Fiera Milano

Investor Presentation • Mar 15, 2023

15 march 2023

Fiera Milano

The European hub for innovative, sustainable and high standing events

2022 Full -Year results

9M 2022

Results

Today's Presenters

PwC

• 1. Executive summary
• 1. Market update
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards
• Appendix

Executive summary

4

Business overview	 Faster and stronger recovery than market forecasts, EBITDA exceeds expectations. Return to organic growth
FY 2022 Financial Results1	 Revenues of €220.3m compared to €122.3m in 2021  EBITDA of €58.4m compared to €73.7m in 2021 – which included €61.5m of non-recurring government grants  Net result equal to €-5.8m compared to €44.1m – which benefited from the positive impact related to the exercise of the option for the tax realignment of some assets  Net financial debt (before IFRS 16) at 31 December 2022 resulting in a net cash of €29.8m compared to a net cash of €47.3 million at 31 December 2021
Guidance 2023 confirmed	 Even if the industry is not immune to the difficulties of the macroeconomic scenario, Fiera Milano look to the future with confidence, expecting to reach an as at 31 December 2023 EBITDA target of €70-80m
Dynamic M&A activity	 On 9 March 2023 the BoD approved the transaction with for the creation of a common European Fiere di Parma exhibition platfom in the agrifood sector  On 23 November 2022 Fiera Milano completed the acquisition of 25% of Ge.Fi., organizer of Artigiano in Fiera  On 14 June 2022 a non-disclosure agreement was signed with Firenze Fiera for a potential strategic partnership
Buyback	 Completed the of 410,000 treasury shares to service stock-based incentive plans, existing and Share Buyback Plan future, reserved for executives and/or employees of the Company
AGM	 Shareholders' Meeting called for April 27, 2023
ESG commitment	 Obtained first ESG Risk Rating by Sustainalytics with a score of 16.9/ 100 (0 being the max score): Low ESG Risk  Launched the carbon footprint measurement (Life Cycle Assessment) of the exhibitions held in Fiera Milano  Joined the UN Global Compact

The transaction with Fiere di Parma at a glance

Parties involved	 Fiera Milano, organizer of TuttoFood, primary event in the agro-food sector held in Milan (> 2k exhibitors and c.60k smq occupied pre-Covid) and Fiere di Parma, organizer of Cibus, iconic event for Made in Italy food and its territories (c. 2k exhibitors and c.60k smq occupied pre-Covid)
	 Creating a common European exhibition platform in the agro-food sector consisting of:
Strategic rationale	 "Tuttofood powered by Cibus" in Milan, which will position itself as an international event which, in addition to supporting the domestic supply chain, will be the reference for an exhibition audience coming from all the leading countries in agro-food production, thus competing with the European exhibitions, and by  "Cibus" in Parma, an iconic event for the excellent food Made In Italy and for its territories
The transaction	 Subscription of a capital increase of Fiere di Parma reserved for Fiera Milano, to be released through the contribution of the Fiera Milano business unit "Tuttofood" for a value of c. Euro 16.5 million
Governance	 Fiera Milano will initially hold a stake of 18.5% in the share capital of Fiere di Parma. Agreements relating to the new governance of Fiere di Parma and a service agreement between Fiera Milano and Fiere di Parma are also envisaged
Economic impact for Fiera Milano	 (i) rentals deriving from the TuttoFood powered by Cibus exhibition space hosted in Rho (Milan); (ii) EBITDA of services offered by Fiera Milano to TuttoFood powered by Cibus; (iii) 18.5% net results of Fiere di Parma; (iv) reduction of domestic competition

Thanks to the synergies created between Fiera Milano and Fiere di Parma, TuttoFood powered by Cibus and Cibus will be able to specialize their positioning, offering a strategic and permanent support to the agro-food Made in Italy and, in general, to the Italian system

• 1. Executive summary
• 1. Market update
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards
• Appendix

Market and industry update

Macro economics

Source: European Economic Forecast (Feb-23) – EU Commission

Exhibition industry outlook (AMR - Advanced Market Research)

