CTS Eventim AG & Co. KGaA

For the first 9 months of 2025, CTS Eventim reported revenue of EUR 2.1 billion, up 6% year over year, adjusted EBITDA of almost EUR 340 million, up almost 5%, EBIT above EUR 260 million, up more than 6%, and net profit attributable to shareholders of almost EUR 150 million. In Q3, Ticketing revenue grew 2% reported, with organic growth around 4.5% and adjusted EBITDA up 8% year over year on a like-for-like basis; Live Entertainment revenue grew 5.5% and its adjusted EBITDA margin rose by more than 100 basis points to 7%. Management said Q3 financial result was a little more than EUR 2 million versus around negative EUR 0.5 million last year, while 9M financial results were hurt by roughly EUR 15 million of FX effects, around EUR 14 million of nonrecurring dividend income from autoTicket, and roughly EUR 15 million of lower interest income. For guidance, management reaffirmed the 2025 outlook unchanged from H1, saying the company now has a bit more headroom after the strong Live Entertainment quarter, but did not narrow the range.

Marco Haeckermann’s tone was confident and upbeat, framing Q3 as evidence that the company is “leaving the noise of Q2 behind.” He emphasized broad-based improvement across core markets, better organic profitability in Ticketing, and a return to growth and target margins in Live Entertainment. He also stressed that the business still has room to improve operationally, especially with mobile ticketing, cross-sell, and better monetization of the customer base over the next few years.

The financial commentary focused on margin expansion, integration effects, and the bridge from EBITDA to net profit. Haeckermann highlighted that Ticketing adjusted EBITDA margin rose by more than 200 basis points in Q3 despite See Tickets and France Billet integration costs, which he said were in the low to mid-single-digit millions and should largely roll off in 2026; he also said Q3 organic Ticketing margin was in the high 40s and up versus last year. On capital and financial items, he pointed to a positive Q3 financial result of a little more than EUR 2 million versus a negative EUR 0.5 million last year, but said 9M results were still weighed down by FX, lower interest income, and the autoTicket dividend timing; he did not discuss buybacks or other capital allocation actions.

Analysts pressed management on whether guidance could be narrowed, and the answer was no: the company said it would leave 2025 guidance unchanged, though strong Q3 Live Entertainment gave it “a little bit more headroom.” Questions also focused on Ticketing trends, mobile ticketing, and whether the integration drag from See Tickets and France Billet would end in 2026; management said organic Ticketing growth was mid-single-digit in 9M and expected to stay at that level into Q4, mobile penetration should show material increases starting next year, and integration headwinds should be gone in 2026. Other questions addressed festivals, Milan venue ramp-up, Vienna arena, and whether discounting/vouchers were pulling demand forward; management said there was no evidence of unusual early buying, the EUR 10 vouchers were immaterial to revenues, and the Milan venue is already seeing very strong booking interest.