Emerald Holding (NYSE: EEX) grows 2025 revenue, weighs strategic options

Rhea-AI Filing Summary

Emerald Holding, Inc. reported strong growth for 2025 but swung to a loss. Full-year revenue rose 16.2% to $463.4 million, while Adjusted EBITDA increased 25.0% to $127.1 million. Net loss was $30.7 million, largely driven by acquisition-related contingent consideration and other non-recurring costs.

Organic Revenues grew 1.1% to $397.0 million, with Connections up 2.2% and All Other down 7.8%. For 2026, Emerald guides to $490–$495 million of revenue and $137.5–$142.5 million of Adjusted EBITDA, implying continued margin expansion.

The company generated full-year Free Cash Flow of $34.3 million and ended 2025 with $100.9 million of cash and net debt of $411.6 million (net debt / EBITDA of 2.86x). Emerald repurchased 4.1 million shares for $17.5 million in 2025 and has $24.6 million remaining under its buyback authorization. The board declared a quarterly dividend of $0.015 per share and is reviewing potential strategic options following acquisition inquiries.

Positive

• Strong 2025 growth and margin expansion: Revenue increased 16.2% to $463.4 million and Adjusted EBITDA rose 25.0% to $127.1 million, reflecting successful acquisitions and stable Organic Revenues.
• Constructive 2026 outlook: Guidance calls for $490–$495 million of revenue and $137.5–$142.5 million of Adjusted EBITDA, implying continued growth and improved profitability if delivered.
• Shareholder returns via buybacks and dividend: The company repurchased 4.1 million shares for $17.5 million in 2025 and declared a quarterly dividend of $0.015 per share.
• Strategic options review underway: The board is evaluating potential strategic alternatives after receiving acquisition inquiries, which could lead to significant corporate actions if an agreement is reached.

Negative

• Return to net loss despite EBITDA growth: Full-year net loss of $30.7 million replaced prior-year net income, driven largely by higher non-recurring acquisition-related expenses and contingent consideration remeasurement.
• Rising operating costs and leverage: Selling, General and Administrative expenses increased 41.5% to $241.2 million, while total liabilities rose to $874.0 million and net debt reached $411.6 million with 2.86x net debt/EBITDA.
• Mixed organic performance in smaller segments: All Other Organic Revenues declined 7.8% year over year to $40.3 million, highlighting weakness in Content revenues even as Connections remained the primary growth driver.

Insights

Equity research analyst

Solid top-line and EBITDA growth, offset by non-recurring costs and a new strategic review.

Emerald delivered a robust 2025, with revenue rising to $463.4 million and Adjusted EBITDA to $127.1 million, both up double digits. Growth was fueled mainly by acquisitions, while Organic Revenues increased a modest 1.1%, indicating a stable underlying event portfolio.

The company reported a full-year net loss of $30.7 million, versus prior-year net income, driven by higher Selling, General and Administrative expenses, including $58.3 million of acquisition-related items and sizeable contingent consideration remeasurement. Cash generation remained positive, with Free Cash Flow of $34.3 million, though cash balances declined and term loan debt increased.

Guidance for 2026—revenue of $490–$495 million and Adjusted EBITDA of $137.5–$142.5 million—points to continued growth and margin improvement if achieved. The ongoing review of potential strategic options, initiated after acquisition inquiries, adds an additional potential catalyst, while leverage of 2.86x EBITDA leaves some balance-sheet flexibility.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 13, 2026

Emerald Holding, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-38076	42-1775077
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
100 Broadway, 14th Floor
New York, New York				10005
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (949) 226-5700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		EEX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 13, 2026, Emerald Holding, Inc. (the “Company”) issued a press release announcing the financial results of the Company for the fourth quarter and fiscal year ended December 31, 2025. Copies of the press release and presentation are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, attached hereto and incorporated by reference herein. The Company will also make the financial results presentation available on its website.

The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit.

Exhibit No.	Description
99.1 99.2 104	Press Release of the Company, dated March 13, 2026. Fourth Quarter 2025 Financial Results Presentation. Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			EMERALD HOLDING, INC.
Date:	March 13, 2026	By:	/s/ David Doft
			David Doft Chief Financial Officer

Exhibit 99.1

Emerald Reports Fourth Quarter and Full Year 2025 Financial Results

Delivered Full-Year 2025 Results In Line with Guidance, Reflecting Disciplined Execution and Sustained Demand

Enhanced Portfolio Quality and Diversification, Exiting 2025 with Strong Operating Momentum

NEW YORK, N.Y. – March 13, 2026 – Emerald Holding, Inc. (NYSE: EEX) (“Emerald” or the “Company”), America’s largest producer of trade shows and their associated conferences, content and commerce, today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.

Full Year 2025 Financial Highlights

•Revenues of $463.4 million, an increase of $64.6 million, or 16.2%, over the prior year period, primarily due to revenues from acquisitions and higher Organic Revenues.

•Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events, if any, of $397.0 million, an increase of $4.4 million, or 1.1%, from $392.6 million in the prior year period. The recent acquisitions of Generis, This is Beyond and Insurtech Insights would have resulted in a 4.8% year-over-year increase in Organic Revenues had they been part of Emerald’s portfolio in the twelve months ended December 31, 2024. (Refer to Schedule 1 for a reconciliation to revenues, the most directly comparable GAAP measure).

•Net loss of $30.7 million, compared to net income of $2.2 million in the prior year period.

•Adjusted EBITDA, a non-GAAP measure, of $127.1 million, compared to $101.7 million, a 25.0% increase over the prior year period (Refer to Schedule 3 for a reconciliation to net (loss) income, the most directly comparable GAAP measure).

Full Year 2026 Guidance

•For the Full Year 2026, the Company expects to generate $490–$495 million of Revenue and $137.5–$142.5 million of Adjusted EBITDA.

Fourth Quarter 2025 Financial Highlights

•Revenues of $132.7 million, an increase of $25.9 million, or 24.3%, over the prior year period, primarily due to revenues from acquisitions and higher Organic Revenues, offset by scheduling differences.

•Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events, if any, of $105.0 million, an increase of $0.3 million, or 0.3%, from $104.7 million in the prior year period. The recent acquisitions of Generis, This is Beyond and Insurtech Insights would have improved the result to a 5.3% year-over-year increase in Organic Revenues had they been part of Emerald’s portfolio in the fourth quarter ended December 31, 2024. (Refer to Schedule 1 for a reconciliation to revenues, the most directly comparable GAAP measure).

•Net loss of $30.2 million, compared to net income of $5.1 million in the prior year period.

•Adjusted EBITDA, a non-GAAP measure, of $36.3 million, compared to $33.1 million in the prior year period, a 9.7% increase (Refer to Schedule 3 for a reconciliation to net (loss) income, the most directly comparable GAAP measure).

Operational and Capital Structure Updates

•Emerald repurchased 282,386 shares for $1.3 million in the fourth quarter 2025 at an average price of $4.56 per share. In fiscal year 2025, Emerald repurchased 4.1 million shares for $17.5 million at an average price of $4.32 per share.

•On March 12, 2026, Emerald’s Board of Directors declared a dividend for the quarter ending March 31, 2026, of $0.015 per share.

•On December 16, 2025, Emerald announced that it had begun a review of potential strategic options following inquiries regarding a possible acquisition of the Company.

