Dave & Buster Entertainment : June 2024 – Investor Day Progress Update

Update on progress on initiatives outlined in 2023 Investor Day

June 2024

Disclaimer

The information contained in this presentation (the "Information") does not purport to contain all of the information that may be required or desired by a recipient to evaluate Dave & Buster's Entertainment, Inc. and its affiliates (collectively, the "Company"). In all cases, interested parties should conduct their own independent investigation and analysis of the Company and its business, assets, financial condition and prospects. Neither the Company nor any of its affiliates, employees, representatives or advisors assumes any responsibility for, or makes any representation or warranty (express or implied) as to, the reasonableness, completeness, accuracy or reliability of the financial projections, estimates and other information contained herein, which speak only as of the date identified on the cover page of this presentation. The Company and its affiliates, employees, representatives and advisors expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions therefrom. Neither the Company nor any of its affiliates, employees, representatives or advisors intends to update or otherwise revise the financial projections, estimates and other information contained herein to reflect circumstances existing after the date identified on the cover page of this presentation to reflect the occurrence of future events even if any or all of the assumptions, judgments and estimates on which the information contained herein is based are shown to be in error.

Certain statements and information in this presentation may constitute forward-looking statements with respect to the Company and its affiliates as of the date identified on the cover page of this presentation within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "anticipate," "guidance," "plan," "potential," "expect," "should," "will," "forecast," "target" and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations, assumptions and/or beliefs concerning future events.

As a result, these forward-looking statements rely on a number of assumptions, forecasts and estimates, and therefore, these forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual performance to differ materially from that projected in such statements. Such forward-looking statements may include, but are not limited to, statements concerning our market commentary and performance expectations. Statements that are not historical in nature, including the words "anticipate," "may," "estimate," "should," "seek," "expect," "plan," "believe," "intend," and similar words, or negatives of those words, are intended to identify forward-looking statements.

Among the factors that could cause actual results to differ materially include, but are not limited to the company's future financial condition, results of operations, strategy and plans industry cyclicality and seasonality and adverse weather conditions; challenging economic conditions; an increase in the macroeconomic inflationary environment; our ability to successfully achieve price increases to offset cost increases; our ability to successfully implement operational efficiency initiatives; our ability to successfully integrate our acquired businesses; retention and replacement of key personnel; volatility in the U.S. and international economies and in the credit markets the impairment of goodwill and/or intangible assets; our ability to successfully develop new products or improve existing products; enforcement and obsolescence of our intellectual property rights; costs related to compliance with, violations of or liabilities under environmental, health and safety laws; competitive activity and pricing pressure in our industry; our ability to carry out restructuring plans and to fully realize the expected cost savings; global climate change, including legal, regulatory or market responses thereto; breaches of our information system security measures; damage to our computer infrastructure and software systems; maintenance or replacements to our enterprise resource planning technologies; potential personal injury, property damage or product liability claims or other types of litigation; compliance with certain laws related to our international business operations; increases in labor costs, potential labor disputes, union organizing activity and work stoppages at our facilities or the facilities of our suppliers; significant changes in factors and assumptions used to measure certain of our defined benefit plan obligations and the effect of actual investment returns on pension assets; our ability to compete effectively against competitors; additional costs from new regulations, including changes in building codes; volatility of the Company's stock price, our directors or executives, our substantial indebtedness and our ability to incur substantially more indebtedness; limitations that our debt agreements place on our ability to engage in certain business and financial transactions; our ability to obtain financing on acceptable terms; downgrades of our credit ratings and the effect of increased interest rates on our ability to service our debt. See also the "Risk Factors" in the Company's Annual Report for the year ended February 4, 2024, and other risks described in documents subsequently filed by the Company from time to time with the SEC, which identify other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in these forward-looking statements. The Company expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-Looking Statements

This presentation includes certain "non-GAAP financial measures" (as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G) including, but not limited to, Adjusted EBITDA, Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Conversion, Pro Forma Net Revenue, Pro Forma Net Sales and Net Leverage . The Company believes that the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to, considered superior to or in isolation from reported results determined in accordance with U.S. GAAP. This presentation includes reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP in the Appendix to this presentation. When analyzing the Company's performance or liquidity as applicable, you should independently evaluate each adjustment in these reconciliations and the explanatory footnotes regarding those adjustments.

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Section 1

Executive Summary

Executive Summary

• Meaningful progress on all initiatives
• • All initiatives are meeting or exceeding expectations
• New opportunities / initiatives identified
• • F&B pricing, remodel strategy, incremental cost savings
• Substantive impact expected over the next several months
• • Scaling / rolling out successfully-tested initiatives
• Remain confident in our target of ~$1 billion Adj. EBITDA

