Small-cap companies face unique challenges when organizing roadshows. Unlike mega-caps, which travel globally almost year-round, smaller companies must achieve maximum impact with limited budgets and resources. The Global Roadshow Report 2025 by IR Impact reveals that small-caps are increasingly optimizing their roadshows and hereby relying more on hybrid models.
But how exactly do small-caps plan their roadshows? And what can IR teams learn from the strategies of larger companies?
Roadshows? Yes! But Efficient Please
Even though small-caps have fewer resources than large corporations, roadshows remain a key part of their investor relations strategy. 82% of small-caps conducted a roadshow in 2024, a figure that has remained stable compared to the previous year. However, there are significant differences in the number of roadshows conducted:
- Small-caps organized an average of 5.2 roadshows per year.
- Mega-caps, on the other hand, held nearly 10 roadshows.
The global average was 5.8 roadshows per year. This indicates that while larger companies are almost constantly engaging with investors, small-caps must plan strategically and focus on the most important markets.
Data: IR Impact – Graphic: Dr Reuter Investor Relations
Less Travel, More Impact
While mega-caps often spend more than three weeks per year on roadshows, smaller companies simply cannot afford that. Small-caps spend an average of 7.4 days per year on roadshows, whereas mega-caps travel 19.6 days per year—almost three times as long.
This difference highlights the need for small-caps to adopt compact and well-structured roadshows. This means:
- More meetings in less time
- A targeted selection of cities and investors
- Thorough preparation to maximize every meeting
The trend is clear: small-caps are moving toward tight, well-organized schedules with multiple meetings per day.
Average days on the road:
Data: IR Impact – Graphic: Dr Reuter Investor Relations
Hybrid Meetings as a Key Strategy
Small-caps rely on virtual meetings far more than larger companies. 52% of small-caps use hybrid roadshows, compared to just 45% of mega-caps. The reasons are obvious:
- Hybrid meetings save time and travel costs
- They allow companies to reach investors worldwide without being physically present
- Digital formats are especially ideal for initial contact with new investors
However, an interesting trend is emerging: Only 9% of small-caps rely exclusively on virtual roadshows, compared to a global average of 4%. This indicates that in-person meetings are making a comeback—a trend seen even more strongly among mega-caps.
Data: IR Impact – Graphic: Dr Reuter Investor Relations
In-Person Meetings Remain Essential
Although digital formats are cost-effective, face-to-face interaction remains a crucial success factor for small-caps. 66% of small-caps rate physical roadshows between 8 and 10 points (on a scale of 10), indicating a high level of satisfaction with in-person meetings.
Virtual meetings score slightly lower: 44% of small-caps rate them between 8 and 10 points, showing that while digital formats are necessary, they are not always ideal.
A comparison with mega-caps reveals an even stronger preference for physical meetings: 79% of large companies express high satisfaction with in-person roadshows, as they have larger budgets and meet investors globally.
Data: IR Impact – Graphic: Dr Reuter Investor Relations
Conclusion: The Right Mix Matters
For small-caps, strategic planning is key to maximizing the impact of roadshows while working within limited resources. The success formula includes:
- A targeted selection of investors and markets
- More meetings in less time
- A smart combination of physical and virtual meetings
While large companies continue to rely on traditional roadshows, small-caps benefit the most from hybrid models, which provide flexibility, efficiency, and cost savings.
For IR teams, this means: With smart planning, it is possible to build strong investor relationships in spite of a limited budget.
Source: IR Impact
