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

Strategy and business update

• Upgraded 2024 guidance with revenues expected at €255–265m and EBITDA at €75–80m, reflecting strong growth and execution of the strategic plan.

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

• Portfolio expansion includes launching at least three new events by 2027, internationalizing flagship events, and developing new sectors.

• New international initiatives such as Host in Saudi Arabia and Net Zero Milan Expo-Summit target high-growth markets and sustainability themes.

• Entertainment business expansion with at least 40 events by 2027 and leveraging Olympic infrastructure for future growth.

Financial performance and guidance

• 9M 2024 revenues reached €184.5m (+3.7% YoY), EBITDA €62.4m (+11.1%), and EBITDA margin improved to 33.8%.

• Revenue growth driven by strong performance in both Italian and foreign exhibitions, congresses, and services, despite negative calendar effects.

• 2024–2027 plan targets revenues of €355–375m and EBITDA of €120–130m by 2027, with €88m in planned investments.

• Strong cash generation expected, with €151–171m financial availability and at least €40m allocated to dividends.

• Net financial position remains robust, with net cash of €51.8m as of September 2024.

ESG and sustainability

• Achieved a 37% ESG rating upgrade since 2021, now rated 12.3 (Low Risk) by Sustainalytics, placing in the top 5% globally.

• Integrated sustainability into the business model, with targets to reduce CO2 emissions by 60% by 2027 and 80% by 2030.

• One of the largest rooftop photovoltaic systems in Europe, covering 30–35% of energy needs.

• Obtained ISO 37001 anti-bribery certification, reinforcing commitment to transparency and integrity.

• Launched a share plan to align employee interests and promote human capital development.