2

What we've done

Item		What we've done		What we've seen	Progress(a)
					0	10
1. Marketing	−	Hired new CMO	−	Meaningfully grew loyalty program metrics (members + spend)
−	Engaged new creative agency
optimization	−	Substantially improved customer engagement		2
−	Tested various promotional campaigns
2. Strategic	−	Conducted various price tests at various stores	−	Experienced significantly improved spend and sales trends with no impact
games pricing	−	Raised chip prices for first time in 20+ years		to guest satisfaction		4
3. Improved F&B	−	Implemented new service model and new menu across the portfolio	− Experienced improved F&B guest satisfaction scores, attachment, check
	size, sales trends, and gross margins		3
	− Opened 9 D&B store remodels	−	Cohort of remodeled D&B stores are up in sales and traffic vs. prior year
4. Remodels	−	Identified optimal remodel design
−	Fully Programed remodels are up 10%+ in both sales and traffic(b)		1
	− Scaled up construction resources
5. Special events	−	Tested returning in-store sales managers into select stores	−	Exceeded 2019 levels by 9%+ in stores with in-store managers(c)
	2
6. Tech	−	Upgraded IT infrastructure (i.e. wifi, payment processors) in 50% of stores	−	Improved guest satisfaction
enablement	− Majority of stores have improved customer facing technology (i.e. kiosks,	−	Improved labor efficiency subsequent to quarter end		3
	tablets)
7. Domestic	−	Opened 15 new Total Company stores in last 12 months	−	Continued to realize strong ROI in-line with historical results (~40%+)
	3
8. International	− Signed agreements for 7 additional international franchise D&B stores	−	Strong demand for the D&B brand abroad and robust partner engagement
	− Total signed international franchise stores at 38		1
9. Cost savings	−	Executed on ~50% of identified cost savings	−	Improved gross margin % and identified significant additional margin
	− Realized ~20% of identified cost savings		opportunities		2
(a) Reflects internal view of work that has been completed relative to full optimization potential of opportunity				3
(b) Fully programmed remodel growth calculated using average year-over-year revenue growth of each remodel from completion date through week 16, which ended May 28, 2024
(c) Special events sales growth vs. 2019 calculated using Q1 2024 sales growth vs Q1 2019 in stores with in-store managers for all of Q1 2024

What's left to be done

Item		What's left to be done	Adj. EBITDA
	Opportunity
1. Marketing optimization	− Optimize media mix and messaging	~$175 - $235mm
−	Leverage large-scale traffic driving partnerships, including during the upcoming summer movie and fall / winter sports seasons
	− Continue to optimize games pricing across the rest of the portfolio
2. Strategic games pricing	−	Regularly increase prices in-line with inflation	~$80 - $120mm
	− Implement new yield management strategies to drive increased check during peak times and increased traffic during off-peak times
	− Rollout additional menu innovation to drive attachment with focus on special events and beverage offerings (Aug. 2024)
3. Improved F&B	−	Continue to improve service model and drive F&B OSAT, attachment, spend and sales trends	~$75 - $100mm
	− Expand recently tested pricing / menu structure across additional stores in the portfolio
	− Increase pace of remodel openings
4. Remodels	−	Expect to have 35% of system updated by FY2024, 68% by FY2025 and 100% by FY2026(a)	~$40 - $75mm
	− Continue to value engineer and optimize impact of remodels
	− Place sales managers in additional stores / markets (40+ additional expected by end of FY2024)
5. Special events	−	Benefit from improved special events menu and service model to be rolled out in Q3 24	~$40 - $45mm
	− Benefit from improved special event capabilities in remodeled D&B stores
6. Tech enablement	− Complete integration of improved IT Infrastructure across the portfolio	~$20 - $25mm
−	Implement new POS systems
7. Domestic	− Open 10 additional Total Company stores in FY2024	~$130 - $155mm
−	Open 16 Total Company stores annually in FY2025 and beyond
8. International	− Open first international Dave & Buster's stores within the coming months	~$60 - $80mm(b)
−	Continue signing additional franchise agreements and opening international franchised stores
9. Cost savings	− Continue to execute on identified cost opportunities	~$60 - $80mm
−	Identify additional cost opportunities

~$680 - $915mm

(a) Percentage of system refers to the percentage of Dave & Buster's comparable store base as of FY 2023	4
(b) International EBITDA reflects long-term opportunity

New and incremental opportunity

• Improved F&B:we have realized significantly less price than competitors since COVID
• • Opportunity to generate higher revenue per customer
• Remodels:we have seen strong performance from fully programmed remodel design
• • Opportunity to accelerate remodel program
  • Opportunity to remodel ~100% of D&B system by FY2026(a)
  • Opportunity to primarily execute fully programmed remodels going forward
• Cost savings:we have identified incremental cost savings vs. those presented at 2023 Investor Day
• • Opportunity to realize ~$10 - $20 more cost savings than presented at 2023 Investor Day

(a) Percentage of system refers to the percentage of Dave & Buster's comparable store base as of FY 2023

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Section 2

Select Case Studies on Organic Growth Initiatives

1 Significant improvement in consumer engagement

Hyper-targeted promotions and data-driven insights leading to

substantial engagement growth

✓	Unique website visitors
	+49%

	23	2
✓	Social media engagements (a)
	+3x

Continued success in loyalty member acquisition and engagement

✓	Active loyalty members
	+23%

23

2

✓	Loyalty Member Visitation vs Non-Members
	2

23	2	2023 nvestor Day	2

(a) Social media engagements reflects likes, comments and shares across major social media platforms including TikTok, Instagram, Facebook, Snapchat and LinkedIn

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1 Promotions successfully driving weekday sales

Monday - Thursday performance during promotional test periods in Q1

2

gro th ur ng promot onal per o s	hange n	gro th ur ng promot onal per o s
	vs pr or to promot onal per o s

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