AGM addresses to shareholders

For personal use only

Ardent Leisure Group Limited (ACN 628 881 603)

____________________________________________________________________________________

ASX RELEASE

10 November 2021

AGM Addresses

In accordance with Listing Rule 3.13.3, please find attached the addresses to be delivered at today's Annual General Meeting of Ardent Leisure Group Limited, commencing at 10:00am (AEDT).

The meeting can be accessed at https://agmlive.link/ALG21

Authorised by the Company Secretary of Ardent Leisure Group Limited

Chris Todd

Company Secretary

Ph: +61 2 9168 4604

For personal use only

Ardent Leisure Group Limited

Annual General Meeting

Wednesday, 10 November 2021 at 10:00am (AEDT)

AGM Addresses

Dr Gary Weiss AM, Chairman

Good morning everyone and welcome to the Annual General Meeting of Ardent Leisure Group Limited.

My name is Gary Weiss and I am the Chairman of Ardent Leisure.

As with many companies this year, we have decided to conduct Ardent's annual general meeting in a virtual format due to the pandemic and ongoing restrictions around travel and physical gatherings, and to ensure the safety of all persons attending the meeting.

Before I formally open the meeting, I will outline some procedural matters for conducting today's meeting.

If you experience any technical issues during the meeting, we have published a virtual meeting guide on our website, which includes details on how to seek assistance if you experience any difficulties.

A recording of today's meeting will be available on our website later this afternoon.

Shareholders will have the opportunity to ask questions in this virtual meeting format. If you are a shareholder or proxy, attorney or representative of a shareholder and wish to ask a question about an item of business, please click the icon 'Ask a Question' on your screen, select the item of business your question relates to, and then click 'Submit Question' once you have typed your question.

If you have questions already prepared, please submit them now on the platform so that we can answer as many questions as possible when we come to the relevant agenda item. You do not need to wait until the relevant item of business. Any questions of a general nature, and not relating specifically to an item of business, will be answered at the end of the meeting.

I now confirm that a quorum is present, and I declare the meeting open.

It is my pleasure to introduce you to the members of the Ardent Leisure Board in attendance today. David Haslingden joins me online in Sydney. Also joining us online from the United States are Brad Richmond and Randy Garfield.

I would also like to welcome members of the executive team. Online from the United States are Darin Harper, Group Chief Financial Officer, and Chris Morris, Chief Executive Officer of Main Event Entertainment. Also joining us from the Gold Coast is Greg Yong, Chief Executive Officer of our Theme Parks & Attractions business.

The Group's auditor, Ernst & Young, represented by John Robinson, is also in attendance online today and is available to answer questions in relation to the auditor's report.

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The format for today's meeting will be as follows:

• I will start by providing some opening remarks regarding the activities and performance of the Group for the year and will then hand over to Chris and Greg to provide more detailed updates on each of the Main Event and Theme Parks & Attractions businesses.
• We will then move to the formal business of the meeting, which includes resolutions adopting the Remuneration Report, re-electing Brad Richmond as a director and renewing the proportional takeover provisions in the Company's constitution.

All resolutions to be put to the meeting today will be decided by way of poll.

Shareholders attending the meeting online will be able to cast their vote using the electronic voting card received when your online registration is validated. Further information and assistance with online voting can be found in the virtual meeting guide available on the Group's website.

Introduction

During the year, Ardent, along with other businesses exposed to the broader travel, leisure, tourism and entertainment sectors, continued to be adversely impacted by the COVID-19 pandemic.

Despite the enormous challenges and disruptions presented by the pandemic throughout the year, we were pleased to report some improvement in our statutory results, with a net loss after tax of $86.9 million compared to a loss of $136.1 million in the prior year.

Although our Group revenue from operations of $390.7 million was down $7.6 million on the prior year, EBITDA (excluding Specific Items) of $30.6 million was up $24.9 million on the prior year, driven primarily by a recovery in our US Main Event business in the latter part of the year.

Main Event

Main Event revenue increased US$34.1 million and EBITDA (excluding Specific Items) improved by US$22.9 million compared to the prior year.

The start of the FY21 financial year saw 38 of our 43 Main Event centres reopened, albeit with some restrictions in place, as well as the opening of a new centre at Wesley Chapel in Tampa, Florida.

Momentum was starting to build, and the business was recovering steadily until the onset of a second wave of the pandemic in the US in November 2020. This forced the closure again of five sites for several weeks, with operations at several other sites also impacted by local restrictions.

As the second wave waned and an accelerated vaccination program rolled out in the US, we have seen a significant recovery in the US business, particularly in the period since March 2021. This includes an increase in constant centre revenues to levels which have been exceeding FY19 pre- COVID levels.

