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 strong performance across all business lines and high cash generation.

• Cash generation exceeded €35 million, raising net cash availability to €113.8 million by September 30, 2025.

• Diversified business model and strong performance in congress and services segments offset softness in fashion-related exhibitions.

• Recent acquisitions, including ExpoTrans and 35% of EMAC Srl, and new event launches contributed positively to growth and diversification.

• Confirmed as a key international hub, hosting major global events and expanding flagship exhibitions internationally.

Financial highlights

• Consolidated revenue reached €231.8 million, up €47.3 million year-over-year (+26%), with like-for-like growth of 10%.

• EBITDA rose to €71.6 million, an increase of €9.2 million (+15%) from the prior year.

• Net profit for the period was €17.1 million, up €1.5 million (10%) from the first nine months of 2024.

• Net financial availability pre-IFRS 16 improved to €113.8 million from €77.8 million at end-2024.

• EBIT increased to €33.3 million from €23.8 million, reflecting EBITDA growth and lower depreciation/amortisation.

Outlook and guidance

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

• Management expects to reach the upper end of guidance, supported by strong Q4 visibility and major events.

• 2026 outlook is positive, with contributions expected from Milano Cortina Olympic contracts, CPHI & ICSE, TuttoFood, and new M&A activity.

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

• Formal 2026 guidance will be provided once there is full visibility on event performance and M&A closures.