Slides
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NOVEMBER 2025
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Forward-Looking Statements Certain statements in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified. Forward-looking statements include, but are not limited to, statements regarding projections of Live Nation’s future financial results, business strategy and expansion plans, product roadmaps, competitive position, and the future development of markets and market opportunities. We have based our forward-looking statements on our beliefs and assumptions considering the information available to us at the time the statements are made. Use of the words “may,” “should,” “continue,” “plan,” “potential,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “could,” “target,” “project,” “seek,” “predict,” or variations of such words and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those in such statements. We wish to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, operational challenges in achieving strategic objectives and executing on our plans, competition in our industry, the risk that our markets do not evolve as anticipated, the risk that consumer demand weakens and other challenges associated with any economic slowdown. Based upon changing conditions, should any risk or uncertainty that has already materialized worsen in scope, impact or duration, or should one or more of the currently unrealized risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in any forward-looking statements. When no source is provided, numbers are based on management projections / estimates. We refer you to the documents that we file from time to time with the SEC, specifically the section titled “Risk Factors” of our most recent Annual Report filed on Form 10-K and Quarterly Reports on Form 10-Q, which contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements by or concerning Live Nation Entertainment are expressly qualified in their entirety by the cautionary statements above. We do not undertake any obligation to publicly update or revise any forward- looking statements because of new information, future events or otherwise. Non-GAAP Financial Measures This presentation contains a non-GAAP financial measure as defined by SEC Regulation G. A definition and explanation of why management believes that this non-GAAP financial measure provides useful information to investors is provided below. Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on dispos al of operating assets, and stock-based compensation expense. We also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors t hat affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.
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GLOBAL CONCERT TICKET REVENUE 2000 2023 2030P2020/ 2021 2022 2025 2024
