Good evening, everyone, and good morning to those joining us from the U.S. Welcome to CTS Eventim's Earnings Call for the First Nine Months of 2026. Thank you very much for joining us today. I'm Philipp, SVP Finance at CTS Eventim, and I'm pleased to give you an overview of our results today. Joining me is Marco.
Hello, everyone.
Thanks, Marco. Let me briefly outline today's call. I'll start with the highlights of the third quarter and our key financial figures. I will then take you through the performance of our Ticketing and Live Entertainment segments before we discuss the development of our net result. As usual, we'll be happy to answer your questions at the end of the presentation. Let me start with three highlights from the third quarter. We promoted the largest single concert ever held in Italy. Around 250,000 fans came together in Rome for an extraordinary night with Italian superstar Ultimo. Following this event, ticket sales for his 2027 stadium tour started also very successfully, with almost 500,000 tickets sold on the very first day. For me, this is a great example of our business model. Local content, local promoter, local ticketing excellence, combined with the resources of an international group.
Another highlight was the European arena tour of the alternative rock band Evanescence. We were selected as the general promoter for this arena tour, which comprised 12 shows across seven countries. This is another good example of the strength of our international promoter network. We can offer artists and their management one-stop shop for multiple European markets. Following the successful ticket first release for the LA28 Olympic Games in April, the second ticket release took place in August. Here, we once again demonstrated the robustness of our Ticketing platform and our ability to handle major international sporting events. Let's have a brief look at the headline figures for the first nine months. We continued to grow across all major KPIs. Overall, the figures demonstrate the continued growth of our business and our ability to translate revenue growth into higher earnings.
Group revenue increased by more than 8% to more than EUR 2.3 billion. Adjusted EBITDA grew by more than 6%, while EBIT increased by nearly 4%. Earnings per share rose by more than 14%. In the end, these figures reflect both the growth in our operating earnings and an improved financial result. Let me now take you through the details and the drivers behind these figures on the next slides. Group revenue, adjusted EBITDA, EBIT all reached their highest levels ever for the first nine months of a year. Revenue grew across our markets, especially in the Ticketing segment. The adjusted EBITDA margin is fully in line with the prior- year period, even though the 2026 figure includes costs associated with our operational excellence program.
Please let me add that due to the seasonality, we typically see a much higher margin in the fourth quarter, which will also increase the full-year margin. I would also like to mention that EBIT was impacted by a one-off effect we adjusted in the EBITDA. Adjusted for this effect, EBIT growth would have been broadly in line with the increase in adjusted EBITDA. Let's take a closer look at our Ticketing business. Ticketing revenue increased by more than 13% for the first nine months. Let me please highlight that on a like-for-like basis, growth was in the mid-single- digits. Like-for-like in this case means we adjusted for the contract change in the prior year and the LA28 effect this year. What I also would like to point out is that the margin reflects the costs of our operational excellence program.
Excluding that cost, the margin would be around 40%. Without giving too much away, I can already tell you that I will share more details on the operational excellence program next Friday at our Capital Markets Day. Let's now turn to our Live Entertainment segment. Revenue increased by nearly 6% to EUR 1.65 billion in the first nine months. Looking at the quarterly development, revenue in the third quarter was below a strong prior- year period. As always in Live Entertainment, the timing of individual shows and tours can have a significant impact on quarterly results. In third quarter of last year, for example, Ed Sheeran's European tour made an extraordinary contribution to revenue and adjusted EBITDA. For that reason, I think it's useful to look at the second and third quarter together.
Combined revenue for those two, let's say, summer quarters remained broadly in line with prior- year. That was supported by a robust and diverse portfolio of artists and events. In my opinion, even more important is the increase of adjusted EBITDA from EUR 80 million to EUR 94 million. I would like to highlight that the adjusted EBITDA margin in core live, that means excluding the venues, increased significantly from 2.8% to 4%. This improvement reflects the active portfolio management, particularly in the festival segment, as well as cost reduction measures. Overall, Live Entertainment delivered revenue growth and clear improvement in its margin for the first nine months. Also, our venues continue to make a significant contribution to the results of our Live Entertainment segment. Our established venues, including LANXESS arena in Cologne, delivered another strong performance this summer.
