Italian Exhibition S p A : The Board of Directors approves the consolidated financial statements as at December 31st, 2021

Press release

Italian Exhibition Group: the Board of Directors approves the 2021 Annual Financial Report

The Group seizes the opportunities offered up by the reopening of the trade fair-congress market and maintains a solid equity structure, reducing net debt.

• ▪ Consolidated total revenues come to 102.5 million euros as compared with 79.8 million in 2020 (+28.4%).

• ▪ EBITDA1 comes in at 21.6 million euros (1.8 million in 2020).

• ▪ Net result attributable to the Parent Company's shareholders comes to 1.6 million as compared with the loss of 11.3 million in 2020.

• ▪ Net financial position improved by 24 million euros.

• ▪ Q4 2021 shows positive operating profitability, even net of extraordinary items.

****

Rimini, 24 March 2022 - The Board of Directors of Italian Exhibition Group S.p.A. (IEG), a company with shares listed on Euronext Milan, a market regulated and managed by Borsa Italiana S.p.A., today approved the 2021 Annual Financial Report.

Main consolidated results for FY 2021

The Group closes the most difficult year in its history with operating revenues posted at 102.5 million euros, up 28.4% (22.7 million euros) on FY 2020.

2021 EBITDA comes to 21.6 million euros, up 19.8 million euros on 2020. During the year, non-recurring grants were collected for 28.2 million, partially remedying the losses of EBITDA brought about by Covid in FYs 2021 and 2020. EBIT comes to 2.9 million euros, 24.4 million above the previous year's figure. The pre-tax result is -1.0 million euros, an improvement of 16.5 million euros on 2020. The Group's period result posted a loss of 0.7 million euros, an increase of 11.8 million euros on the previous year. The period result pertaining to shareholders of the Parent Company came in as a positive result of 1.6 million euros as compared with a negative -11.3 million euros at end 2020, up by 13.0 million euros.

It should be noted that in Q4 2021, the first year of full operations1, the Group, even net of non-recurring items such as remedies from Covid-19, has returned to fully positive operating profitability.

The net financial position at 31 December 2021 came to 105.6 million euros, showing a reduction in net debt of 23.9 million euros on 31 December 2020. The "monetary" NFP - which therefore does not consider the debt of 26.7 euros deriving from the application of IFRS 16, any financial payables for future put options in the amount of 5.8 million euros and the mark to market of derivatives for 3.6 million euros - came to 69.6 million euros, resulting in a 24.2 million reduction of debt as compared with end FY 2020.

During the year, the Group continued to oversee the financial balance and its investment capacity: to date, the Group has liquid funds in addition to authorised credit facilities that have not been used for a total amount of at least 60 million euros.

Consolidated shareholders' equity at 31 December 2021 came to approximately 93.4 million euros, slightly up on the 31 December 2020 figure, which was 93.1 million euros.

Results by line of business for FY 2021

The period value of production rose by a total of 22.7 million euros (+28.4%). The change recorded during the year is the result of multiple factors. First and foremost, a total impact of -50.0 million euros (-62.6%) was recorded due to the cancellation of the events scheduled during the first half of the year, due to the blocks ruled on the conduct of trade fair and congress activities; this has been defined as the "Covid Cancelled" effect. It should be recalled that before the pandemic, some of the most important events organised by the Group had taken place, namely Sigep, VincenzaOro January and Beer&Food Attraction. The strong restart recorded by the trade fair-congress sector in the second half of the year involved all business lines and was positive for 39.9 million euros (+50.0%);

this has been defined as the "Restart" effect. To mention just a few, in 2021, top events were held for the Group, such as Vincenzaoro September and Ecomondo (October), with a consequent positive impact on the Related Services line too. Growth of the events that took place during both years was positive for 9.5 million (+12.0%); this is defined as the "Organic" effect. This change also includes the entrance of new events in respect of 2020, like the Dubai Muscle Show, organised by the subsidiary HBG Events FZ LLC in Dubai. The impact of non-recurring events has been termed the

"One-off" effect and resulted in a positive change for 27.5 million euros (+34.4%). Finally, there is a

"Calendar" effect of -4.2 million euros (-5.3%) due to the absence, as compared with 2020, of the three-year event ABTech, held simultaneously to Sigep prior to the pandemic.

