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Here are a couple of analogies for Emerald (EEX):

• Think of it as a Westfield (the mall operator), but for specific business industries, creating large, curated tradeshows where companies connect and transact.
• It's like an Amazon for specific B2B industries, but instead of an online platform, they create massive in-person marketplaces (tradeshows) for businesses to buy, sell, and network.

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• Trade Shows & Exhibitions: Emerald organizes and operates a diverse portfolio of business-to-business trade shows, connecting buyers and sellers across various industries.
• Conferences: They host specialized industry conferences that offer educational content, thought leadership, and networking opportunities.
• Content & Media: Emerald provides digital and print media, data solutions, and marketing services that complement their events and serve specific industry verticals.

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Emerald (symbol: EEX) primarily sells its services to other companies, operating as a leading B2B (business-to-business) trade show and event organizer, and provider of marketing and content services. Its customer base consists of businesses that exhibit at its events, attend its conferences, or utilize its digital and content offerings across various industries, including but not limited to design, construction, healthcare, jewelry, technology, food service, and general merchandise.

However, Emerald Holding, Inc. does not have a concentration of revenue from any single customer or a limited number of customers. According to the company's latest annual report (10-K), none of its top ten customers generate more than 1% of its total annual revenue. Due to this highly diversified customer base and the nature of its business model, specific "major customer companies" that contribute a significant portion of Emerald's revenue cannot be identified.

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Hervé Sedky President and Chief Executive Officer

Hervé Sedky joined Emerald as President and Chief Executive Officer in January 2021. Prior to Emerald, Mr. Sedky served for six years as President of the Americas for Reed Exhibitions (RX), where he led over 100 sector-leading exhibitions and events annually across North and South America, as well as ReedPop. Before his tenure at RX, he spent over two decades at the American Express Company, culminating in his role as Senior Vice President and General Manager of American Express Global Business Travel. No information is available in the provided sources regarding him founding or selling companies, or a pattern of managing companies backed by private equity firms.

David Doft Chief Financial Officer

David Doft became Emerald's Chief Financial Officer in January 2020. He oversees the company's finance organization, including strategy, corporate development, financial reporting and compliance, corporate finance, treasury, real estate, procurement, and investor relations. Since joining Emerald, Mr. Doft has been responsible for several strategic acquisitions, including PlumRiver Technologies (and its Elastic Suite B2B eCommerce platform), MJBiz, Advertising Week, and Bulletin. Before joining Emerald, he spent 12 years as Chief Financial Officer of MDC Partners, also serving as Interim Co-Chief Executive Officer in early 2019. During his time at MDC Partners, he helped grow the business's revenue from $400 million to $1.5 billion. Prior to MDC Partners, Mr. Doft held leadership positions at Cobalt Capital, Donaldson, Lufkin & Jenrette Securities, ABN AMRO/ING Barings Furman Selz, and CIBC World Markets. While MDC Partners underwent a strategic review that resulted in a significant strategic investment, the provided information does not explicitly indicate a pattern of managing private equity-backed companies.

Erica Bartsch Executive Vice President, Strategy and Communications

Erica Bartsch was appointed Executive Vice President, Strategy and Communications for Emerald, effective March 17, 2025. She leads enterprise strategy, investor relations, corporate communications, and strategic partnerships. Ms. Bartsch brings over 20 years of experience, having previously served as Senior Managing Director at Sloane & Company, where her focus was on investor relations and capital markets. Her background also includes time as an equities research analyst and earlier roles in sales operations and marketing at AstraZeneca Pharmaceuticals.

Sara Altschul Executive Vice President, General Counsel & Secretary

Sara Altschul joined Emerald in May 2024 as Executive Vice President, General Counsel & Secretary. With over 20 years of experience, she leads all aspects of Emerald's legal and corporate affairs, which encompass securities and compliance, mergers and acquisitions, corporate governance, commercial transactions, and litigation.

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1. Financial Health and Distress: Emerald Holding exhibits signs of financial distress, indicated by an Altman Z-Score of 0.25, which suggests a possibility of bankruptcy within the next two years. The company also has potential liquidity constraints, with both its current and quick ratios standing at 0.81. Furthermore, a debt-to-equity ratio of 1.39 points to a relatively high level of leverage. Concerns are also noted regarding declining return on capital employed (ROCE) and a shrinking amount of capital deployed in the business, which could suggest the company is contracting.
2. Sector-Specific Risks: Operating within the media and events industry, Emerald is exposed to cyclical risks and potential disruptions stemming from digital transformation. The industry's performance is heavily influenced by commercial activity cycles, corporate marketing strategies, and broader economic conditions, including business travel and promotional spending. There is an evolving shift towards integrated physical and digital offerings, necessitating continuous investment in digital platforms and hybrid event capabilities. Additionally, geopolitical tensions and trade regulations can impact international event planning.
3. Challenges with Organic Growth: Despite strategic acquisitions aimed at diversifying its portfolio and expanding opportunities, Emerald's core event organic growth is anticipated to remain subdued, with management forecasting negative organic growth for Q3. This indicates a potential reliance on acquisitions to drive growth, which may introduce additional risks associated with integration and sustained performance.

