Fiera Milano

Investor Presentation • Nov 9, 2023

Results as of 30 September 2023 9 November 2023

1 1

Today's Presenters

1. Executive summary and market update

• 1. Business review
• 1. Financial review
• 1. Sustainability update

Appendix - Fiera Milano at a glance

Executive summary: first nine months of 2023 in a nutshell

Market update

Italy Exhibition Market (2018–2023 | B\$) – Market Value

Italy Exhibition Market (2018–2023 | m2 in millions) – Net space sold

• In terms of Revenues, AMR estimates that the Italian Exhibition Market will generate 0,7B\$ in 2023 compared to 0,8B\$ in 2019 (-7,7% and a recovery of 92% versus pre-pandemic levels)

• As of 30 Sept. 2023, the Revenues generated by the Italian Exhibition Business of Fiera Milano stand at 0,1B€ (-7,5% compared to 2019 and a recovery of 93% versus pre-pandemic levels) in line with market forecasts

• In terms of square meters sold, AMR estimates that in Italy, 5,2 million m2 will be sold in 2023 compared to the 6,0 million m2 sold in 2019 (-13.6% and a recovery of 86% versus pre-pandemic levels)

• As of 30 Sept. 2023, the m2 sold with reference to the Italian Exhibition Business of Fiera Milano stand at 0.9 million m2 (-12.6% and a recovery of 87% versus pre-pandemic levels) in line with market forecasts

A rich calendar of events for 2023

• In 2023 >50 exhibitions in Italy ; 20 abroad ; c.160 congresses
• All the strategic sectors of Made in Italy in the world are represented (Food, Design, Tourism, Fashion, Machinery)

• 1. Executive summary and market update
• 1. Business review
• 1. Financial review
• 1. Sustainability update
• Appendix Fiera Milano at a glance

Divisional results: operational and financial data

		Italian Exhibition Business	9M 2019	Q3 2022	Q3 2023	9M 2022	9M 2023	% Revenues 9M 2023
A	Revenues (€m)		159.81	32.3	37.5	133.0	147.7
	EBITDA (€m)		52.31	5.6	10.2	40.8	43.5
								80%
	N. Exhibitions		35	10	9	38	32
	o/w directly organized		12	2	1	11	7
	o/w hosted		23	8	8	27	25
	Square meters Italy	(k)	977	173	204	832	854

B	Foreign Exhibition Business	9M 2019	Q3 2022	Q3 2023	9M 2022	9M 2023
	Revenues (€m)	3.3	2.7	0.1	5.1	3.1	2%
	EBITDA (€m)	3.5	0.1	1.8	(0.7)	2.2
	N. Exhibitions	16	7	6	10	15
	o/w directly organized	16	7	6	10	15
	Square meters abroad (k)	319	117	234	131	323
		9M	Q3	Q3	9M	9M
	Congresses	2019	2022	2023	2022	2023
C	Revenues (€m)	27.3	11.8	9.4	29.9	33.8	18%
	EBITDA (€m)	8.3	4.7	2.5	9.7	10.5

Square meters exhibition areas (k) 46 28 14 59 66

A	Consolidated	9M 2019	Q3 2022	Q3 2023	9M 2022	9M 2023
+	Revenues (€m) (net of elisions)	183.9	45.5	45.6	161.7	177.8
B	EBITDA (€m)	64.4	10.3	14.6	49.9	56.2
+	N. Exhibitions	51	17	15	48	47
C	o/w directly organized o/w hosted	28 23	10 7	9 6	21 27	22 25
	Square meters consolidated (A+B+C) (k)	1,342	318	453	1,023	1,243

