“Global expansion continues to drive touring growth, with fan attendance hitting new highs and ticket buying strong at every price point from VIP to the back row. To meet this momentum, we’re expanding our global venue portfolio and investing in the artists who make it all possible. We’re continuing to deliver record revenue and concert ticket sales, and with investments focused on high‑growth markets and fan experiences, we’re positioned to grow operating income and adjusted operating income by double-digits this year and for years to come.” – Michael Rapino, President and CEO

GLOBAL FAN DEMAND DRIVES RECORD Q2 RESULTS (vs same period last year)

• Revenue of $7 billion, up 16%
• Operating income of $487 million, up 4%
• Adjusted operating income (AOI) of $798 million, up 11%
• Record concerts profitability with AOI of $359 million, up 33%
• Global attendance up 14% to 44 million fans, with stadium attendance tripling
• Ticketmaster Gross Transaction Value (GTV) increased 7% to $9 billion
• Strong international growth: Concert fans, Ticketmaster GTV, and Sponsorship sales all up double-digits

RECORD CONCERT TICKET SALES AND ONSITE SPENDING (through July vs same period last year)

• Over 130 million tickets sold for Live Nation concerts, up 6%, led by the strength of our international markets with double-digit attendance increases across stadiums, arenas, and theaters and clubs
• Strong ticket sales at every price point from premium to budget-friendly seats:
  • Over 40% of global stadium shows sold out 95% of tickets in the first week, up double-digits
  • Over 10% of seats across stadiums, arenas, and amphitheaters in the U.S. priced closer to market value
  • Ticket to Summer promotion sold 1.5 million $30 lawn seats, consistent with historical levels
• Continued growth in onsite spending across all venue types, including concession spending at large amphitheaters up double-digits

KEY METRICS POINT TO ANOTHER RECORD YEAR (vs same period last year)

• Q2 deferred revenue highlights accelerating momentum
  • Concerts event-related deferred revenue $5.1 billion, up 25%
  • All-time high Ticketmaster deferred revenue $317 million, up 22%
• Venue Nation expected to host approximately 70 million fans this year, up double-digits
• 95% of expected 2025 sponsorship committed, up double-digits

CONCERTS DELIVERS Q2 RECORD FINANCIAL RESULTS AND ATTENDANCE (vs 2Q24)

• Highest-ever Q2 revenue of $6 billion, up 19%
• Record Q2 AOI of $359 million, up 33%
  • Margin of 6%, up 60 basis points
• Global attendance grew 14% to 44 million fans
  • Global stadiums tripled in fan count from last year
  • International arena fan count up 20%
  • Overall fan count at international markets up over 30%, driven by strength across Europe, Asia-Pacific and Latin America

GLOBAL GROWTH POWERS MOMENTUM THROUGH THE REMAINDER OF THE YEAR 

• Nearly all large venue shows booked for the rest of 2025
• Double-digit international fan growth expected in 2H
• Full-year AOI margins on track to be consistent with last year
• Investing $15 billion in artist events globally in 2025, making Live Nation the largest financial supporter of the artist community

VENUE NATION HOSTING MORE SHOWS AND FANS GLOBALLY

• Further expanded our venue portfolio, opening four amphitheaters across the U.S. and adding one stadium in Canada year-to-date. We expect to bring additional venues online in 2H, with key projects underway in Mexico, Colombia, and Canada
• Our venue development pipeline continues to grow, expecting ten new large venues to open next year – each with fan capacity of 3,000 and above – across the U.S. and international markets
• Collectively, these venues create incremental capacity for six million fans on a run-rate basis
• Venue capital investments for new builds and refurbishments continue to deliver 20%+ returns
  • New amphitheaters are delivering strong results, with food and beverage sales tracking double-digits higher compared to our historical portfolio, while also selling out premium seating
  • Based on our current assessment, tariffs are expected to have minimal impact on venue investment costs, festival supply chain, and other costs

CONCERTS AND INTERNATIONAL ACTIVITY DRIVES TICKETMASTER RESULTS (vs 2Q24)

• Revenue of $743 million, up 2%
• AOI of $290 million, consistent with last year
• Record Q2 total reported GTV of $9 billion, up 7%
• Secondary GTV down mid-single digits due to increased market-based pricing in concerts and sports along with several lower-performing sporting events
• Over 83 million fee-bearing tickets sold, up 4%
  • International ticket volume up double-digits
  • Concerts ticket volume up high-single digits while sports and other content continued to trail 2024 levels

TICKETMASTER POSITIONED FOR GROWTH IN SECOND HALF OF 2025 (through July vs same period last year)

• Q2 record deferred revenue of $317 million, up 22%, driven by Live Nation concerts activity
• 17 million net new enterprise tickets signed, up 10%, with approximately 70% of the growth from international markets
• On track to grow AOI double-digits in 2H
• Full-year AOI margin expected to be consistent with prior years

GLOBAL REACH AND SCALE CONTINUES TO ATTRACT BRAND PARTNERS

• Revenue of $341 million, up 9%
• AOI of $228 million, up 2%
• Expanding our portfolio of brand partners through new agreements with major consumer brands including Kraft Heinz, Airbnb, and Samsung; as well as a ticket access agreement with United Airlines
• Global venue portfolio expanding its name-in-title sponsorships, including TD Coliseum at Hamilton and Veikkaus Arena at Helsinki

BRANDS CONTINUE TO SEE STRATEGIC VALUE FROM ENGAGING WITH CONCERT FANS (through July vs same period last year)

• 95% of revenue committed for 2025, up double-digits
• On track to deliver double-digit increase in AOI for the full year, with notable strength in Q4
• Full-year AOI margin expected to be consistent with prior years

STRONG BALANCE SHEET TO SUPPORT STRATEGIC VENUE EXPANSION

• Year-to-date net cash provided by operating activities of $1.5 billion and free cash flow—adjusted of $654 million, up 5%, and on track to grow both of these metrics by double-digits for the full year relative to last year
• Year-to-date capital expenditures of $420 million; 2025 full year capital expenditures estimated to be $900 million to $1 billion
  • $700 to $800 million of total capex is related to venue expansion and enhancement plans, for which the cash outlay will be reduced by approximately $200 million from funding by joint-venture partners, sponsorship agreements, and other sources
  • Maintenance capex spend remains consistent with historical levels
• Over 90% of our debt is at fixed rates with a weighted average cost of debt of approximately 4.4%, with no remaining debt maturities this year

FINANCIAL DETAILS FROM THE ADDITIONAL 24% PURCHASE OF OCESA

• The transaction will increase our ownership to 75% and is expected to close in August
• Largely as a result of OCESA’s continued growth and the amended purchase agreement, total accretion for Q3 is expected to be $250 million and then fall to $35 million in Q4
• Full-year non-controlling interest expense is expected to increase in line with our AOI growth
• These estimates are based on current projections for OCESA performance, current FX rates, and assume all other joint-ventures performance in line with current forecasts

OTHER FINANCIAL INFORMATION

• The cumulative effect on Q2 net income of accretion, higher taxes, and foreign exchange was $185 million higher cost compared to last year, impacting EPS
• Based on current projected rates, foreign exchange is not expected to materially impact 2H financials
• Full year depreciation and amortization expected to increase by approximately $75 million compared to last year
• Our full-year P&L tax expense is expected to be 15-20% of our AOI. Carryforward operating losses will continue to reduce our U.S. cash taxes, resulting in global cash tax payments that are projected to be 20-25% lower than our P&L expense
• 2025 share count not expected to change materially from 2024