Fiera Milano

Investor Presentation • Mar 21, 2022

Fiera Milano

The European hub for innovative, sustainable and high standing events

STAR Conference 22 March 2022

1

Today's Presenters

Chief Executive Officer General Manager

• Prior experience: Emerge Edenred, Nexive, Vodafone, Bosch, Olivetti

• 1 year in Fiera Milano

• Prior experience: Borsa Italiana, General Electric, Kelly Services, Adecco, PwC

Luca Palermo Andrea Maldi Vincenzo Cecere

Chief Financial Officer Head of Investor Relations & Sustainability

Camilla Cusi Sustainability Manager

• Recenly joined Fiera Milano
• Prior experience: Cerved, Mediobanca

▪ > 1 year in Fiera Milano ▪ 18 years in Fiera Milano

1. Executive summary

• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

Executive summary

A new start for Fiera Milano

Business overview	▪ After an uncertain beginning, caused by the prolonged suspension of exhibitions and congresses during the first six months, FM back on track from June 2021 ▪ The recovery of the exhibition and congress industry, together with Government grants for Euro 61.5 million, have allowed FM to register positive results with improvements across all financial indicators
FY 2021 Financial Results	▪ Revenues of Euro 129.8 million compared to Euro 73.6 million in 2020 ▪ EBITDA of Euro 77.2 million compared to Euro 10.4 million in 2020 ▪ EBIT of Euro 31.9 million compared to Euro -34.3 million in 2020 ▪ Net profit of Euro 44.1 million compared to a net loss of Euro 34.2 million in 2020 ▪ Net Financial Position (before IFRS 16) at the end of 2021 resulting in Net Cash of Euro 47.4 million
	▪ 2022 opened with a number of important exhibitions and a packed calendar of events for the coming months. With around 50 in programme, early in the year FM worked with its clients to reschedule some of the fairs to more suitable dates
2022 preview and business outlook	▪ Completed a number of initiatives to boost the internationalisation of Fiera Milano's directly-organised and hosted exhibitions and to consolidate the company's leadership in the domestic congress market (Gastech, FIND: Design Fair Asia. Moreover Fiera Milano Congressi will manage the new Turin Congress Centre - 5,000 seats)
	▪ 2022 will be the year that consolidates the recovery of Fiera Milano already started in 2021
	▪ 2022 EBITDA guidance confirmed in the range of Euro 40-50 millions
AGM 22 April 2022	▪ Financial Statements at 31 December 2021/ Approval of the Remuneration Reports/ Authorization for buybacks

A rich calendar of events for 2022

Detailed events calendar: https://www.fieramilano.it/calendario.html

International exhibitions

Salone del Risparmio

• 1. Executive summary
• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

Macro trends and market update

Significant rebound in 2022 with full recovery in 2023

SQM rented in international trade fairs

Congresses

• After Covid-19 impact, in 2020 exhibition market dropped by 69% in revenues compared to 2019 with Italy being one of the most affected countries
• In 2021 the global trade fair turnover was equal to c. 40% of 2019 period
• Italian market increasing sqm rented in international fairs reaching > 1m sqm rented in 2021

• In 2022 there will be a significant rebound in trade fair activity and a recovery in turnover, although not yet back to pre-pandemic levels. Global revenues expected to reach up to 71% of 2019 turnover in 2022

• 6,000 congresses held, more than half had a virtual (> 40%) or hybrid (11%) format

• Confidence in face to face is strengthened among the fair players, optimism is growing for a return in attendance

Looking ahead, by 2023 the global exhibition market should rebound to 96% of its 2019 size

• 1. Executive summary
• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

Fiera Milano at a glance (1/2)

The Italian market leader and one of the main integrated operators worldwide in the management and organization of exhibitions and congresses

Fiera Milano at a glance (2/2)

Aims at becoming the leading reference platform in the exhibitions and congresses business