Hervé Sedky, Emerald’s President and Chief Executive Officer, said, “2025 was a pivotal year for Emerald - marked by disciplined execution and purposeful growth. Through targeted acquisitions, including This is Beyond, Insurtech Insights, and Generis, we expanded our presence in structurally higher-growth markets and added meaningful scale to our portfolio. We delivered solid financial results, met our full-year objectives, and exited the year with strong momentum supported by healthy customer demand and rebooking activity. As we enter 2026, Emerald has its most resilient and dynamic portfolio in more than a decade and a clear, confident path to long‑term value creation.”

David Doft, Emerald’s Chief Financial Officer, added, “Our full‑year 2025 results reflect the benefits of our efforts to pursue a more diversified portfolio of events. Revenue increased 16.2% year-over- year and Adjusted EBITDA grew 25.0%, supported by consistent operating performance across the business. Organic revenue growth was solid, and when incorporating our recent acquisitions, underlying organic growth was approximately 4.8%, highlighting both the earnings contribution and scalability of the assets added during the year. Current sales trends provide visibility for continued growth in 2026. Based on this operating performance, we are issuing full‑year 2026 guidance in the range of $490 - $495 million in revenue and $137.5 - $142.5 million in Adjusted EBITDA.”

Fourth Quarter and Full Year 2025 Financial Performance and Highlights

		Three Months Ended December 31,																Year Ended December 31,
		2025				2024				Change				% Change				2025				2024				Change				% Change
		(unaudited, dollars in millions, except percentages and per share data)
Revenues		$	132.7			$	106.8			$	25.9				24.3	%		$	463.4			$	398.8			$	64.6				16.2	%
Net (loss) income		$	(30.2	)		$	5.1			$	(35.3	)		NM				$	(30.7	)		$	2.2			$	(32.9	)		NM
Net cash provided by   operating activities		$	12.3			$	20.6			$	(8.3	)			(40.3	%)		$	42.6			$	46.8			$	(4.2	)			(9.0	%)
Diluted (loss) income per share		$	(0.15	)		$	0.03			$	(0.18	)		NM				$	(0.15	)		$	(0.07	)		$	(0.08	)		NM
Non-GAAP measures:
Adjusted EBITDA		$	36.3			$	33.1			$	3.2				9.7	%		$	127.1			$	101.7			$	25.4				25.0	%
Adjusted EBITDA excluding event cancellation insurance proceeds		$	36.3			$	32.6			$	3.7				11.3	%		$	127.1			$	100.2			$	26.9				26.8	%
Free Cash Flow		$	10.1			$	18.4			$	(8.3	)			(45.1	%)		$	34.3			$	37.0			$	(2.7	)			(7.3	%)
Free cash flow excluding event cancellation insurance proceeds, net		$	10.1			$	17.9			$	(7.8	)			(43.6	%)		$	34.3			$	35.5			$	(1.2	)			(3.4	%)

Fourth Quarter 2025

•Fourth quarter 2025 revenues were $132.7 million, an increase of $25.9 million or 24.3% versus the fourth quarter 2024, driven primarily by $25.4 million in revenue from acquisitions and an increase of $0.3 million in Organic Revenues and scheduling differences of $0.5 million, offset by prior year revenue of $0.3 million related to one discontinued event that was not contributing to profitability. The recent acquisitions of Generis, This is Beyond and Insurtech Insights would have resulted in a 5.3% year-over-year increase in Organic Revenues had they been part of Emerald’s portfolio in the fourth quarter ended December 31, 2024.

•Fourth quarter 2025 Organic Revenues from the Connections reportable segment were $94.2 million, an increase of $2.0 million or 2.2% versus the fourth quarter 2024, primarily due to new launches.

•Fourth quarter 2025 Organic Revenues from the All Other category were $10.8 million, a decrease of $1.7 million or 13.6% versus the fourth quarter 2024, due to a $2.0 million decrease in Content revenues, offset by a $0.3 million increase in Commerce revenues.

•Fourth quarter 2025 Selling, General and Administrative expenses were $88.7 million, an increase of $54.1 million or 156%, primarily driven by $40.1 million of acquisition-related items, including contingent consideration remeasurement adjustments reflecting the strong performance of recently acquired businesses, as well as transaction and integration costs.

•Fourth quarter 2025 net loss was $30.2 million, compared to net income of $5.1 million for the fourth quarter 2024, principally as a result of higher non-recurring expenses, primarily related to contingent consideration remeasurement adjustments.

•Fourth quarter 2025 Adjusted EBITDA was $36.3 million, compared to $33.1 million for the fourth quarter 2024. The increase was comprised of Adjusted EBITDA generated by the Company’s fiscal year 2025 acquisitions offset by higher bonus expense.

Full Year 2025

•Full year 2025 revenues were $463.4 million, an increase of $64.6 million, or 16.2%, versus the prior year period, driven by revenue from acquisitions of $66.4 million and Organic Revenue growth of $4.4 million, offset by a decrease of $6.2 million in revenue from discontinued events. The recent acquisitions of Generis, This is Beyond and Insurtech Insights would have resulted in a 4.8% year-over-year increase in Organic Revenues had they been part of Emerald’s portfolio in the twelve months ended December 31, 2024.

•Full year 2025 Organic Revenues from the Connections reportable segment were $356.7 million, an increase of $7.8 million or 2.2% versus the prior year period, due to four new event launches and higher recurring revenues.

•Full year 2025 Organic Revenues from the All Other category were $40.3 million, a decrease of $3.4 million or 7.8% versus the prior year period, due to a $3.9 million decrease in Content revenues, partially offset by a $0.5 million increase in Commerce revenues.

•Full year 2025 Selling, General and Administrative expenses were $241.2 million, an increase of $70.8 million or 41.5%, primarily driven by $58.3 million of acquisition-related items, including contingent consideration remeasurement adjustments reflecting the strong performance of recently acquired businesses, as well as transaction and integration costs.

•Full year 2025 net loss was $30.7 million, compared to net income of $2.2 million for the prior year period, principally as a result of higher non-recurring expenses, primarily related to contingent consideration remeasurement adjustments.

•Full year 2025 Adjusted EBITDA was $127.1 million, compared to $101.7 million in the prior year period. The increase was comprised of Adjusted EBITDA generated by the Company’s fiscal year 2025 acquisitions offset by higher bonus expense.

For a discussion of the Company’s presentation of Organic revenues and Adjusted EBITDA, which are non-GAAP measures, see below under the heading “Non-GAAP Financial Information.” Refer to Schedule 1 for a reconciliation of Organic revenues to revenues (discussed in the first paragraph of this section), the most directly comparable GAAP measure, and refer to Schedule 3 for a reconciliation of Adjusted EBITDA to net income (loss) (discussed in the second paragraph of this section), the most directly comparable GAAP measure.

Cash Flow

Fourth Quarter 2025:

•Fourth quarter 2025 net cash provided by operating activities was $12.3 million, compared to $20.6 million in the fourth quarter 2024.

•Fourth quarter 2025 capital expenditures were $2.2 million, compared to $2.2 million in the fourth quarter 2024.

•Fourth quarter 2025 Free Cash Flow excluding event cancellation insurance proceeds, net, which the Company defines as net cash provided by operating activities less capital expenditures, event cancellation insurance proceeds and taxes paid on event cancellation insurance proceeds, was $10.1 million, compared to $17.9 million in the fourth quarter 2024. The calculation of fourth quarter 2025 Free Cash Flow excluding event cancellation insurance proceeds, net, includes non-recurring acquisition related transaction costs of $0.6 million, acquisition integration and restructuring-related transition costs of $2.4 million and non-recurring legal and consulting fees of $0.7 million. The calculation of fourth quarter 2024 Free Cash Flow excluding event cancellation insurance proceeds, net, includes non-recurring acquisition related transaction costs of $1.2 million, acquisition integration and restructuring-related transition costs of $1.1 million, and non-recurring legal and consulting fees of $1.3 million. The total of these items is $3.7 million and $3.6 million for the quarters ended December 31, 2025 and 2024, respectively.

