IEG: the Board of Directors approves the consolidated financial statements as at December 31st, 2025

Published March 19, 2026 at 3:07 p.m. UTC

Source: MarketScreener

Press release

ITALIAN EXHIBITION GROUP (Euronext Milan: IEG) THE BOARD OF DIRECTORS APPROVES THE DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 GROWTH DRIVEN BY ORGANIZED EVENTS AND M&A FULLY OFFSETS THE BIENNALITY EFFECT

Revenues of €266.4 million, up 6.6% compared to the previous year
Adjusted EBITDA of €70.9 million, up 7.9% compared to the previous year, with an Adjusted EBITDA Margin of 26.6% (+0.3 p.p. YoY)
Net Financial Position of €90.4 million, an improvement compared to pre-closing (+4.8%); Monetary NFP of €34.8 million
Fourth quarter 2025 revenues of €75.6 million, up 7.0% compared to Q4 2024
Proposed distribution of a dividend of €0.20 per share

Rimini, 19th March 2026 - The Board of Directors of Italian Exhibition Group S.p.A. ("IEG" or "Company") leading company in Italy in the organization of international trade fair events and listed on Euronext Milan, a regulated market organized and managed by Borsa Italiana, met today, approved the draft statutory financial statements and the consolidated financial statements as of December 31, 2025.

Corrado Peraboni, CEO of Italian Exhibition Group, declared: "We are very satisfied with the results achieved in 2025, which show good growth in revenue and margins: these results are significant given that they were achieved in an odd-numbered year in which some key biennial events, such as Tecna in Italy and Fesqua in Brazil, were not held. In this context, the Group recorded an improvement in results in line with guidance, thanks to the organic development of its activities and a targeted acquisition program. Over the course of the year, we completed four acquisitions, financed entirely with our own funds, and obtained the ten-year concession for the Fiuggi Congress and Events Center, further strengthening our position. The 2025-2030 Strategic Plan, presented in February, envisions further expanding the portfolio with the launch of new events, with the goal of introducing at least one new trade fair each year. This includes the initiatives already announced for 2026: BEX - Beyond Exploration in Rimini will be joined by SSEC - Storage & Solar Expo Conference in Vicenza, a complementary and synergistic initiative with KEY, one of the Group's flagship events in the energy transition sector. These results confirm the solidity of our growth path and the management's consistency in implementing it, strengthening confidence in the Group's ability to continue developing its events portfolio and consolidating its international presence in the coming years".

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FINANCIAL HIGHLIGHTS

	31.12.2025	%	31.12.2024 Restated	%	Variation	Var. %
Revenues	266,379	100.0%	249,814	100.0%	16,565	6.6%
Adjusted gross operating margin (EBITDA)	70,871	26.6%	65,714	26.3%	5,158	7.9%
Adjusted operating income (EBIT)	49,582	18.6%	47,412	19.0%	2,170	4.6%
Profit/(Loss) for the year	30,410	11.4%	32,448	13.0%	(2,039)	-6.3%
Net Financial Position (NFP)	(90,399)		(62,199)		(28,200)	45.3%

As of December 31, 2025, the Group recorded Revenues of €266.4 million, an increase of €16.6 million (+6.6%) compared to the €249.8 million recorded as of December 31, 2024, despite the absence of important two-yearly events such as Tecna (International Exhibition of Surface Technologies and Supplies) and IBE (Intermobility Future Ways) in Italy and Fesqua (International Door and Window Fair) in Brazil and negative exchange rate effects of approximately €1.2 million. Growth was supported by the development of both flagship events and minor events in the organised events business line to the tune of around €13.0 million, as well as by the increasing influence of the conference division, which contributes an increase of €3.1 million to revenue growth, while the change in the scope of consolidation following the acquisitions contributed an incremental turnover of around €10.8 million.

Adjusted EBITDA amounted to €70.9 million, an improvement of €5.2 million compared to December 31, 2024, when the Group recorded a gross operating margin of €65.7 million.

The Adjusted EBITDA margin amounted to 26.6% of turnover, an improvement of 0.3 percentage points compared to 26.3% in the previous year, due to the higher volumes realised on organised events, which absorbed the negative effect of the absence of the two-yearly events in even-numbered years, and the strengthening of the Group's operating structure.

Adjusted EBIT amounted to €49.6 million, up €2.2 million from the previous year. The percentage operating profitability came to 18.6% of revenue compared to 19.0% as at December 31, 2024, due to the effect of an increase in depreciation and amortisation of around €3.0 million.