The revenues of the 31 events organised in 2021 came to 38.5 million euros, down 27.4% on the previous year, as the organic growth and "restart" effect did not suffice to cover the losses of the events cancelled. Revenues from the events organised in Q4 2021 came to 26.0 million euros,

1 During the third quarter, even if trade fair activities were permitted, the difficulties in international mobility made it necessary to postpone the Tecna event.

showing clear growth on the results achieved in the same period of the previous year of 7.8 million euros (+18.2 million).

The business of events hosted generated revenues in 2021 for 2.1 million euros, thanks to the holding of 8 events.

The Congress Events include the results deriving from the management of the structures of the Palacongressi of Rimini and the Vicenza Convention Centre (VICC). In 2021, revenues came to 6.9 million euros, showing an increase of 4.3 million euros (+171%) on 2020, equal to 2.5 million (differently to the business line of organised events, the months of January and February 2020 are not particularly important for congress activities).

FY 2021 revenues from Related services came to 23.0 million, up 10.2% on the previous year. During the second half of the year, the return to operations made it possible to record organic growth for 3.1 million (+14.9%) and for 13.1 million due to the "Restart" effect (+62.5%). This latter effect substantively offset the effect due to the Covid-caused cancellations, which on an annual basis, led to a reduction in revenues of 13.3 million on 2020 (-63.4%).

Results of the Parent Company Italian Exhibition Group S.p.A.

The Parent company Italian Exhibition Group S.p.A. closed FY 2021 with comprehensive revenues of 72.6 million euros, EBITDA of 18.0 million euros and period profit of 1.6 million euros, compared to a loss of 12.7 million euros in 2020.

Subsequent events and outlook

The sudden return to extremely high levels of infection, due to the spread of the Omicron variant of the Sars-Cov-2 infection changed the scenario expected for the first quarter of 2022. Although no legislation has been introduced to prohibit trade fair-congress activities, following discussions with the main stakeholders involved in the production and distribution chains of the main trade fairs of January and February, the Company decided to postpone the events Vicenza Oro January, TGold, Sigep and Beer & Food Attraction, from the original dates in January or February, to March. The same decision was also announced by our main competitors holding events scheduled for January or the early weeks of February.

March saw the group's trade fair activities resume and at the date of this report, the events of Sigep, Vicenza Oro January, TGold and VO'Clock have been held with satisfactory results, despite a few inevitable cancellations due to the change in date, in particular for SIGEP. Previously, Dubai hosted the very first edition of the JGT Dubai event organised as a joint venture with Informa Market, with results exceeding expectations. Late March, Rimini will be holding the Beer & Food Attraction, MIR and Enada events; in Vicenza, there will be Abilmente Primavera, confirming that the worsening of Covid at the start of the year, has not, at present, resulted in any cancellation of events.

To date, the pandemic continues to be present and the effects of still-limited international mobility and the substantive block of the Chinese market, remain in the exhibition industry sector. Despite this, all the events organised by the Group and included on the events calendar have been confirmed and marketing and promotion is continuing as usual.

The Group's international development also continued during the early months of 2022. The first few days of January saw the closure of the transaction whereby IEG Brasil Eventos purchased the assets for the organisation of the Brasil Traiding Fitness Fair, the next edition of which is scheduled for São Paulo form 18 to 20 November 2022. In January, a Letter of Intent was signed between the Parent company and Koelnmesse GMBH for the development in a joint venture of the SIGEP event in some non-European countries in which Fiera di Colonia organises the major food fair Anuga (Anufood abroad). Under the scope of this relationship, on 16 March, the agreement was signed for the organisation of Sigep China starting 2023, alongside Anufood China in Shenzen. The international development programmes are set to continue over the months to come and penetration strategies of the American, African and Asian markets are currently being researched.

