Slides
Page 1
3 November 2026 10:00am AEST / 11:00am AEDT ANNUAL GENERAL MEETING 1
Page 2
DR GARY WEISS AM – CHAIRMAN 2
Page 3
AGENDA Chairman’s Address Chief Executive Officer Presentation FY26 Recap and Trading Update Corporate strategy Capital management framework Unlocking the potential of CEH’s landholdings Development funding and timeline Formal Business of the Meeting Closing 3 3
Page 4
Strong Theme Parks & Attractions performance despite ongoing macroeconomic headwinds Ticket sales1 up 33.0% (+24.0% LFL2) Total visitation of 2.0 million, up 29.3% (+26.5% LFL) Operating revenue of $116.5 million, up 20.8% (+19.0% LFL), with record F&B and Retail revenue Divisional EBITDA excluding Specific Items3 of $18.8 million, up 113.6% (+118.1% LFL) Deferred revenue of $20.2 million, up 58.7%, due to strong annual pass sales. Significantly improved Group profitability, cash generation and liquidity Consolidated EBITDA excluding Specific Items increased 236.5% (+251.9% LFL) to $13.8 million The Group returned to net profitability, with consolidated NPAT of $6.1 million Generated positive cash flows, ending FY26 with $35.0 million cash Debt free balance sheet, with fully undrawn $20 million bank loan facility providing funding flexibility Substantial asset value and growth opportunities Planning approval received for the Group’s Coomera landholding, providing significant opportunities to unlock long-term shareholder value Dreamworld and SkyPoint independent valuations commissioned, with fair values of $295.9 million4 and $51.7 million, respectively Total available tax losses of $136.1 million, providing tax benefit of $40.8 million (only $4.4 million of this benefit recognised on balance sheet) 1 Upfront value of Dreamworld and WhiteWater World tickets sold. For annual/multi day passes, this differs from revenue reported under accounting standards which is recognised on a straight-line basis over the period of the passes 2 FY26 is a 53-week year (FY25: 52 weeks). To enable meaningful comparison, like-for-like (LFL) performance vs the pro forma 53-week period ended 1 July 2025 is provided alongside the statutory results for the period 3 Refer defined terms 4 Dreamworld valuation includes an immediate uplift of $52.0 million (compared to the pre-approval valuation) relating to the surplus land adjoining the theme park and assumes a further $38.5 million potential uplift which could be achieved through a higher and better use of the car park area. Realisation of this potential further uplift would require relocation of the existing car park. Fair value is stated on a gross basis excluding transaction costs, as well as costs of providing road/service access and in-filling to certain developable parcels, relocation of the car park and otherwise complying with approval conditions. The quantum of, and responsibility for, such costs are yet to be determined A return to net profit, with strong growth across every key operating metric KEY HIGHLIGHTS 4
Page 5
GREG YONG – GROUP CEO 5
Page 6
6 Delivery across earnings, guest experience, safety and the landholding OPERATIONAL HIGHLIGHTS PROFITABILITY 4th consecutive positive EBITDA for the Theme Parks & Attractions business NEW PRODUCT Successful introduction of Australia’s first Annual Dining Pass at Dreamworld IN-PARK REVENUE Record F&B and Retail revenue DW DIFFERENCE Best guest satisfaction rating of the Gold Coast theme parks for the 5th consecutive year NEW ATTRACTION UPTIME Achieved 98% attraction uptime, ensuring a seamless and reliable guest experience Opened King Claw on time and on budget despite a challenging construction environment Secured planning approval for land development, unlocking long-term value creation opportunities LAND APPROVAL Key partnerships with Big Brother, Australian Geographic and Australian Olympic Committee COLLABORATIONSAFETY Implemented Australia’s first walk-through attraction metal detector, enhancing ride safety POSITIVE CASH FLOWS Positive operating cash flows, fully funding capital expenditure and share buyback in the year
Page 7
