CTS Eventim AG & Co. KGaA ($EVD)

Good afternoon, ladies and gentlemen, and welcome to the CTS Eventim AG & Co. KGaA Annual Financial Report 2025. [Operator Instructions] Let me now turn the floor over to your host, Dr. William Willms.

Good evening, everybody, and a very good morning to all of you dialing in today from the U.S. Welcome to CTS Eventim's earnings call for the full year 2025. Thank you very much for joining in today's call. I'm William Willms, the new Chief Financial Officer of CTS Eventim since Jan 2026, and I'm delighted to take you through our results but also our strategic priorities today. From our side is also on this call, Marco Haeckermann, our Head of Investor Relations and Business Development. Marco?

Hello, everyone. Thanks for joining.

For today's agenda, I will guide you through our promising full year 2025 results, but also our strategic priorities for 2026 and beyond and provide you with our guidance for 2026 and our new approach towards capital market communication. I look forward to the discussion with you on our 2025 results and 2026 guidance, and we'll be happy to open the floor for your questions at the end of the earnings presentation. Let's begin. Let me start with a detailed look at our 2025 full year outturn and achievements. Before I, however, turn to a more detailed review, I would like to set the stage for today's call. 2025 has been a year of continued momentum for Eventim, a year in which we crossed for the first time in our history, the EUR 3 billion revenue threshold and further consolidated our position as Europe's leading live entertainment and ticketing platform. At the same time, we achieved an adjusted EBITDA of EUR 584 million, demonstrating not only strong top line growth, but also our solid operational execution and profitability. Looking at our operational scale, we marketed more than 1 million events in 2025 in more than 30 countries worldwide. In terms of reach, our ecosystem generated approximately 7.6 billion digital touch points, highlighting the scale of our customer interactions and the increasing importance of digital channels across the customer journey. And last but not least, we now have more than 260 million user profiles, giving us direct access to a large and highly valuable customer base. This is a key strategic asset of ours, enabling personalization, improving engagement and supporting monetization across our platform. I would like to follow with 2 slides on operational and strategic highlights. 2025 reflected strong operational execution across both ticketing and live entertainment. Let me provide you with some highlights. We delivered major tour successes with international superstars like Ed Sheeran, reaching over 1 million fans and generating around EUR 100 million in revenue. Besides Ed Sheeran, AC/DC and Apache 207, one of the German superstars, were further highlights in 2025. Our flagship festivals, including Rock am ring and Rock im Park achieved record attendance of around 180,000 fans and strong digital engagement. Rock am ring celebrated its 40th anniversary and Rock im Park its 30th anniversary. Furthermore, last year saw additions of many unique festivals from the Eventim portfolio, such as Hurricane, Highfield, Garorock and many more. In mega events ticketing, the LA28 Olympic and Paralympic Games launch saw very strong demand with over 1.5 million registrations within the first 24 hours. This project marks the latest success story in our history with the IOC, who has been entrusting us with the sixth Olympic project since 2006. And finally, our venue business also performed strongly. While I will later zoom in on venues in more detail and the new arena in Milan, in particular, LANXESS Arena in Cologne had again a very successful year, hosting more than 200 shows and welcoming over 2.5 million visitors, further reinforcing its leading position in Europe. It ranks #3 of all European venues in the latest 4-star ranking. Next, some of our strategic achievements. 2025 was also a year of strategic progress, strengthening our global capabilities and investing in technology to support sustainable growth and margin expansion. Let me give you and provide you with some examples. We initiated the buildup of global functions with the Eventim Media House as a first proof point. With highly engaged fans, million of daily visitors on our marketplaces and a vast base of registered users, we will leverage this rich data pool to deliver innovative media solutions to our global promoter clients and unlock new revenue streams with end customers, the fans. The Eventim Media House develops new creative marketing assets globally, strengthened social media campaigns as well as new brand partnerships. With this, we will evolve the Eventim brand from a trusted market leader into a global discovery brand. At the same time, we established the foundation for a unified modular global platform, which will enable greater standardization and scalability, improve the fan experience and increase both innovation velocity and operational success. We also accelerated our investments in data and AI, rolling out enterprise-wide capabilities and building a global data platform, which we expect to materially enhance decision-making and deliver double-digit returns over time. While the use of AI will increase development speed and quality, our global data platform will further enable the flexible creation of new data-driven products. This data platform will further optimize operations and increase monetization as an integral part of our future growth profile. Positive financial impact is expected over the midterm. Finally, as a global ticketing provider, we leverage mega events like the Olympics, not only to drive innovation, but also to prove the performance of new developments in the most demanding high-scale environments such as Milano-Cortina or the LA28 Olympic Games. I hope this gave you some helpful context for our 2025 results. Let me now continue with a detailed review of our full year '25 financial performance and the respective segment drill down. In 2025, we delivered a strong set of results and achieved all of our guidance targets, not only at group level, but also across both our segments, ticketing and live entertainment. Starting