Fiera Milano S.p.A. ($FM)

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Fiera Milano results at the 31st of December. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Vincenzo Cecere, Head of Investor Relations and the sustainability of Fiera Milano. Please go ahead, sir.

Thank you. Good evening, everyone, and welcome to Fiera Milano's Full Year Results Conference Call. This is Vincenzo Cecere speaking, Head of Investor Relations and Sustainability. And I'm here with Francesco Conci, CEO; and Massimo De Tullio, CFO of Fiera Milano. Today's presentation will be structured in 3 sections. In the first part, Mr. Francesco Conci will present the key highlights of the 2025 full year results. This will be followed by Mr. Massimo De Tullio who will walk you through the divisional performance and financial results in greater detail. We will then conclude with an update on sustainability. At the end of the presentation, we will open the floor for a Q&A session. During which, management will be available to take your questions. At this point, I leave the floor to Francesco Conci, CEO, for the key messages of the full year 2025 results. Please, Francesco, go ahead.

Thank you, Vincenzo. Good evening, everyone. It's a pleasure to welcome you to Fiera Milano's 2025 Full Year Results Conference Call. Let me start by summarizing the key message behind our 2025 performance. First of all, 2025 marks a record year for Fiera Milano with strong growth across our key financial metrics and a very solid level of cash generation. Importantly, these results allowed us to exceed the guidance provided to the market. Even excluding the contribution from M&A transaction, and the one-off impact related to the Winter Olympic Games. During the year, we also accelerated our external growth strategy, completing 4 strategic acquisitions, strengthening both our exhibition portfolio and our services capabilities, further supporting the development of our integrated business model. At the same time, the new exhibition we launched are showing encouraging early results, confirming our ability to identify new market segments and develop scalable formats. Internationally, we are entering a new phase of the development with several initiative aim to expand the global reach of our brands and strengthening our positioning in key markets. Another important driver is the impact of the Milano Cortina 2026 Winter Olympic games, which is provided to be even more positive than initially expected in terms of economic contribution and long-term strategic legacy for our infrastructure, [ inherent ] capabilities and reputation. Looking ahead, we also benefit from a strong visibility on 2026, thanks to robust resolution execution calendar and a more balanced seasonality compared with previous year. At the same time, our ESG performance continues to improve, increasingly becoming a source of competitive advantage for the group. Visibility on the integration of recent acquisition on the macroeconomic scenario improves, we may consider updating our guidance in the second quarter of 2026. In the fourth quarter, we plan to present our new strategic plan for the next phase of growth. Finally, I would like that Fiera Milano is entering a new phase in its equity story, with the recent inclusion of a [ FTSE and mid-cap ] index a milestone that reflects the progress achieved by the group internal scale, market positioning and financial performance. Slide 6, let me now briefly walk you through the main financial highlights for the year. In 2025, revenue has reached EUR 380 million, representing an increase of EUR 107 million compared to 2024, corresponded to a growth of 39% year-on-year. EBITDA increased to EUR 132 million plus 57% compared with the previous year, with the margin improving from 31% to 35%. Net income reached EUR 51 million, almost tripling compared with EUR 90 million recorded in 2024. And finally, we continue to generate very strong cash flow with net financial availability increasing from EUR 78 million at the end of 2024 to EUR 157 million at the end of 2025, meaning a record cash generation of EUR 18 million. If we look at the drivers behind this growth, they can be broadly grouped into 5 main components. First, positive calendar effect, mainly linked to the presence of major biennial and multiyear exhibitions, such Host, Tuttofood and Innovation Alliance. Second, a solid performance effect with like-for-like revenue growth of around 6%, driven by our exhibition space sold and continued the [ temptation ] of services. Third, the contribution from new events, including Gastech, Artigiano in Fiera, Anteprima dEstate and NetZero Milan, Racquet Trend Expo and Host Arabia. Fourth, the consolidation of expotrans, which further strengthening of our logistics and integrated services offering. And finally, the contribution related to the Milano Cortina 2026 Winter Olympics games, both in terms of venue use and temporary infrastructure activities. Overall, this results confirmed the strength of diversification and scalability of our business model and provide a very solid foundation for the group's future growth. As you can see from Slide 7, our revenues are well balanced across several activities with services representing about 26% on a distribution around 21% and hosted distribution, about 20% complemented by congresses, logistics and other activities. This diversified mix reduced our exposure to individual industrial and event cycles, making our revenue base model, more resilient and stable over time. Let me now hand over to Massimo De Tullio, who will walk you through the 2025 guidance and other strategic key message.

