Churchill Downs Incorporated : CHDN May 18 2026 Investor Presentation vF

About this update from Churchill Downs, Incorporated

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 properties1 ~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 b...

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