Fiera Milano

Investor Presentation • Mar 12, 2025

Fiera Milano Results as of 31 December 2024

A year of strong execution, exceeding expectations and setting the path for continued growth

12 March 2025

TODAY'S SPEAKERS

2

CEO & General Manager

> 20 years in Fiera Milano

▪ Relevant experience:

▪ CEO and General Manager of Fiera Milano Congressi, Marketing Director of Fiera Milano

FRANCESCO CONCI MASSIMO DE TULLIO VINCENZO CECERE

Chief Financial Officer

6 years in Fiera Milano

▪ Relevant experience: ▪ Group Planning & Control Director at Fiera Milano, CFO at Fiat Chrysler Automobiles UK and Belgium

Head of Investor Relations, Sustainability & Management System

3 years in Fiera Milano

▪ Relevant experience:

▪ Investor Relations & ESG Manager at Cerved Group, M&A and Equity Capital Markets Associate at Mediobanca

AGENDA

Appendix

EXECUTIVE SUMMARY

DELIVERING STRONG PERFORMANCE IN A SEASONALLY WEAK PERIOD…

HOSTED CONGRESSES SERVICES

77,8

At 31 Dec 2024

29,0 19,1 2023 2024 45,5 19,1 2023 2024 97,1 83,6 2023 2024 80,9 At 31 Dec 2023 EBITDA NET INCOME NET CASH -13,6 283,8 273,2 2023 2024 REVENUES -26,3 -3,1m (€m) * -9,8 ** 2023 includes €16.5m of Tuttofood transaction ** continuing operations * 2023 does not include €16.5m of Tuttofood transaction -10,7 (€m) (€m) (€m)

▪ Revenue decrease of 10,7 million euro vs 2023 resulting from:

performance effect of 52,2 million of euros (meaning a like-for-like growth of +24% vs 2023), driven by a +13% increase in sold area (volumes impact), a +35% rise in services, alongside strong congress business performance of +30% unfavorable seasonal calendar effect of 62,9 million euro: absence of the multi-year ITMA (122k sqm), Plast (49k sqm) and the biennial HOST (128k sqm) and Tuttofood (60k sqm), an effect partially offset by the presence of the biennials Mostra Convegno Expocomfort (86k sqm) and Transpotec & Logitec (50k sqm)

…DESPITE TYPICAL NEGATIVE EVEN-YEAR SEASONAL CALENDAR EFFECT

…EXCEEDING EXPECTATIONS…

REVENUES AND EBITDA BEYOND PRE-COVID LEVELS

… WITH 2024 EXCEEDING ALL THE GUIDANCE EXPECTATIONS…

…AND ACCELERATING ON 2024-2027 STRATEGIC PLAN EXECUTION

1.1 PORTFOLIO STRENGTHENING

1.2 EXPANSION OF CONGRESSES

Allianz-Mico expansion

1.3 BECOME AN INTEGRATED SERVICE PROVIDER

1.4 DEVELOPING THE ENTERTAINMENT BUSINESS

STRONG CONFIDENCE IN 2025 EBITDA GUIDANCE (€110-120M)

BACKED BY A FAVORABLE ODD-YEAR CALENDAR AND NEW EVENTS

WITH SUSTAINABILITY BECOMING AN EVER-GROWING COMPETITIVE ADVANTAGE

BUSINESS REVIEW

SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW

	Italian Exhibition Business	2023	2024	Δ (€)	Δ (%)
A	Revenues (€m) EBITDA (€m)	241.3 79.7	216.5 59.8	-24.8 -19.9	-10.3% -25.0%	76%
	N. exhibitions	44	38
	o/w directly organized	14	12
	o/w hosted	30	26
	Square meters	1,292,070	1,212,140

Foreign Exhibition Business	2023	2024	Δ Growth (€)	Δ Growth (%)
Revenues (€m)	3.9	8.6	+4.7	+120.7%	3%
EBITDA (€m)	4.0	5.6	+1.6	+39.9%
N. Exhibitions	29	30
o/w directly organized	29	30
Square meters	501,240	493,605

Congresses	2023	2024	Δ Growth (€)	Δ Growth (%)	21%
Revenues (€m) EBITDA (€m)	47.0 13.4	60.5 18.2	+13.6 +4.7	+28.9% +35.3%
n. congresses o/w with exhibition area	132 55	152 68
Square meters	88,870	138,615

