Live Nation Entertainment Inc

Demand & sell-through look strong for 2H 2026 (good + “surprising” durability) - CEO Michael Rapino said there are “no consumer issues to-date” and that fan count is up globally >10% year-over-year across international, U.S., clubs, amphitheaters, stadiums, and all geographies. - Management emphasized record consumer purchasing/consumption: on-site food & beverage is up YoY across owned/operated, and liquor is also up YoY, with no evidence of consumers cutting back on the “two-hour night out.” - Cancellations are running extremely low: 1.1% cancellations vs. 1.6% historical average, framing it as occasional outlier headline tours (the “1% not the 99%”). - Outlook stance: management expects 2026 to be another record year, with strong Q3 and Q4 to finish the touring year; additionally, they cited “deferred record levels” for going forward (i.e., demand pipeline).

Concert segment outlook: growth and margin expansion weighted to 2H (forecast + cadence) - CFO Joe Berchtold reiterated full-year focus: he expects double-digit fan growth driving double-digit revenue and AOI growth, and margin expansion overall. - Quarter mix: nothing to rely on for margin/financial upside in 1H, because U.S. was impacted by stadium availability entering Q2 into early Q3. - Timing expectations: - U.S. fan growth concentrated in 2H: double-digit YoY fan growth expected in both Q3 and Q4. - International momentum continues: double-digit fan growth in each of Q3 and Q4 internationally. - Key confidence driver: shows “booked and confirmed” plus deferred revenue at a level giving confidence tickets are “in the bank”; margin expansion also tied to faster growth in operated venues/fan count vs. third-party (structural mix benefit).

Ticketing (Ticketmaster) “turning the corner”: improved growth algorithm + AOI outlook (good) - Joe Berchtold said the quarter’s Ticketmaster performance increased full-year expectation for Ticketmaster AOI growth to mid-single digits. - Strategy/growth levers: - Global concert growth remains the main tailwind. - U.S.: despite limited new venue additions, Ticketmaster is growing fee-bearing ticket count high single digits so far this year (driven by more activity/utilization). - International: a double/triple benefit—more shows + more markets + venue expansion—and Ticketmaster positioning as “best in class” technology helps win share (notably mentioned for Latin America and Asia). - Secondary ticketing: secondary below teens in global GTV share, described as low double-digit portion; concert (primary) is still a small fraction of their focus shift effort (said to be ~5% of global GTV), and management doesn’t see it as a constraint on growth going forward.