Net space sold in millions of square meters

• In Feb-2023 the EU Commission revised upward the Italian GDP forecasts growth for 2023 to 0.8% (compared to a previous forecast of 0.3%)
• Inflation is expected to decrease to 6.1% in 2023 from 8.7% in 2022

• Overall exports of Made in Italy in 2022 still grew by 20% compared to the previous year, with a better performance for Italy compared to France and Germany

• In terms of square meters sold, AMR estimates that in Italy, compared to the 6.0 million m2 sold in 2019:

  • 3.6 million m2 will be sold in 2022 (-40% compared to 2019)
  • 5.1 million m2 will be sold in 2023 (-15% compared to 2019)
  • 5.3 million m2 will be sold in 2024 (-12% compared to 2019)

AGENDA

• 1. Executive summary
• 1. Market update
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards
• Appendix

A rich calendar of events for 2023

• 2023 exhibition calendar: >50 exhibitions in Italy; 20 abroad; c.160 congresses
• Covering all the strategic industries representing the excellence of Made in Italy in the world (Food, Design, Tourism, Fashion, Machinery)

International exhibitions

Italian Exhibition business

Key metrics	2018	2019	2020	20211	2022
Square metres	1,505,380	1,534,400	350,855	643,775	1,239,615
Revenues (€m)	211.6	246.4	70.0	103.0	176.8
EBITDA (€m)	24.2	91.4	11.3	58.0	44.5
N. exhibitions	52	52	21	30	50
o/w organized	12	15	8	13	13
o/w hosted	40	17	13	17	37

Returning to pre-pandemic levels faster than market forecasts for Italy

Source: AMR (Advanced Market Research)

1) 2021 restatement following IFRS 5 provisions to reflect the acquisition of 18.5% of Fiere di Parma and related transfer of the TuttoFood business unit

• Revenues of €176.8m, an increase of €73.9m compared to 2021:
• 50 exhibitions (13 directly owned and 37 managed)
• 1.239k sqm occupied
• The Innovation Alliance (Ipack-Ima, Print4All, GreenPlast and Intralogistica Italia) proved to be a valid industrial format allowing exhibitors and visitors to come into contact with complementary production ecosystems, generating value for the supply chains
• Salone del Mobile, back in its traditional version, with more than 2,000 exhibitors. A success exceeding expectations that recorded over 262,000 visitors in six days, from 173 countries
• Great return of MCE - Mostra Convegno Expocomfort, the reference appointment for the plumbing sector with over 1,500 exhibitors and more than 90,000 visitors
• In September, Fiera Milano hosted the 50th edition of Gastech, the world's largest international event dedicated to the energy industry, which took place for the first time in Milan, confirming Fiera Milano's ability to attract large international events
• Most important trade fairs in the world of fashion MICAM Milano, Mipel, TheOneMilano, together with HOMI Fashion & Jewels Exhibition welcomed a total of 35,470 professional operators and more than 3,000 brands in September
• Great success for the B2B exhibitions as Eicma, Artigiano in Fiera, Milano Autoclassica, Milan Games Week with Cartoomics and Enci Winner.
• The fourth quarter of Fiera Milano also saw the launch of the first edition, in October, of NME - Next Mobility Exhibition, the new biennial international event organized by Fiera Milano and dedicated to the mobility of the future
• EBITDA stood at €44.5m. It should be noted that 2021 EBITDA was impacted by the presence, among others, of non-recurring components such as public grants received to compensate for the losses suffered in 2020 and 2021 following the epidemiological emergency from Covid-19

Foreign Exhibition business

Key metrics	2018	2019	2020	2021	2022
Square metres	466,795	511,230	287,375	310,495	174,140
Revenues (€m)	7.8	4.3	1.2	0.2	8.7
EBITDA (€m)	3.7	3.3	-0.8	0.3	0.3
N. exhibitions	27	28	18	17	14
o/w organized	27	28	18	17	14

