Italian Exhibition Group (IEG) Q4 2025 earnings summary

Executive summary

• FY25 revenues reached €266.4M, up 6.6% year-over-year, driven by growth in organized events, M&A activity, and despite the absence of key biennial events and negative FX effects.

• Adjusted EBITDA rose 7.9% to €71M, with margin improvement to 26.6%, reflecting core portfolio growth and operational efficiency.

• Net result was €30.4M, down 6.3% due to tax rate normalization (30.3% vs. 19.7%), despite higher pre-tax profit.

• Visitor numbers increased 8% to approximately 960,000, and exhibitor count grew 14% to over 13,500.

• Four acquisitions completed, all financed with own funds, and a 10-year concession for the Fiuggi Congress and Events Center secured.

Financial highlights

• Revenues: €266.4M (+6.6% YoY); Adjusted EBITDA: €71M (+7.9% YoY); Pre-tax profit: €43.6M (+7.9% YoY).

• Q4 2025 revenues were €75.6M, up 7.0% YoY; Q4 Adjusted EBITDA was €25.8M (+11.6% YoY).

• Contribution margin improved to 46.0% of revenues (+1 p.p. YoY), reaching €122.5M.

• Net financial position at €90.4M, reflecting increased investments and temporary NWC changes.

• Net equity increased to €154.8M, up €15.1M from prior year.

Outlook and guidance

• FY26 revenue target: €290–295M; Adj. EBITDA: €77–80M (margin 26–27%); NFP: €70–77M.

• 2030 targets: revenues €360–365M, Adj. EBITDA €100–105M (margin 28–29%), NFP cash positive.

• Strategic Plan 2025–2030 targets at least one new trade fair per year and a minimum 20% dividend payout.

• Guidance maintained despite macroeconomic and geopolitical uncertainties, especially in the Middle East.