Accel Entertainment, Inc. · NYSE:ACEL
Accel Entertainment — Q2 2025 Earnings Presentation
18 slides from Accel Entertainment's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation August 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 June 30, 2025, Accel owned and operated 27,388 gaming terminals across 4,427 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: 21.3% 3,403 3,204 3,051 2,534 2,030 1,383 1,125 882 2018 2019 2020 2021 2022 2023 2024 2025 1. Calculated as Net Gaming Revenue in the period divided by the number of operational days. There were 217 and approximat
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 soon to be contracted locations 6
Slide 7: Disciplined Stewards of Capital
Disciplined Stewards of Capital Balance sheet strength • $392 million of liquidity consisting of – $265 million of cash – $127 million of availability under our credit facility High returns on invested capital • Return capital to shareholders via share repurchase program • Since fourth quarter 2021,
Slide 8: Q2 2025 Highlights
Q2 2025 Highlights • Record revenues of $336 million − An increase of 8.6% compared to Q2 2024 • Without the acquisition of Fairmount Park and Toucan Gaming (Louisiana), total revenue was $317 million for Q2 2025, an increase of 2.4% compared to Q2 2024 • Net income of $7 million − A decrease of 50.
Slide 9: Q2 2025 Highlights (Continued)
Q2 2025 Highlights (Continued) • CapEx totaled $26 million in Q2 2025 and $53 million year-to-date − We are affirming our full year 2025 forecast of $75-80 million, including approximately $39-41 million for our legacy markets, $5-7 million for Louisiana, and $31-32 million for Fairmount Park • Repu
Slide 10: Expansion in Core and Developing Markets
Expansion in Core and Developing Markets Locations (#) Terminals (#) CAGR: 14.4% CAGR: 19.6% 27,388 4,427 26,481 4,294 959 24,861 724 975 4,017 260 342 844 626 493 165 275 22,521 609 239 2,735 2,650 3,600 197 98 365 2,782 103 359 8 355 355 2,585 332 620 6,435 6,508 610 616 6,210 2,582 585 5,742 55 1
Slide 11: Consistent, Strong Revenue and Adjusted EBITDA Performance
Consistent, Strong Revenue and Adjusted EBITDA Performance Revenue ($ in millions) Adjusted EBITDA(1) ($ in millions) $336 $8 $53 $309 $10 $50 $293 $6 $27 $47 $4 $29 $43 $43 $30 $40 $43 $228 $39 $9 $202 $11 $1 $245 $227 $206 $216 $201 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2021 Q2 2022 Q2 2023 Q
Slide 12: Q2 2025 Results
Q2 2025 Results $ in millions, except %s Q2 2025 Q2 2024 % Change Q2 2025 Q2 2024 % Change Locations 4,427 4,294 3% Revenue By State Illinois $245 $227 8% Terminals 27,388 26,481 3% Montana 40 43 (6)% Revenue $336 $309 9% Nevada 27 29 (8)% Adj EBITDA(1) $53 $50 7% Louisiana 10 — N/A Nebraska 8 6 26
Slide 13: Historical Financial Summary
Historical Financial Summary $ in millions Twelve months ended Three months ended Q2 Six months ended YTD December 31, June 30, YoY June 30, YoY 2021 2022 2023 2024 2024 2025 Growth 2024 2025 Growth No. of Locations 2,584 3,741 3,961 4,117 4,294 4,427 3% 4,294 4,427 3% No. of Terminals 13,639 23,541
Slide 14: Income Statement
Income Statement $ in millions, except per share amounts Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net revenues: Net gaming $ 314 $ 293 $ 616 $ 581 Amusement 6 6 11 12 Manufacturing 2 5 6 7 ATM fees and other 15 5 27 11 Total net revenue 336 309 660 611 Operating Expe
Slide 15: Balance Sheet
Balance Sheet $ in millions June 30, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents $ 265 $ 281 Other current assets 46 45 Total current assets 310 326 Property and equipment, net 328 308 Route and customer acquisition costs, net 29 23 Location contracts acquired, net 193 20
Slide 16: Cash Flow
Cash Flow $ in millions $ in millions Six Months Ended Q2 2025 Q2 2024 Cash flows from operating activities: Net income $ 21.9 $ 22.0 Non-cash items included in net income: Depreciation and amortization of property and equipment 25.4 21.2 Amortization of route and customer acquisition costs and loca
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 Six months ended December 31, June 30, June 30, 2021 2022 2023 2024 2024 2025 2024 2025 Net Income 32 74 46 35 15 7 22 22 (+) Amortization of intangible assets and route and customer acquisition costs 22 17 21 23 6