ITALIAN EXHIBITION GROUP THE BOARD OF DIRECTORS APPROVES THE HALF-YEARLY FINANCIAL REPORT AS AT 30 JUNE 2025
- Revenues at €149.3 million, +13.2% compared to the first half of 2024
- Adjusted EBITDA at €39.2 million, +8.8% compared to the first half of 2024
- Adjusted EBIT at €29.1 million, +4.8% compared to the first half of 2024
- Monetary Net Financial Position at €48.4 million
The Board of Directors of Italian Exhibition Group S.p.A. (“IEG” or the “Group”) a leading company in Italy in the organisation of International trade fair events and a listed company at Euronext Milan of Borsa Italiana S.p.A., today approved the half-yearly financial report as at 30 June 2025.
The Chief Executive Officer of the IEG Group, Corrado Arturo Peraboni, commented: “The results of the first half of the year, which reveal growth in all the main economic indicators and business KPI, once again underline the validity of IEG’s strategic choices and its ability to generate value for its stakeholders.
These results were achieved thanks to our core products in the organised events segment, such as VicenzaOro, Sigep and RiminiWellness, the launch of our first fitness event in Saudi Arabia, organised by IEG Arabia, and two new events in Brazil.
The robust growth recorded in the first half year is also the result of our activities in the conference sector (+45% YoY) which among other things saw us awarded the management of the Palazzo dei Congressi e degli Eventi in Fiuggi, with which we will be able to expand our geographical offering to our customers, as well as the International Federation of Adapted Physical Activity (IFAPA) congress which will be held in Rimini in 2029.
IEG continued its acquisitions strategy in this first part of the year, completing no less than four strategic deals that will allow us to expand our product portfolio in high-potential segments or geographical locations, complete our integrated offer with new services, and launch partnerships that will lay the foundations for potential future collaborations.
In Brazil, we acquired a majority stake in Fenagra, the International Agribusiness and Animal Nutrition Trade Fair. In Italy, we acquired 51% of Movestro S.r.l., organiser of the Italian Bike Festival, and, in July, 35% of Emac S.r.l., organiser of Milano Auto Classica and co-organiser, together with IEG, of the Vicenza Classic Car Show, in partnership with Fiera Milano.
Back at the start of the year, meanwhile, we expanded the Services segment with the acquisition of Immaginazione S.r.l.. Lastly, we also received an important acknowledgment in the form of the UFI Digital Innovation Award, which strengthens our resolve to create increasingly smart and connected experiences for our customers and stakeholders, in line with our mission to act as a Community Catalyst.
We look to the future with optimism and, thanks to the results we have achieved so far and a solid backlog, we confirm the guidance for the current financial year and are busy working on our new targets, which will form the focus of the next update of our Strategic Plan.”
FINANCIAL HIGHLIGHTS OF THE PERIOD
30.06.2025 % of Revenues 30.06.2024 % of Revenues Variation Var. %
Revenues 149,322 100.0% 131,897 100.0% 17,425 13.2%
Adjusted gross operating margin (EBITDA) 39,196 26.2% 36,036 27.3% 3,160 8.8%
Adjusted operating income (EBIT) 29,144 19.5% 27,801 21.1% 1,343 4.8%
Earning Before Taxes 26,014 17,4% 23,620 17,9% 2,394 10.1%
Profit/(loss) for the period 16,977 11.4% 20,115 15.3% (3,139) -15.6%
Net Financial Position (NFP) (111,003) (87,757) (23,246) 26.5%
Monetary Net Financial Position (48,372) (43,474) (4,899) 11.3%
The Group closed the first half of 2025 with Revenues of 149.3 million euros, an increase of 17.4 million euros (+13.2%) compared to the 131.9 million euros recorded in the same period of the previous year despite some events in Asia and the United States being postponed to the second half of the year. Growth continues to be driven by the development of the flagship events in the organised events business line to the tune of around 11.3 million euros, as well as by the conference division, which contributes 4.4 million euros to revenue growth. The change in the scope of consolidation following the acquisitions contributed an incremental turnover of around 3.8 million euros in the first half.