with group revenue, we grew by around 10% year-on-year to EUR 3.1 billion. At the same time, adjusted EBITDA increased by 8% to EUR 584 million and EBIT also grew by 8% to EUR 477 million. Beyond the financials, the underlying fundamentals remain strong, too. For example, our fee-bearing retail ticket volume increased by 21% to nearly 178 million tickets, highlighting strong consumer demand and continued traction across the platform. This development was further supported by the full year consolidation of our recent acquisitions, France Billet and See tickets. This strong operational momentum is also reflected in our gross transaction value, which reached nearly EUR 9 billion, underlying the scale and activity in our ecosystem. Earnings per share, however, declined despite our strong operational performance by 13% to EUR 2.89, driven by external factors, mainly FX effects due to a strong euro against the weaker U.S. dollar. I will explain this later in more detail when we talk about our financial and net results. Let us take a quick look at group level. Over the past years, as mentioned, Eventim has consistently delivered strong growth combined with high profitability. As said, in 2025, we exceeded the EUR 3 billion mark in revenues for the first time. However, this is not just a one-off achievement. It is the result of a long-term growth trajectory. Looking back, it took the company around 17 years from IPO to reach EUR 1 billion in annual revenues. From there, it took only about 4 additional years to reach EUR 2 billion, excluding the COVID period. And most recently, it took just 2 more years to surpass the EUR 3 billion mark. Most importantly, however, this growth is broad-based. It is driven by both segments, Ticketing and Live Entertainment across all regions. This strong growth trajectory, however, did not dilute our strong margin levels. Our adjusted EBITDA margin remains at around 19%, in line with the high levels of previous years. Looking at the EBITDA more closely, growth is supported in particular by strong contributions from the ticketing segment, both organically and through acquisitions translated into EBIT. Let's have a quick look at quarter 4. 2025 was again supported by a strong third quarter and in particular, a very strong fourth quarter, which is seasonally still the most important period for Eventim. In Q4, we delivered revenues of EUR 931 million, representing a significant increase compared to the previous quarter and highlighting the strong year-end demand across our business. This growth was again supported by both segments. The strong top line development is translated into profitability. Adjusted EBITDA in quarter 4 increased by 12% year-on-year to EUR 246 million, reflecting not only higher volumes, but also the operating leverage in our model. More broadly, this also underlines the strong momentum in the second half of the year, where both revenue and earnings accelerated compared to the first half. Let me now turn to a drill down into our 2 segments, starting with our Ticketing segment. In 2025, ticketing delivered a consistently strong performance across all quarters with each quarter outperforming the respective prior year period. A key contributor to this development was the full year consolidation of France Billet and See Tickets, which for the first time accounted for all quarters. These acquisitions not only added volume, but also strengthened our regional footprint and international presence. We aim to scale the traditionally lower scale margin business of See Tickets to higher levels with our tech and product excellence and existing reach. Our broad and well-diversified partner network ensures a strong and reliable supply of events both through our own promoters or through long-standing relationships with third-party promoters. With See Tickets now being part of the group, we are now able to offer an even wider range of ticketing solutions to our B2B partners, either by offering the Eventim retail platform and the ability to profit from our huge customer database as presented earlier, or by providing more or less serviced ticketing solutions in the partner business and SaaS ticketing. The operational foundation for the just described financial development is a strong and consistent growth in retail ticket volumes, reaching 177 million tickets in 2025, which corresponds to a CAGR of around 29% since 2023. Again, this growth is broad-based across all regions. A key contributor to this development has been the expansion of our international footprint, particularly through the integration of France Billet and See Tickets. As a result, the regional mix of our business continues to evolve. Today, around 2/3 of our retail ticket volumes are generated outside Germany as illustrated on the right-hand side of the slide. This increasing international diversification is strategically important. By spreading our business across a broader set of markets, we are becoming more resilient to local economic volatility while at the same time reducing dependency on individual on sales or specific events. At the same time, this broader footprint allows us to capture growth opportunities across multiple regions, further supporting the scalability of our model. Let me now turn to our second segment, Live Entertainment. Again, record results. For the first time, Live Entertainment exceeded EUR 2 billion in annual revenues. With more than EUR 2 billion revenues in a broad portfolio of events, we have built a well-diversified and balanced promotion business. As the scale of the business increases, the dependency on single artists or tours becomes significantly smaller. This is also reflected in the seasonal profile shown on the slide. From a profitability perspective, we were able to cover first half year effects by strong momentum in the second half, with EBITDA growth supported in particular by our own venues business and the continued development of our U.S. activities. Altogether, we were able to maintain the EBITDA margin in Live Entertainment above 6% for now 3 consecutive years. Within the Live Entertainment segment, venues gained more importance in our business model. With assets such as the LANXESS Arena in Cologne, a number of midsized venues, open-air theaters