Core Insights - The article highlights the expertise of a seasoned equity analyst specializing in the U.S. restaurant industry, covering various segments from quick-service to fine dining [1] - The analyst employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly focusing on micro and small-cap companies often overlooked by mainstream analysts [1] Industry Focus - The research firm, Goulart's Restaurant Stocks, is dedicated to thematic research and valuation efforts within the restaurant sector, indicating a comprehensive approach to understanding market dynamics [1] - The analyst also covers related sectors such as consumer discretionary, food & beverage, and casinos & gaming, showcasing a broad understanding of interconnected industries [1] Academic and Professional Background - The analyst possesses an MBA in Controllership and Accounting Forensics, along with a Bachelor's in Business Administration, providing a strong academic foundation for investment analysis [1] - Specialized training in valuation, financial modeling, and restaurant operations enhances the analyst's capability to assess investment opportunities effectively [1]

Management View - Emerald Holding, Inc. (EEX) reported a "transformational year" in 2025, with year-on-year revenue growth of 16.2% and adjusted EBITDA growth of 26.8%, excluding insurance proceeds [2] - The company anticipates a revenue growth of 6% and a 10% increase in adjusted EBITDA for 2026, driven by portfolio expansion [2]

Financial Data and Key Metrics Changes - For Q4 2025, revenue was $132.7 million, up from $106.8 million in the prior year, driven by acquisitions and a 0.3% reported organic revenue growth [12] - Full year 2025 total revenue reached $463.4 million, a 16.2% increase year-over-year, primarily due to acquisitions and higher organic revenue [13] - Adjusted EBITDA for Q4 was $36.3 million, compared to $33.1 million in the prior year, marking a 9.7% increase [14] - Full year adjusted EBITDA totaled $127.1 million, up 25% from $101.7 million in the previous year [14] - Free cash flow for Q4 was $10.1 million, down from $18.4 million in the prior year, while full year free cash flow was $34.3 million, compared to $37.0 million in 2024 [15][16] Business Line Data and Key Metrics Changes - Reported organic revenue growth for the full year was 1.1%, but if acquisitions were included in 2024, organic revenue growth would have been 4.8% [5][13] - The company focused on reshaping its portfolio to increase exposure to higher growth markets while exiting underperforming brands [6][7] Market Data and Key Metrics Changes - The demand for the company's events remains strong, particularly in the U.S. market, which serves as a key marketplace for both domestic and international participants [9] - The company continues to see solid interest from international exhibitors seeking access to U.S. buyers, presenting opportunities for global customer engagement [9] Company Strategy and Development Direction - The company aims to maintain disciplined execution and build on the strong foundation established across its business in 2026 [10] - Focus areas include organic efficiencies through investments in automation and scalable platforms, as well as selective M&A to strengthen the portfolio [10][11] - The company is actively evaluating strategic options, with no updates to share at this time [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the predictability of earnings, with a positive outlook for 2026 [8][19] - The company expects revenue in the range of $490 million to $495 million and adjusted EBITDA between $137.5 million and $142.5 million for 2026, reflecting approximately 6% revenue and 10% adjusted EBITDA growth year-over-year [19] Other Important Information - The company had $100.9 million in cash as of December 31, 2025, with total liquidity of $210.4 million [18] - A quarterly dividend of $0.015 per share was declared, demonstrating a commitment to returning capital to shareholders [19] Q&A Session Summary Question: Free cash flow conversion for 2026 guidance - Management expects free cash flow to be between $85 million and $90 million, assuming normalized conditions [22][24] Question: Impact of current Middle East situation on travel to trade shows - Management indicated minimal impact, with less than 1% of revenue coming from Middle Eastern exhibitors [26][27] Question: Status of acquisitions and integration - Acquisitions are performing as expected, and integration is on plan [37] Question: Update on Las Vegas Convention Center construction - Construction is completed, and the company expects to cycle past the impacts in 2026 [39] Question: AI initiatives and plans for 2026 - The company is implementing AI agents to improve exhibitor experience and has early signs of success in various business areas [49][50] Question: M&A environment characterization - The M&A environment remains strong, with many opportunities in a fragmented industry [54]