• Revenues of €8.7m, an increase of €8.5m compared to 2021:
• 14 exhibitions
• 174k sqm occupied
• Since September 2022, the activity of Fiera Milano in Brazil has resumed with 8 exhibitions exhibitions while China is now in the recovery phase after the recent relaxation of the zero-Covid policies
• Lastly, the tenth edition of the ICTAF (Investec Cape Town Art Fair) contemporary art exhibition was held in South Africa, increasingly confirming itself as the reference event for the sector on the African continent. The event hosted over 250 brands from all over the world and 30 excellences of Italian design
• In Singapore, Fiera Milano, with its international partner dmg Events, organized the first edition of FIND - Design Fair Asia in September 2022, the Asian reference event for the design and furniture sector. The event hosted over 250 brands from all over the world and 30 excellences of Italian design
• EBITDA was affected by the result of the joint venture with Deutsche Messe AG which operates in China. This result is offset by the positive results achieved in Brazil (8 exhibitions in 2022)

3 PILLARS OF THE INTERNATIONAL STRATEGY:

• 1. Attract major international events in Milan;
• 1. Increase the presence of foreign exhibitors and visitors at our fairs;
• 1. Organize events outside Italy, in relation to which a selective approach will be adopted.

Congresses

Key metrics	2018	2019	2020	2021	2022
n. Events	169	171	42	74	110
o/w exhibition area	44	50	5	22	51
Revenues (€m)	37.7	39.7	5.7	23.0	43.3
EBITDA (€m)	3.8	11.3	-0.0	15.4	13.5

• Excellent results for Congresses: with 110 congress events held in 2022, the division returned to pre-Covid levels ahead of market forecasts
• Revenues amounted to Euro 43.3 million, an increase of Euro 20.4 million compared to 2021
• The main congress events hosted in 2022 were: the Salone del Risparmio, the Sales Force, the World of Coffee, ESA - European Congress of Anesthesia, ECE - European Congress of Endocrinology and EAS - European Atherosclerosis Congress, EADV - European Academy of Dermatology and Venereology, ESCRS - European Society of Refractive and Cataract Surgery , as well as the presence of corporate events such as the Allianz Bank Convention, the Banca Generali Convention and the Azimut Convention.
• Signed a nine-year sponsorship agreement with Allianz for re-branding of the Piazzale Carlo Magno congress center in Milan, which has been renamed Allianz-MiCo. The new partnership gives MiCo-Milano Convention Center, an even greater international attractiveness thanks to the strength of the Allianz network
• EBITDA stood at Euro 13.5 million compared to Euro 15.4 million in 2021, showing a decrease of Euro 1.9 million. The variation is mainly attributable to the presence in the previous year of public contributions of non-recurring nature equal to Euro 10.2 millions, received following the emergency epidemiological from Covid-19.

AGENDA

• 1. Executive summary
• 1. Market update
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards
• Appendix

Income Statement

Income Statement (€m)	2019	2020	20211	2022
Revenues	279.7	73.6	122.3	220.3
Cost of materials	2.5	1.6	1.7	4.1
Cost of services	121.2	45.5	71.2	110,2
Costs for use of third-party assets	0.5	0.5	0.5	1.2
Personnel costs	47.4	31.9	40.7	44.4
Other operating expenses	4.8	2.5	2.9	3.9
Total operating costs	176.4	81.9	117.0	163.8
Other income	2.4	16.9	73.1	4.1
Results of equity-accounted companies	3.8	0.5	1.2	0.5
Impairment of receivables and other accruals	3.5	(1.3)	5.9	2.7
EBITDA	106.1	10.4	73.7	58.4
Depreciation and amortisation	45.2	44.8	45.2	47.9
Adjustments to asset values	1.3	0.0	0.0	1.3
EBIT	59.6	(34.3)	28.5	9.2
Financial income/(expenses)	(13.4)	(12.7)	(13.4)	(12.9)
Valuation of financial assets	-	-	-	-
Profit/(loss) before income tax	46.2	(47.0)	15.6	(3.7)
Income taxes	11.9	(12.9)	(24.4)	2.1
Net Income	34.3	(34.2)	44.1	(5.8)
o/w attributable to the controlling entity	34.4	(33.9)	44.4	(5.6)