and the Milan arena, we will further expand this footprint and enhance the Live Entertainment value chain. This is already visible in the numbers today. Our venue operations contribute roughly 40% to the Live Entertainment segment EBITDA, making it a key earnings driver. The profitability with approximately 46% adjusted EBITDA margin is comparable to our Ticketing business. I will provide you with more details on our financial strategy and overall approach with respect to venues later in this presentation when I talk about our strategy at the next chapter. Let me conclude the financial chapter with the financial results. As you have seen, our adjusted EBITDA, the key indicator of our operational performance increased by around EUR 42 million year-on-year. However, when moving further down the P&L, we see a notable swing in the financial result. In 2025, the financial result is approximately EUR 100 million lower than previous year, driven by: one, around 50% of the decline is related to negative foreign exchange effects as well as lower interest rate income. Two, a further 30% relates to 2024 effects nonrecurring in 2025, most notably a dividend contribution from the Cartel project. And three, the remaining 20% is driven by valuation effects linked to option valuations. The increase in operating performance is therefore offset by the weaker financial result, leading to a net result of EUR 277 million and earnings per share of EUR 2.89. In the following, I would like to highlight now our strategic priorities for 2026 and beyond. Let me start on a very high level. We define ourselves as the European integrated Live Entertainment business, a European-centric integrated Live Entertainment business. While preserving this strength, we have global ambitions. Our business idea is based on the 3 main business pillars: ticketing, events and venues, both integrated and open to third parties. First, ticketing. We operate the largest ticketing platform in Europe, serving both the content side, i.e., promoters and artists and a highly engaged fan base. Beyond ticket sales, this also creates meaningful monetization opportunities through data, personalization and ancillary services while helping drive revenues for our partners. The second pillar is events. Here, our own and third-party event network creates a broad and relevant inventory base that continuously fuels the ticketing platform. At the same time, the breadth of our event portfolio attracts more customers to our ecosystem, increasing frequency, engagement and demand. Therefore, events are the key traffic engine for broadening the platform. Being highly attractive for third parties, around 20% of the ticketing revenue is generated from group promoter content. Combined with our venue footprint, this allows us to support the value chain more vertically when providing full-service event organization and deepening relationships with artists and promoters. Just as importantly, events in our own venues feed directly back into the ticketing engine. This further improves quality, supply and execution while also creating a more differentiated offering for customers and partners. All 3 pillars are therefore intended to be mutually reinforcing. Ticketing drives audience reach and demand. Events generate relevant inventory and customer engagement. Venues provide supply, execution and capability. This integrated model directly translates into a number of structural strengths that set us apart, some of which we highlighted on the right-hand side of this chart. What I just described can be summarized as a fully integrated ecosystem with strong flywheel dynamics, creating a value loop. Promoters provide the inventory. venues create fan experiences and go-to places for artists. We use the generated data to drive engagement, reactivation and personalization, which improves customer experience and conversion and in turn, generates more data and better monetization opportunities. Generated insights help promoters and venues to market content more effectively and improve sell-through. Ticketing acts as the marketplace and catalyst that connects the ecosystem. We will continue to invest in this model through strategic growth initiatives and selective acquisitions. We consider a disciplined capital allocation aimed at reinforcing ecosystem dynamic and extending our long-term growth trajectory as essential, creating more value over the entire ecosystem. Having given this context, what are now our priorities for 2026 and beyond. We will continue strengthening our market leadership position in ticketing and Live Entertainment in Europe, while accelerating our expansion in the Americas, where we see significant growth potential. We will enhance our platform capabilities. By leveraging AI-driven personalization and driving higher-margin ancillary revenues, we aim to increase customer lifetime value while continuing to invest in the robustness and scalability of our technology. At the same time, we will optimize and grow our live portfolio. We plan to further expand our venue business and expand into artist management while preserving our asset-light model. Operational excellence remains a key enabler across all of this. We are driving further standardization and scalability across the organization to support profitable growth. Last but not least, we plan to continue selective inorganic growth opportunities. Our focus here is on acquisitions in high-growth opportunities where we can quickly deliver returns and realize synergies within our ecosystem. Overall, these priorities will create a bridge between our near-term execution and our long-term 2030 ambition. Allow me to provide you with some more insight and a short deep dive on our approach towards venues as part of our ecosystem. As I know, this has raised many questions last year. First, where will we invest? We focus on structurally attractive regions in Europe, followed by selected market opportunities in North and South America. Doing this, we target underserved metropolitan areas. Second, and how we select opportunities. Every venue must have a strategic fit within our ecosystem. And thirdly, all of this will be done, as I said before, while preserving our asset-light approach. We are currently working on a