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Here are 1-3 brief analogies to describe Emerald (EEX):

• Amazon for B2B trade shows.

• A mall operator for specialized B2B industries, hosting trade shows instead of retail stores.

• Salesforce for wholesale buying processes.

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• Trade Shows: Emerald operates business-to-business (B2B) trade shows across various industry sectors.
• Digital Content & Marketing: The company manages content and content-marketing websites along with related digital products.
• Publications: Emerald produces industry-specific publications.
• Elastic Suite Platform: This platform streamlines the wholesale buying process for brands and retail buyers.
• Flex Platform: Emerald operates this platform, which is likely another digital solution supporting their B2B ecosystem.

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Hervé Sedky, President and Chief Executive Officer

Hervé Sedky was appointed President and CEO of Emerald in January 2021. Prior to joining Emerald, he spent six years as President of Reed Exhibitions Americas, where he oversaw more than 100 annual sector-leading events across North and South America. He also had a distinguished 20-year executive career at American Express Company, where he held the title of Senior Vice President and General Manager of American Express Business Travel, managing a business with $1 billion in revenue. Emerald is majority-owned by Onex, a private equity firm, and Onex's control shapes the company's governance and compensation oversight dynamics, indicating Sedky's experience managing private equity-backed companies.

David Doft, Chief Financial Officer and Treasurer

David Doft joined Emerald in January 2020 as Chief Financial Officer and Treasurer. He is responsible for leading the company's finance organization, including strategy, corporate development, financial reporting and compliance, corporate finance, treasury, and investor relations. Before Emerald, Doft served as Chief Financial Officer of MDC Partners for 12 years and also held the role of Interim Co-Chief Executive Officer in early 2019. During his tenure at MDC Partners, he was instrumental in scaling the business, quadrupling revenue and growing it from $400 million to $1.5 billion, and was involved in a strategic review that led to a significant strategic investment in the company. His career also includes leadership roles at Cobalt Capital, Donaldson, Lufkin & Jenrette Securities, ABN AMRO/ING Barings Furman Selz, and CIBC World Markets. Emerald itself was established through a major private equity acquisition by Onex Corporation, aligning with Doft's experience in managing private equity-backed companies.

Brian Field, Chief Operating Officer

Brian Field joined Emerald in June 2019 as Chief Operating Officer and served as Interim President and CEO from January 2020 to January 2021. He brings over 20 years of experience across both B2B and B2C industries. His previous roles include eight years at UBM Americas (now Informa plc), where he was Chief Operating Officer and earlier, Managing Director of UBM Medica. Field also held senior positions in operations, product development, marketing, and strategy development at Turner Broadcasting and Omnicom.

Sara Altschul, Executive Vice President, General Counsel & Secretary

Sara Altschul joined Emerald in May 2024. In her role, she oversees all legal and corporate affairs for Emerald, encompassing securities and compliance, mergers and acquisitions, corporate governance, commercial transactions, and litigation, bringing more than 20 years of experience to the company.

Erica Bartsch, Executive Vice President, Strategy & Communications

Erica Bartsch was appointed Executive Vice President, Strategy & Communications in March 2025. She is responsible for leading enterprise strategy, investor relations, corporate communications, and strategic partnerships, leveraging over 15 years of experience in investor relations, capital markets, communications, and strategic planning.

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1. Economic and Market Conditions Impacting B2B Event Demand: Emerald Holding, Inc.'s core business of operating B2B trade shows is highly susceptible to broader economic conditions, including economic downturns and fluctuations in business confidence. Such factors can lead to reduced attendance and exhibitor participation, directly impacting the company's revenue. Additionally, travel disruptions can further deter participation in physical events. The B2B event market is still recovering and is not expected to reach pre-pandemic levels until at least 2026.

2. Profitability Challenges and High Leverage, Exacerbated by Acquisition Integration: Despite reporting revenue expansion, Emerald Holding has consistently grappled with profitability challenges, including net losses. The company carries significant debt under its senior secured credit facilities, with its interest coverage indicating high leverage. A significant portion of its growth has come from numerous acquisitions, which, while expanding its portfolio, introduce integration challenges, operational complexity, and increased selling, general, and administrative (SG&A) expenses. These factors can pressure margins and impact free cash flow, making it difficult to translate top-line growth into sustainable profitability.

3. Competition from Digital Alternatives and Shifting B2B Marketing Strategies: The B2B trade show industry faces increasing competition from digital marketing channels and evolving online event formats. The COVID-19 pandemic accelerated the adoption of virtual and hybrid events, leading many B2B companies to re-evaluate their trade show spending. Exhibitors are now more cautious about committing to large expenditures for physical events, often scaling down their participation or exploring alternative marketing strategies. This shift poses a long-term structural challenge to Emerald's traditional trade show business model.

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The increasing adoption and sophistication of virtual and hybrid event platforms, alongside specialized online B2B marketplaces, which offer continuous engagement and potentially lower costs as alternatives to traditional physical trade shows.

