Half-Year Financial Report at 30 June 2026, together with the Independent Auditors’ report.

Half-year financial report at 30 June 2026 (First half of FY2026) hi s document is available in the Investors section of the Company website

www.fieramilano.it ,

in the Investors section This document contains a faithful translation in English of the original report in Italian “ Relazione finanziaria semestrale al 30 giugno 2026” .

However, for information about Fiera Milano Group reference should be made exclusively to the original report in Italian.

The Italian version of the Relazione finanziaria semestrale al 30 giugno 2026 shall prevail upon the English version.

Fiera Milano

SpA Registered office: Piazzale Carlo Magno, 1 - 20149 Milan Operational office: Strada Statale del Sempione, 28 - 20017 Rho (Milan) Administrative office: Largo Fiera Milano, 5 - 20017 Rho (Milan) Share Capital: Euro 42,445,141.00 paid up.

Companies Register, Tax code and VAT no. 13194800150 - Economic Administrative Register 1623812 Rho (Milan), 28 July 2026

Contents

CORPORATE BODIES AND INDEPENDENT AUDITOR page 3

BUSINESS MODEL page 4

GROUP STRUCTURE page 5

HIGHLIGHTS OF THE FIRST HALF OF 2026 page 6

FIERA MILANO GROUP HALF-YEAR FINANCIAL REPORT

•Interim report on operations •Summary of results and signif icant events in the first half of the year page 7 •Main sustainability initiatives of the half year page 12 •Business performance by operating segment and by geographic area page 20 •Information on related-party transactions

•Group personnel

•Main risk factors affecting the Group •Key data of the companies of the Group •Significant events after the end of the reporting periodpage page

page

page page 25

25 25

36 38

•Business outlook page 38 •Interim Condensed Consolidated Financial Statements at 30 June 2026 •Consolidated Statement of Financial Position page 40 •Consolidated Statement of Comprehensive Income page 41 •Consolidated statement of cash flows page 43 •Consolidated Statement of Changes in Equity •Illustrative notes:page 44 −Accounting standards and consolidation criteria page 45 −Information on acquisition transactions page 50 −Disclosure on associat es and joint ventures page 53 −Segment information page 57 −Notes to the Interim Condensed Consolidated Financial Statements page 61 −Attachment 1 – List of companies included in the consolidation area and other investments at 30 June 2026 page 101 Declaration relating to the Interim Cond ensed Consolidated Financial Statements in accordance with Art. 154-bis paragraph 5 of Legislative Decree 58/98 page 102 Independent Auditor’s Report page 103 2

Corporate Bodies and Independent Auditor

______________________________________________________________________________

BOARD OF DIRECTORS

Carlo Bonomi Chairman* Francesco Conci Chief Executive Officer Michaela Castelli Director*

Maurizio Dallocchio

Director*

Veronica Squinzi Director* Matteo Bruno Lunelli Director* Costanza Esclapon de Villeneuve Director* Maria Luisa Mosconi Director* Carlo Maria Ferro Director*

* Independent Director under Art. 148, paragraph 3 of Italian Legislative Decree 58 of 24 February 1998 and the Corporate Gover nance Code of Borsa Italiana.

CONTROL AND RISK COMMITTEE APPOINTMENTS SUSTAINABILITY

AND REMUNERATION COMMITTEE COMMITTEE

Michaela Castelli Veronica Squinzi Maurizio Dallocchio Maria Luisa Mosconi Matteo Bruno Lunelli Costanza Esclapon de Villeneuve Maurizio Dallocchio Michaela Castelli Carlo Maria Ferro

BOARD OF STATUTORY AUDITORS FINANCIAL REPORTING OFFICER

Alessandro Angelo Solidoro Chairperson Massimo De Tullio Monica Mannino Standing Statutory Auditor Piero Antonio Capitini Standing Statutory Auditor Emanuela Valdosti Substitute Statutory Auditor Massimo Luigi Roberto Invernizzi Substitute Statutory Auditor

SUPERVISORY BOARD, LEGISLATIVE DECREE 231/01

Enrico Maria Giarda Giacomo Cardani Alessandra Agrusti ---

The Board of Directors was appointed by the Shareholders’ Meeting of 22 April 2026. The Directors’ mandates will expire at the Shareholders’ Meeting to approve the Financ ial Statements at 31 December 2028.

The Board of Directors is invested with the broadest powers for the ordinary and extraordinary management of the Company; it has the power to carry out all acts it deems appropriate or useful to attain the corporate objectives, except for those which, pursuant to law, are reserved for the Shareholders’ Meeting.

Under the law and the Company Articles of Association, the Chairman is the company’s legal representative. He is also vested with all powers over Fiera Milano’s institutional external relations.

The Shareholders’ Meeting appointed the Board of Statutory Auditors on 23 April 2024, and its mandate expires at the Shareholders’ Meeting to approve the Financial Statements on 31 December 2026.

INDEPENDENT AUDITORS

PWC SpA

The mandate, given by the Shareholders’ Meeting of 27 April 2023, is for the financial years 2023-2031.

3

Business model

_______________________________________________________________________________

_ The Fiera Milano Group is active in all the key areas of the exhibition and congress industry and is one of the largest integrated exhibition companies worldwide.

Under the current management approach, the operatin g segments have been re-defined as follows:

-Italian Exhibitions Business : this segment covers all activities for the organisation and hosting of exhibitions and other ev ents in Italy through the use, promotion and offer of furnished exhibition spaces; the provision of stand-fitting, technical and site services a ssociated with exhibition and congress business; the provision of project support and ancillary services; the production of content and provision of advertising and digital services, as well as the organisation of congresses and training courses. This includes the business of staging exhibitions (and providing final services to exhibitors and visitors):

that are directly organised by the Group or in partnership with third parties;

organised by third parties, through contracting out of spaces and services.

These activities are carried out by the Parent Company Fiera Milano SpA, Nolostand SpA, Ipack Ima Srl, MADE eventi Srl, Ge.Fi. SpA, Fiere di Parma SpA, Emac Srl, Made in Steel Srl and Stipa SpA.

-Foreign Exhibitions Business : this segment covers all activities for the organisation of exhibitions and other events abroad through the us e, promotion and offer of furnished exhibition spaces, of project support and of ancillary services. It covers all activities associated with exhibitions (including end services for exhibitors and visitors) that are directly organised by theGroup or in partnership with third parties or acting as agents.

These activities are carried out by:

Hannov e

r Milano Global Germany GmbH, a jo int venture with Deutsche Messe AG of Hannover, which operates in China through tw o subsidiaries, Hannover Milano Fairs China Ltd, and Hannover Milano Fairs Shanghai Co. Ltd and its subsidiaries Hannover Milano BestExhibitions Co. Ltd of which 51% is held an d Hannover Milano XZQ Exhibitions of which 60% is held. In addition, it is active throug h the subsidiary Hannover Milano Fairs India Pvt

Ltd;

Fiera Milano Asia Pacific Pte. Ltd.;

Fiera Milano Brasil Ltda based in São Paulo;

Fiera Milano Exhibitions Africa PTY Ltd based in Cape Town.

-Congresses : this segment refers to the management of congresses and events and destination management services by Fiera Milano Congressi SpA and MiCo DMC Srl.

-Other sectors : this sector includes tran sport and logistics services for exhibitions, congresses and international events. The activities are carried out by the companies Expotrans SpA, Event Logistics Team Srl and Expotrans Pte. Ltd.

4

Group structure

5

Highlights of the first half of 2026

_______________________________________________________________________________

PERFORMANCE

Consolidated revenues: Euro 246 million.

BUSINESS

Number of exhibitions held:

85, of which 11 abroad.

Number of exhibitors:

20,656, of which 3,945 abroad

EXHIBITION SPACE

Net exhibition space occupied:

922,339 square metres of which 143,355 square metres abroad.

Total gross exhibition space: 399,000 square metres

of which

345,000 square metres

in the

fieramilano exhibition site

54,000 square metres in the fieramilanocity exhibition site

Italian

Exhibitions

Business; 71.2%Congresses;

18.7%Foreign

Exhibitions

Business; 2.2%Other sectors;

7.9%BREAKDOWN OF REVENUES BY OPERATING SEGMENT

(gross of inter-segment transactions) 6

Interim report on operations

Summary of results and significant even ts in the first half of the year The table below gives the key figures of the Group for the period under review and the comparative data for the same period of the previous financial ye ar, as well as those for the financial year to 31 December 2025.

Consolidated revenues in the first half of 2026 amounted to Euro 246 million, compared to Euro 178 million in the first half of 2025.

FIERA MILANO PARTNER OF THE MILAN CORTINA 2026 OLYMPIC AND PARALYMPIC GAMES

Fiera Milano, as a partner of the Milan Cortina 20 26 Olympic and Paralympic Games, hosted the Speed Skating competitions inside the Li ve Dome (Halls 13–15), as well as some matches from the men's Olympic Ice Hockey tournament and most of the women's tournament, held in an additional temporary structure set up in Halls 22–24.

The temporary structures were designed and manage d by Fiera Milano under a procurement contract awarded following the consultation launched by the Fondazione Milano Cortina 2026, in which Fiera Milano was the successful bidder.

The Allianz MiCo Congress Centre also hosted the Main Media Centre, the official International Media Centre of the Games.

EXHIBITION BUSINESS

In the first six months of 2026, a total of 26 exhibi tions were held, occupying 738,415 square metres of exhibition space.

In January, Fiera Milano organised the third edition of Milano Home, the exhi bition dedicated to the world of contemporary living. The event featured more than 750 brands and welcomed over 30,000 visitors. Also taking place at the same time was Quick&More - Home Supplies Exhibition, the exhibition dedicated to the distribution of household items, fe stive decorations and gifts for retailers. This was followed by PTE – Promotion Trade Exhibition, an exhibition dedicated to the world of advertising materials, which brought together over 125 exhi bitors, of which 37% we re international.

Also in January, two hosted exhibi tions took place. Milano Unica, with a total of 715 participating companies, recorded a record increase in European exhibitor numbers (+25%), as well as a significant rise in international buyer attendance; and MIDO, th e international eyewear ex hibition, which occupied Fiera Milano Group Summary of key figures Full y ear 1st Half 1st Half at 31/12/25 at 30/06/26 at 30/06/25 (Amounts in € ‘000) 379,887 Revenues from sales and services 245,728 177,870

131,524 EBITDA (a) 94,013 63,093

79,377 EBIT 67,132 37,541

50,791 Net profit/(loss) 50,672 23,131 50,301 - Attributable to the shareholders of the controlling entity 49,476 22,876 490 - Attributable to non-controlling interests 1,196 255 350,664 Net capital employed (b) 401,492 373,085

covered by:

181,291 Equity attributable to the G roup 197,097 154,221 5,450 Equity attributable to non-controlling interests 7,116 1,620 (157,244) Net financial debt/(cash) before IFRS 16 effects (109,366) (119,116) 163,923 Total net financial debt/(cash) 197,279 217,244 25,806 Investments (continuing operations and assets held for sale) 26,307 10,473 860 Employees (no. of permanent employees at end of period) 933 848 (b) Net capital employed is the sum of non-current assets, non-current liabilities and net working capital. (a) EBITDA is the operating result before depreciation and amortisation and adjustments to non-current asset values.

7

7 halls and featured more than 1,180 exhibitors. The exhibition welcomed approximately 42,000 visitors from over 160 countries.

February saw the first edition of Fashion Link M ilano. MICAM Milano, Milano Fashion&Jewels, MIPEL, Sì Sposaitalia Collezioni and TheOneMilano together presented a total of 1,777 brands, 45% of which came from abroad. The event was a concrete demonstration of how synergy between different but complementary exhibitions can genera te real value for the fashion sy stem. The final figures speak for themselves: 46,000 total visitors.

In addition, Fiera Milano hosted Lineapelle, the international exhibition of leather, accessories, components, fabrics, synthetics and models, with 705 exhibitors and approximately 16,000 industry operators. During February, Fiera Milano organised BIT – Bors a Internazionale del Turismo, characterised by a concept that redefined the approach to travel by focusing not on the product, but on people. The exhibition brought 250 exhibitors from 54 countries to the Fiera Milano spaces. The Travel Makers Fest, the cultural core of the exhibition, brought together over 450 contributions from experts and leading figures in the industry, comb ining analysis and vision with case studies and concrete proposals, generating more than 100 hours of debate. Finally, MyPlant & Garden and Filo. The former, an international event for the horticulture and floriculture sector, featured 800 brands and 28,000 trade operators in attend ance. Filo, on the other hand, is the only international exhibition de dicated to excellence in yarns and fibres.

In March, Fiera Milano hosted the 44th edition of Mostra Convegno Expocomfort (MCE), a reference point for innovation, the challenge towards efficiency and environmental, economic and social sustainability. Over 1,450 exhibitors and 120,000 visitors were present at Rho, with more than 35% coming from abroad.

In addition, March saw the first ed ition of SEAQUIP – Mediterranean Yacht & Marine Equipment Trade, an exhibition for marine components and accessories, and the 22nd edition of Fa' la cosa giusta!, the national exhibition for responsible consumption an d sustainable lifestyles, which recorded 65,000 visitors, representing growth of over 20% compared to the previous year.

In April, Fiera Milano organised and hosted some of the main inte rnational exhibitions dedicated to design, art and major live events. In particular, miart took place, the international exhibition of modern and contemporary art organised by Fiera Milano whic h, in the new headquarters of the South Wing of Allianz Mico, welcomed 160 galleries from 24 countries divided into 3 sections – Emergent, Established, Established Anthology – telling more than one hundred years of art history through over 1,200 works, and the Salone del Mobile.Milano, with the biennial s EuroCucina and Salone In ternazionale del Bagno, as well as the Salone Internazionale del Complemento d'Arredo and Workplace3.0, which registered 316,342 attendees from 167 countries, with 1,900 brands present, confirming Milan's role as the world capital of design. In the same mont h, Fiera Milano also hosted ATHX Milan, an international competition dedicated to functional fitness, which attracted athletes and enthusiasts from numerous countries, helping to further expand the offer of the exhibition site in the segment of sports events and live entertainment, in line with the objectives set out in the Strategic Plan 2024-2027.

The month of May was characterised by a particularly rich and diverse calend ar. Fiera Milano hosted TUTTOFOOD, a reference exhibition for the agri-food sector, organised by Fiere di Parma as part of the strategic partnership between the two operators, which recorded a record attendance of 123,000.

At the same time, Transpotec Logitec, an exhibition dedicated to freight transport and integrated logistics, and Next Mobility Exhibition, an international exhibition dedicated to sustainable collective mobility, were held, which closed with 31,686 profe ssional visitors from 80 countries and more than 500 companies. The exhibition site also hosted MAPI C Italy, a reference point for the commercial and retail real estate market, and AI Week, the main Italian event dedicated to artificial intelligence, which brought together companies, startups, professionals and innovation stakeholders, confirming the growing attractiveness of Fiera Milano for events dedicated to new technologies and digital transformation. Between the end of May and the be ginning of June, the second edition of AF – 8

L'Artigiano in Fiera | Anteprima d'Es tate finally took place, building on the success of the spring event dedicated to international craftsmanship.

In June, the exhibition site hosted the first editio n of MaTec 2026, an exhibiti on platform that hosts Plast, the exhibition dedi cated to machines and materials for th e plastics and rubber sector, Xylexpo, biennial of technologies for wood and the furnitur e industry, and Composites Future, the first edition of the ‘made in Italy’ conference exhibition dedicated to the composite materials segment. These events, which registered 44,907 attendees over the fo ur days of the event, confirmed Fiera Milano's role as a reference platform for the main industrial and manufacturing sectors.

CONGRESS BUSINESS

The growth of the Congresse s sector is mainly attributable to the revenues generated by the use of the Milan venue (Allianz MiCo) as the Main Media Centre as part of the XXV Olympic Winter Games Milano Cortina 2026. In this context, the congress ce ntre hosted media broadcasting activities, i.e. the production, management and distribution of au diovisual content intended for international broadcasters.

In the second quarter, Allianz MiCo added an intense calendar of congresses, business events and exhibition events to the activities related to the Olympic Games, confirming itself as a reference point for the organisation of national and international events. Among the main events hosted are Packaging Première, an international exhibiti on dedicated to high-end packaging for the luxury, beauty, fashion, wine & spirits and fine food sectors; Netcomm Forum, the main Italian event dedicated to the evolution of digital commerce and innovation in retail; the Salone del Risparmio, a reference event for the Italian asset management sector; Fa stener Fair Italy, an exhibition dedi cated to the industry of screws, nuts and bolts and fastening systems; ESXENCE – The Art Perfumery Event, the main international exhibition dedicated to ar tistic perfumery; and Toys & Baby Mila no, a reference event for the toy, early c h i l d h o o d , h o l i d a y s a n d s t a t i o n e r y s e c t o r s . A l l i a n z M i C o a l s o h o s t e d E S G E D a y s 2 0 2 6 , t h e a n n u a l congress of the European Society of Gastrointestinal Endoscopy, one of the most important European events dedicated to digestive endoscopy and gastro enterology, which brought together specialists, researchers and professionals from al l over the world, confirming the role of the congress centre as a privileged venue for major international medical-scientific congresses.

During the semester Allianz MiCo also hosted numerous congresses promoted by scientific associations, institutions and companies, consolidat ing its position among the main European congress centres for accommodation capacity, flexibility of spaces and quality of services offered. Finally, in April it was announced that Allianz MiCo will host, on Oc tober 21, 2026, CES Unveiled Milan, the official European stage of the Road to CES, the international approach program to the Consumer Electronics Show (CES) in Las Vegas, the world's le ading event dedicated to technological innovation.

The awarding of the event represents a further recognition of Allianz MiCo's role as a reference venue for major international events dedicated to innovation and technology.

ACTIVITIES ABROAD

During the half-year, 11 internat ional exhibitions were held, oc cupying a total of 143,355 square metres of exhibition space. In the first quarter of the year, international activity was driven by Fruit Attraction São Paulo, a reference exhibition for the fruit and vegetable market in Latin America organised by the Brazilian subsidia ry company, which registered 18,400 visitors from 60 countries and the presence of 450 brands. During the exhibition, the agreement between IFEMA Madrid and Fiera Milano Brasil for the co-organisation of the exhi bition was also renewed until 2033, confirming the strength of the partnership and the prospects for the development of the exhibition in the Latin American market.

9

Also in the first quarter, Investec Cape Town Art Exhibition (ICTAF) was held in South Africa, the main contemporary art exhi bition on the African continent organise d by the local subsidiary company, now in its eleventh edition, which saw the participation of 126 galleries from 34 countries, 490 artists and about 34,000 visitors.

The international activity therefore continued in China, where the Group, through the joint venture established with Deutsche Messe AG, organised numerous events dedi cated to the main industrial and manufacturing sectors. Among these, Chengdu In ternational Industry Fair, an event dedicated to the manufacturing industry and technological i nnovation; Domotex Asia/CHINAFLOOR, one of the world's leading events dedicated to flooring and coatings; LET Ch ina, a reference exhibition for logistics, intralogistics, automation and supply ch ain technologies; GITF – Guangzhou International Travel Fair, one of the main Asian events dedicated to tourism and services for the travel sector; and Fastener Show China, an international exhibition dedicated to the industry of screws, nuts and bolts and fastening systems. All these events confirm the Group's presence in sectors with a high industrial content and the strategic importance of the Chinese market as part of the international growth path envisaged by the Strategic Plan 2024-2027.

In June, EXPOSEC – International Security Fair was held in Brazil, the main exhibition in Latin America dedicated to the security sector, organised by the Brazilian subsidiary company. The exhibition was attended by over 800 exhibitors' brands and 55,187 professional operators fr om the entire security chain, confirming its role as a reference event for technological innovation and the development of commercial relations in the Latin American market.

Overall, the foreign activity of the half-year conf irmed the strengthening of the Group's presence in the international markets with the greatest growth potential, supporting the development strategy envisaged by the Strategic Plan through an increa singly diversified portfolio of exhibitions and a consolidated presence in strategic geographical areas.

STIPA ACQUISITION

On 18 February 2026, Fiera Milano SpA signed a bi nding agreement for the acquisition of 51% of the share capital of Stipa SpA, an It alian company leader in the design and construction of high-end customised exhibition set-ups, also active in set-ups for corporate events and in the retail and showroom segment.

The operation represents a further step in th e implementation of th e 2024-2027 Strategic Plan, strengthening the positioning of Fiera Milano as an integrated service provider and expanding its presence in the market of customised stands and re lated services, leveraging the size and high growth rates of these segments and supp orting the evolution of the Group's offer towards a one-stop-shop model of services for exhibitors and visitors.

The transaction provides for the management and coor dination to be exercised by Fiera Milano SpA, enabling the full consolidation of the investment . The acquisition was completed for a consideration of Euro 12.2 million paid at closing, including the price adjustment based on the net financial position, on the basis of a valuation implying a 100% Enterp rise Value of approximat ely Euro 23.8 million.

The agreement envisaged a put/call option on the remaining 49% of the shares, exercisable in several time windows, with a maximum value of Euro 15. 7 million for the remaining shares, bringing the transaction to a maximum total value of Euro 27.8 million in addition to the net financial position. The transaction was financed through available cash resources and was completed at closing on 3 March 2026. The agreement ensures manageme nt and operational continuity.

MADE IN STEEL ACQUISITION

On 18 February 2026, Fiera Milano SpA signed a bind ing agreement for the acquisition of 70% of the share capital of Made in Steel Srl, the company organising the biennial inte rnational Made in Steel exhibition, a reference point for the steel supply chai n. Siderweb SpA SB, founder of the event, will maintain a 30% stake in the company's capital, ensuring the full organisational and identity continuity of the exhibition.

10

The operation represents a further step in the implementation of the strategy outlined in the 2024-

2027 Strategic Plan, which provides for the strengthen ing of the portfolio of organised exhibitions and the consolidation of the role of Fiera Milano as an international development platform for industrial chains of high strategic importance and as a partner for the growth of the exhibitions that operate in the service of these chains.

The transaction provides for the management and coor dination to be exercised by Fiera Milano SpA, enabling the full consolidation of the investment . The acquisition was completed for a consideration of Euro 7.7 million paid at clos ing, inclusive of the price adjustment calculated based on the net financial position and net working capital. The ag reement also provides for an earn-out mechanism of up to Euro 1.4 million in total, equal to Euro 0.7 million per tranche, subject to the achievement of specific economic and financial ta rgets relating to the 2027 and 2029 editions of the exhibition. The transaction was financed through available cash resources and was completed at closing on 25 February 2026.

OTHER INFORMATION

As of 1 January 2026, the shareholders' agreements in force between the companies Fiera Milano Congressi SpA and MiCo DMC Srl were amended, as a result of which Fiera Milano Congressi SpA assumed control of MiCo DMC Srl.

Following this change, the company is no longer classified as a joint venture but as a subsidiary, in accordance with IFRS 10 – Consolidated Financial Statements . Accordingly, the investment, previously accounted for using the equity method in accordance with IFRS 11, is fully consolidated line by line from the date control was acquired.

The full consolidation of Mico DMC Srl resulted in an increase in consolidated revenues of approximately Euro 7.2 million, in addition to the related effects on the other main economic and financial indicators of the Group.

On 29 January 2026, Fiera Milano SpA made a capita l contribution of Euro 1.4 million to the newly established company Fiera Milano Asia Pacific as part of the Group's international development strategy.

The new company will strengthen the Group's presen ce in Asian markets and develop new exhibition platforms dedicated to design and the creative industries. Fiera Milano Asia Pacific will organise FIND – Design Fair Asia, the international event dedicated to design and furniture, which will take place in Thailand for the first time from 26 to 28 November 2026 in Bangko k at the Queen Sirikit National Convention Center exhibition site, opening a new chapter in the international development of the exhibition.

On 22 April 2026, the Ordinary Shareholders’ M eeting of the Parent Co mpany was held, which approved the financial statements as at 31 December 2025 and resolved: to distribute a gross ordinary dividend of Euro 0.25 per eligible ordinary share from the amount of the profit for the year 2025, carrying forward the amount of the year's profit remaining after the above di stribution. The Ordinary Shareholders’ Meeting also resolved in favour of the contents of Section One and Section Two of the Remuneration Report, concerning the Company’s policy on the remuneration of the members of the Board of Directors, Key Executives, and members of the Company’s Board of Statutory Auditors. as well as the approval of an Incentive Plan pursua nt to Article 114-bis of Le gislative Decree 58/1998.

The Shareholders' Meeting also approved the authoris ation to purchase and disp ose of treasury shares pursuant to Articles 2357 and 2357 -ter of the Italian Civil Code, as well as the appointment of the new Board of Directors, which will remain in office for the 2026-2028 financial years.

Main sustainability initia tives of the half year During the semester, Fiera Milano ranked among the top ten Italian listed companies in the ESG Identity Corporate Index 2026, promoted by ET.Group / ETicaNews, achieving one of the highest scores in the entire index and obtaining the recognition of ‘Top ESG Performer’. The index assesses the ability of listed companies to structurally inte grate environmental, social and governance factors 11

into their business models, decision-making processes and management systems. The result represents a further advance in the Group's sustainability path compared to the first place obtained in 2025 among Italian Small Cap companies and confirms the progressive strengthening of Fiera Milano's positioning within a broader and more competitive benchmark, extended to the entire market of Italian listed companies.

It should be remembered that the Group’s activities are typically seasonal with regard to recurring trade exhibitions or those held every two years. Mo reover, the absence of exhibitions in August and the presence of exhibitions from September onwa rds make a comparison of the financial figures between the first and second halves of the year me aningless. Given the seasonality of the business, the revenues and results of one half-year cannot be extrapolated for the full year.

12

The table below gives greater detail of the Consolidated Income Statement for the first half of 2026.

Consolidated Income Statement Full year 1st Half 1st Half at 31/12/25 at 30/06/26 at 30/06/25 % (Amounts in €'000) % % 379,887 100 Revenues from sales and services 245,728 100 177,870 100 3,181 0.8 Cost of materials 3,096 1.3 1,670 0.9 188,840 49.7 Cost of services 118,121 48.1 89,420 50.3 64,901 17.1 Personnel expenses 32,010 13.0 27,324 15.4 5,107 1.3 Other operating expenses 2,895 1.2 2,557 1.4 262,029 69.0 Total operating costs 156,122 63.5 120,971 68.0 5,309 1.4 Other income 1,971 0.8 2,379 1.3 8,659 2.3 Results of equity-accounted companies 2,508 1.0 4,037 2.3 302 0.1 Allowance for doubtful accounts and other provisions 72 0.0 222 0.1 131,524 34.6 Operating result before adjustments to non-current asset values (EBITDA ) 94,013 38.3 63,093 35.5 51,171 13.5 Depreciation and amortisation 26,741 10.9 25,040 14.1 976 0.3 Adjustments to asset values 140 0.1 512 0.3 79,377 20.9 Operating result (EBIT) 67,132 27.3 37,541 21.1 (10,731) (2.8) Financial income/(expenses) (4,051) (1.6) (5,825) (3.3) (2) (0.0) Valuation of financial assets 1,519 0.6 - -

68,644 18.1 Profit/(loss) before income tax 64,600 26.3 31,716 17.8 17,853 4.7 Income tax 13,928 5.7 8,585 4.8 50,791 13.4 Profit/(loss): 50,672 20.6 23,131 13.0 50,301 13.2 - attributable to the shareholders of the controlling entity 49,476 20.1 22,876 12.9 490 0.1 - attributable to non-controlling interests 1,196 0.5 255 0.1 13

Revenues from sales and services totalled Euro 245,728 thousand, an increase of approximately Euro 67,858 thousand compared to the figure for the same half of the previous financial year (Euro 177,870 thousand).

The change in revenues is mainly related to the XXV Olympic Winter Games Milano Cortina 2026, both for the use of the venue and for the construction of temporary infrastructure at the Rho exhibition site, and for the use of the Milan venue designated for th e Main Media Centre. It is also affected by the more favourable exhibition calendar , linked to the presence, in even years, of the biennial exhibition hosted by Mostra Convegno Expocomfort and the ex hibition organised by Transpotec & Logitec. The increase in revenues deriving from logistics and set-up se rvices, resulting from the acquisition of the Expotrans Group in the second quarter of 2025 and of Stipa SpA in the first quarter of 2026, as well as the increase in revenues attributable to the fu ll consolidation of MiCo DMC Srl from 1 January 2026, also contribute to the growth.

Below are the performance numbers for exhibition space in Italy and abroad and the changes in terms of square metres compared to the previous six months:

-

Annual exhibitions organised by the Group in Italy (-11,305 sqm): the decrease is mainly attributable to the absence of the Raquet Trend Expo exhibition (-11,410 sqm).

- Annual exhibitions organised by third parties in Italy (-11,235 sqm): the decrease is mainly due to the Lineapelle February exhibition (-10,120 sqm).

- Congresses with related exhibition areas : these saw a change of rented space of -16,597 square metres.

- Biannual exhibitions organised by the Group in Italy (48,215 sqm): The increase is mainly attributable to the presence in the half-year under review of the Transpotec & Logitec (+54,905 sqm) and NME (+6,975 sqm) exhibitions, and to the absence of Print4all (-12,525 sqm).

- Biennial exhibitions organise d by third parties in Italy (+42,695 sqm): the increase is mainly due to the combined effect of th e exhibitions held in the half year under review such as Mostra Convegno Expocomfort (+82,975 sqm) and the abse nce of the exhibitions Made in Steel (-20,130 sqm), Lamiera (-19,040 sqm) and ISSA Pulire (-14,100 sqm).

