Thank you. Good evening, everyone, and welcome to Fiera Milano's results conference call.

This is Vincenzo Cecere, Head of Investor Relations and Sustainability, and I'm here joined today by Francesco Conci, CEO, and Massimo De Tullio, CFO of Fiera Milano. Today's presentation will be structured in three main sections.

Francesco Conci will begin with an overview of the key highlights and developments for the first quarter of 2026. Massimo De Tullio will then provide a more detailed review of the group's business performance and financial results, and strategic initiatives.

Following the presentation, we will open the floor for Q&A, during which management will be available to answer your questions. Francesco, please go ahead.

Good evening, everyone, and thank you for joining us today. Q1 2026 was an outstanding quarter for Fiera Milano, with very strong growth across all our main financial indicators and a significant improvement in profitability.

Revenues almost doubled year-on-year, increasing by 98% to €126.4 million, compared with €63.7 million in Q1 2025. EBITDA increased by plus 316% to €50.1 million.

Net profit reached €27.7 million. The performance of the quarter was supported by several positive drivers.

First, we benefited from a more favorable exhibition calendar, mainly due to the presence of Mostra Convegno Expocomfort, one of the leading international exhibitions in the heating, ventilation, air conditioning and refrigeration sectors. Second, great contribution from the acquisition completed during 2025, particularly Expotrans and Stipa, which are supporting both revenue growth and the expansion of our integrated service platform.

Third, the contribution from the Milano Cortina 2026 Winter Olympic Games was above expectation, generating €27 million revenues in the quarter, including €20 million related to temporary infrastructure activities, €6.8 million related to venue usage. Beyond the economic contribution, the Olympics continue to strengthen the international visibility and strategic positioning of Fiera Milano as a key platform capable of managing highly complex global events.

This growing international recognition is also confirmed by the recent announcement that Allianz MiCo will host CES Unveiled Milan in October 2026, the official European stop of the world-renowned CES Las Vegas, one of the most leading technology events. At the same time, the congress business delivered a very strong performance, with revenue increasing from €10.5 million to €18.9 million, also supported by the use of Allianz MiCo as the main media center for the Olympic Games.

Looking ahead, we continue to see solid momentum across our exhibition portfolio. The 2026 calendar benefits from a more balanced seasonality, major biennial exhibitions now taking place in even-numbered years, including TUTTOFOOD; the contribution from new events launched in recent quarters; and the progressive integration of recent acquisitions.

For this reason, including the strong start to the year, the current limited impact from the geopolitical environment, the above-expectation contribution from Olympic-related activities, and the progresses in integrating recent acquisitions, we decided to upgrade our 2026 guidance. Our updated guidance now includes: revenue expected in the range of €380 million to €400 million, compared with the previous guidance of €305 million to €325 million; EBITDA expected between €100 million and €110 million, compared with the previous range of €90 million to €100 million.

More broadly, we believe these results confirm that Fiera Milano is entering in a new phase of development, supported by a broader, more diversified, and structurally more resilient business platform. Let me now hand over to Massimo De Tullio for the detailed segment and

financial reviews. Thank you, Francesco, and welcome to everybody.

Before we get into the details of the so-called performance effect and calendar effect at consolidated level, let me briefly walk you through the divisional performance by legal entities, which helps to explain the strong results recorded in the first quarter 2026. Starting with Italian exhibition business, which represents and remains the core of our activity, with 76% of the group revenues in this quarter.

Looking at revenues, revenues increased from €52.8 million to €98.2 million, with a growth of €45.4 million. EBITDA is raising from €11.3 million in the first quarter 2025 to €38.1 million in Q1 2026, with a growth of €26.8 million.

This performance was mainly driven by at least three factors: for sure, the contribution from the Milano Cortina 2026 Winter Olympic Games; secondly, a more favorable exhibition calendar, mainly due to the presence of Mostra Convegno Expocomfort in Q1 2026—this is a biennial even-year exhibition; and third, the contribution from the recent acquisition of the Stipa company, the company operating in the stand fitting sector. Looking at what Olympic Games generated for us, we can identify revenues clearly coming from the venue usage agreement, the contract we signed in order to make available the spaces Pavilion 22-24 and 13-15 in order to host the speed skating and hockey games.

