MIB down as Inwit lags and ECB repricing weighs

(Alliance News) - Milan closed lower on Friday, in line with major European bourses, amid growing global uncertainty linked to geopolitical tensions and the resulting spike in volatility.

Sentiment remains dictated by developments in the Middle East. While Israel has reportedly agreed to suspend strikes on Iranian energy sites at Donald Trump's request, Tehran's attack on a refinery in Kuwait highlights that the risk of escalation remains elevated.

On the monetary policy front, the market has revised its ECB rate expectations upward, with trading floors now pricing in at least two hikes in 2026 and the possibility of a third intervention. The Eurotower, as is well known, kept rates unchanged but raised its inflation outlook and cut growth estimates, signaling a more complex and risky environment.

Furthermore, indications from policymakers reinforce a hawkish tone, as evidenced by two heavyweights from the Frankfurt institution. Joachim Nagel of the Bundesbank opened the door to a potential hike in the near term should price pressures persist, while François Villeroy de Galhau of the Banque de France reaffirmed a readiness to act decisively.

Consequently, the FTSE MIB closed down 2.0% at 42,840.90, the Mid-Cap shed 1.3% to 51,303.67, the Small-Cap lost 1.3% to 31,685.48, while Italy Growth recorded a 0.4% decline to 8,301.02.

London's FTSE 100 closed 1.4% lower, Paris's CAC 40 retreated 1.8%, while Frankfurt's DAX 40 left 1.9% on the floor.

On the blue-chip index, Amplifon reappeared among the minority of gainers, rallying 4.2% to EUR8.37 per share following recent weakness.

Moncler also performed well, gaining 0.7% to EUR52.10 per share. Notably, Oddo BHF upgraded the stock to "outperform" and raised its price target to EUR65.00 from EUR60.00.

Inwit - down 7.5% - announced that its board of directors reviewed the status of relationships with anchor tenants, specifically Telecom Italia and Fastweb, in light of a potential joint venture project between the operators to build new mobile sites in Italy.

This context, combined with a lack of discretionary investment in the sector, led to the suspension of certain initiatives and a halt in the development of new activities, resulting in a downward revision of estimates for the 2026-2030 period.

Enel - down 3.2% - announced it achieved all 2025 strategic targets, closing the year with a group ordinary net profit of EUR7.01 billion, compared to EUR7.13 billion in 2024. The 2024 ordinary net profit, excluding the contribution from discontinued operations, was EUR6.63 billion. This 2025 result exceeded the market guidance of EUR7 billion. However, the group's net result amounted to EUR4.22 billion, down from EUR7.0 billion the previous year.

In the mid-cap segment, PharmaNutra advanced 2.9% to EUR75.40 per share after a 2.0% loss in the previous session.

Fiera Milano gained 2.1% to EUR7.33 per share following a 2.2% decline at Thursday's close.

De'Longhi shed 2.0% to EUR29.44 per share. UBS confirmed its "buy" recommendation on the stock, though it reduced the price target to EUR46.00 from EUR50.50, citing a more volatile macro environment that has weighed on the shares, while maintaining its positive medium-term outlook.

Analysts Natasha Brilliant, Akshayah Dayanamby, and Louise Wiseur noted that De'Longhi shares have fallen by more than 20% over the past month, despite 2025 results exceeding both guidance and expectations.

Interpump Group - bearish with a 2.0% drop - announced Friday that it closed the 2025 financial year with a consolidated net profit of EUR209.7 million, down 8.2% from EUR228.5 million in 2024. The board proposed a dividend of EUR0.35 per share, up from EUR0.33 the previous year.

Avio fell 6.7% to EUR35.00. Intesa Sanpaolo maintained its "buy" rating but lowered the price target to EUR47.00 per share from EUR49.50 following a downward revision of estimates, while remaining positive on the investment case. The analysis by Gabriele Gambarova highlighted that fourth-quarter and full-year 2025 results were broadly in line with expectations, while 2026 guidance was characterized by caution.

On the Small-Cap index, Beewize rallied 8.2% to EUR0.3570 after a 7.8% contraction the day before.

The board of B&C Speakers - down 0.4% - approved on Thursday the draft financial statements as of December 31, closing with a total group profit of EUR9.6 million, down from EUR18.2 million the previous year. The board will propose an ordinary dividend of EUR0.7 per share. The payout ratio rises to 86% of the year's profit. Last year's dividend was EUR1.0.

FNM - closing 0.4% lower - announced Thursday that it ended 2025 with a net profit of EUR73.6 million, up 24% from EUR59.3 million recorded as of December 31, 2024. The board will propose a dividend of EUR0.023 per share, totaling EUR10 million, an increase from last year's dividend of EUR0.0184 per share.

Aedes - down 2.0% - reported Thursday that it closed 2025 with a profit of EUR972,547, compared to a loss of EUR1.5 million in 2024. Total revenues amounted to EUR929,426 against EUR241,211 the previous year, while Ebitda stood at a negative EUR871,414 compared to an operating loss of EUR1.3 million the year before.

Zucchi, meanwhile, shed over 11% after two flat sessions, ending at EUR0.60 per share.

Among SMEs, Cyberoo fell 4.7% following a 1.4% loss the previous day, bringing the price to EUR1.02 per share.

ISCC Fintech - down 4.3% - announced Thursday that it approved a binding offer from a major Italian financial operator for the purchase of an NPL credit portfolio with a total GBV of approximately EUR51 million.

DHH - up 1.9% - announced Friday that it closed 2025 with a net profit of EUR4.6 million, up 25% from EUR3.7 million in 2024. Revenues reached EUR41.8 million, a 13% increase from EUR37.1 million, with recurring revenues accounting for 91% of the total.

Adventure - flat at EUR17.50 - announced Friday that its parent company Media Content Srl acquired a 5% minority stake in Paper-One, a company that publishes three national economic magazines through its subsidiaries. To carry out the acquisition, Media Content executed a share swap of 9,822 ordinary shares of Adventure itself - equal to 0.1% of the share capital - exchanged at a price of EUR21.99 per share, for a total value of approximately EUR216,000.

In New York, the Dow Jones is down 0.5%, the S&P 500 is retreating 0.8%, while the Nasdaq is trading 1.3% lower.

On the currency front, the euro is trading at USD1.1560 from USD1.1525 on Thursday evening, while the pound is at USD1.3322 from USD1.3360 yesterday.

Among commodities, Brent is trading at USD109.65 per barrel from USD110.09 yesterday, while gold is valued at USD4,591.18 per ounce from USD4,581.27 yesterday evening.

Regarding Monday's economic calendar, Spain's trade balance will be available at 1000 CET.

At 1630 CET, an auction of 3-month and 6-month Treasury bills is scheduled in the US.

Among Piazza Affari companies, numerous corporate results are due, including those from Altea Green Power, Banca Profilo, Class CNBC, IMMSI, Iren, and Rai Way.

By Maurizio Carta, Alliance News reporter

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