Emerald Holding, Inc. (EEX): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine room of a company that's clearly betting big on M&A and digital expansion, and honestly, it's working. As someone who's spent two decades mapping out these plays, I can tell you Emerald Holding, Inc.'s late-2025 model is all about buying growth and then layering on proprietary tech to keep those connections alive year-round. They are guiding for revenue between $460 million to $465 million this year, powered by a base of 1.9 million active customers across their 142 live events and 16 media products. If you want to see exactly how they structure their costs, what they value most, and where the real money is coming from-from exhibitor fees to e-commerce cuts-dive into the canvas below; it's defintely worth the look.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Key Partnerships

You're looking at the structure that supports Emerald Holding, Inc.'s market position, which is built on deep industry relationships. Here's the hard data on those critical alliances as of late 2025.

Venues, hotels, and general service contractors for event logistics

Emerald Holding, Inc. intends to collaborate with key partners and suppliers across the event industry, specifically naming venues, hotels, and general service contractors, to further its sustainability initiatives. The company runs over 140 events each year.

Strategic partners like ASM Global for venue management

Emerald Holding, Inc. previously staged events in venues managed by ASM Global, which was formed from the merger of SMG and AEG Facilities. Two of Emerald Holding, Inc.'s directors affiliated with Onex were also directors of ASM. The entity managing ASM Global changed hands in August 2024 when AEG and Onex Partners sold their interest to Legends.

Investment funds affiliated with Onex Partners, a key shareholder

Onex Partners remains a significant shareholder, holding 49.2 million shares of Emerald Holding, Inc. as of September 30, 2025. The closing share price for that stake was listed at $5.09. Onex Partners' Private Equity segment had $4,323 million deployed in private companies as of September 30, 2025. Emerald Holding, Inc. is listed within the Services vertical of Onex's portfolio.

Acquired companies' former owners/teams for integration and expertise

Strategic acquisitions in 2025 expanded Emerald Holding, Inc.'s reach, including the purchase of Insurtech Insights, which closed in March 2025, and This is Beyond. The company also acquired GRC World. The full-year 2025 guidance incorporates expected contributions from these acquisitions:

Technology providers for digital platform development and AI tools

Emerald Holding, Inc. has made substantial commitments to digital transformation, including the appointment of a Chief Digital Officer to integrate AI and develop new platforms. The company utilizes proprietary platforms for its Commerce line of business.

• B2B e-commerce and digital merchandising solutions use the Elastic Suite platform.
• B2B e-commerce and digital merchandising solutions use the Bulletin platform.
• Investments include AI-driven process improvements and enhanced attendee/exhibitor ROI analytics.

The company's Q2 2025 revenue was $105.5 million, with an Adjusted EBITDA of $24.4 million. Full Year 2025 Revenue guidance is set between $450 million and $460 million, with Adjusted EBITDA guidance between $120 million and $125 million. The company had $156.4 million in cash at the end of Q2 2025.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Key Activities

You're looking at how Emerald Holding, Inc. (EEX) actually makes its money work across its operations as of late 2025. The core of the business is making connections happen, but the activities supporting that are increasingly diversified. This isn't just about selling booth space anymore; it's about strategic portfolio management and digital integration.

Operating over 140 B2B trade shows and conferences

The primary engine remains the Connections segment, which is all about live events. As of the latest reports, Emerald delivers meaningful connections through 142 live events across its portfolio, which includes trade shows, conferences, and B2C showcases. Revenue from this segment for the nine months ended September 30, 2025, hit $301.2 million. This segment is the main revenue driver, representing approximately 90% of the business based on prior year revenue mix, and it generates income from booth space sales, registration fees, and sponsorship fees.

To keep the portfolio sharp, management accelerated strategic portfolio optimization in the prior year, pruning over 20 underperforming events that historically generated $21.2 million in run-rate revenue. This activity is crucial for margin health.

Executing strategic acquisitions (e.g., Generis, Insurtech Insights)

Emerald Holding, Inc. is actively using Mergers & Acquisitions (M&A) to enter high-growth sectors quickly. You can see this focus in the 2025 activity. The acquisition of Generis Group, completed on August 8, 2025, cost approximately $64.6 million. Generis Group itself was recognized for significant growth, achieving 264% three-year revenue growth as of its 2025 ranking. Earlier in the year, the deals for This is Beyond and Insurtech Insights were expected to contribute $40 million in revenue and $15 million in adjusted EBITDA for the full year 2025. The company is clearly prioritizing businesses that enhance its presence in premium markets.

