(Alliance News) - The Mib closed sharply lower on Thursday, dropping towards the 44,600 mark and partially erasing gains from the previous session. Italy's main stock index moved in line with other European markets amid a climate of increasing investor caution.
Market sentiment was weighed down by the escalation of the conflict between the US and Iran, now in its sixth day. Mounting concerns over a possible widening of the confrontation are fueling risk aversion, especially after both sides hinted at the possibility of intensifying attacks in the coming days.
According to various sources, the military situation has further deteriorated. A US submarine reportedly sank an Iranian warship near Sri Lanka, while NATO air defense systems are said to have intercepted an Iranian ballistic missile headed toward Turkey.
The heightening tensions are already impacting commodity markets, with a significant surge in energy prices. This development risks stoking renewed inflationary pressures in the euro area, reinforcing expectations among operators that the ECB may not rule out maintaining a more restrictive monetary policy stance in the short term.
As a result, the Mib fell 1.6% to 44,608.55 points, the Mid-Cap dropped 1.6% to 56,337.29, the Small-Cap retreated 1.0% to 34,760.07, and Italy Growth ended the session just below parity at 8,477.21 points.
Other exchanges were also negative, with France's CAC 40 down 1.5%, Frankfurt's DAX 40 closing 1.8% lower, and London's FTSE 100 falling 1.5%.
In Milan, Amplifon slid more than 13%. On Wednesday, the company reported that it closed 2025 with adjusted net profit of EUR159.2 million, down from EUR188.1 million as of 31 December 2024. The company proposed a dividend of EUR0.29 per share, unchanged from last year.
RBC Capital issued a 'sector perform' rating on Amplifon, down from 'market perform', and confirmed the target price at EUR15.00 due to "insufficient revenue and profit in the fourth quarter" and "ambiguous forecasts." As a result, returns are in line with the sector average over 12 months. Compared to consensus, the company reported fourth-quarter revenues 2.3% below forecasts, while adjusted EBITDA missed estimates by 5.5% and earnings per share were 6.2% below expectations.
Nexi—closing with a loss close to 17%—approved its results and new group plan on Thursday, which appear to have failed to convince investors. As of 31 December 2025, it reported revenues of EUR3.59 billion, up 2.1% from EUR3.51 billion for the year ended December 2024. Group net profit rose 7.2%, reaching EUR783.3 million from EUR730.4 million the previous year.
Additionally, the group expects total excess cash generation of around EUR2.4 billion in the 2026-2028 period, with about EUR750 million expected in 2026. Regarding shareholder remuneration, Nexi indicated a dividend of EUR0.30 per share for 2026, totaling roughly EUR350 million, with expected annual growth of at least 5% and a total payout exceeding EUR1.1 billion over three years.
Fincantieri—down 6.1%—announced Thursday that Remazel has completed the acquisition of 100% of H Tech Serviços e Manutenção, a Brazilian company specializing in offshore plant inspection and maintenance services. The company explained in a note that the acquisition is conceived as a long-term investment aimed at creating value for clients, partners, and stakeholders.
Campari surged, gaining 10.0%. On Wednesday, the company reported that it closed 2025 with group net profit of EUR346.3 million, up 72% from EUR201.6 million in 2024.
Snam—up 1.6%—approved its 2025 accounts on Thursday, calling the results "well beyond guidance," and approved its strategic plan for 2026-2030. The group's adjusted net profit for 2025 was EUR1.42 billion, up more than 10%, or EUR133 million, from EUR1.26 billion the previous year.
On the Mid-Cap segment, d'Amico dropped 7.1% to EUR7.30 per share, suffering from sector pressure linked to the situation in the Strait of Hormuz.
Avio, meanwhile, lost 9.9% to EUR33.80 per share. It is worth noting that Two Sigma Investments reduced its short position on the stock to 0.66% from the previous 0.72%.
Piaggio declined 5.4%. In 2025, the group reported net profit of EUR34 million, down 49% from EUR67.2 million the previous year.
Intercos advanced 1.3% to EUR12.30 per share, building on a 5.0% gain the previous day.
The board of directors of Ascopiave—up 4.0%—approved the 2025 results on Thursday, closing with consolidated net profit of EUR86.8 million, up from EUR36.5 million in 2024. The board will propose a dividend of EUR0.16 per share to the meeting, for a total of EUR34.6 million, slightly higher than the EUR0.15 paid last year.
On the Small-Cap, Sogefi closed down 4.8%. Intesa maintains a neutral view on the stock, highlighting a stable operating environment but some competitive challenges, especially in the Suspensions segment. The bank notes a gradual evolution of divisions and a modest medium-term growth outlook, with more favorable results for Air & Cooling than for Suspensions.
Aeroporto Guglielmo Marconi di Bologna—down 4.7%—reported Wednesday that in February the airport handled 681,053 passengers, up 5.9% from the same month in 2025, marking the best February ever for the Emilia airport. Specifically, domestic flight passengers totaled 157,291, up 2.9% year-on-year, while international passengers reached 523,762, up 6.9% from 2025.
Banca Sistema shares, on the other hand, rose 2.0% to EUR1.76 ahead of the release of its results. On Wednesday, Banca CF+ announced that the final results of its voluntary public tender and exchange offer for Banca Sistema shares confirmed the preliminary data already communicated. As explained in a note, 56.9 million Banca Sistema shares were tendered, equal to 70.732% of share capital and 69.047% of voting rights.
Beewize, meanwhile, rose 0.3%, awaiting results due Friday.
Among SMEs, Laboratorio Farmaceutico Erfo jumped 16% after a flat session the previous day, closing at EUR1.31.
Franchetti—down 0.9%—announced it has signed, through a newly established Brazilian subsidiary, a binding agreement to acquire 55% of the share capital of ECR Engenharia and ECR Tecnologia e Engenharia. The companies operate in engineering services for road, rail, urban mobility, water infrastructure, bridges, viaducts, tunnels, and complex civil buildings.
Siav—down 2.4%—reported Wednesday that it has finalized the sale of its 20.54% stake in Consis Società Consortile a responsabilità limitata to Consis Group, Consis's parent company. At the same time, the company acquired from Consis the business unit related to "Document Management" activities in public health.
Nusco, meanwhile, dropped 4.1%, marking its fourth consecutive bullish candle, with price around EUR0.59.
In New York, the Dow is down 0.8%, the Nasdaq falls 0.5%, and the S&P 500 contracts by 0.8%.
On the currency front, the euro trades at USD1.1562 from USD1.1602 at Wednesday's European equity close, while the pound changes hands at USD1.3300 from USD1.3326 last night.
Among commodities, Brent trades at USD84.70 per barrel from USD80.94 per barrel Wednesday evening, while gold is worth USD5,066.00 an ounce from USD5,112.86 the previous day.
As for Friday's macroeconomic calendar, at 0800 CET Germany's factory orders and the UK Halifax house price index will be released.
At 1200 CET, Germany's car registration data is due.
At 1430 CET, from the US, focus will be on the unemployment rate and retail sales, while in the evening—as usual on Fridays—the COT Report will be published.
Among companies on Piazza Affari, results are expected from Banca Sistema and Beewize.
By Maurizio Carta, Alliance News reporter
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