financial, respectively, commercial structure, enabling us to take existing and potential future venue assets off balance sheet. As you all know, such structures are highly complex and take some time due to this complexity. So please bear with us with me on this matter. To put, however, some more flesh to our venue strategy, allow me to give you some insight on the Unipol Dome in Milan. After approximately 2.5 years of construction, the arena successfully opened earlier this year. With the first event taking place on February 5, the Unipol Dome hosted the ice hockey matches for the Olympic Winter Games earlier this year. This venue represents the most modern large-scale arena in Italy and ranks among the most advanced and sustainable venues in Europe. The arena sets new standards, particularly in VIP and hospitality offerings as well as in state-of-the-art technical infrastructure for live events. Its distinctive design, including the LED facade establishes a true landmark in Europe and creates attractive long-term sponsorship potential, including Unipol Insurance to be the official naming rights partner. We plan to host around 50 shows this year only with an average ticket price approximately 10% higher than originally underwritten. Finally, let's have a look at our 2026 guidance and our new capital market communication approach. Eventim profits from strong and unbroken demand for Live Entertainment. In an increasingly digital world, fans like to get together, celebrating unique live experiences. Eventim will stay a growth asset for the years to come, even though our 2026 budget needs to compensate for a onetime effect in form of a structural income change from a long-term contract. We have set ourselves ambitious midterm targets in both our segments and on group level. We, however, carefully watch the current geopolitical situation. Rising uncertainties might have an impact on disposable consumer income and discretionary spending and thus might impact us indirectly. Everything else being equal, we expect a structural bottom line growth for the midterm in line with past performance, backed by a strong set of growth and margin measures. While we are planning slightly more conservatively for 2026, it is also possible to reach historical performance levels with these measures gaining traction. With this in mind, we guide for 2026. In ticketing, we expect all KPIs on previous year level, respectively, slightly higher. In Live Entertainment, we expect moderate growth in adjusted EBITDA and EBIT, whereas the revenues are expected to reach prior year level. Finally, we expect Eventim Group level KPIs on or slightly higher level than previous year. CTS Eventim has a consistent track record of returning value to its shareholders. In total, we provided to our shareholders since 2006, EUR 1 billion in dividends. Since 2014, dividend payments have grown from EUR 38 million to EUR 38 million in 2025. This reflects a long-term dividend per share CAGR of 17.4%. We plan to continue our dividend policy of a targeted payout of 50% net income. Hence, Management Board, respectively, the Supervisory Board is planning to propose to the AGM in May 2026, a dividend per share of EUR 1.44. Being on board now for nearly 3 months, what are my observations and what are my priorities and focus areas for the year to come. 5 focus areas: one, fundamental value creation steering. Value creation focus beyond EBIT or short-term payback metrics anchored in a holistic shareholder value-oriented steering. We will follow a framework KPIs, including cash flow generation, capital allocation and a clear prioritization logic. Two, I will explain this in a minute in more detail, an internal excellence program, a structured initiative to enhance operational performance and global competitiveness. Three, the preservation of our asset-light model, expanding and preserving this asset-light model to increase flexibility and capital efficiency. We will retain the operator role in venues to protect brand returns and ecosystem strategy while having the venue itself off balance sheet. Four, the fourth focus area, Investor Relations. I plan to further enhance investor interaction and engagement through proactive communication with increased transparency on strategy and performance and capital markets events to strengthen trust. And last but not least, M&A and M&A strategy. We will pursue value-accretive M&A aligned with strategic priorities and clear synergy cases. We have strict financial hurdles, rigorous due diligence and PMI to ensure sustainable value creation and capital discipline. As mentioned before and indicated to make everything happen what I just outlined, we will implement a comprehensive operating excellence program to translate strategic priorities into measurable execution. This program brings together our key value creation levers across commercial excellence, tech and product excellence, process excellence into one structured framework. All initiatives will feed into our midterm full potential plan. Such programmatic approach will enable transparency, accountability and execution discipline for all initiatives across the entire organization. The to-be-developed floor plan will refine our midterm ambition targets and is intended to propel the company tech-wise, commercially and financially to the next level. And last but not least, this call is intended to mark a new chapter in our capital market communication. We are -- and especially me, we are excited to announce our first ever Capital Markets Day at the Unipol Dome in Milan taking place in September this year. Hosting it at the Unipol Dome in Milan, the intersection of our venue strategy will simultaneously give you a firsthand experience of what world-class venue operations look like. During the Capital Market Day, we will provide you with more details on our strategy, midterm strategic full potential plan and our excellence program. We will share the exact date in due course as we would like to combine this with a very special event at the dome. But we are already today looking very much forward to welcoming all of you in Milan. Thank you very much for your attention. I hope this was helpful and insightful. Operator, let's jump into Q&A, and please let's open the line now.