Theme Parks & Attractions delivered another strong year despite ongoing macroeconomic headwinds, underpinned by continued positive momentum, first full-year contribution from Rivertown, successful launch of King Claw, and increased marketing and promotional activity: Total visitation increased 26.5% LFL, with King Claw driving continued growth despite cycling a strong 2H25 comparative period following Rivertown’s opening in December 2024. Highest attendance since FY16 and record daily attendance achieved during peak summer holidays Ticket sales2 grew 24.0% LFL, surpassing FY16 levels, with growth across all ticket types, particularly annual passes Operating revenue reached $116.5 million (+19.0% LFL), also exceeding FY16 levels Record F&B and Retail revenue in FY26, up 22.7% LFL on prior year Deferred revenue balance rose 58.7% to $20.2 million, reflecting strong annual pass sales EBITDA excluding Specific Items more than doubled to $18.8 million (+118.1% LFL), highest since FY16 EBITDA margin excluding Specific Items increased 7.3 points to 16.1% reflecting improved operating leverage EBITDA margin excluding specific items up 7.3 points to 16.1%, the highest since FY16 THEME PARKS & ATTRACTIONS RESULTS 1. Refer defined terms in the FY26 Results Presentation 2. Upfront value of Dreamworld and WhiteWater World tickets sold. For annual/multi day passes, this differs from revenue reported under accounting standards which is recognised on a straight-line basis over the period of the passes 7 Reported Reported Pro forma FY26 FY25 FY25 LFL A$m (53 weeks) (52 weeks) (53 weeks) variance Operating revenue 116.5 96.4 97.9 19.0% Operating expenses (97.8) (87.6) (89.3) (9.4%) Specific Items1 impacting EBITDA1 (0.1) 5.1 5.1 (102.9%) EBITDA 18.6 13.9 13.7 36.3% EBITDA margin 16.0% 14.4% 14.0% 2.0 pts EBITDA excluding Specific Items 18.8 8.8 8.6 118.1% EBITDA margin excluding Specific Items 16.1% 9.1% 8.8% 7.3 pts Depreciation and amortisation (14.5) (12.7) (13.0) (11.6%) Amortisation of lease assets (0.4) (0.3) (0.3) (45.2%) EBIT1 excluding Specific Items 4.3 (3.9) (4.4) 198.0% Attendance ('000s) 2,007.3 1,552.0 1,587.4 26.5% Revenue per cap ($) 58.0 62.1 61.7 (5.9%)
Page 8
YTD Sep FY23 YTD Sep FY24 YTD Sep FY25 YTD Sep FY26 YTD Sep FY27 $'m YTD Sep FY23 YTD Sep FY24 YTD Sep FY25 YTD Sep FY26 YTD Sep FY27 $'m 8 FY27 YTD TRADING UPDATE (UNAUDITED) 1. The prior September YTD period commenced 25 June 2025 and benefitted from elevated ticket sales arising from the 2025 ‘End of Financial Year’ (EOFY) promotion, whereas the 2026 EOFY promotion fell into June 2026 (ie FY26) 2. Upfront value of Dreamworld/WhiteWater World tickets sold. For annual/multi day passes, this differs from revenue reported under accounting standards which is recognised on a straight-line basis over the period of the passes 3. Current trading trends should not be taken as a guide to future performance. While the Group is unable to predict the length and extent of the recent solid performance trends, significant recent investment in new attractions and ongoing high focus on customer service are resonating well with guests, and the Group remains optimistic that consumer demand will continue to grow as macroeconomic conditions improve Visitation up 18.4% and revenue up 12.5% September 2026 YTD continued to demonstrate resilient trading, with growth moderating as the business cycled a strong comparative and navigated a more challenging consumer environment: FY26 was a 53-week year, so FY27 trading periods have shifted by one week. The pcp therefore included the final, high-volume week of the 2025 EOFY sale which, this year, was captured in June 2026 (FY26). This timing difference is the main driver of September 2026 YTD ticket sales being 16.2% below pcp Total revenue increased 12.5% in September 2026 YTD compared to prior period and was 6.6% above September 2016 YTD performance. SkyPoint revenue once again its highest on record Total visitation increased 18.4%, supported by the continued success of King Claw, the larger annual passholder base achieved in FY26, and key initiatives in FY27 Reflecting the increased annual passholder base, deferred revenue balance was 23.6% higher in September 2026 compared to pcp EBITDA excluding Specific Items up 22.3% 3 Revenue excluding Specific Items EBITDA (excluding Specific Items)
Page 9
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 COVID impacted +21% +11% +4% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 COVID impacted +29% +11%+14% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 COVID impacted +11%+3% EXCEEDED FY16 +33% 9 Market segment Strong demand from local markets, underpinned by significant capital investment, product innovation and guest service Interstate visitation recovering, with increased marketing focus. Continues to represent a significant growth opportunity International visitation remains below historical levels, with mix shifting towards higher yielding markets Product mix Higher proportion of annual pass sales, with annual pass sales exceeding FY16 levels Revenue recognition FY16 not directly comparable to FY26 due to deferred straight- line revenue recognition for annual passes since FY19 $20.2m deferred revenue TICKET SALES (DW/WWW ONLY) HIGHEST SINCE FY16 ATTENDANCE EXCEEDED FY16 RECORD F&B & RETAIL REVENUE TEN-YEAR PERFORMANCE Despite lower attendance and revenue recognition changes, revenue exceeded FY16 Our FY26 attendance of 2.0 million remains 17% below attendance in FY16 of 2.4 million This does not account for 20% population growth in our local catchment over the same period It also does not account for 23% growth in interstate overnight visitors over the same period Moreover, the category globally is forecast to grow at between 4–5% p.a. over the next 5 years The Opportunity to come
