Italian Exhibition Group (IEG) Q4 2024 earnings summary

Executive summary

• FY24 revenues reached €250M, up 17.7% year-over-year, driven by strong organic growth, favorable event calendar effects, and biennial events like Tecna and Fesqua.

• EBITDA rose to €65.9M (+33.1% YoY), with margin improving to 26.4% due to higher volumes, pricing, and operational efficiency.

• Net result increased to €32.5M, benefiting from improved profitability, a favorable tax rate, and a 146.1% YoY surge.

• Over 900,000 visitors (+28%) and more than 13,000 exhibitors (+21%) participated in organized events.

• Stock performance surged by 173% over the year.

Financial highlights

• Contribution margin improved by 2.4pp to €112.7M, reflecting pricing and cost efficiencies.

• Adjusted EBIT reached €47.7M (19.1% margin), up 51.9% YoY, with net financial position improving by €9.7M to €62.2M.

• Free cash flow was €37.3M, with adjusted FCF at €54.2M (+40% YoY).

• Fixed assets increased by €30.0M, mainly due to expansion investments.

• Operating costs rose to €137.4M, but as a percentage of turnover fell to 54.9% from 57.3%.

Outlook and guidance

• FY25 revenues expected between €257–262M, with EBITDA of €65–68M.

• Target for 2028 set at ~€323M revenues and ~€90M EBITDA (28% margin).

• Guidance reflects ongoing investments, organic growth, and expanded service offerings despite macroeconomic uncertainties.