Fiera Milano

Investor Presentation • Nov 9, 2022

Fiera Milano The European hub for innovative, sustainable and high standing events 9M 2022 Results

Today's Presenters

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards
• 1. Homi Fashion&Jewels: the first carbon neutral event of Fiera Milano
• 1. Fiera Miano at a glance and FY 2021 results
• 1. Key investment highlights

Executive summary

4

Business overview	 with compared to 9M 2021. First nine months of the year Solid performance in 9M 2022 strong improvement confirm the and a with high relaunch of Fiera Milano activities well-established restart of the business appreciation both from participant exhibitors and buyers
9M 2022 Financial Results	 Revenues of EUR 161.7m, an increase of EUR 121.8m compared to 9M 2021  EBITDA of EUR 49.9m, an improvement of EUR 56.9m compared to 9M 2021  EBIT of EUR 14.1m, an improvement of EUR 54.6m compared to 9M 2021  Net result of EUR 0.9m, an improvement of EUR 25.1m compared to 9M 2021  Net Financial Position (before IFRS 16) at 30 September 2022 resulting in Net Cash of EUR 51.2m, an improvement of EUR 3.7m compared to 31 December 2021
Business outlook	 The Group, while considering in the prospective estimates the unknowns related to international macroeconomic and geopolitical scenarios, revises upwards the EBITDA target for the year 2022 in the new range of 50-55 million euros, higher than the range of 40-50 million euros communicated in February 2021 in the CONN.E.C.T. 2025 strategic plan
Strategic partnerships	 On 20 May 2022 the BoD approved the continuation of negotiations with for the creation of a European Fiere di Parma exhibition platfom in the agrifood sector  On 14 June 2022 a non-disclosure agreement was signed with Firenze Fiera for a potential strategic partnership  On 13 October 2022 the BoD announced that Fiera Milano and Fiere di Parma signed non-binding term-sheets
Buyback	 On 24 October Fiera Milano launched a of 410,000 treasury shares to service stock-based share buyback plan incentive plans, existing and future, reserved for executives and/or employees of the Company
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 of the exhibitions held in Fiera Milano. Homi Fashion&Jewels, first carbon neutral event with 1,256 tCO2e generated and entirely neutralized

A rich calendar of events for 2022

Detailed events calendar: https://www.fieramilano.it/calendario.html

International exhibitions

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. ESG commitment
• 1. Fiera Miano at a glance and FY 2021 results
• 1. Key investment highlights

Snapshot of 3Q and 9M 2022 consolidated divisional results

YoY comparison not meaningful due to Italian activities suspension in 2021 and to Group's activity seasonal connotations (presence of biennial and multi-annual exhibitions)

	Quarter		Nine months
REVENUES (€m)	3Q 2021	3Q 2022	9M 2021	9M 2022
Italian Exhibitions	27.3	32.3	30.2	133.1
Foreign Exhibitions	0.1	2.7	0.2	5.1
Congresses	9.4	11.8	10.7	29.9
Media1	0.6	0	1.6	0
Intercompany elisions	(2.2)	(1.2)	(2.7)	(6.3)
Consolidated Revenues	35.3	45.5	39.9	161.7

	Quarter		Nine months
EBITDA (€m)	3Q 2021	3Q 2022	9M 2021	9M 2022
Italian Exhibitions	13.5	5.6	(6.9)	40.8
Foreign Exhibitions	(0.4)	0.0	(0.9)	(0.7)
Congresses	3.2	4.7	1.8	9.7
Media1	(0.4)	-	(1.1)	0
Consolidated EBITDA	16.0	10.3	(7.0)	49.9

REVENUES

• Solid performance in 9M 2022 with Revenues of Euro 161.7m, an increase of Euro 121.8m compared to 9M 2021.
• At quarterly level, 3Q Revenues increased from Euro 35.3m in 3Q 2021 to Euro 45.5m in 3Q 2022, an improvement of Euro 10.2m:
• 17 events held (10 in Italy and 7 abroad); > 10 congress events (6 of which with related exhibition area)
• 318,820 sqm occupied compared to 263,595 sqm occupied in 2021 (+ 21%)
• 5.3k exhibitors compared to 4.6k in 2021 (+ 17%)
• Positive contribution of the new exhibition Gastech (31k sqm) for the first time held in 3Q 2022, partially offset by the exceptional placement in Q3 2021 of the Supersalone (30k sqm) and miart (8k sqm) due to calendar repositioning
• On the foreign exhibitions side, 3 events were held in China and 3 in Brazil