AGENDA

• 1. Executive summary
• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

Key investment highlights

Strong commitment to ESG

• ESG themes moving to the top of the agenda with new framework and strategy integrated in the CONN.E.C.T. 2025 plan
• Top management remuneration linked to ESG targets reflecting selected SDGs
• FM leading the Italian fair trade industry association to Net Zero targets

Sound financials with low credit risk

• Sound financials driven by high visibility of results (multiyear events to be booked in advance)
• Favourable payment cycle due to advances payments contracts leading to a structurally negative NWC
• Strong operating cash generation combined with low capex requirements resulting in a positive net position and financial flexibility leaving room for M&A

Integrated business model with focus on tier 1 events

• Covering the entire value chain of the trade fare from renting exhibition areas to provide ancillary services
• Well diversified exhibition portfolio with concentration of high standing events which enjoy less volatility in terms of revenues and rented sqm and diversified industry mix
• Mainly B2B events with high exposure to attractive sectors

Institutional role with strong heritage culture

• Mission critical business for the Italian entrepreneurial fabric
• Strategic partner for Italian SMEs in their innovation, growth and internationalization paths supporting the Italian economy recovery and promoting the made in Italy in the world
• Strong heritage culture with the first exhibition held in 1922 and a track record of growth lasting for >100 years

Undisputed market leadership in Italy

6 1

5 2

4 3

• High entry barriers due to limited venue capacity of other Italian players
• Largest trade-fair site in Italy with exhibition capacity more than double that of the n.2 player and ranking among the top one players at international level
• Highly fragmented market with room for consolidation

State of the art premises and strategic logistics

• Best-in-class premises with strategic locations close to airports, undergrounds, train stations and urban centers
• Predominant exposure to one of the richest EU region
• Fieramilano (Rho): 6° trade fair center in the world with its 345k sqm

AGENDA

• 1. Executive summary
• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

Financial review – Income Statement

Figures Key highlights

• Exhibition calendar concentrated in just over three months with attempt to create synergies between related sectors, recording a significant presence of international visitors
• 30 trade fairs hosted with the presence of 9,695 exhibitors on an exhibition area of 592,895 net square meters recording revenues of € 130 million
• Upturn in revenues considering 2021 was a "biennial odd-numbered year" that included exhibitions such as Host, Sicurezza, Tuttofood and Made Expo, the multi-year EMO and CPHI events, and biennial exhibitions including Vitrum and Made in Steel
• In 2021 n.22 congresses held in the spaces managed by Fiera Milano Congressi (i.e. Youth4Climate, Driving Ambition and Pre Cop 26, held at MiCo in September). In October the congress centre hosted World Routes, the aviation industry's foremost event, organised by Informa Markets
• Foreign operations deriving from the joint venture in China have continued the growth trend seen in 2020 and have met the expected targets. 17 exhibitions held in China, including: CeMAT Asia Shanghai, Chinafloor Domotex Shanghai, Motor Show Chengdu, PTC Asia Shanghai and the Wuhan Motor Show

• Positive signals from the business of stand fittings and digital services

• 18,6 34,3 -34,2 44,1 2018 2019 2020 2021 Net Income €m

• EBITDA has also been affected by non-recurring grants of € 51.5 million which offset lower margins posted in 2020 and 2021, € 10 million from SIMEST's Integrated Promotion Fund (FPI) and € 5.5 million from the agreement with Fondazione Fiera Milano on the reduction of rent for the Rho exhibition site and the "MiCo" congress centre
• Net Income increase deriving from the improvement of EBITDA and EBIT figures and has mainly benefited from the positive tax effect of deferred taxation following the exercise of the option for fiscal realignment of certain assets

Financial review – Balance Sheet

1

Figures Key highlights

• Structurally negative working capital due to advances payments received by organizers
• For FM, working capital does not represent an investment, but a source of financial coverage for its fixed assets

• In 2020 there was an increase in working capital due to the prolonged period of inactivity caused by the pandemic with consequent reductions in advances and payables to suppliers

