par Fiera Milano
FIERA MILANO: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS OF 30 SEPTEMBER 2025
FIERA MILANO: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS OF 30 SEPTEMBER 2025
DOUBLE-DIGIT GROWTH IN THE FIRST NINE MONTHS OF 2025: REVENUES UP +26%, EBITDA UP +15% AND NET PROFIT UP +10% COMPARED TO THE FIRST NINE MONTHS OF 2024. OVER €35 MILLION IN CASH GENERATED IN THE FIRST NINE MONTHS OF THE YEAR. 2025 GUIDANCE CONFIRMED.
- Revenues of Euro 231.8 million, up +25.7% compared to Euro 184.5 million in the first nine months of 2024 (+€47.3 million), and higher than Euro 177.8 million in the first nine months of 2023;
- EBITDA of Euro 71.6 million, an improvement of +14.7% compared to Euro 62.4 million in the first nine months of 2024 (+€9.2 million), and higher than Euro 56.2 million in the first nine months of 2023;
- Net profit of Euro 17.1 million, up +9.5% compared to Euro 15.6 million in the first nine months of 2024, and sharply higher than Euro 7.2 million in the first nine months of 2023;
- Net Financial Position before IFRS 161 effects: net financial availability as of 30 September 2025 equal to Euro 113.8 million, compared to a net financial availability of Euro 77.8 million as of 31 December 2024.
2025 GUIDANCE CONFIRMED: EXPECTED REVENUES BETWEEN €350–370 MILLION, EBITDA BETWEEN €115–125 MILLION AND NET FINANCIAL POSITION BETWEEN €100–110 MILLION
AGREEMENT SIGNED WITH NAFEM (NORTH AMERICAN ASSOCIATION OF FOOD EQUIPMENT MANUFACTURERS) FOR THE INTERNATIONAL DEVELOPMENT OF HOSTMILANO IN THE UNITED STATES
FIERA MILANO AWARDED AGAIN CPHI 2026 AND EMO 2027, WORLD-LEADING EVENTS IN THE PHARMACEUTICAL AND METALWORKING SECTORS, CONSOLIDATING THE GROUP’S ROLE AS AN INTERNATIONAL HUB FOR MAJOR TRAVELLING EXHIBITIONS
FIERA MILANO AWARDED THE WORLD GAS CONFERENCE 2028, THE GLOBAL CONGRESS DEDICATED TO THE GAS AND ENERGY INDUSTRY, EXPECTED TO WELCOME MORE THAN 30,000 PARTICIPANTS
FIERA MILANO APPOINTED CHAIR OF THE SUSTAINABILITY COMMITTEE OF THE GLOBAL ASSOCIATION OF THE EXHIBITION INDUSTRY (UFI) FOR THE 2026–2029 TERM, CONSOLIDATING ITS LEADERSHIP AS AN INTERNATIONAL BENCHMARK FOR THE SUSTAINABLE TRANSITION OF THE EXHIBITION INDUSTRY
Milan, 13 November 2025 – 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 in the world in the exhibition and congress industry, today approved the consolidated results as of 30 September 2025.
For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 212.1 million as of 30 September 2025, compared to Euro 253.8 million as of 31 December 2024.