EBITDA

• 9M EBITDA increased from Euro -7.0m to Euro 49.9m in 9M 2022, mainly following the positive Revenues trend
• 3Q EBITDA, amounted to Euro 10.3m compared to Euro 16.0m in 3Q 2021 showing a slight organic improvement if considering the presence in 3Q 2021 of non recurring income (Euro 10m) in relation to the contribution disbursed by SIMEST from the Fondo per la Promozione Integrata to cover fixed costs not covered by profits

Italian Exhibition business in 3Q 2022

ECONOMICS	3Q 2021		3Q 2022
Revenues	27.3		32.3
EBITDA	13.5			5.6
OPERATIVE METRICS	Square	meters	N°	Exhibitos
	3Q 2021	3Q 2022	3Q 2021	3Q 2022
- HOMI indipendent	-	5,275	-	135
- HOMI Fashion&Jewels (II semester)	6,090	9,870	280	370
- Miart	7,660	a)	160	a)
- Promtion Trade Exhibition	1,415	a)	50	a)
- HOMI	8,760	a)	215	a)
Tot. Owned exhibitions	23,925	15,145	705	505
- Lineapelle (II semester)	20,550	43,900	375	980
- Filo (II semester)	3,000	2,505	100	80
- Milano Unica (Autumn)	14,395	25,045	290	460
- Mipel (September	2,890	4,160	80	160
- Simac Tanning-Tech	9,225	13,625	150	240
- The Micam (Autumn)	30,270	36,910	635	785
- The One Milano (September)	c)	220	c)	10
- SuperSalone	29,500	b)	-	b)
- Gastech*	-	30,880	-	450
Tot. Hosted exhibitions	109,830	157,245	1,990	3,165
- Congresses with exhib. area	14,755	28,060	880	870
Tot Italian exhibition business	148,510	200,450	3,575	4,540

• 3Q Revenues of the Italian Exhibition business amounted to Euro 32.3m, recording an increase of Euro 5.0 million compared to 2021
• 3Q EBITDA amounted to Euro 5.6m, a growing trend if considering the "non recurring" SIMEST contribution of Euro 10m present in 3Q 2021 (from the Fondo per la Promozione Integrata to cover fixed costs not covered by profits)
• 10 exhibitions were held in the quarter, starting with the 35th edition of Milano Unica, the reference fair for the textile sector which confirmed a strong recovery with 445 exhibitors and 4,052 participating companies. Following this, in September, Fiera Milano hosted the 50th edition of Gastech, the largest international event in the world dedicated to the energy industry which was held for the first time in Milan. The event had a record attendance with 39,467 industry professionals, 300 CEOs and Opinion Leaders and 750 exhibiting companies
• Filo, the international exhibition dedicated to the excellence of yarns, saw the presence of foreign buyers from 13 countries and 93 exhibitors, of which 30% foreigners. Starting from 16 September, the pavilions of Fiera Milano have hosted the most important trade fairs in the world of fashion, associated with Confindustria Moda. MICAM Milano, Mipel, TheOneMilano, together with HOMI Fashion & Jewels Exhibition welcomed a total of 35,470 professional operators and more than 3,000 brands
• Finally, Lineapelle and Simac Tanning Tech (machinery and technologies for the footwear and leather goods) hosted a total of about 1,400 exhibitors and took place in synergy with the Milanese fashion fairs

Note: * the event took place for the first time; a) The event took place in another quarter; b) The event did not take place; c) The event took place as a sector within The Micam (September)

