Slide 1: Emerald Holding, Inc. Third Quarter 2025
Emerald Holding, Inc. Third Quarter 2025 October 31, 2025 Exhibit 99.2
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 President and Chief Executive Officer David Doft Chief Financial Officer
Slide 4: Key Q3 and Year-to-Date 2025 Takeaways
Key Q3 and Year-to-Date 2025 Takeaways Emerald on track to achieve full year objectives – delivers 13.3% and 32.4% year-over-year growth year-to-date 2025 in Revenue and Adjusted EBITDA, respectively For the third quarter 2025, Revenue and Adjusted EBITDA grew 6.7% and 2.4%, respectively Reported ye
Slide 5: Emerald at a Glance
Emerald at a Glance Business Overview Emerald is the largest U.S. based B2B events platform with significant diversification across end markets. The company operates across three business lines: Connections (~90% of revenue) (1): Leading and “must attend” B2B events and conferences bringing together
Slide 6: Emerald's Monetization Engine Across Its Three Segments
Emerald’s Monetization Engine Provides Diverse And Highly Visible Revenue Generation Across Its Three Segments Collection of leading B2B trade shows and conferences that bring together industry-specific communities Revenue is generated from the production of trade shows and conference events, includ
Slide 7: Top US Scaled Exhibition Organizers are a Small Part of Overall Market
Top US Scaled Exhibition Organizers are a Small Part of Overall Market (1) B2B US Marketing Spend for Events and Sponsorship ($Bn)(2) Significant Opportunity for Growth in a Large, Fragmented Market Emerald’s leading market position and successful track record of accretive acquisitions makes it the
Slide 8: Leading B2B Events Provide High ROI Marketing and Lead Generation
Leading B2B Events Provide High ROI Marketing and Lead Generation for Recurring Client Base Source: Plural Strategy. “Marketing Spend Outlook 2025-2030.” March 2025. Source: Events Industry Council & Oxford Economics. (2023) 2023 Global Economic Significance of Business Events. Source: Harvard Busin
Slide 9: Diversified and Growing Portfolio of Market-Leading Brands
Technology, Advertising & Marketing Diversified and Growing Portfolio of Market-Leading Brands Well-balanced and diversified Emerald’s largest five shows represent 30% of FY 2024A revenues No single customer is more than 1% of revenue, and largest trade show is in single-digit % of revenue 90% of FY
Slide 10: Three Pillars of Value Creation
Three Pillars of Value Creation Emerald’s focus is on maximizing value of operations and expanding offerings Action the holistic consolidated customer database Focuses on allowing customer to do business on their terms at higher ROI Value-based pricing structure Rigorous, perpetual brand reviews via
Slide 11: History of Acquiring and Integrating High-Quality Events
History of Acquiring and Integrating High-Quality Events with a Robust Acquisition Pipeline Selected Recent Acquisitions January 2024 Premier conference and leading multi-channel hosted-buyer business Successfully acquired and integrated over 30 trade show and B2B brands over the last 10 years into
Slide 12: Year-to-Date Adj. EBITDA, Free Cash Flow, Net Income
12 Adj. EBITDA(1) Ex-Insurance Free Cash Flow(2) Net Income (Loss) Diluted Income (Loss) Per Share ($ in Millions) ($ in Millions) (1) See slide 18 of this presentation for a reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA excluding event cancellation insurance proceeds. (
Slide 13: Third Quarter Adj. EBITDA, Free Cash Flow, Net Income
13 Adj. EBITDA(1) Ex-Insurance Free Cash Flow(2) Net Income (Loss) Diluted Income (Loss) Per Share ($ in Millions) ($ in Millions) (1) See slide 18 of this presentation for a reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA excluding event cancellation insurance proceeds. (
Slide 14: Revenue and Adjusted EBITDA by Segment
14 ($ in Millions) Revenue and Adjusted EBITDA by Segment Quarterly Connections $62.0 $90.4 $123.4 $75.0 $62.4 $94.3 $138.3 $95.4 $67.5 All Other $10.5 $11.1 $10.0 $11.0 $10.2 $12.5 $9.4 $10.1 $10.0 Total $72.5 $101.5 $133.4 $86.0 $72.6 $106.8 147.7 $105.5 $77.5 Connections $282.6 $340.2 $355.1 All
Slide 15: 2025 Guidance Signals Continued Growth and Margin Expansion
15 2025 Guidance(1) Signals Continued Growth and Margin Expansion Revenue ($ in Millions) Adjusted EBITDA ex-Insurance(1) ($ in Millions) Updates FY 2025 Revenue Guidance FY 2025 Revenue expected to be $460 - $465 million (1) Prior range of $450 - $460 million in Revenue Emerald updates its Full Yea
Slide 16: Capital Allocation: Dividends, Leverage and Buybacks
Defined as the ratio of net debt to consolidated trailing twelve month EBITDA as defined in the Second Amended and Restated Senior Secured Credit Facilities. Annual Recurring Dividends Re-introduce recurring quarterly cash dividend given free cash flow generative nature of business Gradually increas
Slide 17: Appendix
“ Appendix @ EMERALD
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (dollars in millions) (unaudited) Net loss $ (14.4) $ (11.1) $ (0.5) $ (0.5) $ (2.9) Add (deduct): Interest expense, net 10.1 10.1 34.
Slide 19: Free Cash Flow Reconciliation
Free Cash Flow UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (dollars in millions) (unaudited) Net Cash Provided by Operating Activities $ 1.8 $ 9.1 $ 30.3 $ 26.2 Less: Capi
Slide 20: 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 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 $ 33
Slide 21: 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 Total Connections Revenue $ 112.2 $ 75.6 $ 62.0 $ 90.4 $ 340.2 $ 123.4 $ 75.0 $ 62.4 $
Slide 22: 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 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 $ 10
Slide 23: 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 Total Corporate Selling, general and administrative expenses $ 18.6 $ 14.0 $ 15.0 $ 11.9 $ 59.5
Slide 24: Organic Revenue Reconciliation
Organic Revenue UNAUDITED RECONCILIATION OF ORGANIC REVENUES TO REVENUE Three Months Ended September 30, Change Nine Months Ended September 30, Change Consolidated 2025 2024 $ % 2025 2024 $ % (dollars in millions) (unaudited) Revenues $ 77.5 $ 72.6 $ 72.6 $ 4.9 6.7% $ 330.7 $ 292.0 $ 38.7 $ 38.7 13.