Canterbury Park Holding Corporation · NASDAQ:CPHC
Canterbury Park — Shareholder Meeting (June 2025)
56 slides from Canterbury Park's shareholder meeting presentation, Jun 5, 2025
Slide 1: 2025 Annual Meeting
i canter ie Holding Commarseen NASDAQ: C 2025 Annual Meeting June 2025 ee
Slide 2: Cautionary Statement
From time to time, in reports filed with the SEC, in press releases, and in other communications to shareholders or the iveting public we may make forwardookng statements concerning possible or antipated ure nancial Derformance, business activities or plans which aretypicaly preceded bythe words Dee
Slide 3: Canterbury Park At a Glance
«+ 2milion adults within 20-minutes in Minnesota and diversification of gaming aiity + 166% Adjusted EBTDAmarginin2024 ——ustnene poser tables {sh postion and 9 millon TE port of Canterbury Commons Canterbury Park, roftble nase racing ttre, SE amas Ata Glance Food and Beverage operations ‘Meaningful
Slide 4: Investment Highlights
rofitable Casino + Poker games, unbanked table games (lack Baccarat and Utimate Texas Hole, ec) + Eficiency initiatives helping to maintain healthy operating mains + Implementing new and expanded marketing programs targeting new nereased station rom highalve current payers Profitable Pari-Mutuel Hor
Slide 5: 2024 Financials
2024 Financials 12% Y/¥ to S6L8M SBM Y/Y to S20 aed apt ament aa + Adjusted EBITDA as a percentage of total revenue was 166% Quarterly Results Summary +100 offerings ‘8B and Other revenue +30
Slide 6: 2024 P&L
2024 P&L $6433, soar snsor en
Slide 7: 2024 Adjusted EBITDA Reconciliation
We define EBTOA as earings before intrest tases, deprecation and tation. We define Adted EBTON ae earings before interest income tax expen verstincomeet eam aan ct 2024 Adjusted = s™ 4505 we E Stoktsed com won Reconciliation —__siteniane reseed om um a0 teense the peroamonc for sins ond ponte a penp
Slide 8: 1Q25 Financials
(Other: 9% VY growth reflecting strong event admission revenues Net revenue decreased 7% to $131M. + Adjusted EBITDA decreased 40% Y/Y to + Adjusted EBITDA as a percentage of tot stom , . alrevenve was 4% 1Q25 Financials Healthy Quarter-End Financial Position "satin asheuensntotteminesnes 30 balance
Slide 9: 1Q25 P&L
nue $1342 ning epeses : Saas Spee 00 soe 1025 P&L ore tna sano — si) on Diluted Eps (0.08) 3020
Slide 10: 1Q25 Adjusted EBITDA Reconciliation
1925 Adjusted EBITDA Reconciliation CANTERBURY PARK Depreciation Interest expense related to equity ments ‘Adjusted EBITDA % of net revenue 29% ‘Wedleine E8104 a5 earings before interest ares depreciation and mortatian We define Ajusted EBITDA a corigs bare terest income net of interest expense inco
Slide 11: 1Q25 Balance Sheet
1Q25 Balance Sheet Cash and short-term investments Stockholders’ equity iabilties and stockholders’ equity current Ratio 315383 315.076 325834
Slide 12: i oT
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Slide 13: Casino Overview and Update
60+ Las Vegas-style table games and poker tables : fag operate up to 8b able games. tbe its 0 530 fo” poker nd $00 For table games + implementing sates oft impact of een new competition nthe market and Update per day in excess of $2,000 Player database of nearly 36,000 unique visitors » Sopiscated s
Slide 14: Pari-Mutuel Overview and Update
Pari-Mutuel Overview and Update Canterbury Park is the only thoroughbred racetrack in Minnesota Racing revenue senerated from several sources: * Live racing across 5+ day meet _ 3 sindaig ADW wagers in the state «Dace aneeengon rime rod ue from live and simulcast racing as well as outof state wageri
