Italian Exhibition Group posts record Q3 results as profitability strengthens

Italian Exhibition Group (IEG) delivered its strongest third quarter ever, with revenue and profitability rising significantly through September 2026. The Group benefited from organic event growth, a favorable trade fair calendar and new acquisitions. It also raised the lower end of its 2026 revenue guidance to 295 million euros.

• Nine-month revenue reached 222.6 million euros, up 16.7% year-on-year.
• Adjusted EBITDA rose 31.6% to 59.3 million euros, with a 26.7% margin.
• IEG raised its 2026 revenue guidance to 295-298 million euros.

Revenue and profitability record strong growth

The Board of Directors approved the consolidated interim management report as of September 30, 2026. Revenue reached 222.6 million euros, compared with 190.8 million euros in the first nine months of 2025. This represents an increase of 31.8 million euros, or 16.7%.

The existing events portfolio contributed approximately 17.2 million euros to this growth. New acquisitions added 5.3 million euros, while a more favorable exhibition calendar contributed 9.9 million euros. However, currency movements reduced revenue by 0.6 million euros.

Adjusted EBITDA reached 59.3 million euros, up 14.2 million euros from the previous year. Its margin increased to 26.7%, compared with 23.6% in September 2025. This improvement reflects stronger operating leverage and a more favorable business mix.

Adjusted EBIT rose 45.4% to 42.8 million euros. Its margin reached 19.2%, up from 15.4% a year earlier. Net profit also increased significantly, reaching 24.5 million euros. This represents growth of 53.3% compared with the 16 million euros recorded in 2025.

Financial position and operating performance

At September 30, 2026, the Group reported a net financial position of 112.7 million euros. This compares with 90.4 million euros at December 31, 2025, and 129.9 million euros at June 30, 2026. The monetary net financial position stood at 47.7 million euros.

During the period, investments and acquisitions absorbed 44.9 million euros. Dividend payments accounted for a further 6.1 million euros. Meanwhile, current operations generated 43.8 million euros in cash.

Non-monetary items absorbed another 9.6 million euros. These mainly reflected new leases, the extension of a rental agreement by US subsidiary FB International and the recognition of a new put option.

Operating costs reached 122.2 million euros, compared with 106.8 million euros in 2025. Nevertheless, their share of revenue improved by 1.1 percentage points. Revenue growth helped the Group absorb fixed and semi-fixed costs across a larger business base.

Value Added increased to 100.4 million euros, from 84 million euros. It represented 45.1% of revenue, improving by 1.1 percentage points. Labour costs reached 41.9 million euros, compared with €39.3 million a year earlier. However, their share of revenue declined to 18.8%.

Organized Events drive the Group’s growth

The Organized Events business line generated 139.8 million euros in revenue. It represented 62.8% of total Group revenue and increased by 28.6 million euros year-on-year.

Organic growth contributed 13.9 million euros. Higher sales volumes supported this performance, alongside the development of the event portfolio. In the jewellery sector, the opening of the new Hall 2 at the Vicenza Exhibition Centre also supported growth. Price adjustments contributed to a lesser extent.

Acquisitions and new event activity added 4.9 million euros. This included Global Marketing Fairs S/A, organiser of the NIS Nutri Ingredients Summit. It also included the first edition of Venditalia – The Vending Expo under IEG management.

Calendar effects contributed a further 9.5 million euros. Tecna – The Global Expo for Ceramics and More and Fesqua – XVI Feira Internacional da Indústria de Esquadrias took place during the third quarter. DPE – International Electricity Expo took place in the first quarter. Currency movements reduced revenue by 0.3 million euros.

Congress and related services show mixed trends

Hosted events generated 4.1 million euros, an increase of 0.6 million euros compared with the previous year. Congress events, however, recorded lower revenue. They generated 14.5 million euros, compared with 17.7 million euros in the first nine months of 2025.

The Group held 71 congress events, against 77 in the same period last year. A more favorable sales mix partly offset the decline. Association-related events represented a larger share than corporate events and delivered higher margins.

Related Services generated 60.4 million euros, up from 54.9 million euros. Organic growth contributed 5.5 million euros, mainly through fit-outs and graphics. Changes in the consolidation scope added 0.4 million euros. A favorable calendar effect contributed another 0.4 million euros, while currency movements reduced revenue by 0.9 million euros.