The Chief Executive Officer and General Manager of Fiera Milano, Francesco Conci, commented: “In the first nine months of 2025, Fiera Milano confirmed a solid and sustained growth trajectory, with revenues up 26% and EBITDA up 15% compared to the previous year, demonstrating the strength of our business model and our ability to continuously generate value. The results exceeded expectations, with over €35 million in cash generated and net financial availability reaching €113.8 million. The positive contribution of all business lines, particularly the congress and services segments, supported the Group's balanced growth even in a heterogeneous market environment, confirming the effectiveness of our diversification strategies and the overall solidity of our model. The success of events such as Gastech, Tuttofood and Bit, along with the congress segment’s growth of over 30%, driven by major international events, underscores Fiera Milano’s and Allianz MiCo’s central role in the European exhibition and congress landscape. Meanwhile, we have taken important steps on the strategic and international fronts: from the acquisition of Expotrans, which strengthens our integrated service offering, to the agreement with NAFEM for the development of HostMilano in the United States and the awarding of the World Gas Conference 2028. These results confirm our ability to attract major global events and consolidate the Group's international leadership in the exhibition and congress industry. More than ever, Fiera Milano is positioning itself as a business platform serving companies and regions, open to develope shared strategies and international projects with leading national and global players to generate value and promote the country’s competitiveness. We look forward to the fourth quarter with confidence, driven by the success of HostMilano and the launch of Host Arabia, and we confirm our 2025 guidance, with expected revenues between €350-370 million and an EBITDA between €115-125 million. We continue to build value with a long-term vision, combining growth, innovation and sustainability, as demonstrated by the recent appointment of Fiera Milano as Chair of the Sustainability Committee of UFI, the global association of the exhibition industry, for the three-year period 2026-2029.”
RESULTS AS OF 30 SEPTEMBER 2025
In the first nine months of 2025, Consolidated Revenues amounted to Euro 231.8 million, an increase of Euro 47.3 million compared to first nine months of 2024. During the period, 55 exhibitions were held (37 in Italy and 18 abroad, 27 owned and 28 hosted), along with 77 congress events (of which 29 with related exhibition area), for a total of 1,283,641 square meters occupied.
The positive revenue trend in the first nine months reflects both a performance effect, driven by stronger organic results and the launch of new events, and a calendar effect. The period benefited from the solid performance of annual exhibitions, further supported by the introduction of new exhibitions - such as Artigiano in Fiera – Anteprima d’Estate and NetZero Milan - partially offset by the postponement of Salone Franchising Milano to the last quarter of the year. The presence of Gastech, an international travelling event dedicated to the energy industry, also had a positive impact, recording results above expectations. Additional contributions came from major biennial exhibitions, including TUTTOFOOD and The Innovation Alliance, Europe’s largest event dedicated to industrial machinery. Finally, growth reflects also the excellent performance of the congress business, the increased service penetration, the use of the venue in preparation for the XXV Milano Cortina 2026 Winter Olympic Games and the expansion of logistics offerings following the acquisition of the Expotrans Group.
| Revenues (in millions of Euro) | 9M 2023 | 9M 2024 | 9M 2025 | Δ 2025/ 2024 |
|---|---|---|---|---|
| Italian Exhibitions Business | 147.7 | 151.6 | 179.6 | +27.9 |
| Foreign Exhibitions Business | 3.1 | 4.3 | 4.3 | +0.04 |
| Congresses | 33.8 | 35.9 | 45.3 | +9.4 |
| Other sectors (incl. Expotrans) | - | - | 12.7 | +12.7 |
| Adjustments | (6.7) | (7.4) | (10.1) | (2.7) |
| Consolidated Revenues | 177.8 | 184.5 | 231.8 | +47.3 |
Revenues from the Italian Exhibitions Business in the first nine months of the year amounted to Euro 179.6 million, an increase of Euro +27.9 million compared to the first nine months of 2024. A total of 37 exhibitions were held in Italy during the period.
