FIERA MILANO: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS OF 31 DECEMBER 2025
12.03.2026 - 18:30:03 | dgap.de
Charles Barker Corporate Communications GmbH
Charles Barker Corporate Communications GmbH / Key word(s): Annual Results (news with additional features)
12.03.2026 / 18:30 CET/CEST The issuer is solely responsible for the content of this announcement.
THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS OF 31 DECEMBER 2025 FIERA MILANO CLOSES 2025 AT RECORD LEVELS: REVENUES AT €380 MILLION (+39%), EBITDA AT €132 MILLION (+57%) AND A RECORD OPERATING CASH GENERATION OF APPROXIMATELY €115 MILLION. 2025 GUIDANCE EXCEEDED AND DIVIDEND PROPOSAL INCREASED TO APPROXIMATELY €18 MILLION (€0.25 PER SHARE) Economic and financial performance Revenue of €379.9 million, up +39.1% compared to €273.2 million in 2024 (+€106.7 million) and an increase compared to €283.8 million in 2023; EBITDA of €131.5 million, improving by +57.4% compared to €83.6 million in 2024 (+€48.0 million) and an increase compared to €97.1 million in 2023; Net profit of €50.8 million, up +165.3% compared to €19.1 million in 2024 and an improvement compared to €29.0 million in 2023; Net Financial Position before IFRS 161 effects: net financial availability as of 31 December 2025 equal to €157.2 million, compared to a net financial availability of €77.8 million as of 31 December 2024. Sustainability performance CO2 emissions equal to 4,162 tCO2eq, down -57% compared to 9,686 tCO2eq in 20242 Energy from renewable sources equal to 95% of total consumption, compared to 65% in 2024 Talent attraction and D&I: 114 new hires, of which 56% under 30 and 61% women Retention: turnover rate reduced to 7.6%, compared to 8.7% in 2024 Training hours delivered: 19,522 hours, up +8% compared to 2024 Visitor customer satisfaction index: 3.7/5, up +3% compared to 2024 Sustainable finance: two five-year Sustainability-Linked Loans signed for a total of €15 million, based on ESG KPIs, bringing the share of sustainable finance to 80% of the Group’s total debt Legality Rating obtained PROPOSAL TO THE SHAREHOLDERS’ MEETING FOR THE DISTRIBUTION OF A DIVIDEND OF €0.25 PER SHARE CLOSING COMPLETED FOR THE ACQUISITIONS OF 70% OF MADE IN STEEL AND 51% OF STIPA PRESENTATION OF THE NEW STRATEGIC PLAN EXPECTED IN THE FOURTH QUARTER OF 2026 FIERA MILANO WINS THE “SUSTAINABILITY REPORT AWARD” GRANTED BY THE UNIVERSITY OF PAVIA, RANKING FIRST IN THE LARGE COMPANIES CATEGORY Milan, 12 March 2026 – The Board of Directors of Fiera Milano S.p.A. (“Fiera Milano” and/or the “Company”), approved the Draft Financial Statements for the 2025 financial year, which will be submitted for approval to the Shareholders' Meeting, as well as the Consolidated Financial Statements for the year ended 31 December 2025. The Chief Executive Officer and General Manager of Fiera Milano, Francesco Conci, commented: “2025 represents an extraordinary year for Fiera Milano and marks the best result since the Company’s listing, confirming the strength and effectiveness of our growth model. The Group closed the year with revenues of €380 million, the highest level ever achieved, up 39% compared to the previous year, and with an EBITDA of €132 million, an increase of 57%. Net profit nearly tripled, reaching €51 million, while operating cash generation reached record levels of approximately €115 million. This result was built on the strength of our exhibition portfolio, our ability to attract and organize internationally relevant exhibitions and congresses and the progressive development of value-added services, which enables us to increasingly support industrial supply chains and companies in their growth and internationalization paths. Above all, it is the result of the work, expertise and passion of our people, who every day contribute to making Fiera Milano an increasingly integrated platform for business, relationships and innovation. Overall, 2025 confirmed the Group’s ability to combine growth, diversification and financial solidity. This path also includes the external growth transactions carried out over the past year, from the entry of Expotrans and Emac to the more recent acquisitions of Stipa and Made in Steel, which further strengthen our positioning along the value chain of events, services and industrial supply chains. Within this context of Group strengthening, the Milano Cortina 2026 Winter Olympic and Paralympic Games represented a historic milestone for the Group: for the first time in the history of the Games, some Olympic competitions took place within an exhibition district, and our infrastructure system hosted key functions for the organization and communication of the event. It was an extraordinary opportunity for global visibility and a concrete demonstration of the quality of our venues and organizational capabilities. At the same time, we continue to invest with determination in environmental and social sustainability, with the aim of making our venues and events increasingly responsible, efficient and capable of generating value for the local area and for communities. We look to the future with very solid foundations and with the determination to continue our growth path, despite the macroeconomic and geopolitical environment continuing to present elements of uncertainty. We will focus on innovation, internationalization and services, as well as on the further development of the entertainment business line. In the fourth quarter we will present the new Strategic Plan, which will define the directions for the next phase of Fiera Milano’s development”. RESULTS AS OF 31 DECEMBER 2025 In 2025, Consolidated Revenues amounted to €379.9 million, an increase of €106.7 million compared to the 2024 financial year. During the period, 77 exhibitions were held (49 in Italy and 28 abroad, 46 owned and 31 hosted), as well as 105 congress events (of which 41 with related exhibition area), for a total of 1,929,183 square meters occupied. The change in Revenues is mainly related to the overall positive performance of the exhibitions, both in terms of occupied space and the greater penetration of services provided, together with the presence of new exhibitions (including NetZero Milan and Artigiano in Fiera – Anteprima d’Estate). In addition, the more favourable exhibition calendar had a significant impact, due to the presence of the biennial events Host and Tuttofood powered by Cibus, Gastech, the international event dedicated to the energy industry, and the multi-year exhibitions related to the largest European event dedicated to solutions for the manufacturing industry, “The Innovation Alliance”, which more than offset the absence of the multi-year exhibition CPHI Worldwide 2024 as well as the even-year hosted events Mostra Convegno Expocomfort and Transpotec & Logitec. The change also benefits from the increase in revenues related to the XXV Milano Cortina 2026 Winter Olympic Games, both for the use of the venue and for the construction of temporary infrastructures at the Rho exhibition district, as well as from the increase in logistics service revenues following the acquisition of the Expotrans Group.