The reported adjusted EBITDA margin for the venue business stood at 35%. Excluding the one-off startup cost for the Unipol Dome, the margin was in line with prior- year level. Meanwhile, the Unipol Dome's event calendar continues to grow. Later this year, we will host stars such as Muse, Bryan Adams, and Italian artist Max Pezzali. Max alone will play a residency of 11 concerts around Christmas and New Year. The calendar for 2027 is also filling up as planned. Let's now move from operating earnings to the net result. Alongside the growth in operating earnings, the financial result also improved, mainly due to lower FX effects compared with prior- year. Together, these developments drove a 14% increase in earnings per share to EUR 1.78. We look forward to welcoming you in person to our Capital Markets Day in Milan next week on Friday.
To help us finalize arrangements for the shuttle, dinner, and the Muse concert, we kindly ask all of you to complete the short form we sent out via email today, and we will keep you informed on any further updates. This concludes now our presentation of the results for the first nine months of 2026. Thanks a lot for your attention. Operator, we are now ready to take questions. Please open the line.
Thank you very much. Ladies and gentlemen, if you would like to ask a question, please press the star key, nine, and the pound key on your telephone keypad. If you would like to cancel your question, press the star key, three, and the pound key. You can also use the dial-in function in the webcast to ask a question by raising your hand. The first question is from Olivier Calvet from UBS. Go ahead, please. The floor is yours.
Thank you. Good evening, Philipp and Marco. Thanks for taking the questions. I guess the first one would just be on the adjustments that you made at EBITDA. Obviously, there were none in the first half, so now you show some. Is this related to the fact that you have this slightly unique definition of using a cumulative number and defining it as a percentage threshold on your revenues? That would be great to get a bit more color on the adjustments that you've made in Ticketing. Secondly, on the venue performance, just curious how much you estimate the drag from Unipol Dome on the venue EBITDA in the third quarter, perhaps. And thirdly, just on ticket disclosures, normally you disclose retail ticket volumes by region.
Just curious if you are saving this for the CMD or if you could give us maybe some color there of which regions performed well this quarter. Thanks.
Okay, let me take the first one. That was for the EBITDA adjustments, and yes, you are right. We define ourselves very high threshold to have adjustments on the EBITDA, and that is why it has to be very significant impact in the P&L that we can adjust it. This time, there was more than EUR 7 million effect where we had to pay back ticket money to the people who bought the tickets, yeah, and that was adjusted. That is a one-off. That is only this one-time effect, and yeah, that is it. You are right, the threshold is very high, so that is why we not very often have adjustments in the P&L.
Okay, and just to clarify on this, was this a cancellation or was this something else?
There was an event cancellation where we had the obligation to pay back the ticket money then to the fans. For a promoter that was not able to recharge it. Yeah, that was an external promoter not able to recharge us.
On the venue?
Let me take this one. Hi, Olivier. The ramp-up of the Unipol Dome , particularly in this year, in the third quarter, caused a little bit of a drag of a low- single-digit million amount in the third quarter on EBITDA terms. But as Philipp said, of course, the calendar is filling as planned for next year, and already Q4 is, of course, very good positioned to, of course, take a little bit of the drag away on the full-year basis. Sorry. The question on the retail tickets, you are right. Good that you spotted it, that this is a slide which we have not shown here, but we want to keep some powder dry for next week, where we can maybe update a little bit the slides and continue further earnings calls with a little bit more granularity on things like ticket volumes and so forth, and regions.
Okay, thanks.
Thank you. The next question is from Kate Xiao from BofA. You can go ahead. The floor is yours.
