Fiera Milano

Investor Presentation • Mar 10, 2020

CONFERENCE CALL – 10 March 2020

FIERA MILANO GROUP FY2019 Consolidated Results

1. Highlights 2. Financial Results 3. Business outlook

Highlights

1.

KEY FIGURES	FY2019	of which IFRS16 impact	FY2018	FY2017
Revenues	279.7		247.2	256.3
EBITDA	106.1	47.7	31.9	15.1
EBIT	59.6	7.8	25.1	5.4
Profit	34.3	(4.6)	18.6	1.7
KEY FIGURES	31/12/2019	31/12/2018	31/12/2017
Net cash (debt) pre IFRS16	68.3	23.7	(0.8)

Best results since the establishment of Fiera Milano S.p.A.

2019 was the 2nd year that exceeded the targets of 2018-2022 Strategic Plan presented in May 2018

• EBITDA of Euro 106.1 million, improving on 2018 and the target of Euro 100 million updated in November 2019, thanks to a positive commercial performance and actions taken to control costs begun in 2018
• Proposal to the Shareholders' Meeting of a dividend distribution of Euro 0.13 per share

1.1 Highlights

1 . 2 Achievements

• Signature of a memorandum of understanding with Samsung SDS, partner in the digital transformation process of the exhibition site
• Strengthening of directly organised exhibitions :
  • acquisition of 60% of the company MADE Eventi S.r.l., organiser of MADE expo, the biennial international architecture and construction exhibition
  • acquisition of the Cartoomics exhibition trademark and of 62.5% of the Milan Games Week trademark, in the comics, gaming and entertainment sector
• Commercial agreement with a leading company in the customised stand fitting sector
• As part of the plan to streamline the Group's corporate structure,
  • merger of the Brazilian subsidiary Eurofairs International Consultoria e Participações Ltda
  • liquidation of Fabbrica del Libro

Financial Results 2.

2.1 Italian Exhibitions

• Annual exhibitions: positive performance of Eicma moto
• Biennial exhibitions: new record of Host (140,900 sqm.) in the professional hospitality sector. Occurrence of Tuttofood and absence of Mostra Convegno Expocomfort
• Multi-year exhibitions: absence of The Innovation Alliance

2.2

Italian Exhibition Business

• The increase in revenues of 2019 reflected the exhibition calendar and the good commercial performance
• The trend of EBITDA is primarily related to the IFRS 16 effect (Euro 43.7 million) and the rise of revenues

Italian Exhibition Business	FY2019	FY2018
Revenues (€m)	235.3	200.3
EBITDA (€m)	90.6	23.8
% on revenues	38.5%	11.9%
EBIT (€m)	50.7	20.0
% on revenues	21.6%	10.0%

2.3

Foreign Exhibition Business

• The trend in revenues reflected the absence of the biennial exhibitions Fisp and Fesqua in Brazil
• The EBITDA reflected the trend of revenues, mostly offset by an improved performance in Brazil and better results from the joint venture activities in China

Foreign Exhibition Business	FY2019	FY2018
Revenues (€m)	4.3	7.8
EBITDA (€m)	3.3	3.7
% on revenues	78.1%	47.2%
EBIT (€m)	2.9	3.3
% on revenues	68.2%	42.1%

Media	FY2019	FY2018
Revenues (€m)	11.1	11.3
EBITDA (€m)	0.8	0.6
% on revenues	7.3%	4.9%
EBIT (€m)	(0.6)	(0.6)
% on revenues	-5.3%	-5.5%

2.4 Media

• Revenues and EBITDA were almost unchanged compared to 2018
• EBIT was affected by the writedown of the technical publications 'Technology' (Euro 0.6 million) and the Business International trademark (Euro 0.6 million)

Congresses	FY2019	FY2018
Revenues (€m)	39.7	37.7
EBITDA (€m)	11.3	3.8
% on revenues	28.6%	10.2%
EBIT (€m)	6.6	2.5
% on revenues	16.5%	6.5%

• 2019 record year
• The year-on-year increase in revenues reflected the holding of important international congresses and conventions (World Congress of Dermatology and Lions Club International Convention)
• EBITDA benefitted from the improvement in revenues and the IFRS 16 effect (Euro 3.9 million)

Consolidated Net Financial Position (€m)	31/12/2019	31/12/2018
Cash & cash equivalents	68.0	28.4
Current financial assets	1.3	0.0
Current bank borrowings	0.0	0.0
Current portion of non-current debt	0.0	3.5
Other current financial liabilities	1.1	1.3
Current financial debt	1.1	4.8
Net current financial debt (cash)	(68.3)	(23.6)
Non-current financial assets	0.1	0.1
Other non-current payables	0.0	0.0
Non-current financial debt	(0.1)	(0.1)
Net financial debt (cash) before IFRS 16 effects	(68.3)	(23.7)
IFRS 16 financial effects	473.4	0.0
Net financial debt/(cash) after IFRS 16 effects	405.1	(23.7)

2.6 Net Financial Position

The net financial position pre-IFRS16 improved compared to the end of 2018 mainly due to the positive operating cash flow

Business outlook 3.0

3.1 Business Outlook

• Due to the Covid-19 epidemiological emergency, first in China and then extended to other countries including Italy, some exhibitions scheduled for the early months of the year have been postponed to ensure that they can take place
• The Company will continue to monitor the evolution of the epidemiological situation and the ongoing booking of exhibition spaces
• Based on the current exhibition calendar, the Company confirms the 2020 target of an EBITDA in the range of Euro 71-75 million, implementing all possible measures to achieve the target

Data and information herewith set forth are extracted from the press release relating to Fiera Milano Consolidated Results to 31 December 2019 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

FY2019	FY2018
279.7	247.2
2.5	2.4
121.2	114.1
0.5	50.3
47.4	47.0
4.8	4.5
176.4	218.4
2.4	2.8
3.8	5.2
3.5	5.0
106.1	31.9
45.2	5.9
1.3	0.9
59.6	25.1
(13.4)	(0.1)
0.0	0.0
46.2	24.9
11.9	6.4
34.3	18.6
34.4	18.8

Financial overview – Income Statement

Consolidated Statemen of Financial Position (€m) 31/12/2019 31/12/2018

Consolidated Statemen of Financial Position (€m)	31/12/2019	31/12/2018
Non-current assets	622.5	148.4
Net working capital	(87.7)	(73.1)
Gross capital employed	534.8	75.3
Non current liabilities	21.9	16.9
Total net capital employed	512.9	58.4
Equity	107.9	82.1
Net financial position	405.1	(23.7)
Equity and net financial position	512.9	58.4

Financial overview – Statement of Financial Position