Italian Exhibition Group Spa MIL:IEG

Italian Exhibition S p A : Analyst’s presentation – 3Q2025 Results

Published

Source: MarketScreener

November 13th, 2025

Financial Results 9M25

Analyst Call


Agenda

  1. Corrado Peraboni

    Group CEO

  2. Teresa Schiavina

    Group CFO

    Business Performance

    Financial Performance



    Section 01

    Business Performance

    Corrado Peraboni

    Group CEO

    1. Business Performance

    2. Financial Performance



      1. Business Performance Financial Results 9M25

9M25 Highlights

Strategy execution developing Exhibition Portfolio

190.8 M€

REVENUES

· 6.3% YoY

> 720 k

Visitors**

+22%

45.1 M€

Adj EBITDA

+5.3% YoY

> 320 k

Net SQM**

+12%

45.9 M€

Monetary NFP

> 9.7 k

Exhibitors**

+20%

29.6 M€

Adj EBIT

-1.4% YoY

>10

Countries Worldwide

Exhibition Portfolio



Development:

launch of a new event in the Space Economy Industry

~76%

Booking 1Q 2026 vs Target Net SQM

Stock performance:



price

· 34% 9M25



9M25 Revenues by Line of Business

Number of Events

9M25

29%

2%2%

9%

58%

#128

#134

9M24

2% 2%

8%

Total 190.8 179.4 +6.3%

77

3

39

32

11

9

86

5

9M25

9M24

Δ%

Organized Events

111.3

103.6

+7.4%

Services

54.9

54.9

+1.5%

Congress

17.7

14.7

+20.4%

Hosted Events

3.5

3.4

+1.9%

Publishing, Sport & Others

3.3

3.5

-4.5%

9M25 9M24

Organized Events
Hosted
Congress
Other Events

30%

58%

Organized Events +7,4% YoY, despite the absence of calendar events (Tecnargilla and Fesqua). Organic growth driven by flagship events in Q3 both in Italy and Singapore. Positive contribution also from consolidation of new events.

Sound performance of Congress growing by 20% thanks to an enhanced portfolio mix.

3Q25 Business Update





DOMESTIC EVENTS INTERNATIONAL EVENTS

1,200 exhibiting brands

71°

ed.



+2% total visitation vs previous edition (130 foreign countries represented)

+3% increase in international buyers

20°

ed.

over 350 exhibiting brands

+37% total visitation vs previous edition

+ 28% of square metres occupied compared to the

previous edition

8°

ed.

First edition as part of IEG Group

600 exhibiting brands

25,000 test ride at Misano World Circuit



2°

ed.

449 exhibiting brands

+46% total visitation vs previous edition

10,000 sq at Sands Expo & Convention Centre, Marina Bay Sands, Singapore

CONGRESS



hosted the 46th edition of the Meeting Rimini event at the exhibition centre: 150 conferences with around 550 speakers and 17 shows; attendance of 800,000 visitors.



25% of conference portfolio in Q3 were international events, attracting a total of 3,700 participants. Among the events, we would like to mention: European College of Sport Science, International Congress of Histochemistry and Cytochemistry, IAG Scientific Assembly, Europe's Leading Graphene and 2D Materials Conference.

Section 02

Financial Performance

Teresa Schiavina

Group CFO

  1. Business Performance

  2. Financial Performance



9M25 P&L vs 9M24

9M25

%

9M24

%

Var.

%

Revenues

190,8

179,4

11,4

6,3%

Operating costs

(106,8)

-56,0%

(102,7)

-57,2%

(4,1)

4,0%

Contribution Margin

84,0

44,0%

76,7

42,8%

7,3

9,5%

Personnel

(39,3)

-20,6%

(35,4)

-19,7%

(3,9)

11,0%

Not recurring EBITDA items

0,4

0,2%

1,5

0,8%

(1,1)

(74,8%)

Adjusted EBITDA

45,1

23,6%

42,8

23,9%

2,3

5,3%

D&A, w/off

(15,5)

-8,1%

(12,2)

-6,8%

(3,3)

26,6%

Not recurring EBIT items

0,0

0,0%

(0,6)

(0,3%)

0,6

<(100%)

Adjusted EBIT

29,6

15,5%

30,0

16,7%

(0,4)

(1,4%)

Not recurring items

(0,4)

-0,2%

(0,9)

-0,5%

0,6

(59,6%)

Net Financials

(4,3)

-2,3%

(4,4)

-2,4%

0,1

(2,0%)

Profit before Tax

24,9

13,1%

24,7

13,8%

0,2

1,0%

Taxes

(8,8)

-4,6%

(3,6)

-2,0%

(5,2)

142,2%

Net Result

16,1

8,4%

21,0

11,7%

(4,9)

(23,4%)

Tax Rate

-35,4%

-14,8%

-20,6%

Revenues

At 190.8M€, +6.3% vs 9M24 thanks to organic growth by 13,1M€ driven by organized events.

New M&A contributes by 9.5M€ compensating the Calendar effect of biannual events.

Strong performance of Congress division with 3,0M€ of incremental revenues (+20.4%).

Contribution margin

At 84.0 M€, 44.0% on Revenues, +1.2 pp vs 9M24 thanks to improved mix.

Adjusted EBITDA

45.1M€, +2.3M€ vs 9M24, at 23.6% on Revenues (in line with PY), affected by sales' mix improvement almost offset by Structure.

Net Result

At 16.1 M€ (8.4% on Revenues) vs 21.0 M€ in 9M24 due to increase in D&A for temporary exhibition halls and tax rate normalization vs

9M25 vs 9M24 EBITDA bridge

Adj.EBITDA

Margin: 23.9%

5.1

0.0

Adj.EBITDA

3.6

8.2

4.2

Margin: 23.6%

42.8

45.1

9M24 EBITDA

Organic

Perimeter

Calendar

Quarter Calendar

Structure

FX

Adj

shift

9M25 EBITDA

Adj

9M25 Balance Sheet vs FY24

Trade receivables Inventories

Trade payables

46,6

1,0

(43,5)

36,8

0,9

(52,6)

9,8

0,1

9,1

26,5%

13,3%

-17,2%

% on 12m rolling sales

Other Current Assets/Liabilitie

1,6%

(56,4)

-6,5%

(61,3)

808,4%

4,9

-8,0%

% on 12m rolling sales

Other Non-Current Liabilities

-20,0%

(8,3)

-33,4%

(8,2)

1342,3%

(0,2)

1,9%

Net Financial Position

108,3

62,2

46,2

74,2%

Net Equity

137,9

139,7

(1,8)

-1,3%

Net Working Capital

Trade Working Capital

201,9

246,3

Net Invested Capital

(76,1)

(52,2)

(14,8)

4,1

Total Fixed Assets

Var. %

Var.

FY 24

9M25

Net Invested Capital

306,8

286,2

20,6

7,2%

Fixed Assets at 306.8 M€, +20,6 M€ following Capex Plan ~15,8 M€ and M&A Investments with goodwill recognition ~12 M€.

NWC at 52.3 M€ affected by 2Q and 3Q seasonality.

18,9

-127,9%

Net Equity

At 137.9 M€ increase by 1.8M€ vs LY.

23,8

-31,3%

Net Financial Position

44,3

22,0%

At 108.3 M€ increases by 46.1 M€ vs FY24 due to 3Q seasonality affecting NWC and investment both in M&A & venues capacity expansion.

Total Sources

246,3

201,9

44,3

22,0%