Fiera Milano

Quarterly Report • May 10, 2022

Consolidated Interim Management

Report at 31 March 2022

(1st Quarter 2022)

This document is available in the Investori section of the Company website at www.fieramilano.it.

This document contains a faithful translation into English of the original report in Italian Resoconto intermedio di gestione consolidato al 31 marzo 2022. However, for information about Fiera Milano Group reference should be made exclusively to the original report in Italian.The Italian version of the Resoconto intermedio di gestione consolidato al 31 marzo 2022 shall prevail upon the English version.

Fiera Milano SpA Registered office: Piazzale Carlo Magno, 1 - 20149 Milan Operational and administrative office: Strada Statale del Sempione, 28 - 20017 Rho (Milan) Share capital: Euro 42,445,141.00 paid up Companies Register, Tax code and VAT no. 13194800150 - Economic Administrative Register 1623812

Rho (Milan), 10 May 2022

Contents

▪	Corporate Bodies and Independent Auditor	page	3
▪	Business model	page	4
▪	Group structure	page	5
▪	Report on operations in the first quarter ▫ Summary of results and significant events in the quarter ▫ Net cash/debt ▫ Business performance by operating segment and by geographical area ▫ Group personnel	page page page page	6 9 10 14
▪	Significant events after the end of the reporting period	page	15
▪	Business outlook	page	15
▪	Accounting criteria	page	16
▪	Financial statements ▫ Consolidated Income Statement ▫ Reclassified Consolidated Statement of Financial Position ▫ Comments on the capital and financial position	page page page	17 18 19
▪	Declaration of the Financial Reporting Officer	page	20
▪	Attachment 1
	List of companies included in the consolidation area and other investments at 31 March 2022	page	21

__________________________________________________________________________________

Corporate Bodies and Independent Auditor

BOARD OF DIRECTORS

Chairman°
Chief Executive Officer
Director*
Director*
Director*
Director*
Director*
Director*
Director*

°* Independent Director under Art. 148, paragraph 3 of Italian Legislative Decree 58 of 24 February 1998. * Independent Director under Art. 148, paragraph 3 of Italian Legislative Decree 58 of 24 February 1998 and the Corporate Governance Code of Borsa Italiana.

______________________________________________________________________________

CONTROL, RISK AND APPOINTMENTS

SUSTAINABILITY COMMITTEE AND REMUNERATION COMMITTEE

Stefania Chiaruttini Elena Vasco Francesca Golfetto Alberto Baldan Angelo Meregalli Marina Natale

BOARD OF STATUTORY AUDITORS FINANCIAL REPORTING OFFICER ITALIAN LAW 262/2005

Monica Mannino Chairman Andrea Maldi Piero Antonio Capitini Standing Statutory Auditor Daniele Federico Monarca Standing Statutory Auditor Livia Amidani Aliberti Substitute Statutory Auditor Simone Bruno Substitute Statutory Auditor

SUPERVISORY BOARD, ITALIAN LEGISLATIVE DECREE 231/01

Enrico Maria Giarda Luigi Bricocoli Basilio Postiglione

--- The Board of Directors was appointed by the Shareholders' Meeting of 20 April 2020. The Directors' mandates will expire at the Shareholders' Meeting to approve the Financial Statements at 31 December 2022.

At the Shareholders' Meeting of 2 October 2020, the Chairman Mr Carlo Bonomi, co-opted by the Board of Directors on 25 April 2020, was confirmed in his role as Director and Chairman of Fiera Milano SpA. At the same Shareholders' Meeting, Luca Palermo was appointed to the Board of Directors of Fiera Milano S.p.A., bringing the number of members to nine.

Both directors appointed at the Shareholders' Meeting will expire with the entire Board of Directors with the approval of the financial statements at 31 December 2022.

Following his appointment by the Board of Directors on 15 December 2020, Mr Luca Palermo took over as Chief Executive Officer and General Manager from 1 January 2021.

The Board of Directors is invested with the broadest powers for the ordinary and extraordinary management of the Company; it has the power to carry out all acts it deems appropriate or useful to attain the corporate objectives, except for those which, pursuant to law, are reserved for the Shareholders' Meeting.

Under the law and the Company Articles of Association, the Chairman is the legal representative of the Company. He is also vested with all powers concerning Fiera Milano's institutional external relations.

The Board of Statutory Auditors was appointed by the Shareholders' Meeting of 28 April 2021 and its mandate expires at the Shareholders' Meeting to approve the Financial Statements at 31 December 2023.

INDEPENDENT AUDITORS

EY SpA

The mandate, given by the Shareholders' Meeting of 29 April 2014, is for the financial years 2014-2022.

Business model

The Fiera Milano Group is active in all the key areas of the exhibition and congress industry and is one of the largest integrated exhibition companies worldwide.

______________________________________________________________________________

Under the current management approach, the operating segments have been re-defined as follows:

• Italian Exhibitions Business: organisation and hosting of exhibitions and other events in Italy: through the use, promotion and offer of furnished exhibition spaces; through the provision of stand-fitting, technical and site services associated with exhibition and congress business; and through the provision of project support and ancillary services; the production of content and provision of advertising and digital services, as well as the organisation of conferences and training courses. Specifically, this segment includes all activities associated with exhibitions (including end services for exhibitors and visitors) that are:
  • directly organised by the Group or in partnership with third-parties;
  • organised by third parties, through the hiring out of spaces and services.
• Foreign Exhibitions Business: this segment covers all activities for the organisation of exhibitions and other events abroad through the use, promotion and offer of furnished exhibition spaces, project support, and ancillary services. It covers all activities associated with exhibitions (including end services for exhibitors and visitors) that are directly organised by the Group or in partnership with third-parties or acting as agents.
• Congresses: this segment covers the organisation of congresses and events and destination management services.

