Emerald Holding, Inc. (NYSE: EEX)

Emerald Holding, Inc. is a leading business-to-business event organizer operating primarily in the United States with growing presence in the U. K. and international markets. The company integrates live events, media content, industry insights, digital tools, data solutions, and e-commerce platforms into three core business lines: Connections, Content, and Commerce. These complementary divisions deliver year-round engagement and revenue opportunities by combining face-to-face exhibitions with digital and transactional capabilities.

Emerald generates revenue through multiple streams across its business lines. The Connections division earns income from booth space sales, registration fees, and sponsorship fees at trade shows, expos, conferences, and executive networking events. The Content division derives revenue primarily from advertising sales and lead generation services across its B2B digital media platforms and print publications. The Commerce division generates income from subscription fees, implementation services, and professional fees associated with its Elastic platform and other digital commerce solutions that enable year-round B2B transactions.

The company operates through the following segments: Connections, Content, and Commerce.

• Connections: This segment comprises Emerald’s portfolio of leading B2B events including trade shows, expos, conferences, executive peer networking events, and B2C showcases. These events hold market-leading positions in their respective industry verticals and are designed to facilitate high-quality lead generation and brand engagement. Examples of events in this segment include Boutique Design, Hospitality Design Expo (HD Expo), Environments for Aging Expo & Conference (EFA), ICFF, Healthcare Design Expo & Conference (HCD), Kitchen & Bath Industry Show (KBIS), EDspaces, International Pizza Expo, ASD Market Week (ASD), International Gift Exposition in the Smokies (IGES), Advertising Week (AW), Prosper, Commercial Integrator, Insurtech Insights, CEDIA, Blockchain Futurist, Fastener, MJBiz, Modern Day Marine, Security Sales & Integration, Wedding & Portrait Photographers International, Couture, This is Beyond events, Las Vegas Antique Jewelry & Watch Show, The Original Miami Beach Antique Show (OMBAS), Sports Licensing and Tailgate Show, Surf Expo, Overland Expo, Glamping Show Americas, Collective Shows, and Outdoor Retailer (OR).

• Content: This segment consists of B2B digital media platforms and print publications that extend the value of Emerald’s trade show properties through year-round engagement. These assets deliver industry-specific news, insights, education, and analysis while supporting first-party data generation and customer acquisition. Revenue in this segment is driven by advertising sales and lead generation services across print and digital products.

• Commerce: This segment provides B2B e-commerce and digital merchandising solutions through the Elastic platform and additional digital commerce tools. These solutions enable year-round digital transactions, streamlined assortment and order management, and data-driven insights that enhance sell-through and operational efficiency. Revenue is derived from subscription fees, implementation services, and professional services offered to manufacturers and retailers across the wholesale ecosystem.

Emerald holds a strong position within the fragmented U. S. trade show industry, which features approximately 13,000 B2B trade shows annually, many owned by industry associations. The company differentiates itself through its integrated Connections, Content, and Commerce model, leveraging first-party data from events to enhance customer engagement and drive higher revenue per customer. Key competitors include Reed Exhibitions, Informa Exhibitions, and Clarion Events, but Emerald’s focus on data integration and year-round platforms provides a competitive advantage in customer retention and monetization.

Emerald serves a diverse customer base including exhibitors, attendees, retailers, manufacturers, suppliers, and industry professionals across sectors such as design and construction, food and pharma, home and gift, technology and marketing, industrial and manufacturing, luxury, and sports and outdoor. Specific customer names are not disclosed in the filing, but the company attracts high-quality attendees with purchasing authority and supports manufacturers and retailers seeking to connect with buyers through its events and digital platforms.