Fiera Milano Spa · MIL:FM
Fiera Milano Spa — STAR Conference 2026
73 slides from Fiera Milano Spa's conference presentation, Mar 26, 2026
Slide 1: Fiera Milano STAR Conference
Fiera Milano STAR Conference 26 March 2026
Slide 2: Agenda
AGENDA 01 KEY HIGHLIGHTS OF 2025 RESULTS AND 2026 OUTLOOK 04 ESG PERFORMANCE 02 Appendix 1. Fiera Milano Overview STRATEGIC UPDATE 2. Seasonality 3. Exhibition KPIs 03 BUSINESS & FINANCIAL REVIEW 2025
Slide 3: Key Highlights of 2025 Results and 2026 Outlook
KEY HIGHLIGHTS OF 2025 RESULTS AND 2026 OUTLOOK
Slide 4: Key Highlights
10 Key Highlights 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 in just 12 months, accelerating growth and portfolio expansion 4. 4 New events launched in 2025 showing e
Slide 5: 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 6: 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 7: 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 8: 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 8
Slide 9: 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 10: 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 11: Above-expectations Winter Olympics impact with long-term 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 ▪ PAD. 13-15 ▪ 36,600 m
Slide 12: 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 13: 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 -75% +57 pp +178% 114 New
Slide 14: 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 15: Entering a new phase in equity story with FTSE Mid Cap inclusion
FIERA MILANO ENTERING A NEW PHASE IN ITS EQUITY STORY 10 WITH THE INCLUSION IN THE FTSE MID CAP INDEX Fiera Milano stock performance: +203% Market cap at all-time highs Price increased from €2.8 to €8.4 From €199m to €603m → ~ €400m of value generated Analysts’ target price steadily increasing From
Slide 16: Strategic Update
STRATEGIC UPDATE
Slide 17: The 2024-2027 plan focuses on building solid fundamentals
THE 2024 – 2027 PLAN FOCUSES ON BUILDING SOLID FUNDAMENTALS TO SUPPORT SUSTAINABLE LONG -TERM BUSINESS DEVELOPMENT 2028+ 2024-2027 Sustainable development and 2020-2023 Strengthening acceleration Pandemic phase and restart Assets Transformation and Growth Investing in the Group's growth and competit
Slide 18: The strategic transformation of Fiera Milano
THE STRATEGIC TRANSFORMATION OF FIERA MILANO Fiera Milano is evolving from a traditional exhibition venue into an integrated ecosystem, capable of generating experiences, value and relationships. This transformation broadens its target audience, complementing the traditional B2B focus with a new ope
Slide 19: Strategic Plan 2024-2027: the four strategic priorities
STRATEGIC PLAN 2024-2027 THE FOUR STRATEGIC PRIORITIES 01 02 03 04 VALUE PROPOSITION SUSTAINABLE PEOPLE AND RELATIONSHIPS, Organising and hosting major BUSINESS MODEL ORGANISATION RECOGNITION, events and providing integrated physical and digital services to Leveraging sustainability as a Attracting
Slide 20: Growing through internal and external lines
01 GROWING THROUGH INTERNAL AND EXTERNAL LINES VALUE The dual strategic approach PROPOSITION Incremental (organic and inorganic) Radical (inorganic) The Group’s transformation 1.PRODUCTS 2. SERVICES 3. ACQUISITIONS and growth strategy relies on Enrichment & Strengthening competitive Targeting strate
Slide 21: Value proposition: portfolio strengthening
01 1.1 PORTFOLIO STRENGTHENING Organized Hosted VALUE PROPOSITION Host USA partnership with Organising and hosting major events and providing integrated physical and digital services to build value and growth experiences for Fiera Milano 1.2 EXPANSION OF CONGRESSES exhibitors, visitors and partners.