• The improvement in the net financial position is the result of the positive cash flow from operations and was determined by the upturn in exhibition activity and the receipt of contributions to offset the reduced margins in 2020 and 2021 caused by the public health emergency

• In 2021 Fiera Milano was able to raise financing for € 99 million thanks to its financial and capital structure

Improved financial stability indicators from 2021

L/T financial stability

(Equity + Non current financial liabilities)/ Fixed asset

Business overview - Operational figures

Number of exhibitions held
n. exhibitions	Owned	Hosted	Total 2021	Total 2020	Δ vs 2020
Italian exhibitions	13	17	30	21	43%
Foreign exhibitions	17	0	17	18	-6%
Exhibitions (Italian + Foreign)	30	17	47	39	21%
Congresses	0	74	74	32	n.m.
o/w congresses with exhibition area	0	22	22	5	n.m.

Square meters rented

square meters	Owned	Hosted	Total 2021	Total 2020	Δ vs 2020
Italian exhibitions	202.745	441.030	643.775	350.855	83%
o/w congresses with exhibition area	0	50.880	50.880	8.265	n.m.
Foreign exhibitions	310.495	0	310.495	287.375	8%
Total square meters rented	513.240	441.030	954.270	638.230	50%

Exhibitors participating in the fairs

n. exhibitors	Owned	Hosted	Total 2021	Total 2020	Δ vs 2020
Italian exhibitions	3.740	8.595	12.335	7.060	75%
o/w congresses with exhibition area	0	2.640	2.640	205	n.m.
Foreign exhibitions	5.265	0	5.265	5.070	4%
Total exhibitors	9.005	8.595	17.600	12.130	45%

Italian exhibition business

• Main annual events: HOMI, HOMI F&J, Miart, Milano Games Week, EICMA moto, Milano Unica, The Micam, Supersalone (a special edition of Salone del Mobile) and A new point of view (a special edition of Lineapelle)
• Presence of the "biennial odd year" events Host, SICUREZZA, Tuttofood and Made Expo, the multi-year EMO and CPHI and the biennial Vitrium and Made in Steel
• The "biennial odd year" Transpotec Logitec has been postponed to financial year 2022

Type	Number of exhibitions held			Square meters rented				Exhibitors participating in the fair
1 Annual Biennial Multi-year	52 15 37 2019	21 1 20 2020	30 3 7 20 2021	1.534 464 1070 2019	(k units) 351 10 341 2020	644 109 182 352 2021	30.190 6.940 23.250 2019	7.060 235 6.825 2020	12.335 1.665 2.885 7.785 2021

Revenues EBITDA

• The increase in revenues is due to the resumption of in-person exhibitions starting from mid-June
• The increase in EBITDA margin is mainly attributable to the restart of business during the second half of the year and the portion of non-recurring public grants received during the financial year (€ 61.5 million) and the reduction of the lease agreements with Fondazione Fiera Milano (€ 5 million) 17

¹⁾ Includes the exhibition area of Congresses

Italian exhibition business – Portfolio 2021

E-MARKET SDIR
CERTIFIED

Directly organised	Net sqm	Exhibitors
- Bit	a)	175
- Chibimart	2.055	65
- HOMI	8.760	215
- HOMI Fashion&Jewels (II semester)	6.090	280
- Miart	7.660	160
- Milan Games Week	11.420	135
- Promtion Trade Exhibition	1.415	50
- SposaItalia	6.010	70
- HOMI Fashion&Jewels (I semester)	b)	b)
Total annual directly organised exhibitions:	43.410	1.150
Hosted	Net sqm	Exhibitors
- A new point of view	20.550	375
- Artigiano in Fiera	39.465	1.255
- Eicma Moto	83.395	350
- Filo (II semestre)*	3.000	100
- Milano Auto Classica	16.150	255
- Milano Unica (Autumn)	14.395	290
- Mipel (September)	2.890	80
- Simac Tanning-Tech	9.225	150
- Smau	1.875	5
- SuperSalone*	29.500	360
- The Micam (Autumn)	30.270	635
- Viscom	7.480	140
- LineaPelle (I semester)	b)	b)
- Milano Unica (Spring)	b)	b)
- Mipel (March)	b)	b)
- The Micam (Spring)	b)	b)
- The ONE Milano (February)	b)	b)
- The One Milano (September)	c)	c)
Total annual hosted exhibitions:	258.195	3.995
Total annual exhibitions:	301.605	5.145
+ exhibition areas of Congresses	50.880	2.640