Fiera Milano Consolidated	2023	2024	Δ (€)	Δ (%)
Revenues (€m) (net of Elisions)	283.8	273.2	-10.7	-3.8%
EBITDA (€m)	97.1	83.6	-13.6	-14.0%
N. Exhibitions	73	68
o/w directly organized	43	42
o/w hosted	30	26
Square meters consolidated (A+B+C)	1,882,180	1,844,360

B

C

B

+

+

C

A

• Revenue decrease of 10.3% due to a negative calendar effect (more details in the next slide) marked by the absence in 2024 of the biennial events Host and Tuttofood, as well as the multiyear hosted events ITMA and Plast. Strong overall performance of annual events, as well as the
• biennial Mostra Convegno Expocomfort, Transpotec and CPhI ▪ EBITDA decrease of 25.0% which reflects the aforementioned negative calendar effect, largely offset by the positive performance trend, as well as the decrease in energy costs and personnel expenses.
• Revenue growth of + 120.7% primarily due to:
  • Successful exhibitions in Brazil: Fisp (20k sqm) further amplified by the positive performance of the annual exhibition Exposec (14k sqm) with +10% in occupied sqm vs 2023 and the new Fruit Attraction (3k sqm)
  • Good performance of Cape Town Art Fair in South Africa (+6% in occupied sqm vs 2023)
• EBITDA increased by €1.6million, primarily driven by the strong performance in Brasil
• Revenue growth of + 28.9% primarily due to higher revenue from recurring events also present in 2023 (Salone del Risparmio, Salesforce and AWS Summit) and additional revenue coming from a higher number of non-recurring international congresses (IAC – International Astronautical Congress, ENLIT Europe, and EASL – The Home of Hepatology)
• EBITDA growth of +35.3% largely attributed to the aforementioned revenue trend

At consolidated level:

• REVENUE -3.8%
• EBITDA -14.0%
• EBITDA MARGIN OF 30.6%

REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW

FIERA MILANO 2024 SQM GROWTH CHAMPIONS SELECTED ITALIAN EXHIBITIONS

FINANCIAL REVIEW

INCOME STATEMENT

	Consolidated Income Statement (€m)	2023	2024	Δ 24/23
1	Revenues	283.8	273.2	-10.7
	Cost of materials	3.8	2.8	-1.0
	Cost of services	134.7	138.6	+4.0
	Personnel expenses	55.4	53.5	-1.9
	Other operating expenses	5.0	5.1	+0.1
	Total operating costs	198.8	200.0	+1.2
	Other income	5.4	4.7	-0.7
	Results of equity-accounted companies	6.9	5.9	-1.0
	Allowance for doubtful accounts	0.3	0.2	0.0
2	EBITDA	97.1	83.6	-13.6
	Depreciationandamortisation	51.5	51.5	0.0
	Adjustments to asset values	0.8	0.2	-0.7
	EBIT	44.8	31.9	-12.9
3	Financial income/(expenses)	-8.8	-7.4	+1.4
	Profit/(loss) before income tax	36.0	24.5	-11.5
	Income tax	7.0	5.4	-1.7
4	Profit/(loss) from continuing operations	29.0	19.1	-9.8
	Profit/(loss) from discontinued operations	16.5	-	-16.5
	Profit/(loss)	45.5	19.1	-26.3
	- o/w attributable to the shareholders of the controlling entity	45.5	19.3	-26.2
	- o/w attributable to non-controlling interests	0.0	-0.1	-0.1

▪ Revenues: go from Euro 283.8m in 2023 to Euro 273.2m in 2024, showing a decrease of Euro -10.7m. This change is mainly due to:

• Positive performance effect of Euro 52.2m, corresponding to a like-for-like growth of +24%. The main areas contributing to this performance effect are:
  • Sales of exhibition spaces (area): +13% (in particular MCE, I Saloni, MIDO, Quick & More and BIT)
  • Physical and digital services: +35% growth
  • Congresses: +30% growth

