Fiera Milano Spa · MIL:FM
Fiera Milano Spa — Mid & Small | London 2025
64 slides from Fiera Milano Spa's conference presentation, Apr 8, 2025
Slide 1: Fiera Milano Mid & Small | London 2025
Fiera Milano Mid & Small | London 2025 8th April 2025
Slide 2: Speakers
SPEAKERS MASSIMO DE TULLIO VINCENZO CECERE ALICE GATTONE Head of Investor Relations, Investor Relations & Chief Financial Officer Sustainability & Management Sustainability Associate System 6 years in Fiera Milano 3 years in Fiera Milano 3 years in Fiera Milano ▪ Relevant experience: ▪ Relevant expe
Slide 3: Agenda
AGENDA ▪ ESG 01 ▪ 2024 AT A GLANCE ▪ Q1 2025 PREVIEW 04 Appendix 02 ▪ STRATEGIC UPDATE - Fiera Milano Overview ▪ GUIDANCE - The 2024 Event KPIs - The Market and Positioning ▪ CAPITAL ALLOCATION 03 ▪ FINANCIAL REVIEW
Slide 4: 2024 at a Glance
2024 AT A GLANCE
Slide 5: Delivering strong performance in a seasonally weak period
DELIVERING STRONG PERFORMANCE IN A SEASONALLY WEAK PERIOD ORGANIZED HOSTED CONGRESSES SERVICES STRONG LIKE-FOR-LIKE + 25% + 9% + 30% + 35% REVENUE GROWTH ACROSS ALL BUSINESS LINE REVENUES (€m) EBITDA (€m) NET INCOME (€m) NET CASH (€m) * -9,8 operations continuing -10,7 -13,6 29,0 19,1 -3,1m 283,8 20
Slide 6: Exceeding expectations
…EXCEEDING EXPECTATIONS… Revenues (€m) Ebitda (€m) Net Cash (€m) 110-120 106 81 REVENUES 320-340 97 78 284 74 84 AND EBITDA 247 280 273 68 220 BEYOND 58 47 IFRS 16 PRE-COVID LEVELS 122 30 24 74 32 10 -24 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2
Slide 7: Strong confidence in 2025 EBITDA guidance (€110-120M)
New event STRONG CONFIDENCE IN 2025 EBITDA GUIDANCE (€110-120M) Biennial BACKED BY A FAVORABLE ODD-YEAR CALENDAR AND NEW EVENTS Multi-year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Slide 8: Accelerating on strategic plan execution
1.1 PORTFOLIO STRENGTHENING …ACCELERATING ON Organized Hosted 2024-2027 STRATEGIC PLAN EXECUTION 1.2 EXPANSION OF CONGRESSES Allianz-Mico expansion (Focus next slides) 1.3 BECOME AN INTEGRATED SERVICE PROVIDER M&A 1.4 DEVELOPING THE ENTERTAINMENT BUSINESS 8
Slide 9: Sustainability as a growing competitive advantage
…WITH SUSTAINABILITY BECOMING AN EVER-GROWING COMPETITIVE ADVANTAGE FOR FIERA MILANO TO ATTRACT NEW INTERNATIONAL EVENTS IMPROVING ESG RATING NEW EMPLOYEE SHARE OWNERSHIP PLAN ANTI-CORRUPTION CERTIFICATION ISO 37001 ESG Risk PAD Futuro Max Min 12.3 16.7 19.6 (2024) (2022) (2021) REDUCING ENVIRONMENT
Slide 10: Q1 2025 Preview
Q1 2025 PREVIEW
Slide 11: Preview of Q1 2025 event performance vs. 2024
PREVIEW OF Q1 2025 EVENT PERFORMANCE VS. 2024 +6% in square meters; +4% Revenues ORGANIZED: HOSTED: 11
Slide 12: Strategic Update
STRATEGIC UPDATE
Slide 13: Fiera Milano: the four strategic priorities
FIERA MILANO: 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 talent and
Slide 14: 1.1 Portfolio strengthening
01 1.1 Portfolio strengthening VALUEPROPOSITION • Launching at least 3 new events by 2027 in attractive sectors and leveraging on available assets. • Attraction of 2 international itinerant events by 2027 • Development of new sectors in the main events in the portfolio ANTICIPATED • Launch of 1 inte
Slide 15: Strategic partnership with the SIPAN Association
Strategic partnership with the SIPAN Association (bakery equipment) to expand the occupied surface area in 2025 Over 85% rebooking rate (faster vs. Mar-2023) Launch of HOST Arabia anticipated to 2025 (originally planned for 2026) Square meters (k) % Growth 2023 / Last Edition 89 128 +45% 2021 2023
