Fiera Milano (FM) Q2 2024 earnings summary

Executive summary

• Revenues for H1 2024 reached €144.4 million, up 9% year-over-year, driven by strong performance in exhibitions and congresses, with 37 exhibitions and 67 congresses held, and significant international expansion, notably in Brazil.

• EBITDA rose 31% to €54.6 million (37.8% margin), and net income from continuing operations more than doubled to €22.6 million year-over-year.

• Strategic plan progress includes launching NetZero Milan expo for 2025, hosting the 2027 European Society of Cardiology Congress, and expanding alliances for global exhibition growth.

• New entertainment division hosted 10 international concerts, enhancing brand positioning and revenue streams.

• Advanced sustainability initiatives, including ISO 14001 certification, top ESG rankings, and installation of a major rooftop photovoltaic system.

Financial highlights

• Revenues grew by €12.2 million (+9%) to €144.4 million, with like-for-like growth of 19% driven by a 14% increase in sold area and 26% rise in services.

• EBITDA increased by €13 million (+31%) to €54.6 million, with margin improving to 37.8%, mainly due to revenue growth and lower energy costs.

• Net income from continuing operations reached €22.6 million, more than doubling year-over-year.

• Net financial availability (pre-IFRS 16) was €63.6 million as of June 30, 2024, down from €80.9 million at year-end 2023, mainly due to dividend distribution and rent payment regime changes.

• EBIT for H1 2024 was €28.7 million, up from €16.2 million in H1 2023.

Outlook and guidance

• Full-year 2024 revenue guidance raised to €250–255 million (from €245–255 million), EBITDA to €70–75 million (from €65–75 million), and net financial availability to €60–65 million, reflecting strong H1 and positive outlook for congresses and international business.

• H2 2024 expected to face a €50 million negative calendar impact due to absence of major biennial and multi-year events, partially offset by new events and ongoing business strength.

• Strategic plan targets revenues of €355–375 million and EBITDA of €120–130 million by 2027, with €88 million in planned investments.