Slides
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Fiera Milano Results as of 30 September 2025 13 November 2025
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TODAY’S SPEAKERS 2 CEO & General Manager > 20 years in Fiera Milano Chief Financial Officer 7 years in Fiera Milano Head of Investor Relations, Sustainability & Management System 3 years in Fiera Milano ▪ Relevant experience: ▪ CEO and General Manager of Fiera Milano Congressi, Marketing Director of Fiera Milano ▪ Relevant experience: ▪ Group Planning & Control Director at Fiera Milano, CFO at Fiat Chrysler Automobiles UK and Belgium ▪ Relevant experience: ▪ Investor Relations & ESG Manager at Cerved Group, M&A and Equity Capital Markets Associate at Mediobanca FRANCESCO CONCI MASSIMO DE TULLIO VINCENZO CECERE
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AGENDA 01 02 03 9M 2025 RESULTS EXECUTIVE SUMMARY STRATEGIC UPDATE BUSINESS & FINANCIAL REVIEW 04 ESG ACHIEVEMENTS Appendix
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9M 2025 RESULTS EXECUTIVE SUMMARY
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177.8 184.5 231.8 9M 2023 9M 2024 9M 2025 7.2 15.6 17.1 9M 2023 9M 2024 9M 2025 DOUBLE DIGIT GROWTH AND HIGH CASH GENERATION IN 9M 2025 56.2 62.4 71.6 9M 2023 9M 2024 9M 2025 77.8 113.8 At 31 Dec 2024 At 30 Sep 2025 EBITDA NET INCOME NET CASH(€m) FINANCIAL RESULTS SOLID LIKE-FOR-LIKE REVENUE GROWTH ACROSS ALL BUSINESS LINE ▪ Revenue increase of +47.3 million of euros vs 9M 2024 resulting from: performance effect of +22.1 million euros (meaning a consolidated like-for-like growth of +10% vs 9M 2024), driven by a +2% increase in sold area (volumes impact) for both Organized and Hosted exhibitions, a +8% rise in services, alongside strong congress business performance of +32% calendar effect of + 5.8 million euros: due to the combination of the presence of Tuttofood (biennial), The Innovation Alliance (multi-year) and the absence of Transpotec & Logitec and Next Mobility Exhibition (biennials in even years) new events effect of +9.4 million euros, including Artigiano in Fiera - Anteprima d’Estate, NetZero Milan and Gastech Expotrans S.p.A.: +10.0 million euros (net of intercompanies) (€m) (€m) (€m) ORGANIZED + 2% + 2% + 32% + 8% HOSTED CONGRESSES SERVICES Odd year quarter Even year quarter REVENUES +47.3 +26% +9.2 +15% +1.5 +10% +36.0 5
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STRATEGIC UPDATE
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SOLID GROWTH OF “HOST”, FIERA MILANO’S FLAGSHIP EVENT, CONFIRMING THE GROUP’S RESILIENCE ACROSS KEY SECTORS LAUNCHED HOST’S INTERNATIONAL EXPANSION + ~5% + ~ 8%+ ~ 10% REVENUES SQUARE METERS EXHIBITORS ▪ 1° edition: 15-17 dec 2025 (Riyadh) ▪ Partnership with Semark ▪ Performance in line with expectations ▪ 1° edition: 11–13 feb 2027 (Orlando) ▪ Partnership with NAFEM (US Food Equipment Association) 7 44% foreign
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FIERA MILANO CONFIRMS THE HOSTING OF TWO LEADING GLOBAL EVENTS ONCE AGAIN, REINFORCING THE GROUP’S POSITIONING AS AN INTERNATIONAL REFERENCE HUB FOR MAJOR ROTATING EXHIBITIONS Event (Multi-year) Description Date ▪ World’s leading exhibition for the pharmaceutical industry ▪ Last edition held in Frankfurt, in 2025, covering approx. 150k-200k sqm and hosting over 2,500 exhibitors October 6–8, 2026 (Fiera Milano) ▪ World’s leading trade fair for metalworking technologies ▪ Last edition held in Hannover in 2025, covering approx. 200k sqm and hosting over 1,600 exhibitors October 4–8, 2027 (Fiera Milano) TWO NEW INTERNATIONAL ANNUAL EVENTS SELECT FIERA MILANO AS THEIR RESIDENT DESTINATION FOR THE FIRST TIME Event (Annual) Description Date ▪ New international B2B exhibition dedicated to marine equipment and technologies ▪ First edition to be held in Milan with over 1,000 sqm and approx. 130 exhibitors March 4–6, 2026 (Fiera Milano) ▪ Leading national event for the retail and real estate industry in Italy ▪ Last edition held in Milan with over 70 exhibitors and 2,000+ participants May 27–28, 2026 (Fiera Milano) 8
