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Fiera Milano
Investor Presentation • Nov 13, 2025
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Investor Presentation
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Fiera Milano Results as of 30 September 2025
13 November 2025
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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
7 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
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AGENDA
01
9M 2025 RESULTS EXECUTIVE SUMMARY 04 ESG
ACHIEVEMENTS
02
STRATEGIC UPDATE
Appendix
03
BUSINESS & FINANCIAL REVIEW
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9M 2025 RESULTS EXECUTIVE SUMMARY
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DOUBLE DIGIT GROWTH AND HIGH CASH GENERATION IN 9M 2025
SOLID
LIKE-FOR-LIKE
REVENUE GROWTH
ACROSS ALL
BUSINESS LINE
ORGANIZED
HOSTED
CONGRESSES
SERVICES
Odd year quarter
FINANCIAL RESULTS
- Revenue increase of +47.3 million of euros vs 9M 2024 resulting from:
- performance effect of +22.1 million euros (meaning a consolidated like-for-like growth of +10% vs 9M 2024), driven by a +2% increase in sold area (volumes impact) for both Organized and Hosted exhibitions, a +8% rise in services, alongside strong congress business performance of +32%
- calendar effect of + 5.8 million euros: due to the combination of the presence of Tuttofood (biennial), The Innovation Alliance (multi-year) and the absence of Transpotec & Logitec and Next Mobility Exhibition (biennials in even years)
- mew events effect of +9.4 million euros, including Artigiano in Fiera Anteprima d'Estate, NetZero Milan and Gastech
- Expotrans S.p.A.: +10.0 million euros (net of intercompanies)
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STRATEGIC UPDATE
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SOLID GROWTH OF "HOST", FIERA MILANO'S FLAGSHIP EVENT, CONFIRMING THE GROUP'S RESILIENCE ACROSS KEY SECTORS
LAUNCHED HOST'S INTERNATIONAL EXPANSION
- 1° edition: 15-17 dec 2025 (Riyadh)
- Partnership with Semark
- Performance in line with expectations
- 1° edition: 11–13 feb 2027 (Orlando)
- Partnership with NAFEM (US Food Equipment Association)
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FIERA MILANO CONFIRMS THE HOSTING OF TWO LEADING GLOBAL EVENTS ONCE AGAIN, REINFORCING THE GROUP'S POSITIONING AS AN INTERNATIONAL REFERENCE HUB FOR MAJOR ROTATING EXHIBITIONS
| Event (Multi-year) | Description | Date |
|---|---|---|
| ▪ World's leading exhibition for the pharmaceutical industry ▪ Last edition held in Frankfurt, in 2025, covering approx. 150k-200k sqm and hosting over 2,500 exhibitors |
October 6–8, 2026 (Fiera Milano) |
|
| ▪ World's leading trade fair for metalworking technologies ▪ Last edition held in Hannover in 2025, covering approx. 200k sqm and hosting over 1,600 exhibitors |
October 4–8, 2027 (Fiera Milano) |
TWO NEW INTERNATIONAL ANNUAL EVENTS SELECT FIERA MILANO AS THEIR RESIDENT DESTINATION FOR THE FIRST TIME
| Event (Annual) | Description | Date |
|---|---|---|
| ▪ New international B2B exhibition dedicated to marine equipment and technologies ▪ First edition to be held in Milan with over 1,000 sqm and approx. 130 exhibitors |
March 4–6, 2026 (Fiera Milano) |
|
| ▪ Leading national event for the retail and real estate industry in Italy ▪ Last edition held in Milan with over 70 exhibitors and 2,000+ participants |
May 27–28, 2026 (Fiera Milano) |
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Allianz - MiCo SELECTED TO HOST THE WORLD GAS CONFERENCE 2028, CONFIRMING ITS STANDING AS A PREMIER DESTINATION FOR WORLD-CLASS CONGRESSES
EXPECTED PARTICIPANTS
> 30,000
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A STRONG Q4 2025 AHEAD, SUPPORTED BY A FAVORABLE ODD-YEAR CALENDAR
