Significant growth in the first half of 2024: revenues up by +9% and ebitda up by +31% compared to the first half of 2023
Fiera Milano, listed on Euronext STAR Milan, is a leader in Italy and one of the world’s main integrated operators in the trade fair and congress sector. It closed the first six months of 2024 with consolidated revenues of 144.4 million euros, an increase of 12.2 million euros compared to the first six months of 2023.
During this period, 37 trade fairs took place (22 in Italy and 15 abroad, 24 directly organized and 13 hosted), along with 67 congress events (26 with an annexed exhibition area), totaling 836,415 square meters occupied.
Revenues from the Italian Exhibition Activities division in the first six months of the year were 119.4 million euros, showing an increase of 9.2 million euros compared to the first half of 2023.
The positive change in revenues is mainly linked to the strong general performance of annual exhibitions and congress activities, both in terms of larger exhibition areas occupied and increased sales of services provided.
"In the first six months of 2024, the Fiera Milano Group recorded increased revenues and EBITDA, and a significantly improved net profit from continuing operations compared to 2023. The main events on the calendar for the semester performed excellently. The congresses recorded positive results that exceeded expectations, forecasting double-digit growth for 2024 compared to the previous year," commented Francesco Conci, CEO and General Manager of Fiera Milano.
The consolidated EBITDA for the semester amounted to 54.6 million euros (41.6 million euros in the same period of 2023). The EBITDA Margin % increased from 31.5% in the first half of 2023 to 37.8% in the first half of 2024, also thanks to efficient cost management.
Financial management reported a negative balance of 3.8 million euros compared to a negative value of 5.1 million euros in 2023.
The net result for the period from continuing operations was 22.6 million euros (an increase of 13.4 million euros compared to 9.2 million euros in the first half of 2023), while the net result for the period from discontinued operations decreased compared to the previous year because 2023 included a non-recurring capital gain of 16.5 million euros from the Tuttofood operation. The net result for the period was a profit of 22.6 million euros compared to a profit of 25.7 million euros in the first half of 2023.
Net financial debt as of June 30, 2024, excluding IFRS 16 lease liabilities, showed net financial availability of 63.6 million euros compared to net financial availability of 80.9 million euros as of December 31, 2023.
CEO Francesco Conci highlighted the start of the new entertainment business outlined in the 2024-2027 Strategic Plan: "In the second half of the semester, the international concert series, called Fiera Milano Live, began in the open-air arena of the exhibition center in Rho. The first concerts were attended by over 150,000 people. In line with the plan, Fiera Milano continues its commitment to expanding its congress activities to attract new international conferences to Milan."
In the second half of 2024, the Group will continue executing the growth strategy outlined in the 2024-2027 Strategic Plan, focusing its efforts on four key strategic dimensions: strengthening the exhibition portfolio, expanding congress activities, transforming into an integrated service provider, and developing the entertainment business.
Sustainability is also at the heart of Fiera Milano's strategic vision: an integrated sustainability proposition in its business model now becomes a qualifying criterion for attracting and hosting major itinerant events, positioning itself as a distinctive competitive advantage in the international events landscape.
During the semester, the company obtained ISO 14001 Environmental Certification, confirming the Group’s strong interest in reducing the environmental impact of its events and their complete decarbonization by 2050.
Also, in this area, Fiera Milano inaugurated one of Italy’s largest and most powerful rooftop photovoltaic systems and one of the top 10 in the world, located on the roofs of the exhibition center in Rho, in the first half of 2024. It won first place in the 2024 ESG Identity Corporate Index in the category of medium-sized Italian companies listed on the stock exchange and received the 2024 Industry Partner Award for the innovative project of low-impact sustainable installations made entirely from carpet recycled from previous events, aiming to guide the choices of organizers and exhibitors towards more sustainable installation solutions, in the spirit of the circular economy.