Summary of results and significant events during the quarter

The following table gives the main figures of the Group for the first quarter under review and for the same quarter of the previous year, as well as figures for the full year 2021.

Full year	Fiera Milano Group	1° Quarter	1° Quarter
31/12/21	Summary of key figures	31/03/22	31/03/21
	(Amounts in € '000)
129,756	Revenues from sales and services	23,469	1,527
77,170	EBITDA (a)	(2,365)	(9,873)
31,936	EBIT	(14,201)	(21,046)
42,909	Profit/(loss) of the period of continuing operations	(12,967)	(18,596)
1,172	Profit/(loss) of the period of discontinued operations	-	815
44,081	Profit/(loss)	(12,967)	(17,781)
44,359	- Attributable to the shareholders of the controlling entity	(12,898)	(17,714)
(278)	- Attributable to non-controlling interests	(69)	(67)
473,516	Net capital employed (b)	487,648	538,298
	covered by:
108,314	Equity attributable to the Group	96,501	44,794
671	Equity attributable to non-controlling interests	602	281
(47,413)	Net financial debt/(cash) before IFRS 16 effects	(33,167)	47,488
364,531	Total net financial debt/(cash)	390,545	493,223
5,945	Investments (continuing operations and assets held for sale)	210	468
669	Employees (no. of permanent employees at the end of period)	663	689

The quarterly results confirm the recovery process that began in the previous months, with consolidated revenues of Euro 23,469 thousand, an increase of Euro 21,942 thousand, and the staging of 11 exhibitions that occupied a total of 146,425 square metres of exhibition space.

In the early part of the year, Fiera Milano decided – in agreement with the organisers – to reschedule a number of exhibitions, postponing them to later in the year so that they could be more appropriately positioned and, above all, were not adversely affected by the rising infection rate due to the ongoing public health emergency. The strategic rescheduling decision proved to be a wise one as the rescheduled BIT- Borsa Internazionale del Turismo exhibition was able to achieve its full potential as early as April, with excellent performance in terms of exhibitors and visitors – all conducted safely and well away from the peak of the pandemic. In line with the rescheduling strategy, changes were made to the exhibition calendar that spanned Group-owned exhibitions – including Bit (postponed from February to April), Transpotec Logitec (from January to May), Homi (from January to March) – and also to hosted exhibitions – such as Salone del Mobile (from April to June), Mido (from February to May) and Mostra Convegno Expocomfort (from March to the end of June) – with the aim of maximising their achievable value under normal operating conditions, enabling exhibitors and international buyers alike to attend.

The recent economic and scientific study by Fondazione Fiera Milano and Confindustria, in collaboration with CFI-Comitato Fiere Industria, entitled "L'Italia delle Fiere Internazionali" (Italy's International Trade Fairs), which examined for the first time the link between a country's economy and its exhibition sector, confirmed that the internationalisation of Italian products and the country's economic development depend on the Italian exhibition industry. The study compared the four European countries with the strongest exhibition industry (Italy, Germany, France, Spain) and the United States.

Italy hosts the largest number of square metres in the fashion industry, with a market share of 23% of the 2.7 million square metres sold worldwide. Fashion was a major presence in February

with Milano Unica, which hosted more than 3,600 buyers (foreign attendance was up 35%) and Lineapelle, the international exhibition on the world of tanning, leather and accessories, which welcomed 13,000 industry operators.

Fashion again played a leading role in March with Homi Fashion&Jewels, The Micam, Mipel and TheOne Milano, which demonstrated their international status by hosting around 30,000 professional visitors and buyers, divided equally between Italy and abroad.

There are no exhibitions planned in China at this time of year.

During the quarter, Fiera Milano also signed a Memorandum of Understanding with the Associazione Italiana Ambasciatori del Gusto (Italian Association of Ambassadors of Taste), which represents all professional groups in Italian gastronomy.

The Group's business has seasonal elements due to exhibitions that are held on a biennial basis. Due to the seasonal nature of the business, revenues and earnings in individual quarters may vary even significantly from one quarter to the next.

Looking in detail at the figures for Q1 2022, the main trends are as follows:

• Revenues from sales and services amounted to Euro 23,469 thousand, an increase of Euro 21,942 thousand compared to the figure for the corresponding quarter of the previous year (Euro 1,527 thousand).

The changes in the quarter, in terms of exhibition space, are mainly connected to the resumption of exhibitions and congresses, and are compared with the first quarter of 2021, which was affected by the suspension of operations in Italy due to the Covid-19 pandemic. The change is principally tied to the presence in the quarter of the directly organised HOMI exhibition and the hosted fashion exhibitions LineaPelle, The Micam and Milano Unica. The breakdown is as follows:

• annual exhibitions organised by the Group in Italy (+23,875 sqm): the increase is due to the presence of HOMI (10,955 sqm), HOMI Fashion&Jewels (9,400 sqm) and Promotion Trade Exhibition (3,520 sqm);
• annual exhibitions organised by third parties in Italy (+120,010 sqm): the increase is mainly due to the presence of fashion exhibitions (96,370 sqm) and My Plant & Garden (23,640 sqm);
• in congresses with exhibition space, the change is equal to +820 sqm;
• annual exhibitions organised abroad (-48,530 sqm): the decrease is mainly due to the exhibition calendar of the joint venture with the partner Deutsche MESSE AG, which did not hold any exhibitions in China during the period under review.