Foreign Exhibition business in 3Q 2022

ECONOMICS	3Q 2021	3Q 2022
Revenues	0.1	2.7
EBITDA	(0.4)	0.0

	Square	meters	N° Exhibitos
OPERATIVE METRICS	3Q 2021	3Q 2022	3Q 2021	3Q 2022
- CEFE Hangzhou (safety & security)°	a)	8,400	a)	50
- Let China Guangzhou (logistics)	9,935	8,595	330	265
- Motor Show Chengdu °	83,225	83,875	95	95
- China International Consumer Electronics Exposition	3,835	b)	80	b)
- Industrial Automation Shenzen	11,475	b)	325	b)
- Laser Fair Shenzen	6,615	b)	155	b)
Total China	115,085	100,870	985	410
- Fesqua	-	11,490	-	220
- Ebrats	-	1,340	-	40
- Reatech	-	2,170	-	55
Total Brasil	-	15,000	-	315
FIND-Design Fair Asia -	-	2,500	-	80
Totale Singapore	-	2,500	-	80
Tot Foreign exhibition business	115,085	118,370	985	805

° The event is organized in partnership; a) The event did not take place; b) The event took place / will take place in the following quarters

• In 3Q 2022, Revenues from the Foreign Exhibition business amounted to Euro 2.7 million, recording an increase of Euro 2.4m compared to 3Q 2021
• 7 exhibitions were held in the quarter with a total of 118.370 sqm occupied
• In September, the activity of Fiera Milano in Brazil restarted with 3 trade fairs: Fesqua (wood, metallurgy, architecture, building materials), Ebrats (surface treatments) and Reatech (rehabilitation and accessibility technologies)
• Three exhibitions were held in China during the quarter, including the Chengdu Motor Show, which alone occupied a total of 83,875 exhibition square meters.
• International activity then continued in Singapore, with the first edition of FIND - Design Fair Asia, the Asian reference event for the design and furniture sector organized by Fiera Milano. The event hosted over 250 brands from all over the world and 30 excellences of Italian design
• In addition, Fiera Milano is also working at an institutional level in order to further encourage the internationalization of companies. In July it opened a representative office at the Delegation of the Lombardy Region in Brussels, thanks to which it will be able to further implement stakeholder engagement activities with the European institutions. The capital of Belgium, in addition to being home to most of the institutions, also has a strategic position at the fair level as it is the headquarters of EMECA, the association that represents the most important European exhibition centers, including Fiera Milano

Congresses in 3Q 2022

ECONOMICS	3Q 2021	3Q 2022
Revenues	9.4	11.8
EBITDA	3.2	4.7

• More than 10 congress events took place in 3Q 2022 (of which 6 events related to conferences with related exhibition area).
• The Revenues of the Congress business in 3Q 2022 amounted to Euro 11.8 million, an increase of Euro 2.4 million compared to 2021. The increase is attributable to the restart of the congress business and compares with the same periods of 2021 conditioned by the suspension of conferences in Italy following the Covid-19 pandemic. The main congress events hosted in 3Q 2022 were ESHRE 38th Annual Meeting (European Society of Human Reproduction and Embryology), EADV Congress 2022 (European Academy of Dermatology and Venereology), ESCRS 2022 (European Society Of Cataract & Refractive Surgeons)
• Signed a nine-year agreement with Allianz for the acquisition of the naming rights 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
• Fiera Milano Congressi will manage the new Turin Congress Centre (5,000 seats), to be built on the site of the former Westinghouse factory. Completion expected in 2024/25.

AGENDA

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. ESG commitment
• 1. Fiera Miano at a glance and FY 2021 results
• 1. Key investment highlights

