CTS Eventim (EVD) Q1 2025 earnings summary

Executive summary

• Revenue grew 22% year-over-year in Q1 2025, reaching just under €500 million, driven by organic growth and acquisitions, notably See Tickets and France Billet.

• Adjusted EBITDA increased by 8.9% to €100.3 million, with margin slightly lower due to integration costs and a strong prior year quarter.

• Guidance for full year 2025 confirmed, with expectations of revenue exceeding €3 billion and adjusted EBITDA around €600 million.

• Net result attributable to shareholders fell 31.7% year-over-year to €46.1 million, mainly due to a lower financial result.

• Ticketing and Live Entertainment segments saw strong growth from both organic expansion and acquisitions.

Financial highlights

• Revenue for Q1 was €498.6 million, a 22% increase year-over-year.

• Adjusted EBITDA was €100.3 million, up 8.9% from last year, with margin at 20.1%.

• Earnings before tax fell to €72 million from €95 million last year, mainly due to FX effects, absence of a prior year dividend, and lower interest income.

• Retail ticket volume rose to 40.5 million, up 42.1%, with international growth up 71%.

• Cash and cash equivalents at period end: €1,363.9 million, down €154.7 million from 31 Dec 2024, up €380.9 million year-over-year.

Outlook and guidance

• Full year guidance reiterated, expecting revenue above €3 billion and adjusted EBITDA near €600 million.

• Integration costs for acquisitions expected to persist through the year, with most completed by year-end and some spillover possible.

• Ticketing and live entertainment expected to follow typical seasonality, with stronger performance in the second half.

• CapEx will remain elevated in 2024 due to Milan arena construction, normalizing in 2025.

• No significant changes to the outlook compared to the 2024 Annual Report; management expects continued positive development.