Slide 16: Focus Host Arabia
FOCUS HOST ARABIA ▪ WHY HOST ▪ Flagship event ▪ Better performance (+45% m² compared to the last edition) ▪ High brand awareness and international exhibitor base (>40% foreign) ▪ WHY INTERNATIONALIZE ▪ Anticipate the trend of event regionalization ▪ WHY SAUDI ARABIA ▪ One of the fastest-growing mark
Slide 17: Net Zero Milan
NetZero Milan expo — summit May 14-16 2025 Allianz MiCo netzeromilan.com PATHWAYS TO A DECARBONISED ECONOMY 4] FIERA MILANO
Slide 18: Net Zero Milan: exhibition and conference on decarbonization
Net Zero Milan: exhibition and conference focus on solutions and technologies for the decarbonization of industrial sectors ▪ FORMAT: HIGH-PROFILE B2B ▪ SECTORS: ▪ Energy: solar, wind, hydroelectric, energy storage… ▪ Industry: industrial electrification and digitalization, energy efficiency, green
Slide 19: Triennial event with UCIMA
• Triennial; 49% Fiera Milano 51% UCIMA • >5% expected growth in exhibition space (compared to 53,000 m² in 2022) • Expected double-digit revenue growth • 8 halls occupied • Exhibition spaces sold out 3 months before opening • Over 1,200 exhibitors, 30% of which are international • Strategic agreeme
Slide 20: Expected double-digit growth in area and revenue in 2025
60,000 m² in 2023 Expected double-digit growth in area and revenue in 2025 25% international exhibitors, 12% of whom from Asia 90,000 visitors expected in 2025 Biennial schedule starting from 2026 (even years)
Slide 21: Industry Areas
50,000 1,000 7,000 1,000 150 4 Industry Areas EPC = Engineering, Procurement, and Construction
Slide 22: European Rotors 2027 chooses Fiera Milano
EUROPEAN ROTORS 2027 CHOOSES FIERA MILANO (NEW ITINERANT EVENT) B2B event dedicated to the helicopter and vertical take-off and landing (VTOL) aircraft industry. Latest editions 2025: Cologne 2024: Amsterdam 2023: Madrid Number of exhibitors: about 230 Visitors: over 4,700 attendees Audience type: R
Slide 23: 1.2 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 •
Slide 24: Appeal of Milan and the Allianz-MiCo convention center
THE EVER-INCREASING APPEAL OF MILAN AND THE ALLIANZ-MICO CONVENTION CENTER 2027 > 30k participants 2025 First time in Italy
Slide 25: The new Allianz-MiCo
THE NEW ALLIANZ-MICO m2 Exhibition space Conference rooms Flexibility Hotel rooms in the area
Slide 26: 1.3 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 27: M&A
M&A
Slide 28: 1.4 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 29: 11 concerts, 203k people
11 concerts 203k people 2025: longer concert season
Slide 30: Olympic and Paralympic partner of Milano Cortina 2026
a FIERA MILANO OLYMPIC AND PARALYMPIC PARTNER (OF MILANO CORTINA 2026
Slide 31: Investments for the 2026 Winter Olympics
INVESTMENTS FOR THE 2026 WINTER OLYMPICS:€ 25m (FFM) ▪ Hall 13-15 SPEED SKATING ▪ Hall 22-24 HOCKEY (5k seats) ▪ Allianz Mico: MEDIA CENTER ▪ Completed Phase 2 of SPEED SKATING track construction (halls 13-15 unified; 35k m²) ▪ Post-Winter Olympics Legacy: ▪ Conferences with up to 12,500 seats ▪ Ind
Slide 32: Guidance
GUIDANCE
Slide 33: Revenue: contribution to growth by business line
REVENUE: CONTRIBUTION TO GROWTH BY BUSINESS LINE 273273
Slide 34: EBITDA: contribution to growth by business line
EBITDA: CONTRIBUTION TO GROWTH BY BUSINESS LINE 84
Slide 35: Guidance confirmed
