Penn Entertainment, Inc. · NASDAQ:PENN
Penn Entertainment — Q1 2026 Earnings Presentation
19 slides from Penn Entertainment's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings Presentation
FIRST QUARTER 2026 EARNINGS PRESENTATION April 23, 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 Executing on plan to drive meaningful cash flow generation and near-term deleveraging Full year guidance updated to reflect pass through of Q1 Retail segment upside and upcoming July 13 launch of iCasino & OSB in Alberta(1) Diversified Retail portfolio delivered another solid quar
Slide 5: Cash Flow Growth Enhancing Balance Sheet Strength
CASH FLOW GROWTH ENHANCING BALANCE SHEET STRENGTH Updated 2026 Guidance Near-Term Deleveraging(4) 2026 Lease Adj. Net Leverage Traditional Net Leverage ($’s in millions) Guidance(1) 7.3x 6.8x $1,932 6.0x Retail Segment Adj. EBITDAR Midpoint increased by $12M for 5.5x 5.3x - 5.7x pass through of Q1 u
Slide 6: Retail Segment Overview
RETAIL SEGMENT OVERVIEW Most diversified regional gaming operator, positioned to benefit from development 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
Slide 7: Retail Segment Performance – Q1 2026
RETAIL SEGMENT PERFORMANCE – Q1 2026 Q1 2026 Summary Q1 2026 Commentary For the three months ended • Delivered another solid quarter, as Segment adj. March 31, EBITDAR grew Y/Y and stable trends are carrying (in millions, unaudited) 2026 2025 % Change into April Retail Revenues: Northeast $687.1 $68
Slide 8: 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 while continuing Capturing previously unmet demand and upward growth trajectory building on accelerating momentum ➢ Achieved record net re
Slide 9: Upcoming Development Projects
UPCOMING DEVELOPMENT PROJECTS Hollywood Columbus Hollywood Aurora Hollywood Council Hotel Tower Relocation Bluffs Relocation (Coming: June 12, 2026) (Coming: June 24, 2026) (Coming: 2028) Addition of hotel to create a regional Relocation of riverboat to land-based Relocation of riverboat to land-bas
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(1) 16 U.S. States Brands • Dual-brand strategy with theScore & • Unified brand strategy behind • Unified b
Slide 11: Interactive KPIs – Q1 2026
INTERACTIVE KPIS – Q1 2026 Q1 2026 Summary Q1 2026 Commentary For the three months ended • Meaningful adj. EBITDA improvement Y/Y, which March 31, marks the first full quarter under our realigned (in millions, unaudited) 2026 2025 % Change digital strategy Online Casino (“iCasino”) $70.9 $61.7 14.9%
Slide 12: Standalone iCasino Momentum Continues
STANDALONE iCASINO MOMENTUM CONTINUES North America Standalone iCasino $35 NGR Avg. MAUs 120,000 Q1-26 Growth Highlights $30 100,000 $25 80,000 +362% +24% $20 NGR Y/Y NGR Q/Q 60,000 $15 +345% +19% 40,000 $10 $5 20,000 Avg. MAUs Y/Y Avg. MAUs Q/Q $0 0 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Standalone iCasino
Slide 13: Appendix
APPENDIX
Slide 14: 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 in North America with approximately 4 million 35 Retail Sportsbooks in 16 U.S. States monthly active users across North
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 Debt Leverage and Lease-Adjusted Net Leverage Ratios
SUPPLEMENTAL INFORMATION – TRADITIONAL NET DEBT 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 ex
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 March 31, ($ in millions, unaudited) 2026 2025 Interactive segment revenues $ 358.3 $ 290.1 Tax gross-ups (1) (185.8) (128.2) Adjusted Interactive segment revenues $ 172.5 $ 161.9 various states in th
Slide 19: Entertainment
ENTERTAINMENT