The other leg of the revenues coming from the Olympic Games clearly is related to the construction of the temporary infrastructure for these two sport disciplines. More broadly, these results confirm the strong scalability and operating leverage of our exhibition platform.

Now, moving to the foreign exhibition business, which represents around 2% of the group revenue during the quarter, revenue increased by 2.2% to €3 million, mainly supported by the good performance of the international events such as Fruit Attraction São Paulo in Brazil and Cape Town Art Fair in South Africa. EBITDA is slightly improved from -€0.4 million to -€0.3 million, and these reflect the result of the JV in China.

Now, turning to the congress business at Allianz MiCo, which represents around 15% of our revenue, we have seen revenues increasing from €10.5 million to €18.9 million, and also EBITDA was growing very impressively from €1.1 million to €11.5 million. The main driver of this growth is clearly related to the contract we signed with the Olympic Foundation in order to host in our venue, in our Allianz MiCo venue, the main media center and broadcasting center for the Olympic Games.

This clearly was substituting the normal business for the congresses' activities, but was bringing additional revenues, but more importantly, a completely different profitability for this kind of contract, which adds to reach this level of EBITDA. Finally, moving to the other sector, which in this moment includes basically Expotrans Group, revenue amounted to €9.5 million.

Clearly there's no comparison with 2025 because the acquisition of the group was managed during the second quarter, starting from May. We are accounting now for €9.5 million revenues in first quarter and an EBITDA of €0.8 million.

Overall, putting all together, all these businesses, all these divisions brought a group revenue of €126.4 million and an EBITDA margin increasing from 18.9% in Q1 2025 to 39.6% in Q1 2026. Clearly this level of EBITDA margin is positively affected by the Olympic activities, and also by the calendar.

Now, moving to the, let's say, performance effect and calendar effect in order to understand how revenues moved from approximately €64 million to €126 and more million, calendar effect, which amounted almost to €16 million and was boosting the hosted division, the presence of Mostra Convegno Expocomfort is the main driver for this impact. New exhibitions amounted to around €0.4 million EBITDA positive impact.

We have a positive performance effect all in all of €1.8 million, which, to be honest, I think it's important to be highlighted, because growing still growing with a, let's say, a material number in the end compared to 2025, which was a record year for Fiera Milano, and growing in this kind of geopolitical scenario and also economic environment, it was something that we were not even expecting, to be honest, we are quite positive on fact that we managed to anyway reach a positive growth compared to the previous year. Clearly, in explaining the elements and the impacts that led to a growth of this size, there is the consolidation scope effect, amounting to €12 million almost, which is mainly driven by the consolidation of Expotrans that was not present in the Q1 2025, but also driven by the impact of the consolidation of the new company bought from Fiera Milano, Stipa.

Then, as we mentioned before, €27 million almost coming from the Olympic activities, €20 million related to the 2026 portion of the revenues generated by the contract for the temporary infrastructure—just as a reminder, this contract finally reached €31 million revenues, of which €11 million were accounted in 2025 and the remaining €20 million have been accounted in 2026. On top of this €20 million in 2026 Q1, we are clearly recording also the revenues from the use of the raw venue for the usage of Pavilion 22-24 and 13-15, which amounts to €7 million.

On top of that, last but not least, the positive performance of the congress division, mainly driven by the contract to host the Olympic media and broadcasting center. Now, moving to the consolidated income statement, again, let me highlight that revenues increased from €63.7 million to €126 million, we are showing the growth of more than €62 million, almost €63 million.

Again, main drivers were performance, close to €2 million impact; calendar effect, €16 million; the consolidation scope, which adds another €12 million, including Expotrans and Stipa; and then we have also the impact of Milano Cortina for €27 million and the congress business. EBITDA, again, recorded an absolute value of €50 million, €50.1 million, with a positive change of plus €38 million.

Again, the main factors of this growth are the same: the Milano Cortina Olympic Games, with a contribution of almost €15 million in terms of additional EBITDA compared to Q1 2025; the calendar effect related to Mostra Convegno, again, close to €12 million; and then congress business, where the increase in revenue has been even overcome in terms of increase in margin because the profitability connected to this contract, the contract to host the media broadcasting center is by far higher than the standard profitability that we reach when we host corporate events. Again, EBITDA has been commented.