• Recovery vs. pre-Covid in line with expectations (9 months):
  • Revenue recovery of 92% vs. pre-Covid levels, in line with AMR1
  • Sqm sold recovery of 87% vs. pre-Covid levels (86% estimated by AMR1)
• Growth in sold areas and services: significant expansion in sold areas and general increase in services (fittings, customer care, catering, digital) in fashion industry events
• Positive calendar effect: presence in the quarter of the multi-year Plast and the bi-annual Vitrum and in the nine months of ITMA
• Impact of operating costs on EBITDA: better results in terms of Revenues were partly offset by higher operating costs, mainly deriving from higher energy costs and one-off costs incurred for the reorganization which impact on the divisional EBITDA
• Revenue Performance: good performances of Exposec (Brazil) and of the contemporary art exhibition in South Africa ICTAF 2023. In the nine months of 2023, the biennials in Brazil (Fesqua, ReaTech and Ebrats), which took place in the 2022 fair calendar, were not present
• Positive impact on EBITDA: positive results related to the joint venture with Deutsche Messe, resumption of activity in China with Domotex (70k m2) and Motor Show (90k m2)
• Exceeding pre-Covid levels: the pre-Covid level was exceeded for both Revenues and Ebitda, ahead of what was expected when defining the CONN.E.C.T. 2025 Plan
• Medical-scientific conferences as drivers of growth: increase in revenues mainly attributable to the presence of international medical-scientific conferences such as EULAR (Rheumatology); UAE (Urology)
• Unfavorable calendar effect in the quarter: presence in Q3 2022 of the medical-scientific conferences EADV (Dermatology/ Venereology), ESCRS (Refractive and Cataract Surgery) and ESHRE (Embryology)
• At a consolidated level, in the first 9 months of 2023 Fiera Milano recovered c. 97% of Revenues generated in the first 9 months of 2019
• Growth in the results of the events in the fashion industry, Mido, Homi, Miart
• Positive contribution of the traveling exhibition ITMA and the multi-annual Plast
• Greater general growth of services
• Congress business had totally compensated for the lower results of the Salone del Mobile (reduction in square meters due to strategic layout rethinking)
• Positive impact on EBITDA of the results relating to equity-accounted companies (joint venture with Deutsche Messe AG - resumption of activity in China, improvement of Mico DMC)

Manifestazioni Italia – metri The exhibitions and congresses

quadrati Italian Exhibitions	Net square meters
	9M 2022	9M 2023
Directly Organized
- Bit (A)	15,610	16,165
- Chibimart estate (A)	2,765	a)
- Miart (A)	8,145	8,930
- SposaItalia (A)	7,445	8,410
- HOMI (A)	10,955	16,010
- HOMI Fashion&Jewels (I semester) (A)	9,400	12,630
- Promotion Trade Exhibition (A)	3,520	2,925
- Transpotec & Logitec (B)	52,880	0
- Print4all (M)	11,960	0
- HOMI Fashion&Jewels (II semester) (A)	9,870	12,850
- HOMI Indipendent (A)	5,275	Non svolta
Total Directly Organized	137,825	77,920
Hosted
- LineaPelle (I semester) (A)	38,635	44,020
- Mido (A)	28,505	37,980
- Milano Unica (spring) (A)	18,850	24,520
- Mipel (March) (A)	3,200	4,420
- My Plant & garden (A)	23,640	25,360
- Fa la cosa giusta (A)	12,000	6,110
- Salone del mobile/ Complemento d'arredo (A)	154,610	133,725
- Filo (I semester) (A)	1,810	1,385
- The Micam (spring) (A)	30,165	35,100
- The ONE Milano (February) (A)	3,715	3,710
- Eurocucina (B)	29,095	0
- Euroluce (B)	0	35,390
- ISSA Pulire (B)	0	13,980
- Lamiera (B)	18,990	18,395
- Made in Steel (B)	0	16,380
- Mostra Convegno Expocomfort (B)	77,740	0
- Venditalia (B)	14,015	0
- Salone del Bagno (B)	17,980	0
- Tuttofood (B)	0	59,660
- Workplace 3.0 (B)	2,555	1,960
- Intralogistica (M)	3,575	0
- Ipack-Ima (M)	52,475	0
- ITMA (M)	0	122,295
- Greenplast (M)	5,140	0
- Lineapelle (II semester) (A)	43,900	47,570
- Filo (II semester) (A)	2,505	2,780
- Milano Unica (autumn) (A)	25,045	29,075
- Mipel (September) (A)	4,160	4,440
- Simac Tanning-Tech (A)	13,530	14,565
- The Micam (autumn) (A)	37,125	35,880
- The One Milano (September) (A)	220	a)
- Vitrum (B)	-	8,455
- Plast (M)	-	48,990
- Gastech (M)	30,880	-
Total Hosted	694,060	776,145
Total Italian Exhibitions	831,885	854,065

