Churchill Downs (CHDN) investor relations material

Investment highlights

• Kentucky Derby is a unique, high-margin asset with record-breaking viewership and social media engagement, driving significant free cash flow and premium entertainment experiences.

• Diversified business model includes live and historical racing, wagering services, and regional gaming, with strong assets in Kentucky, Virginia, and expansion into New Hampshire.

• Consistent growth in Adjusted EBITDA and free cash flow, with high conversion rates and yields, reflecting a highly profitable financial profile.

• Disciplined capital management through organic investments, strategic acquisitions, annual dividend increases, and opportunistic share repurchases.

• Proven management team with a clear pathway for growth, leveraging capital investments and expanding into new markets.

Kentucky Derby and live racing

• Kentucky Derby is the longest continually held annual sporting event in the U.S., with over 21.8 million peak viewers and 285 million social media impressions in 2025.

• Derby Week generates ~$474 million in wagering, with expanded events and international growth opportunities.

• Strategic capital investments in Churchill Downs Racetrack, including new premium seating and hospitality projects, support long-term growth.

• HRM entertainment venues in Kentucky and Virginia drive strong purses and support the agricultural industry.

• Expansion into New Hampshire with Rockingham Grand Casino, targeting mid-2027 opening.

Wagering services and solutions

• TwinSpires is the largest and most profitable legal online horse racing platform in the U.S., offering B2C and B2B services.

• Exacta provides HRM technology for company venues and third parties, with ongoing expansion in multiple states.

• Wagering segment reported $526 million in revenue and $177 million in Adjusted EBITDA for 2025.

• Growth strategy focuses on leveraging the Kentucky Derby brand, enhancing technology, and expanding B2B partnerships.