Slide 15: F&B Overview and Update
F&B Revenue ($ in mm) Canterbury F&B operations focus on four core opportunities = epahitrermmins + Onsite catering _ F&B Overview and Facility includes 20+ F&B venues Update _ ss Catering revenue has increased significantly over last five years reflecting more larger-scale events and entertainment
Slide 16: Canterbury Park Site Map
Slide 17: Real Estate Land Sales Monetization
Pure land sales are a valuable monetization option for | /BNae tat eae the excess real estate surrounding Canterbury Park ‘Available Pad Ready Acreage 2 ‘4 acres of land sold for consideration of 7 approximately $3.5 million (2021 and 2022) Red Reedy vate pe Acre $650,000 . + in Apri'202, the Compan
Slide 18: Land Transfers to JVs
Land transfers to JVs is a valuable monetization option for excess real estate surrounding Canterbury Park Doran (Triple Crown Apartments) cr jon for Phase 2in Aug + CPHC contributed 10 acres to joint venture at per are value of a ATIF Rece con quity Investments and TIF Receivable Unrecognized Per +
Slide 19: Completed and Proposed Joint Venture Projects
Proposed / Underway, al Etat: Toko Gyaueag See Roum, SEERRI coro sorte Completed Joint Retienes Mee “sadgevat MNS = a Kitchen & Bar Tradkside Holdings Venture Projects Greystone Greystone Greystone Greystone _| Greystone ea6unit luxury gated 26,00059.ft. Restaurant 156-unit senior Restaurant | 2,000
Slide 20: Triple Crown Apartments Phase II
Phase Il Opened for Occupancy in 2024 + 95% 0305 unt leased Phase | Repairs Completed Open for Occupancy iat of cipher yeof 21 nits leased Triple Crown Apa rtments Facility Includes +626 units + clubhouse Mscunininr sms fr & outdoor pools " ‘equipped gym + Pet friendly community CANTERBURY PARK
Slide 21: Winners Circle
Winners Circle xrbury DBSV Development joint venture with Greystone ‘Construction + Canterbury os 2% eit omen + tacres cross seve pd sites, New construction: + 28000 square-foot office building + Approximately 50% leased Completed spaces: “nanos GresoneConction oer + Headquarters for Greystone Const
Slide 22: Boardwalk Kitchen & Bar
Boardwalk Kitchen & Bar st trackside joint venture with Trackside foldings + Canterbury hols SO% equity ownership wth a 6% guaranteed “peeredon S acres of trackside land New construction: * oan sae fot poe tt il ce Restaurant ar Scheduled to open June 2025
Slide 23: Learning Center and Amphitheater Overview
Leaming Center “Amphitheater Third Party Putte Lifestyle Communities Greystone ‘swerve Development cohomcomnnn) oman Peace aren roomaiaas Overview completed rresle ses der Construction tate 2021 00 November 2023 206
Slide 24: Amphitheater and Adjacent Land
Amphitheater and Adjacent Land State-of-the-Art Outdoor Venue to Anchor Development + Capacity for 1.000 fans + Largest outdoor constructed music ven in Minnesota + Lve Nation tooperate and expects to atract 30-40 shows per year Barn Relocation to Allow Development of Prime land +515 milion project
Slide 25: Appendix
Slide 26: Canterbury Park Timeline
Canterbury Park Timeline
Slide 27: Diverse Business Model
erse Business Model Hospitality & Entertainment Real Estate Development Racing Casino total tables operating 24/7 + -s0reining aces vale fo tre ate race meet fom May to + stood lets ncaing st Je games nce Backack Baccarat and PE fe Toxnaldem ee + current projet tatus + Yearcound race simukasting + M
Slide 28: Casino Overview