Income Statement QUARTERLY RESULTS

Income Statement (€m)	FY 2019	FY 2020	FY 2021	3Q 2021	3Q 2022	9M 2021	9M 2022
Revenues	279.7	73.6	129.8	35.3	45.5	39.9	161.7	A
Cost of materials	2.5	1.6	1.7	0.8	0.6	1.1	2.5
Cost of services	121.2	45.5	74.3	19.0	26.0	32.0	77.3	B
Costs for use of third-party assets	0.5	0.5	0.5	0.2	0.2	0.3	0.8
Personnel costs	47.4	31.9	41.5	9.1	9.5	25.4	32.1	C
Other operating expenses	4.8	2.5	2.9	0.8	0.5	1.8	2.7
Total operating costs	176.4	81.9	121.0	30.0	36.9	60.6	115.4
Other income	2.4	16.9	73.1	11.3	1.8	14.7	3.3	D
Results of equity-accounted companies	3.8	0.5	1.2	(0.6)	(0.1)	(0.7)	0.3
Impairment of receivables and other accruals	3.5	(1.3)	5.9	0.1	(0.1)	0.4	(0.1)
EBITDA	106.1	10.4	77.2	16.0	10.3	(7.0)	49.9	E
Depreciation and amortisation	45.2	44.8	45.2	11.1	12.0	33.5	35.8
Adjustments to asset values	1.3	0.0	0.0	-	-	0.1	-
EBIT	59.6	(34.3)	31.9	4.8	(1.7)	(40.5)	14.1
Financial income/(expenses)	(13.4)	(12.7)	(13.4)	(3.6)	(3.7)	(9.9)	(10.6)	F
Valuation of financial assets	0.0	0.0	0.0	-	-	-	-
Profit/(loss) before income tax	46.2	(47.0)	18.5	1.2	(5.4)	(50.3)	3.5
Income taxes	11.9	(12.9)	(24.4)	0.8	(1.0)	(25.3)	2.6
Net Income	34.3	(34.2)	44.1	0.5	(4.4)	(24.2)	0.9	G
o/w attributable to the controlling entity	34.4	(33.9)	44.4	0.5	(4.4)	(24.0)	1.0

• 3Q revenues: from Euro 35.3m in 3Q 2021 to Euro 45.5m in 3Q 2022, an improvement of Euro 10.2m:
• 17 events (10 in Italy and 7 abroad); > 10 congress events (6 of which with related exhibition area)
• 318,820 sqm occupied compared to 263,595 sqm occupied in 2021 (+ 21%)
• 5.3k exhibitors compared to 4.6k in 2021 (+ 17%)
• Positive contribution of the new Gastech exhibition (31k sqm) present only in 3Q 2022, partially offset by the exceptional placement in Q3 2021 of the Supersalone (30k sqm) and miart (8k sqm) due to calendar repositioning. On the foreign side, 3 events were held in China and 3 in Brazil (not present in the quarter of the previous year)
• 3Q EBITDA: goes from Euro 16.0m in 3Q 2021 to Euro10.3m in 3Q 2022, down by Euro -5.6m (3Q 2021 was positively impacted by non-recurring income of Euro 10m disbursed on 21 July by SMEST)

NINE MONTHS RESULTS

C D

Revenues for the first 9 months of 2022: from Euro 39.9m to Euro 161.7m, an improvement of Euro 121.8m: A

Main contribution to revenues: Salone del Mobile, all fashion events (MICAM, MIPEL, Lineapelle, Milanounica), the Innovation Alliance, Mostra Convegno Expocomfort, Mido and HOMI

EBITDA for the first 9 months of 2022: goes from Euro -7.0m to Euro 49.9m, an improvement of Euro 56.9m: E

In relation to the exhibition sector, this effect was partially offset by the presence in H1 2021 of the benefit deriving from the activation of the Salary Integration Fund (FIS) as well as the negative result of the joint venture held under joint control with the partner Deutsche MESSE AG Deutsche MESSE AG which in H1 2022 did not schedule any events in China due to Covid-19 restrictions. Furthermore, the 3Q 2021 was positively impacted by the non-recurring income of Euro 10m disbursed on 21 July by SMEST

Costs for services: increased in relation to the greater volume of activity related to the resumption of exhibition activities in presence B

Personnel costs: increased if compared to the 2021 cost benefit related to the Salary Integration Fund (FIS)

Other income: decreased compared to 2021 which included Euro 10m of SIMEST non-recurring income

Financial income and expenses: greater weight of financial expenses deriving from bank loans aimed at satisfying the financial needs of the Group F

Net Income: reflects the trend in EBIT reflect the 2021 impact of deferred taxation following the exercise of the option for the tax realignment of some assets G