Slide 22: Fiera Lab: large modular spaces
FIERA LAB: LARGE MODULAR SPACES FOR A NEW WAY OF ORGANIZING AND EXPERIENCING EXHIBITIONS 2 pavilions 16k sqm each Exhibition areas Plenary Hall from with 4,320 seats 7.6k to 12k sqm Up to 3 events 5 configurations at the same time
Slide 23: Fiera Lab: modular setups
FIERA LAB: LARGE MODULAR SPACES FOR A NEW WAY OF ORGANIZING AND EXPERIENCING EXHIBITIONS Fiera Lab is a hub composed of two pavilions, entirely customizable and designed to adapt to different types of events SETUP A PLENARY HALL SETUP B SETUP C SETUP D SETUP E
Slide 24: Live Dome: where business meets entertainment
LIVE DOME: WHERE BUSINESS MEETS ENTERTAINMENT, CREATING A NEW LIVE EXPERIENCE • LIVE Dome is Fiera Milano’s new indoor venue, dedicated to large-scale sporting, musical, cultural and entertainment events. • The venue expands and diversifies the exhibition district’s offering, unlocking new opportuni
Slide 25: An evolving portfolio
AN EVOLVING PORTFOLIO The development of the exhibition product is driven by the launch of new events, strategic acquisitions, and the attraction of major international exhibitions. A dynamic and selective approach, capable of strengthening the Group’s presence in Italy and abroad, while diversifyin
Slide 26: Two leading global events choose Fiera Milano once again
TWO LEADING GLOBAL EVENTS CHOOSE FIERA MILANO ONCE AGAIN, CONFIRMING 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 edition held in Fran
Slide 27: Acquisition of Milano AutoClassica (35% stake)
THE ACQUISITION OF MILANO AUTOCLASSICA (35% STAKE) ▪ Target company: EMAC S.r.l., organiser of Milano AutoClassica (Fiera Milano hosted exhibition since 2012) and Vicenza Classic Car Show (Italian Exhibition Group hosted exhibition) ▪ Stake: 35% ▪ Synergies & strategic rationale: ❑Strategic alliance
Slide 28: Solid growth of Host, flagship event
SOLID GROWTH OF “HOST” (OCT-2025), FIERA MILANO’S FLAGSHIP EVENT, CONFIRMING THE GROUP’S RESILIENCE ACROSS KEY SECTORS REVENUES SQUARE METERS EXHIBITORS + ~ 10% + ~5% + ~ 3% LAUNCHED HOST’S INTERNATIONAL EXPANSION ▪ 1° edition: 15-17 dec 2025 ▪ 1° edition: 11–13 feb 2027 (Riyadh) (Orlando) ▪ Partner
Slide 29: Performance of events launched in 2025
PERFORMANCE OF EVENTS LAUNCHED IN 2025 Performance KEY MESSAGES ▪ 2025 edition: Performance in line with ▪ NetZero Milan has stood out for its format, high-quality content and ability to attract qualified industrial, financial expectations; >1,000 visitors and institutional stakeholders. The Milano–
Slide 30: International development
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 out scouting activities fo
Slide 31: Southeast Asia is a large and high-growth market
SOUTHEAST ASIA IS A LARGE AND HIGH-GROWTH MARKET Southeast Asia - Overview Key figures: Regional characteristics • 10 member countries: Indonesia, Thailand, Import/ export • Indonesia: largest market (GDP Vietnam, Philippines, Malaysia, Singapore, > USD 1,400 bn) with ~280 • ASEAN Free Trade Area (A
Slide 32: Trade flows between the EU and major global regions
SOUTHEAST ASIA IS AN INCREASINGLY IMPORTANT PARTNER FOR THE EU IN IMPORT-EXPORT, ESPECIALLY FOR FUTURE GROWTH Trade flows between the EU and major global economic regions 2020-2024 Forecast 2025-2026 Export from EU Import from EU Demand prospects (the geopolitical context will shift flows from the A
Slide 33: Value proposition: expansion of congresses
01 1.2 Expansion of congresses VALUEPROPOSITION • Attracting new international conferences and major corporate events by strengthening the network of relationships with global associations and convention centers •Investing in new high-value-added services to further enhance the visitor experience IN
