Live Nation Entertainment — May 1, 2025 release

averaging below last year and pacing 10 percentage points below the rate of inflation since 2019 ◦ $40 average get-in price across all venue types ◦ $60 average get-in price across stadiums, 8% below 2024 levels • Full-year AOI margins expected to be consistent with last year ◦ Based on our current assessment, minimal impact from tariffs expected to our supply chain or touring logistics for the year VENUE NATION CONTINUES TO EXPAND HOSPITALITY OFFERINGS (VS 1Q24) • Approximately 10 million fans attended shows in our operated venues in Q1, up double-digits • Continuing to enhance hospitality offerings to meet fan demand ◦ Food and beverage spend globally at theaters and clubs at or above last year levels ◦ Ancillary per fan spend at Estadio GNP up over 30% after refurbishment, driven by increased on-site and premium experience spending SCALING VENUE EXPANSION TO UNLOCK GLOBAL DEMAND • Fans attending shows in our operated venues expected to be up double-digits this year • Plan to open at least 20 large venues (stadiums, arenas, amphitheaters, and large theaters) globally through 2026, creating capacity for approximately seven million incremental fans on a run-rate basis and delivering average investment returns of 20%+ 2 STRONG CONCERTS ACTIVITY DRIVES TICKETMASTER RESULTS (VS 1Q24) • Revenue of $695 million • AOI of $253 million • Concerts primary GTV up 9%, reflecting strong consumer demand for live music • Fee-bearing tickets of 78 million, consistent with last year ◦ Concerts tickets up 4% and comprised 60% of volume ◦ Non-concerts tickets down 9% and comprised 40% of volume Q2 STARTS STRONG WITH CONCERTS SEASON GAINING MOMENTUM • Ticketmaster ended Q1 with record deferred revenue of $270 million, up 13%, indicating a strong year ahead with AOI growth accelerating into 2H • Ticketmaster transacted ticket sales for concerts up 25% and GTV up 45% for 1H April • 9.5 million net new enterprise tickets signed, with approximately 70% from international markets • Full-year AOI margin expected to be in the high 30s, consistent with prior years GLOBAL REACH CONTINUES TO ATTRACT BRAND PARTNERS AND FUEL GROWTH IN Q1 • Revenue of $216 million • AOI of $136 million • Brand partnerships continue to leverage the power of our on-site and online global platforms ◦ Increased penetration in key categories such as retail including a festival partnership with 7-Eleven, and beverages through new multi-year deals with Athletic Brewing Company, Four Loko, and others ◦ Expanding relationships across our venue portfolio with new name-in-title sponsorships including Citizens Live at The Wylie and Synovus Bank Amphitheater at Chastain Park CONTINUED BRAND ENGAGEMENT TO DRIVE ANOTHER RECORD YEAR (through mid-April vs same period last year) • Over 80% of our 2025 revenue is comprised of committed strategic deals (>$1 million) ◦ Number of committed strategic deals are up double-digits ◦ Revenue generated from these clients is also up double-digits • Full-year AOI margin expected to be in the low 60s, consistent with prior years 3 STRONG BALANCE SHEET TO SUPPORT STRATEGIC VENUE EXPANSION • Full-year AOI to free cash flow—adjusted conversion rate expected to be consistent with historical levels • 2025 capital expenditures estimated to be $900 million to $1 billion ◦ Of this, $700 to $800 million is related to venue expansion and enhancement plans, which are expected to yield IRRs averaging 20%+ ◦ Approximately $200 to $250 million of funding from joint-venture partners, sponsorship agreements, and other sources, reducing cash flow requirements ◦ Maintenance capex spend remains consistent with historical levels • Over 90% of our debt is at fixed rates with a weighted average cost of debt of approximately 4.4% with no remaining debt maturities this year ADDITIONAL FINANCIAL INFORMATION • Foreign exchange impacted operating income and AOI by 11% and 5%, respectively, in Q1 largely due to exposure to the Mexican Peso and other Latin American currencies. Based on current projected rates, the impact of foreign exchange is expected to be low-single digits to revenue, operating income, and AOI for Q2 • Full year depreciation and amortization expected to increase by approximately $75 million compared to last year • Full year accretion is expected to be $125 million higher than last year, largely driven by continued growth of OCESA profitability • Non-controlling interest and taxes are expected to increase in line with our AOI growth • 2025 share count not expected to change materially from 2024 Compare Our Operating Results To Past Quarters In The Trended Results Grid: https://investors.livenationentertainment.com/f