Now, clearly, we have also the impact of the recent acquisitions. Again, the impact is not huge because we have clearly the consolidation of Expotrans, but we started consolidating Stipa just from the 4th of March, all in all the impact of the acquisition is approximately €1.4 million.

Again, the Olympic activities, €15 million, and then as I already recalled, the impact of the congress business is €9 million. Moving to the balance sheet, let me highlight the main changes in our balance sheet.

Goodwill. Looking at goodwill, we see an increase of €20.4 million.

Clearly this movement from €97.6 million to €118 million is mainly driven by the acquisitions, the acquisition of Stipa, but also the acquisition of Made in Steel, which is not creating economic impact in our P&L this year because this company is organizing a show which will be organized basically in all the odd years, we will not see major economic impacts up to basically second quarter of 2027 coming from this acquisition. For sure on our balance sheet, impact of the acquisition is visible in terms also of additional goodwill.

In terms of net working capital, the net working capital moves from €135 million as of 31st December 2025 to €126 million. The change of close to €9 million is basically due to the following components: so the increase in the current assets of €27.6 million, which is driven by the rise in trade and other receivables of €25 million.

Part of this increase was related clearly to the change of perimeter of consolidation, €10 million are coming from the new companies included in the two acquisitions basically that we performed in the Q1; increase in current liabilities by close to €19 million, which is the result of a decrease in the trade payables of approximately €4 million and an increase in advances by close to €25 million, which basically represents the increase due to the advance invoices related to exhibitions that will take place in the following quarter, in particular Salone that was hosted in April, in second quarter; TUTTOFOOD, which is happening just during these days with very positive results; Host; and PLAST, all exhibitions that will happen later, or this year, or even in the coming years. Then we also register a decrease in provision for risks and charges.

In terms of equity, the movement in the equity, the group equity increased from €181 million to €196 million, up by €15 million overall, mainly supported by clearly €27.4 million net profit generated during the quarter, which has been partially offset by the €13 million accounting impact related to the put option associated with the acquisition of Stipa. Now, looking at the net financial position, despite basically approximately €34 million of net impact on our net financial position considering the put option and the upfront payment, the group maintains a very strong financial profile, net financial position stood at €145.1 million, compared to €157.2 million.

This reduction basically reflects the acquisition completed during the quarter, partially offset by the positive operating cash flow generation of the business. Overall, the balance sheet offers a strong cash generation of the group and a solid financial flexibility.

Again, looking at finally the cash flow and starting from our €50.1 million EBITDA result, taking out the cash outs related to rents, which accounts to more or less €14 million, and adding a net working capital negative movement of €9 million that I already explained mainly related to the movement in the trade receivables, and then we end up with an operating cash flow positive by €25.4 million. Taking out taxes, but more importantly, taking out the impact of M&A, finally we end up with a net free cash flow in the quarter of -€12.2 million.

Now, related to the guidance, clearly Francesco already highlighted that based on results achieved in Q1, based on the fact that despite the geopolitical environment and economic environment, we do not see at the moment major negative impacts on our main KPIs that we monitor in order to understand if the business, all the different businesses are working or not. We do not see a very huge impact in terms of decrease in terms of visitors, we do not see in this moment major impact in terms of attendance of the exhibitors, we do not even see a reduction in terms of expenses in services from the exhibitors, at this moment, we remain prudent with our previous forecast, but clearly we have embedded now in our guidance the impact of the acquisitions and the better results that we achieved with the Olympic Games.

The result of this stable position in terms of performance and positive impact coming from the acquisitions and Olympic Games led us to this new guidance for 2026 of €380 million to €400 million in terms of revenues and EBITDA in the range of €100 million to €110 million.

Thank you, Massimo. Just a very quick final note on sustainability.

In the first quarter, the group obtained the Italian legality rating, a certification issued by the Italian Competition Authority that assesses companies' compliance with high standards of legality, transparency, and ethical business conduct, achieving the maximum available score. With this, we conclude today's presentation, and we are now ready to open the floor for the Q&A session and take your questions.

Thank you.

Good afternoon, everybody. Hi Francesco, Massimo, and Vincenzo.

Three questions from my side. I would like to start with the congress business, which clearly posted a strong set of results in the first quarter ahead of my expectation.

