Step 1: Identify the nature of first lens.
The first lens is a concave lens, so its focal length is negative:
\[
f_1 = -0.5 \, \text{m}
\]
Step 2: Understand effect of concave lens.
A parallel beam after passing through a concave lens appears to diverge from its focus.
Step 3: Locate the virtual image formed by concave lens.
The virtual image is formed at the focus of the concave lens, i.e. \( 0.5 \, \text{m} \) before the concave lens.
Step 4: Find object distance for convex lens.
The distance between the two lenses is \( 1.25 \, \text{m} \). So, for the convex lens, the virtual object distance is:
\[
1.25 + 0.5 = 1.75 \, \text{m}
\]
Step 5: Compare with focal length of convex lens.
The focal length of the convex lens is:
\[
f_2 = 1.75 \, \text{m}
\]
Thus, the virtual object for the convex lens lies at its focus.
Step 6: Use lens property.
When rays appear to come from the focus of a convex lens, after refraction through the convex lens, they emerge parallel to the principal axis.
Step 7: Final Answer.
Hence, the emergent beam will pass parallel to the principal axis.
\[
\boxed{\text{The emergent beam will pass parallel to the principal axis.}}
\]