Venu Holding Corp. Q4 FY2025 earnings call

JW's Remarks

• 2025 was a year of progress with $86 million closed in a tough market, portfolio appraised at $1.24 billion.
• Steele projects in McKinney and Tulsa, with Tulsa opening fall 2025 and McKinney Q1 2027.
• Launched triple net model at 25% of sales, and a major sales campaign on April 15.
• New partnerships with LiveNation, expanded AEG partnership, and AI-driven programming.
• Hospitality partnerships with Aramark and Pepsi.

Will's Remarks

• Ford Amphitheater revenue grew 94% y/y due to full season in 2025, expecting growth in shows and ticket prices in 2026.
• Broken Arrow set to open fall 2026, McKinney in Q1 2027 with booking talks with LiveNation.

Vic's Remarks

• Disciplined operational decisions, closing Colorado Springs theater, addressing softer rentals with programming changes.
• Opened Sunset Hospitality Collection, with Roxy and Steak having successful launch.

Terry's Remarks

• Partnerships expanded with Pepsi, Aramark, Tixer, etc.
• Artists and athletes involved, media coverage, and focus on naming rights opportunities.

Lux Fire Suite sales hit $126 million, up 62% over last year. The triple net model launched mid-year 2025 represents 25% of sales. Amphitheater revenue grew 94% year over year. Property and equipment increased to $305 million as of December 31, 2025, up 123% from $137 million at December 31, 2024. Lux Fire Suite and Aikman Club sales for the full year ended December 31, 2025 were $126 million, a 62% increase over fiscal year 2024. The triple net model accounts for 25% of total sales.

Forward-Looking Statements

• A nationwide sales campaign on April 15 to move hundreds of millions in inventory.
• Ford Amphitheater expects growth in shows and average ticket price in 2026.
• Broken Arrow targets fall 2026 opening, McKinney Q1 2027 opening.
• Plan to start road shows in early May to engage institutional investors.

Risks

• Forward-looking statements subject to risks and uncertainties, actual results may differ from indicated.
• Risks described in annual report on Form 10-K and other SEC filings.

Q: Marty Calvert with Morgan Stanley asked about strategy to get more institutional investors involved.

A: JW stated he is focused on bringing the undervalued stock to its proper value, has an IR plan, and will start road shows in early May to tour institutional conference rooms.

Q: Jake Perlmutter with Red Light Management asked about next markets for expansion.

A: Bob Mudd said active negotiations in 13 markets across Colorado, Texas, etc., with formal RFPs out to 17 markets and active outreach in 57 locations, focusing on strategic markets in Colorado and Texas.

Q: Jamie Gronowski asked about the gap between $1.24 billion appraisal and $370 million balance sheet.

A: JW explained it's due to municipality contributed real estate which is on balance sheet at basis, while appraisal is mark to market value.

Q: Steven Vazic with Goldman Sachs asked about 2026 summer event outlook.

A: Will said Ford Amphitheater has nearly double the offers/pending offers vs 2025, pacing better in ticket sales, and significant interest in major acts for Broken Arrow, with shows to go on sale in 4-8 weeks.