New Risk • May 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Dividend per share is over 11x cash flows per share. Dividend yield: 44% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 06
First quarter 2026 earnings released First quarter 2026 results: Revenue: Mex$445.0m (up 44% from 1Q 2025). Net income: Mex$198.0m (down 28% from 1Q 2025). Profit margin: 45% (down from 89% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
Corporación Interamericana de Entretenimiento, S.A.B. de C.V., Annual General Meeting, Apr 30, 2026 Corporación Interamericana de Entretenimiento, S.A.B. de C.V., Annual General Meeting, Apr 30, 2026. Location: boardroom of the presidency of the society, ave industria militar s n, access 2 floor 1, colonia residencial militar zip code 11600, mexico Mexico Board Change • Mar 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: Mex$19.96 (vs Mex$2.66 in FY 2024) Full year 2025 results: EPS: Mex$19.96 (up from Mex$2.66 in FY 2024). Revenue: Mex$5.45b (up 16% from FY 2024). Net income: Mex$11.2b (up Mex$9.68b from FY 2024). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Board Change • Jan 09
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Oct 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 291% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (291% accrual ratio). Minor Risk Dividend is not well covered by cash flows (354% cash payout ratio). Reported Earnings • Oct 22
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: Mex$686.0m (up 79% from 3Q 2024). Net income: Mex$7.75b (up Mex$7.64b from 3Q 2024). Board Change • Sep 24
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: Mex$0.052 (vs Mex$0.56 in 2Q 2024) Second quarter 2025 results: EPS: Mex$0.052 (down from Mex$0.56 in 2Q 2024). Revenue: Mex$441.0m (up 59% from 2Q 2024). Net income: Mex$29.0m (down 91% from 2Q 2024). Profit margin: 6.6% (down from 114% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 30
Live Nation Entertainment, Inc. (NYSE:LYV) agreed to acquire an additional 24% stake in Operadora de Centros de Espectáculos, S.A. de C.V. from Corporación Interamericana de Entretenimiento, S.A.B. de C.V. (BMV:CIE B) for MXN 12 billion. Live Nation Entertainment, Inc. (NYSE:LYV) agreed to acquire an additional 24% stake in Operadora de Centros de Espectáculos, S.A. de C.V. from Corporación Interamericana de Entretenimiento, S.A.B. de C.V. (BMV:CIE B) for MXN 12 billion on July 29, 2025. A cash consideration of MXN 12 billion ($646 million) will be paid by Live Nation Entertainment, Inc. Upon completion, Live Nation Entertainment, Inc. will own 75% stake in Operadora de Centros de Espectáculos, S.A. de C.V., while also securing Alejandro Soberón as OCESA’s CEO through 2032 and Corporación Interamericana de Entretenimiento will retain a 25% stake in OCESA, and the put/call agreement for the remaining stake has shifted to 2032. The proceeds from the transaction will be allocated, partially or totally, for the amortization of bank and stock market debt, as well as for present or future working capital and investment needs of Corporación Interamericana de Entretenimiento.
The transaction is subject to approval shareholders of Corporación Interamericana de Entretenimiento. The transaction is epected to close by the end of August 2025. Board Change • Jun 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jun 09
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 15
Corporación Interamericana de Entretenimiento, S.A.B. de C.V., Annual General Meeting, Apr 30, 2025 Corporación Interamericana de Entretenimiento, S.A.B. de C.V., Annual General Meeting, Apr 30, 2025. Location: meeting room of the presidency of the society, ave industria militar, sn access 2 floor 1, residencial militar neighborhood, zip code 11600, mexico Mexico New Risk • Mar 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (22% accrual ratio). Minor Risk Dividend is not well covered by cash flows (179% cash payout ratio). Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: Mex$2.66 (vs Mex$2.17 in FY 2023) Full year 2024 results: EPS: Mex$2.66 (up from Mex$2.17 in FY 2023). Revenue: Mex$4.71b (down 3.9% from FY 2023). Net income: Mex$1.49b (up 23% from FY 2023). Profit margin: 32% (up from 25% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 50% per year. Board Change • Feb 10
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: Mex$0.21 (vs Mex$0.37 in 3Q 2023) Third quarter 2024 results: EPS: Mex$0.21 (down from Mex$0.37 in 3Q 2023). Revenue: Mex$383.0m (flat on 3Q 2023). Net income: Mex$117.0m (down 44% from 3Q 2023). Profit margin: 31% (down from 55% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: Mex$0.56 (vs Mex$0.032 in 2Q 2023) Second quarter 2024 results: EPS: Mex$0.56 (up from Mex$0.032 in 2Q 2023). Revenue: Mex$277.0m (up 4.3% from 2Q 2023). Net income: Mex$315.0m (up Mex$297.2m from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Board Change • Aug 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: Mex$0.17 (vs Mex$0.053 in 1Q 2023) First quarter 2024 results: EPS: Mex$0.17 (up from Mex$0.053 in 1Q 2023). Revenue: Mex$464.0m (up 36% from 1Q 2023). Net income: Mex$96.2m (up 223% from 1Q 2023). Profit margin: 21% (up from 8.7% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Board Change • Apr 17