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DOJA CAT TOURING LATIN AMERICA AND APAC – INCLUDING THE PHILIPPINES AND TAIWAN IMAGINE DRAGONS MULTIPLE SHOWS IN BRAZIL – INCLUDING BELO HORIZONTE AND BRASILIA KENDRICK LAMAR TOURING LATIN AMERICA AND PERFORMING 8 SHOWS IN AUSTRALIA DUA LIPA MULTIPLE SHOWS IN APAC – INCLUDING MALAYSIA,, INDONESIA, AND THAILAND COLDPLAY TOURED APAC WITH STOPS IN INDIA, HONG KONG, AND SOUTH KOREA OASIS PERFORMING IN LATIN AMERICA, AUSTRALIA, KOREA, AND JAPAN TRAVIS SCOTT PLAYING IN AFRICA, LATIN AMERICA,, AND ASIA – INCLUDING INDIA, CHINA, AND JAPAN LADY GAGA PERFORMING IN AUSTRALIA AND JAPAN – INCLUDING STOPS IN OSAKA AND TOKYO THE WEEKND TOURING EUROPE AND LATIN AMERICA – INCLUDING STOPS IN MEXICO AND BRAZIL LINKIN PARK TOURING LATIN AMERICA WITH STOPS IN ARGENTINA,, COLOMBIA, AND PERU
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= COUNTRIES WITH LIVE NATION CONCERTS OFFICES 53 7 5 2 2 1 1 1 2 1 1 2 1 1 1 1 2 10 1 1 2 2 1 1 2 2 1 2 4 3 7 1 1 1 1 1 9 1 1 2 1 1 2 2 1 1 1
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% OF FANS RANKING EACH EXPERIENCE IN THEIR TOP 3 SPENDING PREFERENCES FANS PRIORITIZE LIVE MUSIC WHEN CHOOSING WHERE TO SPEND1 LIVE CONCERTS OR MUSIC FESTIVALS VACATION TRAVEL DINING OUT LIVE SPORTING EVENTS LIVE THEATER BAR / LOUNGE / CLUB GOING TO THE MOVIES RECREATIONAL ACTIVITIES (E.G., GO- KARTING, PAINTBALL) AMUSEMENT PARKS / ZOOS / AQUARIUMS MUSEUM / HISTORICAL SITES GAMBLING 1. SOURCE: LIVE NATION FAN SURVEY, OCTOBER 2025; SURVEY QUESTION: “PLEASE RANK THE FOLLOWING TYPES OF EXPERIENCES FROM 1 TO 10, WHERE 1 IS THE EXPERIENCE YOU PREFER TO SPEND THE MOST ON, WHILE 10 IS THE EXPERIENCE YOU PREFER TO SPEND THE LEAST ON”
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SOURCE: LIVE NATION FAN SURVEY 84% ATTEND TO AVOID MISSING OUT ON A CULTURAL MOMENT 93% WANT TO EXPERIENCE “REAL LIFE” RATHER THAN DIGITAL LIFE 86% WANT TO FEEL PART OF A COMMUNITY WITH ARTISTS AND OTHER FANS 91% SEE IT AS AN ESCAPE FROM DAILY LIFE AND RESPONSIBILITIES
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1. LIVE NATION SURVEY, OCTOBER 2025; SURVEY QUESTION WAS “NOW IMAGINE THAT YOU HAD TO CUT BACK ON THE MONEY YOU SPEND ON EXPERIENCES. OF THE FOLLOWING, WHAT THREE TYPES OF EXPERIENCES WOULD YOU CHOOSE TO FIRST CUT BACK THE AMOUNT OF MONEY YOU SPEND ON? PLEASE SELECT UP TO THREE CHOICES BELOW” LIVE CONCERTS VACATION TRAVEL DINING OUT AMUSEMENT PARKS / ZOOS / AQUARIUMS GOING TO THE MOVIES BAR / LOUNGE / CLUB LIVE THEATER LIVE SPORTING EVENTS WHERE CONSUMERS WOULD FIRST PULL BACK1
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1. SOURCE: LUMINATE INSIGHTS – US MUSIC 360 (Q1 – Q3 2024) AVERAGE MONTHLY SPEND ON LIVE MUSIC BY U.S. CONCERT GOERS1 AVERAGE CONSUMER GEN Z MILLENIALS GEN X BOOMERS
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1. SOURCE: LIVE NATION FAN SURVEY, OCTOBER 2025; SURVEY QUESTION: “IN THE NEXT YEAR, DO YOU INTEND TO GO TO MORE, LESS, OR THE SAME NUMBER OF LIVE CONCERTS AND MUSICAL FESTIVALS COMPARED TO THE PAST?” FANS PLANNING TO INCREASE ATTENDANCE STAY SAME OR INCREASE 27% 65% 9% ANTICIPATED ATTENDANCE NEXT YEAR1 MORE SAME 91% DECREASE
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1. 2017 AOI EXCLUDES SONGKICK SETTLEMENT IMPACT OF $110M 2010 2011 2012 2013 2014 2015 2016 20171 20192018 // 2022 2023 2024 2025F 2026F 2027F LIVE NATION AOI 2030F2029F2028F