Revenues (in millions of Euro)
2023
2024
2025
? 2025/ 2024
Italian Exhibitions Business
241.3
216.5
304.4
+87.9
Foreign Exhibitions Business 3.9 8.6 5.5 -3.1
Congresses
47.0
60.5
59.9
-0.7
Other sectors (incl. Expotrans) - - 22.5 +22.5
Adjustments
(8.4)
(12.5)
(12.3)
(0.2)
Consolidated Revenues
283.8
273.2
379.9
+106.7
The 2025 Italian events portfolio included numerous events that stood out, particularly in the fashion sector, including Milano Unica, Mido, Milano Fashion&Jewels, Micam Milano, Mipel, TheOneMilano and Lineapelle. Salone del Mobile confirmed its status as an international benchmark for design. Among the most significant events were EICMA, as well as integrated exhibition platforms dedicated to industrial supply chains and the construction sector, such as Innovation Alliance, the four concurrent events - GreenPlast, Ipack-Ima, Print4All and Intralogistica Italia – and MIBA – Milan International Building Alliance (Sicurezza, SBE, GEE and Made Expo). Among the directly organised events, Host stood out in particular, confirming its role as a leading global exhibition for the professional hospitality sector. Also noteworthy were the first edition of BIT held at Rho and Miart, the international modern and contemporary art fair organized at Allianz MiCo, as well as the positive results of Tuttofood, increasingly recognized as a leading international platform for the agri-food sector. The year’s results were also supported by the introduction of new exhibitions, including Racquet Trend Expo, Artigiano in Fiera – Anteprima d’Estate and NetZero Milan. The last quarter of 2025 was characterized in particular by the presence of several major B2C events with a strong entertainment component, a segment that Fiera Milano intends to further develop as outlined in the Strategic Plan 2024-2027. In addition to the aforementioned EICMA, which recorded a record of over 600,000 attendees, notable successes included Milano Games Week & Cartoomics, which attracted more than 130,000 comic and videogame enthusiasts, and Artigiano in Fiera, which welcomed over 1 million visitors. On the international market, revenues from the Foreign Exhibitions Business amounted to €5.5 million, representing a decrease of €3.1 million compared to €8.6 million in the previous financial year. The decrease was mainly due to the absence of the Brazilian biennial Fisp. Among the main events scheduled for 2025 was Investec Cape Town Art Fair, a major event for contemporary art on the African continent. In Brazil, the second edition of Fruit Attraction São Paulo, Exposec and the second edition of Esquadria, organized jointly with NürnbergMesse, were held. In China, 20 exhibitions took place, including CDIIF – Chengdu International Industry Fair, GITF, Domotex, LET China, International Fastener Show China, Metallurgy China, MWCS – Metalworking and CNC Machine Tool Show, and Industrial Automation Show China. In Singapore, the third edition of FIND – Design Fair Asia was held. Since December 2025, Fiera Milano Asia Pacific has also been operational, a company established to support development in the region. The Congress Business recorded revenues of €59.9 million, compared to €60.5 million in the previous year. The €0.7 million decrease compared to the previous year is mainly attributable to the absence of revenues from several major congresses, including IAC 24 – International Astronautical Congress 2024, EASL CONGRESS 2024 – European Association for the Study of the Liver, and SIRM - società Italiana di radiologia Medica e Interventistica. This effect was partially offset by revenues related to the use of the venue for the organization of the XXV Milano Cortina 2026 Winter Olympic Games. During the 2025 financial year, a total of 105 congress events were held, including the Asian Development Bank Annual Meeting 2025 and the European Hematology Association Congress, as well as medical-scientific congresses such as EAPC 2025 – ESC Preventive Cardiology, ESH 2025 – European Meeting on Hypertension and Cardiovascular Protection and FIF – Salone Professionale di Fisioterapia. Allianz MiCo also hosted major scientific and sector events, including BIO-Europe Spring, Intergraf and the Antarctic Treaty Consultative Meetings (ATCM), as well as important national business events such as Salone del Risparmio, Packaging Première & PCD Milan and Netcomm Forum. On the occasion of the Wizz Air Milano Marathon, the congress centre also hosted the Milano Running Festival, across approximately 8,000 square metres of exhibition space. Consolidated EBITDA amounted to €131.5 million, an increase of €48.0 million compared with €83.6 million in 2024. The change is mainly attributable to the previously mentioned revenue trend, the contribution from equity-accounted investments of the company Ipack Ima and the increase in EBITDA from logistics services resulting from the acquisition of the Expotrans Group. This effect was partially offset by the cost of sponsorship rights related to the XXV Milano Cortina 2026 Winter Olympic Games, the charges from the launch of the Employee Share Ownership Plan and the extension of health insurance coverage for staff, as well as by the increase in the Group’s workforce.
