CTS Eventim (EVD) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw strong signals with positive like-for-like growth in ticketing and a return to growth in live entertainment after a muted Q2, with adjusted EBITDA up 13.8% and revenue up 3.5% year-over-year despite challenging economic conditions in Germany.

• Integration of 2024 acquisitions and ongoing process optimization contributed to improved profitability and higher EBITDA margin.

• Group revenue for the first nine months of 2025 reached €2.148 billion, up 6% year-over-year.

• Adjusted EBITDA for the period was €337.9 million, up 4.7%, and EBIT exceeded €260 million, growing over 6%.

• Net profit attributable to shareholders was €149.5 million.

Financial highlights

• Q3 posted the highest revenue in the last seven quarters, with Q3 2025 revenue at €854.2 million (+3.5% YoY) and adjusted EBITDA at €137.3 million (+13.8% YoY).

• Adjusted EBITDA margin increased by more than 100 basis points year-over-year in Q3, reaching 16.1%.

• Retail ticket volume in Q3 rose from 36 million to 42 million, with 9M 2025 retail ticket volume at 121.3 million (+29.5% YoY).

• Last 12 months' GTV reached almost €9 billion by end of September.

• Net result for 9M 2025 attributable to shareholders: €149.5 million (-17.6% YoY); EPS: €1.56.

Outlook and guidance

• Guidance for 2025 remains unchanged, with robust Q3 performance providing more headroom and supporting a continued positive outlook.

• Organic ticketing growth expected to remain in the mid-single-digit percentages into Q4 and next year.

• Live entertainment expected to operate within its 6%-8% EBITDA margin corridor in 2026.

• Market growth for ticketing and live entertainment projected at 5-7% annually through 2030-2031.