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Allianz - MiCo SELECTED TO HOST THE WORLD GAS CONFERENCE 2028, CONFIRMING ITS STANDING AS A PREMIER DESTINATION FOR WORLD-CLASS CONGRESSES EXPECTED PARTICIPANTS > 30,000 9
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A STRONG Q4 2025 AHEAD, SUPPORTED BY A FAVORABLE ODD-YEAR CALENDAR FEB APR MAY JUN JAN MAR New event Biennial Multi-year 10 JUL AUG SEP OCT NOV DEC
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FULL YEAR 2025 GUIDANCE CONFIRMEDCONNEC T (feb-21) €110-120m EBITDA 2025 €115-125m€320-340m €350-370m €100-110m NET CASH 2025 €100-110 REVENUES 2025 11 Guidance CONFIRMED in Q3 2025 Guidance in Q1 2025 Guidance in Q2 2025 Guidance in Q1 2025 Guidance in Q2 2025 Guidance in Q1 2025 Guidance in Q2 2025 Guidance CONFIRMED in Q3 2025 Guidance CONFIRMED in Q3 2025 Already net of > €15m of M&A (Expotrans and Emac)
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BUSINESS REVIEW
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9M 2023 9M 2024 9M 2025 Δ (€) 2025/2024 Revenues (€m) 147.7 151.6 179.6 +27.9 EBITDA (€m) 43.5 47.9 54.5 +6.6 N. exhibitions 32 30 37 o/w directly organized 7 11 9 o/w hosted 25 19 28 Square meters 853,720 787,010 896,110 9M 2023 9M 2024 9M 2025 Δ (€) 2025/2024 Revenues (€m) 3.1 4.3 4.3 +0.05 EBITDA (€m) 2.2 2.6 1.8 -0.8 N. Exhibitions 15 21 18 o/w directly organized 15 21 18 Square meters 328,660 356,010 320,225 9M 2023 9M 2024 9M 2025 Δ (€) 2025/2024 Revenues (€m) 33.8 35.9 45.3 +9.4 EBITDA (€m) 10.5 11.9 13.9 +2.0 n. congresses 75 96 77 o/w with exhibition area 33 37 29 Square meters 66,250 55,985 67,306 Fiera Milano Consolidated 9M 2023 9M 2024 9M 2025 Δ (€) 2025/2024 Revenues (€m) (net of Elisions) 177.8 184.5 231.8 +47.3 EBITDA (€m) 56.2 62.4 71.6 +9.2 N. Exhibitions 47 51 55 o/w directly organized 22 32 27 o/w hosted 25 19 28 Square meters consolidated (A+B+C) 1,248,630 1,195,795 1,283,641 B C B A C + + A SNAPSHOT OF DIVISIONAL RESULTS – LEGAL ENTITIES VIEW 74% 2% 19% ▪ Revenue growth supported by strong exhibition performance and a favorable calendar with the contribution of major multi-year events (The Innovation Alliance, TUTTOFOOD). The period also benefited from new exhibitions (Gastech, Artigiano in Fiera - Anteprima d’Estate, NetZero Milan) and stronger service penetration ▪ The EBITDA variation mainly reflects the previously mentioned revenue trend, the contribution from equity- accounted investments of the company Ipack Ima, and the contribution of Expotrans. This effect was partially offset by higher district maintenance costs, the cost of sponsorship rights related to the XXV Milano Cortina 2026 Winter Olympic Games, 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. ▪ Revenues amounted to €4.3 million in 9M 2025, in line with those recorded in the same period of the previous year. ▪ EBITDA decreased by €0.8 million, primarily attributable to the result of the joint venture held under joint control with the partner Deutsche Messe AG in relation to exhibitions in China, a temporary effect driven by the calendar shift of the DOMOTEX exhibition ▪ Revenue growth primarily due to higher Revenue from recurring events also present in 9M 2024 (AWS Summit Milano, Salesforce and