Italian Exhibition Group (IEG) Q1 2025 earnings summary

Executive summary

• 1Q25 revenues reached €102.8M, up 15.7% year-over-year, driven by strong organic growth, flagship events, international expansion, and recent acquisitions.

• Adjusted EBITDA rose 11.2% YoY to €38.2M, with margin at 37.1% despite a slight decline due to sales mix, higher labor costs, and overheads.

• Adjusted EBIT increased 10.9% to €33.3M, representing 32.4% of revenues.

• Net result was €21.5M, down from €23.3M in 1Q24, reflecting tax rate normalization and a higher effective tax rate.

• Strategic acquisitions and partnerships in Brazil and the service division expanded the event portfolio, vertical integration, and international presence.

Financial highlights

• Revenues: €102.8M (+15.7% YoY), mainly from organized events and congresses, with flagship events contributing €11.1M and conferences €2.6M.

• Like-for-like revenue growth was 7.6% YoY.

• Adjusted EBITDA: €38.2M (+11.2% YoY), margin at 37.1% (-1.5pp YoY).

• Contribution margin: €51.6M (50.2% of revenues), slightly diluted by new product launches.

• Net Financial Position at €71.2M, up €9.0M from December 2024, reflecting M&A-related liabilities.

Outlook and guidance

• FY25 revenue guidance confirmed at €253–258M (like-for-like), with EBITDA of €65–67M.

• Including M&A, revenues expected at €257–262M and EBITDA at €66–68M.

• Positive sales momentum in the second half of the year supports the outlook.

• Targeting continued organic growth, portfolio development, and international expansion.