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November 2026 INVESTOR PRESENTATION
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Forward-looking statements Some of the statements contained in this presentation 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 presentation 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 27, 2026, 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 presentation 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 2027 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, System Modernization 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. DISCLAIMER 2
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INVESTMENT THESIS PROCESS DATA PEOPLE A location-based entertainment platform with proven history of superior returns Market Leader in North American Bowling, Supported by High-Quality, Well-Recognized Brands1 Large Addressable On-Location Entertainment Market Presents Meaningful Growth Potential2 Well-Diversified Asset Portfolio and Product Offerings Contribute to Topline Stability3 M&A is Core to Lucky Strike’s Long-Term DNA4 Compelling Financial Profile and De-Leveraging Track Record5 Robust Cash Flow Generation, with Multiple Levers to Further Improve FCF6 Highly Experienced & Proven Management Team7 3
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CONSISTENT ANNUAL REVENUE GROWTH REPORTED TOTAL REVENUE ($M) $672M FY19 $897M FY22 $1,038M FY23 $1,149M FY24 $1,201M FY25 $1,245M FY26 4
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366 operating locations as of November 2026 Well positioned in highly attractive markets across North America Acquired Boomers which provides platform for FECs GROWING PORTFOLIO OF ASSETS IN DIVERSIFIED AND ATTRACTIVE MARKETS Lucky Strike and Other Brands to be Converted AMF/Other Boomers Shipwreck Island Raging Waves Big Kahuna’s Wet n' Wild Raging Waters Castle Park 5
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45% 35% 20% Bowling Food & Beverage Amusement & Other Diversified by Price… Cost Conscious X X X X X X Premium / Higher- End X X X …And Experience Birthday Party X X X X X X X Date Night X X Family Event X X X X X X X Day Out with Friends X X X X X X Corporate Event X X X X X X X Bowling League X X Professional Bowling X Lucky Strike’s Brands Cater to Wide Array of Consumers & Experiences… …With New Contributions to Non-Bowling Revenue Improving Topline Diversity • Pricing differential across Lucky Strike’s brands maximizes audience base and mitigates business risk of macro-economic pressure on consumer discretionary spend • Re-focused marketing approach (enhanced by spend & large quantities of consumer data) enables Lucky Strike to effectively target different segments of the consumer audience, and promote the most relevant experiences • By expanding beyond its traditional bowling footprint and incorporating waterparks + FECs, revenue has become more diverse, helping mitigate traditional seasonality by improving summer sales FY26 WELL-DIVERSIFIED PORTFOLIO + PRODUCT OFFERINGS 6
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DRIVING HIGHER AVERAGE UNIT VOLUMES THROUGH WALLET SHARE GAINS VIA IMPROVED AND BIGGER VENUES AV E R A G E R E V E N U E P E R L O C AT I O N $2.4M FY19 $2.8M FY22 $3.2M FY23 $3.3M FY24 $3.4M FY25 $3.5M FY26 +6% FY19–FY26 CAGR 7
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CAPITAL EXPENDITURES: DOWN 20% OVER FY25 AND 42% OVER FY24 C A P E X ( $ M ) $194M FY24 $141M FY25 $114M FY26 $90M FY27 GUIDANCE –$104M (–54%) FROM PEAK 8
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LONG-TERM 30%+ EBITDA MARGINS REMAIN INTACT 4 - W A L L E B I T D A M A R G I N B Y V I N T A G E 42% PRE-2022 VINTAGE 300+ centers · $900M+ revenue 30% 2022+ VINTAGE ~60 centers · ~$300M revenue 500–1,000+ bps of profit margin opportunity as newer assets build into our system 2022+ vintage centers season toward mature-fleet economics, underpinning long-term 30%+ EBITDA margins 9
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LUCKY STRIKE REBRAND IS 84% COMPLETE LU C K Y STR I K E: 2 1 7 LO C ATI O N S 182 COMPLETE 35 TO GO L U C K Y S T R I K E C O N V E R S I O N S B Y F I S C A L Y E A R 13 FY24 29 FY25 90 FY26 50 FY27 DONE 35 FY27 SCHEDULED 10
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REBRAND INITIATIVE • We are currently at 178 Lucky Strike’s with the plan to sunset the Bowlero brand by early/mid-2027 Lucky Strike Chelsea Piers Old 11