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Emerald Holding, Inc. (EEX) operates in several addressable markets related to its business-to-business (B2B) trade shows, content and digital products, and its Elastic Suite platform. The addressable market sizes for its main products and services in the specified regions are as follows:

B2B Trade Shows

The U.S. B2B trade show market was valued at approximately $15.8 billion in 2024 and is projected to grow to $17.3 billion by 2028. Another estimate indicates the U.S. B2B trade show market reached over $15.5 billion in 2024. Revenue for convention and trade show organizers in the U.S. is projected to reach approximately $16.9 billion by 2024. Looking further ahead, the U.S. trade show market is expected to reach about $19 billion in 2029.

Content and Digital Products (B2B Content Marketing and Publishing)

The global content marketing market size was valued at $230.78 billion in 2023 and is anticipated to reach around $750.49 billion by 2032. North America held the largest share of this market, accounting for 45% in 2023. Another source indicates the content marketing market size reached $524.73 billion in 2025, with projections to grow to $989.84 billion by 2030. North America accounted for 40.83% of this revenue in 2024.

For B2B publishing, the global market size was approximately $242.62 billion in 2024 and is expected to reach $293.9 billion by 2033. Another report estimates the global B2B publishing market at approximately $204.95 billion in 2025, projected to reach $287.74 billion by 2034. The broader U.S. B2B media industry is forecast to exceed $98.1 billion in 2025 and surpass $100 billion in 2026. Within this, the Business Information sector, which makes up about 77% of revenues, was valued at $71.7 billion in 2024.

Elastic Suite Platform (Wholesale Buying Process)

The Elastic Suite platform is a B2B e-commerce and digital merchandising software. The global B2B e-commerce market is a significant addressable market, reaching an estimated $32.1 trillion in 2025, which is nearly five times larger than B2C e-commerce. The U.S. B2B e-commerce market alone is valued at $10.1 trillion in 2026. The global e-commerce platform market, which includes B2B platforms, was valued at $11.55 billion in 2025 and is projected to grow to $13.92 billion in 2026. B2B e-commerce platforms account for approximately 42% of the e-commerce platform market share.

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1. Strategic Acquisitions and Portfolio Diversification: Emerald Holding, Inc. anticipates continued revenue growth through strategic acquisitions that expand its presence in higher-growth markets and diversify its event portfolio. The company's recent acquisitions, including Generis, This is Beyond, and Insurtech Insights, have already contributed significantly to revenue and are key to its strategy of reshaping its portfolio to drive predictable and cash flow generative growth.

2. Sustained Customer Demand and Rebooking Activity in Live Events: The company expects revenue growth to be driven by healthy customer demand and strong rebooking activity for its live events. Management has highlighted sustained customer engagements and strong pacing across the business, indicating continued demand for in-person engagement within its core markets.

3. Expansion into Higher-Growth Markets and Sectors: Emerald is strategically focusing on expanding its presence in higher-growth markets and sectors, often facilitated by its acquisition strategy. This portfolio repositioning aims to strengthen the company's offerings in attractive end markets, thereby driving long-term value and revenue.

4. Leveraging Digital Platforms and AI for Enhanced Offerings and Operational Efficiencies: The growth of Emerald's digital platforms, such as Elastic Suite and Flex, coupled with the active implementation of AI capabilities, is expected to enhance exhibitor experience and operational efficiency. These investments in digital tools and operational discipline are anticipated to improve overall profitability and strengthen the company's financial position, indirectly supporting revenue growth through better monetization and increased value for participants.

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Share Repurchases

• Emerald Holding, Inc. repurchased a total of 17.3 million shares of common stock for an aggregate of $71.3 million from the restart of its share repurchase program in 2021 through December 31, 2025.
• In the fiscal year ended December 31, 2025, the company bought back 4.1 million shares for $17.5 million at an average price of $4.32 per share.
• As of December 31, 2025, Emerald had $24.6 million remaining available under its existing repurchase authorization, which was extended and expanded to $25.0 million through December 31, 2026, by the Board of Directors on October 30, 2025.

Inbound Investments

• On December 16, 2025, Emerald announced it had begun a review of potential strategic options following inquiries regarding a possible acquisition of the company.
• The company engaged Goldman Sachs & Co. LLC as its lead financial advisor to evaluate these acquisition inquiries.

Outbound Investments

• Acquisitions significantly contributed to revenue growth, with full-year 2025 revenues increasing by $64.6 million, of which $66.4 million was attributed to acquisitions.
• Emerald successfully executed strategic acquisitions, including This is Beyond (a London-based luxury travel event business), Insurtech Insights, and Generis, to expand its presence in high-growth sectors.

Capital Expenditures

• Full-year capital expenditures were $8.3 million in 2025, compared to $9.8 million in the prior year period.
• In the first quarter of 2025, capital expenditures were $1.8 million, compared to $2.5 million in the first quarter of 2024.
• The company is actively implementing AI capabilities to improve exhibitor experience and operational efficiency, indicating a focus for future capital allocation.