Total annual exhibitions incl. exhibition areas of C. 352.485 7.785

Directly organised	Net sqm	Exhibitors
- Host	88.750	1.250
- Made Expo	19.635	330
- Sicurezza	17.925	205
- Smart Building Expo	2.615	70
- Tuttofood	30.410	735
Total bennial directly organised:	159.335	2.590

L
A	- Tuttofood	30.410	735
NI	Total bennial directly organised:	159.335	2.590
N
E	Hosted	Net sqm	Exhibitors
BI	- Bimu	0	0
	- Made in Steel	11.450	185
	- Vitrum	11.485	110
	Total bennial hosted exhibitions:	22.935	295
	Total bennial exhibitions:	182.270	2.885

R	Hosted	Net sqm	Exhibitors
A	- Meat Tech	4.025	75
E	- CPHI	55.940	930
Y	- EMO	49.055	660
- TI	Total multi-year hosted:	109.020	1.665
L
U	Total multi-year exhibitions:	109.020	1.665
M

* The exhibition took place for the first time.

a) The exhibition took place in digital form

b) The exhibition did not take place

c) The exhibition took place as a sector within The Micam (September).

Foreign exhibition business

• The contraction in revenues mainly reflected the effect of Covid-19 on the Brazilian subsidiary which cancelled activities in 2021 and postponed events to 2022, resuming the pre-Covid calendarisation.
• 2021 penalised the German jv with the cancellation of 8 events including Industrial Automation Beijing, Metalworking Shenzen, Industrial Automation Shanghai, Metalworking and CNC Mach. Tool Shanghai, China International Fastener Show, China Commercial Vehicle Show.

▪ The change in EBITDA is mainly attributable to the result of the joint venture with Deutsche Messe AG, which in 2020 had seen the suspension of exhibition activity in China until August, following the Covid-19 health emergency with the consequent downsizing of events

Foreign exhibition business – Portfolio 2021

E-MARKET SDIR
CERTIFIED

	Exhibition °
L
A
U
N
N
A

	Net sqm	Exhibitors
- CeMAT Asia Shanghai	37.540	690
- Chengdu International Industry Fair *	12.345	305
- China International Consumer Electronics
Exposition	3.835	80
- China International Stainless Steel Industry
Exhibition °	1.980	35
- Chinafloor Domotex Shanghai °	51.070	990
- Comvac Asia	8.960	245
- E-Pack Tech Shanghai	505	15
- GITF International Tour Guangzhou	6.280	70
- Heavy Machinery Asia	725	20
- Industrial Automation Shenzen	11.475	325
- International Cold Chain Exhibition °	1.080	25
- Laser Fair Shenzen	6.615	155
- Let China Guangzhou	9.935	330
- Metal + Metallurgy	3.430	40
- Motor Show Chengdu °	83.225	95
- PTC Asia Shanghai	34.360	1.760
- Wuhan Motor Show °	37.135	85
- CEFE Shanghai °	a)	a)
- China International Fastener Show °	a)	a)
- Industrial Automation Robotic Show South
China °	a)	a)
- Industrial Automation Shanghai °	a)	a)
- Metalworking and CNC Mach. Tool Shanghai °	a)	a)
Total annual exhibitions in China	310.495	5.265
Annual exhibitions in South Africa

• Cape Town Art Fair a) a) Total annual exhibitions in South Africa:

Total annual exhibitions:	310.495	5.265
TOTAL EXHIBITIONS	310.495	5.265

* The exhibition took place for the first time ° The exhibition took place in partership

a) The exhibition did not take place

Congresses

Revenues 39,7 5,7 23,0 2019 2020 2021 +304,2%

Key highlights

▪ N.74 congresses in 2021

• The increase in revenues is due to the resumption of in-person congresses starting from July
• Positive results in terms of revenues and margins due to 74 congresses held at MiCo congress centre in September, including: Youth4Climate, Driving Ambition and Pre Cop 26. In October the congress centre hosted World Routes, the aviation industry's foremost event, organised by Informa Markets.

EBITDA

Key highlights

▪ EBITDA margin was also affected by the pro-quota non-recurring public grants received during the financial year (€10.2 million) and by the rent reduction of about € 0.5 million.

AGENDA

• 1. Executive summary
• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

From the purpose to the strategic plan

Mission

24

To achieve this goal, Fiera Milano is on the verge of business model transformation

	Current state	Ambition
Target products	(B2B)	(B2B and Corporate events) (B2C)
Geographies
Key partners	> Organizers of hosted exhibitions	> Organizers + Service providers + International partners
Channels
Key assets	> Physical venue as main core asset	> Physical venue + Digital platform + Service partners
Core competencies	> Venue management + Event scouting	> Venue management + Event scouting + Event management & organization + Digital
Revenue model	> Venue valorization	> Venue valorization + Value-added services
Cost model	> % Fixed (e.g. Venue) > % Variable (e.g. Partner)	> % Fixed > % Variable
Overall business model	Venue for business matchmaking among exhibitors and visitors through organized or hosted events	Leading hybrid platform for innovative and effective events, with a European Hub and a Global reach
	Italy International Physical	Digital Source: Fiera Milano, Roland Berger

Strategic Framework

Key pillars

Fiera Milano Group defined strategic goals for each key business area

Services and contents platform

Capture full potential of both traditional and digital services through a platform-driven business model

Exhibitions organization

Strengthen portfolio of organized exhibitions by focusing on internationalization and new concepts

Venue

Secure and enhance hosted exhibitions and venue occupancy through strategic alliances with organizers and by attracting new exhibitions

Congresses

Consolidate and expand congresses positioning by leveraging the venue, developing strategic alliances and being the enabler for phygital events

In a 1st strategic phase, focus on business excellence, scalingup and on preparing for business transformation, that is then realized in a 2nd phase

Business outlook - Guidance on EBITDA 2022 confirmed

Key financials 2019-25 – Overview

EBITDA1) [EUR m]

Note: 1) EBITDA values incorporate impacts of IFRS 16 (not including impact of venue rentals)

• The public health situation is gradually improving, as infections from the Omicron variant flattened out at the end of January and are steadily declining. As a result, the main European countries have planned a relaxation of restrictions with the aim of a gradual return to normality. At the moment, the outlook is positive, although it is impossible to rule out the appearance of further variants, which could again complicate the picture and negatively impact the exhibition and congress calendar.
• Due to the conflict between Russia and Ukraine, the Group is closely monitoring the developments in order to define the possible impacts on events whose commodity sectors have the greatest exposure to the countries involved.
• Based on the information available to date, the EBITDA target for the financial year 2022 is confirmed in the range of € 40-50 million, as forecast in the CONN.E.C.T. 2025 plan.

AGENDA

• 1. Executive summary
• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

The social-economic impact of Fiera Milano

• Mission critical business for the Italian entrepreneurial fabric
• Strategic partner for Italian SMEs in their innovation, growth and internationalization paths supporting the Italian economy recovery and promoting the made in Italy in the world
• The social role of FM and its impact on the community is embodied in its reason for being: an occasion to exchange ideas and innovative products and to identify new trends in tastes and consumption by creating multiple business opportunities thus having a direct social impact on the Italian social and economic development

Integration of ESG guidelines in the business plan CONN.E.C.T. 2025

The valorization and development of human capital while respecting diversity and equal opportunities is essential to increase the productivity and competitiveness of the business.

excellence, provided with the most advanced innovations in the digital field that respect the environment and workers' rights. Create value on the territory and increase attractiveness in the national and international context.

