CTS Eventim revenues top €2bn, profits dip

CTS Eventim reported revenues in excess of €2 billion for the first nine months of 2024, but its stock took a tumble amid mixed Q3 results.

The German-headquartered live entertainment and ticketing firm generated €2.027bn (up 16% year-on-year) and adjusted EBITDA of €322.7m (+12.1%) – both record highs for the first three quarters of the year.

In Q3, group takings increased 13.1% y-o-y to €825m, with its ticketing segment up 18.3% to €206.6m and live entertainment rising 11.4% to €628.4m. Top-selling shows included Ed Sheeran, Iron Maiden, Gilberto Gil and Vasco Rossi.

However, adjusted EBITDA for the group was down 8% to €120.6m in the quarter, compared with the same period in 2023. Ticketing grew 2.1% to €84.1m by the same measure, but live entertainment fell 25% to €35.6m.

“While CTS reported good top-line growth, profitability in the third quarter was disappointing, particularly in live entertainment,” analyst Oliver Wojahn, of mwb research told Reuters.

For the full nine-month period, its live entertainment division advanced 13.6% to €1.494bn. But adjusted EBITDA dipped 3% to €82.1m. CTS cited factors including “persistently high cost pressures for promoters”, as well as “integration expenses” related to its See Tickets deal, for the decline. The ticketing segment climbed by 22.9% year-on-year to €564.6m “primarily attributable to a diverse content portfolio”, while adjusted EBITDA rose by 18.4% to €240.7m.

“CTS Eventim is continuing to deliver stable growth in an increasingly volatile political and economic environment”

The pan-European giant saw its share price – which topped €100 for the first time last month – slide as much as 14% today (21 November) after opening at €85, before rallying to €82.35 (8% down) at press time.

Nevertheless, the stock is up 32% for the year to-date, and the company says it remains on a “stable growth trajectory” despite “increasingly challenging” economic conditions, describing upward pressure on costs as “still stubbornly high”.

“CTS Eventim is continuing to deliver stable growth in an increasingly volatile political and economic environment,” says CTS CEO Klaus-Peter Schulenberg. “The strategy of boosting rapid expansion and making the portfolio more financially resilient has proved to be key to our Group’s long-term performance.

“In the third quarter, factors such as the acquisition of See Tickets, the merger of two strong event companies and the performance of both our Eventim Group and our venue activities enabled us to lay strong foundations for our Group’s long-term success.”

In addition, CTS notes that presales for the 2025 anniversary editions of Germany’s Rock am Ring and Rock im Park have “made an exceptionally strong start”, and says the expansion of the Eventim Live Group in Asia is “continuing to progress”.

Furthermore, it adds the recent merger of Peter Rieger Konzertagentur with DreamHaus “will create substantial synergies” and also references its arena projects in Milan and Vienna.

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