Churchill Downs Incorporated : CHDN March 17 2026 Investor Presentation

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Investor Presentation March 17, 2026 Table of Contents Business Overview and Case for Investing Segment Overviews: Live and Historical Racing Wagering Services and Solutions Gaming Capital Management Appendix Business Overview and Case for Investing Case for Investing Case for Investing Iconic Asset - Kentucky Derby Industry-Leading, Diversified Businesses Highly Profitable Financial Profile with Disciplined Capital Management Clearly Defined Pathway for Growth Proven Management Team Case for Investing Iconic Asset - Kentucky Derby One of kind & irreplaceable asset The longest continually held annual sporting event in the U.S. Most prestigious event in racing surrounded by a week-long celebration of fashion, entertainment, and horse racing Setting all-time record-breaking viewership and social media impressions Focused on growing a premier international sporting & entertainment event Premium entertainment experiences Sponsorship & licensing Broadcast rights Wagering Strategic capital investment Provides high margin growth & significant free cash flow Realizing benefit of increased consumer focus on live sporting events and luxury entertainment experiences Harvesting the value created by recent capital investments Strategically investing for long-term value creation Case for Investing Industry-Leading, Diversified Businesses Beyond the Kentucky Derby, we have a diverse collection of entertainment assets that generate high margins with significant Adjusted EBITDA & Free Cash Flow Historical Racing Machines ("HRMs") Kentucky: Eight entertainment venues with ~5,355 HRMs Virginia: Eight entertainment venues with ~4,835 HRMs New Hampshire: Rockingham Grand Casino under construction with HRMs and table games (mid-2027) and Chasers Poker Room Wagering Services & Solutions One of the largest and most profitable U.S. online wagering platforms for horse racing Expanding pari-mutuel content and technology services to B2C sports betting platforms Exacta provides HRM technology in our Virginia and Kentucky venues and to third parties in the U.S. and globally Regional Gaming Ten wholly-owned gaming properties and underlying real estate in nine states Two equity investments in best-in-class gaming properties 1 ~14,340 slot machines and video lottery terminals and ~360 table games 1. Miami Valley Gaming, 50% owned Ohio joint venture, and Rivers Casino Des Plaines, 61% owned Illinois joint venture. Case for Investing Live and Historical Racing Gaming Industry-Leading, Diversified Businesses New Hampshire Kentucky Virginia Colonial Downs/ New Kent Northern Virginia Collinsville Emporia Hampton Notes: Richmond Vinton Henrico Highly Profitable Financial Profile Consistent growth in Adjusted EBITDA & free cash flow Case for Investing Free Cash Flow 1 $1,024 $ in millions $764 $688 $700 $460 $528 Adjusted EBITDA $1,159 $1,205 With High Free Cash Flow Conversion & Free Cash Flow Yield 2022 2023 2024 2025 60% 52% 59% 58% 7% 8% 11% 11% Free Cash Flow Conversion: Yield 2 : Free cash flow includes maintenance capital spend and excludes project capital spend. Free cash flow yield is calculated using a closing stock price of $86.36 as of March 13, 2026. Case for Investing Disciplined Capital Management Investments focused on creating long-term shareholder value Organic investments to expand offerings in high growth areas with returns above cost of capital Strategic acquisitions Annual dividends with 15 years of consecutive increase in dividend per share Opportunistic share repurchases dependent upon free cash flow generation, leverage levels, and other investment opportunities to grow the business Maintain broad and expedient access to the capital markets Ideal target is 3.0x-4.0x bank covenant net leverage - willing to go higher for a strategic investment 4.1x bank covenant net leverage as of December 31, 2025 - expect to be below 4.0x in 2026 Significant balance sheet flexibility Demonstrated ability to access debt markets with attractive rates / terms Case for Investing Disciplined Capital Management Our capital investments have provided strong returns and long-term shareholder value Property 1 Initial Year of Investment Cumulative Investment ($ millions) 2 Projected Unlevered IRR Derby City Gaming (HRM) 2018 $154 > 65% Newport Racing & Gaming (HRM) 2020 $36 > 30% Oak Grove (HRM) 2020 $196 > 30% Turfway Park (HRM) 2022 $179 Mid-teens Homestretch Club at CDRT 2022 $37 > 30% First Turn at CDRT 2023 $87 > 20% Paddock at CDRT 2024 $178 > 20% Properties with greater than 2 years of actual performance included using an unlevered DCF analysis. Investment represents capital spend and acquisition costs. Case for Investing Disciplined Capital Management 2026 Planned Spend Target Completion Project Capital Investments Ongoing capital investments are expected to deliver high returns on invested capital $ millions The Kentucky Derby CDRT - Finish Line Suites & The Mansion