Accel Entertainment, Inc. · NYSE:ACEL
Accel Entertainment — Q4 2025 Earnings Presentation
37 slides from Accel Entertainment's earnings presentation, Mar 3, 2026
Slide 1: Accel Entertainment Q4 2025 Investor Presentation
ACCELENTERTAINMENT Q4 2025 INVESTOR PRESENTATION | MARCH 2026
Slide 2: Important Information
Important Information Forward -Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . All statements, other than statements of historical fact, contained in this presentation are forward -looking statement
Slide 3: The Accel Advantage
THE ACCEL ADVANTAGE
Slide 4: Why Accel...
WHY ACCEL... 4,501 PARTNER LOCATIONS Resilient distributed local gaming operator 27,950 MACHINES 1,660 ACCEL EMPLOYEES $2.7 DONATED TO 145 CHARITIES OVER 5 YEARS MILLION $1.5 IN TAXES PAID TO LOCAL AND STATE GOVERNMENTS BILLION SINCE JAN 2021 As of December 31st, 2025
Slide 5: Route Gaming at a Glance
ROUTE GAMING AT A GLANCE Total Machines: 18,411 Total Machines: 11,120 Total Machines: 49,450 Total Machines: 405 Total Licensed Locations: 1,397 Total Licensed Locations: 8,861 Total Licensed Locations: 1,341 Total Licensed Locations: 81 Gross Gaming Revenue : $333 Gross Gaming Revenue : $3,185 Gro
Slide 6: Our Recurring Revenue Model
OUR RECURRING REVENUE MODEL (ILLINOIS EXAMPL Long -Term Contract TERMINAL OPERATOR (Up to 8 Years in Illinois) LICENSED LOCATIONS (Accel Entertainment) NET TERMINAL INCOME SPLIT Accel owns and operates VGTs and redemption Location drives traffic to generate terminals in licensed locations, in compli
Slide 7: Revenue Splits Between Operator & Location
REVENUE SPLITS BETWEEN OPERATOR & LOCATION B Negotiated Split* Nevada Montana Iowa Louisiana Nebraska *After-tax revenue splits negotiated between Operator and Location. Pre -Defined Revenue Splits* Illinois Georgia Pennsylvania *After-tax revenue splits determined by state gaming statutes.
Slide 8: Accel's Brands Deliver National Scale with Local Appeal
ACCEL’S BRANDS DELIVER NATIONAL SCALE WITH LO NATIONAL PARTNERS PLAYERS Corporate Convenience Retailers LOCAL Small Medium Sized Business Owners Convenience seeking local’s loyalty programs and casinos
Slide 9: Our Markets
OUR MARKETS
Slide 10: Our Core Markets
OUR CORE MARKETS Grounded in Strength, Positioned for Growth. Historical Trends: Growing Revenue at Inflation or Better + Growing Profit W
Slide 11: Our Illinois Route
OUR ILLINOIS ROUTE • Largest and Most Established -Market With an early license secured in 2012, Accel -moverbuilt advantage a first in Illinois that now serves as a stable foundation -term supporting growth and longexpansion. • Revenue Optimized Through Operational -Excellence 24/7 field service, c
Slide 12: Our Montana Route
OUR MONTANA ROUTE • Diversified Growth & Proprietary Platforms - through the Century Gaming acquisition, Accel expanded beyond traditional route operations by adding a complementary operating model with proprietary assets that enhance portfolio diversification-term and long competitive positioning.
Slide 13: Our Developing Markets
OUR DEVELOPING MARKETS Expanding Our Footprint, Strengthening Our Foundation Historical Trends:-Digit DoubleMillions in Revenue-Digit + Double EBITDA Growth
Slide 14: Our Nevada Route
OUR NEVADA ROUTE • Diverse Market Positioning Outside Traditional -Casino the Nevada Hubs route focuses -casino, on non restricted gaming environments (local bars/taverns/retail), reducing reliance on the Las Vegas Strip and capitalizin community gaming demand. • Significantddressable A Market and C
Slide 15: Our Nebraska Route
OUR NEBRASKA ROUTE • First-Mover Advantage in a Newly Regulated Environment- allowing Accel to shape player behavior, partner expectations, and operational standards as the market matures. • Scalable Growth Opportunity - as Nebraska continues to build out its distributed gaming footprint, Accel is p
Slide 16: Our Georgia Route
OUR GEORGIA ROUTE • Active Participant in the Evolution of Georgia’s Regulatory— Bulldog Framework Gaming has supported efforts to enhance oversight, clarity, and operational integrity across the state’s route gaming market. • Compliance-First Operating Model - differentiating Bulldog Gaming in a no
Slide 17: Our Strategic Growth Ventures
OUR STRATEGIC GROWTH VENTU Investing Today for Tomorrow’s Return Historical Trends:-Digit DoubleMillions in Revenue + Breakeven Profit with Expected
Slide 18: Our Louisiana Route
OUR LOUISIANA ROUTE • Strategic Acquisition of Toucan Gaming Unlocks an Underinvested MarketOpportunity - positioning Accel to drive growth through capital deployment, refreshed gaming environments, andinitiatives. enhanced player engagement • Large and Under -Penetrated Market Opportunity - Louisia