Full Year 2025:

•Full year 2025 net cash provided by operating activities was $42.6 million, compared to $46.8 million in the prior year period.

•Full year 2025 capital expenditures were $8.3 million, compared to $9.8 million in the prior year period.

•Full year 2025 Free Cash Flow excluding event cancellation insurance proceeds, net, which the Company defines as net cash provided by operating activities less capital expenditures, event cancellation insurance proceeds and taxes paid on event cancellation insurance proceeds, was $34.3 million, compared to $35.5 million in the prior year period. The calculation of fiscal 2025 Free Cash Flow excluding event cancellation insurance proceeds, net, includes non-recurring acquisition related transaction costs of $6.2 million, acquisition integration and restructuring-related transition costs of $6.3 million, non-recurring legal and consulting fees of $3.9 million and non-recurring financing fees charged to interest expense of $6.5 million for the January 2025 and August 2025 debt repricings. The calculation of fiscal year 2024 Free Cash Flow excluding event cancellation insurance proceeds, net, includes non-recurring acquisition related transaction costs of $3.4 million, acquisition integration and restructuring-related transition costs of $8.3 million, and non-recurring legal and consulting fees of $3.0 million. The total of these items is $22.9 million and $14.7 million for the years ended December 31, 2025 and 2024, respectively.

•Full year Free Cash Flow as reported reflects the impact of certain acquisition-timing effects. As the Generis, This is Beyond and Insurtech acquisitions closed before several of their major events were staged or scheduled to stage, a portion of event-related cash was reflected in the purchase price of each acquisition, rather than being captured in Emerald’s operating cash flow. The amount of this impact would have represented approximately $30.0 million incremental cash flows from operations.

For a review of the Company’s presentation of Free Cash Flow, which is a non-GAAP measure, see below under the heading “Non-GAAP Financial Information.” Refer to Schedule 4 for a reconciliation of Free Cash Flow to net cash provided by operating activities (discussed in the first paragraph of this section), the most directly comparable GAAP measure.

Dividend

On March 12, 2026, Emerald’s Board of Director’s declared a dividend for the quarter ending March 31, 2026, of $0.015 per share payable on April 2, 2026 to holders of Emerald’s common stock as of March 23, 2026.

Emerald Share Repurchase Program

On October 30, 2025, Emerald’s Board of Directors approved an extension and expansion of the Company’s share repurchase program that allows for the repurchase of up to $25.0 million of its common stock through December 31, 2026. In the three months ended December 31, 2025, Emerald bought back 282,386 shares for $1.3 million at an average price of $4.56 per share. In the year ended December 31, 2025, Emerald bought back 4,058,604 shares for $17.5 million at an average price of $4.32 per share. At quarter end, Emerald had $24.6 million remaining available under the existing repurchase authorization.

Since the restart of the share repurchase program in 2021 through December 31, 2025, the Company has bought back a total of 17.3 million shares of common stock for an aggregate of $71.3 million.

Board of Directors Evaluates Potential Strategic Options

On December 16, 2025, Emerald announced that it had begun a review of potential strategic options following inquiries regarding a possible acquisition of the Company. Emerald’s Board of Directors, in accordance with their fiduciary duties, is reviewing these options. Goldman Sachs & Co. LLC is acting as lead financial advisor to the Company in connection therewith.

There is no assurance that any transaction will occur as a result of this review of options, and Emerald’s Board of Directors does not expect to provide updates regarding this review until an agreement is reached, or the review is otherwise completed.

Conference Call Webcast Details

As previously announced, the Company’s leadership will hold a conference call to discuss its fourth quarter 2025 results at 8:30 am EDT on Friday, March 13, 2026.

The conference call can be accessed by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). A telephonic replay will be available beginning at 11:30 am ET by dialing 1-800-770-2030, or for international callers, 1-647-362-9199. The passcode for the replay is 1558503. The replay will be available until 11:59 pm ET on March 20, 2026.

Interested investors and other parties can access the webcast of the live conference call by visiting the Investors section of Emerald’s website at https://investor.emeraldx.com. An online replay will be available on the same website immediately following the call.

About Emerald

Emerald Holding, Inc. is the largest U.S.-based B2B event organizer, empowering businesses year-round by expanding meaningful connections, developing influential content, and delivering powerful commerce-driven solutions. As the owner and operator of a curated portfolio of B2B events spanning trade shows, conferences, B2C showcases and a scaled Executive Peer Network platform. Emerald also delivers dynamic solutions across leading industries through its robust content and e-commerce marketplace. Emerald is a trusted partner for its thousands of customers, predominantly small and medium-sized businesses, playing a pivotal role in driving ongoing commerce through streamlined buying, selling, and networking opportunities. Powered by an experienced, talented and deeply engaged team, Emerald is fostering impactful engagement and delivering unparalleled market access with a commitment to driving business growth 365 days a year.

Non-GAAP Financial Information

This press release presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP financial measures are in addition to, and not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. The Company believes that these non-GAAP financial measures enhance the reader’s understanding of our past financial performance and our prospects for the future. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the schedules attached hereto.

Organic Revenue

We define “Organic revenue growth” and “Organic revenue decline” as the growth or decline, respectively, in our revenue from one period to the next, adjusted for the revenue impact of: (i) acquisitions and dispositions, (ii) discontinued events and (iii) material show scheduling adjustments. We disclose changes in Organic revenue because we believe it assists investors and analysts in comparing Emerald’s operating performance across reporting periods on a consistent basis by excluding items that we do not believe provide a fair comparison of the trends underlying our existing event portfolio given changes in timing or strategy. Management and Emerald’s board of directors evaluate changes in Organic revenue to evaluate our historical and prospective financial performance and understand underlying revenue trends of our events.

Adjusted EBITDA

We use Adjusted EBITDA because we believe it assists investors and analysts in comparing Emerald’s operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management and Emerald’s board of directors use Adjusted EBITDA to assess our financial performance and believe it is helpful in highlighting trends because it excludes the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Adjusted EBITDA should not be considered as an alternative to net income (loss) as a measure of financial performance or to cash flows from operations as a liquidity measure.

We define Adjusted EBITDA as net income (loss) before (i) interest expense, net, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, (v) goodwill and other intangible asset impairment charges and (vi) other items that management believes are not part of our core operations.

We have also presented Adjusted EBITDA excluding event cancellation insurance proceeds in order to illustrate the amount of Adjusted EBITDA from continuing operations.

Note: Schedule 3 provides reconciliations for 2025 and 2024 Adjusted EBITDA to net income (loss), however, it is not possible, without unreasonable efforts, to estimate the impacts of show scheduling adjustments, acquisitions and certain other special items that may occur in 2025 as these items are inherently uncertain and difficult to predict. As a result, the Company is unable to quantify certain amounts that would be included in a reconciliation of 2025 projected Adjusted EBITDA to projected net income (loss) without unreasonable efforts and has not provided reconciliations for these forward-looking non-GAAP financial measures.

