VENU

• Expansion Pipeline and New Site Announcements

  • Announced a new venue development in Chattanooga, Tennessee at The Bend on the Tennessee River, and is in ongoing discussions for a new destination in northern Colorado
  • The company holds active expansion conversations with more than 45 different municipalities, reflecting strong market validation of its venue ownership and development model
  • Regent Bank signed a multi-year, multi-million dollar naming rights agreement for the new amphitheater outside Tulsa, Oklahoma, adding high-margin long-term revenue
  • Experienced venue operator Legends Global will run the new Regent Bank Amphitheater, and industry veteran Ron Bentzian joined the team as a strategic advisor for large-scale growth
  • Venue Holding was added to both the Russell 3000 and Russell 2000 indexes, expanding access to a broader base of institutional investors

• Financing Strategy Update

  • Secured a clear path to over $150 million in non-dilutive, long-term fixed-rate C-PACE financing for the two in-progress projects in Broken Arrow (Oklahoma) and McKinney (Texas)
  • C-PACE financing is structured as a property tax assessment (not a corporate asset lien), and is expected to cover the full remaining construction balance for both projects
  • Two bridge loans (one from long-term partner Ryan LLC) have been put in place to keep construction moving ahead of the permanent C-PACE closing; both bridge loans will be retired once C-PACE funding is completed
  • The company's ground-up land ownership model enables access to this favorable financing, creating a structural competitive advantage during growth

• Product and Business Momentum

  • Cumulative Fire Suite sales have surpassed $285 million total since the program launched, with particularly strong sales in Q2 2026
  • Industry coverage has highlighted the company's Fire Suite model as a leading example of the broader consumer shift toward experience spending, and noted the company's pipeline as a template for the current strong amphitheater development cycle in the U.S.

• Management confirmed that near-term (year-to-date and next few quarters) net losses are fully expected, as construction and pre-opening expenses are incurred before new venues generate revenue, with approximately $600 million in assets expected to come online between Q2 2026 and Q1 2027
• The Broken Arrow venue is on track to open within 90 days of the call, with booking already underway for December 2026 and Q1 2027, and over 25 show holds already placed. It is projected to generate ~$22 million EBITDA in its first full year of operation, stabilizing at ~$25 million annual EBITDA
• The McKinney Sunset Amphitheater is projected to be completed in March 2027, with 20-25 show holds already placed. It is projected to generate $38-$39 million EBITDA in its first full year, stabilizing at $45-$46 million annual EBITDA
• The company's first six venues are expected to produce $125-$130 million in total annual operating EBITDA once fully operational, with full stabilization expected 28-29 months from the call. Five additional venues are planned to be under construction over that same period
• Management expects to reach profitability by the early third quarter of 2027, and anticipates being able to provide formal full company financial guidance by mid-2027

The call does not break out financial performance for separate product or business segments. Aggregate company-wide results for the six months ended June 30, 2026 are: total revenue of $8.5 million, a 7% year-over-year increase from $8 million in the prior year period. Total Lux Fire Suite and Eggman Club sales reached $278 million cumulative as of June 30, 2026, with $30 million in Fire Suite sales recorded during Q2 2026; 76% of these Q2 sales were under the company's triple net model. Total assets increased 38% to $511.8 million as of June 30, 2026 from $370.5 million at the end of 2025, and property and equipment increased 46% to $446 million from $305.9 million at the end of 2025. Net tangible assets per common share were $4.44 GAAP as of June 30, 2026, or ~$9.58 per share when accounting for the zero cost basis of contributed municipal real estate on the balance sheet.

• Management acknowledged that current pessimism among market participants about the company's ability to complete and open its large-scale construction projects has resulted in more sellers than buyers for the company's stock, leading to a depressed share price
• Large-scale venue development is capital-intensive, requiring hundreds of millions in upfront spending before revenue is generated, creating extended periods of near-term losses
• The company does not plan to mark contributed municipal real estate up to market value on its GAAP balance sheet, so the full underlying value of these assets will not be reflected in reported GAAP net tangible assets unless the assets are sold or refinanced

Q: With the company deep in the construction phase for its two major projects, what is the clear path to profitability from here? / A: Management confirmed Broken Arrow will open in ~90 days, with first-year EBITDA of ~$22 million stabilizing at $25 million, while McKinney will open in March 2027 with first-year EBITDA of $38-$39 million stabilizing at $45-$46 million. The first six venues will produce $125-$130 million total annual EBITDA, with profitability expected by early Q3 2027, and formal guidance starting mid-2027. Five more venues will be under construction as these first open, sustaining long-term growth.

Q: When will the company's growth and profitability be reflected in the stock price, and what is the reason for the current depressed valuation? / A: Management noted the low share price stems from more pessimistic sellers than optimistic buyers, with sellers betting the company will not deliver on its opening plans. Management has personally invested hundreds of thousands of dollars in stock already and plans to invest more once the blackout period ends, as they are confident the venues will open on time. Valuation should adjust once shows are announced and tickets go on sale for Broken Arrow, expected in the next 3-4 weeks. The C-PACE financing structure also lowers capital and occupancy costs, making venues more profitable than prior projections.

Q: What is the structure of the C-PACE financing, will it be disbursed all at once or in tranches? / A: C-PACE financing is disbursed in tranches starting approximately six months before each venue's opening, with tranches compressing as opening nears for Broken Arrow, following the same schedule for McKinney. C-PACE is a tax assessment-based financing that acts as a long-term capital partner, allowing most properties to be free of traditional first mortgages, with 35-40% LTV and flexible terms that are a good fit for the company's model.

Q: What operating milestones are needed to support a $10-$15 per share valuation on reasonable metrics? / A: Using a 25-30x EBITDA multiple (standard for the sector with the company's growth profile) and ~60 million fully diluted shares, $25 million in annual EBITDA would support a $10+ share price, which the company is on track to hit after opening the first two venues. The company's current pipeline of in-development venues is projected to produce over $125 million in annual EBITDA, which would support a ~$35 per share fully diluted valuation after accounting for additional cash from exercised warrants that reduces future financing needs.