The Group closed the financial year with Revenues of €30.4 million, down 2.0 million euros compared to the €32.4 million recorded the previous year. The decrease in net income was impacted by the normalisation of the tax rate from 19.7% at December 31, 2024, to 30.3% at December 31, 2025.

With regard to the Group's only operating segment, i.e. the "Organisation of trade fairs, events and

related services", the following table shows revenue figures broken down by business line:

	31/12/2025	%	31/12/2024 Restated	%	Variation	Var. %
Organised Events	163,282	61.3%	154,327	61.8%	8,955	5.8%
Hosted Events	4,070	1.5%	3,663	1.5%	406	11.1%
Congress Events	23,878	9.0%	20,820	8.3%	3,058	14.7%
Related Services	69,798	26.2%	65,267	26.1%	4,531	6.9%
Publishing, Sporting Events, Other Activities	5,351	2.0%	5,737	2.3%	(385)	-6.7%
TOTAL REVENUES	266,379	100.0%	249,814	100.0%	16,565	6.6%

Revenues from the Organised Events business line, which represented 61.3% of the Group's turnover in 2025, came to €163.3 million, an increase of €9.0 million (+5.8%) compared to the previous year. The main driver of the incremental change in turnover was the organic component, which amounted to

€13.0 million (all the main events organised grew with a significant contribution from KEY), a scope effect of €5.4 million, while the calendar effects represented by the absence of the two-yearly Tecna and Fesqua shows resulted in a contraction of approximately €9.6 million.

Hosted Events recorded total revenues of €4.1 million, an increase of €0.4 million compared to December 31, 2024 due to the growth in the amount of space requested by third-party organizers and the services offered to exhibitors in connection with the exhibition area.

The Congress Events business line hosted a total of 103 conferences at the Group's sites with revenues of €23.9 million, up €3.1 million compared to 2024 (when they amounted to €20.8 million), thanks to a more selective focus on large-scale events.

Revenues attributable to the Related Services segment amounted to €69.8 million (€65.3 million at December 31, 2024), up €4.5 million (+6.9%) compared to the previous year thanks, in particular, to the inclusion of Immaginazione S.r.l. in the consolidation scope, which generated an increase of €5.3 million, while the changes in the Euro/US Dollar exchange rate had a negative effect of €1.2 million.

Publishing, Sporting Events, and Other Activities. The publishing activities carried out for the tourism (TTG Italia and InOut) and jewellery sectors (VO+ and Trendvision), the sports events and other residual revenues recorded total revenues of €5.4 million, down €0.4 million from the result obtained at December 31, 2024. Operating costs as of December 31, 2025, amounted to €143.9 million (€137.4 million as of December 31, 2024), with the percentage of turnover decreasing from 55.0% to 54.0% of turnover as a result of the higher volumes, which allowed for the improved absorption of both fixed costs related to the organisation of events and structural management costs.

The Contribution Margin recorded in the year came to €122.5 million, an increase of €10.0 million compared to the previous year (€112.5 million), and corresponds to 46.0% of revenues, a 1% improvement over the previous year (45.0%), due to both the internal growth in the organised events and conference division, and the contribution of newly acquired products.

Labour costs as of December 31, 2025, amounted to €52.5 million, an increase of €4.3 million compared to the previous year when they came to €48.2 million. The ratio to revenue stood at 19.7%, down 0.4 percentage points compared to December 31, 2024. This increase is attributable to changes in the scope of consolidation to the tune of €2.2 million and the execution of plans to hire and retain the resources needed to develop and manage the product portfolio and to support the growth envisaged in the Strategic Plan. Adjusted EBITDA amounted to €70.9 million, an improvement of €5.2 million compared to 2024 when it amounted to €65.7 million.

The Adjusted EBITDA margin as of December 31, 2025, stood at 26.6% of revenue compared to 26.3% at the end of 2024, ensuring the operating margin remained broadly stable despite the unfavourable calendar.

The Group's Adjusted EBIT as of December 31, 2025, stood at €49.6 million, an improvement of €2.2 million compared to the previous year, with a percentage profitability of 18.6%, down 0.4 percentage points compared with 2024.

Financial Operations as of December 31, 2025, were negative by €5.0 million, as compared with -5.5 million euros previous year. This change is mainly attributable to the positive impact generated by the valuation of investees using the equity method and despite the deterioration generated by the currency balance. Earning Before Taxes as of December 31, 2025, amounted to €43.6 million, an improvement of €3.2

million compared to December 31, 2024.

Income taxes amounted to €13.2 million, an increase of €5.3 million. The effective tax burden was 30.3%, compared to 19.7% in 2024, when the Company benefitted from the utilisation of tax losses carried forward. The Group's Profit for the period amounted to €30.4 million, down €2.0 million compared to the year

ended December 31, 2024.

