Fiera Milano

Earnings Release • Nov 8, 2021

CONFERENCE CALL – 8 November 2021

3rd Quarter 2021 Consolidated Results FIERA MILANO GROUP

1. Highlights 2. Financial results 3. Business outlook

Highlights 1.0

KEY FIGURES (€m)	9M21	9M20
Revenues	39.9	67.3
EBITDA	-7.0	4.7
EBIT	-40.5	-28.9
Profit (loss) before tax	-49.5	-38.8
Net debt pre IFRS16	14.5	13.5

KEY FIGURES (€m)	3Q21	3Q20
Revenues	35.3	11.3
EBITDA	16.0	-5.8
EBIT	4.8	-17.0
Profit (loss) before tax	1.2	-20.2

1.1 Highlights (1/4)

3Q21 driven by the resumption of exhibitions and congresses: a busy exhibition calendar supported by an extraordinary organisational effort

11 events held in Italy during the quarter despite the traditional pause in business activities in July and August

9M21 results were affected by the prolonged suspension of exhibition and congress activities in the first half, as required by Italian government regulations to contain and prevent the COVID-19 pandemic

It was only possible to resume exhibitions from 15 June 2021 and congresses from 1 July 2021

1.2 Highlights (2/4)

• Gastech In September 2022, Fiera Milano will host the 50th edition of Gastech, the world's largest exhibition for the gas, LNG, hydrogen and energy industry, which takes place annually in different locations
• FIND: Design Fair Asia Singapore Council and Singapore Tourism Board in partnership with Fiera Milano, dmg events and MP Singapore will organise FIND (Furniture, INteriors and Design) the leading Asian exhibition for the design sector, to take place in Singapore in 2022, 2023 and 2024.
• Fiera Milano Congressi will manage the new Turin Congress Center (5,000 seats), to be built on the site of the former Westinghouse factory. Construction is scheduled to begin next year, with completion expected in 2024/25.

During the quarter, Fiera Milano completed a number of initiatives to boost the internationalisation of Fiera Milano's direct-organised and hosted exhibitions and to consolidate the company's leadership in the domestic congress market

1.3 Highlights (3/4)

• Fiera Milano has launched a new project to define its sustainability framework for the years of the CONN.E.C.T. 2025 plan.
• In July 2021 Fiera Milano obtained ISO 20121:2013 certification for sustainable event management for the first time
• Fiera Milano has also embarked on a process to assess the environmental footprint of exhibitions held in its exhibition spaces, using the Life Cycle Assessment (LCA) approach. The LCA methodology makes it possible to quantify the overall environmental footprint – from start to finish – of products and services, but also events of any size, spanning planning, setup, delivery, closure, dismantling of stands, transport and accommodation of visitors.

Ongoing commitment to integrate sustainability into Fiera Milano Group business-model processes

1.4 Highlights (4/4)

• On 5 November, the Ministry of Tourism announced the results of the calculations for allocating resources from the fund referred to in Article 1, paragraph 1, letter a), of Ministerial Decree of 24 June 2021, prot. 1004, admitted to registration by the Court of Auditors on 19 July 2021, no. 2117. As part of the fund, Euro 350 million was allocated to compensate for losses suffered in 2020 by the exhibitions, congresses and logistics sector.
• The Fiera Milano Group could benefit from a total "theoretical" grant of approximately Euro 35 million. Disbursement is subject to the formal checks set out by the relevant legislation, leading to the definitive allocation decree which will published soon.
• Updated forecasts put expected revenues at around Euro 130 million and, in light of the aforementioned grant, EBITDA at Euro 52-57 million compared to a previous indication of Euro 23-28 million, and a net cash position before IFRS 16 effects in the range of Euro 0-10 million compared to the previous forecast of net debt of Euro 24-28 million.