The table below gives a summary of the net square metres of exhibition space occupied by the various Fiera Milano Group exhibitions and by congresses with related exhibition space.

Fiera Milano Group Summary operating figures		1st Quarter 2022		1st Quarter 2021		Change
		of which organized		of which organized		of which organized
	Total	by the Group	Total	by the Group	Total	by the Group
Number of exhibitions:	11	4	1	1	10	3
Italy	10	3	-	-	10	3
. annual	10	3	-	-	10	3
. biennial	-	-	-	-	-	-
. multi-annual	-	-	-	-	-	-
Foreign countries	1	1	1	1	-	-
. annual	1	1	1	1	-	-
. biennial	-	-	-	-	-	-
. multi-annual	-	-	-	-	-	-
Number of congresses with related exhibition space - Italy	1	-	-	-	1	-
Net sq.metres of exhibition space:	147,245	26,415	51,070	51,070	96,175	(24,655)
Italy	144,705	23,875	-	-	144,705	23,875
. annual (a)	144,705	23,875	-	-	144,705	23,875
. biennial	-	-	-	-	-	-
. multi-annual	-	-	-	-	-	-
(a) of which congresses with related exhibition space	820	-	-	-	820	-
Foreign countries	2,540	2,540	51,070	51,070	(48,530)	(48,530)
. annual	2,540	2,540	51,070	51,070	(48,530)	(48,530)
. biennial	-	-	-	-	-	-
. multi-annual	-	-	-	-	-	-
Number of exhibitors:	3,590	755	990	990	2,600	(235)
Italy	3,510	675	-	-	3,510	675
. annual (b)	3,510	675	-	-	3,510	675
. biennial	-	-	-	-	-	-
. multi-annual	-	-	-	-	-	-
(b) of which congresses with related exhibition space	40	-	-	-	40	-
Foreign countries	80	80	990	990	(910)	(910)
. annual	80	80	990	990	(910)	(910)
. biennial	-	-	-	-	-	-
. multi-annual	-	-	-	-	-	-

• EBITDA for the quarter amounted to Euro -2,365 thousand, an improvement of Euro 7,508 thousand compared to the figure for the same quarter of the previous year (Euro -9,873 thousand). The change mainly reflects the aforementioned trend in revenues. This effect was partially offset by the presence in the same quarter of 2021 of the benefit deriving from the activation of the Salary Integration Fund (FIS), as well as the result of the joint venture held jointly with the partner, Deutsche MESSE AG, which did not hold any exhibitions in China during the period under review.

• EBIT in the quarter was Euro -14,201 thousand compared to Euro -21,046 thousand in the first quarter of 2021. The increase of Euro 6,845 thousand reflects the trend in EBITDA, partially offset by higher amortisation and depreciation related to the increase in investments during 2021.
• Net loss from continuing operations amounted to Euro -12,967 thousand (Euro -18,596 thousand in the first quarter of 2021), while profit/(loss) for the period from discontinued operations amounted to zero (Euro 815 thousand in the first quarter of 2021).
• The net loss was Euro 12,967 thousand compared to a loss of Euro 17,781 thousand in the first quarter of 2021, with Euro -12,898 thousand attributable to shareholders of the controlling entity (Euro -17,714 thousand in the first quarter of 2021) and Euro -69 thousand attributable to non-controlling interests (Euro -67 thousand in the first quarter of 2021).

Group financial debt

The Group's financial debt and its composition is shown in the table below.

	Group Financial Debt
31/12/21	(Amounts in € '000)	31/03/22
148,298	A. Cash (including bank balances)	123,744
-	B. Other cash equivalents	-
-	C. Securities held for trading	-
148,298	D. Cash and cash equivalents (A+B+C)	123,744
2,429	E. Current financial assets	7,929
2,429	- E.1 of which Current financial assets to other related parties	2,408
-	F. Current bank borrowings	-
938	G. Current portion of non-current debt	8,010
9,994	H. Other current financial liabilities	663
9,560	- H.1 of which Other current financial liabilities to the controlling shareholder	145
10,932	I. Current financial debt (F+G+H)	8,673
(139,795)	J. Current net financial debt (cash) (I-E-D)	(123,000)
5,847	K. Non-current financial assets	69
50	- K.1 of which non-current financial assets to other related parties	69
98,159	L. Non-current bank borrowings	89,902
-	M. Debt securities in issue	-
70	N. Other non-current liabilities	-
92,382	O. Non-current financial debt (-K+L+M+N)	89,833
(47,413)	Net financial debt/(cash) from continuing operations (J+O)	(33,167)
-	Net financial debt/(cash) from assets held for sale	-
(47,413)	P. Net financial debt/(cash) before IFRS 16 effects	(33,167)
41,376	Q. Other current financial liabilities related to the right of use of assets	49,438
39,821	- Q.1 of which current financial liabilities related to the right-of-use assets to the controlling shareholder	46,580
370,568	R. Other non-current financial liabilities related to the right of use of assets	374,274
367,703	- R.1 of which non-current financial liabilities related to the right-of-use assets to the controlling shareholder	372,564
411,944	IFRS 16 financial effects	423,712
364,531	S. Total net financial debt/(cash) (P+Q+R)	390,545

Financial debt not including IFRS 16 lease liabilities shows net cash at 31 March 2022 of Euro 33,167 thousand, compared to net debt of Euro 47,413 thousand at 31 December 2021.