Balance sheet

E-MARKET SDIR
CERTIFIED

	Balance Sheet (€m)	FY 2019	FY 2020	FY 2021	At 30/6 2022	At 30/9 2022
	Goodwill	95.0	95.0	95.0	95.0	95.0
	Intangible assets with a defined useful life	14.6	17.0	18.5	18.1	17.4
	Right-of-use assets	469.6	431.7	392.5	387.5	377.4
	Tangible fixed assets	9.2	7.0	5.8	4.9	4.8
	Other non-current assets	34.1	43.0	61.8	58.9	60.0
A	Non-current assets	622.5	593.8	573.7	564.4	554.6
	Inventories	2.2	5.6	3.4	4.0	4.3
	Trade receivables	40.4	26.7	31.1	37.9	38.0
B	Current assets	42.6	32.2	34.5	41.9	42.3
	Trade payables	41.9	19.9	50.6	53.0	39.8
	Advances	49.2	30.6	36.0	29.8	39.0
	Tax liabilities	2.9	3.9	5.0	2.5	1.9
	Provisions for risks and charges and other current liabilities	36.1	13.4	29.2	33.1	31.8
C	Current liabilities	130.3	67.7	120.7	118.4	117.5
D	Net working capital (B - C)	(87.7)	(35.4)	(86.2)	(76.5)	(75.1)
E	Gross capital employed (A + D)	534.7	558.4	487.5	487.9	479.5
	Employee benefit provisions	9.9	10.1	9.5	7.9	7.8
	Provisions for risks and charges and other non current liabilities	11.9	11.7	4.4	3.7	3.7
F	Non-current liabilities	21.9	21.7	13.9	11.6	11.6
G	NET CAPITAL EMPLOYED cont. operations (E - F)	513.0	536.7	473.6	476.2	468.0
H	NET CAPITAL EMPLOYED assets held for sale	0	0	0	0	0
	TOTAL NET CAPITAL EMPLOYED (G + H)	512.9	536.7	473.6	476.2	468.0
	covered by:
	Equity attributable to the Group	107.3	62.9	108.3	116.1	112.7
	Non-controlling interests	0.6	0.3	0.7	0.6	0.6
I	Total equity	107.9	63.2	109.0	116.7	113.3
	Cash & cash equivalents	(68.0)	(20.4)	(148.3)	(137.0)	(132.4)
	Current financial (assets)/liabilities	33.7	93.1	44.1	57.7	64.7
	Non-current financial (assets)/liabilities	439.3	400.8	468.8	438.7	422.4
L	Net Financial Debt/(Cash) post IFRS 16	405.1	473.4	364.6	359.5	354.7
	Net Financial Debt/(Cash) pre IFRS16	(68.3)	23.9	(47.3)	(55.6)	(51.2)

• Net Working Capital: passing from Euro -76.5m at 30 June to Euro -75.1m at 30 September. The change of Euro 1.4m (cash absorption) is mainly composed of:
• Increase in inventories of Euro 0.3m (negative cash impact): mainly suspended costs due to the two-year or multi-year nature of some exhibitions
• Increase in trade receivables for Euro 0.1m (negative cash impact), increase due to the greater volume of activity
• Decrease in trade payables for Euro -9.1m (negative cash impact) due to the interruption of summer activities (July / August) in which no other trade payables were generated
• Increase in advances (positive cash impact) for Euro 9.9m relating to invoicing for exhibitions that will take place in the following quarters (in particular Bimu, Expodetergo ..). The recognition of revenues is, in fact, postponed until the exhibition is held
• Decrease in the item "Provisions for risks and charges and other current liabilities" for Euro -1.3m (negative cash impact) mainly relating to the increase in payables to organizers
• Reduction of tax payables (negative cash impact) for Euro -0.6m

Net Financial Position pre IFRS16 (not including lease liability): passing from Euro -55.6m at 30 June to Euro -51.2.m at 30 September. The change of Euro 4.4m is due to the negative free cash flow generated (next slides focus)

