Italian Exhibition Group (IEG) Q3 2025 earnings summary

Executive summary

• Revenues for the first nine months of 2025 reached €190.8M, up 6.3% year-over-year, driven by organic growth and M&A contributions despite the absence of major biennial events and negative FX effects.

• Adjusted EBITDA rose 5.3% to €45.1M, with a margin of 23.6% on revenues.

• Net result was €16.1M (8.4% of revenues), down from €21.0M in 9M24 due to higher D&A and normalized tax rate.

• Net Financial Position increased to €108.3M, reflecting M&A investments, business seasonality, and working capital needs.

• Visitor numbers and net square meters for organized events increased by 22% and 12% respectively, with over 9,700 exhibitors, up 20% year-over-year.

Financial highlights

• Revenues: €190.8M (+6.3% YoY); organic growth of €13.1M, M&A added €9.5M.

• Adjusted EBITDA: €45.1M (+5.3% YoY), margin 23.6%.

• Adjusted EBIT: €29.6M (15.5% margin), slightly down due to higher depreciation and labor costs.

• Contribution margin improved to 44.0% of revenues (+1.2pp YoY).

• Net Invested Capital rose to €246.3M, up €44.3M from year-end 2024.

Outlook and guidance

• FY25 revenue guidance raised to €260–262M, with adjusted EBITDA of €69–71M and margin of 26.5–27.1%.

• Net financial position expected at €70–77M.

• Five-year strategic plan update to be presented in February 2025/2026.