Adjusted EBITDA amounted to 39.2 million euros, an improvement of 3.2 million euros (+8.8%) compared to 30 June 2024 when the Group recorded a gross operating margin of 36.0 million euros. The Adjusted EBITDA margin was 26.2% of turnover, as compared to 27.3% as at 30 June 2024, and was affected by a less favourable sales mix and higher structural management costs.
Adjusted EBIT totalled 29.1 million euros, an increase of 1.3 million euros compared to the first half of 2024, and amounted to 19.5% of turnover as compared to 21.1% in the first half of 2024 due to the higher depreciation and amortisation related to the temporary pavilions installed pending completion of the expansion work on the venues.
The Group closed the period with a Profit of 17.0 million euros, compared to 20.1 million euros as at 30 June 2024, absorbing a higher tax burden of 5.5 million euros due to the normalisation of the tax rate
which went from 15% in the first half of 2024 to 34% in the first half of 2025.
With regard to the Group’s only operating segment, i.e. the “Organisation of trade fairs, events and related services”, the following table shows revenue figures broken down by business line:
30.06.2025 % 30.06.2024 % Variation Var. %
Organised Events 86,880 58% 75,630 57% 11,251 15%
Hosted Events 3,505 2% 3,486 3% 19 1%
Conference Events 14,191 10% 9,757 7% 4,434 45%
Related Services 42,195 28% 40,809 31% 1,386 3%
Publishing, Sporting Events, Other Activities 2,550 2% 2,215 2% 335 15%
TOTAL REVENUES 149,322 100% 131,897 100% 17,425 13%
Revenues from the ‘Organised Events’ business line, which represented 58% of the Group’s turnover as at 30 June 2025, came to 86.9 million euros, an increase of 11.3 million euros compared to the same period the previous year. The incremental change in turnover of 9.8 million euros was mainly driven by the development of the core events in the portfolio, including “KEY – The Energy Transition Expo” and “Sigep World” in the first quarter and “Rimini Wellness” in the second quarter. Turnover for the first half of 2025 also benefited from the inclusion in the scope of consolidation of newly-acquired company Palakiss S.r.l., an international goldsmith centre that organises quarterly trade fair events in Vicenza, two of which concurrent with “VicenzaOro”, and from the positive performance of events organised abroad, particularly InfraFM and Smart City in Brazil.
Hosted Events recorded total revenues of 3.5 million euros, substantially in line with the previous half year.
The Conference Events hosted in the first half of 2025 posted revenues of 14.2 million euros, compared to 9.8 million euros as at 30 June 2024, benefiting at the same time from the wider coverage of the calendar as well as the overall increase in participation rates at the events themselves.
Revenues from Related Services amounted to 42.2 million euros (40.8 million euros as at 30 June 2024), an increase of 1.4 million euros compared to the same period of the previous financial period despite some events being postponed to the second half of 2025.
Growth in the period was both organic, to the tune of 1.6 million euros, and related to the change in the scope of consolidation with the contribution of the newly acquired Immaginazione S.r.l., to the tune of 1.7 million euros.
Publishing, Sporting Events and Other Activities, through the publishing activities carried out in the Tourism (TTG Italia and HotelMag) and Goldsmith (VO+ and Trendvision) sectors, the sports events and other residual revenues, recorded total revenues for the period of 2.6 million euros, an increase of 0.3 million euros compared to 30 June 2024, with the “Ginnastica in Festa – Summer Edition” event compensating for the absence of the “European Artistic Gymnastics Championships” hosted in Rimini in June 2024.
Operating Costs as at 30 June 2025 amounted to 83.4 million euros (73.4 million euros as at 30 June 2024), largely stable over the two periods in terms of their percentage of turnover at 55.9% (55.6% as at 30 June 2024).
The Contribution Margin recorded in the first half of 2025 amounted to 65.9 million euros, an increase of
7.4 million euros compared to the first half of 2024 (58.5 million euros) and was equal to 44.1% of revenue, largely in line with the previous year (44.4% as at 30 June 2024).
Labour costs as at 30 June 2025 amounted to 27.0 million euros, an increase of 3.2 million euros compared to the same period of the previous year when they came to 23.8 million euros. As a percentage of turnover they remained stable over the two periods at 18.1%. The change in the period is attributable for around 1.2 million euros to the change in the scope of consolidation, for around 1.0 million euros to growth in size of the workforce, and for around 1.1 million euros to updated remuneration policies.