- Multi-annual exhibitions organised by third parties in Italy (-29,950 sqm): the decrease refers to the absence in the half-year under review of the event ‘The Innovation Alliance’ (-63,830 sqm) and the presence of Plast (+39,860).

- Annual exhibitions of the Group abroad (-2,995 square metres): the square meters are in line with those of the same period of 2025.

14

The table below gives a summary of the net square metres of exhibition space occupied by the various Fiera Milano Group exhibitions and by cong resses with related exhibition space.

EBITDA for the half-year was Euro 94,013 thousand comp ared to a figure of Euro 63,093 thousand in the same period of the previous financial year, an increase of Euro 30,920 thousand.

The change reflects the already no ted positive revenue performance and was partially offset by the increase in overheads and personnel costs relating to the new acquisitions of the Expotrans Group and Stipa, completed in the second quarter of 2025 and the first quarter of 2026 respectively.

EBIT for the half-year is Euro 67,132 thousand compared to Euro 37,541 thousand for the same period in 2025. The increase amounted to Euro 29,591 th ousand and mainly reflects the performance of EBITDA, partially offset by higher depreciation.

Financial management shows a nega tive balance of Euro 4,051 thou sand, compared to a negative value of Euro 5,825 thousand in 2025. The positive change of Euro 1,774 thousand is mainly due to bank interest income on liquidity loans, the increase in the fair value of units in ESG mutual funds and the reduction in financial expenses related to right-of-use assets. Fiera Milano Group Summary operatin g figures

organised organised

Total by the Group Total by the Group Number of exhibitions: 37 21 39 19 Italy 26 10 28 8 . annual 20 8 18 7 . biennial 5 2 5 1 . multi-annual 1 - 5 -

Foreign countries 11 11 11 11 . annual 11 11 11 11 . biennial - - - -

. multi-annual - - - -

Number of con gresses with related exhibition space -

Italy 19 - 25 -

Net sq.metres of exhibition space: 922,339 285,395 903,511 251,480 Italy 778,984 142,040 757,161 105,130 . annual (a) 501,719 80,160 540,856 91,465 . biennial 237,405 61,880 146,495 13,665 . multi-annual 39,860 - 69,810 -

(a) of which congresses with related exhibition space 40,569 - 57,166 -

Foreign countries 143,355 143,355 146,350 146,350 . annual 143,355 143,355 146,350 146,350 . biennial - - - -

. multi-annual - - - -

Number of exhibitors: 20,656 6,125 21,452 6,455 Italy 16,711 2,180 17,027 2,030 . annual (b) 10,936 1,800 11,462 1,840 . biennial 4,965 380 3,985 190 . multi-annual 810 - 1,580 -

(b) of which congresses with related exhibition space 2,456 - 2,727 -

Foreign countries 3,945 3,945 4,425 4,425 . annual 3,945 3,945 4,425 4,425 . biennial - - - -

. multi-annual - - - - 1st Half 2026 1st Half 2025 of which of which 15

Profit/(loss) before tax is Euro 64,600 thousand compared to Eu ro 31,716 thousand in the first half of 2025. The increase amounted to Euro 32,884 thou sand and mainly reflected the trend in EBIT and the positive change in financial management.

Income tax for the half-year period of Euro 13,928 th ousand (Euro 8,585 thousand in the first half of 2025) was recognised by applying the estimated annual average tax ra te (tax rate method) to the profit/(loss) before tax of the individual consolidated companies.

Net profit (loss) for the half-year of Euro 50,672 thousand (Euro 23,131 thousand in the first half of 2025) is for Euro 49,476 thousand attributable to the Shareholders of the Parent Company (Euro 22,876 thousand in the first half of 2025) and for 1,196 thousand attributable to non-controlling interests (Euro 255 thousand in the first half of 2025).

16

The following table shows the Reclassified Consolidated St atement of Financial Position .

Reclassified Consolidated Statement of Financial Position (Amounts in €'000) 30/06/26 31/12/25 Goodwill 119,624 97,585 Intangible assets with a finite useful life 20,787 21,319 Right-of-use assets 280,578 295,889 Tangible fixed assets 11,479 9,093 Other non-current financial assets 3 5 Other non-current assets 80,372 79,574 A Non-current assets 512,843 503,465 Inventory and contracts in progress 5,640 3,595 Trade and other receivables 86,876 64,614 B Current assets 92,516 68,209 Trade payables 74,986 82,287 Advances 44,174 42,991 T ax liabilities 3,582 4,110 Provisions for risks and charges and other current liabilities 63,290 74,078 C Current liabilities 186,032 203,466 D Net working capital (B - C) (93,516) (135,257) E Gross capital employed (A + D) 419,327 368,208 Employee benefit provisions 10,269 9,207 Provisions for risks and charges and other non-current liabilities 7,566 8,337 F Non-current liabilities 17,835 17,544

G TOTAL NET CAPITAL EMPLOYED (E-F) 401,492 350,664

covered by:

Equity attributable to the Group 197,097 181,291 Equity attributable to non-controlling interests 7,116 5,450 H Total equity 204,213 186,741 Cash & cash equivalents (100,430) (180,182) Current financial (assets)/liabilities -2,258 40,660 Non-current financial (assets)/liabilities 299,967 303,445 Net financial debt 197,279 163,923 I Net financial debt (TOTAL) 197,279 163,923

EQUITY AND NET FINANCIAL DEBT (H+ I) 401,492 350,664

17

Non-current assets as at 30 June 2026 amounted to Euro 512,843 thousand compared to Euro 503,465 thousand as at 31 December 2025. The increase of Euro 9,378 thousand mainly relates to the goodwill of the newly acquir ed companies Stipa SpA (Euro 11,645 thousand) and Made in Steel Srl (Euro 8,785 thousand). This effect was partially offset by the amortisation of right-of-use assets relating to leased assets.

Net working capital went from Euro -135,257 thousand at 31 December 2025 to Euro -93,516 thousand at 30 June 2026. The increase of Euro 41,741 thousand is mainly attributable to the following:

(a) increase in Current assets of Euro 24,307 thousand, due to the increase of the item ‘Inventories and contracts in progress’ fo r Euro 2,045 thousand and ‘Trade and other receivables’ for Euro 22,262 thousand. The change is mainly related to the increase in the item ‘Trade and other receivables’ and is mainly attributable to the expansion of the scope of consolidation, resulting from the acquisition of the companies Stipa SpA and MiCo DMC Srl, the latter fully consolidated from 1 January 2026 , as well as the increase in receivables not yet collected from Fondazione Milano Cortina (b) decrease in Current liabilities of Euro 17,434 thousand, mainly due to:

• decrease in the ‘Trade payables’ item of Euro 7,301 thousand, mainly relating to the payment of amounts due to suppliers of events falling due;

• increase in the item ‘Advances’ for Euro 1, 183 thousand as the balance between increases for advances invoiced to customers for exhibi t i o n s t o b e h e l d i n s u b s e q u e n t p e r i o d s ( i n particular Host and Expodetergo International) and decreases for exhibitions held in the current half-year (in particular Mostra Convegno Expocomfort);

• an increase in ‘Provisions for risks and charges and other current liabilities’ of Euro 10,788 thousand, relating mainly to the release of deferred income arising from contracts for the use of the venue for the organisation of the XX V Olympic Winter Games Milano Cortina 2026.

This effect was partially offset by the increase in the debt to the Foundation for tax consolidation.

At 30 June 2026, non-current liabilities totalled Euro 17,835 thousand compared to Euro 17,544 thousand at 31 December 2025.

Equity attributable to the Group at 30 June 2026 was Euro 197,097 thousand compared to Euro 181,291 thousand at 31 December 2025, an increase of Euro 15,806 thousand due to the following:

- Euro 49,476 thousand as to the net result for the period;

- Euro -17,936 thousand to the distribution of dividends;

- Euro -13,975 thousand relating to the put option associated with the acquisition of Stipa SpA;

- Euro -2,143 thousand to the stock grant reserve;

- Euro 129 thousand for the purchase of treasury shares;

- Euro 346 thousand for exchan ge rate differences;

- Euro -91 thousand to other comp onents of comprehensive income.

Equity attributable to non-controlling interests amounted to Euro 7,116 thousand as at 30 June 2026 compared to Euro 5,450 thousand as at 31 De cember 2025, with an increase of Euro 1,666 thousand attributable to:

- Euro 1,196 thousand as to the net result for the period;

- Euro -931 thousand to the distribution of dividends;

- Euro 791 thousand to the change in th e accounting method of MiCo DMC;

- Euro 521 thousand to the acquisition of Stipa SpA;

- Euro 101 thousand to the acquisit ion of Made in Steel Srl;

- Euro 6 thousand for exchange rate differences;

- Euro - 18 thousand to Other components of comprehensive income.

The Group’s financial debt and its composition is shown in the table below.

18

The Group’s financial debt not including IFRS 16 lease liability at 30 June 2026 showed net cash of Euro 109,366 thousand compared to net cash of Euro 157,244 thousand at 31 December 2025, thereby recording a decrease of Euro 47,878 thousand.

The decrease is mainly related to the corporate acquisitions completed during the half-year under review and the payment of dividends and was partially offset by the positive cash flow generated by operating activities during the period.

Financial debt, including IFRS 16 lease liabilities, tota lled Euro 197,279 thousand, an increase of Euro 33,356 thousand compared to Euro 163, 923 thousand at 31 December 2025.

Group Net Financial Debt (Amounts in € '000) 30/06/26 31/12/25 change A. Cash 78,640 116,980 (38,340) B. Cash and equivalents 21,790 63,202 (41,412) C. Other current financial assets 54,169 8,991 45,178

- C.1 of which Other current financial assets to the controlling shareholder 3,678 1,323 2,355

- C.2 of which Other current financial assets to joint venture 1,715 1,712 3 D. Liquidity (A+B+C) 154,599 189,173 (34,574) E. Current financial debt (including debt instruments, but excluding current portion of non-current financial debt) 466 427 39

- E.1 of which Current financial debt to the controlling shareholder - --

F. Current portion of non-current debt 5,856 5,345 511 G. Current financial indebtedness (E+F) 6,322 5,772 550 H. Net current financial indebtedness (G-D) (148,277) (183,401) 35,124 I. Non-current financial debt 38,911 26,157 12,754 J. Debt instruments -- -

K. Non-current other payables -- -

L. Non-current financial indebtedness (I+J+K) 38,911 26,157 12,754 M. Total financial indebtedness before IFRS 16 effects (109,366) (157,244) 47,878 N. Current financial liabilities related to the right of use of assets 45,589 43,879 1,710

- N.1 of which current financial liabilities related to the right-of-use assets to the controlling shareholder 43,181 41,768 (4,55 1) O. Non-current financial liabilities related to the right of use of assets 261,056 277,288 (16,232)

- O.1 of which non-current financial liabilities related to the right-of-use assets to the controlling shareholder 250,191 269,51 1 (51,663) P. Current financial assets related to the right of use of assets - - -

IFRS 16 financial effects 306,645 321,167 (14,522) Q. Total net financial debt (M+N+O-P) 197,279 163,923 33,356 19

Business performance by operating segment and geographic area The key Group figures by operating segment and by geographic area are given in the following table.

Summary of data by operating segment and by geographic area (Amounts in € '000) 1st Half at 30/06/26 1st Half at 30/06/25 Revenues from sales and services

- By operating segment: %% . Italian Exhibitions business 182,366 71.2 137,378 73.8 . Foreign Exhibitions business 5,634 2.2 4,333 2.3 . Congresses 47,926 18.7 37,615 20.2 . Other sectors 20,308 7.9 6,960 3.7 Total revenues gross of adjustments for inter-segment transactions 256,234 100.0 186,286 100.0 . Adjustments for inter-segment transactions (10,506) (8,416) Total revenues net of adjustments for inter-segment transactions 245,728 177,870

- By geographic area:

. Italy 240,094 97.7 173,539 97.6 . Foreign countries 5,634 2.3 4,331 2.4 Total 245,728 100.0 177,870 100.0

EBITDA %%

- By operating segment:on

revenueson

revenues

. Italian Exhibitions business 70,266 38.5 49,367 35.9 . Foreign Exhibitions business 1,935 34.3 1,727 39.9 . Congresses 19,675 41.1 11,045 29.4 . Other sectors 2,137 10.5 954 13.7 Total 94,013 38.3 63,093 35.5

- By geographic area:

. Italy 92,126 38.4 61,369 35.4 . Foreign countries 1,887 33.5 1,724 39.8 Total 94,013 38.3 63,093 35.5

EBIT %%

- By operating segment:on

revenueson

revenues

. Italian Exhibitions business 47,717 26.2 27,266 19.8 . Foreign Exhibitions business 1,890 33.5 1,682 38.8 . Congresses 16,032 33.5 7,745 20.6 . Other sectors 1,493 7.4 848 12.2 Total 67,132 27.3 37,541 21.1

- By geographic area:

. Italy 65,290 27.2 35,862 20.7 . Foreign countries 1, 842 32.7 1,679 38.8 Total 67,132 27.3 37,541 21.1

Employees

(no. of permanent employees at the end of the period)

- By operating segment: %% . Italian Exhibitions business 678 72.7 609 71.8 . Foreign Exhibitions business 102 10.9 97 11.4 . Congresses 65 7.0 50 5.9 . Other sectors 88 9.4 92 10.8 Total 933 100.0 848 100.0

- By geographic area:

. Italy 826 88.5 744 87.7 . Foreign countries 107 11.5 104 12.3 Total 933 100.0 848 100.0 20

Revenues from sales and services at 30 June 2026 before elimin ation of transactions among the business segments of the Group were Euro 256,234 thousand, of which 71% was generated by Italian Exhibitions Business, 2% by Foreign Exhibitions Business, 19% in the Congresses sector and 8% in the Other sectors.

Revenues from the Italian Exhibitions Business were Euro 182,366 thousand, an increase of approximately Euro 44,988 thousand compared to the figure for th e same half of the previous year (Euro 137,378 thousand). The change in re venues is mainly related to the XXV Olympic Winter Games Milano Cortina 2026, both for the use of the venue and for the construction of temporary infrastructure at the Rho exhibition si te, and for the use of the Milan venue designated for the Main Media Centre. It is also affected by the more favourable exhibition calendar, linked to the presence, in even years, of the biennial exhibition hosted by Most ra Convegno Expocomfort and the exhibition organised by Transpotec & Lo gitec. The increase in revenues from set-up services resulting from the acquis ition of Stipa SpA in the first qu arter of 2026 also contributes to the growth.

- Revenues from the Foreign Exhibitions Business amounted to Euro 5,634 thousand, increasing by Euro 1,301 thousand over the same half of the previous year (Euro 4,333 thousand). Revenues for the half-year under review relate mainly to the Exposec event organised by the Brazilian subsidiary.

- Revenues from Congresses amounted to Euro 47,926 thousand, increasing by Euro 10,311 thousand over the same half of the previous year (Euro 37,615 thousand). The increase is mainly attributable to the revenues of the subsidiary MiCo DMC, which changed from equity consolidation to full consolidation as of 1 January 2026.

- Revenues from Other sectors amounted to Euro 20,308 thousand and showed an increase of Euro 13,348 thousand compared to the same half of the previous year (Euro 6,960 thousand).

This change is mainly attributable to the inclusion of the Expotrans Group in the scope of consolidation at the end of April 2025, whose contribution to half-year revenue was limited to just two months.

The breakdown by segment of the EBITDA of Euro 94,013 thousand, which compared to Euro 63,093 thousand in the same period of the pr evious financial year, was as follows:

- Italian Exhibitions Business : recorded an EBITDA of Euro 70, 266 thousand compared to Euro 49,367 thousand in the same period of the previous financial year . EBITDA reflects the aforementioned revenue performance and was partially offset by the increase in structural costs and personnel costs related to the new acquisition of Stipa.

- Foreign Exhibitions Business : EBITDA of Euro 1,935 thousand compared to Euro 1,727 thousand in the same period of the previous financial ye ar. The positive change of Euro 208 thousand is mainly attributable to the result of the joint venture held under joint control with the partner Deutsche MESSE AG.

- Congresses : EBITDA was Euro 19,675 thousand, compared to Euro 11,045 thousand in the same half of 2025. The half-yearly change of Euro 8,63 0 thousand is mainly attributable to the revenue of Fiera Milano Congressi SpA, largely linked to the venue used for the Olympic Games, which generates high profit margins.

Other sectors : recorded an EBITDA of Euro 2,137 thousa nd compared to Euro 954 thousand in the same period of the previous year and derives from what has already been shown in revenues.

The EBIT of the three operating segments totalled Euro 67,132 thousand compared to Euro 37,541 thousand in the same period of the previous year.

The breakdown by geographic area in the first half shows revenues from fore ign activities of Euro 5,634 thousand compared to Euro 4,331 thousand in the same period of the previous year. EBITDA was Euro 1,887 thousand, compared to the figure fo r the first half of the previous year (Euro 1,724 thousand) whilst EBIT was Euro 1, 842 thousand compared to an EBIT of Euro 1,679 thousand for the same period of the previous year.

21

Exhibitions organised by the Group in Italy and abro ad occupied total net exhibition space of 285,395 square metres, which equated to 31% of the total exhibition space occupied. In Italy, 26 events and 19 events related to conferences with an exhibition area took place in the two

exhibition sites

fieramilano and fieramilanocity during the half-year.

Exhibitions in Italy occupied net exhibition spac e totalling 778,984 square metres compared to 757,161 square metres in the first half of the previous year. The number of exhibitors rose from 17,027 in the first half of 2025 to 16,711 in the first half of 2026.

Details of exhibitions held in Italy are given in the following table (figures have been rounded so as to facilitate reading and comparison of the figures).

Annual Exhibitions:

Directly organised

- Bit 18,085 18,625 250 240

- Miart 8,080 9,195 180 200

- Milano Fashion&Jewels (1st semester) 12,820 11,970 515 515

- Milano Home 20,440 20,670 500 440

- Promotion Trade Exhibition 5,470 4,890 125 115

- Quick & More 9,055 7,940 115 105

- SposaItalia 2,715 6,765 45 95

- The ONE Milano (February) ** 3,495 - 70 -

- Raquet Trend Expo - 11,410 - 130 Total annual exhibitions directly organised 80,160 91,465 1,800 1,840

Hosted

- AF Artigiano in Fiera Primavera 15,075 13,165 795 855

- Fà la cosa giusta 7,875 9,575 490 445

- Filo (1st semester) 2,560 2,485 70 95

- I Saloni 164,605 164,540 1,000 1,060

- LineaPelle Febbraio 35,380 45,500 705 920

- Mapic Italy * 5,520 - 85 -

- Mido 48,565 48,390 1,185 1,185

- Milano Unica (spring) 35,055 39,160 715 710

- Mipel (March) 4,205 4,400 135 160

- My Plant & garden 31,465 32,290 730 740

- Seaquip * 2,755 - 155 -

- The Micam (spring) 27,930 32,720 615 725 Total annual exhibitions hosted 380,990 392,225 6,680 6,895 Total annual exhibitions 461,150 483,690 8,480 8,735 Continues in next pageItalian exhibition portfolio Net sq. metres of exhibition space Number of exhibitors 1st Half to 30/06/261st Half to 30/06/251st Half to 30/06/261st Half to

30/06/25

22

Continues from previous page

Biennial exhibitions

Directly organised

- NME 6,975 - 85 -

- NetZero - 1,140 - 25

- Print4all - 12,525 - 165

- Transpotec 54,905 - 295 -

Total biennial exhibitions directly organised 61,880 13,665 380 190

Hosted

- Mostra Convegno Expocomfort 82,975 - 1,475 -

- Xylexpo 7,450 - 150 -

- ISSA Pulire - 14,100 - 370

- Lamiera - 19,040 - 290

- Made in Steel - 20,130 - 365

- Tuttofood 85,100 79,560 2,960 2,770 Total biennial exhibitions hosted 175,525 132,830 4,585 3,795 Total biennial exhibitions 237,405 146,495 4,965 3,985

Multi-annual exhibitions

Hosted

- Greenplast - 5,375 - 160

- Ipack Ima - 54,230 - 1,120

- Intralogistica - 4,225 - 100

- Plast 39,860 - 810 -

- Pharmintech - 5,980 200 Total multi-annual exhibitions hosted 39,860 69,810 810 1,580 Total multi-annual exhibitions 39,860 69,810 810 1,580

TOTAL EXHIBITIONS 738,415 699,995 14,255 14,300

- Congresses with related exhibition space 40,569 57,166 2,456 2,727

TOTAL 778,984 757,161 16,711 17,027

* The exhibition was held for the first time.

** The exhibition was managed by Mifur in the previous editions.Net sq. metres of exhibition space Number of exhibitors 1st Half to 30/06/261st Half to 30/06/251st Half to 30/06/261st Half to

30/06/25

23

In the first half of the year, 11 exhibitions were he ld in foreign exhibition si tes and the net exhibition space occupied totalled 143,355 square metres compared to 146,350 square metres in the same period of the previous financial year. The number of exhibitors went from 4,425 in the first half of 2025 to 3,945 in the first half of 2026.

Details of exhibitions held abroad in the first half of 2026 are given in the following table (figures have been rounded so as to facilitate reading and comparison of the figures).

Foreign Exhibition portfolio Net sq. metres of exhibition space Number of exhibitors Annual Exhibitions:1st Half to 30/06/251st Half to 30/06/241st Half to 30/06/251st Half to

30/06/24

Exhibitions in China

- Chinafloor Domotex Shanghai ° 59,230 67,350 1,365 1,255

- China International Fastener Show ° 15,530 15,760 620 645

- Chengdu International Industry Fair ° 11,340 12,880 375 430

- GITF International Tour Guangzhou 4,035 4,760 360 270

- Industrial Automation Shenzen ° 9,705 9,955 335 320

- Laser Fair Shenzen 8,055 5,060 195 145

- Let China Guangzhou 14,445 18,340 490 580

- Xiamen International Industry Exposition ° 2,585 1,420 95 50

- Chengdu Industrial Professional Expo ° a) 4,000 a) 315

- Industrial Automation Robotic Show South China ° a) 2,000 a) 80

- Northern International Logistics and Transportation Technology Expo Jinan ° b) 5,360 b) 175 Total Exhibitions in China 124,925 146,885 3,835 4,265 Exhibitions in South Africa

- Cape Town Art Fair 4,300 4,105 115 105 Total Exhibitions in South Africa 4,300 4,105 115 105 Exhibitions in Brazil

- Exposec 12,725 13,625 250 195

- Fruit Attraction São Paulo ° 4,400 2,860 225 100 Total Exhibitions in Brazil 17,125 16,485 475 295Total Annual Exhibitions 146,350 167,475 4,425 4,665Biennial ExhibitionExhibitions in Brazil

- Esquadria Show ° - 1,000 - 15 Total Exhibitions in Brazil - 1,000 - 15Total Biennial Exhibitions - 1,000 - 15TOTALE MANIFESTAZIONI 146,350 168,475 4,425 4,680 ° The exhibition was organised in partnership.

a) The exhibition did not take place.b) The exhibition was held/will be held in subsequent quarters.

24

Information on related-party transactions Note 38 of the Illustrative Notes to the Accounts of the present half-year financial report provides information on related-party transactions.

Group personnel

At 30 June 2026, Group employees totalled 933. The breakdown compared to 31 December 2025 was

as follows:

Compared with 31 December 2025, the number of pe rmanent employees increased by a net 73, mainly relating to the newly acquired company Stipa SpA in cluded in the consolidation scope and the company MiCo DMC, now fully consolidated.

Main risk factors affecting the Group

Risk management in the Fiera Milano Group Fiera Milano adopts a structured and integrated process for the analysis and management of risks and opportunities at Group level, which is inspired by internationally recognised standards in the field of Enterprise Risk Manageme nt (hereinafter, ‘ERM’).

The general objective of an Ente rprise Risk Manageme nt system, according to internationally recognised reference models, is to provide the Mana gement and the Board of Directors of the company with relevant information on risk and opportunity factors, which ar e able to support the taking of informed decisions when defining objectives and strategies and monitoring performance, based not only on expected returns but also on the underlying risk profile.

Based on a risk mapping method that directly invo lves the Group’s management in their capacity as risk owners, the ERM process assist s in the assessment, definition and planning of company objectives and strategies, as well as the correct implementation of the following activities through their integration in company planning and management processes:

• Systematic and proactive identification of the main risks and opportunities (strategic, operational, financial and compliance) to which the Group is exposed and, within this framework, the individual comp anies under its control;

• assessment of the potential impacts and the pr obability of occurrence of the risks and

opportunities identified;

• analysis of the risk management system on the identified risk/opportunity factors, i.e. the level of control in place in terms of risk mitigati on actions (e.g. at co ntractual, insurance, organisational/procedure level, etc.) or of enhancement of opportunities; Permanent employees at period end 31/12/25 (units) 30/06/26 30/06/25 Total ItalyFor e ign countries Fully consolidated companies: Total ItalyForeign countries Total ItalyForeign

countries

34 30 4Executives 35 31 4 34 30 4 721 686 35 Managers, white collar workers and workers 764 725 39 712 675 37 755 716 39 Total 799 756 43 746 705 41 Equity-accounted companies (a):

523 Executives 413523 100 39 61 White collar workers 1 3 06 96 19 73 76 0 105 41 64 Total 134 70 64 102 39 63

860 757 103 TOTAL 933 826 107 848 744 104

(a) the indicated data corresponds to the pro-quota of total

employees

25

• definition and monitoring of the implementation of risk response consistent with the level of residual risk (net of risk mitigation actions) , taking into account the group risk appetite guidance.

The results of the periodic update of the ERM mappi ng are periodically reported to the Control and Risk Committee, the Boar d of Statutory Auditors and the Board of Directors, and are used by the Internal Audit Department as useful information for the preparation of th e annual risk-based audit plan.

The Risk Management Function, which is ensured the provision of adequate professionalism and resources necessary for the performance of its tasks, guarantees the definition, operation and updating of the ERM Model. The Risk Management function operates according to the provisions of the ERM guidelines – Risk and Opportunity Management, approved by the Board of Directors in December 2025.

These guidelines describe the ERM model adopted by the Fiera Milano Group, and are drawn up in compliance with the architecture of the Internal Audit and Risk Management System (ICRMS) of the Fiera Milano Group.

The ERM Guidelines define the methodological and process approach adopted by Fiera Milano for the mapping and management of events, whether risks or opportunities, that may influence the pursuit of the Fiera Milano Group's economic-financial and su stainability objectives, summarised in the Fiera Milano Group's multi-year Strategic Plan. The main risk factors to which the Fiera Mila no Group is exposed, as discerned from the aforementioned process, are descri bed below. This takes into account the business sector in which it operates and the characteri stics of the business model it uses. An account of Group policies to manage and mitigate the risks described is given.

1. Risks related to extern al and strategic factors Risks related to the macroeconomic and geopolitical environment and trends and competition in the exhibition sector The Group's financial results are dependent on the in vestments planned by its customers at exhibitions, congresses and related services, which in turn are in fluenced by trends in their various economies, primarily the Italian economy and that of the EU. Mo reover, the Group is exposed to the risk that its leadership of the domestic market may be affected by tougher competition or by the entry of new operators, which could have a negative impact on the Group’s market position.

Geopolitical risks are sign ificantly high, given the persistence of the Russian-Ukrainian conflict and the recent war in the Middle East with the attack on Ir an and the involvement of the Gulf countries, with the consequent energy shock and th e hiccups of traffic passing throug h the logistics hub of the Strait of Hormuz; almost five months after the beginning of the hostilities, there are no significant impacts on the Group's business, as the main business KPIs have so far not shown si gns of deterioration. A separate chapter concerns the Trump administration's policy on trade tariffs; the United States is the second largest market after Germany for Italian ex ports, which are largely based on the so-called ‘Made in Italy' sectors, including agribusiness, fa shion and mechanics, whose performance is therefore potentially affected by the US administration's trad e tariff policy. The exhibitions represented in these sectors, both by third parties and by property owne rs, produce significant port ions of Fiera Milano's revenues and margins. Despite this, Italian exports in 2025 and in the first part of 2026 showed a certain resilience, in contrast to the rest of the EU , continuing to grow, with pharmaceutical, agri-food and precious metals as sectors that performed bette r and textile-clot hing, furniture and instrumental mechanics as commodities that suffered the most. At present, there are no particular negative repercussions on the performanc e of the fairs concerned.

The Italian exhibition sector continues to play in instrumental role in industrial policy, particularly as around 50% of exports by domestic SMEs are generated from exhibition activity each year according to data from the reference Italian Exhibition and Trade Fair Association (AEFI). However, the exhibition market remains a mature market, with high barrier s to entry and investment concentrated towards the biggest events with the highest international appeal. Fiera Milano is facing an increased level of competition in the exhibition sector, with particular reference to the European and national context, 26

worsened in recent years by repositioning in the ex hibition calendar and consequent overlaps between competing events, brought about by the pandemic, and, more recently, by the intense M&A activity of the main operators. The exhibition market in Italy is increasing ly polarised by the major players: the market share of the leading 4 operators (Milan, Bolo gna, Rimini and Verona) is steadily greater than 50%; such players seek growth oppo rtunities through partnerships and M&A transactions, also abroad.

In this context, the Group is dedicated to foll owing strategic lines dictated by the 2024-2027 Plan: (i) strengthening the portfolio of own exhibitions, in particular by consolidating the leadership of Host, investing in the growth of B2B exhibitions and launc hing new exhibitions in at tractive sectors during the period; (ii) attracting international events to the Milan area through agreements with leading operators; (iii) expanding the congress business by optimi sing the use of space and attracting new international conferences and large corporate events; (iv) becoming an integrated service provider, also through the acquisition of companies operating in sectors adjacent to the core business (e.g., stand fittings, logistics), thus co vering the value chain of the exhibition and congress business (v) developing the entertainment business, both ind oor and outdoor, with sports and music events.