GUIDANCE CONFIRMED In 2027 Fiera Milano expects to achieve: Millions of euros 2025 2026 2027 ▪ Revenues between Euro 355 and 375 million Revenues 320-340 305-325 355-375 ▪ An estimated EBITDA between Euro 120 and 130 million EBITDA 110-120 90-100 120-130 ▪ Over the 2024-2027 plan period, total inves
Slide 36: Capital Allocation
CAPITAL ALLOCATION
Slide 37: 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 38: 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 39: Ongoing profiling of potential M&A targets
ONGOING PROFILING OF POTENTIAL TARGETS TO STRENGTHEN THE PORTFOLIO OF ORGANIZED SCOUTING T0 EVENTS AND SELECTION FUNNEL 01 Event organizers with leading events, in Italy or abroad, and strong AC Qu ISITI 0 Nl organizational skills, willing to sell their majority stake # KK ey * OPPORTUNITIES * 02 Op
Slide 40: Financial Review
FINANCIAL REVIEW
Slide 41: Snapshot of divisional results – legal entities view
SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW ▪ Revenue decrease of 10.3% due to a negative calendar effect (more details in the next slide) Δ Δ marked by the absence in 2024 of the biennial events Host and Tuttofood, as well as the multi- Italian Exhibition 2023 2024 (€) (%) year hosted even
Slide 42: Revenue growth contribution - business line view
REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW (-) CALENDAR EFFECT: € (62.9)m ▪ +38m presence of MCE (86k sqm), Transpotec (50k sqm), NME (11k sqm), Venditalia (13k sqm), Xylexpo (14k sqm), Bimu (24k sqm), CPHI (123k sqm), 2024 vs 2023 Simei (31k sqm) and Fruit Attraction in Brasil (3k sqm) • (100
Slide 43: Fiera Milano 2024 sqm growth champions
FIERA MILANO 2024 SQM GROWTH CHAMPIONS SELECTED ITALIAN EXHIBITIONS ORGANIZED SQM (k) SQM GROWTH % HOSTED SQM (k) SQM GROWTH % 2024/ last edition 2024/ last edition 34 36 120 127 +5% +7% 2023 2024 2023 2024 25 28 +12% 78 86 +11% 2023 2024 2022 2024 Spring + autumn editions 54 68 + 16 27 +70% +26% 20
Slide 44: Income statement
INCOME STATEMENT Δ Consolidated Income Statement (€m) 2023 2024 24/23 ▪ Revenues: go from Euro 283.8m in 2023 to Euro 273.2m in 2024, showing a decrease of Euro -10.7m. This 1 Revenues 283.8 273.2 -10.7 change is mainly due to: ▪ Positive performance effect of Euro 52.2m, corresponding to a like-for
Slide 45: Balance sheet, net working capital, net financial position and cash flow
BALANCE SHEET, NET WORKING CAPITAL, NET FINANCIAL POSITION AND CASH FLOW Δ Balance Sheet (€m) 2023 2024 24/23 ▪ Net Working Capital goes from Euro (98.2)m at 31/12/2023 to Euro (85.9)m at 31/12/2024. The change of Euro 12.2m 1 is mainly attributable to the increase in "Trade and other receivables" d
Slide 46: Guidance confirmed
GUIDANCE CONFIRMED In 2027 Fiera Milano expects to achieve: Millions of euros 2025 2026 2027 ▪ Revenues between Euro 355 and 375 million Revenues 320-340 305-325 355-375 ▪ An estimated EBITDA between Euro 120 and 130 million EBITDA 110-120 90-100 120-130 ▪ Over the 2024-2027 plan period, total inves
Slide 47: ESG
i“ FIERA MILANO
Slide 48: ESG Scorecard
ESG SCORECARD Environment Social Governance As of 31/12/2024 Total CO2 emissions (tCO2eq) % Renewable sources used Employees Diversity Age Board independence Board diversity Gender 56% 672 40% > 50 years 30-50 years 43% Men 22% 78% 24,951 Independent Female Women 65% +5% vs 2023 44% < 30 years Male
Slide 49: Rooftop photovoltaic system and decarbonisation plan to 2030
ONE OF THE LARGEST ROOFTOP PHOTOVOLTAIC SYSTEM IN EUROPE AND THE DECARBONISATION PLAN TO 2030 ▪ 50,000 photovoltaic panels ▪ 30-35% of Fiera Milano energetic need covered ▪ Total surface area: 330,000 sqm (equal to more than 45 football fields) ▪ Estimated total annual production: 22 GWh equal to th
