Italian Exhibition Group (IEG) Q3 2024 earnings summary

Executive summary

• Revenues reached €179.4 million for the first nine months of 2024, up 19.8% year-over-year, surpassing pre-pandemic full-year 2019 results, with profitability improvements and a favorable event calendar boosting results.

• Net result rose 120.1% year-over-year to €21.0 million, representing 11.7% of revenue, aided by a lower tax rate from a one-off NOLS effect.

• Adjusted EBITDA rose 32.5% to €42.8 million, and Adjusted EBIT increased 49.4% to €30.0 million compared to the same period last year.

• Major international events, both in Italy and abroad, contributed to increased visitor and exhibitor numbers, supporting business expansion.

• Growth was driven by a favorable event calendar, strong performance in core and biennial events, and expansion in related services.

Financial highlights

• Revenues reached €179.4 million (+19.8% YoY), mainly from organic growth in organized events and favorable calendar effects.

• Adjusted EBITDA margin improved to 23.9% (+2.3pp YoY), with adjusted EBITDA at €42.8 million (+32.5% YoY).

• Adjusted EBIT margin rose to 16.7% (+3.3pp YoY), with adjusted EBIT at €30.0 million (+49.4% YoY).

• Net financial position increased to €79.6 million, up €7.8 million from FY2023, reflecting seasonality and investments.

• Q3 2024 revenues grew 43.3% YoY, with a significant boost from biennial events.

Outlook and guidance

• FY24 guidance confirmed at the upper range: revenues expected at €240–244 million, adjusted EBITDA at €60–63 million (25% margin), and monetary NFP at €27–31 million.

• Strategic plan targets 2028 revenues of ~€323 million and adjusted EBITDA of ~€90 million (28% margin), with a 2023–2028 CAGR of 9% for revenues and 13% for EBITDA.

• Strengthened growth in turnover and margins expected to continue, supported by the Strategic Plan 2023–2028.