Adjusted EBITDA amounted to 39.2 million euros, an improvement of 3.2 million euros compared to the same period of 2024 when it amounted to 36.0 million euros. The Adjusted EBITDA Margin at 30 June 2025 stood at 26.2% of revenue, compared to 27.3% at the end of the first half of 2024. Margins were affected by a less favourable sales mix and higher structural management costs.
The Group’s Adjusted EBIT at 30 June 2025 stood at 29.1 million euros, an improvement of 1.3 million euros compared to the first half of 2024, with a percentage profitability of 19.5%, up 21.1% compared with the same period of 2024. The Adjusted EBIT Margin as at 30 June 2025 was affected by the higher depreciation and amortisation related to the temporary pavilions installed in addition to the trade fair spaces pending completion of the expansion work on the venues.
Financial Operations as at 30 June 2025 amounted to 2.8 million euros, largely in line with the first half of 2024.
Earning Before Taxes as at 30 June 2025 was 26.0 million euros, an improvement of 2.4 million euros compared to 30 June 2024.
Income taxes amounted to 9.0 million euros with a tax rate of 34%, compared to 15% in the first half of 2024, when the tax estimate benefitted from the utilisation of tax losses carried forward.
The Group Result for the Period amounted to 17.0 million euros, compared with 20.1 million euros as at 30 June 2024.
Net Invested Capital came to 250.5 million euros (201.3 million euros as at 31 December 2024), an increase of 49.3 million euros mainly due to the trend of net working capital, which varied by 35.6 million euros, and the 14.0 million euros increase in fixed assets.
Fixed Assets, 299.6 million euros as at 30 June 2025, increased by 14.0 million euros mainly due to the recognition of goodwill related to the M&A transactions concluded during the half year for 12.6 million euros.
The negative Net Working Capital of 40.5 million euros as at 30 June 2025 recorded a change of 35.6 million euros due to the seasonal nature of the business, which impacts the second and third quarters of the year, resulting in the re-absorption of advances for events already hosted, which is greater, in this part of the year, than the recording of the same on events yet to be hosted.
The Group’s Net Financial Position as at 30 June 2025 was 111.0 million euros, a change of 48.8 million euros compared to 31 December 2024 when it was 62.2 million euros and 23.3 million euros compared to 30 June 2024 when its NFP was 87.8 million euros.
UARTERLY RESULTS
Q2 2025 % of Revenues Q2 2024 % of Revenues Variation Var. %
Revenues 46,498 100.0% 43,030 100.0% 3,468 8.1%
Adjusted gross operating margin (EBITDA) 1,045 2.2% 1,734 4.0% (689) -39.8%
Adjusted operating income (EBIT) (4,167) -9.0% (2,247) -5.2% (1,920) 85.5%
Earning Before Taxes (6,060) -13.0% (5.,411) -12.6% (649) 12.0%
Proft/(Loss) for the quarter (4,499) -9.7% (3,187) -7.4% (1,312) 41.2%
The second quarter of 2025 showed an increase in Revenues compared to the same period of the previous year of 3.5 million euros, of which 2.8 million euros due to changes in the scope of consolidation following the consolidation of the newly acquired Immaginazione S.r.l., for the Related Services business line, while, as regards the Organised Events line, revenues from Smart City Business and InfraFM, both of which held in Brazil and main focusing on the facility management sector, were recorded for the first time this quarter. Organic growth in the quarter amounted to 5.1 million euros, 2 million euros in the Organised Events line, 1.9 million euros in the Conference Events line and 1.3 million euros in the Related Services line, while the effects of the calendar led to a total reduction of 3.8 million euros compared to the second quarter of 2024.
Adjusted EBITDA for the quarter, which amounted to 1.0 million euros (2.2% of Revenues), was impacted by the sales mix underlying the growth in revenues which, as mentioned in the previous section, strengthened the conference and related services lines, and a higher percentage of structural management costs.
Adjusted EBIT amounted to a loss of 4.2 million euros, a decrease of 1.9 million euros, due to higher depreciation and amortisation related to the temporary pavilions installed in addition to the trade fair spaces pending completion of the expansion work on the venues.
The Group Result for the second quarter of 2025 was -4.5 million euros, a decrease of 1.3 million euros compared to the -3.2 million euros at the end of the second quarter of 2024.
