Accel Entertainment, Inc. · NYSE:ACEL
Accel Entertainment — Q3 2025 Earnings Presentation
18 slides from Accel Entertainment's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Investor Presentation
Third Quarter 2025 Investor Presentation November 2025
Slide 2: Important Information
Important Information Forward-Looking Statements This presentation contains 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. All statements, other than statements of historical
Slide 3: Accel at a Glance
Accel at a Glance • Accel is a leader in the growing locals gaming segment, offering significant untapped potential within the broader gaming market • We operate a resilient business model with multiple opportunities to continue to generate strong and consistent financial performance • Our broader p
Slide 4: High Quality Turn-Key Solution Provider for Locals Gaming
High Quality Turn-Key Solution Provider for Locals Gaming • As of September 30, 2025, Accel owned and operated 27,714 gaming terminals across 4,451 locations in Illinois, Montana, Nevada, Louisiana, Nebraska and Georgia 4
Slide 5: Long-term Record of Growth
Long-term Record of Growth Average Daily Net Gaming Revenue(1) ($ in thousands) CAGR: 21.2% 3,386 3,204 3,051 2,534 2,030 1,383 1,125 882 2018 2019 2020 2021 2022 2023 2024 2025 (through September 30, 2025) 1. Calculated as Net Gaming Revenue in the period divided by the number of operational days.
Slide 6: Strong Visibility with Contracted, Recurring Revenue
Strong Visibility with Contracted, Recurring Revenue Long-term recurring agreements Continued strong customer engagement Diversified pipeline of new location opportunities 6
Slide 7: Disciplined Stewards of Capital
Disciplined Stewards of Capital Balance sheet strength • Closed new $900 million credit facility, extending maturities to 2030, lowering cost of capital and further enhancing growth capital flexibility • $590 million of liquidity consisting of – $290 million of cash – $300 million of availability un
Slide 8: Q3 2025 Highlights
Q3 2025 Highlights • Revenues of $330 million − An increase of 9.1% compared to Q3 2024 • Without the acquisition of Fairmount Park and Toucan Gaming (Louisiana), total revenue was $310 million for Q3 2025, an increase of 2.6% compared to Q3 2024 • Net income of $13 million − An increase of 171.8% c
Slide 9: Q3 2025 Highlights (Continued)
Q3 2025 Highlights (Continued) • CapEx totaled $21 million in Q3 2025 and $74 million year-to-date − Excluding Fairmount Park and Louisiana, capex spend is $43 million, down 20% compared to year-to-date 2024 − We are affirming our full year 2025 forecast of $75-80 million, including approximately $3
Slide 10: Expansion in Core and Developing Markets
Expansion in Core and Developing Markets Locations (#) Terminals (#) CAGR: 14.0% CAGR: 19.3% 27,714 4,451 26,509 4,289 1,027 4,149 25,363 780 991 356 882 670 275 659 688 3,761 243 276 23,106 2,757 252 345 2,685 104 219 96 332 2,744 140 352 356 370 2,614 335 615 6,448 6,628 611 625 6,252 2,635 586 5,
Slide 11: Consistent, Strong Revenue and Adjusted EBITDA Performance
Consistent, Strong Revenue and Adjusted EBITDA Performance Revenue ($ in millions) Adjusted EBITDA(1) ($ in millions) $330 $9 $51 $302 $9 $287 $7 $46 $26 $5 $44 $267 $28 $28 $41 $40 $38 $28 $40 $39 $33 $193 $1 $239 $223 $212 $192 $201 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2021 Q3 2022 Q3 2023 Q
Slide 12: Q3 2025 Results
Q3 2025 Results $ in millions Q3 2025 Q3 2024 % Change Q3 2025 Q3 2024 % Change Locations 4,451 4,289 4% Revenue By State Illinois $239 $223 7% Terminals 27,714 26,509 5% Montana 40 40 2% Revenue $330 $302 9% Nevada 26 28 (7)% Adj EBITDA(1) $51 $46 12 % Louisiana 9 — N/A Nebraska 9 7 30 % CAPEX $21
Slide 13: Historical Financial Summary
Historical Financial Summary $ in millions Twelve months ended Three months ended Q3 Nine months ended YTD December 31, September 30, YoY September 30, YoY 2021 2022 2023 2024 2024 2025 Growth 2024 2025 Growth No. of Locations 2,584 3,741 3,961 4,117 4,289 4,451 4% 4,289 4,451 4% No. of Terminals 13
Slide 14: Income Statement
Income Statement $ in millions, except per share amounts Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net revenues: Net gaming $ 308 $ 290 $ 924 $ 871 Amusement 5 5 16 17 Manufacturing 2 2 7 9 ATM fees and other 15 5 41 16 Total net revenue 330 302 990 913 Ope
Slide 15: Balance Sheet
Balance Sheet $ in millions September 30, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents $ 290 $ 281 Other current assets 43 45 Total current assets 334 326 Property and equipment, net 341 308 Route and customer acquisition costs, net 30 23 Location contracts acquired, net 1
Slide 16: Cash Flow
Cash Flow $ in millions $ in millions Nine Months Ended Q3 2025 Q3 2024 Cash flows from operating activities: Net income $ 35 $ 27 Non-cash items included in net income: Depreciation and amortization of property and equipment 39 32 Amortization of route and customer acquisition costs and location co
Slide 17: Definition of Non-GAAP Financial Measures
Definition of Non-GAAP Financial Measures Accel uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. Management believes these non-GAAP financial measures enhance the understanding of our underlying drivers of profitabili
Slide 18: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation $ in millions Twelve months ended Three months ended Nine months ended December 31, September 30, September 30, 2021 2022 2023 2024 2024 2025 2024 2025 Net Income 32 74 46 35 5 13 27 35 (+) Amortization of intangible assets and route and customer acquisition costs 22