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 Mark…
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