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: Mex$2.17 (vs Mex$2.46 in FY 2022) Full year 2023 results: EPS: Mex$2.17 (down from Mex$2.46 in FY 2022). Revenue: Mex$4.90b (up 22% from FY 2022). Net income: Mex$1.21b (down 12% from FY 2022). Profit margin: 25% (down from 34% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Board Change • Feb 19
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 15
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: Mex$0.37 (vs Mex$0.41 in 3Q 2022) Third quarter 2023 results: EPS: Mex$0.37 (down from Mex$0.41 in 3Q 2022). Revenue: Mex$381.0m (up 13% from 3Q 2022). Net income: Mex$209.0m (down 7.8% from 3Q 2022). Profit margin: 55% (down from 67% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Board Change • Aug 17
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Aug 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 248% Dividend per share is over 18x cash flows per share. High level of non-cash earnings (26% accrual ratio). Reported Earnings • Jul 31
Second quarter 2023 earnings released: EPS: Mex$0.032 (vs Mex$0.20 in 2Q 2022) Second quarter 2023 results: EPS: Mex$0.032 (down from Mex$0.20 in 2Q 2022). Revenue: Mex$266.0m (down 28% from 2Q 2022). Net income: Mex$18.0m (down 84% from 2Q 2022). Profit margin: 6.8% (down from 30% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Board Change • Mar 30
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to Mex$10.20, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 15x in the Entertainment industry in South America. Negligible returns to shareholders over past three years. Board Change • Mar 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to Mex$13.50, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 15x in the Entertainment industry in South America. Total loss to shareholders of 6.5% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 15% share price gain to Mex$12.70, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 14x in the Entertainment industry in South America. Total loss to shareholders of 13% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: Mex$0.41 (vs Mex$0.44 loss in 3Q 2021) Third quarter 2022 results: EPS: Mex$0.41 (up from Mex$0.44 loss in 3Q 2021). Revenue: Mex$338.0m (down 71% from 3Q 2021). Net income: Mex$227.0m (up Mex$475.4m from 3Q 2021). Profit margin: 67% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Sep 22
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: Mex$0.20 (vs Mex$0.27 loss in 2Q 2021) Second quarter 2022 results: EPS: Mex$0.20 (up from Mex$0.27 loss in 2Q 2021). Revenue: Mex$370.0m (down 59% from 2Q 2021). Net income: Mex$112.0m (up Mex$263.9m from 2Q 2021). Profit margin: 30% (up from net loss in 2Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: Mex$374.0m (down 53% from 1Q 2021). Net income: Mex$69.0m (up Mex$186.2m from 1Q 2021). Profit margin: 18% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Jorge Fernández de Miguel was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 05
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: Mex$0.43 loss per share (up from Mex$2.79 loss in FY 2020). Revenue: Mex$4.53b (up 9.7% from FY 2020). Net loss: Mex$239.8m (loss narrowed 85% from FY 2020). Revenue missed analyst estimates by 3.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 30
Third quarter 2021 earnings released: Mex$0.44 loss per share (vs Mex$0.71 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: Mex$1.16b (up 194% from 3Q 2020). Net loss: Mex$248.0m (loss narrowed 38% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: Mex$900.8m (up 72% from 2Q 2020). Net loss: Mex$151.9m (loss narrowed 75% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • May 05
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: Mex$788.0m (down 66% from 1Q 2020). Net loss: Mex$117.0m (down 302% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 04
Full year 2020 earnings released: Mex$2.83 loss per share (vs Mex$0.46 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: Mex$4.13b (down 65% from FY 2019). Net loss: Mex$1.58b (loss widened Mex$1.32b from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Nov 25
New 90-day high: Mex$5.35 The company is up 6.0% from its price of Mex$5.06 on 27 August 2020. The Mexican market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Entertainment industry, which is also up 6.0% over the same period. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of Mex$1.19b, with losses widening by Mex$1.11b from the prior year. Total revenue was Mex$7.99b over the last 12 months, down 38% from the prior year. 
