Churchill Downs Incorporated : CHDN May 18 2026 Investor Presentation vF

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Investor Presentation May 18, 2026 Table of Contents Business Overview and Case for Investing Segment Overviews: Live and Historical Racing Churchill Downs Racetrack and The Kentucky Derby Historical Racing Entertainment Wagering Services and Solutions Gaming Capital Management Appendix Business Overview and Case for Investing Case for Investing Case for Investing Industry-Leading, Diversified Businesses Clearly Defined Pathway for Growth Iconic Asset - Kentucky Derby Highly Profitable Financial Profile with Disciplined Capital Management Proven Management Team Case for Investing Regional Gaming Wagering Services & Solutions 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. Rivers Casino Des Plaines, 61% owned Illinois joint venture and Miami Valley Gaming, 50% owned Ohio joint venture. 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 Churchill Downs Racetrack: Home of the Kentucky Derby & live horse racing meets Kentucky: Eight entertainment venues with ~5,355 HRMs and HHR electronic tables games Virginia: Eight entertainment venues with ~4,835 HRMs New Hampshire: Rockingham Grand Casino under construction with HRMs and table games (mid-2027) 1Q'26 TTM Revenue Adj. EBITDA $2.9 B $1.2 B Live & 50% Historical 53% Racing Wagering 18% Services & 15% Solutions 35% Gaming 40% (3%) Other (8%) Industry-Leading, Diversified Businesses Live & Historical Racing 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 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 capital investments Realize benefits from 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 TwinSpires - B2C and B2B partnership growth Exacta - Ongoing expansion in existing and new states; international expansion 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 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 Highly Profitable Financial Profile Consistent growth in Adjusted EBITDA & free cash flow $1,024 $688 $700 $741 $528 Adjusted EBITDA Free Cash Flow 1 Case for Investing $ in millions $1,159 $1,205 $1,217 With High Free Cash Flow Conversion & Free Cash Flow Yield 2023 2024 2025 1Q'26 TTM 52% 59% 58% 61% 8% 11% 11% 12% 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 $85.76 as of May 14, 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 and dispositions 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 3.8x bank covenant net leverage as of March 31, 2026 Significant balance sheet flexibility Demonstrated ability to access debt markets with attractive rates / terms Case for Investing Disciplined Capital Management Ongoing capital investments are expected to deliver high returns on invested capital 2026 Capital Forecast: Project $180-220 million 1 Maintenance $90-110 million 2026 Planned Spend Target Completion Project Capital Investments $ millions The Kentucky Derby CDRT Victory Run April 2028 $25-30 Historical New Hampshire Racing Machines Rockingham Grand Casino Mid-2027 $70-80 All Other All Other $85-110 1 Live and Historical Racing Segment Churchill Downs Racetrack and The Kentucky Derby Live and Historical Racing Segment Churchill Downs Racetrack ("Churchill Downs") Home of The Kentucky Derby and Derby Week Conducts ~80 days of live racing throughout the year Platform to showcase global brand partnerships across all media Churchill Downs is CDI's flagship asset Derby Week Ticketing Wagering Sponsorships & Licensing Other Broadcast The longest continuous held major sporting event in the U.S. held annually since 1875 High margin performance track record with significant growth potential over the long-term Derby Week Revenue The Kentucky Derby Live and Historical Racing Segment The Kentucky Derby Overview The Kentucky Derby utilizes the magic and mystique of Churchill Downs to create unique experiences for our guests Live and Historical Racing Segment The Kentucky Derby Growth Catalysts Live and Historical Racing Segment The 152 nd Kentucky Derby and the Kentucky Oaks - Viewership & Wagering Significant media interest creates long-term support for iconic entertainment event 24.4 million peak viewership 1 (+12%) 19.6 million average viewership 1 (+11%) Over 523 million social media impressions (+59%) Over 386,000 attendees during Derby Week, (+3%) Record-breaking Derby Week all sources wagering of +23% Peak Viewership in millions +28% Average and Peak Viewership of The Kentucky Derby 2026 2025 2024 2023 2022 10 Average Viewership 15 20 25 $487 million (+3%) Comparable Viewership 2026 Date Network Avg. Viewers 2 152 nd Kentucky Derby May 2 NBC 19.6 NBA Finals, Game 7 3 June 22 3 ABC 16.4 3 Masters Final Round Apr 12 CBS 14.0 Indy 500 May 24 Fox 7.1 3 152 nd Kentucky Oaks May 1 NBC 2.4 F1 Miami Grand Prix May 3 Apple TV 2.2 3 Includes viewership on NBC and Peacock streaming Viewership in millions 2025 data Live and Historical Racing Segment Attracting New Sponsorship Growth Opportunities Building relationships with sponsors targeting luxury, lifestyle, and technology categories for both onsite experiences and Derby parties around the globe Partnership landscape: Presenting partner for The Kentucky Derby: Woodford Reserve Signature partners: SAP, Longines, Ford, FanDuel, Accenture, Sports Illustrated, and L'Oréal Paris Opportunities for sponsor naming rights and sponsor activation areas Live and Historical Racing Segment Victory Run April 2028 Starting Gate Suites Turf Club Paddock Homestretch Club Jockey Club Suites Starting Gate Pavilion & Courtyard Finish Line Suites The Mansion Matt Winn's Skye Terrace First Turn Finish Line Big Board Churchill Downs Racetrack Capital Investments Significant opportunity remains to grow our iconic asset Create unique, once-in-a-lifetime experiences for guests Create new experiences for guests at all ticketing price points Remain focused on time-honored traditions through celebration of the history of Churchill Downs and the Kentucky Derby Ensure timing of capital projects provide guests with a bucket list experience every year Live and Historical Racing Segment Creating Premium Entertainment Experiences Creating unique entertainment experiences Design and curate prestigious high-demand spaces and luxury entertainment experiences that command top-tier pricing Attract corporations for premium and suite experiences to drive business synergies Strategically invest capital to create new bespoke seating experiences and renovate existing spaces to offer guests exclusive experiences each year Expanding international growth opportunities Three unique Roads to the Derby for a horse to qualify in one of 20 coveted Derby starting potions United States: Horses compete for a Derby starting position through 36 races from September through April Japan: Horses compete for one Derby starting position through four Japanese races from November to March Euro / Mideast: Horses compete for two Derby starting positions through ten European and UAE races from September to March Growth potential New international customers for the Derby Additional wagering Provides extended marketing opportunity for sponsors Attention : This is an excerpt of the original content. 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