Churchill Downs (CHDN) Investor presentation summary

Investment highlights

• Operates industry-leading, diversified businesses across live and historical racing, wagering services, and regional gaming.

• Kentucky Derby is a unique, iconic asset with record-breaking viewership and sponsorship growth.

• Demonstrates a clearly defined pathway for growth through capital investments, new venues, and expanded digital offerings.

• Maintains a highly profitable financial profile with consistent growth in adjusted EBITDA and free cash flow.

• Proven management team with extensive experience in operations, finance, and strategic development.

Business segments and operations

• Live and historical racing includes flagship Churchill Downs Racetrack, eight Kentucky venues, and eight Virginia venues with thousands of HRMs.

• Wagering services feature TwinSpires, a leading online horse racing platform, and Exacta, providing HRM technology domestically and internationally.

• Gaming segment operates ten wholly-owned properties and two equity investments, with a focus on local market strategies and analytics.

• Ongoing expansion includes new projects in New Hampshire, Kentucky, and Virginia, plus international growth opportunities.

Kentucky Derby and premium experiences

• Kentucky Derby is the longest continually held annual sporting event in the U.S., driving high-margin growth and global brand partnerships.

• 2026 Derby Week saw 24.4 million peak viewership (+12%), 523 million social media impressions (+59%), and $487 million in wagering (+3%).

• Strategic capital investments enhance guest experiences, expand sponsorships, and support international growth.

• Premium entertainment offerings and unique seating drive top-tier pricing and corporate engagement.