EM is a combination of beneficial microorganisms including Fungi but another benefit is the stimulation of other types of fungi in the soil. This includes Mycorrhizae and Tricoderma.

EM also stimulates a number of fungal species including Pseudomonas, Mycobacter, Aspergillus, that solubilise soil nutrient compounds (both organic and inorganic) that are largely unavailable to plants.

The effect of EM on soil physical properties suggests that EM can induce plants roots to penetrate the soil more effectively. Soil treated with EM becomes more friable and porous, less compact and promotes deeper cultivation. Fungi stimulated by EM binds soil particles into more stable aggregates. 

The below report 'Changes to Soil Microflora by EM' showcases the wide range of effects EM can have.