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Lucky Strike Gilbert (Phoenix Metropolitan) REBRAND INITIATIVE 12
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Lucky Strike Tyson’s Corner REBRAND INITIATIVE 13
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Lucky Strike Naperville REBRAND INITIATIVE 14
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BEVERLY HILLS
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LADERA RANCH
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ALISO VIEJO
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WET ‘N WILD EMERALD POINTE
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RAGING WATERS
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SIGNIFICANT OWNED PROPERTY PORTFOLIO 1 High value property in Toronto, Canada 3 Prime location properties in Mexico 75 owned properties with $700M+(1) of potential value provides strategic and financial flexibility (1) Assumes sale-leaseback values of 12-14x of 50% of EBITDAR. 20
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APPENDIX: ADDITIONAL FINANCIAL INFORMATION 21
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NON-GAAP RECONCILIATIONS 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 360 locations are included in the same -store comparable location base for the current quarter comparison in th e above table. In our previously filed 10-Q for the three months ended September 28, 2025, revenues from 351 locations were incl uded in the same-store revenue. FY25 vs. FY26 FY25 – FY27 | Quarterly FY 25 FY 26 2Q FY25 3Q FY25 4Q FY25 1Q FY26 2Q FY26 3Q FY26 4Q FY26 1Q FY27 (in thousands) 06/29/25 06/28/26 12/29/24 03/30/25 06/29/25 09/28/25 12/28/25 03/29/26 06/28/26 09/27/26 Total Revenue – Reported $1,201,333 $1,245,318 $300,074 $339,882 $301,182 $292,278 $306,861 $342,231 $303,948 $302,644 less: Service Fee Revenue (2,464) (2,090) (544) (636) (634) (586) (477) (571) (456) (383) Revenue excluding Service Fee Revenue $1,198,869 $1,243,228 $299,530 $339,246 $300,548 $291,692 $306,384 $341,660 $303,492 $302,261 less: Non-Location Related (31,802) (21,097) (5,787) (6,900) (9,303) (5,617) (2,039) (3,310) (6,276) (2,373) Total Location Revenue $1,167,067 $1,222,131 $293,743 $332,346 $291,245 $286,075 $304,345 $338,350 $297,216 $299,888 less: Acquired Revenue (49,831) (107,125) (2,498) (394) 0 (6,487) (12,161) (5,827) (13,107) (27,616) Same-Store Revenue $1,117,236 $1,115,006 $291,245 $331,952 $291,245 $279,588 $292,184 $332,523 $284,109 $272,272 % Year-over-Year Change Total Revenue – Reported 3.7% 2.3% 0.7% 0.9% 3.5% Revenue excluding Service Fee Revenue 3.7% 2.3% 0.7% 1.0% 3.6% Total Location Revenue 4.7% 3.6% 1.8% 2.1% 4.8% Same-Store Revenue -0.2% 0.3% 0.2% -2.5% -2.6% Comp Location Count¹ 347 347 356 360 360 360 356 360 360 360 22
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NON-GAAP RECONCILIATIONS ADJUSTED LOCATION METRICS Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 (in millions) 09/29/24 12/29/24 03/30/25 06/29/25 09/28/25 12/28/25 03/29/26 06/28/26 09/27/26 Revenue Retail $180 $178 $225 $208 $212 $185 $227 $208 $218 Events 55 85 74 63 55 85 74 64 59 League & tournaments 22 34 37 24 23 35 38 26 23 Total Location Revenue¹ $257 $297 $336 $295 $290 $305 $339 $298 $300 Less: Service Fee Revenue (1) (1) (1) (1) (1) (1) (1) (1) (0) Adjusted Total Location Revenue (excl. Service Fee Revenue)¹ $256 $296 $335 $294 $289 $304 $338 $297 $300 Adjusted EBITDA $63 $99 $117 $88 $73 $77 $109 $74 $72 Non-Operating Location SG&A Expense 27 26 31 30 31 31 29 32 33 Media & Other (Income) Loss 1 0 1 0 (1) (1) 0 2 0 Adjusted Location EBITDA $91 $125 $149 $118 $103 $107 $138 $108 $105 % Adjusted Location EBITDA margin² 35% 42% 44% 40% 36% 35% 41% 36% 35% Operating Income (Loss) $13 $47 $62 $15 $28 $33 $66 $10 $28 SG&A Expense³ 35 35 41 33 33 39 36 41 40 Depreciation & Amortization 37 39 40 40 33 30 32 34 32 Indirect Cost of Sales attributable to Locations⁴ 74 74 82 102 90 93 90 91 93 Operating Loss (Profit) attributable to Closed Locations, Media & Other operating (Income) expenses 6 3 2 2 1 2 2 19 1 Adjusted Location Gross Profit $165 $198 $227 $192 $185 $197 $226 $195 $194 % Adjusted Location Gross Profit margin² 64% 67% 68% 65% 64% 65% 67% 66% 65% Locations included in Location Revenue 352 362 365 365 369 368 368 366 366 (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 Fee 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 the non-cash impact of $20.7M related to an increase in self-insurance reserves during Q4 FY25. 23
