Superstruct reported after-tax losses of 115.5 million euros for the 2025 financial year, up from 90.6 million euros in 2024, according to IQ Magazine's October 5, 2026 report on newly filed financial documents. Cost of sales rose 15% to 619.7 million euros, and administrative costs jumped by more than 50%, IQ reports, even as directors said the festival giant is “well placed” on liquidity and still seeking acquisitions.
The numbers arrive after a summer of boycott pressure at several Superstruct brands and a year of balance-sheet expansion under parent company KKR.
What do the accounts show?
IQ Magazine says Superstruct ended 2025 with net liabilities of 153.1 million euros, compared with net assets of 6.7 million euros in 2024, after a string of acquisitions of live event brands, notably including multinational EDM brand Boiler Room. Industry round-ups citing UK filings have put 2025 turnover near 825 million euros, up about 35 million euros year on year, with ticket sales soft while food, drink, and other ancillary revenue helped the top line.
Directors listed continuing acquisition of festivals, events, and experiences as a business priority, IQ reports, alongside “transforming the business by looking at value creation and current operational structures.” A Superstruct spokesperson told IQ: “2026 has been a year of growth, transformation and strong performance, with fans across our events enjoying extraordinary live experiences. 2025 was a period of significant change, with a new management team coming in towards the end of that year. We're very pleased with the progress and the trajectory the business is on.”
How did geopolitics hit the festival calendar?
The 2025 reporting period covers a summer when several Superstruct festivals, including Mighty Hoopla, Field Day, and Sónar, faced boycott calls amid controversy around KKR, IQ notes. In its financial assessment, the company wrote that “geopolitical issues can also influence political opinions in several countries where we operate our festivals, with some influence on artist and fan bases.”
Against that backdrop, Superstruct launched an Artistic Code setting principles for protecting artistic expression across a portfolio of more than 80 festivals worldwide. COO Rebecca Kane Burton told IQ the code's “within the law” framing lets the company “proactively use this code everywhere where we trade,” adding that artists “have and always will be provocative.”
What does a loss-making festival roll-up mean for the live market?
Private-equity festival consolidation promised scale, cross-border routing, and shared infrastructure. Superstruct's 2025 accounts show the bill: higher cost of sales, heavier admin, and a swing into net liabilities while management still talks up acquisitions. For artists and fans, the risk is familiar: fewer independent promoters, more corporate calendars, and political flashpoints that travel with ownership.
Live Nation's Latin American push, including its Bizarro Chile stake, and the wider debate over touring costs sit in the same season. Festival land is not immune. When a company with more than 80 events posts a nine-figure loss and says it is still buying, the next question for bookers is which brands absorb the pressure and which lineups shrink.