Free Cash Flow

We present Free Cash Flow because we believe it is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our core operations that, after capital expenditures, can be used to maintain and grow our business, for the repayment of indebtedness, payment of dividends and to fund strategic opportunities. Free Cash Flow is a supplemental non-GAAP measure of liquidity and is not based on any standardized methodology prescribed by GAAP. Free Cash Flow should not be considered in isolation or as an alternative to cash flows from operating activities or other measures determined in accordance with GAAP.

We have also presented Free Cash Flow excluding event cancellation insurance proceeds, net in order to illustrate the amount of Free Cash Flow from continuing operations.

Other companies may compute these measures differently. No non-GAAP metric should be considered as an alternative to any other measure derived in accordance with GAAP.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains and our earnings call will contain certain forward-looking statements, including, but not limited to, statements regarding general economic conditions, including the impact of tariffs and trade policy or more specifically about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance; the multiple avenues to increase our organic growth; expectations regarding interest rates and economic conditions, among others; our guidance with respect to estimated revenues and Adjusted EBITDA; our ability or inability to obtain insurance coverage relating to event cancellations or interruptions; our intention to continue to pay regular quarterly dividends; our ability to successfully identify and acquire acquisition targets; our expectations arising from the ongoing impact of natural disasters, or outbreaks of contagious disease or the potential for infection on our business; how we integrate and grow acquired businesses; our ability to leverage artificial intelligence and other technologies in our products and services; and how we expand our international operations. In particular, the declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including the Company’s results of operations, cash flows, financial position and capital requirements, any applicable restrictions under the Company’s debt facilities, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends. These statements are based on management’s current expectations as well as estimates and assumptions prepared by management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of the Company’s control that may cause its business, industry, strategy, financing activities or actual results to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

Contact

Emerald Holding, Inc.

Investor Relations

investor.relations@emeraldx.com

1-866-339-4688 (866EEXINVT)

Emerald Holding, Inc.

Condensed Consolidated Statements of (Loss) Income

(unaudited, dollars in millions, share data in thousands, except loss per share data)

		Three Months Ended December 31, 2025				Three Months Ended December 31, 2024				Year Ended December 31, 2025				Year Ended December 31, 2024
Revenues		$	132.7			$	106.8			$	463.4			$	398.8
Other income, net			—				0.5				—				1.5
Cost of revenues			51.4				43.8				168.7				147.5
Selling, general and administrative expense			88.7				34.6				241.2				170.4
Depreciation and amortization expense			8.3				7.1				31.0				28.3
Intangible asset impairment charges			—				1.0				—				7.3
Operating (loss) income			(15.7	)			20.8				22.5				46.8
Interest expense			9.8				11.4				48.8				47.8
Interest income			0.4				1.9				4.6				8.5
Other income (expense)			0.1				—				0.1				—
(Loss) income before income taxes			(25.0	)			11.3				(21.6	)			7.5
Provision for income taxes			5.2				6.2				9.1				5.3
Net (loss) income attributable to Emerald Holding, Inc.		$	(30.2	)		$	5.1			$	(30.7	)		$	2.2
Accretion to redemption value of redeemable convertible preferred stock			—				—				—				(12.7	)
Net (loss) income attributable to Emerald Holding, Inc.    common stockholders		$	(30.2	)		$	5.1			$	(30.7	)		$	(10.5	)
Basic (loss) income per share			(0.15	)			0.03				(0.15	)			(0.07	)
Diluted (loss) income per share			(0.15	)			0.03				(0.15	)			(0.07	)
Basic weighted average common shares outstanding			197,769				202,495				198,729				156,925
Diluted weighted average common shares outstanding			197,769				202,825				198,729				156,925

Emerald Holding, Inc.

Condensed Consolidated Balance Sheets

(dollars in millions, share data in thousands, except par value)

		December 31, 2025				December 31, 2024
		(unaudited)
Assets
Current assets
Cash and cash equivalents		$	100.9			$	194.8
Trade and other receivables, net of allowances of $3.9 million and $1.6 million, as of December 31, 2025 and December 31, 2024, respectively			99.0				82.5
Prepaid expenses and other current assets			35.4				29.6
Total current assets			235.3				306.9
Noncurrent assets
Intangible assets, net			181.4				155.9
Goodwill, net			783.6				573.8
Other noncurrent assets			12.5				12.1
Total assets		$	1,212.8			$	1,048.7
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable and other current liabilities		$	43.7			$	40.7
Income taxes payable			2.1				—
Cancelled event liabilities			1.0				1.2
Deferred revenues			219.2				190.5
Contingent consideration			12.2				0.7
Right-of-use liabilities, current portion			5.3				4.0
Term loan, current portion			5.2				4.2
Total current liabilities			288.7				241.3
Noncurrent liabilities
Term loan, net of discount and deferred financing fees			498.6				398.5
Deferred tax liabilities, net			17.6				4.9
Other noncurrent liabilities			69.1				18.1
Total liabilities			874.0				662.8
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value; authorized shares at December 31, 2025    and December 31, 2024: 800,000; 197,697 and 201,447 shares    issued and outstanding at December 31, 2025 and December 31, 2024, respectively			2.0				2.0
Additional paid-in capital			1,016.4				1,034.0
Accumulated other comprehensive income			1.2				—
Accumulated deficit			(680.8	)			(650.1	)
Total stockholders’ equity			338.8				385.9
Total liabilities and stockholders’ equity		$	1,212.8			$	1,048.7

Schedule 1

Emerald Holding, Inc.

UNAUDITED RECONCILIATION OF REVENUES TO ORGANIC REVENUES

		Three Months Ended December 31,								Change								Year Ended 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:
Acquisition revenues (1)			(25.4	)			—												(66.4	)			—
Discontinued events			—				(0.3	)											—				(6.2	)
Scheduling adjustments(2)			(2.3	)			(1.8	)											—				—
Organic revenues		$	105.0			$	104.7			$	0.3				0.3	%		$	397.0			$	392.6			$	4.4				1.1	%

		Three Months Ended December 31,								Change								Year Ended December 31,								Change
Connections		2025				2024				$				%				2025				2024				$				%
		(dollars in millions) (unaudited)
Revenues		$	121.9			$	94.3			$	27.6				29.3	%		$	423.1			$	355.1			$	68.0				19.1	%
Deduct:
Acquisition revenues			(25.4	)			—												(66.4	)			—
Discontinued events			—				(0.3	)											—				(6.2	)
Scheduling adjustments(2)			(2.3	)			(1.8	)											—				—
Organic revenues		$	94.2			$	92.2			$	2.0				2.2	%		$	356.7			$	348.9			$	7.8				2.2	%

		Three Months Ended December 31,								Change								Year Ended December 31,								Change
All Other		2025				2024				$				%				2025				2024				$				%
		(dollars in millions) (unaudited)
Revenues		$	10.8			$	12.5			$	(1.7	)			(13.6	%)		$	40.3			$	43.7			$	(3.4	)			(7.8	%)
Deduct:
Acquisition revenues			—				—												—				—
Discontinued events			—				—												—				—
Scheduling adjustments			—				—												—				—
Organic revenues		$	10.8			$	12.5			$	(1.7	)			(13.6	%)		$	40.3			$	43.7			$	(3.4	)			(7.8	%)

Notes:

(1)For the three months ended December 31, 2025, represents revenues from the acquisitions of Generis, This is Beyond and Insurtech. For the comparable period in the prior year, these businesses generated revenues of $18.9 million. Assuming prior year foreign currency rates, these revenues would have been $25.0 million for the three months ended December 31, 2025, resulting in a 5.3% year-over-year increase in Organic Revenues. For the twelve months ended December 31, 2025, represents revenues from the acquisitions of Generis, This is Beyond, Insurtech and GRC World Forums. For the comparable period in the prior year, these businesses generated revenues of $59.0 million. Assuming prior year foreign currency rates, these revenues would have been $76.1 million for the twelve months ended December 31, 2025, resulting in a 4.8% year-over-year increase in Organic Revenues.