Casino Overview CANTERBURY PARK Table and poker games** +34 table games +27 poker tables + Casino games are “unbanked! Revenue represents percentage of wagers received + wagers last accumulated int a player pool liability whichis returned to players through giveaways: promotional items or prizes +52
Slide 29: Q&A
Slide 30: Canterbury Park Development Summer 2025
= ~ CANTE DR PARK» Canterbury Park Development Summer 2025
Slide 31: Canterbury Park Development: Anchored by Racing, Casino & Events
Canterbury Park Development: Anchored by Ra Ing, Casino & Events Ke. | ;
Slide 32: Canterbury Park: Aerial Comparison
Canterbury Park: Aerial Comparison October 2019 March 2025
Slide 33: Canterbury Park Masterplan
Slide 34: Canterbury Park: Initial Development
Canterbury Park: Initial Development Shenandoah Drive & Triple Crown Apartments
Slide 35: Canterbury Park: Winners Circle Development
Canterbury Park: Winners Circle Development August 2020 18 acres —7 nadls - Greystone Construction Office
Slide 36: Canterbury Park Development Summer 2025
Canterbury Park Development summer- 2028 WewRestaurant Bulcing BeoMPizartness
Slide 37: New Restaurants & Retail
New Restaurants & Retail BOARDWALK RETAIL/RESTRURANT AWARD 2024} Real Estate GREYSTONE Lambe steven
Slide 38: Winners Circle Development: New Restaurants & Retail
Winners Circle Development: New Restaurants & Retail tide tes 76 080m WORK PLAY
Slide 39: Winners Circle Development: Mr. Pig's Smokery
Winners Circle Development: Mr. Pig's Smokery
Slide 40: Office at Winners Circle Development
Canterbury Park: Office at Winners Circle Development New office 28,000 SF Office Completed in 2021- Construction Start November 2024:14.000 SF available of 28.000 100% teased ‘Construction and Leasing Phase Welcome t Danny's Construction! LIVE STAY
Slide 41: Trackside Subdivision
Canterbury Development: Trackside Subdivision CANTERBURY PARK TRACKSIDE MASTER PLAN Isc
Slide 42: Trackside Development: Boardwalk Kitchen & Bar
Trackside Development: Boardwalk Kitchen & Bar
Slide 43: Trackside Development: Boardwalk Kitchen & Bar
Trackside Development: Boardwalk Kitchen & Bar
Slide 44: Trackside Development: Boardwalk Kitchen & Bar
Trackside Development: Boardwalk Kitchen & Bar
Slide 45: Trackside Development: Boardwalk Kitchen & Bar
Trackside Development: Boardwalk Kitchen & Bar Be See
Slide 46: Trackside Development: Concepts
Trackside Development: Concepts
Slide 47: Trackside Development: City Park & Park Dedication Fees
Trackside Development: City Park & Using Park Dedication Fees m1 1@ ee = CANTERBURY COMMONS PARK 0,
Slide 48: Trackside Development: City Park & Park Dedication Fees
Trackside Development: City Park & Park Dedication Fees
Slide 49: Canterbury: Backside Improvements
Canterbury: Backside Improvements a CRATERBUR ARK HORSE BARNS Ss
Slide 50: Amphitheater: Construction Progress
Amphitheater: Construction Progress
Slide 51: Amphitheater: Live Nation is Operator
Amphitheater: Live Nation is Operator for 19,000 seat music venue
Slide 52: Amphitheater: Live Nation is Operator
Amphitheater: Live Nation is Operator for 19,000 seat music venue
Slide 53: Amphitheater: Live Nation is Operator
Amphitheater: Live Nation is Operator for 19,000 seat music venue
Slide 54: Amphitheater: Live Nation is Operator
Amphitheater: Live Nation is Operator for 19,000 seat music venue
Slide 55: Entertainment District: South of Amp
Entertainment District: South of Amp + 4000 ft of New Road + 26 acres of Future Development
Slide 56: New Entertainment District: South of Amp
New Entertainment District: South of Amp bc Concept Only/Illustrative
Canterbury Park Holding — Shareholder Meeting (June 2025) on 6ix