Fiera Milano (FM) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 financial results with revenues of €379.9 million, EBITDA of €131.5 million, and net profit of €50.8 million, exceeding guidance even after adjusting for M&A and Olympic impacts.

• Four strategic acquisitions completed, including Expotrans, 35% of EMAC, 70% of Made in Steel, and 51% of Stipa, strengthening the exhibition and services portfolio.

• New exhibitions and international expansion initiatives, such as Fiera Milano Asia Pacific in Singapore and Host Arabia in Saudi Arabia, delivered strong early results.

• Milano Cortina 2026 Winter Olympic Games provided higher-than-expected economic and strategic benefits, enhancing global visibility and infrastructure utilization.

• Inclusion in the FTSE Italia Mid Cap Index in December 2025 marked a new phase in market positioning.

Financial highlights

• Revenue reached €379.9 million in 2025, up €106.7 million (+39%) year-on-year compared to 2024.

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

• Net income reached €51 million, nearly tripling from €19.1 million in 2024.

• Net financial position (pre-IFRS 16) improved to €157.2 million from €77.8 million.

• Strong operating cash generation, with net free cash flow of approximately €80 million and operating cash flow from continuing operations at €156.8 million.

Outlook and guidance

• 2026 guidance confirmed: revenues between €305–325 million and EBITDA of €90–100 million, reflecting a prudent approach amid macroeconomic and geopolitical uncertainties.

• Potential guidance update considered for Q2 2026 as integration of acquisitions and macro visibility improve.

• New Strategic Plan to be presented in Q4 2026, focusing on organic growth and targeted M&A.

• Robust 2026 event calendar expected, with more balanced seasonality and new event launches.

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