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 events (Net Zero Milan, Purple), hosting major international events (Gastech 2025, Asian Development Bank), and introducing an employee shareholder plan.

• Net cash decreased by €29 million since year-end 2023, mainly due to rental payments and working capital dynamics.

• ESG milestones achieved, including a 37% Sustainalytics rating improvement since 2021, ISO 37001 anti-corruption certification, and installation of a major rooftop photovoltaic system.

Financial highlights

• Revenues increased by €6.7 million (+4%) to €184.5 million for the first nine months of 2024, despite a €19 million negative calendar effect.

• EBITDA rose by €6.3 million (+11%) to €62.4 million, with margin improving from 31.6% to 33.8% due to cost efficiencies.

• EBIT reached €23.8 million, up from €17.8 million year-over-year.

• Net income from continuing operations was €15.6 million, up €8.4 million year-over-year; total net income lower than 2023 due to absence of prior year’s one-off gain.

• Net cash availability at 30 September 2024 was €51.8 million, down from €80.9 million at end-2023, mainly due to rent and payables payments.

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 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.

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

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