German concert promoter CTS Eventim’s revenue grew 22.0% to 498.6 million euros ($525 million), nearly doubling its 11.6% growth rate in the prior-year period.
Adjusted earnings before interest, taxes, depreciation and amortization (EDITDA) rose just 8.9% to 100.3 million euros ($106 million). Adjusted EBITDA margin of 20.1% was more than two percentage points lower than the 22.6% the company saw in the first quarter of 2024.
The quarter’s revenue and adjusted EBITDA beat Factset’s consensus estimates, but adjusted EBITDA missed estimates provided to Bloomberg, according to Dow Jones Newswire. Shares of CTS Eventim fell as much as 14.7% on Thursday (May 22) before closing down 6.2% at 105.60 euros ($111.09).
CEO Klaus-Peter Schulenberg attributed the revenue improvement to a combination of organic growth and acquisitions. “The integration of the See Tickets Group and French market leader France Billet are on track, proving the effectiveness of our global growth and acquisition strategy,” he said in a statement. “We will continue to expand our Group, unlock synergies, and inspire our customers and partners with innovative products and services.”
Ticketing revenue rose 16.9% to 213.6 million euros ($225 million) while the segment’s adjusted EBITDA rose 6.6% to 88.7 million euros ($93 million). The results were boosted by the company’s June 2024 acquisition of See Tickets and its majority investment in France Billet in November 2024. The company said the integration of See Tickets is “ongoing” and will be completed this year.
In the live entertainment segment, revenue rose 24.5% to 291.8 million euros ($307 million) and adjusted EBITDA rose 30% to 11.6 million euros ($12 million). The company attributed the improvement to organic growth in Germany and internationally. CTS Eventim expects additional positive effects from the See Tickets acquisition in the 2025 festival season. Purchased from Vivendi for an undisclosed sum, See Tickets provided CTS Eventim with two festivals — Junction 2 in the U.K. and Garorock in France — that generated 32 million euros ($35.3 million) in 2023.
