Fiera Milano

Investor Presentation • Jul 28, 2021

CONFERENCE CALL – 28 July 2021

1 st Half 2021 Consolidated Results FIERA MILANO GROUP

1. Highlights 2. Financial results 3. Business outlook

Highlights 1.0

1.1 Highlights

• H1 2021 results reflected the suspension of exhibition activities due to the restrictive measures adopted by the Italian Authorities to contain the spread of the COVID-19 pandemic
• The lack of revenues negatively affected profitability and led to a net loss of Euro 24.6m
• Net Financial Debt before IFRS 16 effects reached Euro 64.9m compared to Euro 23.9m at the end of 2020

During these months of forced inactivity, Fiera Milano worked closely with institutions and health authorities, third-party organisers, partners and industry associations to meticulously plan the restart of our exhibition and conference events, and to ensure that our customers can meet in complete safety and therefore get back to generating new networking and business opportunities

(*) In the first two months of 2020 the activity was carried out under normal conditions

KEY FIGURES (€m)	H1 2021	H1 2020 (*)
Revenues	4.6	56.0
EBITDA	(23.0)	10.6
EBIT	(45.3)	(11.9)
Net Profit (loss)	(24.6)	(12.6)
KEY FIGURES (€m)	H1 2021	FY 2020
Net debt (net cash) pre IFRS16	64.9	23.9

1.2

Carefully planning the restart: main actions (1)

• Revision of the H1 2021 exhibition calendar in close coordination with organisers and exhibitors, repositioning events in different periods to those originally planned
• ✓ Extraordinary organisational effort to support a very busy calendar: >30 exhibitions in H2 2021
• ✓ Exploiting synergies between similar/adjacent sectors, transforming a moment of crisis into an opportunity

1.2

Carefully planning the restart: main actions (2)

• Intense dialogue with government institutions and health authorities, also in coordination with the Italian trade fairs associations, in order to ensure the best possible conditions for the resumption of activities
• Strict cost control and implementation of efficiency measures in the management of exhibition sites and personnel (utilisation of the Italian wage supplementation fund "FIS - Fondo Integrazione Salariale")
• Large financial resources to ensure business continuity, providing additional financial flexibility and supporting business for a prolonged period of time.
• ✓ Euro 87 million of medium-term loans
• ✓ Euro 75 million of credit lines
• Expansion of the offered solutions and services especially in the digital field to develop hybrid ("phygital") exhibition formats
• New organisation structure and strengthened management team to speed up the execution of the strategic plan CONN.E.C.T. 2025

the delivery of the strategic plan in exceptional circumstances due to the inability to carry out the core

1.3

Sustainability: main actions and achievements

• Sustainability has become an integral part of the CONN.E.C.T 2025 strategic plan and a cross-cutting issue for the company organisation
• Definition of Fiera Milano's purpose, revision of mission and corporate values, update of the materiality matrix
• Update of Fiera Milano's protocol to contain the spread of coronavirus, in full compliance with Italian health rules and protocols, covering all exhibition phases
• Obtained the ISO 20121:2013 certification for event sustainability management systems
• Launched an extraordinary training plan called "Fiera Milano Education", feeding into the process of strengthening employees' digital skills. The project is part of the broader skill transformation path envisaged in the CONN.E.C.T. 2025 plan.
• Fiera Milano ranked 1 150 companies classified as "Sustainability Leaders" in 2021 according to an analysis by "Statista" and "Il Sole 24 Ore"

st in 2021 IGI (Integrated Governance Index) awards in the "extra 100" category and in the

1.4 Digital edition

9-14 May 2021 – Fiera Milano organised Bit Digital Edition, the digital marketplace focused on tourism

Bill DIGITA POULTRANE	ILATAL EDITION		C Cerca espositori prodotti e news nel catalogo				ACCEDI O REGISTRATI
Home	Espositori	Settori	Prodotti	Storie	Eventi	Social Flow	Torna al sito	IT V

