Fiera Milano (FM) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with revenue up 39% to €379.9 million, strong EBITDA growth, and outstanding cash generation, exceeding guidance even after adjusting for M&A and Olympic Games impacts.

• Four strategic acquisitions completed, accelerating growth and expanding the exhibition and services portfolio.

• New exhibitions launched in 2025 delivered encouraging results, confirming the ability to identify and scale new market segments.

• The Milano Cortina 2026 Winter Olympic Games provided a greater-than-expected economic and strategic contribution, enhancing global visibility and infrastructure utilization.

• Inclusion in the FTSE Italia Mid Cap Index reflects progress in scale, market positioning, and financial performance.

Financial highlights

• Revenue reached €379.9 million, up €106.7 million (+39%) year-over-year.

• EBITDA rose to €132 million (+57%), with margin improving to 34.6%.

• Net income reached €51 million, nearly tripling from 2024.

• Net financial availability (pre-IFRS 16) increased to €157.2 million from €77.8 million in 2024.

• Dividend per share proposed at €0.25, yielding ~3.2%, with total payout of €18 million.

Outlook and guidance

• 2026 guidance confirmed: revenues €305–325 million, EBITDA €90–100 million, margin ~34%.

• Robust 2026 event calendar expected, with reduced seasonality and incremental contributions from recent acquisitions.

• Potential guidance update considered for Q2 2026 as visibility on M&A and macro risks improves.

• New Strategic Plan to be presented in Q4 2026.

• Seasonality expected to impact 2026 due to absence of main biennial exhibitions, mitigated by portfolio rebalancing and new events.