Penn Entertainment, Inc. · NASDAQ:PENN
Penn Entertainment — Q4 2025 Earnings Presentation
18 slides from Penn Entertainment's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
FOURTH QUARTER 2025 EARNINGS PRESENTATION February 26, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES In addition to GAAP financial measures, management uses Adjusted Revenues as a non-GAAP financial measure. This non-GAAP financial measure should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance wit
Slide 4: Company Highlights
COMPANY HIGHLIGHTS Meaningful cash flow generation expected in ‘26 driven by Retail, Interactive, $10M+ annualized run-rate Corporate savings & maintenance capex right-sizing Positioned to de-lever lease adjusted net leverage by more than 1 turn in 2026 and opportunistically return capital to shareh
Slide 5: Executing in 2026
EXECUTING IN 2026 Drive Sustainable Cash Flow Reduce Leverage Capital Return Optionality v 5
Slide 6: Foundations of 2026 Cash Flow Growth
FOUNDATIONS OF 2026 CASH FLOW GROWTH We expect to generate Y/Y segment adjusted EBITDAR growth of 20% in 2026 Retail Interactive High quality portfolio + new projects expected Projected to achieve break-even adj. to drive +3% adj. EBITDAR growth Y/Y EBITDA, an improvement of $268M+ Y/Y Corporate Ove
Slide 7: Significant Cash Flow Growth Expected in 2026
SIGNIFICANT CASH FLOW GROWTH EXPECTED IN 2026 ($’s in millions) 2025 2026 Y/Y Actuals Guidance(1) Growth Retail Segment Adj. EBITDAR $1,869 $1,920 +$51 Interactive Adj. EBITDA ($268) $0 +$268 Corporate Overhead & Racing(2) ($140) ($119) +$21 Significant Cash Maintenance Capex ($239) ($220) +$19 Flow
Slide 8: Retail Segment Overview
RETAIL SEGMENT OVERVIEW Most diversified regional gaming operator, positioned to benefit from growth projects & omni-channel strategy 42 Retail properties located across 19 U.S. states 30 Retail properties located in states with OSB and/or iCasino 5 Development projects to enhance portfolio (2 opene
Slide 9: Retail Segment Performance – Q4 2025
RETAIL SEGMENT PERFORMANCE – Q4 2025 Q4 2025 Summary Q4 2025 Commentary For the three months ended December 31, For the twelve months ended December 31, • Weather events in December negatively impacted segment adj. EBITDAR by ~$7M (in millions, unaudited) 2025 2024 % Change 2025 2024 % Change Retail
Slide 10: Development Projects Driving Growth
DEVELOPMENT PROJECTS DRIVING GROWTH Hollywood Joliet Relocation M Resort Hotel Tower (Opened August 11, 2025) (Opened December 1, 2025) Delivering strong results from both new and Capturing previously unmet demand and reactivated customers seeing continued momentum ➢ Active players +129% Y/Y since o
Slide 11: Upcoming Development Projects
UPCOMING DEVELOPMENT PROJECTS Hollywood Aurora Hollywood Columbus Hollywood Council Relocation Hotel Tower Bluffs Relocation (Coming: Late 2Q 2026) (Coming: Late 2Q 2026) (Coming: Late 2027 – Early 2028) Relocation of riverboat to land-based Addition of hotel to create a regional Relocation of river
Slide 12: Interactive Segment Strategic Priorities
INTERACTIVE SEGMENT STRATEGIC PRIORITIES U.S. iCasino States Canada U.S. OSB-Only States Product Offering iCasino OSB Media iCasino OSB Media OSB Media Footprint MI, NJ, PA, WV Ontario, Alberta(1) 17 U.S. Jurisdictions Brands • Dual-brand strategy with theScore & • Unified brand strategy behind • Un
Slide 13: Interactive KPIs – Q4 2025
INTERACTIVE KPIS – Q4 2025 Q4 2025 Summary Q4 2025 Commentary For the three months ended For the twelve months ended • Successfully rebranded U.S. online sportsbook to December 31, December 31, theScore Bet on December 1, 2025 and achieved (in millions, unaudited) 2025 2024 % Change 2025 2024 % Chan
Slide 14: Post-Rebrand Trends
POST-REBRAND TRENDS December 2025 – January 2026 KPIs U.S. iCasino & OSB % Change Y/Y(1) Other Metrics % Change Y/Y(1) iCasino NGR +32% U.S. Gaming +204% OSB Handle (24%) Adj. Gross Profit(4) OSB NGR +102% Total Interactive (65%) (2) Marketing Spend Average MAUs +7% ARPMAU(3) +54% Total Interactive
Slide 15: Appendices
APPENDICES
Slide 16: Omnichannel Strategy
OMNICHANNEL STRATEGY Retail Gaming Media Online Gaming 42 Properties in 19 U.S. States One of the most popular sports media platforms Online Sportsbook in 21 U.S. Jurisdictions + Ontario in North America with approximately 4 million 35 Retail Sportsbooks in 16 U.S. States monthly active users across
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION For the three months ended December 31, For the twelve months ended December 31, ($ in millions, unaudited) 2025 2024 2025 2024 Interactive segment revenues $398.7 $275.0 $1,302.6 $959.9 Tax gross-ups (1) (182.7) (132.8) (588.3) (435.6) Adjusted Interactive segment re
Slide 18: Entertainment
ENTERTAINMENT