Canterbury Park Holding Corporation · NASDAQ:CPHC
Canterbury Park — Q1 2026 Earnings Presentation
51 slides from Canterbury Park's earnings presentation, Jun 4, 2026
Slide 1: Canterbury Park Holding Corporation
Canterbury Park Holding Corporation Premier Gaming, Racing & Entertainment Destination
Slide 2: Cautionary Statement
Cautionary Statement may make forward-looking statements conceming possible or anticipated future financial pertormanc preceded by the words “believes, business activities or plans, The ects," “anticipates,” “intends” or similar expressions. For these forward-looking statements are typically sents,
Slide 3: Agenda
»» AGENDA Overview Financial Update Business Update Development Update Questions & Answers LIVE. STAY. Wol
Slide 4: Premier Twin Cities Gaming & Entertainment Destination
Premier Twin Cities Gaming & Entertainment Destination * 2 million adults within 30-minutes * 18,000 sq. ft. gaming facility * 34 Las Vegas-style table games and 27 poker tables * Profitable Horse Racing, Entertainment & Food and Beverage operations Canterbury Compelling Financial Profile Park * 15.
Slide 5: 2025: A Transformational Year of Growth and Diversification
2025: A TRANSFORMATIONAL YEAR OF GROWTH AND DIVERSIFICATION Strategic Vision: Transforming 50+ acres of land to a regional destination in one of the fastest growing areas around the Twin Cities Profitable Diversification and Generating Solid Returns On Investment: Expanding development opportunities
Slide 6: Financial Update
FINANCIAL UPDATE LIVE. STAY. WORK. PLAY.
Slide 7: FY2025 Financial Highlights
FY2025 FINANCIAL HIGHLIGHTS = $59.6M $9.4M $17.1M (3.2%) vs. FY2024 (12.9%) vs. FY2024 ($0.10) 15.8% S 0.28 per share ‘Net Income: ($0.5M) vs. 17.6% in FY2024 $1.4M paid in FY2025 stents LIVE. STAY. WORK. PLAY.
Slide 8: 2025 Highlights
2025 HIGHLIGHTS Net revenues declined 3, Casino revenue decreased 4.4% on increased competition but improved and revenue as Pari-mutuel revenue was down 6.6% on fewer national race days and live race days Food & Beverage was up 3.5% to $8.2M on increased catering operations and food & beverage reven
Slide 9: Financial Highlights
26 FINANCIAL HIGHLIGHTS NET REVENUE \D). EBITD ADJ. EBITDA MARGIN CASH & INVESTMENTS $13.5M $2.8M 21.1% $17.2M +2.8% vs. 1Q25 +35.6% vs. 1Q25 vs. 16.0% in 1Q25 Adj. EBITDA / Net Cash & short-term 1025: $13.1M 1025: $2.1M Revenue investments LIVE. STAY. WORK. PLAY.
Slide 10: First Quarter 2026 Update
FIRST QUARTER 2026 UPDATE Total Net Revenue Increased 2.8% to $13.5M Cash, Restricted Cash & ST investments $20,824 ™ Casino Revenues of $9.2 million = Up0.5% YN driven by higher visitation and 19% increase in table Current Assets $25,739 $25,083 ‘ames drop, partally offset by historically low table
Slide 11: Current Operating Business and Assets Are Undervalued
CURRENT OPERATING BUSINESS AND ASSETS ARE UNDERVALUED CURRENT SHARE PRICI Cash & Liquidity $3.34 RealEstate 1V Stake $3.54 TH Receivables $3.94 | Identified Asset Value $10.82 Operating Business (Implied Value) $5 01 ~50 acres of land available for future — market value rep! incr per-share upside no
