Canterbury Park (CPHC) investor relations material

Strategic vision and growth

• Transforming over 50 acres into a regional entertainment destination in a fast-growing Twin Cities area, with a focus on diversification and recurring non-gaming income streams.

• Development includes a multi-use entertainment hub, residential, hospitality, and commercial projects, leveraging strong demand and unique entitlements.

• Continuous operational improvements and marketing initiatives are driving efficiency and revenue growth.

• Shareholder-focused strategy emphasizes cash generation, balance sheet strength, and consistent dividends.

• Significant unrealized equity value estimated at over $10 per share, with additional upside from undeveloped land.

Financial performance and trends

• FY2025 net revenue declined 3.2% to $59.6M, with adjusted EBITDA down 12.9% to $9.4M and a margin of 15.8%.

• Q4 2025 showed a positive inflection, with revenues up 3.9% YoY and casino growth of 5.4%.

• Q1 2026 net revenue increased 2.8% to $13.5M, with adjusted EBITDA up 35.6% to $2.8M and margin rising to 21.1%.

• Maintained a debt-free balance sheet with $17.2M in cash and short-term investments, and $20.3M in TIF receivables.

• Annual dividend of $0.28 per share paid in FY2025, representing a 1.8% yield.

Business segment updates

• Casino revenue declined 4.4% in FY2025 due to increased competition, but Q4 and Q1 2026 saw improved visitation and table games drop.

• Pari-mutuel revenue fell 6.6% in FY2025, impacted by fewer race days; focus is on growing attendance and guest spend.

• Food & beverage revenue rose 3.5% in FY2025 and 14% in Q1 2026, driven by catering and special events.

• Other revenue remained flat in FY2025 but increased 13% in Q1 2026 due to more large-scale events.