[Operator Instructions] So the first question comes from Annick Maas from Bernstein.

I have a few questions, and I don't have -- I don't see the slide. So maybe this is on the slide, so excuse me if I'm asking it and it's displayed there. The first one is on the outlook. I think just to confirm that you said ticketing revenues and adjusted EBITDA are going to be on the previous year level in 2026. And in Live Entertainment, you said moderate growth in adjusted EBITDA. And just to confirm that moderate growth is still 5% to 15%, which is the number that you used to quote in the past and revenues will be in line with the prior year. So that's my first question on the outlook. The second one is Live Entertainment was quite strong in the fourth quarter. In the annual report, you're talking about the good lineup coming up. I just would like to understand, is there already any naming rights proceeds in the fourth quarter numbers of Live Entertainment or not? Then if you could give us just an indication in terms of the first quarter, particularly given reported comps are relatively tough here? And the last one is, can you just tell us a bit more whether this Amplify program is requiring some CapEx or OpEx investments to get going?

Yes. Thank you for your questions. These are indeed many questions. Amplify program, the Amplify program is a subprogram of the overall operational excellence program. It is, so to speak, the pillar, if you look at the slides in the middle on the tech and product excellence side, Amplify will indeed require certain investments as investments in IT, i.e., tech infrastructure, AI, et cetera. no naming rights in Q4 2025. Then the first question was in terms of our guidance. The guidance is a guidance where we are comparing on a qualitative basis to last year. And as I think you were correct in saying in ticketing, we expect all KPIs on previous year level, respectively, slightly higher. Live Entertainment, we expect moderate growth in adjusted EBITDA and EBIT, whereas revenues are expected to reach prior year level. And overall, the KPIs are on or slightly higher level than previous year. On previous year level, it could include both directions, below or above previous year by adding slightly higher, we decided to add the direction. But I gave you the context in my web just a minute ago, how we look at the world and, so to speak, economics globally for the time being. I hope this answered most of the questions.