Thank you, Francesco, and good evening, everyone. So let me start by highlighting that our 2025 performance came in above the guidance that we had communicated to market. Even if we exclude the contribution from the recent M&A transaction, and also the one-off impact related to the Winter Olympic Games. Starting from revenues, we reached EUR 380 million above the original guidance of EUR 320 million, EUR 340 million, but also above the last guidance of EUR 350 million, EUR 370 million. The same trend is visible at EBITDA level where we reached EUR 132 million compared to the guidance, the recent guidance of EUR 115 million, EUR 125 million. And also in this case, applied the same consideration. So we did anyway, overachieve our guidance even if we take out the impact coming from the recent M&A and the Olympic Games positive financial outcome. At the same time, also the net cash increased significantly reaching EUR 157 million, confirming the strong cash generation of the group. Thanks to this strong performance and the continued strengthening of our financial position, the Board has today approved to propose to the General Assembly and increasing the dividend to EUR 0.25 per share, which corresponds to a dividend yield of around 3.2% based on Fiera Milano price -- share price as of the 31st December 2025. This would correspond to a total dividend of around EUR 18 million compared to the EUR 10 million commitment announced at the launch of the industrial plan in April 2024 and representing a significant increase in the shareholder remuneration also versus last dividend distribution, which was EUR 14 million. Overall, this result confirm the strength of our operating performance and the solid cash generation of our business model. Alongside our strong organic performance, 2025 has also marked a significant acceleration in our external growth strategy. I please ask you to move to Chart #9, where you see the full strategic acquisition that in less than 12 months, we have been able to deliver. So we started in April 2025 with Expotrans reinforcing our logistics platform and further integrating the services offered to the exhibitors and organizer across our venues. During the year, we also completed the acquisition of the 35% of Emac organizer of Milano Auto Classica and Vicenza Classic show. And more recently, in February 2026, we completed 2 additional strategic transaction. First, we acquired a 70% stake in Made in Steel, the leading international conference and exhibition dedicated to the steel value chain in Southern Europe. Demand has shown strong growth in recent addition and operates with solid profitability with margins of around 35%. This acquisition further strengthens our portfolio of directly organized exhibition in a key industrial sector, while allowing demand to benefit from the international platform and the ecosystem of Fiera Milano. In parallel, basically during the same days, we also concluded the acquisition of the first -- of a stake of 51% in STIPA, a leading Italian company specialized in high-end customized exhibition stands. This transaction is as well, fully aligned with our strategy to expand our integrated services offering strengthening our capability in stand fitting and enhancing our positioning as a one-stop shop for exhibitors and event organizers. Now before moving to the outlook, I will now hand back to Francesco Conci, who will walk you through the other 3 elements highlighted in the executive summary, the performance of the new exhibition launched in 2025, the next phase of our international development. And finally, the strategic opportunity represented by the Milano Cortina 2026 Winter Olympic Games.

