Italian Exhibition S p A : Analyst’s Presentation – FY2025 Results

‌Rimini, March 19th, 2026‌

Analyst Call

Financial Results FY25

‌Financial Results FY25 Agenda

Agenda

‌Business Performance

Corrado Peraboni

‌1. Business Performance Financial Results FY25

Growth driven by organised events

2025 Highlights

and M&A fully offsets the biennial effect

266 M€

REVENUES

· 6,6% YoY

~ 960 k

Visitors**

+8%*

* net of Calendar effect

** data referred to Organised Events Segment

71 M€

Adj EBITDA

· 7,9% YoY

~ 460 k

Net SQM**

+15% *

104%

1H-26 Booking vs Target

Net SQM

90.4 M€

NFP

-5% 2025 preclosing

> 13.5 k

Exhibitors**

price

+14%*

43.6 M€

PRE-TAX RESULT

+7,9% YoY

>10

Countries Worldwide

Stock

performance

· 27% 1Y

4

‌1. Business Performance Financial Results FY25

FY25 Revenues by Line of Business

Number of Events

FY25

FY25 FY24 Δ%

Organized Events 163.3 154.3 +6%

#176

#182

4

103

6

119

2%2%

9%

26%

61%

Services 69.8 65.3 +7%

FY24

Congress 23.9 20.8 +15%

Hosted Events 4.1 3.7 +11%

Publishing, Sport & Others 5.4 5.7 -7%

Total 266.4 249.8 +7%

+6 on core business

2025 2024

Organized Events Hosted Congress Other Events

2%2%

8%

26%

62%

Organized Events +6% YoY mainly driven by organic growth on events and M&A (Italian Bike Festival) despite

unfavorable calendar (absence of Tecna in Italy and Fesqua in Brasil).

Organized Events at 61% of consolidated revenues (+1pp net of bi-annual effect) in line with our strategic growth's driver focusing on LoB with higher profitability.

Congresses at 9% of consolidated revenues (+1pp) despite a lower number of events as results of the strategy of selecting larger and more profitable events.

5

‌1. Business Performance Financial Results FY25

4Q25 Business Update

DOMESTIC EVENTS

2,700 exhibiting brands.

+3% total visitation vs previous edition.

62°

ed.

1,000 foreign buyers from 75 countries.

1,700 exhibiting brands.

28°

ed.

+7% total visitation vs previous edition (+10% international visitation).

800 foreign buyers from 65 countries.



13th edition, held for the first time under the partnership between IEG and Fiera Milano.

INTERNATIONAL EVENTS

400 exhibiting brands.

4°

ed.

+15% total visitation vs previous edition.

+ 10% of square metres occupied compared to the previous edition.



First edition in Dubai.

1°

ed.

100 exhibiting brands.

6 Exhibition Macro-Sectors.

Other events held in 4Q

CONGRESS & HOSTED

Among the events held during the quarter was a convention hosted by a leading insurance group with 2,300 participants.

Hosted in Vicenza the first edition of BIVE, the trade fair dedicated to the entire building and construction industry.

6

‌1. Business Performance Financial Results FY25

Continuous portfolio and business development

NEW LAUNCHES 2025

• 51%

• 51%

• 51%

  
  
  

• 35%

M&A 2025

Step up to Acquisition

100%

100%

100%

NEW LAUNCHES 2026

New updates

are coming soon…

= Services = Congress - All the others are new Exhibitions 7

1. ‌Business Performance Financial Results FY25

   FY25 Corporate update

   
   
   

   On 3 February 2026, the Board of Directors of Italian Exhibition Group S.p.A. approved the 2025-2030 Strategic Plan, which updates and extends the previous 2023-2028 Plan, confirming its main strategic guidelines.

   
   
   

   Proposed to shareholders' meeting a dividend payment of € 0,20 (2.3 % dividend yeld). The approved Dividend Policy provides for a minimum of 20% Dividend Payout Ratio.

   
   
   

   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.

   
   
   

   SAP ERP system has been rolled out in large Italian companies since July 1st 2025 and will continue until 1 July 2026, by which date it will be extended to the remaining Italian companies. The new ERP system will enable greater standardisation and integration of workflows at all levels of the organisation.

   8

   
   
   

   1. ‌Business Performance Financial Results FY25

      FY25 Sustainability update

      EXECUTION OF OUR ESG STRATEGY

• the Board of Directors of Italian Exhibition Group S.p.A. approved the 2025-2030 ESG Strategy, which updates and extends the previous 2023-2028 Strategy.

  • Launch of the IEG Academy.

  • Master's degree in "Event Organisation for the Development of Tourist Destinations" (in collaboration with the University of Bologna).

• 100% of employees trained on ESG topics.

  • Trade school operating in the Jewellery and Food & Beverage industries.

• An Impact Observatory has been set up to measure the economic, employment, sustainability direct and indirect impacts of IEG in the territories in which it operates.