Cyclical nature and seasonality of the exhibition and congress industry Organising and hosting exhibitions, exhibitions and congresses is, by its nature , subject to seasonality and demand cyclicality, both of which are particularly relevant to the Italian and European markets.

Indeed, they are characterised by the almost total absence of exhibitions in the summer months, and by the presence of biennial and multi-annual exhibiti ons. This seasonality has a significant effect on the annual spread of Group revenues and profits and ex poses it to the risk that use of the exhibition and congress facilities is sub-optimal in te rms of reaching expect ed profitability.

The management's current strategy, also based on (i) attracting events of international scope to the Milanese site through agreements with leading operators (ii) expanding conference activities and (iii) developing the entertainment business, which will lead to the occupation of spaces for music and sports events in periods of 'negative' calendar, wi ll allow, in perspective, for greater stability in revenues and margins both during the year and between even and odd years. Specifically, in 2026 the cyclicality dynamic is less accentuated in relation to the change of frequency of Tuttofood (now in even years) and the presence of multi-year and trav elling events of international importance, such as CPHI and Plast.

Risks related to the dependency of Group companies on the exhibition and congress

business

The dependence of some Group companies in the ex hibition and congress busi ness is significant, in particular, Nolostand SpA and Mico DMC Srl, which have businesses that continue to be for a large part dependent on the exhibition and congress portfolio of the Group.

To address this dependency and the inherent risk s it poses to the busine ss of the aforementioned companies, the Group has implemente d some measures to mitigate the potential negative effects on its consolidated results.

Mico DMC is engaged in the development of non-captive business lines, such as corporate events and the proposition of new DMC services (e.g. registration services, entry visa management). For Nolostand SpA, this risk factor is ingrained in the organi sational operating model the Group has selected and adopted for Nolostand SpA, whose operations are nearly entirely captive in relation to the exhibition and congress business. In any case, the company is committed by the 2024-2027 Strategic Plan to the development of a business line for ‘out-of-venue’ orders.

Raw material (energy) and labour price risk The conflict in the Middle East between the US and Iran, which began in March 2026 and re-exploded in the first half of July after a brief truce signed in mid-June, has triggered new tensions on the price of energy, suggesting risk mitigation actions by the Group. In this regard, the Group benefits from the potential of the photovoltaic system in the Rho exhibi tion site, with a total capacity of 18 Mwh, able to guarantee 30-35% of the total energy needs. Fo r approximately another third of the 2026 energy 27

needs, the company implemented forward purchases of electricity from its provider at fixed prices during the six-month period , thus limiting the negative effect of any further increases in the market price.

For other raw materials such as wood (used for th e panels of the stands) and polymers (used for graphics, signage, fabrics and carpet ), there were no particular upward dynamics during the half-year.

On the other hand, there were tariff increases during the renewal of some contracts with a high incidence of labour, managed with a % increase not far from the inflation rate.

2. Operational risks related to processes and organisation Climate change - Physical risks and transition risks The Fiera Milano Group recognises the growing importance of climate change challenges and integrates these aspects into its development stra tegy. The Group adopts a systematic method to identify, analyse and address climate risks, both phys ical and transition-related. In this context, the Fiera Milano Group periodically carries out analyses to assess the potential impact of these risks on its operational activities.

As far as physical risks are concerned, the analysis examines the venues in which exhibition and conference events are hosted and organised, the su pport facilities (warehou ses) and some physical facilities managed by suppliers of strategic importance (e.g. da tacentres). The objective is to understand the impacts and possible mitigation actions of extreme weather events, which can be sudden, such as storms, fires and floods, or gradua l, such as rising average temperatures, prolonged heat waves and persistent droughts. The methodolog ical approach is based on globally recognised climate models, including those developed by the In tergovernmental Panel on Climate Change (IPCC), which outline different future scenarios based on greenhouse gas emissions.

Specifically, three reference scenario s are considered: an optimistic one (RCP2.6), in line with the goals of the Paris Agreement to limit global warming to 1.5 °C by the end of the century; an intermediate one (RCP4.5); and one characterised by high emi ssions (RCP8.5), reflecting a development without significant carbon footprint reduction measures. This assessment allows the Group to plan effective strategies to deal with the potential impacts of climate change and ensure the resilience of its operations. Analyses are conducted considering thr ee different time horizons: the short term (2-5 years), with a focus on immediate impacts and actions needed to ensure business continuity and resilience; the medium term (5-10 ye ars), to assess the effects of climate change with respect to global sustainability goals and the evolut ion of the regulatory framework; and the long term (more than 10 years), with a focus on structural re silience and strategies to address the challenges of global warming.

The analysis showed that the level of exposure to cl imate risks for the Fiera Mila no's assets is generally low, with the exception of some ex hibition sites located in China, such as Guangzhou, Dongguan and Shenzhen, which are related to the JV affiliate wi th Deutsche Messe, which are exposed to extreme rainfall and potential flooding. The valuation of pr operty damage confirmed, in the short term, a non-

significant financial impact on all sites. In the sa me way, the possible econ omic damage, associated with lost revenues due to business interruptions caus ed by extreme weather events, in the short term was assessed as not material, i.e. below the economic-financial materiality threshold established by the Enterprise Risk Management (ERM) framework. In the long term, however, elements of uncertainty remain, as Fiera Milano's assets co uld be subject to physical risks with potentially material impacts.

However, to deal with the repercussions of events of the type described, the Group has implemented a Business Continuity Management framework. This includes a Crisis Management Plan and a series of business continuity procedures that outline the operational responses to be enacted during crises, including situations involving asset unavailability.

As regards maintenance, work was carried out on the exhibition structures, such as (i) re-roofing of the exhibition halls, in preparation for the installati on of photovoltaic panels, with improvement of the thermal seal and reduction of water infiltration (ii) renovation of the downpipes and eaves of the halls (iii) installation of monitoring sensors.

28

In addition, the Group has adequate PDBI in surance cover (Property Damage and Business Interruption) as part of the Group All Risks Property policy.

In the context of transition risks, Fiera Milano faces challenges related to regulatory developments, investor expectations and changes in the market, wh ich is increasingly focussed on sustainable models.

The analysis of transition risks is based on the forecast scenarios de veloped by the International Energy Agency (IEA) and the IPCC, which include the path to Net Zero by 2050, policies currently in place and commitments announced by governments. These scenarios outline possible decarbonisation trajectories and their implicat ions for corporate strategy.

Technological transformation is also a relevant aspe ct for Fiera Milano, as the adoption of innovative solutions is essential to maintain competitiveness and resilience in the long run. Specifically, climate change poses significant ch allenges in the medium to long term for photovoltaic systems and exhibition infrastructures, as rising temperatures and the increasing frequency of extreme weather events can reduce operational efficiency, accelerate componen t wear and tear, and increase maintenance costs.

Technological obsolescence represents a further ri sk, as the failure to im plement advanced solar panels, thermally managed cooling systems and extreme weather resistant technologies could undermine competitiveness and increase operating expenses. To mitigate these risks, Fiera Milano is testing innovative solutions concerning the implementation of predictive monitoring systems, energy storage and microgrids, with the aim of further improving energy efficiency and increasing the resilience of exhibition infrastructures.

Among the transition risks mapped by Fiera Milano, the one that stands out is that linked to the product sectors represented by the exhibi tion and congress events hosted and organised by the Group.

Significant portions of revenues and related margin s come from exhibition and conference events related to sectors potentially impacted in the medi um to long term by the climate transition. For example, sectors such as fashion, transport, chemicals and automotive present a high risk of transition, requiring investments in circular economy, sustai nable materials and decarbonisation. This dynamic represents a challenge, but also a strategic opportunity to anticipate market needs and strengthen leadership.

To address these risks and capitalise on the opportunities, Fiera Milano has developed the 2024-2027 strategic plan in which decarbonisation takes ce ntre stage among its sust ainability objectives, integrating climate risks into its long-term strategies to strengthen operational resilience.

Risks from terrorist attacks and social unrest The exhibition and congress sites managed by Fiera Mi lano Group are considered a target at risk of potential terrorist attacks or social unrest, given the high number of people that may be present at peak exhibitions and the consequent media attention that events of this nature would attract. A further element of attention related to the recent outbreak of conflict in the Middle East should be noted in this regard. The possible negative repercussions include damage to structures, people and the consequent inability to continue operating. For risk mitigation measures, the Group has long main tained an effective securi ty system for managing access; in particular, following the instructions of and in cooperation with the competent authorities, it has increased the level of security and access control in the exhibition areas by introducing airport-style security checks (baggage scanners and metal detectors for people at the access points), preventative clearance measures conducted in all areas in collaboration with the law enforcement agencies, and protecti on of the pedestrian areas using road bl ocks and new jerseys to prevent vehicle access.

During the first half of 2026, the revamping project of CCTV systems was also largely completed, which aims to raise the level of security on its perimeter through the use of high-resolution cameras and advanced monitoring systems. Finally, at the insurance level, the Group’s third- party liability policy includes cover for damages resulting from acts of terrorism, as does the ‘all risks – property’ policy, which includes cover for damages resulting from acts of terrorism and a se ction on indirect damages – Business Interruption, which covers the loss of profits resulting fr om a claim of the type mentioned above.

Risks related to the launch and repositioning of exhibitions and the loss of key events 29

Despite the considerable number of events organised and hosted at th e Rho exhibition site, the use of a considerable part of the exhibition space, and the related revenues and margins, is linked to a limited number of specific events, both organised and host ed (e.g. Salone del Mobile, Eicma Moto, Mostra Convegno Expocomfort, MICAM, Host , Linea Pelle, Tuttofood, Milano Un ica). Therefore, it is possible that these events could record a negative performanc e, which would affect their continuity over time, or that they could move (for hosted events) to ot her exhibition sites, with a consequent negative impact on the Group’s results.

To address these uncertainties, the Group has drawn up plans of action with a view to reducing its risk exposure. In terms of its hosted ex hibitions, the Group has always pu rsued a policy of renewing hosting agreements with third-party organisers in the medium to long-term, with the aim of consolidating the visibility of its exhibitions portfolio as much as possible in the years to come.

Transactions have also been en tered into (e.g.: acquisition of shares, management of the organisational secretariat) with third-party organise rs of hosted exhibitions, e.g. (i) co-management of MILANO GAMES WEEK with Fandango (ii) entry in to the capital of Fiere di Parma with 18.5% (iii) acquisition of 25% of the Artigiano in Exhibition from GE.FI. (iv) acquisition of 35% of Milano AutoClassica and Vicenza Classic Car Show (v) acquis ition in the first half of 2026 of 70% of the Made in Steel exhibition. Finally, the Group’s management implements a st rategy to develop new exhibitions (e.g. Next Mobility Exhibition, NetZero Milan) and to attract incoming events of international significance (e.g. GASTECH, CPHI and ITMA) to th e Milan exhibition site through agreements with leading operators.

Furthermore, with regard to the weak situation se en in the recent past in terms of the reference markets - or of some segments - there appears to be a need to reposition several own exhibitions (e.g.: Milano Home + Quick & More, which succeed HOMI), for which actions such as changes in format, changes of dates and/or location, spin-off or insertion of new product sectors have been implemented, in whole or in part, with consequent greater exposure to the risk of under-performance of these events with related repercussions on the expected results, both in the short and medium-long term. This risk is mitigated thro ugh the engagement of new skills in the Business Unit teams and the activity of the Strategic Marketing function, able to support, through analysis of the competitive scenario and evolution of market trends, the busi ness units in the development of repositioning projects.

Dependence on suppliers Fiera Milano makes intensive use of its service provider operations, so much so that the Group’s ability to host and organise exhibition s and congresses depends on the re gular operation of the suppliers involved in the main processes (cleaning, carpet laying, equipment, logistic s, maintenance, energy, surveillance, etc.). For some of these product categories, for technical and management reasons, the current supplier is the only one contracted (security, logistics), so that an accidental failure of one of these operators would entail a risk of loss of profit due to the interruption, even temporary, of the exhibition activity, as the Grou p would not be able to replace the supplier immediately, with repercussions also of a reputational nature.

To deal with this type of risk, the Group purchasing function has a policy of dividing each single service among multiple suppliers and different contractual te rms, using a number of operators for each product category, to avoid dependence on single suppliers for any given service. In addition, where possible, for the most important operations services, the suppliers contracted for the Rho site and the MICO Congress Centre are different. The group has established a Business Continuity Management framework, which includes a Crisis Management Plan and a suite of business continuity procedures.

These procedures dictate the operational responses to be enacted during crisis situations, encompassing scenarios that involve the unavailability of critical suppliers.

It should finally be noted that a ‘dependence on suppl iers and subcontractors’ clause is included in the Group’s All Risks Property policy, wh ich covers claims that affect a supplier and/or subcontractor and cause an interruption of the supplier’s activity.

Cyber risk

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Cyber attacks can cause delays in business dealings, a temporary or prolonged interruption to activities, the loss of data, personal data breach es with relative requests for compensation, with potential financial and reputational harm; To be noted, in the genera l context of evolving cyber risk, is (i) the use by pro-Russi an hacker groups of highly sophistica ted tools to support cyber-intelligence and cyber-warfare activities (ii) the increasingly ma ssive use of Artificial Intelligence as an attack vector, which constitutes a factor aggravating the risk.

To address these potential critical issues, th e Group has developed a number of procedural, organisational and technical controls, as outlined below:

(i) ICT/Cyber Security po licies and procedures (ii) data security posture manageme nt - for auditing and protection of data sources (file servers, SP, OD, etc.) (iii) email protection - for protecting company emails (iv) endpoint detect & response - for autonomous detection and response to external threats on endpoints (v) network protection - to ensure the infrastructure security of the perimeter network (DDoS, IDS, IPS, DNS & Web Filtering, Application Control) (vi) web application firewall — for the protecti on of the Group's applications and websites (vii) IAM/PAM - for identity governance and privilege d user access management (viii) device posture -

for compliance of any device attemp ting to access the intranet.

From the perspective of infrastructure and network security, since 2023 a Data Centre, outsourced to a third-party provider, has become operational, intr oducing disaster recovery solutions and optimised management of backup data (Golden Copy).

In addition, a SOC - Security Control Centre service was activated, managed by a service provider with the objective of analysing and managing security in cidents with the related co ntainment and resolution measures, and a Cyber Threat Intelligence service was made available, which allows an additional proactive element to be introduced in the mana gement of IT security in the company and to consolidate the memorandum of understanding on th e prevention of cyber risks signed with CNAIPIC (National Cybercrime Prevention Centre for the Protection of Critical Infrastructure). Specific periodic training is also given to Group employees on the issues of ‘phishing’ and ‘social engineering’ to increase awareness among company personnel of recognising this specific type of cyber attack.

Lastly, on the insurance front, an insurance po licy covering cyber risk has been taken out.

Risks associated with the dependence on key personnel and with change management The Group relies significantly on the professional input of its senior management of the Group’s companies and highly specialised personnel, who ar e primarily assigned to the Group’s Business Units (such as Exhibition Directors) an d operational activities . Moreover, the Italian exhibition market is characterised by a limited number of professionals, which has a negative impact on the labour market, where managers with distinctive exhibition skills are in short supply. Consequently, the Group faces the risk of being unable to attract and retain indi viduals with the necessary qualifications to perform these activities, or the risk that existing professional relationships with key individuals or specialised staff may be discontinued. To manage the potential critical issues arising from this risk factor, the Group has put in place a series of actions. During the first half of 2026, the me dium and long-term LTI ‘2026-2028 performance shares’ incentive plan was launched, in mixed cash/performance shares form, with an expanded audience of beneficiaries compared to the previous 2023-2025 pl an, with the aim of encouraging the motivation of key people and increasing their loyalty to the company. Additionally, a range of HR initiatives were implem ented, such as the ‘School of Trades’ training programme, designed to identify and catalogue the company’s key knowledge and skills, and to initiate a process for the distribution and sharing of this expertise. Another initiative is the ‘Sales Incentive’ scheme, which offers more competit ive rewards in line with market standards, with the objective of boosting individual sales performance and sustaining a high de gree of engagement.

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Risks related to undeclared labour practices in the supplier base The types of suppliers that the Fiera Milano Group employs to provide its services include companies operating in sectors which have a high number of workers (e.g. cleaning, stand fitting, security, catering) potentially with a medium/h igh level of risk of being exposed to undeclared working practices.

Nevertheless, the actual probability of engaging suppl iers with issues related to irregular employment is considered to be low, due to the numerous orga nisational, contractual, and procedural safeguards adopted by the Group, which has developed and impl emented controls both (i) during the supplier engagement phase, for the reputational and econ omic-technical qualification of the supplier for inclusion in the Group’s supplier register, and (ii) on field, during the physical monitoring of access, in the execution phase of the contracted services. In addition, since 2024, an on-s ite visit assessment of suppliers, both potential and already engaged, ha s been implemented by the Vendor Management function.

In addition to the 231 Model, which in the Spec ial Section includes cont rol protocols aimed at preventing both crimes involving the employment of illegally staying third-country nationals and crimes of illicit intermediation and labour exploitation, and the Code of Ethics (establishing the basic policies in the fight against illegal and child labour), the Group's procedural framework includes:

i) procedure for granting accreditation an d controlling access to exhibition sites ii) Purchasing procedure and supplier qualification procedure (iii) personnel search, selection and recruitment procedure.

In terms of contractual safeguards, the framework contains measures to prevent and counteract any illegality by contractors and their potential subcontractors, including (i) general conditions for compliance with national collective bargaining ag reements and termination clauses in the event of breach of social security and tax obligations (ii) technical regulations for exhibition sites (iii) general regulations for exhibitions (iv) specific safety provisions.

Risks related to business ethics and integrity in the supply chain There is a potential risk that the lack of transparen cy and integrity in the suppl ier base (e.g. corruption, money laundering, infiltration of organised crim e), may have repercussions on operations and compromise the Group’s reputation, also in consideration of its media exposure.

To protect itself against such risk and the potential negative impact in financial, operational and reputational terms, the Group has developed and im plemented an extensive system of procedural and organisational measures with respect to co rruption and bribery, as detailed below.

In operational terms, controls have been implemen ted both (i) in the supplier engagement phase, for its reputational and economic/technical qualification for the purpose of enrolment in the Group’s supplier register, and (ii) on field, in the physical access control phase, in the phase of execution of the contracted services. In addition, since 2024, an on-site visit assessment of suppliers, both potential and already engaged, has been implemente d by the Vendor Management function.

On a procedural level, the Code of Ethics forbids corrupt practices, unlawful bribery, collusion, and requests, direct and/or through third parties, for pers onal or career advantages either personal or on behalf of others. The model 231 in force in the Spec ial Part provides for cont rol protocols to prevent crimes committed in relations with the Public Administration and crimes of corruption between private individuals. The control protocols are part of specific corporate procedures of which the most significant, as regards these risks, are those govern ing procurement of goods and services. In addition, every customer and supplier, and more generally all third parties, are informed of the 231 models and the Code of Ethics of the Group companies, as sp ecific clauses are included in the contracts which require the counterparty to respect the principles set forth in Italian Legislative Decree 231/2001 and in the Code of Ethics.

Since 2024, Fiera Milano Sp A has been certified ISO 37001 – Mana gement Systems for the Prevention of Corruption, within the scope of which it has ad opted a Policy for the Prevention of Corruption.

32

Regarding foreign subsidiaries, the Brazilian compan y Fiera Milano Brasil, the South African company Fiera Milano Exhibition Africa, and the company Fiera Milano Asia Pacific, based in Singapore, have adopted anti-corruption guidelines.

To ensure the autonomy of the buyers in the Procurement department, the Company introduced a rotation system that is linked to new and different categories of supplies and to the importance of the services being purchased. A similar job rotation sy stem was introduced for employees having contact with suppliers of medium/high risk services whereby they rotate thei r positions at intervals depending on their seniority within the organisation for operating positions, and at increasing intervals for those positions with a more predominantly management component.

Finally, the Whistleblowing Policy, updated with the provisions of Legislative Decree 24/23, which transposed EU Directive 2019/1937, provides a framewor k for the receipt, analysis and processing of reports, including those made anonymously or in confidence, by third parties or employees of Group companies. The procedure provides for a dedicated internal committee (Whistleblowing Committee), whose responsibility it is to carry out investigations into any allegations of unlawful practices and/or conduct.

3. Legal and compliance risks Risks related to the reference legal framework on health and safety The activities of the Group carried out in the exhibition and congress sites, and the number of persons (employees, suppliers, exhibitors, visitors, congress attendees and stand fitters) that transit or work in the exhibition sites coul d result in exposure to the risk of accidents and/or breaches of the legislation governing workplace health and safety (Consolidate d Law 81/2008). Such breaches, should they occur, may expose the Company to the application of substantial sanctions or, in the event of injuries, to legal proceedings with negative repercussions for th e Group’s finances and asse ts as well as for its reputation.

It should be noted that these risks are mitigated by a series of procedural and organisational safeguards adopted for this purpose, which include:

• the supplier selection process, with controls of technical/professional eligibility and a focus on occupational health and safety; • systematic preparation of the Interference Risk Assessment Report (DUVRI) and aligning procedures concerned, in order to comply with Legislative Decree 81/2008;

• the periodic updating of the Organisational Model pursuant to Legislative Decree no. 231/01, which includes the control protocols relating to Health and Safety in the workplace;

• updating the Health, Safety and Environmen t Action Plan (PASSA), which contains the programme of measures considered necessary to guarantee the improvement of health and safety levels over time; • the continuous updating of th e ‘Technical Regulations for Exhi bitions’, a document containing the rules which exhibitors and suppliers must observe in their activities. The controlling entity and the subsidiary Nolostand are ISO 45001- Health and Safety certified. Finally, it should be noted that in 2019 Fiera Mila no signed a memorandum of understanding with the relevant authorities to define the roles and responsibilities for organising work safety at exhibitions within the Fiera Milano-managed sites. The me asures implemented in connection with this memorandum included (i) allowing the relevant authorities (Prefecture, Public Health Agency – ATS, Police Headquarters, Workplace Accident Insurance Institute – INAIL, Social Welfare Institute – INPS) to access the stand builders' registration system (ii) making safe ty-related information (contact names for each stand), hall plans and technical data sheets available to the Public He alth Agency (ATS) (iii) providing stand builders with a de dicated section on the website to enter the risk assessment form (DUVRI) and/or the safety and coordination pl an (PSC) relating to stand construction work.

Legislation on service contracts The Group is potentially exposed in its supply chain to the risk of sanctions due to the violation of regulations on joint and several liability in contract s (fiscal, contributory and retributive - legislative 33

decree 276/03) and the illicit interposition of labour (‘non-genuine contracting’) with related economic-

financial, operational and reputati onal consequences. The countermeasures put in place by the Group to prevent the risk in question include safeguards such as (i) procedures for the reputational and technical-economic qualification of the supplier for the purposes of the latter’s inclusion in the Group’s supplier register (ii) on-site vi sit assessment activities on suppliers, both potential and already engaged, by the Vendor Management function, (iii) inclusion in the contractualisation phase of clauses on the correct legal framework of the relationship, compliance with HSE and worker protection regulations, identification of the contact person, possibility of recourse by the customer, sureties to guarantee fulfilment of contractual obligations (iv) tr aining activities for internal functions that deal with suppliers.

Administrative liability of entities pursuant to Legislative Decree 231/01 Legislative Decree 231/2001 establishes the administrative liability of entities as a consequence of some crimes committed by directors, senior employee executives and third parties operating by appointment or on behalf of the Company or are in an y case linked to it by le gal relationships relevant to the prevention of offences. However, the decree exonerates the entity from this liability if it can demonstrate it has adopted and effectively implem ented an organisational, management and control model (Model 231), suitable for preventing the commi ssion of the crimes cont emplated. The adoption of Organisational Models does not rule out, per se, the imposition of penalties contemplated in Decree 231/2001. If a crime is committed which involves the administrative li ability of the Company pursuant to Legislative Decree 231/2001, the Judicial Authorit ies are required to assess these models, and their actual implementation. If the Judicial Authorities consider the models adopted as not being suitable for preventing the crimes that have occurred, or as not being efficiently implemented, or consider the monitoring of the model’s functioning and complian ce by the dedicated body as insufficient, bans would be imposed in any case on the Company, i.e. a ban on dealing with the Public administration, or fines would be imposed, with consequent ne gative effects on operations, prospects and the Company’s financial situation, as well as its reputation.

In order to be able to make use of the exemption provided for by the Legislative Decree in question, the Parent Company, as well as the Italian Group companies, have adopted their own organisational, management and control models, wh ich are constantly monitored an d updated in relation to the evolution of the reference legislat ion and changes in organisational structures; ad hoc 231 training is also systematically provided to the staff of these companies.

Notwithstanding the adoption of the aforementioned Models, the Group is exposed to the risk of penalties arising from the Model 231s of the Gr oup companies being found to be inadequate.

With regard to foreign subsidiaries, which are no t subject to regulation 231, the Brazilian company Fiera Milano Brasil, the South African company Fiera Milano Exhibition Africa and the company Fiera Milano Asia Pacific, based in Singapore, have adopted anti-corruption guidelines.

Compliance risk regarding data protection (privacy) During their operations, the group’s companies acquire, gather, retain, and process the personal data of their employees, associ ates, clients, partners, and suppliers. Consequently, group companies face the potential risk that the procedures and measures put in place for personal data protection may prove to be insufficient, or that the necessary privacy safeguards are not correctly applied across the different areas of activity. These circumstances may result in the identification of breaches of the duties stipulated in, among other regulations, th e General Data Protection R e g u l a t i o n ( G D P R ) -

Regulation (EU) 2016/679. Consequently, this could lead to the imposition of the penalties outlined within the regulation, which include maximum fines of either Euro 10 to 20 million or 4% of the total annual worldwide turnover of the preceding financia l year, whichever is greater. At the level of procedural safeguards, the Parent Company, as well as the Group companies subject to the legislation, have been structured in such a way as to ensure adequate compliance with European legislation on privacy and personal data protection.

NIS 2 Standard 34

The Parent Company Fiera Milano SpA and its subsidiary Fiera Milano Congressi SpA, on the basis of evaluations carried out by ACN (National Cybersecurity Agency) and MIMIT (Ministry of Enterprise and Made In Italy), in the first half of 2025 were recogn ised as 'essential entities' within the meaning of Legislative Decree 138/24, as they are included in the digital infrastructure sector, with the related obligations to comply with the provisions of th e decree. The relevant sa nctions in case of non-

compliance can be up to Euro 10 million or 2% of global turnover. In relation to the obligations set out by the regulations, Fiera Milano has launched an adaptation roadmap, with the support of legal and technical consultants, which saw the fulfilment of the first information obligations due in July 2025 and the adoption in December 2025 of the update of the ‘Information Security Incident Management’ procedure and the ‘Significant Incident Notification’ procedure with contents in line with the NIS2 requirements.

By October 2026, it is planned to adapt to the minimum security measures provided by ACN (43 technical-organisati onal measures and 116 requirements).

4. Financial and reporting risks For details, reference is made to the section on financial assets and liabilities in the Notes to the Interim Consolidated Financial Statements.

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Key data of the companies of the Group

Key data of the companies of the Group data compliant with IAS/IFRS 1st Half 1st Half Fully consolidated companies at 30/06/26 at 30/06/25 (€ '000) (€ '000) Fiera Milano SpARevenues from sales and services 169,601 130,759

EBITDA 65,560 44,739

Employees 511 493 Net financial debt (cash) 175,531 202,937

Nolostand SpA

Revenues from sales and services 23,327 24,317

EBITDA 1,683 2,184

Employees 81 80 Net financial debt (cash) 545 2,875 Fiera Milano Congressi SpARevenues from sales and services 38,906 37,615

EBITDA 19,041 10,720

Employees 42 40 Net financial debt (cash) 8,024 5,902 MADE eventi SrlRevenues from sales and services - -

EBITDA (92) -197

Employees 67

Net financial debt (cash) -192 229

Expotrans SpA

Revenues from sales and services 19,635 6,730

EBITDA 1,953 875

Employees 63 66 Net financial debt (cash) 9,157 10,481 Event Logistics Team Srl Revenues from sales and services 1,005 314

EBITDA 51 12

Employees 20 19 Net financial debt (cash) 47 141 Expotrans Pte. Ltd.Revenues from sales and services 517 215

EBITDA 67 67

Employees 57

Net financial debt (cash) (240) 95 -

Stipa SpARevenues from sales and services 7,995 -

EBITDA 2,046 -

Employees 48 -

Net financial debt (cash) 16,232 -

Made in Steel Srl Revenues from sales and services - -

EBITDA -59 -

Employees - -

Net financial debt (cash) -567 -

MiCo Dmc Srl Revenues from sales and services 9,083 8,701

EBITDA 634 916

Employees 23 21 Net financial debt (cash) -3,210 -1,454 Fiera Milano Asia Pacific Pte. Ltd.Revenues from sales and services - -

EBITDA -180 -

Employees 4-

Net financial debt (cash) -1,274 -

Fiera Milano Brasil Publicações e Eventos Ltda Revenues from sales and services 4,263 3,197

EBITDA 334 420

Employees 31 31 Net financial debt (cash) (3,707) (2,432) continued on the next page 36

continued from the previous page Key data of the companies of the Group data compliant with IAS/IFRS 1st Half 1st Half at 30/06/26 at 30/06/25 (€ '000) (€ '000) Fiera Milano Exhibitions Africa Pty Ltd Revenues from sales and services 1,370 1,136

EBITDA 414 237

Employees 33

Net financial debt (cash) (1,015) (809) 1st Half 1st Half List of jointly controlled companies equity-accounted at 30/06/26 at 30/06/25 (€ '000) (€ '000) Hannover Milano Global Germany GmbHRevenues from sales and services 16,455 16,062

EBITDA 1,409 1,002

Employees 130 128 Net financial debt (cash) (31,839) (30,558)

EMAC Srl

Revenues from sales and services 504 -

EBITDA -84 -

Employees 1-

Net financial debt (cash) -167 -

Ipack Ima Srl Revenues from sales and services 183 19,385

EBITDA (168) 4,772

Employees 16 14 Net financial debt (cash) (1,643) (5,188)

Ge.Fi. SpA

Revenues from sales and services 4,266 3,841

EBITDA (1,032) (1,014)

Employees 33 35 Net financial debt (cash) (2,378) (2,348) Fiere di Parma SpARevenues from sales and services 40,576 35,800

EBITDA 16,571 12,477

Employees 77 74 Net financial debt (cash) (26,016) (25,418) 37

Significant events after the end of the reporting period

There were no significant events after the end of the half-year.

