CTS Eventim AG & Co. KGaA

For H1 2026, CTS Eventim reported group revenue of EUR 1.5 billion, up 17% year over year, adjusted EBITDA of EUR 225 million, up 12.4%, and EBIT up 15.3%. EPS was EUR 1.25, up EUR 0.32 versus H1 2025, and the company said this reflected a 34% increase year over year, mainly benefiting from FX effects. Ticketing revenue grew 14% (nearly 20% like-for-like excluding the Stage partner change), while Live Entertainment revenue rose to nearly EUR 1.1 billion, with adjusted EBITDA of EUR 53 million versus EUR 34 million a year ago; venue operations posted EUR 70 million of revenue and EUR 29 million of adjusted EBITDA. Management reiterated its guidance for the year to increase revenue and EBITDA, but did not change the outlook and said it is being cautious because of the geopolitical environment.

William Willms framed H1 as a period of profitable growth and said the results were in line with expectations. He highlighted the operational excellence program as a key step toward the company’s 2030 ambitions, describing it as a scaling initiative first and a cost program second. He also emphasized that the company is investing in technology, platforms and AI in 2026 so that efficiency and growth benefits can start from 2027 onward.

Willms said the adjusted EBITDA margin was 14.9% versus 15.5% last year, explaining the decline as a mix effect because Live Entertainment had a larger share of revenue and carries structurally lower margins than Ticketing. He cited a positive financial result of EUR 20 million, versus minus EUR 6 million in H1 2025, driven mainly by a EUR 27 million FX translation gain on noncurrent U.S. dollar receivables, partly offset by lower interest income and higher interest expense. He also said the LA28 contract is expected to generate low triple-digit million euros of revenue over three years at 20% to 30% profitability, that the first drop contributed a low to mid-double-digit million euro amount in Q2, and that operational excellence will create low to mid-single-digit million euro of temporary expense in 2026.

Analysts focused heavily on LA28 economics, asking for the size, profitability and ticket count of the first drop; management said about 4 million tickets were sold in the first drop, with low to mid-double-digit million euro revenue and about 20% to 25% margin, and noted the second drop was just concluding. Questions also centered on the Stage partner loss, with management saying the rolling quarterly revenue impact is a high single-digit million euro amount and EBITDA impact a low to mid-single-digit million euro amount, while clean like-for-like growth was in the mid-single-digit range. Investors also pressed on margins, operational excellence spending, venues, and cash flow; management said See Tickets integration costs are done, the Milan venue is still above EUR 400 million of net investment and a partner is being sought for refinancing and future venue expansion, and that Q2 cash flow benefited from timing effects and maturing short-term papers.