Cts Eventim Ag Adr

Hello and welcome to the CTS Eventim Earnings Call Q3 2025. At this time, all participants have been placed on a listen-only mode. The floor will be open for your questions following the presentation. Now I hand the floor over to Marco Heckermann.

Thank you very much. Welcome to the third quarter earnings call of CTS Eventim. My name is Marco Heckermann, and I'm going to present the the third quarter, followed by a Q&A session. So let's go. The headline for the Q3 result is very clear. We're leaving the noise of Q2 behind, and we're 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 SeaTickets 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 2 million euros versus a negative result of around half a million in Q3 last year. Putting all this together gives us enough confidence to again confirm what we've said already in August when we released the half-year results that we confirm our group KPIs and ticketing with regards to the outlook for 2025. Let's look at some highlights for the first nine months in 2025. The first impression is right. All the arrows point in the right direction. and show a green color. Group revenue is up to $2.1 billion, which represents growth of 6% year over year. Adjusted EBITDA was almost at $340 million, up by almost 5%. And EBIT is above $260 million, which represents growth of even more than 6%. The development of our retail tickets and the tickets outside Germany posted a tremendous growth of 29% and almost 43%, which is still positively affected by the ongoing integration and first-time consolidation of sea tickets and France billets. And our last 12-month GTV reached almost 9 billion euros by the end of September.

Let's dig a little bit deeper into the first nine months results.