• Revenues: from Euro 122.3m in 2021 to Euro 220.3m in 2022, an improvement of Euro 98.0m
• Positive change mainly related to the performance of annual and multi-year exhibitions, among which we highlight the presence of Gastech, an international event dedicated to the energy industry that was held for the first time in Milan.
• Regarding the congress activity it should be noted the presence of international congresses such as the World of Coffee, the ESA - European Congress of Anesthesia, the ECE - European Congress of Endocrinology and the EAS - European Congress on Atherosclerosis, EADV - European Academy of Dermatology and Venereology and the ESCRS - European Society of Refractive and Cataract Surgery.
• Some operative figures that contributed to the generation of consolidated revenues:
  • 64 events (50 in Italy and 14 abroad; 27 organized and 37 hosted)
  • 110 congress events (51 of which with annexed exhibition area)
  • c.1,400k sqm occupied compared to 954k sqm occupied in 2021 (+ 47%)
  • 23.8k exhibitors compared to 17.6k in 2021 (+ 35%)
• EBITDA: stands at Euro 58.4 million. In 2022, EBITDA reflects the improvement trend relating to the increase in revenues. It should be noted that 2021 EBITDA was impacted by the presence of nonrecurring components such as public grants (Euro 61.5 million) received to compensate for the losses suffered in 2020 and 2021 following the epidemiological emergency from Covid-19, the temporary reduction in the rent, the presence in the first half of 2021 of the benefit deriving from the activation of the Salary Integration Fund (FIS) as well as the lower provisions for risks

The balance of the financial management consists of financial expenses of Euro 14.6m, in line with 2021, and of financial income of Euro 1.6m

Net result: equal to Euro -5.8m, reflects the trend of EBIT and the positive impact of deferred taxes following the exercise of the option for the fiscal realignment of some assets in the same period of 2021

1) 2021 restatement following IFRS 5 provisions to reflect the acquisition of 18.5% of Fiere di Parma and related transfer of the TuttoFood business unit

Balance sheet

	Balance Sheet (€m)	2019 2020		20211	2022
	Goodwill	95.0	95.0	95.0	95.0
	Intangible assets with a defined useful life	14.6	17.0	18.5	15.2
	Right-of-use assets	469.6	431.7	392.5	367.5
	Tangible fixed assets	9.2	7.0	5.8	5.0
	Other non-current assets	34.1	43.0	61.8	76.7
A	Non-current assets	622.5	593.8	573.7	559.4
	Inventories	2.2	5.6	3.3	4.0
	Trade receivables	40.4	26.7	31.1	33.4
B	Current assets	42.6	32.2	34.4	37.4
	Trade payables	41.9	19.9	50.6	50.3
	Advances	49.2	30.6	35.9	32.5
	Tax liabilities	2.9	3.9	5.0	2.6
	Provisions for risks and charges and other current liabilities	36.1	13.4	29.2	26.1
C	Current liabilities	130.3	67.7	120.7	111.6
D	Net working capital (B - C)	(87.7)	(35.4)	(86.2)	(74.2)
E	Gross capital employed (A + D)	534.7	558.4	487.5	485.2
	Employee benefit provisions	9.9	10.1	9.5	7.8
	Provisions for risks and charges and other non-current liabilities	11.9	11.7	4.4	4.2
F	Non-current liabilities	21.9	21.7	13.9	12.0
G	NET CAPITAL EMPLOYED cont. operations (E - F)	513.0	536.7	473.6	473.2
H	NET CAPITAL EMPLOYED assets held for sale	0	0	0	0
	TOTAL NET CAPITAL EMPLOYED (G + H)	512.9	536.7	473.6	473.2
	covered by:
	Equity attributable to the Group	107.3	62.9	108.3	105.7
	Non-controlling interests	0.6	0.3	0.7	0.5
I	Total equity	107.9	63.2	109.0	106.2
	Cash & cash equivalents	(68.0)	(20.4)	(148.3)	(114.4)
	Current financial (assets)/liabilities	33.7	93.1	44.1	72.0
	Non-current financial (assets)/liabilities	439.3	400.8	468.8	409.4
L	Net Financial Debt/(Cash) post IFRS 16	405.1	473.4	364.6	367.0
	Net Financial Debt/(Cash) pre IFRS16	(68.3)	23.9	(47.3)	(29.8)
	EQUITY AND NET FINANCIAL DEBT (I + L)	512.9	536.7	473.6	473.2