C. Ricerca per Titolo Evento	$(3 - 9$ maggio 2021 $\geq$	DOMENICA 1111211 INOVEDI L'AGREROC 言ん目を言う MERCONCERN MARTED 9 16
Programma 820 B2B BIT SPECIAL TALKS	B2C B2B BIT SPECIAL TALKS FOUR TRAVEL	Convegno inaugurale di BIT Digital Edition DIGITAL CONTON Relatori: Luca Palermo, Alfonso Morvillo, Caroline Bremner, Alessandra Priante, Thierry Breton, Massimo Garavaglia. Modera: 09-05-2021 11:00
EXPERIENTIAL TOURISM FOOD AND WINE TOURISM	ALLA DII DIVITAL EDITIUN EXPERIENTIAL TOURISM TECHNOLOGY & INNOVATION B2C B2B BIT SPECIAL TALKS	Prenotare un viaggio in Italia con la OTA mytakeit.com: il prezzo lo fai tu! mytakeit.com
HOT TOPICS	0.13 MARGED MILL 12-14 NAMED 2011	09-05-2021 12:00 MY TAKE IT - BIT DIGITAL
TECHNOLOGY & INNOVATION TRAINING $+$ Filtri Ricorrente O Organizzato da Espositore Organizzato da BIT Digital Edition	B2C B2B BIT SPECIAL TALKS TRAINING B2B	XXIV Rapporto sul Turismo Italiano Relatori: Alfonso Morvillo, Emilio Becheri, Mara Manente, Fabrizio Arosio, Flavia Maria Coccia, Alessandra Marasco, Pio Grollo, Oriana Prenotazioni dirette, i trend e le strategie migliori per la ripresa Modera: Giulia Eremita, Strategia e Comunicazione digitale nel Turismo. Relatori: Silvia Cantarella, Revenue Acrobats; Simone
	TRAINING B2C B2B	09-05-2021 14:00 2020, l'anno zero per il business model delle OTA. I principali attori del mercato raccontano cosa è cambiato nell'anno del Relatori: Silvia Montini, CEO & Founder, Dormoa; Erika De Santi, Co- founder & Managing Director & Equity Partner WeRoad; Gianpaolo
	HOT TOPICS B2C , B2B	09-05-2021 14:00 Destinazione Italia: la scommessa 2021 Relatori: Lara Magoni, Giorgio Palmucci, Luca Scandale, Giacomo Trovato, Francesco Palumbo, Laura Dominici
		09 05 2021 14:00 SQ4376 HL

1.5 Exhibition restart (1/1)

25-27 June 2021 – Fiera Milano hosted Sì Sposaitalia Collezione, its first physical exhibition after the resumption of activities…

1.5 Exhibition restart (2/2)

…followed a few days later by Milano Unica (6-7 July 2021)

2.0 Financial results

2.1 Italian Exhibitions Business

• The change in revenue was due to absence of on-site events until 15 June 2021. The exhibition calendar was revised, where possible, by postponing events originally planned for the first half to the second half of the year
• The change in EBITDA was mainly due to the trend in revenues, which was partially offset by the actions taken to reduce the cost base

Italian Exhibitions Business (€m)	H1 2021	H1 2020 (*)
Revenues	2.9	49.4
EBITDA	(20.4)	11.9
% on revenues	neg.	24.0%
EBIT	(40.1)	(7.9)
% on revenues	neg.	neg.

• The contraction in revenues reflected the effect of Covid-19 on the exhibition calendar in Brazil and South Africa
• The improvement in EBITDA was due to the positive result of the joint venture in China (JV with Deutsche Messe AG), whose activity in H1 2020 was halted as a result of the Covid-19 emergency, which hit the country from January 2020

2.2 2.2 Foreign Exhibitions Business

Foreign Exhibitions Business (€m)	H1 2021	H1 2020 (*)
Revenues	0.0	1.1
EBITDA	(0.5)	(1.0)
% on revenues	neg.	neg.
EBIT	(0.6)	(1.2)
% on revenues	neg.	neg.

• Revenues were affected by the suspension of the business due to COVID-19 restrictions
• The change in margins was primarily due to the trend in revenues
• In Q1 2021 the publishing business was sold to Quine Srl, a publishing company specialising in technical magazines

2.3 Media

Media $(\epsilon m)$	H1 2021	H1 2020 (*)
Revenues	0.9	3.4
EBITDA	(0.8)	0.2
% on revenues	neg.	$5.4\%$
EBIT	(0.8)	0.1
% on revenues	neg.	$4.0\%$

• The decline in revenues was due to the absence of on-site events as a result of the suspension of congress activities
• The change in EBITDA was primarily due to the trend in revenues

2.4 Congresses

Congresses (€m)	H1 2021	$H1 2020 (*)$
Revenues	1.2	4.2
EBITDA	(1.3)	(0.4)
% on revenues	neg.	neg.
IEBIT	(3.8)	(2.9)
% on revenues	neg.	neg.

2.5 Net Financial Position

Cash & cash equivalents
Current financial assets
Current bank borrowings
Current portion of non-current debt
Other current financial liabilities
Current financial debt
Current net financial debt (cash)
Non-current financial assets
Non-current bank borrowings
Other non-current liabilities
Non-current financial debt (cash)
Net financial debt (cash) before IFI
IFRS 16 financial effects
Net financial debt/(cash) after IFRS

The change in net financial position was mainly due to the suspension of exhibition activities

Consolidated Net Financial Position (€m)	30/06/2021	31/12/2020
Cash & cash equivalents	58.7	20.4
Current financial assets	2.4	1.3
Current bank borrowings	37.3	49.0
Current portion of non-current debt	0.0	0.0
Other current financial liabilities	7.4	1.7
Current financial debt	44.7	50.8
Current net financial debt (cash)	(16.4)	29.0
Non-current financial assets	5.6	5.1
Non-current bank borrowings	86.5	0.0
Other non-current liabilities	0.4	0.0
Non-current financial debt (cash)	81.3	(5.1)
Net financial debt (cash) before IFRS 16 effects	64.9	23.9
IFRS 16 financial effects	436.1	449.6
Net financial debt/(cash) after IFRS 16 effects	501.0	473.4

