Fiera Milano

Interim / Quarterly Report • Jul 31, 2025

Fiera Milano Results as of 30 June 2025

31 July 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

DOUBLE DIGIT GROWTH AND HIGH CASH GENERATION IN H1 2025

Revenue increase of +33.5 million of euros vs 1H 2024 resulting from:

performance effect of +20.3 million euros (meaning a like-for-like growth of +14% vs 1H 2024), driven by a +3% increase in sold area (volumes impact) for Organized exhibitions and a +4% for Hosted exhibitions, a +9% rise in services, alongside strong congress business performance of +52%

calendar effect of + 5.3 million euros: due to the combination of the presence of Tuttofood (biennial) and The Innovation Alliance (multi-year), and the absence of Mostra Convegno Expocomfort and Transpotec & Logitec (biennial in even years)

new events effect of +2.5 million euros, including Artigiano in Fiera - Anteprima d'Estate and NetZero Milan

acquisition of Expotrans S.p.A.: +5.5 million euros

A STRONG H2 2025 AHEAD, SUPPORTED BY A FAVORABLE ODD-YEAR CALENDAR

New event Biennial Multi-year

DYNAMIC M&A ACTIVITY: TWO ACQUISITIONS EXECUTED

• Target company: Expotrans Italy's leading player in logistics services for exhibitions, congresses and international events
• Stake: 51% | Revenues 2024: €28.7m | Acquisition value: €7.2m
• Synergies & strategic rationale:

Strengthen strategic positioning → synergies across exhibition logistics value chain Expand commercial reach → targeted offering for organizers and international clients Broaden service coverage → more contracts for both internal and third-party events Boost customer retention → improved support for exhibitors through integrated logistics Enhance operational control → safer, more efficient traffic and logistics management

• Target company: EMAC S.r.l., organiser of Milano AutoClassica (Fiera Milano hosted exhibition since 2012) and Vicenza Classic Car Show
• Stake: 35%
• Synergies & strategic rationale:
  • Strategic alliance with IEG and Mosaico (Andrea Martini) → joint shareholding (Fiera Milano 35%, IEG
    • 35%, Mosaico 30%) and coordinated governance
  • Builds a national champion in the classic car segment
  • Strengthens owned event portfolio in line with the 2024–2027 Strategic Plan
  • From hosted to integrated model → ensures strategic control and margin preservation
  • Synergies in content, audience and visibility across events
  • Reinforces systemic cooperation between Italy's major exhibition groups

€30.7M CONTRACT AWARDED FOR MILANO ICE PARK TEMPORARY INFRASTRUCTURE WORKS IN RHO (MILAN)

2025 GUIDANCE UPGRADE DRIVEN BY STRONG BUSINESS MOMENTUM

• Strong H1 2025 organic performance despite macroeconomic uncertainty and market volatility:
  • Congress business +52% YoY, driven by major international events (e.g. Asian Development Bank Annual Meeting, European Hematology Association)
  • Services division up +9%, confirming a structurally positive trend in both physical and digital services
  • Exhibition business performing above expectations, supported by flagship events such as BIT and TUTTOFOOD
• H2 2025 expected to benefit from:
  • Expotrans consolidation (from May) leader in exhibition logistics
  • Olympic infrastructure contract award (design and management of temporary structures at Rho for speed skating and ice hockey events)

BUSINESS REVIEW

SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW

11

	Italian Exhibition Business	1H 2023	1H 2024	1H 2025	Δ (€) 2025/2024
A	Revenues (€m)	110.2	119.4	137.4	+18.0
	EBITDA (€m)	33.3	42.9	49.4	+6.5
	N. exhibitions	23	22	28
	o/w directly organized	6	9	8
	o/w hosted	17	13	20
	Square meters	649,115	626,515	699,995

2%

4%

Foreign Exhibition Business	1H 2023	1H 2024	1H 2025	Δ (€) 2025/2024
Revenues (€m)	3.0	4.3	4.3	=
EBITDA (€m)	0.4	2.6	1.7	-0.9
N. Exhibitions	9	15	11
o/w directly organized	9	15	11
Square meters	89,025	168,475	146,350

Congresses*	1H 2023	1H 2024	1H 2025	Δ (€) 2025/2024
Revenues (€m)	24.4	26.5	37.6	+11.1
EBITDA (€m)	8.0	9.0	11.0	+2.0
n. congresses	61	67	59
o/w with exhibition area	26	26	25
Square meters	52,320	44,220	57,166

*It includes BIT in 1H 2024 but not in 1H 2025, as the event was moved to Rho. The figures are reported gross of intercompany transactions.