(2)For the three months ended December 31, 2025, represents revenues from two events that staged in the fourth quarter of fiscal 2025, but staged in a different quarter in fiscal 2024, offset by revenues from two events that staged in the fourth quarter of fiscal 2024, but staged in a different quarter in fiscal 2025.

Schedule 2

Emerald Holding, Inc.

UNAUDITED RECONCILIATION OF REVENUES TO DISAGGREGATED REVENUES

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
		(dollars in millions) (unaudited)
Connections		$	121.9			$	94.3			$	423.1			$	355.1
Content			5.3				7.3				18.9				22.8
Commerce			5.5				5.2				21.4				20.9
Total Revenues		$	132.7			$	106.8			$	463.4			$	398.8

Schedule 3

Emerald Holding, Inc.

UNAUDITED RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

		Three Months Ended December 31,								Year Ended 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
Provision for income taxes			5.2				6.2				9.1				5.3
Intangible asset impairment charges(1)			—				1.0				—				7.3
Depreciation and amortization			8.3				7.1				31.0				28.3
Stock-based compensation			2.8				1.1				11.3				5.8
Remeasurement of contingent consideration			37.1				(0.5	)			45.8				(1.2	)
Other items(2)			3.7				3.6				16.4				14.7
Adjusted EBITDA		$	36.3			$	33.1			$	127.1			$	101.7
Deduct:
Event cancellation insurance proceeds			—				0.5				—				1.5
Adjusted EBITDA excluding event cancellation insurance proceeds		$	36.3			$	32.6			$	127.1			$	100.2

Notes:

(1)Intangible asset impairment charges for the three months ended December 31, 2024 represent non-cash charges of $1.0 million for certain definite-lived and indefinite-lived intangible assets in connection with the Company’s annual testing of intangibles for impairment. Intangible asset impairment charges for the full year ended December 31, 2024 includes additional non-cash charges of $6.3 million for certain indefinite-lived intangible assets in connection with the Company’s interim testing of intangibles for impairment.

(2)Other items for the three months ended December 31, 2025 included: (i) $0.6 million in acquisition-related transaction costs; (ii) $2.4 million in acquisition integration and restructuring-related transition costs; and (iii) $0.7 million in non-recurring legal, audit and consulting fees. Other items for the three months ended December 31, 2024 included: (i) $1.2 million in acquisition-related transaction costs; (ii) $1.1 million in acquisition integration and restructuring related transition costs; and (iii) $1.3 million in non-recurring legal, audit and consulting fees. Other items for the twelve months ended December 31, 2025 included: (i) $6.2 million in acquisition-related transaction costs; (ii) $6.3 million in acquisition integration and restructuring-related transition costs; and (iii) $3.9 million in non-recurring legal, audit and consulting fees. Other items for the twelve months ended December 31, 2024 included:(i) $3.4 million in acquisition-related transaction costs; (ii) $8.3 million in acquisition integration and restructuring related transition costs; and (iii) $3.0 million in non-recurring legal, audit and consulting fees.

Schedule 4

Emerald Holding, Inc.

UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

		Three Months Ended December 31,								Year Ended 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 expenditures			2.2				2.2				8.3				9.8
Free Cash Flow		$	10.1			$	18.4			$	34.3			$	37.0
Event cancellation insurance proceeds			—				(0.5	)			—				(1.5	)
Free cash flow excluding event cancellation insurance proceeds, net		$	10.1			$	17.9			$	34.3			$	35.5

Schedule 5

Emerald Holding, Inc.

UNAUDITED RECONCILIATION OF REPORTABLE SEGMENTS RESULTS TO (LOSS) INCOME BEFORE TAXES

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
		(dollars in millions) (unaudited)
Revenues
Connections		$	121.9			$	94.3			$	423.1			$	355.1
All Other			10.8				12.5				40.3				43.7
Total revenues		$	132.7			$	106.8			$	463.4			$	398.8
Other income, net
Connections		$	—			$	0.5			$	—			$	1.5
Total other income, net		$	—			$	0.5			$	—			$	1.5
Adjusted EBITDA
Connections		$	46.9			$	36.1			$	171.3			$	142.3
All Other			2.5				2.5				7.2				6.2
Adjusted EBITDA (excluding General corporate expenses)		$	49.4			$	38.6			$	178.5			$	148.5
General corporate expenses			(13.1	)			(5.5	)			(51.4	)			(46.8	)
Interest expense, net			(9.4	)			(9.5	)			(44.2	)			(39.3	)
Intangible asset impairment charges			—				(1.0	)			—				(7.3	)
Depreciation and amortization expense			(8.3	)			(7.1	)			(31.0	)			(28.3	)
Stock-based compensation expense			(2.8	)			(1.1	)			(11.3	)			(5.8	)
Remeasurement of contingent consideration			(37.1	)			0.5				(45.8	)			1.2
Other items			(3.7	)			(3.6	)			(16.4	)			(14.7	)
(Loss) income before income taxes		$	(25.0	)		$	11.3			$	(21.6	)		$	7.5

Emerald Holding, Inc. Fourth Quarter & FY 2025 March 13, 2026 Exhibit 99.2

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, general economic conditions, including the impact of tariffs and trade policy or more specifically about the markets in which the Company operates, including growth of the Company’s various markets, and the Company’s expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance; the multiple avenues to increase our organic growth; expectations regarding interest rates and economic conditions, among others; the Company’s guidance with respect to estimated revenues and Adjusted EBITDA; the Company’s ability or inability to obtain insurance coverage relating to event cancellations or interruptions; the Company’s ability to successfully identify and acquire acquisition targets; the Company’s expectations arising from the ongoing impact of natural disasters, or outbreaks of contagious disease or the potential for infection on its business; how the Company integrates and grows acquired businesses; how the Company expands its international operations; and the Company’s intention to continue to pay regular quarterly dividends. In particular, the declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Company’s Board of Directors and will depend on a number of factors. The forward-looking statements contained herein are based on management’s current expectations as well as estimates and assumptions prepared by management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of the Company’s control that may cause its business, industry, strategy, financing activities or actual results to differ materially. There can be no assurance that the projected results and forward-looking statements in this presentation will prove to be accurate. In addition, even if the Company’s results of operations, financial condition and liquidity, and events in the industry in which it operates, are consistent with the forward-looking statements contained in this presentation, they may not be predictive of results or developments in future periods. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Forward looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe, “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. For factors that could cause actual results to differ materially from the forward-looking statements in this presentation, please see the risks and uncertainties identified under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings, which are available on the Company’s Investor Relations website at investor.emeraldx.com and on the SEC’s EDGAR website at www.sec.gov. The Company disclaims any obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Past results are not indicative of future performance. Industry and Market Information To the extent this presentation includes information concerning the industry and the markets in which the Company operates, including general observations, expectations, market position, market opportunity and market size, such information is based on management's knowledge and experience in the markets in which the Company operates, including publicly available information from independent industry analysts and publications, which the Company believes to be reasonable, but which are inherently uncertain and imprecise. Accordingly, you are cautioned not to place undue reliance on such market and industry information. Non-GAAP Financial Information This presentation also includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and should not be considered as a substitute for or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles (“GAAP”). The non-GAAP measures included herein may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Participants Hervé Sedky President and Chief Executive Officer David Doft Chief Financial Officer

