Fiera Milano Spa

Reference: pages 112, 113, 115, 116 (content index). Governance is also described on pages 111 and 114.

The Board of Directors had 9 members at 31 December 2025: 5 women (56%) and 4 men (44%), 1 executive member (the CEO, an employee of the company) and 8 non-executive members. 89% of directors are independent (page 112). The mandate runs from the Shareholders' Meeting of 27 April 2023 to the meeting that approves the 2025 financial statements (page 112). The skills matrix includes "Knowledge of ESG issues", and since 2024 the Board and the Board of Statutory Auditors have self-assessed their competence on the topics found material, with induction sessions where the level was not high (pages 112-113).

Three Board committees are named: Control and Risk, Sustainability, and Nomination and Remuneration (page 111). The Sustainability Committee has 3 independent, non-executive directors (100% independent, 67% female). It advises the Board on ESG strategy, the Sustainability Plan and ESG KPIs in performance targets (pages 115-116). It works with the Investor Relations, Sustainability & Management System function, 25 Sustainability Ambassadors and a Sustainability Controller (page 115). The Board approves the sustainability targets in short- and long-term variable pay (page 116). The Board of Statutory Auditors (3 members, one woman) monitors compliance with the sustainability reporting rules of Legislative Decree 125/2024 (page 114).

Reference: pages 114, 115, 116, 123.

During 2025 the Board "was systematically informed" by the Investor Relations, Sustainability & Management System function, with the support of the Sustainability Committee, on the transposition of the CSRD into Italian law and on Fiera Milano's alignment work (page 114). At its regular 2025 meetings the Board addressed the sustainability issues relevant to Fiera Milano, the related impacts, risks and opportunities, and the actions and objectives set to manage them (page 116).

The CEO kept the Board informed on the 2024-2027 Strategic Plan, and quarterly updates on the ERM risk mitigation actions go to the Board and the Control and Risk Committee (page 115). The Board approved the Strategic Plan on 8 April 2024, after the Sustainability Committee reviewed its ESG guidelines and the Control and Risk Committee its material risks and opportunities (page 115). The Sustainability Committee also monitors the Sustainability Plan, proposes ESG KPIs for performance objectives and, with the Appointments and Remuneration Committee, verifies whether ESG targets were met (page 116). The double materiality results were shared with the Sustainability Committee and the Control and Risk Committee, and the Board approved them within the 2025 Sustainability Report on 12 March 2026 (page 123).

Reference: pages 155, 203. See also page 116.

Long-Term Incentive Plan 2023-2025: Group cumulated EBITDA (post IFRS 16) 2023-2025 at 45%, net financial position at 31.12.2025 at 35%, and an ESG indicator at 20%, which measures the carbon footprint (life cycle assessment method) of selected exhibitions organized by Fiera Milano (pages 155, 203). The CEO's MBO has a 20% ESG weight, tied to the goal that 55% of the electricity used comes from renewable sources by 2027 (page 155). The report says top management results are assessed against the decarbonization targets of the 2024-2027 Sustainability Plan (page 155).

For 2026, the Medium-Term Incentive Plan (MBO) includes an ESG target weighted 15% to 20% of variable pay. The CEO's 20% ESG objective rests on more hours dedicated to innovation (digital and AI) and DE&I (page 203). The LTI plan ends with approval of the 2025 financial statements, after which guidelines for a new 2026-2028 plan go to the Shareholders' Meeting (page 203). The Board approves sustainability targets in variable incentives (page 116).

Reference: page 134.

The statement maps its due diligence (duty of care) disclosures in a table with the report's own references. The elements covered are: integrating duty of care into governance, strategy and business model; involving stakeholders at all key stages; identifying and assessing negative impacts; intervening to address negative impacts; and monitoring effectiveness and communicating (page 134).

Policies listed under business practices are the Code of Ethics, the Diversity, Equity & Inclusion Policy, the Policy for the Prevention of Corruption, Model 231, the Remuneration Policy, the Sustainability Policy, the personal data protection policy, the Fiscal Policy, the policy on diversity of corporate bodies and the Policy for Quality, Sustainability, Environment and Safety. The table points to the double materiality analysis, stakeholder involvement, value chain analysis, the IRO results and their interaction with strategy, the environmental, social and governance chapters (actions, resources, targets and metrics), monitoring of IROs by governing bodies, company management systems such as the ISO 14001 environmental management system, and information initiatives for employees, suppliers and consumers (page 134).

Reference: pages 118-120 (index lists 118 and 120).

Fiera Milano has an Internal Audit System on Sustainability Reporting (SCIIS), built in response to the ESRS to give reasonable assurance that the reporting follows applicable standards. It follows the COSO internal control framework and has four components: scoping, risk analysis and control assessment, monitoring, and evaluation and reporting (page 118). Relevance criteria include targets communicated in the Strategic Plan, sustainability information in sustainability-linked loans, and sustainability information in management pay (page 118).

Quantitative information is split into three risk clusters. In 2024 the controls covered a selection of priority indicators in Cluster 1; in 2025 they were extended to indicators in Clusters 2 and 3 (page 119). Three control types apply: entity level, process level and IT general controls. Monitoring is by line management and independently by Internal Audit, whose design and operating tests are assigned by the Financial Reporting Officer (page 119). Responsibility for drafting and approving the mandatory sustainability information sits with the Financial Reporting Officer (page 119). Data owners sign a Data Validator Attestation Document (Rep Letter), and the CEO and the Financial Reporting Officer sign the required certifications (pages 119-120).

Reference: pages 83, 84, 86, 88, 91, 92, 95, 96 (content index). The index flags a 1-year phase-in for paragraph 40(b) and (c), the revenue breakdown by ESRS sector.

Fiera Milano describes itself as the domestic market leader and one of the main integrated operators worldwide in the exhibition and congress sector (page 83). It manages the Rho exhibition site (345,000 square meters of gross indoor area), the Allianz MiCo congress centre (about 60,000 square meters) and, through Fiera Milano Congressi, the Stella Polare and MoMec venues (pages 83, 88). In 2025 it organized 18 exhibitions in Italy and 28 abroad, hosted 31 exhibitions and handled 105 congresses, and also sells fitting, ancillary and digital services (page 85). Total revenue was EUR 379,887 thousand, with 802 employees (page 83).

