amphitheaters and an additional stadium in Mexico ◦ Expanding our global arena portfolio through several acquisitions across Latin America and Europe, including La Défense in Paris • 2026 preopening costs for all venues under development are expected to be approximately $50 million • Venues opening in 2026 are projected to reach their run-rate annual AOI across concerts and sponsorship by 2029, delivering 20%+ IRRs 2 CONCERTS ACTIVITY LED TICKETMASTER GROWTH IN 2025 (vs FY24) • Revenue of $3.1 billion, up 3% • AOI of $1.1 billion, up 1% • Margin of 37%, continuing in the high 30s • Concerts outperformed all other categories: ◦ Fee-bearing tickets increased 2% to 346 million, driven by concerts up 4% offsetting a 2% decline in sports and other third-party activity ◦ Total fee-bearing GTV increased 6%, driven by a 9% increase in concerts offsetting a 1% decline in sports and other third-party activity • Ticketmaster achieved strong client-win momentum, adding 27 million net new enterprise tickets, led by our international markets BOTH NORTH AMERICA AND INTERNATIONAL MARKETS DRIVING GROWTH IN 2026 (through early February vs same period last year) • Primary fee-bearing GTV expected to grow mid to high-single digits, with concerts contributing majority of this growth: ◦ Year-end 2025 Ticketmaster deferred revenue of $226 million, up 7% ◦ Signed four million net new enterprise tickets in the month of January, with two-thirds coming from international markets • Ongoing initiatives to combat scalpers and bots expected to limit secondary activity, which we expect will impact ticketing AOI by mid-single digits for the full year • Nearly all new features under development are leveraging artificial intelligence with a focus on value-added services for venues and improving the customer experience GLOBAL REACH UNLOCKS NEW BRAND PARTNERSHIPS FOR ARTISTS AND FANS IN 2025 (vs FY24) • Revenue of $1.3 billion, up 11% • AOI of $845 million, up 11% • Margin of 64%, consistent with last year • Broad-based strength across both online and onsite advertising and across several major categories, as brand partners increasingly recognize the power of our global platform: ◦ Sponsorship spending at our global venue portfolio grew mid-teens, with strong ongoing momentum ◦ Travel and entertainment, beverages, and financial services categories grew double-digits, with multiple additions and expansions to our portfolio i

later in the release …

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.