Earnings: RELX's Exhibition Division Delivers 8% Growth as Emerald Leans on AcquisitionsEarnings: RELX's Exhibition Division Delivers 8% Growth as Emerald Leans on Acquisitions
Two public exhibition organizers, RX and Emerald, recently released their financial results, and both are reporting positive revenue growth in 2025.
August 5, 2025
As the Q2 earnings season progresses, two public exhibition organizers, RX and Emerald, recently released their financial results, and both are reporting positive revenue growth.
RX, the exhibitions division of RELX, delivered 8% growth year over year (YOY) for the first half of 2025, according its latest financials released on July 24. In 2024, the exhibitions division made up 13% of RELX’s diverse portfolio that includes legal, insurance, research services and more, according to its 2024 Annual Report.
Emerald, the U.S.-based B2B event organizer with 100+ events and media products, posted a slight uptick in organic revenue growth of .4% YOY for the second quarter (Q2) that ended June 30, 2025, according its latest financials released on August. 4. Traded on the New York Stock Exchange, Emerald’s flagship events include AdWeek, KBIS, ASD Market Week, and Couture.
By comparison, RX’s organic growth rate was in line with Informa’s live B2B event growth (8.5% for the first half of 2025) while Emerald’s Q2 organic growth rate was at a slower pace after posting higher gains of 5.6% in Q1.
We’ve analyzed the numbers and listened to their earnings webcasts to present a deeper dive into the numbers for the trade show community.
RX Posts 8% Revenue Growth Year Over Year for First Half of 2025
Overall, RELX, the global provider of exhibitions and information-based analytics tools, reported revenues of $6.37 billion, compared with $6.24 billion in the H1 2024—posting underlying growth of 7%. RELX is traded on the London Stock Exchange.
By the numbers: RELX reported adjusted operating profit of $1.82 billion, compared with $1.74 billion—recording underlying growth of 9%.
Margin expansion: “Exhibitions delivered underlying revenue growth of 8% with strong ongoing growth now established above pre-pandemic levels,” RELX CEO Erik Engstrom said in an earnings webcast. “Underlying adjusted operating profit growth of 9% was ahead of underlying revenue growth with margins now significantly above pre-pandemic levels.”
RELX CEO Erik Engstrom
Context: Last year, RX ran 282 face-to-face events in 25 countries, and these events served 41 industry sectors and attracted more than 6 million participants, according to its 2024 Annual Report. Some of RX’s flagship events include New York ComicCon, JCK, ISC West, and FIBO Global Fitness.
Deeper dive: For the full year of 2024, RX reported underlying revenue growth of 11% and adjusted operating profit growth of 31%.
What they are saying: “RELX delivered strong revenue and profit growth in the first half of 2025, in line with full year 2024 but with a higher quality growth profile: Exhibitions now established at strong ongoing growth,” said Engstrom. Meaning: There have been no disruptions (like COVID) in the last 12 months, he said on the earnings webcast (watch here).
What’s driving exhibitions growth: “ It's obviously coming from the overall value that we're offering to clients and expanding the event portfolio, doing more for new exhibitors, doing more for the existing ones,” said RELX CFO Nick Luff in the earnings webcast. “The digital offerings are very much part of the overall value that we're adding and increasing all the time.”
Looking ahead: “We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis,” Engstrom said. In 2024, RELX reported full-year revenues of $12.54 billion with an underlying growth of 7%, and an adjusted operating profit of $4.25 billion with underlying growth of 10%.
Emerald Posts Q2 Growth from Acquisitions, Affirms Full-Year Guidance
Emerald reported Q2 revenues of $105.5 million, an increase of $19.5 million or 22.7%, compared with Q2 2024. The increase was driven primarily by $23.6 million in revenue from acquisitions and scheduling adjustments of $1.6 million, offset by prior year revenue of $2.8 million related to three discontinued events that were not contributing to profitability and a $0.3 million increase in organic revenues, according to a statement.
Context: Emerald operates across three business lines, including Connections, which 90% represents 90% of revenues through B2B events and conferences; Content, which represents 5% of revenue through B2B websites and publications across 20 sectors; and Commerce, which makes up 5% of revenues through wholesale e-commerce software and marketplace offerings.
Key stats: Emerald’s events and conferences attract 500,000 attendees and more than 18,000 exhibitors, according to its investor presentation.
By the numbers: Emerald reported a net loss of $1.4 million for Q2, compared to a net loss of $2.8 million during the same period last year.
Big picture: The recent acquisitions of This is Beyond (May 2025), Insurtech Insights (March 2025), and GRC World Forums (January 2024) would have driven 4.6% YOY growth in organic revenues had they been part of Emerald’s portfolio in Q2.
International impact: Despite macro-economic pressures, tariffs in particular, “ we've already secured 99% of our full-year international revenue target, signaling sustained interest from global partners seeking access to the U.S. buyers, and giving us confidence to deliver on our full-year targets,” explained Emerald President and CEO Hervé Sedky, who pointed out that international exhibitors account for approximately 10% of total revenue. “We're seeing pockets of encouraging activity in markets like Italy, Germany, and Brazil, which are helping to offset continued softness in regions like China and Canada.”
Emerald President and CEO Hervé Sedky
What they’re saying: “Our second quarter results reflect focused execution and the resilience of our business model,” Sedky said. “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.”
Looking back: “Over the past 18 months, we've exited underperforming assets that were not going to recover post-COVID, realigned our cost structure, and completed targeted acquisitions that strengthened our position in high growth verticals,” Sedky explained in a webcast. “As a result, Emerald has sharpened its focus and further strengthened its performance-driven approach with a portfolio built for durability and growth across market cycles.”
Fun facts: Emerald’s largest five shows represent 30% of full year 2024 revenues, and no single customer is more than 1% of revenue, according to its investor presentation.
Outlook for next two quarters: “We expect Q3 reported organic growth to be our weakest this year, followed by stronger reported organic growth in the fourth quarter, given the added dynamic of the continued construction at the Las Vegas Convention Center, impacting our largest Q3 event,” said Emerald CFO David Doft on the earnings webcast. “Organic growth in that quarter is expected to fall below what we reported in the second quarter, consistent with our original expectations. This year, Q1 and Q4 remain our largest and strongest growth quarters. This seasonality is fully in line with our expectations and supports the full-year targets we set at the beginning of the year and targets that we are reiterating today.”
Looking ahead: Emerald reaffirmed its previously stated full year 2025 guidance of $450-$460 million of revenue and $120-$125 million of adjusted EBITDA. In 2024, Emerald reported full year revenues of $398.8 million and adjusted EBITDA of $100.2 million.
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