Business outlook

The first half of 2026 showed a solid performance, underpinned by broad-based contributions from the main business areas, the strengthening of the events portfolio and the expansion of the Group’s scope, following the acquisition of STIPA and the cons olidation of Expotrans’ first year. To the results of the first quarter, which benefited from the pr esence of Mostra Convegno Expocomfort and the higher-than-expected contribution of the activities related to the Olympic and Paralympic Winter Games Milan Cortina 2026, was added the positive cont ribution of the exhibitions held in the second quarter, including Salone del Mobile and TUTTOFOOD, which further supported the performance of the period, with results overall in line with expectations. In the course of the year, the seasonality typical of even-numbered years, which is characte rised by the absence in the last quarter of the biennial exhibitions organi sed by HostMilano - Made - Sicurezza, wi ll be mitigated by the presence of CPHI, a major international travelling exhibition, an d by the consolidation of the second edition of NetZero Milan. The macroeconomic and geopolitical environment rema ins characterised by high volatility, uncertainty and limited predictability. The analyses conducted outline a scenario in which the possible negative impacts on the business are mainly indirect in nature and relate in particular to the impact of energy costs on energy-intensive industrial sectors and the transport sector, inflationa ry pressures linked to rising energy costs, and the potential impact on international mobility flows; based on the partial nature of the information currently available and in light of the impossibility of clearly outlining the trajectory of geopolitical developments, such effe cts currently remain contained and do not appear likely to have a significant impact on the Group's development trajectory. In light of the available evidence, the positive performance of the first half, the stronger-than-expected contribution from Olympic-related activities and th e progress of the integration process for the recent acquisitions, the company confirms the guidance for the 2026 financial year:

• Revenues of between Euro 380 million and Euro 400 million, already revised upwards compared with the previous range of Euro 305–325 million.

• EBITDA in the range Euro 100–110 million, already revised upwards compared to the previous range Euro 90–100 million.

As part of its strategic initiatives, the presentation of the new Strategic Plan is scheduled for the first quarter of 2027. This timing will make it possibl e to incorporate the 2026 results and strengthen the reliability of forecasts, benefiting from greater visibility regarding the geopolitical environment and the main macroeconomic and sector indicators.

38

Interim Condensed Consolidated Fina ncial Statements as at 30 June

2026

____________________________________ _______________

− Consolidated Financial Statements − Illustrative Notes to the Interim Condensed Consolidated Financial

Statements

− Attachments:

1. List of companies included in the consolidation area and other investments

39

Consolidated Statement of Financial Position notes (€ '000) 30/06/26 31/12/25

ASSETS

Non-current assets

4 Property, plant and equipment 11,479 9,093 4 Right-of-use assets 280,578 295,889 38 of which from related parties 267,669 285,822 5 Goodwill 119,624 97,585 5 Intangible assets with a finite useful life 20,787 21,319 2-6 Investment in an associate and a joint venture 56,291 55,714 6O t h e r i n v e s t m e n t s 32 32 9 Other financial assets 3 5 6 Trade and other receivables 13,638 13,566 38 of which from related parties 10,472 10,472 6 Deferred tax assets 10,411 10,262 Total 512,843 503,465

Current assets

7 Trade and other receivables 86,876 64,614 38 of which from related parties 7,153 7,997 8-38 Inventories 5,640 3,595 9 Financial assets 54,169 8,991 38 of which from related parties 5,393 3,035 10 Cash and cash equivalents 100,430 180,182 Total 247,115 257,382 Total assets 759,958 760,847

EQUITY AND LIABILITIES

11 Equity

Share capital 42,142 41,856 Share premium reserve 8,074 8,231 Other reserves (23,650) -7,859 Retained earnings 121,055 88,762 Profit/(loss) 49,476 50,301 Total Group equity 197,097 181,291 Equity attributable to non-controlling interests 7,116 5,450 Total equity 204,213 186,741

Non-current liabilities

12 Bank borrowings 10,508 13,086 13 Financial liabilities related to the right-of-use of assets 261,056 277,288 38 of which from related parties 250,191 269,511 13 Other financial liabilities 28,403 13,071 18 Deferred tax liabilities 6,078 6,114 19 Other liabilities 1,418 2,223

Current liabilities

16 Trade payables 74,986 82,287 38 of which from related parties 887 1,431 17 Advances 44,174 42,991 38 of which from related parties 863 1,169 13 Financial liabilities related to the right-of-use of assets 45,589 43,879 38 of which from related parties 43,181 41,768 13 Other financial liabilities 466 427 14 Provision for risks and charges 5,071 5,493 18 Tax liabilities 3,582 4,110 19 Other liabilities 58,219 68,585 38 of which from related parties 18,009 10,775 Total 237,943 253,117 Liabilities held for sale Liabilities held for sale - -

Total equity and liabilities 759,958 760,847 40

Consolidated statement of profit and loss notes (€ '000)1st Half at 30/06/261st Half

at 30/06/25

23 Revenues from sales and services 245,728 177,870 38 of which with related parties 12,785 16,593 Total revenues 245,728 177,870 24-38 Cost of materials 3,096 1,670 25 Cost of services 118,121 89,420 38 of which with related parties 5,402 3,651 26 Personnel expenses 32,010 27,324 27-38 Other operating expenses 2,895 2,557 Total operating expenses 156,122 120,971 28-38 Other income 1,971 2,379 29 Results of equity accounted associates and joint ventures 2,508 4,037 30 Provisions for doubtful receivables 72 222 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 94,013 63,093 31 Depreciation of property, plant and equipment and right-of-use assets 24,492 23,343 31 Amortisation of intangible assets 2,249 1,697 32 Adjustments to asset values 140 512 Earnings before interest and taxes (EBIT) 67,132 37,541 33-38 Financial income and similar 2,413 1,261 33 Financial expenses and similar 6,464 7,086 38 of which with related parties 5,507 6,439 34 Valuation of financial assets 1,519 -

Profit/(loss) before tax 64,600 31,716 35 Income tax 13,928 8,585 38 of which with related parties 11,208 7,055 Profit/(loss) from continuing operations 50,672 23,131 Profit/(loss) from discontinued operations - -

36 Profit/(loss) 50,672 23,131 Profit/(loss) attributable to:

The shareholders of the controlling entity 49,476 22,876 Non-controlling interests 1,196 255

0.6953 0.3224

0.6953 0.3224Earnings/(losses) per share (€) 37 41

Consolidated Statement of comprehensive Income notes (€ '000)1st Half at 30/06/261st Half

at 30/06/25

11Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss Revaluation of defined benefit schemes (24) 201 Tax effects (3) (45) 11Other comprehensive income/(loss) that will be reclassified subsequently to profit or loss Profit/(loss) on cash flow hedges - 0 Tax effects - 0 Currency translation differences of foreign subsidiaries 164 (64) 2Other comprehensive income/(loss) of equity accounted associates and

joint ventures

Revaluation of defined benefit schemes - -

Tax effects - -

Currency translation differences of foreign subsidiaries 188 (454) Other comprehensive income/(loss) net of related tax effects 325 (362) Total comprehensive income/(loss) 50,997 22,769 Total comprehensive income/(loss) attributable to:

The shareholders of the controlling entity 49,795 22,508 Non-controlling interests 1,202 261 42

Consolidated statement of cash flow notes (€ '000)1st Half at 30/06/261st Half

at 30/06/25

Result of continuing operations 50,672 23,131 Profit (loss) from discontinued operations - -

Adjustments:

29 Share of profit of an associate or a joint venture (2,508) (4,037) 31 Depreciation and Amortisation 26,741 25,040 32 Depreciation of assets 140 512 34 Valuation of financial assets (1,519) -

33 Financial incomes (2,413) (1,261) 33 Financial costs 704 450 33 Interest paid on financial liabilities related to the right-of-use of assets 5,760 6,636 26 Personnel costs "Performance Shares Plan" (2,143) 1,197 26 Accrual for employees 101 182 25 Risk provisions 217 222 35 Change in deferred tax 13,928 8,585 Net cash arising from operations 89,680 60,657 Cash flow from operating activities 6-7 Trade and other receivables (15,585) (11,632) 8 Inventories (1,060) 553 15 Net change in employee provisions (341) (446) 16 Trade payables (10,877) (2,735) 17 Pre-payments (1,991) 21,452 18 Changes in deferred taxes (20) -

18 Tax payables 361 (1,690) 14-19 Other liabilities (excluding payables to Organisers) (25,568) 32,104 19 Payables to Organisers 1,428 3,618 14 Use of risk provisions (630) (1,188) 20 Interest paid (242) (86) 20 Interest paid on financial liabilities related to the right-of-use of assets (5,760) (6,636) 20 Interest received 1,948 475 35 Income taxes paid (3,745) (430) Total from continuing operations 27,598 94,016 Total from assets held for sale - -

38 of which from related parties 10,461 15,548 Cash flow from financing activities 4 Investments in tangible assets (2,004) (1,618) 4 Decreases investments in intangible assets 3 -

5 Investments in intangible assets (1,342) (1,691) 2-6 Dividends in Subsidiaries 1,171 1,329 2-6 Investments in associates - (2,313) 5 Acquisitions of new companies, net of cash acquired (17,430) -

Total from continuing operations (19,602) (4,293) Total from assets held for sale - -

Cash flow from financing activities 11 Equity 77 (399) 9 Increase of non-current financial assets 2 52 12 Non-current financial assets 19 12,384 13 Repayment of current financial liabilities related to the right-of-use of assets (22,114) (21,187) 38 of which from related parties (17,907) (19,686) 9 Variation of current financial assets (44,704) 3,545 38 of which from related parties (2,358) 3,482 12 Repayment of current borrowings (3,272) (4,595) 12 New current borrowings - 2,371 11 Dividends paid (17,936) (14,218) 11 Total translation differences 180 (54) Total from continuing operations (87,748) (22,101) Total from assets held for sale - -

Flusso finanziario netto da attività in continuità (79,752) 67,622 Net cash flow from assets held for sale - -

Available cash at the beginning of the year 180,182 72,443 Initial Cash from assets held for sale - -

Net cash at year end from continuing operations 100,430 140,065 Net cash at year end from assets held for sale - -

Net cash at year end 100,430 140,065 43

Consolidated Statement of Changes in Equity

(€'000)

note 11Share

capitalShare

premium

reserveOther

reservesRetained

earningsProfit/(loss) Total Group

equityCapital and

reserves

attributable

to non-

controllin g

interestsProfit/(loss)

for the

financial year

attributable

to non-

controllin g

interests Total non-

controllin g

interestsTotal equity

Balance at 31 December 2023 41,987 9,347 2,701 48,393 45,468 147,896 534 1 535 148,431 Allocation of earnings at 31.12.23: -- - 45,468 (45,468) - 1 (1) - -

use of reserves -- - - - - --- -

dividend distribution - - - (9,960) - (9,960) -- - (9,960) Treasury shares - - -- - - -- - -

Stock grant reserve -- 333 -- 333 -- - 333 Profit/(loss) -- - - 22,727 22,727 - (83) (83) 22,644 Remeasurement on defined benefit plans -- 125 -- 125 - - - 125 Foreign currency translation reserve -- 63 -- 63 - - - 63 Fair value reserve of financial assets at FVOCI -- (336) -- (336) -- - (336) Total comprehensive income -- (148) - 22,727 22,579 -( 8 3 ) (83) 22,496 Balance at 30 June 2024 41,987 9,347 2,886 83,901 22,727 160,848 535 (83) 452 161,300

(€'000)

note 11Share

capitalShare

premium

reserveOther

reservesRetained

earningsProfit/(loss) Total Group

equityCapital and

reserves

attributable

to non-

controllin g

interestsProfit/(loss)

for the

financial year

attributable

to non-

controllin g

interests Total non-

controllin g

interestsTotal equity

Balance at 31 December 2025 41,856 8,231 -7,859 88,762 50,301 181,291 4,960 490 5,450 186,741 Allocation of earnings at 31.12.25: - - - 50,301 (50,301) - 490 -490 --

use of reserves - - - - - - -- --

dividend distribution - - - (17,936) - (17,936) (931) - -931 (18,867) Treasury shares 286 (157) - - - 129 -- -1 29 Option to be applied to minority interests - - (13,975) - - (13,975) --- (13,975) Stock grant reserve - - (2,143) - - (2,143) -- - (2,143) Acquisition of Stipa SpA -- - - - - 521 - 521 521 Acquisition of Made in steel Srl - - - - - - 101 - 101 101 MiCo DMC from equity method to full consolidation -- - - - - 791 - 791 791 Profit/(loss) - - - - 49,476 49,476 -1 , 1 9 6 1,196 50,672 Remeasurement on defined benefit plans -- ( 11) - - (11) (16) - -16 (27) Foreign currency translation reserve - - 341 5 - 346 6- -3 52 Fair value reserve of financial assets at FVOCI -- ( 3) - - (3) (2) - -2 (5) Other reserve from Joint Venture - - - (77) - (77) -- -( 77) Total comprehensive income -- 327 5 49,476 49,731 (12) 1,196 1,178 50,915 Balance at 30 June 2026 42,142 8,074 -23,650 121,132 49,476 197,097 5,920 1,196 7,116 204,213 44

Illustrative Notes to the Interim Condensed Consolidated Financial Statements

____________________________________________________________________

The Fiera Milano Group Interim Condensed Consolidated Financial Statements at 30 June 2026 were approved and their publication authorised by the Board of Directors on 28 July 2026.

Fiera Milano S.p.A. (the ‘Parent Company’) and its subs idiaries form the ‘Group’. Fiera Milano is a joint-

stock company (SpA) subject to the laws of the Italia n Republic. The registered office of the Controlling Entity is in Piazzale Carlo Magno 1, Milan, Italy. The duration of Fiera Miano SpA is fixed, as provided for by the By-laws, until 31 December 2050 and may be extended by resolution of the Shareholders' Meeting.

The Group operates in Rho, Milan and abroad, mainly in the so-called BRICS countries.

The Fiera Milano Group is active in all the key ar eas of the exhibition and congress industry and is one of the largest integrated exhibition companies worldwide.

The Group business consists of hosting exhibitions, fairs and othe r events, promoting and making available equipped exhi bition spaces, as well as offering su pport for projects and related services.

This includes the business of staging exhibitions (and providing final services to exhibitors and visitors).

The business of the Group has dual seasonality: (i) a greater concentration of exhibitions in the period from January – June; (ii) exhibitions that have a multi-annual frequency.

For further details on the Group structure, reference should be made to the relevant section of the Interim Report on Operations.

1) Accounting standards and consolidation criteria Standards used to prepare the Financial Statements These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting . The interim condensed consolidated financial statements do not include all the information required in the preparation of the annual consolidated financial statements. For this reason, it is necessary to read the interim condensed consolidated financial statements together with the consolidated fi nancial statements as at 31 December 2025.

Having regard to the economic and financial position for the first six months of 2026, to the 2026-2029 economic-financial projections approved by th e Board of Directors on 18 February 2026, which confirm the medium-term forecasts already included in the Strategic Plan presented to the market in April 2024, appropriately updated to reflect the uncertainty of the international macroeconomic context, which remains high due to persistent geopol itical tensions and the introduction of new duties by the US administration – as well as taking into account the expected evolution of working capital and the financial and equity position of the Group, the condensed interim financial statements have been prepared on a going concern basis.

The reference currency is the euro and all figu res are rounded to the nearest thousand euro.

No atypical and/or unusual transactions took place in the first half of 2026.

The risks and uncertainties to which the business is exposed are described in the Interim Report on Operations in the section on Risk factors affecting th e Group, in note 21 of the Illustrative Notes and in section 1.4 on the use of estimates.

The present Interim Condensed Consolidated Financial Statements have been subject to a limited audit by the audit firm PwC SpA.

45

1.1 New accounting standa rds adopted, interpreta tions and amendments.

The accounting standards used to prepare these Interim Condensed Consolidated Financial Statements conform to those used to prepare the Consolidated Financial Statements for the financial year to 31 December 2025, except fo r the following new standards and amendments applicable from 1 January

2026:

- Changes to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7) With Regulation (EU) 2025/1047 published on 28 May 2025, the EU approved the document ‘Amendments to the classification and measuremen t of financial instruments (amendments to IFRS 9 and IFRS 7)’.

The amendments provide clarification regarding the recognition and derecognition of certain financial assets and liabilities, with particular re ference to liabilities settled via electronic payment systems; they provide further guidance on the a ssessment of the ‘principal and interest only’ (SPPI) criterion for financial instruments featuring contingent clauses, including certain features linked to ESG objectives; and they introduce specific disclosure requirements.

These amendments apply to financial years begi nning on or after 1 January 2026. The Group has adopted the amendments with effect from that date, and their application has not had any significant impact on the statement of financial position, the profit or loss for the period, or the disclosures provided in thes e interim condensed consolidated financial statements.

- Contracts related to electricity dependent on nature (amendments to IFRS 9 and IFRS 7) With Regulation (EU) 2025/1266 published on 1 July 2025, the EU approved the document ‘Contracts related to nature-dependent electr icity (amendments to IFRS 9 and IFRS 7)’.

These changes introduce clarification of the applicat ion of ‘own use’ requirements, authorisation of hedge accounting if such contracts are used as hedging instruments, and the addition of new disclosure requirements to enable investors to understand th e effect of such contracts on the financial results and cash flows of the company.

The amendments apply to financ ial years beginning on or after 1 January 2026. The Group has adopted the amendments with effect from that date; however, given the absence of any significant contracts falling within the scope of those amendm ents, there have been no material effects on these interim condensed consol idated financial statements.

- Annual cycle of improvements to IFRS accounting standards – Volume 11 (amendments to IFRS 1,

IFRS 7, IFRS 9, IFRS 10 and IAS 7)

With Regulation (EU) 2025/1331 published on 10 Ju ly 2025, the EU approved the document ‘Annual cycle of improvements to IFRS accounting standa rds — Volume 11 (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7)’. Annual improvements provide the IA SB with a mechanism to efficiently enact a number of minor changes to accounting standards. Annual improvements are limited to changes that clarify the formulation of an Accounting Standard or correct for relatively minor un intended consequences, omissions or conflicts between the requirements of the Accounting Standards.

The amendments apply to financ ial years beginning on or after 1 January 2026. The Group has adopted these amendments with effect from that da te; their application ha s not had any significant impact on the Group’s financial position, results of operations or disclosures.

As at the date of approval of these condensed consolidated half-yearly financial statements, there are no further accounting standards, interpretations or amendments endorsed by the European Union and effective for financial years beginni ng on 1 January 2026 that have had a significant impact on the Group.

The Group has not opted for early adoption of any standards, interpretations or amendments that have been issued but for which adoption is not yet mandatory.

46

Below are the new accounting standards and changes to accounting standards issued by the IASB but not yet applicable at the reference date of this Consolidated Financial Report and for which the Group has not opted for early adoption.

- IFRS 18 – Presentation and Disc losure in Financial Statements IFRS 18 ‘Presentation and Disclosure in Financial Statements’, published by the IASB in April 2024, will be mandatory for financial year s beginning on or after 1 Janu ary 2027 and will replace IAS 1 ‘Presentation of Financial Statemen ts’, introducing new requirements regarding the presentation and disclosure of financial statements, with particular reference to the structure of the income statement, disclosures relating to Management Performance Measures (‘MPMs’) and certain aspects of the cash flow statement.

During the first half of 2026, the Group launc hed a dedicated assessment programme aimed at analysing the impacts deriving from the application of the new standard. The activities carried out to date have mainly concerned:

- the preliminary analysis of the changes required to the consolidated financial statements, with particular reference to the statement of profit/(loss) for the year and the statement of cash flows;

- the evaluation of the main application choices and judgments required by the standard;

- the identification of additional information and functional requirements necessary for the adaptation of reporting processes and informatio n systems to support the future application of IFRS 18.

As of the date of approval of this Half-Year Financial Report, the project is still ongoing and the Group has not completed its assessments. Therefore, it is not yet possible to reliably quantify the effects that the adoption of IFRS 18 may have on the consolidated financial statements and on the specific subtotals provided for by the new standard.

On the basis of the preliminary anal yses carried out, no impact on th e criteria for the recognition and valuation of the financial statements is expected; the expected effects will mainly concern the classification, presentation and disclosure of financial statements items. In particular, further analysis is currently being carried out regarding the new structure of the profit and loss account, the identification and presentation of any Manage ment Performance Measures, and the resulting disclosures required by the standard.

The Group will continue to monitor developments in accounting practices and interpretative guidance emerging at international level, including decision s and discussions within the IFRS Interpretations Committee (IFRS IC), as well as guidance prov ided by supervisory and regulatory bodies. The information on the expected effects of the application of IFRS 18 will be progressively updated in future financial statements, as soon as sufficient ly reliable elements become available to allow a reasonable estimate.

1.2 Form and content of the Consolidated Financial Statements Notwithstanding the provisions of IAS 34 – Interim Financial Reporting the present Interim Condensed Consolidated Financial Stat ements give detailed, and not just summary, tables in order to provide a better and more complete view of th e financial results for the first half of the year to 30 June 2026 and of the same period of the previous year. The Illust rative Notes meet the information requirements of IAS 34 and include data considered useful for a fuller understanding of the Interim Condensed Consolidated Financial Statements.

1.3 Scope and principles of consolidation These Interim Condensed Consolidated Financial Statements include the Parent Company Fiera Milano SpA, its subsidiaries, associated companies and comp anies under joint control or subject to significant influence.

47

The present Interim Condensed Consolidated Financial Statements have been prepared on the basis of the six-monthly situat ion at 30 June 2026 approved by the Bo ards of Directors of the companies included in the area of consolidation and prepar ed according to Group accounting policies using IAS/IFRS.

In relation to the scope of consolidation, it should be noted that:

- As of 1 January 2026, the shareholders' agreements in force between the companies Fiera Milano Congressi SpA and MiCo DMC Srl were amended, as a result of which Fier a Milano Congressi SpA assumed control of MiCo DMC Srl, as further described in note 1.5.

- On 29 January 2026, Fiera Milano SpA made a capital contribution of Euro 1.4 million to the newly established company Fiera Milano Asia Pacific as part of the Group's international development strategy.

The new company will strengthen the Group's presence in Asian markets and develop new exhibition platforms dedicated to design and the creative industries . Fiera Milano Asia Pacific will organise FIND – Design Fair Asia, the internationa l event dedicated to design and furniture, which will take place in Thailand for the first time from 26 to 28 November 2026 in Bangkok at the Queen Sirikit National Convention Cent er exhibition site, opening a ne w chapter in the international development of the exhibition.

- On 18 February 2026, Fiera Milano SpA signed a binding agreement for the acquisition of 51% of the share capital of Stipa SpA, an Italian company leader in the design and construction of high-

end customised exhibition set-ups, also active in set-ups for corporate events and in the retail and showroom segment, as further described in note 1.5.

- On 18 February 2026, Fiera Milano SpA signed a binding agreement for the acquisition of 70% of the share capital of Made in Stee l Srl, the company organising the biennial international Made in Steel exhibition, a reference point for the steel su pply chain, as further described in note 1.5.

Attachment 1 gives the list of consolidated companies.

Translation of accounts prepared in currencies other than the Euro The exchange rates used to translate the 2026 an d 2025 half-year financial statements of foreign companies into Euro were as follows:

1.4 Use of estimates Preparation of interim financial statements and related notes under IFRS require estimates and assumptions to be made that affect the figures for a ssets and liabilities in the financial statements and information regarding the potential assets and liabilities at the date the half-year financial statements are prepared. Actual results may differ from these estimates. Estimates are used for provisions for doubtful accounts, depreciation an d amortisation, employee benefits, taxes, and other provisions and reserves, fair value measurements, as well as any adjustments to asset values. Estimates and assumptions are reviewed regularly and the effects of any change are immediately recognised in profit or loss. avera ge 1st Half 2026avera ge 1st Half 202530/06/2026 31/12/2025 South African rand 19.1396 20.0823 18.6544 19.4439 Brazilian reals 6.0127 6.2913 5.9003 6.4364 Singapore dollars 1.4907 1.4461 1.4754 1.5105 Source: Bank of Italy 48

The most significant estimates used in preparing the Financial Statements are given below as these require a high degree of subjective opinions, assumptions and forecasts:

- Goodwill is systematically tested for impairment at least annually, or more often if impairment indicators emerge. The impairment test calls for a discretionary estimate of the values in use of the cash-generating unit to which the goodwill is at tributed, in turn based on the estimate of future cash flows of the CGU an d their discounting at a specified discount rate.

The recoverability of carrying amounts is measured as the lower of the carrying amount and the higher of the fair value less costs to sell and the value in use of the asset. The net fair value is the price that would be received to sell an asset in an orderly transaction between market participants less costs to sell; in the absence of a binding agreement, reference is made to similar transactions on an active market or it is determined according to IFRS 13 Fair Value Measurement. The value in use is the present value of the future cash flow s expected to be derived from the asset (or cash-

generating unit), discounted using a weighted average cost of capital of an entity having a similar risk profile and level of indebtedness, and from its ultimate disposal at the end of its useful life.

The plans used to carry out the impairment tests are based on certain expectations and assumptions of future performance that by thei r very nature are subject to uncertainties.

Therefore, results could differ from estimates.

These uncertainties are fuelled by a conflicting an d unstable global geopolitical framework, which poses new challenges to Europe and the West, incl uding in terms of security. Therefore, results could differ from estimates. The plan will be continually assessed by the Directors regarding the effective realisation of the initiatives and foreca sts and the effects on th e financial and economic performance of the Group.

-

Intangible assets with a finite useful life are tested for impairment when there are internal or external indications that an asset is impaired; this test requires an estimate of the value in use of the cash-generating unit to which the asset belongs, which itself is based on an estimate of the cash flows the cash-generating unit is expected to generate and discounting them to their net present value using an appropriate discount rate.

- Deferred tax assets are recognised agai nst tax losses carried forward and other timing differences to the extent of the likely existence of future taxable profit against whic h these tax losses carried forward and those due to timing differences ma y be used. Management must use its judgement in estimating the amount of deferred tax assets to be recognised. The business plan of the Company is used to calculate the likelihood that these deferred tax assets will be used.

- Provisions for risks and charges are subject to discretionary estimates using the best available information at the date of these Financial Statements and based on historic and future data regarding the likely outcome of legal disputes or events, for which assessment of the risk profiles and likely financial impact is uncertain and comp lex and could result in an adjustment to the estimates.

With regard to the use of estimates for financial risks, reference should be made to the relevant paragraph in the Illustrative Notes to the Financial Statements.

-

Share-based Payments. According to the contents of IFRS 2 - Share-based Payments, the total amount of the current value of the stock grants (fair value) at the assignment date is recorded in full in the statement of income among the personnel costs for the period between the allocation date and their maturity date and is recognised against the equity reserve.

Th e f ai r v a lu e o f th e s to c k g r a n ts is c alc u lat e d at their allocation date, reflecting the market conditions existing at the date in question.

In the case of a set ‘maturity period’ in which some conditions must be met (attaining targets) so that the assignees become holders of the right, the cost for remuneration, determined on the basis of the current value of the shares at the al location date, is record ed under personnel costs based on a straight-line method over the period between the allocation date and the maturity date.

49

In case of assigning shares free of charge (so-call ed stock grant) at the end of the maturity period, the corresponding increase in equity is recorded.

- Taxes are calculated for each individual consolidated company, by applying to the profit/(loss) before tax for the period the tax rate which would apply to the expected annual results. If the estimated effective tax rate does not give credible results, the income taxes are calculated by applying the tax rate and enacted regulations in the countries in which the Group operates to the estimated taxable income for the period.

1.5 Information on acquisition transactions Acquisition transactions qualifying as

business combinations

As of 1 January 2026, the shareholders' agreements in force between the companies Fiera Milano Congressi SpA and MiCo DMC Srl were amended, as a result of which Fiera Milano Congressi SpA assumed control of MiCo DMC Srl.

Following this change, the company is no longer classified as a joint venture but as a subsidiary, in accordance with IFRS 10 – Consolidated Financial Statements. Accordingly, the investment, previously accounted for using the equity method in accordance with IFRS 11, is fully consolidated line by line from the date control was acquired.