2

13

Cash flow from 30.6.2022 to 30.9.2022

Cash Flow (€m)	From 30/6 to 30/9
EBITDA	10.3
IFRS16 cash out	(13.1)
Δ Net Working Capital	(1.4)
Capex	(0.9)
Operating Cash Flow	(5.1)
Cash Interests & Income	(0.2)
Other	0.8
Free Cash Flow	(4.4)

Free Cash Flow generated in Q3: Euro -4.4m, the main components are:

• EBITDA 3Q: Euro 10.3m
• IFRS16 cash out (rents): Euro -13.1
• Cash absorption of Euro 1.4m due to a decrease in the Net Working Capital (NWC) mainly due to the following factors:
• Decrease in trade payables for Euro -9.1m (negative cash impact) due to the interruption of summer activities (July / August) in which no other trade payables were generated
• Increase in advances (positive cash impact) for Euro 9.9m relating to invoicing for exhibitions that will take place in subsequent quarters (in particular Bimu, Expodetergo ..). The recognition of revenues is, in fact, postponed until the exhibition is held
• Euro -2.3m decrease in payables to organizers (negative cash impact) relating to the payment to organizers for the events held in Q2 (please note that Fiera Milano manages the treasury on behalf of third-party organizers, collecting the participation fees of exhibitors in advance and then pass them back to the organizers)
• CAPEX for Euro 0.9m (new information systems, software purchases and licenses for digital transformation)
• Other changes: provisions relating to personnel, change in equity investments in the consolidation, change in debt resulting from the mark to market and other changes

Net debt/ (Cash) evolution

Cash flow from 31.12.2021 to 30.9.2022

Cash Flow (€m)	From 31/12 to 30/9
EBITDA	49.9
IFRS16 cash out	(32.5)
Δ Net Working Capital	(11.1)
Capex	(2.7)
Operating Cash Flow	3.5
Cash Interests & Income	(0.6)
Other	0.8
Free Cash Flow	3.7

Free Cash Flow generated in the first nine months of 2022:Euro 3.7m, the main components are:

• EBITDA for the first 9 months of the year: Euro 49.9m
• IFRS16 cash out (rents): Euro -32.5m resulting from:
• Last rent installment of 2021 which benefited 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)
• Two rent installments for the first two quarters of 2022
• Cash absorption of Euro 11.1m due to a decrease in the Net Working Capital (NWC) mainly due to the following factors:
• Increase in advances for Euro 3.8m (positive cash impact): mainly related to higher advances for Host and for the events held in October such as Bimu and Expodetergo
• Reduction of trade payables for Euro -6.6m (negative cash impact): due to the interruption of summer activities (July / August) in which no other trade payables were generated
• Increase in trade receivables for Euro -6.9m (negative cash impact): trade receivables follow the increase in the volume of activities, in line with the revenue trend
• Reduction in inventories of Euro -0.9 (negative cash impact): mainly suspended costs due to the two-year or multiyear nature of some exhibitions
• CAPEX for Euro 2.7m (new information systems, software purchases and licenses for digital transformation)
• Other changes: provisions relating to personnel, change in equity investments in the consolidation, change in debt resulting from the mark to market and other minor variations

Net debt/ (Cash) evolution

Excellent financial stability and comfortable liquidity position

Fiera Milano achieved an excellent financial stability already in 2021, transforming the Covid-19 emergency into an opportunity to reorganize its financial structure

191.1 € 185.3 € 181.0 € 173.0 € 182.6 € 188.5 € At 31/12/2021 At 30/6/2022 At 30/9/2022 Current Asset Current Liabilities Ratio: 1.10 Ratio: 1.01

Current assets perfectly cover current liabilities Fixed assets are fully covered by equity and non-current liabilities

Fiera Milano can rely on an adequate stock of liquidity to be used at all the time, also taking into account the existing current financial liabilities and further EUR 50m which Fiera Milano could potentially use as shortterm loans. Such comfortable liquidity position will not be affected by exhibitions operative cash dynamics

AGENDA

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards
• 1. Homi Fashion&Jewels: the first carbon neutral event of Fiera Milano
• 1. Fiera Miano at a glance and FY 2021 results
• 1. Key investment highlights