The value chain is split into upstream (suppliers in three tiers), own operations and downstream (use of the venues by visitors and exhibitors, waste management, dismantling transport) (pages 91-92). The 2024-2027 Strategic Plan has four priorities (value proposition, sustainable business model, people and organization, relationships and identity) and a revenue target of EUR 355 to 375 million by 2027 (pages 95-96). It is paired with an Integrated Sustainability Plan of 30 objectives (pages 98-99).

Reference: pages 127-129. The DMA stakeholder questionnaires are on pages 123-124.

Fiera Milano builds its stakeholder engagement on the AA1000 standard and its principles of inclusiveness, materiality, responsiveness and impact (page 127). Page 128 tabulates engagement channels by group: employees, suppliers and business partners, organizers, non-governmental organizations, institutions and trade associations, shareholders and institutional investors, universities and research centres, and exhibitors and visitors. Examples include employee surveys and inter-functional committees, a supplier portal and procurement audits, customer satisfaction surveys after each event, and one-to-one investor meetings (page 128).

An Engagement Policy for institutional investors and shareholders was approved by the Board on 28 July 2021, and the Board examined the investor relations program at its 31 July 2025 meeting (pages 127-128). For the 2025 double materiality analysis, a structured engagement used dedicated questionnaires with seven stakeholder categories: organizers, business partners and suppliers, institutions and trade associations, employees, NGOs and benefit companies, investors and shareholders, and universities and research centres (page 123). Page 129 lists sustainability conferences held during exhibitions in 2025.

Reference: pages 124-126 (DMA results table); the content index lists pages 100 and 122-123. The index flags a 1-year phase-in for paragraph 48(e), anticipated financial effects.

The results of the double materiality analysis are tabulated on pages 124-126, with each impact, risk or opportunity shown by topic, time horizon (short term is the reporting year, medium term under 5 years, long term over 5 years) and position in the value chain (upstream, direct activities, downstream) (page 124, footnote 9). Material topics shown are E1 climate change, E2 pollution (air emissions along the value chain), E5 resource use and circular economy, entity-specific topics (accessibility and sustainable mobility, innovation and digitalization, contribution to community development), S1 own workforce, S2 workers in the value chain, S4 consumers and end-users, and G1 business conduct (pages 124-126). The report notes that almost all revenue is generated at the Rho exhibition site (page 123).

On the link to strategy, the 30-objective Integrated Sustainability Plan is tied to the material topics (page 99). A Business Continuity Management framework (Crisis Management Plan, continuity procedures, Disaster Recovery Plan) is meant to keep operations running through extreme weather, IT failures, strikes, attacks, epidemics or supplier unavailability (page 100).

Reference: pages 122-123.

Since 2024 the analysis follows double materiality, and in 2025 it was refined using benchmark analyses and industry practice, following EFRAG's IG 1 Materiality Assessment Implementation Guidance (page 122). The report lists six steps: (1) understanding the context, activities and value chain; (2) defining the assessment model, where impact significance combines magnitude, extent and irretrievable nature (negative impacts only), plus probability for potential impacts, and financial materiality combines probability with the magnitude of effects, each scored from 1 (negligible) to 5 (very significant); (3) identifying potentially material IROs and topics; (4) stakeholder engagement through 2025 questionnaires, and interviews with business area managers and Top Management for risks and opportunities; (5) assessing materiality, where an IRO is material if it exceeds the significance cut-offs in the internal methodology; (6) sharing with the Sustainability Committee and the Control and Risk Committee, and Board approval on 12 March 2026 (pages 122-123).

Risks follow the ERM model, and from 2025 ERM logic also covers opportunities (page 123). Impacts of E2 pollution, E3 water and E4 biodiversity from direct activities fell below the cut-off, while E2 pollution was material along the value chain (page 123).

Reference: pages 135-141 (the content index itself); the index lists IRO-2 at pages 122-123, 132 and 135.

The statement says it follows Legislative Decree 125/2024 and the ESRS, and that its Content Index lists the disclosure requirements tied to material topics, the paragraph of the statement that holds each one, any phase-in used for FY2025, and links to other EU legislation (page 132). The legend explains the SFDR, Pillar 3, Benchmark Regulation and EU Climate Law columns (page 135).

Phase-in flags in the index: 1 year for SBM-1 paragraph 40(b) and (c) and SBM-3 paragraph 48(e); 1 year (and 3 years for qualitative information) for E1-9 and E5-6; 1 year on S1 disclosures; and 2 years on S2, S3 and S4 disclosures (pages 135-141). The E3 and E4 datapoints in the index are marked "NOT MATERIAL" (page 137). For value chain metrics, the report says the company used the phase-in period in FY2025 (page 133). Reporting scope is the same as the consolidated financial statements: Fiera Milano SpA plus Fiera Milano Congressi, Nolostand, Fiera Milano Brasil, Fiera Milano Exhibitions Africa, MADE eventi and Expotrans (page 132). The statement also includes the Article 8 Taxonomy disclosure (pages 132, 175-184).

Reference: page 148 (content index). See also pages 102, 143, 150, 153.

The page presents a Decarbonisation Plan integrated into the 2024-2027 Sustainability Plan and approved by the Board of Directors. It sets targets for Scope 1 and Scope 2 (market-based) emissions of at least 60% less by 2027 and 80% less by 2030, against base year 2023 (16,618 tCO2eq) (pages 148, 143). The report says the targets took into account the European Green Deal targets and the Net Zero Carbon Events guidelines (page 148).

Levers named: ISO 14001 environmental management; a rising share of renewable energy (70% by 2027, 80% by 2030) through a rooftop photovoltaic system of 50,000 panels built by Fair Renew and Guarantee of Origin purchases growing from 20% in 2023 to 60% in 2027; energy efficiency through a single refrigeration plant due by 2027; and measurement of Scope 3 emissions (page 148). Footnote 1 on that page states: "By 2027, Fiera Milano commits to defining a Transition Plan with long-term goals, in line with the Paris Agreement." Separately, Fiera Milano says it joined the Net Zero Carbon Events initiative, committing to net zero by 2050 (page 102). Scope 1 and 2 market-based emissions fell 75% by 2025 and renewable electricity reached 95% (pages 143, 150, 153).

