Live Nation Entertainment — Feb 19, 2026 release

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 including Bang & Olufsen, Anheuser-Busch InBev, and Santander Bank STRONG 2026 OUTLOOK: EARLY FAN COMMITMENT SIGNALS A LANDMARK YEAR FOR ARTISTS • Sponsorship AOI growth expected to be heavily driven by our venue portfolio expansion and global festivals 3 STRONG FREE CASH FLOW PROFILE • 2025 generated operating cash flow of $1.4 billion and free cash flow—adjusted of $1.3 billion, up double-digits and with higher AOI to free cash flow—adjusted conversion than 2024 • 2026 full-year AOI to free cash flow—adjusted conversion is expected to be higher than 2025 CAPITAL DEPLOYMENT TO SUPPORT VENUE OPPORTUNITIES • 2026 capital expenditures expected to be $1.1 to $1.2 billion ◦ Approximately $800 to $850 million of total capex is for venue expansion and enhancement projects ◦ Venue investment cash requirements expected to be reduced by approximately $250 million from funding by joint-venture partners, sponsorship agreements, and other sources ◦ Additional capex allocated to our ticketing and sponsorship growth initiatives, as well as ongoing maintenance at our venues ADDITIONAL INCOME STATEMENT DETAILS FOR FULL YEAR 2026 (vs FY25) • Depreciation and amortization expense expected to grow by 10% • Interest expense, net of interest income, is expected to be $280 million • Tax expense expected to be 15-20% of AOI, with cash taxes estimated at approximately 80% of that amount due to various tax benefits and timing differences across our global markets • Below the line items: ◦ Accretion expense is expected to be $160-180 million ◦ Noncontrolling interest expense is expected to increase by 20% • 2026 share count not expected to change materially from 2025 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, February 19, 2026, 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 4Q25 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release. Notice Regarding Financial Statements The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set fo