Thank you, Massimo. Let me start from the new exhibitions launched in 2025, which already delivered encouraging results in the very first edition. NetZero Milan expo-summit focused on the energy transition and the carbonization confirming the strong interest of the market, attracting more than 1,000 participants in its first exhibition and showing clear potential for growth in the next exhibitions. Host Arabia which we launched in Saudi Arabia, together with SEMARK represents an important step of the internationalization of one of our strongest brand entering in a market with very strong investment in hospitality and tourism. The 2025 shown and performed broadly in line with our expectation. For 2026 edition, we expect a significant acceleration in revenues with a target of approximately EUR 1 million. Finally, the summer edition of Artigiano in Fiera performed above expectation affirming the strength of this format and its ability to expand beyond the tradition and December addition. Moving to international development. We are entering a new phase where the objective is not only sporting events, but building a stable platform in key global markets. In this context, the creation of Fiera Milano, Asia Pacific in Singapore represents an important milestone. Singapore is a natural hub for Southeast Asia offering access to fast-growing region and a strong international business environment. At the same time, we continue to strengthen our international presence in other strategic markets, including Saudi Arabia with the launch of Host Arabia in December 2025 and the United States, where we are preparing the launch of Host USA in 2027 in partnership with NAFEM. Finally, a few words of the Milano Cortina 2026 Winter Olympic games, where Fiera Milano will play a key role. As you may recall, our resolution district was chosen to host 2 Olympic competition, speed skating and women's ice hockey. While Allianz MiCo served as the main media and broadcasting center for the games. In addition, Fiera Milano has also been awarded tender for the construction of temporary infrastructure supporting the competition with a total value of around EUR 30 million. Behind the games themselves, the Olympic project will leave a lasting legacy for Fiera Milano. The infrastructure development for the event will allow us to further expand the range of scale of event and when we can host across our venues. In particularly, the new like Dome and Live Dome Park will enable us to accommodate a very large events, including international conference for up to 12,500 people indoor [ concept ], for audience of up to 40,000 -- indoor concept for audience of 40,000 people as well as major sporting and entertainment demand. Overall, this legacy will significantly enhance the versatility and the attractiveness of our venues opening new opportunities for a large scale event and international production in the years ahead. Massimo?

