Fiera Milano Spa · MIL:FM
Fiera Milano Spa — H1 2026 Earnings Presentation
23 slides from Fiera Milano Spa's earnings presentation, Jul 28, 2026
Slide 1: Fiera Milano Results as of 30 June 2026
Fiera Milano Results as of 30 June 2026 28 July 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: Solid growth and strong profitability improvement in 1H 2026
SOLID GROWTH AND STRONG PROFITABILITY IMPROVEMENT IN 1H 2026: REVENUE UP 38% AND EBITDA UP 49% VS. 1H 2025; NET PROFIT MORE THAN DOUBLED TO €50.7 MILLION REVENUES (€m) EBITDA (€m) NET INCOME (€m) NET CASH (€m) FINANCIAL +67.9 +30.9 RESULTS +38% +49% +27.5 -47.9 +119% 245.7 157.2 177.9 94.0 144.4 50.
Slide 6: Fiera Milano wins new international exhibition for the airport industry: Inter Airport Global
FIERA MILANO WINS A NEW INTERNATIONAL EXHIBITION FOR THE AIRPORT INDUSTRY: INTER AIRPORT GLOBAL, IN RHO FROM 12 TO 14 OCTOBER 2027 FIERA MILANO, MILANO, ITALY 6
Slide 7: Fiera Milano recognized as a top ESG performer
FIERA MILANO RECOGNIZED AS A TOP ESG PERFORMER AND RANKED AMONG THE TOP 10 ITALIAN LISTED COMPANIES IN THE «ESG IDENTITY CORPORATE INDEX 2026» The recognition marks a further step in Fiera Milano's sustainability journey, confirming its leadership in integrating sustainability into its business mode
Slide 8: Guidance 2026 Confirmed
GUIDANCE 2026 CONFIRMED ▪ In light of the available evidence of limited geo-political impacts on the business, the strong performance in the first semester 2026, the above-expectations contribution from Olympic-related activities, and the progress in integrating the recent acquisitions, Fiera Milano
Slide 9: A robust 2026 calendar with reduced seasonality, new events and incremental M&A contributions
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 10: Business Review
BUSINESS REVIEW
Slide 11: Snapshot of Divisional Results – Legal Entities View
SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW Italian Exhibition Δ (€) Business 1H 2024 1H 2025 1H 2026 1H 2026/ ▪ Revenue growth mainly driven by the XXV Milano Cortina 2026 Winter Olympic Games, reflecting both the A 1H 2025 venue usage and the construction of temporary infrastructure at th
Slide 12: Revenue Growth Contribution - Business Line View
REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW CONSOLIDATION SCOPE EFFECT (Stipa, Mico DMC, Expotrans): € 27.9m 1H 2026 vs 1H 2025 OLYMPIC GAMES: € 26.9m (€20.1m setup activities and €6.8m venue usage) CALENDAR EFFECT: € 4.8m + € 67.9m CONGRESSES: € 2.0m PERFORMANCE EFFECT: € 6.3m € 245.7m +26.9 +
Slide 13: Financial Review
FIERA MILANO FINANCIAL REVIEW
Slide 14: Income Statement
INCOME STATEMENT Δ Consolidated Income Statement (€m) 1H 2025 1H 2026 1H 26/ 1H 25 1▪ Revenues: increased from Euro 177.9m in 1H 2025 to Euro 245.7m in 1H 2026, showing a growth 1 Revenues 177.9 245.7 +67.9 of Euro +67.9m. The increase in revenues is mainly attributable to the XXV Milano Cortina 202
Slide 15: Balance Sheet
BALANCE SHEET As of As of Δ ▪ Non-current assets as of 30 June 2026 amounted to Euro 512.8 million, compared to Euro 503.5 million Balance Sheet (€m) 31 Dec 30 June 30 June 26/ 1 as of 31 December 2025. The increase of Euro 9.4 million is mainly attributable to the Goodwill arising 2025 2026 31 Dec
Slide 16: Cash Flow
CASH FLOW ▪ The main dynamics of NWC, corresponding to a variation of Euro -41.7m From 31/12/25 during the period, are attributable to: CASH FLOW (€m) to 30/06/2026 ▪ Increase in Trade and other receivables (Euro 22.3m): the increase in Trade and other receivables is mainly attributable to the diffe
Slide 17: Guidance
GUIDANCE UPGRADED in 1Q 2026 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 1H 2026
EXHIBITIONS AND CONGRESSES IN 1H 2026 (A) = Annual (B) = Biennial (M) = Muti-year Manifestazioni Italia – metri Net square meters Net square meters quadrati Italian Exhibitions Foreign Exhibitions 1H 2025 1H 2026 Directly Organized 1H 2025 1H 2026 9M 2022 9M 2023 - Bit (A) 18,625 18,085 China - Miar
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