Net Working Capital: goes from Euro -86.2m in 2021 to Euro -74.2m in 2022.

The change of Euro 12.1m is mainly composed of:

• Reduction of advances (-€3.5m decreasing): calendar effect due to the presence of fewer exhibitions in even-numbered years (2022)
• Reduction of payables to organizers in other current liabilities (€-5.2m decreasing): 2022 year compares with a 2021 in which the entire exhibition calendar took place in Q4. Consequently, a significant portion of the payments to organizers relating to the treasury service provided by Fiera Milano were paid in 2022

Net Financial Position pre IFRS16 (not including lease liability): went from Euro - 47.3m in 2021 to Euro -29.8.m in 2022. The change of -€17.6m is due to the combined effect of a stable operating cash generation to which the non current effects of the transaction with Ge.Fi. and investments in digital systems incurred during the year should be added

Cash flow from 31 December 2021 to 31 December 2022 – 12 months

EMARKET SDIR
CERTIFIED

16

Cash Flow (€m)	From 31 Dec 2021 to 31 Dec 2022
EBITDA	58.4
IFRS16 cash out (rents)	(45.6)
Δ Net Working Capital	(12.0)
Capex	(4.0)
Operating Cash Flow	(3.2)
Cash Interests & Income	(1.3)
Acquisitions	(13.4)
Other	0.3
Free Cash Flow	(17.6)

Free Cash Flow generated in 2022 (12 months): Euro (17.6 m), the main components are:

• EBITDA 12 months: Euro 58.4m
• IFRS16 cash out (rents): Euro (45.6m) resulting from:
  • Last rent installment 2021 benefiting from a discount from Fondazione Fiera Milano of c. Euro 5.5m, whose economic competence is in 2021 but the financial manifestation is in Q1 2022 (deferred payment)
  • Three rent installments relating to Q2, Q3 and Q4 2022
• Cash absorption of Euro (12.0m) due to a decrease in the NWC mainly due to the following factors:
  • Reduction of advances of Euro (3.5m); negative cash impact: calendar effect due to the presence of fewer exhibitions in even years (2022)
  • Reduction of payables to organizers in "other current liabilities" of Euro (5.2m); negative cash impact: 2022 compares itself with a 2021 in which the entire exhibition calendar took place in Q4. Consequently, a significant portion of the payments to the organizers relating to the treasury service provided by Fiera Milano were paid in 2022
• CAPEX for Euro (4.0m): new information systems, software purchases and licenses for digital transformation
• Acquisitions for Euros (13.4m) relating to the acquisition of 25% of Ge.Fi
• Other changes: provisions relating to personnel, change in consolidated equity investments and other

Evolution of the Net Financial Position (Cash) pre-IFRS16 from Dec 2021 to Dec 2022

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 (inventories): in 2022 there is a reduction in cash and cash equivalents due to the Ge.Fi cash-out (€11.8m), to the early repayment of the Biper loan ( €10m) and to the repayment of short-term debt to Fondazione (c. €9.5m)
• Current liabilities (short-term portion of loans, debt to Fondazione, other financial liabilities, short-term lease liability portion, trade payables, advances, provisions for risks and charges, tax payables, other current liabilities): increase in short-term loan portions due to the approaching repayment dates
• Equity + Non-current liabilities (Shareholders' equity, Bank loans, Lease Liability, Personnel provisions, Provisions for risks and charges, Deferred tax liabilities): from December 2021 there has been a reduction in medium-long term bank loans with reclassification into short-term portions due to the approaching payment times
• Fixed Assets (Tangible fixed assets, Goodwill, Intangible fixed assets, Right to use leased assets, Investments valued at equity)

