Fiera Milano (FM) Q3 2024 earnings summary

Executive summary

• Revenues for the first nine months of 2024 reached €184.5 million, up 4% year-over-year, with EBITDA rising 11% to €62.4 million and net income from continuing operations doubling to €15.6 million, driven by strong exhibitions, congresses, and services despite a negative calendar effect.

• 51 exhibitions and 96 congresses were held, with nearly 1.2 million sqm sold, and international expansion, especially in Brazil and South Africa, exceeded expectations.

• Strategic plan execution included launching new B2C and B2B events (Net Zero Milan, Purple), securing major international events for 2025, and introducing an employee shareholder plan.

• Net cash availability decreased by €29.1 million since end-2023, mainly due to rental payments and working capital dynamics.

• ESG milestones achieved, including a Sustainalytics rating upgrade to 12.3 (top 5% globally) and ISO 37001 anti-corruption certification.

Financial highlights

• Revenues increased by €6.7 million (4%) to €184.5 million, with EBITDA up €6.3 million (11%) to €62.4 million and margin improving from 31.6% to 33.8%.

• EBIT rose to €23.8 million from €17.8 million, and net income from continuing operations reached €15.6 million, up from €7.2 million.

• Net cash availability was €51.8 million at 30 September 2024, down from €80.9 million at end-2023.

• Loan repayments totaled €20.2 million in the first nine months.

• Financial stability remains strong, with positive current asset/liability and equity/fixed asset ratios.

Outlook and guidance

• 2024 revenue guidance raised to €255–265 million (previously €250–255 million), EBITDA to €75–80 million (previously €70–75 million), and net cash/financial availability to €65–70 million (previously €60–65 million).

• Q4 expected to exceed initial projections, with flagship events and double-digit revenue growth in congresses.

• 2025 outlook positive, with favorable calendar impact and strong sales trends for major biennial and multi-year events.

• 2027 targets: revenues €355–375 million, EBITDA €120–130 million, total investments €88 million, at least €40 million allocated to dividends.

• Strategic plan targets include hosting at least two international traveling exhibitions by 2027.