SHOW3

Time For Fun - T4F is a live entertainment company with a well-established presence in South America, whose origins date back to 1983. Over the course of its history, it has structured a corporate group focused on promoting large-scale artistic and cultural events, with an emphasis on music concerts, festivals, theatrical productions, Broadway musicals, family events and exhibitions. The company is traded on B3 under the ticker SHOW3 and is regarded as the only publicly traded company in the region focused specifically on live entertainment. In 2019, it was ranked by Pollstar as the 16th largest company in the world in number of tickets sold, an indicator that underscores the scale of its operations before the shock caused by the pandemic and the sector’s subsequent recovery.

Time For Fun - T4F’s business model is characterized by a vertically integrated and diversified strategy within the live entertainment value chain. The company operates from artist and content sourcing and contracting, through event promotion and production, to ticketing, theater operations and complementary services such as food, beverage and merchandising sales. This integration also encompasses the sale of sponsorships and naming rights for venues, which broadens the range of revenue sources beyond traditional ticket sales. The company seeks to mitigate financial risk by capturing value at multiple stages of operations, combining fixed fees, profit sharing from events and revenue from associated services.

T4F’s main line of business is event promotion, which involves organizing live music shows, festivals and family and theater performances. In the music segment, the company produces tours and shows for high-profile national and international artists, with a track record of mega concerts in stadiums and arenas in several Brazilian capitals, as well as in Buenos Aires and Santiago. In festivals, it has built relevance by leading Lollapalooza Brasil for several years and, more recently, by becoming the official producer of Primavera Sound São Paulo for an initial five-year period, with the possibility of extension. In family entertainment, it operates in partnership with major global content owners such as Disney, Cirque du Soleil, Warner Bros. and others, bringing to Brazil, Argentina and Chile broad-appeal shows, licensed content and theatrical productions with international standards.

Another important front of the business is ticketing operations, the sale of food, beverages and promotional products, and venue management. In Brazil, Time For Fun - T4F operates online ticketing under the Tickets For Fun brand and, through the white-label INTI platform, also serves cultural producers and institutions such as MASP, the Pinacoteca de São Paulo and the São Paulo State Symphony Orchestra, as well as major events such as music festivals, sporting competitions and trade shows. In Argentina and Chile, ticketing is operated under the Ticketek brand, in a leading position in these markets. Additionally, the company monetizes food, beverage and merchandising sales at its own venues and at external events, including operating models in which it acts directly or in partnership with catering operators and arena managers.

Venue operations are a strategic component of the company’s structure. T4F owns the Teatro Opera Zurich Seguros in Buenos Aires and operates the Teatro Renault in São Paulo under a long-term lease agreement. These two theaters rank among the most important venues in South America and frequently host original Broadway musical productions adapted into Portuguese and Spanish. Control over these venues’ calendars allows integration with other business lines, optimizes production costs and enables extended runs of shows such as The Phantom of the Opera, Les Misérables, The Lion King, Wicked and other productions. During periods of lower occupancy, the theaters can also be rented out for third-party events, adding an extra layer of monetization for these assets.

The sale of sponsorships is a third revenue pillar, leveraging the visibility of shows, festivals and venues for major brands. Time For Fun - T4F sells sponsorship packages for live music shows and festivals, including brand activations in promotional media, stages, big screens and brand experiences throughout the entire event journey, from announcement to execution. At festivals, this model tends to be broader, with opportunities for extended exposure and broadcasts on television channels or streaming platforms. At theaters and other venues, the company also sells naming rights, spaces for the sale of promotional products and benefit packages such as priority ticket purchase and discounts, creating an integrated offering for the corporate market.

Geographically, T4F’s operations are concentrated in Brazil, Argentina and Chile, with the Brazilian market accounting for the predominant share of net revenue in recent years. In 2022 and 2023, Brazil represented more than 89% and 93.5% of net revenue, respectively, although in 2024 this share fell to around 54%, reflecting a higher relative contribution from operations in other South American countries. The company promotes events in large arenas and stadiums such as Morumbi, Allianz Parque, Maracanã, Beira-Rio and Mineirão, in addition to equivalent venues in Buenos Aires and Santiago. Its client base is highly diversified, consisting mainly of retail consumers, with no material revenue concentration in any single corporate client.

From a regulatory standpoint, Time For Fun - T4F is subject to a broad set of rules related to holding live events, venue safety, licensing of cultural activities, copyrights and health surveillance. In Brazil, one key requirement is compliance with half-price ticket laws for students, seniors, people with disabilities and other eligible groups, which affects pricing policy and capacity management for events. The company is also subject to ECAD rules for collecting music performance royalties at its shows, as well as health surveillance standards related to the sale of food and beverages at its establishments. In parallel, certain cultural projects may qualify under the Rouanet Law, enabling fundraising through tax incentives, especially for productions with a more cultural and educational character.

In the environmental, social and governance sphere, T4F incorporates into its strategy elements related to content curation, inclusion and sustainability, especially at large festivals, which have begun to adopt more structured practices for waste management, accessibility and engagement with local communities and authorities. From a social standpoint, the company acts as an important agent of cultural diffusion by bringing large-scale international productions to South America and by stimulating the event-related value chain, involving technical professionals, artists, service providers and creative industries. In governance, its status as a publicly traded company listed on B3, with SHOW3 shares, requires adherence to standards of transparency, accountability and internal process structuring consistent with the Brazilian capital markets, including risk management related to staging large public events across multiple jurisdictions.