Emerald : Fourth Quarter 2023 Earnings Presentation

Emerald Holding, Inc.

Fourth Quarter and Full Year 2023

February 29, 2024

Notes

Forward-Looking Statements

The information provided in this presentation is for general informational purposes only. This document contains certain forward-looking

statements regarding Emerald Holding, Inc. and its subsidiaries (the "Company"), including, without limitation, the Company's ability to continue staging live events and scale its business beyond pre-COVID levels; expectations regarding interest rates and economic conditions and the Company's 2024 financial guidance expectations. These statements are based on management's current expectations as well as estimates and assumptions prepared by management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties outside of the Company's control that may cause

actual results, performance, or achievements, to differ materially and there can be no assurance that the projected results and forward- looking statements in this presentation will prove to be accurate. Forward looking statements include all statements that are not historical facts and can be identified by terms such as "anticipate," "believes, "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or similar expressions and the negatives of those terms. In particular, statements regarding the post-pandemic recovery for live events, expected free cash flow generation, and the multiple avenues to return to organic growth are each forward-looking statements among others. See "Risk Factors" and "Cautionary Note Regarding Forward-

Looking Statements" in the Company's most recently filed annual report on Form 10-K. The Company disclaims any obligation to update or

revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Past results are not indicative of future performance.

2

Participants

Hervé Sedky	David Doft
President and Chief Executive	Chief Financial Officer
Officer

3

Key Q4 and FY 2023 Takeaways

• Sustained recovery trend in live events is driving significant year-over-year growth, supported by ongoing improvements in customer supply chains and a rebound in international travel
• Trajectory of recovery and forward visibility into event bookings supports updated outlook of $415 to 425 million in Revenue and $110 to 115 million in Adjusted EBITDA in FY 2024
• • Target to expand Adj. EBITDA margins from ~27% implied in 2024 guidance to historical levels over time
• Emerald continues to launch and acquire new products and services that are complementary to its core business to better support customers year-round
• Diversified portfolio across multiple sectors with countercyclical benefits
• Continue to generate positive free cash flow, supported by low-CAPEX requirements and working capital dynamics of events business where cash is collected in advance of an event staging

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Revolutionizing the Trade Show Model

Integrating technology and first party data to create a next-generation B2B platform

Emerald's Core Services

Connections

Content

Commerce

(89% of FY 2023 Revenue)

• Collection of leading B2B trade shows and conferences that bring together industry- specific communities
• Revenue is generated from the production of trade shows and conference events, including booth space sales, registration fees and sponsorship fees

• B2B websites and publications that provide industry specific business news and information across 20 sectors
• Revenue primarily consists of advertising sales for industry publications and digital products

• SaaS software enables year-round B2B buying and selling which averages $1 billion per month of wholesale gross transaction volume
• Revenue consists of subscription revenue, implementation fees and professional services

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Enduring Value of Trade Shows

85%

of respondents say in-

person events are

irreplaceable because of their ability to drive commerce and networking that creates partnerships and innovation(1)

Value to Exhibitors

• Generate leads and sales
• Introduce new products
• Build brands
• Strengthen relationships
• Educate the market
• Service customers

5:1 ROI

for 14% of Fortune 500 companies from their trade show exhibitions(2)

40%

of businesses say B2B exhibitions provide the highest value for their marketing objectives(3)

In-person trade shows and events continue to be an integral part of businesses' marketing budgets and among the highest ROI

18%

of Chief Marketing

Officers cite customer acquisition, retention and engagement as their #1 priority in 2022, up from 10% in 2021(4)

17.6%

2021-2026 CAGR

projected for

B2B trade show market size(5)

Value to Attendees

• Fulfill procurement needs
• Source new suppliers
• Reconnect with existing suppliers
• Identify trends
• Learn about new products / services
• Network with industry peers

(1)	Source: Freeman, New Freeman Research Shows an Accelerated Return to In-Person Events.
(2)	Source: TSL, 2023 150+ Trade Show Stats That Reveal All.	6
(3)	Source: CEIR, Omnichannel Marketing Insights Report 1.