Back-filled from ESRS 2 IRO-1 and the climate risk section "Risks related to climate change: physical risks and transition risks" (content index lists IRO-1 for E1 at pages 122-126; the section is on pages 156-157). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Reference: pages 156-157.

Physical risk: the analysis covered the venues where events are hosted and organized, support warehouses and some physical facilities run by strategic suppliers (for example data centres), for the Italian companies and the foreign subsidiaries. It looked at sudden events (storms, fires, floods) and gradual ones (rising average temperatures, heat waves, persistent droughts), using IPCC climate models and three scenarios: RCP2.6 (described as in line with the Paris Agreement goal of 1.5°C), RCP4.5 and RCP8.5, with horizons of 2-5, 5-10 and over 10 years (page 156). Transition risk: the analysis uses scenarios from the International Energy Agency and the IPCC, which include the path to Net Zero by 2050, current policies and announced government commitments (page 156). The text does not give a temperature projection per scenario.

Result: exposure of assets is "generally low", except some exhibition sites in China (Guangzhou, Dongguan and Shenzhen, linked to the joint venture with Deutsche Messe) exposed to extreme rainfall and potential flooding (page 156).

Back-filled from ESRS 2 SBM-3 and the climate risk section "Risks related to climate change: physical risks and transition risks" (pages 156-157), with the Business Continuity framework on page 100. This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Reference: pages 156-157, 100.

The report says the assessment lets the Group "ensure the resilience of its operations" (page 156). Findings: in the short term, property damage and lost revenue from weather-related interruption were assessed as not significant, below the financial materiality cut-off in the ERM framework. In the long term "elements of uncertainty remain", as assets could face physical risks with potentially material impacts (page 156). Responses named: a Business Continuity Management framework with a Crisis Management Plan and continuity procedures (pages 100, 156); maintenance works (re-roofing of halls, renovated downpipes and eaves, sensors on steel structures); and property damage and business interruption cover under the "All Risks Property" policy (page 156).

Transition side: rising temperatures and more extreme weather could reduce the efficiency of photovoltaic systems and exhibition infrastructure, and Fiera Milano is testing predictive monitoring, energy storage and microgrids (pages 156-157). Revenue from events in sectors exposed to the climate transition, such as fashion, transport, chemicals and automotive, is flagged as a risk (page 157).

Reference: page 147 (content index).

Climate is covered by the Sustainability Policy, whose "Climate Change" area of intervention is listed on page 131. Under it, Fiera Milano commits to the progressive reduction of CO2 emissions through interventions on direct and indirect emissions, monitoring and measuring its environmental footprint, building energy efficiency into operations, promoting renewable energy, and developing solutions to strengthen the resilience of infrastructure to extreme weather (page 147). The 2024-2027 Decarbonisation Plan, with progressive and measurable reduction objectives, is called "a key element of this commitment" (page 147).

Material climate IROs on the same page: a negative impact (contribution to climate change from GHG emissions, mainly fossil fuels and purchased electricity and district heating) and a significant risk (acute physical risks on assets, such as extreme weather) (page 147). The environmental strategy adds a Group Energy Manager, ISO 14001 certification held since 2024, and inclusion of climate risks in the integrated risk management system (pages 144-146).

Reference: pages 149-154 (actions and resources); the content index lists pages 147-163.

Actions: a rooftop photovoltaic system run through the Fair-Renew joint venture of Fondazione Fiera Milano and A2A, with about 50,000 panels over 330,000 square meters of roofing, 18 MWp of installed capacity and an expected 22 GWh a year (pages 143, 149); purchases of Guarantee of Origin certificates, planned to grow from 20% in 2023 to 60% in 2027 at Group level, with the renewable electricity share rising from 38% in 2023 to 95% in 2025 (pages 148, 150); district heating, with 99% of the thermal needs of the Rho and Allianz MiCo districts covered by heat from the Silla 2 waste-to-energy plant (page 153); a single refrigeration plant due by 2027 (page 148); LED lighting (page 145); and re-roofing and structural monitoring of halls (page 156). Mobility actions, including electric vehicle charging stations, car pooling and public transport agreements, are described in the entity-specific chapter on pages 158-163.

Resources: climate-related OPEX was EUR 2,391,663 in 2025 (EUR 1,810,339 in 2024), linked to buying renewable electricity, including output from the photovoltaic joint venture and Guarantee of Origin certificates. The CAPEX row in the table has no value printed (page 154). In April 2025 two sustainability-linked loans (EUR 14 million in total) were signed, with an interest adjustment tied to a renewable electricity KPI (38% in 2023 to 73% in 2028) (page 94).

Reference: pages 148-150 (content index).

Targets: Scope 1 and 2 (market-based) GHG emissions at least 60% lower by 2027 and 80% lower by 2030 against the 2023 baseline of 16,618 tCO2eq (page 148); electricity from renewable sources at 70% by 2027 (80% by 2030), from 38% in 2023 (pages 144, 148, 150). The emissions target applies to Fiera Milano SpA, Fiera Milano Congressi SpA, Nolostand SpA and MADE eventi Srl (page 150, footnote 2). No Scope 3 reduction target appears on these pages; measuring Scope 3 is listed as a lever (page 148).

Progress: market-based Scope 1 and 2 emissions were 9,686 tCO2eq in 2024 and 4,162 tCO2eq in 2025, a 75% cut against 2023 and ahead of the original path (pages 143, 153). Renewable electricity was 65% in 2024 and 95% in 2025, so the 2027 target of 70% was met two years early (page 150). Top management pay is linked to these goals: the LTI plan includes a carbon footprint KPI and the CEO's MBO a renewable electricity KPI (page 155).

Reference: page 150 (content index).

Total energy consumption was 70,957 MWh in 2025 against 62,564 MWh in 2024. Renewable sources supplied 67,312 MWh (95%) in 2025 and 40,635 MWh (65%) in 2024. Fossil sources supplied 3,611 MWh (5%) in 2025 and 21,389 MWh (34%) in 2024. Consumption from nuclear sources was 35 MWh in 2025 and 540 MWh in 2024.

