Across Europe, more and more companies are choosing to exit the stock market, as delistings—removals from regulated markets—continue to rise. This trend affects capital access, market liquidity, and investor opportunities.
Between 2010 and 2022, the number of listed companies in the EU fell by around 15% (from 7,400 to just over 6,300), while in 2023 alone, Euronext registered 110 delistings —almost three times the 2022 figure—resulting in €467 billion in lost market capitalization. From 2019 to 2023, Euronext saw 355 delisting operations, with an annualized growth rate of 8.5%.
Fewer listed companies mean fewer investment opportunities, greater market concentration, reduced liquidity, and declining transparency. Each delisting weakens the broader financial ecosystem, especially for SMEs, which find it harder to raise capital and increasingly turn to bank lending or private equity.
These are the key findings from the report “The Delisting Phenomenon in Europe: Dynamics, Stakeholders, and Implications for Capital Markets” by Rome Business School, authored by Francesco Baldi (Professor, International Master in Finance), Massimiliano Parco (Economist, Centro Europa Ricerche), and Valerio Mancini (Director of the RBS Research Center).
Euronext is not a single market, but a platform structured into three segments: the Main Market, where large companies are listed, Euronext Growth, dedicated to SMEs, and Euronext Access, for smaller or early-stage businesses.
A closer look at individual markets reveals significant variation: Paris remains the most heavily impacted exchange. In 2023, it recorded 22 delistings on the Main Market, removing over €404 billion in capitalization—surpassing the 2019 peak of €392 billion. Milan saw the highest number of transactions: 24 delistings in total, 16 of which involved SMEs. The economic impact, however, was uneven: more than €10 billion was lost from the main market, compared to less than €1 billion from Euronext Growth Milan.
In Amsterdam, the opposite trend emerged: 13 delistings were recorded in 2023 (a five-year high), but with limited economic value—only €6.5 billion—well below the €75 billion in 2020 and €90 billion in 2022. Brussels remained a marginal player, with just 7 delistings and about €4.9 billion in capitalization lost, far from the 2019 peak of €7.6 billion.The data shows that the number of transactions alone does not determine systemic impact—rather, the size and profile of the companies involved are crucial. “The delisting phenomenon in Europe should not be seen solely as a sign of weakness in regulated markets,” explains Francesco Baldi.
It also reflects a strategic shift, where companies reassess the value of being listed in light of changing competitive, financial, and regulatory conditions.”
Two major players are driving the increase in delistings: activist investors and institutional investors. Activists—typically hedge funds or minority shareholders—use their influence to push companies to change governance models or business strategies, often encouraging delisting. Institutional investors, such as pension funds, insurance firms, and asset managers, tend to promote sustainability, ESG practices, and long-term strategic alignment.
In the first half of 2025, 129 activist campaigns were recorded globally—a slight decline of 12% compared to the previous year—but with an increasing presence in Europe (Barclays, 2025). Predictive models by Alvarez & Marsal already identify over 140 potential European targets over the next 18 months. The year 2023 marked a record: according to Lazard, 235 activist campaigns were launched globally, about 25% of them in Europe—up 12% from 2022. The UK and France remain the most active markets, followed by Germany and the Netherlands. According to S&P Global Market Intelligence, over 30% of European delistings in the past five years were preceded by activist campaigns or significant pressure from institutional investors.
Many companies, caught between short-term pressures and strategic redirection, opt to restructure away from public scrutiny, through going-private transactions,
This offers greater operational freedom, but at the cost of reduced transparency and limited access for retail investors.” notes Massimiliano Parco.
Looking forward, activism will increasingly focus on two key themes: the adoption of emerging technologies such as artificial intelligence and automation, and alignment with new EU sustainability regulations, starting with the Corporate Sustainability Reporting Directive (CSRD).
Redefining corporate identity will not just be a branding exercise,” concludes Baldi, “but a transformation involving innovation, governance, and stakeholder engagement.”
Data from the first half of 2025 confirms the persistent weakness of the European primary market. Only 16 IPOs were recorded, raising €3.1 billion, compared to €11.5 billion in the same period of 2024 (PwC, 2025).
Globally, the World Federation of Exchanges (WFE) reported a 20.9% drop in new listings compared to the previous semester: just 570 IPOs, with a total of $66.4 billion raised.
Italy reflects this fragility: in 2023, there were 27 delistings and only 21 IPOs, highlighting structural challenges in the public market (Consob, 2024).
While activist pressure may improve governance, it can also trigger volatility. The case of TIM illustrates this, where restructuring demands intersected with shareholder instability.
In parallel, alternative capital sources continue to grow. Private equity is playing an increasingly central role, and many Italian firms are choosing to list on alternative markets such as Euronext Growth Milan (EGM) or STAR, or are being acquired by private funds. In 2024, EGM alone raised €3.9 billion through 22 listings, particularly in the tech and industrial sectors.
Delisting does not always represent an end point. Cases such as Fnac Darty in France and Douglas in Germany demonstrate how private management can strengthen companies and prepare them for a future return to public markets.
In 2024, around 40% of M&A transactions in Italy above €100 million involved private equity funds (AIFI, 2025).
Alternative markets are expanding their role. Euronext Growth Milan recorded 22 new listings in 2024, raising €3.9 billion. However, the shrinking number of listed companies continues to reduce overall market liquidity. In Italy, average daily turnover declined by 12% between 2021 and 2024 (Consob, 2025).
Between 2010 and 2022, the EU saw a 15% decline in listed companies, while market capitalization became increasingly concentrated among a few large players. Financial crises, the pandemic, and geopolitical instability have deepened this trend, resulting in a negative net balance between new IPOs and delistings.
Companies are choosing to leave the market due to high compliance costs, undervaluation, and the ability to access private capital more efficiently through private equity or debt.
For Italy, where SMEs account for more than 92% of active businesses (Istat, 2024), this means fewer pathways to equity financing and increased reliance on bank credit or private capital.
Looking ahead, Europe is moving toward a hybrid model in which public and private capital markets coexist. Strategic relistings, private equity, and M&A will continue to shape the landscape, particularly in the technology, energy, and manufacturing sectors.
“The decision to go public, delist, or operate through alternative markets will increasingly depend on the balance between flexibility and access to private capital on one side, and the need for liquidity and transparency on the other,” concludes Massimiliano Parco.