Other sectors (inc. Expotrans D and others)	1H 2023	1H 2024	1H 2025	Δ (€) 2025/2024
Revenues (€m)	-	-	7.0	+7.0
EBITDA (€m)	-	-	1.0	+1.0

• Revenue growth supported by solid performance of the exhibitions, stronger service penetration, and the contribution of new events. The semester also benefited from a favorable calendar, with key multi-year exhibitions (The Innovation Alliance, Tuttofood powered by Cibus) offsetting the absence of even-year hosted events.
• The EBITDA variation is mainly due to the aforementioned Revenue trend and equity-accounted results, in addition to the costs related to the sponsorship rights for the XXV Milano Cortina 2026 Winter Olympic Games, the costs related to the launch of the Employee Share Ownership Planand and higher personnel expenses due to increased headcount across the Group.
• Revenues amounted to €4.3 million in 1H 2025, in line with those recorded in the same period of the previous year.
• EBITDA decreased by € 0.9 million, primarily attributable to the result of the joint venture held under joint control with the partner Deutsche MESSE AG in relation to exhibitions in China.
• Revenue growth primarily due to higher Revenue from recurring events also present in 1H 2024 (AWS Summit Milano, Salesforce and Netcomm) and from non-recurring events compared to the first half of 2024. Key events included ADB – Asian Development Bank and EHA – European Hematology Association.
• EBITDA increased by € 2.0 million, primarily attributable to the aforementioned revenue performance.
• Revenues reflect the inclusion of Expotrans SpA, Event Logistics Team Srl and Expotrans Pte Ltd within the consolidation perimeter.
• EBITDA reflects the same consolidation effects impacting revenues, mainly related to the inclusion of Expotrans

Fiera Milano Consolidated	1H 2023	1H 2024	1H 2025	Δ (€) 2025/2024
Revenues (€m) (net of Elisions)	132.2	144.4	177.9	+33.5
EBITDA (€m)	41.6	54.6	63.1	+8.5
N. Exhibitions	32	37	39
o/w directly organized	15	24	19
o/w hosted	17	13	20
Square meters consolidated (A+B+C)	790,460	839,210	903,511

B

C

FIERA MILANO 1H 2025 SQM GROWTH CHAMPIONS

SELECTED ITALIAN EXHIBITIONS

FINANCIAL REVIEW

INCOME STATEMENT

	Consolidated Income Statement (€m)	1H 2024	1H 2025	Δ 1H 25/24
1	Revenues	144.4	177.9	+33.5
	Cost of materials	1.3	1.7	+0.4
	Cost of services	66.3	89.4	+23.1
	Personnel expenses	24.1	27.3	+3.2
	Other operating expenses	2.2	2.6	+0.3
	Total operating costs	93.9	121.0	+27.1
	Other income	1.8	2.4	+0.6
	Results of equity-accounted companies	2.4	4.0	+1.7
	Allowance for doubtful accounts	0.0	0.2	+0.2
2	EBITDA	54.6	63.1	+8.5
	Depreciationandamortisation	25.9	25.0	-0.8
	Adjustments to asset values	0.0	0.5	+0.5
	EBIT	28.7	37.5	+8.8
3	Financial income/(expenses)	-3.8	-5.8	-2.1
	Profit/(loss) before income tax	24.9	31.7	+6.8
	Income tax	2.3	8.6	+6.3
	Profit/(loss) from continuing operations	22.6	23.1	+0.5
	Profit/(loss) from discontinued operations	0.0	0.0	0.0
4	Profit/(loss)	22.6	23.1	+0.5
	- o/w attributable to the shareholders of the controlling entity	22.7	22.9	+0.1
	- o/w attributable to non-controlling interests	-0.1	0.3	+0.3