Slide 12: Boardwalk
BOARDWALK — wel - STAY | WORK™ PLAY ~ i. oto LIVE. STAY. WORK. PLAY. a
Slide 13: Casino Overview
CASINO OVERVIEW FY 2025 Results + Revenues declined $1.7M or 4% compared to FY 2024. * Q12025 saw year-over-year decreases of $864,000, or 9%, resulting from increased competition in the market. + Q4 2025 rebounded with year-over-year increases of $487,000, or 5%, as higher visitation resulted in to
Slide 14: Pari-Mutuel Overview
PARI-MUTUEL OVERVIEW Revenues declined $540,000, or 7%, compared to FY 2024. + Decrease was due to fewer live race days year-over-year (50 days in 2025 vs. 54 days in 2024) as well as less overall race days around the country. 2026 Priorities * Grow live racing average daily attendance to cultivate
Slide 15: Food & Beverage Overview
FOOD & BEVERAGE OVERVIEW * Revenue increased $277,000, or 3.5%, compared to FY 2024, Improved speed of service via new point-of-sale software drove average spend increases. Strong catering sales and operations provided fifth consecutive year of growth. 2026 Results and Priorities Total Food & Bevera
Slide 16: Other Revenue Overview
OTHER REVENUE OVERVIEW Revenue remained essentially flat compared to FY 2024. Continued leverage of Canterbury Park's unique facility to attract and grow large: scale events, including western-themed events and 1,000+ attendee catering events Strong increases in space rental revenues from special ev
Slide 17: Trackside Development, Triple Crown, Canterbury Crossing, Entertainment District
SK 4) Trackside Development 2) Triple Crown Apartments 2) Canterbury Crossing |S) Entertainment District
Slide 18: Aerial
AERIAL CC
Slide 19: Comparison
COMPARISON 8
Slide 20: 2025 Canterbury Development Summary
2025 CANTERBURY DEVELOPMENT SUMMARY @® BARN RELOCATION AND REDEVELOPMENT COMPLETE ~ Over 300 new stalls and new backside roads and infrastructure in operation 19,000-CAPACITY AMPHITHEATER ON SCHEDULE TO OPEN JUNE 2026 ~ Operated by Live Nation, planning on 35-80 events per year ~ New road completed
Slide 21: Triple Crown Apartments
TRIPLE CROWN APARTMEN (i) TRIPLE CROWN RESIDENCES AT CANTERBURY (626 market rate highly amentied apartments 2 PHASES 2 Phases PHASE 2 RE-FINANCED WITH GREYSTAR AT BEGINNING OF YEAR PREMIER LOCATION Phase 2 refinanced with Greystar at beginning of year PHASE 1 REMAINS IN VARIABLE RATE CONSTRUCTION LO
Slide 22: Winners Circle
WINNERS CIRCLE © CANTERBURY OBSV DEVELOPMENT JOINT VENTURE WITH GREYSTONE CONSTRUCTION erbury holds 62% equty owmersno 13 acres across seven pad sites 1 pad remains andis being marketed for buld-to-suit NEW CLASS A OFFICE BUILDING: OPENED IN FALL OF 2024 2000 sqft office bulking with Dans Constrctio
Slide 23: Boardwalk Kitchen & Bar
BOARDWALK KITCHEN & BAR TRACKSIDE JV + YEAR-ROUND VENUE @ JV STRUCTURE ia) 16,000 SO FT HOSPITALITY PROJECT Restaurant + Stab ~ Direct adjacency to racing surface DISTRICT ROLE ~ Ful.year operations beyond ~ Social media / culture diver for campus ethos sa OLIVE MUSIC + EVENTS FOOD + BEVERAGE LIVE.