Can you help me understanding the contribution of the Olympic Games on this business unit? Looking at the remaining part of the year, can you just comment on the booking level for the congress business?

The second question is on the second quarter. If you can just comment on the performance of the second-quarter events, specifically any indication on Salone del Mobile and TUTTOFOOD would be useful.

I think you mentioned during the speech a very good performance of TUTTOFOOD, but any additional comments would be useful. The third one is on the capital allocation, because still very strong cash generation in the first quarter.

You sit on over €140 million of net cash. Should we have to expect new M&A deals this year?

Thank you.

Thank you, Emanuele, for your question. Regarding the congress business, as we anticipated, basically it's since the last quarter that we have not used the congress center for its normal purposes because we have completely made available these spaces for the Olympic organizer in order to host the media center.

There has been a complete substitution of business in which we have signed a contract that totally amounted for €26 million in 2025 and first quarter—to be honest, first four months of 2026—the media and broadcasting center. This led to a very positive impact in terms of revenues compared to the normal seasonality of Q1 in congresses, we scored these additional revenues, but more importantly, this contract is different from the normal standard contract that we sign when we host congresses or corporate events, because basically a lot of costs that we normally incur and we have to repay with normal tariffs were to be added on top of the contract and the tariffs that we set up with the Olympic Committee.

This led to a very huge, important profitability in this sense. Coming to the expectation, in our availability the Allianz MiCo, we anyway organized some congresses using the Rho Fiera venue, and so this is part of the synergy that we clearly use in this group.

Spaces that we have in our trade fair venue in Rho can be used also to host congresses and corporate events. In these cases, we also hosted four events for congresses and corporate events in Q1, and this was an additional boost to revenues in Q1.

Looking forward, we see a very positive booking level on the congress venue. 2026 will not be the year in which we will host major international events because the organizers decided to use the Allianz MiCo venue in 2026 or later in order to organize their major international events, but we will anyway book a lot of events and use this venue to host lots of events in 2026, we see anyway a level of revenues very, very close, probably the same that we reached in 2024, in 2025, and probably we will again be able to reach in 2026.

Then, second question is about the exhibition in the second quarter. If I remember well, in the second quarter, we have been hosting two very important exhibitions for us: Salone del Mobile and TUTTOFOOD.

Starting from Salone del Mobile, we have seen a very solid exhibition again. There were more than 300,000 visitors during the events, clearly an increase compared to 2025.

It was a decrease compared to 2024, if we want to do a like-for-like comparison, there has been a decrease, but considering the difficulty Europe see this or to use Dubai hub, we think that this result was anyway quite important. In terms of contribution margin, we increased our contribution margin compared to the last edition 2025 by close to 8%, it was in line with our budget, and again, considering what is happening that was not forecasted when we did the budget, we are quite happy of the results that we have achieved.

Regarding TUTTOFOOD, TUTTOFOOD has increased again square meters sold. There is an increase of approximately 4%, 4% to 5% in terms of square meters.

Also, our result in terms of revenues and contribution margin is increasing. I think we will reach probably a 10% or even more increase in terms of revenues and contribution margin.

This again confirms that the exhibition is consolidating its positioning as international exhibition, ready to fight against SIAL in a couple of years. Another very important signal to be highlighted is that we have seen visitors' rate increase in the region of 20%, even 30% in some days, in part of the days of the exhibition.

The venue is really crowded. We have not seen so often the venue so crowded with an international exhibition.

Again, all in all, very positive signals from Q2. The results of Salone del Mobile and TUTTOFOOD are in line with our expectation.

It's important to highlight that the more TUTTOFOOD is strong, the more this will help to reduce now the impact of the seasonality, because now TUTTOFOOD is definitely an even-year exhibition, will help to boost 2026, 2028, and going forward all the even years. This clearly will not absorb completely the calendar effect, but will help to reduce it, or anyway will help to make an even year attractive in terms of economic performance and financial performance like an odd year.

The third question was about cash. This cash availability is clearly something we want still to rely in order to keep working on our M&A strategy.

We have concluded four M&A in less than one year, and we are still working on identifying new targets. Some of them have been already identified, and we are working in order to understand if there are the conditions to start setting up a term sheet and eventually to going forward with an M&A operation.

