Live Nation Entertainment — May 5, 2026 release

1Q25 unless otherwise noted) • Revenue of $259 million, up 20% • AOI of $165 million, up 21%, reflecting the strength of international festivals in South America and our growing venue portfolio • 85% of 2026 sponsorship commitments booked as of end of April, up double-digits • AOI expected to grow double-digits for the full year, driven by venue portfolio expansion including naming rights across major arenas and festivals globally • Full year AOI margin expected to be similar to last year 3 CAPITAL ALLOCATION SUPPORTS VENUE EXPANSION AND LONG-TERM GROWTH • Q1 capital expenditures totaled $249 million; full year spend 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 • Full year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025 CONTINUED TO BOLSTER OUR BALANCE SHEET IN Q1 • Cash and cash equivalents of $9.1 billion, up from $7.2 billion last year and free cash of $1.7 billion, up from $1.1 billion last year • Leverage stands at 3.6x, in line with historical levels, with a weighted average cost of debt of 4.2% • In April, raised approximately €610 million in long-term debt at 5.5% through an investment grade financing vehicle backed by a portfolio of major venues FULL-YEAR INCOME STATEMENT DETAILS (vs. FY25) • Depreciation and amortization expected to grow 12-15% • Net interest expense is expected to be $280 million • Income tax expense is expected to be 15-20% of AOI, with cash taxes projected to be 80% of that amount • Below the line items: ◦ A $45