The decrease of Euro 14,246 thousand is connected to the negative cash flow mainly deriving from amounts due to suppliers and organisers of exhibitions that arose in the last quarter of 2021. This was partly offset by the collection of advance payments for exhibitions to be held in subsequent quarters.

Financial debt including IFRS 16 lease liabilities amounted to Euro 390,545 thousand, an increase of Euro 26,014 thousand compared to Euro 364,531 thousand at 31 December 2021.

Business performance by operating segment and by geographic area

The key Group figures by operating segment and by geographic area are given in the following table.

		Summary of data by operating segment
		and by geographic area
Full year		(Amounts in € '000)	1st Quarter		1st Quarter
2021			31/03/22		31/03/21
		Revenues from sales and services
	%	- By operating segment:		%		%
110,423	82.7	. Italian Exhibitions business	20,807	87.8	901	50.6
195	0.1	. Foreign Exhibitions business	702	3.0	21	1.2
-	-	. Media*	-	-	324	18.2
22,953	17.2	. Congresses	2,179	9.2	534	30.0
133,571	100.0	Total revenues gross of adjustments for inter-segment transactions	23,688	100.0	1,780	100.0
(3,815)		. Adjustments for inter-segment transactions	(219)		(253)
129,756		Total revenues net of adjustments for inter-segment transactions	23,469		1,527
		- By geographic area:
129,561	99.8	. Italy	22,767	97.0	1,506	98.6
195	0.2	. Foreign countries	702	3.0	21	1.4
129,756	100.0	Total	23,469	100.0	1,527	100.0
	%	EBITDA		%		%
	on revenues	- By operating segment:		on revenues		on revenues
61,446	55.6	. Italian Exhibitions business	(892)	(4.3)	(8,577)	(951.9)
342	175.4	. Foreign Exhibitions business	(501)	(71.4)	78	371.4
-	-	. Media	-	-	(509)	(157.1)
15,382	67.0	. Congresses	(972)	(44.6)	(865)	(162.0)
-		. Adjustments for inter-segment transactions	-		-
77,170	59.5	Total	(2,365)	(10.1)	(9,873)	(646.6)
		- By geographic area:
76,818	59.3	. Italy	(1,874)	(8.2)	(9,951)	(660.8)
352	180.5	. Foreign countries	(491)	(69.9)	78	371.4
77,170	59.5	Total	(2,365)	(10.1)	(9,873)	(646.6)
	%	EBIT		%		%
	on revenues	- By operating segment:		on revenues		on revenues
21,766	19.7	. Italian Exhibitions business	(11,184)	(53.8)	(18,459)	(2,048.7)
106	54.4	. Foreign Exhibitions business	(559)	(79.6)	18	85.7
-
	-	. Media	-	-	(531)	(163.9)
10,064	43.8	. Congresses	(2,458)	(112.8)	(2,074)	(388.4)
-		. Adjustments for inter-segment transactions	-		-
31,936	24.6	Total	(14,201)	(60.5)	(21,046)	(1,378.3)
		- By geographic area:
31,820	24.6	. Italy	(13,652)	(60.0)	(21,064)
116	59.5	. Foreign countries	(549)	(78.2)	18	(1,398.7)
31,936	24.6	Total	(14,201)	(60.5)	(21,046)	(1,378.3)
		Employees
		(no. of permanent employees at the end of the period)				85.7
	%	- By operating segment:		%		%
530	79.2	. Italian Exhibitions business	532	80.3	515	74.8
88	13.2	. Foreign Exhibitions business	85	12.8	96
-	-	. Media	-	-	36
51	7.6	. Congresses	46	6.9	42
669	100.0	Total	663	100.0	689	13.9 5.2 6.1 100.0
		- By geographic area:
581	86.8	. Italy	578	87.2	593
88	13.2	. Foreign countries	85	12.8	96	86.1 13.9

It should be noted that in the year 2021, following the sale of the "publications" division to third parties, the activities of the Media segment were transferred to the "Italian Exhibitions Business" sector.

Revenues from sales and services, before elimination of transactions among the four business segments of the Group were Euro 23,688 thousand, an increase of Euro 21,908 thousand compared to the figure of Euro 1,780 thousand in the first quarter of 2021.

It should be noted that in the final quarter of 2021, following the sale of the "publications" division to third parties, the activities of the Media segment were transferred to the "Italian Exhibitions Business" sector.

• Revenues from the Italian Exhibitions Business in the first quarter were Euro 20,807 thousand, an increase of approximately Euro 19,906 thousand compared to the figure for the same period of the previous year (Euro 901 thousand). The rise in revenue is compared against the first quarter of 2021, which was affected by the suspension of operations in Italy due to the Covid-19 pandemic. The change is principally tied to the presence in the quarter of the directly organised HOMI exhibition and the hosted fashion exhibitions LineaPelle, The Micam and Milano Unica.
• Revenues from Foreign Exhibitions Business totalled Euro 702 thousand in the first quarter compared to the figure in the same period of the previous financial year (Euro 21 thousand). The increase mainly relates to contemporary art event ICTAF 2022 organised by the South African subsidiary.
• Revenues from Congresses totalled Euro 2,179 thousand in the first quarter compared to Euro 534 thousand in the same period of 2021. The rise in revenue is mainly attributable to the resumption of congress activities and is compared against the first quarter of 2021, which was affected by the suspension of congresses in Italy due to the Covid-19 pandemic. The change is principally tied to the presence in the quarter of XXIII Congresso Nazionale AICCER, the congress of the Italian Association of Cataract and Refractive Surgery, and some important events such as: Banca Generali, Ferrari fashion show, Publitalia's schedule presentation and Azimut's convention.