1. Source: Gartner, What Marketing Budgets Look Like in 2022.
2. Source: PwC, Global Entertainment & Media Outlook 2022-2026.

Three Pillars of Value Creation

Emerald's focus is on maximizing value of operations and expanding offerings

Customer Centricity

• Action the holistic consolidated customer database
• 3-yearbrand operating plans across portfolio
• Value-basedpricing structure
• Rigorous, perpetual brand reviews
• • Improved customer retention
  • Higher revenue per customer
  • Focused investment in evolving brands
  • Optimized event success and customer ROI

365-Day Engagement

• Daily content and insights across 20 industries
• Scaled B2B marketplace
• Increased cadence of online offerings

• New revenue streams
• Powerful first-party data
• Improved cross selling efforts

Portfolio Optimization

• Emerald Xcelerator
• Targeted accretive M&A
• Partnership opportunities

• New event and content launches in growth categories
• Platform acquisitions in new growth categories
• Tuck-inacquisitions in existing strategic categories

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Acquisitions and New Event Launches Driving Portfolio Optimization

Strategic expansion into high growth industries and categories

New Event Launches Expected to Contribute 1-2 Percentage Points of Organic Revenue Growth per Year

Select New Event Launches from Xcelerator

Recent Acquisitions

	• New business unit dedicated to launching dynamic
	brands in emerging and high-growth markets
	• Focused on new brands with an expected run rate
Launched in May 2022	of 4 - 6 shows per year

	Premier global B2B
B2B e-commerce	event and thought
SaaS platform	leadership platform
	with a global
	presence

Producer of Overland Expo adventure travel shows

Producer of hosted buyer events serving the hospitality, senior living and casino

Launched in July 2023

• Entered long-term partnership with the NBA to launch fan events and festivals globally adjacent to high profile NBA events such as the All Star Game, NBA Draft and NBA Summer League
• Expect to ramp to multiple events, including international locations

Returned June 2023

• Educational platform that bridges business and Web3 innovation
• Will host second iteration at Retail Innovation Conference and Expo (RICE) with a focus on retail sector applications

Leading product database

and integrator service

provider for commercial AV

Social

3rd

Party

industries via the BITAC series of events.

Launched June 2023

• Leveraging the expertise of the Lodestone team, launched a consumer adventure travel and lifestyle show in June 2023
• Leads into Emerald's high profile Outdoor
  Retailer event

Launched in Sept. 2023

• B2B event dedicated to the Latin food and beverage sector
• Strengthens Emerald's portfolio of leading food & beverage brands

	Subscription-
Leading	based
photography
national trade	Digital
show focused	business
education and
on educational
e-learning
spaces and
service +
equipment
conference

Leading B2B	Wholesale online
media company in	marketplace
the cannabis	platform to be
industry with	combined with
portfolio of media	Emerald's iconic NY
brands + widely	NOW brand
attended annual
expo

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FY 2023 Financial Highlights and Current Liquidity Position

Emerald experienced year over year growth in revenue and Adjusted EBITDA across all categories as recovery momentum continues

Earnings Results

Highlights and Developments

Balance Sheet

(as of 12/31/2023)

• Revenues of $382.8 million
• Diluted loss per share of ($0.78)
• Net loss of ($8.2) million
• Adjusted EBITDA excluding insurance proceeds of $95.0 million(1)
• Free cash flow excluding insurance proceeds of $26.0 million(2)
• Acquired Lodestone Events, producer of the Overland Expo series of adventure travel consumer events, in January 2023.
• Hosted first NBA Con fan event in Las Vegas in July as part of partnership with the NBA
• Hosted first iteration of Cocina Sabrosa in Irving, TX in September, serving the Latin food industry
• Events business account for 89% of 2023 revenues
• $204.2 million of cash and cash equivalents
• Full availability on $110 million revolver.
• Net debt of $209.1 million, including $413.3 million outstanding term loan balance
• Paid December 27th dividend on convertible preferred shares in cash, avoiding the issuance of 2.4 million shares on an as-converted basis