As mentioned, in mid-July 2020, we saw the opening of a new centre at Wesley Chapel in Tampa, Florida - now one of our highest revenue generating units and, by the end of June 2021, all 44 centres were opened for trading.

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We also have seen a resumption of our development pipeline, which had been temporarily paused at the onset of the pandemic. In September 2021, the business opened a further new site at Chesterfield, Missouri and this site has, pleasingly, produced a very strong performance in its first two months of trading.

Overall, the US business is trading strongly and Main Event is now well positioned from both a capital and liquidity perspective. Our partnership with Redbird Capital Partners, who invested US$80.0 million into the business in June 2020, remains on an excellent footing and the recent strong performance of Main Event has reinforced our mutual confidence in the future potential of the business.

Theme Parks & Attractions

In our Australian Theme Parks & Attractions business, recovery continues to be challenged by ongoing international and domestic border restrictions and snap lockdowns, many of which have occurred leading into, and during, our critical school holiday trading periods.

The unpredictability of these restrictions unfortunately brought a premature end to the Christmas and Easter school holidays which are typically the most material trading periods for the business.

As a result, revenue for the division decreased $18.5 million to $36.0 million and the business incurred an EBITDA loss (excluding Specific Items) of $10.3 million, compared to a loss of $7.7 million in the prior year.

Despite these challenges, the business has responded well with initiatives to maximise volume within the local drive market, including pricing activations strategies which have helped deliver strong annual pass sales and renewals and positive guest sentiment.

With the ongoing focus on vaccinations and Government plans to open up Australia when stated vaccination thresholds are attained, we remain optimistic that this business will benefit from similar pent-up demand as recently seen in the sector in the United States.

The launch of the new world class Steel Taipan rollercoaster, scheduled for December 2021, is also gathering much interest and excitement and we believe this will help drive visitation to Dreamworld when conditions improve.

Corporate

At the Group level, we continue to carefully manage corporate costs and, in FY21, these were held broadly in line with the prior year.

The Group's cash preservation strategies remained very much in focus during the pandemic. At Main Event, our net leverage ratio in June 2021 was well below the covenant levels required by our US lenders. This achievement reflects strong liquidity in the US business and management's disciplined approach in controlling operating costs and capital expenditure to mitigate the impact of COVID-19 on the overall Group's performance and cash flows.

Our absolute priority in both businesses continues to be on ensuring the health and safety of our guests and team members, and we have robust safety protocols and COVID-Safe plans in place to ensure this.

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Leadership

Ardent is extremely fortunate to have highly experienced and dedicated leadership in place at both of its businesses. In the US, the Main Event team, headed by Chris Morris and Darin Harper, has been inspirational and have executed to the highest standards. In Australia, Greg Yong and his team have led by example during these most difficult times and have continued to drive excellent execution throughout. Prior to being appointed CEO of the Theme Parks & Attractions business, Greg had been Chief Operating Officer of the business for over two years, working alongside John Osborne, the previous CEO. Greg brings a wealth of experience in the theme park industry, both in Australia and overseas, and has assembled a great team.

I am also pleased to announce today that former Walt Disney senior executive Erin Wallace will join the Ardent Leisure Board as an independent Non-Executive Director on 1 January 2022. There are few senior executives with the experience and expertise that Erin has in the leisure and "out of home" experiential sectors, and her appointment comes at a time when both of Ardent's businesses are gaining momentum in the recovery from the impacts of the COVID-19 pandemic. I refer you to the separate announcement released to the ASX this morning.

Conclusion

In conclusion, while we expect uncertainty from the pandemic and associated restrictions to continue for the remainder of this financial year, we remain confident that Ardent is well positioned for future growth once market conditions begin to improve.

Recovery is well under way in our US business, and we believe that recovery in our Australian operations should follow suit in due course. The Board believes that there exists considerable scope to rebuild shareholder value over the medium term.

On behalf of my Board colleagues, I would like to thank Chris, Darin, Greg and all our team members for their hard work, dedication and resilience this year.

It is now my pleasure to invite Chris Morris to provide an update on Main Event. He will be followed by Greg Yong, who will provide an update on the Theme Parks & Attractions business.

Following these updates, we will move to the formal business of the meeting.

Mr Chris Morris - President & Chief Executive Officer - Main Event Entertainment

Main Event Update

Thank you, Gary, and good morning everyone. It is a pleasure to be here with you today.

We are very optimistic about where our business is going and believe our current performance is a testament to all the great work being done throughout all areas of the Company and all over the country by our passionate and driven team members. We are blessed to be surrounded by a world class team of individuals committed to fulfilling our mission each and every single day.

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