Revenues: increased from Euro 144.4m in 1H 2024 to Euro 177.9m in 1H 2025, showing a growth of Euro +33.5m. This change is mainly attributable to:

• Positive performance effect of Euro +20.3m, corresponding to a like-for-like growth of +14%. The main areas contributing to this performance effect are:
  • Sale of exhibition spaces (area) – Organized: +3%
  • Sale of exhibition spaces (area) – Hosted: +4%
  • Physical and digital services: +9%
  • Congresses: +52%

1

2

3

4

• Calendar effect of Euro +5.3m, resulting from the combination of the presence of Tuttofood (biennial) and The Innovation Alliance (multi-year), and the absence of Mostra Convegno Expocomfort and Transpotec & Logitec (biennial in even years)
• Effect of new events amounting to Euro +2.5m, including Artigiano in Fiera Anteprima d'Estate
• Acquisition of Expotrans S.p.A. Euro +5.5m
• EBITDA: increased from Euro 54.6m in 1H 2024 to Euro 63.1m in 1H 2025, with a positive change of Euro +8.5m. The variation mainly reflects the previously mentioned revenue trend and the contribution from equityaccounted investments.This effect was partially offset by the cost of sponsorship rights related to the XXV Milano Cortina 2026 Winter Olympic Games, charges from the launch of the Employee Share Ownership Plan, and the increase in Group headcount, including personnel from the Expotrans Group acquired during the period.
• Financial management: negative variation of Euro -2.1m due to the increase in financial charges on lease liabilities following the revision of the discount rate and the fair value of shares in ESG mutual investment funds.
• Net result for the period in 1H 2025 amounts to Euro 23.1m, an increase of Euro +0.5m compared to Euro 22.6m in 1H 2024.

*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 AND CASH FLOW

	Balance Sheet (€m)	As of 31 Dec 2024	As of 30 June 2025	Δ 30 June 2025/ 31 Dec 2024
	Goodwill	95.0	101.3	+6.3
	Intangible assets with a finite useful life	9.0	8.8	-0.2
	Right-of-use assets	308.6	312.4	+3.8
	Tangible fixed assets	7.4	8.4	+1.0
	Other non-current financial assets	0.0	0.01	+0.01
	Other non-current assets	89.3	86.6	-2.8
A	Non-current assets	509.4	517.5	+8.1
	Inventory and contracts in progress	7.8	7.3	-0.6
	Trade and other receivables	51.2	69.2	+18.0
B	Current assets	59.0	76.4	+17.4
	Trade payables	68.6	70.9	+2.3
	Payments received on account (advances)	40.3	61.8	+21.5
	Tax liabilities	2.0	2.0	0.0
	Provisions for risks and charges and other current liabilities	34.0	73.9	+39.9
C	Current liabilities	144.9	208.6	+63.6
D	Net working capital (B - C)	-85.9	-132.1	-46.2
E	Gross capital employed (A + D)	423.5	385.4	-38.1
	Employee benefit provisions	8.2	8.8	+0.5
	Provisions for risks and charges and other non-current liabilities	4.4	3.5	-0.9
F	Non-current liabilities	12.6	12.3	-0.3
G	NET CAPITAL EMPLOYED cont. operations (E - F)	410.9	373.1	-37.8
H	NET CAPITAL EMPLOYED assets held for sale	0.0	0.0	0.0
	TOTAL NET CAPITAL EMPLOYED (G + H)	410.9	373.1	-37.8
	covered by:
	Equity attributable to the Group Equity attributable to non-controlling interests	156.7	154.2	-2.4
I	Total equity	0.4	1.6	+1.2
	Cash & cash equivalents	157.1 -72.4	155.8 -140.1	-1.2 -67.6
	Current financial (assets)/liabilities	31.8	36.1	+4.3
	Non-current financial (assets)/liabilities
		294.5	321.2	+26.8
	Net financial debt of continuing operations	253.8	217.2	-36.6
	Net financial debt of assets held for sale	0.0	0.0	0.0
L	Net financial debt (TOTAL) post IFRS16	253.8	217.2	-36.6
	EQUITY AND NET FINANCIAL DEBT (I + L)	410.9	373.1	-37.8

