Fiera Milano (FM) Q3 2025 earnings summary

Executive summary

• Revenues for the first nine months of 2025 reached €231.8 million, up 26% year-over-year, with EBITDA up 15% to €71.6 million and net profit up 10% to €17.1 million, driven by a diversified business model and strong Congress and Services segments.

• Cash generation exceeded €35 million, bringing net cash availability to €113.8 million as of September 30, 2025.

• Major international events, new exhibitions, and acquisitions (Expotrans, EMAC Srl) supported growth and diversification.

• Confirmed as a key international hub, expanding flagship exhibitions and reinforcing sustainability leadership.

• Share buyback plan executed, with 953,466 treasury shares held at period end.

Financial highlights

• Consolidated revenues reached €231.8 million, up €47.3 million year-over-year, with strong performance in Italian exhibitions (+€27.9 million), congresses (+€9.4 million), and other sectors (+€12.7 million).

• EBITDA rose to €71.6 million, an increase of €9.2 million from the prior year, with margin at 30.9%.

• Net profit for the period was €17.1 million, up €1.5 million year-over-year.

• Net financial position (pre-IFRS 16) improved to €113.8 million from €77.8 million at 2024 year-end.

• Permanent employees at period end: 852.

Outlook and guidance

• 2025 guidance confirmed: revenues €350–370 million, EBITDA €115–125 million, net cash €100–110 million.

• Management expects to reach the upper end of guidance ranges, with positive Q4 outlook supported by major events.

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

• Formal 2026 guidance to be provided once visibility on events and M&A is clearer.