Group EBITDA as a whole was Euro -2,365 thousand, an increase of Euro 7,508 thousand compared to the figure for the first quarter of 2021 (Euro -9,873 thousand). The breakdown was as follows:

• Italian Exhibitions Business: EBITDA of Euro -892 thousand compared to Euro -8,577 thousand in the same period of the previous financial year. The change was due to the aforementioned trend in revenues. This effect was partially offset by the presence in the same quarter of 2021 of the benefit deriving from the activation of the Salary Integration Fund (FIS).
• Foreign Exhibitions Business: EBITDA of Euro -501 thousand, up compared to Euro 78 thousand in the same period of the previous financial year. The decrease is mainly due to the result of the joint venture held jointly with the partner, Deutsche MESSE AG, which did not hold any exhibitions in China during the period under review.
• Congresses: EBITDA was Euro -972 thousand, compared to Euro -865 thousand in the same quarter of 2021. The decrease in EBITDA is mainly attributable to the higher overhead costs associated with the management of the congress centre, which cancelled out the increase in turnover. It should be noted that these costs were absent in same quarter last, due to the suspension of congress activities because of the Covid-19 pandemic.

EBIT for the four operating segments in the first quarter of 2021 was Euro -14,201 thousand compared to Euro -21,046 thousand in the same period of the previous financial year and reflected the aforementioned EBITDA trend, partially offset by higher amortisation and depreciation driven by the increase in investments during 2021.

The breakdown by geographic area in the first quarter showed revenues from foreign activities of Euro 702 thousand, an increase of approximately Euro 681 thousand compared to the figure for the same period of the previous financial year (Euro 21 thousand). EBITDA amounted to Euro -491 thousand, a decrease of Euro 569 thousand compared to the same period of the previous year (Euro 78 thousand).

EBIT was Euro -549 thousand compared to the figure for the same period of the previous financial year of Euro 18 thousand.

In Italy, during the quarter under review, 10 exhibitions and 1 event for congresses with adjoining exhibition space were held. Net square metres of exhibition space totalled 144,705 while the number of exhibitors was 3,510. In the same period of the previous year there were no exhibitions.

Exhibitions directly organised by the Group in Italy and abroad occupied total net exhibition space of 26,415 square metres, which equated to 18% of the total exhibition space occupied.

Details of exhibitions held in Italy are given in the following table.

Italian exhibition portfolio
		Net sq. metres of exhibition space
Annual Exhibitions:	Quarter to 31/03/22	Quarter to 31/03/21	Quarter to 31/03/22	Quarter to 31/03/21
Directly organised
- HOMI	10,955	a)	225	a)
- HOMI Fashion&Jewels (1st semester)	9,400	b)	365	b)
- Promotion Trade Exhibition	3,520	a)	85	a)
Total annual exhibitions directly organised	23,875	-	675	-
Hosted
- LineaPelle Febbraio	38,635	b)	950	b)
- Milano Unica (Spring)	18,850	b)	385	b)
- Mipel (March)	3,200	b)	110	b)
- My Plant & garden	23,640	b)	565	b)
- The Micam (Spring)	30,160	b)	630	b)
- Filo (1st semester)*	1,810	-	90	-
- The ONE Milano (February)	3,715	b)	65	b)
Total annual exhibitions hosted	120,010	-	2,795	-
Total annual Exhibitions	143,885	-	3,470	-
TOTAL EXHIBITIONS	143,885	-	3,470	-
- Congresses with related exhibition space	820	-	40	-
TOTAL	144,705	-	3,510	-

* The exhibition was held for the first time in Fiera Milano.

a) The exhibition will take place in subsequent quarters.

b) The exhibition did not take place.

During the first quarter of 2022, one exhibition was held at a foreign exhibition site and the net exhibition space occupied totalled 2,540 square metres (in the first quarter of 2021, this figure was 51,070 square metres). The number of exhibitors was 80 (990 in first quarter of 2021).

Details of the exhibitions organised abroad are given in the following table.

Foreign Exhibition portfolio
		Net sq. metres of exhibition space	Number of exhibitors
	Quarter to 31/03/22	Quarter to 31/03/21	Quarter to 31/03/22	Quarter to 31/03/21
Annual Exhibitions:
Annual exhibitions in China
- Chinafloor Domotex Shanghai °	b)	51,070	b)	990
Total annual exhibitions in China	-	51,070	-	990
Annual exhibitions in South Africa
- Cape Town Art Fair	2,540	a)	80	a)
Total annual exhibitions in South Africa	2,540	-	80	-
Total annual exhibitions	2,540	51,070	80	990
TOTAL EXHIBITIONS	2,540	51,070	80	990

° The exhibition is organised in partnership.

a) The exhibition did not take place.

b) The exhibition will take place in subsequent quarters.