Netcomm) and from non-recurring events compared to the first nine months of 2024. Key events included ADB – Asian Development Bank and EHA – European Hematology Association. Revenue growth was also supported by the income generated from the use of the congress center for the organization of the XXV Milano Cortina 2026 Winter Olympic Games. These positive effects more than offset the absence of EASL – The Home of Hepatology and SIRM – Società Italiana di Radiologia Medica e Interventistica, which were present in the previous period ▪ EBITDA increased by € 2.0 million, primarily attributable to the aforementioned revenue trend, partially offset by higher structural costs related to the reconfiguration of the congress center. Italian Exhibition Business Foreign Exhibition Business Congresses* 13 *It includes BIT in 9M 2024 but not in 9M 2025, as the event was moved to Rho. The figures are reported gross of intercompany transactions. Other sectors (inc. Expotrans) * 9M 2023 9M 2024 9M 2025 Δ (€) 2025/2024 Revenues (€m) - - 12.7 +12.7 EBITDA (€m) - - 1.4 +1.4D 5% +D ▪ Revenues reflect the inclusion of Expotrans SpA, Event Logistics Team Srl and Expotrans Pte Ltd within the consolidation perimeter. ▪ EBITDA reflects the same consolidation effects impacting revenues, mainly related to the inclusion of Expotrans. *The figures are reported gross of intercompany transactions.
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REVENUE GROWTH CONTRIBUTION - BUSINESS LINE VIEW PERFORMANCE EFFECT: €22.1m CALENDAR EFFECT: € 5.8m NEW EXHIBITIONS: €9.4m EXPOTRANS: €10.0m 9M 2025 vs 9M 2024 + € 47.3m 14 -1.1 +7.6 +14.5 -0.2 0.0 +10.4 -0.4 +10.0 +6.6 Expotrans9M 2024 9M 2025Organized Hosted Physical Services Digital, Data, Media Foreign Business Congresses Entertainment Other (Olympics, off-site revenues, other…) * It does not include BIT in either 9M 2024 or 9M 2025. Figures are reported net of intercompany transactions € 184.5m € 231.8m Area revenues growth (net of calendar effect): +2% Area revenues growth (net of calendar effect): +2% Revenue growth physical + digital services (net of calendar effect): +8% Congresses +32%*
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FIERA MILANO 9M 2025 SQM GROWTH CHAMPIONS SELECTED ITALIAN EXHIBITIONS ORGANIZED SQM (k) SQM GROWTH % 9M 2025/ last edition HOSTED + 27 29 9M 2024 9M 2025 +5% 17 19 9M 2024 9M 2025 +8% 4.7 4.8 9M 2024 9M 2025 +4% SQM (k) SQM GROWTH % 9M 2025/ last edition Spring + autumn editions 15 68 77 9M 2024 9M 2025 +13% 46 48 9M 2024 9M 2025 +5% 60 80 9M 2023 9M 2025 +33% 8 11 9M 2023 9M 2025 +36%
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FINANCIAL REVIEW
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17 ▪ Revenues: increased from Euro 184.5m in 9M 2024 to Euro 231.8m in 9M 2025, showing a growth of Euro +47.3m. This change is mainly attributable to: ▪ Positive performance effect of Euro +22.1m, corresponding to a like-for-like growth of +10%. The main areas contributing to this performance effect are: ▪ Sale of exhibition spaces (area) – Organized: +2% ▪ Sale of exhibition spaces (area) – Hosted: +2% ▪ Physical and digital services: +8% ▪ Congresses: +32% ▪ Calendar effect of Euro +5.8m, resulting from the combination of the presence of Tuttofood (biennial), The Innovation Alliance (multi-year) and the absence of Transpotec & Logitec and Next Mobility Exhibition (biennials in even years) ▪ Effect of new events amounting to Euro +9.4m, including Gastech, Artigiano in Fiera - Anteprima d’Estate and NetZero Milan ▪ Acquisition of Expotrans S.p.A. Euro +10.0m ▪ EBITDA: increased from Euro 62.4m in 9M 2024 to Euro 71.6m in 9M 2025, with a