2025 Half-year results

24 July 2025

BRINGING PEOPLE TOGETHER

BRINGING PEOPLE TOGETHER

1. 2025 HIGHLIGHTS

   GROUPE

2. RESULTS BY BUSINESS LINE

3. PRESENTATION OF H1 2025 P&L

4. BALANCE SHEET AT 30 JUNE 2025

5. CHANGES IN NET DEBT AND DEBT STRUCTURE

6. ESG POLICY

7. OUTLOOK

GL EVENTS JULY 2025 3

1.

4

GROUPE

• Growth of 8.3% driven by the Exhibitions and Venues divisions.

• Growth of 9.5% at constant exchange rates, excluding the unfavourable currency effects of the Brazilian Real, Chinese Yuan and Turkish Lira.

• Sales up in Latin America, Europe and Asia (Japan) despite continuing difficulties in the Chinese market.

• "Other regions: activities in Saudi Arabia.

• In France, new growth drivers mitigated the base effect of the Olympic Games.

  GL EVENTS JULY 2025 5

  
  
  

  GROUPE

  CONTINUING IMPROVEMENT IN PROFITABILITY

  • Strong improvement in EBITDA (+€23m /+20%) and current operating income (+€23m/+29%).

  • EBITDA margin (+1.5 pt) boosted by a favourable business mix and seasonal effects.

  • Continuing improvement in ROCE (+5.5 pts vs. 2022) reflecting the extensive work carried out and an improvement in asset quality.

  • Increase in the net margin despite higher financial expenses.

    GL EVENTS JULY 2025 6

    GL EVENTS LIVE, A FIRST-HALF OF CONTINUING GROWTH

    GROUPE

• After a record 2024, the division successfully diversified into new markets, offsetting the high comparison base effect from the 2024 Olympic Games.

• Sustained business activity led to the signing of a number of significant contracts, reflecting the confidence of customers in GL events' teams.

• Discussions underway (non-binding MoU) concerning the acquisition of a majority stake (51%) in Add Group, Saudi Arabia.

GL EVENTS JULY 2025 7

GROUPE

2025 ENHANCEMENTS

• Chinese organiser of exhibitions and scientific

  S

  12

  CONFERENCE

A YEAR

CONFERENCE

conferences in the field of In vitro Diagnostics, generating sales of €8m

/ year.

• Controlling interests (70%) acquired in March 2020

• Annual rendezvous for

  healthcare professionals,

  annual business volume ≈

  €8m

• Contract to organise 5 editions signed in 2024.

  UP TO 1,600 PARTICIPANTS PER

• Chinese organizer of veterinary exhibitions for companion animals. Annual business volume of ≈ €6m

• Controlling interest (69%) in May 2025

• Organizer of 12 medical congresses in France (mainly in the field of geriatrics). Annual business volume

  ≈ €2m

• Acquisition of 100% of the company's shares in July 2025

  GL EVENTS JULY 2025 8

  
  
  VENUES: NETWORK EXPANSION

• Fimalac Entertainment - Major strategic reinforcement in the regions and consolidation in the entertainment sector

  • Exclusive negotiations to take over the event venue management activities in the regions (21)

    and the Salle Pleyel in Paris

    GROUPE

  • Annual business volume: €59 / 180 FTEs

  • Expected closing date of the transaction: Q3 2025, after regulatory approvals

  • At the same time, Fimalac will acquire a 5% stake in Polygone, and Éléonore Ladreit de Lacharrière will join GL events' Board of Directors as a director

  • Trévise Participations takes over Fimalac's show production and ticketing activities

• Stade de France:

  • Contract signed June 2025, tendering phase in progress.

  • Management from August 5, 2025 for 30 years

  • First events on August 9 and 13, 2025

    GL EVENTS JULY 2025 9

    2.

