Venu Holding Corporation

Ladies and gentlemen, good afternoon and welcome to Venue Holding Corporation's full year and fourth quarter 2025 financial results and business update. Earlier today, Venue Trading, under the ticker symbol VENU, issued a press release summarizing the company's full year and fourth quarter 2025 performance, following the filing of its annual report on Form 10-K for the period ending December 31, 2025. This conference call is being recorded and will be available online along with the earnings press release at venue.live in accordance with the company's retention policies. All participants on today's call are in listen-only mode. Following our prepared remarks, we will open the line for a Q&A session. At this time, I would like to turn the call over to Heather Atkinson, Chief Financial Officer of Venue Holding Corporation. Heather, please go ahead.

Thank you, and good afternoon, everyone. Welcome to Venue Holding Corporation's full year and fourth quarter 2025 earnings call and business update. On the call today, we have our founder, chairman, and CEO, J.W. Ross, President Will Hodgins, Chief Operating Officer Vic Sutter, and President of Growth and Strategy Terry Liebler. Following the Safe Harbor statement, J.W. will open with highlights from across the business. Will, Vic, and Terry will each provide updates from their areas. I will then walk through our financial results. After that, we will open the line for questions. Before we begin, I want to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Venue cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated, including risks described in the company's annual report on Form 10-K for the year ended December 31, 2025, and our other filings with the SEC, all of which can be reviewed at thinu.live or at the sec.gov. Any forward-looking statements made on this call speak only as of today, March 31, 2026. venue does not intend to update any forward-looking statements except as ever required by federal securities laws. With that, I would like to turn the call over to our founder, chairman, and CEO, J.W. Roth.

Thank you, Heather, and thanks a million to everybody for joining us today. I've been looking forward to this call. It's actually the kind of call and the kind of updates I love to give. I'm going to start by reading through some prepared remarks, and then at the end of these prepared remarks, I'm going to turn it over to the rest of our staff, and then we'll get to Q&A here in a bit. 2025 was the year that we got a little smarter, faster, more deliberate about who we partner with, how we build, and where we put our energy. That has always been the commitment, to build something that stands the test of time, performs at the highest level, and delivers value that speaks for itself. And the numbers show exactly where that commitment has taken us. We just closed $86 million in in a race in one of the toughest stretches of the broader market. Investors did not hesitate. That tells you something. Our portfolio was independently appraised at $1.24 billion on an as-completed basis. That is just north of $12 a share fully diluted. We have gone from $83 million on the balance sheet to over $370 million on our balance sheet in the last 24 months. This business is grounded in tangible assets It's measured in expansion and it's thoughtful capital in the way we deploy. Patient capital will always win. Steele went up in McKinney and in Tulsa as Tulsa targets opening its gates this coming fall and McKinney just shortly after in the first quarter of 2027. We held a fantastic groundbreaking in El Paso. We opened Ross Sea and Steak and Bro Hands, which are all part of our sunset hospitality collection. the most sophisticated destination we have built to date. Fire Pit Suite sales hit $126 million, up 62% over last year. Our triple net model, which we launched mid-year 2025, already represents 25% of our sales. That program did not exist 12 months ago. That is how fast we are moving when it comes to something that we find that works. On October, I'm sorry, On April the 15th, we are going to be launching the most ambitious sales campaign in our company's history. A nationwide push with every form of media designed to move hundreds of millions of dollars in inventory. I'm telling you right now, mark that date. On the content side, we're roaring. Beyond our long-standing partnership with AEG at the Ford Amphitheater, in 2025, we forged a new partnership with LiveNation. and we are leaning hard into a more than just music strategy with residencies, film events, and even exploring AI-driven programming, pushing the revenue-generating capabilities of our venues to the absolute max and keeping them active year-round. On the hospitality and operations side, We not only expanded our partnership with Aramark to five venues, but we also brought on Pepsi as an official beverage partner of our Sunset Amphitheater portfolio. These are world-class operators choosing to grow with us. It's a very exciting time to be venue. We're exactly where we need to be. The model is working, and the best of venue is yet to come. Now I'm going to hand this over to our team to get a little bit deeper into the details. Will?