CTS Eventim A good start to the year with a Q126 beat - rebuilding confidence on momentum as Live accelerates

研报英文原文证据摘录

CTS Eventim A good start to the year with a Q126 beat - rebuilding confidence on momentum as Live accelerates

J P M O R G A N Europe Equity Research

29 May 2026

CTS Eventim Overweight

EVDG.DE, EVD GR

A good start to the year with a Q126 beat - rebuilding Price (28 May 26):€58.70

confidence on momentum as Live accelerates Price Target (Dec-27):€95.00

Our Take: CTS delivered a good start to 2026 (7% and 2% beat to consensus on European Internet

ACrevenue and adj. EBITDA), which we view as a constructive signal on underlying Lara Simpson

momentum and supportive of our confidence into the balance of the year. Group (44-20) 7134-3637

revenue increased 23% YoY to €613.5m, driven by a sharp acceleration in Live lara.simpson@jpmorgan.com

Entertainment on a strong slate of high-attendance tours and an increasing venue J.P. Morgan Securities plc

contribution, while Ticketing remained resilient with reported growth despite the Marcus Diebel

previously flagged Stage Entertainment contract reset (+6% underlying). While (44-20) 7742-4447

marcus.diebel@jpmorgan.com

profitability was modestly softer, we see this as largely mix-driven and reflective J.P. Morgan Securities plc

of controlled Operational Excellence investments in line with expectations, which

Thyagarajan J

should not detract from strong operational momentum. Importantly, management (91-22) 6157-5005

characterized Q1 performance as in line with internal expectations and reiterated thyagarajan.j@jpmchase.com

FY26 guidance unchanged, while maintaining a positive tone on trading into the J.P. Morgan India Private Limited

summer and scope to revisit the guide later in the year. Overall, we leave estimates Carmen Graves

unchanged with a slight increase to the top-line off-set by a modest trim to margin, (44-20) 3493 0506