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 built a corporate group focused on promoting large-scale artistic and cultural shows, with an emphasis on music concerts, festivals, theatrical productions, Broadway musicals, family events and exhibitions. The company is listed on B3 under the ticker SHOW3 and is cited 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 terms of 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 the prospecting and contracting of artists and content, through the promotion and production of events, to the operation of ticket offices, theaters, and complementary services such as food, beverage and merchandising sales. This integration also includes the marketing of sponsorships and venue naming rights, which broadens the range of revenue sources beyond traditional ticket sales. The company seeks to mitigate financial risks by capturing value at multiple stages of its operations, combining fixed fees, profit-sharing from shows and revenue from associated services.

T4F’s main line of business is event promotion, which involves organizing live music concerts, festivals and family and theatrical shows. In the music segment, the company produces tours and performances by 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 period of five years, 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 broadly appealing 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 e-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, sports competitions and fairs. In Argentina and Chile, ticketing is operated under the Ticketek brand, in a leading position in those markets. Additionally, the company exploits the sale of food, beverages and merchandising 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 are among the most important performance venues in South America and frequently host original Broadway musicals adapted into Portuguese and Spanish. Control over the scheduling of these spaces 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, which adds an extra layer of monetization for these assets.

Sponsorship sales represent a third revenue pillar, leveraging the visibility of shows, festivals and venues with major brands. Time For Fun - T4F sells sponsorship packages for live music concerts and festivals, including brand activations in marketing media, stages, large 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. In theaters and other venues, the company also sells naming rights, spaces for promotional product sales and benefit packages such as priority purchasing and ticket discounts, offering an integrated solution for the corporate market.

Geographically, T4F’s operations are concentrated in Brazil, Argentina and Chile, with the Brazilian market accounting for a 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 the greater relative weight of operations in other South American countries. The company promotes events in major arenas and stadiums such as Morumbi, Allianz Parque, Maracanã, Beira-Rio and Mineirão, as well as equivalent venues in Buenos Aires and Santiago. Its customer base is highly fragmented, made up mostly of retail consumers, with no significant 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, copyright and health surveillance. In Brazil, a key factor is the requirement to comply with half-price ticket laws for students, seniors, people with disabilities and other eligible groups, which affects pricing policy and event capacity management. The company is also subject to ECAD rules for collecting copyright fees for musical performances at its shows, as well as health surveillance regulations related to food and beverage offerings at its establishments. In parallel, certain cultural projects may qualify under the Rouanet Law, enabling fundraising through tax incentives, especially for productions of a more cultural and educational nature.

In the environmental, social and governance field, 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 dissemination by bringing large-scale international productions to South America, in addition to stimulating the work chain linked to events, involving technical professionals, artists, service providers and creative industries. In governance, its status as a publicly traded company listed on B3, with SHOW3 shares, entails compliance with standards of transparency, accountability and the structuring of internal processes compatible with the Brazilian capital markets, including in the management of risks associated with holding large-scale public events in multiple jurisdictions.