(Alliance News) – European stock exchanges continue to trade in positive territory, extending the technical rebound, with investor sentiment buoyed by an increasing flow of corporate earnings and a general short-term risk appetite. However, there remains a degree of caution in the market, with the geopolitical backdrop still the key factor.
The conflict between the USA and Iran, now in its sixth day, is fueling concerns of a broader escalation, with potential repercussions on commodity markets. In particular, rising energy prices could sustain inflationary pressures in Europe, reinforcing expectations for a more restrictive monetary policy by the ECB, which may favor a cautious but tightening-oriented approach.
The market is now pricing in roughly a 40% probability of a rate hike by year-end, and about 60% by June 2027, reversing the odds recently associated with a cut.
Thus, the Mib is up 0.3% at 45,489.40 points, the Mid-Cap is down 0.1% at 57,177.31, the Small-Cap slips just below parity at 35,109.17, and the Italy Growth index posts a 0.3% gain at 8,496.24 points.
Other markets are also positive, with France's CAC 40 up 0.3%, as are Frankfurt's DAX 40 and London's FTSE 100.
On Piazza Affari, Campari shines, advancing 8.8%. The company announced Wednesday that it closed 2025 with group net profit of EUR346.3 million, up 72% from EUR201.6 million in 2024.
FinecoBank is also up 0.4% at EUR19.53 per share. Notably, UBS has raised its target price on the stock to EUR24.40 from EUR23.80.
Fincantieri – down 0.8% – announced Thursday that Remazel has completed the acquisition of 100% of the shares of H Tech Serviços e Manutenção, a Brazilian company specializing in offshore plant inspection and maintenance services. As the company explained in a statement, the acquisition is conceived as a long-term investment aimed at creating value for clients, partners, and stakeholders.
Snam – up 2.3% – approved Thursday its 2025 accounts, results described as "well above guidance," and approved the strategic plan for 2026-2030. The group's adjusted net profit for 2025 was EUR1.42 billion, an increase of over 10% or EUR133 million from EUR1.26 billion the previous year.
Nexi – plunging by 19% – approved Thursday the group's results and new plan, which appear to have failed to convince investors. As of December 31, 2025, the group reported revenues of EUR3.59 billion, up 2.1% from EUR3.51 billion in the year ending December 2024. Group attributable profit increased by 7.2%, rising to EUR783.3 million from EUR730.4 million recorded 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 has indicated a 2026 dividend of EUR0.30 per share, totaling about EUR350 million, with expected annual growth of at least 5% and total distributions exceeding EUR1.1 billion over the three-year period.
On the secondary segment, Intercos is up 2.5% at EUR12.44 per share, following a 5.0% gain the previous day.
MAIRE – up 0.2% – reported Wednesday that it closed 2025 with net profit of EUR284.5 million, up 34% from EUR212.4 million the previous year, marking the highest level ever reached by the group, with a revenue margin rising to 4.0% from 3.6% in 2024. Group net profit attributable stood at EUR260.3 million, up 31.0% from EUR198.7 million the previous year.
Ferretti is also up 1.4% at EUR3.75. In line with its January position, Kepler Cheuvreux confirms its 'buy' recommendation and target price of EUR4.10 on Ferretti, highlighting brand strength, broad product offering, use of cutting-edge facilities, and board expertise as key strengths.
The company, with a market capitalization of EUR1.25 billion, traded up 0.5% at EUR3.72 per share on Wednesday, extending its positive run over the past month, with the stock up 1.7% for the year, 31% for the year-to-date, and 41% over the past six months.
d'Amico, on the other hand, falls 5.7% to EUR7.41 per share, suffering pressure in the sector due to issues in the Strait of Hormuz.
On the Small-Cap, SIT is strong, pushing its price up 4.7% after a flat session the previous day.
Aeroporto Guglielmo Marconi di Bologna – announced Wednesday that in February the airport recorded 681,053 passengers, up 5.9% from the same month in 2025, marking the best February ever in the airport's history. National flight passengers totaled 157,291, up 2.9% year-on-year, while international passengers reached 523,762, up 6.9% from 2025.
Banca CF+ reported Wednesday that the final results of the voluntary public tender and exchange offer for all shares of Banca Sistema confirm the provisional data already announced. As explained in a company statement, 56.9 million Banca Sistema shares were tendered, equal to 70.732% of the share capital and 69.047% of the related voting rights.
Banca Sistema shares are up 1.3% at EUR1.75.
Sogefi is down 1.4%. Intesa maintains a neutral view on the stock, noting a stable operating environment but some competitive challenges, especially in the Suspensions segment. The bank highlights gradual evolution in divisions and a moderate medium-term growth outlook, with more favorable results for Air & Cooling than for Suspensions.
Among SMEs, Laboratorio Farmaceutico Erfo posts a 9.1% gain after a flat session the previous day.
Franchetti – up 1.8% – 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 are active in engineering services for road, rail, urban mobility, water infrastructure, bridges, viaducts, tunnels, and complex civil buildings.
Siav – flat at EUR2.54 – announced Wednesday it has completed the sale of its 20.54% stake in Consis Società Consortile a responsabilità limitata to Consis Group, parent company of Consis. At the same time, the company acquired from Consis the business unit related to "Document Management" activities in the public health sector.
In New York pre-market trading, the Dow is down 0.2%, while both the Nasdaq and S&P 500 are signaling a 0.1% decline.
On the currency front, the euro is trading at USD1.1616 from USD1.1602 at Wednesday's European stock close, while the pound is at USD1.3347 from USD1.3326 last night.
Among commodities, Brent is trading at USD82.86 a barrel from USD80.94 on Wednesday evening, while gold is valued at USD5,153.50 an ounce from USD5,112.86 the previous day.
As for Thursday's macroeconomic calendar, at 1330 CET, focus will be on the US trade balance data, while at 1430 CET, initial jobless claims will be released.
At 21:30 CET, the Federal Reserve's weekly balance sheet will be published.
By Maurizio Carta, Alliance News reporter
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