Fiera Milano

Quarterly Report • May 13, 2025

Fiera Milano Results as of 31 March 2025

13 May 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 CONSISTENT PERFORMANCE DESPITE A QUARTERLY NEGATIVE CALENDAR EFFECT

Revenue decrease of -8.7 million of euros vs Q1 2024 resulting from:

performance effect of +5.5 million euros (meaning a like-for-like growth of +10% vs Q1 2024), driven by a +4% increase in sold area (volumes impact) for both Organized and Hosted exhibitions, a +7% rise in services, alongside strong congress business performance of +27%

unfavorable temporary calendar effect of -14.2 million euros: due to the absence in the quarter of the even-year biennial hosted event Mostra Convegno Expocomfort (86k sqm in 2024, missing in Q1 2025)

STRONG CONFIDENCE IN 2025 EBITDA GUIDANCE (€110-120M) BACKED BY A FAVORABLE ODD-YEAR CALENDAR AND NEW EVENTS

Biennial Multi-year

EXPANDING THE INTEGRATED SERVICES OFFERING WITH THE ACQUISITION OF EXPOTRANS

Overview

• Leading company in Italy in logistics services for exhibitions, congresses and international events
• Revenues 2024: €28.7m
• EBITDA 2024: €2.2m
• Net Cash as of 31 December 2024: €3.8m

Headquarter in Rome, with operational offices in Milan, Bologna, Parma, Rimini, Vicenza and Singapore

Strategic Rationale

Synergies

Expotrans

• Extend value chain → better support & integrated services
• Enhance core services → higher quality & satisfaction
• Internalize logistics margins → increased profitability
• Direct logistics control → improved safety & process oversight
• Strengthen positioning → synergies in exhibition logistics
• Expand commercial reach → targeted approach to organizers
• Broaden coverage → more contracts for internal & external events
• Boost exhibitor loyalty → international logistics support
• Improve traffic management → safer, more efficient system

Revenues breakdown

EVENT LOGISTICS SHIPMENTS FOR EXHIBITIONS

FINE ARTS TRANSPORT

Transaction Structure

& Valuation

• Stake: 51%
• Acquisition value: €6.3 million
• Price adjustment based on net financial position
• Payment at closing expected by Q2 2025 using available cash
• Put/Call option on the remaining 49% of the shares exercisable in 2029 at a maximum price of €13.7m, implying a total potential valuation of €20m.

ACCELERATING THE SUSTAINABILITY ROADMAP BY LAUNCHING TWO SUSTAINABILITY LINKED LOANS

Fiera Milano integrates sustainable finance into its strategy by signing two five-year loans, structured as Sustainability-Linked Loans ("SLL"), each worth Euro 10 million, with Crédit Agricole Italia and Banco BPM, based on two KPIs:

KPI 1 - Environmental KPI 2 - Social Increase in the percentage of electricity from renewable sources, from 38% in 2023 to 73% in 2028 Annual cumulative increase in the value of shares allocated to employees under the new Employee Share Ownership Plan "PAD Futuro" with a minimum value of Euro 1 million per year

The financial resources obtained will support the investments outlined in the 2024-2027 Strategic Plan, with a focus on the development and strengthening of digital and technological infrastructures, preserving liquidity and maintaining strategic flexibility for future external growth and development opportunities.

BUSINESS REVIEW

SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW

A	Italian Exhibition Business	Q1 2024	Q1 2025	Δ (€)
	Revenues (€m) EBITDA (€m)	64.7 23.1	52.8 11.3	-11.9 -11.8
	N. exhibitions o/w directly organized	15 5	14 6
	o/w hosted Square meters	10 346,160	8 289,985

81%

3%

Foreign Exhibition Business	Q1 2024	Q1 2025	Δ (€)
Revenues (€m)	0.9	2.2	+1.3
EBITDA (€m)	-0.2	-0.4	-0.2
N. Exhibitions	1	2
o/w directly organized	1	2
Square meters	4,105	8,700

B

C

B

+

+

C

A

Congresses	Q1 2024*	Q1 2025*	Δ (€)
Revenues (€m) EBITDA (€m)	9.3 2.8	10.5 1.1	+1.2 -1.7	16%
n. congresses o/w with exhibition area	29 7	32 5
Square meters	11,105	12,588

*It includes BIT in Q1 2024 but not in Q1 2025, as the event was moved to Rho. The figures are reported gross of intercompany transactions.