Update of the buyback plan execution

• Authorized by the Shareholders' Meeting on April 22, 2022
• Approved by the Board of Directors on October 13, 2022
• Launched on October 24, 2022
• Object: 410,000 treasury shares
• Maximum outlay: €1.5m
• Purpose: to increase the portfolio of treasury shares to be used to service stock incentive plans, both existing and future, reserved for directors and/or employees of the Company

Summary of the buyback plan

Total shares covered by the buyback plan (no. of shares)	410,000
Value paid (€)	€1,241,133
At the average price of (€)	3.03 €
no. average number of shares purchased per day	5,000
Closing date	28 February 2023
Duration	4 months (in line with forecasts)
Treasury shares in portfolio	683,758
% of the share capital	0.95%

AGENDA

• 1. Executive summary
• 1. Market update
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards

Appendix

ESG rating

Fiera Milano SpA Business Support Services Italy - MIL:FM
ESG Risk Rating	16.9	Not available	Low Risk		ESG Risk Management Score Category	ESG Risk Rating Score Category	Contribution to ESG Risk Rating
	Updated Oct 4, 2022	Momentum	LOW 0-10 10-20	નક્ષ્મ urge 20-30 20-40	54.9 Strong SEVERE 40-	4.1 Medium	24.0%
					58.7 Strong	2.3 Low	13.4%
					50.0 Average	2.0 Negligible	11.7%
ESG Risk Rating Distribution	60%		ESG Risk Rating Ranking UNIVERSE	RANK PERCENTILE (188 = lowest risk) (148 = lowest risk)	40.3 Average	1.9 Negligible	11.5%
	21% ﻟﻘﻀﺎﻳﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪ 274		Global Universe	2138/14668	46.4 Average 15th	1.8 Negligible	10.0%
	23% 23	7% 9% 11%	Commercial Services INQUSTRY	126/427	66.9 Strong 30th	1.7 Negligible	8.8%
i Negrane	Low uedum	0% 0% 0% Ham Seven	Business Support Services SUBINDUSTRY	17/107	27.4 Average 11th	1.6 Negligible	0 4%
					35,3 Average 51,5 Strong	1,6 Negligible 16.9 Low	9.2% 100.0%
Peers (Market cap \$0.1 - \$0.2bn) 1. Fiera Milano SpA		Exposure 33.4 Low	Management 51,5 Strong	ESG Risk Rating 16.9 Low
2. Aspo Plo		33.7 Low	41.1 Average	20.4 Medium
3. Mears Group Plo		37.3 Medium	37.6 Average	23.8 Medium
4. e-Credible Co., Ltd.		30.0 Low	13.9 Woak	26.0 Medium
6. Enthusiast Gaming Holdings, Ino.		33.0 Low	8.1 Weak	30.4 High