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC |
|---|---|---|---|---|---|---|---|---|---|---|---|
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FULL YEAR 2025 GUIDANCE CONFIRMED
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BUSINESS REVIEW
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SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW
| emarket sdir storage |
|---|
| CERTIFIED |
| • |
| Italian Exhibition Business |
9M 2023 | 9M 2024 | 9M 2025 | Δ (€) 2025/2024 |
|
|---|---|---|---|---|---|
| Λ | Revenues (€m) | 147.7 | 151.6 | 179.6 | +27.9 |
| $\Delta$ — | EBITDA (€m) | 43.5 | 47.9 | 54.5 | +6.6 |
| $\frown$ | N. exhibitions | 32 | 30 | 37 | |
| _ | o/w directly organized | 7 | 11 | 9 | |
| o/w hosted | 25 | 19 | 28 | ||
| Square meters | 853 720 | 787 010 | 896 110 |
| 74% |
|---|
| ----- |
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|---|---|---|
| contribution of major multi-year events (The Innovation Alliance, TUTTOFOOD). The period also benefited | ||
| from new exhibitions (Gastech, Artigiano in Fiera - Anteprima d'Estate, NetZero Milan) and stronger service | ||
| 74% | penetration | |
| The EBITDA variation mainly reflects the previously mentioned revenue trend, the contribution from equity- | ||
| accounted investments of the company lpack Ima, and the contribution of Expotrans. This effect was | ||
| Y | partially offset by higher district maintenance costs, the cost of sponsorship rights related to the XXV | |
| Milano Cortina 2026 Winter Olympic Games, charges from the launch of the Employee Share Ownership |
workforce.
| 9M 2023 | 9M 2024 | 9M 2025 | Δ (€) 2025/2024 |
|---|---|---|---|
| 3.1 | 4.3 | 4.3 | +0.05 |
| 2.2 | 2.6 | 1.8 | -0.8 |
| 15 | 21 | 18 | |
| 15 | 21 | 18 | |
| 328,660 | 356,010 | 320,225 | |
| 3.1 2.2 15 15 |
3.1 4.3 2.2 2.6 15 21 15 21 |
3.1 4.3 4.3 2.2 2.6 1.8 15 21 18 15 21 18 |
Revenues amounted to €4.3 million in 9M 2025, in line with those recorded in the same period of the
Plan and the extension of health insurance coverage for staff, as well as by the increase in the Group's
Revenue growth supported by strong exhibition performance and a favorable calendar
EBITDA decreased by €0.8 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, a temporary effect driven by the calendar shift of the DOMOTEX exhibition
| Allianz (iii) MiCo Congresses* | 9M 2023 | 9M 2024 | 9M 2025 | Δ (€) 2025/2024 |
|---|---|---|---|---|
| Revenues (€m) | 33.8 | 35.9 | 45.3 | +9.4 |
| EBITDA (€m) | 10.5 | 11.9 | 13.9 | +2.0 |
| n. congresses | 75 | 96 | 77 | |
| o/w with exhibition area | 33 | 37 | 29 | |
| Square meters | 66,250 | 55,985 | 67,306 | |
| · | · | · |
Revenue growth primarily due to higher Revenue from recurring events also present in 9M 2024 (AWS Summit Milano, Salesforce and Netcomm) and from non-recurring events compared to the first nine months of 2024. Key events included ADB – Asian Development Bank and EHA – European Hematology Association. Revenue growth was also supported by the income generated from the use of the congress center for the organization of the XXV Milano Cortina 2026 Winter Olympic Games. These positive effects more than offset the absence of EASL - The Home of Hepatology and SIRM - Società Italiana di Radiologia Medica e Interventistica, which were present in the previous period
EBITDA increased by € 2.0 million, primarily attributable to the aforementioned revenue trend, partially
*It includes BIT in 9M 2024 but not in 9M 2025, as the event was moved to Rho. The figures are reported gross of intercompany transactions.
| Other sectors (inc. Expotrans) * | 9M 2023 | 9M 2024 | 9M 2025 | Δ (€) 2025/2024 |
|---|---|---|---|---|
| Revenues (€m) | - | - | 12.7 | +12.7 |
| EBITDA (€m) | - | - | 1.4 | +1.4 |
offset by higher structural costs related to the reconfiguration of the congress center.