positive change of Euro +9.2m. The variation mainly reflects the previously mentioned revenue trend, the contribution from equity- accounted investments of the company Ipack Ima and the impact of Expotrans. This effect was partially offset by higher district maintenance costs, the cost of sponsorship rights related to the XXV Milano Cortina 2026 Winter Olympic Games, 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. ▪ Financial management: negative variation of Euro -2.8m mainly due to the increase in financial charges on lease liabilities following the revision of the discount rate ▪ Net result for the period in 9M 2025 amounts to Euro 17.1m, an increase of Euro +1.5m compared to Euro 15.6m in 9M 2024. The trend reflects a higher effective tax rate in 2025, due to the lower incidence of tax-exempt dividends and the greater contribution from fully taxable operating results, leading to a more moderate increase in Net Income compared to Revenues and EBITDA Consolidated Income Statement (€m) 9M 2024 9M 2025 Δ 9M 25/24 Revenues 184.5 231.8 +47.3 Cost of materials 1.7 2.4 +0.6 Cost of services 87.7 121.5 +33.9 Personnel expenses 35.2 40.3 +5.2 Other operating expenses 3.2 3.6 +0.4 Total operating costs 127.8 167.9 +40.1 Other income 3.2 3.6 +0.4 Results of equity-accounted companies 2.5 4.3 +1.8 Allowance for doubtful accounts 0.0 0.2 +0.2 EBITDA 62.4 71.6 +9.2 Depreciation and amortisation 38.6 37.8 -0.8 Adjustments to asset values 0.0 0.5 +0.5 EBIT 23.8 33.3 +9.5 Financial income/(expenses) -5.7 -8.5 -2.8 Profit/(loss) before income tax 18.1 24.8 +6.7 Income tax 2.5 7.7 +5.2 Profit/(loss) 15.6 17.1 +1.5 - o/w attributable to the shareholders of the controlling entity 15.7 16.8 +1.1 - o/w attributable to non-controlling interests -0.1 0.3 +0.4 *Note: For the evaluation of the data it is important to consider that the Group's activity is subject to seasonality due to the presence of biennial and multi-annual exhibitions. This phenomenon makes it more difficult to compare different financial years. 1 2 3 4 2 3 1 4 INCOME STATEMENT
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Balance Sheet (€m) As of 31 Dec 2024 As of 30 Sep 2025 Δ 30 Sep 2025/ 31 Dec 2024 Goodwill 95.0 101.3 +6.3 Intangible assets with a finite useful life 9.0 9.3 +0.3 Right-of-use assets 308.6 301.4 -7.2 Tangible fixed assets 7.4 8.9 +1.4 Other non-current financial assets 0.0 0.0 0.0 Other non-current assets 89.3 90.2 +0.8 A Non-current assets 509.4 511.0 +1.5 Inventory and contracts in progress 7.8 8.8 +1.0 Trade and other receivables 51.2 76.8 +25.7 B Current assets 59.0 85.7 +26.7 Trade payables 68.6 47.3 -21.4 Payments received on account (advances) 40.3 85.4 +45.1 Tax liabilities 2.0 1.8 -0.2 Provisions for risks and charges and other current liabilities 34.0 87.9 +53.9 C Current liabilities 144.9 222.3 +77.4 D Net working capital (B - C) -85.9 -136.7 -50.7 E Gross capital employed (A + D) 423.5 374.3 -49.2 Employee benefit provisions 8.2 8.8 +0.5 Provisions for risks and charges and other non-current liabilities 4.4 3.5 -0.9 F Non-current liabilities 12.6 12.3 -0.3 G NET CAPITAL EMPLOYED cont. operations (E - F) 410.9 362.0 -48.9 H NET CAPITAL EMPLOYED assets held for sale 0.0 0.0 0.0 TOTAL NET CAPITAL EMPLOYED (G + H) 410.9 362.0 -48.9 covered by: Equity attributable to the Group 156.7 148.3 -8.4 Equity attributable to non-controlling interests 0.4 1.6 +1.2 I Total equity 157.1 149.9 -7.2 Cash & cash equivalents -72.4 -138.9 -66.5 Current financial (assets)/liabilities 31.8 40.5 +8.7 Non-current financial (assets)/liabilities 294.5 310.5 +16.1 Net financial debt of continuing operations 253.8 212.1 -41.7 Net financial