Fiera Milano (FM) Q2 2025 earnings summary

Executive summary

• Achieved double-digit organic revenue growth and robust EBITDA in H1 2025, with revenues up €33.5 million (+23%) year-over-year to €177.9 million and EBITDA up €8.5 million (+16%) to €63.1 million, marking a key milestone in the 2024-2027 strategic plan.

• Growth was driven by strong performance across all business lines, especially congresses (+52%), services (+9%), and both organized (+3%) and hosted (+4%) exhibitions, as well as new event formats and international editions.

• Net profit from continuing operations increased 2.1% to €23.1 million compared to H1 2024.

• Over €40 million in cash was generated in the first six months, with net financial availability at €119.1 million as of June 30, 2025.

• Closed two strategic M&A transactions, including the acquisition of 51% of Expotrans and 35% of EMAC, and secured a €30.7 million Olympic contract for Milano Cortina 2026 infrastructure.

Financial highlights

• Revenues reached €177.9 million in H1 2025, up 23% year-over-year, with consolidated revenues growing by €33.5 million and 39 exhibitions and 59 congress events held.

• Like-for-like revenue growth was 14%, with Congress segment up 52% and services division up 9%.

• EBITDA rose to €63.1 million, a 16% increase from last year, with an EBITDA margin for H1 2025 of approximately 35.5%.

• Net profit for the period was €23.1 million, slightly higher than last year.

• Net cash position improved to €119.1 million as of June 30, 2025, with €14 million generated in H1.

Outlook and guidance

• Upgraded 2025 revenue guidance to €350–370 million (from €320–340 million) and EBITDA to €115–125 million (from €110–120 million).

• Net financial position guidance remains €100–110 million, now factoring in the Expotrans acquisition.

• 2027 targets: revenues €355–375 million, EBITDA €120–130 million, with strong cash generation and at least €40 million allocated to dividends over 2024–2027.

• H2 2025 expected to benefit from Expotrans consolidation, Olympic infrastructure contract, and a strong exhibition calendar.

• Growth to be supported by biennial exhibitions, new event launches, and integration of Expotrans.