LIVE NATION ENTERTAINMENT REPORTS FIRST QUARTER 2025 RESULTS (Form 8-K)

LIVE NATION ENTERTAINMENT REPORTS FIRST QUARTER 2025 RESULTS

"2025 is shaping up to be a historic year for live music, with a strong start having us on track to deliver double-digit growth in operating income and AOI this year. As more artists tour the world, fan demand is reaching new heights across ticket sales, show attendance, and on-site spending. Ticket sales are pacing well ahead of last year, with deferred revenue for both concerts and ticketing at record levels. To support even more fans seeing their favorite artists, we're continuing to expand our global venue network, adding 20 major venues through 2026. As the global experience economy grows, the live music industry is leading the way, and we're positioned to compound growth by double-digits over many years." -Michael Rapino, President and CEO

RECORD-LEVEL OF DEFERRED REVENUE REFLECTS ROBUST GLOBAL CONSUMER DEMAND

•Q1 delivered strong results driven by growing artist supply and fan demand

◦Operating income of $115 million

◦Adjusted operating income of $341 million and $361 million at constant currency

•Q1 deferred revenue at record levels for both Concerts and Ticketmaster

◦Concerts event-related deferred revenue of $5.4 billion, up 24% compared to last year

◦Ticketmaster deferred revenue of $270 million, up 13% compared to last year

LIVE MUSIC MOMENTUM BUILDING INTO 2025 RECORD SUMMER CONCERTS SEASON

(through mid-April vs same period last year unless otherwise noted)

•2025 global stadium pipeline up 60%

•95 million tickets sold for Live Nation concerts, up double-digits led by stadium ticket sales up over 80%

•On sales continue to see strong demand, with sell-through rates in the first week for shows at major venues consistent with last year

•On-site spend remains resilient with sales globally across our theaters and clubs at or above prior year levels

•Ticketmaster primary ticketing volume for all genres of 2025 events up 5% and Gross Transaction Value (GTV) up 10%

◦Q2 off to a very strong start: Ticketmaster transacted ticket sales for concerts up 25% and GTV up 45% for the first two weeks of April

•85% of expected 2025 sponsorship committed, up double-digits

GLOBAL ACTIVITY FUELS BEST EVER Q1 FOR CONCERTS (VS 1Q24)

•Revenue of $2.5 billion

•Record AOI of $7 million, up from ($2) million driven by substantial growth in international markets, most notably Latin America and Asia Pacific

•22.3 million fans across 11,300 events, consistent with last year

◦Demand for emerging artists remains strong with fans at theaters and clubs up 8%

◦Fans across Latin America up over 25%

KEY METRICS INDICATE ANOTHER RECORD SUMMER FOR CONCERTS

(through mid-April vs same period last year)

•Q1 ended with record event-related deferred revenue of $5.4 billion, up $2 billion from last quarter and up 24% vs Q1 last year

•Global artist pipeline continues to grow: relative to 2019, non-English speaking artists now account for twice as many of the top 50 tours, as ticket sales have nearly tripled

•High demand for major global festivals including fully sold-out EDC Vegas, Lollapalooza Chicago, Lowlands, Electric Picnic, and Isle of Wight

•Concerts continue to offer one of the widest price ranges in entertainment, with strong demand for budget-friendly get-in prices as well as bucket-list up front experiences:

◦Implementing more pricing tiers across the venue is keeping back-of-house seats more affordable, with 2025 get-in prices for the U.S. averaging below last year and pacing 10 percentage points below the rate of inflation since 2019

◦$40 average get-in price across all venue types

◦$60 average get-in price across stadiums, 8% below 2024 levels

•Full-year AOI margins expected to be consistent with last year

◦Based on our current assessment, minimal impact from tariffs expected to our supply chain or touring logistics for the year

VENUE NATION CONTINUES TO EXPAND HOSPITALITY OFFERINGS (VS 1Q24)

•Approximately 10 million fans attended shows in our operated venues in Q1, up double-digits

•Continuing to enhance hospitality offerings to meet fan demand

◦Food and beverage spend globally at theaters and clubs at or above last year levels

◦Ancillary per fan spend at Estadio GNP up over 30% after refurbishment, driven by increased on-site and premium experience spending

SCALING VENUE EXPANSION TO UNLOCK GLOBAL DEMAND

•Fans attending shows in our operated venues expected to be up double-digits this year

•Plan to open at least 20 large venues (stadiums, arenas, amphitheaters, and large theaters) globally through 2026, creating capacity for approximately seven million incremental fans on a run-rate basis and delivering average investment returns of 20%+

STRONG CONCERTS ACTIVITY DRIVES TICKETMASTER RESULTS (VS 1Q24)

•Revenue of $695 million

•AOI of $253 million

•Concerts primary GTV up 9%, reflecting strong consumer demand for live music

•Fee-bearing tickets of 78 million, consistent with last year

◦Concerts tickets up 4% and comprised 60% of volume

◦Non-concerts tickets down 9% and comprised 40% of volume

Q2 STARTS STRONG WITH CONCERTS SEASON GAINING MOMENTUM

•Ticketmaster ended Q1 with record deferred revenue of $270 million, up 13%, indicating a strong year ahead with AOI growth accelerating into 2H

•Ticketmaster transacted ticket sales for concerts up 25% and GTV up 45% for 1H April

•9.5 million net new enterprise tickets signed, with approximately 70% from international markets

•Full-year AOI margin expected to be in the high 30s, consistent with prior years

GLOBAL REACH CONTINUES TO ATTRACT BRAND PARTNERS AND FUEL GROWTH IN Q1

•Revenue of $216 million

•AOI of $136 million

•Brand partnerships continue to leverage the power of our on-site and online global platforms