debt of assets held for sale 0.0 0.0 0.0 L Net financial debt (TOTAL) post IFRS16 253.8 212.1 -41.7 EQUITY AND NET FINANCIAL DEBT (I + L) 410.9 362.0 -48.9 Net Financial Debt/(Cash) pre IFRS16 -77.8 -113.8 -36.0 2 1 ▪ Net Working Capital goes from Euro -85.9m at 31/12/2024 to Euro -136.7m at 30/09/2025. The change of Euro -50.7m is attributable to the following components: ➢ Trade and other receivables: overall increase of +€25.7 million, broken down as follows: +€9.5 million related to the Milano Cortina 2026 projects, for invoices issued but not yet collected; +€10 million in prepaid expenses connected to activities for the Olympic Games and the remaining +€6.2 million mainly linked to the expansion of the consolidation scope (Expotrans); ➢ Trade payables: decrease resulting from payments made during the period, including those relating to the Expotrans perimeter; ➢ Advances: significant increase due to prepayments for major exhibitions scheduled (Host, Made, Sicurezza, Eicma); ➢ Payables to organizers: slight decrease due to a different exhibition calendar compared to the previous year; ➢ Deferred income: increase attributable both to Fiera Milano S.p.A. (multi-year contracts and ordinary activities, including Inwit and Milano Cortina) and to Fiera Milano Congressi (Milano Cortina). ▪ Net Financial Position (pre-IFRS16) as of 30 September 2025 shows a net financial availability of Euro 113.8m compared to a net financial availability of Euro 77.8m as of 31 December 2024. ▪ The increase of Euro 36.0m mainly reflects the cash generation driven by the results achieved and the advance payments received for upcoming events. This effect was partially offset by the dividend payment and the transaction for the acquisition of Expotrans and Emac 1 2 BALANCE SHEET AND CASH FLOW CASH FLOW (€m) From 31/12/24 to 30/09/2025 EBITDA 71.5 IFRS16 cash out (rents) (41.8) Δ Net Working Capital 50.7 Capex (5.8) Operating Cash Flow 74.6 Financial management 1.3 Taxes (7.7) Other variations (32.2) Net Free Cash Flow 36.0 ▪ Dividends ▪ M&A/ Expotrans, Emac
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ESG COMMITMENT
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SocialEnvironment Governance 24,951 12,045 14,486 17,838 16,618 9,686 2019 2020 2021 2022 2023 2024 Total CO2 emissions (tCO2eq) % Renewable sources used 12% 21% 30% 37% 38% 65% 2019 2020 2021 2022 2023 2024 Training hours Customer Satisfaction 20 ESG SCORECARD 2024 -42% +27 p.p. % Carpet used sent to recovery 100% 96.5% Non-recycled waste Recycled waste % Recycled waste 2023 2024 +158%7,024 18,109 2023 2024 Employee turnover 8.7%14% RetentionAttraction 93new hires 52% <30 years 66% women Employees 672 Diversity: percentage of women in managerial roles +5% vs 2023 42% 46% 49% 2022 2023 2024 ▪ 50k photovoltaic panels ▪ 18 MWp total installed power ▪ Reduction CO2 target: - 60% by 2027 - 80% by 2030 LONG TERM Incentive (LTI) SHORT TERM Incentive (MBO) 20%15-20% ESG in remuneration Community ▪ New Share Plan for the employees ▪ Full coverage health insurance Sense of belonging Welfare Board independence Board diversity 78%22% Independent Non-independent 56% 44% Female Male Sustainability governance Improving ESG Rating Sustainability Committee (internal board committee) Sustainability Team Ambassadors Certifications Min Max 16.7 (2022) ESG Risk 19.6 (2021) 12.3 (2024)
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APPENDIX 1 EXHIBITIONS DETAILS