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Emerald Holding, Inc. Fourth Quarter & FY 2025 March 13, 2026 Legal Disclaimer Forward-Looking Statements The information provided in this presentation is for general informational purposes only. This presentation contains certain forward-looking statements regarding Emerald Holding, Inc. and its subsidiaries (the "Company"), including, but not limited to, general economic conditions, including the impact of tariffs and trade policy or more specifically about the markets in which the Company operates, inclu ...

Acquisition and Industry Presence - The acquisition of MJBiz was completed on December 31, 2021, enhancing the company's presence in the cannabis industry through its publication MJBiz Daily and the annual MJBizCon event [87]. - The company may face regulatory, financial, and operational risks associated with its connection to the cannabis industry through MJBiz, despite not directly engaging in cannabis sales [87]. Financial Performance and Risks - The company is exposed to foreign exchange rate fluctuations, particularly with currencies like the U.K. Pound Sterling, which may impact financial performance [86]. - The company has experienced increased event cancellation insurance premiums and higher deductibles due to a history of claims related to COVID-19 and natural disasters [95]. - The company has identified material weaknesses in internal control over financial reporting, which could affect the accuracy of financial results and investor confidence [99]. - Remediation efforts for previously identified material weaknesses have been costly and time-consuming, focusing on enhancing control activities related to preferred stock accounting [100]. - The company maintains various insurance policies, but these may not cover all risks associated with business operations, potentially leading to material adverse effects on financial condition [95]. - The company faces risks associated with event cancellations or interruptions, which may not be fully covered by insurance [95]. - The company faces risks related to its high level of indebtedness, which could limit its ability to raise additional capital and increase vulnerability to adverse economic conditions [107]. - Changes in income tax rates and regulations, including the Inflation Reduction Act and the One Big Beautiful Bill Act, may affect the company's future financial results [104]. - The company recorded intangible asset impairment charges of $7.3 million, with potential for further impairment charges in future periods [102]. - The stock price has experienced significant fluctuations, which may continue due to various factors beyond the company's control [124]. Operational and Management Challenges - The company relies on digital media and print publications to engage with event audiences, and failure to generate relevant content could negatively impact revenues [90]. - The company has long-term sponsorship agreements with industry associations that are crucial for marketing trade shows, and disruptions in these relationships could adversely affect business [93]. - The company relies on key management personnel, and their loss could negatively impact business operations [105]. - The company is currently reviewing and updating its information technology systems to enhance data analytics capability, which may consume time and resources [116]. - The company relies on license agreements for certain trade shows and events, and disruptions in these relationships could adversely impact revenue streams [120]. - The company faces risks related to the infringement of proprietary rights, which could materially affect its business operations [121]. - The use of AI technologies in the company's operations may lead to reputational harm and financial costs if not managed properly [122]. Governance and Shareholder Rights - Onex owns approximately 93.3% of the company's outstanding common stock, allowing it to control major corporate decisions [126]. - Future stock issuances could negatively impact the market price of the company's common stock [128]. - The company has reintroduced a quarterly dividend of $0.015 per share, with payments subject to board discretion and financial conditions [137]. - The company is a holding entity with no operations of its own, relying on dividends and distributions from subsidiaries [140]. - The ability of subsidiaries to pay dividends is subject to local laws and contractual arrangements, including indebtedness [140]. - Delaware law may impose restrictions on the company's ability to pay dividends to common stockholders [140]. - The board of directors is divided into three classes with staggered three-year terms [139]. - Stockholders can only remove directors "for cause" once Onex owns less than 50% of outstanding common stock [139]. - Stockholders are prohibited from calling special meetings once Onex owns less than 50% of outstanding common stock [139]. - Stockholder actions by written consent are prohibited once Onex owns less than 50% of outstanding common stock [139]. - The board is authorized to adopt, alter, or repeal the second amended and restated bylaws [139]. - The Court of Chancery of the State of Delaware will be the exclusive forum for disputes between the company and stockholders [139]. - Approval from at least two-thirds of outstanding shares is required to amend certain bylaws if Onex ceases to own more than 50% of outstanding common stock [139].

