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1 August 2025 INVESTOR PRESENTATION
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2 Forward-looking statements Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. These forward- looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our locations; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; failure to hire and retain qualified employees and personnel; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on August 28, 2025, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, except as required by applicable law. Non-GAAP Financial Measures To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles (“GAAP”), we disclose Same Store Revenue and Adjusted EBITDA as “non-GAAP measures”, which management believes provide useful information to investors because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue or net income as calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our fiscal year 2026 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, share-based compensation and other items not reflective of the company's ongoing operations. Same Store Revenue represents total Revenue less Non-Location Related Revenue, Revenue from Closed Locations, Service Fee Revenue, if applicable, and Acquired Revenue. Adjusted EBITDA represents Net Income (Loss) before Interest Expense, Income Taxes, Depreciation and Amortization, Impairment and Other Charges, Share-based Compensation, EBITDA from Closed Locations, Foreign Currency Exchange Loss (Gain), Asset Disposition Loss (Gain), Transactional and other advisory costs, changes in the value of earnouts, and other. The Company considers Same Store Revenue as an important financial measure because it provides comparable revenue for locations open for the entire duration of both the current and comparable measurement periods. The Company considers Adjusted EBITDA as an important financial measure because it provides a financial measure of the quality of the Company’s earnings. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure. Adjusted EBITDA is used by management in addition to and in conjunction with the results presented in accordance with GAAP. We have presented Adjusted EBITDA solely as a supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
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3 The industry leader in massive addressable market of $100bn+ for out-of-home entertainment INDUSTRY LEADER Consistent and proven track record of outsized returns via acquisitions VALUE CREATION THROUGH DEALS INDUSTRY LEADING FREE CASH FLOW GENERATION PROCESS DATA PEOPLE Proven history of improving acquired assets’ margins and above industry sales growth OPERATIONAL EXCELLENCE Best in class management team to execute the plan MANAGEMENT A location-based entertainment platform with proven history of superior returns
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5 FY25 260,000 Summer Season Pass Purchases Targeted email, display and other marketing campaigns throughout year Strong Uptake • 260,000 passes sold in 2025 • Membership momentum demonstrates strong demand Deeper Engagement • Customers visited 9x per pass this summer • Higher satisfaction and stronger brand affinity Rich Customer Data • Pass program captures high-value customer insights • Enables personalization and segmentation Year Round Revenue Lift • Data powers targeted offers & campaigns • Drives incremental visitation beyond summer
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6 ↗ Acquired AMF at Enterprise Value of $310M. Lucky Strike put up $20M of equity funding in 2013 ↗ Lucky Strike best practices implemented in acquired centers drove dramatic performance achievements ↗ Grew revenue 4% Revenue CAGR over 11 years despite closing 18% of centers ↗ 6% Revenue CAGR when adjusting for closed centers with AUV going from $1.2 to $2.2M over the period or an 85% increase Acquired AMF for $310M in 2013. Lucky Strike put up $20M of equity with the rest funded by debt 8-10x EBITDA Less Original Deal Debt Implies Value Created of $1.3-$1.5BN 70x+ MOIC over 12 Years ↗ Lucky Strike acquired 85 Brunswick locations from Brunswick in 2014 for $260M. In the same year entered Sale-Leaseback for $200M, reducing the net purchase price to $60M ↗ Successful cost rationalization played a key role in the improved performance of the assets ↗ 5% Revenue CAGR when adjusting for closed centers with AUV going from $1.9 to $3.1M over the period or a 63% increase Acquired Brunswick for $260M in 2014 and immediately entered into Sale Leaseback Transaction reducing purchase price to $60M Acquired Brunswick for $260M in 2014 and immediately entered into Sale Leaseback Transaction reducing purchase price to $60M 8-10x EBITDA Less Original Deal Debt Implies Value Created of $800M-$1BN 15x+ MOIC over 11 Years Deployed $700M of capital into acquisitions the past three years that will generate long-term returns
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7 Acquired Brunswick for $260M in 2014 and immediately entered into Sale Leaseback Transaction reducing purchase price to $60M 370 operating locations as of August 2025 Well positioned in highly attractive markets across North America Robust acquisition pipeline supports unit growth Acquired Boomers which provides platform for FECs
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8 AVERAGE REVENUE PER LOCATION
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BEVERLY HILLS
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LADERA RANCH
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WET ‘N WILD EMERALD POINTE
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CASTLE PARK
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13 CASH FLOW FROM OPERATIONS CAPITAL EXPENDITURES
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14 1 High value property in Toronto, Canada 3 Prime location properties in Mexico • 75 owned properties with $600-700M(1) of potential value provides strategic and financial flexibility (1) Assumes sale-leaseback values of 12-14x of 50% of EBITDAR.