	Net square meters
Foreign Exhibitions	9M 2022 9M 2022	9M 2023 9M 2023
China
- China International Fastener Show ° (A)	a)	15,655
- Chengdu International Industry Fair ° (A)	a)	13,590
- GITF International Tour Guangzhou (A)	a)	6,110
- Industrial Automation Shenzen ° (A)	a)	11,110
- Industrial Automation Robotic Show South China ° (A)	a)	3,800
- Laser Fair Shenzen (A)	a)	7,460
- Let China Guangzhou (A)	b)	14,895
- Chinafloor Domotex Shanghai ° (A)	b)	69,250
- Industrial Automation Shanghai ° (A)	a)	34,145
- Motor Show Chengdu ° (A)	83,875	91,084
- Metal + Metallurgy (A)	a)	405
- Metalworking and CNC Mach. Tool Shanghai ° (A)	a)	34,965
- Let China Guangzhou (A)	8,595	b)
- CEFE Hangzhou ° (A)	7,345	b)
South Africa
- Cape Town Art Fair (A)	3,330	3,855
Brasil
- Exposec (A)	10,990	12,365
- Ecoenergy (A)	270	b)
- Reatech (A)	2,170	b)
- Ebrats (B)	1,340	0
- Fesqua (B)	11,490	0
Singapore
- FIND - Design Fair Asia (A)	2,500	4,470
Total Foreign Exhibitions	131,905	323,159

° The event is organized in partnership

* The event is in its first edition

a) The event did not take place

b) The event took place/will take place in the following quarters

Main Congresses
--------------------

• ERS European Respiratory Society
• EULAR Annual European Congress of Rheumatology
• ERA European Renal Association
• EDTA European Dialysis and Transplant Association
• EWMA European Wound Management Association
• Salone del Risparmio

(A) = Annual (B) = Biennial (M) = Muti-year

• Salesforce
• Mondialidi scherma
• Padel Trend Expo
• NETCOMM

9

• 1. Executive summary and market update
• 1. Business review
• 1. Financial review
• 1. Sustainability update

Appendix - Fiera Milano at a glance

Income Statement

Income Statement (€m)	FY 2022	9M 2022	9M 2023
Revenues	220.3	161.7	177.8
Cost of materials	4.1	2.5	2.3
Cost of services	110.2	77.3	86.1
Costs for use of third-party assets	1.2	0.8	0.6
Personnel costs	44.4	32.1	34.6
Other operating expenses	3.9	2.7	3.2
Total operating costs	163.8	115.4	126.8
Other income	4.1	3.3	2.5
Results of equity-accounted companies	0.5	0.3	2.7
Impairment of receivables and other accruals	2.7	(0.1)	0.1
EBITDA	58.4	49.9	56.2
Depreciationandamortisation	47.9	35.8	38.3
Adjustments to asset values	1.3	-	-
EBIT	9.2	14.1	17.8
Financial income/(expenses)	(12.9)	(10.6)	(7.3)
Valuation of financial assets	-
Profit/(loss) before income tax	(3.7)	3.5	10.5
Income taxes	2.1	2.6	3.3
Profit/(loss) (continuing operations)	(5.8)	0.9	7.2
Profit/(loss) (discontinued operations)	-		16.5
Profit/(loss)	(5.8)	0.9	23.7
o/w attributable to the controlling entity	(5.6)	1.0	23.9

FIRST NINE MONTHS 2023 (9M 2023)