Page 10
We are executing against a clear strategy as we move into FY27 to capture that opportunity Our Purpose Creating moments that matter through unforgettable shared experiences Our Ambition Exceed defined safety metrics Highest guest rated Australian peer theme park Long-term TSR 10% above benchmark Our Guiding Compass Efficiency Safety Kindness Experience How we will create value Bring more people to our properties by expanding reach through marketing and partnerships Increase In Park business performance with unique retail, F&B and core product Deliver Australia’s best guest experiences through storytelling, immersive attractions and sector- leading service Build an asset portfolio unlocking the latent value of existing land holdings Use AI and technology to deliver operational excellence in utilisation, cost and reduction of guest friction What enables value creation A skilled, flexible workforce supported by strong leadership and a unified culture. A relentless focus on safety that builds lasting community trust across our industry. Rigorous investment decisions and careful stewardship of capital. Industry-leading Safety Deep People Capability Disciplined Capital Management CEH STRATEGIC FRAMEWORK Grow Attendance Transform Dreamworld Operational Excellence 10
Page 11
11 OPERATIONAL STRATEGIC INITIATIVES Experience Reach In-park This operational strategy plays out in a roadmap of tightly defined initiatives for FY27 Simplify ordering and improve throughput Increased impulse purchases Multichannel and multimarket strategy New ride: Lost Mine Mayhem AI operations
Page 12
MARKET TRADING AT A 55% DISCOUNT TO INDEPENDENT VALUATIONS The Board is focused on closing the gap between market pricing and fundamental value 192 (35) 157 Market cap at 31 Oct 2026 Less cash Implied value of Dreamworld & SkyPoint 296 52 348 Valuation of Dreamworld & SkyPoint assets Asset valuations 1 Dreamworld valuation includes an immediate uplift of $52.0 million (compared to the pre-approval valuation) relating to the surplus land adjoining the theme park and assumes a further $38.5 million potential uplift which could be achieved through a higher and better use of the car park area. Realisation of this potential further uplift would require relocation of the existing car park. Fair value is stated on a gross basis excluding transaction costs, as well as costs of providing road/service access and in-filling to certain developable parcels, relocation of the car park and otherwise complying with approval conditions. The quantum of, and responsibility for, such costs are yet to be determined Market valuation of CEH shares 12 Contributors to stock undervaluation: Uncertainty on Coomera land value realisation — Recent DA approval generates optionality and valuation uplift but does not crystalise value without clear plans Scale and liquidity — As a smaller listed company with modest daily trading volumes, CEH is not yet widely held by institutional investors Performance still rebuilding — Attendance and revenue continue to recover, with further upside as international visitors return to the Gold Coast Macroeconomic conditions — Challenging economic environment for consumer discretionary stocks given elevated inflation and interest rates Solid financial position: Net cash — CEH is debt free, with $35 million cash and unencumbered Coomera and SkyPoint landholdings Unrecognised tax assets — Tax losses and deductible temporary differences (tax benefit $50.0 million) not recognised as deferred tax assets on balance sheet Significant opportunities to unlock value: Significant independent valuation attributable to the land in its current form Land development provides opportunity to unlock material incremental value 1
Page 13
