Venu (VENU) investor relations material

Executive summary

• Total assets rose 108% year-over-year to $370.5 million as of December 31, 2025, driven by property expansion and capital raises, with an as-completed portfolio appraised at $1.24 billion.

• Raised $86 million in a challenging market, reflecting strong investor confidence, and completed a $30 million public offering in August 2025.

• Expanded partnerships with industry leaders such as Live Nation, AEG, Aramark, PepsiCo, and Tixr, and launched new venues and hospitality concepts including Roth's Sea & Steak and Brohan.

• Luxe FireSuite™ and Aikman Club sales reached $126.1 million for 2025, up 62% year-over-year, with a new triple-net leaseback model accounting for 25% of sales.

• Major venue developments advanced in Texas, Colorado, and Oklahoma, with expansion targeting 40 locations and active negotiations in 13 markets.

Financial highlights

• Property and equipment increased 123% to $305.9 million year-over-year.

• Total revenue for 2025 was $17.9 million, nearly flat compared to $17.8 million in 2024.

• Net loss widened to $50.8 million from $32.9 million year-over-year, with operating costs rising to $70.9 million from $45.2 million.

• Completed a $14 million sale-leaseback of Colorado Springs parking property, generating $6.6 million in development profit.

• Gain on sale of property was $6.9 million, including a $6.6 million related party transaction.

Outlook and guidance

• Tulsa and McKinney venues are on track for openings in Fall 2026 and Q1 2027, respectively.

• Nationwide sales campaign launching April 15, aiming to move hundreds of millions in inventory.

• Centennial, CO and El Paso, TX expansions underway, with new hospitality and entertainment offerings planned.

• Expecting further growth in bookings, show count, and average ticket price in 2026, with strong demand and increased artist touring activity for the 2026 amphitheater season.

• Continued focus on omni content strategy and AI-driven experiences to drive year-round utilization.