Here's a quick look at the key acquisition activity:

Developing influential, industry-specific content and media

The Content segment complements the live events by providing year-round engagement through media. Emerald operates 16 media properties. Revenue from the 'All Other' category, which includes media platforms and e-commerce software solutions, was $29.5 million for the nine months ended September 30, 2025. For the third quarter alone, this category brought in $10.0 million in revenue.

Managing proprietary B2B e-commerce and digital platforms

The Commerce pillar, which includes digital tools, is another key activity area. The SaaS software component, which enables year-round B2B buying and selling, averages $1 billion per month of wholesale gross transaction volume. This digital commerce activity is integrated with the live events to create richer customer experiences, as the company aims to deliver value 365 days a year.

Centralizing go-to-market efforts to improve efficiency

Emerald Holding, Inc. is actively working to centralize its go-to-market efforts to boost efficiency, which is a critical activity supporting its profitability goals. The company reaffirmed its full-year 2025 guidance, projecting total revenue between $450 million and $460 million. More importantly for efficiency, the Adjusted EBITDA guidance for the full year 2025 is set between $122.5 million and $127.5 million. This focus on efficiency is necessary because, while total revenue is up, the core business organic revenue declined by 6.8% in Q3 2025. The centralized efforts are expected to help drive the overall Adjusted EBITDA margin to a projected 200 basis points improvement for the year.

Here are the key financial targets reflecting the success of these centralized activities:

• Full Year 2025 Revenue Guidance: up to $465 million
• Full Year 2025 Adjusted EBITDA Guidance: up to $127.5 million
• Year-to-Date (YTD) Q3 2025 Revenue: $330.7 million (up 13.3%)
• YTD Q3 2025 Adjusted EBITDA: $90.8 million (up 32.4%)
• Q3 2025 Adjusted EBITDA: $12.8 million

Emerald Holding, Inc. (EEX) - Canvas Business Model: Key Resources

You're looking at the core assets Emerald Holding, Inc. (EEX) relies on to execute its business model, focusing on the tangible and intangible things the company owns or controls as of late 2025. These aren't just line items; they are the engines driving connections and commerce in their markets.

The most concrete resources are the scale of their content offerings and their financial footing. Here's the quick math on the numbers we can pin down:

That cash balance of $95.4 million as of September 30, 2025, provides operational flexibility, especially when weighed against their total debt, which stood at $514.70 million on the balance sheet around that time, resulting in a net cash position of -$419.30 million. Still, having that much liquid cash is a key resource for funding operations and strategic moves.

Beyond the numbers, the proprietary technology and human capital are critical differentiators. These are the assets that allow Emerald Holding, Inc. to integrate its physical events with digital engagement:

• Proprietary digital platforms, including Elastic Suite and Bulletin, which enable B2B e-commerce and digital merchandising solutions.
• An experienced team possessing deep industry subject matter expertise across the diverse sectors they serve, such as Connections, Content, and Commerce.

The combination of a large, curated portfolio and the data derived from 1.9 million active customers, fed by their live events and digital properties, forms a powerful feedback loop for future event planning and advertising sales. The team's expertise helps translate that data into actionable insights for their B2B communities.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Value Propositions

You're looking at the core value Emerald Holding, Inc. (EEX) delivers to its customers, which is the engine driving its platform. This isn't just about putting on shows; it's about creating measurable business outcomes in specific, high-value communities.

Expanding meaningful B2B connections year-round

Emerald Holding, Inc. positions itself as America's largest producer of trade shows, focusing on integrating live events with content and commerce to create rich experiences. The value here is consistent, year-round access to industry peers. Throughout the year, Emerald delivers these meaningful connections through 142 live events and 16 media properties. The core of this is the Connections business line, which accounted for approximately 90% of revenue as of FY 2024. You can see the strength in the core business with Q1 2025 organic revenue growth in the connections business improving by 6.6% year-over-year. The platform supports a base of over 18k+ Exhibitors and attracts around ~500k Attendees.

Delivering powerful commerce-driven solutions for buyers/sellers

The commerce aspect is a smaller, but strategic, component of the offering, sitting alongside the primary connection and content pillars. As of FY 2024, the Commerce segment represented about 5% of total revenue, while Content was also around 5%. The company supports e-commerce seller engagement directly, for example, through events like the Prosper Show. The overall strategy is built on creating a customer-centric platform that delivers measurable outcomes, as stated following the Q2 2025 results.