Breakdown, 2024 to 2025 (MWh): fuel from crude oil and petroleum products 784 to 828; natural gas 1,762 to 107; purchased fossil electricity and heat 18,844 to 2,675; purchased renewable electricity, heat and cooling from certified sources 29,245 to 54,097; self-generated renewable energy without fuels 11,390 to 13,215. Coal consumption was 0 in both years.

The report links the slight rise in total consumption to the Milano Cortina 2026 Olympic and Paralympic Winter Games, for which temporary facilities were built in the Rho exhibition site, and calls it a temporary and extraordinary increase (pages 149-150). For South Africa, Brazil and Expotrans only office consumption is reported (page 150, footnote).

Reference: pages 151-153 (the content index lists page 153). Method and split by scope on pages 151-152.

2025 emissions in tCO2eq (2024 in brackets): Scope 1, 760 (427); Scope 2 location-based, 13,522 (14,404); Scope 2 market-based, 3,402 (9,259); Scope 1 and 2 location-based, 14,283 (14,831); Scope 1 and 2 market-based, 4,162 (9,686); total Scope 3, 69,229 (42,974) (page 153).

Scope 3 by category, 2025 (2024): Cat. 1 purchased goods and services 38,163 (24,491); Cat. 2 capital goods 2,215 (1,814); Cat. 3 fuel-related activities 758 (2,254); Cat. 4 upstream transportation 11,228 (603); Cat. 5 waste generated 100 (96); Cat. 6 business travel 833 (545); Cat. 7 employee commuting 677 (651); Cat. 15 investments 15,255 (12,520) (page 153). Scope 3 is about 94% of total emissions, Scope 1 about 1% and Scope 2 (market-based) about 5% (page 152). Intensity based on net revenue, as printed: location-based 54.3 (2024) and 37.6 (2025); market-based 35.5 and 10.9 (page 153).

Scope 3 was reported for the first time for 2025. The 2024 Scope 3 comparatives were not in the 2024 report and were not part of PwC's limited assurance (page 153; auditor's report page 284). Emission factors came from ISPRA 2024, DEFRA 2025 and AIB (page 151).

Reference: page 164 (content index lists the E2 policy at 164).

The Sustainability Policy states that Fiera Milano "is committed to minimising the negative impacts associated with air, water and soil pollution, both in its own direct operations and along the entire value chain" (page 164). "Pollution" is one of the Policy's areas of intervention (page 131).

The one material E2 impact is a negative one: the generation of emissions of pollutants into the atmosphere along the value chain. The report ties it to event operations and logistics (transport of materials, energy use of exhibition facilities, waste disposal and visitor flows) that can affect local air quality (page 164). The DMA table shows it as an actual, short-term impact in upstream and downstream activities (page 124). The report says the activities Fiera Milano manages directly have no significant pollution impact, because the Group organizes events within existing structures and has no production or industrial processes (page 165). The Group also adopts the ISO 20121 standard for sustainable event management to involve actors along its value chain (page 165).

Reference: pages 165, 164 (the content index lists the E2 actions at 164-165).

Fiera Milano names the value chain activities behind its air pollution impact as mainly the transport of exhibitors and visitors and logistics services for events, which are a potential source of air pollutants, including NOx, SOx and PM (page 165). Key initiatives listed: installing electric vehicle charging stations to encourage sustainable mobility among exhibitors, visitors and employees; promoting car pooling and car sharing; and agreements with public transport operators to encourage local public transport to reach the fairgrounds (page 165). The report points to the chapter on accessibility and sustainable mobility for detail (pages 158-163) and says adopting ISO 20121 is meant to involve all actors along the value chain (page 165).

On own operations, the only emissions at the Rho site come from a natural gas heating facility used as back-up to the district heating system and from company or third-party vehicles, so exposure to the related risks is considered negligible (page 165). No financial amounts are given for E2 actions.

Reference: pages 166-167 (content index).

Fiera Milano's Sustainability Policy, in its chapter on responsibility towards the environment, efficient waste management and the circular economy, commits the Group to integrate environmental criteria into procurement choices and to promote eco-compatible materials and the circular economy. It also covers the conscious use of natural resources, ecological set-ups and separate waste collection at events (page 166). Waste management is built into strategy through an Environmental Management System under UNI EN ISO 14001:2015 (page 166). Guidelines for the management of waste produced set principles and minimum technical and regulatory requirements in line with EU legislation (page 166); a waste guideline was first adopted in 2022 (page 172).

Related rules: since January 2024 the Technical Regulations of Fiera Milano prohibit plasterboard and similar materials in set-ups (page 171); supplier contracts require waste handling in line with national and local rules and ask suppliers to minimize waste (page 171); and Nolostand requires FSC, PEFC or equivalent certified wood from its suppliers (page 168). Material IROs: potential positive impact from reuse of materials, risk of higher costs from high-impact materials, actual negative impact from waste, and a risk of criminal proceedings for improper waste management (page 166).

Reference: pages 167, 171-172 (content index); Nolostand actions on pages 168-169.

Carpet recycling: the partnership with Montecolino S.p.A., begun in 2017, continued in 2025. 298,150 kg of carpet were collected at the Rho exhibition site (about 978,961 square meters) and 55,270 kg at the Allianz MiCo congress centre (about 169,837 square meters), and all of it was sent for recycling (page 167).

Nolostand actions: reusable laminated drum panels, FSC or PEFC certified wood, water-based paints on wood fittings, recovery of materials for reuse at later events, modular designs, partnerships for recycling or energy recovery of what cannot be reused, and a warehouse next to the Rho site to limit material handling (pages 168-169).

Waste actions: information booklets and meetings with exhibitors, caterers and organizers; waste handling rules on the exhibitor portal (page 171); three compactors for PET collection in a controlled supply chain, with a rewards program for visitors (page 172); a Waste Manager role, an operational waste management plan against abandonment of waste by exhibitors, and a 2023 agreement with a waste services company with a desk at the Rho site (page 172); and Nolostand's membership of Better Stands from 2025 (page 172). No financial amounts are given for E5 actions.

Reference: pages 169, 173 (content index).

