The KKR-owned company behind Wacken, Sónar and Boardmasters swung to €153 million in net liabilities, even as revenue grew and losses narrowed. Management says 2026 is a year of transformation.
If you went to a European festival in 2025, there’s a decent chance Superstruct was behind it. The company runs more than 80 festival brands in 10 countries, including Wacken Open Air, Sónar, Defqon.1, Flow, Øya, Parookaville, Zwarte Cross, Arenal Sound, Lost Village, Mighty Hoopla and Boardmasters. Its newly filed 2025 accounts show a business that kept the crowds but had a hard year behind the scenes, Access All Areas reports.
The good news first. Attendance held steady at 6.6 million, and revenue rose 4.4% to €825.1 million, up from €790 million in 2024. The after-tax loss also narrowed sharply, to €11.5 million from €90.6 million the year before.
The less good news is the balance sheet. At the end of 2025, Superstruct reported net liabilities of €153.1 million, compared with net assets of €6.7 million a year earlier. Administrative costs jumped 50% to €269.3 million.
In 2025, some Superstruct events faced artist protests and withdrawals tied to campaigns over its owner, investment firm KKR, and alleged links to Israel. Access All Areas describes those claims as mistaken. In its filing, the company said it handles geopolitical shifts by monitoring them and communicating clearly and factually, while giving its festival organizers room to respond independently. In September, it published an Artistic Code setting out its support for artistic expression and its festivals’ creative independence. COO Rebecca Kane Burton told Access All Areas that if artists are to feel free on Superstruct stages, the principles that protect that freedom have to be clear long before show day.
Since late 2025, Superstruct has rebuilt its leadership: CEO Alex Mahon, formerly of Channel 4; COO Rebecca Kane Burton; managing director Jacqui Harris, a former AEG executive; and global group CFO Nick Priday. A spokesperson called 2025 a period of significant change and said: “2026 has been a year of growth, transformation and strong performance.”
Superstruct is one of the largest festival networks in Europe, even if most fans know its events by their own names rather than the company’s, and plenty of artists build their touring year around its stages. Its accounts are a reminder that a festival can sell out and still be a hard business. The 2026 numbers, due next year, will show whether the new team’s transformation shows up on paper.
Six point six million fans had a great summer. The accountants, apparently, had a long one.
Source: Access All Areas
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