Emerald Holding, Inc., owner of Outdoor Retailer and Surf Expo trade shows, reported second quarter 2025 revenues of $105.5 million, a 22.7 percent increase driven by acquisitions. Organic revenues were nearly flat, up 0.4 percent, as three discontinued events offset gains and did not contribute to profitability.
Organic revenues, which take into account the impact of acquisitions, scheduling changes and discontinued events, reached $80.2 million in the second quarter 2025, up 0.4 percent from $79.9 million in the second quarter 2024. Recent acquisitions such as This is Beyond, Insurtech Insights and GRC World Forums would have resulted in 4.6 percent year-over-year organic revenue growth if part of Emerald’s portfolio in the quarter ended June 30, 2024.
Net loss was $1.4 million for the second quarter 2025 compared to a net loss of $2.8 million for the second quarter 2024. Adjusted EBITDA of $24.4 million compared to $15.3 million in the same period a year ago, a 59.5 percent increase.
Hervé Sedky, Emerald’s president and chief executive officer, said, “Our second quarter results reflect focused execution and the resilience of our business model. We’ve taken meaningful steps to streamline the portfolio, concentrate on high-growth markets, and strengthen our value proposition. As a result, Emerald is evolving into a more performance-oriented platform with a strong foundation for long-term growth.
“Our strategy is grounded in creating long-term value through a customer-centric platform that delivers measurable outcomes and fosters year-round engagement. The acquisition of This is Beyond and Insurtech Insights supports this vision, broadening our reach in key growth markets that deepen client relationships and enhance our ability to scale through targeted portfolio expansion. At the same time, we’re navigating dynamic market conditions with continued discipline and focus. These efforts reflect our evolution into a more focused and operationally agile organization, well-positioned to scale with intention and deliver lasting value.”
David Doft, Emerald’s chief financial officer, added, “We continued to build on our momentum in the second quarter, delivering solid year-over-year growth in both revenue and adjusted EBITDA. As anticipated, reported organic growth was muted at 0.4 percent this quarter, due to event timing and mix. However, on a proforma basis, assuming the recently completed acquisitions were part of the portfolio in the second quarter of 2024, organic growth would have been 4.6 percent this quarter, a more accurate reflection of the performance of our business as it is constituted on a go-forward basis with the inclusion of these acquisitions. Similarly, while reported free cash flow was impacted by the timing of these acquisitions, underlying cash generation was stronger when adjusted for these effects. As we cycle past these transactions, we expect free cash flow conversion to improve and more accurately reflect the cash-generating power of the business.
“These results are in line with expectations and reflect the disciplined execution of our focused strategy, reinforcing our confidence in achieving our full-year 2025 guidance. Encouraging booking trends into the first half of 2026, combined with trade shows consistently delivering among the highest ROI of any marketing channel, give us continued confidence in our trajectory for sustained year-over-year growth,” continued Doft.
Emerald ended the quarter with $156.4 million in cash and full availability of its $110.0 million revolving credit facility.
Emerald reaffirmed its previously stated full-year 2025 guidance of $450 million to $460 million of revenue and $120 million to $125 million of adjusted EBITDA.
Emerald operates across 142 events and 16 media properties. In the Sports & Outdoor space, events include Outdoor Retailer & Outdoor Design + Innovation, Shop Eat Surf, Sports Licensing & Tailgate Show, Overland Expo, and Collective Shows.
Image courtesy Emerald Holding/Outdoor Retailer
