Fiera Milano (FM) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 results showed double-digit revenue and EBITDA growth, with revenue up 26%, EBITDA up 15%, and net profit up 10% year-over-year, driven by strong performance across all business lines and high cash generation.

• Cash generation exceeded EUR 35 million, raising net cash availability to EUR 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 (Expotrans) and new event launches (Ostarabia, Host Arabia) contributed positively to growth and diversification.

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

Financial highlights

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

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

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

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

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

Outlook and guidance

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

• Management expects to reach the upper end of guidance ranges, 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 EUR 355–375 million, EBITDA EUR 120–130 million, with at least EUR 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.