FIERA MILANO: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AT 30 JUNE 2022

FIERA MILANO: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AT 30 JUNE 2022

VERY POSITIVE RESULTS IN THE FIRST HALF OF 2022. RECOVERY OF THE EXHIBITION INDUSTRY AND A GRADUAL RETURN TO PRE-PANDEMIC LEVELS

• Revenues of Euro 116.2 million, an increase of Euro 111.6 million compared to the first half of 2021
• EBITDA of Euro 39.5 million, an improvement of Euro 62.5 million compared to the first half of 2021
• EBIT of Euro 15.8 million, an improvement of Euro 61.1 million compared to the first half of 2021
• Net profit of Euro 5.3 million, an improvement of Euro 29.9 million compared to the first half of 2021
• Net Financial Position before IFRS 16 effects: net cash of Euro 55.6 million at 30 June 2022, an improvement compared to a net cash of Euro 47.3 million as of 31 December 2021

EBITDA GUIDANCE FOR 2022 CONFIRMED IN THE RANGE OF EURO 40-50 MILLION

NEGOTIATIONS CONTINUE WITH FIERE DI PARMA FOR THE CREATION OF A EUROPEAN EXHIBITION PLATFORM IN THE AGRI-FOOD SECTOR

CONFIDENTIALITY AGREEMENT SIGNED WITH FIRENZE FIERA FOR A STRATEGIC PARTNERSHIP

FIERA MILANO ON THE PODIUM OF THE INTEGRATED GOVERNANCE INDEX, AWARDED ESG IDENTITY TOP PERFORMER

RESIGNATION OF TWO INDEPENDENT DIRECTORS

Milan, 27 July 2022 - The Board of Directors of Fiera Milano S.p.A. ("Fiera Milano" and/or the "Company"), leader in Italy and one of the main integrated operators worldwide in the exhibition and congress industry, today approved the results as of 30 June 2022.

Luca Palermo, Chief Executive Officer and General Manager of Fiera Milano, commented: The very positive results of the first half of 2022 confirm that the exhibition indutry is gradually returning to pre-pandemiclevels faster than expected and continues to play a crucial role in the competitiveness of Italian industry and the growth of the country's productive fabric. Results were beyond expectations for the 60th edition of the Salone del Mobile with more than 260,000 attendees, 2,175 brands and visitors from 173 different countries, demonstrating that the sector's recovery is now well underway after overcoming a period of slowdown due to the pandemic. To support the growth of the sector, it is also important to mention the support received from the government with the approval of incentives to encourage the participation of Italian companies in international exhibitions organised in Italy. At a systemic level, this half-yearhas highlighted the importance of building synergy with the entire supply chain, and we have seen this with the success of The Innovation Alliance, which has brought together the entire mechanical engineering supply chain with Ipack-Ima,Print4All, GreenPlast and Intralogistica Italia, a model that has proved sound from an industry point of view and has been welcomed by operators, generating significant value for the entire supply chain. Our ambition is to create a system of coordinated Italian exhibitions that maintains the focus on the country but becomes stronger and more attractive to foreign operators. It is as part of this vision that we are looking for strategic

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partnerships with other industry players, with the aim of strengthening our joint international positioning in strategic supply chains.

HALF-YEAR RESULTS

In the first six months of 2022, consolidated Revenues amounted to Euro 116.2 million, an increase of Euro 111.6 million compared to the first half of 2021. A total of 31 exhibitions were held, occupying 703,800 square metres of exhibition space.

It is noted that the Group's business has seasonal elements due to exhibitions that are held on a biennial or multi- year basis. Moreover, the results for the first half of 2022 are compared with the first half of 2021, which was affected by the suspension of activities in Italy following the Covid-19 pandemic. As a result, the Group's financial information has limited temporal comparability of its financial results both on an annual and interim basis.

Revenues (in millions of Euro)	H1 2021	H1 2022
Italian Exhibitions Business	2.9	100.8
Foreign Exhibitions Business	0.1	2.4
Congresses	1.2	18.0
Media1	0.9	-
Intercompany elisions	(0.5)	(5.0)
Consolidated Revenues	4.6	116.2
No. exhibitions	5	31
Square metres (in m2)	87,755	703,800

1. In 2022, following the disposal of the "publishing headings" business unit, the activities relating to the Media sector were integrated into the Italian Exhibition Business.

Revenues of the Italian Exhibitions Business amounted to Euro 100.8 million, an increase of Euro 97.9 million compared to 2021.

In the early months of the year, Fiera Milano decided - in agreement with the organisers - to reschedule a number of exhibitions, postponing them to later periods within the first half of the year so that they could be more appropriately positioned and, above all, were not adversely affected by the rising infection rate due to the public health emergency still ongoing mainly in January.

