Dave & Buster's Entertainment, Inc. · NASDAQ:PLAY

Dave & Buster's Entertainment — Q2 2025 Earnings Presentation

14 slides from Dave & Buster's Entertainment's earnings presentation, Sep 15, 2025

  1. Slide 1: Investor Update

    Investor Update September 2025

  2. Slide 2: Disclaimer

    Disclaimer The information contained in this presentation (the "Information") does not purport to contain all of the information that may be required or desired by a recipient to evaluate Dave & Buster's Entertainment, Inc. and its affiliates (collectively, the “Company”). In all cases, interested p

  3. Slide 3: Tarun's initial observations

    2 Tarun’s initial observations Strong, iconic brand ✓ Excellent brand recognition with strong awareness “I am excited Customers love us ✓ Fun-filled customer experience ✓ Loyal customer base to drive ✓ Strong customer satisfaction scores same-store Exceptional business ✓ Best-in-class scale and unit

  4. Slide 4: What was not working and what has worked

    3 What was not working and what has worked What was not working What has worked  Dropped TV advertising (~80% to 0%) ✓ Reintroduced TV advertising Marketing  Unfocused promotional strategy (way too many promotions) ✓ Fewer, more focused promotions ✓ Re-emphasized entrees  Overemphasis on appetize

  5. Slide 5: Improving trends

    4 Improving trends Food & beverage Special events High ROI new store Remodel Same-store sales growth same-store sales growth same-store sales growth(a) openings outperformance (3.0%) ~6% ~40%+ 700 Same-store special events growth YTD ROI on recent new stores 22 new units opened since the beginning o

  6. Slide 6: 2023 plan → current areas of focus

    5 2023 plan → current areas of focus Current areas of focus 1 ▪ Drive incremental traffic by improving consideration and frequency ▪ 2023 strategic Marketing ▪ Improve overall marketing message and optimize media mix plan had the ▪ Leverage large national sport-viewing platform 2 ▪ Improve F&B attac

  7. Slide 7: Near-term goals

    6 Near-term goals GROW ▪ 1 Relaunch marketing engine ─ Implement effective integrated marketing strategy ─ Simplify value messaging SAME-STORE ─ Investment in local store special events sales managers SALES ▪ 2 Reinvigorate food & beverage offering ─ Launch ‘back to basics’ menu nationwide (in 3Q ’2

  8. Slide 8: Coming up (now to next three months)

    7 Coming up (now to next three months) ▪ 1 Recently launched fall season pass and implementing Q4 winter season pass ▪ 2 New fall promotion focused on Watch / football ▪ 3 Debuting new ‘back to basics’ menu in October 2025 ▪ 4 Rolling out human crane (extremely high ROI) in additional stores ▪ 5 Lau

  9. Slide 9: Strong cash flow and balance sheet position

    8 Strong cash flow and balance sheet position Healthy balance sheet Significant discretionary cash flow generation with significant liquidity Significant cash for new $494 ($95) stores, shareholder ($25) ($10) ($140) return, and other high- ROI uses 3.2x Net Leverage ($7) $217 ($120) $97 $443mm Tota

  10. Slide 10: The business is highly undervalued today compared to peers…

    The business is highly undervalued today compared to 9 peers… Valuation Overview Trading Comparables(c) Share Price (9/12/25) $23.64 (x) Diluted Shares Outstanding 36 Amusement / Cruise Lines Hotels & Resorts QSR / Fast Casual Casual Dining PLAY Equity Value $839 OOHE Avg.: 12.8x Avg.: 14.4x Avg.: 1

  11. Slide 11: …and has significant upside

    10 …and has significant upside Implied share price at various levels Implied Upside from Current Levels 393% 362% 281% 241% $116 $109 $90 8.5x $81 8.1x 7.1x 6.6x CEO Target $675mm EBITDA $24 5.0x (b) (b) (b) Current OOHE/Amusement Park Average Pre-COVID Avg. 1x Discount to Pre-COVID Avg. 1.5x Discou

  12. Slide 12: Appendix

    Appendix Non-GAAP reconciliations

  13. Slide 13: Reconciliation of LTM Credit Adj. EBITDA

    12 Reconciliation of LTM Credit Adj. EBITDA Trailing Four Quarters Ended Trailing Four Quarters Ended August 5, 2025 August 5, 2025 Net income $9.7 Credit Adjusted EBITDA (a) $494.2 Add back: Total debt (g) $1,589.8 Interest expense, net $143.8 Less: Cash and cash equivalents ($12.0) Loss on debt re

  14. Slide 14: Levered and unlevered free cash flow build

    13 Levered and unlevered free cash flow build LTM 2Q 2025 Adj. EBITDA $461.4 Total Games Growth & Maintenance ($102.9) Remodels ($142.6) Cash Taxes ($15.8) Unlevered Free Cash Flow $200.1 Interest ($126.4) Levered Free Cash Flow $73.7 Source: PLAY management

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