Fiera Milano (FM) Q4 2024 earnings summary

Executive summary

• 2024 performance exceeded expectations, with revenue at €273.2 million and EBITDA at €83.6 million, both above guidance despite a less favorable biennial calendar and surpassing pre-pandemic levels.

• Strategic plan execution is ahead of schedule, with new exhibitions launched in Italy and Brazil, a joint venture in Saudi Arabia, and a partnership for the Milano Cortina 2026 Olympics.

• Dividend per share proposed to increase from €0.14 to €0.20, reflecting strong results and a focus on shareholder value.

• ESG rating improved by 37% since 2021, with all key sustainability metrics trending positively, including reduced CO2 emissions and increased renewable energy use.

• Like-for-like revenue growth of 24% year-over-year, driven by increased volumes, services, and congress business.

Financial highlights

• Revenue declined by €10.7 million year-over-year due to the absence of major biennial events, but underlying growth was strong in exhibition space (+13%), services (+35%), and congress business (+30%).

• EBITDA decreased by €13.6 million to €83.6 million, mainly due to the calendar effect, partially offset by lower energy and personnel costs.

• Net cash at year-end was €77.8 million, above the target range, with net financial debt post IFRS 16 at €253.8 million.

• Net profit from continuing operations was €19.1 million, down from €29 million in 2023, mainly due to calendar effects and the absence of one-off gains.

• Dividend distribution of about €10 million in 2024.

Outlook and guidance

• 2025 expected to be a year of growth, with revenue guidance of €320–340 million and EBITDA of €110–120 million, driven by the return of major biennial events and expanded event portfolio.

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

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

• At least €40 million allocated to dividends over 2024–2027, with €111–131 million for growth initiatives.

• Congress business expected to maintain 2024 profitability, leveraging both congresses and Olympic venue agreements.