快评：CTS Eventim第二季度受一次性因素影响，目前重申展望

研报英文原文证据摘录

20 August 2026

Annick Maas

European Media

CTS Eventim

Christophe Cherblanc

Rating

Outperform

Price Target

EVD.GR

94.00 EUR

Quick Take: CTS Eventim 2Q marked by moving parts and a

reiterated outlook, for now

2Q results marked by a LA28-led revenue beat Total revenues reached €899m, up 13%

and beating Visible Alpha/Vuma consensus by 7% while total adj EBITDA reached €106m,

up 6%, missing cons. by 1%. The revenue beat was predominantly explained by a higher than

expected contribution of the first drop of LA28 Olympic tickets. 2Q nbrs next page.

Divisional performance shows margin impact from Operational Excellence Ticketing

revenues reached €254m, up 26% (driven mostly by the 1st LA28 drop, which more than

offsets the deconsolidation of Stage revenues), excluding the Stage and LA28 impact,

Ticketing revs would have been up MSD percentage. Live Entertainment revenues reached

€657m, up 9%, despite the part-/cancellation of Garock and Solidays festvials. Total adj

EBITDA came in at €106m, up 6%. Within the mix Ticketing posted €83m adj EBITDA with

the margin drop explained by costs in relation to the operational excellence program (the

same level of investments (as announced before) will impact 2H Ticketing margin, while Live

Ent. posted €24m. The Retail Tickets increased on a 1H basis by 2.2% to 80.6m despite the

de-consolidation of Stage.

Close Date

19 Aug 2026

EVD.GR Close Price (EUR)

58.15

Price Target (EUR)

94.00

Upside/(Downside)

62%

52-Week Range

99.85/48.36

EDME

1,616.62

FYE

Dec

Div Yield

2.5%

Market Cap (EUR) (M)

5,549

EV (EUR) (M)

4,488

Performance

YTD

1M

6M

12M

Absolute (%)

(26.4)

0.1

(13.9)

(41.9)

EDME (%)

9.9

1.8

3.3

16.8

Relative (%)

(36.3)

(1.7)

(17.2)

(58.7)

Source: Bloomberg, Bernstein estimates and analysis.

L28 Together with AXS, CTS Eventim, via a newly set-up JV will distribute the LA28 tickets.

CTS Eventim has guided this contract to be a low three digit million revenue contract for

CTS Eventim. Tickets will be sold in drops which are split over 2026 to 2028. The Olympic

Committee is interested in bringing these drops forwards to benefit from the ticket frenzy,

Price Performance, 1YR

€100

1800

€90

1700

which the World Cup experienced.…