Group personnel

At 31 March 2022, Group employees totalled 663. The breakdown compared to 31 March 2021 and 31 December 2021 was as follows:

31/12/21			Permanent employees at end of period (units)		31/03/22			31/03/21
Total	Italy	Foreign countries		Total	Italy	Foreign countries	Total	Italy	Foreign countries
			Fully consolidated companies:
26	25	1	Executives	29	28	1	24	23	1
567	541	26	Managers and White collar workers (including Journalists)	561	535	26	584	554	30
593	566	27	Total	590	563 27		608	577	31
			Equity-accounted companies (a):
5	2	3	Executives	5	2	3	5	2	3
71	13	58	White collar workers 68 13 55		76	14	62
76	Total 15 61		73	15	58	81	16	65
669	581	88	TOTAL	663	578	85	689	593	96
			(a) the indicated data corresponds to the pro-quota of total employees

Compared to 31 December 2021, the number of permanent employees decreased by 6 net units.

On 22 April 2022, the Ordinary Shareholders' Meeting of the Parent Company was held, which approved the financial statements for the year ended 31 December 2021 and resolved to carry forward net profit for the year of Euro 36,621,672.14. The Ordinary Shareholders' Meeting also approved the content of the First and Second Section of the Remuneration Report, relative to the Company policy on the remuneration of the Board of Directors. Finally, the same Shareholders' Meeting Authorisation approved the authorisation to purchase and dispose of own shares under Articles 2357 and 2357ter of the Italian Civil Code.

Business outlook

The projections for the Italian economy suggest that growth will resume at a sustained pace as the health situation improves, returning to pre-pandemic levels. Research on future trends suggests that activity will continue to grow at a robust pace, albeit less intensely than during the sharp recovery that followed the reopening in the middle of 2021, allowing the Italian economy to recover. Against this background, considerable support for growth will come from stimulus measures financed by the national budget and European funds, in particular those outlined in the National Recovery and Resilience Plan (NRRP).

While we are currently experiencing an improvement in the health situation and the easing of restrictions will allow events to resume, the outbreak of the Russian-Ukrainian conflict has opened up a new landscape. The Group is monitoring developments closely in order to define the possible impacts on exhibitions in commodity sectors that have the greatest exposure to the countries involved. Special attention must be paid to potential further price rises in the supply of energy and raw materials. In this regard, the Group has pre-emptively introduced procurement policies designed to secure the raw materials needed to meet the requirements of the exhibition calendar in 2022, while at the same time initiating a supply diversification process.

The public health situation is gradually improving in Europe, 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 the easing of restrictions with the aim of a progressive return to normality. There are signs of uncertainty coming from China, where in the cities of Beijing and Shanghai the number of infections is increasing, albeit still very low. The Group continues to monitor developments in China. It should be noted that in the first quarter of 2022 no exhibitions were scheduled in this region. Potential impacts are expected as the pandemic continues.

The health emergency has demonstrated the strength of Fiera Milano's business model. The company's adaptability and flexibility have made it possible to gradually resume exhibitions and congresses, driving the recovery of the entire sector and highlighting the strategic importance of the exhibition and congress sector as a strategic tool for companies' marketing and internationalisation activities. The strategic rescheduling decision for some exhibitions during the year proved to be a wise one as the rescheduled BIT- Borsa Internazionale del Turismo was able to achieve its full potential as early as April, with performance in terms of exhibitors and visitors in attendance better than forecast.

Based on these considerations and the information available to date, the EBITDA target for the financial year 2022 is confirmed in the range of Euro 40-50 million, as forecast in the CONN.E.C.T. 2025 plan.

Basis of preparation

The Consolidated Interim Management Report of the Fiera Milano Group has been prepared in accordance with Article 154-ter of Legislative Decree 58/1998 and with the Listing Rules issued by Consob regulation no. 11971 of 14 May 1999 and subsequent amendments and integrations.

______________________________________________________________________________

The financial, economic and capital data have been prepared in compliance with the disclosure and valuation requirements of the International Accounting Standards IAS/IFRS issued by the International Accounting Standards Board (IASB) and endorsed by the European Union.

The valuation criteria used to prepare the Financial Statements for the first quarter 2022 are the same as those used for the Consolidated Financial Statements for the full-year 2021, with the addition of the accounting standards endorsed by the European Union and applicable from 1 January 2022.

As regards comparable data, it should be noted that in preparing the equivalent Interim Management Report for the previous year, the tax charge was not calculated, as permitted under Consob Regulations.

Starting from this Interim Management Report, taxes have been calculated. Therefore, the Interim Management Report 2021 has been restated for comparative purposes. Taxes are calculated by applying to the pre-tax profit for the period the tax rate which would be applicable to the expected annual results. If the estimated effective tax rate does not give credible results, the income taxes are calculated by applying the tax rate and enacted regulations in the countries in which the Group operates to the estimated taxable income for the period.

The Consolidated Financial Statements have been prepared on the basis of the accounting situation at 31 March 2022 as approved by the Boards of Directors of the companies included in the area of consolidation and prepared by Group companies within the area of consolidation.

It should also be noted that the methodologies used for estimates in the preparation of the Consolidated Interim Management Report at 31 March 2022 are the same as those normally used to prepare the Annual Consolidated Financial Statements.

The list of companies included in the scope of consolidation at 31 March 2022 is provided in Annex 1.

The Consolidated Interim Management Report is not subject to legal audit.