EBITDA (in millions of Euro)
2023
2024
2025
? 2025/ 2024
Italian Exhibitions Business
79.7
59.8
103.5
+43.7
Foreign Exhibitions Business
4.0
5.6
4.4
-1.3
Congresses
13.4
18.2
22.1
+3.9
Other sectors (incl. Expotrans)
-
-
1.6
+1.6
Consolidated EBITDA
97.1
83.6
131.5
+48.0
EBIT for the year amounted to €79.4 million, compared to €31.9 million in 2024. The increase of €47.4 million mainly reflects the trend in EBITDA and lower depreciation and amortisation. Financial management recorded a negative balance of €(10.7) million, compared to €(7.4) million in 2024. The change, amounting to €(3.3) million, is mainly attributable to the increase in financial expenses following the revision of the discount rate resulting from amendments to certain lease contracts, the absence of income from financial hedging derivatives, lower interest income on bank deposits due to the reduction in interest rates and the decrease in the fair value of shares in ESG investment funds. This effect was partially offset by the decrease in financial expenses related to the lower average level of debt, both short-term and medium-to-long-term. Net Profit as of 31 December 2025 amounted to €50.8 million, up + €31.6 million compared to a net profit of €19.1 million in the previous year. Net Financial Position as of 31 December 2025, excluding IFRS 163 lease liabilities, shows a net financial availability of €157.2 million, compared to a net financial availability of €77.8 million as of 31 December 2024. The increase mainly reflects the cash generation from operating results and collections received in relation to the XXV Milano Cortina 2026 Winter Olympic Games. This effect was partially offset by the dividend payment and by the transactions for the acquisition of Expotrans and Emac. During the year, loan repayments amounting to approximately €10.2 million were also recorded.
Net Financial Debt/(cash availability) (in millions of Euro)
As of 31/12/2024
As of 31/12/2025
Net financial debt/(cash availability) before IFRS 16 effects
(77.8)
(157.2)
FINANCIAL STATEMENTS OF THE PARENT COMPANY FIERA MILANO S.P.A. The Parent Company Fiera Milano S.p.A. recorded revenues of Euro 289.4 million (Euro 207.3 million in 2024), an EBITDA of Euro 94.8 million and a net profit of Euro 44.4 million. BUSINESS OUTLOOK The year 2025 closed as the best financial year since the Group’s listing, with revenues of €380 million (+39% compared to the previous year), EBITDA of €132 million (+57%), and net profit of €51 million. The positive net financial position of approximately €157 million confirms the Group’s financial strength and its ability to generate cash structurally, further reinforcing the foundations for future growth. Growth during the year was supported by a broad contribution from the Group’s main operating areas. Owned exhibitions recorded particularly strong performances, driven by the results of HostMilano, Made Expo and Print4All, confirming the central role of the proprietary portfolio in the value creation model. Hosted exhibitions also showed a positive trend, led by Tuttofood, Lamiera and Ipack Ima. The services business line, both physical and digital, also made a significant contribution and was further strengthened by the consolidation of Expotrans, a company acquired in 2025 and specialized in logistics, booth construction and handling services supporting exhibitions. Growth in services was driven by booth construction, exhibitor services and catering, reflecting the progressive development of high-margin activities and the increasing integration of the Group’s offering. The congress business recorded results in line with the previous record year in terms of revenues, but with improved profitability, also thanks to the contribution of the agreement related to the Winter Olympics, while international activities showed signs of consolidation. Overall, 2025 confirms the Group’s ability to combine growth, diversification and financial solidity, further strengthening its competitive positioning. In this context, the Milano Cortina 2026 Winter Olympic and Paralympic Games represented an important development opportunity. For the first time in Olympic history, the Rho exhibition district hosted two competitions – Ice Hockey and Speed Skating – inside its pavilions, while Allianz MiCo hosted the Media and Broadcasting Center, dedicated to international media operators and broadcasters. In addition, the Group was awarded the contract for the construction of temporary infrastructures supporting the competitions, for a total value of approximately €30 million. Looking ahead to 2026, the financial year falls within the traditional seasonality cycle of even-numbered years, which is characterized by the absence of the Group’s main biennial exhibitions. This dynamic naturally results in a less favorable calendar effect compared to 2025. However, the impact is now more limited than in the past thanks to the progressive rebalancing of the event portfolio and the actions taken in recent years to strengthen the resilience of the operating model. Several factors will help mitigate seasonality, including the change in frequency of Tuttofood, which will become biennial in even-numbered years starting from 2026, the presence in the calendar of major international multi-year and traveling exhibitions such as CPHI and Plast, as well as activities connected to the Milano Cortina 2026 Winter Olympic and Paralympic Games, which have involved both the Rho exhibition district and the Allianz MiCo congress center. The portfolio will also be enriched by new hosted exhibitions already under contract – including Mapic, Seaquip and Samab – as well as by the launch of new organized exhibitions such as Transpoquip in Brazil, and the consolidation of exhibitions launched in 2025, including NetZero Milan, Host Arabia and Artigiano in Fiera – Anteprima d’Estate, confirming the Group’s ability to develop and attract new formats. The growth path of services and the entertainment business line will also continue, with further development potential starting from 2027, once the Winter Olympics and infrastructure works are completed, thanks to the full availability of pavilions 13-15. During 2026, the integration process of the recent acquisitions will also begin: Made in Steel, a leading exhibition for the international steel supply chain, and STIPA, a company specialized in high-end booth construction, both recently included within the Group’s perimeter. At the same time, the macroeconomic and geopolitical environment continues to present