In January, the second edition of Milano Home was held, featuring over 600 brands (34% international), alongside Quick&More and PTE – Promotion Trade Exhibition. The three simultaneous events exceeded 32,000 visitors. February saw the return of fashion-related events with Milano Unica (over 700 exhibitors), MIDO (nearly 1,200 exhibitors, 42,000 attendees from 168 countries) and the fashion accessories hub (MICAM, Mipel, TheOneMilano, Milano Fashion&Jewels) with 40,449 visitors, 45% international. These were followed by Lineapelle (nearly 1,000 exhibitors and 24,977 operators) and the first edition of BIT at Rho (more than 200 exhibitors from 64 countries), MyPlant & Garden (over 700 exhibitors, 27,000 attendees) and Filo, dedicated to yarns. In March, the first edition of Racquet Trend Expo was held, Fiera Milano’s first B2C sports event, with over 100 exhibitors, followed by Fa’ la cosa giusta! with 52,200 visitors and nearly 500 exhibitors. April saw the return of Salone del Mobile, with 302,548 attendees and over 1,000 exhibitors from 37 countries. Also in April, Sì Sposaitalia Collezioni took place (over 200 brands from 21 countries), along with Miart (179 galleries from 31 nations). In May, TUTTOFOOD was held (95,000 professional visitors, 25% international), followed by Made in Steel, Issa Pulire, Lamiera, and the first edition of NetZero Milan, expo-summit on industrial decarbonisation. Also in May, The Innovation Alliance took place (including Ipack-Ima, Print4All, Greenplast and Intralogistica Italia), with over 108,000 attendees from 143 countries and 1,857 exhibitors. Among the most significant new entries was the debut of Artigiano in Fiera – Anteprima d’Estate, which welcomed over 200,000 visitors and nearly 800 artisans from 50 countries.
In the third quarter, the focus was primarily on exhibitions dedicated to the fashion industry. In July, the 41st edition of Milano Unica took place, recording a significant increase in the participation of international companies (+10% compared to the corresponding 2024 edition). In September, the fashion accessories segment featured MICAM Milano and Mipel, which welcomed over 20,000 visitors, of which 57% from abroad; Milano Fashion&Jewels, Fiera Milano's event dedicated to accessories, clothing and jewelry for the fashion industry and high-end retail, took place concurrently with The One Milano. Lineapelle followed, attracting over 21,000 visitors and 1,150 exhibitors. Simac Tanning Tech attracted over 7,000 visitors. These highly international events were joined by Filo, which took place for the first time in the pavilions of the Rho exhibition district.
Over a thousand speakers and more than 50,000 energy sector stakeholders attended Gastech, the most important global event dedicated to gas, hydrogen, climate technologies and the use of AI in energy industry. September also saw the staging of Vitrum, the international glass processing machinery exhibition, which attracted over 200 exhibitors, of which 30% from abroad. Fiera Milano also hosted the twelfth edition of EXPO Ferroviaria, the biennial international exhibition that is a key point of reference in Italy and Europe for railway technologies, products and systems. The event attracted over 10,000 visitors.
In the first nine months of 2025, revenues from the Foreign Exhibitions Business amounted to Euro 4.3 million, thanks to the organisation of well-established events in strategic areas for the Group’s internationalisation. In South Africa, the twelfth edition of Investec Cape Town Art Fair (ICTAF) hosted 124 exhibitors and welcomed 30,000 visitors, confirming its role as the leading contemporary art fair in Africa. In Brazil, the second edition of Fruit Attraction São Paulo, organised by the local subsidiary, featured 400 Brazilian and international brands, while Exposec, now in its twenty-fifth edition, brought together over 800 brands and 57,000 visitors, consolidating its leadership in the Security sector.The second edition of Esquadria was held in Brazil, an event jointly organized by Fiera Milano and NürnbergMesse, focused primarily on solutions for windows, doors, facades and related structures. In the first nine months of 2025, 13 exhibitions were held in China, including CDIIF – Chengdu International Industry Fair, GITF, Domotex, LET China, International Fastener Show China, Metallurgy China – China International Metallurgical Industry Exhibition, MWCS – Metalworking and CNC Machine Tool Show, and Industrial Automation Show China. In addition, in September, Singapore hosted the third edition of FIND – Design Fair Asia, which featured more than 250 brands spread across over 11,000 square metres of exhibition space.