Significant event after the quarter

2.0 Financial results

2.1 Italian Exhibitions

• 3Q21 saw a different exhibition calendar to usual due to the rescheduling of exhibitions originally planned for the first half of the year; in the same period of 2020 some events were held in a reduced form
• 3Q21 saw satisfactory performance in terms of number of visitors in almost all the exhibitions held in September, albeit at a reduced scale. supersalone – a special edition of Salone del Mobile – recorded over 60,000 visitors from 113 countries (50% from abroad)
• 9 Conference Call 8 November 2021

3Q21 3Q20

2.1
Italian Exhibition Business (€m)	3Q21	3Q20	9M21	9M20
Revenues	27.3	10.3	30.2	59.7
EBITDA	13.5	(4.4)	(6.9)	7.4
% on revenues	49.5%	neg.	neg.	12.5%
EBIT	3.8	(14.2)	(36.3)	(22.1)
% on revenues	13.8%	neg.	neg.	neg.

2.2 Italian Exhibitions Business

• Positive performance in terms of revenues and margins due to the bounce back, the presence of supersalone and to the Euro 10 million grant disbursed by SIMEST, to reimburse fixed costs not covered by profits.

Gross of adjustments for inter-segment transactions In the first two months of 2020 figures referred to pre-Covid 19 activities

10 Conference Call 8 November 2021

Foreign Exhibition Business (€m)	3Q21	3Q20	9M21	9M20
Revenues	0.1	0.0	0.2	1.1
EBITDA	(0.4)	(0.1)	(0.9)	(1.1)
% on revenues	neg.	neg.	neg.	neg.
EBIT	(0.4)	(0.1)	(1.0)	(1.3)
% on revenues	neg.	neg.	neg.	neg.

• The results of foreign business are linked to foreign subsidiaries activities that have been affected by the continuing COVID-19 pandemic. In particular, exhibitions organised by the joint venture in China (JV with Deutsche Messe AG) have been postponed to the last part of the year and the events in Brazil have been postponed in 2022.

2.2 2.3 Foreign Exhibitions Business

Gross of adjustments for inter-segment transactions In the first two months of 2020 figures referred to pre-Covid 19 activities

Congresses (€m)	3Q21	3Q20	9M21	9M20
Revenues	9.4	0.3	10.7	4.5
EBITDA	3.2	(1.1)	1.9	(1.5)
% on revenues	33.6%	neg.	17.4%	neg.
EBIT	1.8	(2.4)	(1.9)	(5.3)
% on revenues	19.5%	neg.	neg.	neg.

• The year-on-year increase in quarterly revenues and margins mainly reflected the resumption of congress activities, which included important events on climate change (Youth4Climate and Pre Cop 26), ESOT (the reference event in Europe for organ transplantation) and "Salone del Risparmio"

2.4 Congresses

Gross of adjustments for inter-segment transactions In the first two months of 2020 figures referred to pre-Covid 19 activities

31/12/2020	Consolidated Net Financial Position (€m)	30/09/2021	30/06/2021
20.4	Cash & cash equivalents	79.9	58.7
1.3	Current financial assets	2.4	2.4
49.0	Current bank borrowings	0.0	37.0
0.0	Current portion of non-current debt	0.6	0.3
1.7	Other current financial liabilities	13.2	7.4
50.8	Current financial debt	13.8	44.7
29.0	Net current financial debt (cash)	(68.5)	(16.4)
5.1	Non-current financial assets	5.6	5.6
0.0	Non-current bank borrowings	88.4	86.5
0.0	Other non-current payables	0.3	0.4
(5.1)	Non-current financial debt	83.0	81.3
23.9	Net financial debt (cash) before IFRS 16 effects	14.5	64.9
449.6	IFRS 16 financial effects	427.9	436.1
473.4	Net financial debt/(cash) after IFRS 16 effects	442.4	501.0

The improvement of net financial debt is due to the positive operating cash flow generated in the quarter under review and advance payments for the exhibition calendar, which includes some important exhibitions in the coming months.

