CTS Eventim AG & Co. KGaA (CEVMF) Q3 2025 Earnings Call Highlights: Strong Revenue Growth …
This article first appeared on GuruFocus.
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Group Revenue: EUR2.1 billion, growth of 6% year-over-year.
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Adjusted EBITDA: Almost EUR340 million, up by almost 5%.
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EBIT: Above EUR260 million, growth of more than 6%.
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Net Profit: Almost EUR150 million attributable to CTS shareholders.
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Ticketing Revenue Growth: 2%, with organic growth in mid-single-digit percentages.
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Adjusted EBITDA Margin (Ticketing): Up by more than 200 basis points.
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Retail Ticket Volume: Increased from 36 million to 42 million in Q3.
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Live Entertainment Revenue Growth: 5.5% in Q3.
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Adjusted EBITDA Margin (Live Entertainment): Up by more than 100 basis points.
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Last 12 Months GTV: Almost EUR9 billion by the end of September.
Release Date: November 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Ticketing posted positive like-for-like growth in Q3 with an adjusted EBITDA margin increase of over 200 basis points.
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Live Entertainment returned to growth in Q3 with an adjusted EBITDA margin increase of over 100 basis points year-over-year.
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Group revenue increased by 6% year-over-year to EUR2.1 billion, with adjusted EBITDA up by almost 5%.
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Retail ticket volume grew significantly, with international ticket sales outside Germany showing growth of 29% and 43%, respectively.
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The company confirmed its group KPIs and ticketing outlook for 2025, indicating confidence in future performance.
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Ongoing integration costs from acquisitions like See Tickets and France Billet continue to impact adjusted EBITDA margins.
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The financial result for the first half was negatively affected by foreign exchange impacts, particularly the U.S. dollar, and lower interest income.
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The company faces challenges with permanent OpEx inflation in the Live Entertainment segment, impacting profitability.
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There is uncertainty regarding the financial impact of the Winter Olympics on the Milan venue, with no specific revenue or margin expectations disclosed.
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The integration of newly acquired entities is expected to continue affecting financials into Q4, albeit at a reduced level.
Q: Can you clarify the guidance comment regarding EBITDA growth? A: We prefer to leave the guidance unchanged from H1, but the strong development in Live Entertainment in Q3 gives us more headroom. However, we will keep the guidance as is for now. – Marco Haeckermann, Vice President Corporate Development & Strategy