In February, Milano Unica hosted over 3,600 buyers (with a 35% growth in foreign attendance). This was followed by Lineapelle, the international exhibition for leather and accessories and the entire world of tanning, which welcomed more than 13,000 trade visitors. In March, fashion, again with accessories, was the focus in the pavilions of Fiera Milano. HOMI Fashion&Jewels (bijoux and jewellery), an event directly organised by Fiera Milano, together with Micam (footwear), Mipel (leather goods) and TheOne Milano (high-end women's prêt-à-porter) proved their international appeal by hosting some 30,000 trade visitors and buyers equally divided between Italy and abroad.

The strategic rescheduling decision proved to be a wise one, as already by April the rescheduled BIT- Borsa Internazionale del Turismo was performing better in terms of exhibitors and visitors than expected. There were also excellent results for the 26th edition of Miart, the international modern and contemporary art fair in Milan, which this year hosted more than 150 galleries from 20 countries. The 50th edition of MIDO (eyewear) also exceeded expectations with 22,000 visitors from over 50 countries.

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Exhibitions on the calendar for May occupied the exhibition centres for 19 days with a turnover that saw the Fiera Milano pavilions occupied, including with simultaneous exhibitions, for a total number of 34 exhibition days. Starting with The Innovation Alliance (which brought together the entire mechanical engineering supply chain with Ipack- Ima, Print4All, GreenPlast and Intralogistica Italia), which was attended by more than 90,000 professionals from 125 countries. This was followed by Transpotec Logitec, Italy's leading event for logistics and road transport, which closed with over 25,000 trade visitors. Finally, Venditalia (vending machines) also reported positive results, with 20,000 visitors, a number that matched the pre-pandemic 2018 edition; and Lamiera, the international exhibition of machine tools for sheet metal forming and related technologies, which registered over 19,000 entries.

June saw the return of the Salone del Mobile, in its traditional version, with more than 2,000 exhibitors. A success exceeding expectations, with over 262,000 visitors in six days from 173 countries. The half-year ended with MCE Mostra Convegno Expocomfort, reconfirming itself after 4 years of absence, due to the pandemic, as the sector's reference event with over 1,500 exhibitors and more than 90,000 visitors (more than a third from abroad).

		Italian Exhibitions Business		Industry		Net square meters		Number of exhibitors
						H1 2021		H1 2022		H1 2021		H1 2022
		BIT - International Tourism Exchange		Tourism		a)		15,610		175		200
		Chibimart (summer)		Bijoux and jewellery		b)		2,765		b)		75
		Miart		Art		b)		8,145		b)		170
		SposaItalia		Wedding dresses		5,965		7,445		70		90
		HOMI		Home décor		b)		10,955		b)		225
		HOMI Fashion&Jewels (1st half-year)		Bijoux		c)		9,400		c)		365
		Promotion Trade Exhibition		Promotional products		b)		3,520		b)		85
		Transpotec & Logitec (BIENNIAL)		Transport and logistics		-		52,880		-		220
		Print4all (MULTI-ANNUAL)		Printing		-		11,960		-		180
		Tot. directly organised exhibitions				5,965		122,680		245		1,610
		LineaPelle (I semester)		Leather goods		c)		38,635		c)		950
		Mido		Eyewear		c)		28,505		c)		655
		Milano Unica (spring)		Clothing		c)		18,850		c)		385
		Mipel (March)		Leather goods and		c)		3,200		c)		110
			accessories
		My Plant & garden		Agriculture/ animal		c)		23,640		c)		565
			husbandry
		Fa' la cosa giusta		Sustainability		c)		12,000		c)		500
		Salone del mobile		Design		b)		154,450		b)		910
		Filo (1st half-year) *		Textiles		-		1,810		-		90
		The Micam (spring)		Footwear		c)		30,165		c)		630
		The ONE Milano (February)		Clothing		c)		3,715		c)		65
		Eurocucina (BIENNAL)		Kitchen furniture		-		29,095		-		80
		Lamiera (BIENNAL)		Sheet metal processing		-		18,990		-		250
				Air conditioning,
		Mostra Convegno Expocomfort (BIENNAL)		refrigeration, water		-		77,740		-		1,330
			treatment and heating
				installation
		Venditalia (BIENNAL)		Vending machines		-		14,015		-		265
		Salone del Bagno (BIENNAL)		Bathroom furniture/fittings				17,980				125
		Workplace 3.0 (BIENNALE)		Working environments		-		2,555		-		25
		Intralogistics (MULTI-ANNUAL)		Logistics		-		3,575		-		85
		Ipack-Ima(MULTI-ANNUAL)		Packaging		-		52,475		-		894
		Greenplast (MULTI-ANNUAL)		Plastics		-		5,140		-		145

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Tot. hosted exhibitions		536,535		8,059
TOTAL EXHIBITIONS	5,965	659,215	245	9,669
Congresses with related exhibition space		30,785		1,990
TOTAL	5,965	690,000	245	11,659

• the exhibition was held for the first time a) The exhibition took place in digital form
  b) The exhibition took place in the following quarters c) The exhibition did not take place

Revenues of the Foreign Exhibitions Business amounted to Euro 2.4 million, recording an increase of Euro 2.3 million compared to 2021. The increase is mainly due to the presence of the Exposec exhibition in Brazil, an event dedicated to the world of security that brought together 800 exhibiting brands and over 48,800 visitors, and the contemporary art exhibition ICTAF (Investec Cape Town Art Fair) organised by the South African subsidiary. Please note that for both exhibitions, revenues for the first half of 2022 are compared with the first half of 2021, which was impacted by the suspension of the exhibitions due to the Covid-19 pandemic. As regards other activities abroad, exhibition activities in China are at a standstill due to the country's lockdown following the development of the Covid- 19 pandemic. The Company is closely monitoring the evolution of the health emergency in the city of Shanghai, which has been in total lockdown since 5 April 2022 due to the surge in infections caused by the Omicron variant.