elements of uncertainty, also in light of the recent escalation of tensions in the Middle East, which has led, among other things, to an increase in oil, gas and energy prices. In light of the current information available, which does not yet allow a full assessment of either the positive economic effects deriving from the integration processes and the synergies generated by the recent acquisitions, or the effects and impacts related to the evolution of the macroeconomic and geopolitical environment, the Company confirms for 2026 the guidance previously communicated (which envisages revenues between €305 million and €325 million and EBITDA in the range of €90-100 million) and reserves the possibility, once more complete and detailed information becomes available, to proceed with a potential revision of the guidance during the second quarter of 2026. In the fourth quarter of 2026, the new Strategic Plan will also be presented, defining the growth directions for the next phase, in continuity with the path of organic and external growth pursued by the Group in recent years. FIERA MILANO STRENGTHENS ITS PORTFOLIO OF ORGANIZED EVENTS: ACQUIRED 70% OF MADE IN STEEL, THE LEADING BIENNIAL EVENT FOR THE STEEL SUPPLY CHAIN On 18 February 2026, Fiera Milano acquired 70% of Made in Steel S.r.l., organizer of the biennial international exhibition Made in Steel, a benchmark event for the steel supply chain. Siderweb S.p.A. SB, the event’s founder, will retain a 30% stake in the company, ensuring full organizational and brand continuity of the exhibition. The transaction represents a further step in implementing the strategy outlined in the 2024-2027 Strategic Plan, which calls for strengthening the portfolio of organized exhibitions and consolidating Fiera Milano’s role as an international development platform for industrial supply chains of high strategic relevance, as well as a partner for the growth of events serving those industries. Founded in 2005, Made in Steel is now Italy’s benchmark event for the steel industry and one of Southern Europe’s leading gatherings dedicated to metallurgy, steel and semi-finished products. The biennial exhibition, held in odd numbered years at Fiera Milano’s venue, features a distinctive format combining business activities, high-level content and strategic dialogue, engaging the entire steel value chain from production to end use. The 2025 edition, held May 6-8, hosted 387 companies, a 21% increase compared to 2023, with international participation accounting for 34% of exhibitors, a significant increase compared to the previous edition (25%). The exhibition space also expanded, reaching 18,000 square meters (+18%), marking a new all-time record for the event. Overall, the event attracted approximately 20,000 attendees, confirming the strong market interest and Made in Steel's central role in the European industrial exhibition landscape. From a financial perspective, Made in Steel recorded revenues of approximately €4.9 million for the 2024-2025 period, with an EBITDA of approximately €1.7 million, corresponding to a margin of approximately 35%. The company also reports an estimated positive net financial position (net cash) of approximately €2 million. Strategic rationale and synergies of the transaction The transaction is part of the strategy outlined in the 2024-2027 Strategic Plan and contributes to consolidating Fiera Milano's role as a growth partner for exhibitions and an international development platform for strategically important industrial supply chains. Specifically, the acquisition of Made in Steel will: - strengthen the portfolio of organized events, increasing control over content, offering quality and value creation; - integrate a leading event in a key sector for national and European industry; - increase the economic value generated by the event, including related services and activities. Completing the strategic rationale, the transaction will enable synergies that will support the structural development of the event Made in Steel, progressively expanding its scope, potential appeal and international scope. The transaction will further strengthen the event's international reach through initiatives aimed at expanding the international exhibitor base and will support increased participation by Italian operators thanks to a more attractive overall offering. In this context, Made in Steel will also benefit from connections with the Group’s exhibition ecosystems, particularly in steel end markets and energy transition and decarbonization, consolidating its role as a leading platform for the industrial and technological evolution of the supply chain. Transaction structure, financing and governance The transaction involved the acquisition of 70% of Made in Steel S.r.l., for a maximum consideration of approximately €9.1 million. The consideration includes an upfront component of up to €7.7 million, subject to adjustment based on net financial position and net working capital. An earn-out mechanism of up to €1.4 million is also envisaged, equal to €0.7 million for each tranche, contingent upon the achievement of specific economic and financial targets for the 2027 and 2029 editions of the event. The agreement ensures managerial and operational continuity: Siderweb will retain a 30% stake and continue playing a key organizational role. Governance will include a five-member Board of Directors with a majority appointed by Fiera Milano. The transaction was financed through available cash resources. FIERA MILANO ACCELERATES THE DEVELOPMENT OF INTEGRATED SERVICES BY STRENGTHENING ITS OFFERING FOR EXHIBITORS: ACQUIRED 51% OF STIPA, A LEADER IN HIGH-END CUSTOMIZED EXHIBITION BOOTHS On 18 February 2026, Fiera Milano acquired a 51% stake in Stipa S.p.A., an Italian leader in the design and build of high-end customized exhibition booths, also active in corporate event staging and in the retail and showroom segment. Founded in 1967 and active in the exhibition booth industry since the 1990s, Stipa is now a reference player in Italy for high-end customized exhibition booths. The company also operates in corporate event staging and in retail and showroom design projects. For 2025, Stipa expects production value of approximately €15 million, EBITDA of about €3 million and an EBITDA margin around 20%, among the highest in the exhibition booth sector. The company also reports a positive net financial position (net cash) of approximately €2.5 million. Strategic rationale and synergies of the transaction The transaction enables Fiera Milano to accelerate