Exhibit 99.1 Emerald Reports Fourth Quarter and Full Year 2025 Financial Results Delivered Full-Year 2025 Results In Line with Guidance, Reflecting Disciplined Execution and Sustained Demand Enhanced Portfolio Quality and Diversification, Exiting 2025 with Strong Operating Momentum NEW YORK, N.Y. – March 13, 2026 – Emerald Holding, Inc. (NYSE: EEX) ("Emerald" or the "Company"), America's largest producer of trade shows and their associated conferences, content and commerce, today reported financial results ...

Core Insights - Emerald Holding, Inc. reported solid financial results for the fourth quarter and full year 2025, meeting full-year objectives and demonstrating strong operating momentum supported by healthy customer demand and rebooking activity [1][2][3] Full Year 2025 Financial Highlights - Revenues reached $463.4 million, an increase of $64.6 million or 16.2% compared to the prior year, driven by acquisitions and higher organic revenues [1][2] - Organic revenues amounted to $397.0 million, reflecting a $4.4 million increase or 1.1% from the previous year [1][2] - Adjusted EBITDA was $127.1 million, a 25.0% increase from $101.7 million in the prior year [1][2] - The company expects 2026 revenues to be between $490 million and $495 million, with adjusted EBITDA projected between $137.5 million and $142.5 million [1][2] Fourth Quarter 2025 Financial Highlights - Revenues for Q4 2025 were $132.7 million, up $25.9 million or 24.3% from Q4 2024, primarily due to acquisitions and higher organic revenues [1][2] - Organic revenues for Q4 were $105.0 million, a slight increase of $0.3 million or 0.3% from the previous year [1][2] - Adjusted EBITDA for Q4 was $36.3 million, compared to $33.1 million in Q4 2024, marking a 9.7% increase [2][3] Operational and Capital Structure Updates - The company initiated a review of potential strategic options following inquiries regarding a possible acquisition [3][7] - A dividend of $0.015 per share was declared for the quarter ending March 31, 2026 [3] - Emerald repurchased 282,386 shares for $1.3 million in Q4 2025, and a total of 4.1 million shares for $17.5 million throughout 2025 [3][7] Management Commentary - The President and CEO highlighted 2025 as a pivotal year marked by disciplined execution and purposeful growth through targeted acquisitions, resulting in a resilient and dynamic portfolio [1][2] - The CFO noted that the revenue increase and adjusted EBITDA growth were supported by consistent operating performance across the business, with current sales trends indicating continued growth into 2026 [1][2]

Core Viewpoint - Emerald Holding, Inc. will release its financial results for the fourth quarter and full year 2025 on March 13, 2026, before the market opens [1] Financial Results Announcement - The financial results will be discussed in a conference call scheduled for 8:30 am ET on the same day [1] - Access to the conference call can be obtained by dialing 1-800-715-9871 for domestic calls or 1-646-307-1963 for international calls [1] - A telephonic replay of the conference call will be available starting at 11:30 am ET [1]

Core Insights - Applebee's is celebrating 25 years of its Mucho drink deals by launching two new $6 Mucho cocktails for St. Patrick's Day [1] - The new cocktails include the $6 Emerald Escape and the $6 Pricklycane, along with a $4 Parade Punch Mocktail [1] Product Offerings - The $6 Emerald Escape is described as a tropical drink that combines elements of Irish luck and island vibes [1] - The $6 Pricklycane is another new cocktail introduced as part of the Mucho Madness celebration [1] - The $4 Parade Punch Mocktail is a non-alcoholic option available for guests [1]