Emerald Holding, Inc. · NYSE:EEX
Emerald — Q2 2025 Earnings Presentation
22 slides from Emerald's earnings presentation, Aug 4, 2025
Slide 1: Emerald Holding, Inc. Second Quarter 2025
Emerald Holding, Inc. Second Quarter 2025 August 4, 2025
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, sta
Slide 3: Participants
Participants Hervé Sedky David Doft President and Chief Executive Chief Financial Officer Officer 3
Slide 4: Key Q2 2025 Takeaways
Key Q2 2025 Takeaways ✓ Strategic portfolio refinement continues to yield results, fueling 22.7% year-over-year growth in Revenue and 59.5% year-over-year growth in Adjusted EBITDA ✓ Reported Organic Revenue of +0.4% year-over-year, reflecting a stable performance in a quarter impacted by event timi
Slide 5: Emerald at a Glance
Emerald at a Glance Business Overview Key Stats • Emerald is the largest U.S. based B2B events platform with significant diversification across end markets. The company $450–460mm(2) 100+ 2.6 mm $20bn operates across three business lines: Total Global 2025E Events & Media Active Addressable Revenue
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 (~90% of FY 2024 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 Design & • Well-balanced and diversified Construction • Emerald’s largest five shows represent 30% of FY 2024A revenues Industrial Action Sports • No single customer is more than 1% of revenue, and largest trade show is in single-digit % of
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: Q2 2025 Financial Highlights and Current Liquidity Position
Q2 2025 Financial Highlights and Current Liquidity Position Emerald experienced year over year growth in revenue and Adjusted EBITDA across all categories • Revenues of $105.5 million Net Income (Loss) Diluted Income (Loss) Per Share • Diluted loss per share of $(0.01) ($ in Millions) Earnings Resul
Slide 13: Revenue and Adjusted EBITDA by Segment
Revenue and Adjusted EBITDA by Segment Quarterly Annual Connections All Other $147.7 ($ in Millions) $133.4 $382.8 $398.8 $325.9 $106.8 $101.5 $86.5 $86.0 $72.5 $72.6 Revenue FY 2022 FY 2023 FY 2024 Revenue 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Connections $282.6 $3
Slide 14: 2025 Guidance Signals Continued Growth and Margin Expansion
2025 Guidance(1) Signals Continued Growth and Margin Expansion Reaffirms FY 2025 Revenue Revenue ($ in Millions) Guidance $450-$460 $398.8 Guidance $382.8 $325.9 • FY 2025 Revenue expected to be $450 - $460 million (1) $145.5 2021 2022 2023 2024 2025 Reaffirms FY 2025 Adjusted Adjusted EBITDA ex-Ins
Slide 15: Capital Allocation and Financial Policy
Capital Allocation and Financial Policy Priorities Objectives Actions • Pro forma leverage is 2.56x as of June 30, 2025, including the impact of the recently completed This is Maintain Net Leverage Ratio(1) • Target 2.0 – 3.0x long-term Net Leverage Ratio Beyond and Insurtech Insights acquisitions,
Slide 16: Appendix
‘ Appendix @ EMERALD
Slide 17: Adjusted EBITDA
Adjusted EBITDA UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (dollars in millions) (unaudited) Net (loss) income $ (1.4) $ (2.8) $ 13.9 $ 8.2 Add (deduct): Interest expense, net 9.6 9.9 24.7 19.7 Provision
Slide 18: Free Cash Flow
Free Cash Flow UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (dollars in millions) (unaudited) Net Cash Provided by Operating Activities $ 15.9 $ 9.8 $ 28.5 $ 17.1 Less: Capital expend
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 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 $ 253.2 Other
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 Total Connections Revenue $ 112.2 $ 75.6 $ 62.0 $ 90.4 $ 340.2 $ 123.4 $ 75.0 $ 62.4 $ 94.
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 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 $ 19.5
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 Total Corporate Selling, general and administrative expenses $ 18.6 $ 14.0 $ 15.0 $ 11.9 $ 59.5 $