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 and Adjusted EBITDA(2) grew 24.3% and 9.7%, respectively, over the prior year period Reported FY 2025 Organic Revenue growth of 1.1%(1) from the prior year period, without the benefit of the underlying growth of recent acquisitions FY 2025 Organic Revenue growth would have been 4.8%(1) from the prior year period had the recent acquisitions of This is Beyond, Insurtech Insights, GRC World Forums and Generis been part of Emerald’s portfolio in FY 2024 Reported Organic Revenue growth of 0.3%(1) in the fourth quarter 2025 from the prior year period. Organic Revenue growth would have improved to a 5.3%(1) year-over-year increase had the recent acquisitions of This is Beyond, Insurtech Insights and Generis been part of Emerald’s portfolio in the fourth quarter 2024 Repurchased 4,058,604 shares of common stock for $17.5 million at an average price of $4.32 per share in FY 2025 Board of Directors declared dividend for the quarter ending March 31, 2026, of $0.015 per share Issues FY 2026 guidance of $490-$495 million in Revenues and $137.5 - $142.5 million in Adjusted EBITDA (2) See slide 23 of this presentation for a reconciliation of Organic Revenue to revenues See slide 17 of this presentation for a reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA excluding event cancellation insurance proceeds.

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 industry-specific communities Content (~5% of revenue): B2B websites and publications across 20 sectors Commerce (~5% of revenue): B2B wholesale e-commerce software and marketplace offerings Key Stats 100+ Events & Media Products 2.6 mm Active Customers $20bn Total Global Addressable Market 18k+ Exhibitors ~500k Attendees 17.5mm Website Visitors Select Trade Shows Source: Company reports 2024-2025, Company Management. (1) Revenue mix numbers are as of FY 2025. $463.4mm 2025 Revenue $127.1mm 2025 Adj. EBITDA Leading event in the advertising, marketing, media and technology sectors Leader in peer-peer- executive events North America’s largest trade show dedicated to all aspects of Kitchen and bath design Leading trade fair and conference for boutique hotel design High-end designer fine jewelry and luxury timepiece market World’s largest trade show for the pizzeria industry Luxury travel event business. Currently produces seven events globally Portfolio of events centered around insurance technology

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, including booth space sales, registration fees and sponsorship fees B2B websites and publications that provide industry specific business news and information across multiple sectors Revenue primarily consists of advertising sales for industry publications and digital products SaaS software enables year-round B2B buying and selling which averages $1 billion per month of wholesale gross transaction volume Revenue consists of subscription revenue, implementation fees and professional services Connections (~92% of FY 2025 Revenue) Content Commerce

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 acquiror of choice in a large and highly fragmented market Today, marketers are allocating a larger share of spend to in-person events than any other channel(2) B2B US Marketing spend for events and sponsorships is expected to grow by a CAGR of +7% through 2030 As marketers double down on measurable outcomes, Emerald’s live events deliver proven value through qualified lead generation, sales acceleration, and deep brand engagement 1) Activate Consulting, Technology & Media Outlook 2025; Stax Consulting 2) Plural Strategy, “Marketing Spend Outlook 2025-2030.” March 2025. Large US Exhibition OrganizersRest of Market Largest US based player in B2B trade show market // CAGR 2025-2030: + 7%

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 Business Review. (2020). When Do We Really Need Face-to-Face Interactions Source: McKinsey & Company. (2022). The New B2B Growth Equation: Customers Want an Always-On, Personalized, Omnichannel Experience. The Worlds Best Sellers are Giving it To Them. Source: Plural Strategy. “Marketing Spend Outlook 2025-2030.” March 2025. In-person trade shows and events continue to be an integral part of businesses’ marketing budgets and among the highest ROI Generate leads and sales Introduce new products Build brands Strengthen relationships Educate the market Service customers Fulfill procurement needs Source new suppliers Reconnect with existing suppliers Identify trends Learn about new products / services Network with industry peers Value to Exhibitors Value to Attendees 99% of B2B marketers say their event budgets have returned to or exceeded pre-pandemic levels (1) 38 New leads generated, on average, per trade show event (2) 60% of executives report that in-person events – lead to significant knowledge transfer and LT partnerships.(3) 70% of buyers prefer hybrid and in-person experiences where there is increased trust and deeper engagement(4) +7% 2025E-2030E CAGR projected for marketer spend on US B2B events and sponsorships(5)

Diversified and Growing Portfolio of Market-Leading Brands Well-balanced and diversified Emerald’s largest five shows represent ~25% ofFY 2025A revenues No single customer is more than 1% of revenue,and largest trade show is in single-digit % of revenue 92% of FY 2025A revenues from Live Events(1) 90%+ of trade show franchises hold market-leading positions within their respective industry verticals All Content publications complement our trade show portfolio Enterprise SaaS Commerce platform enables wholesale buying and selling (1) Includes revenue from Trade Shows and Other Events. Action Sports Gift, Home & General Merchandise Food, Pharma & Healthcare Luxury Industrial &Manufacturing Technology, Advertising & Marketing Design & Construction

Three Pillars of Value CreationEmerald’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 3-year brand operating plans across portfolio Improved customer retention Higher revenue per customer Focused investment in evolving brands Optimized event success and customer ROI Customer Centricity Targeted accretive M&A Partnership opportunities Emerald Xcelerator New event and content launches in growth categories Platform acquisitions in new growth categories Tuck-in acquisitions in existing strategic categories Portfolio Optimization Daily content and insights across multiple industries Scaled B2B marketplace Increased cadence of online offerings New revenue streams Powerful first-party data Improved cross selling efforts 365-Day Engagement

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 a singular, go-to-market platform Growing footprint through acquisition of high-quality events across key industry verticals Historically, acquisitions purchased in mid-to-high single digits multiple range Ability to achieve cost and revenue synergies in most transactions Accretive M&A potential within a highly fragmented industry at attractive valuations Commentary Emerald Has Completed and Integrated Over 30 Acquisitions Over the Last Decade Totaling Approx. $1.0 bn in Capital Deployed Historical # of Acquisitions per Annum 2015 4 2016 5 2018 2 2020 1 2021 2 2019 1 2017 4 2022 2 2023 1 2024 4 May 2025 London-based luxury travel event business. Currently produces seven events globally March 2025 Portfolio of events centered around insurance technology 2025 5 (1) (1) M&A activity as of September 30, 2025. August 2025 Leader of peer-to-peer executive summits in the manufacturing, pharma and industrial spaces August 2024 Portfolio of events centered around Governance, Risk and Regulation

