photo_cameraAlex Mahon, CEO Superstruct
Festivals
Superstruct losses widen to €111m as debt rises
Superstruct Entertainment`s pre-tax losses increased to €111.3 million in 2025, up from €77.6 million a year earlier, despite the European festival group`s revenue rising to €825 million.
The KKR-owned live entertainment group reported a loss after tax of approximately €115.5 million, compared with €90.6 million in the previous year, according to its latest accounts.
The widening losses came as costs increased across the business. Cost of sales rose to €619.7 million, while administrative expenses also increased significantly during the year.
At the same time, Superstruct took on an additional €109 million in debt, bringing total borrowings to €392.5 million at the end of 2025. The additional financing is intended to support the group`s continued investment and acquisition strategy, and Superstruct is understood to remain within its financial covenants.
Revenue nevertheless increased 4.4% to approximately €825 million during the year.
Festival portfolio built through acquisitions
Superstruct was established in 2017 by James Barton and Roderik Schlösser with backing from Providence Equity Partners and has since grown rapidly through a combination of acquisitions and organic expansion.
The group has developed into one of the world`s largest festival operators, with more than 80 festival and live event brands and around seven million visitors annually.
Its portfolio stretches across Europe and Australia and includes major festivals such as Wacken Open Air in Germany, Sziget in Hungary, Sónar in Spain, Boardmasters in the UK, Flow Festival in Finland, Øyafestivalen in Norway and Tinderbox in Denmark.
Other events in the group include Parookaville, Defqon.1, Zwarte Cross, Mysteryland, Awakenings, DGTL, Arenal Sound, Victorious, Kendal Calling, Lost Village, Mighty Hoopla and Field Day.
Providence sold Superstruct to KKR in 2024, with the transaction completed in October that year. CVC subsequently invested alongside KKR to support the group`s further expansion.
Superstruct continued adding to its interests during 2025, including the acquisition of electronic music platform and events brand Boiler Room from DICE.
Boycotts affect parts of portfolio
The change in ownership has also generated opposition from campaign groups and some artists over KKR investments they allege have links to Israel. Several Superstruct-owned festivals faced boycott campaigns and artist withdrawals during 2025, including Barcelona`s Sónar.
KKR has said it does not directly invest in Israeli weapons manufacturers or developments in the occupied Palestinian territories.
Superstruct does not attribute its increased losses directly to the boycotts or quantify their financial impact. However, the company acknowledges geopolitical issues as a business risk in its accounts, stating that they can influence political opinions in countries where it operates, with potential effects on artists and fanbases.