Very strong results for the Congress Business, which in the first nine months of 2025 recorded revenues of Euro 45.3 million, a double-digit growth compared to Euro 35.9 million of the same period in 2024, driven by high-profile international events such as the Asian Development Bank Annual Meeting 2025 and the European Hematology Association Congress. A total of 77 congress events were held during the first nine months, including corporate conventions such as Zurich and Allianz, and major international congresses such as EAPC 2025 – ESC Preventive Cardiology, ESH 2025 – European Meeting on Hypertension and Cardiovascular Protection, and FIF – Salone Professionale di Fisioterapia. Allianz MiCo also hosted leading scientific and industry-specific events, including BIOEurope Spring, focused on the life sciences sector, Intergraf and the Antarctic Treaty Consultative Meetings (ATCM). In July, Allianz Mico hosted Fems Micro, Europe’s leading microbiology conference, bringing together over 2,000 participants from over 95 countries. The congress centre further confirmed its role as a key venue for national business events, including the Salone del Risparmio (over 15,000 participants and more than 400 speakers), Packaging Première & PCD Milan (over 8,300 visitors and more than 300 exhibitors) and Netcomm Forum (over 30,000 attendees and more than 300 exhibitors). On the occasion of the Wizz Air Milano Marathon, it also hosted the Milano Running Festival, across an 8,000-square-meter exhibition area, featuring entertainment, workshops and product presentations.
Consolidated EBITDA for the first nine months amounted to Euro 71.6 million, an increase of Euro +9.2 million compared to Euro 62.4 million recorded in the same period of the previous year. The variation mainly reflects the previously mentioned revenue trend, the contribution from equity-accounted investments of the company IpackIma and the impact of Expotrans. This effect was partially offset by higher district maintenance costs, the cost of sponsorship rights related to the XXV Milano Cortina 2026 Winter Olympic Games, charges from the launch of the Employee Share Ownership Plan and the extension of health insurance coverage for staff, as well as by the increase in the Group’s workforce, including the companies of the Expotrans group.
| EBITDA (in millions of Euro) | 9M 2023 | 9M 2024 | 9M 2025 | Δ 2025/ 2024 |
|---|---|---|---|---|
| Italian Exhibitions Business | 43.5 | 47.9 | 54.5 | +6.6 |
| Foreign Exhibitions Business | 2.2 | 2.6 | 1.8 | -0.8 |
| Congresses | 10.5 | 11.9 | 13.9 | +2.0 |
| Other sectors (incl. Expotrans) | - | - | 1.4 | +1.4 |
| Consolidated EBITDA | 56.2 | 62.4 | 71.6 | +9.2 |
EBIT for the first nine months amounted to Euro 33.3 million, compared to Euro 23.8 million in the first nine months of 2024. The Euro +9.5 million increase mainly reflects the EBITDA trend and lower depreciation and amortisation, partially offset by the impairment of the Mipap Milano Pret-à-Porter brand.
Financial management recorded a negative balance of Euro (8.5) million, compared to Euro (5.7) million in 2024. The Euro (2.8) million change is mainly due to higher financial expenses on leased assets, following the revision of the discount rate resulting from amendments to certain contracts.
Net Result for the first nine months amounted to Euro 17.1 million, up Euro +1.5 million compared to a net result of Euro 15.6 million in the first nine months of 2024. The comparison is affected by the higher incidence, in 2024, of partially tax-exempt income, mainly related to dividends received from subsidiaries and associates.
Net Financial Position as of 30 September 2025, excluding IFRS 162 lease liabilities, shows a net financial availability of Euro 113.8 million, compared to a net financial availability of Euro 77.8 million as of 31 December 2024. The increase mainly reflects cash generation driven by the results achieved, advance payments received for events scheduled in the fourth quarter and proceeds from agreements with Milano Cortina related to the XXV Winter Olympic Games. This effect was partially offset by dividend payments and disbursements related to the acquisition of Expotrans.
| Net Financial Debt/(cash availability) (in millions of Euro) | As of 31/12/2024 | As of 30/09/2025 |
|---|---|---|
| Net financial debt/(cash availability) before IFRS 16 effects | (77.8) | (113.8) |
BUSINESS OUTLOOK
In the first nine months of 2025, the Group recorded overall results exceeding expectations, confirming the solidity of its business model and its ability to maintain a path of sustained growth. Although the macroeconomic context remains marked by uncertainty and volatility, which have led to a slowdown in certain market segments - particularly in the fashion sector, within the Italian Exhibitions business line - the diversification of the exhibition portfolio and the strong performance of other business lines, especially in the congress and services segments, more than offset these dynamics, supporting the Group’s overall profitability.