As regards the Ukraine crisis, note that the Italian Exhibition Group does not operate directly in the countries involved in the conflict or struck by the sanctions applied by the western world. To date, there are no amounts receivable from or payable to residents in the Ukraine, Russia and Belarus that can be classed as of significant value. The number of operators of those countries involved in the events organised or hosted by Group companies is not relevant. The product markets represented by the events organised or hosted by the Group companies are not particularly exposed towards these markets. The Group remains exposed to the more general risk that the conflict may slow the world economy.

The extraordinary situation brought about by the pandemic has not affected the validity of the Italian Exhibition Group business model. The positive reaction to the reopening of the trade fairs and congresses by the market and operators clearly shows the strategic importance of the trade fair-congress sector as an essential tool for business marketing and globalisation.

****

The Manager responsible for preparing the company's financial documents, Carlo Costa, declares that, pursuant to paragraph 2 of art. 154 bis of the Consolidated Law on Finance (TUF), the information in this press release corresponds to the accounting documents, books and records.

The results for 2021 will be presented in a conference call with the Financial Community scheduled for today at 6:00 pm (CET). The presentation will be available in the Investor Relations section on the websitewww.iegexpo.it from 5:45 pm.

****

Consolidated Non-Financial Statement

During today's meeting, the Board of Directors also approved the 2021 Consolidated Non-Financial

Statement ("NFS") pursuant to Italian Legislative Decree no. 254/2016. The document reports on the non-financial information in accordance with said Decree and constitutes the Group's Sustainability Report.

****

Convening of the Ordinary Shareholders' Meeting

The Board of Directors has resolved to convene Shareholders to meet in an ordinary session on 29 April 2022 at single call. Attendance will only be possible via the Designated Representative in accordance with Art. 135- undecies of Italian Legislative Decree no. 58/98.

The Call Notice, containing all information prescribed by Art. 125-bis of the Consolidated Law on Finance, along with all documentation to be submitted to the Shareholders' Meeting in accordance with Articles 125- ter and 125-quater of the Consolidated Law on Finance, will be made available to the public, in accordance with the legal terms, at the Company's registered office at Via Emilia 155, Rimini and on its websitewww.iegexpo.it, in the Corporate Governance section. An extract of the Call Notice will also be published in the newspaper Italia Oggi by the legal deadline.

****

FOCUS ON ITALIAN EXHIBITION GROUP

Over the years, with the Rimini and Vicenza structures, Italian Exhibition Group (IEG), listed on the MTA (screen-based stock exchange) organised and managed by Borsa Italiana S.p.A., has gradually achieved a domestic leadership position in the organisation of trade fairs and congresses as well as pursuing its business abroad - including through joint ventures with global or local organisers, such as, for example, in the United

States, the United Arab Emirates, China and Mexico - making it one of the industry's top European players.

This press release contains forecasts and estimates reflecting the current opinion of the management, the forward-looking statements, particularly with regard to future operating performance, the realisation of investments, cash flow trends and the evolution of the financial structure. Forward-looking statements are by their very nature a component of risk and uncertainty because they depend on the occurrence of future events. The actual results may differ even significantly from those announced, in relation to a number of factors, including, but not limited to: the trend of the catering market for eating out and tourist flows in Italy, the trend of the jewellery market, the trend of the green economy market; the trend of the price of raw materials; general macroeconomic conditions; geopolitical factors and changes in the regulatory framework.

1 EBITDA is the operating profit (loss) before depreciation and amortisation. EBITDA is a measure defined and used by the Group to monitor and assess the operating performance of the Group, but it is not defined in the context of IFRS standards; therefore it must not be viewed as an alternative measure for the assessment of the Group's operating result. The Company believes that EBITDA is an important parameter for the measurement of the Group's performance as it enables analysis of the profitability of the same by eliminating the effects deriving from non-recurrent economic elements. As EBITDA is not a measure whose determination is regulated by reference accounting standards for the preparation of the Group's consolidated financial statements, the criterion applied for determining EBITDA may not be consistent with that adopted by other groups and might, therefore, not be comparable to them.

For further information:

ITALIAN EXHIBITION GROUP S.p.A.

Investor Relator

Roberto Bondioli |[e-mail]| [phone]

Press Contact

Elisabetta Vitali |Head of media relations & corporate communication |[e-mail]| [phone]