Fiera Milano (FM) Investor presentation summary

Market position and operating model

• More than 100 years of heritage; ranked #1 in Italy by revenue and #7 globally by exhibition space, with 30k+ exhibitors and c.4m visitors annually.

• Rho offers 345k sqm of total space; Allianz MiCo has 100k sqm, 70 conference rooms and hosts 400+ events annually.

• 2025 revenue was €379.9m; Italian exhibition business represented 78% of revenue, foreign exhibitions 15%, congresses 6% and other activities 1%.

• Portfolio includes c.80 exhibitions and c.160 congresses across industries, supported by recurring events and 5-7 year organiser contracts.

H1 2026 performance and outlook

• H1 2026 revenue rose 38% YoY to €245.7m; EBITDA increased 49% to €94.0m and net profit more than doubled to €50.7m.

• Revenue increased €67.9m, driven by c.€28m from consolidation, c.€27m from Milano Cortina 2026, c.€5m from calendar effects, c.€6m like-for-like growth and c.€2m from congresses.

• 2026 guidance: revenue €380-400m and EBITDA €100-110m; 2027 guidance: revenue €355-375m and EBITDA €120-130m.

• 2023-25 revenue CAGR was 15.7%, EBITDA margin exceeded 30%, and operating cash flow totaled €181m; YE26 net cash of €100-110m was expected.

• 2026 calendar combines biennial and multi-year exhibitions, incremental M&A and new Seaquip, Mapic and Bevertech events.

Portfolio expansion and strategic initiatives

• Four strategic deals closed in 12 months, with c.€50m allocated to acquisitions; acquired stakes include 35% of Milano AutoClassica, 70% of Made in Steel and 51% of Expotrans.

• New 2025 formats showed early traction: NetZero Milan expected 2026 revenue to more than double; Host Arabia targeted c.€1m; Artigiano in Fiera Anteprima d'Estate expected 20% revenue growth.

• Inter Airport Global will be held in Rho on 12-14 October 2027, expanding the international exhibition portfolio.

• Olympic temporary works worth €30.7m supported Milano Cortina 2026; Halls 13-15 are planned for Live Dome, with more than 36,600 sqm and capacity exceeding 40,000.

• Live Dome is designed for sports, music, cultural and entertainment events, with configurations accommodating up to 40,000 people.