April 2026 $20-25 CDRT - Victory Run April 2028 $25-30 Historical Racing Machines Southwestern Kentucky - Calvert City (Marshall Yards Racing & Gaming) Completed $15-20 New Hampshire -Rockingham Grand Casino Mid-2027 $70-80 All Other All Other $50-65 2026 Capital Forecast: Project $180-220 million Maintenance $90-110 million Case for Investing Disciplined Capital Management Disciplined acquirer & seller of strategic assets Disciplined Acquisitions $ in millions Asset Initial Year of Investment Purchase Price Implied Multiple 1 Rivers Casino Des Plaines 2019 $407 < 5x P2E 2 & Exacta 2022 & 2023 $3,000 7-8x Based on purchase price and 2025 Adjusted EBITDA. Acquisition of Virginia HRMs and Iowa and New York casinos. Excludes the investment in and Adjusted EBITDA from Emporia, The Rose, Richmond expansion, and Henrico County. Strategic Seller of Assets $ in millions Asset Year of Sale Sale Price After-Tax Gain on Sale Big Fish Games 2018 $990 $168 Calder Land Sales 2016 & 2022 $318 $298 Arlington Property Sale 2023 $197 $86 Case for Investing Clearly Defined Pathway for Growth The Kentucky Derby Delivery of luxury live sports & entertainment experiences supports long-term pricing expansion Incremental sponsorships Record-setting wagering from world class horse racing and expanding Derby Week race days Harvest benefits from recent capital investments & selective new capital investments Realize benefit of NBC contract renewal for broadcast rights and Kentucky Oaks on primetime Historical Racing Machines Harvest benefits from recent capital investments Virginia - The Rose (4Q'24), Richmond Expansion (3Q'25) Western Kentucky - Owensboro Racing & Gaming (1Q'25) Virginia - Henrico - Roseshire (3Q'25) Southwestern Kentucky - Marshall Yards Racing & Gaming (1Q'26) Realize benefits of new capital investments Kentucky - Roulette electronic table games (1Q'26) Rockingham Grand Casino (mid-2027) Wagering Services & Solutions Exacta - Ongoing expansion in Kentucky, Virginia, New Hampshire, Kansas & Alabama TwinSpires - B2B partnership growth Regional Gaming Harvest benefits from recent capital investments Indiana - Terre Haute (2Q'24) Slot Capital - < 2-year payback Targeted marketing to attract new players and grow existing players Live and Historical Racing Segment Live and Historical Racing Segment Live and Historical Racing Overview Key Metrics $ in millions Revenue VPY / VPQ 2025 $1,442 +14% Adjusted EBITDA $637 VPY / VPQ +11% The Kentucky Derby CDI's flagship asset and global brand platform The longest continuously held major sporting event in the United States, first run in 1875 High margin asset with continued growth Historical Racing Machines & Entertainment Venues Historical racing machines ("HRMs") are electronic gaming devices that allow players to wager on previously run horse races HRMs support live racing in Kentucky and Virginia CDI has led the industry in the development of HRM technology and HRM entertainment venues CDI's HRM entertainment venues in Kentucky and Virginia typically include HRMs, food and beverage offerings, retail sports betting, simulcast, and entertainment options such as live music Live Racing Purses at our racetracks directly benefit from HRMs due to the tax structure Provides racing content for TwinSpires online wagering The Kentucky Derby The Kentucky Derby Overview The Kentucky Derby utilizes the magic and mystique of Churchill Downs to create unique experiences for our guests The Kentucky Derby The Celebration Leading Up to the Kentucky Derby The Kentucky Derby The 151 st Kentucky Derby - By The Numbers Significant media interest creates long-term support for iconic entertainment event 21.8 million peak viewership 1 (8% growth YoY), largest ever NBC peak audience for the Kentucky Derby 17.7 million average viewership 1 (6% growth YoY), highest NBC average viewership since 1989 NBC's most watched Saturday program since the NFL Divisional Playoffs in January 2024 Over 285 million social media impressions across Facebook, X (Twitter), Instagram,TikTok,YouTube, LinkedIn, and Pinterest (67% growth YoY) ~374,000 attendees during Derby Week, equivalent of ~5 Super Bowls Race For The Crown debuted as a Top 10 Netflix series Record-breaking Derby Week all sources wagering Kentucky Derby Week of ~$474 million (6% growth YoY) Kentucky Derby Day Program of ~$349 million (9% growth YoY) Kentucky Derby Race of ~$234 million (11% growth YoY) Comparable Viewership 2025 Date Network Avg. Viewers 2 151 st Kentucky Derby May 3 rd NBC 17.7 NBA Finals, Game 7 June 22 nd ABC 16.4 Masters Final Round Apr 13 th CBS 12.7 Indy 500 May 25 th Fox 7.1 Daytona 500 Feb 16 th Fox 6.8 F1 Miami Grand Prix May 4 th ABC 2.2 Average & Peak Viewership of The Kentucky Derby in millions +39% Peak Viewership +22% Average Viewership 25 20 15 1. Includes viewership on NBC and Peacock streaming 10 2021 2022 2023 2024 2025 The Kentucky Derby Kentucky Derby Growth Catalysts Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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