13 BARRENJOEY ENGAGEMENT External financial and strategic assessment of options to optimise value for shareholders CEH retains investment and delivery decisions. Funding structure remains subject to feasibility, lender engagement and approvals. LAND APPROVAL Planning approval secured for the Coomera landholding in July 2026 Opportunities unlocked for hotel, entertainment, dining and retail (ED&R) development in Precinct 3, and potential residential land value realisation on surplus land CATALYST FOR STRATEGIC REVIEW Barrenjoey° Financial and strategic advisory assessment PROJECT ECONOMICS Assess project returns and risk-adjusted investment hurdles Analysis indicates attractive return potential, subject to further technical studies and validation of costs, funding and returns FINANCING & CAPITAL STRUCTURE Review operating performance, cash generation and capital requirements of the base business Evaluate alternative funding sources and ownership structures for land opportunities STRATEGIC ALTERNATIVES Explore highest and best use opportunities unlocked by the recent land approval Assess synergistic benefits and alignment of alternatives with CEH’s strategic objectives VALUE REALISATION Evaluate alternative pathways for value realisation Consider the best strategy to maximise value for shareholders Consider execution sequencing, funding risks and market implications
Page 14
CAPITAL MANAGEMENT FRAMEWORK Closing this gap requires investing for growth through a highly disciplined capital management framework POTENTIAL AVAILABLE CAPITAL Available cash | Operating cash flow | Debt funding | Partner capital | Monetise other assets PRIORITY, IN ORDER DISCIPLINE APPLIED 1 PROTECT THE CORE Safety, maintenance and attraction renewal, funded first every year Ring-fenced in the annual capital plan before any growth spend, and never traded off against the development program 2 BALANCE SHEET STRENGTH Liquidity and leverage held within Board-set limits through the cycle A minimum level of liquidity at all times. Any debt sized so the core business can service it in a downside case, not only the base case 3 INVEST FOR GROWTH, IN STAGES Only where risk-adjusted returns clear the hurdle for that type of investment IN-PARK Attractions & experiences Tested on visitation, yield and payback, primarily cashflow funded CORE DEVELOPMENT Precinct 3 Tested on return after ramp-up; primarily debt funded SURPLUS LAND No substantive investment beyond option exploration and technical review Stage gates: Pause or exit if cost, demand, financing or market tests fail 4 RETURN SURPLUS CAPITAL Capital not needed for steps 1 to 3 is returned to shareholders On-market buy-backs where value accretive, or capital returns from proceeds, in the most tax-efficient form for shareholders MAXIMISE LONG-TERM VALUE PER SHARE Measured by return on invested capital above the cost of capital, and growth in operating cash flow per share 14
Page 15
15 INTEGRATED ENTERTAINMENT DESTINATION An integrated entertainment destination gives guests more reasons to come, stay longer and spend more turning the park into a year- round destination What is an integrated entertainment destination? One connected destination where people can play, stay, eat and shop Many reasons to visit Dreamworld anchors the site, with complementary attractions providing more reasons to visit and stay A place to stay Accommodation on site turns a single visit into a multi-day holiday. Brings incremental local, interstate and overseas visitors Beyond the gates Dining, retail and entertainment open to everyone, so locals can visit without entering the parks Day into night Events and evening experiences that keep the destination busy beyond park hours INTEGRATED DESTINATION FLYWHEEL Cashflow Generation Creates incremental income opportunities More dwell time Day trips become multi day holidays; pre-bookings smooth seasonality Premium pricing Premium pricing on rooms, F&B and rides, beyond park hours Cost efficient Shared infrastructure and services reduce capex and create cost synergies Unlocking land by expanding from theme park into an integrated destination STRATEGIC Moat, brand, land use REVENUE Stay, spend, pricing COST Shared infrastructure, services 15 Greater reach Brings more local, interstate & overseas visitors with more reasons to visit
Page 16
PROVEN MODEL: GLOBAL DESTINATION RESORTS Integrated parks are a proven concept across multiple global markets Welcomed its 100 millionth guest in October 2025, just over nine years after opening Expanding its accommodation offering from two to four hotels, alongside additional entertainment, dining and retail facilities Expansion supports its strategy to strengthen Shanghai Disney Resort as a multi-day tourism destination Shanghai Disney Resort Universal Orlando Resort Expanded to 11 hotels (~11,000 rooms ) following the opening of three new properties in 2025 Accommodation is integrated with theme parks, dining, retail and entertainment offerings, including Universal CityWalk Hotel guests benefit from convenient park access and exclusive benefits, supporting an integrated, multi-day resort experience 16