1

2

3

4

• Negative calendar effect of Euro (62.9)m due to the absence in the year of the biennial events Host and Tuttofood powered by Cibus as well as the multi-year hosted events ITMA and Plast, an effect partially offset by the presence of the biennial events Mostra Convegno Expocomfort, Transpotec and the traveling event CPhI Worldwide
• EBITDA: goes from Euro 97.1m to Euro 83.6m, a negative change of Euro -13.6m, which reflects the negative calendar effect which has an impact not only on the exhibition business, but also on the company in joint venture with the partner Deutsche Messe AG (in relation to the absence of PTC Asia and Cemat) and on the associated company Fiere di Parma (due to the absence of Tuttofood); this effect was partly offset by the positive performance trend
• Financial management: positive change of Euro +1.4m mainly resulting from the decrease in interest expense in relation to the lower average debt on both short and medium-long term maturities
• The net result for the period from continuing operations amounted to Euro 19.1m, reflecting a decrease of Euro -9.8m compared to Euro 29.0m in 2023, due to the aforementioned impacts. The total net result for 2024 showed a decrease of Euro -26.3m compared to Euro 45.5m in 2023, as the 2023 result included Euro 16.5m related to discontinued operations (capital gain from the Tuttofood transaction).

*Note: For the evaluation of the data it is important to consider that the Group's activity is subject to seasonality due to the presence of biennial and multi-annual exhibitions. This phenomenon makes it more difficult to compare different financial years.

BALANCE SHEET, NET WORKING CAPITAL, NET FINANCIAL POSITION AND CASH FLOW

Balance Sheet (€m)	2023	2024	Δ 24/23
Goodwill	95.0	95.0	0.0	1
Intangible assets with a finite useful life	12.2	9.0	-3.2
Right-of-use assets	362.0	308.6	-53.4	was partially offset by the increase in payables	to
Tangible fixed assets	11.5	7.4	-4.0
Other non-current financial assets	1.1	0.0	-1.1
Other non-current assets	90.4	89.3	-1.1
A Non-current assets	572.2	509.4	-62.8	Euro 77.8m at 31/12/2024
Inventory and contracts in progress	2.3	7.8	5.6
Trade and other receivables	40.6	51.2	10.6	3
B Current assets	42.8	59.0	16.2
Trade payables	65.3	68.7	3.4
Payments received on account (advances)	39.8	40.3	0.5	treasury shares of approximately Euro 1.2m
Tax liabilities	2.9	2.0	-0.9
Provisions for risks and charges and other current liabilities	33.0	34.0	1.0
C Current liabilities	141.0	144.9	3.9
D Net working capital (B - C)	-98.2	-85.9	12.2
E Gross capital employed (A + D)	474.0	423.5	-50.5
Employee benefit provisions	7.5	8.2	0.8
Provisions for risks and charges and other non current liabilities	3.8	4.4	0.6		From 31/12/23
F Non-current liabilities	11.2	12.6	1.4	CASH FLOW (€m)
NET CAPITAL EMPLOYED cont. operations G (E - F)	462.8	410.9	-51.9	EBITDA
H NET CAPITAL EMPLOYED assets held for sale	0.0	0.0	0.0
TOTAL NET CAPITAL EMPLOYED (G + H)	462.8	410.9	-51.9	IFRS16 cash out (rents)
covered by:				Δ Net Working Capital
Equity attributable to the Group	147.9	156.7	8.8
Equity attributable to non-controlling interests	0.5	0.4	-0.1	Capex
I Total equity	148.4	157.1	8.6	Operating Cash Flow
Cash & cash equivalents	-99.8	-72.4	27.4
Current financial (assets)/liabilities	43.3	31.8	-11.5	Tax payment
Non-current financial (assets)/liabilities	370.9	294.5	-76.5
Net financial debt of continuing operations	314.4	253.8	-60.6	Dividends
Net financial debt of assets held for sale	0.0	0.0	0.0	Buyback
L Net financial debt (TOTAL) post IFRS16	314.4	253.8	-60.6	Free Cash Flow
EQUITY AND NET FINANCIAL DEBT (I + L)	462.8	410.9	-51.9	o/w Additional Rent Installment
Net Financial Debt/(Cash) pre IFRS16	-80.9	-77.8	-3.1	o/w Reduction of Financial Debt

