Italian Exhibition Group (IEG) Q2 2024 earnings summary

Executive summary

• Achieved double-digit revenue growth and record profitability in 1H24, with revenues reaching €131.9 million, up 13.2% year-over-year, driven by organized events and international expansion, marking the best semester in company history.

• Adjusted EBITDA rose to €36.0 million (27.3% margin), a 29.5% increase, with Adjusted EBIT at €27.8 million (21.1% margin), up 41.9% from H1 2023.

• Net profit for the period was €20.1 million, nearly doubling from €10.6 million in H1 2023.

• Q2 performance remained steady, consistent with expectations and typical business seasonality.

• Strategic Plan 2023-2028 execution is on track, with investments in new event formats, international markets, and facility upgrades.

Financial highlights

• 1H24 revenues reached €131.9M, up 13.2% year-over-year, mainly from organized events (+€15.3M) and services (+€2.0M).

• Adjusted EBITDA margin improved to 27.3% (+3.4pp YoY), with Adjusted EBIT at 21.1% (+4.3pp YoY).

• Net result rose to €20.1M (+90.2% YoY), representing 15.3% of revenue.

• Net Financial Position at €87.8M, improved by €7.1M YoY but worsened by €15.9M since Dec 2023 due to investments and dividends.

• Adjusted free cash flow improved to €3.8M compared to 1H23.

Outlook and guidance

• FY24 revenue guidance raised to €240–244M, with adjusted EBITDA expected at €56–63M (24–27% margin).

• Strategic plan targets €323M revenue and €90M adjusted EBITDA by 2028, with a 9% CAGR in revenue and 13% CAGR in EBITDA from 2023–2028.

• Monetary net financial position projected to improve to €27–31M by year-end.

• Positive booking trends for H2 2024 support the upgraded outlook.