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Directly Organized - Bit (A) 17,225 18,625 - Miart (A) 9,225 9,195 - Milano Fashion&Jewels (I semester) (A) 12,760 11,970 - Milano Home (A) 19,675 20,670 - Promotion Trade Exhibition (A) 4,710 4,890 - Quick & More* (A) 7,545 7,940 - SposaItalia (A) 7,830 6,765 - NME (B) 10,515 - - NetZero* (B) - 1,140 - Transpotec (B) 49,690 - - Salone del Franchising (A) 5,495 - - Milano Fashion&Jewels (II semester) (A) 14,780 13,810 Total Directly Organized 159,450 95,005 Hosted - Artigiano in Fiera - Anteprima d’Estate * (A) - 13,165 - Fà la cosa giusta (A) 6,745 9,575 - Filo (I semester) (A) 1,545 2,485 - I Saloni (A) 176,460 164,540 - LineaPelle Febbraio (A) 45,540 45,500 - Mido (A) 45,940 48,390 - Milano Unica (spring) (A) 31,205 39,160 - Mipel (March) (A) 4,500 4,400 - My Plant & garden (A) 26,775 32,290 - Racquet Trend Expo * (A) - 11,410 - The Micam (spring) (A) 32,100 32,720 - The ONE Milano (February) (A) 3,970 a) - Mostra Convegno Expocomfort (B) 85,925 - - Venditalia (B) 12,960 - - Xylexpo (B) 13,675 - - ISSA Pulire (B) - 14,100 - Lamiera (B) - 19,040 - Made in Steel (B) - 20,130 - Tuttofood (B) - 79,560 - Greenplast (M) - 5,375 - Ipack Ima (M) - 54,230 - Intralogistica (M) - 4,225 - Pharmintech* (M) - 5,980 - Print4all (M) - 12,525 - Lineapelle (II semester) (A) 48,830 42,635 - Filo (II semester) (A) 2,440 2,470 - Milano Unica (autumn) (A) 37,140 37,865 - Mipel (september) (A) 4,140 4,100 - Simac Tanning-Tech (A) 14,795 13,400 - The Micam (autumn) (A) 32,875 30,885 - Vitrum (B) - 11,480 - Gastech (M) - 39,470 Total Hosted 627,560 801,105 Total Italian Exhibitions 787,010 896,110 Manifestazioni Italia – metri quadrati Italian Exhibitions Net square meters EXHIBITIONS AND CONGRESSES 9M 2025 9M 2024 9M 2025 (A) = Annual (B) = Biennial (M) = Multi-year 9M 2022 9M 2023 China - Chinafloor Domotex Shanghai ° (A) 67,350 59,230 - China International Fastener Show ° (A) 15,760 15,530 - Chengdu International Industry Fair ° (A) 12,880 11,340 - GITF International Tour Guangzhou (A) 4,760 4,035 - Industrial Automation Shenzen ° (A) 9,955 9,705 - Laser Fair Shenzen (A) 5,060 8,055 - Let China Guangzhou (A) 18,340 14,445 - Xiamen International Industry Exposition ° (A) 1,420 2,585 - Chengdu Industrial Professional Expo ° (A) 4,000 a) - Industrial Automation Robotic Show South China ° (A) 2,000 a) - Northern International Logistics and Transportation Technology Expo Jinan ° (A) 5,360 b) - Industrial Automation Shanghai ° (A) 31,365 30,245 - Metal + Metallurgy (A) 265 400 - Metalworking and CNC Mach. Tool Shanghai ° (A) 24,525 24,590 - Motor Show Chengdu ° (A) 90,415 86,290 - Wuhan Motor Show ° (A) 35,000 27,210 South Africa - Cape Town Art Fair (A) 4,105 4,300 Singapore '- FIND - Design Fair Asia (A) 5,965 4,470 Brasil - Exposec (A) 13,625 12,725 - Fruit Attraction São Paulo *° (A) 2,860 4,400 - Esquadria Show *° (B) 1,000 670 Total Foreign Exhibitions 356,010 320,225 Foreign Exhibitions Net square meters 9M 2024 9M 2025 ° The exhibition is organized in partnership a) The exhibition did not take place b) The exhibition took place/will take place in the following quarters Congresses 9M 2024 9M 2025 77 events96 events 22* The exhibition was held for the first time a) The exhibition did not take place
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APPENDIX 2 M&A ACTIVITY IN 2025
