PwC: Bucharest Stock Exchange Surpasses EUR 100 Billion in Market Capitalisation for the First Time
PwC: Bucharest Stock Exchange Market Capitalisation Surpassed EUR 100 Billion for the First Time in 2025, with Growth Accelerating in 2026 The market capitalisation of the Bucharest Stock Exchange (BVB), including both the regulated market and the Multilateral Trading System (MTS/AeRO), exceeded EUR 100 billion (RON 537. 7 billion) for the. . .
PwC: Bucharest Stock Exchange Market Capitalisation Surpassed EUR 100 Billion for the First Time in 2025, with Growth Accelerating in 2026The market capitalisation of theBucharest Stock Exchange (BVB), including both the regulated market and the Multilateral Trading System (MTS/AeRO), exceededEUR 100 billion(RON 537. 7 billion) for the first time in history at the end of 2025, reaching its highest level in the past 19 years. Growth has continued to accelerate in 2026, according to the ninth edition ofPwC Romania’sreport,Valuation Multiples of Companies Listed on the Bucharest Stock Exchange and the Local Mergers and Acquisitions Market. The regulated market accounted forRON 523. 7 billion, up49%compared with 2024, while the MTS/AeRO segment reachedRON 14. 6 billion, an increase of15%. TheBET Indexgained46%in 2025, reaching24,439 points, its strongest annual performance since 2009. Meanwhile, theBET-TR Total Return Index, which also includes dividends, advanced55%to57,230 points, ranking among the world’s best-performing stock market indices. Strongest Performance in More Than a Decade“2025 was a landmark year for Romania’s capital market. Despite a challenging environment marked by a high budget deficit, the highest inflation rate in the European Union, and persistent geopolitical tensions, the BET Index delivered its best annual performance in the last 16 years, while market capitalisation exceeded EUR 100 billion for the first time. Romania’s reclassification by MSCI as an Advanced Frontier Market in June 2025, together with the confirmation of 14 Romanian companies in the FTSE Russell global indices, demonstrates the growing interest of international investors in the local market,” saidSorin Petre, Partner and Head of Valuation & Economic Analysis at PwC Romania. Major IPOs Boost the MarketDuring 2025 and the first half of 2026, Romania’s capital market recorded three major initial public offerings (IPOs), alongside several smaller transactions. The largest completed IPOs were:Cris-Tim Family Holding– RON454 million,42 times oversubscribed(November 2025);Electro-Alfa International– RON579. 6 million,60 times oversubscribed(March 2026);Christian ’76 Tour– RON149 million(June 2026). The number of active retail investors increased from226,000at the end of 2024 to more than285,000by the end of 2025, representing a26% increaseand a fourfold rise compared with 2020. Liquidity Improving in 2026“Although market capitalisation increased by 49% in 2025, trading value declined slightly by 1%, indicating that the strong price appreciation was not accompanied by a similar increase in trading activity, with liquidity remaining concentrated in a limited number of issuers. However, the signals from 2026 are encouraging: during the first quarter, the regulated market capitalisation exceeded RON 550 billion, 5% above the end-2025 level, while trading value was 64% higher than in the first quarter of 2025. The next step—promotion to FTSE Advanced Emerging Market status—still requires addressing several structural issues, the most important being the absence of a central clearing counterparty (CCP) for equities. Additional listings of state-owned companies would also serve as an essential catalyst,”Sorin Petre added. The five most actively traded shares on the regulated market in 2025 wereBanca Transilvania(28% of total trading value),OMV Petrom,Hidroelectrica,Aquila Part Prod Com, andRomgaz, together accounting for58%of the total value traded. As in previous years, these companies operate in the financial services, oil & gas, and electricity sectors. Market Returns Continue to Outperform the Risk-Free RateBetween2015 and 2025, the average equity market risk premium—the additional return investors receive for taking higher risk—reached7. 6 percentage pointsfor the BET Index and15. 3 percentage pointsfor the BET-TR Index. In 2025 alone, the excess return climbed to37 percentage pointsfor BET and45 percentage pointsfor BET-TR, against a risk-free rate of6. 8%. At the end of 2025, the BVB’s market capitalisation represented27. 7% of Romania’s GDP, an improvement over previous years, although still below the levels recorded in regional markets such as Greece, Croatia and Hungary. ESG and Bond Market Continue to ExpandThe number of BVB-listed companies withESG scoresreached24by the end of 2025, with a combined market capitalisation ofRON 280. 8 billion. Companies operating in the oil & gas, electricity and financial services sectors accounted for approximately90%of the total market capitalisation of ESG-rated companies. With331 listed companiesand a total market capitalisation ofEUR 105. 5 billion, BVB-listed firms remain, on average, smaller than those listed on exchanges in Poland, Greece and the Czech Republic, positioning the Bucharest Stock Exchange as a medium-sized market within the region. Romania’s domestic bond market also reached a record level in 2025, with total issuances amounting toEUR 6. 3 billion(RON 31. 8 billion), nearly three times the 2022 level, driven primarily by government securities. Corporate bond issuances rebounded strongly toEUR 2 billion, the highest level during the period analysed. In 2025,27 of the 33 corporate bond listingswere carried out exclusively on international markets. Valuation MultiplesIn 2025, the medianEBITDA multiplefor companies listed on BVB’s main market stood at9. 7x, while companies listed on theAeRO Premiumsegment recorded a median multiple of9. 0x. The average EBITDA multiple derived from successfully completed transactions on Romania’s local M&A market was7. 6x, below the historical average of8. 2x. According to PwC, the difference may reflect investors’ perception that listed companies are generally more stable, whereas private transactions often involve businesses valued primarily on future growth potential. On the regulated market, the highest medianP/E multipleswere recorded in theConsumer Goods & Healthcaresector (20. 6x) and theIT&Csector (17. 8x), while the lowest were observed inReal Estate(7. 6x) andFinancial Services(7. 9x). The aggregate medianP/E ratioreached12. 7xin 2025, above the19-year historical average of 11. 2x. Source: PwC RomaniaSorin PetrePartner, Head of Valuation and Economic AnalysisPwC RomaniaThe diplomatic daily newspaper Nine O’Clock does not assume responsibility for the information received and published on the public website. 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