Live Nation Entertainment — Aug 7, 2025 release

and international markets • Collectively, these venues create incremental capacity for six million fans on a run-rate basis • Venue capital investments for new builds and refurbishments continue to deliver 20%+ returns ◦ New amphitheaters are delivering strong results, with food and beverage sales tracking double-digits higher compared to our historical portfolio, while also selling out premium seating ◦ Based on our current assessment, tariffs are expected to have minimal impact on venue investment costs, festival supply chain, and other costs 2 CONCERTS AND INTERNATIONAL ACTIVITY DRIVES TICKETMASTER RESULTS (VS 2Q24) • Revenue of $743 million, up 2% • AOI of $290 million, consistent with last year • Record Q2 total reported GTV of $9 billion, up 7% • Secondary GTV down mid-single digits due to increased market-based pricing in concerts and sports along with several lower-performing sporting events • Over 83 million fee-bearing tickets sold, up 4% ◦ International ticket volume up double-digits ◦ Concerts ticket volume up high-single digits while sports and other content continued to trail 2024 levels TICKETMASTER POSITIONED FOR GROWTH IN SECOND HALF OF 2025 (through July vs same period last year) • Q2 record deferred revenue of $317 million, up 22%, driven by Live Nation concerts activity • 17 million net new enterprise tickets signed, up 10%, with approximately 70% of the growth from international markets • On track to grow AOI double-digits in 2H • Full-year AOI margin expected to be consistent with prior years GLOBAL REACH AND SCALE CONTINUES TO ATTRACT BRAND PARTNERS • Revenue of $341 million, up 9% • AOI of $228 million, up 2% • Expanding our portfolio of brand partners through new agreements with major consumer brands including Kraft Heinz, Airbnb, and Samsung; as well as a ticket access agreement with United Airlines • Global venue portfolio expanding its name-in-title sponsorships, including TD Arena at Hamilton and Veikkaus Arena at Helsinki BRANDS CONTINUE TO SEE STRATEGIC VALUE FROM ENGAGING WITH CONCERT FANS (through July vs same period last year) • 95% of revenue committed for 2025, up double-digits • On track to deliver double-digit increase in AOI for the full year, with notable strength in Q4 • Full-year AOI margin expected to be consistent with prior years 3 STRONG BALANCE SHEET TO SUPPORT STRATEGIC VENUE EXPANSION • Year-to-date net cash provided by operating activities of $1,544 million and free cash flow—adjusted of $654 million, up 5%, and on track to grow both of these metrics by double-digits for the full year relative to last year • Year-to-date capital expenditures of $420 million; 2025 full year capital expenditures estimated to be $900 million to $1 billion ◦ $700 to $800 million of total capex is related to venue expansion and enhancement plans, for which the cash outlay will be reduced by approximately $200 million from funding by joint-venture partners, sponsorship agreements, and other sources ◦ 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 FINANCIAL DETAILS FROM THE ADDITIONAL 24% PURCHASE OF OCESA • The transaction will increase our ownership to 75% and is expected to close in August • Largely as a result of OCESA’s continued growth and the amended purchase agreement, total accretion for Q3 is expected to be $250 million and then fall to $35 million in Q4 • Full-year non-controlling interest expense is expected to increase in line with our AOI growth • These estimates are based on current projections for OCESA performance, current FX rates, and assume all other joint-ventures performance in line with current forecasts OTHER FINANCIAL INFORMATION • The cumulative effect on Q2 net income of accretion, higher taxes, and foreign exchange was $185 million higher cost compared to last year, impacting EPS • Based on current projected rates, foreign exchange is not expected to materially impact 2H financials • Full year depreciation and amortization expected to increase by approximately $75 million compared to last year • Our full-year P&L tax expense is expected to be 15-20% of our AOI. Carryforward operating losses will continue to reduce our U.S. cash taxes, resulting in global cash tax payments that are projected to be 20-25% lower than our P&L expense • 2025 share count not expected to change materially from 2024 4 Compare Our Operating Results To Past Quarters In The Trended Results Grid: https://investors.livenationentertainment.com/financial-information/financial-results The company will webcast a teleconference today, August 7, 2025, at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the “News / Events” section of the company’s website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the “Financial Info” section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 2Q25 Trended Results Grid is p