expansion in integrated services, strengthening its coverage of the value chain and creating new growth opportunities in Italy and abroad. In particular, the transaction will allow the Group to: - expand booth solutions across exhibition venues, both within Fiera Milano’s venue and at other national and international locations, covering the mid-to-high-end customized booth segment; - integrate production capacity, design expertise and specialized operational capabilities, enhancing a business characterized by strong efficiency and margins; - increase penetration in off-venue booth projects by leveraging Stipa’s brand authority and established market relationships; - extend customized booth offerings to corporate, institutional and major events; - reinforce Fiera Milano’s positioning as a one-stop-shop service provider for exhibitors. The transaction will enable significant commercial and industrial synergies to support growth, thanks to a joint go-to-market approach and the integration of business development activities, as well as strengthening the Group's commercial and relationship support internationally. These synergies will be further supported by leveraging corporate and institutional relationships – including through the Allianz MiCo congress center – with the progressive development of solutions dedicated to major events. Transaction structure, financing and governance The transaction provided for the acquisition of 51% of Stipa for a consideration of approximately €12.1 million, subject to price adjustment mechanisms linked to net financial position, based on a valuation that implies an Enterprise Value of 100% equal to approximately €23.8 million. The agreement also includes option mechanisms for the potential acquisition of the remaining shares held by current shareholders, exercisable over multiple time periods. The agreement ensures managerial and operational continuity: - the current management team will remain in place; - governance will include a five-member Board of Directors with a majority appointed by Fiera Milano; - a joint operational commercial committee will coordinate business development activities. The transaction was financed through available cash resources. SUSTAINABILITY With the aim of fully integrating sustainability into its business model and consolidating its competitive advantage, Fiera Milano defined the Integrated Sustainability Plan 2024-2027, structured around 30 strategic objectives. Each objective has been designed to strengthen one of the dimensions of the value proposition outlined in the 2024-2027 Strategic Plan, reinforcing corporate initiatives and ensuring that sustainability represents a key driver of growth and innovation. Progress on the implementation of the Integrated Sustainability Plan 2024-2027 is reported in the Consolidated Sustainability Reporting, prepared in compliance with the Corporate Sustainability Reporting Directive (CSRD) and approved today by the Board of Directors. Below are the main sustainability achievements in 2025 and the initiatives implemented in support of the strategic objectives: Environment CO2 emissions (Scope 1+2, market-based): 4,162 tCO2eq, compared to 9,686 tCO2eq in 20244 Energy from renewable sources: 95% of total consumption, up +30pp compared to 2024 (65%) Recycled waste: 95% of the total Sustainable booths: 100% recycled carpet in exhibitions The Group is also continuing the implementation of the Decarbonisation Plan integrated into the 2024-2027 Sustainability Plan and approved by the Board of Directors. The Plan defines quantitative targets for the reduction of greenhouse gas emissions, with a target of reducing Scope 1 and Scope 2 emissions (market-based) by at least 60% by 2027 and by 80% by 2030 compared to the 2023 base year. The roadmap has been developed in line with the main European scientific and regulatory references, including the Green Deal and the guidelines of the Net Zero Carbon Events initiative, ensuring alignment with leading international standards. Social Gender diversity: women in managerial positions equal to 44% Talent attraction: 114 new hires, of which 56% under 30 and 61% women Retention: turnover rate reduced to 7.6%, compared to 8.7% in 2024 Training hours delivered: 19,522 hours, up +8% compared to 2024 Visitor Customer Satisfaction Index: 3.7/5, up +3% compared to 2024 Demonstrating the central role given to its people, Fiera Milano has continued to invest in skills development, welfare initiatives and listening and engagement tools, with the aim of building an increasingly inclusive, motivating and continuously improving work environment, in line with the ambition to establish itself as a Great Place to Work. The Employee Share Ownership Plan, the healthcare policy for employees and their families, the gender equality certification and the commitment to Diversity, Equity & Inclusion confirm the belief that competitiveness and value creation are built, first and foremost, together with people. Governance Sustainability Linked Loans: 2 five-year financings based on ESG KPIs, for a total of €15 million Legality Rating: obtained with the maximum score In 2025, Fiera Milano ranked first in the “Small Companies” category of the ESG Identity Corporate Index 2025, developed by ET.Group, receiving the Top Performer ESG Identity recognition thanks to a strong and consistent ESG identity and the integration of sustainability into its business model. The Group also achieved first place in the “large companies” category of the Sustainability Report Award 2025, promoted by the University of Pavia and the London Stock Exchange Group (LSEG), one of the leading independent ESG recognitions in Italy. This result confirms the quality and transparency of the Group’s sustainability reporting and the integration of ESG topics into its strategy and value creation model. CALL OF THE ORDINARY SHAREHOLDERS’ MEETING AND PROPOSAL FOR A DIVIDEND DISTRIBUTION OF €0.25 PER SHARE The Ordinary Shareholders’ Meeting of Fiera Milano S.p.A. is convened, on single call, for 22 April 2026 at 3:00 p.m., to discuss and resolve upon the matters set out in the following agenda: Approval of the Financial Statements as of 31 December 2025, together with the Board of Directors' Management Report – including the Consolidated Sustainability Report – the Report of the Board of Statutory Auditors and the Report of the Independent Auditors. Presentation of the Consolidated Financial Statements as of 31 December 2025. Allocation of the 2025 financial year result and dividend