CTS Eventim shares hit record high post Q2 results

CTS Eventim’s share price has soared to an all-time high after the company raised its guidance for 2024 in light of its “excellent” Q2 financial results.

Shares in the German-headquartered giant jumped more than 7% to a new peak of €91.15 on the back of the figures, which included its recently acquired festival and international ticketing businesses from Vivendi for the first time. The deal, which concluded in June, includes See Tickets and a portfolio of 11 festivals including the UK’s Love Supreme and Kite, as well as Garorock in France.

Consolidated revenue for the second quarter was up 21.2% year-on-year to €793.6 million, almost doubling the 11.6% growth it achieved in Q1. Adjusted EBITDA grew at an even faster rate than revenue, rising 23.3% to €110m.

For the first six months of the year, consolidated revenue came to €1.202 billion (+17.7%) and adjusted EBITDA amounted to €202.2m (+28.9%).

“We will achieve further growth this year, both organically and through a successful acquisition”

“Our performance in terms of growth and earnings has been excellent in the second quarter of 2024,” says CEO Klaus-Peter Schulenberg. “As announced, we will achieve further growth this year, both organically and through a successful acquisition. Through See Tickets and its associated live entertainment activities, we have not only enhanced our market position in two of our focus markets – the UK and the US – but also expanded our team to include additional highly motivated and highly qualified units.

“Combined with the innovative technologies and solutions that we have acquired, this is a valuable asset for our company and opens up even more scope for international expansion going forward.”

While business in CTS’ home market of Germany remained strong, the company credits its international business activities with delivering “important growth impetus”.

Its reinforced ticketing segment was a key driver, growing by 28.5% to €175.2m. Adjusted EBITDA also increased by 35.1% to €73.4m in the same period. Three out of the five biggest-selling events took place in other European countries or South America, including concerts by Italian rap superstar Ultimo and South American reggae stars Natiruts.

“For 2024 as a whole, the executive board now expects adjusted EBITDA to grow significantly year on year”

For the first six months of 2024, ticketing revenue came to €358m (+25.8%), with adjusted EBITDA at €156.6m (+29.5%).

In CTS’ live entertainment division meanwhile, four of its top five events took place outside Germany, with Bruce Springsteen in Spain, and Ultimo, Pinguini Tattici Nucleari and Max Pezzali in Italy. Furthermore, the company says its festival season got off to a good start thanks to events such as Rock am Ring, Rock im Park, Hurricane, Southside and Nova Rock, with “very good advance ticket sales” for upcoming festivals suggesting the upward trend is set to continue,” it notes.

Live entertainment revenue advanced by 19.7% to €631.1m and adjusted EBITDA rose by 5% to €36.6m in the same period. H1 revenue reached €865.6m (+15.2%) and adjusted EBITDA came to €45.6 million (+26.9%), with the adjusted EBITDA margin improving to 5.3%, compared with 4.8% in the prior-year period.

“Plenty of summer shows, open air events and a variety of festivals are due to take place in the third quarter, which will provide a further boost for the live entertainment segment,” adds the company, which has put forward a bullish forecast for the rest of the year.

“In light of the strong first six months and the See Tickets entities being consolidated in full from the start of June, the executive board is optimistic about business performance in the second half of the year,” it concludes. “For 2024 as a whole, the executive board now expects adjusted EBITDA to grow significantly year on year.”

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