The report presents three targets, described as voluntary commitments (pages 169, 173).

Carpet recycling: a recycling rate above 70% of carpet used during events, measured annually against the 2023 baseline. The result was 100% in 2024 and 100% in 2025 (page 169). The Strategic Plan target was revised from 50% to over 70% (page 99).

Waste production: below 6.5 kg per square meter by 2027, from 6.9 kg/m2 in the 2023 baseline, 7.2 in 2024 and 6.96 in 2025. Separate waste collection: 75% by 2027, from 65% in 2023, 66% in 2024 and 63% in 2025 (page 173). The report links the targets to SDG 12 and the EU circular economy policy framework, and says reaching them depends on the involvement of organizing secretariats, exhibitors, fitters and catering operators (page 173).

Reference: page 170 (content index).

The page tabulates the weight of incoming materials by type, with the share reused and the share recycled. Total incoming material weight was 896,029.50 kg in 2025 against 1,094,447.58 kg in 2024. The 2025 total shows 84.89% for "% reuse" and 69.66% for "% recycling" (2024: 83.8% and 62%).

Examples from the table, 2024 to 2025 in kg: aluminium 46,765.22 to 93,439.64; cardboard 2,009.83 to 4,140.37; iron 65,605.15 to 38,537.51; rubber 1,104.00 to 2,344.00; plastic 67,538.43 to 36,437.39; plastic fabrics 8,571.35 to 7,165.34; glass 116,134.00 to 6,203.82.

Two methodology notes on the page: the 2024 figures were restated to add the reuse indicator, in line with the ESRS 2 requirement it cites, and for 26% of purchases the weight was estimated from the economic value of the purchase (page 170). The report ties its handling of inflows to reuse of materials, the carpet partnership and Nolostand's actions (pages 167-169).

Reference: pages 174, 169, 172 (the content index lists 173-174).

Outflows are reported as waste. In 2025 the Group produced 9,997 tonnes of waste (9,735 in 2024). 95.4% went to recovery operations, including energy recovery in a waste-to-energy plant, and the remaining 4.6% to disposal (page 174). About 99% is non-hazardous and hazardous waste is limited to 1% (page 174). The report adds that about 50% of the quantities managed are attributable to waste abandoned within the exhibition centres (page 174). Waste per square meter of exhibition area fell from 7.2 to 6.96 kg/m2 (page 174).

Other outflows named: 100% of carpet used during events was recycled in 2025 (page 169) and PET bottles from the Rho site go to the controlled recovery chain for recycled PET (page 172). The pages indexed to E5-5 give no durability or recyclability rates for products or packaging. The table-level waste breakdown is in the E5-5-Waste entry.

Reference: pages 173-174.

Total waste produced: 9,997 tonnes in 2025 (9,735 in 2024). Hazardous 76 tonnes (81); non-hazardous 9,921 tonnes (9,654); radioactive 0 (0).

Diverted from disposal: 9,540 tonnes in 2025 (9,392 in 2024): hazardous 73 (78) and non-hazardous 9,467 (9,315). The table shows all of it under "other recovery operations", with 0 under preparation for reuse and 0 under recycling in both years, although the text says 95.4% went to recovery "including energy recovery in a waste-to-energy plant" (page 174).

Directed to disposal: 457 tonnes in 2025 (343 in 2024): hazardous 3 (3) and non-hazardous 454 (340), all under other disposal operations; incineration 0 and landfill 0 in both years. Non-recycled waste: 4.6% in 2025 (3.5% in 2024) (page 174).

Scope: the total includes waste for which the Group is the producer and waste abandoned within the Rho and Milan exhibition centres, which it manages as holder. Waste in the administrative offices is not directly quantifiable and only operating sites managed directly are included (pages 132, 174).

Reference: pages 190-191 (content index).

Policies for the workforce: the Code of Ethics, which covers equal opportunities and working conditions and says the Group does not use work by minors; the Sustainability Policy, with commitments to prevent accidents, injuries and occupational diseases under an ISO 45001 health and safety management system, and to promote and protect human rights, including labor rights, with the company saying it adheres to the UN Guiding Principles on Business and Human Rights; the personal data protection policy under the GDPR; and the Diversity, Equity & Inclusion Policy (pages 190-191).

The DE&I Policy covers four areas: non-discrimination and promotion of diversity; equal opportunities and gender balance; an inclusive work environment and work-life balance; and spreading a culture of diversity and active listening. It says all people are treated fairly regardless of gender, religion, nationality, political opinion, sexual orientation, social status, physical abilities, medical conditions, family circumstances and age, and it promotes a work environment free from harassment (page 191). Fiera Milano also holds UNI/PdR 125:2022 gender equality certification, obtained in 2024 and confirmed after an audit in 2025 (page 196). The material S1 IROs are listed on page 193.

Reference: pages 194-199, 204, 206-209, 211-215, 219 (content index lists these pages for S1 actions).

Fiera Milano integrates an HR Action Plan into the 2024-2027 Strategic Plan, with six areas: competencies and experiences; growth and motivation; people caring and listening; engagement and sense of belonging; organization, development and clarity; and smart and flexible working (pages 206-207). 2025 actions include talent attraction through university partnerships and a LinkedIn partnership (page 208), a new Training Catalogue and a leadership program for about 100 people (page 210), and a Performance and Leadership Management process (page 218).

Welfare actions: supplementary health insurance for all employees of the Italian companies and their families from 1 January 2025, a new Supplementary Company Contract in force from January 2025 with smart working and flexible hours, and an employee assistance service (Stimulus) introduced in 2025 (page 220). On gender equality, the DE&I Committee and the UNI/PdR 125:2022 certification were maintained (pages 195-196). Resources reported: OPEX for training EUR 237,008 in 2025 (EUR 202,504 in 2024) (page 217), and for health and safety EUR 268,655 (EUR 195,962) (page 230). The report says it manages the overtime impact through activity planning, smart working, hourly flexibility and overtime monitoring (page 223).

Reference: pages 199, 216 (the content index lists these against monitoring through targets and also cites pages 193-194 in the S1 block).