distribution. Report on the Remuneration Policy and Compensation Paid pursuant to Article 123-ter of Legislative Decree No. 58/1998: binding resolution on the first section. Report on the Remuneration Policy and Compensation Paid pursuant to Article 123-ter of Legislative Decree No. 58/1998: non-binding resolution on the second section. Appointment of the Board of Directors: 5.1 determination of the number of members; 5.2 determination of the term of office; 5.3 appointment of the Directors; 5.4 appointment of the Chairperson; 5.5 determination of remuneration. Approval of an Incentive Plan pursuant to Article 114-bis of Legislative Decree No. 58/1998. Authorisation for the purchase and disposal of treasury shares pursuant to Articles 2357 and 2357-ter of the Italian Civil Code, subject to revocation, for the unexecuted portion, of the resolution adopted by the Shareholders’ Meeting on 23 April 2025. Please note that the Shareholders’ Meeting is - inter alia - called upon to resolve on the distribution of a dividend, gross of statutory withholdings, of €0.25 for each outstanding ordinary share. If approved, the dividend will be paid on 29 April 2026 (“payment date”), with ex-dividend date on 27 April 2026 (“ex date”) and record date on 28 April 2026. Payment will be made through authorized intermediaries where the shares are registered in the Monte Titoli system. The following documents will be made available on 13 March 2026 on the Company’s website www.fieramilano.it, in the Investors section, as well as on the authorised storage mechanism www.emarketstorage.com and at the Company’s registered office and operational and administrative headquarters: ? Notice of Call of the Ordinary Shareholders’ Meeting, which will describe the procedures and methods for participating in the meeting; ? Explanatory Reports of the Board of Directors pursuant to Article 125-ter of Legislative Decree No. 58/98 and Article 73 of Consob Regulation No. 11971/1999, as subsequently amended and supplemented, and on all the other items on the agenda of the Shareholders’ Meeting; ? Information document relating to the Incentive Plan pursuant to Article 114-bis of Legislative Decree No. 58/1998. CONFERENCE CALL Please note that a conference call will be held at 16:30 (CET) today, Thursday 12 March, during which Fiera Milano's management will present the consolidated results as of 31 December 2025. To take part in the conference call, simply dial one of the following numbers: Italy: +39 02 8020911 Switzerland: +41 225954728 UK: +44 1 212818004 USA: + 1 718 7058796 The presentation can be downloaded before the start of the conference call from the Investors section of the Fiera Milano website (www.fieramilano.it). *** The Financial Reporting Officer, Massimo De Tullio, in accordance with paragraph 2 of Article 154-bis of the Consolidated Finance Act, herewith declares that the accounting information in this press release is consistent with the Company’s official documents, books and accounting records. *** This press release contains forward-looking statements. The statements are based on the Group's current expectations and projections of future events and, by their nature, are subject to an inherent component of risk and uncertainty. Actual results could differ substantially from those contained in these statements due to a variety of factors, including changes in macroeconomic conditions and economic growth and other changes in business conditions, continued volatility and further deterioration in capital and financial markets, and numerous other factors, most of which are beyond the Group's control. The Group's business levels are affected by the frequency/seasonality of exhibitions. Therefore, operating results and changes in the net financial position cannot be used to derive an accurate forecast of the expected results for the year. *** Fiera Milano Fiera Milano is the leading exhibition and congress operator in Italy and one of the world’s foremost integrated players in the exhibition and congress industry. The Group manages Italy’s largest exhibition district and Europe’s largest convention centre, serving a wide range of industries including fashion, furniture and home design, capital goods and industrial machinery, tourism, professional hospitality, plant engineering and energy, construction, and art. In particular, the Group’s activities focus on the management, organization, and hosting of exhibitions and other events, through the provision of fully equipped exhibition spaces, design and project support, and related services. Alongside this core business, Fiera Milano is increasingly expanding its focus on entertainment activities, including experiential events, cultural initiatives, and live shows, enhancing its exhibition and congress offering and positioning Fiera Milano as a destination of choice for both businesses and the general public. Fiera Milano aims to strengthen its role as an international platform for business development, creating value for exhibitors and visitors through an increasingly integrated offering of services, high-quality content, and networking opportunities. Innovation, sustainability, and internationalization are the key pillars of its growth strategy. Fiera Milano has been listed on Euronext Milan, STAR segment, since 2002. Contacts Investor Relations Vincenzo Cecere Tel +39 3666646958 investor.relations@fieramilano.it Press Office Gabriele De Giorgi Tel +39 3398431544 gabriele.degiorgi@fieramilano.it CONSOLIDATED INCOME STATEMENT
Consolidated Income Statement (thousands of euro)
2024
2025
Revenues from sales and services
273,152
379,887
Cost of materials
2,807
3,181
Cost of services
138,637
188,840
Personnel expenses
53,491
64,901
Other operating expenses
5,080
5,107
Total operating costs
200,015
262,029
Other income
4,746
5,309
Results of equity-accounted companies
5,903
8,659
Allowance for doubtful accounts and other provisions
236
302
Operating result before adjustments to non-current asset values (EBITDA)
83,550
131,524
Depreciation and amortisation
51,467
51,171
Adjustments to asset values
155
976
Operating result (EBIT)
31,928
79,377
Financial income/(expenses)
-7,424
-10,731
Valuation of financial assets
-
-2
Profit/(loss) before income tax
24,504
68,644
Income tax
5,361
17,853
Profit/(loss) from continuing operations
19,143
50,791
Profit/(loss):
19,143
50,791
o/w attributable to the shareholders of the controlling entity
19,273
50,301
o/w attributable to non-controlling interests
-130
490
RECLASSIFIED CONSOLIDATED BALANCE SHEET
