Vivid Seats (SEAT) investor relations material

Executive summary

• Q4 2025 saw significant declines in Marketplace GOV, revenue, and adjusted EBITDA, with a net loss of $428.7M, while leadership transitions and cost reduction programs were implemented to drive innovation and profitable growth for 2026 and beyond.

• FY2025 Marketplace GOV reached $2.7B, revenues were $571M, and adjusted EBITDA was $42M, despite a net loss of $721.5M.

• Achieved over $60M in annualized cost savings, enabling reinvestment in growth initiatives and improved operating leverage.

• Corporate simplification executed, including termination of Tax Receivable Agreement and collapse of dual class share structure, reducing complexity and improving transparency.

• Strategic emphasis on technology, AI-driven product enhancements, and customer value proposition, especially through the app ecosystem.

Financial highlights

• Q4 2025 Marketplace GOV was $581M, down from $994M in Q4 2024; revenues were $127M, and adjusted EBITDA was $1M.

• Q4 2025 net loss was $429M, with full year net loss at $721.5M, compared to net income of $14.3M in 2024.

• FY2025 revenues fell 20% year-over-year, with all event categories experiencing double-digit declines.

• Q4 2025 average order size was $329, down from $380 in Q4 2024.

• Ended Q4 2025 with $103M in cash and $390M in debt, resulting in net debt of $287M.

Outlook and guidance

• 2026 Marketplace GOV expected between $2.2B and $2.6B; adjusted EBITDA between $30M and $40M.

• Q1 2026 guidance: Marketplace GOV $570M–$620M, adjusted EBITDA $8M–$10M, cash balance $125M–$135M.

• Expect full benefit of cost reductions in Q1 2026, supporting improved operating leverage.

• Modest industry growth and continued competitive pressures anticipated, but cost reductions and strategic investments expected to drive profitability.

• Management expects live event industry growth and concert supply to support future performance.