• Main operational figures:
• 47 exhibitions (32 in Italy and 15 abroad; 22 owned and 25 hosted)
• 75 congresses (of which 33 with related exhibition area)
• 1,243,474 sqm occupied (854,065 sqm Italy, 323,159 sqm abroad and 66,250 sqm congresses with related exhibition area)
• Revenues: from Euro 161.7m in 2022 to Euro 177.8m in 2023, an improvement of Euro 16.1m:
  • good general performance of the annual events of the fashion industry (Milano Unica, LineaPelle, The Micam and HOMI Fashion&Jewels), of the multi-annual events (ITMA, Plast). Greater occupied exhibition areas and significant growth of services provided
  • effect partially compensated by the absence of Mostra Convegno Expocomfort (biennial) and The Innovation Alliance (multiannual) compared to 2022
  • growing congress activity, mainly for the EULAR (Rheumatology) and EAU (Urology) medical-scientific congresses
• EBITDA: from Euro 49.9m to Euro 56.2m, a positive change of Euro 6.3m:
  • better performance of the events held in the quarter
  • positive result of the joint venture with Deutsche Messe AG in relation to activities in China
  • higher operating costs, mainly due to the increase in energy prices and higher one-off costs resulting from the company reorganization
• Financial management: improvement in the first nine months mainly resulting from the greater income relating to the use of liquidity

The net result for the period from continuing operations amounted to Euro 7.2m (up by Euro 6.3m compared to Euro 0.9m in the first 9 months of 2022), while the net result for the period from discontinued operations amounted to Euro 16.5m and referred to the higher values that emerged with the transfer of the business unit relating to the "Tuttofood" event relating to the acquisition of 18.5% of Fiere di Parma

Net result presented a profit of Euro 23.7m compared to a profit of Euro 0.9m in the first 9 months of 2022

Balance Sheet, Net Working Capital and Net Financial Position

	Balance Sheet	31/12/2022	30/9/2023
	Goodwill	95.0	95.0
	Intangible assets with a finite useful life	15.2	12.5
	Right-of-use assets	367.5	365.4	1
	Tangible fixed assets	5.0	6.1
	Other non-current financial assets	2.4	1.6
	Other non-current assets	74.3	90.7
1 A	Non-current assets	559.4	571.2
	Inventory and contracts in progress	3.1	9.0
	Trade and other receivables	33.4	46.5
B	Current assets	36.6	55.5	2
	Trade payables	50.3	36.7
	Payments received on account	29.9	76.9
	Tax liabilities	2.6	1.3
	Provisions for risks and charges and other current liabilities	26.2	35.5	Al 30/6/2023
C	Current liabilities	109.0	150.5
2 D	Net working capital (B - C)	(72.4)	(95.0)
E	Gross capital employed (A + D)	487.0	476.2
	Employee benefit provisions	7.8	7.4
	Provisions for risks and charges and other non-current liabilities	4.2	4.0
F	Non-current liabilities	12.0	11.4
G	NET CAPITAL EMPLOYED cont. operations (E - F)	475.0	464.8
H	NET CAPITAL EMPLOYED assets held for sale	(1.8)	-	3
	TOTAL NET CAPITAL EMPLOYED (G + H)	473.2	464.8
	covered by:
	Equity attributable to the Group	105.7	128.1
	Non-controlling interests	0.5	0.4
I	Total equity	106.2	128.4
	Cash & cash equivalents	(112.6)	(120.6)
	Current financial (assets)/liabilities	72.0	74.9
	Non-current financial (assets)/liabilities	409.4	382.1
	Net Financial Debt/(Cash) (post-IFRS16)
	L [Cont. operations + assets held for sale]	367.0	336.4
3	Net Financial Debt/(Cash) (pre IFRS16)	(29.8)	(61.5)
	EQUITY AND NET FINANCIAL DEBT (I + L)	473.2	464.8

Other non-current assets include Euro 16.5m relating to the stake in Fiere di Parma

• Net Working Capital from Euro (72.4)m at 31/12/2022 to Euro (95.0)m at 30/9/2023

• The release of liquidity of Euro 22.6m is mainly due to the dynamics of the advances relating to the HOST event

• Net Financial Debt (pre-IFRS16) from a cash availability of Euro 29.8m at 31/12/2022 to an availability of Euro 61.5m at 30/9/2023

• The positive change of Euro 31.7m is consequent to the change in the cash flow deriving from operational management (please refer to the next two slides for further information on the cash flow generated)

Notes = 1) Does not include IFRS 16 lease liability

Cash Flow (€m)	From 31 Dec 2022 to 30 Sep 2023
EBITDA	56.2
IFRS16 cash out (rents)	(41.3)
Δ Net Working Capital	22.6
Capex	(3.5)
Operating Cash Flow	33.9
Cash Interests & Income	0.7
Other	(2.9)
Free Cash Flow	31.7