Slide 24: Amphitheater and Adjacent Land
AMPHITHEATER AND ADJACENT LAND A TRANSFORMATIVE ENTERTAINMENT ASSET AT CANTERBURY PARK The amphitheater establishes Canterbury as a regional entertainment destination and serves as a catalyst for future hospitality, retail, entertainment, and mixed-use development. 19,000 CAPACITY 40+ ~500,000 25 ac
Slide 25: Development
Slide 26: Development
DEVELOPMENT. ape mart bps 3 365 acres JV PARTNER(S) Land Contributed to a Venture as Equity
Slide 27: Acres
365 acres JV PARTNER(S) Land Contributed to a Venture as Equity
Slide 28: Acres
365 acres JV PARTNER(S) Land Contributed to a Venture as Equity
Slide 29: Acres
365 acres JV PARTNER(S) Land Contributed to a Venture as Equity NEW DEVELOPMENT Marketing & Planning Stage
Slide 30: Canterbury Park Is Rare
CANTERBURY PARK IS RARE 2 EXISTING DEMAND — ENTITLEMENTS FEW SITES LAND + ACCESS NOT THEORY CAN REPLICATE TO SCALE WO MAJOR ENTERTANMENT FOR ADDITIONAL ATTRACTIONS 9 RACING, GAMING, CONCERTS, CLOSE PROXIMITY TO THE @ SOCIAL ACCEPTABLE THE RESULT: ONE OF A LIMITED fal a OF U.S. SITES ABILITY To PHASE
Slide 31: Gensler Study
GENSLER STUDY Aen \ INITIAL S
Slide 32: What Success Looks Like
WHAT SUCCESS ia i a 8 f @) i © Horse Rane Music, sport, spectacle, culture Year-round reasons to visit 2 Honoring the Past / Building the Future Card club and gaming 00 in region, Big Moments All-Day / Everyday Activity The region's gathering place Come early Stay late, Return often.
Slide 33: Site Plan | Full Build
SITE PLAN | PHASE 1
Slide 34: Site Plan
Slide 35: The Vision Takes Shape
reseal THE VISION TAKES SHAPE
Slide 36: Slide 36
Slide 37: Shared Moments at the Heart of the District
SHARED MOMENTS AT THE HEART OF THE DISTRICT spaces designed for gathering, celebration, and collective experien:
Slide 38: A Setting for Life's Most Meaningful Occasions
ga ia SN "§ ASETTING FOR LIFE’S MOST MEANINGFUL OCCASIONS
Slide 39: A Destination Alive All Year Long
A DESTINATION ALIVE ALL YEARLONG ‘Seasonal programming and winter activation keep the district vibrant in every season.
Slide 40: Slide 40
Slide 41: LIVE. STAY. WORK. PLAY.
LIVE. STAY. WORK. PLAY.
Slide 42: a
LIVE. STAY. WORK. PLAY. a
Slide 43: Use of Non-GAAP Financial Measures
USE of NON-GAAP FINANCIAL MEASURES To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before intere
Slide 44: Canterbury Park at a Glance
CANTERBURY PARK AT A GLANCE 18,000 51 vet smtan aon 25+ 100,000 ~50 ot Gaming sce 314» an = PR D aaa Te Development . . 1 Retained Genser, the ses including Fenowned architecture and table games ‘minnesota Gaming guests wi design firm, to lead site planning 1 50+ acres remaining for future developme
Slide 45: sae
sae Net os income 3529) ean LIVE. STAY. Wol
Slide 46: Reconciliation
RECONCILIATION oa 1005 LIVE. STAY. WORK. PLAY.
Slide 47: 1Q26 Income Statement Highlights
1Q26 INCOME STATEMENT HIGHLIGH 4299) LIVE. STAY. Wol
Slide 48: 1Q26 Adjusted EBITDA Reconciliation
1Q26 ED EBITDA RECONCILIATION a0 LIVE. STAY. WORK. PLAY.
Slide 49: 1Q26 and FY2025 Balance Sheet
1Q26 AND FY2025 BALANCE SHEET susie suzss, sass $2703 susie suse, LIVE. STAY. Wol
Slide 50: Completed Joint Venture Projects
COMPLETED JOINT VENTURE PROJECTS Bravi’s Modern — Triple Crown | Grevetone HO. The OMY Active | OG Zax, Mr PIE | Greystone Office | Boardwalk Residencies rn 8 pio Building i kitchen & Bar JV PARTNER DESCRIPTION OPEN DATE March 2024 Canterbury Ownership % LIVE. STAY. WORK. PLAY.
Slide 51: Unrecognized Per Share Value
UNRECOGNIZED PER SHARE VALUE ‘= 14acres of land sold for consideration of = — approximately $3.5 million (2021 and 2022) — In April 2021, the Company closed on sale of eeeeeneeeen eae 2 Canterbury Real eran for total consideration of nil ad Ready Value per Acre’ Estate = In May 2021, the Company clo
Canterbury Park Holding — Q1 2026 Earnings Presentation on 6ix