<div id="readability-page-1"><div><p>Amidst rising expectations of a U.S. Federal Reserve rate cut, European markets have shown resilience, with major stock indexes experiencing gains. In this context, the allure of penny stocks—often smaller or newer companies—remains intact as they continue to represent potential growth opportunities for investors seeking alternatives beyond established names. While the term 'penny stocks' may seem outdated, their relevance persists when these companies demonstrate financial strength and offer compelling prospects for growth.</p><h3>Top 10 Penny Stocks In Europe</h3><table><tbody><tr><td><strong>Name</strong></td><td><strong>Share Price</strong></td><td><strong>Market Cap</strong></td><td><strong>Rewards &amp; Risks</strong></td></tr><tr><td>Ariston Holding (BIT:ARIS)</td><td>€4.29</td><td>€1.48B</td><td>✅ 4 ⚠️ 2 View Analysis &gt;</td></tr><tr><td>Angler Gaming (NGM:ANGL)</td><td>SEK3.60</td><td>SEK269.95M</td><td>✅ 4 ⚠️ 2 View Analysis &gt;</td></tr><tr><td>Angler Gaming (DB:0QM)</td><td>€0.37</td><td>€245.95M</td><td>✅ 2 ⚠️ 2 View Analysis &gt;</td></tr><tr><td>IMS (WSE:IMS)</td><td>PLN3.14</td><td>PLN110.2M</td><td>✅ 4 ⚠️ 2 View Analysis &gt;</td></tr><tr><td>Siili Solutions Oyj (HLSE:SIILI)</td><td>€4.99</td><td>€40.46M</td><td>✅ 3 ⚠️ 3 View Analysis &gt;</td></tr><tr><td>IAMBA Arad (BVB:FERO)</td><td>RON0.45</td><td>RON16.57M</td><td>✅ 2 ⚠️ 4 View Analysis &gt;</td></tr><tr><td>Euroland Société anonyme (ENXTPA:ALERO)</td><td>€3.26</td><td>€10.34M</td><td>✅ 2 ⚠️ 5 View Analysis &gt;</td></tr><tr><td>ForFarmers (ENXTAM:FFARM)</td><td>€4.275</td><td>€377.85M</td><td>✅ 4 ⚠️ 1 View Analysis &gt;</td></tr><tr><td>Deceuninck (ENXTBR:DECB)</td><td>€2.055</td><td>€284.04M</td><td>✅ 4 ⚠️ 1 View Analysis &gt;</td></tr><tr><td>Netgem (ENXTPA:ALNTG)</td><td>€0.932</td><td>€31.43M</td><td>✅ 4 ⚠️ 2 View Analysis &gt;</td></tr></tbody></table><p>Click here to see the full list of 332 stocks from our  European Penny Stocks screener.</p><p>Let's take a closer look at a couple of our picks from the screened companies.</p><h2>Ilkka Oyj (HLSE:ILKKA2)</h2><p><strong>Simply Wall St Financial Health Rating:</strong> ★★★★☆☆</p><p><strong>Overview:</strong> Ilkka Oyj, with a market cap of €99.21 million, operates in the publishing and printing sectors both in Finland and internationally through its subsidiaries.</p><p><strong>Operations:</strong> The company generates revenue from its Marketing and Technology Services segment, amounting to €34.47 million.</p><p><strong>Market Cap:</strong> €99.21M</p><p>Ilkka Oyj, with a market cap of €99.21 million, shows mixed financial health and growth prospects. The company reported strong earnings for the second quarter of 2025, with net income rising significantly to €11.93 million from €3.95 million a year ago, although this was influenced by a large one-off gain of €1.1 million. Despite having more cash than total debt and short-term assets exceeding liabilities, its return on equity remains low at 2.5%. Earnings are expected to decline by an average of 3.7% annually over the next three years, while its dividend yield is not well covered by earnings or free cash flows.</p><ul><li>Unlock comprehensive insights into our analysis of Ilkka Oyj stock in this financial health report.</li><li>Review our growth performance report to gain insights into Ilkka Oyj's future.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/52d1fbf3-8ea3-48b9-b591-fd09e0808744/chart/revenue-and-expenses-breakdown?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/52d1fbf3-8ea3-48b9-b591-fd09e0808744/chart/revenue-and-expenses-breakdown"/><figcaption>HLSE:ILKKA2 Revenue &amp; Expenses Breakdown as at Sep 2025</figcaption></figure><h2>SHL Telemedicine (SWX:SHLTN)</h2><p><strong>Simply Wall St Financial Health Rating:</strong> ★★★★☆☆</p><p><strong>Overview:</strong> SHL Telemedicine Ltd. and its subsidiaries offer telemedicine services across Israel, Europe, and other international markets, with a market cap of CHF23.93 million.</p><p><strong>Operations:</strong> The company generates its revenue primarily from telemedicine services, amounting to $56.83 million.