.666 81.822.965 b) financial assets at fair value - -
c) other financial assets mandatory at fair value 18.152.913 19.155.998 40Financial assets at amortized cost 172.919.085 114.105.980 a) banks 94.281.524 52.169.413 b) financial companies 64.689.054 33.040.648 c) clients 13.948.506 28.895.919 50Hedging derivatives 3.521 10.441 70Equity investments 628.160 628.160 80Tangible assets 6.994.328 3.086.457 90Intangible assets 32.491.331 32.569.880 of which: Goodwill 29.880.583 29.880.583 100Tax assets 3.104.575 2.844.553 a) current 1.006.724 527.606 b) deferred 2.097.851 2.316.947 120Other assets 6.519.084 15.365.249 Total assets 430.662.353 388.464.754 Liabilities and shareholders' equity 30-Jun-26 31-Dec-25 10Financial liabilities at amortized cost 207.255.691 184.906.440 a) debt 207.255.691 184.906.440 20Financial trading liabilities 59.488.284 35.034.952 40Hedging derivatives - -
60Tax liabilities 3.853.159 6.195.531 a) current 3.107.891 5.457.538 b) deferred 745.269 737.993 80Other liabilities 46.985.390 40.397.244 90Employees' termination indemnities 1.735.640 1.635.996 100Allowance for risks and charges 4.275.893 4.934.513 c) other allowances 4.275.893 4.934.513 Total Liabilities 323.594.057 273.104.676 110Share capital 12.123.582 12.003.317 120Treasury shares (-) (3.554.247) (2.112.565) 140Share premium reserve 34.005.285 32.174.555 150Reserves 51.473.536 49.053.904 160Revaluation reserve (19.789) (11.682) 170Profit (loss) of the period 13.039.930 24.252.548 180Third parties' equity - -
Shareholders' Equity 107.068.296 115.360.078 Total liabilities and shareholders' equity 430.662.353 388.464.754
Fine Comunicato n.20115-85-2026 Numero di Pagine: 9