    10

    
    
    
    
    
    LIVE: A FIRST HALF OF CONSOLIDATION

    Live (€m)	H1 2023	H1 2024	H1 2025		Change vs. 2024	Chg. vs 2023
    Revenue	367	496	459		-8%	25%
    EBITDA	34	58	48		-17%	41%
    EBITDA margin	9.2%	11.6%	10.5%		-1.2	1.2
    Current operating income	10	35	27		-22%	178%
    Current operating margin	2.6%	6.9%	5.9%		-1.1	3.2

    GROUPE

• Post-Paris 2024 Olympic Games business levels remain high. The operating margin remains within the normative profitability range [5 to 7%]. Though declining under the combined effect of:

  • the Osaka project with low profitability levels,

  • the withdrawal from Structures (UK & Chile) & Audio-visual activities,

  • Stable fixed costs for delivery of projects over the next six months.

GL EVENTS JULY 2025 11

GROUPE

• Odd-numbered year, favourable biennial effect, accentuated by the anticipation of the Biennial Rio International Book Fair (June vs.

  September).

• Continuing difficulties in certain sectors in China for exhibitions organised by the Group.

• Growth in exhibitions in the healthcare, industrial, food and energy sectors, and the start of a recovery in European fashion exhibitions.

• Fixed costs (60% for personnel costs) on a like-for-like basis are stable vs. N-1.

• High operating margin reflecting activity concentrated in H1 (≈70% of the year).

  GL EVENTS JULY 2025 12

  VENUES: CONTINUING GROWTH

  Venues (€m)	H1 2023	H1 2024	H1 2025		Change vs. 2024	Chg. vs 2023
  Revenue	179	211	258		23%	44%
  EBITDA	33	35	49		38%	50%
  EBITDA margin	18.2%	16.8%	18.9%		2.1	0.7
  Current operating income	25	24	36		50%	48%
  Current operating margin	13.7%	11.4%	14.0%		2.6	0.4

  GROUPE

• Steady growth in sales and operating margin, driven by the relevance of the Group's long-standing development strategy:

  • France: Withdrawal from Paris as a destination offset by the dynamism of the Auvergne Rhône Alpes region

  • Europe: Stability in Hungary and growth in the Benelux countries

  • South America: Dynamic destination (Rio, Salvador, Sao Paulo) with positive impact of the Anhembi site (undergoing

    renovations in H1 2024) and positive impact of the Riesco site

• Steady growth in operating margin, driven by sales growth & tight control of fixed costs (contained increase of +7% like-for-like vs. 2024).

  GL EVENTS JULY 2025 13

  3.

  GL EVENTS JULY 2025 14

  
  
  

  GROUPE

  €m	30/06/2023	30/06/2024	30/06/2025
  Revenue	690	821	889
  Purchases and external charges	-417	-517	-550
  Personnel expenses and employee profit sharing	-165	-182	-191
  Taxes and similar payments	-10	-10	-10
  Other current operating income and expenses	1	5	1
  EBITDA	100	116	139
  EBITDA margin	14.4%	14.2%	15.7%
  Amortisation, depreciation and provisions	-32	-35	-35
  Current operating income	67	81	104
  Current operating margin (%)	9.8%	9.8%	11.7%
  Other non-current income and expenses	-3	-5	-6
  Operating profit	64	76	99

  OPERATING PROFITABILITY: +29% VS. 2024

• EBITDA ***up 19% in H1 2025

• Current operating income: +€23m vs. H1 2024

  • An improved margin resulting from a favourable business mix

    • Contribution margin of 3.5 pts

    • Ratio of external expenses to revenue: 62.0%

      vs. 62.9% for H1 2024

  • Payroll costs contained: + 4% vs. H1 2024

  • Depr./Amort.:

    • Live: slight decrease (claims in 2024)

    • Venues: Anhembi (undergoing renovations in H1 2024)

  • Fixed costs under control: + 8% vs. H1 2024

  • Other operating income and expenses: in H1 2024, capital gains on asset disposals and reduction in subsidies received (China).

