On this page of StockholderLetter.com we present the latest annual shareholder letter from Emerald Holding, Inc. — ticker symbol EEX. Reading current and past EEX letters to shareholders can bring important insights into the investment thesis.

 •  4/9/2026 Letter Continued (Full PDF)
 •  4/6/2023 EEX Stockholder Letter
 •  4/11/2024 EEX Stockholder Letter
 •  4/7/2025 EEX Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  EEX Benford's Law Stock Score = 73

EEX Shareholder/Stockholder Letter Transcript:

TM
2025 ANNUAL REPORT


Emerald Holding, Inc.
2025 Shareholder Letter
Dear Shareholders,
2025 was a defining year for Emerald. We reshaped our portfolio of events, strengthened the
foundation of our business, and positioned the company for more durable, long-term growth.
Through a combination of targeted acquisitions and deliberate portfolio actions, we have
built an even more diversified and resilient platform, one that is constructed to deliver
consistent performance reflective of the strength of our business model.
For the full year, Emerald generated $463.4 million in revenue and $127.1 million in
Adjusted EBITDA. On a pro forma basis, assuming our recent acquisitions of This is
Beyond, Insurtech Insights, and Generis were part of the portfolio in the prior year, organic
revenue grew approximately 4.8%, which we believe best reflects the underlying momentum
of the business.1
More importantly, our results reflect the strength of our high-quality portfolio and the breadth
of our growth opportunities - through both organic expansion and targeted strategic
acquisitions. Together, these drivers will further strengthen our business and reinforce the
predictability and durability of our earnings model.
Reshaping the Portfolio for Long-Term Value
Over the past two years, and with momentum in 2025, we have taken deliberate steps to
reshape our portfolio. This has included exiting several underperforming brands that didn   t
recover post-COVID, while reallocating capital toward higher-growth, more resilient end
markets - further diversifying our portfolio. Our focus has been clear: to build a collection of
high-quality events that deliver measurable ROI for our customers and consistent value for
shareholders over the long term.
A key component of this strategy in 2025 was the execution of three acquisitions:

This is Beyond, expanding our presence into the global luxury travel market through
highly curated, premium experiences for participants in that market;

Insurtech Insights, establishing a strong position in the rapidly evolving digital
1
Adjusted EBITDA and Organic Revenue are non-GAAP financial measures. A reconciliation of the
Company   s non-GAAP financial measures can be found in the Company   s Annual Report filed on Form 10-K,
which is included in this Annual Report to Stockholders.

transformation of the insurance sector; and

Generis, adding a leading platform in peer-to-peer executive networking events,
strengthening relationships with senior decision-makers.
Together, these acquisitions further strengthen the quality of our portfolio - expanding our
presence in attractive, higher-growth sectors such as luxury, insurance technology, and
manufacturing and supply chain, while extending our reach and deepening engagement with
our most valuable customers through differentiated high value formats.
This is not growth for growth   s sake. It reflects a deliberate and disciplined strategy to build
a high quality, resilient business - principles that continue to guide both our organic and
strategic initiatives. As a result, we enter 2026 with what we believe is the strongest, most
diversified, and highest-quality portfolio of events in Emerald   s history, positioned to deliver
even more consistent, predictable, and durable performance.
The Enduring Value of Live, In-Person Engagement
At the core of our performance is the continued strength of live events. In an environment
increasingly shaped by digital saturation and the rapid rise of AI-generated content, the value
of in-person engagement has only intensified. Businesses are prioritizing channels that build
trust, accelerate decision-making, and deliver measurable outcomes. Face-to-face interaction
remains one of the most effective ways to connect, evaluate, and transact, particularly in
complex, high-consideration environments.
We see this consistently across our portfolio. Customers are not simply returning to in-person
engagement     they are elevating it as a core component of their go-to-market strategy. Our
events are increasingly viewed as essential platforms for connection, discovery, and
commerce. As digital content continues to scale, the value of authentic, real-world interaction
only strengthens, reinforcing the durability and long-term relevance of our business. This is
where Emerald plays a unique role. Our events are not just gatherings; they are
environments where relationships are built, ideas are tested, and decisions are made. They
enable customers to navigate complexity through direct engagement, experience, and
presence in ways that digital channels alone cannot replicate.
Building an Even Stronger, More Durable Business
We are seeing the impact of these strategic choices reflected clearly in the strength of the
business today.
Demand across our portfolio is strong. Rebooking activity is healthy, customer engagement

is sustained, and pacing gives us confidence in the trajectory of the business. These are not
short-term signals, rather they reflect the underlying strength of our platforms and the value
we deliver to our customers.
Emerald today is a fundamentally stronger and more predictable business, supported by a
higher-quality portfolio of events and consistent demand across our core markets, with a
clear opportunity to drive operating leverage and expand margins as we continue to scale.
Looking Ahead
While 2025 marked a year of meaningful transformation, our focus remains on disciplined
execution. We will continue to evaluate opportunities to strengthen the quality of our
portfolio through targeted acquisitions in attractive sectors, while enhancing the scalability of
our operating model and maintaining a balanced and disciplined approach to capital
allocation.
The foundation we have built positions Emerald to deliver consistent, high-quality growth
and long-term value for shareholders.
Closing
We set out to reshape the business with clarity of purpose: to build an even more resilient
platform capable of delivering sustained value in a rapidly evolving world. What has
emerged is not just a stronger company, but a fundamentally different one from the company
I joined five years ago     more focused and better aligned with where our industries and
customers are headed.
Our progress is a direct result of the people behind it. I want to thank our customers, partners,
and shareholders for their continued trust and support, and most importantly, my Emerald
colleagues. Their commitment, creativity, and execution are what bring our vision to life
every day.
We enter 2026 from a position of strength and renewed ambition, supported by a high-quality
portfolio, strong momentum, and a clear path forward.
Thank you for your continued support.

4/9/2026 Letter Continued (Full PDF)

 

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