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16 Note: The comparable location base changes from period to period as a result of fluctuations in the location population through acquisitions, new builds and closed centers. Revenue will be reflected in Sam e-Store Revenue after four full quarters of ownership of a location. (1) Revenues from 326 locations are included in the same-store comparable location base for the comparison in the above table. In our previously filed 10-K for the year ended June 30, 2024, revenues from 311 locations were included in the same -store revenue. Revenues from 350 locations are included in the 4th quarter same-store comparable location base for the comparison in the above table.
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17 (1) Total Location Revenue excludes closed location activity and media revenue, which is also a component of our operations. (2) Margins are calculated off of Adjusted Total Location Revenue (excl. Service Revenue) (3) Includes the non-recurring settlement of equity awards related to the retirement of a long-time executive of the Company, which resulted in an additional $4.8M of share-based compensation expense in Q3 FY25. (4) Includes adjustments for 842 adoption impacts for other periods due to retrospective adoption in Q4 FY23. Includes the non-cash impact of $20.7M related to an increase in self-insurance reserves during Q4 FY25.
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18 (1) For the fiscal year and period ended June 29, 2025 reflects a change in estimate in our self -insurance reserves related to clai ms that occurred prior to the beginning of the fiscal year, which resulted in a non -cash self-insurance reserve adjustment of $17,710. Also includes non-cash expenses related to impairments, disposals, and asset write-offs. (2) The closed location adjustment is to remove EBITDA for closed locations. Closed locations are those locations that are closed for a variety of reasons, including permanent closure, newly acquired or built locations prior to opening, locations closed for renovation or rebranding and conversion. If a location is not open on the last day of the reporting period, it will be considered closed for that reporting period. If the location is closed on the first day of the reporting period for permanent closure, the location will be considered closed for th at reporting period. (3) The adjustment for transaction costs and other advisory costs is to remove charges incurred in connection with any transactio n, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, dispositions and costs in connection with an initial public offering, in each case, regardless of whether consummated. Certain prior year amounts have been reclassified to conform to current year presentation. (4) The adjustment for changes in the value of earnouts is to remove of the impact of the revaluation of the earnouts. Changes in the fair value of the earnout liability is recognized in the statement of operations. Decreases in the liability will have a fa vorable impact on the statement of operations and increases in the liability will have an unfavorable impact. (5) Other includes the following related to transactions that do not represent ongoing or frequently recurring activities as part of the Company’s operations: ( i) non-routine expenses, net of recoveries for matters outside the normal course of business, (ii) costs incurred that have been expensed associated with obtaining an equity method investment in a subsidiary of VICI, (iii) severance expense, and (iv) other individually de m inimis expenses. Certain prior year amounts have been reclassified to conform to current year presentation.
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19 Amounts (in millions) Item FY25 FY24 Form 10-K Location Reduction of operating lease right of use assets (amortization) 36.9 34.8 Consolidated Statement of Cash Flows (Operating activities) Change in operating lease liabilities (payments less interest) (14.4) (26.2) Consolidated Statement of Cash Flows (Operating activities) Lease incentive receipts (operating cash flows from landlord contributions) (10.5) (2.4) Note 6 - Leases – disclosed in the supplemental balance sheet information related to leases table (this item nets down the change in operating lease liabilities per the Consolidated Statement of Cash Flow) Non-Cash GAAP Rent 12.0 6.2 Sum of above items Total Operating Lease Costs 91.0 84.1 Note 6 - Leases – disclosed in the components of the net lease cost table (represents cash and non-cash GAAP rent) Cash GAAP Rent 79.0 77.9 Total Operating Lease Costs less Non-Cash GAAP Rent Total cash paid for finance lease liabilities 48.8 51.4 Note 6 - Leases – disclosed in the cash paid for amounts included in the measurement of lease liabilities table Total cash paid for financing obligations 32.4 22.7 Note 6 - Leases – disclosed in the cash paid for amounts included in the measurement of lease liabilities table Capitalized Cash Rent 81.2 74.1 Sum of cash paid for finance lease liabilities and financing obligations Total Cash Rent 160.2 152.0 Sum of Cash GAAP Rent and Capitalized Cash Rent Total cash paid related to deferred repayments 6.4 13.4 Note 6 - Leases – disclosed in the paragraph below the cash paid for amounts included in the measurement of lease liabilities table Total Adjusted Cash Rent 153.8 138.6 Total Cash Rent less cash paid related to deferred repayments