Fiera Milano

Investor Presentation • May 12, 2020

CONFERENCE CALL – 12 May 2020

FIERA MILANO GROUP 1 st Quarter 2020 Consolidated Results

1. Highlights 2. Financial Results 3. Business outlook

Highlights 1.0

1Q20 results confirmed the Group's balance sheet and financial solidity, even if they 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 478,450 square metres in 1Q19
• 1Q20 consolidated revenues of Euro 47.6 million (Euro 71.0 million in 1Q19)
• 1Q20 consolidated EBITDA: Euro 15.0 million (Euro 29.0 million in 1Q19)
• 1Q20 consolidated EBIT: Euro 3.8 million (Euro 17.5 million in 1Q19)
• 1Q20 result before tax attributable to the Shareholders of the Controlling Company at break-even (Euro 14.1 million in 1Q19)
• Consolidated net cash (pre-IFRS 16) Euro 55.8 million at 31 March 2020 (Euro 68.3 million at 31 December 2019)

Financial Results 2.0

2.1 Italian Exhibitions

• In the first two months positive performance of exhibitions, in line with expectations
• After the Covid-19 emergency, cancellation of Mido and postponement of exhibitions, mainly Mostra Convegno Expocomfort, until subsequent quarters of the year
• Compared to 1Q19, absence of biennial exhibitions Made and Transpotec Logitec

Italian Exhibition Business	1Q20	1Q19
Revenues (€m)	42.3	63.0
EBITDA (€m)	15.1	24.6
% on revenues	35.6%	39.1%
EBIT (€m)	5.2	14.5
% on revenues	12.2%	23.1%

2.2

Italian Exhibition Business

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

Foreign Exhibition Business	1Q20	1Q19
Revenues (€m)	1.1	0.8
EBITDA (€m)	(0.1)	2.3
% on revenues	-11.4%	286.5%
EBIT (€m)	(0.2)	2.2
% on revenues	-19.8%	271.8%

2.3

Foreign Exhibition Business

• The rise in revenues reflected the good performance of Cape Town Art Fair
• The EBITDA was affected by lower results from the joint venture activities in China mainly because of the postponement of the Chinafloor Domotex Shanghai exhibition until subsequent quarters of the year

Media	1Q20	1Q19
Revenues (€m)	2.1	2.7
EBITDA (€m)	(0.2)	0.3
% on revenues	-11.0%	9.5%
EBIT (€m)	(0.3)	0.2
% on revenues	-12.1%	7.3%

2.4 Media

• The change in revenues were mainly related to lower billboard revenue
• The change in EBITDA was primarily related to the trend of revenues

Congresses	1Q20	1Q19
Revenues (€m)	4.0	6.9
EBITDA (€m)	0.3	1.8
% on revenues	8.5%	25.7%
EBIT (€m)	(0.9)	0.6
% on revenues	-22.4%	8.7%

• The year-on-year trend in revenues reflected the change in the congress calendar following the Covid-19 emergency
• The change in EBITDA was primarily related to the trend of revenues

Consolidated Net Financial Position (€m)	31/03/2020	31/12/2019
Cash & cash equivalents	50.1	68.0
Current financial assets	1.8	1.3
Current bank borrowings	0.0	0.0
Current portion of non-current debt	0.0	0.0
Other current financial liabilities	0.5	1.1
Current financial debt	0.5	1.1
Net current financial debt (cash)	(51.4)	(68.3)
Non-current financial assets	4.4	0.1
Other non-current payables	0.0	0.0
Non-current financial debt	(4.4)	(0.1)
Net financial debt (cash) before IFRS 16 effects	(55.8)	(68.3)
IFRS 16 financial effects	466.6	473.4
Net financial debt/(cash) after IFRS 16 effects	410.9	405.1

2.6 Net Financial Position

The change in net financial position compared to the end of 2019 was mainly due to lower advances collected because of the postponement of exhibitions until subsequent quarters

Business outlook 3.0

3 . 1 Business Outlook

• Bearing in mind we are currently still in a period of extreme uncertainty, the Company confirms the 2020 target of an EBITDA in the range of Euro 38 -43 million
• The target assumes that events will be resumed in September 2020 and an estimate of net exhibition space in Italy equal to around 700 thousand square metres in the coming months of the current year
• The Group remains committed to a strong focus on reducing costs
• Fiera Milano is working closely with Italian and international exhibition associations to facilitate a return to normal business, including by drawing up strict safety protocols; the digital transformation plan will also provide an additional tool to ensure safety within exhibition sites and drive an expansion of innovative services, supporting the digital development of exhibitions and leading to better customer experience on -site

Data and information herewith set forth are extracted from the Fiera Milano Consolidated Interim Management report to 31 March 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: 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)	1Q20	1Q19
Revenues	47.6	71.0
Cost of materials	0.6	0.6
Cost of services	20.8	29.7
Costs for use of 3rd-party assets	0.2	0.2
Personnel expenses	10.8	12.8
Other operating expenses	0.7	1.3
Total operating costs	33.1	44.7
Other income	0.8	0.5
Results of equity-accounted companies	(0.1)	2.3
Allowance for doubtful accounts an other provisions	0.1	0.2
EBITDA	15.0	29.0
Depreciation and amortisation	11.3	11.5
Adjustments to asset values	0.0	0.0
EBIT	3.8	17.5
Financial income/(expenses)	(3.9)	(3.5)
Valuation of financial assets	0.0	0.0
Profit/loss before income tax	(0.1)	14.1
of which attributable to the shareholders of the controlling entity	0.0	14.1

Financial overview – Income Statement

Reclassified Consolidated Statement of Financial Position (€m) 31/03/2020 31/12/2019

Reclassified Consolidated Statement of Financial Position (€m)	31/03/2020	31/12/2019
Non-current assets	612.2	622.5
Net working capital	(72.4)	(87.7)
Gross capital employed	539.8	534.8
Non current liabilities	21.9	21.9
Total net capital employed	518.0	512.9
Equity (*)	107.1	107.9
Net financial position	410.9	405.1
Equity and net financial position	518.0	512.9

Financial overview – Reclassified Statement of Financial Position

(*) Equity at 31 March 2020 incudes pre-tax result for the period