Sogemi releases 2024 financial results

Revenue growth and confirmation of corporate positions

Sogemi, a company owned by the Municipality of Milan, closed the 2024 financial year with revenues of 18 million euros (+2.7% vs 2023) and an EBITDA of 4.5 million euros. The company also renewed its corporate offices, confirming
Chairman and CEO Cesare Ferrero and Board Members Elena Ciocio and Alessandro Cremona.

Milan, 27 May 2025 – Investments in innovation, sustainability and infrastructure growth, combined with sound corporate management delivering solid financial, economic and commercial results: this is how the Milan Food Market, Italy’s largest wholesale food market, closed 2024, marking another important year in its development as a modern, integrated city food hub.

The Board of Directors of Sogemi approved the company’s 2024 financial statements. Operational management recorded an increase in revenues to 18 million euros (+2.7% compared to 2023) and an EBITDA of 4.5 million euros. The Value of Production, largely linked to sales and services from leasing spaces to over 200 businesses and wholesalers operating within the Market, grew significantly during the year, also thanks to the opening of the new Fruit and Vegetable Market Pavilion With the approval of the financial statements, the company also renewed its Board of Directors, confirming Chairman and CEO Cesare Ferrero, Board Member Elena Maria Letizia Ciocio, and Board Member Alessandro Maria Cremona.

These positive financial and economic results coincide with a major growth phase for both the company and the Food Market, which will continue through the commissioning of new buildings and infrastructure. The “Foody 2025” redevelopment plan is progressing steadily, with upcoming milestones including the completion of Fruit and Vegetable Market Pavilion 2, the renovation of Palazzo Affari, the construction of the new headquarters for Milano Ristorazione’s central kitchen and warehouse, the creation of a new fish logistics platform, and the redevelopment of the adjacent via Bonfadini area.

In just over five years since its launch, the Foody 2025 project will deliver to the City of Milan the most important and innovative Italian food hub, and one of Europe’s most modern wholesale food centres, able to compete with leading infrastructures and best practices in Paris, Madrid, and Barcelona.

Today, Sogemi’s growth also embraces new and significant perspectives: in February 2025, Sogemi, together with the Municipality of Milan, launched the “Foody Neighbourhood Markets” project, through which the company will manage 15 municipal covered markets, transforming them into a network of modern, multifunctional retail food points, integrated with other public services and distributed across the city’s Municipal Districts.

“2024 marked an important milestone in the life of our company, as we move toward new goals,” said Cesare Ferrero, Chairman of Sogemi. “In recent years, we have invested heavily in renewing the infrastructure of the Milan Food Market, which required new standards not only in logistics and trading operations, but also in fostering a new culture of innovation and integrity. Our ambition today is to bring this culture and expertise beyond the Market, toward building a broad Milanese food commerce ecosystem that reinforces this territory’s role — in Italy and worldwide — as a symbol of quality, safety, and prosperity.”

SO.GE.M.I. Spa

SO.GE.M.I. – Società per l’Impianto e l’Esercizio dei Mercati Annonari all’Ingrosso di Milano – is a joint-stock company fully owned by the Municipality of Milan. It manages all of the city’s wholesale agri-food markets, ensuring their efficient operation through high-quality services supporting traders’ activities.

The company is committed to developing innovative programmes aimed at evolving beyond the traditional wholesale role of the markets, creating a multifunctional hub of integrated agri-food services. Through the creation of innovative facilities, Sogemi supports modern logistics, storage, processing, and distribution needs.

With 650,000 square metres, more than 1 million tonnes of products traded per year, and an annual business volume of 2.5 billion euros, the Milan Food Market stands among the largest wholesale agri-food centres in Europe.

Contacts – Comin & Partners

Ferdinando Di Simone

393 2405769 | ferdinando.disimone@cominandpartners.com

Giulia Giacobini

392 0282937 | giulia.giacobini@cominandpartners.com