Fiera Milano (FM) Q2 2025 earnings summary

Executive summary

• Revenues for H1 2025 reached €177.9 million, up 23% year-over-year, driven by strong exhibition and congress activity, new event launches, and the Expotrans acquisition.

• EBITDA rose to €63.1 million (+16%), reflecting broad-based growth across business lines and successful integration of new acquisitions.

• Net profit for H1 2025 was €23.1 million, slightly above the prior year.

• Major events included Innovation Alliance, TUTTOFOOD, NetZero Milan, and the launch of new international editions.

• Strategic M&A, including Expotrans and EMAC, and the €30.7 million Olympic contract, expanded the service portfolio and future revenue streams.

Financial highlights

• Revenues: €177.9 million (H1 2025), up from €144.4 million (H1 2024), with like-for-like growth of 14%.

• EBITDA: €63.1 million, up from €54.6 million (+16%).

• Net cash position improved to €119.1 million as of June 30, 2025, up €41.3 million from year-end 2024.

• Net working capital improved to -€132.1 million, reflecting higher advances and deferred income.

• EBIT increased to €37.5 million from €28.7 million in H1 2024.

Outlook and guidance

• FY2025 revenue guidance raised to €350–370 million (previously €320–340 million), EBITDA to €115–125 million (previously €110–120 million).

• Net financial position for year-end 2025 projected at €100–110 million, including Expotrans acquisition.

• H2 2025 expected to benefit from biennial events, Expotrans consolidation, and Olympic infrastructure contracts.

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

• Growth to be supported by new event launches and integration of acquisitions.