Emerald (EEX) Q4 2025 earnings summary

Executive summary

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

• Delivered full-year 2025 revenue of $463.4M, up 16.2% year-over-year, and Adjusted EBITDA of $127.1M, a 25% increase, both at the upper end of guidance.

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

• Exited 2025 with strong operating momentum, healthy customer demand, and a clear path for continued value creation in 2026.

Financial highlights

• Q4 2025 revenue was $132.7M, up 24.3% year-over-year; full-year 2025 revenue reached $463.4M, with organic revenue up 1.1% reported and 4.8% pro forma for acquisitions.

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

• Net loss for 2025 was $30.7M, compared to net income of $2.2M in 2024, mainly due to higher non-recurring expenses.

• Free cash flow for 2025 was $34.3M, impacted by acquisition timing and $6.5M in refinancing fees.

• Cash at year-end was $100.9M, with total liquidity of $210.4M including $110M available 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 acquisition and integration expenses.

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

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