Emerald (EEX) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 22.7% year-over-year to $105.5 million, 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 high-growth verticals.

• Strong cash position with $156.4 million and full availability of $110 million credit facility at quarter end.

Financial highlights

• Q2 2025 revenues: $105.5 million, up 22.7% year-over-year; Adjusted EBITDA: $24.4 million, up from $15.3 million in Q2 2024.

• Free cash flow was $13.8 million, up 94.4% year-over-year, with six-month free cash flow at $24.6 million.

• Net loss for Q2 2025 was $1.4 million; diluted loss per share improved to $(0.01) from $(0.03) year-over-year.

• Cash at quarter end was $156.4 million, with total liquidity of $266.4 million and $110 million undrawn credit facility.

• Net debt to Covenant EBITDA ratio at 2.56x, within the sub-3x target.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: 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 approximately 90% secured, with positive rebooking trends for 2026 and encouraging booking trends into H1 2026.

• Management expects current financial resources to be sufficient for liquidity needs over the next twelve months.

• Focus remains on organic growth, portfolio optimization, and strategic acquisitions in targeted industry verticals.