CTS Eventim (EVD) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered profitable growth, with adjusted EBITDA up 13.8% and revenue up 3.5% year-over-year, supported by positive like-for-like ticketing growth and a return to growth in live entertainment.

• Integration of 2024 acquisitions, C-tickets, and France Billet, along with ongoing process optimization, contributed to improved profitability and higher EBITDA margin.

• Adjusted EBITDA margin in ticketing rose by over 200 basis points year-over-year, with group revenue up 6% to €2.148 billion for the first nine months.

• Net profit attributable to shareholders reached €149.5 million, with both ticketing and live entertainment segments contributing to growth.

• Challenging economic conditions in Germany and non-recurring prior-year effects impacted results, but the group maintained profitable growth.

Financial highlights

• Q3 2025 revenue was €854.2 million (+3.5% YoY); adjusted EBITDA was €137.3 million (+13.8% YoY); adjusted EBITDA margin reached 16.1%.

• 9M 2025 revenue was €2.148 billion (+6.0% YoY); adjusted EBITDA was €337.9 million (+4.7% YoY); adjusted EBITDA margin was 15.7%.

• EBIT for 9M 2025 exceeded €260 million, growing more than 6% year-over-year.

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

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

Outlook and guidance

• No significant changes to the full-year 2025 outlook; management maintains guidance as set out in the 2024 Annual Report, with more headroom due to strong Q3 performance.

• 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, supported by strong deferred revenue and portfolio optimization.