Fiera Milano (FM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues nearly doubled year-over-year to €126.4 million, driven by Olympic-related activities, a favorable exhibition calendar, and recent acquisitions.

• EBITDA surged to €50.1 million (+316%), with net profit at €27.7 million, reversing a prior year loss.

• Major drivers included Mostra Convegno Expocomfort, Expotrans and Stipa acquisitions, and Olympic Games contracts.

• Congress business revenue rose to €18.9 million, supported by the Olympic media center contract.

• International profile enhanced by hosting CES Unveiled Milan and launching new events.

Financial highlights

• Revenues increased by €62.7 million year-over-year to €126.4 million in Q1 2026, mainly from Olympic events, Mostra Convegno Expocomfort, and acquisitions.

• EBITDA margin improved to 39.6% from 18.9% in Q1 2025.

• Net profit reached €27.7 million, up €30.9 million year-over-year.

• Operating cash flow was €25.4 million, but net free cash flow was negative due to €34 million in M&A outflows.

• Net financial position (pre-IFRS 16) stood at €145.1 million, reflecting strong cash generation and recent acquisitions.

Outlook and guidance

• 2026 revenue guidance upgraded to €380–400 million (from €305–325 million), and EBITDA to €100–110 million (from €90–100 million), reflecting strong Q1, Olympic contributions, and acquisitions.

• 2027 guidance: revenues €355–375 million, EBITDA €120–130 million, with margin ~34%.

• Seasonality expected to be less pronounced due to portfolio rebalancing and new events.

• Integration of Made in Steel and Stipa to continue, aiming for further synergies.

• No major negative impact from geopolitical or economic environment observed in KPIs or attendance.