Fiera Milano S p A : The Board of Directors approves the consolidated results as of 30 June 2025

FIERA MILANO: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS OF 30 JUNE 2025

• Revenues of Euro 177.9 million, up +23.2% compared to Euro 144.4 million in the first half of 2024 (+ Euro 33.5 million) and up compared to Euro 132.2 million in the first half of 2023;
• EBITDA of Euro 63.1 million, up +15.6% compared to Euro 54.6 million in the first half of 2024 (+ Euro 8.5 million), and up compared to Euro 41.6 million in the first half of 2023;
• Net profit from continuing operations of Euro 23.1 million, up +2.1% compared to Euro 22.6 million in the first half of 2024, and significantly up compared to Euro 9.2 million in the first half of 2023;
• Net Financial Position before IFRS 161 effects: net financial availability as of 30 June 2025 equal to Euro 119.1 million, compared to a net financial availability of Euro 77.8 million as of 31 December 2024, reflecting Euro 41.3 million in cash generation during the first half.

‌1For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 217.2 million as of 30 June 2025, compared to Euro 253.8 million as of 31 December 2024.

The Chief Executive Officer and General Manager of Fiera Milano, Francesco Conci, commented: "The first half of 2025 marks a significant milestone in the implementation of our Strategic Plan: we are turning strategic vision into tangible results, driven by a solid and diversified business model. A 23% increase in revenues and EBITDA reaching Euro 63 million confirm our ability to generate value, strengthen Fiera Milano's position among the leading exhibition and congress hubs in Europe and ensure financial soundness even in volatile contexts. The quality of our performance is clearly reflected in strong cash generation and the broad-based contribution of all our business lines. The exhibition calendar for the semester featured the success of consolidated events such as TUTTOFOOD, The Innovation Alliance and Salone del Mobile, alongside debut formats including NetZero Milan and Artigiano in Fiera - Anteprima d'Estate. At the same time, the congress business recorded 52% growth, driven by major international events such as the EHA Congress and the Annual Meeting of the Asian Development Bank. Our Services division also continued to show structurally positive momentum, posting growth close to double digits.

In the second half of the year, additional growth drivers will come into play, starting with the launch of works for the Milano Ice Park project, which further strengthens our presence in the large-scale infrastructure segment. Meanwhile, the acquisition of a 51% stake in Expotrans will allow us to expand our integrated service offering and improve operational efficiency. In line with our Strategic Plan, the investment in EMAC - in partnership with Italian Exhibition Group - opens up new development prospects in the classic car segment and lays the groundwork for future synergies between the two exhibition groups. In light of these dynamics, we have revised our 2025 guidance upwards, with revenues expected between Euro 350 and 370 million and EBITDA in the range of Euro 115 to 125 million. This revision reflects not only the strong business performance, but also our confidence in the Group's ability to seize market opportunities and consolidate its role as an international platform for business growth. On this journey, the recognition received from the ESG Identity Corporate Index - which ranked us first among Small Caps - provides further validation of the alignment between our results and the values of sustainability, responsibility and long-term vision that guide our decisions".

In the first six months of 2025, Consolidated Revenues amounted to Euro 177.9 million, an increase of Euro

The positive revenue trend in the semester reflects both a performance effect, linked to the strengthening of organic results, and a calendar effect. In particular, the period benefited from the presence of multi-annual exhibitions related to the largest European event dedicated to solutions for the manufacturing industry "The Innovation Alliance" and the biennial event TUTTOFOOD. This compares with the absence, in the same period of the previous year, of biennial events scheduled in even-numbered years, such as Mostra Convegno Expocomfort and Transpotec & Logitec. Additional contributors included the solid performance of annual exhibitions, the excellent results of the congress business, increased service penetration and the expansion of the logistics offering following the acquisition of the Expotrans Group. The semester also saw the debut of new events, including NetZero Milan and Artigiano in Fiera - Anteprima d'Estate.

In January, the second edition of Milano Home was held, featuring over 600 brands (34% international), alongside Quick&More and PTE - Promotion Trade Exhibition. The three simultaneous events exceeded 32,000 visitors. February saw the return of fashion-related events with Milano Unica (over 700 exhibitors), MIDO (nearly 1,200 exhibitors, 42,000 attendees from 168 countries) and the fashion accessories hub (MICAM, Mipel, TheOneMilano, Milano Fashion&Jewels) with 40,449 visitors, 45% international. These were followed by Lineapelle (nearly 1,000 exhibitors and 24,977 operators) and the first edition of BIT at Rho (more than 200 exhibitors from 64 countries), MyPlant & Garden (over 700 exhibitors, 27,000 attendees) and Filo, dedicated to yarns. In March, the first edition of Racquet Trend Expo was held, Fiera Milano's first B2C sports event, with over 100 exhibitors, followed by Fa' la cosa giusta! with 52,200 visitors and nearly 500 exhibitors. April saw the return of Salone del Mobile, with 302,548 attendees and over 1,000 exhibitors from 37 countries. Also in April, Sì Sposaitalia Collezioni took place (over 200 brands from 21 countries), along with Miart (179 galleries from 31 nations). In May, TUTTOFOOD was held (95,000 professional visitors, 25% international), followed by Made in Steel, Issa Pulire, Lamiera, and the first edition of NetZero Milan, expo-summit on industrial decarbonisation. Also in May, The Innovation Alliance took place (including Ipack-Ima, Print4All, Greenplast and Intralogistica Italia), with over 108,000 attendees from 143 countries and 1,857 exhibitors. Among the most significant new entries was the debut of Artigiano in Fiera - Anteprima d'Estate, which welcomed over 200,000 visitors and nearly 800 artisans from 50 countries.

