Churchill Downs (CHDN) Investor presentation summary

Business overview and investment case

• Operates industry-leading, diversified businesses in live and historical racing, wagering services, and gaming, anchored by iconic assets like the Kentucky Derby.

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

• Strategic focus on high-margin assets and a clearly defined growth pathway following the sale of nine regional gaming properties.

• Proven management team with a track record of disciplined capital management and value creation.

Live and historical racing segment

• Kentucky Derby remains the flagship asset, delivering record-breaking viewership, attendance, and wagering growth.

• Launching the Thoroughbred Championship Series in 2027 to extend the racing season and deepen fan engagement.

• Operates 8 HRM venues in Kentucky (~5,330 machines) and 8 in Virginia (~4,715 machines), with expansion into New Hampshire underway.

• HRM venues support racing purses and agricultural industries, with significant growth in purses paid since 2018.

Wagering services and solutions

• TwinSpires is a leading and profitable online horse racing platform, offering B2C and B2B services.

• Expanding partnerships with major sports betting platforms and growing B2B technology services.

• Exacta provides HRM technology to company venues and third parties, with ongoing domestic and international expansion.