In an international landscape marked by volatility, uncertainty, and profound structural transformation, the ninth edition of the Best Performance Award (BPA) – Sustainability for Growth, promoted by SDA Bocconi School of Management in partnership with PwC Italia, J.P. Morgan, Fondazione Umberto Veronesi ETS, ELITE–Euronext Group, and Havas PR, reaffirms the central role of sustainability as a strategic lever for competitiveness and resilience among Italian companies.

Each year, the BPA recognizes organizations capable of anticipating risk, seizing emerging opportunities, and designing forward-looking, flexible strategic models.

At the awards ceremony held in Milan, five recognitions were presented. Chiesi Farmaceutici S.p.A. was named Best Performer of the Year, distinguished by an industrial model strongly oriented toward research and sustainability. Andriani S.p.A. received the award for Best Performing Large Company, recognized for innovation in the food sector and a sustainability-driven approach underscored by its Benefit Corporation and B Corp status. Bonaudo S.p.A. was awarded Best Performing Medium Company for production processes focused on reducing environmental impact and energy and water consumption. Photosì S.p.A. earned Best Performing Small Company for its ability to innovate the digital customer experience through an integrated model spanning the entire customer journey. Mapei S.p.A. received the Best Performing Hot Topic Award – “Global Macroeconomic Scenarios and Resilience” for its effective management of energy-related risks through dedicated structures and diversified strategies, supported by a risk governance system aligned with CSRD requirements.

Alongside the winners, the short list of finalists for the 2025–26 Best Performance Award includes:

• Best Performer of the Year: Chiesi Farmaceutici S.p.A.; I.CO.P. S.p.A. Società Benefit; Legami S.p.A. Società Benefit; L.M.A. (Lavorazione Meccanica per Aeronautica) S.r.l.; Tesisquare S.p.A.
• Best Performing Large Company: Andriani S.p.A.; Aviation Services S.p.A.; Brembo N.V.; Epta S.p.A.; Illycaffè S.p.A.
• Best Performing Medium Company: Bonaudo S.p.A.; Eurovetrocap S.r.l.; Inim Electronics S.r.l.; Sitael S.p.A.; Vianova S.p.A.
• Best Performing Small Company: Brofind S.p.A.; GBR Rossetto S.p.A.; Officina Stellare S.p.A.; Photosì S.p.A.; Terranova S.r.l. Società Benefit
• Best Performer Hot Topic: Chiesi Farmaceutici S.p.A.; EL.EN. S.p.A.; Epta S.p.A.; Gruppo Società Gas Rimini S.p.A.; I.CO.P. S.p.A. Società Benefit; L.M.A. S.r.l.; Mapei S.p.A.

“Year after year, the Best Performance Award enables us to observe how Italy’s most successful companies are redefining their role within the economic system, charting trajectories shaped by deliberate choices and systemic vision. The value of the BPA lies precisely in this: a privileged vantage point on managerial approaches that can serve as benchmarks within our entrepreneurial ecosystem and help redefine the future of Italian competitiveness,” stated Maurizio Dallocchio, Scientific Director of the Best Performance Award.

A key highlight of the 2025–26 edition was the presentation of a quantitative and qualitative analysis of the 115 top-performing companies in Italy, 75% of which are headquartered in Northern Italy. The findings underscore how adaptability, organizational strength, and long-term investment are now decisive factors in achieving performance levels above sector averages.

The research was conducted by the SDA Bocconi School of Management team composed of Leonardo Etro (Scientific Director and Associate Professor of Practice in Corporate Finance and M&A), Maurizio Dallocchio (Scientific Director and Professor of Corporate Finance, Bocconi University), Matteo Vizzaccaro (Scientific Project Leader and Lecturer in Corporate Finance), Rachele Anconetani (Head of Research and Lecturer in Corporate Finance), Jessica Baro (Senior Analyst), and Raffaele Turazzo (Analyst).

