March 2026
MIA Marketing, together with Cornerstone Communications, a local consultancy firm specialized in investor relations and capital markets, and in collaboration with BT Capital Partners, have completed the 2025 edition of the Market Pulse study, dedicated to the capital market and the behavior of retail investors in Romania. The research was conducted between November and December 2025 on a sample of 458 respondents and focused on the investment habits of local retail investors with exposure to companies listed on the Bucharest Stock Exchange.
“The findings of the 2025 Market Pulse study indicate a noticeable evolution of the local capital market. Investor behavior remains, in many aspects, consistent with the previous edition, while the differences observed reflect an adaptation to a volatile economic environment rather than a change in direction. The average portfolio value has increased compared to the previous edition, exposure to the Main Market remains dominant, and the company selection process is increasingly grounded in management quality, coherent development plans and corporate profitability. Political and fiscal instability continue to influence investment decisions, highlighting that predictability of the domestic economic framework remains essential for committing capital. In this context, the high participation rate in government bond issuances confirms a pragmatic approach: investors adjust their capital allocation based on the risk-return profile and use available instruments to protect their savings. At the same time, the IPOs and private placements successfully completed in recent months demonstrate that there is liquidity and appetite for financially solid companies with growth potential. 2026 creates the premises for new significant listings, and an acceleration of this process may strengthen confidence and support the growth of Romania’s capital market, in a framework where discipline and transparency will make the difference,” stated Zuzanna Kurek, CEO of Cornerstone Communications, Ciprian Zamfirescu, Partner at MIA Marketing, and Vlad Pintilie, Deputy CEO of BT Capital Partners.
The study included investors holding capital invested in shares of companies listed on the Bucharest Stock Exchange at the time of the research. They hold diversified investment portfolios adapted to the current economic context, with 62% investing in Romanian government bonds in 2025, compared to 44% in the previous year, driven by the higher interest rates offered by these instruments. In this context, bank deposits declined from 59% in 2024 to 51% in 2025. Investments in real estate (34% in 2025 vs. 36% in 2024) and bonds (11% in 2025 vs. 18% in 2024) also recorded a lower weight in portfolios. At the same time, 16% of investors held cryptocurrencies (vs. 12% in 2024), while 11% held precious metals (vs. 8% in 2024), amid price volatility in 2025 for these types of investments.
In the current edition of the study, 53% of respondents held shares exclusively on the Bucharest Stock Exchange, while 47% had investments both on the BVB and on foreign stock exchanges. Compared to the previous edition, the share of investors focused exclusively on the BVB decreased from 65% in 2024. Within the local market, the value structure of portfolios indicates a clear preference for the Main Market, which accounts for 88% of the value of equity investments, while the AeRO market represents 12%. As for the reasons for investing in shares listed on the BVB, 84% of respondents cited generating profit from available capital, 61% sought portfolio diversification, and only 29% stated that they invest to support the Romanian economy and local companies.
In 2025, the average portfolio value of Romanian investors amounted to RON 445,000, up 19% compared to the previous year. In terms of portfolios size, those below RON 10,000 represented 8%, those between RON 10,001 and RON 50,000 accounted for 23%, and those between RON 50,001 and RON 100,000 represented 14%. The most representative segment remains portfolios ranging between RON 100,001 and RON 500,000, where 26% of investors fall. At the same time, 12% hold portfolios valued between RON 500,001 and RON 1,000,000, while 18% exceed the RON 1,000,000 threshold.
Shares offering high dividends are preferred by the majority of investors, with 56% of respondents opting for such companies. This orientation is also explained by the sectoral structure of portfolio holdings, dominated by sectors traditionally known for their dividend policies: financial and banking (84%), energy and utilities (73%), and oil and gas (65%). Beyond these areas, portfolios also include exposure to other sectors of the economy, such as technology (33%), industrial manufacturing (23%), agriculture (21%), and real estate (20%), with investor preferences for the main sectors remaining broadly consistent with the previous edition of the study. The average total return considered satisfactory by investors reached 16% in 2025.
Investors’ approach to the capital market in 2025 largely reflects continuity in investment strategies. 62% of respondents stated that they increased the value of their equity portfolios during the year, while for 26% it remained approximately at the same level. Compared to 2024, the share of those who maintained their portfolio increased from 16% to 26%, while the percentage of investors who bought more than they sold declined from 74% to 62%. Only 12% declared that they reduced their exposure in 2025, a stable trend compared to the previous year.
Portfolio structure indicates a relatively high concentration of investments, with 52% of respondents holding portfolios consisting of up to six stocks. At the same time, 38% hold portfolios comprising between seven and 15 stocks, while 10% hold shares in more than 15 issuers. In terms of investor experience, the stock market attracted 10% new investors in 2025, maintaining the trend of the previous year. For 39% of respondents, their first investment in shares listed on the Bucharest Stock Exchange took place more than ten years ago, outlining a solid base of long-term experienced investors. At the same time, 18% entered the market three to five years ago, 17% five to ten years ago, and 16% made their first investment during 2023–2024.
Investors’ perception of factors negatively affecting the development of the capital market is dominated by macroeconomic and political elements. Political instability is indicated by 76% of respondents as the main negative factor, followed by volatility of fiscal and regulatory measures (56%) and high inflation (38%). These factors are also reflected in the perceived barriers to increasing investments on the BVB, with more than half of investors (58%) mentioning political and/or economic uncertainty in Romania as the main obstacle. This is followed by the high taxation of capital gains (30%), the lack of new companies or attractive sectors (26%), and the limited liquidity of listed companies (20%), demonstrating the need for a national-level capital market strategy.
In 2025, investors’ capital allocation was marked by moderate demand for new instruments, with a significant role played by FIDELIS government bond issuances and new listings. Thus, 56% of respondents participated in FIDELIS issuances in 2025, confirming the strong interest in these instruments as an alternative to bank deposits. Among those who invested in government bonds, the primary source of funds was new capital derived from current income, mentioned by 50% of investors. At the same time, 29% redirected existing capital by reducing bank deposits, while only 14% reallocated funds from investments on the Bucharest Stock Exchange for this purpose. In parallel, interest in participating in IPOs and private placements in 2025 remained limited, also as a result of the relatively low number of such offerings. 27% of respondents participated in IPOs or private placements, of which 20% only on the Main Market, while 73% did not invest in such transactions.
Investors’ outlook for 2026 indicates a predominantly balanced approach, both in terms of market expectations and intended investment strategies. Nearly two-thirds of respondents (64%) anticipate a mixed evolution of Romania’s capital market, with some sectors potentially outperforming expectations while others may deliver weaker results. Additionally, 25% of investors have a positive outlook and expect the main local indices to increase in 2026. These expectations are also reflected in intended investment strategies for 2026: 49% of respondents state that they will primarily buy shares on the BVB, while 45% prefer to maintain their current positions.
The study conducted by MIA Marketing includes responses from 458 retail investors who, at the time of the research, had capital invested on the Bucharest Stock Exchange. Of the respondents, 12% are aged between 18 and 35, 28% between 35 and 45, and 60% are over 46 years old. Regarding education, 94% hold higher education degrees, while 6% are high school graduates. From an occupational perspective, 58% are employees, 24% entrepreneurs, and 18% fall into other categories (students, retirees, etc.).
Disclaimer: The study was conducted on a simple random sample of 458 individuals at national level, consisting of local retail investors with exposure to companies listed on the Bucharest Stock Exchange, ensuring a maximum margin of error of 4.6% at a 95% confidence level.
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