CTS Eventim (EVD) Q2 2024 earnings summary

Executive summary

• Revenue for the first six months of 2024 increased by 17.7% year-over-year to €1,202.3m, with adjusted EBITDA up 28.9% to €202.2m and net income attributable to shareholders up 49.3% to €125.2m.

• Growth was driven by strong demand for live entertainment, including music concerts and sports events, and the successful festival season.

• The acquisition and consolidation of See Tickets and Vivendi Live in June contributed to revenue and EBITDA growth.

• International expansion, especially in the UK and US, and operational highlights like ticketing for the Paris 2024 Olympics contributed to performance.

• The share price increased nearly 30% in H1 2024, outperforming the broader market.

Financial highlights

• H1 2024 revenue exceeded €1.2 billion, up 17.7% year-over-year, with adjusted EBITDA at €202.2m and margin of 16.8%.

• EBIT was €151.8m, up 13% year-over-year, with prior year impacted by one-off items.

• Earnings per share rose 49.3% to €1.30.

• Internet ticket volume surged 28.9% to 44.2 million tickets, with international markets showing higher growth than Germany.

• Cash and cash equivalents increased by €60.6m since year-end, despite a €137.3m dividend payment.

Outlook and guidance

• Upgraded 2024 guidance: now expects significantly higher adjusted EBITDA (at least 15% growth) and moderately higher EBIT, adjusting for prior year one-offs.

• Ticketing segment guidance raised for revenue, adjusted EBITDA, and EBIT.

• Live Entertainment is forecasted for moderate revenue and adjusted EBITDA growth, with EBIT at prior-year level.

• Management remains confident for H2 2024 and beyond, citing strong industry momentum.

• Risks include geopolitical instability, economic stagnation, or recession potentially impacting future results.