• Non-current expenses:

  • Costs for development / Studies / Restructuring / Penalties / Change of consolidation method

    GL EVENTS JULY 2025 15

    €m	30/06/2023	30/06/2024	30/06/2025
    Operating profit	64	76	99
    Net financial income (expense)	-10	-15	-15
    Profit /(loss) before tax	54	61	83
    Corporate income tax	-14	-16	-23
    Net profit / (loss) of consolidated companies	41	45	61
    Income (loss) from equity-accounted investees	0	0	0
    Net profit	41	45	61
    Non-controlling interests	-9	-6	-9
    Net profit attributable to shareholders (Group share)	32	39	52
    Earnings per share (€)	1.05	1.31	1.74

    STRONG GROWTH IN NET ATTRIBUTABLE INCOME: +33 % VS. 2024

• Stable financial result

  • Lower financing costs: - 0.2% vs. H1 2024: (-€1m)

    GROUPE

  • Stable investment income

  • Foreign exchange gains/(losses): -€1.3m

• Earnings before tax +35 %

  • Stable tax rate of 26.2% vs. 27.3% in 2025

• Minority interests up:

  • Biennial effect from SIRHA (Eurexpo) and FISA

• Net income attributable to shareholders: 5.9% vs. 4.8%.

• Increasing value creation for shareholders: + 33 % for earnings per share

GL EVENTS JULY 2025 16

17

BRINGING PEOPLE TOGETHER

• Goodwill (-€14m)

  • Changes in scope of consolidation (+€16m) / translation adjustments (-

    €30m)

• Tangible & intangible assets (+ €1m)

  GROUPE

  • Buildings: acquisitions (€9m) mainly Anhembi renovation and Eurexpo projects / translation adjustments (-€1m) / depreciation (€3.4m)

  • Intangible assets: acquisitions (€5m), mainly IT, Marseille & Riesco upfront fees / Depreciation (-€3.4m) and asset disposals (-€1m).

  • Site development and renovation: acquisition (€5.9m), depreciation (€5.4m)

• Rental equipment (-€13m)

  • Renewal of Live division assets: Structures (€5m) - Audio-visual (€1m) -General installations (€2m) / Depreciation (-€18m) / Translation adjustments (-€3m)

• Financial assets (+€2m)

  • Additional cash investments  Shareholders' equity (-€25m)

    • Translation adjustments: (-€48m)

    • Net income: (+€61m)

    • Dividends: (-€34m)

    • Technical effects of consolidation: (-€4m)

GL EVENTS JULY 2025 18

BRINGING PEOPLE TOGETHER

GROUPE

19

GROUPE

• Net cash flow up 22% vs. H1 2024

• Overall stability of debt impacted by:

  • Contained investment volume (Live: €10m, Venues: €14m,

    IT: €3m)

  • Consumption of Net Source of Funds, Cop 16, Exhibitions in H1 2025,

• M&A: outflows for acquisitions made during the period, additional shareholding acquisitions / earnout payments (France and China)

• Dividends: Chinese minority shareholders (€5m)

• Changes in exchange rates: RMB and SAR

GL EVENTS JULY 2025 20

• Short debt maturity: 3.1 years at 30 June 2025 vs. 2.9 years at 31 December

  2024

  GROUPE

• Slightly lower financing costs (3.7% vs. 4% in 2024) due to a lower Euribor and substitution of market debt for French government-backed debt

• Increased liquidity and significant unused financing reserves (€270m)

  GL EVENTS JULY 2025 21

  
  
  SOURCES OF FUNDS AND COVENANTS

  • Diversified and secure sources of financing:

    • Debt mainly held by GL events

    • Bonds representing 23% of total debt

      GROUPE

    • RCF undrawn at June 30, 2025 (€150m)

    • Fixed-rate or hedged debt over 60 % (additional hedging operations for €80m)

  • 2025 financing of €247.5m completed in H1 2025, of which

    €120m remained undrawn at June 30, 2025.