EBITDA reflects the same consolidation effects impacting revenues, mainly related to the inclusion of Expotrans.
| Fiera Milano Consolidated | 9M 2023 | 9M 2024 | 9M 2025 | Δ (€) 2025/2024 |
|---|---|---|---|---|
| Revenues (€m) (net of Elisions) |
177.8 | 184.5 | 231.8 | +47.3 |
| EBITDA (€m) | 56.2 | 62.4 | 71.6 | +9.2 |
| N. Exhibitions | 47 | 51 | 55 | |
| o/w directly organized | 22 | 32 | 27 | |
| o/w hosted | 25 | 19 | 28 | |
| Square meters consolidated (A+B+C) | 1,248,630 | 1,195,795 | 1,283,641 |
*The figures are reported gross of intercompany transactions.
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REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW
Services
Data. Media
(Olympics, off-site revenues,
other...)
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FIERA MILANO 9M 2025 SQM GROWTH CHAMPIONS
SELECTED ITALIAN EXHIBITIONS
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FINANCIAL REVIEW
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INCOME STATEMENT
| 9M 2024 |
9M 2025 |
Δ 9M 25/24 |
|---|---|---|
| 184.5 | 231.8 | +47.3 |
| 1.7 | 2.4 | +0.6 |
| 87.7 | 121.5 | +33.9 |
| 35.2 | 40.3 | +5.2 |
| 3.2 | 3.6 | +0.4 |
| 127.8 | 167.9 | +40.1 |
| 3.2 | 3.6 | +0.4 |
| 2.5 | 4.3 | +1.8 |
| 0.0 | 0.2 | +0.2 |
| 62.4 | 71.6 | +9.2 |
| 38.6 | 37.8 | -0.8 |
| 0.0 | 0.5 | +0.5 |
| 23.8 | 33.3 | +9.5 |
| -5.7 | -8.5 | -2.8 |
| 18.1 | 24.8 | +6.7 |
| 2.5 | 7.7 | +5.2 |
| 15.6 | 17.1 | +1.5 |
| 15.7 | 16.8 | +1.1 |
- Revenues: increased from Euro 184.5m in 9M 2024 to Euro 231.8m in 9M 2025, showing a growth of Euro +47.3m. This change is mainly attributable to:
- Positive performance effect of Euro +22.1m, corresponding to a like-for-like growth of +10%. The main areas contributing to this performance effect are:
- Sale of exhibition spaces (area) – Organized: +2%
- Sale of exhibition spaces (area) – Hosted: +2%
- Physical and digital services: +8%
- Congresses: +32%
1
2
- Calendar effect of Euro +5.8m, resulting from the combination of the presence of Tuttofood (biennial), The Innovation Alliance (multi-year) and the absence of Transpotec & Logitec and Next Mobility Exhibition (biennials in even years)
- Effect of new events amounting to Euro +9.4m, including Gastech, Artigiano in Fiera Anteprima d'Estate and NetZero Milan
- Acquisition of Expotrans S.p.A. Euro +10.0m
- EBITDA: increased from Euro 62.4m in 9M 2024 to Euro 71.6m in 9M 2025, with a positive change of Euro +9.2m. The variation mainly reflects the previously mentioned revenue trend, the contribution from equityaccounted investments of the company Ipack Ima and the impact of Expotrans. This effect was partially offset by higher district maintenance costs, 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 extension of health insurance coverage for staff, as well as by the increase in the Group's workforce.
