Italy · Delayed Price · Currency is EUR Fiera Milano Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 results with revenue up 39% and EBITDA up 57%, driven by strong organic growth, strategic acquisitions, and Olympic Games contracts. Guidance for 2026 remains prudent amid geopolitical uncertainties, with continued focus on diversification and ESG progress.
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Nine-month 2025 results showed robust growth, with revenue up 26%, EBITDA up 15%, and net profit up 10% year-over-year. Strong cash generation and a diversified portfolio support confidence in meeting the upper end of 2025 guidance, with positive momentum expected into 2026.
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H1 2025 saw 23% revenue growth, strong EBITDA, and robust cash generation, driven by organic expansion, strategic M&A, and a major Olympic contract. Upgraded 2025 guidance reflects confidence in continued growth despite macroeconomic uncertainties.
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Q1 2025 saw solid underlying growth despite a revenue drop from the absence of a major biennial event, with like-for-like revenue up 10% and strong cash generation. Guidance for 2025 is confirmed, excluding the Expotrans acquisition, which will add EUR 20 million revenue and EUR 1.2–1.3 million EBITDA for May–December.
Fiscal Year 2024
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2024 saw strong execution and exceeded expectations despite a challenging event calendar, with robust like-for-like growth, improved net cash, and a proposed dividend increase. 2025 guidance anticipates further revenue and EBITDA growth, supported by a rich event calendar and ongoing international expansion.
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Revenue and EBITDA grew 4% and 11% year-over-year, respectively, driven by strong exhibition, congress, and service performance, offsetting negative calendar effects. 2024 guidance was raised for revenue, EBITDA, and net cash, with ongoing M&A and potential for higher dividends.
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H1 2024 saw 9% revenue growth and 31% EBITDA increase, driven by strong exhibition, congress, and international performance, despite negative calendar effects. Upgraded 2024 guidance reflects confidence, though H2 faces a €50M calendar headwind.