Use the digital to improve the trade fair experience of customers, expand the range of services and the duration of events in order to reach an increasing audience.

ESG AREAS	TARGETS	ACHIEVEMENTS
Events	▪ Calculation of the carbon footprint of at least 20 owned and hosted events by 2025 ▪ Obtaining ISO 20121 certification for 4 owned events by 2025 ▪ Renewal and maintenance of LEED certification of Stella Polare congress center ▪ Extension of LEED certification for halls 3 and 4 of the MiCo congress center ▪ Insertion of at least 2 sustainable products among the supply specifications/year (gadgets and signs) of owned events ▪ Updating exhibition regulations	▪ ISO 20121 certification for Fiera Milano S.p.A. ▪ Support third party organizers to obtain ISO 20121 certification ▪ Gold LEED certification for MiCo congress center ▪ 86% of recyclable carpet ▪ Support Supersalone data collection and preliminary activities for LCA tool acquisition
Sustainable mobility	▪ Increase of charging points for electric cars ▪ Promote sustainable mobility to encourage the use of shared bicycles within the exhibition district ▪ Hybrid car fleet	▪ Expansion of the company bike park ▪ Establishment of a new car policy

ESG AREAS	TARGETS	ACHIEVEMENTS
Waste Management	▪ Reduction of the quantity of unsorted waste (Target 2025: -50/60%) ▪ Investments in ecological islands ▪ Involvement of non-profit organizations or local realities in events for the promotion of good practices in waste management ▪ Raising awareness among exhibitors on the issue of abandoning furniture/assets post-exhibition ▪ Definition of an ad hoc policy on waste ▪ Implementation of the ISO 14001 management system for MiCo congress center ▪ Implementation of the ISO 14001 management system for Fiera Milano S.p.A	▪ Reduction of the amount of waste by 6% in the three-year period 2019-2021 ▪ Installation of 3 compactors for the collection of PET plastic bottle ▪ Uniformity of signage and communications through age ▪ 6 sanctions made for waste abandonment
Energy Management	▪ Increase the use of energy from renewable sources (Target 2025: 50%) ▪ Construction of a single refrigeration system at the fieramilano site ▪ Group Energy Management to standardize the strategy ▪ Definition of the calculation methodology for Scope 3 emissions ▪ Definition of medium and long term SBTs (Science Based Targets)	▪ 33% energy from renewable sources ▪ Joining the international initiative "NET CARBON EVENTS" promoted by UFI

• Updating of the Group's HSE structure
• Preparatory activity to obtain ISO 45001 certification
• Implementation and maintenance of ISO 45001
• Zero tolerance strategy on accidents at work
• Training plan on HSE topics and online refresher courses based on employee functions

ESG AREAS TARGETS ACHIEVEMENTS

• Establishment of HSE function
• Strengthening of the Coronavirus protocol
• N. Covid tests: over 9,000
• N. checked bags : about 4,000
• N. inspection hours: about 9,000
• N. reports: over 5,200
• N. fatal accidents: 0
• Training for all new hires
• Assets monitored: 3,150 pieces of equipment and 17,300 components
• % women in BoD: 56%
• % female employee: 57%
• Designation of a Diversity Manager