1

• 1 ▪ Net Working Capital goes from Euro (98.2)m at 31/12/2023 to Euro (85.9)m at 31/12/2024. The change of Euro 12.2m is mainly attributable to the increase in "Trade and other receivables" due to the increase in both unexpired receivables related to events that took place in the last part of 2024, and the increase in invoicing relating to future events. This effect was partially offset by the increase in payables to suppliers
  • Net Financial Debt (pre-IFRS16) goes from a net cash availability of Euro 80.9m at 31/12/2023 to an availability of Euro 77.8m at 31/12/2024
  • The decrease of Euro 3.1m mainly refers to the cash generation from the year's results, which was more than offset by the change in the rent payment terms (effective from 2024, shifting from quarterly payments in arrears to quarterly payments in advance), as well as the distribution of a dividend of approximately Euro 10m and the purchase of treasury shares of approximately Euro 1.2m

CASH FLOW (€m)	From 31/12/23 to 31/12/2024
EBITDA	83.6
IFRS16 cash out (rents)	(56.0)
Δ Net Working Capital	(12.2)
Capex	(4.8)
Operating Cash Flow	10.6
Tax payment	(2.5)
Dividends	(10.0)
Buyback	(1.2)
Free Cash Flow	(3.1)
o/w Additional Rent Installment	(14.0)

*Note: For the evaluation of the data it is important to consider that the Group's activity is subject to seasonality due to the presence of biennial and multi-annual exhibitions. This phenomenon makes it more difficult to compare different financial years.

GUIDANCE

	CONFIRMED
Millions of euros	2025	2026	2027
Revenues	320-340	305-325	355-375
EBITDA	110-120	90-100	120-130
EBITDA Margin (mid-point)			~34%
EBITDA Margin ex. IFRS 16 (mid-point)			~20%
Net Cash
Investment Plan		~88
of which Fiera Milano		~53
of which Fondazione Fiera Milano		~35
Overall financial availability		151-171
of which allocated to dividends		At least 40 (~10/ year)
of which allocated to investments in M&A operations		111-131

In 2027 Fiera Milano expects to achieve:

• Revenues between Euro 355 and 375 million
• An estimated EBITDA between Euro 120 and 130 million
• Over the 2024-2027 plan period, total investments amounting to Euro 88 million are planned, of which Euro 35 million will be supported by Fondazione Fiera Milano for the development of infrastructure projects
• The economic and financial results over the plan period anticipate strong cash generation, resulting in an overall financial availability expected to range between Euro 151 and 171 million over the plan period
  • Of this availability, at least Euro 40 million will be allocated to shareholder remuneration in the form of dividends, highlighting Fiera Milano's commitment to create value for stakeholders
  • The remaining liquidity, estimated between Euro 111 and 131 million, will be directed to supporting corporate growth through external lines
  • Further recourse to debt to finance potential strategic acquisitions is not ruled out

ESG COMMITMENT

ESG SCORECARD

(2022)

(2021)

APPENDIX 1

EXHIBITIONS DETAILS

EXHIBITIONS AND CONGRESSES IN 2024

Manifestazioni Italia – metri Italian Exhibitions	Net square meters
quadrati	FY 2023	FY 2024
Directly Organized
- Bit (A)	16,165	17,225
- Miart (A)	8,930	9,225
- Milan Games Week (A)	33,930	35,545
- Milano Fashion&Jewels (I semester) (A)	12,630	12,760
- Milano Fashion&Jewels (II semester) (A)	12,850	14,870
- Milano Home (A)	16,010	19,675
- Promotion Trade Exhibition (A)	2,925	4,710
- Quick & More* (A)	-	7,545
- Salone del Franchising (A)	3,770	5,405
- SposaItalia (A)	8,410	7,830
- NME* (B)	-	10,515
- Transpotec & Logitec (B)	-	49,690
- Global Elevator Exhibition (B)	7,040	-
- Host (B)	128,350	-
- Made Expo (B)	32,545	-
- Sicurezza (B)	17,260	-
- Smart Building Expo (B)	4,935	-
Total Directly Organized	305,750	194,995
Hosted
- Artigiano in Fiera (A)	49,715	53,235
- Eicma Moto (A)	119,600	127,465
- Fa la cosa giusta (A)	6,110	6,745
- Filo (I semester) (A)	1,385	1,545
- Filo (II semester) (A)	2,780	2,440
- I Saloni** (A)	171,075	176,460
- LineaPelle (I semester) (A)	44,020	45,540
- LineaPelle (II semester) (A)	47,570	48,830
- Mido (A)	37,980	45,940
- Milano Auto Classica (A)	24,105	22,720
- Milano Unica (fall) (A)	29,075	37,140
- Milano Unica (spring) (A)	24,520	31,205
- Mipel (March) (A)	4,420	4,500
- Mipel (September) (A)	4,440	4,140
- My Plant & Garden (A)	25,360	26,775
- Simac Tanning-Tech (A)	14,565	14,795
- The Micam (fall) (A)	35,880	32,875
- The Micam (spring) (A)	35,100	32,100
- The ONE Milano (February) (A)	3,710	3,970
- Viscom (A)	9,855	7,800
- Bimu (B)	-	24,375
- Mostra Convegno Expocomfort (B)	-	85,925
- Simei (B)	-	31,175
- Venditalia (B)	-	12,960
- Xylexpo (B)	-	13,675
- Expoferroviaria (B)	7,245	-
- ISSA Pulire* (B)	13,980	-
- Lamiera (B)	18,395	-
- Made in Steel (B)	16,380	-
- Tuttofood powered by Cibus** (B)	59,660	-
- Vitrum (B)	8,455	-
- CPHI (M)	-	122,815
- ITMA (M)	121,950	-
- Plast (M)	48,990	-
Total Hosted	986,320	1,017,145
Total Italian Exhibitions	1,292,070	1,212,140