Thank you, Francesco. So now looking at 2026. In terms of calendar, we expect a robust event calendar with a more balanced contribution across the year and therefore, reduce seasonality compared to the past. This will be clearly supported, first of all, by the strength of our core portfolio, including major biennials exhibitions, such as [indiscernible], Mostra Convegno Expocomfort, Tuttofood, now in even years, so biennial event, but starting from 2026 recurring in the even years and Simei as well as important multiyear events such as CPHI and Plast. It worth to mention again that CPHI was hosted in Fiera Milano in 2021. It happened again in 2024 and again in 2026. On top of that, 2026 will also benefit from the incremental contribution of the recent acquisition, starting with Expotrans as well from the consolidation of the events launched in 2025, including NetZero Milan, Artigiano in Fiera, Anteprima dEstate, Host Arabia and Racquet Trend. We also expect the contribution from new events launched in 2026, such as TranspoQuip in Brazil, Seaquip and Mapic, two new hosted events in Italy and Bevertech, further enriching our portfolio and supporting our growth. Overall, this gives us good visibility on the year ahead and confirms the strength, breadth and increasing diversification of our event portfolio. Now regarding the 2026 guidance, again, considering that -- for sure, we expect to start seeing the initial integration effects from the recent acquisition. So Made in steel and STIPA, which will for sure contribute to strengthening both our portfolio and service capability. At the same time, the macroeconomic and geopolitical environment remains somewhat uncertain. Also in light of the recent tension in the Middle East and their potential impact on energy prices. So for this reason, at this stage, we believe it's quite prudent to maintain the guidance previously communicated for 2026, which implies EBITDA between EUR 90 million and EUR 100 million. As visibility will improve, so additional data and information will be more clear, also related to the scenario geopolitical scenario. And also in terms of potential impact of the recent acquisition, clearly, we may consider the possibility, the real possibility of updating the guidance during the second quarter of 2026. Finally, as we already mentioned, today, we plan to present our new strategic plan in the fourth quarter of 2026, outlining the new phase of growth for the group in continuity with our strategy, combining organic development and targeted M&A. Now moving to the business and financial review. Before we get into the details of the performance and calendar effect at consolidated level, which clearly we like you to understand the dynamics of the full year. I would like to first take a brief overview of our divisional performances. We will briefly cover the Italian and foreign exhibition business as well the congresses, providing what we call the divisional legal entity view. These can be viewed at Slide 18. Now let me briefly walk you through the divisional performances by legal entities, which explain how the group achieved the strong results recorded in 2025. Starting with the Italian exhibition business, which remain the core activity and represents around 78% of the total revenues. In 2025, revenues reached EUR 304 million, up to EUR 87.9 million year-on-year, supported by the strong performance of our exhibition portfolio, higher service penetration and the launch of new exhibitions, such as NetZero Milan. The increase also reflects a more favorable exhibition calendar, including major events such Host, Tuttofood, Gastech and as well the progressive ramp-up of activities linked to the Milano Cortina 2026 contracts. EBITDA increased by approximately EUR 44 million also benefiting from the contribution of equity accounted investments and activities related to the Olympic project. Moving to the foreign exhibition business, which represent a smaller proportion of our group revenues. We recorded revenues of EUR 5.5 million, slightly lower year-on-year, mainly due to the absence of the Brazilian biennial events in 2025 and the less favorable calendar in Brazil. EBITDA decreased accordingly, also reflecting the joint venture structure with [ Deutsche ] MESSE operating in China. Turning to the Allianz MiCo Congress business. Revenue reached again close to the same level of revenues of last year. So we reached close to EUR 60 million, broadly in line with last year. It is worth recalling that 2024 was already a record year for the Congress business, with revenue growing by around 30% year-on-year. In 2025, the calendar clearly was affected by the rescheduling of several Congresses in order to make room and space for the media and broadcasting center, related to the Milano Cortina Winter Olympic Games. So despite this calendar effect on revenues, EBITDA increased year-on-year, mainly because of the Olympic-related activities which are structurally more profitable than the standard Congress events. So basically, we had a substitution effect on revenues, but with a boost in terms of profitability, driven by and higher profitability linked to the contracts signed with Milano Cortina compared, let's say, to the standard business related to the Congresses. Finally, in other sector where we account the revenues related to Expotrans and the group Expotrans. We reached EUR 22.5 million, which clearly have no comparison with the previous year because the acquisition was performed starting from April. It is worth noting that this slide presents the results from a legal entity perspective. So in this case, we see another couple of million related to Expotrans, which are intercompany transaction, which when we will move to the business line view, you will not see any more. Overall, these dynamics led to the group revenues of EUR 380 million and EBITDA of EUR 132 million, with an EBITDA margin of 34.6%, confirming the strong operating leverage of the group and the effectiveness of our integrating platform strategy. Now moving to the performance effect and calendar effect, which you can find on Slide #19, you can see how we reached this very important growth in terms of revenues. So you see that EUR 52.4 million came from the organized events. And if we take out the calendar effect, this equates any way to grow in terms of revenues of 7%. They can also anticipate that in terms of contribution margin was even higher because we accounted on organized events for more than 11% growth. And if we just look at the biennial events, this growth was close to 14%. In terms of revenues, the hosted events performed broadly in line with last year. If we take out the current effect, the revenues grew by 2%. Looking at the services that grew together, digital and physical services grew by close to EUR 140 