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The ongoing shift towards virtual and hybrid event models, accelerated by recent global events, poses a clear emerging threat. While physical events have returned, the expectation and adoption of high-quality digital alternatives or integrated hybrid formats for networking, content delivery, and lead generation could diminish the unique value proposition and demand for purely in-person trade shows, directly impacting Emerald's core business model.

Furthermore, the increasing sophistication and effectiveness of digital marketing and online networking platforms, social media, and direct-to-customer digital channels present an alternative for businesses to achieve brand visibility, generate leads, and engage with their target audiences. This reduces the imperative for companies to allocate significant marketing budgets to traditional trade show participation, offering potentially more measurable and cost-effective alternatives.

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Emerald (symbol: EEX) primarily operates as a business-to-business (B2B) event organizer, with its main products and services being live B2B trade shows and conferences. The company also offers complementary digital media products, content, and B2B e-commerce solutions.

The addressable markets for Emerald's main products and services are as follows:

• U.S. B2B Trade Show Market: The market size for B2B trade shows in the United States was valued at approximately $15.8 billion in 2024. This market is projected to grow to $17.3 billion by 2028.
• Global B2B Events Market: The global B2B events market was estimated at around $48.93 billion in 2024. This market is projected to expand to approximately $81.64 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.25% over the forecast period (2025-2034). North America represents the largest share of the global B2B events market, accounting for approximately 45%.

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Emerald (EEX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions: Emerald consistently highlights acquisitions as a significant contributor to its revenue growth. Recent examples include "This is Beyond," "Insurtech Insights," and "Generis Group," which have demonstrably boosted reported revenues. The company anticipates strong revenue growth from new acquisitions in 2026.
2. Organic Growth within Existing Events and the Connections Business: While acquisition-driven growth has been prominent, Emerald also focuses on growing its core business-to-business (B2B) events and its Connections segment. Although organic revenue growth has at times been modest, the company aims to strengthen performance in its existing portfolio.
3. Expansion into High-Growth Event Markets and Sectors: Emerald is strategically diversifying its event portfolio into higher-growth sectors and international markets. This includes leveraging acquisitions to gain a foothold in rapidly expanding industries and deepen engagement with year-round offerings.
4. Leveraging Digital Tools and Innovation (including AI): Investments in digital tools and operational discipline are expected to enhance efficiency, improve profitability, and strengthen the company's financial position. Management commentary also indicates a focus on innovation, including the use of AI, to enrich customer experiences and drive industry advancements.

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Share Repurchases

• Since the restart of its share repurchase program in 2021 through September 30, 2025, Emerald has repurchased a total of 17.0 million shares of common stock for an aggregate of $70.0 million.
• Year-to-date ended September 30, 2025, the company bought back 3,776,218 shares for $16.2 million at an average price of $4.31 per share.
• On October 30, 2025, Emerald's Board of Directors approved an extension and expansion of the share repurchase program, authorizing the repurchase of up to $25.0 million of common stock through December 31, 2026.

Share Issuance

• In 2020, Emerald announced plans to raise $400 million through the issuance of convertible participating preferred stock to affiliates of Onex Corporation and in a subsequent rights offering to other common stockholders.
• Emerald completed the issuance and sale of 22,660,587 shares of its 7% Series A Convertible Participating Preferred Stock to an affiliate of Onex Partners V LP at a subscription price of $5.60 per share in 2020.

Inbound Investments

• In 2020, an affiliate of Onex Partners V LP invested in Emerald through the issuance and sale of 22,660,587 shares of 7% Series A Convertible Participating Preferred Stock at $5.60 per share.

Outbound Investments

• The company closed three acquisitions in 2025: This is Beyond ($165.5 million), Generis Group ($64.6 million), and Insurtech Insights ($27.9 million), which increased goodwill to $781.4 million and intangible assets to $190.6 million.
• Emerald acquired 100% of the equity interest in Generis Group, a Toronto-based leader in B2B executive summits, to enhance its portfolio.
• The company's strategic focus includes targeted accretive mergers and acquisitions, partnership opportunities, and platform acquisitions in new growth categories.

Capital Expenditures

• Year-to-date capital expenditures were $6.1 million as of September 30, 2025, compared to $7.6 million in the prior year period.
• For the third quarter of 2025, capital expenditures were $2.2 million, compared to $2.4 million in the third quarter of 2024.
• Capital expenditures for the first quarter of 2025 were $1.8 million, a decrease from $2.5 million in the first quarter of 2024.