Sustainability awards

Finalist at

Forbes		Mensile	Data 10-2022 34/35 Pagina 212 Foglio
la misurazione, con il rating esg, dei risultati raggiunti e delle aree di possibile miglioramento,		SUSTAINABILITY AWARD 2022 - TOP 100
e una grande visibilità,	38	FARMACEUTICI PROCEMSA	MONDOREVIVE
grazie alla partnership con Forbes. Un club	A.D.COMPOUND	FAVERO HEALTH PROJECTS	MONNALISA
eselusivo, insomma,	ABACO GROUP	FIERA MILANO	MOONEY GROUP
che serve per stimolare	ABITARE IN	FILA INDUSTRIA CHIMICA	MOROCOLOR ITALIA
il miglioramento in	ACQUA SANT'ANNA	GEFRAN	NUOVA SOLMINE
materia di sostenibilità	AMBIENTE	GILARDONI A SOCIO UNICO	PAGEGROUP ITALIA
e il raggiungimento	AQUAFIL	GRC PARFUM	PALLADIO GROUP
rapido di livelli sempre	ARAN WORLD	GRUPPO CAP	PASTIFICIO ATTILIO
più alti di rating esg, con impatti positivi	AUTOMHA	GRUPPO ITALCER	MASTROMAURO GRANORO
su tutta la comunità.	B&B HOTELS ITALIA	GUIDO BERLUCCHI & C	PIOMBOLEGHE
Non è stato facile			PIRAMIS GROUP
individuare le imprese	BIRRA PERONI BRIO	HIPAC	PUNTO PACK
eccellenti della		HNH HOSPITALITY	RENCO
sostenibilità italiana.	CADICAGROUP	HOLDING MODA	SAMMONTANA
I criteri con cui Altos	CARTIERE CARRARA	ICAM	SANLORENZO
ha attribuito il rating e il controllo incrociato	CERVED GROUP	ICSS	SBS
dei risultati attraverso	CIRFOOD	IGUZZINI ILLUMINAZIONE
il rating di Reprisk	CITY GREEN LIGHT	IMAGRO	SCAME PARRE
hanno permesso	CLEMENTONI	IQVIA SOLUTIONS ITALY	SILVATEAM
agli organizzatori di	COMPAGNIA	IRPLAST	SIMONELLI GROUP
selezionare le imprese	GENERALE MOLINI	ITALCEMENTI	SINERGIA
che più si sono	COMERIO ERCOLE	ITALGEN	SIT
distinte e operano	CONSORZIO	ITALPREZIOSI	SOCOTEC ITALIA
per una produzione sostenibile. In questa	NAZIONALE SERVIZI	JUVENTUS FOOTBALL CLUB	SODAL
seconda edizione, con	COSTA EDUTAINMENT	LA LUCENTE	TAMPIERI FINANCIAL
estrema soddisfazione	CROCCO	LABOMAR	GROUP
dei promotori, il	CULTIVA	LEGOR GROUP	TELEPASS
rating esg medio è	DAB SISTEMI INTEGRATI	LOTRAS	THEMA OPTICAL
cresciuto di circa il	DAMIANO	LYRECO ITALIA	TOSO
100% e tutte le imprese	DINAMICA GENERALE	MAGANETTI SPEDIZIONI	UNIFARCO
hanno migliorato le loro performance.	DUSTY	MANTECO	VASTARREDO
Il mimero delle	ELEN.	MARKAS	VECTOR
aziende partecipanti	ENEGAN	MARLEGNO	VITALE BARBERIS
ha consentito agli	EPTA		CANONICO
organizzatori di avere un	ERRECOM	MASONI INDUSTRIA CONCIARIA	WALTER TOSTO
angolo di osservazione	FAMECCANICA.DATA	MEPOL S4	WOOD BETON
privilegiato su un			XENIA SB
sistema imprenditoriale
brillante e dinamico,
per il quale la sostenibilità è un must	che saranno svelati, assieme agli altri, nella	partecipanti e organizzeranno nei	anche grazie alla community, la strada alla
have. La casistica è	serata di gala a Milano.	prossimi mesi incontri	terza edizione. Che vuole
talmente ampia che gli	Gli organizzatori si sono	faccia a faccia con	ampliare la platea delle
organizzatori hanno	impegnati a consegnare	ciascuno per	imprese sostenibili cui
deciso di attribuire anche	personalmente i report	approfondire gli elementi	offrire questa grande
alcuni premi speciali	di rating esg a tutti i	migliorabili e preparare,	opportunità. 17

AGENDA

• 1. Executive summary
• 1. Market update
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards

Appendix

Key investment highlights

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

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

6 1

5 2

4 3

• High entry barriers due to limited venue capacity of other Italian players
• Largest trade-fair site in Italy with exhibition capacity 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

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.

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

CONTACTS:investor.relations@fieramilano.it