Targets stated for the own workforce:

• Women in managerial positions (executives and middle managers) at 49% by 2027, from a 2023 baseline of 46%. The 2025 value is 44%, with 20% women among executives and 51% among middle managers (pages 186, 199).
• Training hours up 50% against the 2023 baseline of 7,024 hours by 2027. Hours were 18,109 in 2024 and 19,522 in 2025, so the target was passed early (page 216).
• Full health insurance coverage for 100% of employees of the Italian companies by 2027, shown as achieved (page 230).
• An employer branding certification from a major international certifier by 2027. The baseline and reference year will be set when the certification path formally starts (page 210).
• A Diffuse Share Ownership Plan, launched in 2025 (page 99).

Reference: pages 187-189 (content index).

At 31 December 2025 the Group had 802 employees (672 in 2024): 449 women and 353 men. 761 were in Italy and 41 abroad. 755 were permanent and 47 fixed-term; 753 were full-time and 49 part-time (pages 187-188). The rise is mainly due to the acquisition of Expotrans S.p.A., consolidated from April 2025 (page 187). 114 people were hired in 2025, 56% of them under 30 and 61% women (page 187).

Leavers: 61 in 2025 (59 in 2024). The employee turnover rate was 7.61% in 2025 against 8.78% in 2024: 6.96% in Italy (8.03%) and 19.51% abroad (21.62%) (page 188). Employees by age in 2025: 141 under 30, 355 aged 30-50 and 306 over 50 (page 189). By category: 35 managers (7 women), 111 middle managers (56 women), 634 employees and 22 workers (page 189).

Scope notes: the headcount differs from the financial report, which also includes joint ventures and associates in proportion to the shareholding, and the gender split omits "Other" and "Not disclosed" because the company is not required to map them (page 187, footnotes 1-2).

Reference: page 188 (content index).

The table of non-employees in the company's own workforce, labeled "self-employed workers", shows 10 in 2025 (5 in Italy and 5 abroad) and 12 in 2024 (7 in Italy and 5 abroad) (page 188). Non-employees are also covered in the health and safety metrics, which show "n.d" and "n/a" for the non-employee accident rate (page 230), and training hours for non-employees were 21 in 2025 (101 in 2024) (page 217).

Reference: page 224 (content index).

Employees covered by collective agreements: 95% in 2025 (99% in 2024). Employees represented by employee representatives: 90% in 2025 (99% in 2024). The data refer to employees of the companies in Italy (page 224, footnote 8). The Italian companies apply the National Collective Labour Agreement (CCNL) for the Tertiary, Distribution and Services sector, and the foreign companies follow local labor law (page 221).

By country, collective bargaining coverage and workplace representation are both in the 80-100% band for Italy and Brazil and in the 0-19% band for South Africa, where employment is regulated through individual bargaining (page 224, footnote 9). The statement says the Group supports freedom of association and engagement with trade unions, and that industrial relations in 2025 led to the renewal of the Company Supplementary Contract (page 224). Social dialogue appears as a material positive impact: the promotion of freedom of association and development of social dialogue (page 193).

Reference: page 200 (content index). Age and category data on page 189.

Top management (senior managers with strategic responsibilities, defined by Board resolution) was 3 people, all men (100%), in both 2024 and 2025 (page 200, footnote 4). By category in 2025, there were 35 managers (28 men and 7 women, 20% women) and 111 middle managers (55 men and 56 women), and the Group total was 353 men and 449 women (page 189). Employees by age: 141 under 30, 355 aged 30-50 and 306 over 50 (page 189).

The Group's target is to raise the share of women in managerial positions (executives and middle managers together) to 49% by 2027, from 46% in the 2023 baseline. The 2025 figure is 44% (pages 199-200). The board of directors has 5 women among 9 members (page 112). Fiera Milano says it renewed UNI/PdR 125:2022 gender equality certification in 2025 (page 200).

Reference: page 201 (content index). Context on pages 196-197.

Employees with disabilities in the consolidated Group: 35 in 2025 (4% of employees) and 33 in 2024 (5%). All of them are in Italy: 35 in 2025 and 33 in 2024, with none abroad (page 201). The Group says it complies with Law 68/1999 on the mandatory hiring of workers with disabilities (page 197).

The statement also describes accessibility measures for visitors, outside the S1 metric: the Fieraccessibile program at the Rho site (free parking for registered visitors with disabilities, mobility scooter and wheelchair hire, tactile maps and guidance routes) and, at Fiera Milano Brasil, the Reatech exhibition on inclusion and accessibility (pages 197-198).

Reference: pages 216-217 (content index). Performance reviews on page 219.

Training hours were 19,522 in 2025 (18,109 in 2024). By category in 2025: managers 860, middle managers 4,096, white collar workers 14,398 and workers 168; men 8,406 and women 11,116 (page 216). Average hours per employee were 24.90 in 2025 (27.59 in 2024): men 25.17 and women 24.70. By category: managers 25.30, middle managers 36.57, white collar workers 24.20 and workers 11.20 (page 217). Non-employees received 21 training hours in 2025 (101 in 2024) (page 217). The target is a 50% rise in training hours against the 2023 baseline of 7,024 by 2027 (page 216).

Training areas in 2025 include professional and transversal skills, language, sustainability, compliance, health and safety, DE&I, AI and cybersecurity (page 213). The share of employees in periodic performance and career development reviews was 85% in 2025 (men 82%, women 87%) against 91% in 2024 (page 219).

Reference: page 230 (content index). Management system on pages 225-229.

All own workers (employees and non-employees) are covered by a health and safety management system based on legal requirements or recognized standards, at 100% in both 2024 and 2025. The Group has held ISO 45001 certification, and maintenance audits were completed in 2025 (pages 225, 230).

Metrics, 2025 against 2024 for employees: recordable work accidents 2 (3 in 2024); recordable accident rate 2.07 (2.73); days lost to accidents and illness 27 (75); fatalities 0 (0); cases of occupational disease 0 (0). For non-employees, the number of recordable accidents is 0 in both years and the rate is shown as "n.d" for 2024 and "n/a" for 2025 (page 230). The report says the two 2025 accidents give a frequency index of 2.07 at Group level, and that supplier reports showed 0 "accidents of non-serious nature" in 2025 (page 230). Health and safety OPEX was EUR 268,655 in 2025 (EUR 195,962 in 2024) (page 230). Emergency drills in 2025 included an evacuation test of the entire exhibition site (page 228).

