In the global “chaos” that seems to increasingly characterize the present historical period, medium and large Italian companies seem to show a extraordinary ability to adapt and innovate. These at least are the conclusions drawn from the in-depth “Cumulative Data” report, published byMediobanca Research Area.
The calculations, which include a study for the decade 2016-2025, concern only the activities carried out in Italy and include almost all Italian companies with over 500 employees, as well as 12.3% of medium-sized manufacturing companies.
Positive turnover and increasing exports
After two years of setback, in 2025 the revenues of the 1,700 companies analyzed began to grow again: +0.5%, after -6.2% in 2023 and -3% in 2024. The recovery is supported above all by foreign demandwith exports growing by 3.3%, offsetting the weakness of the domestic market, which recorded a further decline of 1%.
In manufacturing the turnover increased by 1.7%driven by the expansion of sales on international markets (+2.9%), while domestic sales remained essentially stable (+0.3%).
If we look at the decade, the Nominal turnover of the 1,700 enterprises increased by 39.6%while exports and sales on the Italian market rose by 45.6% and 36.4% respectively.
However, sector photography is strongly polarized: if plant engineering And constructions lead the rankingradio and television broadcasting, press-publishing and telecommunications are the only sectors below the levels at the beginning of the period.
The automotive sector confirms the period of crisiswith turnover falling by 8.4%; on the contrary, shipbuilding and railways recorded significant increases.
Made in Italy and IV Capitalism are the most dynamic engines
The Made in Italy (automation, clothing, furniture and food) and the IV Capitalism (medium and medium-large companies) confirm themselves as the most dynamic drivers, with a ten-year growth in turnover of 55.3% and 50.4% respectively. The profitability of the 1,700 companies stood at 6.7% (EBIT margin) in 2025, stable compared to 2024 and just below the 6.9% of 2023.
The average for the three-year period 2023-2025 is 6.8%well above the 5.6% of the previous seven years. Public companies closed at 9.3%, private ones at 6%; industrial at 6.8%, manufacturing at 6.4%, tertiary at 6.3%.
Foreign-controlled manufacturing and Made in Italy reached the highest levels of the decade, with 8.1% and 7.5%; IV Capitalism stopped at 6.9%, while the major manufacturing groups at 3.6%.
On the value generation front, the 1,700 companies produced an average economic added value (EVA) of 9,300 euros per year per employee. Medium-sized enterprises generated 12,700 euros, 76% more than the manufacturing average; medium-large ones 11,100 euros (+54%).
The most virtuous sectors are pharmaceuticals and cosmetics, beverages, leather and leather, rubber and cables, paper, wood and furniture, food, non-beverage and mechanical.
Investments and employment are growing
In 2025 the relationship between net material investments And sales it rose to 4.1%, from 4% in 2024, exceeding the 3.2% average for the 2016-2023 period. The intensity is higher in public companies (8.6%), while private ones stand at 2.9%, industrial ones at 3.7%, manufacturing at 2.6%, IV Capitalism at 2.8% and made in Italy at 2.6%.
Gross material investments at constant prices reached 35.5 billion in 2025, compared to 29 billion in 2019: +47.2% on 2016 and +22.4% on 2019. The growth affected both public (+24.9%) and private (+20.7%).
The financial structure also remains solid: financial debt/equity at 73.8%, below the 2016-2024 average (78.9%). Employment grew 11.8% over the decade: +16.3% in private, -4.9% in public; +17% in IV Capitalism, +20% in foreign subsidiaries, +15.7% in made in Italy.
In 2025, workers increased by 1.3% in the sample and by 0.9% in manufacturing. At a sector level they shine skins and leather, plant engineering, retail distribution, transport And constructions.
The picture that emerges is that of a productive fabric that continues to invest and create jobs. Medium and large Italian companies thus confirm a capacity for resilience and relaunch which, in an uncertain international context, probably remains the country’s most precious asset.