• The Revenue performance is primarily attributable to the different exhibition calendar, particularly the absence of the biennial event Mostra Convegno Expocomfort, which takes place in evennumbered years. This effect was partially offset by the solid performance of annual exhibitions and congress activities, as well as by the increased penetration of services
• The negative EBITDA variation is mainly due to the aforementioned temporary adverse calendar effect, in addition to the costs related to the sponsorship rights for the XXV Milano Cortina 2026 Winter Olympic Games and costs related to the launch of the Employee Share Ownership Plan
• Revenues reached €2.2 million in Q1 2025, a growth of €1.3 million vs Q1 2024. The increase is mainly attributable to the second edition of Fruit Attraction São Paulo, following its calendar rescheduling from October 2024. In February, Fiera Milano also organized the 12th edition of Investec Cape Town Art Fair
• EBITDA decreased by € 0.2 million, primarily attributable to the result of the joint venture held under joint control with the partner Deutsche MESSE AG.
• Revenue growth primarily due to higher Revenue from recurring events also present in Q1 2024 (Zurich and Allianz Conventions) and additional revenue coming from a higher number of nonrecurring events (Bio Spring Europe and Intergraf)
• EBITDA decreased by € 1.7 million mainly attributable to higher operating costs, including costs for the reconfiguration of the congress district and personnel expenses. This effect was partially offset by the aforementioned revenue performance.

Fiera Milano Consolidated	Q1 2024	Q1 2025	Δ (€)
Revenues (€m) (net of Elisions)	72.4	63.7	-8.7
EBITDA (€m)	25.7	12.1	-13.7
N. Exhibitions	16	16
o/w directly organized	6	8
o/w hosted	10	8
Square meters consolidated (A+B+C)	361,370	311,273	10

off-site revenues, …)

REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW

11 * It does not include BIT in either Q1 2024 or Q1 2025. Figures are reported net of intercompany transactions ** Mainly attributable to the second edition of Fruit Attraction São Paulo, following its calendar rescheduling from October 2024

FIERA MILANO Q1 2025 SQM GROWTH CHAMPIONS

SELECTED ITALIAN EXHIBITIONS

FINANCIAL REVIEW

INCOME STATEMENT

Consolidated Income Statement (€m)	Q1 2024	Q1 2025	Δ Q1 25/24
Revenues	72.4	63.7	-8.7	1  decreased from Euro 72.4m in Q1 2024 to Euro 63.7m in Q1 2025, showing a reduction of Euro Revenues:
Cost of materials	0.7	0.9	0.2	(8.7)m. This change is mainly due to:
Cost of services	33.3	36.0	2.7	 Positive performance effect of Euro +5.5m, corresponding to a like-for-like growth of +10%. The main areas contributing to this performance effect are:
Personnel expenses	12.2	13.9	1.7	 Sale of exhibition spaces (area) – Organized: +4%
Other operating expenses	1.1	0.9	-0.1	 Sale of exhibition spaces (area) – Hosted: +4%
Total operating costs	47.2	51.7	4.5	 Physical and digital services: +7%
Other income	0.8	1.0	0.1	 Congresses: +27%
Results of equity-accounted companies	-0.4	-0.8	-0.5	 Negative temporary calendar effect of Euro (14.2)m due to the absence in the quarter of the biennial
Allowance for doubtful accounts	0.0	0.1	0.1	hosted event Mostra Convegno Expocomfort, only partially offset by the presence of the Fruit Attraction event (held in Brazil in a new calendar slot).
EBITDA	25.7	12.1	-13.7
Depreciationandamortisation	12.9	12.5	-0.5	2  EBITDA: the decrease, mainly due to the previously mentioned calendar effect, also reflects the acquisition of
Adjustments to asset values	0.0	0.0	0.0	sponsorship rights for the XXV Milano Cortina 2026 Winter Olympic Games, costs related to the launch of the
EBIT	12.8	-0.4	-13.2	Plan, non-recurring set-up costs linked to the Employee Share Ownership new configuration of the district, as well as the calendar effect related to the joint venture under joint control with partner congress
Financial income/(expenses)	-1.8	-3.1	-1.4	Deutsche MESSE AG.
Profit/(loss) before income tax	11.0	-3.5	-14.5
Income tax	3.4	-0.3	-3.7
Profit/(loss) from continuing operations	7.6	-3.2	-10.9	3  Financial management: negative variation of Euro (1.4)m, mainly due to the fair value of shares in ESG mutual investment funds and increased financial charges on lease liabilities following a revision of the discount rate.
Profit/(loss) from discontinued operations	0.0	0.0	0.0	4  for the first quarter of 2025 amounts to a loss of Euro (3.2)m, reflecting the results previously Net result
Profit/(loss)	7.6	-3.2	-10.9	mentioned
- o/w attributable to the shareholders of the controlling entity	7.7	-3.2	-10.9	*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
- o/w attributable to non-controlling interests	-0.1	0.0	0.0	phenomenon makes it more difficult to compare different financial years.