The full consolidation of Mico DMC Srl resulted in an increase in consolidated revenues of Euro 7.2 million, in addition to the related effects on the ot her main economic and financial indicators of the Group.

It should be noted that, following the acquisition of control of MiCo DMC Srl, the investment previously accounted for using the equity method has been remeas ured at its fair value as at the acquisition date, in accordance with the provisions of IFRS 3 – Bu siness Combinations. The positive difference arising from the remeasurement, equal to Euro 1.5 million , was recognised in the income statement for the period.

On 18 February 2026, Fiera Milano SpA signed a bind ing agreement for the acquisition of 51% of the share capital of Stipa SpA, an Italian company lead er in the design and construction of high-end customised exhibition set-ups, also active in set-ups for corporate events and in the retail and showroom segment.

The operation represents a further step in th e implementation of th e 2024-2027 Strategic Plan, strengthening the positioning of Fiera Milano as an integrated service provider and expanding its presence in the market of customis ed stands and related services, leve raging the size and high growth rates of these segments and supporting the evolution of the Group's offer towards a one-stop-shop model of services for exhibitors and visitors.

The transaction provides for the management and coor dination to be exercised by Fiera Milano SpA, enabling the full consolidation of the investment. The acquisition was completed for a consideration of Euro 12.1 million paid at closin g and is subject to a price adjustment mechanism based on the net financial position, on the basis of a valuation implyi ng a 100% Enterprise Value of approximately Euro 23.8 million. The total adjustment calculated on th e basis of these parameters amounted to Euro 0.1 million. The agreement envisaged a put/call option on the remaining 49% of the shares, exercisable in several time windows, with a maximum value of Euro 15. 7 million for the remaining shares, bringing the transaction to a maximum to tal value of Euro 27.8 million in addi tion to the net financial position. At the acquisition date, the put option was measured at fair value at an amount of Euro 14 million.

The transaction was financed through available cash resources and was completed at closing on 3 March 2026. The agreement ensures mana gement and operational continuity.

50

The acquisition values can be analysed as follows:

The identifiable assets acquired and liabilities assumed of Stipa SpA, summarised below, were measured at fair value at the da te of acquisition of control.

It should be noted that the recognition of the bu siness combination was carried out provisionally, in accordance with the provisions of IFRS 3 ‘Business combinations’. This standard allows the acquirer to make use of a measurement period not exceeding one year from the date of acquisition, within which it is possible to adjust the provisional amounts initially recognised.

The Group opted for the valuation of third party inte rests at the acquisition date in proportion (pro-

rata) to the value of the net assets identified of the acquired company.

As at 3 March 2026, the difference between the co nsideration transferred and the carrying amount of the net assets acquired was provisionally recognised as goodwill. Stipa SpA acquisition consideration (€'000) Consideration paid in cash 12,187 Total acquisition consideration 12,187 Financial Flows (€'000) Cash paid in 12,187 Cash received (752)Total cash flows paid (received) 11,435

(€'000)

Non-current assets 5,833 Property, plant and equipment 1,668 Right-of-use assets 4,026 Intangible assets with a finite useful life 83Deferred tax assets 56 Current assets 5,121 Trade and other receivables 4,099 Inventories 265Financial assets 5Cash and cash equivalents 752 Non-current liabilities 4,790 Financial liabilities related to the right-of-use of assets 3,677 Employee benefit provisions 1,024Provision for risks and charges 64Deferred tax liabilities 17Other liabilities 8 Current liabilities 5,102 Trade payables 1,885 Financial liabilities related to the right-of-use of assets 351Advances 1,614Tax liabilities 641Other liabilities 611 Net assets acquired 1,063 Non-controlling interests (521)Acquisition differential 11,645Total 12,187 51

On 18 February 2026, Fiera Milano SpA signed a bi nding agreement for the acquisition of 70% of the share capital of Made in Steel Srl, the company organising the biennial inte rnational Made in Steel exhibition, a reference point for the steel supply chain. Siderweb SpA SB, founder of the event, will maintain a 30% stake in the company's capital, ensuring the full organisational and identity continuity of the exhibition.

The operation represents a further step in the implementation of the strategy outlined in the 2024-

2027 Strategic Plan, which provides for the strengthen ing of the portfolio of organised exhibitions and the consolidation of the role of Fiera Milano as an international development platform for industrial chains of high strategic importance and as a partner for the growth of the exhibitions that operate in the service of these chains.

The transaction provides for the management and coor dination to be exercised by Fiera Milano SpA, enabling the full consolidation of the investment. The acquisition was completed for a consideration of Euro 7.7 million, paid upon closing, subject to a price adjustment mechanism based on net financial position and net working capital. The total adjustment determined on the basis of these parameters was equal to Euro 0.03 million.

The agreement also provides for an earn-out mechanis m of up to Euro 1.4 million in total, equal to Euro 0.7 million per tranche, subject to the achievement of specific economic and financial targets relating to the 2027 and 2029 editions of the exhibition. At the acquisition date, this component was measured at fair value at an amount of Euro 1.3 million.

The transaction was financed through available cash resources and was completed at closing on 25 February 2026.

The acquisition values can be analysed as follows:

The identifiable assets acquired and liabilities assumed of Made in Steel Srl, summarised below, were measured at fair value at the da te of acquisition of control.

Made in Steel Srl acquisition consideration (€'000) Consideration paid in cash 7,734 Total acquisition consideration 7,734 Financial Flows (€'000) Cash paid in 7,734 Cash received (25) Total cash flows paid (received) 7,709 52

It should be noted that the recognition of the bu siness combination was carried out provisionally, in accordance with the provisions of IFRS 3 ‘Business combinations’. This standard allows the acquirer to make use of a measurement period not exceeding one year from the date of acquisition, within which it is possible to adjust the provisional amounts initially recognised.

The Group opted for the valuation of third party inte rests at the acquisition date in proportion (pro-

rata) to the value of the net assets identified of the acquired company.

As at 25 February 2026, the difference between the consideration transferred, including the deferred consideration component, and the carrying amount of the net assets acquired was provisionally recognised as goodwill.

2) Disclosure on associated companies and joint ventures

Associates

The Group holds a 25% stake in th e share capital of Ge.Fi. SpA, a leading Italian player in the organisation of events and exhibitions, including Ar tigiano in Fiera, hosted annually by Fiera Milano at its Rho venue.

The investment is recognised in the consolidated statement of financial position using the equity method, with the Group’s interest in the result for the 2026 half-year amounting to Euro -244 thousand.

The Group shares of the income and equity of th e Associate are summarised in the following tables:

(€'000)

Non-current assets 51 Intangible assets with a finite useful life 51 Current assets 358 Trade and other receivables 268

Inventories 65

Cash and cash equivalents 25 Current liabilities 73 Trade payables 70 Tax liabilities 2 Other liabilities 1 Net assets acquired 336 Non-controlling interests (101)Acquisition differential 8,785

Total 9,020

53

The Group holds 18.5% in Fiere di Parma SpA, a le ading company in the orga nisation of exhibitions in the Italian food business, with the two biennial exhibitions 'Tuttofood' hosted by Fiera Milano at its Rho site and 'Cibus' organised at its Parma site.

The investment, taking into account shareholder agreements, as an associated company is accounted for in the consolidated financial statements using the equity method and the share of the result for the half-year 2026 is Euro 1,516 thousand.

The Group shares of the income and equity of the Associate are summarised in the following tables:

(€'000)

Ge.Fi. SpA 30/06/26 31/12/25 Current assets 5,327 12,167 Non-current assets 9,282 8,157 Current liabilities 5,627 10,902 Non-current liabilities 2,663 2,650 Net financial debt/(cash) (2,378) (6,649) Equity 8,697 13,421 Total Group equity 2,174 3,355 Goodwill 8,840 8,840 Book value of the joint venture 11,014 12,195

(€'000)

Ge.Fi. SpA 1st Half at 30/06/26 1st Half at

30/06/25

Total revenues and other income 4,359 3,972 Total operating costs (5,355) (4,986) Depreciation and amortisation and write-downs (382) (397) Interest income 31 56 Interest payable (66) (108) Profit/(loss) before tax (1,413) (1,463) Income tax (436) (428) Profit/(loss) for the period (977) (1,035) Group profit/(loss) (244) (259)

(€'000)

Fiere di Parma SpA 30/06/26 31/12/25 Current assets 25,046 19,253 Non-current assets 66,336 64,127 Current liabilities 22,879 20,448 Non-current liabilities 5,457 2,448 Net financial debt/(cash) (25,970) (22,423) Equity 89,016 82,907 Non-controlling interests 334 732 Total Group equity 16,406 15,202 Goodwill 5,129 5,129 Book value of the joint venture 21,535 20,331 54

The Group holds a 35% stake in the share capital of EMAC Srl, a company organising the Milan AutoClassica exhibition, one of the leading B2C events in Italy in the vintage and sports car sector.

The investment is recognised in the consolidated statement of financial position using the equity method, with the Group’s interest in the result fo r the 2026 half-year amounting to Euro -23 thousand.

The equity and income values of the associate an d the Group's share are su mmarised in the following

tables:

Associates have no contin gent liabilities or commitments as at 30 June 2026.

(€'000)

Fiere di Parma SpA 1st Half at 30/06/26 1st Half at

30/06/25

Total revenues and other income 46,054 39,854 Total operating costs (29,483) (27,518) Depreciation and amortisation and write-downs (5,220) (2,480) Interest income 343 257 Interest payable (4) (21) Profit/(loss) before tax 11,690 10,092 Income tax 3,456 3,190 Profit/(loss) for the period 8,234 6,902 Non-controlling interests 41 -

Profit/(loss) for the period 8,193 -

Group profit/(loss) 1,516 1,277

(€'000)

Emac Srl 30/06/26 31/12/25 Current assets 37 145 Non-current assets 410 437 Current liabilities 245 254 Non-current liabilities 3 33 Net financial debt/(cash) (167) (136) Equity 366 431 Total Group equity 128 151 Goodwill 1,694 1,694 Book value of the joint venture 1,822 1,845

(€'000)

Emac Srl 1st Half at 30/06/26 1st Half at

30/06/25

Total revenues and other income 504 -

Total operating costs (588) -

Interest payable (1) -

Profit/(loss) before tax (85) -

Income tax (20) -

Profit/(loss) for the period (65) -

Group profit/(loss) (23) -

55

Joint ventures

The Group has a 49% shareholding in Hannover Milano Global Germany GmbH, a company jointly controlled with Deutsche Messe AG that is equity accounted.

Following the application of IFRS 11 - Joint Arrangem ents, the Group has classified its investment as a joint venture as significant business decisions re lating to Hannover Milano Global Germany GmbH require the unanimous agreement of the parties and neither has specific rights over the individual assets or obligations for any individual liability of the company of the legal entity. Under the joint venture agreement with Deutsche Me sse AG, the Group share of equity is calculated on the results generated by the va rious exhibitions. For the six-month period under review, the share was 40.21% (40.21% as at 30 June 2025).

The Group shares of the income and equity of the joint venture are summarised in the following tables:

(€'000)

Hannover Milano Global Germany GmbH 30/06/26 31/12/25 Current assets 3,961 2,261 Non-current assets 13,363 11,234 Current liabilities 22,780 14,745 Net financial debt/(cash) (31,839) (23,800) Equity 26,383 22,550 Book value of the joint venture 18,394 16,828

(€'000)

Hannover Milano Global Germany GmbH 1st Half at 30/06/26 1st Half at

30/06/25

Total revenues and other income 16,515 16,540 Total operating costs (15,105) (15,538) Depreciation and amortisation and write-downs (57) (14) Interest income 2,279 2,667 Interest payable (1) -

Profit/(loss) before tax 3,631 3,655 Income tax 348 737 Profit/(loss) for the period 3,283 2,918 Non-controlling interests (173) (254) Profit/(loss) for the period 3,110 2,664 Group profit/(loss) 1,379 1,071 56

The Group has a 49% shareholding in Ipack-Ima Srl, a company jointly contro lled with UCIMA (Union of Italian Automatic Machine manufacturers for pack ing and packaging) that is equity accounted.

The investment is recognised in the consolidated statement of financial position using the equity method, with the Group’s interest in the result for the 2026 half-year amounting to Euro -120 thousand.

The equity and income figures of the comp any are summarised in the following tables:

At 30 June 2026 and at 30 June 2025, there were no ma terial potential liabilities or obligations relating to the shareholding of the controll ing shareholders in joint ventures.

3) Segment information In accordance with IFRS 8, the identification of operating segments and related information is based on the data used by management to take its operating decisions and is consistent with the management and control model used. The internal accounting system, which is regularly reviewed and used by the top decision makers in the Group, gives information by segment and also by individual company.

The internal organisation structure and the perf ormance measurement system is shaped by the strategic direction of the Group, with a view to gr eater integration of sales and operating processes.

Consequently, based on the management approach, th e operating segments were defined as follows:

- Italian Exhibitions Business : this segment covers all activities for the organisation and hosting of exhibitions and other events in Italy through the use, promotion and offer of furnished exhibition spaces; the provision of stand-fitting, technical an d site services associat ed with exhibition and congress business; the prov ision of project support and ancillary services; the production of content and provision of advertising and digital services, as well as th e organisation of congresses and training courses. This includes the business of staging exhibitions (and providing final services to exhibitors and visitors):

- directly organised by the Group or in partnership with third parties;

- organised by third parties, through co ntracting out of spaces and services.

These activities are carried out by the Parent Company Fiera Milano SpA, Nolostand SpA, Ipack Ima Srl, MADE eventi Srl, Ge.Fi. SpA, Fiere di Parma SpA, Emac Srl, Made in Steel Srl and Stipa (€'000) Ipack Ima Srl 30/06/26 31/12/25 Current assets 2,819 1,560 Non-current assets 3,926 4,006 Current liabilities 2,235 1,647 Non-current liabilities 395 457 Net financial debt/(cash) (1,643) (2,541) Equity 5,758 6,003 Goodwill 705 705 Book value of the joint venture 3,526 3,646

(€'000)

Ipack Ima Srl 1st Half at 30/06/26 1st Half at

30/06/25

Total revenues and other income 184 19,388 Total operating costs (352) (14,617) Depreciation and amortisation and write-downs (122) (117) Interest payable (32) (37) Profit/(loss) before tax (322) 4,617 Income tax (78) 1,305 Profit/(loss) for the period (244) 3,312 Group profit/(loss) (120) 1,623 57

SpA.

- Foreign Exhibitions Business : this segment covers all activi ties for the organisation of exhibitions and other events abroad through the use, promotion and offer of furnished exhibition spaces, of project support and of ancillary services. This covers all activities associated with exhibitions (including end services for exhibitors and visitors) that are directly organised by the Group or in partnership with third parties or acting as agents.

These activities are carried out by:

 Hannover Milano Global Germany GmbH, a jo int venture with Deut sche Messe AG of Hannover, which operates in China through tw o subsidiaries, Hannover Milano Fairs China Ltd, and Hannover Milano Fairs Shanghai Co. Ltd and its subsidiaries Hannover Milano Best Exhibitions Co. Ltd of which 51% is held and Hannover Milano XZQ Exhibitions of which 60% is held. In addition, it is active through the subsidiary Hannover Milano Fairs India Pvt Ltd;

 Fiera Milano Brasil Ltda based in São Paulo;

 Fiera Milano Exhibitions Africa PTY Ltd based in Cape Town;

 Fiera Milano Asia Pacific Pte. Ltd.

- Congresses : this segment refers to the management of conferences and events and destination management services by Fiera Milano Congressi SpA and MiCo DMC Srl.

- Other sectors: this sector includes transport and logistic s services for exhibitions, congresses and international events. The activities are carried out by the companies Expotrans SpA, Event Logistics Team Srl and Expotrans Pte Ltd.

58

The tables below give Income St atement and Statement of Financia l Position data by segment for the first half to 30 June 2026, 30 June 2025 and 31 December 2025.

The table below gives investments by operating segment:

Income Statement 1st Half to 30/06/26

(€'000) Italian

Exhibitions

Business Foreign

Exhibitions

Business Congress Other sectors Adjustments Consolidated Revenues from sales and services to third-parties 174,779 5,634 45,222 20,093 - 245,728 Revenues from intersegment sales and services 7,587 - 2,704 215 (10,506) -

Total revenues 182,366 5,634 47,926 20,308 (10,506) 245,728 of which from Italy 240,094 of which from foreign activities 5,634 Cost of materials 3,028 8 19 41 - 3,096 Cost of services 84,438 4,209 26,234 15,025 (11,785) 118,121 Personnel expenses 25,487 854 2,753 3,075 (159) 32,010 Other operating expenses 2,629 53 174 57 (18) 2,895 Total operating expenses 115,582 5,124 29,180 18,198 (11,962) 156,122 Other income 2,419 52 929 27 (1,456) 1,971 Profit/(loss) of equity accounted companies 1,129 1,379 0 0 - 2,508 Allowance for doubtful accounts 66 6 - - - 72 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 70,266 1,935 19,675 2,137 - 94,013 of which from Italy 92,126 of which from foreign activities 1,887 Depreciation of property, plant and equipment and right-of-use assets 20,562 44 3,591 295 - 24,492 Amortisation of intangible assets 1,847 1 52 349 - 2,249 Adjustments to asset values 140 - - - 140 Earnings before interest and taxes (EBIT) 47,717 1,890 16,032 1,493 - 67,132 of which from Italy 65,290 of which from foreign activities 1,842 Financial income and similar 2,413 Financial expenses and similar 6,464 Valuation of financial assets 1,519 Profit/(loss) before income tax 64,600 Income tax 13,928 Profit/(loss) from continuing operations 50,672 Profit/(loss) from discontinued operations -

Profit/(loss) for the period 50,672 Profit/(loss) attributable to non-controlling interests 1,196 Group profit/(loss) 49,476 Statement of Financial Position Data at 30/06/26

(€'000) Investments

increase of which related to

Right-of-use assets

Italian Exhibitions Business 31,669 6,879 Foreign Exhibitions Business 54 -

Congresses 2,037 748 Other sectors 174 -

Total 33,934 7,627 59

The table below gives investments by operating segment:

Income Statement 1st Half to 30/06/25

(€'000) Italian

Exhibitions

Business Foreign

Exhibitions

Business Congress Other sectors Adjustments Consolidated Revenues from sales and services to third-parties 130,603 4,331 36,057 6,879 - 177,870 Revenues from intersegment sales and services 6,775 2 1,558 81 (8,416) -

Total revenues 137,378 4,333 37,615 6,960 (8,416) 177,870 of which from Italy 173,539 of which from foreign activities 4,331 Cost of materials 1,606 11 36 17 - 1,670 Cost of services 65,333 3,020 25,711 4,940 (9,584) 89,420 Personnel expenses 23,899 661 1,912 1,003 (151) 27,324 Other operating expenses 2,248 45 227 49 (12) 2,557 Total operating expenses 93,086 3,737 27,886 6,009 (9,747) 120,971 Other income 2,598 54 1,025 33 (1,331) 2,379 Profit/(loss) of equity accounted companies 2,641 1,071 325 - 4,037 Allowance for doubtful accounts 164 (6) 34 30 - 222 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 49,367 1,727 11,045 954 - 63,093 of which from Italy 61,369 of which from foreign activities 1,724 Depreciation of property, plant and equipment and right-of-use assets 19,921 45 3,290 87 - 23,343 Amortisation of intangible assets 1,668 - 10 19 - 1,697 Adjustments to asset values 512 - - - 512 Earnings before interest and taxes (EBIT) 27,266 1,682 7,745 848 - 37,541 of which from Italy 35,862 of which from foreign activities 1,679 Financial income and similar 1,261 Financial expenses and similar 7,086 Profit/(loss) before income tax 31,716 Income tax 8,585 Profit/(loss) from continuing operations 23,131 Profit/(loss) from discontinued operations -

Profit/(loss) for the period 23,131 Profit/(loss) attributable to non-controlling interests 255 Group profit/(loss) 22,876 Statement of Financial Position Data at 31/12/25

(€'000) Investments

increase of which related to

Right-of-use assets

Italian Exhibitions Business 18,924 8,807 Foreign Exhibitions Business 130 56 Congresses 21,861 19,993 Other sectors 16,852 3,105 Total 57,767 31,961 60

Notes to the Interim Condensed Consolidated Financial Statements

STATEMENT OF FINANCIAL POSITION

ASSETS

4) Property, plant and equipment and Right-of-use assets

Property, plant and equipment The item amounts to Euro 11,479 thousand net of depreciation for the period for Euro 1,585 thousand.

The increases for the half-year amounting to Euro 2,297 thousand are listed below:

- investments by Fiera Milano SpA for Euro 1,045 thousand, ma inly referring to costs for improvements carried out at the congress facility owned by Fondazione Fiera Milano amounting to Euro 271 thousand, assets under construction amounting to Euro 440 thousand, and the purchase of furniture and fittings amounting to Euro 300 thousand;

- investments by Fiera Milano SpA for Euro 287 thousand referring mainly to the renewal of electronic machines for Euro 254 thousand;

- investments by Nolostand SpA fo r Euro 403 thousand mainly rela ted to exhibiti on equipment;

- investments by Stipa SpA for Euro 400 thousand referring mainly to industrial equipment;

- investments by Expotrans SpA, Fiera Milano Brasil and Fiera Milano Exhibitions Africa amounting to Euro 162,000 mainly referring to the purchase of plant and machinery, electronic machines and furniture.

The change in the scope of consolidation of Euro 1,668 thousand refers to the acquisition of the company Stipa SpA.

Right-of-use assets

This item amounts to Euro 280,578 thousand, net of depreciation and amortisation for the period of Euro 22,907 thousand, and relates to the recognition of the right-of-use of leased assets arising from the application of IFRS 16. The increase of Euro 3, 595 thousand is mainly attributable to Fiera Milano SpA, amounting to Euro 2,727 thousand, in relation to the ISTAT adjustment of the rent for the Rho exhibition site; to Fiera Milano Congressi SpA for a total of Euro 742 thousand, of which Euro 545 thousand refer to the ISTAT adaptation of the Mi Co Sud congress centre an d halls 1-2 and 3-4, and Euro 197 thousand relating to the construction of th e cooking centre inside the MiCo Sud; as well as to Nolostand SpA for Euro 126 thousand, following the ISTAT adjustment of the warehouse leases.

The change in the scope of consolidation, amounting to Euro 4,032 thousand, relates to the acquisition of Stipa SpA (Euro 4,026 thousand) and the full consolidation of MiCo DMC Srl (Euro 6 thousand).

(€'000)

Balance at Balance at 31/12/25 Incr. Decr. Depr. Reclassification Currency

translation

differencesChan ge in the

consolidation

scope30/06/26

Property, plant and equipment . historic cost 92,411 2,297 - 54 8,145 102,907 . depreciation 83,318 - 3 1,585 - 45 6,477 91,428 Total 9,093 2,297 3 1,585 - 9 1,668 11,479

Right-of-use assets

. historic cost 576,341 3,595 71 - - 4,114 100 584,079 . depreciation 280,452 - 35 22,907 - 82 95 303,501 Total 295,889 3,595 36 22,907 - 4,032 5 280,578 Changes during the period 61

The item Right-of-use assets includes increases of Euro 3,493 thousand relating to related-party transactions (Euro 28,607 thousand at 31 December 2025). For more details, see note 38 on these transactions.

5) Goodwill and intangible assets with a finite useful life

Goodwill

This item amounts to Euro 119,624 thousand (Euro 97,585 thousand at 31 December 2025).

As described in the section 1.4 Use of estimates, go odwill is subject to annual impairment tests at the end of each reporting period or more frequently if there are any indications of impairment, with the assistance of a qualified independent expert.

Goodwill is allocated to the differen t cash generating units (CGUs) or group of CGUs that gave rise to the goodwill.

To identify ‘the smallest identifiable group of as sets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets’ (IAS 36 – Impairment of Assets), each different Group reportable segment was designated a CGU.

In the new reportable segment ‘Italian Exhibition s Business’, the CGUs correspond to individual exhibitions and include the activities carried out by the Controlling Entity Fiera Milano SpA, by Nolostand SpA, MADE eventi Srl., Made in Steel Srl and Stipa SpA.

In the reportable segment ‘Foreign Exhibitions Business’, the situation is different in countries where the Group holds its own exhibitions (such as Brazil, South Africa and Singapore) from countries where the Group operates through joint venture arrangemen ts and trademark user licence agreements (such as China). In the first case, the CG Us correspond to individual exhi bitions; in the second, the CGUs are represented by the individual reference market.

In the Reportable Segment ‘Congresses’, two CGUs can be identified: for the activities of Fiera Milano Congressi SpA and MiCo DMC Srl.

Finally, the Reportable Segment 'Other Sectors' includes three CGUs corresponding to the activities of Expotrans SpA, Event Logistics Team Srl and Expotrans Pte Ltd.

In order to avoid using arbitrary al location criteria for the impairment tests, goodwill was allocated based on appropriate groupings that reflect both the strategic vision of the company and how the goodwill was generated.

The goodwill allocations are as follows:

- the ‘Italian Exhibitions Business’ CGU for a total of Euro 110,01 1 thousand: includes the CGUs corresponding to all the exhibitions organised or hosted by Fiera Milano SpA, Made Eventi Srl and Made in Steel Srl, including the set-up services provided by Nolostand SpA and Stipa SpA.

This grouping is allocated the goodwill of Fiera Milano SpA (equal to Euro 76,091 thousand), the goodwill of Made Eventi Srl (equal to Euro 909 thousa nd), the goodwill of Made in Steel Srl (equal to Euro 8,785 thousand), the goodwill of Nolostand SpA (equal to Euro 12,581 thousand) and the goodwill of Stipa SpA (equal to Euro 11,645 thousand). (€'000) Balance at Balance at 31/12/25 Incr. Decr. Depr.Adjustment

sCurrency

translation

differencesRevaluation to

fair valueChan ge in the

consolidation

scope30/06/26

Goodwill

. Historic cost 116,179 90 - - - - 1,519 20,430 138,218 . Amortisation 18,594 - - - - - - - 18,594 Total 97,585 90 - - - - 1,519 20,430 119,624 Intangible assets with a finite useful life . Historic cost 99,379 1,598 57 - 140 21 - 405 101,206 . Amortisation 78,060 - 2,249 - 19 - 91 80,419 Total 21,319 1,598 57 2,249 140 2 - 314 20,787 Changes during the period 62

For a more detailed analysis of the goodwill recognis ed in respect of Made in Steel Srl and Stipa SpA, please refer to the comments set out above in note 1.5.

The goodwill of Fiera Milano SpA breaks down as follows: Euro 29,841 thousand deriving from Fondazione Fiera Milano’s transfer of the exhibition company to Fiera Milano SpA on 17 December 2001; Euro 40,223 thousand derive from the acquisit ions of companies organi sing exhibitions that were subsequently incorporated into Fiera Milano SpA as part of various merger operations; Euro 5,947 thousand deriving from acquisitions related to digital publishing; Euro 80 thousand deriving from the acquisition by the Controlling Entity of the ‘Inf ormation Communication Technology’ business unit.

The goodwill of MADE Eventi Srl derives from th e acquisition of the company organising the MADE Expo exhibition.

The goodwill of Made in Steel Srl derives from the acquisition of the company organising the Made in Steel exhibition.

Nolostand SpA’s goodwill arises from Nolostand SpA’ s acquisition of the 'standard fittings' business unit.

The goodwill of Stipa SpA derives from the acquisition of the company active in the design and construction of high-end customis ed exhibition installations.

- The Congress cash-generating unit: includes good will, amounting to Euro 7,064 thousand, arising from the acquisition of Fiera Milano Congressi SpA (Euro 5,455 thousand) and MiCo DMC Srl (Euro 1,609 thousand).

It should be noted that, following the acquisitio n of control of MiCo DMC Srl, the investment previously accounted for using the equity method has been remeasured at its fair value as at the acquisition date, in accordance with the provisions of IFRS 3 – Business Combinations. The positive difference arising from the remeasurement, amounting to Euro 1,519 thousand, was recognised in the profit and loss account for the period and the company was fully consolidated.

- the 'Other Sectors' CGU: includes goodwill, amounting to Euro 2,549 thousand, arising from the acquisition of Expotrans SpA, Event Logi stics Team Srl and Expotrans Pte Ltd.

In conjunction with the half-yearl y financial report, Fiera Milano Sp A carries out a systematic search for any impairment indicators, confirming the result s achieved of the test carried out in the last financial statements.

The performance of the first half of 2026 and the update of the forecasts for the entire financial year 2026 is overall improved compared to the budget both considering the consolidated results, and limiting the comparison to the CGUs already present in the impairment test of the 2025 financial statements.

An analysis of the performance of the CGUs in the first half-year compared with the forecasts included in the last impairment test shows that there are no indicators of impairment for intangibles with a finite useful life. Finally, the updated WACC of 30 June 2026 is lower than the WACC of 31 December 2025, and therefore applying the updated WACC with the same financial projections would result in higher headroom.

63

Intangible assets with a finite useful life This item amounted to Euro 20,787 thousand net of depreciation and amortisation for the period of Euro 2,249 thousand. Increases for the six months of Euro 1,598 thousand are mainly attributable to the Parent Company and refer to co sts incurred for the development ac tivities for new digital systems, the implementation of digital projects and the purchase of software.

The change in the scope of consol idation, amounting to Euro 314 thousand, relates to the acquisition of Stipa SpA (Euro 83 thousand), the acquisition of Made in Steel Srl (Euro 51 thousand) and the full consolidation of MiCo DMC Srl (Euro 180 thousand).