Market access and measurable outcomes in high-growth sectors

A key value proposition is providing access to markets poised for growth, which helps insulate the business from volatility in slower verticals. The B2B US marketing spend for events and sponsorships is projected to grow at a 7% CAGR through 2030. Furthermore, 99% of B2B marketers report that their event budgets have either returned to or surpassed pre-pandemic levels. Emerald reaffirms its full-year 2025 guidance of $450 - 460 million in Revenue, later updated to $460 - 465 million. The company's Adjusted EBITDA guidance for the full year 2025 is $120-125 million, updated to $122.5 - 127.5 million.

Diversified portfolio across luxury, tech, design, and food industries

Emerald Holding, Inc. actively refines its portfolio to span a broad range of high-growth sectors, which enhances resilience across market cycles. The portfolio includes expertise across multiple verticals, as shown below:

The company has deepened its presence in durable industries such as design and construction, food, technology, and luxury travel. International exhibitors contribute roughly 10% of total revenue, with no material concentration risk across regions.

• International exhibitors represent about 10% of total revenue.
• Q1 2025 Total Revenue was $147.7 million.
• Q2 2025 Total Revenue was $105.5 million.
• Q3 2025 Total Revenue was $77.5 million.

AI-powered event agent for improved customer experience

Emerald is integrating technology to simplify the attendee experience and create more meaningful interactions. They are actively advancing technology initiatives with the launch of an AI-powered event agent across selected shows. This tool is designed to automate many attendee interactions before, during, and after the event, helping exhibitors and attendees access key information in real time. While specific 2025 performance metrics for EEX's agent aren't detailed, industry benchmarks for successful AI agents show goal fulfillment rates and containment rates as key metrics. The company had a projected AI event revenue target of $3.7 million by 2025, up from $1.2 million.

Finance: review Q3 2025 operating loss of $7.8 million against the AI investment plan by next Tuesday.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Customer Relationships

You're looking at how Emerald Holding, Inc. (EEX) keeps its thousands of customers-mostly small and medium-sized businesses-engaged across its portfolio of over 140 events each year. The relationship strategy is built on a mix of dedicated support and scalable digital tools, aiming for growth that management believes is scalable at higher incremental margins.

Dedicated sales and account management for exhibitors

Emerald Holding, Inc. manages a significant international exhibitor base, though it remains a small portion of the overall revenue picture. Proactive monitoring of pacing data is crucial for managing these relationships against shifting market dynamics, especially with international customers. The company is focused on driving business growth 365 days a year, which requires dedicated account management beyond the show floor.

High-touch, exclusive experiences for hosted buyer platforms

The strategy includes specialized, high-touch platforms designed to maximize the value of time for both attendees and sellers through one-on-one executive engagements. This focus was strategically enhanced in 2025 with the acquisition of This is Beyond, a luxury travel event business, adding to the existing scaled hosted buyer platform. By 2024, the acquisition of Hotel Interactive had already contributed to a combined portfolio of 29 annual wholesale buying events focused on executive boardroom presentations and one-on-one appointments.

• Acquired This is Beyond in 2025 to enhance luxury sector presence.
• CPMG hosted-buyer events focus on one-on-one appointments.
• Goal is to ensure interactions are impactful and tailored.

Self-service digital tools for year-round engagement

Emerald Holding, Inc. is actively building out 365-day engagement strategies to deepen customer relationships outside of the physical event dates. This relies on integrating live events with digital tools, content, and data-focused solutions. The company's Q1 2025 organic revenue growth of 5.6% was partly attributed to an increase in recurring revenues, suggesting the digital/year-round offerings are contributing to the top line.

Centralized marketing and communication for attendees

The scale of the portfolio-over 140 events annually-necessitates centralized communication efforts to reach attendees across diverse industry verticals. The Connections reportable segment, which includes many of these events, saw its organic revenues increase by 6.6% in Q1 2025, driven by recurring revenues and a new event launch, indicating marketing and communication efforts are driving participation.

• The Connections segment drove organic revenue growth of 6.6% in Q1 2025.
• The company is immersed in the industries it serves to support communities.
• The business model is designed to deliver unparalleled market access.

Fostering community and networking at live events

The core value proposition centers on creating platforms that inspire and deliver breakthrough results through networking. The company views its in-person shows as paramount and difficult to replace, creating a self-reinforcing network effect where high-value attendees and exhibitors drive loyalty. The scale of the business is reflected in its Q2 2025 total revenue of $105.5 million and Q3 2025 total revenue of $77.5 million, demonstrating the ongoing commercial activity facilitated by these connections.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Channels

You're looking at how Emerald Holding, Inc. (EEX) gets its value propositions in front of its customers across its diverse portfolio as of late 2025. It's a mix of physical presence and digital reach, which is key to their stated goal of 365-day engagement.