Slide 19: Fairmount Park - Casino & Racing
FAIRMOUNT PARK - CASINO & RACING • Owned and Ope ratedCasinoAssetDiversifies Accel’s Revenue - adding Mix proprietary,-level venuegaming revenue alongside distributed route operations. • Direct Control Over Operations, Margins, and Customer- provides Experience Accel with flexibility and economics n
Slide 20: Our Strategic Enabler
OUR STRATEGIC ENABLER Innovation that Pays, Strategy that Matters
Slide 21: Grand Vision Gaming
GRAND VISION GAMING • A Strategic Asset for Accel Entertainment, Grand Vision Gaming is a Licensed Gaming Manufacturer– and Distribu that builds proprietary hardware, develops exclusive software and -performing utilizes licensing game titles high that ed are deploy across regulated route markets pri
Slide 22: Our Competitive Advantage
OUR COMPETITIVE ADVANTAGE
Slide 23: Customer Service
CUSTOMER SERVICE Long-standing relationships, built on consistent performance and strong management retention, reducing partner turnover and execution risk. Mature, scaled operating platform, with proven processes that delivers stable, reliable, and predictable outcomes for partners. 24/7 dedicated
Slide 24: Operations Focused
OPERATIONS FOCUSED Owned fleet and infrastructure, providing greater operational control, faster response times, and reduced -partythird dependency risk. Strategically located facilities and warehouses, supporting efficient deployment, servicing, and maintenance while limiting logistics and service
Slide 25: Regulatory
REGULATORY Trusted regulatory relationships built through active engagement with government stakeholders, with Accel frequently consulted as an industry -matter subject expert. In-house legal and compliance deeply teams embedded in the business, providing -time guidance real versus outsourcing. Best
Slide 26: Disciplined Capital Deployment Strategy
DISCIPLINED CAPITAL DEPLOYMENT STRAT Capital deployed primarily into -generating revenue asset s,with both growth (new gaming machines) and maintenance (replacement gaming machines) producing attractive, measurable returns. Strong gaming software upgrade strategy that extends asset life, improves pe
Slide 27: Historical Growth Trends
HISTORICAL GROWTH TRENDS PARTNER YEAR YoY CHANGE LIVE MACHINES YoY CHANGE LOCATIONS 2019 2,313 - 10,499 - 2020 2,435 +5.3% 12,247 +16.6% 2021 2,584 +6.1% 13,369 +9.2% 2022 3,598 +39.2% 23,150 +73.2% 2023 3,961 +10.1% 25,083 +8.3% 2024 4,403 +11.2% 27,154 +8.3% 2025 4,501 +2.2% 27,950 +2.9%
Slide 28: Accel at a Glance
https://ir.accelentertainment.com ACCEL AT A GLANCE • Proven, sustained growth across locations-producing and our revenue footprint. • Targeting performance that materially outpaces traditional gaming categories. • Seek to continue growth of our bottom line. • Operating model aligns with scalable lo
Slide 29: Thank You
https://ir.accelentertainment.com THANK YO https://ir.accelentertainment.c IR@accelentertainment.com P.O. BOX 1218 | Bolingbrook, IL
Slide 30: Accel Entertainment
ACCEL ENTERTAINMENT
Slide 31: The Executive Leadership Team
THE EXECUTIVE LEADERSHIP TEAM Andy Rubenstein Mark Phelan Brett Summerer Scott Levin Chairman, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer Chief Legal Officer and Secretary President and Founder President - US Gaming Karen Raviv Gabriel Garcia Derek Harmer Stan Guidr
Slide 32: History of Accel Entertainment
HISTORY OF ACCEL ENTERTAINMENT 2009 2022 2022 2024 Live in Illinois Entered the Pennsylvania Market Century Gaming Acquisition FanDuel Sportsbook & Horse Racing Games of Chance Games of Chance Entered Montana, Nevada, South Dakota & Acquisition West Virginia markets Collinsville, Illinois 2020 2022
Slide 33: Appendix
APPENDIX
Slide 34: Balance Sheet with Leverage & Metrics
BALANCE SHEET WITH LEVERAGE & METRIC Net Debt: $311 million Gross Leverage: 2.9x Net (Debt-Cash) Leverage: 1.5x Reference Slide 2. Values in millions.
Slide 35: Summary Income Statement Data
SUMMARY INCOME STATEMENT DATA Reference Slide 2. Values in millions, except per share data.
Slide 36: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF NET INCOME TO ADJU Reference Slide 2. Values in millions.
Slide 37: Glossary
GLOSSARY Gross Gaming Revenuerepresents (GGR): the total amount wagered by players minus winnings paid out to players during before taxes, revenue share, licensing fees, and operating expenses. Formula: Total Wagers -In)– (Coin Player Payouts = Gross Gaming Revenue Hold Per Day (HPD): Location hold