Free Cash Flow generated in the first 9 months of the year: Euro 31.7m. The main components are:

• EBITDA 9 months: Euro 56.2m
• IFRS16 cash out (rentals): Euros (41.3m) relating to the installments of the rent
• Cash release of Euro 22.6m due to a change in the NWC mainly related to the presence of higher advances for the HOST exhibition
• CAPEX of Euro (3.5m) mainly relating to investments in digital and cybersecurity projects
• Positive balance between interest expense and interest income (income from time deposits, deposits on current accounts…) for Euro 0.7m
• Other changes for Euro (2.9m)

Evolution of the Net Financial Position (Net Cash) pre-IFRS16 from 31 Dec 2022 to 30 September 2023

Financial stability

Fiera Milano achieved an excellent financial stability, transforming the Covid-19 emergency into an opportunity to reorganize its financial structure

• Current Assets (Cash and cash equivalents, Current financial assets, Trade receivables, Suspended costs): increasing liquidity, increase in trade receivables
• Current liabilities (portion of short-term loans, Debt to Fondazione FM, Other financial liabilities, Portion of short-term lease liabilities, Trade payables, Advances, Provisions for risks and charges, Tax payables, Other current liabilities): increase mainly due to higher advances related to HOST
• Equity + Non-current liabilities (Shareholders' equity, Bank loans, Lease Liabilities, Personnel provisions, Provisions for risks and charges, Deferred tax liabilities): shareholders' equity increased due to the positive result for the 9 months, while non-current liabilities decreased due to loan repayments (Carige full repayment in March and start of payment of CDP and pool banks loans)
• Fixed Assets (Tangible fixed assets, Goodwill, Intangible fixed assets, Right to use leased assets, Investments valued at equity): Fiere di Parma stake inclusion in the Group's fixed asset

• 1. Executive summary and market update
• 1. Business review
• 1. Financial review
• 1. Sustainability update

Appendix - Fiera Milano at a glance

Fiera Milano increasing commitment toward a more sustainable business

• Expansion of two new additional photovoltaic systems with a total installed power of 18 MWp
• Established the new BoD internal committee "Sustainability Committee"

• Winning of 3 relevant sustainability-related awards, both at national at international level:

• During the third quarter, Fiera Milano was awarded by ELITE (Borsa Italiana), Kon Group, Forbes, Azimut and ALTIS with the "Sustainability Award Top ESG score" recognition.

• The Group obtained the highest ESG (Environment, Social, Governance) score compared to all Italian participating companies with a turnover of less than 250 million euros, recording a remarkable performance on the environmental and social pillars as well as good sustainability governance and strong focus on the circular economy, the fight against climate change and support for local communities.

Sustainability Award Operations & Services Award Sustainable Development Award

• For the second year in a row, Fiera Milano confirmed itself on the podium of the UFI – Sustainable Development Award 2023 ("Best engagement program for stakeholders"), with the innovative offer of sustainable stand-fittings deriving from recycled carpet that was developed by Fiera Milano – Nolostand, in partnership with Montecolino S.p.A.

• A circular economy initiative that confirms Fiera Milano's role as a promoter of the sustainable development of the business along the entire value chain.

• For the first year Fiera Milano positioned itself on the podium of the UFI - Operations & Services Award 2023 ("Successful examples of operational measures to reduce the carbon footprint of trade fairs and events"), with the project of measuring the carbon footprint generated by its events, according to the LCA (Life Cycle Assessment) methodology.

• Fiera Milano, in line with the Group sustainability plan and its mission, has started a process of measuring the carbon footprint generated by its events, with the aim of reaching the complete decarbonisation of exhibitions by 2050.

