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Emerald (EEX) investor relations material
Emerald Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 22.7% year-over-year to $105.5 million in Q2 2025, driven by acquisitions, portfolio optimization, and organic growth in the Connections segment.
Adjusted EBITDA increased 59.5% to $24.4 million, reflecting improved operating performance and higher add-backs for non-recurring expenses.
Net loss narrowed to $1.4 million from $2.8 million year-over-year, primarily due to higher operating income offset by increased tax provision.
Major acquisitions included This is Beyond, Insurtech Insights, and GRC World Forums, expanding the portfolio in luxury travel, insurance technology, and compliance sectors.
Strong rebooking trends for 2026 and high customer retention signal confidence in the portfolio and resilience of in-person events.
Financial highlights
Q2 2025 revenue was $105.5 million, up 22.7% year-over-year; Adjusted EBITDA was $24.4 million, up from $15.3 million in Q2 2024.
Free cash flow for Q2 2025 was $13.8 million, with six-month free cash flow at $24.6 million, both up significantly year-over-year.
Net loss for Q2 2025 was $1.4 million; diluted loss per share improved to $(0.01) from $(0.03) year-over-year.
Cash and cash equivalents at June 30, 2025 were $156.4 million, with full availability of a $110 million credit facility.
Net debt to covenant EBITDA ratio at 2.56x, within the sub-3x target.
Outlook and guidance
Reaffirmed full-year 2025 guidance: revenue of $450–$460 million and Adjusted EBITDA of $120–$125 million.
Q3 organic growth expected to be negative due to event mix and Las Vegas Convention Center construction, with stronger growth anticipated in Q4.
2025 bookings are 90% complete, with strong rebooking rates for 2026 and encouraging trends into H1 2026.
Guidance reflects uncertainty around tariffs, macroeconomic factors, and market disruptions, but overall exposure is limited.
Management expects current financial resources to be sufficient for liquidity needs over the next twelve months.
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