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 17 of this presentation for a reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA excluding event cancellation insurance proceeds. (2) Year to date Free Cash Flow as reported reflects the impact of certain acquisition-timing effects. As the Generis, This is Beyond and Insurtech acquisitions closed before several of their major events were staged or scheduled to stage, a portion of event-related cash was reflected in the purchase price of each acquisition, rather than being captured in Emerald’s operating cash flow. The amount of this impact would have represented approximately $30.0 million incremental cash flows from operations. See slide 18 of this presentation for a reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Free Cash Flow excluding event cancellation insurance proceeds, net. (3) Consolidated trailing twelve month EBITDA as of December 31, 2025 as defined in the Second Amended and Restated Senior Secured Credit Facilities. Net debt is defined as total principal face value of borrowings outstanding under the Second Amended and Restated Term Loan Facility and Second Amended and Restated Revolving Credit Facilities, less combined cash and cash equivalents. Earnings Results Revenues of $463.4 million Diluted loss per share of $0.15 Net (loss) income of $(30.7) million Adjusted EBITDA, ex-insurance, of $127.1 million(1) Free cash flow of $34.3 million(2) Highlights and Developments Repurchased 4.1 million shares for $17.5 million at an average price of $4.32 per share Since the restart of the share repurchase program in 2021 through December 31, 2025, the Company has bought back a total of 17.3 million shares of common stock for an aggregate of $71.3 million On March 12, 2026, Emerald’s Board of Director’s declared a dividend for the quarter ending March 31, 2026, of $0.015 per share Balance Sheet(as of 12/31/2025) $100.9 million of cash and cash equivalents and full availability on $110 million revolver. Net debt of $411.6 million, including $512.5 million outstanding term loan balance(3) Net debt / EBITDA(3) of 2.86x as of December 31, 2025 Approximately 198.0 million common shares outstanding as of December 31, 2025 FY 2025 Results Demonstrate Solid Execution and Sustained Demand ($ in Millions) $(0.07) FY 2025 Financial Highlights and Current Liquidity Position

13 ($ in Millions) Revenue and Adjusted EBITDA by Segment Quarterly Connections $90.4 $123.4 $75.0 $62.4 $94.3 $138.3 $95.4 $67.5 $121.9 All Other $11.1 $10.0 $11.0 $10.2 $12.5 $9.4 $10.1 $10.0 $10.8 Total $101.5 $133.4 $86.0 $72.6 $106.8 147.7 $105.5 $77.5 $132.7 Connections $282.6 $340.2 $355.1 $423.1 All Other $43.3 $42.6 $43.7 $40.3 Total $325.9 $382.8 $398.8 $463.4 Annual Connections $39.8 $56.1 $26.4 $23.6 $36.1 $66.2 $35.2 $23.1 $46.9 All Other $1.6 $0.2 $1.8 $1.6 $2.5 $0.7 $1.8 $2.2 $2.5 Corporate ($5.5) ($15.5) ($12.9) ($12.7) ($5.5) ($13.3) ($12.6) ($12.5) ($13.1) Adj. EBITDA $35.9 $40.8 $15.3 $12.5 $33.1 $53.6 $24.4 $12.8 $36.3 Less: Insurance Proceeds -- $1.0 -- -- $0.5 -- -- -- -- Adj. EBITDA ex-Insurance $35.9 $39.8 $15.3 $12.5 $32.6 $53.6 $24.4 $12.8 $36.3 $95.0 $98.3 $99.0 $103.5 $100.2 $114.0 $123.1 $123.4 $127.1 Revenue Adjusted EBITDA Connections $133.0 $136.8 $142.3 $171.3 All Other $0.2 $3.6 $6.2 $7.2 Corporate ($42.2) ($42.6) ($46.8) ($51.4) Adj. EBITDA $91.0 $97.8 $101.7 $127.1 Less: Insurance Proceeds $34.2 $2.8 $1.5 -- Adj. EBITDA ex-Insurance $56.8 $95.0 $100.2 $127.1 Adjusted EBITDA Revenue TTM Adj. EBITDA ex-Insurance $132.7

14 2026 Guidance(1) Signals Continued Growth and Margin Expansion Revenue ($ in Millions) Adjusted EBITDA ex-Insurance(1) ($ in Millions) FY 2026 Revenue Guidance FY 2026 Revenue expected to be $490 - $495 million See slide 17 of this presentation for a reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA excluding event cancellation insurance proceeds. FY 2026 Adjusted EBITDA Guidance FY 2026 Adjusted EBITDA(1) expected to be $137.5 - $142.5 million $463.4 $127.1

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 increase the dividend over time Current common stock dividend at an annualized level of $12m, ($0.015/share) or $3.0m per quarter Target ongoing payout ratio of up to 25% of FCF Maintain Net Leverage Ratio(1) Target 2.0 – 3.0x long-term Net Leverage Ratio Pro forma leverage is 2.86x as of December 31, 2025, and within the target range. Opportunistic Share Buybacks Capitalize on stock price volatility by using excess liquidity to buy back stock when accretive to value Ongoing $25 million share repurchase program, representing approx. 3% of the current equity market capitalization Priorities Objectives Actions Capital Allocation and Financial Policy Supplement Organic Growth with M&A Acquire leading B2B events or related assets in existing verticals and/or new, growing verticals to diversify exposure Capture revenue and/or cost synergies Multiple arbitrage Consider B2C events only in existing scale verticals Completed 14 acquisitions over the past 4 years

Appendix

Adjusted EBITDA UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (1) Intangible asset impairment charges for the three months ended December 31, 2024 represent non-cash charges of $1.0 million for certain definite-lived and indefinite-lived intangible assets in connection with the Company’s annual testing of intangibles for impairment. Intangible asset impairment charges for the full year ended December 31, 2024 includes additional non-cash charges of $6.3 million for certain indefinite-lived intangible assets in connection with the Company’s interim testing of intangibles for impairment. (2) Other items for the three months ended December 31, 2025 included: (i) $0.6 million in acquisition-related transaction costs; (ii) $2.4 million in acquisition integration and restructuring-related transition costs; and (iii) $0.7 million in non-recurring legal, audit and consulting fees. Other items for the three months ended December 31, 2024 included: (i) $1.2 million in acquisition-related transaction costs; (ii) $1.1 million in acquisition integration and restructuring related transition costs; and (iii) $1.3 million in non-recurring legal, audit and consulting fees. Other items for the twelve months ended December 31, 2025 included: (i) $6.2 million in acquisition-related transaction costs; (ii) $6.3 million in acquisition integration and restructuring-related transition costs; and (iii) $3.9 million in non-recurring legal, audit and consulting fees. Other items for the twelve months ended December 31, 2024 included:(i) $3.4 million in acquisition-related transaction costs; (ii) $8.3 million in acquisition integration and restructuring related transition costs; and (iii) $3.0 million in non-recurring legal, audit and consulting fees. Three Months EndedDecember 31, Year EndedDecember 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 Provision for income taxes 5.2 6.2 9.1 5.3 Intangible asset impairment charges(1) — 1.0 — 7.3 Depreciation and amortization 8.3 7.1 31.0 28.3 Stock-based compensation 2.8 1.1 11.3 5.8 Remeasurement of contingent consideration 37.1 (0.5) 45.8 (1.2) Other items(2) 3.7 3.6 16.4 14.7 Adjusted EBITDA $ 36.3 $ 33.1 $ 127.1 $ 101.7 Deduct:                 Event cancellation insurance proceeds — 0.5 — 1.5 Adjusted EBITDA excluding event cancellation insurance proceeds $ 36.3 $ 32.6 $ 127.1 $ 100.2

Free Cash Flow UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months EndedDecember 31, Year EndedDecember 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 expenditures 2.2 2.2 8.3 9.8 Free Cash Flow $ 10.1 $ 18.4 $ 34.3 $ 37.0 Event cancellation insurance proceeds — (0.5) — (1.5) Free cash flow excluding event cancellation insurance proceeds, net $ 10.1 $ 17.9 $ 34.3 $ 35.5