Thank you very much for taking my questions. I would like to ask how you, obviously, you have held your guidance for this year. How do you think about, I guess, the 4Q and full-year outlook based on your compiled consensus that you have kindly shared? Consensus looking at, if I look at Ticketing revenue, 10% growth for the year, which implies about 4.5% 4Q growth, Live Entertainment revenue about 6% growth, which implies about 7% growth in 4Q. I just wonder whether you have any commentary around whether you are comfortable with these consensus estimates. A second question around Live Entertainment. Philipp, you commented on how you think combining 2Q and 3Q is the right way to look at the performance, but it was flattish to down slightly if you look at these two combined.
Would you say that is the underlying growth you would expect, or indeed should be a bit better than that? A third question, I guess a follow-up on venue. The 3Q venue margin declined quite a bit from 37% in 2Q to 14%. You have mentioned there is a bit of Unipol Dome ramp. Is there anything else we should know? What do you think is the trajectory of revenue and margin ramp of your venue business going forward, maybe in the next couple of quarters? Thank you.
Marco, maybe you take the one on the guidance, then I will add and take over the next one.
Yeah. Thank you. Hi, Kate. So guidance, I mean, as for now, as we stated in the press release, yeah, we reiterate the outlook, yeah? Rolling, of course, this topic as well into next week, where, of course, we will share a little bit more of how we look into the future. But for now, your implied views on the Q4 with the consensus is right, yeah? But like we said, for now, we reiterate the outlook as it was stated throughout earlier calls.
Yeah. On Live Entertainment, yeah, you said, yeah, combining the two quarters, then the growth is flat. Of course, that is not our ambition, and that is not what we are looking forward to. But as I said, there was a margin improvement. That means we also shut down festivals and other things, which means their revenue is not then in there in this year's revenue. So, I think that is one explanation on that. I think that for next year, you will then again see increase. Yeah. Marco, maybe you want to add?
No, the third one.
The third one, yeah. Venues.
The third question on the venues, as we said in Q3, there was a little bit of a drag. Of course, throughout the opening ceremonies in February with the Winter Olympics and a handful of selected concerts then to pay or introduce the venue into the broader landscape. This whole year has been characterized by the ramp-up of the Unipol Dome, yeah? Which already generated revenues, but was still, like we heard in the earlier question, a little bit of a drag on the bottom- line. If you would adjust for this ramp-up phase, yeah, you would have seen in our venue operations activities margins in the mid-40s, yeah? With regards to how we expect the next quarters to turn out, as Philipp said, already the Q4 schedule is very full, yeah? Even around Christmas, we have Italian artists playing 10 to 11 shows-
11 shows.
11 shows as a residency. For next year, the book is filling up well, and this is where we can share and are happy to share more details next week.
All right. Thank you.
Thank you very much. The next question is from Lars Vom Cleff from Deutsche Bank. Please go ahead. The floor is yours.
Yes. Thank you very much. Good evening. At this stage, only one question from me remaining. I might have overheard it, but did you share with us the revenue contribution from the second drop of the L.A. Olympic tickets? Is it fair to assume that these came with a 20%-25% EBITDA margin again?
Yeah.
I can also, maybe Marco, I am going to answer the question so that is the margin expectations completely right, yeah? Fully agree. That is a mid-20 revenue.
Yeah.
That came from that.
Yes. As already sneak peeked in the second quarter call, where we framed a little bit how large the first drop was and where we gave the indication that we would expect the second drop to come in at around half the size, which is exactly what points us here to the mid-20s in terms of revenues.
Perfect. Thank you. I will go back into the line.
Thank you very much. The next question is from Ciarán Donnelly from Citi. You can go ahead. The floor is yours.
Yeah. Thanks a million. A few questions from me. Firstly, just in terms of Q3, could you give us the contribution of price and volume to like-for-like ticket growth? Then just looking forward to Q4, could you just kind of let us know, is there anything in the Q4 comp from last year that we should be aware of in terms of, like we saw in Q3 with perhaps some of the Live Entertainment tours, just to understand the comps for Q4 a little bit more? Maybe just clarify, is there any more LA drops coming in Q4? Is that it done for the year? Thanks.