Page 17
PROVEN MODEL: REGIONAL THEME PARKS Destination development at regional parks is both the standard and the aspiration Source: Accommodation revenue shares are estimated ranges based on public disclosures, asset counts, and industry benchmarks; not all operators separately disclose lodging revenue Benchmark theme parks, 1–3 million attendance Operators are adding hotels to build multi-day destinations Wonderla India Plans to double resort revenue share from <5% to ~10% by 2026 Six Flags US Strategic shift toward increased integrated offerings with the acquisition of Cedar Fair Parques Reunidos Europe / US Push into multi-day destinations; planned onsite hotels at Parque Warner CDA France / Belgium Emphasis on expansion of themed hotels (e.g., Parc Astérix) Fantawild China Integrated “cultural tourism resort” strategy including hotels at nearly all new parks Herschend Family Entertainment US Dollywood & Silver Dollar City investing in themed resorts Region No hotel Onsite hotels Share with hotels EMEA 3 18 86% APAC 4 8 67% AMER(1) 18 7 28% Total 25 33 57% Number of benchmark parks, by region 1. AMER is the exception, driven largely by Six Flags parks 17
Page 18
Europa-Park DE Six themed hotels (+ Silver Lake City) One of Europe’s largest integrated hotel resorts Parc Astérix FR Three hotels currently Fourth 300-room hotel planned for 2027 ~750 rooms with conference capacity up to 800 Efteling NL Wonder Hotel – 122 rooms (refurbished & renamed in 2025) Grand Hotel – 140 rooms (2025) Two additional resorts at Bosrijk and Loonsche Land Hotel investment supports its international growth strategy Liseberg SE Grand Curiosa Hotel – 457 rooms (2023) Key part of Liseberg’s year- round destination strategy Sea World Resort ~400 rooms Conference centre for up to 1,000 delegates PROVEN MODEL: REGIONAL THEME PARKS Tier 1 regional parks have successfully used destination development as a primary growth driver LOCAL BENCHMARK 18 AU Dollywood / Herschend Family Entertainment US Two operating resort hotels: DreamMore Resort – 300 rooms (2015) and HeartSong Lodge – 302 rooms (2023) Master plan for five resorts in total (including outdoor resort) Despite its small local population, Dollywood has established a successful regional destination, attracting visitors from a much wider market Pigeon Forge, Tennessee~600 rooms ~3.1 million Two hotels Dollywood 2024 attendance ~2 million Pigeon Forge annual overnight visitors Note: ~5.8 million annual overnight visitors to the Gold Coast for the year ending March 2026 (Source: TEQ)
Page 19
PROVEN MODEL: REGIONAL THEME PARKS The international results are already proven Global precedents highlight the opportunity to expand visitor catchments, encourage longer stays and drive incremental revenue “Building new accommodation at our attractions allows us to extend the catchment area for new customers and to create new revenue streams, but most importantly to improve customer satisfaction” Nick Varney Former CEO, Merlin Entertainments “The strongest destination businesses don't view attractions as standalone products. They view them as portfolio assets within a larger ecosystem designed to drive visitation, engagement, loyalty, and extended stays” Chris Buker Strategic planning and revenue management, Miral (Yas Island, Abu Dhabi) “We were excited about how successful our DreamMore Resort was, I mean people just love that, and it just stays booked all the time. We thought, well we're gonna need to have another hotel, and we need to have it pretty close…” Dolly Parton Co-owner, Dollywood “Large-scale theme park resorts are increasingly seeking to turn visits into multi-day stays, raising spend per person... Needless to say, expanding entertainment content will be crucial to extending length of stay” Natalia Bakhlina Partner, Leisure Development Partners (LDP) “The hotel additions […] feed into the ecosystem and encourage guests to stay on the property for 5 nights rather than 1 [and] captures dining, merchandise, and incremental park visits at much higher margins than gate admission alone” Philip Hernandez Themed Entertainment Industry Analyst “By adding hotels, theme park operators can create short-break destination resorts rather than ‘just' attractions, and by developing conference and meeting facilities they can tap into the valuable corporate sector off season” Julie Clark Director at PWC’s Hospitality and Leisure Group On-site hotels and complementary ED&R can support longer stays, wider visitor appeal and complementary revenue streams 19
Page 20
