Of the total RON537.7 billion capitalization, the Regulated Market represented RON523.7 billion (49% increase from 2024) and the MTS/AeRO segment reached RON 4.6 billion (15% increase).
Market performance also reflected in the evolution of the main bourse indices. BET index increased by 46% during 2025 and reached 24,439 points at 31 December 2025, demonstrating strong resilience despite persistent economic and geopolitical uncertainties (including large budget deficit, tight fiscal policy, high inflation and interest rates).
BET-TR index (reflecting also dividends of BET constituents) as at 31 December 2025 increased by approximately 55% compared to the previous year-end, reflecting strong value creation for dividend-reinvesting investors.
According to Sorin Petre, Leader of PwC Romania’s Valuation and Economics team (V&E), 2025 was a landmark year for the local capital market. Despite a background marked by a high budgetary gap, EU’s highest inflation and persistent geopolitical tensions, the BET index delivered the best annual performance of the past 16 years and market capitalization for the first time surpassed EUR100 billion.
In line with PwC data, 2025 and the first part of 2026 also brought a wave of major listings on the local market. In parallel, the investor base continued to expand. The number of retail investors active at the BVB rose from 226,000 at the end of 2024 to over 285,000 at the end of 2025, a 26% advance in a single year and almost a four times one from 2020 level.
However, while market capitalization increased by 49% in 2025, traded value decreased by 1%, indicating that the increase in market value was not matched by a similar rise in trading activity.
2026 signals are positive, though, adds Sorin Petre: BVB market capitalization as at 31 March 2026 exceeded the RON 550 billion threshold and posted a 5% growth compared to the end of 2025, whereas the traded value in Q1 2026 was 64% higher compared to Q1 2025.
The top five most traded shares on the regulated market changed in 2025, with Banca Transilvania S.A. (BVB: TLV) taking the lead and accounting for 28% of the total traded value, while Fondul Proprietatea S.A. and Premier Energy PLC leaving the top 5 ranking. The next four companies based on liquidity are OMV Petrom (BVB:SNP), Hidroelectrica (BVB: H2O), Aquila Part Prod Com (BVB: AQ) and Romgaz (BVB:SNG). Together, these five companies account for 58% of the total traded value in 2025.
Corporate bond issuance remained a significant component of the market, accounting for 23% to 41% of total annual issuance between 2022 and 2025. Following a decline in 2024, corporate activity rebounded strongly in 2025, reaching EUR 2 billion—the highest level in the analysed period.
The total bond issuance increased steadily between 2022 and 2025, reaching a peak of EUR 6.3 billion (RON 31.8 billion) in 2025—nearly three times the 2022 level.
(English version by Catalina Apostoiu)