Fiera Milano and Ieg, more events and activities abroad to grow

The first 'White Paper on the Italian trade fair system' edited by Aefi - Prometeia outlined a sector fourth in size worldwide (after China, the USA and Germany), with an annual turnover of 4 billion and 17,000 employees, including congress activities. There are three trade fairs listed on the Stock Exchange and, in particular, two at Euronext Milan: Fiera Milano and Italian Exhibition Group.

In the first quarter of 2025, Fiera Milano was affected by a quarterly seasonality effect (the first quarter of odd-numbered years is the least favourable of the financial year) and, in fact, revenues fell by 12% to 63.7 million, ebitda by 53.1% to 12.1 million, and it went from a net profit of 7.7 million to a net loss of 3.3 million. But these figures actually have to be compared with those of the same seasonally adjusted period (Q1 2023), which had seen a turnover of 48.1 million, an ebitda of 8.9 million and a net loss of 8.1 million. Consequently, there was a considerable improvement. Italian Exhibition Group, in Q1 2025, on the other hand, saw turnover rise by 15.7% to €102.8 million (+7.6% on a like-for-like basis) and ebitda by 11.4% to €38.1 million, while net profit fell by 7.8% to €21.5 million due to a tax rate that rose from 19.7% to 33% as a result of the non-utilisation of tax losses carried forward.

Both exhibition groups are implementing their medium-term business plans and have confirmed their respective guidance for the financial year 2025. Fiera Milano indicated revenues between 320 and 340 million, an ebitda between 110 and 120 million and a net financial position (before IFRS 16 effects) between 100 and 110 million. The year 2025, as an odd numbered year, will overall show a favourable seasonality for the group with the presence of some important biennial exhibitions such as Host, Sicurezza and Made and the multi-year exhibition Ipack Ima. On the other hand, Italian Exhibition Group has indicated for 2025 a turnover on a like-for-like basis and net of the exchange rate effect of between Euro 253 and 258 million and an operating margin of between Euro 63 and 67 million. It should be remembered that in this case 2025 is a year of unfavourable seasonality due to the exhibition calendar.

The two groups are thus trying as far as possible to "deseasonalise" their results by acquiring new events, expanding their presence abroad and strengthening their presence in the congress sector. Italian Exhibition Group has also launched a major programme to expand the exhibition venues in Rimini and Vicenza, while Fiera Milano is aiming at diversification in the entertainment events sector (cultural, sporting and musical) and the provision of innovative and digital services.