SIGNIFICANT EVENTS OF THE PERIOD
Governance
On 7 January 2025, independent director Valentina Ridolfi resigned her position following her appointment as Councillor of Rimini City Council.
On 23 January 2025, the Board of Directors of IEG S.p.A. appointed Ms. Laura Vici Chairperson of the Remuneration, Nomination and Sustainability Committee, replacing Ms. Valentina Ridolfi.
On 23 January 2025, the Board of Directors of IEG S.p.A. also appointed Samanta Savorani as an additional member of the Supervisory Board already set up on 29 April 2024.
On 18 February 2025, Ms. Meris Montemaggi tendered her resignation as Alternate Auditor.
The IEG S.p.A. Shareholders Meeting of 29 April 2025 confirmed the appointment of director Ms. Meris Montemaggi, already co-opted by the Board of Directors on 27 March 2025, and resolved to appoint Mr. Paolo Gasperoni as Alternate Auditor, in order to replenish the composition of the Board of Statutory Auditors, envisaging that he will remain in office until the expiry of the terms of the other auditors currently serving and, therefore, until the date of the Shareholders’ Meeting called to approve the financial statements for the year ending 31 December 2025.
The Board of Directors, on the basis of the statement made by Ms. Meris Montemaggi and the information available to the Company, also verified that she meets the requirements of the law and the Corporate Governance Code – to which the Company adheres
– including those regarding independence. As far as the Company is aware, Ms. Meris Montemaggi does not hold any shares in the Company.
Acquisitions
On 28 February 2025, an investment agreement was signed, through subsidiary Prostand S.r.l., for the acquisition of a majority stake equal to 51% of the share capital of Immaginazione S.r.l., a company that operates in the area of the graphic design, planning and construction of exhibition and conference fittings, as part of the vertical integration of stand-fitting services. The consideration for the transaction was 3.6 million euros, settled with equity.
The investment agreement also includes options (put and call) for the purchase of the minority share.
On 1 April 2024, an agreement was signed through the subsidiary IEG Brasil Eventos Ltda for the acquisition of 51% of the capital of the company DG Eventos e Editora Ltda for a consideration of approximately 2.0 million euros, settled with equity. The investment agreement also includes options (put and call) for the purchase of the minority share.
DG Eventos Ltda is the organiser of “Fenagra” – the International Agribusiness Feed & Food Fair, active in the agribusiness, animal nutrition and oils and fats sectors. The acquisition represents a further step in the strategic direction of developing and diversifying the international product portfolio.
On 12 June 2025, the Company signed an agreement to acquire 51% of the capital of Movestro S.r.l. for a consideration of approximately 6.6 million euros, settled with its own funds.
The investment agreement also includes options (put and call) for the purchase of the minority share to be exercised as of the fifth year following the closing.
Movestro S.r.l. is the company that organises the Italian Bike Festival, which brings together more than 600 brands in the bike and sustainable mobility sector and will be held for the eighth time in September.
Other events
The Shareholders’ Meeting of IEG S.p.A., held on 29 April 2025, approved the financial statements for the year ended 31 December 2024 as well as the distribution of a gross dividend of 0.20 euros, for a total amount of 6.1 million euros.
EVENTS FOLLOWING THE END OF THE PERIOD
Acquisitions
On 18 July 2025, the Company and Fiera Milano acquired from Mosaico Capital S.r.l. 70% of the capital of EMAC S.r.l., a company specialised in the organisation of trade fair events for the classic car industry and in particular “Milano Auto Classica”, held in November at the Fiera Milano Rho exhibition centre, and the “Vicenza Classic Car Show”, held in March at the Vicenza expo centre.
The new shareholding structure will therefore see Fiera Milano and IEG each hold a 35% interest, guaranteeing the synergic and strategic management of the two events.
The consideration paid upon the finalisation of this transaction amounted to 0.7 million euros, settled with equity.
On 14 July 2025, the Company was awarded, by winning the tender published by the Municipal Administration, the administrative concession of Palazzo dei Congressi e degli Eventi in Fiuggi for a duration of 10 years from the signing of the contract. This operation will provide the Group with an additional conference venue located in central Italy near Rome, expanding the offering of the division.
