SEATW

• Leadership transition: Lawrence Fey succeeds Stan Chia as CEO, Ted Pickus is Interim CFO. - Strategy pillars: Focus on leading tech, unique data, efficiency, and enhancing app value proposition with loyalty program and lowest price guarantee. - Cost reduction: More than doubling fixed cost reduction target from $25M to $60M, with savings in fixed marketing, G&A, and stock-based compensation. - Corporate simplification: Terminated tax receivable agreement, collapsed dual class share structure, expecting immediate and ongoing savings. - Third quarter trends: Stabilization in owned property GOV, app GOV growth, despite private label pressure.

• 2026 marketplace GOV expected in the range of $2.2 billion to $2.6 billion, midpoint assumes GOV roughly in line with Q3 run rate. - 2026 adjusted EBITDA anticipated to be $30 million to $40 million, with reinvestment in customer value proposition. - Assumes industry volumes are flat year-over-year.

In the third quarter, Vivid Seats generated $618 million of marketplace GOV, $136 million of revenues, and $5 million of adjusted EBITDA. Owned properties such as Vivid Seats and Vegas.com saw sequential GOV growth. The Vivid Seats app experienced double-digit sequential growth and returned to year-over-year GOV growth. Revenues were down 27% year-over-year, and marketplace take rate was 17.0% in Q3, expected to be in the 16% range near term.

• Competitive intensity: Uncertainty around industry competitive dynamics impacting market share and financial performance. - Industry disruptions: FTC lawsuit, Ticketmaster actions (shutting down TradeDesk, limiting accounts) could impact supply and demand in secondary ticketing, with potential contraction or fragmentation risks. - Marketplace dynamics: Uncertainty around direct issuance models and their impact on secondary marketplace supply and demand.

Q: Cash flow consequences and competitive intensity assumption in 2026?

A: Cash obligations include net interest, ex cap software, and cash taxes. Competitive intensity assumption is midpoint between recent September-October levels and earlier extreme points. App value prop unique due to loyalty program, lower pricing, and lifetime customer experience.

Q: Consumer behavior in secondary ticket market and capital allocation priorities?

A: Live events remain central to consumer spending, with softness on lower end of market. Capital allocation: Focus on core business, prudence on cash leaving system, will consider international expansion and strategic M&A once stabilization is proven.

Q: International business investment signals?

A: International business already contribution margin positive, with success in areas of competitive supply. Focus on adding pockets across countries with local events to drive profitable marketing.