Intangible assets with a finite useful life included the following exhibition-trademarks totalling Euro 4,819 thousand (Euro 5,273 thousand at 31 December 2025):

• Expotrans Euro 942 thousand;

• MADE expo Euro 835 thousand;

• Milan Games Week Euro 771 thousand;

• Promotion Trade Exhibiti on Euro 681 thousand;

• Salone Franchising Milano Euro 502 thousand;

• Print4all Euro 389 thousand;

• Host Euro 377 thousand;

• Transpotec & Logitec Euro 105 thousand;

• Cartoomics Euro 97 thousand;

• Made in Steel 48 Euro thousand;

• BtoBIO Expo Euro 34 thousand;

• Miart Euro 24 thousand;

• Fruit&Veg Innovation Euro 5 thousand;

• Other Euro 9 thousand.

The value adjustments concern the Padel Trend Ex po trademark for Euro 140 thousand. The write-

down is because the relevant exhi bition is no longer scheduled.

6) Investments, non-current trade re ceivables and defe rred tax assets

The item ‘Investments in associates and joint ventures’ amounts to Euro 56,291 thousand (Euro 55,714 thousand at 31 December 2025); the br eakdown is set out in the table below: (€'000) Balance at Balance at 31/12/25 Increase DecreaseResults

associates and

joint venturesDividend

distributionChan ge in the

consolidation

scopeCurrency

translation

differences30/06/26

Investment in an associate and a joint venture 55,714 - 947 2,508 1,171 - 187 56,291 Other investments 32 - - - - - - 32 Trade and other receivables 13,566 72 - - - - - 13,638 Deferred tax assets 10,262 164 15 - - - - 10,411 Total 79,574 236 962 2,508 1,171 - 187 80,3 72 Changes during the period 64

Further details are provided in note 2 on Disclosure on associates and joint ventures.

Trade and other receivables amo unting to Euro 13,638 thousand (Euro 13,566 thousand as at 31 December 2025) mainly refer to the Parent Company and include:

- Other receivables from the Controlling Entity of Euro 10,472 thousand (Euro 10,472 thousand at 31 December 2025). They refer to the security depo sit relating to the real estate lease contracts of the exhibition and congress sites of Rho and Milan, as well as the 'Horizontal Tower' in Rho used as offices;

- Other receivables for Euro 3,166 thousand (Euro 3,094 thousand at 31 December 2025). These mainly refer to the security deposits required by the company supplying electricity, as a guarantee for the volatility of prices.

The entry for trade and other receivables also in cluded Euro 10,472 thou sand of related-party transactions (Euro 10,472 thousand at 31 December 2025). For more details, see note 38 on these transactions.

The Deferred tax assets item, equal to Euro 10,411 thousand (Euro 10,262 thousand at 31 December 2025), represents the balance of deferred taxes offset at the level of individual companies subject to consolidation.

7) Trade and other receivables

They amount to Euro 86,876 thousand (Euro 64,6 14 thousand at 31 December 2025) and include the following main items: Trade receivables come to Euro 63,953 thousand (Euro 33,525 thousand at 31 December 2025) net of the provision for doubtful re ceivables of Euro 1,176 thousand. These represent receivables from organisers, exhibitors, and others fo r services relating to the availability of the exhibition spaces and the provision of services related to the exhibitions and congresses. The increase is mainly attributable to the rise in outstanding receivables from Fondaz ione Milano Cortina and to the widening of the Investment in an associate and a joint venture (€'000) Balance at Balance at 31/12/25 Deconsolidation ResultsDividend

distributionOther changesCurrency

translation

differences30/06/26

Fiere di Parma SpA 20,331 - 1,516 234 (78) - 21,535 Hannover Milano Global Germany GmbH 16,828 - 1,379 - - 187 18,394 Ge.Fi. SpA 12,195 - - 244 937 - - 11,014 Ipack-Ima Srl 3,646 - - 120 - - - 3,526 Emac Srl 1,845 - - 23 - - - 1,822 MiCo DMC Srl 869 869 - - - - -

Total 55,714 869 2,508 1,171 (78) 187 56,291 Chan ges durin g the financial period Trade and other receivables (€'000) 30/06/26 31/12/25 change Trade receivables 63,953 33,525 30,428 Trade receivables from the controlling shareholder 3,929 3,975 (46) Trade receivables from associates and joint venture 2,863 3,451 (588) Trade receivables from other related companies 20 32 (12) Other receivables 8,270 6,687 1,583 Prepaid expenses from the controlling shareholder 341 445 (104) Prepaid expenses from joint venture - 94 (94) Accrued income and prepaid expenses 7,500 16,405 (8,905) Total 86,876 64,614 22,262 65

scope of consolidation, following the acquisition of Stipa SpA and the full consolidation of MiCo DMC Srl with effect from 1 January 2026.

The figure for receivables from customers was adjust ed for the provision for doubtful receivables in order to bring the nominal value of the receivables th at were deemed difficult to recover in line with the estimated recoverable amount. Use of the provis ion refers to receivables that, in the financial period under review, were fo und to be unrecoverable.

The change in this provision was as follows:

The change in the scope of consolidation, amo unting to Euro 33 thousand, relates for Euro 30 thousand to the full consolidation of MiCo DMC Srl and for Euro 3 thousand to the acquisition of Stipa SpA.

Other receivables from the Controlling Entity of Euro 3,929 thousand (Euro 3,975 thousand at 31 December 2025) are brok en down as follows:

- Euro 3,425 thousand (Euro 427 thousand at 31 December 2025) for Group VAT receivables;

- other receivables of Euro 504 thousand (Euro 3,548 thousand at 31 December 2025). The change mainly refers to the collection of receivable s in 2025 deriving from the investment project coordinated and directed by the Fiera Milano Grou p, the cost of which was borne by the Parent Company Fondazione Fiera Milano, as part of the plan for the competitiveness and sustainability of exhibition facilities.

Other receivables totalled Euro 8,583 thousand (Euro 6,687 thousand at 31 December 2025), mainly

comprising:

- credit for ICE contribution for Euro 1,107 thousand (Euro 1,149 thousand at 31 December 2025);

- Euro 4,156 thousand (Euro 1,395 thousand at 31 December 2025) for advances to suppliers;

- other tax receivables for Euro 1,744 th ousand (Euro 507 thousand at 31 December 2025);

- IRES and IRAP receivables for Euro 376 thousand (Euro 335 thousand at 31 December 2025);

- receivables from employees for Euro 415 thousand (Euro 290 thousand at 31 December 2025);

- receivables from social security and welfare instit utions for Euro 191 thousand (Euro 180 thousand at 31 December 2025);

- Other receivables for Euro 594 thousand (Euro 2,831 thousand at 31 December 2025).

The item Trade and other receivables includes Eu ro 7,153 thousand (Euro 7,997 thousand at 31 December 2025) relating to transact ions with related parties. For more details, see note 38 on these transactions.

(€'000)

31/12/25 ProvisionsUtilisation and other changesChan ge in the

consolidation

scope30/06/26

Provision for doubtful receivables 1,209 72 138 33 1,176 66

8) Inventories

They amount to Euro 5,640 thousand (Euro 3,595 thousand at 31 December 2025) and are broken down as follows:

Deferred costs refer to exhibitions and co ngresses to be held after 30 June 2026.

The table below gives a breakdown by exhibition:

The change is mainly due to the biennial or multiannual frequency of some exhibitions.

The Inventories item includes Euro 3 thousand (Euro 171 thousand at 31 December 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

Inventories (€'000)

30/06/26 31/12/25 change Suspended costs for future exhibitions and congresses 5,427 3,595 1,832 Total 5,427 3,595 1,832 Subsidiary materials and consumables 123 - 123 Finished products and goods 90 - 90 Total 213 - 213 Total 5,640 3,595 2,045 Exhibition and congresses (€'000) 30/06/26 31/12/25 Change Host 921 249 672 Fire show 541 - 541 Made Expo 487 - 487 Print4all 471 196 275 Expodetergo International 387 368 19 Sicurezza 174 33 141 NetZero Milano 112 - 112 Transpotec & Logitec - 574 (574) Milano Home - 361 (361) Fisp - 325 (325) Next Mobility Exibition - 232 (232) Bit - 137 (137) Exposec - 129 (129) Miart - 128 (128) Milano Fashion&Jewels - 128 (128) Congresses 1,168 252 916 Other exhibitions 1,166 483 683 Total 5,427 3,595 1,832 67

9) Current financial assets

This entry included the following financial assets:

non-current

- for Euro 3,000, the financial he dging derivative instrument valu ed mark-to-market relating to loans with banking institutions of the company Expotrans SpA.

current

This item includes the following activities of the Parent Company:

- Euro 40,285 thousand in captive deposits, including the accrued in terest rate signed with Banca Nazionale del Lavoro and for Euro 113 thousand, the accrued interest rate on captive deposits with a duration of less than 3 months;

- Euro 6,449 thousand for units in ESG mutual invest ment funds, measured at fair value. The fair value is measured on the basis of the market valu e of the security at 30 June 2026 inclusive of

commissions;

- Euro 3,678 thousand is the balance of the current account in place with Fo ndazione Fiera Milano.

The fixed rate was equal to the 1-month Euribor plus a spread of 0.75%;

- Euro 1,715 thousand for the loan granted to the joint venture company Ipack Ima Srl. The rate applied is determined with a quar terly calendar update of 3.50%;

In addition, the item includes: - Euro 1,009 thousand, investments in bonds held by the company Expotrans SpA, valued at fair value. These investments are made as part of the Group's short-term liquidity policy;

- Euro 920 thousand, consisting mainly of accrued i n t ere s t in c o me o n ba la n ces i n ba n k c ur r e nt accounts that had not yet been credited as at the end of the half-year under review.

The item Financial assets includes Euro 5,393 thousand (Euro 3,035 thousand at 31 December 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

Financial assets (€'000) 31/12/25 Increases Decreases Chan ge in the

consolidation

scope30/06/26

Derivatives 5 2 - 3 Total Non-current other financial assets 5 - 2 - 3 Time Deposit - 40,398 - 40,398 Mutual investment funds ESG 5,956 493 - 6,449 Financial assets to the controlling shareholder 1,323 2,355 - 3,678 Short term financing to joint venture 1,712 3 - 1,715 Bonds - 1,009 1,009 Other financial assets - 917 2 5 920 Total Current financial assets 8,991 45,175 2 5 54,169 Total 8,996 45,175 4 5 54,172 68

10) Cash and cash equivalents They amounted to Euro 100,430 thousand (Euro 180,182 thousand at 31 December 2025) and consisted almost entirely of cash at banks.

Time deposits refer to rest ricted deposits with a duration of less than 3 months.

The change in financial flows compared to the half-year closing 30 June 2025, is shown in the Consolidated Statement of Cash Flows. Cash and cash equivalents (€'000) 30/06/26 31/12/25 Change Bank and postal accounts 78,594 116,952 (38,358) Time deposit 21,790 63,202 (41,412) Cash and cash equivalents 46 28 18 Total 100,430 180,182 (79,752) 69

EQUITY AND LIABILITIES

11) Equity

Following the realignment of the discrepancies between the carrying amount and the tax values of goodwill and trademarks as reported in the financial statements, in accordance with article 110 of Legislative Decree 104/20 (as amended by art. 1 c. 83 of Law 178 of 30 December 2020, the 2021 Budget Law), Euro 64,087 thousand of share capital an d existing reserves was restricted and held over for tax upon distribution, correspo nding to the higher amount subject to realignment net of the 3% substitute tax.

Share Capital

At 30 June 2026, this item was Euro 42,142 thou sand (Euro 41,856 thousand at 31 December 2025), net of treasury shares for Euro 303 thousand. The fully paid-up Share capital was made up of 71,917,829 ordinary shares, with no restrictions on th e distribution of dividends or repayment of share capital, except as legally pr ovided for treasury shares.

A breakdown of the shares outstanding is shown in the following table:

Under IAS/IFRS accounting principles, when treasury shares are acquired, the nominal value of the shares acquired is deducted from share capital wh ile the difference between acquisition value and the nominal value is recognised directly in the share premium reserve.

On 14 May 2026, the Parent Company announced the start of the treasury share buyback programme, in execution of the authorisation granted by the Or dinary Shareholders' Meeting of 22 April 2026 and the resolution passed by the Board of Directors on 13 May 2026. The programme is aimed at increasing the portfolio of treasury shares to be allocated to service share incentive plans, both existing and Equity (€'000) 30/06/26 31/12/25 Change Share capital 42,142 41,856 286 of which treasury shares (303) (589) 286 Share premium reserve 8,074 8,231 (157) of which treasury shares (4,454) (4,297) (157) Other reserves (23,650) (7,859) (15,791)

of which:

Legal reserve 8,489 8,489 -

Option to be applied on minority interests (25,983) (12,008) (13,975) Foreign currency translation reserve (6,872) (7,213) 341 Riserva per operazioni di copertura finanziaria (8) (5) (3) Remeasurement on defined benefit plans 398 409 (11) Stock grant reserve 326 2,469 (2,143) Retained earnings 121,055 88,762 32,293 Profit/(loss) 49,476 50,301 (825) Group equity 197,097 181,291 15,806 Capital and reserves attributable to non-controlling interests 5,920 4,960 960 Profit/(loss) attributable to non-controlling interests 1,196 490 706 Equity attributable to non-controlling interests 7,116 5,450 1,666 Total 204,213 186,741 17,472

Number of

shares at 31 December 2025 Capital Increase Acquisition of shares Free grant of

ordinary shares

allocated to the DirectorsNumber of shares at 3o June 2026 Ordinar y shares in issue 71,917,829 - - - 71,917,829 Treasur y shares 998,466 340,000 (824,751) 513,715 Total shares outstanding 70,919,363 71,404,114 Chan ge 70

future, reserved for directors and/or employees of the Parent Company, with specific reference to the performance share plan 2026-2028, approved by the Shareholders' Meeting on 22 April 2026, and the employee shareholding plan 2024-2027, approved by the Shareholders' Meeting on 5 November 2024.

The programme concluded on 28 May 2026 with the purchase of a total of 340,000 own shares at an average price of €8.46 per share, representing a tota l value of Euro 2,875,000, net of incidental costs.

The decrease in treasury shares of 824,751 relates to:

- 674,547 to the allocation of the stock grants a ccrued as part of the ‘Performance Shares Plan’ addressed to management and re lating to the period 2023-2025;

- 150,204 to the allocation of shares accrued as part of the second cycle of the shareholding plan for the period 2024-2027, addressed to all perman ent employees including the recipients of the ‘Long Term Incentive’ plans.

At 30 June 2026, the Parent Company held 513,715 treasury shares, equal to 0.71% of the share capital.

Share premium reserve This item amounted to Euro 8,074 thousand (Euro 8,231 thousand at 31 December 2025), net of the reserve for own shares of Euro 4,454 thousand. The decrease of Euro 157 thousand relates to movements in own shares.

Other reserves

They amounted to Euro 23,650 thousand (Euro 7,859 thousand at 31 December 2025) and are composed as follows:

- Euro 8,489 thousand from the Parent Company legal reserve;

- Euro 398 thousand for the revaluation of define d benefit plans reserve net of tax effects;

- Euro 326 thousand from the Stock Grant Reserve, relating to the notional cost of the ‘Performance Shares Plan’ included in the management in centive plan for the 2026–2028 period (Euro 132 thousand) and the broad-based share owners hip plan for the 2024–2027 period (Euro 194 thousand).

- Euro -25,983 thousand from the valuation of put options relating to equity investments held by minority shareholders, of which Euro -12,008 thou sand relates to Expotrans SpA and Euro -13,975 thousand relates to Stipa SpA;

- Euro -6,872 thousand from the currency translation reserve;

- Euro -8 thousand from the Financial Hedging Reserve.

Retained earnings

It amounts to Euro 121,055 thousand (Eur o 88,762 thousand at 31 December 2025).

Changes in the period under review were as follows:

- an increase of Euro 50,301 thousand for the allocation of the ‘Profit/loss of the previous financial

year’;

- decrease of Euro 17,936 thousand due to dividend distribution;

- decrease of Euro 72 thousand refers to Other components of comprehensive income.

Profit/(loss) for the period The half-year ended 30 June 2026 presents a Group net result of Euro 49,476 thousand. The result for the year ended 31 December 2025 was Euro 50,301 thousand.

Capital and reserves attributable to non-controlling interests They amount to Euro 5,920 thousand (E uro 4,960 thousand at 31 December 2025).

The increase of Euro 960 thousand relates to:

- Euro 490 thousand as to the net result for the period;

71

- Euro -931 thousand to the di stribution of dividends;

- Euro 791 thousand to the change in the accounting method of MiCo DMC;

- Euro 521 thousand to the acquisition of the company Stipa SpA;

- Euro 101 thousand to the acquisition of the company Made in Steel Srl;

- Euro 6 thousand for exchange rate differences;

- Euro - 18 thousand to Other components of comprehensive income.

Net profit (loss) - non-controlling interests The net profit for the half-year attributable to non-controlling interests was Euro 1,196 thousand. The result for the year ended 31 December 2025 was Euro 490 thousand.

LIABILITIES

12) Bank borrowings

Bank borrowings amounted to Euro 16,364 thousa nd (Euro 18,431 thousand at 31 December 2025) and included the following loans attributable to the Parent Company:

- Euro 2,625 thousand (Euro 3,500 thousand at 31 December 2025) for the portion of the loan underwritten on 28 April 2021 by Simest, maturing on 31 December 2027 and with a 36-month pre-amortisation period. This loan bears interest at a fixed rate. The loan was granted within the scope of the availability of the section of the Fund 394/8, purs uant to Article 91, paragraphs 1 and 2, of Decree-Law 14 August 2020, n.104, converted, with amendments, by Law 126 of 13 October 2020, and Article 6, paragraph 3, no. 1, of Decree Law 137 of 28 October 2020;

- Euro 8,026 thousand (Euro 9,021 thousand as at 31 December 2025) for the portion of the ‘Sustainability Linked Loan’ signed on 29 April 2025 with Credit Agricole Italia and maturing on 30 April 2030. This loan is remunerated with a variab le interest rate equal to the 3-month Euribor plus a spread and provides for an interest rate adjustment mechanism ba sed on the achievement of two specific sustainability objectives (ESG KP Is). The loan is also subject to the measurement of financial covenants on an annual basis;

- Euro 4,665 thousand (Euro 4,968 thousand as of 31 December 2025) for the portion of the ‘Sustainability Linked Loan’ signed on 29 April 2025 with Banco BPM with a maturity date of 31 March 2030 and a 12-month pre-amortisation period . This loan is remune rated with a variable interest rate equal to the 3-month Euribor plus a spread and provides for an interest rate adjustment mechanism based on the achievement of two specific sustainability objectives (ESG KPIs). The loan is also subject to the measurem ent of financial covenant s on an annual basis.

In addition, bank borrowings include: - Euro 76 thousand (Euro 228 thousand at 31 December 2025) for the portion of the loan signed by the company Expotrans SpA on 11 September 2020 wi th UniCredit with a maturity of 30 September 2026. This financing bears interest at a variable rate with financial hedging (Interest Rate Swap);

- Euro 108 thousand (Euro 266 thousand at 31 Dece mber 2025) for the portion of the loan signed by the company Expotrans SpA on 14 October 2020 wi th Banca Popolare di Milano, maturing on Bank borrowings (€'000) 30/06/26 31/12/25 change Non-current bank borrowings 10,508 13,086 (2,578) Current bank borrowings 5,856 5,345 511 Total 16,364 18,431 (2,067) 72

13 October 2026. This financing bears interest at a variable rate with financial hedging (Interest

Rate Swap);

- Euro 258 thousand (Euro 309 thousand at 31 December 2025) for the portion of the loan subscribed by the company Expotrans SpA on 28 October 2021 with Sace Simest, maturing on 31 December 2028 and with 36 months of pre-amortisati on. This loan bears inte rest at a fixed rate;

- Euro 512 thousand (balance equal to zero at 31 December 2025) for the portion of the loan signed by the company MiCo DMC Srl on 19 May 2021 with Banco BPM SpA with maturity on 19 May 2027.

This loan bears interest at a fixed rate of 1.36%;

- Euro 94 thousand (Euro 118 thousand at 31 December 2025) for the portion of the loan subscribed by the company Event Logistics Team Srl on 1 Febr uary 2024 with UniCredit with maturity on 29 February 2028. This loan is remunerated with a vari able interest rate equal to Euribor at 3 months plus the spread.

It should be noted that there is no indication that the Fiera Milano Group will have difficulty meeting its financial covenants when thes e are assessed in future audits.

For more details, see no te 21.2 Liquidity risk.

13) Other financial liabilities The breakdown of this entry is given in the following tables:

‘Financial liabilitie s related to the right-of-use of non-curre nt assets’ equal to Euro 261,056 thousand (Euro 277,288 thousand at 31 December 2025) refe r to the medium-long term share of the lease liability. This liability represents the obligation to ma ke the payments envisaged by the contracts for the lease of exhibition sites, warehouses and vehicl es, deriving from the application of IFRS 16. The current portion amounted to Euro 45,589 thousand (Euro 43,879 thousand as at 31 December 2025).

‘Other non-current financia l liabilities’ refer to:

- Euro 1,079 thousand (Euro 1,063 thousand as at 31 December 2025) for the present value of the debt to the company EMAC Srl, relating to the forward price componen t of the shareholding acquired during the 2025 financial year, the recogn ition of which is subject to the achievement of specific economic-financial objectives. In particular , this component is determined to the extent of 35% of the enterprise value, calculated by applying a multiple to the average EBITDA for the years 2027 and 2028.

This value was determined at the time of acquisit ion and discounted by applying a rate of 2.69%.

- Euro 1,286 thousand (balance equal to zero as at 31 December 2025) for the present value of the debt to the company Made in Steel Srl, relating to the forward price component of the shareholding acquired during the period in question, the recognition of which is subject to the achievement of specific economic-financial obje ctives related to the 2027 and 2029 editions of the exhibition. Other financial liabilities (€'000) 30/06/26 31/12/25 change Non-current financial liabilities related to the right-of-use of assets 261,056 277,288 (16,232) Other non-current financial liabilities 28,403 13,071 15,332 Total non-current financial liabilities 289,459 290,359 (900) Current financial liabilities related to the right of use of assets 45,589 43,879 1,710 Other current financial liabilities 466 427 39 Total current financial liabilities 46,055 44,306 1,749 Total other financial liabilities 335,514 334,665 849 73

This value was determined at the time of acquis ition and discounted by applying rates of 2.55% and 2.87%.

- Euro 12,148 thousand (Euro 12,008 thousand at 31 December 2025) for the present value of the debt connected to the put option attributed to the minority shareholders of the company Expotrans SpA, which confers the right to sell the remaining 49% stake. The option can be exercised at the time of approval of the financial statements for the year 2028.

This value was determined at the time of acquisit ion and discounted by applying a rate of 2.69%.

- Euro 13,890 thousand (balance equal to zero at 31 December 2025) for the present value of the debt connected to the put option attributed to the minority shareholders of the company Stipa SpA, which confers the right to sell the remaining 49% stake. The most likely scenario for exercising the option is at the time of approval of the financial statements for the year 2032.

This value was determined at the time of acquisit ion and discounted by applying a rate of 3.18%.

It should be noted that the rates adopted for the purposes of the valuation were determined on the basis of the market returns of the BTPs with a duration consistent with the reference time horizon.

The ‘Other current financial liabilities’ refer to the measurement of the debt for the acquisition of the remaining non-controlling interests of the company Fiera Milano Brasil.

Changes in cash flows are shown in paragraph 20 ‘Financial assets and financial liabilities’.

Other financial liabilities included Euro 293,372 th ousand (Euro 311,279 thousand at 31 December 2025) for related-party transactions. The non-current portion amounted to Euro 250,191 thousand (Euro 269,511 thousand as at 31 December 2025) ; This item totalled Euro 43,181 thousand (Euro 41,768 thousand at 31 December 2025). For more details, see note 38 on these transactions.

14) Provisions for risks and charges

‘Other provisions for risks and non-current charges’ concern Euro 70 thousand (balance equal to zero at 31 December 2025) the supplementary indemnity provision for customers of the newly acquired company Stipa SpA.

Provisions for risks and charges for current risks and charges concern:

- Euro 4,271 thousand (Euro 4,693 thousand as at 31 December 2025) for risks related to the estimated probable liabilities associated with the corporate reorganisation (Euro 3,935 thousand) and other risks (Euro 336 thousand), calculated ba sed on the likely outcome of such risks through internal assessments as well as with the support of external legal advisors; Provisions for risks and charges (€'000) 31/12/25 Provisions Releases of

excess

provisionsUtilisation Currency

translation

differencesChan ge in the

consolidation

scope30/06/26

Non current provisions:

Other provisions for risks and charges - 6 64 70 Total non current provisions for risks and char g - 6 - - - 64 70

Current provisions:

Other provisions for risks and charges 4,693 150 - 630 - 58 4,271 Losses on events 800 - - - - - 800 Total current provisions for risks and charges 5,493 150 - 630 - 58 5,071 Total provisions for risks and charges 5,493 156 - 630 - 122 5,141 74

- Euro 800 thousand (Euro 800 thousand at 31 Dece mber 2025) to cover the expected negative margin on loss-making exhibitions.

The change in the scope of consolidation for the item ‘Other provisions for risks and charges’ amounting to Euro 58 thousand, relates to the full consolidation of MiCo DMC Srl.

15) Employee benefit provisions

Defined benefit plans equal to Euro 8,329 thousand (Euro 7,306 thousand as of 31 December 2025) are valued by applying actuarial techniques and re fer to the severance indemnity accrued as of 30 June 2026.

The Group uses a duly certified profession al to determine the actuarial amounts.

The main hypotheses/assumptions used in the actu arial calculations for the defined benefit plans were as follows:

The discount rate was calculated with reference to the Eurozone Iboxx Corporate AA index for a Employee benefit provisions (€'000) 31/12/25 Increases Actuarial evaluationChan ge in the

consolidation

scopeOther

changeIndemnities

and advances

paid30/06/26

Defined benefit plans 7,306 - 289 1,262 - 11 517 8,329 Termination benefits 1,901 39 - 16 - 16 1,940 Total 9,207 39 289 1,278 - 11 533 10,269 Actuarial evaluation (€'000)

Personnel costs:

- indemnities related to defined benefit plans 101

Financial expenses:

- actualisation charges 164 Other comprehensive income

- Remeasurement of defined benefit plans 24

Total 289

Economic and financial assumption for calculation of severance indemnity provisions30/06/26 31/12/25 Annual technical discount rate 4.00% 4.00% Annual inflation rate 2.00% 2.00% Annual rate of increase in total employees' salary 2.50% 2.50% Annual rate of increase in severance indemnity provisions 3.00% 3.00% Demo graphic assum ptions Mortality rate Based on the ISTAT 2022 mortality tables Probability of disability Based on the disability tables used in the INPS 2 010 forecast model Probability of termination of employment Based on the probable employee turnover rate equal to 5,5% per annum of the companies b eing valued Retirement probabilityAssumption that the basic requirements needed to receive the compulsory general insurance ( Assicurazione Generale Obbligatoria ) were met Probability of early retirementAssumption of 3% per annum and an average amount of 70% of the staff-leaving indemnities of all the companies valued.

75

period equal to or greater than 10 years.

The following table provides a sensitivity analysis of the liability to changes in the main updated assumptions.

The Employee benefit provisions also include Euro 1,940 thousand (Euro 1,901 thousand as of 31 December 2025) for the benefits th at derive from agreements with employees and Key Executives in relation to the termination of the empl oyment relationship at a future date.

16) Trade payables They total Euro 74,986 thousand (Euro 82,287 thousand at 31 December 2025) and are broken down

as follows:

Trade payables mainly relate to Italian suppliers an d refer for the most part to purchases of services necessary for the organisation of exhibitions and co ngresses relating to the Group’s core business.

The item Trade payables includes Euro 887 thou sand (Euro 1,431 thousand at 31 December 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

17) Advances

They amount to Euro 44,174 thousand (Eur o 42,991 thousand at 31 December 2025).

These were mainly advances invoiced to clients for exhibitions and congresses to be held after 30 June 2026. Recognition as revenue is deferred until the exhibition is held.

The change is mainly due to the biennial or multiannual frequency of some exhibitions.

