Fiera Milano Spa · MIL:FM
Fiera Milano Spa — 9M 2025 Earnings Presentation
28 slides from Fiera Milano Spa's earnings presentation, Nov 13, 2025
Slide 1: Fiera Milano Results as of 30 September 2025
Fiera Milano Results as of 30 September 2025 13 November 2025
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 3 years in Fiera Milano ▪ Relevant experience: ▪ Relevant experience: ▪ R
Slide 3: Agenda
AGENDA 01 04 9M 2025 RESULTS ESG EXECUTIVE SUMMARY ACHIEVEMENTS 02 STRATEGIC Appendix UPDATE 03 BUSINESS & FINANCIAL REVIEW
Slide 4: 9M 2025 Results Executive Summary
9M 2025 RESULTS EXECUTIVE SUMMARY
Slide 5: Double digit growth and high cash generation in 9M 2025
DOUBLE DIGIT GROWTH AND HIGH CASH GENERATION IN 9M 2025 ORGANIZED HOSTED CONGRESSES SERVICES SOLID + 2% + 2% + 32% + 8% LIKE-FOR-LIKE REVENUE GROWTH ACROSS ALL BUSINESS LINE REVENUES (€m) EBITDA (€m) NET INCOME (€m) NET CASH (€m) Odd year quarter +47.3 +9.2 +36.0 Even year quarter +26% +15% +1.5 +10
Slide 6: Strategic Update
STRATEGIC UPDATE
Slide 7: Solid growth of HOST, confirming the group's resilience
SOLID GROWTH OF “HOST”, FIERA MILANO’S FLAGSHIP EVENT, CONFIRMING THE GROUP’S RESILIENCE ACROSS KEY SECTORS 44% foreign REVENUES SQUARE METERS EXHIBITORS + ~ 10% + ~5% + ~ 8% LAUNCHED HOST’S INTERNATIONAL EXPANSION ▪ 1° edition: 15-17 dec 2025 ▪ 1° edition: 11–13 feb 2027 (Riyadh) (Orlando) ▪ Partne
Slide 8: Fiera Milano confirms hosting of two leading global events
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 October 6–8, 2026 ▪ Last ed
Slide 9: MiCo selected to host the World Gas Conference 2028
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 9
Slide 10: A strong Q4 2025 ahead, supported by favorable odd-year calendar
New event A STRONG Q4 2025 AHEAD, SUPPORTED BY A FAVORABLE ODD-YEAR CALENDAR Biennial Multi-year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 10
Slide 11: Full Year 2025 Guidance Confirmed
FULL YEAR 2025 GUIDANCE CONFIRMED REVENUES 2025 EBITDA 2025 NET CASH 2025 Guidance CONFIRMED Guidance CONFIRMED Guidance CONFIRMED in Q3 2025 in Q3 2025 in Q3 2025 €350-370m €115-125m €320-340m €110-120m €100-110m €100-110 T (feb-21) CONNEC Guidance in Guidance in Guidance in Guidance in Guidance in
Slide 12: Business Review
BUSINESS REVIEW
Slide 13: Snapshot of divisional results – legal entities view
SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW Italian Exhibition Δ (€) ▪ Revenue growth supported by strong exhibition performance and a favorable calendar with the 9M 2023 9M 2024 9M 2025 2025/2024 contribution of major multi-year events (The Innovation Alliance, TUTTOFOOD). The period also
Slide 14: Revenue growth contribution - business line view
REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW PERFORMANCE EFFECT: €22.1m 9M 2025 vs 9M 2024 CALENDAR EFFECT: € 5.8m + € 47.3m NEW EXHIBITIONS: €9.4m EXPOTRANS: €10.0m € 231.8m +6.6 +10.0 -0.4 +10.4 -0.2 0.0 € 184.5m +14.5 -1.1 +7.6 Revenue growth physical + digital Congresses +32%* services (net
Slide 15: Fiera Milano 9M 2025 sqm growth champions
FIERA MILANO 9M 2025 SQM GROWTH CHAMPIONS SELECTED ITALIAN EXHIBITIONS ORGANIZED SQM (k) SQM GROWTH % HOSTED SQM (k) SQM GROWTH % 9M 2025/ last edition 9M 2025/ last edition 80 +33% 60 + 29 +5% 9M 2023 9M 2025 27 9M 2024 9M 2025 77 +13% 68 Spring + autumn editions 9M 2024 9M 2025 19 +8% 17 48 +5% 9M
Slide 16: Financial Review
FIERA MILANO FINANCIAL REVIEW
Slide 17: Income Statement
INCOME STATEMENT 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: 9M 9M Δ Consolidated Income Statement (€m) 2024 2025 9M 25/24 ▪ Positive performance effect of Euro +22.1m, corresponding to a like-
Slide 18: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW As of As of Δ Balance Sheet (€m) 31 Dec 30 Sep 30 Sep 2025/ 2024 2025 31 Dec 2024 ▪ 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 Goodwill 95.0 101.3 +6.3 attributable to the following components: Intan
Slide 19: ESG Commitment
ESG COMMITMENT
Slide 20: ESG Scorecard 2024
ESG SCORECARD 2024 Environment Social Governance Total CO2 emissions (tCO2eq) % Renewable sources used Diversity: percentage of Board independence Board diversity Employees +27 p.p. women in managerial roles 22% 56% -42% 78% 49% Female 46% Independent 24,951 17,838 65% 672 42% Non-independent 44% Ma
Slide 21: Appendix: Exhibitions Details
APPENDIX 1 EXHIBITIONS DETAILS
Slide 22: Exhibitions and Congresses 9M 2025
EXHIBITIONS AND CONGRESSES 9M 2025 (A) = Annual (B) = Biennial (M) = Multi-year Manifestazioni Italia – metri Net square meters quadrati Italian Exhibitions Net square meters 9M 2024 9M 2025 Foreign Exhibitions Directly Organized 9M 2024 9M 2025 9M 2022 9M 2023 - Bit (A) 17,225 18,625 China - Miart
Slide 23: Appendix: M&A Activity in 2025
APPENDIX 2 M&A ACTIVITY IN 2025
Slide 24: Dynamic M&A activity: two acquisitions executed
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 po
Slide 25: Appendix: 2025-2027 Guidance
APPENDIX 3 2025-2027 Guidance
Slide 26: Guidance
GUIDANCE In 2027 Fiera Milano expects to achieve: Millions of euros 2025 2026 2027 ▪ Revenues between Euro 355 and 375 million Revenues 350-370 305-325 355-375 ▪ An estimated EBITDA between Euro 120 and 130 million EBITDA 115-125 90-100 120-130 ▪ Over the 2024-2027 plan period, total investments amo
Slide 27: 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 2025 Exhibition Calendar www.fieramilano.it/en/calendario.html
Slide 28: 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