Emerald (EEX) investor relations material

Executive summary

• Revenues for the nine months ended September 30, 2025, reached $330.7 million, up 13.3% year-over-year, driven by acquisitions and organic growth.

• Adjusted EBITDA rose 32.4% year-over-year to $90.8 million for the nine-month period.

• Q3 2025 revenue was $77.5 million, up 6.7% year-over-year, with organic revenue down 6.8% due to event-specific impacts.

• Net loss for Q3 2025 was $14.4 million, with year-to-date net loss narrowing to $0.5 million.

• Full-year 2025 guidance was raised following the Generis acquisition, with strong rebooking trends and solid pacing for 2026.

Financial highlights

• Year-to-date revenue reached $330.7 million; Adjusted EBITDA (ex-insurance) was $90.8 million.

• Q3 net loss was $14.4 million, compared to $11.1 million in Q3 2024, mainly due to higher non-recurring expenses.

• Free cash flow for Q3 2025 was $(0.4) million; year-to-date free cash flow was $24.2 million.

• SG&A expenses increased to $51.3 million in Q3, mainly due to acquisitions, stock-based compensation, and transaction-related costs.

• Cash and cash equivalents at September 30, 2025, were $95.4 million, with full availability on a $110 million credit facility.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $460–$465 million and Adjusted EBITDA to $122.5–$127.5 million, reflecting the Generis acquisition.

• Guidance incorporates potential tariff headwinds and improved visibility as year-end approaches.

• Management remains confident in achieving 2025 objectives despite temporary impacts from construction and tariffs.

• Expecting $10 million incremental revenue from Generis in 2026, as full-year impact is realized.

• Management believes current financial resources are sufficient to fund liquidity requirements for the next twelve months and long-term obligations.