Fiera Milano Spa · MIL:FM
Fiera Milano Spa — FY2025 Earnings Presentation
29 slides from Fiera Milano Spa's earnings presentation, Mar 12, 2026
Slide 1: Fiera Milano Results as of 31 December 2025
Fiera Milano Results as of 31 December 2025 12 March 2026
Slide 2: Today's Speakers
TODAY’S SPEAKERS FRANCESCO CONCI MASSIMO DE TULLIO VINCENZO CECERE Head of Investor Relations, CEO & General Manager Chief Financial Officer Sustainability & Management System 20+ years in Fiera Milano 7 years in Fiera Milano 4 years in Fiera Milano ▪ Relevant experience: ▪ Relevant experience: ▪ Re
Slide 3: Agenda
AGENDA 01 04 Appendix EXECUTIVE SUMMARY 02 BUSINESS & FINANCIAL REVIEW 03 ESG ACHIEVEMENTS
Slide 4: Executive Summary
EXECUTIVE SUMMARY
Slide 5: Message from the CEO: Key Highlights of 2025 Results
MESSAGE FROM THE CEO 10 Key Highlights of 2025 Results 1. 1 Record 2025 results with strong growth and outstanding cash generation 2. 2 Guidance exceeded, even net of M&A and Olympics one-offs 3. 3 Four strategic M&A deals executed, accelerating growth and portfolio expansion 4. 4 New launches showi
Slide 6: Delivering Record 2025 Results with Strong Growth and High Cash Generation
1 DELIVERING RECORD 2025 RESULTS WITH STRONG GROWTH AND HIGH CASH GENERATION ORGANIZED HOSTED CONGRESSES SERVICES + 7% + 2% In line with the record results + 8% LIKE-FOR-LIKE delivered in REVENUE GROWTH 2024 REVENUES (€m) EBITDA (€m) NET INCOME (€m) NET CASH (€m) Odd year quarter +106.7 +48.0 +79.4
Slide 7: Revenues €380m: A More Balanced and Diversified Revenue Mix
1 A MORE BALANCED AND DIVERSIFIED REVENUE MIX MITIGATING RISKS ASSOCIATED WITH EXPOSURE TO SPECIFIC INDUSTRIES Entertainament 0,1% Services Abroad 26,0% 1,6% Expotrans 5,3% 2025 Other * Owned exhibitions - AREA 9,9% REVENUES 21,5% €380m Includes c. €20m Olympic Games contribution Congresses 15,3% Ho
Slide 8: Exceeding 2025 Guidance: Increasing Dividend Distribution
2 EXCEEDING 2025 GUIDANCE EVEN NET OF M&A AND OLYMPICS ONE-OFFS: INCREASING DIVIDEND DISTRIBUTION REVENUES (€M) EBITDA (€M) Net Cash (€M) 380 350-370 320-340 132 157 284 115-125 280 273 110-120 247 106 97 100-110 220 74 84 81* 81 78 58 122 68 47 74 30 10 24 2018 2019 2020 2021 2022 2023 2024 2025 20
Slide 9: Four Strategic Deals Closed in Just One Year
3 ACCELERATING GROWTH THROUGH M&A: FOUR STRATEGIC DEALS CLOSED IN JUST ONE YEAR Total capital allocation to acquisitions: c. €50m (net of targets’ net financial position) Apr Jul Feb 2025 2025 2026 9
Slide 10: New Events Launched in 2025 Showing Positive Early Results
4 NEW EVENTS LAUNCHED IN 2025 SHOWING POSITIVE EARLY RESULTS Exhibition Performance ▪ 2025 edition: Performance in line with expectations; >1,000 visitors ▪ 2026 edition: Revenue expected to grow strongly (more than double), confirming the scalability of the format ▪ 2025 edition: Performance in lin
Slide 11: Entering a New Phase of International Development
ENTERING A NEW PHASE 5 OF INTERNATIONAL DEVELOPMENT USA Host USA (hospitality), in JV with INDIA NAFEM (US Food Equipment In India, Fiera Milano, through its joint Association) with debut scheduled for venture with Deutsche Messe AG, February 2027 # exhibit.: 1 Hannover Milano Fairs India , carries
Slide 12: Above-Expectations Winter Olympics Impact with Long-Term Strategic Legacy
6 ABOVE-EXPECTATIONS WINTER OLYMPICS IMPACT IN 2025–2026 WITH LONG-TERM STRATEGIC LEGACY ~70% Olympic contribution to 2026 revenues driving higher-than-expected margins (~30% EBITDA margin) PAV. 13-15 Speed Skating PAV. 22-24 Women’s ice hockey POST-OLYMPIC LEGACY Live Dome ▪ 36,600 m² indoor ▪ > 40
Slide 13: A Robust 2026 Calendar with Reduced Seasonality
New event 7 A ROBUST 2026 CALENDAR WITH REDUCED SEASONALITY, Biennial NEW EVENTS AND INCREMENTAL M&A CONTRIBUTIONS Multi-year ▪ Solid 2026 event portfolio, supported by biennials (MCE, Tuttofood – now on even years; Simei) and multi-year events (CPHI and Plast) ▪ Incremental contribution from Expotr
Slide 14: Entering a New Phase in Equity Story with FTSE Mid Cap Inclusion