Business outlook 3.0

3 . 1 Business outlook (1)

• Despite the still uncertain public -health scenario, with the spread of new variants of COVID -19, the current situation is more stable than in the recent past . This is mainly due to the increase in vaccine uptake and the Green Pass system, which came into force on 1 July, facilitating mobility within the EU area, which is key to ensuring participation in international exhibitions and congresses
• The calendar of trade fairs for the period September December 2021 is very busy with over 30 events scheduled
• However, expected attendance and occupancy levels are lower than initially estimated due to persistent uncertainties over the evolution of the pandemic
• This situation has led the Company to revise its forecasts for the current year. Based on the information currently available, revenues are forecast to be between Euro 130 and 140 m, with EBITDA of between Euro 23 m and 28 net financial debt before IFRS 16 effects in the range of Euro 24 m -28 m.

3.1 Business outlook (2)

• The previous estimates, reported in the 2021-2025 Strategic Plan in the the scenario of resumption of the activities from September, were based on: a turnover of Euro 160m-180m, an EBITDA between Euro 35m-45m and net financial debt before IFRS 16 effects between Euro 0 and 10m
• Despite prolonged inactivity, Fiera Milano presents a solid financial situation: Euro 59m of cash on hand plus Euro 38m of unused credit lines
• Fiera Milano is ready to:
• ✓ welcome exhibitors and visitors under the best possible safety conditions
• ✓ support SMEs and the Italian recovery
• ✓ execute its strategic plan and seize any growth opportunities that may arise

Forward-looking statement

Data and information herewith set forth are extracted from the Fiera Milano Press Release relating to Fiera Milano Consolidated Half-Year Financial Report to 30 June 2021 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 Andrea Maldi 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.

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

Financial overview – Income Statement

Consolidated Income Statement (€m)	H1 2021	H1 2020 (*)
Revenues	4.6	56.0
Cost of materials	0.2	1.3
Cost of services	13.0	29.3
Costs for use of 3rd-party assets	0.1	0.3
Personnel expenses	16.3	17.3
Other operating expenses	1.0	1.2
Total operating costs	30.6	49.4
Other income	3.4	1.2
Results of equity-accounted companies	(0.2)	(0.7)
Allowance for doubtful accounts an other provisions	0.3	(3.5)
EBITDA	(23.0)	10.6
Depreciation and amortisation	22.3	22.4
Adjustments to asset values	0.0	0.0
EBIT	(45.3)	(11.9)
Financial income/(expenses)	(6.2)	(6.8)
Valuation of financial assets	0.0	0.0
Profit/Loss before income tax	(51.5)	(18.7)
Income Tax	26.4	6.1
Net Profit/Loss from continuing operations	(25.1)	(12.6)
Net Profit/Loss from discontinued operations	0.5	0.0
Net Profit/Loss	(24.6)	(12.6)
o/w attributable to the shareholders of the controlling entity	(24.5)	(12.5)

Revenues	4.6	56.0
Cost of materials	0.2	1.3
Cost of services	13.0	29.3
Costs for use of 3rd-party assets	0.1	0.3
Personnel expenses	16.3	17.3
Other operating expenses	1.0	1.2
Total operating costs	30.6	49.4
Other income	3.4	1.2
Results of equity-accounted companies	(0.2)	(0.7)
Allowance for doubtful accounts an other provisions	0.3	(3.5)
EBITDA	(23.0)	10.6
Depreciation and amortisation	22.3	22.4
Adjustments to asset values	0.0	0.0
EBIT	(45.3)	(11.9)
Financial income/(expenses)	(6.2)	(6.8)
Valuation of financial assets	0.0	0.0
Profit/Loss before income tax	(51.5)	(18.7)
Income Tax	26.4	6.1
Net Profit/Loss from continuing operations	(25.1)	(12.6)
Net Profit/Loss from discontinued operations	0.5	0.0
Net Profit/Loss	(24.6)	(12.6)
o/w attributable to the shareholders of the controlling entity	(24.5)	(12.5)

(*) In the first two months of 2020 figures referred to pre-Covid 19 activities

Financial overview – Reclassified Statement of Financial Position

$\mathsf{Position}\left(\mathsf{Em}\right)$	30/06/2021	31/12/2020
	594.0	593.8
	(40.0)	(35.4)
	554.0	558.4
	14.2	21.7
	539.8	536.7
	38.8	63.2
	501.0	473.4
	539.8	536.7
sh)	64.9	23.9

Reclassified Consolidated Statement of Financial Position (€m) 30/06/2021 31/12/2020

Non-current assets 594.0 593.8 Net working capital (40.0) (35.4) Gross Capital Employed 554.0 558.4 Non current liabilities 14.2 21.7 Total net Capital Employed 539.8 536.7 Equity (*) 38.8 63.2 Net Financial Position 501.0 473.4 Equity and Net Financial Position 539.8 536.7 Net Financial Position pre-IFRS 16 effects (Net Cash) 64.9 23.9