Diversity & Inclusion

▪ Development of a diversity and equal opportunities policy

ESG AREAS	TARGETS	ACHIEVEMENTS
Well being and employee development	▪ Definition of a business plan for smart working ▪ Harmonization of the Group's second level contracts and renewal of CIA Fiera Milano in 2023 ▪ Obtaining an employer branding certificate by 2025 ▪ Involvement of 30 high-potential talent in a Next Generation Fair professional growth program by 2025 ▪ Development of an employee mentoring program ▪ Training for employees on the subject of well-being and / or other specific topics ▪ Establishment of the Impact day: one day per year paid for all employees to devote themselves to corporate and social volunteering activities in the area ▪ Inclusion of at least one ESG goal in PLM for the entire company population by 2025 ▪ Increasing the engagement rate with target >= 75% by 2025 ▪ Monthly comparison meetings with the CEO	▪ Training plan: 85 courses and over 43 thousand hours of training provided ▪ Inclusion of ESG objectives in the LTI plan ▪ Employee survey ▪ N. meeting: 9 ▪ N. convention: 1
Local communities (events) and biodiversity	▪ Organization of at least one strategic initiative per year (furniture donation, food bank initiatives ) ▪ Progressive expansion of Customer Satisfaction from 2023, increasing the percentage share of customers involved from year to year	▪ Agreement with Banco Alimentare for solidarity initiatives on the occasion of TUTTOFOOD, EICMA and VISCOM events ▪ Preparation of a sustainability questionnaire for organizers

ESG AREAS TARGETS ACHIEVEMENTS

Suppliers and compliance with laws and regulations

Digital transformation

• Increasing qualified suppliers with ESG criteria (Target 2025: 50-75%)
• Maintenance of supplier control measures
• Starting the process to obtain ISO 37001 certification

• Obtaining and maintaining ISO 37001

• Increasing the sale of digital services of 50% by 2025

• Digital culture training (Target 2025: 100% of the company population)

▪ N. supplier reputation assessments: about 2,800

• Designation of a Digital Revenue Officer
• Creation of a new digital service catalog and roadshow with organizers
• Digital training plan: 17 managers and 480 employees

Fiera Milano ranks 1° in the IGI Index 2021 in the "extra 100" category

• The Integrated Governance Index by Eticanews is the only quantitative analysis model of the degree of integration of ESG factors in corporate strategies
• The index is emerging as an indicator of the company's ESG Identity

AGENDA

• 1. Executive summary
• 1. Macro trends and market update
• 1. Fiera Milano at a glance
• 1. Key investment highlights
• 1. Financial and business review
• 1. CONN.E.C.T. 2025 and business outlook
• 1. Social impact and ESG commitment

Appendix

Financial overview – Income Statement

Consolidated Income Statement (€m)	FY2021	FY 2020
Revenues	129,8	73,6
Cost of materials	1,7	1,6
Cost of services	74,3	45,5
Costs for use of 3rd -party assets	0,5	0,5
Personnel expenses	41,5	31,9
Other operating expenses	2,9	2,5
Total operating costs	121,0	81,9
Other income	73,1	16,9
Results of equity -accounted companies	1,2	0,5
Allowance for doubtful accounts and other provisions	5,9	(1,3)
EBITDA	77,2	10,4
Depreciation and amortisation	45,2	44,8
Adjustments to asset values	0,0	0,0
EBIT	31,9	(34,3)
Financial income/(expenses)	(13,4)	(12,7)
Valuation of financial assets	0,0	0,0
Profit/loss before income tax	18,5	(47,0)
Income Tax	(24,4)	(12,9)
Net Profit/loss from continuing activities	42,9	(34,2)
Net Profit/loss of discontinued activities	1,2	0,0
Net Profit/loss	44,1	(34,2)
o/w attributable to the shareholders of the controlling entity	44,4	(33,9)

Financial overview – Reclassified Statement of Financial Position

Reclassified Consolidated Statement of Financial Position (€m)	FY 2021	FY 2020
Non-current assets	573,7	593,8
Net working capital	(86,2)	(35,4)
Gross Capital Employed	487,4	558,4
Non-current liabilities	13,9	21,7
Total net Capital Employed	473,5	536,7
Equity	109,0	63,2
Net financial position	364,5	473,4
Equity and Net financial position	473,5	536,7
Net financial position pre-IFRS 16 effects (Net Cash)	(47,4)	23,9

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.

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