Fourth-Quarter 2025 Supplemental Presentation February 12, 2026 including our most recent Forms 8-K, 10-K, and 10-Q. "Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations. "Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisitio ...

Financial Performance - Revenue increased by 22.7% year-over-year in Q2 2025[10] - Adjusted EBITDA grew by 59.5% year-over-year in Q2 2025[10] - Organic Revenue increased by 0.4% year-over-year[10] - The company repurchased approximately 1.6 million shares of its common stock for $6.9 million at an average price of $4.24 per share in Q2 2025[10, 37] - Emerald reaffirms full year 2025 revenue guidance in the range of $450 million to $460 million and Adjusted EBITDA in the range of $120 million to $125 million[10, 11] Business Segments - Connections segment accounted for approximately 90% of FY 2024 revenue[14, 15] - Content segment accounted for approximately 5% of FY 2024 revenue[14, 19] - Commerce segment accounted for approximately 5% of FY 2024 revenue[14, 19] Market and Growth - B2B US Marketing spend for events and sponsorships is expected to grow by a CAGR of +7% through 2030[25, 28] - The company estimates a total global addressable market of $20 billion[11] Capital Allocation - The company targets a long-term net leverage ratio between 20x and 30x[48] - The company declared a dividend of $0015 per share for the quarter ending September 30 2025[10, 48]

Financial Data and Key Metrics Changes - Organic revenue increased by 1.9% year on year, driven primarily by positive volume trends [6][12] - EBITDA was $114 million, which was at the high end of guidance, but declined year on year as expected, with an EBITDA margin of 14.5% [6][12] - Adjusted earnings per share (EPS) was $0.54, down compared to the same quarter in 2024, driven by lower operating income [13] - Net debt to EBITDA ratio increased to 3.5 times at the end of the first quarter, up from 3.1 times at the end of 2024 [14] Business Line Data and Key Metrics Changes - In HHC (Hygiene, Health, and Cleaning), organic revenue was up 4% year on year, with an EBITDA margin of 12.7%, down from last year due to higher raw material costs [7][8] - Engineering Adhesives saw a 2% decline in organic revenue, but EBITDA increased by 16%, with an EBITDA margin of 18.7% [9] - Building Adhesive Solutions (BAS) had a 2% increase in organic sales, with EBITDA also increasing by 2% year on year [10] Market Data and Key Metrics Changes - In the Americas, organic revenue was down 1% year on year, driven by declines in HHC and Engineering Adhesives, but BAS achieved over 8% organic revenue growth [10] - EIMEA (Europe, India, Middle East, and Africa) saw a 4% increase in organic revenue, driven by double-digit growth in HHC [11] - Asia Pacific experienced a 7% increase in organic revenue, primarily due to strength in China [11] Company Strategy and Development Direction - The company is focused on maintaining pricing discipline, driving market share gains, and managing costs effectively while optimizing its portfolio mix [5][18] - The strategic direction includes streamlining the cost structure and improving operational efficiency, with a target of achieving greater than 20% EBITDA margin [5][19] - The company is prioritizing share buybacks and has temporarily slowed the timing of M&A transactions due to market volatility [15][16] Management's Comments on Operating Environment and Future Outlook - Management remains cautious due to weak overall market demand and unpredictable geopolitical conditions [5] - The company expects to see a favorable net benefit from pricing and raw material actions for the remainder of the year [6] - Management is confident in their ability to adapt and execute in the current environment to deliver growth in organic sales and EBITDA [6][18] Other Important Information - The company is experiencing raw material cost inflation, with about 20% of the portfolio seeing increases [73] - The solar business is expected to remain weak throughout the year, but margins are anticipated to improve as the company repositions away from lower efficiency panels [70][71] Q&A Session Summary Question: What are the current operating conditions and customer management strategies? - Management noted that customers are cautious and not seeing prebuying trends, focusing instead on innovation and new product development [25][26] Question: Can you provide an update on market share and competitive environment? - Management confirmed gaining market share in multiple segments, particularly in HHC, and noted ongoing challenges in the solar market [31][32] Question: What is the outlook for pricing and EBITDA margins in HHC? - Management expects improving margins in HHC throughout the year, ideally reaching a 16% to 17% EBITDA margin range [39][41] Question: How is working capital impacting cash flow? - Management indicated that working capital needs are higher due to volume and pricing growth, but improvements are expected as the year progresses [42][44] Question: What is the outlook for the European and U.S. economies? - Management observed that the U.S. business is slowing, while the European market showed mixed results, with some segments accelerating [80][81] Question: How is the company positioned regarding tariffs and their impact? - Management stated that durable goods production will be more impacted by tariffs, but the company is well-positioned to manage costs in a low-volume environment [102] Question: Are there opportunities in the PFAS-free market? - Management confirmed that they have PFAS-free alternatives and are actively working with customers to capture market share in this area [105]