Slide 50: Appendix 1: Fiera Milano Overview
APPENDIX 1 FIERA MILANO OVERVIEW
Slide 51: Welcome to Fiera Milano
WELCOME TO FIERA MILANO THE 7TH LARGEST EXHIBITION CENTER IN THE WORLD AND THE LARGEST CONFERENCE CENTER IN EUROPE ▪ 345k m2 total space ▪ 20 pavilions ▪ 54k m2 total space ▪ > 70 meeting rooms ▪ 60k m2 outdoor space ▪ 15k parkings ▪ 5 pavilions ▪ 3 plenary rooms ▪ Approx. 60 events/year ▪ 75 restau
Slide 52: The equity story of Fiera Milano
THE EQUITY STORY OF FIERA MILANO Clear vision to capture future trends Sustainability integrated into the business ▪ Enhancement of new exhibition models by Institutional role and impacts on the territory anticipating emerging market trends ▪ Digital transformation as a lever to create value ▪ Best
Slide 53: Business areas
BUSINESS AREAS 76% of 2024 Revenues 3% of 2024 Revenues 21% of 2024 Revenues Reporting ITALIAN EXHIBITION BUSINESS FOREIGN EXHIBITION CONGRESSES Unit BUSINESS Owned exhibitions (Italy) Hosted exhibitions Services Exhibitions organized Congresses Business abroad Areas Entity ▪ Development, ▪ Sale of
Slide 54: 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 12 (21%) chain 3 9 Home/Construction … 10 (18%) supply chain 5 5 Industrial sup
Slide 55: 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 PHASE Setting up Catering/ Digital Services Rental of exhibition accommodation Goods
Slide 56: Fiera Milano international presence
Exhibitions organized Owned exhibitions (Italy) Hosted exhibitions Services Congresses abroad FIERA MILANO INTERNATIONAL PRESENCE Joint Ventures / Partnerships China JV #exhibit.: 18 Fiera Milano Subsidiary Fiera Milano Brasil Singapore # exhibit.: 9 India JV # exhibit.: 1 Fiera Milano # Recruitment
Slide 57: Congresses
Exhibitions organized Owned exhibitions (Italy) Hosted exhibitions Services Congresses abroad CONGRESSES Main conference events ▪ ERS-European Respiratory Society Scientific ▪ EULAR-Annual European Congress of Rheumatology ASSOCIATIVE congresses ▪ ERA-European Renal Association ▪ EDTA -European Dial
Slide 58: Appendix 2: The 2024 Event KPIs
APPENDIX 2 THE 2024 EVENT KPIs
Slide 59: Exhibitions and congresses in 2024
EXHIBITIONS AND CONGRESSES IN 2024 Manifestazioni Italia – metri Net square meters Net square meters quadrati Italian Exhibitions Foreign Exhibitions FY 2023 FY 2024 FY9M 2023 2022 FY 2024 9M 2023 Directly Organized - Bit (A) 16,165 17,225 China - Miart (A) 8,930 9,225 - CeMAT Asia Shanghai (A) 39,4
Slide 60: Appendix 3: The Market and Positioning
APPENDIX 3 THE MARKET AND POSITIONING
Slide 61: The context: the global exhibition market
THE CONTEXT THE GLOBAL EXHIBITION MARKET REVENUES IN BE I europe’ ‘AMERICAS? Hl asuw> ccs {Ponce Geman Tay UneaKingom REVENUES 2022 FOR HYBRID ORGANIZERS/VENUE OPERATORS HHI Venue size (gross areas covered,'000 m2) 454 438 392 355 an 257 240 229 220 190 188 = 162 Messe FraneeuRT esse ONSEN ot oN rod
Slide 62: Top Venues
Top Venues ~ufi | jwe Venues with a minimum of 100,000 sqm of indoor exhibition space Gains eal No. Name of the venue City Country Total sqm 1 China Import & Export Fair Complex (Pazhou Complex) China 504,000 Central & South America 2 National Exhibition and Convention Center China 470,000 3 ‘Shenzh
Slide 63: 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 64: 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