Reference: page 222 (content index). Policies on page 221.

Family leave metrics: in 2025, 35 employees took leave for family reasons across the Group (12 men and 23 women), which is 4.40% of the 796 entitled employees (men 3.43%, women 5.16%). In 2024 it was 55 employees (9 men and 46 women), 8.18% (page 222). Italy alone: 33 employees took leave in 2025 (12 men and 21 women) and 53 in 2024 (page 222). Parental leave is open to all entitled employees under the national collective agreement (page 222).

Measures described: flexible and smart working, flexible hours of 40 hours a week with a daily minimum of 4 hours, compensatory rest for weekend work, a "solidarity time" scheme to donate leave to colleagues, extended and better paid parental leave, 25 hours a year of paid leave for each child's nursery or primary school placement, and 50 hours of paid leave a year for medical care (page 221). The statement flags overtime as an actual negative impact on work-life balance and describes planning and monitoring measures against it (pages 193, 223).

Reference: page 205 (content index). Gender pay data on page 200.

CEO pay ratio: total annual remuneration of the highest earner was EUR 565,497.00 in 2025 (EUR 463,600.83 in 2024). Median annual total remuneration of all employees, excluding the highest earner, was EUR 47,086 (EUR 46,330.77). The ratio of total annual remuneration was 12 in 2025 and 10 in 2024 (page 205). The data are for Italy.

Gender pay gap: the report states that the difference in average pay between men and women, "calculated according to the new reporting standard", is 14% in 2025 (page 200). It also gives a gender pay ratio for Italy, based on average basic salary (fixed plus variable): managers 104% in 2025 (100% in 2024), middle managers 102% (99%) and white collar workers 94% (91%). It says the differences are limited and mainly due to turnover (page 200). Gender pay equity was assessed in the UNI/PdR 125:2022 certification audits (page 200).

Reference: page 201 (content index).

During the reporting period Fiera Milano recorded no serious human rights incidents, such as forced labor, human trafficking or child labor. It also reports no cases of non-compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work or the OECD Guidelines for Multinational Enterprises. No costs were incurred for fines, penalties or compensation related to such incidents (page 201).

The report states 0 incidents of discrimination, including harassment, were reported through the channels provided, and 0 formal complaints were made through internal complaint mechanisms (page 201). The whistleblowing channels for own workers are described on page 192, and the report states that no cases of human rights violations were detected in 2025 (page 192).

Reference: pages 239-240 (the content index lists page 240; the policy text is on 239).

Policies for workers in the value chain: the Code of Ethics, which says the Group does not employ minors, sets key policies against undeclared and irregular work, and requires suppliers to respect workers' rights, freedom of association and the right to collective bargaining; and the Sustainability Policy, which commits Fiera Milano to qualify suppliers on objective criteria and review their performance, and to protect personal data (page 239). Fiera Milano communicates the Code of Ethics principles to suppliers and expects compliance in commercial relations, with attention to health and safety, intellectual property and labor standards (page 239).

Supplier evaluation also covers commitments not to use child, forced, compulsory or undeclared labor, not to tolerate discrimination, to ensure a safe and healthy working environment, to protect freedom of association and collective bargaining, and to promote compliance with minimum wage standards and maximum working hours (page 241). The report says the market it sources from is mainly Italian and that, thanks to current regulations and continuous monitoring, there are "no significant risks" of human rights violations in the supply chain (page 241). The material S2 IROs are on page 240.

Reference: pages 241-243 (content index); contractor health and safety actions on page 245.

Undeclared and irregular work: supplier qualification is valid for 12 months for medium and high risk product classes and 24 months for low risk classes (page 243). Since the second half of 2024 the Vendor Management function has run on-site visits of potential and engaged suppliers, and since January 2025 an advanced Business Intelligence platform supports third-party audits using chamber databases and adverse media (pages 242-243). From June 2025 a specific qualification procedure applies to suppliers and subcontractors for Milano Cortina 2026 Winter Olympics orders (page 243). Access permits to exhibition areas last only for the duration of the contract (page 243). A 2019 memorandum of understanding with the Prefecture of Milan, the Territorial Labour Inspectorate, INPS, INAIL, ATS and trade unions set up a permanent Observatory that first met in February 2020 (page 243).

Health and safety of contractors: the Prevention and Protection Service continued periodic meetings with contractors' safety representatives in 2025, and a system to verify contractors' technical and professional qualifications through shared folders was completed. From 1 March 2025 a specialized supplier runs the verification process (page 245). A vendor audit program reached its 2025 target of 80 supplier visits (page 281).

Reference: page 247 (content index).

The chapter "Contribution to community development" is labeled entity-specific in the report. Its policies: the Sustainability Policy, under which Fiera Milano commits to open dialogue with all stakeholders, to protecting human rights under its Code of Ethics, and to involving stakeholders in its activities and results; the Engagement Policy on dialogue with institutional investors and shareholders; and the Fiscal Policy (tax strategy), under which the Group seeks honesty, integrity and transparency in tax management and runs a Tax Control Framework and an anonymous whistleblowing channel for tax irregularities (page 247).

The material IROs here are two actual positive impacts: creating value for communities through direct, indirect and induced effects on jobs and local business, and contributing to local socio-economic well-being through transparent and compliant tax management (pages 126, 248). The DMA table classifies community IROs as an entity-specific topic, "Contribution to community development", not as ESRS S3 (page 126), while the content index lists S3 disclosure requirements and points them to the community chapter (pages 139-140).

Reference: pages 248-251 (content index); MDR-A also cites page 252.

Actions in 2025 under the community development chapter (pages 249-250): employees collected plastic and cork bottle tops to support the Fondazione per le Malattie del Sangue Onlus at Niguarda, with 86,600 kg of plastic caps and 26,600 kg of cork caps collected; the fourth consecutive year hosting the Telethon Christmas campaign; a donation of EUR 1 to Banco Alimentare for each sandwich sold in the exhibition refreshment areas, for 6,748 sandwiches; four AVIS blood donation days; and academic collaborations, including students from the University of Pavia and the Teulié Military School.

