Emerald (EEX) Q4 2025 earnings summary

Executive summary

• Achieved transformational progress in 2025, strengthening business resilience and diversification through strategic execution and targeted acquisitions, including Generis, This is Beyond, and Insurtech Insights.

• Delivered full-year 2025 results in line with guidance, with strong year-over-year growth in revenue and adjusted EBITDA, driven by organic performance and acquisitions.

• Portfolio repositioned to focus on high-quality, high-growth events, exiting underperforming brands and expanding into luxury, manufacturing, and executive networks.

• Entered 2026 with strong demand, disciplined execution, and a clear strategy for continued value creation.

Financial highlights

• Full-year 2025 revenue reached $463.4M, up 16.2% year-over-year, with $66.4M from acquisitions and $4.4M organic growth; Q4 2025 revenue was $132.7M, up 24.3%.

• Adjusted EBITDA for 2025 was $127.1M, up 25% from $101.7M in 2024; Q4 adjusted EBITDA rose 9.7% to $36.3M.

• Net loss for FY 2025 was $30.7M, with diluted loss per share of $0.15, mainly due to higher non-recurring expenses.

• Free cash flow for 2025 was $34.3M, impacted by acquisition timing and refinancing fees.

• Cash at year-end was $100.9M, with total liquidity of $210.4M including $110M on the revolver.

Outlook and guidance

• 2026 revenue guidance: $490M–$495M; adjusted EBITDA: $137.5M–$142.5M, implying 6% revenue and 10% EBITDA growth at midpoint.

• Free cash flow expected to be $85M–$90M in 2026, assuming normalized operations.

• Over 70% of 2026 revenue already contracted, with higher visibility for the first half.

• Ongoing quarterly dividend of $0.015 per share and continued share repurchase program.

• Guidance incorporates potential tariff impacts and assumes continued strong demand and operational execution.