Italy · Delayed Price · Currency is EUR Fiera Milano Earnings Call Transcripts
Fiscal Year 2026
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Revenue and profitability surged in H1 2026, driven by acquisitions, Olympic activities, and a strong event calendar. Guidance for full-year revenue and EBITDA is confirmed, with continued focus on international expansion and ESG leadership.
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Q1 2026 delivered nearly doubled revenues and a 316% EBITDA increase, driven by a favorable calendar, acquisitions, and Olympic contracts. Guidance for 2026 was raised, with strong cash generation supporting further M&A and robust performance across core segments.
Fiscal Year 2025
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Record 2025 results with revenue up 39% and EBITDA up 57%, exceeding guidance even without M&A and Olympic impacts. Four strategic acquisitions and strong cash generation support growth, while prudent 2026 guidance reflects macro uncertainties.
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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, driven by a diversified portfolio and strong performance in Congress and Services segments. Guidance for 2025 is confirmed at the upper end of the range.
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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 results exceeded expectations despite a challenging biennial calendar, with strong like-for-like growth, robust international and congress performance, and a proposed dividend increase. 2025 guidance anticipates further revenue and EBITDA growth, supported by a rich event calendar and ongoing strategic initiatives.
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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.