Fiera Milano (FM) Q1 2025 earnings summary

Executive summary

• Q1 2025 performance showed solid like-for-like growth across all business lines, despite a negative calendar effect from the absence of the biennial Mostra Convegno Expocomfort event.

• Organized and hosted exhibitions grew 4%, services 7%, and congresses 27% year-over-year compared to the last comparable odd year.

• The business model remains flexible and well-balanced, supporting confidence for the rest of 2025.

• Strategic initiatives included acquiring 51% of Expotrans and signing two sustainability-linked loans totaling €20 million.

• Official partnership established with Milano Cortina 2026 Winter Olympic and Paralympic Games, with venues to host key competitions and media centers.

Financial highlights

• Q1 2025 revenue was €63.7 million, down €8.7 million year-over-year due to the calendar effect, but up from €48.1 million in Q1 2023.

• Like-for-like revenue grew by 10% (+€5.5 million), excluding the calendar effect.

• EBITDA was €12.1 million, down from €25.7 million in Q1 2024 but higher than €8.9 million in Q1 2023.

• Net income was a loss of €3.2 million, compared to a profit of €7.6 million in Q1 2024.

• Net cash position improved to €111.5 million as of March 31, 2025, up from €77.8 million at year-end 2024.

Outlook and guidance

• 2025 guidance confirmed: revenues expected between €320–340 million, EBITDA between €110–120 million, and net cash/financial availability between €100–110 million.

• Growth expected from a strong exhibition calendar, return of major biennial events, new launches, and international expansion.

• Guidance excludes potential upside from Olympic-related contracts and the Expotrans acquisition, which is expected to contribute €20 million in revenue and €1.2–1.3 million in EBITDA for May–December 2025.

• By 2027, revenues are expected between €355–375 million and EBITDA between €120–130 million, with at least €40 million allocated to dividends.

• Investments of €88 million planned for 2024–2027, with €35 million from Fondazione Fiera Milano for infrastructure projects.