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.

 •  4/7/2025 Letter Continued (Full PDF)
 •  4/6/2023 EEX Stockholder Letter
 •  4/11/2024 EEX Stockholder Letter
 •  More "Advertising" Category Stockholder Letters
 •  EEX Benford's Law Stock Score = 91

EEX Shareholder/Stockholder Letter Transcript:

TM
2024 ANNUAL REPORT


Emerald Holding, Inc.
2024 Stockholder Letter
Dear Stockholders,
As we reflect on 2024, it is clear that the year marked a defining chapter in Emerald's
transformation. We advanced our long-term vision through deliberate portfolio optimization,
disciplined execution, and strategic investments in high-growth sectors, positioning us for
sustained performance and resilience. We took bold steps by streamlining operations, exiting
events with limited potential, and redeploying resources to accelerate innovation and scale.
In the end, we laid the groundwork for a more agile, forward-thinking organization.
This focused execution yielded strong financial results with Revenue and Adjusted EBITDA
excluding event cancellation insurance proceeds growth of 4.2% and 5.5% year-over-year,
respectively.1 Our continued return on capital to stockholders     including $11.4 million in
the fourth quarter alone through dividends and share repurchases     underscores our
confidence in Emerald   s trajectory and our commitment to driving long-term value through
disciplined capital allocation.
Portfolio Optimization: Laying the Foundation for Long-Term Growth
To optimize the long-term organic growth and margin trajectory of our live events portfolio,
in 2024, we conducted a thorough review of our entire event catalog. As a result of this
review, we accelerated strategic portfolio optimization, pruning over 20 underperforming
events totaling $21.2 million in historic run-rate revenue, whose performance had hindered
Emerald   s organic growth for a number of years. At the same time, we continued to enter
new, attractive markets via acquisitions and new event launches. Through our portfolio
optimization efforts, we have built a more focused, resilient, and growth-oriented profitable
business, ensuring we are better positioned to deliver long-term value for our stockholders,
customers, and partners.
We know that Emerald   s extensive and diverse event portfolio delivers a compelling value
proposition, with customers consistently recognizing the unmatched return-on-investment of
our in-person events. Face-to-face interactions remain irreplaceable, driving faster trustbuilding and stronger relationships.
As our data has consistently shown, trade shows are often the number one selling and
1
Adjusted EBITDA is a non-GAAP financial measure. 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.

marketing event of the year for Emerald   s customers. According to a 2024 Boston Consulting
Group survey, 87% of CMOs report diminishing returns from traditional digital marketing
due to the rise of ad blockers and algorithm changes. Meanwhile, McKinsey research
reinforces that in-person events drive superior business outcomes as face-to-face events are
known to lead to faster trust-building and more effective business development opportunities
versus virtual alternatives. As a result, our customers increasingly view our shows as an
investment rather than an expense.
Our goal is to continue to maximize value for both our customers and stockholders by
fostering deep loyalty and year-round engagement     ensuring not only a desire to return, but
also meaningful interaction between event editions. Our on-site pre-booking strategy also
ensures we are selling exhibitor space well in advance, while our data-driven approach
provides granular visibility into exhibitor trends up to a year out   giving us confidence in
our growth trajectory.
Accelerating Growth Through M&A
Complementing our portfolio optimization efforts, we continue to pursue a targeted M&A
strategy focused on driving growth in high-margin sectors. In March 2025, we announced
two transformative acquisitions:

This Is Beyond     A leading London-based luxury travel events business that
connects high-end travel vendors with decision-making buyers. With seven global
events, including three in the U.S., This Is Beyond strengthens our presence in the
luxury travel sector. Its flagship events, PURE Life Experiences (experiential travel)
and LE Miami (high-end contemporary travel), align with our strategy to expand in
premium markets with strong growth potential. The acquisition is expected to close in
the second quarter of 2025.

Insurtech Insights     A premier organizer of large-scale insurance technology
conferences in New York, London, and Hong Kong. As the insurance industry
undergoes rapid digital transformation, Insurtech Insights provides a key platform for
insurance professionals to engage with cutting-edge innovations in AI, automation of
processes, and cloud computing. This acquisition gives Emerald a strong foothold in a
high-growth industry where insurers are making significant investments in
technology. The transaction closed in March 2025.
These acquisitions expand our reach in high-growth sectors while adding valuable
capabilities, technology, and customer relationships. We are confident they will also drive
cross-event synergies, unlock new revenue streams, and strengthen Emerald   s market
leadership.

Looking Ahead: Positioned for Continued Growth
With a more focused and strategically optimized portfolio, Emerald is well positioned to
chart a path of continued growth in 2025 and beyond. Our strategy is clear and ambitious     to
redefine and elevate our event portfolio, pursue acquisitions that expand our reach and
impact, and harness innovation to create richer, more connected experiences for our
customers - delivering value that is both measurable and meaningful.
Looking ahead, I believe the foundation we laid in 2024 will yield lasting value for
stockholders, fuel sustainable growth, and further solidify Emerald   s position as the leader in
our industry.
Finally, I want to extend my sincere thanks to the entire Emerald team. Their energy,
creativity and commitment are the heart of everything we do. I   ve always said     our team is
our greatest asset. Their leadership enables us to build and expand dynamic platforms that
inspire connection, spark commerce and drive content across the B2B landscape. I am
deeply grateful for their unwavering dedication and belief in our vision and I look forward to
the opportunities ahead as we continue to shape the future of our industry, together.
Thank you for your continued support.
Sincerely,
Herv   Sedky
President & Chief Executive Officer
Cautionary Statement Concerning Forward-Looking Statements
This letter to stockholders contains certain forward-looking statements. These statements involve risks and uncertainties, including, but not limited to, governmental, business, economic, competitive 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. Except as required by law, the Company does not undertake any obligation to update or revise,
or to publicly announce any update or revision to, any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.



 4/7/2025 Letter Continued (Full PDF)