Fiera Milano (FM) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €48.0m and EBITDA -€4.2m; 9M revenue rose 26.7% to €293.7m, EBITDA 25.6% to €89.9m and net result 91.7% to €32.7m.

• Growth reflected acquisitions, Olympic activity and 2% like-for-like progress, despite a €4.0m calendar headwind.

• Strong Q4 trading and improved visibility lifted FY2026 EBITDA guidance to €110m–€115m; revenue is expected at the upper end of €380m–€400m.

Financial highlights

• 9M revenue was €293.7m versus €231.8m; EBITDA was €89.9m versus €71.6m and EBIT €49.7m versus €33.3m.

• 9M profit before tax was €45.1m versus €24.8m; net profit was €32.7m versus €17.1m.

• Q3 EBITDA was -€4.2m versus €8.5m; net loss was €17.9m versus €6.1m.

• Financial management improved €2.4m, with net expense of €6.1m versus €8.5m, reflecting investment income, fair-value gains and lower lease finance costs.

• 9M revenue growth included €36.3m from acquisitions and €24.7m from Olympic activity, offset by a €4.0m calendar headwind and supported by €4.9m like-for-like growth.

Outlook and guidance

• FY2026 EBITDA guidance rose to €110m–€115m from €100m–€110m; revenue is expected at the upper end of €380m–€400m.

• Q4 opened strongly, with EICMA and CPHI results exceeding expectations and improved demand for exhibition and related services.

• 2027 congress revenue pipeline is ~70% covered, versus a typical ~30% at this point; major events include ESC, ERS and radiotherapy and oncology congresses.

• A 2027–2031 strategic plan covering priorities and financial objectives is scheduled for presentation in Q1 2027.

• Year-end net cash is expected at €100m–€110m; overdue Milano Cortina funds could lift cash above the range, though receipt may slip into early 2027.