BALANCE SHEET AND CASH FLOW

	As of	As of	Δ
Balance Sheet (€m)	31 Dec 2024	31 Mar 2025	31 Mar 2025/ 31 Dec 2024
Goodwill	95.0	95.0	0.0
Intangible assets with a finite useful life	9.0	8.2	-0.8
Right-of-use assets	308.6	320.1	11.5	 goes Net Working Capital	from Euro (85.9)m at 31/12/2024 to	Euro (120.9)m at	31/03/2025. The	change of Euro (35.0)m is
Tangible fixed assets	7.4	7.6	0.2	attributable to the following	components:
Other non-current assets	89.3	88.8	-0.6	1  increase in Current Assets	of Euro 21.2m, mainly due to the	rise in "Trade and	other receivables"	by Euro 22.8m, related
A Non-current assets	509.4	519.8	10.3	to higher receivables from	clients and organizers.
Inventory and contracts in progress	7.8	6.3	-1.6	 increase in Current Liabilities	of Euro 56.2m, mainly due to	the net effect of:
Trade and other receivables	51.2	74.0	22.8
Other current assets	0.0	0.0	0.0	• decrease in "Trade	payables" by Euro 18.1m, related to	the settlement of	outstanding payables to	suppliers for events;
B Current assets	59.0	80.2	21.2	• increase in "Advances"	by Euro 43.4m, as the net effect	of higher advances	invoiced to clients	for events taking place in
Trade payables	68.6	50.5	-18.1	the following quarters	(notably I Saloni, Host, Ipack-Ima	and Tuttofood) and	decreases related to	events held during the
Payments received on account (advances)	40.3	83.7	43.4	current quarter (notably	Milano Home, Mido and Milano	Unica);
Tax liabilities	2.0	1.0	-1.0
Provisions for risks and charges and other current liabilities	34.0	65.9	31.9	• increase in "Provisions	for risks and charges and other	current liabilities" by	Euro 31.9m, mainly	due to higher payables
C Current liabilities	144.9	201.1	56.2	to organizers (approx.	Euro 10m) and deferred income	related to the contract	for the concession	of telecommunications
D Net working capital (B - C)	-85.9	-120.9	-35.0	infrastructure at the	exhibition sites (INWIT; approx. Euro	16m).
E Gross capital employed (A + D)	423.5	398.9	-24.7
Employee benefit provisions	8.2	7.9	-0.3
Provisions for risks and charges and other non-current liabilities	4.4	4.6	0.2
F Non-current liabilities	12.6	12.5	-0.1	 Net Financial Position	as of 31 March 2025 (pre-IFRS16)	shows a net financial	availability of Euro	111.5m compared to a
NET CAPITAL EMPLOYED cont. operations G (E - F)	410.9	386.3	-24.5	net financial availability of Euro 2	77.8m as of 31 December 2024.
H NET CAPITAL EMPLOYED assets held for sale	0.0	0.0	0.0	 The increase of EUR 33.7m	reflects the cash generated	during the quarter from	advance payments	received for future
TOTAL NET CAPITAL EMPLOYED (G + H)	410.9	386.3	-24.5	events. This effect was partially	offset by payments to suppliers	related to events held	in the last quarter	of 2024.
covered by:
Equity attributable to the Group	156.7	154.1	-2.6
Equity attributable to non-controlling interests	0.4	0.4	0.0
I Total equity	157.1	154.5	-2.6		From 31/12/24
Cash & cash equivalents	-72.4	-114.0	-41.5	CASH FLOW (€m)	to 31/03/2025			Net Cash
Current financial (assets)/liabilities	31.8	40.7	8.9
Non-current financial (assets)/liabilities	294.5	305.1	10.7	EBITDA	12.1			31/03/2025
Net financial debt of continuing operations	253.8	231.9	-21.9	IFRS16 cash out (rents)	(13.7)	Net Cash	Free	111.5
Net financial debt of assets held for sale	0.0	0.0	0.0	Δ Net Working Capital	35.0	31/12/24	Cash Flow
L Net financial debt (TOTAL) post IFRS16	253.8	231.9	-21.9	Capex	(0.8)	77.8	33.7
EQUITY AND NET FINANCIAL DEBT (I + L)	410.9	386.3	-24.5	Operating Cash Flow	32.5
				Financial management	0.2
Net Financial Debt/(Cash) pre IFRS16	-77.8	-111.5	-33.7

