Emerald Holding, Inc. · NYSE:EEX
Emerald — Q4 2025 Earnings Presentation
23 slides from Emerald's earnings presentation, Mar 13, 2026
Slide 1: Emerald Holding, Inc. Fourth Quarter & FY 2025
Emerald Holding, Inc. Fourth Quarter & FY 2025 March 13, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements The information provided in this presentation is for general informational purposes only. This presentation contains certain forward-looking statements regarding Emerald Holding, Inc. and its subsidiaries (the “Company”), including, but not limited to, gen
Slide 3: Participants
Participants Hervé Sedky David Doft President and Chief Executive Chief Financial Officer Officer 3
Slide 4: Key Q4 and FY 2025 Takeaways
Key Q4 and FY 2025 Takeaways ✓ Emerald’s FY 2025 results in line with guidance – delivering $463.4 million in Revenue and $127.1 million in Adjusted EBITDA (2), a 16.2% and 25% year-over-year increase, respectively, and in line with upper end of guidance range ✓ For the fourth quarter 2025, Revenue
Slide 5: Emerald at a Glance
Emerald at a Glance Business Overview Key Stats • Emerald is the largest U.S. based B2B events $20bn $463.4mm 100+ 2.6 mm platform with significant diversification across Events & Media Active Total Global end markets. The company operates across 2025 Revenue Addressable Products Customers Market th
Slide 6: Emerald's Monetization Engine Provides Diverse And Highly Visible Revenue Generation
Emerald’s Monetization Engine Provides Diverse And Highly Visible Revenue Generation Across Its Three Segments Connections Content Commerce (~92% of FY 2025 Revenue) • Collection of leading B2B trade shows and • B2B websites and publications that provide • SaaS software enables year-round B2B buying
Slide 7: Significant Opportunity for Growth in a Large, Fragmented Market
Significant Opportunity for Growth in a Large, Fragmented Market • Emerald’s leading market position and Top US Scaled Exhibition Organizers are a Small Part of Overall Market (1) successful track record of accretive acquisitions makes it the acquiror of choice in a large and highly fragmented 8% ma
Slide 8: Leading B2B Events Provide High ROI Marketing and Lead Generation
Leading B2B Events Provide High ROI Marketing and Lead Generation for Recurring Client Base 60% 70% 38 of executives report that in-person events – lead to significant of buyers prefer hybrid and in-person New leads generated, knowledge transfer and experiences where on average, per trade LT partner
Slide 9: Diversified and Growing Portfolio of Market-Leading Brands
Diversified and Growing Portfolio of Market-Leading Brands • Well-balanced and diversified Design & Construction • Emerald’s largest five shows represent ~25% of FY 2025A revenues Industrial & Technology, Manufacturing Advertising & Marketing • No single customer is more than 1% of revenue, and larg
Slide 10: Three Pillars of Value Creation
Three Pillars of Value Creation Emerald’s focus is on maximizing value of operations and expanding offerings Customer Centricity 365-Day Engagement Portfolio Optimization • Action the holistic consolidated • Daily content and insights across • Targeted accretive M&A customer database multiple indust
Slide 11: History of Acquiring and Integrating High-Quality Events with a Robust Acquisition Pipeline
History of Acquiring and Integrating High-Quality Events with a Robust Acquisition Pipeline Emerald Has Completed and Integrated Over 30 Acquisitions Over the Last Decade Totaling Approx. $1.0 bn in Capital Deployed Commentary Selected Recent Acquisitions • Successfully acquired and integrated over
Slide 12: FY 2025 Financial Highlights and Current Liquidity Position
FY 2025 Financial Highlights and Current Liquidity Position FY 2025 Results Demonstrate Solid Execution and Sustained Demand • Revenues of $463.4 million Net Income (Loss) Diluted Income (Loss) Per Share • Diluted loss per share of $0.15 ($ in Millions) Earnings Results • Net (loss) income of $(30.7
Slide 13: Revenue and Adjusted EBITDA by Segment
Revenue and Adjusted EBITDA by Segment Quarterly Annual Connections All Other $147.7 $463.4 ($ in Millions) $133.4 $132.7 $382.8 $398.8 $325.9 $106.8 $105.5 $101.5 $86.0 $72.6 $77.5 Revenue FY 2022 FY 2023 FY 2024 FY 2025 Revenue 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 202
Slide 14: 2026 Guidance Signals Continued Growth and Margin Expansion
2026 Guidance(1) Signals Continued Growth and Margin Expansion FY 2026 Revenue Guidance Revenue ($ in Millions) $463.4 $490-$495 FY 2026 Revenue expected to be $398.8 $382.8 $490 - $495 million $325.9 $145.5 2021 2022 2023 2024 2025 2026E FY 2026 Adjusted EBITDA Adjusted EBITDA ex-Insurance(1) ($ in
Slide 15: Capital Allocation and Financial Policy
Capital Allocation and Financial Policy Priorities Objectives Actions • Pro forma leverage is 2.86x as of December 31, 2025, Maintain Net Leverage Ratio(1) • Target 2.0 – 3.0x long-term Net Leverage Ratio and within the target range. • Acquire leading B2B events or related assets in existing vertica
Slide 16: Appendix
‘ Appendix @ EMERALD
Slide 17: Adjusted EBITDA
Adjusted EBITDA UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (dollars in millions) (unaudited) Net (loss) income $ (30.2) $ 5.1 $ (30.7) $ 2.2 Add (deduct): Interest expense, net 9.4 9.5 44.2 39.3 Provisi
Slide 18: Free Cash Flow
Free Cash Flow UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (dollars in millions) (unaudited) Net Cash Provided by Operating Activities $ 12.3 $ 20.6 $ 42.6 $ 46.8 Less: Capital exp
Slide 19: Income Statement – Consolidated Emerald
Income Statement – Consolidated Emerald UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) FY 2023 FY 2024 FY 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Consolidated Revenue $ 122.3 $ 86.5 $ 72.5 $ 101.5 $ 382.8 $ 133.4 $ 86.0 $ 72.6 $ 106.8 $ 398.8 $ 147.7 $ 105.5 $ 77.5 $
Slide 20: Income Statement – Connections Reportable Segment
Income Statement – Connections Reportable Segment UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) – CONNECTIONS REPORTABLE SEGMENT FY 2023 FY 2024 FY 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Connections Revenue $ 112.2 $ 75.6 $ 62.0 $ 90.4 $ 340.2 $ 123.4 $ 75.0 $ 62.4
Slide 21: Income Statement – All Other Category
Income Statement – All Other Category UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) – ALL OTHER CATEGORY FY 2023 FY 2024 FY 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total All Other Revenue $ 10.1 $ 10.9 $ 10.5 $ 11.1 $ 42.6 $ 10.0 $ 11.0 $ 10.2 $ 12.5 $ 43.7 $ 9.4 $ 10.1 $
Slide 22: Income Statement – Corporate-Level Activities
Income Statement – Corporate-Level Activities UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) – CORPORATE-LEVEL ACTIVITIES FY 2023 FY 2024 FY 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Corporate Selling, general and administrative expenses $ 18.6 $ 14.0 $ 15.0 $ 11.9 $ 5
Slide 23: Organic Revenue
Organic Revenue UNAUDITED RECONCILIATION OF ORGANIC REVENUES TO REVENUE Three Months Ended Year Ended December 31, Change December 31, Change Consolidated 2025 2024 $ % 2025 2024 $ % (dollars in millions) (unaudited) Revenues $ 132.7 $ 106.8 $ 25.9 24.3% $ 463.4 $ 398.8 $ 64.6 16.2% Deduct: (1) Acqu