Linked to the Milano Cortina 2026 Olympic Winter Games, of which Fiera Milano is a partner, educational courses were run for primary and secondary school students in Rho and Pero and vocational institutes, and, with Fondazione Giangiacomo Feltrinelli, the VITE IN CAMPO project held two 2025 meetings, at the Casa di reclusione di Milano Bollate and the Comunità Oklahoma di Milano (pages 250-251). On tax, the statement describes the Tax Control Framework (page 252) and a country-by-country table for Italy, Brazil, South Africa and Singapore (page 252). The DMA table classifies community IROs as an entity-specific topic, "Contribution to community development", not as ESRS S3 (page 126), while the content index lists S3 disclosure requirements and points them to the community chapter (pages 139-140).

Reference: page 254 (content index).

The consumer policy is the Sustainability Policy. The Group commits to assess in advance the risks and opportunities of its activities and to put in place mitigation actions that improve service delivery and performance in terms of quality, sustainability and safety, minimizing impacts on health, safety and the environment, and, where possible, leaving a positive legacy at the end of each hosted event (page 254).

Supporting instruments named in the S4 chapter: the Code of Ethics and Model 231, a Safety and Accessibility Plan for the Rho site and the Allianz MiCo centre, a Security Manual, and procedures including accreditation and access control, whistleblowing, data breach, information classification and cyber security management (page 255). The ISO 9001 quality management system protects the quality of services (page 245). Material S4 IROs: potential negative impacts on the health and safety of visitors and on the loss of sensitive customer data, plus risks of criminal proceedings over visitor health protection, cyber breaches and mismanagement from inefficient IT systems (page 254).

Reference: pages 256-262 (content index); MDR-A cites pages 255-262.

Security: a Security Department runs risk mapping, planning, operational security and checks; the Rho site has a 24-hour operations centre with CCTV, perimeter fences and alarms, security guards and fire personnel on site every day, ten road blockers to protect pedestrian areas, and metal detectors and x-ray scanners at visitor entrances (pages 256-257). Health and safety at exhibitions: a DUVRI interference risk document for each exhibition, structured collaboration with ATS Milan and the Prefecture of Milan, and first aid units sized by event risk category using regional and ministerial criteria (pages 258-259). In 2025 ATS Milano inspected the Rho site many times, and the report says no critical issues emerged and no sanctions were imposed (page 258).

Customer experience: customer satisfaction was 3.7 out of 5 in 2025 (3.6 in 2024) (page 261). For HOST Milano 2025, 9,779 cases were monitored, 99.86% were closed and a visitor chatbot had over 21,800 interactions (page 262). The S4 chapter refers readers to the business conduct chapter for confidentiality (page 258), and the cybersecurity program is described in the own workforce chapter (pages 231-236).

Reference: page 266 (content index). Related material on pages 269-273.

Policies: the Sustainability Policy chapter on ethics, integrity and prevention of corruption, which sets a zero-tolerance approach to corruption and strict provisions on gifts, gratuities and entertainment expenses, recorded accurately and transparently; the Code of Ethics, including accounting transparency and conflict of interest rules; and the Policy for the Prevention of Corruption (page 266). The Corruption Prevention Policy was approved by the Board of Directors in 2024 (page 270). Gifts or hospitality are allowed only if of modest value, not above EUR 150 (page 273).

Corporate culture: Fiera Milano has a 231 Model, a Supervisory Board, ISO 37001:2016 anti-corruption certification obtained in 2024 and maintained in 2025, and two reporting channels (the whistleblowing channel and the HR & Organisation channel) (pages 270-271). It was awarded the AGCM Legality Rating with the maximum three stars in January 2026 (page 276). A material governance impact is "Inadequate management due to complexity in Group governance" (page 267). Training on the 231 Model and ISO 37001 continued for new hires and senior roles in 2025 (page 273).

Back-filled from the business conduct chapter, where targets are addressed as part of the MDR-T disclosures (content index cites page 276). G1-3 became a standalone DR only in the 2025/2026 ESRS.

Reference: pages 276, 280, with the Plan target list on page 100.

Stated business conduct targets:

• Obtain the Legality Rating by 2026: achieved in January 2026, with the maximum score of three stars from the AGCM (page 276).
• Reputational audits for suppliers above EUR 10 thousand: shown as achieved (page 280).
• Value of supplies covered by ESG assessments: 61% in 2023, 62% in 2024 and 66% in 2025, against a target of 80% by 2027 (page 280).
• The Strategic Plan target table (page 100) also lists, in the governance block, ISO 37001 certification (2024), a Tax Control Framework (2024), ESG due diligence for M&A (2024), an integrated sustainability reporting system in the ERP (2025), ESG-weighted MBOs and LTI (2025), a climate risk assessment (2025) and ISO 27001 certification (2027).

The report says the Plan targets are monitored through specific performance indicators with defined deadlines and intermediate targets (page 98).

Reference: page 275 (content index).

In 2025 and 2024 the report shows 0 proven cases of corruption in which employees were dismissed or sanctioned, 0 established cases of corruption that led to contracts with business partners being terminated or not renewed, and 0 convictions, with no fines for corruption. The total number of established cases is 0 (page 275). During 2025 there were no convictions or fines for violations of anti-corruption and anti-bribery laws, and no legal proceedings opened or concluded against Fiera Milano or its employees in relation to corruption (page 275).

The Whistleblowing Committee handled two reports in 2025 about alleged irregular conduct, and the report says they were analyzed and resolved under company procedure (pages 272, 275). The statement says Group companies also monitor public prosecutions (page 275).

Reference: page 280 (content index).

Payment practices: the average time to pay an invoice, counted from the date the contractual or legal payment deadline starts, was 9.2 days in 2025 (11.6 days in 2024). The percentage of payments made within the standard deadlines was 62% in 2025 (72% in 2024). The number of legal proceedings pending for late payment was 0 in both years (page 280).

Standard payment terms are 90 days from the invoice date at the end of the month, with catering suppliers on 30 days (page 280). The report says the lack of pending late-payment proceedings reflects good management of supplier relations (page 280).