PwC: Bucharest Stock Exchange capitalization exceeded EUR 100 bln for first time in history in 2025

The market capitalization of the Bucharest Stock Exchange exceeded the EUR 100 billion threshold (RON 537.7 billion) for the first time in its history at the end of 2025, the highest level in the past 19 years, and growth accelerated in 2026, according to the ninth edition of the PwC Romania report “Bucharest Stock Exchange and M&A valuation multiples.”

The Regulated Market accounted for RON 523.7 billion, up by 49% compared to 2024, while the MTS/AeRO segment reached RON 14.6 billion, up by 15%. The BET index increased by 46% in 2025, to 24,439 points, its best annual performance since 2009, while the BET-TR index, which also reflects the dividends paid by its constituent companies, advanced by 55%, to 57,230 points, ranking among the top-performing equity indices globally.

“2025 was a landmark year for the local capital market. Despite a backdrop marked by a large budget deficit, the highest inflation rate in the European Union and persistent geopolitical tensions, the BET index delivered its best annual performance in 16 years, and market capitalization exceeded EUR 100 billion for the first time. MSCI’s reclassification of Romania as an Advanced Frontier Market in June 2025, along with FTSE Russell’s confirmation of 14 Romanian companies in its global indices, shows that international investors’ interest in the local market is strengthening,” said Sorin Petre, Leader of the Valuation and Economics department at PwC Romania.

2025 and the first part of 2026 brought three initial public offerings that were large by the standards of the local capital market, alongside several smaller transactions. The three major deals completed were: Cris-Tim Family Holding (RON 454 million, 42x oversubscription, November 2025), Electro-Alfa International (RON 579.6 million, 60x oversubscription, March 2026) and Christian ’76 Tour (RON 149 million, June 2026). 

The number of active retail investors on the BVB grew from 226,000 at the end of 2024 to over 285,000 at the end of 2025, an increase of 26% and four times the level recorded in 2020.

“Although market capitalization grew by 49% in 2025, traded value decreased slightly, by 1%, which shows that the strong appreciation in prices was not matched by a similar rise in trading activity, with liquidity remaining concentrated in a limited number of issuers,” added Sorin Petre.

The five most traded shares on the Regulated Market in 2025 were Banca Transilvania (28% of total traded value), OMV Petrom, Hidroelectrica, Aquila Part Prod Com and Romgaz, together accounting for 58% of total traded value. As in previous years, they belonged to the financial services, Oil & Gas and Electricity sectors.

The average return of the capital market, more than the risk-free rate, which rewards investors for taking on higher risk, was 7.6% for the BET index and 15.3% for the BET-TR index over the period 2015–2025. 

In 2025, the excess return reached 37% for BET and 45% for BET-TR, against a risk-free rate of 6.8%. Romania’s equity market capitalisation to GDP ratio stood at 27.7% as of 31 December 2025, higher than in previous years but still below the levels observed in other regional markets such as Greece, Croatia, and Hungary.

The number of BVB-listed companies with ESG scores reached 24 at the end of 2025, with a combined market capitalisation of RON 280.8 billion. Companies in the Oil & Gas, Electricity and Financial services sectors account for approximately 90% of the capitalisation of the companies with an ESG score.

With a significantly larger number of listed companies (331) and a total capitalization of EUR 105.5 billion, companies listed on the BVB remain on average smaller than those listed on markets such as Poland, Greece or Czechia, which positions the BVB as a mid-sized market in the region.

The local bond market also reached a record level in 2025, with total issuance of EUR 6.3 billion (RON 31.8 billion), almost three times the 2022 level, mostly generated by government bonds. Corporate issuance rebounded strongly, to EUR 2 billion, the highest level in the analysed period. In 2025, 27 out of the 33 corporate bond listings were carried out exclusively on international markets.

In 2025, the median EBITDA multiple of the companies listed on the BVB main market was 9.7x, while on the AeRO Premium segment it stood at 9.0x. The average EBITDA multiple derived from the analysis of transactions completed on the local market in 2025 was 7.6x, below the historical average of 8.2x. The gap might be explained by the fact that companies listed on the BVB are generally perceived as more stable, whereas private transactions often involve companies valued based on their future growth prospects.

On the Regulated Market, the highest median P/E multiple was recorded by the Consumer and Healthcare sectors (20.6x) and by IT&C (17.8x), whereas the lowest levels were observed in the Real estate (7.6x) and financial services (7.9x) sectors. The aggregate median P/E multiple was 12.7x in 2025, above the average of the last 19 years (11.2x).

radu@romania-insider.com

(Photo source: Andrii Yalanskyi|Dreamstime.com) ...