Its unique location in the heart of a tourism precinct and population catchment suggest outperformance of an integrated destination at Dreamworld 20 STRATEGIC LOCATION Demand already on site, Dreamworld attendance is the highest since FY16 2.0 million visits in FY26, up 29.3%, with growth every year since FY21 Opportunity to turn day visits into multi-day Dreamworld holidays Proximity to neighbouring attractions, none with an existing hotel Movie World, Wet’n’Wild, Paradise Country and Topgolf only 5km away Additional demand supporting year-round occupancy Coomera Hospital (400 beds in 2031, at least 600 from 2032 onwards) Coomera Town Centre and emerging Coomera Industrial Zone Conferencing and events Coomera Sports Centre Nearby Marine Precinct Accommodation upside demand driven by Brisbane 2032 Olympics Teams, media and visitors will grow demand before, during and after the Games Limited quality hotels on the Brisbane - Northern Gold Coast corridor No four-star family hotels, only golf resorts, holiday parks and motels Supply & demand conditions suggest this may be Australia’s most compelling hotel opportunity
Page 21
INTEGRATED ENTERTAINMENT DESTINATION AT DREAMWORLD Unlocking the value of the land is being thought about across four precincts THEME PARK EXISTING ENGINE HOTEL NEW DEMAND ENTERTAINMENT, DINING & RETAIL INCREMENTAL INCOME FUTURE LAND OPTIONALITY Dreamworld branded hotel Four-star ~250 rooms ~$200M indicative investment including land value 2030–31 target completion Hotel and ED&R concepts subject to further design, pricing, feasibility, funding and final investment approval. Refer to Disclaimer 1 at the end of this document. Leisure-focused ED&R precinct Specialist third party operators ~$60M indicative investment including land value Flexible, phased delivery Prime location near rail, Westfield and M1 High density residential and mixed use approved Capital-light CEH remains focused on theme park business and will not develop or operate residential property CONCEPTUAL LAND TRANSFORMATION 2 3 4 1 Immediate focus Immediate focus At the right time Immediate focus 2.0M visits FY26, up 29.3% Growing every year since FY21 Anchor park draws the precinct crowd In-park spend experiences, F&B and retail 21
Page 22
Barrenjoey review process Indicative project metrics Hotel and ED&R Levered IRR c.20%+ Value on completion c.$330 million BARRENJOEY REVIEW The Barrenjoey review evaluated a broad range of land related options, concluding development of the Hotel & ED&R the superior option Proposed pathway - Develop Hotel and ED&R Project metrics are indicative modelling outputs based on early project feasibilities and do not represent forecasts. Refer to Disclaimer 1 at the end of this document. 1 Review development approval to understand available options 2 Generate 10+ strategic options, incl. sweat and defend 3 Develop operating and asset level return metrics 4 Develop funding requirements and timing per option 5 Overlay risk and strategic considerations 6 Recommend the strongest risk/return combination 7 Final recommendation: develop and fund the Hotel and ED&R Hotel Develop, own and operate ourselves ED&R Develop and own ourselves. Specialist third party operators Surplus Land Further technical studies required. CEH does not intend to develop or operate residential property Alternatives reviewed Hotel ED&R Surplus Land Develop ourselves Operate ourselves Develop with JV partner Do nothing Sell land On preliminary feasibilities, all projects are NPV positive and meet risk adjusted return hurdles Hotel & ED&R are complementary to strategic priorities and generate meaningful synergies with theme parks While the highest returning alternative is to fund and own ourselves, we are open minded to capital partners to reduce risk Highest and best use of surplus land to be determined with further technical studies No equity raise required Peak gearing within target 30-35%, stabilising below this range post completion 22
Page 23
Dreamworld branded hotel Four-star family themed hotel Entertainment, dining & retail Large tenancies with themed facades Open to all, with or without a park ticket Dreamworld theme park Existing engine, with capacity for future growth without footprint expansion New central arrival sequence One shared arrival for hotel, theme park and ED&R Entry to Dreamworld For illustrative purposes only. AI -generated conceptual image, not to scale. Design is indicative and subject to change and furt her refinement 23 23
Page 24
