Fiera Milano Spa · MIL:FM
Fiera Milano Spa — Q1 2026 Earnings Presentation
23 slides from Fiera Milano Spa's earnings presentation, May 13, 2026
Slide 1: Fiera Milano Results as of 31 March 2026
Fiera Milano Results as of 31 March 2026 13 May 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 8 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: Executive Summary: Financial Results
EXECUTIVE SUMMARY REVENUES (€m) EBITDA (€m) NET INCOME (€m) NET CASH (€m) FINANCIAL +62.7 +38.1 RESULTS +98% +316% +30.9 -12.2 126.4 157.2 72.4 50.1 27.7 63.7 111.5 25.7 12.1 7.6 Odd year quarter Even year quarter -3.2 At 31 Dec 2025 At 31 Mar 2026 Q1 Q1 Q1 Q1 Q1 Q1 2024 2025 2026 2024 2025 2026 Q1
Slide 6: Guidance 2026 Upgrade
GUIDANCE 2026 UPGRADE ▪ In light of the available evidence of limited geo-political impacts on the business, the strong performance in the first quarter 2026, the above-expectations contribution from Olympic-related activities, and the progress in integrating the recent acquisitions, Fiera Milano up
Slide 7: Fiera Milano Wins CES Unveiled Europe 2026
FIERA MILANO WINS CES UNVEILED EUROPE 2026 ▪ On 21 October 2026 Allianz MiCo – Milano Convention Centre will host CES Unveiled Milan, the official European stop on the Road to CES, the promotional event for CES (Consumer Electronics Show), the world’s leading trade fair for technological innovation
Slide 8: A Robust 2026 Calendar with Reduced Seasonality, New Events and Incremental M&A
New event 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 Expotran
Slide 9: Business Review
BUSINESS REVIEW
Slide 10: Snapshot of Divisional Results – Legal Entities View
SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW Italian Exhibition Δ (€) Business Q1 2024 Q1 2025 Q1 2026 Q1 2026/ ▪ Revenue growth mainly driven by the XXV Milano Cortina 2026 Winter Olympic Games, both from venue A Q1 2025 usage and from the construction of temporary infrastructure at the Rho
Slide 11: Revenue Growth Contribution - Business Line View
REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW PERFORMANCE EFFECT: €1.8m CALENDAR EFFECT: € 15.9m Q1 2026 vs Q1 2025 NEW EXHIBITIONS: €0.4m CONSOLIDATION SCOPE EFFECT: €12.0m + € 62.7m OLYMPIC GAMES: €26.8m (€20.0m setup activities and €6.8m venue usage) CONGRESSES: €5.8m € 126.4m +28,2 +1.3 +2.0
Slide 12: Fiera Milano Q1 2026 SQM Growth Champions
FIERA MILANO Q1 2026 SQM GROWTH CHAMPIONS SELECTED EXHIBITIONS ITALIAN SQM (k) SQM GROWTH % FOREIGN SQM (k) SQM GROWTH % Q1 2026/ last edition Q1 2026/ last edition 19 +12% 17 Q1 2025 Q1 2026 6 +33% 4 Q1 2025 Q1 2026 13 +7% 12 Spring edition Q1 2025 Q1 2026 3 4 +9% Q1 2025 Q1 2026 + 29.5 +3% 28.6 Q1
Slide 13: Financial Review
FIERA MILANO FINANCIAL REVIEW
Slide 14: Income Statement
INCOME STATEMENT Δ Consolidated Income Statement (€m) Q1 2025 Q1 2026 Q1 26/ 1 ▪ Revenues: increased from Euro 63.7m in Q1 2025 to Euro 126.4m in Q1 2026, showing a growth of Euro +62.7m. This Q1 25 change is mainly attributable to: 1 Revenues 63.7 126.4 +62.7 ▪ Performance effect of Euro +1.8m Cost
Slide 15: Balance Sheet
BALANCE SHEET As of As of Δ Balance Sheet (€m) 31 Dec 31 Mar 31 Mar 26/ ▪ Goodwill as of 31 March 2026 amounted to Euro 118.0 million, compared to Euro 97.6 million as of 31 1 December 2025. The increase of Euro 20.4 million mainly relates to the Goodwill arising from the newly 2025 2026 31 Dec 25 1
Slide 16: Cash Flow
CASH FLOW ▪ The main drivers of the Net Working Capital (NWC) dynamics, resulting in a change of Euro -8.9m during the period, are attributable to: From 31/12/25 ▪ Increase in Trade and other receivables (Euro -25.2m), driven by higher invoicing CASH FLOW (€m) to 31/03/2026 not yet collected, in par
Slide 17: Guidance
GUIDANCE UPGRADED Not updated Millions of euros 2026 2027 Revenues 380-400 355-375 EBITDA 100-110 120-130 EBITDA Margin (mid-point) ~34% EBITDA Margin ex. IFRS 16 (mid-point) ~20% 17
Slide 18: ESG Achievements
ESG ACHIEVEMENTS
Slide 19: 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 20: Appendix: Exhibitions Details
APPENDIX EXHIBITIONS DETAILS
Slide 21: Exhibitions and Congresses in Q1 2026
EXHIBITIONS AND CONGRESSES IN Q1 2026 (A) = Annual (B) = Biennial (M) = Muti-year Manifestazioni Italia – metri Net square meters quadrati Italian Exhibitions Q1 2025 Q1 2026 Directly Organized - Bit (A) 18,625 18,085 - Milano Home (A) 20,670 20,440 - Milano Fashion&Jewels (I semester) (A) 11,970 12
Slide 22: 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 23: 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