- Financial management: negative variation of Euro -2.8m mainly due to the increase in financial charges on lease liabilities following the revision of the discount rate 3
- Net result for the period in 9M 2025 amounts to Euro 17.1m, an increase of Euro +1.5m compared to Euro 15.6m in 9M 2024. The trend reflects a higher effective tax rate in 2025, due to the lower incidence of tax-exempt dividends and the greater contribution from fully taxable operating results, leading to a more moderate increase in Net Income compared to Revenues and EBITDA 4
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1
| Balance Sheet (€m) | As of 31 Dec 2024 |
As of 30 Sep 2025 |
Δ 30 Sep 2025/ 31 Dec 2024 |
|
|---|---|---|---|---|
| Goodwill | 95.0 | 101.3 | +6.3 | |
| Intangible assets with a finite useful life | 9.0 | 9.3 | +0.3 | |
| Right-of-use assets | 308.6 | 301.4 | -7.2 | |
| Tangible fixed assets |
7.4 | 8.9 | +1.4 | |
| Other non-current financial assets |
0.0 | 0.0 | 0.0 | |
| Other non-current assets |
89.3 | 90.2 | +0.8 | |
| A | Non-current assets |
509.4 | 511.0 | +1.5 |
| Inventory and contracts in progress | 7.8 | 8.8 | +1.0 | |
| Trade and other receivables |
51.2 | 76.8 | +25.7 | |
| B | Current assets |
59.0 | 85.7 | +26.7 |
| Trade payables | 68.6 | 47.3 | -21.4 | |
| Payments received on account (advances) |
40.3 | 85.4 | +45.1 | |
| Tax liabilities | 2.0 | 1.8 | -0.2 | |
| Provisions for risks and charges and other current liabilities | 34.0 | 87.9 | +53.9 | |
| C | Current liabilities |
144.9 | 222.3 | +77.4 |
| D | Net working capital (B - C) |
-85.9 | -136.7 | -50.7 |
| E | Gross capital employed (A + D) | 423.5 | 374.3 | -49.2 |
| 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 | 362.0 | -48.9 |
| H | NET CAPITAL EMPLOYED assets held for sale | 0.0 | 0.0 | 0.0 |
| TOTAL NET CAPITAL EMPLOYED (G + H) | 410.9 | 362.0 | -48.9 | |
| covered by: Equity attributable to the Group |
156.7 | 148.3 | -8.4 | |
| Equity attributable to non-controlling interests |
0.4 | 1.6 | +1.2 | |
| I | Total equity | 157.1 | 149.9 | -7.2 |
| Cash & cash equivalents | -72.4 | -138.9 | -66.5 | |
| Current financial (assets)/liabilities |
31.8 | 40.5 | +8.7 | |
| Non-current financial (assets)/liabilities |
294.5 | 310.5 | +16.1 | |
| Net financial debt of continuing operations | 253.8 | 212.1 | -41.7 | |
| Net financial debt of assets held for sale | 0.0 | 0.0 | 0.0 | |
| L | Net financial debt (TOTAL) post IFRS16 | 253.8 | 212.1 | -41.7 |
Net Financial Debt/(Cash) pre IFRS16 -77.8 -113.8 -36.0
- Net Working Capital goes from Euro -85.9m at 31/12/2024 to Euro -136.7m at 30/09/2025. The change of Euro -50.7m is attributable to the following components:
- ➢ Trade and other receivables: overall increase of +€25.7 million, broken down as follows: +€9.5 million related to the Milano Cortina 2026 projects, for invoices issued but not yet collected; +€10 million in prepaid expenses connected to activities for the Olympic Games and the remaining +€6.2 million mainly linked to the expansion of the consolidation scope (Expotrans);
- ➢ Trade payables: decrease resulting from payments made during the period, including those relating to the Expotrans perimeter;
- ➢ Advances: significant increase due to prepayments for major exhibitions scheduled (Host, Made, Sicurezza, Eicma);
- ➢ Payables to organizers: slight decrease due to a different exhibition calendar compared to the previous year;
- ➢ Deferred income: increase attributable both to Fiera Milano S.p.A. (multi-year contracts and ordinary activities, including Inwit and Milano Cortina) and to Fiera Milano Congressi (Milano Cortina).
- Net Financial Position (pre-IFRS16) as of 30 September 2025 shows a net financial availability of Euro 113.8m compared to a net financial availability of Euro 77.8m as of 31 December 2024.