The congress business performed particularly well, recording growth of over 30% in the first nine months of 2025 compared to the previous year, driven by major international events such as the Asian Development Bank Annual Meeting 2025 and the European Hematology Association Congress, confirming the strategic importance of Allianz MiCo within the European congress landscape. The strengthening of both physical and digital services also continued, recording growth of 8% in the first nine months of 2025 and a structurally positive trend. The exhibition business also delivered solid results, with key events such as Bit, Tuttofood and the travelling exhibition Gastech - outperforming expectations in terms of both attendance and services provided. The results for the first nine months also reflect the initial positive effects of consolidating Expotrans, a leading company in exhibition logistics, which joined the Group’s scope in May 2025.
In the fourth quarter, the outlook remains positive, supported by HostMilano, which recorded an increase in exhibition space and international participation compared to the previous edition, and by the launch of the first edition of Host Arabia, marking the start of the event’s international expansion. Key upcoming events — including EICMA and Milan Games Week & Cartoomics — are scheduled for Q4 2025.
In light of these factors, the Group confirms its guidance for the 2025 financial year, forecasting revenues between €350 and €370 million, EBITDA between €115 and €125 million and net financial position between €100 and €110 million, including the effects deriving from the acquisitions of Expotrans and Emac, as well as initiatives related to the XXV Milano Cortina 2026 Winter Olympic Games.
AGREEMENT SIGNED WITH NAFEM (NORTH AMERICAN ASSOCIATION OF FOOD EQUIPMENT MANUFACTURERS) FOR THE INTERNATIONAL DEVELOPMENT OF HOSTMILANO IN THE UNITED STATES
Fiera Milano and the North American Association of Food Equipment Manufacturers (NAFEM), organizer of The NAFEM Show, the leading event for the Ho.Re.Ca and Hospitality sectors in the USA and Canada, have signed a collaboration agreement aimed at developing joint initiatives in the North American foodservice and hospitality markets. The partnership – formalized during HostMilano 2025 – marks a strategic step in strengthening the international positioning of HostMilano, with the goal of creating a transatlantic platform capable of synergistically connecting the European and U.S. markets and expanding business opportunities for companies in the sector. The agreement will make its operational debut in 2027, during The NAFEM Show (Orlando, February 11–13, 2027) and HostMilano (Milan, October 22–26, 2027). The main objectives of the collaboration include:
- launching a new, synergistic and complementary market proposition that strengthens the positioning of both NAFEM and HostMilano;
- building a long-term alliance between two market leaders – one in North America and one in Europe – to enhance competitiveness against major international players;
- generating additional economic and financial value through new revenue streams, greater operational efficiency and joint promotional initiatives;
- expanding the product offering and strengthening segments that are currently less represented at The NAFEM Show;
- increasing the presence of international operators and the overall visibility of both events;
- raising brand awareness of HostMilano in North America and of NAFEM/The NAFEM Show in Europe.
This collaboration further consolidates the international growth path of the Fiera Milano Group, in line with the strategic directions outlined in the 2024-2027 Strategic Plan.
CONFERENCE CALL
Please note that a conference call will be held at 16:30 (CET) today, Thursday 13 November, during which Fiera Milano's management will present the consolidated results as of 30 September 2025. To take part in the conference call, simply dial one of the following numbers: Italy: +39 02 8020911; Switzerland: +41 225954728; UK: +44 1 212818004; USA: + 1 718 7058796.
The presentation can be downloaded before the start of the conference call from the Investors section of the Fiera Milano website (www.fieramilano.it)
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The Financial Reporting Officer, Massimo De Tullio, in accordance with paragraph 2 of Article 154-bis of the Consolidated Finance Act, herewith declares that the accounting information in this press release is consistent with the Company’s official documents, books and accounting records.