There are at least three possible M&A operations in the near future. One of this is at international level, in the sense that it's related to a company which operates in another country in which we are already present with a legal entity, and this is at a very advanced stage.

We will probably start very quickly the due diligence process, H2 could be also the moment in which this acquisition could happen. Then there are another couple of M&A on which we are at the point in which we have to draft the term sheet probably in order to start the process, to start rolling the ball.

Good afternoon. A couple of questions also from my side.

The first is on services. This quarter basically you report in slide 11 a negative trend in services, net of calendar effect.

I'm wondering if this reflects the fact that venues have been used for other purposes, and more in general, if you can comment on the trend in services in the quarter apart from that. Also on the companies that you have acquired, now they are consolidated, how were these first weeks, can you comment on their performance and expectations?

Thank you.

Thank you, Simonetta, for your question. Services performance has been affected basically I would resume by one exhibition.

We had a negative impact on BIT, and this is not related to our capability to deliver or the quality of what we deliver, but it was a kind of physiological impact because some of the regions that are exhibiting in BIT had to change by their internal rules the provider. We were not able to support and to provide our services, our stand fitting services, to some of the regions where we did last year this kind of activity.

We were expecting anyway to find substitutional clients and customers, but because of the performance of the exhibition that was not growing as we expected, probably also because of the presence of the Olympic Games in the first quarter, the services didn't reach the same results of last year. I would just highlight that it's mainly due by one exhibition, and the main reason is probably it's a kind of external impact, it's related to some constriction that the regions have in their purchasing process and their purchasing rules.

BIT clearly reached important results in 2025. 2025 was a record year for Fiera Milano, it's challenging, at least in this moment, in this context, considering what is happening in terms of geopolitical scenario and economic scenario, it's a little bit of challenge to grow in this moment compared to 2025.

We still see performances overall in line and slightly above last year, but this cannot be considered normal results if we do consider what is happening in the environment in which we are working. Speaking about Stipa, we are really excited about the positive impact that this company can bring to the group.

They are quite solid in the customized stand fitting industry. They have a big chunk of their revenues coming from abroad, because just to give you an idea, 30% of their revenues are generated or delivered in Europe mainly, in other venues.

I've been in Düsseldorf for Interpack, a major exhibition, just few days ago where Stipa built six stands in that exhibition. We really rely on the synergies that we for sure will create using this company and the assets of this company and the capability of this company to provide to our customers additional services, additional very high and very quality-driven services.

All in all, we expect during the year Stipa to bring to the group something like €15 million additional revenues with EBITDA margin in the region of 20%-plus.

Thank you.

Hello. Good afternoon to everybody and thank you for taking my question.

Very quickly, it's a more generic one, in the sense that you increased your sales guidance by something like, on average, €75 million looking at the midpoint, but you just increased your profitability guidance by €10 million. Let's say the increase in sales is much higher than the one in profitability.

Considering that the delta is likely, if I'm correct, due to the Olympics, which had a good profitability, I was wondering if you can comment on the mix underneath this kind of calculation indication. Thank you very much.

Yes, thank you for your question, Andrea. In terms of revenues, clearly the impacts of the Olympic Games was not part of our plan, but you have also to consider that we increased the guidance because of the acquisition of Expotrans, the acquisition of Stipa, and the acquisition of Made in Steel.

Looking at Expotrans and Stipa, clearly the contribution, the EBITDA margin that is attached to these two companies and the business they manage is not comparable to the one of the, let's say, standard business of Fiera Milano, in terms of organizing events or hosting events or hosting the congress business. This is the main reason why the increases in revenues is not bringing an increase in terms of EBITDA comparable or proportional to the increase in terms of revenues.

We are a little bit of changing the mix, at least and clearly when we speak about even years, this creates even more an impact in terms of possible dilution of the EBITDA margin, because we cannot rely on our biennial organized events, which are bringing a higher profitability or are increasing the weight of the organized events out of the total revenues. That's the main reason why we increased guidance in a less proportional way compared to the increase in terms of revenues.

Sorry, I forgot also to mention that we are consolidating now MiCo DMC within the integrational consolidation method, which again brings additional million in terms of revenues with a lower profitability because MiCo DMC has a different profitability and has a different EBITDA margin compared to the past. Again, this is creating again this kind of impact.

Okay. Thank you very much.

Yeah.

Thank you, everyone.