			Net Income
($ in Millions)
$130.8
					($8.2)
		FY 2022	FY 2023
		Adj. EBITDA(1)
($ in Millions)
Excludes insurance proceeds
					$95.0
$56.8
		FY 2022	FY 2023

Diluted Income (Loss) Per Share

$0.46

($0.78)

FY 2022

FY 2023

Free Cash Flow(2)

($ in Millions)

Excludes insurance proceeds

	$26.0
$6.9
FY 2022	FY 2023

(1)	See slide 14 of this presentation for a reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA excluding event cancellation insurance proceeds.
(2)	The calculation of 2023 Free Cash Flow excluding event cancellation insurance proceeds, net, includes non-recurring acquisition related transaction costs of $2.6 million, acquisition integration, restructuring-related transition costs of $6.1 million, and non-recurring legal, audit and	9
consulting fees of $4.1 million. The calculation of 2022 Free Cash Flow excluding event cancellation insurance proceeds, net, includes insurance settlement expenses of $7.9 million, acquisition related transaction costs of $3.6 million, integration-related transition costs of $3.1

million, contingent consideration paid in excess of the original estimate of $2.1 million, and non-recurring legal and consulting fees of $1.7 million. The total of these items is $13.0 million and $18.4 million for the years ended December 31, 2023 and 2022, respectively.

Revenue and Adjusted EBITDA by Segment

Quarterly

($ in Millions)									Connections		All Other		$122.3
								$98.5				$93.6				$101.5
															$86.4
						$76.5
										$71.5		$62.3				$72.6
							$41.1
		$12.9	$15.0
Revenue	1Q 2021	2Q 2021	3Q 2021	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023
Connections	$5.7		$4.4	$66.1	$30.5	$88.6	$60.8		$51.3	$81.9	$112.2	$75.6	$62.1	$90.3
All Other	$7.2		$10.6	$10.4	$10.6	$9.9	$10.7		$11.0	$11.7	$10.1	$10.8	$10.5	$11.2
Total	$12.9	$15.0	$76.5	$41.1	$98.5	$71.5		$62.3	$93.6	$122.3	$86.4	$72.6	$101.5
Adjusted EBITDA
Connections	$6.6		($6.3)	$18.2	$61.4	$61.0	$27.3		$14.4	$30.3	$49.4	$25.1	$22.6	$39.7
All Other	$0.7		$3.0	$1.9	$0.7	($0.3)	$0.7		($0.3)	$0.1	($0.3)	$1.0	$1.3	$1.6
Corporate	($10.0)	($10.3)	($10.7)	($11.1)	($11.4)	($12.4)	($13.0)	($5.4)	($12.5)	($11.5)	($13.1)	($5.5)
Adj. EBITDA	($2.7)	($13.6)	$9.4	$51.0	$49.3	$15.6		$1.1	$25.0	$36.5	$14.6	$10.8	$35.8
Less: Insurance	$14.2	$2.3	$1.2	$59.7	$23.7	$8.1		$2.4	--	--	--	$2.8	--
Proceeds
Adj. EBITDA	($16.9)	($15.9)	$8.2	($8.7)	$25.6	$7.5		($1.3)	$25.0	$36.5	$14.6	$8.0	$35.8
ex-Insurance

	Annual
			$382.8
		$325.9
	$145.5
Revenue	FY 2021	FY 2022	FY 2023
Connections	$106.7	$282.6	$340.2
All Other	$38.8	$43.3	$42.6
Total	$145.5	$325.9	$382.8

Adjusted EBITDA

Connections	$80.0	$133.0	$136.8
All Other	$6.3	$0.2	$3.6
Corporate	($42.1)	($42.2)	($42.6)
Adj. EBITDA	$44.1	$91.0	$97.8
Less: Insurance	$77.4	$34.2	$2.8
Proceeds
Adj. EBITDA	($33.3)	$56.8	$95.0
ex-Insurance

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