Fiera Milano (FM) Q1 2025 earnings summary

Executive summary

• Q1 2025 performance showed solid like-for-like growth across all business lines, despite a revenue decline from the absence of the biennial Mostra Convegno Expocomfort event, with organized and hosted exhibitions up 4%, services up 7%, and congresses up 27% compared to the last comparable odd year.

• EBITDA for Q1 2025 was €12.1 million, down €13.7 million year-over-year, mainly due to the missing biennial event and higher sponsorship and personnel costs, but higher than Q1 2023.

• Net loss for Q1 2025 was €3.2 million, compared to a profit of €7.6 million in Q1 2024, reflecting the calendar effect.

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

• Strategic initiatives included the acquisition of 51% of Expotrans and the establishment of an official partnership with Milano Cortina 2026 Winter Olympic and Paralympic Games.

Financial highlights

• Q1 2025 revenue was €63.7 million, down €8.7 million year-over-year due to the absence of Mostra Convegno Expocomfort, which accounted for a €14.2 million negative calendar effect.

• 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 Q1 2023.

• Net financial position (pre-IFRS 16) improved to €111.5 million net cash at 31 March 2025, up from €77.8 million at year-end 2024.

• Free cash flow for Q1 2025 was €33.7 million, driven by advance payments for future events.

Outlook and guidance

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

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

• Guidance does not include potential upside from Milano Cortina 2026 Olympic Games service contracts.

• Expotrans acquisition is not yet included in 2025 guidance; its impact will be disclosed in Q2 and 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.