Reclassified consolidated balance sheet (thousands of euro)
31/12/24
31/12/25
Goodwill
95,036
97,585
Intangible assets with a finite useful life
9,019
21,319
Right-of-use assets
308,601
295,889
Tangible fixed assets
7,444
9,093
Other non-current financial assets
-
5
Other non-current assets
89,337
79,574
Non-current assets
509,437
503,465
Inventory and contracts in progress
7,844
3,595
Trade and other receivables
51,163
64,614
Current assets
59,007
68,209
Trade payables
69,887
82,287
Payments received on account
40,307
42,991
Tax liabilities
1,981
4,110
Provisions for risks and charges and other current liabilities
32,132
74,078
Current liabilities
144,307
203,466
Net working capital (B - C)
-85,300
-135,257
Gross capital employed (A + D)
424,137
368,208
Employee benefit provisions
8,241
9,207
Provisions for risks and charges and other non-current liabilities
5,031
8,337
Non-current liabilities
13,272
17,544
NET CAPITAL EMPLOYED cont. operations (E - F)
410,865
350,664
TOTAL NET CAPITAL EMPLOYED (G)
410,865
350,664
covered by:
Equity attributable to the Group
156,664
181,291
Equity attributable to non-controlling interests
406
5,450
Total equity
157,070
186,741
Cash & cash equivalents
-72,443
-180,182
Current financial (assets)/liabilities
31,782
40,660
Non-current financial (assets)/liabilities
294,456
303,445
Net financial debt of continuing operations
253,795
163,923
Net financial debt (TOTAL) post IFRS16
253,795
163,923
EQUITY AND NET FINANCIAL DEBT (H + I)
410,865
350,664
CONSOLIDATED STATEMENT OF CASH FLOWS
Consolidated statement of Cash Flows (thousands of euro)
2024
2025
Profit/(loss) from continuing operations
19,143
50,791
Adjustments for:
Profit from equity accounted investments
- 5,903
- 8,659
Depreciation and Amortisation
51,467
51,171
Value adjustments
155
976
Financial income
- 4,961
- 2,845
Financial expenses
1,854
810
Financial expenses related to the right-of-use of assets (IFRS 16)
10,151
12,766
Personnel Costs “Performance Shares Plan”
1,044
956
Allocations to Employee benefit provisions
231
368
Provision for risks
3,488
2,737
Current and deferred taxes
5,361
17,853
Cash flow generated by operations
82,030
126,924
Cash flow from operating activities
Trade and other receivables
- 11,256
- 7,273
Inventories
- 5,586
4,249
Net change in employee provisions
928
55
Trade payables
4,613
5,446
Advances
466
2,647
Change in deferred taxes
- 169
162
Tax payables
768
814
Provisions for risks, expenses and other liabilities (excluding payables to Organisers)
- 1,085
34,567
Payables to Organisers
- 2,618
5,446
Use of provisions for risks
- 1,564
- 3,427
Interest paid
- 1,897
- 748
Interest paid on financial liabilities related to the right-of-use of assets
- 10,151
- 12,766
Interest received
5,351
2,774
Income taxes paid
- 2,418
- 2,049
Total from continuing operations
57,412
156,821
of which from related parties
- 5,782
6,462
Cash flow from investment activities
Investments in tangible assets
- 3,200
- 2,949
Write-downs of tangible assets
4,950
5
Investments in intangible assets
- 1,436
- 5,565
Investment in an associate and a joint venture
5,414
5,508
Acquisitions of subsidiaries, net of cash acquired
-
- 3,046
Total from continuing operations
5,728
- 6,047
Cash flow from financing activities
Change in equity
- 1,196
- 258
Change in non-current financial assets
310
58
of which from related parties
73
-
Change in non-current financing activities
- 18,334
14,792
Repayments of current financial liabilities related to the right-of-use of assets
- 54,894
- 42,368
of which from related parties
- 55,696
- 46,589
Change in current financial assets
21,489
8,859
of which from related parties
- 8,577
8,858
Change in current financing activities
- 27,800
- 9,906
of which from related parties
-
-
Dividends paid
- 9,960
- 14,218
Total translation differences
- 155
6
Total from continuing operations
- 90,540
- 43,035
Net cash flow from continuing operations
- 27,400
107,739
Net cash at beginning of the year from continuing operations
99,843
72,443
Net cash at the end of the year from continuing operations
72,443
180,182
Net cash at the end of year
72,443
180,182
GROUP NET FINANCIAL DEBT
Group Net Financial Debt (thousands of euros)
31/12/24
31/12/25
A. Cash
72,420
116,980
B. Cash and equivalents
23
63,202
C. Other current financial assets
17,778
8,991
- C1 of which Other current financial assets to the controlling shareholder
10,103
1,323
- C2 of which Other current financial assets to joint ventures
1,790
1,712
D. Liquidity (A+B+C)
90,221
189,173
E. Current financial debt
427
427
F. Current portion of non-current debt
8,453
5,345
G. Current financial indebtedness (E+F)
8,880
5,772
H. Net current financial indebtedness (G-D)
- 81,341
- 183,401
I. Non-current financial debt
3,500
26,157
J. Debt instruments
-
-
K. Non-current trade and other payables
-
-
L. Non-current financial indebtedness (I+J+K)
3,500
26,157
Net financial debt from continuing operations (H+L)
- 77,841
- 157,244
M. Total financial indebtedness before IFRS 16 effects
- 77,841
- 157,244
N. Current financial liabilities related to the right of use of assets
40,680
43,879
- N.1 of which current financial liabilities related to the right-of-use assets to the controlling shareholder
38,978
41,768
O. Non-current financial liabilities related to the right of use of assets
290,956
277,288
- O.1 of which non-current financial liabilities related to the right-of use assets to the controlling shareholder
283,634
269,511
P. Current financial assets related to the right of use of assets
-
-
IFRS 16 financial effects
331,636
321,167
Q. Total net financial debt (M+N+O-P)
253,795
163,923
Income Statement - Fiera Milano SpA
Income Statement - Fiera Milano SpA (euro)
2024
2025
Revenues from sales and services
207,289,045
289,391,334
of which from related parties
7,574,638
31,115,095
Total Revenues
207,289,045
289,391,334
Cost of materials
282,531
946,599
Cost of services
110,895,677
149,077,622
of which from related parties
42,486,526
44,447,042
Personnel expenses
43,101,468
48,043,852
Other operating expenses
4,272,775
4,394,294
Total operating costs
158,552,451
202,462,367
Other income
6,336,677
8,120,325
of which from related parties
5,135,077
5,978,273
Allowance for doubtful accounts and other provisions
90,183
232,499
Operating result before adjustments to non-current asset values (EBITDA )
54,983,088
94,816,793
Depreciation of property, plant and equipment and right-of-use assets
38,164,490
37,190,400
Amortisation of intangible assets
4,590,967
3,342,412
Adjustments to asset values
-
976,272
Operating result (EBIT)
12,227,631
53,307,709