ESG rating

Business Support Services Italy MIL:FM					ESG Risk	ESG Risk	Contribution to
ESG Risk Rating	16.9	Not available	Low Risk		Aanagement Score Category	Rating Score Category	ESG Risk Rating
	Updated Oct 4, 2022	Momentum		uso HIGH m 2 Walt	54.9 Strong severe an.	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			ESG Risk Rating Ranking UNIVERSE	RANK PERCENTILE $(1^{8\overline{5}} -$ lowest nsk) $(1^{8\overline{5}} -$ lowest nsk)	40.3 Average	1.9 Negligible	11.5%
	\$m SON		Global Universe	2138/14658	46.4 Average 15th	1.8 Negligible	10.9%
	23% 23%		Commercial Services NOUSTRY	126/427	66.9 Strong 30th	1.7 Negligible	9.9% 9.4%
			Business Support Services SUBINDUSTRY	17/167	27.4 Average 11th 35.3 Average	1.6 Negligible 1.6 Negligible	9.2%
					51.5 Strong	16.9 Low	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 Plc		37.3 Medium	37.6 Average	23.8 Medium
4. e-Credible Co., Ltd.		30.0 Low	13.9 Weak	26.0 Medium
5. Enthusiast Gaming Holdings, Inc.		33.0 Low	8.1 Weak	30.4 High

Sustainability awards

Finalist at

Forbes			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. grazie alla partnership	3B	FARMACEUTICI PROCEMSA	MONDOREVIVE
con Forbes. Un club	A.D.COMPOUND	FAVERO HEALTH PROJECTS	MONNALISA
esclusivo, 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	BIRRA PERONI	HIPAC	PIRAMIS GROUP
individuare le imprese			PUNTO PACK
eccellenti della	BRIO	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	SODAI
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	DUSTY	MANTECO	VASTARREDO
loro performance. Il numero delle	EL.EN.	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	che saranno svelati,	partecipanti e	anche grazie alla
sostenibilità è un must	assieme agli altri, nella	organizzeranno nei	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 alcuni premi speciali	personalmente i report di rating esg a tutti i	approfondire gli elementi migliorabili e preparare,	offrire questa grande opportunità.

AGENDA

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

• Homi Fashion&Jewels: the first carbon neutral event of Fiera Milano

• 1. Fiera Miano at a glance and FY 2021 results
• 1. Key investment highlights

Executive summary

Background	 Fiera Milano has already embarked on a since 2021, process of integrating sustainability into its business model formally committing to its stakeholders:  The company mission is to be a leading platform for innovative and sustainable events with a global reach  Integrated Sustainability Plan CONN.E.C.T 2025: calculation of the carbon footprint of at least 20 owned events by 2025  Adhesion to the initiative: to reduce global GHG emissions by 50% by 2030 Net Carbon Zero Events  Participation in to define shared methodologies for the measurement of UFI Sustainable Development Working Groups event emissions
Project & methodology	 Preliminary assessment, with the support of the consultant Rete Clima, of the estimated carbon footprint associated event, quantifying all the CO2 emissions produced and them through with the Homi Fashion & Jewels neutralizing the cancellation of certified carbon credits that have environmental projects as underlying.  The methodology used is the together with the valuation parameters of the standards LCA (Life Cycle Assessment) ISO 14040, ISO 14044 and ISO 14067.
Results	 It is estimated that the September edition of (16-19 September 2022) generates about 1,256 Homi Fashion & Jewels tCO2 and  These tons of CO2 will be neutralized through the relating to a solar energy cancellation of carbon credits development project in India (Maharashtra) called "Photovoltaic Jalgaon", with which Fiera Milano Power Project at will be able to support the installation of photovoltaic panels ( 8.5 MW power) that will allow:  Neutralize the emissions produced by the edition of HOMI F&J  Promote technology transfer to this area of India to generate clean energy  Promote access to energy for local people

Homi Fashion & Jewels at a glance

• The only event dedicated exclusively to Fashion Accessories, Bijoux and Trendy Jewellery
• Held at Rho Fiera Milano venue on two occasions, February and September
• Four areas diversified by product features, positioning and distribution channel:

Numbers of the previous editions

Time-frame	Net sq. metres of exhibition space	n. exhibitors
I semester 2022	9,400	367
II semester 2021	6,090	280
I semester 2021	did not take place	did not take place
II semester 2020	3,900	155
I semester 2020	13,215	545
2019	11,905	540

The jewelery industry is increasingly sensitive regarding the carbon neutral issue

Summary of the final results

The September edition of Homi Fashion & Jewels (16-19 September 2022) is estimated to generate c.1.256 tCO2e

Source of emission	tCO2e
Advertising material	7.7
Web advertising	0.1
Food and beverage	12.6
Structures and fittings	61.2
Electrical and electronic equipment	1.3
Total UPSTREAM phase	82.9
Electric energy consumptions	26.2
Office energy consumptions	0.13
Employee mobility	5.7
Exhibitors mobility and accommodation	249.2
Visitors mobility and accommodation	877.5
Transport of advertising material	0.0
Transport of food and beverage	0.1
Transport of structures and fittings (supply)	3.7
Total CORE phase	1,162.4
Waste management	6.5
Transport of structures and fittings (warehouse return)
Total DOWNSTREAM phase	10.2
Total emissions generated	1,255.5
Scope 2 Scope 3

Final results Breakdown by phase of the event

Source of emission	tCO2e	% Weight
Organization	7.9	0.6%
Set up	78.9	6.3%
Event execution	1,158	92.3%
Dismantling	10.2	0.8%
Total source of emission	1,255.5	100%

Breakdown by decreasing contribution of emission sources

Source of emission	tCO2e	% Weight
Visitors mobility and accommodation (execution)	877.5	69.890%
Exhibitors mobility and accommodation (execution)	249.2	19.847%
Structures and fittings (set up)	61.2	4.878%
Electric energy consumptions (execution)	26.2	2.085%
Food and beverage (set up)	12.6	1.007%
Advertising material (organization)	7.7	0.620%
Waste management (dismantling)	6.5	0.517%
Employee mobility (execution)	5.7	0.451%
Transport of structures and fittings (supply) (set up)	3.7	0.294%
Transport of structures and fittings (warehouse return) (dismantling)	3.7	0.294%
Electrical and electronic equipment(set up)	1.3	0.100%
Office energy consumptions (organization)	0.13	0.010%
Web advertising (organization)	0.1	0.005%
Transport of food and beverage (set up)	0.1	0.005%
Transport of advertising material (set up)	0.0	0.001%
Total source of emission	1,255.5	100%

Breakdown by type of emission

Source of emission	tCO2e	% Weight
Indirect emissions (Scope 2)	23.6	2.1%
indirect emissions (Scope 3)	1,229.2	97.9%
Total source of emission	1,255.5	100%

Photovoltaic Power Project at Jalgaon

Renewable solar energy development project in India

• The c. 1,256 tCO2e produced by Homi Fashion & Jewels will be neutralized through the purchase and subsequent cancellation of certified carbon credits*
• Carbon credits are exchanged to offset the emissions of tons of carbon dioxide equivalent, through the realization of development projects with intervention by a third party
• The project chosen by Fiera Milano to neutralize the carbon footprint of HOMI F&J is the solar energy project Photovoltaic Power Project at Jalgaon in India

ENVIRONMENTAL BENEFITS

• Reduction of 13,243 t in CO2 emissions
• Accessible and clean energy: 13,961 MWh of renewable energy are fed into the grid

COMMUNITY BENEFITS

• Promote the technology transfer to this area of India to generate clean energy
• Promote access to energy for local people

AGENDA

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. ESG rating & sustainability awards
• 1. Homi Fashion&Jewels: the first carbon neutral event of Fiera Milano
• 1. Fiera Miano at a glance and FY 2021 results
• 1. Key investment highlights

Fiera Milano at a glance

The Italian market leader and one of the main integrated operators worldwide in the management and organization of exhibitions and congresses

• 6° largest trade venue in the world

• 3° largest trade venue in EU

• 4,500 seats

• 21k people availability > 70 rooms
• STAR segment

1) As of 30 June 2022

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
• FM leading the Italian fair trade industry association to Net Zero targets

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