1

2

Net Financial Debt/(Cash) pre IFRS16 -77.8 -119.1 -41.3

	goes from Euro -85.9m at 31/12/2024 to Euro -132.1m at 30/06/2025. The change of Euro Net Working Capital	-46.2m is
	attributable to the following components:

• increase in Current Assets of Euro 17.4m, mainly due to the rise in "Trade and other receivables" by Euro 18.0m, related to higher receivables from clients and organizers;
• increase in Current Liabilities of Euro 63.6m, mainly due to the net effect of:
• increase in "Trade payables" by Euro 2.3m

2

1

• increase in "Advances" by Euro 21.5m, as the net effect of higher advances invoiced to customers for events scheduled in the following quarters (notably Host) and decreases related to events held in the first half of the year (notably the Saloni)
• increase in "Provisions for risks and charges and other current liabilities" by Euro 39.9m mainly related to the increase in deferred income on invoiced fees pertaining to future periods for the use of the venue for the organization of the XXV Milano Cortina 2026 Winter Olympic Games and to the increase in payables to organizers.
• Net Financial Position (pre-IFRS16) as of 30 June 2025 shows a net financial availability of Euro 119.1m compared to a net financial availability of Euro 77.8m as of 31 December 2024.

The increase of Euro 41.3m mainly reflects the cash generation during the half-year, driven by the results achieved and the advance payments received for upcoming events and the XXV Olympic Winter Games Milano Cortina 2026. This effect was partially offset by the dividend payment and the transaction for the acquisition of Expotrans.

From 31/12/24 To 30/062025
(27.7)
(3.3)
32.0
46.2
78.2
0.7
(8.6)
70.3
(29.0)
41.3

The positive contribution of Net Working Capital more than offset the cash outflows related to the distribution of dividends and the acquisition of Expotrans.

FINANCIAL STABILITY INDICATORS

Current asset/ Current liabilities			(Equity + Non Current Liabilities)/ Fixed asset
€m	Ratio: 0.77	Ratio: 0.89	€m	Ratio: 0.98	Ratio: 1.01
	194.4 €	259.7 €		471.3 €	484.3 €
	149.2 €	231.6 €		464.2 €	489.4 €
	As of 31 Dec 2024	As of 30 June 2025		As of 31 Dec 2024	As of 30 June 2025
	Current Asset	Current Liabilities		Equity + Non Current Liabilities	Fixed asset

- Index improving compared to 31 December 2024 Index in line with 31 December 2024

COMPOSITION:

• Current Assets (Cash and cash equivalents, Current financial assets, Trade receivables, Suspended costs)
• Current liabilities (Portion of short-term loans, Debt to Fondazione FM, Other financial liabilities, Portion of short-term lease liabilities, Trade payables, Advances, Provisions for risks and charges, Tax payables, Other current liabilities)

COMPOSITION:

• Equity + Non-current liabilities (Shareholders' equity, Bank loans, Lease Liabilities, Personnel provisions, Provisions for risks and charges, Deferred tax liabilities)
• Fixed Assets (Tangible fixed assets, Goodwill, Intangible fixed assets, Right to use leased assets, Investments valued at equity)

GUIDANCE

	UPGRADED
Millions of euros	2025 2026 2027
Revenues	350-370 305-325 355-375
EBITDA	115-125 90-100 120-130
EBITDA Margin (mid-point)	~34%
EBITDA Margin ex. IFRS 16 (mid-point)	~20%
Net debt (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

• 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

FIERA MILANO LEADS THE «ESG IDENTITY CORPORATE INDEX 2025»

Fiera Milano recognized as Top ESG Performer in the 2025 ESG Identity Corporate Index, ranking first among listed Small Caps for excellence in integrating sustainability into its business model.