- 2 ▪ The increase of Euro 36.0m mainly reflects the cash generation driven by the results achieved and the advance payments received for upcoming events. This effect was partially offset by the dividend payment and the transaction for the acquisition of Expotrans and Emac
| CASH FLOW (€m) | From 31/12/24 to 30/09/2025 |
|---|---|
| EBITDA | 71.5 |
| IFRS16 cash out (rents) | (41.8) |
| Δ Net Working Capital |
50.7 |
| Capex | (5.8) |
| Operating Cash Flow | 74.6 |
| Financial management | 1.3 |
| Taxes | (7.7) |
| Other variations | (32.2) |
| Net Free Cash Flow | 36.0 |
1
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ESG COMMITMENT
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ESG SCORECARD 2024
Environment Social Governance
▪ Reduction CO2
- 60% by 2027 - 80% by 2030 target:
hires
Training hours Customer Satisfaction 2023 2024 7,024 +158% 18,109 2023 2024 Employee turnover 14% 8.7% Attraction Retention 93 new 52% <30 years 66% women Employees 672 Diversity: percentage of women in managerial roles +5% vs 2023 42% 46% 49% 2022 2023 2024 LONG TERM Incentive (LTI) SHORT TERM Incentive (MBO) 15-20% 20% ESG in remuneration Community ▪ New Share Plan for the employees ▪ Full coverage health insurance Sense of belonging Welfare
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APPENDIX 1
EXHIBITIONS DETAILS
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Teleborsa: distribution and commercial use strictly prohibited
(A) = Annua CERTIFIED
(B) = Bienn
emarket sdir storage
(M) = Multi-y
EXHIBITIONS AND CONGRESSES 9M 2025
| Italian Exhibitions | Net square meters | |||
|---|---|---|---|---|
| Italiali Exhibitions | 9M 2024 | 9M 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 | ||
| Sposaltalia (A) | 7,830 | 6,765 | ||
| NME (B) | 10,515 | - | ||
| NetZero* (B) | - | 1,140 | ||
| Transpotec (B) | 49,690 | - | ||
| Salone del Franchising (A) | 5,495 | - | ||
| Milano Fashion&Jewels (II semester) (A) | 14.780 | 13,810 | ||
| Total Directly Organized | 159,450 | 95,005 | ||
| 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 | ||
| Lineapelle (II semester) (A) | 48,830 | 42,635 | ||
| Filo (II semester) (A) | 2,440 | 2,470 | ||
| Milano Unica (autumn) (A) | 37.140 | 37,865 | ||
| Mipel (september) (A) | 4.140 | 4.100 | ||
| Simac Tanning-Tech (A) | 14,795 | 13,400 | ||
| The Micam (autumn) (A) | 32,875 | 30,885 | ||
| Vitrum (B) | - | 11,480 | ||
| Gastech (M) | 39,470 | |||
| Total Hosted | 627,560 | 801,105 | ||
| Total Italian Exhibitions | 787,010 | |||
| Total Italian Exhibitions | 767,010 | 896,110 |
| * Foreign Exhibitions | Net square meters | ||
|---|---|---|---|
| Poreign Exhibitions | 9M 2024 | 9M 2025 | |
| 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) | |
|
5,360 | b) | |
| - Industrial Automation Shanghai ° (A) | 31,365 | 30.245 | |
| - Metal + Metallurgy (A) | 265 | 400 | |
| - Metalworking and CNC Mach. Tool Shanghai ° (A) | 24,525 | 24,590 | |
| - Motor Show Chengdu ° (A) | 90,415 | 86,290 | |
| - Wuhan Motor Show ° (A) | 35,000 | 27,210 | |
| South Africa | |||
| - Cape Town Art Fair (A) | 4,105 | 4,300 | |
| Singapore | |||
| '- FIND - Design Fair Asia (A) | 5,965 | 4,470 | |
| Brasil | |||
| - Exposec (A) | 13,625 | 12,725 | |
| - Fruit Attraction São Paulo *° (A) | 2,860 | 4,400 | |
| - Esquadria Show *° (B) | 1,000 | 670 | |
| Total Foreign Exhibitions | 356,010 | 320,225 |
- ° 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 | |
|---|---|
| 9M 2024 | 9M 2025 |
| 96 events | 77 events |
* The exhibition was held for the first time
a) The exhibition did not take place
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APPENDIX 2
M&A ACTIVITY IN 2025
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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
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APPENDIX 3
2025-2027 Guidance
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GUIDANCE
| 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 |
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
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Thank you
CONTACTS:
Investor relations: [email protected]
Sustainability: [email protected]
Investor Relations
https://investors.fieramilano.it/en
Sustainability
www.fieramilano.it/en/sustainability.html
2025 Exhibition Calendar
www.fieramilano.it/en/calendario.html
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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.