First question, Marco, maybe you answer, I am going to take the second, yeah?
Yeah. Thanks for your question. So on Q3, with regards to the structure of the revenue, most of it was a very favorable pricing mix for us year-over-year in Ticketing that supported the revenue growth.
Your question on Q4, there are no more LA drops planned for this year. Nothing we are aware of. I would wonder if there would be something. Of course, the operational excellence program will be part of the Q4 results. More on that, as I said, next Friday. Of course, the change in contract of our Ticketing contract with Stage, that is, of course, also part of Q4 last year and has changed to Q4 this year.
Okay. Should we think of Q4 headline growth closer to like-for-like growth?
Yeah. For now, this is a good estimate.
Okay. Thanks.
Thank you very much. The next question is from Craig Abbott from Kepler Cheuvreux. You can go ahead. Floor is yours.
Yes. Good evening. Can you hear me?
Yeah.
Yes, we can hear you.
Okay, great. Thank you. Yes, in fact, I also was wanting to try to ask for your help to help us bridge both the Ticketing revenues and the earnings from the three different factors in that quarter, Q3. Talking about the organic contribution. Okay, L.A., you gave us the fall away of the B2B contract, and also if you can give us an indication roughly how that worked out for the adjusted EBITDA as well. I appreciate you are going to give us more color on the operational excellence program at the CMD next week, but could you maybe at least flag us a number of what was included in Q3, has it been in line with your run- rate year- to- date, and should we expect that run- rate to continue in the fourth quarter?
My final question, it has been asked basically, but I also was just wanting to get some color on the dynamics that you are seeing for the fourth quarter, because the tonality in the press release and also at the call regarding the CFO change was also mentioned by management that the outlook for Q4 was quite optimistic. Any color you could give us there would be very helpful. Thank you.
Maybe, Marco, you start and I jump in.
Yeah. Okay. Hi, Craig. Thanks for the questions. Let me start with the Q3 bridge then, right? Basically, as we said, I mean, we already indicated that L.A. contributed some kind of revenue part in the mid-20s, yeah? As we said already in our second quarter call, that the change in the B2B contract year-over-year was a little bit of a headwind of around EUR 10 million on the revenue line, yeah? If you adjust from where we were coming in Q3 last year, the EUR 211 million, and then math out the gap there, you would get some kind of, yeah, 4% literally top line like-for-like growth, which translates into roughly EUR 8 million of revenue. So this is basically the full bridge on the top- line.
When we go to the bottom- line, particularly when you look at the margin levels we were coming from last year in Ticketing, the 43.1%, you can say that due to like-for-like growth, we had an improvement of roughly 100 basis points. But then on the other side, due to the mix effect and the relatively lower margin from the L.A. contract in the third quarter, causing a little bit of dilution of roughly 80 basis points, due to the comp base last year with Stage, we basically lost 2 percentage points of margin, and the operational excellence cost, which leads into your second question, cost another 2% margin, which translates into the run- rate we have seen throughout the first quarters of almost EUR 5 million per quarter, and this is basically what we've budgeted as well for the fourth quarter.
I tried to make it a home run and directly answer your second question. Philipp, do you want to say something on the third one?
The-
Dynamics for Q4.
Dynamics from Q4, which was announced. I mean, we stick to our guidance, and that is what we did with now publishing the numbers. I think that's all we can say right now.
Yeah. Craig, when you are referring to, of course, Klaus-Peter being bullish as he always is, yeah? Of course, the fourth quarter is always the most important quarter in Ticketing for us, yeah? There, this year won't make any change. I think this is something we can underwrite here as well.
Yeah.
Of course, looking forward to what we are going to share with you next week, yeah, is of course what fueled as well his excitement at the beginning of October when he was looking very positive into the fourth quarter this year.