</p><p><strong>Market Cap:</strong> CHF23.93M</p><p>SHL Telemedicine Ltd., with a market cap of CHF23.93 million, faces challenges typical of penny stocks. Despite generating US$27.92 million in sales for the first half of 2025, the company remains unprofitable with increasing net losses and a negative return on equity. While SHL has more cash than debt, its short-term assets fall short of covering liabilities, indicating liquidity concerns. The management team is relatively inexperienced with an average tenure of 1.1 years, although the board is seasoned at 5.8 years on average. Volatility remains high compared to most Swiss stocks, reflecting investor uncertainty.</p><ul><li>Dive into the specifics of SHL Telemedicine here with our thorough balance sheet health report.</li><li>Review our historical performance report to gain insights into SHL Telemedicine's track record.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/1166b1a7-0000-41b8-bffc-4cd442dc1929/chart/financial-position-analysis?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/1166b1a7-0000-41b8-bffc-4cd442dc1929/chart/financial-position-analysis"/><figcaption>SWX:SHLTN Financial Position Analysis as at Sep 2025</figcaption></figure><h2>Energoinstal (WSE:ENI)</h2><p><strong>Simply Wall St Financial Health Rating:</strong> ★★★★★☆</p><p><strong>Overview:</strong> Energoinstal S.A. is involved in the manufacture and sale of power boilers both in Poland and internationally, with a market cap of PLN48.60 million.</p><p><strong>Operations:</strong> Energoinstal S.A. does not report specific revenue segments, but it is engaged in the production and distribution of power boilers domestically and abroad.</p><p><strong>Market Cap:</strong> PLN48.6M</p><p>Energoinstal S.A., with a market cap of PLN48.60 million, has shown signs of financial recovery by reporting a net income of PLN3.42 million for the first half of 2025, reversing from a previous net loss. Despite being unprofitable in recent years with negative returns on equity and increasing losses over five years, the company benefits from having no debt and sufficient cash runway exceeding three years due to positive free cash flow growth. However, its short-term assets do not cover long-term liabilities, posing potential financial challenges amidst reduced volatility and stable shareholder dilution over the past year.</p><ul><li>Click to explore a detailed breakdown of our findings in Energoinstal's financial health report.</li><li>Understand Energoinstal's track record by examining our performance history report.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee95661b-c6e0-4683-88a4-67c9599eb107/chart/debt-equity-history-analysis?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee95661b-c6e0-4683-88a4-67c9599eb107/chart/debt-equity-history-analysis"/><figcaption>WSE:ENI Debt to Equity History and Analysis as at Sep 2025</figcaption></figure><h2>Next Steps</h2><ul><li>Jump into our full catalog of 332  European Penny Stocks here.</li><li>Interested In Other Possibilities? The end of cancer? These 29 emerging AI stocks are developing tech that will allow early idenification of life changing disesaes like cancer and Alzheimer's.</li></ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data      and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your      financial situation. We aim to bring you long-term focused analysis driven by fundamental data.      Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.      Simply Wall St has no position in any stocks mentioned.</em></p></div></div>

SHLT

<p>European markets are buoyed by expectations of a U.S. Federal Reserve rate cut, making penny stocks appealing for growth-seeking investors. Notable penny stocks include Ilkka Oyj, SHL Telemedicine, and Energoinstal, with market caps under €100M. Ilkka Oyj shows mixed financial health with a market cap of €99.21M and strong earnings but low return on equity. SHL Telemedicine, valued at CHF23.93M, faces profitability challenges despite significant sales. Energoinstal, with a market cap of PLN48.60M, reports a net income recovery but has liquidity concerns. Investors are encouraged to explore these opportunities further.</p>

3 European Penny Stocks With Market Caps Under €100M