Italian Exhibition Group (IEG) Q2 2025 earnings summary

Executive summary

• Revenues reached €149.3M, up 13.2% year-over-year, driven by flagship and core organized events, international expansion, and four strategic acquisitions.

• Adjusted EBITDA rose 8.8% year-over-year to €39.2M, with margin slightly diluted due to sales mix and investments in new products.

• Net result declined to €17.0M from €20.1M in 1H24, mainly due to tax rate normalization after a one-off effect in the prior year.

• Four acquisitions completed in 1H25, expanding the portfolio in Italy and Brazil, strengthening vertical integration and international presence.

• Conference and congress events showed strong growth, with new venues and international events contributing.

Financial highlights

• Revenues: €149.3M (+13.2% YoY); Adjusted EBITDA: €39.2M (+8.8% YoY, margin 26.2%); Adjusted EBIT: €29.1M (+4.8% YoY).

• Contribution margin at €65.9M (44.1% of revenues), slightly down by 0.4pp YoY.

• Net financial position at €111.0M, up €23.2M YoY and €48.8M vs FY24, reflecting M&A, dividend payout, and seasonality.

• Net equity at €139.5M, up €0.4M from FY24.

• Net invested capital at €250.5M, up €49.3M from year-end, mainly due to acquisitions and working capital changes.

Outlook and guidance

• FY25 guidance confirmed: revenues €257–262M, adjusted EBITDA €66–68M, margin 25.7–25.8%, NFP €70–77M.

• Organic growth expected to offset negative seasonality and support continued investment and portfolio development.