Okay. Thank you.
Thanks, Craig.
Thank you very much. The next question is from Andreas Riemann from Oddo BHF. The floor is yours. You can go ahead.
Yes. Good evening, Philipp. Hello, Marco. On Ticketing margin, the EBITDA margin in Ticketing was 37% after nine months, as you show on page five. If I back some operational excellence costs, I probably get to 40%. Is the gap of 300-400 basis points compared to the levels we saw two to three years ago basically the dilution coming from eTicket? Linked to that, where is the eTicket EBITDA margin today actually? Maybe can you remind us what you can do to bring eTicket's margins to higher levels, and when shall we see those effects? These would be my questions. Thanks.
Andreas, let me start out here. I mean, you correctly mapped out the effect of operational excellence. On the other side, we shouldn't forget that the, let's call it noise, we are carrying through the quarters here. The tough comp base from last year with the change in the B2B contract with Stage, which had an impact on revenues falling away. On the other side, while of course you are losing some kind of high-margin gross profit here, while you may not be as fast with adjusting the overhead cost base, falls directly through to EBITDA, which is why this effect has, of course, a disproportionate impact on the EBITDA margin and is causing pressure. While on the other side, we are reporting revenues from the LA contract that come in with a margin somewhere in the mid-20s.
This is basically all the story behind it. I mean, we look forward, of course, into next year as well when this noise fades away from our comps. This is nothing in particular to the recently acquired companies, who we are very happy with, and as we said in earlier calls, which are fully integrated. There is no change to the structural margin in Ticketing and the positive economies of scale in this business. Of course, forgive us that we're not breaking out individual margins of entities which we have fully consolidated.
Yeah. Just to make sure, this will be addressed next Friday 100%, so please look ahead. We will address that issue with-
Yeah.
Yeah, we will tell you what we are planning to do.
Okay. I will come back on that. Okay, thanks.
Thank you very much. The next question is from Christoph Blieffert from BNP Paribas. You can go ahead.
Good evening. Thank you for taking my questions. If I take the retail ticketing volume for the third quarter and adjust for 2 million tickets from the Olympic Games L.A., according to my math, the volume is down mid-single- digit. Can you please explain why that is?
Hi, Christoph. Thanks for your question. Let me take this one. I mean, when you take out 2 million for L.A., as an estimate, I think that's fair, although I would consider it to be a little bit high. One comment for that. The second thing is, of course, on the other side, year-over-year, there was as well an effect from the change in the contract with the partner we have named from last year. Overall, as we said earlier, surely in Q3, revenue was driven, or like-for-like growth was much more driven by positive price effects in the quality of the mix. The rest, we can drill down to timing, as the overall trend here is going in the right direction where we're going for the full- year, as the outlook indicated, to see some growth on the underlying number.
One addition to this as well, we've carried this question through the earlier calls this year, where we, of course, always highlighted that in the post-COVID recovery, like in other global markets, we're seeing this year to be some kind of a market, a year that has taken a breather here. We've seen it, for example, in North America last year, where the overall growth was in the very low- single-digit percentages before accelerating now. This is what we're seeing here, and just reiterates what we've said in earlier calls.
Thank you for that. The second question is on your guidance for this year. What is the incremental knowledge you can gain over the next week allowing to change your guidance, not today?
Well, first off, we still have a couple of very valuable weeks ahead of us of ticket on-sales. So that's one thing, as we are still in the middle of the fourth quarter. The second thing is, of course, that, as we said, next week we're going to share a couple of broader details around that. Which is why for now, for today, where the focus is on our Q3, we reiterate the outlook as set in earlier calls. But to your question, there are still a couple of very valuable weeks ahead of us in Ticketing. As you know, the fourth quarter is hunting season in Ticketing, with the highest margin and the highest revenue and earnings contribution. This is what we can say today.
Okay. Thanks for that.
