Fiera Milano (FM) Virgilio/Mediobanca Mid & Small Conference Presentation summary

2024 performance and financial highlights

• Achieved strong like-for-like revenue growth across all business lines, with a 24% increase driven by higher volumes and services, despite a negative calendar effect from the absence of major biennial events in 2024.

• 2024 revenues reached €273.2m, exceeding guidance, while EBITDA was €83.6m, reflecting a 14% decrease due to event seasonality.

• Net income from continuing operations was €19.1m, down from €29.0m in 2023, mainly due to the calendar effect and absence of one-off gains.

• Net cash position at year-end was €77.8m, supporting both dividend increases and future investments.

• Dividend per share proposal increased to €0.20, with a 4.47% yield based on year-end price.

Strategic plan and growth initiatives

• Four strategic priorities: value proposition, sustainable business model, people and organization, and relationships/recognition.

• Portfolio strengthening with at least three new events by 2027, including international expansion (e.g., Host Arabia in Saudi Arabia) and new sectors.

• Expansion of congresses, leveraging the new Turin venue and Allianz MiCo, targeting incremental revenues of €5-7m by 2027.

• Integrated service provider strategy, focusing on digital transformation, big data, and AI to enhance year-round event experiences.

• Entertainment business development, with at least 40 events by 2027 and leveraging Olympic partnership for new public uses of venues.

2025 outlook and guidance

• 2025 revenue guidance set at €320-340m and EBITDA at €110-120m, supported by a favorable event calendar and new launches.

• Over the 2024-2027 plan, total investments of €88m are planned, with €35m from Fondazione Fiera Milano for infrastructure.

• Financial availability expected to reach €151-171m, with at least €40m allocated to dividends and €111-131m for M&A and growth.

• M&A remains a key lever for growth, with ongoing scouting for event organizers in high-growth and synergistic sectors.