FUNDING STRATEGY The proposed funding strategy will leverage, and not dilute shareholder funds 24 No equity raise No dilution to existing shareholders. Developments will be funded from available cash, incremental debt and operating business cashflows. Leverage accretive to returns Debt funding enhances equity returns to shareholders. Debt facilities expected to be traditional Big 4. We remain open minded to appropriate capital partners. Maximise value of non-core land Options for future monetisation of surplus land, including Precinct 4 (6.31 ha), are under consideration. CEH does not intend to develop or operate residential property. Protecting the core The theme parks remain our core focus. Any development program will preserve cashflow investment in attractions, guest experience and safety. POTENTIAL FUNDING SOURCES Funding source Theme parks Hotel ED&R Non-core land Available cash Operating cash flows Debt Potential capital partners Monetisation of other assets Ongoing review New equity Not contemplated DEBT CONSIDERATIONS Unlevered starting point Net cash, with no drawn debt and earnings that grew strongly through FY26 Supportive credit markets Banks and private credit are actively seeking quality borrowers in Australia Flexible financing options Corporate or project-specific debt financing Disciplined gearing target Peak gearing1 within CEH’s 30-35% target range, stabilising below this range post completion SkyPoint asset backing Independently valued at $52 million, providing additional financing security 1. Gearing calculated as net debt / net debt + equity. Peak gearing reflects debt funding fully drawn before income is generated from the proposed hotel and ED&R developments.
Page 25
NEXT STEPS We will take a staged approach to making disciplined investment decisions A rigorous, staged process allows CEH to validate economics before committing significant capital INDICATIVE DEVELOPMENT TIMELINE Subject to feasibility, funding and investment decisions 2026 2027 2028–2030 2030-2031 Stages Investment decision gates 1 LAND APPROVAL Development approval received for four precincts in July 2026 3 FEASIBILITY & FUNDING CHECK Economic modelling, funding options, capital partner appetite 4 MASTERPLAN & COSTING Master Plan, conceptual design, technical inputs and QS review 5 DA LODGEMENT & APPROVAL DA package technical studies, capital partner LOI, builder engage- ment, costing review 6 ENGINEERING & TENDER Detailed engineering design, builder tender and contract award 2 CONCEPT + MARKET Benchmarking studies, market demand review, tenant interest. Approval to masterplan DA, engineering & tender Delivery GATE 1 • Feasibility cost validated • Indicative returns above hurdle rate GATE 2 • Viable planning conditions • Acceptable debt terms • Returns above hurdle rate GATE 3 • Tendered cost within budget • Returns above hurdle rate 7 DELIVERY Staged hotel and ED&R construction, 8 OPENING & OPERATIONS Opening and ramp-up to stabilised trading DONE ✓ DONE ✓ DONE ✓ IN PROGRESS Opening Barrenjoey engaged to test thinking & advise on funding options Board review Board review Board review 25
Page 26
Alternatives assessed Development, partnership, land sale and "do nothing" options were tested with Barrenjoey. Developing the hotel and ED&R ourselves models the highest value per share, however we are open minded to capital partners to reduce risk Highest-value option Proven growth model Leading regional parks have consistently used on-site hotels and ED&R to extend stays, widen their catchment and lift spend. A tried-and-tested concept Preferred pathway Dreamworld's location, 2 million existing visits and unique year- round demand levers support the case. Capital is committed in stages, and only if returns clear our hurdle above the cost of capital. Disciplined, gated investment Significant value accretion Incremental earnings from visitation and land we already have, funded without new equity, so the upside accrues to existing shareholders. Accretive, with no dilution A disciplined, stage-gated approach, backed by a board and management team with deep global and regional experience in integrated destinations and hotel operations. Investment summary The integrated entertainment destination is the most value-accretive use of our land and capital 26
Page 27