* The exhibition was held for the first time

** Starting from 2023, Salone del Mobile, Euroluce, Workplace, Eurocucina, and Salone del Bagno exhibitions are presented in an aggregated format under I Saloni.

	Net square meters
Foreign Exhibitions	FY 2023 9M 2022	FY 2024 9M 2023
China
- CeMAT Asia Shanghai (A)	39,410	38,520
- Chinafloor Domotex Shanghai ° (A)	69,800	67,350
- China International Fastener Show ° (A)	15,255	15,760
- China International Stainless Steel Industry Exhibition ° (A)	2,990	3,210
- Chengdu Industrial Professional Expo *° (A)	-	4,000
- Chengdu International Industry Fair ° (A)	13,590	12,880
- Comvac Asia (A)	10,625	12,090
- E-Pack Tech Shanghai (A)	455	325
- GITF International Tour Guangzhou (A)	6,110	4,760
- Heavy Machinery Asia (A)	2,000	5,355
- Industrial Automation Shanghai ° (A)	33,810	31,525
- Industrial Automation Shenzen ° (A)	11,630	9,955
- Industrial Automation Robotic Show South China ° (A)	3,800	2,000
- ISEE & CEFE Beijing/Hangzhou ° (A)	9,230	10,185
- Laser Fair Shenzen (A)	7,460	5,060
- Let China Guangzhou (A)	14,895	18,340
- Metal + Metallurgy (A)	405	275
- Metalworking and CNC Mach. Tool Shanghai ° (A)	34,565	32,130
- Motor Show Chengdu ° (A)	91,085	90,415
- Northern International Logistics and Transportation Technology Expo Jinan *° (A)	-	5,360
- PTC Asia Shanghai (A)	44,380	37,735
- Wuhan Motor Show ° (A)	38,335	35,735
- Xiamen International Industry Exposition ° (A)	-	1,420
- International Cold Chain Exhibition ° (A)	595	a)
- ZZILE Zhengzhou (A)	5,500	a)
- China Commercial Vehicle Show ° (B)	20,000	-
South Africa
- Cape Town Art Fair (A)	3,855	4,105
Brasil
- Exposec (A)	12,430	13,625
- Fruit Attraction São Paulo *° (A)	-	2,860
- Reatech (A)	2,290	1,765
- Esquadria Show *° (B)	-	1,000
- Fisp (B)	-	19,900
- Tubotech (B)	1,240	-
- Wire South America (B)	1,030	-
Singapore
- FIND - Design Fair Asia (A) Total Foreign Exhibitions	4,470 501,240	5,965 493,605

* The event is in its first edition.	(A) = Annual
° The event is organized in partnership
a) The event did not take place	(B) = Biennial
	(M) = Muti-year

Congresses
FY 2023	FY 2024
132 events	152 events

Thank you

CONTACTS:

Investor relations: investor.relations@fieramilano.it Sustainability: sustainability@fieramilano.it

Investor Relations https://investors.fieramilano.it/en Sustainability www.fieramilano.it/en/sustainability.html 2025 Exhibition Calendar www.fieramilano.it/en/calendario.html

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.