Slide 34: Milan as a destination, increasingly attractive
MILAN AS A DESTINATION, INCREASINGLY ATTRACTIVE ▪ Italy ranks 2nd worldwide among international ▪ Milan ranks 3rd worldwide among the Top 10 cities by congress destinations average event participants Source: 2024 Globe Watch Business Analytics Report (ICCA - International Congress and Convention Ass
Slide 35: Allianz MiCo: where every event finds its shape
ALLIANZ MiCo: WHERE EVERY EVENT FINDS ITS SHAPE • With over 50,000 m² of exhibition space and more than 60 rooms, Allianz MiCo is among the largest and most advanced conference centers in Europe. • Maximum flexibility and cutting-edge technological services make Allianz MiCo a strategic asset for th
Slide 36: The new Allianz-MiCo
THE NEW ALLIANZ-MICO m2 Exhibition space Conference rooms Flexibility Hotel rooms in the area
Slide 37: Value proposition: become an integrated service provider
01 1.3 Become an integrated service provider VALUEPROPOSITION • Strengthening commercial offering of stand fittings and technological services in and outside the district, also through growth by external lines. Aiming for a distinctive position in higher value segments of the market as well • Develo
Slide 38: Expanding integrated services with acquisition of Expotrans
EXPANDING THE INTEGRATED SERVICES OFFERING WITH THE ACQUISITION OF EXPOTRANS Overview Revenues breakdown EVENT LOGISTICS SHIPMENTS FOR EXHIBITIONS ▪ Leading company in Italy in logistics services for 43% 34% exhibitions, congresses and international events ▪ Revenues 2024: €28.7m Expotrans ▪ EBITDA
Slide 39: Nice to show you
NICE TO SHOW YOU
Slide 40: Value proposition: developing the entertainment business
01 1.4 Developing the entertainment business VALUEPROPOSITION • At least 40 outdoor and indoor entertainment events by 2027 • Differentiating the use of the Rho venue for indoor and outdoor entertainment events (cultural, sports, music) through strategic partnerships with industry-leading operators
Slide 41: Entertainment events September 2025
6 SETTEMBRE 2025 10 SETTEMBRE 2025 EMIS KILLA —EM16 11 SETTEMBRE 2025 TONY BOY 13 SETTEMBRE 2025 SFERA EBBASTA & SHIVA ‘SMG - ONE NIGHT ONLY 20 SETTEMBRE 2025) GRAN TEATRO 27 SETTEMBRE 2025
Slide 42: Olympic and Paralympic partner of Milano Cortina 2026
a FIERA MILANO OLYMPIC AND PARALYMPIC PARTNER (OF MILANO CORTINA 2026 42
Slide 43: Milano Ice Park
MILANO ICE PARK PAV. 22-24 Women’s ice hockey PAV. 13-15 Speed Skating
Slide 44: Above-expectations Winter Olympics impact with long-term 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 ▪ PAD. 13-15 ▪ 36,600 m
Slide 45: Guidance & Capital Allocation
GUIDANCE & CAPITAL ALLOCATION 45
Slide 46: Revenue: contribution to growth by business line
REVENUE: CONTRIBUTION TO GROWTH BY BUSINESS LINE 3 5308- 370 0 273273
Slide 47: EBITDA: contribution to growth by business line
EBITDA: CONTRIBUTION TO GROWTH BY BUSINESS LINE 1 1132 5-125 84
Slide 48: Capex supporting the plan
€ 88 MILLION CAPEX SUPPORTING THE PLAN Cumulative 2024-2027 (ME) : M&A IN PIPELINE ° VENUE CAPEX* OPERATIVE CAPEX” fl any RELATED CAPEX (FONDAZIONE FIERA MILANO)
Slide 49: Net financial availability to support inorganic growth and dividends
OVER € 150 M OF NET FINANCIAL AVAILABILITY TO SUPPORT INORGANIC GROWTH AND A STEADY DIVIDEND POLICY Total financial availabilities ME 70-90 151-171 Resources allocated to the execution of M&A transactions (continuous scouting) 111-131 ME [not considering leverage effect] Dividend stability Atleast 4
