Emerald Reports Third Quarter 2025 Financial Results

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Emerald Reports Third Quarter 2025 Financial Results

10/31/2025

NEW YORK - Emerald Holding, Inc. (NYSE: EEX) (“Emerald” or the “Company”), America’s largest producer of trade shows and their associated conferences, content and commerce, today reported financial results for the third quarter ended September 30, 2025.

Year-To-Date 2025 Financial Highlights

Revenues of $330.7 million, an increase of $38.7 million, or 13.3%, over the prior year period, primarily due to revenues from acquisitions and higher Organic Revenues.
Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events, if any, of $288.8 million, an increase of $3.0 million, or 1.0%, from $285.8 million in the prior year period. The recent acquisitions of Generis, This is Beyond and Insurtech Insights would have resulted in a 4.3% year-over-year increase in Organic Revenues had they been part of Emerald’s portfolio in the nine months ended September 30, 2024. (Refer to Schedule 1 for a reconciliation to revenues, the most directly comparable GAAP measure).
Net loss of $0.5 million, compared to net loss of $2.9 million in the prior year period.
Adjusted EBITDA, a non-GAAP measure, of $90.8 million, compared to $68.6 million, a 32.4% increase (Refer to Schedule 3 for a reconciliation to net (loss) income, themost directly comparable GAAP measure).
Emerald updates its previously issued Full Year 2025 guidance range to $460–$465 million in revenue and $122.5–$127.5 million in Adjusted EBITDA, from its prior range of $450–$460 million in Revenue and $120–$125 million in Adjusted EBITDA, to reflect the acquisition of Generis.

Third Quarter 2025 Financial Highlights

Revenues of $77.5 million, an increase of $4.9 million, or 6.7%, over the prior year period, primarily due to revenues from acquisitions, offset by lower Organic Revenues and scheduling differences.
Organic Revenues, a non-GAAP measure, which takes into account the impact of acquisitions, scheduling adjustments and discontinued events, if any, of $64.0 million, a decrease of $4.7 million, or 6.8%, from $68.7 million in the prior year period. The recent acquisitions of This is Beyond and Insurtech Insights would have improved the result to a 2.9% year-over-year decline in Organic Revenues had they been part of Emerald’s portfolio in the third quarter ended September 30, 2024. (Refer to Schedule 1 for a reconciliation to revenues, the most directly comparable GAAP measure).
Net loss of $14.4 million, compared to net loss of $11.1 million in the prior year period.
Adjusted EBITDA, a non-GAAP measure, of $12.8 million, compared to $12.5 million in the prior year period, a 2.4% increase (Refer to Schedule 3 for a reconciliation to net (loss) income, themost directly comparable GAAP measure).

Operational and Capital Structure Updates

On October 30, 2025, Emerald’s Board of Directors approved an extension and expansion of the Company’s share repurchase program to allow for the repurchase of up to $25.0 million of common stock through December 31, 2026.
Emerald repurchased 116,094 shares for $0.5 million in the third quarter 2025 at an average price of $4.87 per share. Year to date 2025, Emerald repurchased 3.8 million shares for $16.2 million at an average price of $4.31 per share.
On October 30, 2025, Emerald’s Board of Directors declared a dividend for the quarter ending December 31, 2025, of $0.015 per share.

Hervé Sedky, Emerald’s President and Chief Executive Officer, said, “Throughout the year, Emerald has continued to execute with discipline and consistency across the portfolio, advancing the strategic priorities we outlined at the start of 2025. Even in what is traditionally our softest quarter, our teams remained focused in the third quarter and continued to deliver meaningful progress across the business. We strengthened our portfolio through the acquisition of Generis and advanced innovation initiatives, such as early-stage AI tools, designed to enhance the customer experience and deliver scalable efficiency in our processes. These actions reflect our focus on building dynamic, high-impact platforms that help businesses connect and grow in an increasingly complex marketplace. Strong rebooking trends and solid pacing for 2026 underscore the confidence customers place in our platform and the enduring value of live events.”

David Doft, Emerald’s Chief Financial Officer, added, “Through the first nine months, our results reflect solid fundamentals and continued momentum across our portfolio. We delivered positive organic growth, especially when taking into consideration our recent acquisitions, strong growth in revenue and Adjusted EBITDA, and maintained strong liquidity and prudent capital management. Our results in the third quarter, by far our smallest quarter of the year, were in line with expectations and primarily reflect the on-going and soon to be completed construction at the Las Vegas Convention Center which affected our largest event in the quarter, as well as some modest and anticipated tariff headwinds related to that event. Despite these temporary impacts, our year-to-date performance reinforces the strength of our model and our confidence in achieving our 2025 objectives.”

Read the full release here.

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Emerald Reports Third Quarter 2025 Financial Results

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