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THE WORLD’S BIGGEST SUPPORTER OF LIVE TALENT SPENT ON ARTISTS SHOWS1 – 1 EVERY 10 MINUTES FESTIVALS GLOBALLY ARTISTS FANS1 PROMOTE IN 51 COUNTRIES 1. AS OF LAST 12 MONTHS ENDING Q3 2025
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// 2010 2011 2012 2013 2014 2015 2016 2017 20192018 2022 2023 2024 LTM Q3 LIVE NATION FANS NEXT TARGET //
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90% 80% 60-70% 65-75% TYPICAL SELL-THROUGH % BY VENUE TYPE AMPHITHEATERS THEATERSARENASSTADIUMS
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2019-2025 ANNUAL GROWTH (CAGR) IN FANS BY VENUE TYPE STADIUMS ARENAS AMPHITHEATERS FESTIVALS THEATERS & CLUBS1 1. INCLUDES OTHER VENUE TYPES
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STREAMING AND SOCIAL PLATFORMS HELP ARTISTS BUILD MASSIVE AUDIENCES QUICKLY EFFICIENT SCALE LETS ARTISTS GO BIGGER, CREATING SHOWS THAT WOW FANS AND DRIVE EVEN MORE DEMAND BIG CONCERTS HAVE BECOME SOCIAL MOMENTS THAT DEFINE FANDOM AND CULTURE
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• • •
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OCT 2024 OCT 2025 STADIUMS AMPS ARENAS LARGE VENUE SHOW PIPELINE1 1. INCLUDES CONFIRMED SHOWS AND SHOWS WITH AN OFFER IN TICKET SALES UP DOUBLE DIGITS YTD
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LEADING DIVERSE GLOBAL PORTFOLIO LEADING GLOBAL PORTFOLIO BUILT FOR FANS AND ARTISTS 65M FANS $2B+ REVENUE1 $1B+ F&B REVENUE 34.5K EMPLOYEES 60 DEVELOPMENT TEAM MEMBERS 48 PIPELINE OF NEW VENUE PROJECTS2 1. GROSS REVENUES FROM ALL VENUE SOURCES EXCLUDING FACE VALUE OF TICKET 2. INCLUDES ARENAS, AMPHITHEATERS, THEATERS >3.0K CAPACITY, AND TEMPORARY STADIUMS SUFFICIENTLY ADVANCED IN DEVELOPMENT AND/OR ACQUISITION PROCESS; INCLUDES VENUES MEETING THIS CRITERIA THAT OPENED 2025 YEAR-TO-DATE ARENAS & STADIUMS AMPHITHEATERS THEATERS & CLUBS
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MAJOR ANNOUNCED PROJECTS 1. INCLUDES ARENAS, AMPHITHEATERS, THEATERS >3.0K CAPACITY, AND TEMPORARY STADIUMS SUFFICIENTLY ADVANCED IN DEVELOPMENT AND/OR ACQUISITION PROCESS; INCLUDES VENUES MEETING THIS CRITERIA THAT OPENED 2025 YEAR-TO-DATE • • • • MEO ARENA LISBON, PORTUGAL ATLETICO MADRID MADRID, SPAIN CENTENNIAL HALL ATLANTA, GA THE TRUTH NASHVILLE, TN LUNA PARK BUENOS AIRES, ARGENTINA GRANGE ROAD SINGAPORE, SINGAPORE CARDIFF ARENA CARDIFF, WALES ALLIANZ AMP RICHMOND, VA MUNICH ARENA MUNICH, GERMANY THE WYLIE PITTSBURGH, PA MYSTIC LAKE AMP SHAKOPEE, MN LANDMARK LIVE MILWAUKEE, WI RIVERSIDE AMP KANSAS CITY, MO LIMA MUSIC ARENA LIMA, PERU TD COLISEUM HAMILTON, CANADA
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FAN GROWTH FROM NEW VENUES1,2 2027 2028 2029 2030 2031 2032+ • • • • • • 1. INCLUDES ARENAS, AMPHITHEATERS, THEATERS >3.0K CAPACITY, AND TEMPORARY STADIUMS SUFFICIENTLY ADVANCED IN DEVELOPMENT AND/OR ACQUISITION PROCESS; INCLUDES VENUES MEETING THIS CRITERIA THAT OPENED 2025 YEAR-TO-DATE 2. THESE VENUES ARE DELIVERING 2.2M FANS IN 2025 2026
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$1B FOOD & BEVERAGES SALES ANNUALLY – SUPPORTS NEW BRAND DEVELOPMENT
