2025 is in the closing credits with Piazza Affari which archived the best year since 2004, with an increase of around 30%, therefore outperforming almost all European stock exchanges (only the Spanish Ibex did better), driven by sectors such as defence, banks and utilities. And expectations are positive for next year too. The Intesa Sanpaolo equity research team predicts a further advance of 8% for the Ftse Mib index accompanied by a revaluation of multiples.
As mentioned, 2025 saw banks and defense stocks excel, with also the sharp of Timbest performer of the Ftse Mib with a three-digit increase of 108% (we do not consider the +140% of Fincantieri, which only entered the index on 22 December). Among banks, +105% stands out Popular from Sondrio ended up under the control of Bper; among the big ones, +84% stands out Unicredit which thus managed to close the year in first position in terms of market cap ahead of rival Intesa Sanpaolo (+53%). Unicredit which also appears as the second largest European bank behind only Banco Santander.
Looking closely at the ranking by market cap, the year marked strong advances which also highlight stocks that are not included in the Ftse Mib among the top 40. We are talking above all about Technoprobe which has achieved a market capitalization of 7.8 billion euros. This makes it the 26th largest company on Piazza Affariahead of historic Ftse Mib players such as A2a, Pop Sondrio, Campari, Pirelli, Azimut and also the new entry Fincantieri.
Technoprobe is active in the design and production of probe cards and measurement technologies for integrated circuits and this makes it a sort of small Nvidia of Piazza Affari, i.e. one of the few stocks on the Milanese stock exchange that allows exposure to the artificial intelligence business for the investor who does not want to go overseas (therefore also avoiding exposure to exchange rate risk).
The AI euphoria pushed Nvidia to exceed $5 trillion in capitalization during the year, while companies such as Samsung (+100%) and TSMC (+33%) benefited from demand for chips and infrastructure. Despite recent volatility over bubble fears, the sector finished the year on a high note again and analysts expect earnings and market growth in 2026 to still be driven by investments in data centers and productivity.
Technoprobe was no exception. During 2025 it more than doubled its value (+112%) taking a break in the last few weeks after it reached a peak in the 14 euro area on 12 December.
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The growth of artificial intelligence supported the results of the group active in the semiconductor and microelectronics sector, offsetting the slowdown in the automotive and industrial sectors and leading analysts to revise their estimates and target price on the stock upwards. The results of first nine months of 2025con revenues at 466.6 million (+20.6%) and ebitda at 146.1 million (+53.3%), they triggered a 20% rally in a single session in November.
Forward-looking indications give breath to the stock market race. The company aims to bring revenues to 850-900 million (from 630 in 2024) already in 2027 with an ebitda margin of 38-40%, i.e. one year ahead of the previously indicated objectives. According to Deutsche Bank, the highest margin target is within reach and by 2028 revenues could rise to 1.3 billion, well above the company’s projections.
Technoprobe was founded in 1996 by Giuseppe Crippa, an Italian entrepreneur who died this year at the age of 90. Control of the company is in the hands of the Crippa family through the T-Plus holding company which holds approximately 56.4% of the capital and over 67% of the voting rights.
Specializing in the design and production of probe cards, probe cards for testing chips, Technoprobe has been listed on the stock exchange since 2021 and is currently part of the Ftse Italia Mid Cap index. Its CEO is Stefano Felici, who has been with the company for 26 years and has been at the helm for over 8.
The company is headquartered in Cernusco Lombardone and operates with 21 offices in Europe, Asia and the United States.
AI accounts for approximately 35-40% of Technoprobe’s revenues and its contribution is expected to rise to 45-50% in 2026. Customers include giants such as Nvidia, Apple, Qualcomm, Samsung, Intel, TSMC and AMD, fueling demand for GPU testing and AI accelerators. “We believe that Nvidia is one of the key customers for Technoprobe”, argue the Banca Akros analysts who have a neutral rating on the stock with a target price of 12.5 euros.
Technoprobe aims to double its capacity over the next two years and close 2025 with “significant growth” in revenues and a further improvement in profitability both sequentially and compared to the previous year.
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