◦Increased penetration in key categories such as retail including a festival partnership with 7-Eleven, and beverages through new multi-year deals with Athletic Brewing Company, Four Loko, and others

◦Expanding relationships across our venue portfolio with new name-in-title sponsorships including Citizens Live at The Wylie and Synovus Bank Amphitheater at Chastain Park

CONTINUED BRAND ENGAGEMENT TO DRIVE ANOTHER RECORD YEAR

(through mid-April vs same period last year)

•Over 80% of our 2025 revenue is comprised of committed strategic deals (>$1 million)

◦Number of committed strategic deals are up double-digits

◦Revenue generated from these clients is also up double-digits

•Full-year AOI margin expected to be in the low 60s, consistent with prior years

STRONG BALANCE SHEET TO SUPPORT STRATEGIC VENUE EXPANSION

•Full-year AOI to free cash flow-adjusted conversion rate expected to be consistent with historical levels

•2025 capital expenditures estimated to be $900 million to $1 billion

◦Of this, $700 to $800 million is related to venue expansion and enhancement plans, which are expected to yield IRRs averaging 20%+

◦Approximately $200 to $250 million of funding from joint-venture partners, sponsorship agreements, and other sources, reducing cash flow requirements

◦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

ADDITIONAL FINANCIAL INFORMATION

•Foreign exchange impacted operating income and AOI by 11% and 5%, respectively, in Q1 largely due to exposure to the Mexican Peso and other Latin American currencies. Based on current projected rates, the impact of foreign exchange is expected to be low-single digits to revenue, operating income, and AOI for Q2

•Full year depreciation and amortization expected to increase by approximately $75 million compared to last year

•Full year accretion is expected to be $125 million higher than last year, largely driven by continued growth of OCESA profitability

•Non-controlling interest and taxes are expected to increase in line with our AOI growth

•2025 share count not expected to change materially from 2024

Compare Our Operating Results To Past Quarters In The Trended Results Grid:

https://investors.livenationentertainment.com/financial-information/financial-results

The company will webcast a teleconference today, May 1, 2025, at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the "News / Events" section of the company's website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the "Financial Info" section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 1Q25 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.

Notice Regarding Financial Statements

The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 to be filed with the Securities and Exchange Commission today and available on the SEC's website at sec.gov.

About Live Nation Entertainment:

Live Nation Entertainment, Inc. (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com.

Investor Contact:			Media Contact:
Amy Yong			Kaitlyn Henrich
IR@livenation.com			Media@livenation.com
(310) 867-7143

FINANCIAL HIGHLIGHTS - FIRST QUARTER

(unaudited; $ in millions)

			Q1 2025 Reported						Q1 2024 Reported						Change						Q1 2025 Currency Impacts						Q1 2025 at Constant Currency						Change at Constant Currency
Revenue
Concerts			$	2,484.1					$	2,879.4					(14)		%				$	84.9					$	2,569.0					(11)		%
Ticketing			694.7						723.2						(4)		%				19.6						714.3						(1)		%
Sponsorship & Advertising			216.1						211.3						2		%				13.2						229.3						9		%
Other and Eliminations			(12.8)						(14.4)						*						0.1						(12.7)						*
			$	3,382.1					$	3,799.5					(11)		%				$	117.8					$	3,499.9					(8)		%
Consolidated Operating Income (Loss)			$	114.8					$	(41.4)					*						$	14.7					$	129.5					*
Adjusted Operating Income (Loss)
Concerts			$	6.6					$	(1.8)					*						$	(0.5)					$	6.1					*
Ticketing			253.1						284.1						(11)		%				12.0						265.1						(7)		%
Sponsorship & Advertising			136.0						130.0						5		%				8.3						144.3						11		%
Other and Eliminations			(5.9)						(7.2)						*						0.0						(5.9)						*
Corporate			(48.7)						(42.6)						(14)		%				0.0						(48.7)						(14)		%
			$	341.1					$	362.5					(6)		%				$	19.8					$	360.9					(0.5)		%

* Percentages are not meaningful

Reconciliation of Operating Income (Loss) to Adjusted Operating Income

(unaudited; $ in millions)

			Q1 2025			Q1 2024
Operating Income (Loss)			$	114.8		$	(41.4)
Acquisition expenses			29.7			30.6
Amortization of non-recoupable ticketing contract advances			24.7			24.1
Depreciation and amortization			149.5			132.6
Gain on sale of operating assets			(2.2)			(0.7)
Astroworld estimated loss contingencies			-			185.9
Stock-based compensation expense			24.6			31.4
Adjusted Operating Income			$	341.1		$	362.5

Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures

(unaudited; $ in millions)

Reconciliation of Free Cash Flow - Adjusted to Net Cash Provided by Operating Activities

($ in millions)			Q1 2025						Q1 2024
Net cash provided by operating activities			$	1,321.3					$	988.9
Changes in operating assets and liabilities (working capital) (1)			(1,056.6)						(927.9)
Changes in accrued liabilities for Astroworld estimated loss contingencies			-						185.9
Free cash flow from earnings			$	264.7					$	246.9
Less: Maintenance capital expenditures			(14.9)						(22.5)
Distributions to noncontrolling interests			(33.7)						(56.2)
Free cash flow - adjusted			$	216.1					$	168.2
Net cash used in investing activities			$	(217.4)					$	(170.7)
Net cash used in financing activities			$	(173.2)					$	(478.4)

Reconciliation of Free Cash to Cash and Cash Equivalents

($ in millions)			March 31, 2025
Cash and cash equivalents			$	7,158.7
Short-term investments			64.5
Client cash			(1,559.9)
Deferred revenue - event-related			(5,395.9)
Accrued artist fees			(125.5)
Collections on behalf of others			(140.5)
Prepaid expenses - event-related			1,117.5
Free cash			$	1,118.9