Fiera Milano (FM) Investor presentation summary

Platform and business model

• Exhibition district spans 345k m² indoors, 60k m² outdoors, 20 pavilions and ~80 events a year; Allianz MiCo has 100k m², 70+ meeting rooms and hosts ~160 congresses annually.

• 2025 consolidated revenue was €379.9m across Italian exhibitions, foreign exhibitions, congresses, services, entertainment, Expotrans and other activities.

• Italian portfolio includes ~60 exhibitions across major sectors, alongside hosted and travelling events; services cover event organization, venue setup, digital media, catering, travel and logistics.

Growth initiatives

• Four strategic acquisitions closed in one year, with ~€50m total acquisition capital allocation, net of targets’ net financial position.

• International expansion includes 18 exhibitions in China, eight in Brazil, and activity in the US, Saudi Arabia, India, South Africa and Southeast Asia.

• 2025 launches showed positive early results: NetZero Milan drew >1,000 visitors; 2026 revenue is expected to more than double. Host Arabia targets ~€1m revenue in 2026.

• 2026 guidance calls for €380–400m revenue and €100–110m EBITDA; the 2024–2027 plan targets €120–130m EBITDA in 2027 and 7% revenue CAGR for 2023–2027.

Strategic plan and investments

• The 2024–2027 plan focuses on portfolio development, congress expansion, integrated services, entertainment, sustainability and organizational capabilities.

• Milano AutoClassica acquisition: 35% stake in EMAC, with IEG and Mosaico as partners; aims to shift the event from hosted to an integrated model and build a national classic-car platform.

• Made in Steel acquisition: 70% stake, with Siderweb retaining 30%; intended to expand the owned-event portfolio and develop adjacent metal segments and international exhibitor reach.

• Fiera Lab plans two double-deck pavilions, up to 16k m² each, a 4,320-seat plenary hall and capacity for up to three concurrent events; cumulative 2024–2027 capex is €88m.

• More than €150m of financial availability supports M&A; the plan allocates at least €40m to dividends over 2024–2027, or €10m annually.