		Foreign Exhibitions Business		Industry		Net square meters	Number of exhibitors
						H1 2021	H1 2022	H1 2021	H1 2022
		Chengdu International Industry Fair		Metal processing		12,345	b)	305	b)
		Chinafloor Domotex Shanghai °		Flooring		51,070	b)	990	b)
		Let China Guangzhou		Logistics		9,935	b)	330	b)
		Metal + Metallurgy		Metallurgy		3,430	b)	40	b)
		Tot. CHINA				76,780		1,665
		Cape Town Art Fair		Art		a)	2,540	a)	80
		Tot. SOUTH AFRICA					2,540		80
		Ecoenergy		Renewables		a)	270	a)	15
		Exposec		Safety		a)	10,990	a)	200
		Tot. BRAZIL					11,260		215
		TOTAL				76,780	13,800	1,665	295

• The exhibition was organised in partnership a) The exhibition did not take place
  b) The exhibition took place/will take place in the following quarters

The Revenues of the Congress business amounted to Euro 18.0 million, an increase of Euro 16.8 million compared to 2021. The positive increase is attributable to the restart of congress activity and compares with the first half of 2021, which was affected by the suspension of congresses following the Covid-19 pandemic. The main congress events held were the Salone del Risparmio, Sales Force, World of Coffee, ESA - European Congress of Anaesthesia, ECE - European Congress of Endocrinology and EAS - European Congress on Atherosclerosis, in addition to corporate events such as the Allianz Bank Convention, Banca Generali Convention and Azimut Convention.

In total, more than 30 conference events were held in the first half of the year (including 19 events relating to conventions with related exhibition areas).

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The insurance and financial group Allianz has signed a nine-year agreement with Fiera Milano Congressi to acquire the naming rights for the congress centre in Piazzale Carlo Magno in Milan, which has been renamed Allianz MiCo. The new partnership gives the MiCo-Milano Convention Centre, Europe's largest congress centre with 65 halls and 50,000 square metres of exhibition space, even greater international appeal thanks to the strength of the Allianz brand, the leading insurance brand among groups operating globally in financial services.

Consolidated EBITDA for the first six months of 2022 amounted to Euro 39.5 million, an improvement of Euro 62.5 million compared to the first half of 2021. The positive change mainly reflects the positive trend in revenues. In relation to the exhibition sector, this effect was partially offset by the presence in the same half-year of 2021 of the benefit deriving from the activation of the Salary Integration Fund (FIS), as well as from the result of the joint venture held jointly with the Deutsche MESSE AG, which did not hold any exhibitions in China during the period under review.

EBITDA (in millions of Euro)	H1 2021	H1 2022
Italian Exhibitions Business	(20.4)	35.2
Foreign Exhibitions Business	(0.5)	(0.7)
Congresses	(1.3)	5.0
Media1	(0.8)	-
Consolidated EBITDA	(23.0)	39.5

1. In 2022, following the disposal of the "publishing headings" business unit, the activities relating to the Media sector were integrated into the Italian Exhibition Business.

EBIT for the half-year amounted to Euro 15.8 million compared to Euro -45.3 million in the first half of 2021. The increase of Euro 61.1 million reflects the trend in EBITDA.

Net Profit amounted to Euro 5.3 million compared to a loss of Euro -24.6 million in the first half of 2021.

Financial debt, not including IFRS 16 lease liabilities, shows a net cash at 30 June 2022 of Euro 55.6 million, compared to a net cash of Euro 47.3 million at 31 December 2021. The improvement of Euro 8.2 million is mainly attributable to the cash generation related to operating activities in the half-year. The repayment of loans in the amount of Euro 10.0 million is also noted.

Net Financial Debt (cash) (in millions of Euro)	As at 31/12/2021	As at 30/6/2022
Net Financial Debt (cash)	(47.3)	(55.6)

BUSINESS OUTLOOK

In the early months of 2022, the economy showed a widespread slowdown in the major countries after a very dynamic 2021, with the Russian-Ukrainian conflict exacerbating existing critical issues: accelerating inflation, obstacles to the functioning of value chains, further increases in energy and food commodity prices, tensions inherited from the last two years of the Coronavirus outbreak. These difficulties, coupled with the changes in monetary policies announced and adopted in some countries, caused a general worsening of the medium- and short-term outlook for the economy at national and international level.

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