Photovoltaic plant expansion (from 8.2 MWp to 17.9 MWp): among the largest rooftop plant in Europe

• Currently on the roofs of the Rho exhibition district there is one of the largest photovoltaic system in Europe with a power of 8.2 MWp created by Fair-Renew, a special purpose company created between Fondazione Fiera Milano and A2A, which contributes to the generation of approximately 20% of the demand energy of Fiera Milano
• In order to further reduce the Company's carbon footprint, the Board of Directors of Fiera Milano approved an operation aimed at:

Increase the nominal peak power of the photovoltaic system from the current 8,200.00 kWp to approximately a total of 12,181.55 kWp

Install new photovoltaic panels on the roofs of pavilions no. 8, 12, 16 and 20 to further increase the nominal peak power of the photovoltaic system by approximately 5,700.00 kWp

Reduce the purchase price of electricity generated by the photovoltaic system by Euro 4 per MWh until 31 December 2026

ESG Highlights – 2022 KPI and main initiatives

Female Male

Fiera Milano integrated Sustainability Plan 2021-2025 – status as of 30 Sep. 2023

	ENABLING FACTOR	ESG STRATEGIC AREA	# TARGET	TIMING	STATUS	SDGs
		Governance
			1 Obtaining ESG rating from primary rating agency	2022	Achieved
			2 Obtaining ISO 37001 certification (anticorruption) for Fiera Milano	4 2023	On track
			3 Obtaining ISO 45001 certification (health & safety) for Fiera Milano	2023	On track Achieved
		Governance	4 Obtaining ISO 14001 certification (environmental) for Fiera Milano	2024	On track
Quality and			5 Obtaining ISO 14001 certification (environmental) for Allianz-Mico congress centre	2023	On track
development			6 Obtaining ISO 20121 certification (sustainable events) for 4 events	2025	On track
of human			New LTIP (long-term incentive plan) with a ESG target weight of 20% 7	2023	Achieved On track
capital			8 Increase in the percentage of suppliers assessed according to ESG criteria up to 75%	2025	On track
		Responsible supply chain	9 Keeping level of 100% reputational assessment for suppliers > € 10K)	Annual	On track
			Addition of at least 2 sustainable products to supply specifications 10	2025	On track
		Environment
			11 Calculation of the carbon footprint (LCA method) of at least 13 owned events	2025	On track
			12 Increase in the use of energy from renewable sources to 50%	2025	On track
			13 Construction of a single cooling system to promote energy savings	2024	On track
Commercial		Energy management	14 Extension of LEED certification for Pavilions 3 and 4 of the Allianz-MiCo congress centre	2024	On track
and product			15 Definition of the calculation methodology for Scope 3	2022	Achieved
approach			16 Definition of medium and long-term Science Based Targets (SBTs)	2025	On track
devoted to			Appointment of Group Energy Management 17	2023	Achieved
excellence			18 Definition of a waste management policy within the exhibition district	2022	Achieved
		Waste management	19 Launch of no. 2 initiatives a year to make stakeholders aware of correct waste management	Annual	On track
			20 Increase of 4 charging stations for electric cars in the exhibition district	2023	Achieved
		Sustainable mobility	21 Increase of 50 bike-sharing units for employees	2022	Achieved
			25% increase in the number of hybrid vehicles in the company car fleet 22	2023	On track
		Social
Investment in			23 Updating the Group's HSE (Health, Safety, Environment) structure	2022	Achieved
the exhibition		Health & Safety	Launch of no. 5 initiatives a year to promote safety in the exhibition district 24	Annual	On track
district and continuous		Diversity & Inclusion	Development of a Diversity & Inclusion Policy 25	2023	Achieved
improvement			26 Obtaining employer branding certification from a leading international certification body	2025	On track
			27 Increase in the no. of training hours by 80% compared to 2020	2025	On track
		Wellbeing and Development	28 Achieving employee engagement rate above 75%	2025	On track
			29 Involvement of 30 talents in the Next Generation Fiera development programme	2025	On track
			30 Development of an employee mentoring programme	2025	On track
			Organization of monthly meetings with the CEO involving at least 100 employees per year 31	Annual	On track
			32 Organization of the Impact Day: a day of social volunteering by employees	2022	Achieved
		Community & customers	33 Organization of 1 solidarity social initiative per year	Annual	On track
Digital			Achievement of 100% customers coverage of the events covered by the Customer Satisfaction 34	Annual	On track
transformation		Digital Transformation	35 Increase in the value of digital services and creating new ones	2025	On track