Thank you very much. The next question is from Alexandre Desprez from AlphaValue. Please go ahead. The floor is yours.
Thank you. I have one question left, please. It's about investing cash flow. In Q2, you were reporting a EUR 95 million positive inflow. In [Q2], it's a EUR 54 million outflow. So I was wondering if you could give us an update on the subsidies linked to the Milano Arena, please.
Oh, there are no incomes from the subsidies. We didn't get anything so far. This is still on its way. It's not flown, or we didn't have an inflow on that. So there's nothing to do with anything in terms of Milano.
Okay, thank you.
Thank you very much. The next question is from Ed Vyvyan from Rothschild . You can go ahead. The floor is yours.
Oh, hi, Philipp. Hi, Marco. I just had a couple of questions. First, you said that Q4 Unipol Dome bookings are tracking pretty well. So if you're sticking to guidance and you think consensus is good, does that mean we should expect the promoter part of your business to be weaker in Q4? I mean, or are there any sort of edge-sharing impacts that you would call out? Sorry for pressing on that one. Then just that point on Ticketing. How much visibility do you have on your Ticketing slate at this point in the year? How much just sort of comes to you as and when? Lastly, just apologies for this question, but just asking about the investor relations search and I guess also the sort of long-term CFO search. Have you made any headway with this? Should we expect something at the CMD?
Just any color you can give there would be great. Thanks.
Okay. Hi, Ed. This is Marco. Let me take the second one first, right, with the Ticketing slate so far. I mean, as you know, I mean, there is a calendar, yeah, where we have a lot of business to do for our promoters, and helping them to sell the tickets for next year's touring season. But on the other side, in the end, it always comes down to whether they push the button and give us the okay to really sell, or whether they are going to roll forward. So from that perspective, as Klaus once said as well, we are very confident and look forward to the full fourth quarter here.
On the other side, forgive us that one week before the CMD, we will not make any comments on the particular guidance and outlook for this year in the context of what we want to talk about next week with you. And this, of course, trickles as well into your first question, with, although we are happy with the Unipol Dome for the fourth quarter, but as you have seen, I mean, it was a little bit of a drag in the third quarter, where, of course, post-summer, there could have been the thought earlier this year that this drag would not have happened. So there is some variability here, which is not significant enough for us to touch the outlook here, but which is, of course, what balances a little bit or what is covered by what we expect from our promoters in the fourth quarter.
From that perspective, it is more like the other way around. It is not that we want to bear some hidden reserve for what we expect for our promoters while we are expecting positive performance from the unit or contribution from the Unipol Dome in the fourth quarter. We look at the full- year, and as we are carrying a little bit of the Q3 drag into the fourth quarter with the Unipol Dome, we are very confident and happy with what we see on the Live Entertainment side so far.
And then there was a question on IR search and the CFO search.
Well, yeah. I do not know if the both of us are the right person to answer that questions, honestly. So if you would like to get some more details on that, could be a good question for next Friday, I would say.
Thought so. Thanks.
Sorry on that, but we really do not have any details.
Thank you very much. The next question is from Bernd Klanten from Barclays. You can go ahead. The floor is yours.
Yes. Hi, Philipp. Hi, Marco. Thanks for taking my question. Another follow-up on the adjustment on Ticketing EBITDA, and sorry to press on that, but can you give us a little bit more color on that EUR 7.2 million adjustment related to the refund of ticket sales and why you decided to adjust for it. I guess you could make the case that that's kind of normal part of business for a ticketing company. Then can you also remind us of the threshold of when you start to adjust for these kinds of items so we can get a sense of the actual impact that you saw in Q3 alone? Then my second question is on venue revenues. We've talked a lot about margins, but how should we think about the incremental revenue that came from Milano? Is there anything we should be aware of in the 2025 numbers?
About EUR 82 million there being a tougher comp or anything, but just getting a sense of that. Then final question, also on Live, on your core promoter business, you've seen some nice positive profitability developments there. Is it fair to say that the rationalization of the portfolio is now fully behind us, or anything still ahead? Thank you very much.