The table below gives a breakdown by exhibition. Effect of defined benefit plans on debt (€'000) Economic and financial assumptions Range Base figureIncrease in

assumptionsDecrease in

assumptions

Annual technical discount rate +/- 0.5% 8,055 7,818 8,305 Annual rate of increase in total employees' salary +/- 0.5% 8,055 8,100 8,017 Economic and financial assumptions Life expectancy +/- 1 year 8,055 8,096 8,015 Trade payables (€'000) 30/06/26 31/12/25 change Trade payables 74,099 80,856 (6,757) TradepPayables to the associates 642 261 381 Trade payables to associates and joint venture 245 1,170 (925) Totale 74,986 82,287 (7,301) 76

The item Advances includes Euro 863 thousand (Euro 1,169 thousand at 31 December 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

Advances (€ '000) 30/06/26 31/12/25 Change Host 4,838 523 4,315 Expodetergo International 4,268 537 3,731 Milano Unica 4,179 3,656 523 Cphi 2,904 - 2,904 Fisp 2,778 1,709 1,069 Lineapelle - A new point of view 1,682 1,955 (273) Made in Steel 1,394 - 1,394 Fire show 827 298 529 Milano Fashion&Jewels 739 719 20 Simei 717 510 207 Micam 687 730 (43) Myplant & garden 570 884 (314) Sicurezza 470 10 460 AF L'Artigiano in fiera 440 - 440 Mostra Convegno Expocomfort 410 7,017 (6,607) Made Expo 396 - 396 Eicma 385 - 3 85 Simac Tanning Tech 377 - 377 Bimu 354 - 354 Mido 323 3,882 (3,559) Milano Home 284 2,877 (2,593) Ipack-Ima 260 2 258 Promotion Trade Exhibitions 175 1,142 (967) European Roors 173 - 173 Print4all 170 7 163 Issa Pulire 150 - 150 Quick&More 135 1,461 (1,326) Find 133 - 133 Mipel 126 128 (2) Smart Building Expo 100 - 100 Tuttofood - 1,109 (1,109) Transpotec & Logitec - 509 (509) The One Milano - 184 (184) Si SposaItalia - 90 (90) Seaquip - 147 (147) Reatech - 109 (109) Plast - 1,338 (1,338) Next Mobility Exhibition - 128 (128) Miart - 313 (313) Mapic Italy - 179 (179) I Saloni - 3,083 (3,083) Exposec - 767 (767) Cape Town Art Fair - 354 (354) Bit - 997 (997) Congresses 13,202 4,690 8,512 Other exhibitions 528 947 (419) Total 44,174 42,991 1,183 77

18) Deferred tax liabilit ies and tax payables

Deferred tax liabilities were Euro 6,078 thousand (Euro 6,114 thousand at 31 December 2025). The figure is the net balance of deferred tax assets an d deferred tax liabilities for each company included in the area of consolidation.

19) Other liabilities

Other non-current liabilities are made up as follows:

The item ‘Payables to personnel’ concerns transa ctions with outgoing employees for the corporate reorganisation process.

The ‘Performance Share’ Plan concerns the cash component of the ‘Performance Shares Plan’ intended for management, referring to the period 2026-2028.

‘Other payables’ mainly refer to the security depo sit that the company Fiera Milano Congressi SpA has requested as collateral for all obligations arising from a contract with a supplier.

Deferred tax liabilities and tax payables (€'000) 30/06/26 31/12/25 change Deferred tax liabilities 6,078 6,114 (36) Current tax liabilities 3,582 4,110 (528) Total 9,660 10,224 (564) Other liabilities (€'000) 30/06/26 31/12/25 change Other non-current liabilities 1,418 2,223 (805) Other current liabilities 58,219 68,585 (10,366) Total 59,637 70,808 (11,171) Other non current liabilities (€'000) 30/06/26 31/12/25 change Payables to employees 993 2,073 (1,080) "Performance Share " plan 137 - 137 Other payables 288 150 138 Total 1,418 2,223 (805) 78

The breakdown of other non-current and current liabilities is given in the following table:

The change is mainly attributable to the item ‘Def erred income’, as a result of the release of the deferral relating to the consideration invoiced for the concession in use of the Venue in the context of the organisation of the XXV Olym pic Winter Games Milano Cortina 2026. The positive effect was partially offset by the increase in the item ‘Pay ables for tax consolidation to the Parent Company’, related to the theoretical IRES on taxable income accrued in the half-year under review.

The entry included Euro 18,009 thousand (Euro 10,557 thousand at 31 December 2025) for related-

party transactions. For more details, see note 38 on these transactions.Other liabilities (€ '000) 30/06/26 31/12/25 Change Payables to exhibition organisers and others 13,885 10,333 3,552 Payables to the controlling shareholder for tax consolidation 15,459 4,251 11,208 Payables to employees 10,212 14,006 (3,794) Payables to pension and social security entities 3,747 3,306 441 Payables to exhibition organisers in associates and joint venture 2,006 4,130 (2,124) Group VAT payables 194 1,979 (1,785) Payables to the controlling shareholder 150 170 (20) Payables to directors and statutory auditors 134 110 24 Other payables 754 544 210 Deferred income to associates and joint venture 169 8 161 Deferred income to the controlling shareholder 30 18 12 Deferred income to associates 1 1 -

Other accrued liabilities 11,478 29,729 (18,251) Total 58,219 68,585 (10,366) 79

20) Financial assets and financial liabilities The Group’s financial debt and its composition is shown in the table below:

The Group’s net financial debt not including IFRS 16 lease liability at 30 June 2026 had an availability of Euro 109,366 thousand compared to Euro 157,244 thousand at 31 December 2025.

The decrease of Euro 47,848 thousand is mainly a ttributable to the company acquisitions that took place during the half-year under review and to the payment of dividends; this effect was partially offset by the positive cash flow generated by operating activity for the period.

The net financial indebtedness including the IFRS 16 lease liability am ounted to Euro 197,279 thousand (Euro 163,923 thousand at 31 December 2025).

Group Net Financial Debt (Amounts in € '000)30/06/26 31/12/25 change A. Cash 78,640 116,980 (38,340) B. Chash and equivalents 21,790 63,202 (41,412) C. Other current financial assets 54,169 8,991 45,178

- C.1 of which Other current financial assets to the controlling shareholder 3,678 1,323 2,355

- C.2 of which Other current financial assets to joint venture 1,715 1,712 3 D. Liquidity (A+B+C) 154,599 189,173 (34,574) E. Current financial debt 466 427 39 F. Current portion of non-current debt 5,856 5,345 511 G. Current financial indebtedness (E+F) 6,322 5,772 550 H. Net current financial indebtedness (G-D) (148,277) (183,401) 35,124 I. Non-current financial debt 38,911 26,157 12,754 J. Debt instruments - --

K. Non-current trade and other payables - --

L. Non-current financial indebtedness (I+J+K) 38,911 26,157 12,754 Net financial debt from continuing operations (H+L) (109,366) (157,244) 47,878 M. Total financial indebtedness before IFRS 16 effects (109,366) (157,244) 47,878 N. Current financial liabilities related to the right of use of assets 45,589 43,879 1,710

- N.1 of which current financial liabilities related to the right-of-use assets to the controlling shareholder 43,181 41,768 1,413 O. Non-current financial liabilities related to the right of use of assets 261,056 277,288 (16,232)

- O.1 of which non-current financial liabilities related to the right-of-use assets to the controlling shareholder 250,191 269,511 (19,320) P. Current financial assets related to the right of use of assets - --

IFRS 16 financial effects 306,645 321,167 (14,522) Q. Total net financial debt (M+N+O-P) 197,279 163,923 33,356 80

The table below shows the breakdown, compiled in accordance with updated ESMA Recommendation no. 32-382-1138 of 4 March 2021, for the half year 2026 and for the year 2025.

Changes in liabilities due to bank financing are shown in the following table:

21) Financial and market risk management The Group's main financial instrume nts include bank loans, demand and short-term bank deposits.

Fiera Milano Group has a favourable cash manage ment cycle due to the financial nature of the companies that organise exhibitions and congresses. The organi sers of exhibitions and congresses request an advance from their clients as confirmation of their participation at an event and the balance is usually received before the event is held or at its conclusion. Suppliers of goods and services are paid under the normal payment terms used. This generates negative working capital for the organisers, which gives a cash surplus.

Fiera Milano SpA, the Parent Company, which organi ses exhibitions, and also rents exhibition space to organisers, carries out administrative and cash management services for most of the organisers, receiving on behalf of the latter everything that th e exhibitors pay the organiser. After receiving the cash, Fiera Milano SpA, depending on the contract ual agreements, retrocedes to the organiser what is its due and keeps the payment for the space rented out in the exhibition site and for the services provided. This also allows Fiera Milano SpA to re ceive its payments in advance, as it does the Group Net Financial Debt (Amounts in € '000)30/06/26 31/12/25 change A. Cash 78,640 116,980 (38,340) B. Chash and equivalents 21,790 63,202 (41,412) C. Other current financial assets 54,169 8,991 45,178

- C.1 of which Other current financial assets to the controlling shareholder 3,678 1,323 2,355

- C.2 of which Other current financial assets to joint venture 1,715 1,712 3 D. Liquidity (A+B+C) 154,599 189,173 (34,574) E. Current financial debt 46,055 44,306 1,749

- E.1 of which Current financial debt to the controlling shareholder 43,181 41,768 1,413 F. Current portion of non-current debt 5,856 5,345 511 G. Current financial indebtedness (E+F) 51,911 49,651 2,260 H. Net current financial indebtedness (G-D) (102,688) (139,522) 36,834 I. Non-current financial debt 299,967 303,445 (3,478)

- I.1 of which Non-current financial debt to the controlling shareholder 250,191 269,511 (19,320) J. Debt instruments - --

K. Non-current trade and other payables - --

L. Non-current financial indebtedness (I+J+K) 299,967 303,445 (3,478) Net financial debt from continuing operations (H+L) 197,279 163,923 33,356 M. Total financial indebtedness 197,279 163,923 33,356 Changes in liabilities from financing activities (€'000) Bank borrowings 13,086 - - - (2,578) 10,508 Non-current financial liabilities related to the right of use of assets 277,288 - - - (16,232) 261,056 Other financial liabilities 1,063 - - - 1,302 2,365 Put option 12,008 - - - 14,030 26,038 Total change in non-current financial payables 303,445 - - - (3,478) 299,967 Bank loans 5,345 - - 3,272 261 3,783 5,856 Current financial liabilities related to the right of use of assets 43,879 7,556 (22,078) 5,760 16,232 45,589 Current payables for acquisition of shareholdings 427 - - - 39 466 Total change in current financial payables 49,651 7,556 (25,350) 6,021 20,054 51,911 Total liabilities from financing activities 353,096 7,556 (25,350) 6,021 16,576 351,878 30/06/26 31/12/25Increase-

decreaseRepayment of

borrowin gsInterests on Profit and Los sNon-monetary

changes

81

organisers. Therefore, within Fiera Milano Group, the companies that benefit from this favourable cash management cycle are the companies that organise exhibitions and the Parent Company.

The exposure of the Group to different types of risk is described below.

21.1 Credit risk Credit risk is represented by the Group’s exposure to potential losses from the non-fulfilment of obligations agreed by counterparties. Credit risk is adequately monitored, as is that pertaining to the cash management that characteri ses the business of the Group. Fi era Milano hosts and organises exhibitions that are leaders in their sector and, therefore, the loyalty of exhibitors is high. For the controlling shareholder Fiera Milano SpA, the current system means that all receipts from exhibitors flow into the Fiera Milano SpA accounts and that the latter retrocedes to its clients/organisers the amounts due to them.

With regard to MADE eventi Srl, Ipack Ima Srl and Ma de in Steel Srl, part of the services provided to exhibitors is invoiced and collected on behalf of the individual Group companies by Fiera Milano SpA.

Nevertheless, these companies carry out standard solvency assessments of potential customers and the relevant departments constantly monitor outsta nding amounts so that any appropriate measures for debt recovery are implemented.

Three different categories of credit risk have been identified: organisers, exhibitors and other receivables.

The first risk category is represented by the exhibition organisers ; the receivables included in this category are considered to represent the lowest risk as the Parent Company Fiera Milano SpA manages the cash flows of almost all of th e exhibitions at its two sites.

The second risk category is the exhibitors ; the receivables from this category are considered medium risk as exhibitors have to make payment before the end of the exhibition.

The third risk category is other receivables , which mainly comprises exhibition-related activities (stand-fitting, congresses, promotions, internet servic es) and activities that ar e not exhibition related (sponsorship, advertising, etc.). These receivables are payable under norm al payment conditions.

The Company sometimes uses specific guarantees as a further means of counteracting credit risk.

21.2 Liquidity risk The Group implements measures to ensure that it ha s adequate levels of working capital and liquidity;

any drop in business volumes, caused both by th e seasonal and cyclic nature of the exhibition business, can have an impact on economic performance and the ability to generate cash flows.

As of 30 June 2026, net cash, not including the IF RS 16 lease liability, amounted to Euro 109,366 thousand, a negative change of Euro 47,878 thousand from the 31 December 2025 figure.

The aim of the Group’s risk management, also in th e presence of financial debt, is to guarantee an adequate level of liquidity, minimising the related costs and maintaining a balance between the duration and composition of debt.

In April 2021, the Parent Company entered into an agreement with SIMEST for a loan of Euro 7 million, granted from the funds available under Section 394/8, pursuant to Article 91(1) and (2) of the Decree-

Law of 14 August 2020, No. 104, converted, with amendments, by Law No. 126 of 13 October 2020, and Article 6(3)(1) of Decree-Law No. 137 of 28 October 2020. The loan matures on 31 December 2027, with a 36-month pre-amortisation period. The re sidual debt at 30 June 2026 amounts to Euro 2.6 million.

In April 2025, the Parent Company signed a Euro 10 million ‘Sustainability Linked Loan’ with Credit Agricole Italia, with a maturity of 30 April 2030. This loan is remunera ted with a variable interest rate equal to the 3-month Euribor plus a spread and prov ides for an interest rate adjustment mechanism based on the achievement of two specific sustainability objectives (ESG KPIs). The loan is also subject 82

to the measurement of financial covenants on an a nnual basis. The residual debt at 30 June 2026 amounts to Euro 8 million.

In April 2025, the Parent Company signed a Euro 5 mi llion ‘Sustainability Linked Loan’ with Banco BPM, with a maturity of 31 March 2030 and with 12 months of pre-amortisation. This loan is remunerated with a variable interest rate equal to the 3-month Euribor plus a spread and provides for an interest rate adjustment mechanism based on the achievemen t of two specific sustainability objectives (ESG KPIs). The loan is also subject to the measuremen t of financial covenants on an annual basis. The residual debt at 30 June 2026 amounts to Euro 4.7 million.

In September 2020, the company Expotrans SpA signed a loan of Euro 1.5 million with UniCredit with a maturity of 30 September 2026. Th e residual debt at 30 June 2026 amounts to Euro 0.1 million.

In October 2020, the company Expotrans SpA signed a Euro 1.5 million loan with Banca Popolare di Milano with a maturity of 13 October 2026. This loan is remunerated at a variable interest rate with financial coverage (Interest Rate Swap). The residual debt at 30 June 2026 amounts to Euro 0.1 million.

In October 2021, the company Expotrans SpA signed a loan of Euro 0.4 mil lion with Sace Simest expiring on 31 December 2028. The residual de bt at 30 June 2026 amounts to Euro 0.3 million.

In May 2021, the company MiCo DMC Srl signed a loan of Euro 2.5 million with Banco BPM SpA with a maturity of 19 May 2027. The residual debt at 30 June 2026 amounts to Euro 0.5 million.

In February 2024, the company Event Logistics Srl si gned a loan of Euro 0.2 million with UniCredit with a maturity of 29 February 2028. The residual de bt at 30 June 2026 amounts to Euro 0.1 million.

It should be noted that there is no indication that the Fiera Milano Group will have difficulty meeting its financial covenants when thes e are assessed in future audits.

The Group has bank deposits and liquidity on current accounts, including deposi ts with a maturity of less than three months, amounting to Euro 100.4 mi llion, against total nominal bank debts of Euro 16.4 million, with repayment schedules extending to 2030. In addition, the Group benefits from Euro 44 million in short-term loan facilities. Finally, the 2026-2029 financial projections show that the Group’s recurring activities will ge nerate additional positive cash fl ows, which will further strengthen the financial position and ensure it complies with the covenants agreed with lenders, while maintaining an appropriate financial balance at all times.

21.3 Market risk The Group reserves the right to use appropriat e hedging instruments if market risks become significant.

a) Interest rate risk The Group has access to credit lines at competitive rates and is able to manage interest rate fluctuations. Moreover, the Group constantly moni tors market conditions in order to intervene promptly should conditions change.

b) Exchange rate risk The Group operates in different markets worldwide and, therefore, is exposed to market risks from fluctuations in exchange rates.

As in the previous financial year, this risk remained relatively insignificant despite the Group presence in international markets. The exchan ge rate risk is substantially limited as each country incurs costs in the same currency in which it earns its revenues.

83

c) Risk of changes in raw material prices The conflict in the Middle East between the US and Iran, which began in March 2026 and re-exploded in the first half of July after a brief truce signed in mid-June, has triggered new tensions on the price of energy, suggesting risk mitigation actions by the Group. In this regard, the Group benefits from the potential of the photovoltaic system in the Rho exhibi tion site, with a total capacity of 18 Mwh, able to guarantee 30-35% of the total energy needs. Fo r approximately another third of the 2026 energy needs, the company implemented forward purchases of electricity from its provider at fixed prices during the six-month period , thus limiting the negative effect of any further increases in the market price.

For other raw materials such as wood (used for th e panels of the stands) and polymers (used for graphics, signage, fabrics and carpet ), there were no particular upward dynamics during the half-year.

On the other hand, there were tariff increases during the renewal of some contracts with a high incidence of labour, managed with a % increase not far from the inflation rate.

22) Disclosure on guarantees given, undertakings and other contingent liabilities

Guarantees given

This item is equal to Euro 1,036 thousand (E uro 4,109 thousand at 31 December 2025) and is composed as follows:

- Euro 924 thousand for the guarantee given by the Controlling Entity to PGIM Real Estate Luxembourg S.A. on behalf of the subsidiary Nolostand SpA for the obligations under the lease agreement for a warehouse;

- Euro 112 thousand for the guarantee given by th e Controlling Entity in favour of Fabrica Immobiliare Società di Gestione e Risparmio SpA to guarantee the rented property relating to the Rome operational headquarters.

Contingent liabilities

It should be noted that there are no continge nt liabilities during th e period under review.

84

INCOME STATEMENT

REVENUES

23) Revenues from sales and services This was Euro 245,728 thousand (Euro 177,870 thousand at 30 June 2025).

The breakdown of this entry was as follows:

The change in revenues is mainly related to the XXV Olympic Winter Games Milano Cortina 2026, both for the use of the venue and for the construction of temporary infrastructure at the Rho exhibition site, and for the use of the Milan venue designated for th e Main Media Centre. It is also affected by the more favourable exhibition calendar , linked to the presence, in even years, of the biennial exhibition hosted by Mostra Convegno Expocomfort and the ex hibition organised by Transpotec & Logitec. The increase in revenues deriving from logistics and set-up se rvices, resulting from the acquisition of the Expotrans Group in the second quarter of 2025 and of Stipa SpA in the first quarter of 2026, as well as the increase in revenues attributable to the fu ll consolidation of MiCo DMC Srl from 1 January 2026, also contribute to the growth.

The item Revenues from sales and services includ es Euro 12,785 thousand (Euro 16,593 thousand at 30 June 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

Revenues from sales and services (€'000)

1st Half

2026 1st Half

2025 change

Rental of stands, fittings and equipment 81,689 61,212 20,477 Sales of exhibition space 54,407 50,514 3,893 Revenues from exhibition and congress services 24,130 9,391 14,739 Exhibitor fees 23,874 22,008 1,866 Sales services exhibitions and events shipping 10,610 2,889 7,721 Miscellaneous fees and royalties 9,727 2,570 7,157 Exhibition site services 8,752 5,826 2,926 Catering and canteen services 8,069 7,357 712 Sales services exhibitions and events logistics 7,783 3,339 4,444 Administrative, telephone and internet services 6,377 5,085 1,292 Advertising space and services 2,933 2,860 73 Ticket office sales 2,290 707 1,583 Supplementary exhibition services 1,461 1,598 (137) Access surveillance and customer care services 1,312 1,451 (139) Sales services commercial shipping 1,125 449 676 Sales services, logistics, e-commerce 575 141 434 Multimedia and on-line catalogue services 272 136 136 Administrative services related to exhibitions 270 232 38 Publishing products 67 56 11 Congress organisation 5 49 (44) Total 245,728 177,870 67,858 85

OPERATING COSTS

24) Cost of materials This was Euro 3,096 thousand (Euro 1,670 thousand at 30 June 2025). The breakdown of this entry was as follows:

The increase is mainly attributable to the purchase of materials for stands preparation activities, due to the contribution of the newly acquired Stipa SpA in addition to that alre ady generated by Nolostand SpA.

The item Cost of materials does not include relate d-party transactions (Euro 3 thousand at 30 June 2025).

25) Costs of services This was Euro 118,121 thousand (Euro 89,420 thousand at 30 June 2025).

The breakdown of this entry was as follows: Cost of materials (€'000)

1st Half

2026 1st Half

2025 change

Subsidiary materials and consumables 1,785 1,511 274 Finished goods and packaging 579 0 579 Raw materials 576 118 458 Printed materials, forms and stationery 104 41 63 Change in inventories of finished products 62 - 62 Change in inventories of raw materials (10) - (10) Total 3,096 1,670 1,426 86

Cost of services mainly included costs for managing the exhibition sites during the setting up, running, and dismantling of exhi bitions and congresses.

The increase is mainly attributable to the different sc hedule of events, as well as to the costs resulting from the acquisitions of the Expotrans Group and Stipa SpA, which took place respectively in the second quarter of 2025 and in the first quarter of 2026.

The Cost of services item includes Euro 5,402 thousand (Euro 3,651 thousand at 30 June 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

Cost of services (€'000)

1st Half

2026 1st Half

2025 change

Equipment hire 25,119 18,782 6,337 Stands and equipment for exhibitions 17,618 16,534 1,084 Shipping and logistics costs 11,530 3,637 7,893 Maintenance 9,990 5,455 4,535 Conference and congress services 8,452 4,507 3,945 Energy costs 5,327 5,688 (361) Transport 4,615 1,020 3,595 Security and gate services 4,479 4,391 88 Cleaning and waste disposal 4,279 4,028 251 Catering services 2,997 2,448 549 Technical, legal, commercial and administrative services and advice 2,981 2,333 648 Technical, legal, commercial and administrative advice 2,931 1,533 1,398 Insurance 2,288 1,757 531 IT services 2,142 2,106 36 Collateral events connected to exhibitions 1,929 3,322 (1,393) Professional services 1,704 1,611 93 Advertising 1,561 1,749 (188) Fees and commissions 1,550 1,146 404 Technical assistance and ancillary services 1,394 1,732 (338) Telephone and internet expenses 908 97 3 (65) Other rental expenses 583 1,182 (599) Rental of exhibition areas 175 132 43 Remuneration of Statutory Auditors 160 129 31 Provision for service-related risks 156 - 156 Vehicle hire - management costs 141 117 24 Ticketing 117 281 (164) Other 3,300 4,058 (758) Change in suspended costs for future exhibitions (305) (1,231) 926 Total 118,121 89,420 28,701 87

26) Personnel Costs This was Euro 32,010 thousand (Euro 27,324 thousand at 30 June 2025). The breakdown of this entry was as follows:

The change in Personnel costs is mainly attributable to the increase in the group workforce, including the companies of the Expotrans group, acquired in th e second quarter of 2025, and StipA SpA, acquired in the first quarter of 2026.

The item 'Other costs' mainly comprises:

- Euro 425 thousand for the costs related to the ‘Med ium-term Incentive Plan’, aimed at encouraging management to achieve the company's strategic objectives and to align the interests of the beneficiaries with those of the shareholders. The Plan is structured in a mixed form and provides for the attribution to the beneficiaries of an ince ntive consisting of 40% of a monetary component (cash) and 60% of the allocation of a certain number of ordinary shares, subject to the achievement of specific and predetermined performa nce objectives. It should be noted that in the half-year this item includes both the costs relati ng to the final portion of the 2023-2025 Incentive Plan, whose rights accrued in April 2026, and the costs relating to the new 2026-2028 Incentive Plan, recorded from 22 April 2026, the date of approval of the Plan by the Shareholders' Meeting of the Parent Company.

- for Euro 543 thousand costs related to the 'W idespread Share Ownership Plan' approved on 5 November 2024 by the Controlling Entity's Sharehol ders' Meeting. The purpose of this plan is to foster the alignment of employees' interests with the company's objectives, while promoting a sense of belonging and entrepreneurial spirit in line with industry best practices. The Plan is divided into four annual cycles, from 2024 to 2027, and provid es for the free allocation of shares up to a maximum value of Euro 2,000 per year for beneficiar ies, with a limit of 500 for those participating in the LTI plan. The allocation of shares will be subject to the achievement of performance targets set by the Board of Directors.

The breakdown of the average number of employees (including those on fixed-term contracts) was

as follows:

Personnel expenses (€'000)

1st Half

2026 1st Half

2025 change

Salaries 21,968 18,094 3,874 Social Security payments 6,752 5,552 1,200 Defined contribution plan charges 1,150 1,109 41 Directors' remuneration 781 535 246 External and temporary employees 422 213 209 Defined benefit plan charges 75 182 (107) Provision for benefits for Termination of Employment 24 - 24 Other expenses 1,612 1,961 (349) Change in suspended personnel expenses for future exhibitions (774) (322) (452) Total 32,010 27,324 4,686

1st Half

2026 1st Half

2025 change

Managers 39 35 4 Middle managers and white collar workers 868 795 73 Total personnel 907 830 77 of which equity accounted companies:

Managers 5 5 -

Middle managers and white collar workers 100 101 (1)Breakdown of personnel by cate gory 88

27) Other operating expenses This was Euro 2,895 thousand (Euro 2,557 thousand at 30 June 2025). The breakdown of this entry was as follows:

The item Other operating expenses includes Euro 135 thousand (Euro 133 thousand at 30 June 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

28) Other income This was Euro 1,971 thousand (Euro 2,379 thousand at 30 June 2025).

The breakdown of other income was as follows:

The Other income item includes Euro 447 thousand (Euro 720 thousand at 30 June 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

29) Results of associates and joint ventures This entry amounts to Euro 2,508 thousand (Euro 4,037 thousand at 30 June 2025) and refers to the following investments in associates and joint ventures:

Associates:

- Ge.Fi. SpA for Euro -244 thousand (Euro -259 thousand at 30 June 2025);

- Fiere di Parma SpA for Euro 1,516 thousand (Euro 1,277 thousand as at 30 June 2025);

- Emac Srl for Euro -23 thousand (b alance zero at 30 June 2025);

joint ventures :

- Hannover Milano Global Germany GmbH for Euro 1,379 thousand (Euro 1,071 thousand at 30

June 2025);

- Ipack Ima Srl for Euro -120 thousand (E uro 1,623 thousand at 30 June 2025).

As of 1 January 2026, following the modification of the shareholder agreements, the company MiCo DMC Srl is no longer eligible as a joint venture, bu t as a subsidiary pursuant to IFRS 10. Consequently, (€'000)

1st Half

2026 1st Half

2025 change

Other taxes 1,991 1,819 172 Contributions 359 323 36 Copyright royalties (SIAE) 199 174 25 Gifts and promotional merchandise 40 10 30 Losses on intangible assets 14 10 4 Other expenses 292 221 71 Total 2,895 2,557 338Other operatin g expense s

(€'000)

1st Half

2026 1st Half

2025 change

Costs recovery 781 696 85 Office rent and expenses 246 297 (51) Recovery of expenses for seconded employees 248 254 (6) Insurance indemnities 76 21 55 Contributions to income 11 1 10 Other income 609 1,110 (501) Total 1,971 2,379 (408)Other income 89

the investment, previously accounte d for according to the Equity meth od (Euro 325 thousand as of 30 June 2025), is fully consolidated line by line.

30) Write-down of receivables They amount to Euro 72 thousand (Euro 222 thousand at 31 December 2025).

31) Depreciation and Amortisation Depreciation of property, plant and equipment and right-of-use assets This was Euro 24,492 thousand (Euro 23,343 thousand at 30 June 2025). Details of depreciation are given in the Notes to the Accounts under the entry for property, plant and equipment and the entry Right of use of the leased assets.

Amortisation of intangible assets This was Euro 2,242 thousand (Euro 1,697 thousand at 30 June 2025).

Details of amortisation are given in the Notes to the Accounts under the entry for intangible assets with a finite useful life.

32) Value adjustments This was Euro 140 thousand (Euro 512 thousand at 30 June 2025).

The value adjustments concer n the Padel Trend Expo trademark as th e relevant exhibition is no longer scheduled.

Details of adjustments are given in the Explanatory Notes on the item Intangible assets with a finite useful life.

33) Financial income and expenses They amounted to Euro -4,051 thousand (Euro -5,825 thousand at 30 June 2025) and the breakdown was as follows: (€'000)

1st Half

2026 1st Half

2025 change

Write-downs of receivables 72 222 (150) Total 72 222 (150)Provision for doubtful receivables and other provisions 90

The positive change of Euro 1,774 thousand is mainly attributable to the interest income accrued on liquidity uses, the increase in the fair value of the shares held in ESG mutual funds and the reduction in financial expenses relating to leased assets.

The item Financial income and expenses includes Euro 115 thousand of financial income (Euro 179 thousand as of 30 June 2025) and Euro 5,507 thou sand of financial expenses (Euro 6,439 thousand as of 30 June 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

34) Valuation of financial assets This item amounts to Euro 1,519 th ousand (zero at 30 June 2025).

The item refers to the remeasurement to the fair value of the investment in MiCo DMC Srl previously recognised according to the equity method, carrie d out following the acquisition of control of the company, in accordance with the provisions of IFRS 3 – Business Combinations.