2.6 Net Financial Position

Business outlook 3.0

3.1 Business outlook

• The current situation is more stable than the recent past, despite the persistently uncertain public health scenario. Thanks to the rise in vaccine coverage levels and the introduction of the Green Pass system, it has been possible to glean positive signals from scheduled exhibitions. This is despite levels of attendance and space occupation being lower than initially estimated due to limited travel within the EU area and restrictions on international travel outside the EU. In the last quarter of the Italian exhibition calendar, 18 events are scheduled (9 of which took place in October). Of particular note was the excellent performance of the events held in the first part of the month dedicated to industrial machinery, as well as the success of the proprietary exhibitions Host and Tuttofood, which had more than 150,000 visitors.
• Based on the most up-to-date forecasts and in light of the relief to be granted by the end of the year, the Group expects to revise upwards its previously announced EBITDA and net financial debt targets for the current year.
• Updated forecasts put expected revenues at around Euro 130 million, EBITDA at Euro 52-57 million compared to a previous indication of Euro 23-28 million, and a net cash position before IFRS 16 effects in the range of Euro 0-10 million compared to the previous forecast of net debt of Euro 24-28 million.
• Fiera Milano has a balanced financial position and the covenants on its medium and long-term loans are amply respected. The level of debt is appropriate to guarantee the operational flexibility needed to plan the 2022 calendar and to seize any growth opportunities that may arise.

15 Conference Call 28 July 2021

Forward-looking statement

Data and information herewith set forth are extracted from the Fiera Milano Press Release relating to Fiera Milano Interim Consolidated Financial Report to 30 September 2021 filed with the Italian authorities regulating exchanges and securities and disseminated concomitantly with this presentation.

This document has been prepared by Fiera Milano S.p.A. solely for information purposes and for use in presentations of the Group. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the company, its affiliates, or its representatives 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 document.

This document includes forward-looking statements. These forwardlooking statements express current expectations and projections about future events, involve predictions and are subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.

Prospective investors are cautioned not to place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond our control. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this document might not occur and no assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a results of risks and uncertainties facing Fiera Milano and its subsidiaries. Such risks and uncertainties include, but are not limited to increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward-looking statements. Moreover, any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The Manager responsible for preparing the company's financial reports Andrea Maldi declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this document corresponds to the document results, books and accounting records.

For further information, please contact: Investor Relations Department Tel +39 02.4997.7816 email: investor.relations@fieramilano.it

Fiera Milano S.p.A. S.S. del Sempione 28 20017 Rho (Milano) - Italia www.fieramilano.it

BACK-UP

Consolidated Income Statement (€m)	3Q21	3Q20	9M21	9M20
Revenues	35.3	11.3	39.9	67.3
Cost of materials	0.8	0.3	1.1	1.6
Cost of services	19.0	9.3	32.0	38.6
Costs for use of 3rd-party assets	0.2	0.1	0.3	0.3
Personnel expenses	9.1	7.3	25.4	24.5
Other operating expenses	0.8	0.6	1.8	1.9
Total operating costs	30.0	17.5	60.6	66.9
Other income	11.3	0.5	14.7	1.7
Results of equity-accounted companies	(0.6)	(0.0)	(0.7)	(0.8)
Allowance for doubtful accounts an other provisions	0.1	0.1	0.4	(3.4)
EBITDA	16.0	(5.8)	-7.0	4.7
Depreciation and amortisation	11.2	11.1	33.5	33.6
Adjustments to asset values	0.0	0.0	0.0	0.0
EBIT	4.8	(17.0)	(40.5)	(28.9)
Financial income/(expenses)	(3.6)	(3.2)	(9.8)	(10.0)
Valuation of financial assets	0.0	0.0	0.0	0.0
Profit/loss before income tax	1.2	(20.2)	(50.3)	(38.8)
o/w attributable to the shareholders of the controlling entity	1.3	(20.1)	(49.3)	(38.6)

Financial overview – Income Statement

31/12/2019	Reclassified Consolidated Statement of Financial Position (€m)	30/09/2021	30/06/2021
593.8	Non-current assets	562.1	594.0
(35.4)	Net working capital	(85.2)	(40.0)
558.4	Gross capital employed	476.8	554.0
21.7	Non current liabilities	20.1	14.2
536.7	Total net capital employed	456.8	539.8
63.2	Equity (*)	14.3	38.8
473.4	Net financial position	442.4	501.0
536.7	Equity and net financial position	456.8	539.8

Financial overview – Reclassified Statement of Financial Position