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   $ 132.7   $ 463.4 Other income, net   —   —   2.8   —   2.8   1.0   —   —   0.5   1.5   —   —   —   —   — Cost of Revenue   43.2   32.8   25.9   35.7   137.6   47.5   33.1   23.1   43.8   147.5   51.4   40.6   25.3   51.4   168.7 Selling, general and administrative expenses   48.8   41.8   41.6   36.1   168.3   55.5   39.5   40.8   34.6   170.4   54.1   47.1   51.3   88.7   241.2 Depreciation and amortization expense   13.5   12.9   8.8   9.8   45.0   7.1   7.0   7.1   7.1   28.3   6.4   7.6   8.7   8.3   31.0 Intangible asset impairments   —   —   —   —   —   —   —   6.3   1.0   7.3   —   —   —   —   — Operating income (loss)   $ 16.8   $ (1.0)   $ (1.0)   $ 19.9   $ 34.7   $ 24.3   $ 6.4   $ (4.7)   $ 20.8   $ 46.8   $ 35.8   $ 10.2   $ (7.8)   $ (15.7)   $ 22.5

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   $ 94.3   $ 355.1   $ 138.3   $ 95.4   $ 67.5   $ 121.9   $ 423.1 Other income, net   —   —   2.8   —   2.8   1.0   —   —   0.5   1.5   —   —   —   —   — Cost of Revenue   40.9   30.3   23.8   33.0   128.0   45.3   30.5   20.9   39.9   136.6   48.8   38.1   23.1   48.3   158.3 Selling, general and administrative expenses   22.1   20.4   19.5   17.4   79.4   22.4   18.5   18.1   19.0   78.0   23.4   22.1   21.7   27.6   94.8 Depreciation and amortization expense   11.5   10.5   6.2   6.6   34.8   4.5   4.2   4.1   4.2   17.0   3.4   4.5   5.5   4.9   18.3 Intangible asset impairments   —   —   —   —   —   —   —   6.3   1.0   7.3   —   —   —   —   — Operating income   $ 37.7   $ 14.4   $ 15.3   $ 33.4   $ 100.8   $ 52.2   $ 21.8   $ 13.0   $ 30.7   $ 117.7   $ 62.7   $ 30.7   $ 17.2   $ 41.1   $ 151.7

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   $ 10.0   $ 10.8   $ 40.3 Cost of Revenue   2.3   2.5   2.1   2.7   9.6   2.2   2.6   2.2   3.9   10.9   2.6   2.5   2.2   3.1   10.4 Selling, general and administrative expenses   8.1   7.4   7.1   6.8   29.4   7.6   6.7   6.4   6.0   26.7   6.1   5.8   5.6   5.2   22.7 Depreciation and amortization expense   1.3   1.7   1.8   2.4   7.2   1.8   2.0   2.1   2.2   8.1   2.2   2.4   2.5   2.5   9.6 Operating (loss) income   $ (1.6)   $ (0.7)   $ (0.5)   $ (0.8)   $ (3.6)   $ (1.6)   $ (0.3)   $ (0.5)   $ 0.4   $ (2.0)   $ (1.5)   $ (0.6)   $ (0.3)   $ —   $ (2.4)

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   $ 59.5   $ 25.5   $ 14.3   $ 16.3   $ 9.6   $ 65.7   $ 24.6   $ 19.2   $ 24.0   $ 55.9   $ 123.7 Depreciation and amortization expense   0.7   0.7   0.8   0.8   3.0   0.8   0.8   0.9   0.7   3.2   0.8   0.7   0.7   0.9   3.1 Total operating expenses   $ 19.3   $ 14.7   $ 15.8   $ 12.7   $ 62.5   $ 26.3   $ 15.1   $ 17.2   $ 10.3   $ 68.9   $ 25.4   $ 19.9   $ 24.7   $ 56.8   $ 126.8

Organic Revenue UNAUDITED RECONCILIATION OF ORGANIC REVENUES TO REVENUE Three Months EndedDecember 31, Change Year EndedDecember 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: Acquisition revenues (1) (25.4) — (66.4) — Discontinued events — (0.3) — (6.2) Scheduling adjustments(2) (2.3) (1.8) — — Organic revenues $ 105.0 $ 104.7 $ 0.3 0.3% $ 397.0 $ 392.6   $ 4.4 1.1% (1) For the three months ended December 31, 2025, represents revenues from the acquisitions of Generis, This is Beyond and Insurtech. For the comparable period in the prior year, these businesses generated revenues of $18.9 million. Assuming prior year foreign currency rates, these revenues would have been $25.0 million for the three months ended December 31, 2025, resulting in a 5.3% year-over-year increase in Organic Revenues. For the twelve months ended December 31, 2025, represents revenues from the acquisitions of Generis, This is Beyond, Insurtech and GRC World Forums. For the comparable period in the prior year, these businesses generated revenues of $59.0 million. Assuming prior year foreign currency rates, these revenues would have been $76.1 million for the twelve months ended December 31, 2025, resulting in a 4.8% year-over-year increase in Organic Revenues. (2) For the three months ended December 31, 2025, represents revenues from two events that staged in the fourth quarter of fiscal 2025, but staged in a different quarter in fiscal 2024, offset by revenues from two events that staged in the fourth quarter of fiscal 2024, but staged in a different quarter in fiscal 2025.

FAQ

How did Emerald Holding (EEX) perform financially in full-year 2025?

Emerald reported 2025 revenue of $463.4 million, up 16.2% year over year, and Adjusted EBITDA of $127.1 million, up 25.0%. The company recorded a net loss of $30.7 million, mainly due to higher acquisition-related and other non-recurring expenses.

What is Emerald Holding’s 2026 guidance for revenue and Adjusted EBITDA?

For 2026, Emerald expects revenue of $490–$495 million and Adjusted EBITDA of $137.5–$142.5 million. This outlook implies continued growth and further margin expansion compared with 2025, assuming the company executes on its operational plans and recent acquisitions.

Why did Emerald Holding report a net loss in 2025 despite higher EBITDA?

Emerald’s net loss of $30.7 million in 2025 was driven primarily by higher Selling, General and Administrative expenses, including $58.3 million of acquisition-related items and contingent consideration remeasurement, along with other non-recurring legal, integration and financing costs impacting profitability.

What is Emerald Holding’s cash, debt, and leverage position at year-end 2025?

At December 31, 2025, Emerald held $100.9 million in cash and had a $512.5 million term loan, resulting in net debt of $411.6 million. Net debt to EBITDA, as defined in its credit facilities, was 2.86x, within the company’s stated leverage range.

How much stock did Emerald Holding repurchase in 2025 and what remains authorized?

In 2025, Emerald repurchased 4,058,604 shares of common stock for $17.5 million at an average price of $4.32 per share. As of December 31, 2025, it had $24.6 million remaining under its expanded share repurchase authorization through December 31, 2026.

What dividend did Emerald Holding declare for early 2026?

On March 12, 2026, Emerald’s board declared a quarterly dividend of $0.015 per share for the quarter ending March 31, 2026. The dividend is payable on April 2, 2026 to stockholders of record as of March 23, 2026, reflecting ongoing cash returns.

Is Emerald Holding considering strategic alternatives or a sale of the company?

On December 16, 2025, Emerald announced its board had begun a review of potential strategic options after acquisition inquiries. Goldman Sachs & Co. LLC is advising, and there is no assurance any transaction will occur or that further updates will be provided before a conclusion.

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