Financial income and similar
15,472,543
16,585,068
of which from related parties
11,206,940
14,350,875
Financial expenses and similar
12,070,150
12,558,253
of which from related parties
9,885,583
11,879,924
Profit/(loss) before tax
15,630,024
57,334,524
Income tax
2,270,194
12,968,918
of which from related parties
1,528,670
10,146,912
Profit/(loss) from continuing operations
13,359,830
44,365,606
Profit/(loss)
13,359,830
44,365,606
Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss
Revaluation of defined benefit schemes
303,563
251,066
Tax effects
-72,855
-60,256
Other comprehensive income/(loss) net of related tax effects
230,708
190,810
Total comprehensive income/(loss) for the year
13,590,538
44,556,416
Statement of Financial Position - Fiera Milano SpA
Statement of Financial Position - Fiera Milano SpA (euro)
31/12/2024
31/12/2025
ASSETS
Non-current assets
Property, plant and equipment
1,675,166
2,054,974
Right-of-use assets
274,468,648
246,462,018
of which from related parties
272,792,824
245,105,855
Goodwill
76,090,614
76,090,614
Intangible assets with a finite useful life
7,994,596
10,238,925
Investments
72,080,994
81,042,485
Financial leasing receivables
2,517,063
2,206,463
of which from related parties
2,517,063
2,206,463
Trade and other receivables
26,448,136
11,977,180
of which from related parties
24,230,496
9,759,540
Deferred tax assets
9,788,423
9,314,699
Total
471,063,640
439,387,358
Current assets
Trade and other receivables
33,971,292
49,651,116
of which from related parties
8,602,416
11,513,509
Inventories
6,399,743
2,707,230
Financial leasing receivables
317,823
338,290
Financial assets
18,606,039
8,991,259
of which from related parties
12,721,076
3,034,978
Cash and cash equivalents
67,478,720
166,632,475
Total
126,773,617
228,320,370
Total assets
597,837,257
667,707,728
EQUITY AND LIABILITIES
Equity
Share capital
41,827,995
41,856,046
Share premium reserve
6,610,876
6,531,988
Other reserves
10,099,368
11,245,785
Retained earnings
65,041,640
64,183,707
Profit/(loss)
13,359,830
44,365,606
Total
136,939,709
168,183,132
Non-current liabilities
Bank borrowings
3,500,000
12,812,500
Financial liabilities related to the right-of-use of assets
263,929,167
235,341,220
of which from related parties
262,543,164
234,262,589
Other financial liabilities
-
1,062,538
Employee benefit provisions
5,561,046
5,837,792
Other liabilities
1,396,920
1,937,500
Total
274,387,133
256,991,550
Current liabilities
Bank borrowings
8,452,662
4,675,736
Trade-payables
53,042,033
69,873,311
of which from related parties
13,173,878
14,211,864
Advances
33,527,232
34,380,080
of which from related parties
3,608,584
1,169,620
Financial liabilities related to the right-of-use of assets
33,988,056
36,487,263
of which from related parties
33,645,068
36,138,719
Other financial liabilities
31,865,368
42,961,265
of which from related parties
31,865,368
42,961,265
Provision for risks and charges
5,748,388
4,448,708
Tax liabilities
1,338,231
2,981,295
Other liabilities
18,548,445
46,725,388
of which from related parties
4,782,979
6,871,348
Total
186,510,415
242,533,046
Total liabilities
597,837,257
667,707,728
Statement of Cash Flows - Fiera Milano SpA
Statement of Cash Flows - Fiera Milano SpA (euro)
2024
2025
Profit/(loss) from continuing operations
13,359,830
44,365,606
adjustments for:
Write-down of receivables
90,183
232,499
Other Provisions
4,007,326
3,269,084
Depreciation and Amortisation
42,755,457
40,532,812
Adjustments to asset values
-
976,272
Financial income
-15,472,543
-16,585,068
Financial expenses
3,151,501
1,574,351
Financial expenses related to right-of-use assets (IFRS 16)
8,918,649
10,983,902
Personnel Costs “Performance Shares Plan”
1,044,376
955,607
Allocations to Employee benefit provisions
46,713
48,301
Income tax
2,270,194
12,968,918
Cash flow generated by operations
60,171,686
99,322,284
Cash flow from operating activities
Trade and other receivables
-5,722,778
-11,498,749
Inventories
-4,773,984
3,692,513
Net change in employee provisions
-214,974
-889,129
Trade payables
-4,771,816
28,430,740
Advances
1,500,299
852,848
Tax payables
-465,819
-44,048
Provisions for risks, expenses and other liabilities (excluding payables to Organisers)
-2,253,960
9,030,255
Payables to Organisers
-2,569,653
5,702,434
Use of provisions for risks
-1,417,235
-3,200,124
Interest paid
-2,892,942
-1,359,063
Interest paid on financial liabilities related to the right-of-use of assets
-8,918,649
-10,983,902
Interest received
4,870,820
2,518,468
Income taxes paid
-2,008,997
-
Total from continuing operations
30,531,998
121,574,527
of which from related parties
-28,721,332
-2,980,032
Cash flow from investing activities
Investments in tangible assets
-306,777
-606,694
Write-downs of tangible assets
4,949,485
-
Investments in intangible assets
-343,546
-5,289,453
Write-downs of intangible assets
131,811
-
Other changes in intangible assets
-
2,600
Acquisition of equity investments
-
-7,898,953
Dividends received
10,801,537
14,048,766
Total from continuing operations
15,232,510
256,266
Cash flow from financing activities
Change in equity
-1,196,800
-50,837
Change in non-current financial assets and current leased assets
1,902,708
457,680
of which from related parties
12,076,178
290,133
Change in current financial assets
21,323,622
9,632,614
of which from related parties
-8,494,425
9,686,098
Change in non-current financial activities
-18,333,331
15,000,000
Repayments of current financial liabilities related to the right-of-use of assets
-49,632,669
-34,914,915
of which from related parties
-73,873,880
-34,402,189
Change in current financing activities
-17,718,859
1,416,183
of which from related parties
8,908,174
11,095,897
Dividends paid
-9,959,856
-14,217,763
Total from continuing operations
-73,615,185
-22,677,038
Net cash flow from continuing operations
-27,850,677
99,153,755
Net cash at beginning of the year from continuing operations
95,329,397
67,478,720
Net cash at the end of the year from continuing operations
67,478,720
166,632,475
Net cash at the end of year
67,478,720
166,632,475
1For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to €163.9 million as of 31 December 2025, compared to €253.8 million as of 31 December 2024. 2GHG Scope 1+2 Market-Based; 3For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to €163.9 million as of 31 December 2025, compared to €253.8 million as of 31 December 2024. 4GHG Scope 1+2 Market-Based; tCO2eq = tonnes of CO2 equivalent.
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12.03.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of