Results confirm that sustainability has become a structural element of the most robust business models: 73% of companies publish a sustainability report; 70% integrate Sustainable Development Goals (SDGs) into their strategies; and 11% hold certifications such as B Corp or Benefit Corporation status. Sustainability also emerges as a strategic investment that strengthens medium- to long-term adaptability. Between 2023 and 2024, the companies analyzed recorded average revenue growth of +8.1%, an average EBITDA margin of 15.6%, and a Capex-to-assets ratio of 6.8%, growing 1.8 times faster than the sector average.

“This year’s analysis shows that leaders view resilience not as a single factor, but as the outcome of a combination of elements. The highest-performing companies adopt a proactive mindset and invest in sustainability, human capital, governance, and innovation. Resilience does not stem from isolated initiatives, but from overall balance—where sustainability remains a fundamental pillar,” added Leonardo Etro, Scientific Director of the Best Performance Award.

“The Best Performance Award provides, through a rigorous and methodologically robust observatory, a clear snapshot of how Italy’s leading companies are navigating a context marked by profound and unexpected transformation. The awardees demonstrate the ability to interpret megatrends through the integration of innovation, sustainability, and human capital quality. In an ever-evolving economic environment, the capacity to read change and translate it into action represents a vital contribution to the country’s broader development. The BPA highlights precisely this vision and underscores the growing role of companies leading transformation with responsibility and pragmatism,” commented Alessandro Grandinetti, Partner, PwC Italia, Clients and Markets Leader.

“J.P. Morgan is proud to support the SDA Bocconi Best Performance Award and to celebrate Italian companies that represent excellence and leadership in global markets. For over a century, J.P. Morgan has supported Italian entrepreneurs and businesses in their growth journeys. Through this initiative, we once again recognize the outstanding economic and social value generated by resilient and sustainable business models, forward-looking strategic vision, and resilience in today’s complex macroeconomic environment,” stated Francesco Cardinali, Senior Country Officer for J.P. Morgan in Italy.

“Now in its ninth edition, the Best Performance Award continues to be a key platform for recognizing companies that successfully combine growth, sustainability, and innovation. At ELITE, with more than 2,200 companies in our network, we are proud to partner with an initiative that celebrates sustainable growth stories and shared ambition,” said Marta Testi, CEO, ELITE–Euronext Group.

“The Best Performance Award represents a valuable opportunity to highlight entrepreneurial excellence not only for economic results, but also for integrating responsibility and commitment to the common good into corporate strategies. For the fourth consecutive year, Fondazione Veronesi ETS is proud to partner with the BPA. As the only Third Sector organization involved, we contribute to evaluating companies’ commitment to social sustainability—an increasingly central dimension in corporate policies. Over the years, we have observed growing attention among participating companies toward health and well-being, core to our Foundation’s mission, through initiatives promoting prevention for their stakeholders. Being part of this initiative offers a meaningful opportunity to contribute—together with an institution of excellence such as SDA Bocconi and distinguished partners—to advancing increasingly responsible business models capable of generating lasting positive societal impact,” commented Anna Guatri, Head of CSR, Fondazione Umberto Veronesi ETS.

“In a context where uncertainty is structural and disruption factors continue to multiply, companies capable of building authentic, ongoing dialogue with stakeholders gain a decisive competitive advantage. At Havas PR, we see every day how the ability to communicate with transparency, coherence, and vision—explaining not only results but also the rationale behind strategic choices—has become a defining pillar of modern leadership. Leadership that transforms data, purpose, and responsibility into a narrative that is understandable, credible, and future-oriented. It is precisely this integration of economic performance, sustainability, innovation, and governance that defines a company’s capacity to generate lasting impact: building trust, strengthening ESG culture, creating shared value, and leaving a legacy resilient to market transformation,” commented Caterina Tonini, CEO, Havas PR.

With its ninth edition, the Best Performance Award further consolidates its role as an observatory on the growth dynamics of Italian companies and as a platform for dialogue between academia and the business community. The results confirm that sustainability, governance, and adaptability are now decisive levers for the country’s competitiveness.

The next appointment is set for 2026–27, marking the tenth edition of the Best Performance Award—a symbolic milestone celebrating a decade of analysis, research, and recognition of Italian entrepreneurial excellence, with the objective of continuing to identify and promote solid, responsible, long-term growth models.

SDA Bocconi School of Management