ESG SCORECARD 2024

Environment Social Governance

Reduction CO2 target: - 60% by 2027 - 80% by 2030

New Share Plan for the employees

Customer Satisfaction

Diversity: percentage of

Community

Board independence	Board diversity
22% 78% Independent Non-independent	56% 44%
Sustainability governance	Certifications
Sustainability Committee (internal board committee)
Sustainability Team

APPENDIX 1

EXHIBITIONS DETAILS

EXHIBITIONS AND CONGRESSES IN 1H 2025

Manifestazioni Italia – metri Italian Exhibitions quadrati	Net square meters
	1H 2024	1H 2025
Directly Organized
- Bit (A)	17,225	18,625
- Miart (A)	9,225	9,195
- Milano Fashion&Jewels (I semester) (A)	12,760	11,970
- Milano Home (A)	19,675	20,670
- Promotion Trade Exhibition (A)	4,710	4,890
- Quick & More* (A)	7,545	7,940
- SposaItalia (A)	7,830	6,765
- NME (B)	10,515	-
- NetZero* (B)	-	1,140
- Transpotec (B)	49,690	-
Total Directly Organized	139,175	81,195
Hosted
- Artigiano in Fiera - Anteprima d'Estate * (A)	-	13,165
- Fà la cosa giusta (A)	6,745	9,575
- Filo (I semester) (A)	1,545	2,485
- I Saloni (A)	176,460	164,540
- LineaPelle Febbraio (A)	45,540	45,500
- Mido (A)	45,940	48,390
- Milano Unica (spring) (A)	31,205	39,160
- Mipel (March) (A)	4,500	4,400
- My Plant & garden (A)	26,775	32,290
- Racquet Trend Expo * (A)	-	11,410
- The Micam (spring) (A)	32,100	32,720
- The ONE Milano (February) (A)	3,970	a)
- Mostra Convegno Expocomfort (B)	85,925	-
- Venditalia (B)	12,960	-
- Xylexpo (B)	13,675	-
- ISSA Pulire (B)	-	14,100
- Lamiera (B)	-	19,040
- Made in Steel (B)	-	20,130
- Tuttofood (B)	-	79,560
- Greenplast (M)	-	5,375
- Ipack Ima (M)	-	54,230
- Intralogistica (M)	-	4,225
- Pharmintech* (M)	-	5,980
- Print4all (M)	-	12,525
Total Hosted	487,340	618,800
Total Italian Exhibitions	626,515	699,995

* The exhibition was held for the first time

a) The exhibition did not take place

(B) = Biennial

(M) = Multi-year

Foreign Exhibitions	Net square meters
	1H 2024 9M 2022	1H 2025 9M 2023
China
- Chinafloor Domotex Shanghai ° (A)	67,350	59,230
- China International Fastener Show ° (A)	15,760	15,530
- Chengdu International Industry Fair ° (A)	12,880	11,340
- GITF International Tour Guangzhou (A)	4,760	4,035
- Industrial Automation Shenzen ° (A)	9,955	9,705
- Laser Fair Shenzen (A)	5,060	8,055
- Let China Guangzhou (A)	18,340	14,445
- Xiamen International Industry Exposition ° (A)	1,420	2,585
- Chengdu Industrial Professional Expo ° (A)	4,000	a)
- Industrial Automation Robotic Show South China ° (A)	2,000	a)
- Northern International Logistics and Transportation Technology Expo Jinan ° (A)	5,360	b)
South Africa
- Cape Town Art Fair (A)	4,105	4,300
Brasil
- Exposec (A)	13,625	12,725
- Fruit Attraction São Paulo *° (A)	2,860	4,400
- Esquadria Show *° (B)	1,000	-
Total Foreign Exhibitions	168,475	146,350

° The exhibition is organized in partnership

a) The exhibition did not take place

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

Congresses
1H 2024	1H 2025
67 events	59 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

NEXT CORPORATE EVENTS:

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.