35) Taxes on income They amounted to Euro 13,928 thousand (Euro 8,585 thousand at 30 June 2025) and the breakdown was as follows:

Taxes for the period mainly reflected the taxation accrued on the results for the half-year. Financial income and expenses (€'000)

1st Half

2026 1st Half

2025 change

Interest income on bank deposits 1,543 954 589 Fair value measurement of financial assets 500 - 500 yp related to the rent of the exhibition site 83 104 (21) Exchange rate gains 18 55 (37) Interest income on the current acco unt with the controlling shareholder 5 44 (39) Other financial income joint venture 27 31 (4) Other financial income 237 73 164 Total income 2,413 1,261 1,152 Financial expenses on leased assets with the controlling shareholder 5,507 6,439 (932) Interest payable on bank accounts 295 133 162 Financial expenses on leased assets 253 197 56 Charges on discounting defined benefit plans 164 124 40 Valutazione al fair value dei fondi di investimento 139 - 139 Exchange rate losses 54 12 42 Fair value measurement of financial assets - 154 (154) Other financial expenses 52 27 25 Total expenses 6,464 7,086 (622) Balance financial income (expenses) (4,051) (5,825) 1,774 Income tax (€'000)

1st Half

2026 1st Half

2025 change

Current income tax 14,034 8,656 5,378 Deferred income tax (106) (71) (35) Total 13,928 8,585 5,343 91

The change is attributable to the tax burden related to the increase in taxable income generated during the period under review.

The item Income tax includes Euro 11,208 thousand (Euro 7,055 thousand at 30 June 2025) relating to transactions with related parties. For more details, see note 38 on these transactions.

36) Profit/(loss)

The net profit in the first half of 2026 was Euro 50,672 thousand compared to Euro 23,131 thousand in the first half of 2025 and was attributable as follows: • Euro 49,476 thousand (Euro 22,876 thousand at 30 J une 2025) attributable to the shareholders of the controlling entity;

• A net profit of Euro 1,196 thousand (a net profit of Euro 255 thousand at 30 June 2025) to non-

controlling interests.

37) Earnings per share Basic earnings per share went from Euro 0.3224 in the first half of 2025 to Euro 0.6953 in the first half of 2026; the figures were calculated by dividing the net result by the weighted average number of Fiera Milano SpA shares outstanding in each period.

The value used as the numerator to calculate basic earnings per share and fully diluted earnings per share was net profit of Euro 49,476 thousand for the period ended 30 June 2026 (Euro 22,876 thousand for the first half of 2025).

The weighted average number of ordinary shares used to calculate basic earnings per share and fully diluted earnings per share, with a reconciliation of the two figures, is shown in the following table:

1st Half

2026 1st Half

2025

Profit/(loss) (€'000) 49,476 22,876 Average no. of shares in circulation ('000) 71,162 70,947 Basic earnings/(losses) per issued share (€) 0.6953 0.3224 Earnings/(losses) per fully diluted no. of shares (€) 0.6953 0.3224 ('000) 1st Half 2026 1st Half

2025

Weighted average no. of shares used for calculation of EPS 71,162 70,947 + Potential no. of shares issued without payment - -

Weighted average no. of shares used to calculate diluted EPS 71,162 70,947 92

38) Related-party transactions Transactions carried out by companies that are part of the Group and with other related parties are normally carried out at market conditions.

As part of the corporate governance actions undertaken, Fiera Milano SpA has adopted a procedure on related party transactions, most recently updated on 13 December 2023, which identifies the rules and controls aimed at ensuring the transparency and substantive and procedural fairness of related party transactions carried out directly by Fiera Milano or through its subsidiaries; as illustrated in the document 'Report on Corporate Governance and Ownership Structures' available on the website www.fieramilano.it under the section 'Investors/Governance/Related Parties Procedure'.

The commercial relations between the companies of Fiera Milano Group concern the organisation and management of exhibitions and other events mana ged by the Group. Fiera Milano SpA provides administrative services to some subsidiaries in order to optimise the use of personnel and professional competences and also provides communication services to subsidiaries to ensure a uniform Group image.

The Italian companies of the Fiera Milano Group, in possession of the legal requirements for access to the regime, exercised the option for national ta x consolidation for IRES pu rposes, with Fondazione Fiera Milano as the consolidating entity. This option has a minimum mandatory duration of three years.

Opting into tax consolidation allows the Fiera Mi lano Group an undoubted economic and financial advantage, in particular as it allows it to immediately utilise the Group's tax losses made during the applicable financial years to offset the income of the consolidated companies, thus immediately realising tax savings from the utilisation of such losses.

Internal legal relations between the companies participating in the tax consolidation are governed by regulations, which also provide for a uniform procedure for the proper fulfilment of tax obligations and related responsibilities of the participating companies.

In the Statement of Financial Position, the Statement of Comprehensive Income and the Statement of Cash Flows, the amounts for related-party po sitions or transactions, if material, are shown separately. Given the total amount of statement of financial position and income statement items, Fiera Milano Group has decided that Euro 2 millio n is the material threshold above which separate disclosure must be made in the Statement of Financia l Position and Euro 1 million is that for separate disclosure in the Income Statement.

Detailed information on related-party transactions is provided below, and refers to ‘Transactions with the Controlling Entity Fondazione Fiera Milano’, ‘Transactions with affiliated companies’, ‘Transactions with associates an d joint ventures’.

Relations with the Parent Co mpany Fondazione Ente Autono mo Fiera Internazionale di

Milano

Recurring related-party transactions are summarised below.

I. Real estate lease agreements with Fiera Milano SpA On 31 March 2014, Fiera Milano SpA entered into a lease agreement with Fond azione Ente Autonomo Fiera Internazionale di Milano (hereinafter, ‘Fonda zione Fiera Milano’) concerning the Rho exhibition site (hereinafter, the ‘Rho Lease Agreement’) and a lease agreement concerning the Milan exhibition site (hereinafter, the ‘Milan Lease Agreement’), both with a term of nine years from 1 July 2014 and provision for automatic renewal on a nine-year basis.

With regard to the rental agreement for the Rho exhibition site, the rent was set at Euro 38,800 thousand per year, updated annually based on 100% of the change in the ISTAT consumer price index for blue- and white-collar families. On 15 December 2022, the Rho Lease Agreement was supplemented to include among the leased properties a property complex owned by Fondazione Fiera Milano, consisting of the warehouse located 93

in the Rho exhibition site, in the area known as 'Cargo 2'. This warehouse, which is intended to optimise the structural organisation for the fair stand acti vities of the subsidiary Nolostand SpA, a company specialising in the exhibition stan d business, was subleased to the latt er by Fiera Milano from 1 January 2023. As a result, the rent under the Rho Lease Ag reement was recalculated, increasing the amount to a total of Euro 450 thousand per year.

Subsequently, in 2024, Fiera Milano SpA and Fondazione Fiera Milano signed an agreement amending the Rho Lease Agreement, according to which Fiera Mi lano SpA undertook to relocate its offices to the building known as ‘Torre Orizzontale’ owned by Fo ndazione Fiera Milano located in Rho, largo Fiera MilanoNon. 5, and to release certain buildings and sp aces in the Rho exhibition site effective as of 1 September 2024. Consequently, the lease fee of the Rho Lease Agreement has been reduced by Euro 1,997 thousand. With effect from 1 November 2025, the rental fee is further reduced by Euro 268 thousand for the release by Fiera Milano SpA of certain spaces located at the service centre of the Rho exhibition site. Following the aforementioned redu ctions in the lease payment, Fiera Milano pays Fondazione Fiera Milano, in advance in quarterly in stalments, an annual lease payment of Euro 36,985 thousand, index-linked at 100% to changes in the ISTAT index. For the year 2026, the revalued rent is Euro 43,654 thousand.

At the same time, Fiera Milano SpA entered into a new lease agreement with Fondazione Fiera Milano concerning the offices located in th e 'Torre Orizzontale' adjacent to the Rho exhibition site. The rent is Euro 2,025 thousand per year, updated annually on the basis of 100% of the change in the ISTAT index. The annual fee must be paid in advance quarterly instalments. Subsequently, with effect from 1 November 2025, the company and Fondazione Fiera Milano agree to partially modify the lease agreement in order to include in its object the le ase of new spaces and consequently increase the annual rental fee by Euro 259 thousand. For the year 2026, the revalued rental fee amounts to Euro 2,314 thousand.

To ensure that market conditions were applied, the parties prepared the rental agreements using valuations made for Fiera Milano SpA by an independent expert.

II. Real estate lease agreement with Fiera Milano Congressi SpA Concerning the lease of pavilions 5 and 6 within th e Milan City site, on 18 May 2009, Fondazione Fiera Milano signed a preliminary contract with Fiera Mila no Congressi SpA to build the new congress centre that was inaugurated in May 2011 and that together with the congress areas of Pavilion 17 was called MiCo – Milano Congressi. The final lease agreement of the area called ‘South Wing’ (former pavilions 5 and 6) started on 1 May 2011, with a term of nine years, and is automatically renewable for a further nine years unless terminated by on e of the parties. The contract currently runs until 30 April 2029.

The annual rent paid is Euro 3,000 thousand upda ted annually by 100% of the change in the ISTAT index. With effect from 1 January 2026, Fondazione Fiera Milano and Fiera Milano Congressi SpA have agreed to partially modify the lease agreement following the execution of renovation works that have resulted in a change in the size of the le ased exhibition real estate spaces; consequently, the annual rent has been increased by Euro 63 thousand. For the year 2026, the revalued rent is equal to Euro 3,880 thousand.

On 1 May 2011, the lease agreement for the office building was signed. The contract with a duration of six years starting from 1 July 2011, was subs equently extended until the new deadline of 30 November 2026, following the cancella tion exercised as a result of the signing of the new office lease agreement. The annual rent paid is Euro 150 thousand update d annually by 100% of the change in the ISTAT index. For the year 2026, the revalued rent is Euro 173 thousand.

On 20 December 2024, Fondazione Fiera Milano ente red into a new lease agre ement with Fiera Milano Congressi SpA for exhibition halls 1, 2 and offices. On 29 December 2025, the contract was amended to take into account the deferral of the date from wh ich the offices will be available. The contract has 94

a duration of 9 years from 1 Janua ry 2025 and will be renewed for 9 years in 9 years unless cancelled with at least 12 months' notice. For the year 2026, the rent is Euro 1,268 thousand. As regards the offices, the contract will become effective from 1 December 2026, in line with the provisions of the amendment of 29 December 2025.

On 30 July 2021, an agreement was signed by whic h the Parent Company granted a sublease of the Internal Hub (halls 3 and 4) to Fiera Milano Cong ressi for congress purposes. The annual rent is Euro 1,418 thousand, updated annually by 100% of the ch ange in the ISTAT index. With effect from 1 January 2025, in consideration of the fact that this exhibition site is under the complete management of Fiera Milano Congressi SpA, the Parties signed a private contract in which Fiera Milano SpA assigns to Fiera Milano Congressi SpA, on equal terms, the lease previously signed with Fondazione Fiera Milano. For 2026, the rent was Euro 1,620 thousand.

III. Settlement of Group VAT Taking advantage of the option provided by Italian Presidential Decree 633/72, the Group chose to follow the procedure, managed by the controlling entity, Fondazione Fiera Milano, for the Group settlement of VAT. This mechanism makes it easier to settle any tax obligations, without the Company incurring additional costs.

IV. Group tax consolidation with the controlling shareholder Fondazione Fiera

Milano

From 2016, Fiera Milano SpA and some of the Italia n subsidiaries exercised th e option to participate in the tax consolidation of Fondazio ne Fiera Milano acting as the co nsolidating entity. The option was renewed for the three-year period 2025, 2026 and 2027.

The Regulation adopted for the tax consolidation of Fondazione Fiera Milano provides that the tax losses of consolidated companies, generated in each of the years that the option is valid, may be utilised to offset the tax payables in the same financial year of companies participating in the tax consolidation, after the tax losses of Fiera Milano SpA and the consolidating entity have been calculated; the tax losses of consolidated companie s are remunerated to the extent of the effective benefit achieved by the tax consolidation.

V. Contract for supply of services Fiera Milano SpA has an annual contract with Fondazione Fiera Milano for the reciprocal supply of services, which arise from or are necessary for the exercise of their respective activities. The contract is renewed annually unless cancelled by a written agreement between the parties.

Two types of services are provided under the contract:

(i) services of a general nature, which fall within the range of activities of the entity providing them, supplied to the buyer on a continuous and systematic basis; ii) specific services, or services provided on request and relating to specific activities to be agreed from time to time between the buyer and the supplier, also based on appropriate offers/estimates. The service supply contra ct is governed by market conditions.

VI. Licence contracts for use of the Fiera Milano trademark On 17 December 2001, Fondazione Fiera Milano, as owner of the ‘Fiera Milano’ trademark granted Fiera Milano SpA an exclusive licence for the use of the said brand name in order to typify its own activities, also through its use on headed paper, on its commercial material, and to differentiate its headquarters and offices. The licence has been gran ted for Italy and all count ries and locations where the brand name has been or will be registered or lodged.

The symbolic consideration paid by Fiera Milano SpA to Fondazione Fiera Milano is Euro 1.00. As its corporate purpose includes development of the exhibition sector, Fondazione Fiera Milano decided to retain ownership of the Fi era Milano trademark and did not includ e it in the ‘Exhibition Management 95

Business’ unit transferred to the Parent Company in 2001, but envisaging that Fiera Milano would use the trademark for an extended period of time and without incurring costs for its use.

This licence is renewed year af ter year until 31 December 2032.

VII. Current account agreement with Fiera Milano SpA On 24 June 2016, effective from 1 July 2016, a new contract for the current account was agreed. The contract expires on 31 December of each year and is automatically renewed unless one of the parties cancels by the 30 September preceding the date of expiry.

The parties use the account to settle receipts and payments under the contracts existing between them and, in particular, the rental payments for the exhibition sites and the services provided by each party to the other.

The fixed rate was equal to the 1-month Euribor plus a spread of 0.75%.

Credits for invoices issued by the parties accrue interest 60 days from the end of the month in which the invoice is issued although the interest is not be collected and re mains unavailable until the current account is closed, except for invoices that are overdue by more than 180 days, which are always payable immediately.

Invoices for the rent of the exhibi tion sites are part of the agreement but carry interest and are payable under the leases’ specific terms. The balance of any invoices overdue by at least 180 days, together with the balance of the invoices for the leases on the exhibition sites that are due under the terms of the relevant contracts, represent the collectable balance.

Credits that are not due for repayment are not included in the current account. The party for which the credit or debit balance ex ceeds Euro 5,000 thousand has the right to request payment or to arrange payment. Where a request for payment of the balance has been made, the amount must be settled within 15 working days of the request.

The current account is closed and all interest paid every quarter.

VIII. ‘Corporate Think Tank’ investment plan Fondazione Fiera Milano, as part of the plan for the competitiveness and sustainability of exhibition and congress sites, signed an agreement with Fiera Milano SpA and Fiera Milano Congressi SpA through which it undertakes to support important investment projects. The parties developed their cooperation by establishing a ‘Corporate Think Tank’ for the joint analysis, comparison, and assessment of how investments are made.

IX. Real estate sublease agreements On 21 March 2019, Fiera Milano SpA published, pursua nt to Article 5 of Consob Regulation 17221 of 12 March 2010 and subsequent amendments concerni ng Related Party Transactions, the Information Document regarding the agreements for making av ailable the roofing of the Rho-Pero exhibition spaces for the installation of a photovoltaic system and the related contract for the purchase of renewable energy, entered into with Fair Renew Srl, whose share capital is held by A2A Rinnovabili S.p.A. (60%), a company of the A2A Group, and by Fondazione Fiera Milano (40%). On 23 February 2023, a supplementary agreement was signed to extend the lease to additi onal exhibition space roofing.

96

Related-party transactions with associates and joint ventures On 21 February 2016, Fiera Milano SpA and Ipack-Ima Srl, a company in joint venture with UCIMA, signed an annual financing agreem ent for a maximum of Euro 3,000 th ousand that is automatically renewed, with an interest rate cu rrently at 3.50%. At 30 June 2026, the financing had been used for a nominal value equal to Euro 1,700 thousand.

Ipack Ima Srl also maintains business relations with the Group in connection with the preparation of the multi-year Ipack Ima event and benefits from the centralised management of certain administrative and technical services.

On 11 May 2026, the Group's share of the dividend pa id by the associate Ge.F i. SpA was collected in the amount of Euro 937 thousand. The existing ec onomic relations concern the management of the Artigiano in Fiera exhibition. With reference to the company Fiere di Parma SpA, in which the Group has held an 18.5% stake since 28 March 2023, it is specified that the financial an d economic relations relate to the management of the exhibition Tuttofood, held biennially every even year at the fieramilano di Rho exhibition site as a hosted exhibition. On 25 May 2026 , the Group's share of the dividend paid, amounting to Euro 234 thousand, was collected.

With reference to the company EMAC Srl, of whic h the Company has held a 35% stake in the share capital since 18 July 2025, it is specified that the existing economic relationships concern the revenues deriving from the availability of the exhibition areas at the Rho exhibition site, for the organisation of the Milan AutoClassi ca exhibition.

Transactions with affiliated companies Transactions with affiliated companies are part of the normal business activity and are carried out at market conditions.

The main items are:

- relations with Fiera Parking SpA, a company wholly owned by Fondazione Fiera Milano. On 5 July 2018 Fiera Milano SpA signed a contract with Fier a Parking SpA to entrust the management of the carparks to the fieramilanocity central exhibition service. The contract is for seven years, starting from 1 September 2018;

- relations with Fair renew Srl, relating to the contract signed by the Parent Company on 14 March 2019, as subsequently integrated on 27 April 2023, concerning the sublease to Fair renew S.r.l.

of the roofing of the Rho-Pero exhibition areas for the construction and installation of the photovoltaic system and the purchase by Fiera Milano of the electricity produced by the same system.

97

Financial, capital and economic transactions with related parties that are not consolidated are shown in the following table.

Information on the remuneration paid to the Ad ministrative and Control Bodies, to the General Managers and to Executives with stra tegic responsibilities in the first half to 30 June 2026, is given in the table included in the section below on other information. Related party entries in the Statement of Financial Position and Income Statement at 30 June 2026

(€'000)

Increase

Right-of-use

assetsTrade and

other non-

current

receivablesTrade and

other

receivablesInventories Current

financial

assetsFinancial

liabilities related

to the right-of-

use of non-

current assetsTrade

payablesAdvances Financial

liabilities

related to the

right-of-use

of current Other

current

liabilitiesRevenues

from sales

and

servicesCost of

servicesOther

operating

expensesOther

incomeFinancial

income and

similarFinanci

al

expens

es and

similar Income

tax

Controlling shareholder

and other Group companies Fondazione Fiera Milano 3,493 10,472 4,270 3,678 250,191 43,181 15,833 67 4,047 135 239 88 5,507 11,208 Fiera Parking SpA 2 1 2 Fair Renew Srl 18 642 1,113 26 Companies associates and under joint control Enac Srl 15 Ipack Ima Srl 217 1,715 283 208 41 170 27 Ge.Fi. SpA 506 50 424 7 1,945 47 6 Mi View Srl 1 Fiere di Parma SpA 2,140 183 30 1,960 10,703 179 4 Hannover Milano Fairs China Ltd 1 1 6 Hannover Milano Fairs Shanghai Ltd 10 111 29 10 Hannover Milano Fairs India Ltd 2 Total related parties transactions 3,493 10,472 7,153 3 5,393 250,191 887 863 43,181 18,009 12,785 5,402 135 447 115 5,507 11,208 Total reported -

13,638 86,876 5,640 54,169 291,956 74,986 44,174 45,589 58,219 245,728 118,121 2,895 1,971 2,413 6,464 13,928 % Rel. party transactions/Total reported -

77% 8% - 10% 86% 1% 2% 95% 31% 5% 5% 5% 23% 5% 85% 80% 98

Statement of related party cash flow (€'000)

30/06/26 30/06/25

Cash flow from operating activities Revenues and income 13,232 17,313 Costs and expenses (5,537) (3,787) Interest receivable 115 179 Interest paid on financial liabilities related to the right-of-use of assets (5,507) (6,439) Changes in trade and other receivables 844 7,912 Changes in inventories 168 5 Changes in advances (306) (2,558) Change in other current liabilities 7,452 2,923 Total from continuing operations 10,461 15,548 Total from assets held for sale - -

Cash flow from investment activities Investments in non-current activities . Tangible and intangible - -

. Other non-current assets - -

Total from continuing operations - -

Total from assets held for sale - -

Cash flow from financing activitiesChange Current financial assets (2,358) 3,482 Change non-current financial assets - 0 Change Current financial liabilities - -

Change it financial liabilities related to the right-of-use of assets (17,907) (19,686) Total from continuing operations (20,265) (16,204) Total from assets held for saleCash Flow in the period (9,804) (656) Cash Flow for the period from assets held for sale - -

Cash flow from operating activitiesCash flow from investment activitiesCash flow from

financing activities

as to 30.06.26:

Total 27,598 (19,602) (87,748) Related party transactions 10,461 - (20,265) as to 30.06.25:

Total 94,016 (4,293) (22,101) Related party transactions 15,548 - (16,204)The table below shows cash flow from related party transactions:

99

39) Other information Material non-recurring events and transactions There were no material non-recurring events and transactions in the period under review.

Significant events after the end of the reporting period There were no significant events after the end of the half-year.

Remuneration of the Administrative and Control Bodies and Executives with strategic

responsibilities

Executives with strategic responsibilities are those that have the power and responsibility, both direct and indirect, for the planning, management and cont rol of the Group activities. The Group Executives with strategic responsibilities ar e the Directors, the Statutory Audi tors, the General Manager, and the Chief Financial Officer of the Parent Company.

The total remuneration of this category of executiv es was Euro 2,085 thousand in the period to 30 June 2026 (Euro 1,522 thousand at 30 June 2025) and the breakdown was as follows:

The notional cost of the ‘Medium-Term Incentive Plan ’ includes the value of stock grants allocated for Euro 173 thousand and the cash portion for Euro 121 thousand.

At 30 June 2026, the outstanding am ount payable to this category was Euro 309 thousand (Euro 321 thousand at 30 June 2025).

Rho (Milan), 28 July 2026 On behalf of the Board of Directors

The Chairman

Carlo Bonomi (€'000)

Remuneration

Directors Statutory

Auditors Others Total Short-term benefits 449 95 498 1,042 Post-employment benefits - - 33 33 Other non current benefits - - - -

Staff-leaving indemnities - - 716 716 Performance Share Plan - - 294 294 Total 449 95 1,541 2,0851st Half 2026

(€'000)

Remuneration

Directors Statutory

Auditors Others Total Short-term benefits 424 97 620 1,141 Post-employment benefits - - 42 42 Other non current benefits - - - -

Staff-leaving indemnities - - 21 21 Performance Share Plan - - 318 318 Total 424 97 1,001 1,5221st Half 2025 100

List of companies included in the consolidation area and other investments at 30 June 2026 Company name and registered office Main activityShare capital

(000) (*)Group

totalDirectly

held by

Fiera

MilanoIndirectly held

through other

Group

companies

A) Parent Company Fiera Milano SpA Milan, p.le Carlo Magno 1 42,445 B) Fully consolidated companies Fiera Milano Congressi SpA Milan, p.le Carlo Magno 1 2,000 100 100 100 Fiera Milano SpA

Nolostand SpA

Milan, p.le Carlo Magno 1 Stand fitting services 7,500 100 100 100 Fiera Milano SpA MADE eventi Srl Rho (Milano), strada Statale del Sempione n. 28 10 60 60 60 Fiera Milano SpA Fiera Milano Brasil Publicações e Eventos Ltda 99.99 Fiera Milano SpA São Paulo Brasil, na Avenida Angélica, 2491, 20° andar, conjuntos 203 e 204 R $ 113.465 100 99.99 0.01 0.01 Nolostand SpA Fiera Milano Exhibitions Africa Pty Ltd Cape Town, The Terraces, Steenberg Office Park, Tokai ZAR 0,6 100 100 100 Fiera Milano SpA MiCo DMC Srl Milano, p.le Carlo Magno 1 10 51 51 51

Stipa SpA

Ascoli Piceno, via Mutilati ed Invalidi del Lavoro n° 5 200 51 51 51 Fiera Milano SpA Made in Steel Srl Flero (Brescia), via Don Milani n. 5 100 70 70 70 Fiera Milano SpA Fiera Milano Asia Pacific Singapore, 21 Bukit Batoc Crescent #21-70 WCEGA Tower SGD 1 100 100 100 Fiera Milano SpA

Expotrans SpA

Roma, v.le A.G. Eiffel 100-P44 1,000 51 51 51 Fiera Milano SpA Event Logistics Team Srl Milano, Via Cassanese 224 80 43 85 85 Expotrans SpA Expotrans Pte Ltd Singapore, 21 Bukit Batoc Crescent #21-70 WCEGA Tower SGD 250 36 70 70 Expotrans SpA C) List of jointly controlled companies equity-accounted Hannover Milano Global Germany GmbH Hannover Germany, Messegelaende 25 49 49 49 Fiera Milano SpA Hannover Milano Fairs Shanghai Co. Ltd Shanghai China, Pudong Office Tower USD 500 49 100 100 Hannover Milano

Global Germany

GmbH

Hannover Milano Fairs China Ltd Hong Kong China, Golden Gate Building HKD 10 49 100 100 Hannover Milano

Global Germany

GmbH

Ha nnover Milano Fairs India Pvt Ltd East Mumbai, Andheri INR 274.640 48.99 99.99 99.99 Hannover Milano

Global Germany

GmbH

Hannover Milano Best exhibitions Co., Ltd Guangzhou China, West Tower, Poly World Trade Center RMB 1,000 24.99 51 51 Hannover Milano Fairs Shan ghai Co.

Ltd Hannover Milano XZQ Exhibitions Co., Ltd Shenzhen China RMB 100 29.40 60 60 Hannover Milano Fairs Shan ghai Co.

Ltd Ipack Ima Srl Rho, S.S. del Sempione km 28 20 49 49 49 Fiera Milano SpA

Ge.Fi. SpA

Milan, v.le Acheille Papa 30 1,000 25 25 25 25 Fiera Milano SpA Fiere di Parma SpA Parma, v.le delle Esposizioni 393/a 31,167 18.5 18.5 18.5 Fiera Milano SpA

EMAC srl

Montecatini Terme, v.le IV Novembre 25 20 35.0 35.0 35.0 Fiera Milano SpA D) List of companies accounted at cost Comitato Golden Card Cinisello Balsamo, viale Fulvio Testi 128 3 33.33 33.33 33.33 (*) Euro or other currencies as specifically indicated.Organisation of exhibitions outside of Italy Organisation of exhibitions outside of ItalyDestination management

services

Stand fitting services Organisation and hostin g of exhibitions in Italy Organisation of exhibitions outside of ItalyAttachment 1

Shareholding %

Shareholding of Group

companies %

Organisation of exhibitions in Italy Organisation of exhibitions outside of ItalyOr ganisation and hostin g of exhibitions in Italy Management of congresses Organisation of exhibitions

in Italy

Other activities Fiera Milano SpA Fiera Milano

Congressi SpA

Organisation of exhibitions outside of Italy Transport and logistic

activities

Transport and logistic

activities

Transport and logistic

activities

Organisation of exhibitions outside of Italy Organisation of exhibitions in ItalyOrganisation of exhibitions outside of ItalyOrganisation of exhibitions outside of Italy Organisation of exhibitions

in Italy

Organisation of exhibitions in ItalyOrganisation of exhibitions outside of Italy 101

Declaration relating to the Interim Condensed Consolidated Financial Statements pursuant to Art. 154-bis, paragraph 5, of Legisl ative Decree No. 58 of 24 February 1998 1.The undersigned, Francesco Conci, as Chief Executive Officer, and Massimo De Tullio, as Financial Reporting Officer of Fiera Milano SpA, having no ted the provisions of Art. 154-bis, paragraphs 3 and 4, Legislative Decree 58 of 24 February 1998, attest to:

- the appropriateness in relation to the characteristics of the business and

- the effective application of the administrative and accounting procedures for the preparation of the Interim Condensed Consolid ated Financial Statements for the first half of 2026.

2.It is also declared that:

2.1 the Interim Condensed Co nsolidated Financial Stat ements at 30 June 2026:

- have been prepared in accordance with applicable international accounting standards recognised by the European Union in accord ance with Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002;

- correspond to the results contained in the accounting records and documents;

- provide a true and correct representation of the capital, economic and financial situation of the Issuer and all the companies included in the consolidation.

2.2 the interim report on operations includes a reli able analysis of the si gnificant events of the first six months of the financial year and thei r impact on the Interim Condensed Consolidated Financial Statements together with a description of the main risks and uncertainties in the remaining six months of the financial year. The interim report on operations also includes a reliable analysis of information on significant related-party transactions.

Rho (Milan), 28 July 2026 Signed S i g n e d Chief Executive Officer Financial Reporting Officer responsible for drafting of corporate accounting documents Francesco Conci Massimo De Tullio 102

Review report on consolidated condensed interim financial

statements

To the Shareholders of Fiera Milano SpA

Foreword

We have reviewed the accompanying consolidate d condensed interim financial statements of Fiera Milano SpA and its subsidiaries (the “Fiera Milano Group ”) as of 30 June 2026 comprising the consolidated statement of financial position, consolidated s tatement of profit and loss, consolidated statement of comprehensive income, consolidated statement of changes in equity , consolidated statement of cash flow and related notes. The directors are responsible for the preparation of the consolidated condensed interim financial statements in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interim financial reporting. Our responsibility is to express a conclusion on these consolidated condensed interim financial statements based on ou r review.

Scope of review We conducted our work in accordance with the criteria for a review recommended by Consob in Resolution 10867 /1997. A review of consolidated condensed interim financial statements consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than a full -scope audi t conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not exp ress an audit opinion on the consolidated condensed interim financial statements.

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Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the consolidated condensed interim financial statements o f Fiera Milano Group as of 30 June 2026 are not prepared, in all material respects, in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interim financial reporting.

Milan , 28 Ju ly 2026

PricewaterhouseCoopers SpA

Signed by

Andrea Martinelli

(Partner)

This review report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.

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