Fiera Milano Spa · MIL:FM
Fiera Milano Spa — H1 2025 Earnings Presentation
25 slides from Fiera Milano Spa's earnings presentation, Jul 31, 2025
Slide 1: Fiera Milano Results as of 30 June 2025
Fiera Milano Results as of 30 June 2025 31 July 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 6 years in Fiera Milano 3 years in Fiera Milano Relevant experience: Relevant experience: R
Slide 3: Agenda
AGENDA 01 04 EXECUTIVE ESG SUMMARY ACHIEVEMENTS 02 BUSINESS REVIEW Appendix 03 FINANCIAL REVIEW
Slide 4: Executive Summary
EXECUTIVE SUMMARY
Slide 5: Double digit growth and high cash generation in H1 2025
DOUBLE DIGIT GROWTH AND HIGH CASH GENERATION IN H1 2025 ORGANIZED HOSTED CONGRESSES SERVICES SOLID + 3% + 4% + 52% + 9% LIKE-FOR-LIKE REVENUE GROWTH ACROSS ALL BUSINESS LINE REVENUES (€m) EBITDA (€m) NET INCOME (€m) NET CASH (€m) Odd year quarter +33.5 +8.5 Continuing operations +41.3 Even year quar
Slide 6: A strong H2 2025 ahead, supported by a favorable odd-year calendar
New event A STRONG H2 2025 AHEAD, SUPPORTED BY A FAVORABLE ODD-YEAR CALENDAR Biennial Multi-year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 6
Slide 7: 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 8: €30.7M contract awarded for Milano Ice Park temporary infrastructure works
€30.7M CONTRACT AWARDED FOR MILANO ICE PARK TEMPORARY INFRASTRUCTURE WORKS IN RHO (MILAN) 8
Slide 9: 2025 guidance upgrade driven by strong business momentum
2025 GUIDANCE UPGRADE DRIVEN BY STRONG BUSINESS MOMENTUM Strong H1 2025 organic performance despite macroeconomic uncertainty and market volatility: Congress business +52% YoY, driven by major international events (e.g. Asian Development Bank Annual Meeting, European Hematology Association) Se
Slide 10: Business Review
BUSINESS REVIEW
Slide 11: Snapshot of divisional results – legal entities view
SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW Italian Exhibition Δ (€) Revenue growth supported by solid performance of the exhibitions, stronger service penetration, and the 1H 2023 1H 2024 1H 2025 2025/2024 Business contribution of new events. The semester also benefited from a favorable
Slide 12: Revenue growth contribution - business line view
REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW PERFORMANCE EFFECT: €20.3m 1H 2025 vs 1H 2024 CALENDAR EFFECT: € 5.3m + € 33.5m NEW EXHIBITIONS: €2.5m € 177.9m -0.5 +1.8 +5.5 +12,4 0.0 0.0 € 144.4m +9.2 +5.2 -0.2 Congresses +52%* Revenue growth physical + digital services Area revenues (net of cale
Slide 13: Fiera Milano 1H 2025 SQM growth champions
FIERA MILANO 1H 2025 SQM GROWTH CHAMPIONS SELECTED ITALIAN EXHIBITIONS ORGANIZED SQM (k) SQM GROWTH % HOSTED SQM (k) SQM GROWTH % 1H 2025/ last edition 1H 2025/ last edition +5% 80 +33% + 29 60 27 1H 2024 1H 2025 1H 2023 1H 2025 19 +8% 48 +5% 17 46 1H 2024 1H 2025 1H 2024 1H 2025 39 +25% 4,7 4,8 +4%
Slide 14: Financial Review
FINANCIAL REVIEW
Slide 15: Income Statement
INCOME STATEMENT 1H 1H Δ Consolidated Income Statement (€m) 2024 2025 1H 25/24 Revenues: increased from Euro 144.4m in 1H 2024 to Euro 177.9m in 1H 2025, showing a growth of Euro 1 Revenues 1 144.4 177.9 +33.5 +33.5m. This change is mainly attributable to: Cost of materials 1.3 1.7 +0.4 Positive
Slide 16: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Δ As of As of Net Working Capital goes from Euro -85.9m at 31/12/2024 to Euro -132.1m at 30/06/2025. The change of Euro -46.2m is 30 June Balance Sheet (€m) 31 Dec 30 June 2025/ attributable to the following components: 2024 2025 31 Dec 2024 1 increase in Current Asse
Slide 17: Financial Stability Indicators
FINANCIAL STABILITY INDICATORS Current asset/ Current liabilities (Equity + Non Current Liabilities)/ Fixed asset €m Ratio: 0.89 €m Ratio: 1.01 Ratio: 0.77 Ratio: 0.98 259.7 € 471.3 € 484.3 € 194.4 € 231.6 € 464.2 € 489.4 € 149.2 € As of 31 Dec 2024 As of 30 June 2025 As of 31 Dec 2024 As of 30 June
Slide 18: Guidance
GUIDANCE UPGRADED 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 invest
Slide 19: ESG Commitment
ESG COMMITMENT
Slide 20: Fiera Milano leads the ESG Identity Corporate Index 2025
FIERA MILANO LEADS THE «ESG IDENTITY CORPORATE INDEX 2025» Fiera Milano recognized as Top ESG Performer in the 2025 ESG Identity Corporate Index, ranking first among listed Small Caps for excellence in integrating sustainability into its business model. ESG Identity Corporate Index Award 2025
Slide 21: 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 22: Appendix: Exhibitions Details
APPENDIX 1 EXHIBITIONS DETAILS
Slide 23: Exhibitions and Congresses in 1H 2025
EXHIBITIONS AND CONGRESSES IN 1H 2025 Manifestazioni Italia – metri Net square meters quadrati Italian Exhibitions Foreign Exhibitions Net square meters 1H 2024 1H 2025 1H 2024 1H 2025 Directly Organized 9M 2022 9M 2023 - Bit (A) 17,225 18,625 China - Miart (A) 9,225 9,195 - Chinafloor Domotex Shang
Slide 24: Thank you
Thank you CONTACTS: Investor relations: investor.relations@fieramilano.it Sustainability: sustainability@fieramilano.it Investor Relations NEXT https://investors.fieramilano.it/en CORPORATE Sustainability EVENTS: www.fieramilano.it/en/sustainability.html 2025 Exhibition Calendar www.fieramilano.it/e
Slide 25: 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