*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.

CASH FLOW (€m)	From 31/12/24 to 31/03/2025
EBITDA	12.1
IFRS16 cash out (rents)	(13.7)		Net Cash	Free
Δ Net Working Capital	35.0	Cash Flow 31/12/24
Capex	(0.8)		77.8	33.7
Operating Cash Flow	32.5
Financial management	0.2
Other variations	1.0
Free Cash Flow	33.7

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		100-110
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 2024

Diversity: % female manager
42%	49% 46%
2022	2023 2024
Employee turnover	2023 2024
Welfare
FULL COVERAGE HEALTH INSURANCE
Customer Satisfaction Index Visitors
Community

APPENDIX 1

EXHIBITIONS DETAILS

EXHIBITIONS AND CONGRESSES IN Q1 2025

	(A) = Annual	(B) = Biennial	(M) = Muti-year
Manifestazioni Italia – metri Italian Exhibitions	Net square	meters
quadrati	Q1 2024		Q1 2025
Directly Organized
- Bit (A)		17,225	18,585
- Milano Home (A)		19,675	20,670
- Milano Fashion&Jewels (I semestre) (A)		12,760	11,970
- Promotion Trade Exhibition (A)		4,710	4,890
- Quick & More (A)		7,545	7,940
- Raquet Trend Expo * (A)		-	11,410
Total Directly Organized		61,915	75,465
Hosted
- LineaPelle February (A)		45,540	45,500
- Milano Unica (spring) (A)		31,205	39,160
- Mido (A)		45,940	48,390
- Mipel (March) (A)		4,500	4,400
- My Plant & garden (A)		26,775	32,290
- The Micam (spring) (A)		32,100	32,720
- Fa' la cosa giusta (A)		6,745	9,575
- Filo (I semester) (A)		1,545	2,485
- The ONE Milano (February) (A)		3,970	-
- Mostra Convegno Expocomfort (B)		85,925 -
Total Hosted		284,245	214,520
Total Italian Exhibitions		346,160	289, 985

* The exhibition was a congress event the previous year.

	Net square meters
Foreign Exhibitions	Q1 2024 9M 2022	Q1 2025 9M 2023
South Africa
- Cape Town Art Fair (A)	4,105	4,300
Brasil
- Fruit Attraction São Paulo ° (A)	b)	4,400
Total Foreign Exhibitions	4,105	8,700

° The event is organized in partnership

b) The event took place/will take place in the following quarters

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

NEXT CORPORATE EVENTS:

31 July 25: approval of H1 25 results 13 Nov 25: approval of Q3 25 results

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.