8 FIERA MILANO ENTERING A NEW PHASE IN ITS EQUITY STORY WITH THE INCLUSION IN THE FTSE MID CAP INDEX [Fiera Milano Market Capitalization; in millions of euros] ❑ Market capitalization more than doubled 563 580 in two years, reaching record levels ❑ Upgrade from FTSE Small Cap to FTSE 480 MID Cap in
Slide 15: Strong ESG Performance Driving Competitive Advantage
9 STRONG ESG PERFORMANCE DRIVING COMPETIIVE ADVANTAGE Reducing environmental impact Investment in People’s development Total CO2 emissions (tCO2eq) % Renewable sources used Attraction, D&I Retention Training hours Welfare, sense of beloinging Market based Employee turnover -57% +30 pp +8% 114 New Fu
Slide 16: Guidance and New Strategic Plan Launch
10 GUIDANCE AND NEW STRATEGIC PLAN LAUNCH ▪ Integration of recent acquisitions (Made in Steel and STIPA) to start in 2026, with potential positive impacts from synergies and portfolio strengthening ▪ Macroeconomic and geopolitical environment remains uncertain, with recent Middle East tensions pushi
Slide 17: Business Review
BUSINESS REVIEW
Slide 18: Snapshot of Divisional Results – Legal Entities View
SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW Italian Exhibition Δ (€) ▪ Revenue growth driven by solid exhibition performance, higher service penetration and new exhibitions 2023 2024 2025 Business 2025/2024 (mainly Artigiano in Fiera – Anteprima d’Estate). The increase benefited from a favo
Slide 19: Revenue Growth Contribution - Business Line View
REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW PERFORMANCE EFFECT: €16.7m CALENDAR EFFECT: € 39.4m 2025 vs 2024 NEW EXHIBITIONS: €10.1m + € 106.7m EXPOTRANS: €20.2m OLYMPIC GAMES: €20.3m € 379.9m +22.4 +20.2 +13.6 +0.3 -2.4 +0.5 -0.3 +0.2 € 273.2m +52.4 +20.3m Olympic Games (Rho) Revenue growth ph
Slide 20: Fiera Milano 2025 SQM Growth Champions
FIERA MILANO 2025 SQM GROWTH CHAMPIONS SELECTED ITALIAN EXHIBITIONS ORGANIZED SQM (k) SQM GROWTH % HOSTED SQM (k) SQM GROWTH % 2025/ last edition 2025/ last edition 137 +7% 80 +33% 128 60 2023 2025 2023 2025 77 +13% + 29 +5% 68 27 Spring + autumn editions 2024 2025 2024 2025 48 +5% 46 2024 2025 28 +
Slide 21: Financial Review
FIERA MILANO FINANCIAL REVIEW
Slide 22: Income Statement
INCOME STATEMENT 1 ▪ Revenues: increased from Euro 273.2m in 2024 to Euro 379.9m in 2025, showing a growth of Euro +106.7m. This change Δ is mainly attributable to: Consolidated Income Statement (€m) 2024 2025 25/24 ▪ Positive performance effect of Euro +16.7m, corresponding to a like-for-like growt
Slide 23: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Δ Balance Sheet (€m) 2024 2025 2025/ 2024 1 ▪ Net Working Capital goes from Euro -85.3m at 31/12/2024 to Euro -135.3m at 31/12/2025. The change of Euro - 50.0m is mainly attributable to the item “Provisions for risks and charges and other current liabilities”, due to the
Slide 24: ESG Achievements
ESG ACHIEVEMENTS
Slide 25: ESG Scorecard - 2025 Performance
ESG SCORECARD - 2025 PERFORMANCE Environment Social Governance Total CO2 emissions (tCO2eq) % Renewable sources used Employees Diversity Training hours Board independence Board diversity Market based Women in management Under 30 +8% 78% 56% 22% 44% -57% +30 pp 802 44% 17% 18,109 19,522 Independent F
Slide 26: Appendix: Exhibitions Details
APPENDIX EXHIBITIONS DETAILS
Slide 27: Exhibitions and Congresses 2025
(A) = Annual EXHIBITIONS AND CONGRESSES 2025 (B) = Biennial (M) = Multi-year Manifestazioni Italia – metri Net square meters Net square meters quadrati Italian Exhibitions Foreign Exhibitions 2024 2025 Directly Organized 2024 2025 9M 2022 9M 2023 - Bit (A) 17,225 18,625 China - Miart (A) 9,225 9,195
Slide 28: Thank you
Thank you CONTACTS: Investor relations: investor.relations@fieramilano.it Sustainability: sustainability@fieramilano.it Investor Relations https://investors.fieramilano.it/en Sustainability www.fieramilano.it/en/sustainability.html 2026 Exhibition Calendar www.fieramilano.it/en/calendario.html
Slide 29: Disclaimer
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 nei