CTS Eventim (EVD) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached €2.027 billion, up 15.8% year-over-year, with adjusted EBITDA rising 12.1% to €322.7 million, both record highs for the group.

• Growth was driven by organic expansion in core European markets, strategic acquisitions, and strong performance in both Ticketing and Live Entertainment segments.

• The integration of See Tickets and acquisitions in Chile and Peru contributed significantly to results, with synergies expected to materialize in future periods.

• Major sporting event contracts, such as the 2024 Paris Olympics and the 2026 Milano Cortina Winter Olympics, highlight operational capabilities.

• The group continues to invest in venue development, including the ARENA FOR MILAN and a new arena in Vienna.

Financial highlights

• Consolidated revenue rose 15.8% to €2.027 billion compared to the same period last year.

• Adjusted EBITDA increased 12.1% to €322.7 million; adjusted EBITDA margin was 15.9% (down 0.5pp year-over-year).

• Net income attributable to shareholders was €181.2 million, down 11.2% year-over-year; EPS was €1.89 (vs. €2.13 prior year).

• Financial result improved by €11.9 million to €43.4 million, mainly due to higher interest income.

• Cash and cash equivalents at period end were €934.96 million, down €93.53 million from year-end 2023.

Outlook and guidance

• The outlook remains unchanged, with adjusted EBITDA for 2024 expected to increase significantly year-over-year.

• No significant changes to previous forecasts; management sees no risks threatening the group's going concern status.