CTS Eventim: Q1/26 preview - Live Entertainment driving Q1/26E growth?

研报英文原文证据摘录

CTS Eventim: Q1/26 preview - Live Entertainment driving Q1/26E growth?

Deutsche Bank

Research

Rating Company Date

Buy CTS Eventim 12 May 2026

Europe Reuters Bloomberg Rating Buy

Germany EVDG.DE EVD GY Price target (EUR) 96.00 Price at 11 May 26 55.30

52-week range 113.30 – 48.92

Media and Online

Entertainment Valuation & Risks

Q1/26 preview - Live Entertainment driving

Q1/26E growth? LarsResearchVom-CleffAnalyst

+49-69-910-13526

Relative profitability could be burdened though

CTS Eventim will publish its Q1/26 results on 28 May. We forecast a successful

Q1/26 with revenue projected to rise by 15% yoy (Ticketing +1% yoy / Live

Key changes

Entertainment +26% yoy) and adjusted EBITDA by 14% yoy (Ticketing +2% yoy /

Price target (EUR) 94 96 2%

Live Entertainment +134% yoy), nevertheless leading to a slight adjusted EBITDA

margin dilution of 16bps yoy to 20.0%. In our view, relative profitability could be Source: Deutsche Bank

negatively impacted by a contract renegotiation as well as CTS Eventim’s

Comprehensive Operating Excellence Program.

“Slight” growth envisaged for the group’s FY26E profitability

For the Ticketing segment, all KPIs are expected to be at or “slightly” above the

previous year's level by CTS Eventim. The company’s guidance includes a one-

time structural income change from an expired long-term ticketing contract that

involved fewer prepayments. We assume that this was the contract with Stage

Entertainment, which - according to a press release last month - was prolonged

in the meantime. However, it seems to us that the new contract only still covers

“retail sales” whereas the B2B business is not mentioned anymore. In Live

Entertainment, adjusted EBITDA and EBIT are projected to see “moderate”

growth, with revenues expected to reach prior year levels.