PENN Entertainment, Inc. · NASDAQ:PENN
PENN Entertainment — Q3 2026 Earnings Presentation
19 slides from PENN Entertainment's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
THIRD QUARTER 2026 EARNINGS PRESENTATION November 5, 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 The Non-GAAP Financial Measures used in this presentation include Consolidated Adjusted EBITDA, Adjusted Revenues, Traditional net debt, Traditional net leverage ratio, and Lease-adjusted net leverage ratio. These non-GAAP financial measures should not be considered a sub
Slide 4: Company Highlights
COMPANY HIGHLIGHTS Raising 2026 Retail segment revenue and Adj. EBITDAR guidance to reflect pass through of Q3 upside and current trends. Reaffirming 2026 Interactive Adj. EBITDA guidance Retail segment delivered record Q3 revenue and strong Y/Y Adj. EBITDAR growth, driven by same-store performance
Slide 5: Cash Flow Growth Enhancing Balance Sheet Strength
CASH FLOW GROWTH ENHANCING BALANCE SHEET STRENGTH Updated 2026 Guidance Near-Term Deleveraging(5) Lease Adj. Net Leverage Traditional Net Leverage 2026 ($’s in millions) Guidance(1) 7.3x 6.8x Retail Segment Adj. EBITDAR $1,973 6.0x Increased by $10M 5.5x ~5.3x(6) 4.5x (2) Interactive Adj. EBITDA ($2
Slide 6: Retail Segment Overview
RETAIL SEGMENT OVERVIEW Premier diversified regional gaming operator positioned to benefit from development pipeline & omnichannel strategy 42 Retail properties located across 19 U.S. states 30 Retail properties located in states with OSB and/or iCasino 6 4 open 2 upcoming Completed development proj
Slide 7: Retail Segment Performance – Q3 2026
RETAIL SEGMENT PERFORMANCE – Q3 2026 Q3 2026 Summary Q3 2026 Commentary For the three months ended For the nine months ended • Broad-based strength across the portfolio; revenue and September 30, September 30, Adj. EBITDAR growth of ~5% and ~8%, respectively (in millions, unaudited) 2026 2025 % Chan
Slide 8: Development Projects Contributing Growth
DEVELOPMENT PROJECTS CONTRIBUTING GROWTH M Resort Hotel Tower Largest Record +55% (Opened December 1, 2025) Group ever by revenue & Q3 revenue, slot volumes, Growth in contracted room nights booked in and table volumes for the group business revenue Translates previously unmet demand Q3’26, ~2x high
Slide 9: Upcoming Development Pipeline
UPCOMING DEVELOPMENT PIPELINE Hollywood Council Bluffs | Expected 2028 Hollywood New Orleans | Expected 2029 • Relocation from first generation, three-level riverboat to a modern, efficient • Relocation of existing riverboat to a new landside property on adjacent land; one-story land-based facility
Slide 10: 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 16 U.S. States Brands • Dual-brand strategy with theScore & • Brand strategy built on the strength of • Un
Slide 11: Interactive Segment Performance – Q3 2026
INTERACTIVE SEGMENT PERFORMANCE – Q3 2026 Q3 2026 Summary Q3 2026 Commentary For the three months ended For the nine months ended • Adj. EBITDA improved meaningfully Y/Y, reflecting September 30, September 30, continued execution against our plan to achieve (in millions, unaudited) 2026 2025 % Chang
Slide 12: Appendix
APPENDIX
Slide 13: 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 20 U.S. States + Ontario and Alberta in North America with approximately 4 million 35 Retail Sportsbooks in 16 U.S. States monthly active users a
Slide 14: Retail Segment Growth Framework
RETAIL SEGMENT GROWTH FRAMEWORK Growth outlook is supported by a combination of internal growth drivers & external market tailwinds PENN Play Loyalty Program & Development Project Pipeline Omnichannel Strategy Investments in Non-Gaming Amenities Limited Competitor New Casino Supply Operational Excel
Slide 15: GAAP to Non-GAAP Reconciliations to Consolidated Adjusted EBITDA
GAAP TO NON-GAAP RECONCILIATIONS TO CONSOLIDATED ADJUSTED EBITDA For the year ended December 31, (in millions) 2025 2024 2023 Net loss $ (845.3) $ (313.3) $ (491.4) Income tax expense (benefit) 24.6 (28.0) (8.2) Interest expense, net 405.8 470.5 464.7 Interest income (9.7) (23.6) (40.3) Income from
Slide 16: GAAP to Non-GAAP Reconciliations to Traditional Net Debt
GAAP TO NON-GAAP RECONCILIATIONS TO TRADITIONAL NET DEBT (in millions) As of December 31, 2025 As of December 31, 2024 As of December 31, 2023 Amended Revolving Credit Facility due 2027 $ 570.0 $ - $ - Amended Term Loan A Facility due 2027 453.8 481.3 508.8 Amended Term Loan B Facility due 2029 965.
Slide 17: Supplemental Information – Traditional Net Leverage and Lease-Adjusted Net Leverage Ratios
SUPPLEMENTAL INFORMATION – TRADITIONAL NET LEVERAGE AND LEASE-ADJUSTED NET LEVERAGE RATIOS (in millions) As of December 31, 2025 As of December 31, 2024 As of December 31, 2023 Traditional net debt (1) $2,217.5 $1,889.5 $1,571.9 Consolidated Adjusted EBITDA - TTM $ 830.1 $ 672.2 $ 921.5 Rent expense
Slide 18: GAAP to Non-GAAP Reconciliation to Adjusted Interactive Segment Revenues
GAAP TO NON-GAAP RECONCILIATION TO ADJUSTED INTERACTIVE SEGMENT REVENUES For the three months ended September 30, For the nine months ended September 30, ($ in millions, unaudited) 2026 2025 2026 2025 Interactive segment revenues $ 348.4 $ 297.7 $ 1,056.0 $ 903.9 Tax gross-ups (1) (191.4) (139.5) (5
Slide 19: Penn Entertainment
ENTERTAINMENT