Lucky Strike Entertainment Corporation · NYSE:LUCK
Lucky Strike Entertainment — Q1 2027 Earnings Presentation
25 slides from Lucky Strike Entertainment's earnings presentation, Nov 5, 2026
Slide 1: Investor Presentation
November 2026 INVESTOR PRESENTATION
Slide 2: Disclaimer: Forward-looking statements
DISCLAIMER Forward-looking statements Some of the statements contained in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions a
Slide 3: Investment Thesis
INVESTMENT THESIS A location-based entertainment platform with proven history of superior returns 1 Market Leader in North American Bowling, Supported by High-Quality, Well-Recognized Brands 2 Large Addressable On-Location Entertainment Market Presents Meaningful Growth Potential 3 Well-Diversified
Slide 4: Consistent Annual Revenue Growth
CONSISTENT ANNUAL REVENUE GROWTH R E P O R T E D T O TA L R E V E N U E ( $ M ) $1,245M $1,201M $1,149M $1,038M $897M $672M FY19 FY22 FY23 FY24 FY25 FY26 4
Slide 5: Growing Portfolio of Assets in Diversified and Attractive Markets
GROWING PORTFOLIO OF ASSETS IN DIVERSIFIED AND ATTRACTIVE MARKETS 366 operating locations as of November 2026 Well positioned in highly attractive markets across North America Acquired Boomers which provides platform for FECs Lucky Strike and Other Brands to be Converted AMF/Other Boomers Shipwreck
Slide 6: Well-Diversified Portfolio + Product Offerings
WELL-DIVERSIFIED PORTFOLIO + PRODUCT OFFERINGS Lucky Strike’s Brands Cater to Wide Array of Consumers & …With New Contributions to Non-Bowling Experiences… Revenue Improving Topline Diversity FY26 Diversified by Price… Cost Conscious X X X X X X 20% Premium / Higher- X X X End 45% …And Experience Bi
Slide 7: Driving Higher Average Unit Volumes Through Wallet Share Gains
DRIVING HIGHER AVERAGE UNIT VOLUMES THROUGH WALLET SHARE GAINS VIA IMPROVED AND BIGGER VENUES AV E R A G E R E V E N U E P E R L O C AT I O N +6% FY19–FY26 CAGR $3.3M $3.4M $3.5M $3.2M $2.8M $2.4M FY19 FY22 FY23 FY24 FY25 FY26 7
Slide 8: Capital Expenditures: Down 20% Over FY25 and 42% Over FY24
CAPITAL EXPENDITURES: DOWN 20% OVER FY25 AND 42% OVER FY24 CAPEX ($M) $194M –$104M (–54%) FROM PEAK $141M $114M $90M FY24 FY25 FY26 FY27 GUIDANCE 8
Slide 9: Long-Term 30%+ EBITDA Margins Remain Intact
LONG-TERM 30%+ EBITDA MARGINS REMAIN INTACT 4 - WA L L E B I T D A M AR G I N B Y V I N TAG E 42% 30% 500–1,000+ bps of profit margin opportunity as newer assets build into our system 2022+ vintage centers season toward mature-fleet economics, underpinning long-term 30%+ EBITDA margins PRE-2022 VINT
Slide 10: Lucky Strike Rebrand Is 84% Complete
LUCKY STRIKE REBRAND IS 84% COMPLETE L U C K Y S T R I K E : 2 1 7 L O C AT I O N S 182 COMPLETE 35 TO GO LUCKY STRIKE CONVERSIONS BY FISCAL YEAR 90 50 35 29 13 FY24 FY25 FY26 FY27 DONE FY27 SCHEDULED 10
Slide 11: Rebrand Initiative
REBRAND INITIATIVE • We are currently at 178 Lucky Strike’s with the plan to sunset the Bowlero brand by early/mid-2027 Old Lucky Strike Chelsea Piers 11
Slide 12: Lucky Strike Gilbert (Phoenix Metropolitan)
REBRAND INITIATIVE Lucky Strike Gilbert (Phoenix Metropolitan) 12
Slide 13: Lucky Strike Tyson's Corner
REBRAND INITIATIVE Lucky Strike Tyson’s Corner 13
Slide 14: Lucky Strike Naperville
REBRAND INITIATIVE Lucky Strike Naperville 14
Slide 15: Beverly Hills
BEVERLY HILLS
Slide 16: Ladera Ranch
LADERA RANCH
Slide 17: Aliso Viejo
ALISO VIEJO
Slide 18: Wet 'n Wild Emerald Pointe
WET ‘N WILD EMERALD POINTE
Slide 19: Raging Waters
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Slide 20: Significant Owned Property Portfolio
SIGNIFICANT OWNED PROPERTY PORTFOLIO 75 owned properties with $700M+(1) of potential value provides strategic and financial flexibility 1 High value property in Toronto, Canada 3 Prime location properties in Mexico (1) Assumes sale-leaseback values of 12-14x of 50% of EBITDAR. 20
Slide 21: Appendix: Additional Financial Information
APPENDIX: ADDITIONAL FINANCIAL INFORMATION 21
Slide 22: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS FY25 vs. FY26 FY25 – FY27 | Quarterly FY 25 FY 26 2Q FY25 3Q FY25 4Q FY25 1Q FY26 2Q FY26 3Q FY26 4Q FY26 1Q FY27 (in thousands) 06/29/25 06/28/26 12/29/24 03/30/25 06/29/25 09/28/25 12/28/25 03/29/26 06/28/26 09/27/26 Total Revenue – Reported $1,201,333 $1,245,318 $300,074
Slide 23: Non-GAAP Reconciliations: Adjusted Location Metrics
NON-GAAP RECONCILIATIONS ADJUSTED LOCATION METRICS Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 (in millions) 09/29/24 12/29/24 03/30/25 06/29/25 09/28/25 12/28/25 03/29/26 06/28/26 09/27/26 Revenue Retail $180 $178 $225 $208 $212 $185 $227 $208 $218 Events 55 85 74 63 55
Slide 24: Non-GAAP Reconciliations: Consolidated
NON-GAAP RECONCILIATIONS Fiscal Year Ended Three Months Ended (in thousands) June 28, 2026 June 29, 2025 September 27, 2026 September 28, 2025 Consolidated Revenues $1,245,318 $1,201,333 $302,644 $292,278 Net (loss) income – GAAP (35,777) (10,022) (25,674) (13,798) Net (loss) income margin -2.9% -0.
Slide 25: GAAP Rent to Cash Rent Walk — Q1 FY27 & Q1 FY26
GAAP RENT TO CASH RENT WALK — Q1 FY27 & Q1 FY26 Item Q1 FY27 Q1 FY26 Form 10-Q Location Reduction of operating lease right of use assets (amortization) 9.5 9.7 Condensed Consolidated Statement of Cash Flows (Operating activities) Change in operating lease liabilities (payments less interest) (8.1) (
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