x

The latest industry news to your inbox.


I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

news

CTS Eventim shares rocket 10% after Q1 results

The German-headquartered group reported consolidated revenue of €408.7m for the first three months of 2024

By James Hanley on 23 May 2024

CTS Eventim CEO Klaus-Peter Schulenberg

Klaus-Peter Schulenberg


Shares in CTS Eventim are approaching an all-time high after the firm achieved “sustained dynamic growth” in the first quarter of 2024.

The German-headquartered group posted consolidated revenue of €408.7 million for the three-month period, up 11.6% year-on-year, with adjusted EBITDA soaring by 36.3% to €92.2m. On the back of the figures, its share price soared more than 10% this morning (23 May) to €89.15.

It was announced last month that the company is set to acquire See Tickets and a portfolio of festivals from Vivendi. CTS also recently secured ticketing deals for several international handball tournaments and was appointed official ticketing service provider for the 2028 Olympics and Paralympics in partnership with AXS.

“CTS Eventim achieved sustained dynamic growth in its operating business in Q1, and had remarkable success in winning a number of substantial tenders”

“CTS Eventim achieved sustained dynamic growth in its operating business in Q1, and had remarkable success in winning a number of substantial tenders for major sporting events,” says CEO Klaus-Peter Schulenberg. “These will create positive momentum for the company’s development over the medium and long term. The ticketing for the 2028 Olympic and Paralympic Summer Games in Los Angeles will give an extra boost to our already successful entry into the North American market.”

Q1 ticketing revenue climbed by 23.3% year-on-year to €182.8m. Adjusted EBITDA rose by 24.9% to €83.3m. Punto Ticket and Teleticket, market leaders in Chile and Peru, respectively, were consolidated for a full quarter for the first time, having been acquired in late 2023.

CTS’ live entertainment segment’s revenue also increased by 4.8% to €234.4m in the  quarter of 2024, while adjusted EBITDA stood at €8.9m – almost €8m higher than in the prior year.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.