Fiera Milano (FM) Q2 2024 earnings summary

Executive summary

• H1 2024 delivered 37 exhibitions and 67 congresses, with over 836,000 sqm sold, driving 9% revenue growth to €144.4 million and a 31% EBITDA increase to €54.6 million, despite negative calendar effects.

• Net income from continuing operations more than doubled to €22.6 million year-over-year.

• Strategic initiatives included launching NetZero Milan for 2025, securing the 2027 ESC Congress, and expanding internationally, notably in Brazil.

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

• Advanced sustainability with ISO 14001 certification, top ESG rankings, and major rooftop photovoltaic plant inauguration.

Financial highlights

• Revenues rose by €12.2 million (+9%) to €144.4 million, driven by a 14% increase in sold area, 26% rise in services, and 8.6% growth in congresses.

• 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, up €15 million from H1 2023.

• Net cash availability decreased by €17.3 million to €63.6 million, mainly due to dividend payments and rental instalments.

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

Outlook and guidance

• Upgraded 2024 guidance: revenues €250–255 million, EBITDA €70–75 million, and net financial availability €60–65 million, reflecting strong H1 and positive outlook for congresses and international business.

• Double-digit growth expected in congresses, strong momentum in services, and promising international results.

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

• 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.