million. Taking out the impact of the calendar, we still remain with a very positive growth of 8% in a like-for-like comparison. The foreign business score minus EUR 2.4 million. And again, this is mainly due to calendar impact. So we didn't have any negative sign in terms of performances from the foreign business. Congresses, we were highlighting before, they grew by only EUR 0.5 million in terms of revenues if we just look at the business, the Congress business, but as anticipated, the impact in terms of EBITDA has been clearly much higher because of the higher profitability linked to the contract signed with the Olympic Committee. And then you see the Expotrans impact, so EUR 20.2 million linked to the consolidation of the Expotrans company starting from May, an additional EUR 22.4 million in other revenues out of which EUR 20.3 million are related to the Olympic games. Now at Slide 20, I would like to point your attention and attract your attention to the growth in terms of square meters that we registered on the -- on our main events on one side and also on the hosted events. So as you can see, Host Milano grew by 7%, reaching under 37 square meters gross. Milano Home and Quick & More together grew by another 5%, reaching 29,000 square meters. Milano Fashion&Jewel reached confirm more or less the same square meters anyway pointing scoring at 3% growth and Borsa Internazionale del Turismo, BIT grew by 8%. Also on the hosted events, we have registered very positive performances from important shows Tuttofood, 33% growth here compared to the last edition. It's worth reminding you that Tuttofood will again be performed in 2026 by Fiere di Parma, and we expect again to see this exhibition to grow at least by another 10%. Milano Unica, again, a very important growth of this event, which is gaining the leader position in Europe. It reached 77,000 square meters putting together the 2 additions, the spring and the autumn addition, which represented a 13% increase. And then you see also Mido, Gastech, Vitrum. So all very positive in terms of growth. Moving now to the financial review. Let me now bring you to the analysis of the income statement at Page 22, where some of the dynamics that we have already discussed at the divisional level are reflected in this consolidated results. So starting from revenues, this increased from EUR 273 million to EUR 380 million, representing growth of [ EUR 170 million ] year-over-year. And as mentioned earlier, this growth was mainly driven by 3 factors: positive like-for-like performances of around EUR 16 million, EUR 17 million, mainly related to higher sales of exhibition spaces for directly organized events, growth in hosted and increased revenues from services and digital activities. Second, a very favorable exhibition calendar which contributed around EUR 39 million, supported by major exhibition such as Host and Tuttofood powered by Cibus as well as the Innovation Alliance event. Third, the contribution from the initiative, including Gastech and Artigiano in Fiera, Anteprima dEstate together with the progressive ramp-up of activities related to Milano Cortina, which contributed around EUR 20 million to our revenues and mainly through venue use and setup works for the temporary infrastructure that we built on the raw side. EBITDA increased significantly from EUR 84 million in 2024 to EUR 132 million in 2025, corresponding to a growth of EUR 48 million year-over-year. And this strong performance mainly reflects the positive revenue trend already mentioned, together with the contribution from equity accounted investments, in particularly the JV with UCIMA, Ipack Ima and the increase in EBITDA generated by logistics services following the acquisition of Expotrans Group. These positive effects were partially offset by several factors, including the costs related to the sponsorship right for the Milano Cortina 2026 Winter Olympic Games. The charges associated with the launch of the employee share ownership plan the charge and costs related to the extension to all the employees of the health insurance coverage and the increase in the work in the group's workforce as well with the increase in the national labor contract. So the salary increase related to this contract renewal. At EBIT level, profitability improved by significantly, reaching EUR 79.4 million compared to the EUR 31.9 million in 2024. Looking at the financial management, we recorded a negative variation of EUR 3.3 million, mainly due to higher financial expenses following the revision of the derivatives and the reduction of income from financial investment. Finally, net profit from the year reached close to EUR 51 million compared to the EUR 19.1 million in 2024, confirming the strong operational performance achieved during the year. Let me now briefly comment on the group financial position and cash generation. So as of 31st December 2025. The group recorded a net financial position Pre-IFRS16 of EUR 157.2 million compared to the EUR 77.8 million at the end of 2024, representing an increase of EUR 80 million a year-over-year. This improvement mainly reflects the strong cash generation achieved during the year, driven by solid profiting performances and by the collections received in connection with the Milano Cortina 2026 Winter Olympic Games. This positive effect was partially offset by several outflows, including the payment of dividends for EUR 14 million, the acquisition of Expotrans and Emac and the repayment which accounts in terms of impact on net financial position for approximately EUR 80 million and the repayment of EUR 10 million of loans during the year. Looking at the cash flow bridge, the group generated of -- the group generated an EBITDA of EUR 131.5 million, and after IFRS16 lease payments of EUR 55.9 million and CapEx of close to EUR 11 million and the positive contribution from net working capital of EUR 49.6 million, the group generated an operating cash flow of EUR 114.4 million. Net working capital, in particular, benefited from the Olympic-related deferral income from around EUR 70 million, as well as around EUR 50 million of additional positive effects mainly related to payables to exhibition organizer for treasury management services, particularly Mostra Convegno Expo Comfort and Milano Unica, advances received from exhibition scheduled in the following quarters and the reduction in inventories mainly related to deferred costs associated with Host. After taxes, dividends and M&A transaction, the group generated a net free cash flow of approximately 80 million, so 79.4 million, which explains the significant increase in the group's net financial availability at year-end. With this, we conclude the financial sector, and now I hand over to Vincenzo Cecere, who will walk you through the key message on our ESG performance.