Slide 50: Business Review
BUSINESS REVIEW
Slide 51: 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 52: 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 53: 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 54: Financial Review
FINANCIAL REVIEW
Slide 55: 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 56: 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 - Goodwill 95.0 97.6 +2.5 50.0m is mainly attributable to the item “Provisions for risks and charges and other current l
Slide 57: ESG
ESG
Slide 58: 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 59: Appendix: Exhibition KPIs
APPENDIX Exhibition KPIs
Slide 60: 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 61: Appendix: Seasonality
APPENDIX Seasonality
Slide 62: Understanding Fiera Milano's exhibition revenue seasonality
UNDERSTANDING FIERA MILANO’S EXHIBITION REVENUE SEASONALITY Annual exhibition revenues Biennial exhibition revenues Multiannual exhibition revenues Tuttofood revenues Group Revenues (€m) 380 355-375 305-325 284 273 300 200 100 0 -100 -200 -300 -400 2023 2024 2025 2026 2027 Odd-year Even-year Odd-yea
Slide 63: Appendix: Fiera Milano Overview
APPENDIX Fiera Milano Overview
Slide 64: The 7th largest exhibition district in the world
THE 7TH LARGEST EXHIBITION DISTRICT IN THE WORLD Leadership in the Italian market, ever-expanding international footprint €8mld socioeconomic 405,000 m² 80 events/ year > 30,000 exhibitors > 4 million visitors impact
Slide 65: A diversified business model: our business areas
A DIVERSIFIED BUSINESS MODEL: OUR BUSINESS AREAS 78% of 2025 Revenues 1% of 2025 Revenues 15% of 2025 Revenues 6% of 2025 Revenues Reporting FOREIGN EXHIBITION ITALIAN EXHIBITION BUSINESS CONGRESSES OTHERS Unit BUSINESS Business Owned exhibitions Exhibitions organized Other sectors Hosted exhibition
Slide 66: Event portfolio in Italy
Exhibitions organized Owned exhibitions (Italy) Hosted exhibitions Services Congresses abroad EVENT PORTFOLIO IN ITALY Segmentation by sector and model [# events] SECTOR OWNED AND PARTICIPATED HOSTED TOTAL Fashion supply 13 chain 3 9 Home/Construction … 10 supply chain 5 5 Industrial supply chain …
Slide 67: Services
Exhibitions organized Owned exhibitions (Italy) Hosted exhibitions Services Congresses abroad SERVICES Service portfolio along the participation/organization process of the event Organization of events Transport and Setting up Catering/ Digital Services PHASE Rental of exhibition accommodation Goods
Slide 68: International development as a growth lever
Exhibitions organized Owned exhibitions (Italy) Hosted exhibitions Services Congresses abroad INTERNATIONAL DEVELOPMENT AS A GROWTH LEVER 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
Slide 69: Congresses key numbers
Exhibitions organized Owned exhibitions (Italy) Hosted exhibitions Services Congresses abroad CORPORATE CONFERENCES INTERNATIONAL ASSOCIATION CONGRESSES INSTITUTIONAL EVENTS Keynumbers Size Conference rooms Events hosted in the last year Professionals from all over the world
Slide 70: Sustainability as a competitive advantage
SUSTAINABILITY AS A COMPETITIVE ADVANTAGE The largest rooftop photovoltaic system in Europe REDUCTION OF CO2 EMISSIONS -57% 2025 vs 2024 -57% 9,686 4,162 2024 2025
Slide 71: Guidance and new strategic plan launch
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 pushing
Slide 72: 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 73: 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