Italian Exhibition Group Spa MIL:IEG
Italian Exhibition S p A : Analyst's presentation - 1Q26 Results
Source: MarketScreener
Rimini, May 14th, 2026
Analyst Call
Financial Results IQ26 Agenda
Agenda
Chapter 1 | Business Performance |
Chapter 2 | Financial Performance |
Business Performance
Corrado Peraboni
1. Business Performance Financial Results 1Q26
Overperformance of organised
1Q26 Highlightsevents vs prior year, volume and price driven
105 M€REVENUES
· 2,1% YoY
~ 400 kVisitors*
-3%
39.5 M€
Adj EBITDA
· 3,6% YoY
~ 220 kNet SQM*
+6%
89%
FY26 Booking vs Target
Net SQM
89.2 M€NFP
FCF: +13,7 M€
~ 6 kExhibitors*
+1%
22.8 M€NET RESULT
+6,0% YoY
10
Countries Worldwide
Stock
performance
· 35% 1Q26
price
* data referred to Organised Events Segment 4
1. Business Performance Financial Results 1Q26
1Q26 Revenues by Line of Business
Number of Events
1%1%
3%
21%
74%
1Q26
1Q26 1Q25 Δ%
Organised Events 78,1 74.9 +4%
Services 22 20.8 +6%
Congress 3.6 5.5 -35%
#43
+2 on core business
#48
0
19
18
16
5
6
0
27
Hosted Events | 0.6 | 0.4 | +43% |
Publishing, Sport & Others | 0.7 | 1.2 | -4% |
1Q25
Total 105.0 102.8 +2%
1Q26 1Q25
Organized Events Hosted Congress Other Events1% 1%
5%
20%
73%
Organised Events +4% YoY as net effect of a positive organic growth - driven mainly by volumes and then price- and a negative change in calendar of the period
Organised Events at 74% of consolidated revenues (+1pp) in line with our strategic growth's driver focusing on LoB with higher profitability.Congresses at 3% of consolidated revenues (-2pp) due to fewer corporate events and to a different scheduling of the requests.
5
Business Performance Financial Results 1Q26
1Q26 Business Update
72°
ed.
DOMESTIC EVENTS
1,300 exhibiting brands ( 40% international brands).
560 foreign buyers from 65 countries.
60% international visitors.
1,300 exhibiting brands (+ 33% international growth).47°
ed.
500 foreign buyers from 75 countries.
5,650 business meeting.OTHER EVENTS HELD IN 1Q26
1,000 exhibiting brands ( 32% international brands).47°
ed.
+10% total visitation vs previous edition.
530 foreign buyers from 59 countries.WHO'S
NEXT?
NEW LAUNCHES 2026
6
Business Performance Financial Results 1Q26
1Q26 Corporate update
March 2026: Chief Corporate Officer Mr Carlo Costa has assumed the role of CFO, while Financial Reporting, M&A and Compliance Manager Ms Lucia Cicognani has been appointed the new Manager responsible for preparing the financial documents.
April 2026: the Shareholders' Meeting renewed the Board of Statutory Auditors, confirming Luisa Renna as Chair, Fabio
Pranzetti and Stefano Berti as standing members, and Maria Francesca Radaelli and Antonio Mutti as alternate members.
Shareholders' meeting approves dividend payment of € 0,20 (2.3 % dividend yield). The pay out of 6.1 M€ is scheduled in May.
April 2026: the Company drew down the remaining amount of Tranche B under the syndicated loan facility, totaling 41.6 M€, to fund ongoing expansion capex.
7
Financial Performance
Carlo Costa
Financial Performance Financial Results 1Q26
1Q26 P&L vs 1Q25
1Q26
%
1Q25
%
Var. %
Revenues
105,0
102,8
2,2
2,1%
Operating costs
(51,0)
-48,6%
(51,3)
-49,8%
0,2
(0,4%)
Contribution Margin
54,0
51,4%
51,6 50,2%
2,4 4,7%
Personnel
(14,5)
-13,8%
(13,4)
-13,0%
(1,0)
7,8%
Not recurring EBITDA items
0,0
0,0%
0,0
0,0%
0,0
n.a.
Adjusted EBITDA
39,5
37,6%
38,2
37,1%
1,4
3,6%
D&A, w/off
(4,5)
-4,3%
(4,8)
-4,7%
0,3
(6,0%)
Not recurring EBIT items
(1,2)
-1,1%
0,0
0,0%
(1,2)
<(100%)
Adjusted EBIT
33,8
32,2%
33,3
32,4%
0,5
1,4%
Not recurring items
1,2
1,1%
0,0 0,0%
1,2 n.a.
Net Financials
(1,1)
-1,1%
(1,2) -1,2%
0,1 (7,5%)
Profit before Tax
33,8
32,2%
32,1 31,2%
1,7 5,5%
Taxes
(11,1)
-10,5%
(10,6) -10,3%
(0,5) 4,3%
Net Result
22,8
21,7%
21,5 20,9%
1,3 6,0%
Tax Rate
-32,7%
-33,0%
0,3pp
Revenues
At 105.0 M€, up 2.1% vs 1Q25 thanks to an organic growth, of4.0 M€, related to volumes on organised events and price contribution. Organic growth of organized events and related services compensates offsets the slowdown in the congress line.