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DYNAMIC M&A ACTIVITY: TWO ACQUISITIONS EXECUTED ▪ Target company: Expotrans – Italy’s leading player in logistics services for exhibitions, congresses and international events ▪ Stake: 51% | Revenues 2024: €28.7m | Acquisition value: €7.2m ▪ Synergies & strategic rationale: ❑ Strengthen strategic positioning → synergies across exhibition logistics value chain ❑ Expand commercial reach → targeted offering for organizers and international clients ❑ Broaden service coverage → more contracts for both internal and third-party events ❑ Boost customer retention → improved support for exhibitors through integrated logistics ❑ Enhance operational control → safer, more efficient traffic and logistics management ▪ Target company: EMAC S.r.l., organiser of Milano AutoClassica (Fiera Milano hosted exhibition since 2012) and Vicenza Classic Car Show ▪ Stake: 35% ▪ Synergies & strategic rationale: ❑ Strategic alliance with IEG and Mosaico (Andrea Martini) → joint shareholding (Fiera Milano 35%, IEG 35%, Mosaico 30%) and coordinated governance ❑ Builds a national champion in the classic car segment ❑ Strengthens owned event portfolio in line with the 2024–2027 Strategic Plan ❑ From hosted to integrated model → ensures strategic control and margin preservation ❑ Synergies in content, audience and visibility across events ❑ Reinforces systemic cooperation between Italy’s major exhibition groups 24
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APPENDIX 3 2025-2027 Guidance
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GUIDANCE Millions of euros 2025 2026 2027 Revenues 350-370 305-325 355-375 EBITDA 115-125 90-100 120-130 EBITDA Margin (mid-point) ~34% EBITDA Margin ex. IFRS 16 (mid-point) ~20% Net debt (cash) (100-110) Investment Plan ~88 of which Fiera Milano ~53 of which Fondazione Fiera Milano ~35 Overall financial availability 151-171 of which allocated to dividends At least 40 (~10/ year) of which allocated to investments in M&A operations 111-131 In 2027 Fiera Milano expects to achieve: ▪ Revenues between Euro 355 and 375 million ▪ An estimated EBITDA between Euro 120 and 130 million ▪ Over the 2024-2027 plan period, total investments amounting to Euro 88 million are planned, of which Euro 35 million will be supported by Fondazione Fiera Milano for the development of infrastructure projects ▪ The economic and financial results over the plan period anticipate strong cash generation, resulting in an overall financial availability expected to range between Euro 151 and 171 million over the plan period ▪ Of this availability, at least Euro 40 million will be allocated to shareholder remuneration in the form of dividends, highlighting Fiera Milano's commitment to create value for stakeholders ▪ The remaining liquidity, estimated between Euro 111 and 131 million, will be directed to supporting corporate growth through external lines ▪ Further recourse to debt to finance potential strategic acquisitions is not ruled out 26
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Investor relations: investor.relations@fieramilano.it Sustainability: sustainability@fieramilano.it Investor Relations https://investors.fieramilano.it/en Sustainability www.fieramilano.it/en/sustainability.html 2025 Exhibition Calendar www.fieramilano.it/en/calendario.html CONTACTS: Thank you
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Disclaimer This presentation and any materials distributed in connection herewith (together, the “Presentation”) do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of Fiera Milano S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice. Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as “anticipate”, “estimate”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe”, and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements are based on management’s current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them. Forward-looking statements contained in this Presentation regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Neither Fiera Milano S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.