Thank you, Massimo. Just very 3 quick messages. We are proceeding very steady in our sustainable impact. We reduced the CO2 emission by 60%. We increased our customer satisfaction by 3% compared to the previous year and we finally means to reach the gender pay equity in 2025. Lastly, we increased our ESG rating from sustainability of plus 37% a very good results that summarize the commitment of the company on sustainability. So I believe we conclude with the presentation, and we are available for Q&A. Thank you.

[Operator Instructions] The first question is from Emanuele Gallazzi of Equita.

I have 3 questions actually. The first one is on the geopolitical scenario, the current context you just help us understanding the potential impact that you might see from the travel disruption caused by the complete in the Middle East, which of your exhibition are most exposed the Middle East and the Asian exhibitors and buyers. And finally, if you have seen so far any evidence of the current situation impacting your business. The second one is on M&A. If you could just provide us more color on the Made in Steel and STIPA acquisition, discussing on the rationale of those acquisitions and your strategy to boost for these 2 assets also integrated in your business? And also considering the huge cash pile you have, should we have to expect further M&A this year? The last one is on the guidance for 2026, if you can just guide us also for the net cash position given the strong contribution of the net working capital in 2025. If you can help us understanding what we should expect on the net working capital side.

Thanks, Emanuele, for your question. So let's start from the impact of the geopolitical conflict in the Middle East. So clearly, since the beginning, we have started to try to assess which are the major impact. So we are -- we have carried out a preliminary internal assessment of the potential implication for Fiera Milano, which focus basically on the potential impact on the energy cost, which, by the way, is probably the most visible impact so far. The potential impact on international mobility flows and the potential impact on the exhibitors and visitors attending our events. So for what we have been able to assess at this stage, we can summarize this -- the result of this assessment in these main points. So first, we do not see material direct impacts on the group's operations because our direct exposure to the region is quite limited so far. So we have some commercial interest, clearly, in the Gulf, but no operating assets in the country currently involved. And at the present, we do not see immediate operational disruption. And second, from an energy perspective, clearly, this is an area that starting from a COVID and post-COVID, we have learned to monitor very closely. The conflict has clearly increased volatility in global oil and gas markets, partially because around 20% of the global oil flows normally transit through the Hormuz Strait, making the region a key checkpoint for global energy supply. But based on what we currently see and what we do see in terms of expectation, we do anticipate a possible impact, let's say, that will anyway remain lower than EUR 1 million in terms of additional costs. So in the worst-case scenario, this impact could reach something like EUR 1 million. But it is more likely to see this impact close to EUR 500,000, so less than EUR 1 million. Then we also benefit from several mitigating factors, including the continued monitoring of the energy market. And you know that also in the past, we have been able also not only to use the capability of our photovoltaic of our -- of the photovoltaic capacity installed at our Rho exhibition side, which covers 30%, 35% of the energy consumption. But we have also been able in the past to fix now to negotiate fixed cost with the energy supplier in order to avoid this continuous fluctuation. So in case it will be convenient or in case the visibility will be higher on the consequences of this conflict. We could be at any time able to negotiate fixed costs rather than following the fluctuation of the market. Third, we do not have direct exposure to the Middle East. So we think that we can anyway consider indirect effects on the international mobility, in particular, if the conflict were to reflect air connectivity between Asia and Europe. However, based on the analysis that we have carried out so far, we think that visitor coming from Asian countries potentially affected by air connectivity disruption can represent not more than 2% of our total visitor base. And this percentage because even smaller if China is excluded, considering that Chinese operators may rely on an alternative direct