In the first half of 2025, revenues from the Foreign Exhibitions Business amounted to Euro 4.3 million, thanks to the organisation of well-established events in strategic areas for the Group's internationalisation. In South Africa, the twelfth edition of Investec Cape Town Art Fair (ICTAF) hosted 124 exhibitors and welcomed 30,000 visitors, confirming its role as the leading contemporary art fair in Africa. In Brazil, the second edition of Fruit Attraction São Paulo, organised by the local subsidiary, featured 400 Brazilian and international brands, while Exposec, now in its twenty-fifth edition, brought together over 800 brands and 57,000 visitors, consolidating its leadership in the Security sector. In the second quarter, activity also resumed in China, with the staging of several exhibitions including CDIIF - Chengdu International Industry Fair, GITF, Domotex, LET China and International Fastener Show China.

Very strong results for the Congress Business, which in the first half of 2025 recorded revenues of Euro 37.6 million, up over 40% compared to Euro 26.5 million in the same period of 2024, driven by high-profile international events such as the Asian Development Bank Annual Meeting 2025 and the European Hematology Association Congress. A total of 59 congress events were held during the semester, including corporate conventions such as Zurich and Allianz, and major international congresses such as EAPC 2025 - ESC Preventive Cardiology, ESH 2025 - European Meeting on Hypertension and Cardiovascular Protection, and FIF - Salone Professionale di Fisioterapia. Allianz MiCo also hosted leading scientific and industry-specific events, including BIO-Europe Spring, focused on the life sciences sector, Intergraf and the Antarctic Treaty Consultative Meetings (ATCM). The congress centre further confirmed its role as a key venue for national business events, including the Salone del Risparmio (over 15,000 participants and more than 400 speakers), Packaging Première & PCD Milan (over 8,300 visitors and more than 300 exhibitors) and Netcomm Forum (over 30,000 attendees and more than 300 exhibitors). On the occasion of the Wizz Air Milano Marathon, it also hosted the Milano Running Festival, across an 8,000-square-meter exhibition area, featuring entertainment, workshops and product presentations.

the reconfiguration of the congress centre, and the increase in Group headcount, including staff from the Expotrans Group companies.

22.6 million in the first half of 2024.

‌2For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 217.2 million as of 30 June 2025, compared to Euro 253.8 million as of 31 December 2024.

Despite a still uncertain macroeconomic environment marked by volatility, the Group's organic business outperformed expectations in the main business areas during the first half of the year. Particularly noteworthy was the performance of the congress business, which grew by over 40%, driven by high-profile international events such as the Asian Development Bank Annual Meeting 2025 and the European Hematology Association Congress, confirming the strategic role of Allianz MiCo within the European congress landscape. The Group also continued to strengthen its physical and digital services, which grew by +10%, confirming a structurally positive trend. The exhibitions business also posted strong results, supported by key events such as BIT and TUTTOFOOD, both outperforming expectations.

In the second half of the year, Group performance will further benefit from the positive impact of the consolidation (starting in May) of Expotrans, a leading logistics provider for exhibitions, as well as from the effects of being awarded the contract for the design, operational management and dismantling of the temporary infrastructures to be installed at the Rho exhibition centre for the speed skating and ice hockey Olympic events.

In light of these factors, the Group revised its 2025 full-year guidance upwards, now expecting:

• Revenues in the range of Euro 350-370 million (compared to the previous range of Euro 320-340 million);
• EBITDA in the range of Euro 115-125 million (compared to the previous estimate of Euro 110-120 million).

On 18 July 2025, Fiera Milano completed the acquisition of a 35% stake in the share capital of EMAC S.r.l., the company that organises Milano AutoClassica, one of Italy's leading B2C events in the classic and sports car sector (the "Transaction").

The Transaction is part of the initiatives outlined in the 2024-2027 Strategic Plan, with the aim of strengthening the Group's exhibition portfolio and expanding its directly organised event activities. Milano AutoClassica, held annually at the Rho exhibition centre since 2012, recorded over 30,000 visitors and more than 4,500 cars on display during its November 2024 edition, generating for Fiera Milano an average contribution of approximately Euro 500,000 per edition as a hosted event.

The entry into EMAC is being made in alliance with Italian Exhibition Group (IEG) and Mosaico S.r.l., a company controlled by Andrea Martini. The three companies hold the following shares in the new entity: Fiera Milano: 35%, IEG: 35%, Mosaico: 30%.

EMAC owns not only the Milano AutoClassica brand but also the Vicenza Classic Car Show (VCCS), a new exhibition launched in 2024 in Vicenza and integrated into EMAC following the agreement between the parties. This dual ownership aims to develop a national reference platform for the classic car sector, coordinating the exhibition offering between Northeast and Lombardy.

The Transaction enables Fiera Milano to secure continuity and maintain strategic control over the Milano AutoClassica event, preserving its margins and enhancing its growth potential; at the same time, it supports the creation of an integrated Italian platform in the classic car sector. The agreement also lays the groundwork for commercial and communication synergies between Milano AutoClassica and Vicenza Classic Car Show, with the