Financial statements

Full year to 31/12/21	Consolidated Income Statement (Amounts in €'000)	1st Quarter to 31/03/22		1st Quarter to 31/03/21
%			%		%
129,756 100	Revenues from sales and services	23,469	100	1,527	100
1,722 1.3	Cost of materials	463	2.0	13	0.9
74,344 57.3	Cost of services	14,046	59.8	5,767	377.7
517 0.4	Costs for use of third party assets	152	0.6	67	4.4
41,489 32.0	Personnel expenses	10,753	45.8	7,582	496.5
2,942 2.3	Other operating expenses	510	2.2	447	29.3
121,014 93.3	Total operating costs	25,924	110.5	13,876	908.7
73,146 56.4	Other income	704	3.0	2,568	168.2
1,207 0.9	Results of equity-accounted companies	(709)	(3.0)	138	9.0
5,925 4.6	Allowance for doubtful accounts and other provisions	(95)	(0.4)	230	15.1
77,170 59.5	Operating result before adjustments to non-current asset values (EBITDA )	(2,365)	(10.1)	(9,873)	(646.6)
45,212 34.8	Depreciation and amortisation	11,836	50.4	11,151	730.3
22 0.0	Adjustments to asset values	-	-	22	1.4
31,936 24.6	Operating result (EBIT)	(14,201)	(60.5)	(21,046)	(1,378.3)
(13,392) (10.3)	Financial income/(expenses)	(3,145)	(13.4)	(2,999)	(196.4)
- -	Valuation of financial assets	-	-	-	-
18,544 14.3	Profit/(loss) before income tax	(17,346)	(73.9)	(24,045)	(102.5)
(24,365) (18.8)	Income tax	(4,379)	(18.7)	(5,449)	(23.2)
42,909 33.1	Profit/(loss) from continuing operations	(12,967)	(55.3)	(18,596)	(1,217.8)
1,172 0.9	Profit/(loss) from discontinued operations	-	-	815	53.4
44,081 34.0	Profit/(loss)	(12,967)	(55.3)	(17,781)	(1,164.4)
44,359 34.2	- attributable to the shareholders of the controlling entity	(12,898)	(55.0)	(17,714)	(1,160.1)
(278) (0.2)	- attributable to non-controlling interests	(69)	(0.3)	(67)	(4.4)

	Reclassified Consolidated Statement of Financial Position (Amounts in €'000)	31/03/22	31/12/21	Change
	Goodwill	95,036	95,036	-
	Intangible assets with a finite useful life	17,809	18,518	(709)
	Right-of-use assets	396,517	392,512	4,005
	Tangible fixed assets	5,357	5,808	(451)
	Other non-current assets	65,824	61,787	4,037
A	Non-current assets	580,543	573,661	6,882
	Inventories and contracts in progress	5,142	3,354	1,788
	Trade and other receivables	28,866	31,130	(2,264)
	Other current assets	-	-	-
B	Current assets	34,008	34,484	(476)
	Trade payables	28,498	50,602	(22,104)
	Advances	51,100	35,992	15,108
	Tax liabilities	2,105	4,955	(2,850)
	Provisions for risks and charges and other current liabilities	31,635	29,181	2,454
C	Current liabilities	113,338	120,730	(7,392)
D	Net working capital (B - C)	(79,330)	(86,246)	6,916
E	Gross capital employed (A + D)	501,213	487,415	13,798
	Employee benefit provisions	9,209	9,529	(320)
	Provisions for risks and charges and other non-current liabilities	4,356	4,370	(14)
F	Non-current liabilities	13,565	13,899	(334)
G	NET CAPITAL EMPLOYED continuing operations (E - F)	487,648	473,516	14,132
H	NET CAPITAL EMPLOYED assets held for sale	-	-	-
	TOTAL NET CAPITAL EMPLOYED (G + H)	487,648	473,516	14,132
	covered by: Equity attributable to the Group	96,501	108,314	(11,813)
	Non-controlling interests	602	671	(69)
I	Total equity	97,103	108,985	(11,882)
	Cash & cash equivalents	(123,744)	(148,298)	24,554
	Current financial (assets)/liabilities	50,182	49,879	303
	Non-current financial (assets)/liabilities	464,107	462,950	1,157
	Net financial debt/(cash) continuing operations	390,545	364,531	26,014
	Net financial debt/(cash) assets held for sale	-	-	-
L	Net financial debt/(cash) (TOTAL)	390,545	364,531	26,014
	EQUITY AND NET FINANCIAL DEBT (I + L)	487,648	473,516	14,132

Comments on equity and financial performance

At 31 March 2022, non-current assets totalled Euro 580,543 thousand compared to Euro 573,661 thousand at 31 December 2021. The increase of Euro 6,882 thousand relates to the balance between investments for Euro 210 thousand, depreciation and amortisation for Euro 11,836 thousand, rights of use for Euro 14,213 thousand, increases in deferred tax assets for Euro 4,423 thousand, exchange rate gains for Euro 726 thousand, changes in the value of equity accounted investments for Euro -709 thousand, and other changes for Euro -145 thousand.

Net working capital went from Euro -86,246 thousand at 31 December 2021 to Euro -79,330 thousand at 31 March 2022.