flights and routes to reach Europe, visitors coming directly from the completer in itself, Iran and neighboring countries represents less than 1% of the total attendance. Fourth, some high international exhibitions at [ CPHI ] naturally deserve closer monitoring because of the strong participation from Asia operators. But even in these cases, the key issue would be mainly the possible disruption in terms of air connectivity and travel accessibility rather than a direct demand from the Middle East in itself. It is also worth noting that CPHI take place in the fourth quarter of 2026. So we still have a relatively long time horizon before the event. So overall, the situation is clearly being monitored very closely, and there is a strong management focus on it. But based on the data available at this stage and the analysis that we have carried out, we are not particularly concerned at this stage. What we cannot know is which kind of evolution this conflict can have. And this is the reason why we have preferred to have a prudent approach in terms of guidance for 2026. Of course, if the geopolitical situation, so could escalate significantly, we would reassess the picture accordingly. Then the second question was, I think, related to the M&A. So briefly, Made in Steel, the first M&A, we speak about an organizer of the event called Made in Steel, which is a biennial event, is the leading biennial event the steel supply chain in Italy and one of the key industry gatherings in Southern Europe. The most recent addition, as I mentioned already saw an increase a very important increase in terms of exhibiting companies, which increased by 21% compared to the previous addition and also in terms of visitors, we grew by 34% when looking at the international -- sorry, international exhibitors. The exhibition covered around 18,000 square meters and attracted approximately 20,000 visitors confirming the strong positioning of events. From a financial perspective, the company generated around EUR 4.9 million of revenues over the -- by end over the period 2024, 2025. So being a biennial event, we look at the couple of years together and an EBITDA in the accumulated '24, '25 of about EUR 1.7 million, corresponding to a margin of roughly 35%. We acquired 70% of the company for a maximum consideration of EUR 9.1 million, including an upfront component and also an allowed linked to the performance of the 2027 and 2029 addition. Clearly, strategically, the transaction is fully in line with our plan as it strengthens our portfolio of organized exhibition, adds a leading event in a key industrial sector for Europe and offer a clear development potential both in terms of international expansion but also in terms of integration with our exhibition ecosystem, also considering hosted events like [ LAMIERA ] or organized events like NetZero Milan. The multiple paid is around 13 for EBITDA. So the ratio of the EBITDA is more or less 13, which is slightly below the multiple typically paid for the exhibition organizer. Moving to STIPA. The -- clearly, I was already -- I mentioned already, STIPA represent a leading Italian company specialized in high-end customized exhibition boots, with additional activities in corporate and staging retail and sort of design. The company has a long industrial track record, having been founded in 1967 and today represent a reference player in the premium customized boots segment. From a financial perspective, STIPA expects around EUR 50 million production value in 2025 with an EBITDA of EUR 3 million, corresponding to a margin of roughly 20%, which is among the highest in the sector for sure. And the company also reports a net cash position of approximately EUR 2.5 million. We acquired 51% stake in this company for a consideration upfront of 20.1 -- sorry, EUR 12.1 million based on an implied enterprise value of approximately EUR 24 million for the 100% of the business. Strategically, the transaction is fully aligned with our plan, again, because it strengthens our position as an integrated service provider and one-stop shop platform for the exhibitors. And in particular, through the exhibition, we will be able to expand our customized boot offering, both with our venues and across external location, integrate design, production and operational capabilities in our offer and increase the penetration of our high value-added services for exhibitors and major events. The acquisition of STIPA in terms of net financial position, it was more or less EUR 24 million, EUR 25 million, considering the upfront price and the value that we are giving to the put option that we can see to the sellers. Then third question, I think was, if I well remember about the.