Yes. Sorry, just a follow-up. So moderate growth, that means still 5% to 15%. That's the number that you, I mean, presented.

Moderate growth is moderate growth. We never gave out an official percentage associated to that.

Okay. And the first quarter, any indications there?

No, not yet.

The next question comes from Ed Vyvyan from Rothschild & Co Redburn.

I just had 2 questions. So could you just elaborate, please, on what you mean by the structural income change from the long-term contract in ticketing? And then the second question is there are kind of 2 key concerns which we hear a lot from investors around the stock. The first is the increased competition from Live Nation in Europe and then second are fears around AI disintermediation. So could you please comment on these 2 points and maybe give us a bit of your understanding of how Eventim is positioned to tackle both of those issues?

Okay. I don't see AI as an intermediator, so to speak, or disruptor for our business. AI will help us. But as I tried to say just a minute ago, AI and the increasing digital world is basically supporting Live Entertainment, is supporting the need of people seeking unique life experiences. So AI will be used by us to drive personalization, monetization opportunities, ancillary revenues, but we don't think that AI will basically replace live experiences for human beings. We are fully committed to roll out a genic first product and software development, as I mentioned before. And as I said, this will reach the entire value chain by 2026. And we are following an genic first approach where we see efficiency in time-to-market improvements by 80% and beyond. Live Entertainment is certainly a strong competitor, but this is just one out of many. We have our own strategy. We follow this strategy, and we are confident that with this strategy, we will return value to our shareholders, whether it's in Europe or in other places in the world.

And then just that question on -- you mentioned the structural income change from long-term contracts impacting the guidance. Can you just discuss that a little bit, please?

This is where -- on this contract, we have less prepayments. It's just on a regular level contract where we have access to tickets. And this just a normal contract ticketing contract like with any other, so to speak, customer of ours. The contract expired just by the term of it. So nothing too unusual of it.

The next question comes from Bernd Klanten from Barclays.

First question on venues. Can you expand a little bit on how exactly you're planning to remain asset-light while pursuing future venue projects? Then in your annual report, you listed risks based on changes in the market through product services, innovations, business activities and corporate values, and that was changed from low to medium. Can you maybe expand a little bit on that, what the idea was behind that? And then on CapEx, how much did Milan costing overall when I look at sort of property, plant and equipment we've seen quite a significant uptick again with EUR 236 million versus EUR 142 million last year. Can you perhaps give a little bit more color there, what was driving that?