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This press release contains forward-looking statements. The statements are based on the Group's current expectations and projections of future events and, by their nature, are subject to an inherent component of risk and uncertainty. Actual results could differ substantially from those contained in these statements due to a variety of factors, including changes in macroeconomic conditions and economic growth and other changes in business conditions, continued volatility and further deterioration in capital and financial markets, and numerous other factors, most of which are beyond the Group's control. The Group's business levels are affected by the frequency/seasonality of exhibitions. Therefore, operating results and changes in the net financial position cannot be used to derive an accurate forecast of the expected results for the year.
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Fiera Milano
Fiera Milano is the domestic market leader and one of the main integrated operators worldwide in the exhibition and congress sector. The Group manages the leading exhibition site in Italy and the largest convention center in Europe, dominating events in numerous manufacturing sectors: fashion, furniture and furnishings, home and lifestyle, mechanical tooling industry, tourism, professional hospitality, plant engineering and energy, construction and art. Specifically, the business of the Group is focused on the management, organisation and hosting of exhibitions and other events through ensuring the availability of equipped exhibition space, project support and related services. This expertise is complemented by a growing focus on entertainment activities, including experiential events, cultural initiatives, and live performances that enhance the exhibition and congress offering, transforming Fiera Milano into a key destination for both the public and businesses. The Group aims to strengthen its role as an international platform for business development, creating value for exhibitors and visitors through an increasingly integrated offering of services, high-quality content and networking opportunities. Innovation, sustainability and internationalization are the pillars of its growth strategy. Fiera Milano is listed in the STAR segment of the Euronext Milan stock market since 2002.
Contacts
Investor Relations
Vincenzo Cecere
Tel +39 3666646958
investor.relations@fieramilano.it
Press Office
Gabriele De Giorgi
Tel +39 3398431544
gabriele.degiorgi@fieramilano.it
CONSOLIDATED INCOME STATEMENT
| Consolidated Income Statement (thousands of euro) | 1° Nine months as of 30/09/24 | 1° Nine months as of 30/09/25 |
|---|---|---|
| Revenues from sales and services | 184,476 | 231,803 |
| Cost of materials | 1,730 | 2,371 |
| Cost of services | 87,678 | 121,531 |
| Personnel expenses | 35,150 | 40,340 |
| Other operating expenses | 3,229 | 3,642 |
| Total operating costs | 127,787 | 167,884 |
| Other income | 3,212 | 3,582 |
| Results of equity-accounted companies | 2,525 | 4,287 |
| Allowance for doubtful accounts and other provisions | 16 | 220 |
| Operating result before adjustments to non-current asset values (EBITDA) | 62,410 | 71,568 |
| Depreciation and amortisation | 38,565 | 37,761 |
| Adjustments to asset values | - | 512 |
| Operating result (EBIT) | 23,845 | 33,295 |
| Financial income/(expenses) | -5,719 | -8,493 |
| Profit/(loss) before income tax | 18,126 | 24,802 |
| Income tax | 2,536 | 7,727 |
| Profit/(loss): | 15,590 | 17,075 |
| o/w attributable to the shareholders of the controlling entity | 15,712 | 16,811 |
| o/w attributable to non-controlling interests | -122 | 264 |
RECLASSIFIED CONSOLIDATED BALANCE SHEET
| Reclassified consolidated balance sheet (thousands of euro) | As of 31/12/24 | As of 30/09/25 |
|---|---|---|