The net cash target.

The net cash guidance, yes. So as I already anticipated, there has been clearly a positive impact in our EUR 157 million net financial position achievement coming from the net working capital dynamic related to the Olympic games. So we expect this impact together with the recurring, let's say, even year net working capital dynamics, we expect these 2 impacts towards a EUR 30 million negative working capital impact in 2026. So starting from the EUR 157 million, I would account for a EUR 30 million negative impact coming from net working capital. And then we have to consider then the cash flow generating by the operation of 2026 from which we will then deduct also the dividend that we anticipated in EUR 18 million if the general assembly will shareholder or some will give approval. Clearly, there is the impact of the M&A. So as I have already anticipated, EUR 24 million, EUR 25 million related to STIPA and also considering Made in Steel, I mean, we are speaking about another EUR 9 million M&A impact. So I would say that the M&A will account for EUR 33 million, EUR 34 million negative impact in 2026.

The next question is from Simonetta Chiriotti from Mediobanca.

So one question on dividends. You have increased 2025 dividend on the back of very strong results. The calendar is less favorable in '26. So what may we expect in terms of dividend policy for 2026? And another question on the Congress business, that performed very well in 2025, confirming revenues of the previous year. Should we consider this as a peak level? Or should we expect a further growth of this segment?

Thank you, Simonetta, for your question. So yes, I confirm that the decision of upgrades, the dividend distribution was clearly driven both from the results achieved in terms of EBITDA and net results, but clearly also driven by the net financial position that we reached that in any case, even if we take out the net working capital effect that I just mentioned, to the previous question, will leave us with a very positive net cash position also in 2026. So starting from this point of view, the reply you're seeking is that basically, we have clearly considered that before deciding the EUR 0.25 per share, the possibility to be able also in the next year to grant this kind of payment. Anyway, we will disclose the new dividend policy. So for sure, in our strategic plan when we -- it will come to capital allocation. So when we will explain what we will do with the cash generation for the next year. So I cannot confirm that this will be the base level of distribution, but for sure, we will have a deep thinking about that in the strategic plan in order to disclose a new dividend guidance. Regarding Congress business, we have to consider that also 2026 will be here where the first 4 months of the year will not be available for the standard Congress business. So clearly, this imply that it will be difficult to again reach higher revenues compared to what we reached in 2024 and 2025 and 2026, but just because of the let's say, the fact that for the first 4 months of the year, revenues are already basically defined and these revenues are defined by the contracts that we have signed with the Olympic committee. So there is no possibility to do better or to perform in a better way, considering that the revenues are linked to a contract, which already state, which are the our fees. But I think that starting from 2027, we can start again thinking about growth also in terms of revenues from the Business and Congress activities. This can be clearly stated so far. It's worth mentioning that so far, we have already surpassed the guidance that we gave in the original strategic plan in terms of revenues for the Congress business. So we are looking to a next level in terms of revenues, also supported by additional services that we think we could be able to provide not only to the events that we as in our Allianz MiCo venue, but also 2 events that are currently hosted by venues in Europe, where we can probably propose ourselves as a service provider.

[Operator Instructions] The next question is a follow-up from Emanuele Gallazzi of Equita.

Very quick one about the first quarter events. If you can just comment on the performance of the exhibition already in the first quarter. And other curiosities related to the Olympic game because I think you mentioned the fact that the Olympic game overperformed your initial expectation, if you can just discuss a little bit more on this and what basically drove the overperformance.

Thanks, Emanuele. Thanks for the question. So we expect a Q1 -- very strong Q1 compared to 2025 also because of the calendar impact because we will count on most convenient export comfort. We will have also the impact of the temporary infrastructure contract with Milano Cortina and also the contract signed for Host, the media broadcasting center in Fiera Milano Congress Allianz MiCo. So we clearly expect a very positive improvement compared to the 2025 Q1 results, also considering that we will count also on the Expotrans acquisition that was not present in last year in Q1. Looking at the performances of the exhibition, we have seen a quite stable trend in this moment across all the organized and hosted events. We know that in the first quarter, we have most of the shows related to the fashion industry. Most of the hosted events are related to this trend, to this sector and also in our organized events, we have some events related to the fashion industry that we all know is not the let's say, the industry in the best shape compared to others. So all considering, I mean, even the fact that we -- with the information we have collected so far, we see stable results related to last year, which is broadly in line with our budget is a positive signal. Also considering what is happening around the world, which has not been going in a better way in the recent weeks. It's worth also mentioning that the presence of the Olympic Games Milan clearly has also created some small negative impact in terms of possibility to attend these shows because of the prices of the hotel rooms in the city and the prices of the flight tickets. So this has created very, very minor negative impact on the attendance of some shows. But considering what I was saying before, so having more or less certainty about a quite stable trend, we are quite positive on this evolution for the next -- for the year. And in terms of Olympic Games, so we closed the contract for EUR 30 million, and we originally expected profitability. I remember saying in between 15% and 20%. Now we can anticipate that currently, based on the most updated information, we closed our balance sheet and our P&L looking at a 33% contribution margin. And this 33% contribution margin will be split in approximately 35% in '25 and 65% in '26 in terms of competence. So revenues and margin will be split according to these 2 percentages.

[Operator Instructions] Management, there are no more questions registered at this time.

Thank you, everybody, for participating. Should you have any other questions, please do not hesitate to contact Private Investor Relations in Milano. Thank you, and have a nice evening.

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