Emerald Holding, Inc.

What they do

Emerald organizes B2B trade shows, conferences, B2C showcases, and executive peer networks, complemented by digital media, print publications, and e-commerce software via its Elastic platform. These operate through three business lines: Connections (live events), Content (media), and Commerce (e-commerce). The company generates first-party data across these offerings to enhance customer engagement and cross-selling.

Revenue drivers

• Connections (trade shows and live events) — Primary revenue source; includes exhibitor fees, sponsorships, and attendee registrations. Revenue grew 16.2% in 2025, driven by acquisitions and organic growth.
• Content (digital media and print) — Provides year-round industry news and insights, supporting lead generation and marketing monetization. Part of 'All Other' segment, not separately reported.
• Commerce (e-commerce via Elastic platform) — B2B digital merchandising for manufacturers and retailers; part of 'All Other' segment, not separately reported.

Recent performance

Full-year 2025 revenue was $463.4M, up 16.2% year-over-year, while net loss widened to $30.7M from a $2.2M profit in 2024. Fourth-quarter 2025 revenue was $132.7M, up 24.3%, but net loss was $30.2M. Adjusted EBITDA for 2025 was $127.1M, up 25.0% from $101.7M. Q1 2026 revenue rose to $155.4M, and organic revenue was flat for the year at $397.0M.

Strategy

Management focuses on organic growth by increasing exhibitor and attendee value, and on acquisitions of leading events at mid-to-high single-digit EBITDA multiples. Recent acquisitions include Generis, This is Beyond, and Insurtech Insights to expand into higher-growth markets. The company continues to invest in first-party data and digital tools to drive cross-selling. In December 2025, it began a strategic review following acquisition inquiries. Dividend declared at $0.015 per share for Q1 2026.

Risks

• Economic cyclicality — Trade show participation and exhibitor spending are sensitive to economic conditions, which could reduce demand and pricing.
• Integration of acquisitions — Recent acquisitions may fail to achieve expected synergies or disrupt operations, impacting financial results.
• Strategic review uncertainty — The ongoing review of strategic options, including a possible acquisition, could create distraction or result in unfavorable outcomes.
• Debt and leverage — Long-term debt of $554.7M could limit financial flexibility and increase vulnerability to interest rate changes.

Outlook

For full-year 2026, management expects revenue of $490–$495M and Adjusted EBITDA of $137.5–$142.5M. They cite healthy customer demand and rebooking activity, and the strongest, most diversified portfolio in over a decade. The company repurchased 4.1M shares in 2025 and continues to pay a quarterly dividend.