Italian Exhibition Group (IEG) investor relations material

Executive summary

• Revenues reached €163M in 1H26, up 9% year-over-year, driven by strong event performance, increased visitor numbers, and new acquisitions.

• Adjusted EBITDA rose 22% YoY to €47.8M, with margin improving to 29.4% from 26.2% a year earlier.

• Net result increased 34% YoY to €22.7M, benefiting from a non-recurring reversal of risk provision and a planned tax rate of 32%.

• Growth was supported by both organic expansion and the integration of acquired businesses, notably Global Marketing Fairs S/A and Venditalia.

• Expansion of the Vicenza venue completed, supporting future growth.

Financial highlights

• Revenues: €162.8M, up 9% YoY, with €6.9M organic growth, €5.5M from perimeter changes, and €2.0M from calendar effects; negative FX impact of €0.9M.

• Contribution margin: €76.6M, up 16.2% YoY, mainly from organized events.

• Adjusted EBITDA margin improved to 29.4% (+3.2pp YoY); structure costs increased by €3.9M.

• Net financial position (NFP) at €129.9M, up €39.5M from year-end due to investments, M&A, and lease changes.

• Adjusted free cash flow positive at €2.2M.

Outlook and guidance

• FY26 revenue guidance raised to €293–298M (from €290–295M); adj. EBITDA guidance increased to €80–83M (from €77–80M).

• NFP expected at €85–95M, reflecting investment and lease-related non-monetary changes.

• Management expects results above original targets for the year, despite postponement of "My Plant & Garden Middle East" to 2027 due to Middle East tensions.

• "Dubai Muscle Show" and "JGT" joint venture confirmed but with lower targets.