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VINYL ROOM TERRACE @ THE TRUTH (NASHVILLE, TN)
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1. PARTNERS OVER >$1M REVENUE PER YEAR TOTAL BRAND PARTNERS STRATEGIC BRAND PARTNERS1 ANNUAL IMPRESSIONS ONSITE ANNUAL IMPRESSIONS ONLINE NPS AMONG BRAND PARTNERS
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2019 2022 2023 2024 TRAVEL CONSUMER GOODS ENTERTAINMENT & MEDIA SPONSORSHIP AOI ($M) DRIVERS OF GROWTH, 2019 – 2025F FUTURE GROWTH CATEGORIES FINANCIAL SERVICES 2025F BEVERAGE TELECOM TECH & ELECTRONICS
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ACCESS AND HOSPITALITY ONSITEUNIQUE EXPERIENCES SOLD ON AIRBNB BOOKING INTEGRATIONS CONCERT PHOTOGRAPHY CLASS FESTIVAL PRODUCER TOUR SPECIAL ACCESS FOR SUPERHOSTS AND EXPERIENCE PURCHASERS SEAMLESS ACCOMMODATIONS FOR FESTIVAL GOERS
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CONFIRMED SPONSORS FOR 2026 2025 2026 CONFIRMED PIPELINE
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ENTERPRISE CLIENTS WORLDWIDE THE WORLD’S LEADING TICKETING PLATFORM TICKETS SOLD1 GROSS TRANSACTION VALUE1 MONTHLY ACTIVE USERS ON TICKETMASTER APP2 1. AS OF LAST 12 MONTHS ENDING Q3 2025; INCLUDES FEE-BEARING AND NON FEE-BEARING TICKETS 2. AS OF SEPTEMBER 2025 TICKETS IN 39 COUNTRIES
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NET NEW TICKETS SIGNED BY YEAR (M)1 EXAMPLE WINS BY REGION2 2023 2024 2025 YTD 1. INCLUDES ONE-TIME TICKETED EVENTS 2. TICKET COUNTS ARE ANNUAL FIGURES, EXCEPT FIFA IS ONE-TIME TICKETED EVENT NORTH AMERICA INTERNATIONAL
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1. RULE APPLIES TO CONCERTS 2. SOURCE: LIVE NATION ESTIMATES 3. ESTIMATE NOT AVAILABLE
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2022 2023 2024 2025 YTD 2025 SEPT.–OCT. AVERAGE NUMBER OF BOTS BLOCKED PER MONTH (BILLIONS) TICKETMASTER HAS STRONG BOT DEFENSES
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FAN IS INFORMED VIA EMAIL THAT THEIR ACCOUNT HAS BEEN RESTRICTED AND REQUIRES A SECURITY CHECK FAN USES THEIR PHONE TO SCAN THEIR FACE AND PROVE THEY ARE LIVE (I.E., NOT A BOT) IN MOST CASES, THE FAN MUST ALSO SUBMIT A PICTURE OF A VALID PHOTO ID THAT’S ALL! ONCE THE FAN HAS COMPLETED THESE STEPS, WE RETURN A DECISION TO THEM WITHIN 7 BUSINESS DAYS
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LTM AOI GROW FANS OPTIMIZE SHOW PERFORMANCE VENUE NATION GROWTH1 GROW SPONSORSHIP ADD FEE- BEARING TICKETS FUTUREENHANCE TICKETING PRODUCTS 1. $500M OF THE FULL $600M FROM NEW VENUES INCLUDED DUE TO TIMING
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($ in millions) 3 months ended December 31, 2024 9 months ended September 30, 2025 LTM Operating income (loss) (239) 1,394 1,155 Acquisition expenses 32 142 174 Amortization of non-recoupable ticketing contract advances 27 62 89 Depreciation and amortization 143 474 617 Gain on sale of operating assets (6) (18) (24) Astroworld estimated loss contingencies 175 (8) 167 Stock-based compensation expense 25 127 152 AOI 157 2,173 2,330
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NOVEMBER 2025