2026年一季度意大利市场快照

Contents PitchBook Data, Inc. MMarket overview2 Nizar TarhuniExecutive Vice President of Research and MarketIntelligence Paul CondraGlobal Head of Private Markets Research CCity comparison4 Nalin PatelDirector of Research, EMEA Private Capital HPrivate markets5 MVC deal activity7 Institutional Research Group EVC exit activity Analysis PVC fundraising activity Nicolas Moura, CFA, CAIASenior Analyst, EMEA Private Capitalnicolas.moura@pitchbook.com VPE deal activity Data VPE exit activity13 Charlie FarberManager, Data Analysis VPE fundraising activity 14 PCorporate acquisition activity Oscar AllawaySenior Data Analyst PEquity markets valuations16 Adi GerogeAssociate Data Analyst pbinstitutionalresearch@pitchbook.com Published on 23 April 2026. Q4 2025 Germany Market Snapshot Q4 2025 France Market Snapshot Market overview Q1 2026 quarterly comparison Commentary Our Country Snapshot series provides an overview of financing market trends in the region, covering various countries across Europe. We look athow both public and private data points have trended in Q1 for Italy. Highlights include: Public equity marketThe FTSE MIB was down 1.4% YTD through Q1, outperforming the MacroIn Q1, Italy's economy maintained modest momentum, although the recovery remains fragile and uneven. GDP is estimated to haveexpanded at a similar pace to Q4 2025's 0.3% QoQ gain, supported byprior ECB rate cuts feeding through to investment and consumption.On the trade front, weak exports continued to drag on near-termgrowth. Inflation ticked modestly higher with CPI rising from 1.0% inJanuary to 1.7% in March, driven largely by a slower decline in energyprices. The labour market, by contrast, delivered a positive surprise:The unemployment rate fell to a record low of 5.1% in January, thelowest since the current data series began in 2004, before edgingmarginally back up to 5.3% in February. On the fiscal side,consolidation remains on track, with the deficit continuing its steady DAX (-7.4%), the S&P 500 (-4.3%), and the STOXX Europe 600 (-1.5%),although lagging the FTSE 100 (+3.4%). The quarter was defined by asharp rally through February, with the index approaching all-time highs,followed by a meaningful pullback in March as the escalation of theconflict rattled risk sentiment. Defence & aerospace was the standouttheme of the quarter: Leonardo extended its remarkable multiyear run,hitting an all-time high in March before pulling back on ceasefirehopes, closing Q1 up 13%. Q1 saw one public listing in Italy: the small IPO of Praexidia IndustrieStrategiche. The company operates as an investment companyspecialising in taking stakes in small and medium-sized Italiancompanies in the defense, security, and aerospace sectors. decline toward the EU's structural targets. At the European level, thedominant shock of the quarter was the escalation of the Middle Eastconflict in late February, which sent energy prices sharply higher andupended the outlook for monetary policy. The ECB held ratesunchanged at its March meeting and revised its 2026 headlineinflation forecast up to 2.6%, adopting a cautious, data-dependentstance as markets reassessed the likelihood of any near-term easing. In other newsQ1 2026 put Italy firmly in the global spotlight through the Milan- Cortina Winter Olympics (6 to 22 February)—the country's first WinterGames since Turin 2006, the most geographically dispersed inOlympic history, and Italy's most successful Games ever, with the hostnation finishing fourth in the medal table. The economic impact isestimated at €5.3 billion in total value, with international arrivals tonorthern Italy surging over 60% during the Games period and spendingup 80% year-on-year according to Visa data. Italy is now on course towelcome 66 million international tourists in 2026, up from 60 million in2023. Private equityPE deal activity decreased in Q1, mirroring the trend at the European level as sponsors pivoted to a more risk-off approach. This wasvisible by a higher proportion of add-on deals and lower proportion ofbuyouts. The largest rumoured deal of the quarter is the bid for Italianproducer of integrated systems for industrial and hydraulic fluidmanagement, Alfa Gomma, which has attracted several bids valuingthe business at over €1 billion, most notably from London-based PEfirm ICG. PE exit activity fell to its lowest level in three years. The quarter wasmarked by a resurgence in corporate acquisitions compared withrecent quarters. Only two new funds closed in Italy in Q1: QuattroR MidCap Fundraised €260 million while Gradiente III raised €180 million, bothtargeting the lower mid-market segment. Venture capitalIn Q1, VC deal count rebounded sharply, with 225 deals closed, more than double the Q1 total. Deal value moved in the other direction, withQ1 closing at half the value of the previous quarter. The largest dealof the quarter saw Rent2Cash raise €100 million. The rentalmanagement platform, which ena