Churchill Downs Incorporated : CHDN May 18 2026 Investor Presentation vF

Published: 2026-05-18 08:23:08 ET CHDN

Published on 05/18/2026 at 08:23 am EDT

Investor Presentation

May 18, 2026

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

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%)

Live & Historical Racing

Case for Investing

Live and Historical Racing

Gaming

New Hampshire

Kentucky

Virginia

Colonial Downs/ New Kent

Northern Virginia

Collinsville

Emporia

Hampton

Notes:

Richmond

Vinton

Henrico

Case for Investing

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 broadcast rights and Kentucky Oaks on primetime

Historical Racing Machines

Harvest benefits from recent capital investments

Virginia - The Rose (4Q'24), Richmond Expansion (3Q'25)

Western Kentucky - Owensboro Racing & Gaming (1Q'25)

Virginia - Henrico - Roseshire (3Q'25)

Southwestern Kentucky - Marshall Yards Racing & Gaming (1Q'26)

Realize benefits of new capital investments

Kentucky - Roulette electronic table games (1Q'26)

Rockingham Grand Casino (mid-2027)

Wagering Services & Solutions

TwinSpires - B2C and B2B partnership growth

Exacta - Ongoing expansion in existing and new states; international expansion

Regional Gaming

Harvest benefits from recent capital investments

Indiana - Terre Haute (2Q'24)

Slot Capital - < 2-year payback

Targeted marketing to attract new players and grow existing players

Case for Investing

The longest continually held annual sporting event in the U.S.

Most prestigious event in racing surrounded by a week-long celebration of fashion, entertainment, and horse racing

Setting all-time record-breaking viewership and social media impressions

Premium entertainment experiences

Sponsorship & licensing

Broadcast rights

Wagering

Strategic capital investment

Realizing benefit of increased consumer focus on live sporting events and luxury entertainment experiences

Harvesting the value created by recent capital investments

Strategically investing for long-term value creation

$1,024

$688

$700

$741

$528

Adjusted EBITDA Free Cash Flow1

Case for Investing

$ in millions

$1,159 $1,205 $1,217

With High Free Cash Flow Conversion & Free Cash Flow Yield

2023

2024

2025

1Q'26 TTM

52%

59%

58%

61%

11%

12%

Free Cash Flow Conversion: Yield2:

Free cash flow includes maintenance capital spend and excludes project capital spend.

Free cash flow yield is calculated using a closing stock price of $85.76 as of May 14, 2026.

Case for Investing

Organic investments to expand offerings in high growth areas with returns above cost of capital

Strategic acquisitions and dispositions

Annual dividends with 15 years of consecutive increase in dividend per share

Opportunistic share repurchases dependent upon free cash flow generation, leverage levels, and other investment opportunities to grow the business

Ideal target is 3.0x-4.0x bank covenant net leverage

3.8x bank covenant net leverage as of March 31, 2026

Significant balance sheet flexibility

Demonstrated ability to access debt markets with attractive rates / terms

Case for Investing

2026 Capital Forecast: Project $180-220 million1 Maintenance $90-110 million

2026

Planned Spend

Target Completion

Project Capital Investments

$ millions

The

Kentucky Derby

CDRT

Victory Run April 2028 $25-30

Historical

New Hampshire

Racing

Machines

Rockingham

Grand Casino

Mid-2027

$70-80

All Other

$85-1101

Live and Historical Racing Segment

Home of The Kentucky Derby and Derby Week

Conducts ~80 days of live racing throughout the year

Platform to showcase global brand partnerships across all media

Churchill Downs is CDI's flagship asset

Derby Week

Ticketing

Wagering

Sponsorships

& Licensing

Other

Broadcast

The longest continuous held major sporting

event in the U.S. held annually since 1875

High margin performance track record with significant growth potential over the long-term

Derby Week Revenue

The Kentucky Derby

Live and Historical Racing Segment

24.4 million peak viewership1 (+12%)

19.6 million average viewership1 (+11%)

Over 523 million social media impressions (+59%)

Over 386,000 attendees during Derby Week, (+3%)

+23%

Peak Viewership

in millions

+28%

Average and Peak Viewership of The Kentucky Derby

2026

2025

2024

2023

2022

Average Viewership

Comparable Viewership

2026

Date

Network

Avg.

Viewers2

152nd Kentucky Derby

May 2

NBC

19.6

NBA Finals, Game 73

June 223

ABC

16.43

Masters Final Round

Apr 12

CBS

14.0

Indy 500

May 24

Fox

7.13

152nd Kentucky Oaks

May 1

NBC

2.4

F1 Miami Grand Prix

May 3

Apple TV

2.23

Includes viewership on NBC and Peacock streaming

Viewership in millions

2025 data

Live and Historical Racing Segment

Presenting partner for The Kentucky Derby: Woodford Reserve

Signature partners: SAP, Longines, Ford, FanDuel, Accenture, Sports Illustrated, and L'Oréal Paris

Live and Historical Racing Segment

Victory Run April 2028

Starting Gate Suites

Turf Club

Paddock

Homestretch Club

Jockey Club Suites

Starting Gate Pavilion & Courtyard

Finish Line Suites

The Mansion

Matt Winn's

Skye Terrace

First Turn

Finish Line

Big Board

Significant opportunity remains to grow our iconic asset

Create unique, once-in-a-lifetime experiences for guests

Create new experiences for guests at all ticketing price points

Remain focused on time-honored traditions through celebration of the history of Churchill Downs and the Kentucky Derby

Ensure timing of capital projects provide guests with a bucket list experience every year

Live and Historical Racing Segment

Design and curate prestigious high-demand spaces and luxury entertainment experiences that command top-tier pricing

Attract corporations for premium and suite experiences to drive business synergies

Strategically invest capital to create new bespoke seating experiences and renovate existing spaces to offer guests exclusive experiences each year

Three unique Roads to the Derby for a horse to qualify in one of 20 coveted Derby starting potions

United States: Horses compete for a Derby starting position through 36 races from September through April

Japan: Horses compete for one Derby starting position through four Japanese races from November to March

Euro / Mideast: Horses compete for two Derby starting positions through ten European and UAE races from September to March

Growth potential

New international customers for the Derby

Additional wagering

Provides extended marketing opportunity for sponsors

Disclaimer

CDI - Churchill Downs Incorporated published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 18, 2026 at 12:22 UTC.