So on venues, venues, as I mentioned and as you put it down on the slide, could mean greenfield as well as brownfield venues. So it's not precluded that we go greenfield, but what we will change is the way how to approach the venue. We could bring in partners at an earlier stage. We could using stage or development to core models or structuring projects where long-term capital enters once key milestones are achieved. In terms of venues being on our balance sheet, like the Unipol Dome, as I said, we are still in the process of developing the right structure. This could include partnering with somebody. This could include SLA financial structures. As you will know very well, there's a broad range of possibilities. We are discussing them internally in the moment. We will discuss them with potential partners/investors or finances in the market in due course, and we'll come back on that later in the year at latest at the CMD. How we think about CapEx for venues over the next 3 to 5 years was, I think, the next question. We expect a selective project-dependent capital requirement that will flexibly align with our concrete opportunities and the respective market conditions. I, therefore, cannot give you now a direct and will not give you a direct number. In doing so and following this approach, we will rely both on partnership structures, as I said, and co-investments as well as where appropriate on the independent execution of projects in order to deploy capital efficiently and realize opportunities in a targeted manner. Now how much did the Unipol Dome cost? After having hosted the ice hockey matches for the Winter Olympics this year, the venue is now almost ready. Just some technical fit-out needs to be realized in the upcoming months. The net amount of total cost over and above what has already been recorded in our financial statements is, however, still depending on various components, including certain subsidies we are foreseeing.

And on the risks that you've changed in the annual report?

What we put down on the risk section is the normal, so to speak, risk start of operations of the Unipol Dome, the normal ramp-up risk you would consider. We are, however, having hosted Olympic games with all these people and with a high standard of Olympic game in the Unipol Dome, I think this can be considered as a lower risk than compared to other risks we might face in this world today.

The next question comes from Olivier Calvet from UBS.

Just 2 questions left. Could I come back on the phasing of the year? Your main competitor has had a very strong start of the year in terms of the slate they've shown. So just curious how you see phasing and if that's incorporated in your full year '26 guidance? And then just on venues, helpful to see the additional disclosures. I'm just wondering if you could remind us the venues that are included in these disclosures and sort of contracts in place for those, anything that would be relevant, also particularly looking at '26?

Olivier, it's Marco. Could you please repeat the last question?

So yes, venues, yes, could you remind us what you include in your disclosures, which venues are included on revenue, EBITDA, right, and the contracts that are in place for those?

There was a second -- so it's LANXESS Arena in Cologne. Waldbuhne and K.B. Hallen in Denmark. The first question about the phasing of the year, as you were referencing to Live Nation, right?

Yes.

I mean, basically, there is, at this particular moment, no particular phasing, which we see throughout the year compared to what others might say. So we expect a regular year in 2026 compared to 2025.

We have the next question from Gerhard Orgonas from Berenberg.

Two questions, please. One is coming back to this long-term contract that has run out. Could you give us a financial impact from this, the headwind that you have in '26 compared to '25? And in venues, I'd be interested in what kind of scale you're looking at in terms of adding venues? Are you going to double, triple? Or what is the magnitude that you're looking at?

On the first question, I understand that question of yours, but we are there bound by confidentiality agreements with the partner. On venue scale, Fair question as well. This will be scaled and always put in place with overall investment in CapEx over a year and our cash we have available at the year or respective financing. At the end of the day, there is a gold rule. Opportunity needs to meet strategy. Now we will not do anything stupid. As I mentioned before, rigorous financials will apply as well as due diligence. At the end of the day, it's a selective approach in the geographies, the regions I mentioned. There, we talk to partners, there we talk to governments that we talk to cities. Overall, one thing is clear, you cannot handle -- you can only as a company, handle a certain amount of venues, which limits, so to speak, the ability, so to speak, to overboarding. And thirdly, as I mentioned before, venues always will basically need to provide the necessary flywheel fit, as I mentioned before, with again put a certain limitation on where we go. I hope that answers your question. More to be provided later.

So there are no further questions. Back to you.

Okay. Thank you very much. I hope this provided helpful for you, and you are as excited as I am for our upcoming Capital Markets Day. We will talk to each other, of course, during our quarterly results discussion. But legacy we'll see each other then in Milan. So hopefully, exciting event, music event as well as strategic and financial event. Many thanks to everybody. Bye-bye.