| Goodwill | 95,036 | 101,299 |
| Intangible assets with a finite useful life | 9,019 | 9,283 |
| Right-of-use assets | 308,601 | 301,353 |
| Tangible fixed assets | 7,444 | 8,873 |
| Other non-current financial assets | - | 8 |
| Other non-current assets | 89,337 | 90,151 |
| A Non-current assets | 509,437 | 510,967 |
| Inventory and contracts in progress | 7,844 | 8,833 |
| Trade and other receivables | 51,163 | 76,848 |
| B Current assets | 59,007 | 85,681 |
| Trade payables | 68,647 | 47,267 |
| Payments received on account | 40,307 | 85,429 |
| Tax liabilities | 1,981 | 1,764 |
| Provisions for risks and charges and other current liabilities | 33,999 | 87,883 |
| C Current liabilities | 144,934 | 222,343 |
| D Net working capital (B - C) | -85,927 | -136,662 |
| E Gross capital employed (A + D) | 423,510 | 374,305 |
| Employee benefit provisions | 8,241 | 8,764 |
| Provisions for risks and charges and other non-current liabilities | 4,404 | 3,537 |
| F Non-current liabilities | 12,645 | 12,301 |
| G NET CAPITAL EMPLOYED cont. operations (E - F) | 410,865 | 362,004 |
| H NET CAPITAL EMPLOYED assets held for sale | - | - |
| TOTAL NET CAPITAL EMPLOYED (G + H) | 410,865 | 362,004 |
| covered by: | ||
| Equity attributable to the Group | 156,664 | 148,259 |
| Equity attributable to non-controlling interests | 406 | 1,619 |
| I Total equity | 157,070 | 149,878 |
| Cash & cash equivalents | -72,443 | -138,902 |
| Current financial (assets)/liabilities | 31,782 | 40,489 |
| Non-current financial (assets)/liabilities | 294,456 | 310,539 |
| Net financial debt of continuing operations | 253,795 | 212,126 |
| Net financial debt of assets held for sale | - | - |
| L Net financial debt (TOTAL) post IFRS16 | 253,795 | 212,126 |
| EQUITY AND NET FINANCIAL DEBT (I + L) | 410,865 | 362,004 |
GROUP NET FINANCIAL DEBT
| Group Net Financial Debt (thousands of euros) | As of 31/12/24 | As of 30/09/25 |
|---|---|---|
| A. Cash | 72,420 | 77,509 |
| B. Cash and equivalents | 23 | 61,393 |
| C. Other current financial assets | 17,778 | 9,623 |
| - C1 of which Other current financial assets to the controlling shareholder | 10,103 | 2,037 |
| - C2 of which Other current financial assets to joint ventures | 1,790 | 1,727 |
| D. Liquidity (A+B+C) | 90,221 | 148,525 |
| E. Current financial debt | 427 | 439 |
| F. Current portion of non-current debt | 8,453 | 6,816 |
| G. Current financial indebtedness (E+F) | 8,880 | 7,255 |
| H. Net current financial indebtedness (G-D) | -81,341 | -141,270 |
| I. Non-current financial debt | 3,500 | 27,466 |
| J. Debt instruments | - | - |
| K. Non-current trade and other payables | - | - |
| L. Non-current financial indebtedness (I+J+K) | 3,500 | 27,466 |
| Net financial debt from continuing operations (H+L) | -77,841 | -113,804 |
| M. Total financial indebtedness before IFRS 16 effects | -77,841 | -113,804 |
| N. Current financial liabilities related to the right of use of assets | 40,680 | 42,857 |
| - N.1 of which current financial liabilities related to the right-of-use assets to the controlling shareholder | 38,978 | 40,790 |
| O. Non-current financial liabilities related to the right of use of assets | 290,956 | 283,073 |
| - O.1 of which non-current financial liabilities related to the right-of use assets to the controlling shareholder | 283,634 | 274,312 |
| P. Current financial assets related to the right of use of assets | - | - |
| IFRS 16 financial effects | 331,636 | 325,930 |
| Q. Total net financial debt (M+N+O-P) | 253,795 | 212,126 |
Notes
- For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 212.1 million as of 30 September 2025, compared to Euro 253.8 million as of 31 December 2024.
- For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 212.1 million as of 30 September 2025, compared to Euro 253.8 million as of 31 December 2024.