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NON-GAAP RECONCILIATIONS Fiscal Year Ended Three Months Ended (in thousands) June 28, 2026 June 29, 2025 September 27, 2026 September 28, 2025 Consolidated Revenues $1,245,318 $1,201,333 $302,644 $292,278 Net (loss) income – GAAP (35,777) (10,022) (25,674) (13,798) Net (loss) income margin -2.9% -0.8% -8.5% -4.7% Adjustments: Interest expense 206,635 196,371 52,039 53,397 Income tax (benefit) expense (3,677) 51,505 4,034 (12,757) Depreciation and amortization 130,961 158,527 33,031 33,500 Loss on impairment, disposals & other charges1 27,848 28,615 1,843 1,375 Share-based compensation 12,627 21,632 3,005 3,486 Closed location EBITDA2 3,599 3,054 155 521 Transactional and other advisory costs3 18,059 17,117 3,115 9,485 System modernization costs4 4,694 0 2,220 512 Changes in the value of earnouts5 (34,033) (101,484) (2,163) (3,527) Other, net6 2,272 2,372 498 460 Adjusted EBITDA $333,208 $367,687 $72,103 $72,654 Adjusted EBITDA Margin 26.8% 30.6% 23.8% 24.9% (1) For the fiscal year ended June 29, 2025, reflects a change in estimate in our self-insurance reserves related to claims 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 that reporting period. (3) The adjustment for transaction costs and other advisory costs is to remove charges incurred in connection with any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, and dispositions, in each case, regardless of whether consummated. (4) The adjustment for system modernization costs represents non-capitalizable third-party consulting, professional, and related costs incurred on discrete initiatives to modernize the Company's technology platforms. They are incremental to, and not part of, the Company's normal, recurring operating expenses. The adjustment excludes depreciation and amortization, recurring software subscription and licensing fees, and costs to operate, support, or maintain the platforms after the applicable initiatives are complete. To date, substantially all of these costs relate to a discrete initiative to modernize the Company’s customer relationship management (CRM) platform, which began in fiscal 2026 and is expected to be completed in the fourth quarter of fiscal 2027. For the quarter ended September 28, 2025, the $512 of system modernization costs was previously included in transactional and other advisory costs and has been reclassified to conform to the current period presentation. (5) The adjustment for changes in the value of earnouts is to remove the impact of the revaluation of the earnouts. Changes in the fair value of the earnout liability are recognized in the statement of operations. Decreases in the liability will have a favorable impact on the statement of operations and increases in the liability will have an unfavorable impact. (6) 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) severance expense, and (iii) other individually de minimis expenses. 24
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GAAP RENT TO CASH RENT WALK — Q1 FY27 & Q1 FY26 Item Q1 FY27 Q1 FY26 Form 10-Q Location Reduction of operating lease right of use assets (amortization) 9.5 9.7 Condensed Consolidated Statement of Cash Flows (Operating activities) Change in operating lease liabilities (payments less interest) (8.1) (9.4) Condensed Consolidated Statement of Cash Flows (Operating activities) Purchases of operating leases (operating cash flows) – 2.2 This item increases the change in operating lease liabilities per the Condensed Consolidated Statement of Cash Flow. However, this is not related to rent payments. This is related to purchase of previously leased locations from Carlyle. As a result, the impact is removed Non-Cash GAAP Rent 1.4 2.5 Sum of above items Total Operating Lease Costs 24.2 24.4 Note 4 - Leases – disclosed in the components of the net lease cost table (represents cash and non-cash GAAP rent) Cash GAAP Rent 22.8 21.9 Total Operating Lease Costs less Non-Cash GAAP Rent Total cash paid for finance lease liabilities 7.5 8.3 Note 4 - Leases – disclosed in the cash paid for amounts included in the measurement of lease liabilities table Total cash paid for financing obligations 8.3 8.1 Note 4 - Leases – disclosed in the cash paid for amounts included in the measurement of lease liabilities table Capitalized Cash Rent 15.8 16.4 Sum of cash paid for finance lease liabilities and financing obligations Total Cash Rent 38.6 38.3 Sum of Cash GAAP Rent and Capitalized Cash Rent Amounts (in millions) 25