The Board of Directors approves the Interim management report at 30 September 2018

Strong improvement in the results for the first nine months of the year compared to the same period of 2017, also due to the good performance of the referenced markets.

The third quarter results, although reflecting the characteristic lack of business in the summer months, together with the forecasts for the fourth quarter indicate a further need to raise the forecast for 2018 EBITDA to within a range of Euro 28-30 million compared to the previous forecast range of Euro 24-26 million.

First nine months of 2018 (compared to the same period of 2017):

• Revenues of Euro 193.3 million (compared to Euro 177.4 million in the first nine months of 2017)
• EBITDA of Euro 41.1 million (compared to Euro 0.7 million in the first nine months of 2017)
• EBIT of Euro 36.6 million (compared to a negative figure of Euro 4.5 million in the first nine months of 2017)
• Profit before taxes of Euro 36.5 million (compared to losses before taxes of Euro 5.3 million in the first nine months of 2017)

Third quarter 2018 (compared to third quarter 2017):

• Revenues of Euro 35.6 million (compared to Euro 43.5 million in the third quarter 2017)
• Negative EBITDA of Euro 5.0 million (compared to a negative figure of Euro 11.2 million in the third quarter 2017)
• Negative EBIT of Euro 6.5 million (compared to a negative figure of Euro 12.9 million in the third quarter 2017)
• Losses before taxes of Euro 6.5 million (compared to losses before taxes of Euro 13.0 million in the third quarter 2017)

The Board of Directors of Fiera Milano S.p.A., meeting under its Chairperson, Mr Lorenzo Caprio, approved the Interim Management Report for the third quarter 2018.

The Chief Executive Officer and General Manager of Fiera Milano, Mr Fabrizio Curci, commented: “The cost reductions implemented and the trend in business offset in part the effects of the characteristic pause in exhibition activity in the summer months of July and August. The restructuring enabled the foreign subsidiaries to return to profit and, therefore, we have strengthened our exhibition portfolios in China and Brazil. The cost efficiencies achieved in the quarter under review and the expected business performance in the last period of the current year have led us to raise again our forecast for full-year 2018 EBITDA to Euro 28-30 million with year-end net cash expected to be Euro 15-20 million.”