[Last updated: 1 February 2026, unless otherwise noted]

Initial listing

Borsa Italiana, in line with Euronext Market requirements, charges fees on admission to listing through a formula mainly based on the market capitalization of the company. Specifically, it provides for (i) a Standard Initial Admission Fee, calculated on the basis of capitalization, with specific minimums and maximums, and (ii) a Specific Initial Admission Fee, linked to specific circumstances.

(i) The Standard Initial Admission Fee consists of:

• a variable fee based on market capitalization ranging from a maximum of 0.070% (up to a maximum of €35,000 (approximately US$41,109)) for companies with a capitalization between €0 and €50 million (approximately US$0-58.73 million), up to a minimum of 0.012% (up to a maximum of €2.5 million (approximately US$2.94 million)) for companies with a capitalization exceeding €5 billion (approximately US$5.87 billion); and
• a fixed fee of €20,000 (approximately US$23,491) in the case of market capitalization greater than €50 million (approximately US$58.73 million).

There is also a maximum limit of €2.5 million (approximately US$2.94 million) for the sum of the two fees (variable fee + fixed fee).

(ii) The Specific Initial Admission Fee is required in certain specific cases, including:

• the issuance of ancillary shares – this requires the payment of a fee equal to the Standard Initial Admission Fee with a 50% discount and a minimum fee of €10,000 (approximately US$11,745);
• the admission of equity securities already admitted on an exchange other than a Euronext Market – this requires the payment of a fee equal to the Standard Initial Admission Fee with a maximum fee of €385,000 (approximately US$452,198);
• a transaction effected by way of a merger-acquisition of a company whose shares are admitted to trading on any Euronext Market with a company whose shares may or may not be admitted to trading on any Euronext Market so that the latter's shares are admitted to trading without an initial public offering – this requires the payment of a fee equal to the Standard Initial Admission Fee; and
• an operation whereby a security is admitted to trading on more than one Euronext Market or whereby a security already admitted to trading on a Euronext Market is admitted to trading on more than one Euronext Market – this is free of charge.

In addition, companies that intend to have their shares listed on the Euronext STAR Milan segment must pay an additional fee equal to €5,000 (approximately US$5,873).

CONSOB's initial fees are established (and must be paid) the year following the approval of the prospectus. The initial fees for listings that occurred following the approval of the relevant prospectus from 2 January 2026 to 1 January 2027 are €19,610 (approximately US$23,033).

Ongoing fees

Borsa Italiana's ongoing fees are:

• For companies whose shares are dual or multiple listed on a foreign market (with such foreign market being the reference market), a fixed fee equal to €24,000 (approximately US$28,189) per year.
• For all other listed companies (i) €54.60 (approximately US$64.13) if the total market capitalization is equal to or below €1 billion (approximately US$1.17 billion), or (ii) €50.40 (approximately US$59.20) if the total market capitalization exceeds the €1 billion threshold, for each €1 million (approximately US$1.17 million) of market capitalization per year, with a maximum of €430,000 (approximately US$505,052) and minimum of €24,000 (approximately US$28,189).

Issuers whose shares have been suspended for an indefinite period of time in the preceding year pay a fixed fee equal to €24,000 (approximately US$28,189) per year.

Companies whose shares are listed on the Euronext STAR Milan segment must pay an additional annual fee equal to €2,500 (approximately US$2,936).

CONSOB’s ongoing fees are decided each year. The 2026 fees charged to companies whose shares are listed on Italian markets depend on the number and value of the listed instruments, with a fixed fee equal of €25,100 (approximately US$29,481) (up to €10 million of share capital), plus a fee of €235.00 (approximately US$276) every €500,000 (approximately US$587,270) of additional share capital in excess of €10 million (approximately US$11.75 million) up to €100 million (approximately US$117.45 million) plus an additional €196.00 (approximately US$230) every €500,000 (approximately US$587,270) of additional share capital in excess of €100 million (approximately US$117.45 million), in all cases with a fee cap of €811,500 (approximately US$953,139).