• Increased satisfaction among exhibitors and visitors through Net Promoter Score measurement.

• Scope 1: 2.125,71 tonCo2eq (+24% vs FY24)

• Scope 2: 2.406,95 tonCo2eq (-57% vs FY24)

• Scope 3: 93.444,75 tonCo2eq (Base year)

  
  
  

• Employes diversity: 59% female, 41% male.

• Training hours: 15,762 (+ 42%).

• Employees: + 15% vs previous year.

• Turn over rates: 7%, stable compared to the previous year.

• Employee sentiment: a positive satisfaction rating for around 82%

  of employees, with a score of between 7 and 10.

  
  
  

• Certifications renewed:

• UNI/PdR 125:2022 Gender Equality Certification;

• ISO20121 certification relating to the organisation of sustainable events.

9

‌Financial Performance‌

Carlo Costa

1. ‌Financial Performance Financial Results FY25

FY25 P&L vs FY24

FY24

FY25 % % Var. %

Revenues

At 266.4 M€, +6.6% vs FY24 mainly organic growth for

16.6M€ driven by volumes on organized events and pricing. Expansion of Group's perimeter compensates the negative

Revenues 266.4 249.8 16.6 6.6%

Operating costs (143.9) -54.0% (137.4) -55.0% (6.6) 4.8%

Contribution Margin 122.5 46.0% 112.5 45.0% 10.0 8.9%

C

expenditure stabilization, continued organic growth and positive contribution of new fairs and services

Adjusted EBITDA

At 26.4% (+7.9 pp YoY), improved profitability driven by core portfolio's growth in all segments. Personnel costs increased mainly due to perimeter.

Net Result

At 30.4 M€ (30.3% on Revenues), decreasing by 2 M€, due

to tax rate normalization.

Taxes (13.2) -5.0% (8.0) -3.2% (5.3) 65.9%

Net Result 30.4 11.4% 32.4 13.0% (2.0) (6.3%)

Tax Rate -30.3% -19.7% -10.6pp

11

‌2. Financial Performance Financial Results FY25

Adj.EBITDA

Margin: 26.3%

Adj.EBITDA

Margin: 26.6%

Adj.EBITDA

Margin: 26.9%

FY25 vs FY24 Adj EBITDA bridge

(0.0)

4.0

71.6

FY24 EBITDA

Adj

Organic

Structure FX

FY25 EBITDA

Adj LfL

Calendar

Perimeter

FY25 EBITDA

Adj

12

‌2. Financial Performance Financial Results FY25

FY25 Balance Sheet

Net Invested Capital

Fixed Assets at 325 M€ increasing by 38,8 M€ due to 41,4 M€ Capex primarily expansion investments by 23.2 M€ and maintenance 18.3 M€.

NWC negative, as customary in the exhibition industry for downpayments from clients before the events, at 71.8 M€, 27% on Revenues +4,2M€ vs prior year due to a temporary slowdown in collecting caused by the ERP migration.

Net Equity

At 154.8 M€ increase by 15.1 M€ vs FY24 thanks to FY25 Net Result.

Net Financial Position

At 90.4 M€ decrease by 28.2 M€ due to the significant investments (+18,7 vs LY) and a negative variation of NWC due to temporary dynamics.

Leverage 0.9x

Total Fixed Assets 325.0 286.2 38.8 13.5%

Total Sources 245.2 43.3 21.4%

13

‌2. Financial Performance Financial Results FY25

FY25 vs FY24 NFP and Cash Flow

FCF -4.5 M€

-21.3 M€

(7.5)

(3.8)

Adj. FCF +26.3 M€

70.9

(4.6)

(4.3)

(62.2)

31 Dec

2024

Adj

EBITDA

Lease

Net Financials

Taxes

52M€

Total Investments

Capex M&A Investments

∆ WC

∆ Equity & Perimeter

Dividends

Treasury Shares Buy Back

∆ Not Monetary Items

(90.4)

31 Dec

2025

14

‌Outlook FY25

1. Financial Performance Financial Results FY25

FY 2025 FY 2026E

TARGET 2030

Guidance

The macroeconomic and geopolitical environment continues to be characterised by uncertainty, not least in relation to the recent tensions in the Middle East, the development of which is being closely monitored by the Group's management. At present, the geopolitical situation does not allow for precise and realistic assessments to be made regarding any potential effects on the Group's financial results. Based on the limited information available, it is believed that any economic and financial impacts are likely to fall within the forecast ranges already communicated during the presentation of the Business Plan and set out below. In consideration of the performance of the current quarter and the visibility provided by the current order book, the Group confirms the targets set out in the 2025-2030 Business Plan for the 2026 financial year.

15

‌Next Events Contact

April 29TH, 2026

Shareholders Meeting for the approval of Annual Financial Report as of December 31st, 2025

May 14TH, 2026

Approval of Consolidated Interim Report as of March 31st, 2026

August 8TH, 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

Email

[email protected]

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.