The Euro 6,916 thousand change in this figure was due to the following:

• (a) the decrease in Current assets of Euro 476 thousand, due to the combined effect of the decrease in "Trade and other receivables" of Euro 2,264 thousand and the increase in "Inventory and contracts in progress" of Euro 1,788 thousand;
• (b) a Euro 7,392 thousand decrease in Current Liabilities due mainly to the net effect of:
  • the decrease of Euro 22,104 thousand euros in "Trade payables" relating to the payment of amounts due to suppliers and exhibition organisers;
  • an increase in "advances" of Euro 15,108 thousand, which was the net of increases for advance payments from clients for exhibitions to be held in future quarters (in particular, Ipack-Ima, Host, Print4All and Miart) and a decrease in payments for exhibitions held in the current quarter (in particular HOMI, The Micam and LineaPelle).

At 31 March 2022, non-current liabilities totalled Euro 13,565 thousand compared to Euro 13,899 thousand at 31 December 2021.

Equity attributable to the Group at 31 March 2022 was Euro 96,501 thousand compared to Euro 108,314 thousand at 31 December 2021, a decrease of Euro 11,813 thousand due to the following:

• Euro -12,898 thousand as to net loss for the period;
• Euro 867 thousand as to the reserve for hedging transactions;
• Euro 149 thousand as to the stock grant provisions;
• Euro 69 thousand as to exchange rate gains.

Equity attributable to non-controlling interests was Euro 602 thousand at 31 March 2022 compared to Euro 671 thousand at 31 December 2021. The decrease of Euro 69 thousand is due to the loss for the period.

Information on the changes in financial assets and liabilities is given in the section on the financial position.

Statement of the Financial Reporting Officer

The Financial Reporting Officer, Andrea Maldi, in accordance with paragraph 2 of Article 154-bis of the Consolidated Finance Act, herewith declares that the accounting information in the present Interim Management Report is consistent with the Company's official documents, books and accounting records.

*****

Attachment 1

			Shareholding %				Shareholding of Group companies
		Share capital	Group	Directly held by Fiera	Indirectly held through other Group
Company name and registered office	Main activity	(000) (*)	total	Milano	companies	%
A) Parent Company
Fiera Milano SpA	Organisation and hosting of
Milan, p.le Carlo Magno 1	exhibitions in Italy	42,445
B) Fully consolidated companies
Fiera Milano Congressi SpA
Milan, p.le Carlo Magno 1	Management of congresses	2,000	100	100			100 Fiera Milano SpA
Nolostand SpA
Milan, p.le Carlo Magno 1	Stand fitting services	7,500	100	100			100 Fiera Milano SpA
MADE eventi Srl
Rho (Milano), strada Statale del Sempione n. 28	Organisation of exhibitions in Italy	1,100	60	60			60 Fiera Milano SpA
Fiera Milano Brasil Ltda							99.99 Fiera Milano SpA
São Paulo Brasil,	Organisation of exhibitions
na Avenida Angélica, 2491, 20° andar, conjuntos 203 e 204	outside of Italy	R \$ 97,981	100	99.99	0.01		0.01 Nolostand SpA
Fiera Milano Exhibitions Africa Pty Ltd	Organisation of exhibitions
Cape Town, The Terraces, Steenberg Office Park, Tokai	outside of Italy	ZAR 0,6	100	100			100 Fiera Milano SpA
C) List of jointly controlled companies equity-accounted
Hannover Milano Global Germany GmbH	Organisation of exhibitions
Hannover Germany, Messegelaende	outside of Italy	25	49	49			49 Fiera Milano SpA
Hannover Milano Fairs Shanghai Co. Ltd
Shanghai China, Pudong Office Tower	Organisation of exhibitions outside of Italy	USD 500	49		100	100	Hannover Milano Global Germany GmbH
Hannover Milano Fairs China Ltd
Hong Kong China, Golden Gate Building	Organisation of exhibitions outside of Italy	HKD 10	49		100	100	Hannover Milano Global Germany GmbH
Hannover Milano Fairs India Pvt Ltd
East Mumbai, Andheri	Organisation of exhibitions outside of Italy	INR 274,640	48.99		99.99	99.99	Hannover Milano Global Germany GmbH
Hannover Milano Best exhibitions Co., Ltd
	Organisation of exhibitions						Hannover Milano Fairs Shanghai
Guangzhou China, West Tower, Poly World Trade Center	outside of Italy	RMB 1,000	24.99		51	51	Co. Ltd
Hannover Milano XZQ Exhibitions Co., Ltd	Organisation of exhibitions						Hannover Milano Fairs Shanghai
Shenzhen China	outside of Italy	RMB 100	29.40		60	60	Co. Ltd
Ipack Ima Srl	Organisation of exhibitions in
Rho, S.S. del Sempione km 28	Italy	20	49	49		49	Fiera Milano SpA
Mico DMC S.r.l.
Milan, p.le Carlo Magno 1	Management of congresses	10	51		51		51 Fiera Milano Congressi SpA
D) List of companies accounted at cost
			Shareholding %				Shareholding of Group companies
				Directly held by	Indirectly held through other

Rho, S.S. del Sempione km 28 20 49 49 49 Mico DMC S.r.l. Milan, p.le Carlo Magno 1 10 51 51 51 Fiera Milano Congressi SpA D) List of companies accounted at cost Company name and registered office Share capital (000) (*) Group total Fiera Milano Group companies % Comitato Golden Card Cinisello Balsamo, viale Fulvio Testi 128 3 33.33 33.33 33.33 Convention Bureau Italia Scrl Florence, piazza Adua 1 Other activities 8 2 2 2 Fiera Milano Congressi SpA Associazione Milano&Partners Milan Other activities 50 Fiera Milano Congressi SpA (*) Euro or other currencies as specifically indicated Other activities Fiera Milano SpA