Q3 2025 CTS Eventim AG & Co KgaA Earnings Call Transcript
Key Points
- Ticketing posted positive like-for-like growth in Q3 with an adjusted EBITDA margin increase of over 200 basis points.
- Live Entertainment returned to growth in Q3 with an adjusted EBITDA margin increase of over 100 basis points year-over-year.
- Group revenue increased by 6% year-over-year to EUR2.1 billion, with adjusted EBITDA up by almost 5%.
- Retail ticket volume grew significantly, with international ticket sales outside Germany showing growth of 29% and 43%, respectively.
- The company confirmed its group KPIs and ticketing outlook for 2025, indicating confidence in future performance.
- Ongoing integration costs from acquisitions like See Tickets and France Billet continue to impact adjusted EBITDA margins.
- The financial result for the first half was negatively affected by foreign exchange impacts, particularly the U.S. dollar, and lower interest income.
- The company faces challenges with permanent OpEx inflation in the Live Entertainment segment, impacting profitability.
- There is uncertainty regarding the financial impact of the Winter Olympics on the Milan venue, with no specific revenue or margin expectations disclosed.
- The integration of newly acquired entities is expected to continue affecting financials into Q4, albeit at a reduced level.
Welcome to the third quarter earnings call of CTS Eventim. My name is Marco Haeckermann, and I'm going to present the third quarter, followed by a Q&A session. So let's go.
The headline for the Q3 result is very clear. We are leaving the noise of Q2 behind, and we are talking about strong signals we've seen in Q3. Ticketing has posted positive like-for-like growth in the third quarter. Adjusted EBITDA margin in the segment is up by more than 200 basis points despite ongoing integrations from See Tickets and France Billet.
The development in Ticketing is backed by very strong organic margin growth in the third quarter year-over-year. Live Entertainment returned to growth in the third quarter after a muted Q2. Adjusted EBITDA margin is up by more than 100 basis points in Q3 year-over-year, and our venue operations delivered on prior year's level.
We've seen a positive financial result in the third quarter of a little bit more than EUR2 million versus a negative result of
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