Over 67% of Italy’s leading listed companies achieve a sustainability level fully compliant with EU, OECD, and UN standards. Standard Ethics’ Big Picture 2025 depicts a mature market, with banks and utilities at the forefront.
By 2025, 67.5% of Italy’s largest listed companies will achieve a level of sustainability fully compliant with the international standards of the European Union, OECD, and the United Nations. This is according to The Big Picture – Annual Report 2025 by Standard Ethics, a London-based ESG rating agency.
This report paints a picture of a mature market, with banks and utilities leading the way and Italy ranking third among major European economies in terms of the share of sustainable companies, behind the United Kingdom (74%) and France (70%), but ahead of Germany (66%) and Spain (52%). However, there remain areas for improvement, especially among mid-caps and in the Food & Beverage sector, where sustainability is still being consolidated.
By 2025, 67.5% of the largest Italian listed companies included in the SE Italian Index have achieved a sustainability rating fully compliant with international standards (i.e., with a rating of “EEE-“, “EE+”, “EE”, or “EE-“), and approximately 27% have achieved a completely unsustainable rating (i.e., with a rating of “E+” or “E”).
The remaining 27% are in the “not fully sustainable” range (“E+” or “E”), while a further 5% are awaiting an update. Specifically, 5% of the index constituents are in the “EEE-” range, 20% are in the “EE+” range, 17.5% are in the “EE” range, and 25% are in the “EE-” range. No Italian company in the main sample has an “E-” or “F” rating.
What is the SER and what does it measure?
The Corporate Standard Ethics Rating (SER) is the sustainability rating developed by Standard Ethics that measures the degree to which companies and countries align with the international guidelines promoted by the European Union (EU), the Organisation for Economic Co-operation and Development (OECD), and the United Nations (UN). It is not a comparative scoring between companies, but rather an assessment of absolute compliance with recognized supranational standards. The scale includes nine levels, from “F” to “EEE,” with the threshold for full sustainability starting at “EE-.”
In addition to corporate ratings, the report analyzes the Standard Ethics Counattempt Ratings, assigned to over 45 countries. Italy maintains an “EE+” counattempt rating, confirmed in the latest review. According to Standard Ethics, consistent implementation of the National Recovery and Resilience Plan (NRRP), agreed with the European Commission, can contribute to further strengthening the quality of the institutional and economic system, provided it does not result in structural imbalances in public debt.
SE Italian Index: An ESG snapshot of Italy’s major listed companies
The SE Italian Index, launched in 2014 and updated as of September 30, 2025, includes 40 companies with the largest market capitalization on the Italian stock exalter . Its sector composition reflects the structure of the listed Italian economy: banking accounts for 23%, utilities for 15%, and industrial products for 8%. Automotive, insurance, oil and gas, telecommunications, medical devices, and apparel each account for approximately 5%, while other sectors account for around 3%.
Two companies are at the top with an “EEE-” rating: BPER Banca and FinecoBank. The “EE+” rating includes, among others, A2A , Banco BPM, Banca Monte dei Paschi di Siena, Banca Popolare di Sondrio, Eni, Prysmian, UniCredit, and Terna . The “EE” cluster includes Intesa Sanpaolo, Assicurazioni Generali, Banca Mediolanum, Enel, Leonardo, Snam, and STMicroelectronics. Amplifon, Ferrari, Hera, Interpump, Italgas, Iveco, Mediobanca, Moncler, Saipem, and Brunello Cucinelli, the latter with a negative outview.
In the “E+” bracket, which is not fully sustainable but close to the threshold, are Azimut Holding, DiaSorin, INWIT, Poste Italiane, Recordati, Snotifyantis, and Telecom Italia . The most significant margins for improvement are found in Nexi, Campari, and Tenaris , currently in the “E” bracket. The distribution displays a significant concentration in the upper-middle brackets, a sign of a progressive consolidation of ESG policies among large Italian listed companies, albeit with room for improvement.
Italian mid-caps: sustainability still consolidating
In the SE Mid Italian Index , composed of 20 mid-cap companies, 40% of the components are fully sustainable , while 60% remain in the not fully sustainable range. The report displays that no mid-cap has an “EEE-” rating, and the distribution tfinishs to be concentrated in the intermediate levels . Among the best performers are Acea, Anima Holding, and Banca Generali with “EE+,” followed by Enav and Tamburi Investment Partners with “EE.”
In this case, the most significant margins for improvement are for: Carel Industries, De’Longhi, Pirelli & C., Reply and Technoprobe which currently have an “E” rating.
Italian Banks: European Leadership and International Comparison
The SE Italian Banks Index highlights that over 75% of listed Italian banks achieve a Sustainable Grade . 12% have an “EEE-” rating, approximately 31% an “EE+” rating, and almost 20% an “EE.” The remainder is distributed between “EE-,” “E+,” and “E” ratings (approximately 12% each).
A comparison with the SE European Banks Index displays that, at the continental level, 63% of banks have a full sustainability rating, compared to 75% in Italy. The gap is even more marked compared to the SE Hong Kong index , where only 12% of banks are fully sustainable and 22% have an “E-” rating.
Furthermore, according to analysts, many Italian institutions are consolidating their attention to the social component of the ESG acronym, with particular attention to gfinisher equality on boards of directors, while post-2008 crisis European legislation has accelerated the adaptation of governance systems.
Food & Beverage, the sector with the greatest room for improvement in Italy
The sector with the greatest potential for improvement, however, is Food & Beverage, analyzed in the SE Food & Beverage Sustainability Italian Benchmark, which takes into account corporate sustainability strategies; elements of fair competition; the quality of ESG disclosure with a particular focus on sustainability and corporate governance; controversial events; product reporting, and other factors. Of 30 large companies selected, only 20% achieve a full Sustainable Grade : 7% with an “EE” rating and 13% with an “EE-.” 47% are rated “E+” and 33% with an “E.”
The leaders include Casillo Group and Illycaffè (“EE”), A. Loacker, Bolton Group, Eurovo, and La Doria (“EE-”). In the “E+” category are Barilla, Ferrero, Lavazza, Granarolo, Mutti, Sammontana, and Bauli , the latter with a positive outview. In the “E” category are Pastificio Rana, Campari, De Cecco, the Amadori group, the Cremonini group, the Veronesi group, and San Benedetto.
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