Net invested capital, equal to €245.2 million (€201.9 million at December 31, 2024), increased by €43.3

million due to an increase in fixed capital of €38.8 million and in net working capital of €4.2 million.

Fixed Capital (€325.0 million as of December 31, 2025) recorded an overall increase of €38.8 million, mainly attributable to new investments in tangible fixed assets of €41.4 million, connected with the construction work on the new pavilion at the Vicenza Expo Centre, and the implementation of the new SAP ERP; depreciation and amortisation reduced Fixed Capital by €21.0 million. The change in the scope of consolidation generated new goodwill of about €11.9 million, while the valuation of non-controlling equity investments generated a positive change of around €5.9 million. Net working capital was negative and equal to €71.8 million at December 31, 2025, a reduction of €4.2 million compared to December 31, 2024, when it was €76.1 million. The change reflects a cash outflow of €4.3 million due to factors related to the implementation of the new SAP management system, which are expected to be absorbed during 2026.

The Group's Net Financial Position as of December 31, 2025, is €90.4 million, an increase of €28.2 million compared to December 31, 2024, due to increased investments made during 2025, mainly related to the construction of the new pavilion at the Vicenza Exhibition Centre, as well as the abovementioned dynamics concerning Net Working Capital.

QUARTERLY RESULTS

	Q4 2025	% on Revenues	Q4 2024 Restated	% on Revenues	Variation	Var. %
Revenues	75,602	100.0%	70,628	100.0%	4,974	7.0%
Adjusted gross operating margin (EBITDA)	25,782	34.1%	23,104	32.7%	2,678	11.59%
Adjusted operating income (EBIT)	19,984	26.4%	17,582	24.9%	2,401	13.66%
Profit/(Loss) for the year	14,309	18.9%	11,403	16.1%	2,906	25.5%

The fourth quarter of 2025 recorded Revenues of €75.6 million, an increase of €5.0 million compared to the same period of the previous year, when they amounted to €70.6 million.

With regard to the Group's only operating segment, i.e. the "Organisation of trade fairs, events and related services", the following table shows the revenue figures broken down by business line for the fourth quarter of 2025:

	Q4 2025	%	Q4 2024 Restated	%	Variation	Var. %
Organised Events	51,994	68.8%	50,907	72.1%	1,087	2.1%
Hosted Events	585	0.8%	244	0.4%	341	139.6%
Congress Events	6,138	8.1%	6,087	8.6%	51	0.8%
Related Services	14,855	19.6%	11,131	15.8%	3,724	33.5%
Publishing, Sporting Events, Other Activities	2,030	2.7%	2,260	3.2%	(230)	-10.2%
TOTAL REVENUES	75,602	100.0%	70,629	100.0%	4,974	7.0%

The Group ended the last quarter of the year by hosting scheduled events such as Ecomondo, TTG, INOUT and the Dubai Muscle Show, which generated a total turnover of €52.0 million, an increase of

€1.1 million thanks to solid organic growth. Related services contributed €14.9 million to the quarterly turnover, up €3.7 million thanks to the increase in volumes recorded by the organized events division and the inclusion of Immaginazione S.r.l. in the scope of consolidation.

The Gross Operating Margin (Adjusted EBITDA) for the fourth quarter of the year amounted to €25.8 million, up €2.7 million (+11.6% compared to the same quarter of the previous year) as a result of the reduction in structural costs due to advanced payment of these costs in previous quarters.

The Adjusted Operating Result (Adjusted EBIT) for the fourth quarter of 2025 was €20.0 million, an improvement of €2.4 million, with a revenue incidence of 26.4%, up 1.5 percentage points compared to 2024.

The Group result for the quarter was €14.3 million, an improvement of €2.9 million compared to the

fourth quarter of the previous year.

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CONSOLIDATED SUSTAINABILITY REPORTING 2025

Today, the Board of Directors also reviewed and approved the Consolidated Sustainability Report contained in the Board of Directors' Management Report accompanying the 2025 Consolidated Financial Statements, in accordance with the provisions of Legislative Decree 125/2024. Some of the results are reported below:

During 2025, IEG's Board of Directors approved the 2025-2030 ESG Strategy, which updates the previous strategy based on the most recent findings from the dual materiality analysis.
Revenue growth, combined with the contribution of new acquisitions, led to a 24% increase in Scope 1 emissions compared to the previous year. Conversely, Scope 2 emissions recorded a significant reduction of 57% compared to 2024, attributable to the Group's progressive transition to energy procurement from renewable sources.