GL Events (GLO) Q4 2025 TU earnings summary

Executive summary

• 2025 annual revenue reached a record €1.721bn, up 7.4% at constant exchange rates and 5.3% year-over-year.

• All 2025 targets confirmed, with further improvement in net debt at year-end.

• 55% of business generated internationally, highlighting global reach and resilience.

• The CARAC Group acquired a 30% equity stake in the Stade de France operating company.

Financial highlights

• Q4 2025 revenue surged 26% to €544.0m compared to Q4 2024.

• Full-year revenue by division: Live €968.8m (-5.4%), Exhibitions €238.1m (+41.5%), Venues €514.1m (+16.2%).

• Mega Events and international projects significantly contributed to growth.

Outlook and guidance

• Entering 2026 with a strong, well-balanced portfolio and operational excellence.

• 2025 targets include improved operating margin and a CAPEX program of around €80m.

• Net debt at 31 December 2025 (pre-IFRS 16) expected to improve versus prior year.