CONFERENCE CALL – 29 July 2020

FIERA MILANO GROUP 1 st Half 2020 Consolidated Results

1. Highlights 2. Financial results 3. Business outlook

Highlights 1.0

1H20 results were affected by the suspension of exhibition activities from 23 February due to the Covid-19 pandemic

1.1 Highlights

Net exhibition space occupied in Italy: 273,785 square metres (35% from directly organised exhibitions), compared to 864,315 square metres in 1H19
1H20 consolidated revenues of Euro 56.0 million (Euro 153.9 million in 1H19)
1H20 consolidated EBITDA: Euro 10.6 million (Euro 62.4 million in 1H19)
1H20 consolidated EBIT: Euro -11.9 million (Euro 39.6 million in 1H19)
1H20 net result: Euro -12.6 million (Euro 24.1 million in 1H19)
Consolidated net cash (pre-IFRS 16) Euro 20.2 million at 30 June 2020 (Euro 68.3 million at 31 December 2019)

Financial results 2.0

2.1 Italian exhibitions

Positive performance of exhibitions in the first two months, in line with expectations
After the Covid-19 emergency, cancellation of Il Salone del Mobile, Mostra Convegno Expocomfort, Mido
Compared to 1H19, absence of biennial exhibitions Tuttofood, Made and Transpotec Logitec

Italian Exhibition Business	1H20	1H19
Revenues (€m)	49.4	129.2
EBITDA (€m)	11.9	52.3
% on revenues	24.0%	40.5%
EBIT (€m)	(7.9)	32.2
% on revenues	-16.0%	24.9%

2.2

Italian exhibition business

The year-on-year trend in revenues reflected the suspension of the exhibition activity
The change in EBITDA was primarily related to the trend of revenues, partially offset by actions taken to control operating costs

Foreign Exhibition Business	1H20	1H19
Revenues (€m)	1.1	3.1
EBITDA (€m)	(1.0)	2.5
% on revenues	-90.8%	80.7%
EBIT (€m)	(1.2)	2.3
% on revenues	-105.2%	73.2%

Foreign exhibition business

The year-on-year trend in revenues mainly reflected the effect of Covid-19 on the Brazilian exhibition calendar
The EBITDA was affected by lower results from the joint venture activities in China mainly because of the cancellation and postponement of some exhibitions until the second half of the year

Media	1H20	1H19
Revenues (€m)	3.4	5.8
EBITDA (€m)	0.2	0.8
% on revenues	5.4%	14.1%
EBIT (€m)	0.1	0.7
% on revenues	4.0%	12.1%

2.4 Media

The change in revenues was mainly related to lower billboard and technical publications revenue
The change in EBITDA primarily reflected the trend of revenues

Congresses	1H20	1H19
Revenues (€m)	4.2	21.2
EBITDA (€m)	(0.4)	6.8
% on revenues	-10.0%	32.0%
EBIT (€m)	(2.9)	4.4
% on revenues	-69.9%	20.8%

• The year-on-year trend in revenues and EBITDA reflected the change in the congress calendar following the Covid-19 emergency

Consolidated Net Financial Position (€m)	30/06/2020	31/12/2019
Cash & cash equivalents	39.2	68.0
Current financial assets	1.7	1.3
Current bank borrowings	0.0	0.0
Current portion of non-current debt	24.9	0.0
Other current financial liabilities	0.4	1.1
Current financial debt	25.4	1.1
Net current financial debt (cash)	(15.5)	(68.3)
Non-current financial assets	4.7	0.1
Other non-current payables	0.0	0.0
Non-current financial debt	(4.7)	(0.1)
Net financial debt (cash) before IFRS 16 effects	(20.2)	(68.3)
IFRS 16 financial effects	469.8	473.4
Net financial debt/(cash) after IFRS 16 effects	449.6	405.1

2.6 Net financial position

Cash & cash equivalents
Current financial assets
Current bank borrowings
Current portion of non-current debt
Other current financial liabilities
Current financial debt
Net current financial debt (cash)
Non-current financial assets
Other non-current payables
Non-current financial debt
Net financial debt (cash) before IFR:
IFRS 16 financial effects
Net financial debt/(cash) after IFRS

The change in net financial position was mainly due to the suspension of exhibition activities and subsequent lower advances, besides to the dividend distribution

Business outlook 3.0

3 . 1 Business outlook

The results for the first half of the year were higher than expected after the health emergency, thanks to significant cost containment measures. Nevertheless, the extent and duration of the epidemiological emergency has led to the cancellation of important international exhibitions
The scenario changes are such as to determine, on the basis of currently available information, an estimate of net exhibition area in Italy in the last part of the current year of about 150 thousand square metres, as compared to the previous forecast of 700 thousand square metres and a 2020 EBITDA target at break -even, as compared to the previous range of Euro 38 -43 million
The updated target does not include any reductions in the rent for the exhibition site at the end of the ongoing negotiations with Fondazione Fiera Milano in relation to the suspension of activities due to force majeure

Data and information herewith set forth are extracted from the Fiera Milano Press Release relating to Fiera Milano Consolidated Half-Year Financial Report to 30 June 2020 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 Marco Pacini 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.

Forward-looking statement

For further information, please contact: Investor Relations Department Tel +39 02.4997.7816/7911 email: [email protected]

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

BACK-UP

Consolidated Income Statement (€m) 1H20 1H19

Revenues 56.0 153.9 Cost of materials 1.3 1.4 Cost of services 29.3 66.6 Costs for use of 3rd-party assets 0.3 0.3 Personnel expenses 17.3 24.2 Other operating expenses 1.2 2.5 Total operating costs 49.4 95.0 Other income 1.2 1.3 Results of equity-accounted companies (0.7) 2.4 Allowance for doubtful accounts an other provisions (3.5) 0.2 EBITDA 10.6 62.4 Depreciation and amortisation 22.4 22.8 Adjustments to asset values 0.0 0.0 EBIT (11.9) 39.6 Financial income/(expenses) (6.8) (6.8) Valuation of financial assets 0.0 0.0 Profit/loss before income tax (18.7) 32.7 Income tax (6.1) 8.6 Profit (12.6) 24.1

of which attributable to the shareholders of the controlling entity (12.5) 24.1

Financial overview – Income Statement

	1H20	1H19
	56.0	153.9
	1.3	1.4
	29.3	66.6
	0.3	0.3
	17.3	24.2
	1.2	2.5
	49.4	95.0
	1.2	1.3
	(0.7)	2.4
	(3.5)	0.2
	10.6	62.4
	22.4	22.8
	0.0	0.0
	(11.9)	39.6
	(6.8)	(6.8)
	0.0	0.0
	(18.7)	32.7
	(6.1)	8.6
	(12.6)	24.1
ing entity	(12.5)	24.1

Reclassified Consolidated Statement of Financial Position (€m) 30/06/2020 31/12/2019

Reclassified Consolidated Statement of Financial Position (€m)	30/06/2020	31/12/2019
Non-current assets	604.0	622.5
Net working capital	(52.9)	(87.7)
Gross capital employed	551.2	534.8
Non current liabilities	16.4	21.9
Total net capital employed	534.8	512.9
Equity	85.2	107.9
Net financial position	449.6	405.1
Equity and net financial position	534.8	512.9

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