We are optimistic about the future of CEH KEY TAKEAWAYS 27 Filling capacity, not building it Earnings compounding, four years running The business funds itself Approval unlocks the land value FY26 Theme Parks & Attractions EBITDA (excluding Specific Items) of $18.8 million, a fourth consecutive year of improvement. FY26 revenue of $116.5 million, up 20.8%. Deferred revenue of $20.2 million, up 58.7%, reflects a larger annual passholder base Operating cash flow doubled to $19.7 million, fully covering $16.0 million of capital expenditure and $3.7 million of share buy-backs. Cash of $35.0 million at 30 June 2026, and a $20.0 million facility undrawn Planning approval received in July 2026 across the entire 55-hectare Coomera site. A 15.02- hectare Gateway Precinct permits hotel, short stay, and entertainment uses. A further 6.31- hectare Town Centre precinct permits high density residential, health care and education Under-penetrated markets remain The business handled 2.4 million visits in FY16 against 2.0 million in FY26. FY26 revenue already exceeds FY16. Incremental visitation flows through a largely fixed cost base Recent growth has been driven by the local market. Non-local and international visitation remain below FY16 levels, with international visitation to the Gold Coast around 63% of pre-COVID levels Proforma net asset value of $1.08 per share Proforma net asset value of $418.4 million, or $1.08 per share, well above reported net assets of $0.58 per share. Dreamworld fair value of $295.9 million in July 2026, well above book value of $193.2 million. SkyPoint fair value of $51.7 million, materially exceeds book value of $10.2 million. A further $50.0 million of deferred tax assets are unrecognised
Page 28
FORMAL BUSINESS 28
Page 29
Consideration of Reports 29 To receive and consider the Annual Financial Report, the Directors’ Report and the Independent External Auditor’s Report for the Company for the financial year ended 30 June 2026
Page 30
Resolution 1: Remuneration Report 30 That the Company’s Remuneration Report for the year ended 30 June 2026 be received, considered and adopted Proxy Number Proxy % For 160,710,163 97.55% Open 177,034 0.11% Against 3,854,303 2.34% Abstain 6,599,114
Page 31
Resolution 2: Re -election of Director 31 That Dr Gary Weiss AM, who retires by rotation in accordance with Clause 6.1(f) of the Company’s Constitution, and being eligible for re-election, be re-elected as a Director Proxy Number Proxy % For 202,434,443 92.75% Open 112,034 0.05% Against 15,719,471 7.20% Abstain 95,396
Page 32
Resolution 3: Re -election of Director 32 That Randy Garfield, who retires by rotation in accordance with Clause 6.1(f) of the Company’s Constitution, and being eligible for re-election, be re-elected as a Director Proxy Number Proxy % For 213,818,345 97.96% Open 112,034 0.05% Against 4,344,444 1.99% Abstain 96,521
Page 33
THANK YOU 33
Page 34
IMPORTANT NOTICE AND DISCLAIMERS 2. General information This presentation has been prepared by CEH and contains general information about CEH’s activities current as at the date of the presentation (3 November 2026). The information is in summary form and does not purport to be complete. It is not financial product or investment advice, or a recommendation to acquire CEH securities, and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, and seek independent professional advice, before making any investment decision. To the maximum extent permitted by law, CEH, its related bodies corporate and their respective directors, officers, employees and advisers do not warrant the accuracy or completeness of this information and accept no liability for any loss arising from its use. 3. Forward looking statements This presentation contains forward looking statements, including statements about CEH’s strategy, the development of its landholdings, capital management, funding and expected future performance. Forward looking statements involve known and unknown risks, uncertainties and assumptions, many of which are outside CEH’s control, including visitation, weather, tourism and consumer conditions, planning and regulatory approvals, construction costs and access to funding. Actual results may differ from those expressed or implied. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Past performance is not a reliable indicator of future performance. CEH undertakes no obligation to update these statements, except as required by law or the ASX Listing Rules. 1. Proposed land development Coast Entertainment Holdings Limited (CEH) continues to assess all of the options available to it regarding the development of its Coomera landholdings following the State Government’s approval in July this year. Feasibility, modelling and analysis of financial, operational, strategic and other factors carried out to date has been detailed, however remains ongoing. Amounts included in this presentation regarding the quantum of investment, investment returns and other project metrics are indicative only and constitute forward looking statements that are provided as a general guide only. CEH has not entered into any formal commitments or transactions regarding the development of its landholdings, and any such decisions will be subject to the CEH Board’s stringent approval processes. 34