BOLOGNAFIERE BOARD OF DIRECTORS APPROVES CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2025 REVENUE EXCEEDS €300 MILLION, WITH IMPROVED PROFITABILITY AND NET FINANCIAL POSITION

Bologna, 25 March 2026 – The Board of Directors of BolognaFiere S.p.A., a company listed on the Professional Segment of Euronext Growth Milan organised and managed by Borsa Italiana, has approved the consolidated financial statements and the draft statutory financial statements as at 31 December 2025.

Consolidated results as at 31 December 2025

In 2025, the BolognaFiere Group continued its growth trajectory, confirming the strength of its strategic guidelines and its ability to generate long-term value.

The Group achieved record revenues, exceeding €300 million and reaching €306.7 million, a significant increase of +12% compared to €274.1 million in 2024.

EBITDA amounted to €52.5 million, up nearly 20% (+€8.5 million) compared to €44

million in the previous year, mainly driven by higher volumes and ongoing efficiency and optimisation measures.

Profitability also improved, with EBITDA margin at 17% of revenues (16% in 2024), confirming the Group’s increasing ability to deliver results consistent with its industrial strategy.

EBIT rose to €29.1 million (over 9% of consolidated revenues), up €11.3 million (+63%) compared to 2024, reflecting EBITDA growth and lower impairment charges.

Net financial expenses slightly improved to €-8.6 million (€-8.9 million in 2024), mainly due to lower average indebtedness.

Profit before tax reached €20.5 million, marking a strong increase (+129%) compared to €8.9 million in 2024.

The 2025 financial year closed with a net profit of €13.4 million, approximately 3.5 times the €3.9 million recorded in 2024.

The Group confirmed its strong cash generation capability, resulting in a further improvement in the net financial position (cash) to €55.2 million, a reduction of €12.8 million compared to 31 December 2024.

 

Key growth drivers in 2025

• strengthening of core exhibition events and development of new formats

• expansion of international activities

• significant growth in the fit-out & architecture business

• enhanced venue management and increased asset utilisation rates

During 2025, Group companies organised almost 80 events, more than 40% of which were held abroad (including the USA, China, Thailand, India and Poland), with increasing participation from both domestic and international visitors, driven by leading events such as Cosmoprof, Bologna Children’s Book Fair, Zoomark International and Marca by BolognaFiere.

The Group hosted nearly 60 exhibitions across its venues, alongside numerous other events, while Bologna Congress Center and Teatro Europa Auditorium hosted around 120 events, totalling approximately 320 occupancy days.

The Bologna venue also hosted major national events, including the ANCI Annual Assembly and the Confindustria General Assembly, as well as high-profile sporting events such as Virtus Bologna basketball matches and the Davis Cup Finals, further strengthening the Group’s positioning as a multi-purpose international platform.

Parent Company results and profit allocation

BolognaFiere S.p.A. reported revenues of €99.2 million in 2025 (+7% vs 2024), despite the absence of certain biennial events.

Net profit increased to €7.9 million (€4.7 million in 2024).

The Board of Directors resolved to propose to the Shareholders’ Meeting to carry forward the entire net profit.

 

Gianpiero Calzolari, Chairman, stated : “2025 results mark a turning point for the BolognaFiere  Group, with revenues  exceeding €300 million  and a significant strengthening of profitability and financial structure. These results confirm the effectiveness of our integrated industrial model and our ability to combine growth, operational efficiency and financial discipline. We will continue to execute our strategic plan with determination, supported by targeted investments and further international expansion, with the aim of consolidating BolognaFiere’s position among leading global exhibition operators and generating sustainable long-term value for all stakeholders.”

Antonio Bruzzone, Chief Executive Officer, commented: “The 2025 results confirm the strength of our growth path and encourage us to further accelerate our development plan, both in terms of infrastructure at the Bologna hub and organizational expansion in Italy and abroad. The continuous growth of our exhibition calendar and the progressive diversification of hosted events clearly demonstrate the strong correlation between BolognaFiere’s development and the value generated for the local territory.”

Outlook

In 2025, the Group further consolidated its growth trajectory, delivering positive industrial and financial results despite a macroeconomic environment still characterised by geopolitical uncertainty.

The Group continued to execute strategic initiatives, including:

• acquisitions and strengthening of the fit-out and services segment
• consolidation of international presence
• development of new exhibition platforms

 

The Board also approved the development of a new multifunctional pavilion with capacity exceeding 10,000 seats at the Bologna exhibition centre, expected to be completed in 2026, representing a key driver for revenue growth and diversification.

Despite increased geopolitical tensions in early 2026, the Group confirms the resilience of its business model and continues to focus on operational efficiency, cost control and margin improvement. Performance in the first quarter of 2026 shows growth in both revenues and profitability, supporting a positive outlook.

Subsequent events

In early 2026, the Group continued its M&A strategy, including:

• acquisition of 51% of Ecod Extra r.l.
• full control of Henoto USA LLC
• acquisition of 70% of Beauty to Business Summit r.l.
• agreement to acquire remaining shares of Editrice Il Campo r.l.

Additionally, the Group signed a €134.5 million secured financing agreement with leading Italian financial institutions, with maturity in 2037, aimed at supporting investments in the new pavilion and optimising the Group’s financial structure.

Shareholders’ Meeting

The Board of Directors has resolved to convene the Ordinary Shareholders’ Meeting on 28 April 2026 (first call) and, if necessary, on 29 April 2026 (second call).

 

Attachments (tables in millions of euros):

• Reclassified Consolidated Income Statement as of 31/12/2025 vs 31/12/2024
• Reclassified Consolidated Balance Sheet as of 31/12/2025 vs 31/12/2024
• Consolidated Net Financial Position as of 31/12/2025 vs 31/12/2024
• Reclassified Consolidated Cash Flow Statement as of 31/12/2025 vs 31/12/2024
• Reclassified Income Statement of BolognaFiere S.p.A. as of 31/12/2025 vs 31/12/2024
• Reclassified Balance Sheet of BolognaFiere S.p.A. as of 31/12/2025 vs 31/12/2024
• Net Financial Position of BolognaFiere S.p.A. as of 31/12/2025 vs 31/12/2024
• Reclassified Cash Flow Statement of BolognaFiere S.p.A. as of 31/12/2025 vs 31/12/2024

 

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