Contribution margin
At 54.0 M€ improving +4.7% vs 1Q25 taking advantage of a favorable sales mix weighted towards the organized events segment.Adjusted EBITDA
At 37.6% (+0.5 pp YoY), improved profitability driven by core portfolio growth. Personnel costs increased split equally between perimeter expansion and headcount growth.Net Result
At 22.8 M€ (21.7% on Revenues), up 1.3 M€ vs 1Q25 benefiting from a non-recurring reversal of risk provision and applying a planned tax rate of 32.7%.9
2. Financial Performance Financial Results 1Q26
-
1Q26 vs 1Q25 Adj EBITDA bridge
Adj.EBITDA
Margin:
37.1%
Adj.EBITDA
Margin:
38.2%
Adj.EBITDA
Margin: 37,6%
(0.0)
( 0,9 )
0,3
( 0,4 )
38.2
40,5
39,5
3,9
( 1,6 )
1Q25 EBITDA
Adj
Organic
Structure FX
1Q26 EBITDA
Adj LfL
Quarter Calendar
Shift
Calendar
Perimeter
1Q26 EBITDA
Adj
10
2. Financial Performance Financial Results 1Q26
Change
%
Change
31-dic-2025
31-mar-26
1Q26 Balance Sheet
Net Invested Capital
Fixed Assets at 341 M€ increasing by 15,9 M€ due mainly to 14.9M€ of investments and M&A and to the registration of new right of use for new rent deals (IFRS16).NWC negative of 70.4 M€, reflecting the typical Q1 seasonal pattern, driven by lower advance payments vs year-end and the build-up of trade payables due for settlement after the quarter-end.
Net Financial Position
Total NFP at 89.2 M€, improves by 1.2 M€. The«Monetary» component improves by 9.3 M€ thanks to NWC and despite 14.9M€ of investments and M&A, while the «Non- Monetary» worsens by 8.3 M€ as consequence of the subscription of new rent deals and an a new put options.
Total Fixed Assets 341,0 325,1 15,9 4,9%
Trade receivables | 42,3 | 44,8 | (2,4) | -5,5% |
% on 12m rolling sales | 15,8% | 17,0% | -1% | |
Inventories | 1,0 | 1,0 | (0,0) | -4,4% |
% on 12m rolling sales | 0,4% | 0,4% | 0,0% | |
Trade payables | (69,3) | (58,1) | (11,2) | 19,3% |
% on 12m rolling sales | -25,8% | -22,0% | -3,8% |
Trade Working Capital (26,1) (12,3) (13,7) 111,2%
Other Current Assets/Liabilities | (44,3) | (59,5) | 15,2 | -25,5% |
Net Working Capital (70,4) (71,8) 1,5 -2,0% | ||||
% on 12m rolling sales | -26,2% | -27,2% | 1,0% | |
Other Non-Current Liabilities | (7,2) | (7,9) | 0,8 | -9,5% |
Net Invested Capital 263,4 245,3 18,1 7,4% | ||||
Net Financial Position | 89,2 | 90,4 | (1,2) | -1,3% |
Net Equity | 174,2 | 154,9 | 19,2 | 12,4% |
% on 12m rolling sales -9,7% -4,7% -5,0%
245,3
Total Sources 263,4 18,1 7,4%
11
2. Financial Performance Financial Results 1Q26
1Q26 vs FY25 NFP and Cash Flow
FCF +13.7 M€
Monetary NFP
(10.7)
(0.6)
(1.9)
(4.2)
(11.1)
Adj. FCF +22.0 M€
+9.3 M€
(34.8)
39.5
(25.5)
14,GM€
Total Investments
0.0
0.0
(1.5)
(8.3)
(90.4) (89.2)
31 Dec
2025
Adj
EBITDA
Lease
Net Financials
Taxes
Capex M&A Investments
∆ WC
Dividends
Treasury Shares Buy Back
∆ Not Monetary Items
31 Mar
2026
12
Outlook FY26
Financial Performance Financial Results 1Q26
FY 2025 FY 2026E Lfl*
TARGET 2030
REVENUES | 266.4 €M | 290/295 €M | 360/365 €M |
ADJ. EBITDA | 70.9 €M 26.6% | 77/80 €M 26% - 27% | 100/105 €M 28%-29% |
Margin |
NFP | 90.4 €M | 70-77 €M | -44 €M (cash positive) |
Guidance
The macroeconomic and geopolitical environment continues to be characterised by uncertainty. Group management closely monitors the evolution of the international landscape, with particular focus on areas of heightened instability. At present, the uncertain outlook does not allow for precise assessments of potential impacts on the Group's financial results; however, based on available information, any potential impacts are expected to remain within the guidance ranges already communicated to the market at the time of the Industrial Plan presentation.
In light of the results achieved in Q1 2026 - which show like-for-like growth (at constant scope and exchange rates) above expectations - and the visibility provided by the current order book, the Group confirms for FY 2026 the upper end of the ranges set out in the 2025-2030 Industrial Plan.
*M&A completed in 2026 not included 13
Next Events Contact
August 6TH, 2026
Approval of Half-Year Interim Report as of June 30th, 2026
November 12TH, 2026
Approval of Consolidated Interim Report as of September
30th, 2026
Phone
+39 0541744452
Disclaimer
This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on IEG S.p.A.'s current expectations and projections about future events.
Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of IEG S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. IEG S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.
The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party.
This presentation does not constitute a recommendation regarding the securities of the Company. This presentation
does not
contain an offer to sell or a solicitation of any offer to buy any securities issued by IEG S.p.A. or any of its subsidiaries.
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at IEG, Teresa Schiavina, declares that the accounting information contained herein correspond to document results, books and accounting records.