    • Financial ratios YoY

      Financial

      Calculation Balance sheet (reported basis) (pre-IFRS 16)

      Calculation of financing contracts

      (excluding the "recovery bond")

      Contractual limit

      leverage ratio

      2.0x 1.8x 3.5x

      GL EVENTS JULY 2025

      Gearing 86% 78% 120%

      22

      
      
      DEBT BASED ON LONG-TERM CONTRACTS

  • Concession agreements with operating terms sufficiently long to obtain a return of capital expenditures for construction and renovation

  • Percentage of debt represented by assets under held under concession agreements: 72%

    GROUPE

    Venues under management and remaining contractual ter		ms
    Matmut Stadium	53 yrs.
    Rio Centro	32 yrs.
    Grand Hôtel Mercure	32 yrs.
    Arena Rio	21 yrs.
    Eurexpo (Bail Commercial)	21 yrs.
    Salvador de Bahia	20 yrs.
    Sao Paulo Immigrantes	19 yrs.
    Sao Paulo Anhembi	28 yrs.
    Palais Brongniart	16 yrs.
    Parc des Expositions de Metz	12 yrs.
    Santos	21 yrs.
    Grand Hall Clermont Ferrand	25 yrs.
    Parc des Expositions Saint Etienne	25 yrs.
    Reims Parc des Expositions et Centre des Congrès	24 yrs.
    Lingotto Fiere
    Johannesbourg Exposition Center

  • Short term maturity of the debt versus the length of concession agreements

  • Nb: on the basis of current sales generated per site, extrapolating these data over the remaining contract durations,

potential sales are estimated at around €8 billion.

GL EVENTS JULY H1 2025 23

24

BRINGING PEOPLE TOGETHER

DECARBONATION

• 5% reduction in carbon footprint in tCO2/revenue for the 3 scopes vs. 2023

• 75% renewable electricity (vs. 73% in 2023)

• Transition plan by building an emissions

  reduction trajectory by business family:

  • Venues Europe 2025

  • Structures and Grandstands 2025-2026

  • Exhibitions end of 2025-2027

    CIRCULAR ECONOMY

• 5% reduction in waste tonnes waste/revenue vs. 2023

  GROUPE

• Preserving natural resources:

  • Launch of the Water Contest

  • Improved signage (plastic, ink)

    TERRITORY & DIVERSITY

    • Accelerated Disability Policy rollout: Group employment rate : 2.1% in 2024 versus 1.41% in 2023

    • Launch of an internal mentoring programme (+160 female employees

      involved)

    • New partnership with #JenesuispasunCV #JenesuispasunHandicap

All information is available in

GL EVENTS JULY 2025

GL EVENTS JULY 2025 26

BRINGING PEOPLE TOGETHER

• Against an uncertain geopolitical backdrop and after strong growth in 2024, GL events confirms its targets for 2025:

  • Sales growth exceeding 5%;

    GROUPE

  • An improved operating margin;

  • A CAPEX programme of around €80m.

• Furthermore, with a view to finalising the external growth transactions announced in H1 2025, notably the acquisitions of ADD Group and Fimalac Entertainment (subject to fulfilment of the customary conditions precedent), GL events is expecting its net debt to remain stable in 2025.

• Upcoming events:

  • Q3 2025 revenue: 15 October 2025

GL EVENTS JULY 2025 27

8.

GL EVENTS JULY 2025 28

AXYLIA

• Equivalent to 2022

• Demonstrating the Group's ability to achieve economic and environmental balance

• EBIDTA / price tonne eq CO2

  CDP

  B-

• Score 2022: B

• Change of method (new water and forest perimeter in 2024) and increased requirements: climate, forest and water

• Highlights:

  • Carbon footprint methodology

  • Governance, organisation and

audits

ETHIFINANCE

2021 2022 2023

GROUPE

58 67 74

• Score increase:

  • Governance

  • Employment

• Stablescore

  • Environment

  • Stakeholders

GL EVENTS JULY 2025 29

€m

30/06/2025 IFRS 16 & IAS 29

impact

30/06/2025

GROUPE

Full IFRS

GL EVENTS JULY 2025 30

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