Fiera Milano (FM) Q4 2024 earnings summary

Executive summary

• 2024 delivered strong execution, exceeding expectations and surpassing guidance, with revenues at €273.2 million and EBITDA at €83.6 million, both above guidance but down from 2023 due to calendar effects.

• Net cash reached €77.8 million, surpassing pre-pandemic levels and exceeding guidance, though slightly down from 2023.

• Dividend per share proposed to increase from €0.14 to €0.20, with a yield of 4.47%, to be paid on 30 April 2025.

• Strategic plan execution is ahead of schedule, with new exhibitions launched in Italy and international expansion in Brazil, Saudi Arabia, and China.

• ESG rating improved by 37% since 2021, with CO2 emissions reduced to 9,686 tCO2eq, 65% renewable energy use, and 49% female managerial representation.

Financial highlights

• Revenues reached €273.2 million in 2024, down €10.7 million year-over-year due to the absence of major biennial events, but like-for-like revenue grew 24% with strong performance in services and congresses.

• EBITDA was €83.6 million, down €13.6 million year-over-year, mainly due to calendar effects, but margin remained robust at 30.6%.

• Net profit from continuing operations was €19.1 million, down €9.8 million from 2023, mainly due to calendar effects and the absence of a €16.5 million one-off gain from 2023.

• Net working capital improved to €85.9 million, driven by higher receivables for late 2024 and future events.

• Net financial position before IFRS 16 was €77.8 million net cash; post IFRS 16, net financial debt was €253.8 million.

Outlook and guidance

• 2025 is expected to see further growth, with revenue guidance of €320–340 million and EBITDA of €110–120 million, supported by a strong event calendar and new launches.

• 2027 targets include revenues of €355–375 million and EBITDA of €120–130 million, with €88 million in planned investments.

• Net cash for 2025 is guided at €110 million, assuming no M&A impact.

• CapEx is expected at €7 million per year, focused on innovation and software, with potential M&A CapEx of €8 million.

• At least one M&A deal targeted for 2025, with ongoing scouting for opportunities.