Publishing, Sports Events and Other Activities generated 3.8 million euros. This represented an increase of 0.5 million euros year-on-year. The division includes tourism publications such as TTG Italia and HotelMag, alongside jewellery titles VO+ and Trendvision.

Third-quarter EBITDA more than doubles

The third quarter delivered particularly strong profitability growth. Adjusted EBITDA reached 11.5 million euros, an increase of 5.6 million euros compared with the third quarter of 2025.

The adjusted EBITDA margin improved to 19.2%, from 14.2% a year earlier. Revenue growth and limited increases in fixed costs supported this result.

Adjusted EBIT reached €6.5 million, compared with 0.3 million euros in the third quarter of 2025. The result also benefited from the completion of depreciation on temporary structures at the Vicenza Exhibition Centre. Those structures had supported operations during construction of the new Hall 2.

Also read → Ilaria Cicero appointed Global Exhibition Director of IEG Food & Beverage Division

Third-quarter net profit reached 1.8 million euros. This compares with a net loss of 1 million euros in the same period of 2025.

2026 revenue guidance narrowed upwards

Following the positive performance, IEG raised the lower end of its 2026 revenue guidance. The Group now expects revenue between 295 million euros and 298 million euros. It confirmed the upper end of its previous range.

The Group also maintained its targets for adjusted EBITDA and its net financial position:

• Revenue: 295–298 million euros
• Adjusted EBITDA: 80-83 million euros.
• Net financial position: 85-95 million euros.

New Vicenza pavilion exceeds expectations

The inauguration of Pavilion 2 at the Vicenza Exhibition Centre marked a major milestone during the quarter. The new venue hosted Vicenzaoro September and the first edition of T.Gold. Both events exceeded expectations.

IEG also reported excellent performances from its events in Brazil. Together, these results helped offset the impact of moving the Dubai event to 2027. Management said the performance supports confidence in achieving the upper end of its 2026 guidance.

CEO highlights strategic focus on higher-value activities

Corrado Peraboni, CEO of Italian Exhibition Group, said: “The results of the first nine months of 2026 confirm, once again, the solidity of IEG’s growth path and the Group’s ability to transform its strategy into concrete results: revenues growing by 16.7% and an Adjusted EBITDA rising by over 30%. A growth in line with the strategic direction outlined in the Business Plan: scaling up the business without compromising profitability, while rather strengthening it. Focusing on higher value-added activities will enable the Group to build a more resilient portfolio, rather than merely a broader one. The quarter marked a milestone fundamental in our development path: the inauguration of the new Pavilion 2 in Vicenza, the result of important teamwork, which welcomed Vicenzaoro September and the first edition of T.Gold with results exceeding expectations. Together with the excellent performances of the events in Brazil, these results made it possible to offset the effects of the rescheduling of the Dubai event to 2027 and to confidently set the 2026 financial year guidance at the upper end of the range”.

Information Gain: What IEG’s results mean for the exhibition industry

IEG’s results highlight the importance of portfolio diversification for international exhibition organisers. Growth came from established events, new acquisitions and calendar effects. This mix can strengthen revenue resilience and reduce reliance on individual exhibitions.

The rise in adjusted EBITDA also shows the benefits of operating leverage. Revenue expanded faster than operating costs, while the margin improved by 3.1 percentage points. For exhibition operators, this underlines the value of scaling event portfolios without allowing structural costs to rise at the same pace.

The new Vicenza pavilion offers another important signal. Investment in exhibition infrastructure can support established flagship events and create room for new formats. The performance of Vicenzaoro September and T.Gold suggests that venue development can contribute directly to commercial growth.

At the same time, the decline in congress revenue illustrates the importance of monitoring individual business lines. A stronger event mix helped protect margins, despite fewer congresses. For tourism and MICE professionals, IEG’s results point to three priorities: diversified portfolios, higher-value event experiences and disciplined investment in venues and digital capabilities.

Overall, Italian Exhibition Group enters the final part of 2026 with stronger profitability and an improved revenue outlook. Its performance reflects the contribution of its international events portfolio and continued investment in exhibition infrastructure.

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