Maybe I got to start with the last one. Yes, so it's getting a little bit boring, but also more information on that on Friday, definitely. But I can tell you that no, we are not already have come to an end. We are still continuing to have a close look at that, and we want to get the margin even higher. So we are closely looking at the portfolio still in the future, so this hasn't ended yet. On the one-off, that we adjusted, so normally we don't bear the risk. Normally, we get the money from the promoter to pay it back to the customer. So this time, the promoter was almost in insolvency, so he wasn't able to cash us back, and then there was the cancellation of that event, and that was the EUR 7.2 million you mentioned.
So, this was for us a very special situation. This is not normal business for us here, and that is why we adjusted that, and that the adjustment hurdle would be between EUR 5 million and EUR 6 million. Dependent on the revenues. That needs to be a single event that is over that threshold, so we do not combine similar events.
And basically-
Got it. Okay.
Hi, Bernd, Marco. And basically, when you look back at the history, you can see that this is a unique event that happened here. So, and given that we do regular business and most of the tickets were basically selling for third-party promoters, you see of the occurrence of these events in the past that this is a special situation here. Let me take the one on the venues, as you were asking. With regards to contribution, and how we look forward with Milano, as we have always said, that Milano in that position in one of our strongest markets is set to contribute when in full swing a high- double-digit million of revenue number. And as we have always said as well, that what we like the most about operating these venues is because it is a business that comes in above 40% EBITDA margin.
And as Philipp laid out earlier, with the booking calendar filling up for 2027 will bring us very close to a year being in full swing here.
Yeah.
Very good. Thank you very much.
Thank you.
Thank you very much. The next question is from Lara Simpson from JPMorgan. You can go ahead, the floor is yours.
Hi. Good evening, Philipp and Marco. Thank you so much for taking my questions. Most have probably been asked. I just want to come back to the outlook. Unipol Dome has been more of a drag this year than what we expected. I think at the outset, you were probably expecting around EUR 10 million-EUR 15 million EBITDA contribution from Unipol. It's obviously still in negative territory. You could get some profit in Q4, but I don't think we're going to be in that EUR 10 million-EUR 15 million range, maybe break even or a few million. Has there been positive surprises elsewhere that's offset that effect, or could there be some downside risk now given higher-than-expected ramp-up costs on Milano?
Then similar again on the outlook, can I just confirm you said that you are not expecting a third drop of LA28 in Q4, because I think in previous discussions, you thought that might come through in Q4. So have you had confirmation that it won't, or is that still an uncertainty for Q4? If it drops, there could be some upside, just to try and get some clarity on that. Thank you.
Yeah. Let me take the one on L.A. So far, we don't see any drop to come still in 2026 anymore. So for us, it's quite clear that Q4, we won't sell any tickets on LA28.
Hi, Lara. It's Marco. Let me take the first one on the venues. Yes, you said that we highlighted a little bit the drag, that was coming from opening the Unipol Dome this year. But as we said as well, by reiterating the outlook for this year, and what I said a little bit earlier on this call, we are very happy with how our promoters are performing. We have seen that the homework which the team has done around that portfolio since last year is taking shape. In reiterating our guidance as well, of course, this implies that we stick to what we have said with regards to Live Entertainment.
Although there might be a little bit more headwind than expected from the opening of the Milano Arena, we are still very confident that overall this will be balanced out by some positive effects in that segment. For the fourth quarter, of course, we expect Milano to contribute and not to be too much of a drag anymore.
Perfect. Thank you.
Thank you very much. At the moment, there seem to be no further questions. I give the floor back to your hosts.
Once again, thank you very much. Thanks for joining this call. We are really looking forward to meeting you all next Friday in Milan, and then happy to answer more of your questions and those we couldn't answer today. Thanks a lot.
Thank you. Bye.