Live B2B Trade Shows, Conferences, and B2C Showcases

This is the core engine, falling under the Connections segment, which accounted for approximately 90% of revenue as of Fiscal Year 2024, and remains the dominant channel. Emerald Holding, Inc. produces over 140 events each year, connecting communities across various industries.

The market context here is strong; 99% of B2B marketers report that their event budgets have returned to or exceeded pre-pandemic levels. Furthermore, the B2B US marketing spend for events and sponsorships is projected to grow at a 7% CAGR through 2030. You should note that Emerald Holding, Inc. actively manages this channel, having pruned over 20 underperforming events in 2024, which previously represented $21.2 million in historic run-rate revenue.

The enterprise technology exhibition business, a key part of this channel, generated $78.4 million in annual revenue as of 2024, making up 42% of the total event portfolio revenue at that time. The company's AI event portfolio saw revenue projected to reach $3.7 million by 2025, up from $1.2 million previously.

Digital Content and Media Properties (16 products)

This channel, representing about 5% of revenue as of FY 2024, supports the live events by providing year-round engagement. The digital ecosystem includes 16 distinct products that span B2B websites and publications across 20 sectors. The company is actively advancing technology here, launching an AI-powered event agent across selected shows to automate attendee interactions.

B2B E-commerce and Digital Merchandising Marketplaces

The Commerce segment is a smaller piece of the revenue mix, at roughly 5% based on FY 2024 figures. This channel utilizes B2B wholesale e-commerce software and marketplace offerings to facilitate transactions beyond the live event dates.

Scaled Hosted Buyer Platforms (e.g., This is Beyond)

These platforms are integrated within the Connections division and are a focus for growth, evidenced by strategic acquisitions. The acquisition of This is Beyond, along with Insurtech Insights and GRC World Forums, contributed significantly to recent financial results. Specifically, the inclusion of This is Beyond and Insurtech would have added 4.6% to the year-over-year Organic Revenue growth in the second quarter of 2025.

Direct Sales Teams for Exhibitor and Sponsorship Bookings

The direct sales force is essential for securing the 18k+ Exhibitors that participate across the portfolio. These teams drive the primary revenue for the Connections segment through bookings for exhibition space and sponsorships at the live events. International exhibitors currently account for approximately 10% of total revenue, indicating a global sales reach across markets like Italy, Germany, the UAE, and Brazil.

Here's a quick look at the scale across the primary customer interaction points as of the latest available data:

The company's overall reach is substantial, targeting a Total Global Addressable Market valued at $20bn. You can see the quarterly revenue fluctuation, with Q1 2025 being the largest at $147.7 million, and Q3 2025 being the smallest at $77.5 million.

The digital properties are quantified by their output, with the Content segment publishing across 20 sectors. The Commerce segment focuses on B2B wholesale e-commerce software and marketplaces.

The success of the acquisition strategy is visible in the Q2 2025 results, where the recent additions, including This is Beyond, contributed to a 22.7% year-over-year revenue increase to $105.5 million for that quarter.

Finance: draft 13-week cash view by Friday.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Customer Segments

Emerald Holding, Inc. serves a broad base of customers across its over 100+ Events & Media Products.

The company is a trusted partner for its thousands of customers, predominantly small and medium-sized businesses, playing a pivotal role in driving ongoing commerce.

The core of the customer base is found within the Connections business line, which accounted for approximately 90% of reported revenue in Fiscal Year 2024.

Buyers, retailers, and professional attendees participate in Emerald Holding, Inc.'s leading and 'must attend' B2B events and conferences. The platform facilitates in-person engagement for approximately 500k attendees annually.

Professionals in high-growth verticals are targeted through strategic acquisitions. The acquisition of Insurtech Insights and GRC World Forums directly addresses the Insurtech sector. These recent acquisitions contributed $23.6 million in revenue in the second quarter of 2025 alone.

Emerald Holding, Inc. serves specific industries through flagship events, connecting industry-specific communities. These include:

• Design and Construction: Cornerstone event Kbiz is a key platform in this vertical.
• Food: The Pizza Expo is a significant event within the food sector.
• Technology/E-commerce: The Prosper Show targets e-commerce sellers.

Peer-to-peer executive event participants are a growing segment, accelerated by the acquisition of Generis Group. This acquisition is projected to add an additional $10 million in revenue in the 2026 fiscal year.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Cost Structure

You're looking at the expense side of Emerald Holding, Inc. (EEX)'s operations as of late 2025. The cost structure is heavily influenced by the nature of running large-scale, in-person B2B events, plus the costs associated with their aggressive acquisition strategy.

