We present calculations of dilepton and photon spectra for the energy range $E_{\text{lab}}=2-35$ $A$GeV which will be available for the Compressed Baryonic Matter (CBM) experiment at the future Facility for Anti-Proton and Ion Research (FAIR). The same energy regime will also be covered by phase II of the Beam Energy Scan at the Relativistic Heavy-Ion Collider (RHIC-BES). Coarse-grained dynamics from microscopic transport calculations of the Ultra-relativistic Quantum Molecular Dynamics (UrQMD) model is used to determine temperature and chemical potentials, which allows for the use of dilepton and photon-emission rates from equilibrium quantum-field theory calculations. The results indicate that non-equilibrium effects, the presence of baryonic matter and the creation of a deconfined phase might show up in specific manners in the measurable dilepton invariant mass spectra and in the photon transverse momentum spectra. However, as the many influences are difficult to disentangle, we argue that the challenge for future measurements of electromagnetic probes will be to provide a high precision with uncertainties much lower than in previous experiments. Furthermore, a systematic study of the whole energy range covered by CBM at FAIR and RHIC-BES is necessary to discriminate between different effects, which influence the spectra, and to identify possible signatures of a phase transition.