Commercial and product approach devoted to excellence

Investment in the exhibition district and continuous improvement

Digital transformation

• 1. Executive summary and market update
• 1. Business review
• 1. Financial review
• 1. Sustainability update

Fiera Milano at a glance

Purpose & Mission

Create multiple opportunities for businesses and individuals through our European Hub in Milan and a global network

Being a leading smart hybrid platform for innovative, sustainable and business-relevant events

• Managing directly owned events and hosted events at the Rho exhibition center (345k sqm, 6° largest trade venue in the world) and other exhibition venues
• 80 exhibitions in Italy and c. 30 abroad (Brasil, China, Singapore, South Africa)
• Congress activity (c. 160 per annum) mainly at the Allianz-MiCo venue, the largest and most modern conference centre in Europe (54k sqm, 21k people availability) and other meeting centers
• Providing traditional (stand-fitting, security, catering, accommodation, logistics) as well as digital services

The 6th largest exhibition district in the world

• 345k m2 total space
• 60k m2 outdoor space
• 20 pavillons
• 15k parkings
• 75 restaurants
• 1 km from highway
• 13 km from Milan city centre
• 29 km from Milan airport
• 1 underground
• 22 1 train station

A rich calendar of events for 2023

Covering all the strategic industries representing the excellence of Made in Italy in the world (Food, Design, Tourism, Fashion, Machinery)

A history of growth of more than 100 years

One of the largest venues in the global exhibition market

Selection of key players in the Exhibition Industry

1) Based on 2019 exchange rates: 1 EUR = 0.88 GBP, 1.12 USD); 2) Calculated as aggregate of Informa Markets, Connect and Tech BUs;

3) Considering only Rho venue; 4) Calculated evenly weighting international revenue share 2018 (50% international revenues on total = 100), avg. % international exhibitors 2018 and avg % of international visitors 2018

Source: UFI, AUMA, Statistics Report Emeca 2018, Roland Berger analysis, Fiera Milano

Key investment highlights

6 1

5 2

4 3

Strong commitment to ESG

• ESG themes moving to the top of the agenda with new framework and strategy integrated in the CONN.E.C.T. 2025 plan
• Top management remuneration linked to ESG targets reflecting selected SDGs
• Industry best practice for the exhibitions carbon footprint assessment and Low Risk ESG Rating issued by Sustainalytics

Sound financials with low credit risk

• Sound financials driven by high visibility of results (multiyear events to be booked in advance)
• Favourable payment cycle due to advances payments contracts leading to a structurally negative NWC
• Strong operating cash generation combined with low capex requirements resulting in a positive net position and financial flexibility leaving room for M&A

Integrated business model with focus on tier 1 events

• Covering the entire value chain of the trade fare from renting exhibition areas to provide ancillary services
• Well diversified exhibition portfolio with concentration of high standing events which enjoy less volatility in terms of revenues and rented sqm and diversified industry mix
• Mainly B2B events with high exposure to attractive sectors

Institutional role with strong heritage culture

• Mission critical business for the Italian entrepreneurial fabric
• Strategic partner for Italian SMEs in their innovation, growth and internationalization paths supporting the Italian economy recovery and promoting the made in Italy in the world
• Strong heritage culture with the first exhibition held in 1922 and a track record of growth lasting for >100 years

Undisputed market leadership in Italy

• High entry barriers due to limited venue capacity of other Italian players
• Largest trade-fair site in Italy with exhibition capacity almost more than double that of the n.2 player and ranking among the top one players at international level
• Highly fragmented market with room for consolidation

State of the art premises and strategic logistics

• Best-in-class premises with strategic locations close to airports, undergrounds, train stations and urban centers
• Predominant exposure to one of the richest EU region
• Fieramilano (Rho): 6° trade fair center in the world with its 345k sqm

WEBSITE: https ://investors.fieramilano.it/en

CONTACTS:investor.relations@fieramilano.it

Disclaimer

This presentation and any materials distributed in connection herewith (together, the "Presentation") do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever.

The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of Fiera Milano S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice.

Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as "anticipate", "estimate", "should", "expect", "guidance", "project", "intend", "plan", "believe", and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements are based on management's current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them. Forward-looking statements contained in this Presentation regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Neither Fiera Milano S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation.

It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.