Event Operating Expenses (Venue Rental, Logistics, Labor)

While we don't have a standalone line item for total event operating expenses, you can infer the pressure points. The core cost of delivering the events-securing venues, managing on-site logistics, and paying the necessary labor-is embedded within Cost of Revenue, which is a major component of the overall expense base. The challenges in organic performance, like the 6.8% organic revenue decline in Q3 2025, suggest that fixed event costs might not scale down as quickly as revenue, putting pressure on margins when organic attendance falters. Also, ongoing construction at the Las Vegas Convention Center was cited as an impact, which can certainly drive up logistics or alternative venue costs for affected shows.

• Organic Revenue declined by 6.8% in Q3 2025.
• Year-to-date 2025 revenue was $330.7 million.

High Selling, General, and Administrative (SG&A) Costs

SG&A is a significant fixed cost area for Emerald Holding, Inc., especially as they integrate new businesses. You noted the Q3 2025 figure, and looking at the year-to-date trend shows the scale of this spending. The reported SG&A for the third quarter of 2025 was $51.3 million, a notable increase from $40.8 million in the prior year quarter. Year-to-date, SG&A reached $152.5 million for the nine months ended September 30, 2025, up from $135.8 million in the same period last year. This increase reflects the incremental expenses from acquisitions, even as the company noted some cost management efforts, like lower compensation and travel expenses in Q1 2025.

Here's a quick look at the reported SG&A:

Acquisition and Integration Expenses for New Businesses

Emerald Holding, Inc.'s growth strategy relies on acquisitions, which brings non-recurring costs that hit the P&L and cash flow. The company explicitly tracks these items when calculating Free Cash Flow (FCF) excluding certain items. For instance, the total impact of acquisition-related costs and the January 2025 debt refinancing on year-to-date 2025 FCF was $35.5 million.

You can see the quarterly breakdown of these non-recurring costs, which are part of the integration and transaction expense bucket:

• Q1 2025 non-recurring costs (transaction, integration, legal/audit/consulting) totaled $5.9 million.
• Q2 2025 non-recurring costs (transaction, integration) totaled $2.9 million.
• Q2 2024 non-recurring costs (transaction, integration, legal/consulting) totaled $2.6 million.
• Q3 2025 saw higher non-recurring expenses, primarily related to contingent consideration remeasurement adjustments and non-recurring legal/consulting expenses.

Interest Expense on Debt, Definitely Impacted by Financing Fees

With a refinanced and upsized debt load, interest expense is a fixed drain. The interest expense for the three months ended September 2025 was $-10.7 Mil, and the trailing twelve months (TTM) interest expense as of September 2025 was $-50.4 Mil. These figures are directly impacted by the January 2025 debt refinancing. That refinancing alone resulted in non-recurring financing fees charged to interest expense:

• Q1 2025 saw $5.5 million in non-recurring financing fees.
• Q2 2025 saw $0.9 million in non-recurring financing fees.

Technology and Digital Platform Development Costs

Specific figures for technology and digital platform development costs are not explicitly broken out in the provided summaries, but the company mentions continued expansion through innovation in AI and a focus on technology enhancements as part of its strategy. These costs are generally absorbed within SG&A or Capital Expenditures, but the exact dollar amount isn't itemized here.

Finance: draft 13-week cash view by Friday.

Emerald Holding, Inc. (EEX) - Canvas Business Model: Revenue Streams

Emerald Holding, Inc. generates its revenue primarily through its portfolio of business-to-business (B2B) events, which form the core of its Connections segment. This segment, which includes all of Emerald Holding, Inc.'s trade shows and live events, generated $67.5 million in revenue for the three months ended September 30, 2025, and $301.2 million for the nine months ended September 30, 2025.

The company has issued updated full-year 2025 guidance reflecting performance and acquisitions. Full-year 2025 Revenue Guidance is set between $460 million to $465 million. This revenue base supports the projected profitability, with Adjusted EBITDA Guidance for 2025 targeted at $122.5 million to $127.5 million.

Beyond the primary event revenue, Emerald Holding, Inc. diversifies its income through complementary offerings. The All Other category, which houses media platforms and e-commerce software solutions, brought in $10.0 million for the quarter ending September 30, 2025, and $29.5 million year-to-date through that date. This shows the ongoing contribution from non-event revenue streams.

Here's a look at the segment revenue contribution for the nine months ended September 30, 2025, illustrating the reliance on live events:

The specific components making up the top-line revenue are derived from several key activities:

• Exhibitor and sponsorship fees from live events.
• Content and media revenue, including subscriptions and advertising.
• Digital platform and e-commerce transaction fees.