Accel Entertainment, Inc. · NYSE:ACEL
Accel Entertainment — Q3 2026 Earnings Presentation
45 slides from Accel Entertainment's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Investor Presentation
ACCELENTERTAINMENT Q3 2026 INVESTOR PRESENTATION | November 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: Why Accel
WHY ACCEL 01 02 03 GROWTH EVERY YEAR ~2–3X INFLATION RESILIENT BY DESIGN Locations up every year since 2019, including 2020:Revenue 11% CAGR–25; FY22Adj. EBITDA 9% CAGR, Small-ticket, local, convenience entertainment across 2,313→ 4,501. Machines 10,499 → 27,950.* with margin expanding. ~4,700 sites
Slide 4: The Accel Advantage
THE ACCEL ADVANTAGE
Slide 5: Why Accel...
WHY ACCEL... 4,705 PARTNER LOCATIONS Resilient distributed local gaming operator 29,548 MACHINES 1,579 ACCEL Full -Time Equivalent Employees $3.5 DONATED TO 145 CHARITIES OVER 5 YEARS MILLION $2.0 IN TAXES PAID TO LOCAL AND STATE GOVERNMENTS BILLION SINCE JAN 2021 As of September 30, 2026
Slide 6: What We Do: Last-Mile Logistics + Local Gaming
WHAT WE DO: LAST -MILE LOGISTICS + LOCAL GAM LAST-MILE LOGISTICS LOCAL GAMING Contracted revenue share, up to 8 year Owned fleet, warehouses and field techs Illinois LOGISTICS Dense routes across 4,705 partner locations ACCEL GAMING Statutory splits in IL, GA and PA Daily cash logistics, collections
Slide 7: Route Gaming at a Glance
ROUTE GAMING AT A GLANCE 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 Gross Gaming Revenue : $55
Slide 8: 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 9: 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) ILLINOIS NET TERMINAL INCOME SPLIT Accel owns and operates VGTs and redemption Location drives traffic to generate terminals in licensed locations,
Slide 10: Accel: Turnkey, full-service gaming partner
ACCEL Turnkey, -service full gaming partner to thousands of local establishments Accel manages virtually every aspect of gaming operations for bars, restaurants, convenience stores, centruck sed establishments stops and other – li from licensing and installation through service, cash management, mar
Slide 11: Our Markets
OUR MARKETS
Slide 12: Our Core Markets
OUR CORE MARKETS Grounded in Strength, Positioned for Growth. Historical Trends: Growing Revenue at Inflation or Better + Growing Profit W
Slide 13: 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 14: 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 15: Our Developing Markets
OUR DEVELOPING MARKETS Expanding Our Footprint, Strengthening Our Foundation Historical Trends:-Digit DoubleMillions in Revenue-Digit + Double EBITDA Growth
Slide 16: 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 17: 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 18: 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 19: 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 20: Our Louisiana Route
OUR LOUISIANA ROUTE • Strategic Acquisition of Toucan Gaming Positions Accel to Capitalize onMan arket Underinvested Opportunity - Positioning Accel to drive growth through capital deployment, refreshed gaming environments, and enhanced play initiatives. • Large and Under -Penetrated Market Opportun
Slide 21: 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 22: Our Strategic Enabler
OUR STRATEGIC ENABLER Innovation that Pays, Strategy that Matters
Slide 23: 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 24: Our Competitive Advantage
OUR COMPETITIVE ADVANTAGE
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 shares traits of scalab
Slide 30: Accel Entertainment
ACCEL ENTERTAINMENT
Slide 31: The Executive Leadership Team
THE EXECUTIVE LEADERSHIP TEAM Mark Phelan Brett Summerer Stan Guidroz Scott Levin Chief Executive Officer & President Chief Financial Officer Chief Operating Officer Chief Legal Officer & Secretary Steve Arntzen John Houseal Derek Harmer Irina Feldman Chief Strategy Officer Chief Commercial Officer
Slide 32: History of Accel Entertainment
HISTORY OF ACCEL ENTERTAINMENT 2012 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: Our Growth Runway
OUR GROWTH RUNWAY
Slide 34: A Proven Record of Route Expansion
A PROVEN RECORD OF ROUTE EXPANSION PARTNER LOCATIONS 11.7% CAGR LIVE MACHINES 17.7% CAGR 5,000 4,501 30,000 4,403 27,950 4,500 27,154 3,961 25,083 4,000 25,000 3,598 23,150 3,500 20,000 3,000 2,584 2,435 2,500 2,313 15,000 13,639 12,247 2,000 10,499 10,000 1,500 1,000 5,000 500 0 0 2019 2020 2021 20
Slide 35: 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% 13,639 +11.4% 2022 3,598 +39.2% 23,150 +69.7% 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 36: The Chicago Opportunity
THE CHICAGO OPPORTUNITY Multi -year, organic growth catalyst in our home market Market Leader 1 • Approved 25 forof 78 establishments (32%) as of 11/2/2026 • Expect share to normalize toward ~30% IL statewide position over time 25 Establishment approvals secured to date Operationally Ready 2 • Equip
Slide 37: Multiple, Complementary Growth Drivers
MULTIPLE, COMPLEMENTARY GROWTH DRIVERS Leverage new opportunities across a diversified path to sustained earnings growth CORE / EXISTING MARKETS CHICAGO & FAIRMOUNT M&A / NEW MARKETS • IL + MT • Chicago • Pursue accretive route acquisitions at attractive multip • Route optimization • Large organic e
Slide 38: Strong Cash Generation, Disciplined Returns
STRONG CASH GENERATION, DISCIPLINED RETURNS Capital -efficient model that converts earnings to cash and reinvests at attractive returns FREE CASH FLOW GENERATION DISCIPLINED CAPITAL DEPLOYMENT Machine refreshes, new locations, growth projects & selective M&A ~70% ~45% Target operating cash flow conv
Slide 39: Appendix
APPENDIX
Slide 40: Balance Sheet with Leverage & Metrics
BALANCE SHEET WITH LEVERAGE & METRIC Net Debt: $272 million Gross Leverage: 2.8x Net (Debt-Cash) Leverage: 1.2x Reference Slide 2. Values in millions.
Slide 41: Summary Income Statement Data
SUMMARY INCOME STATEMENT DATA Reference Slide 2. Values in millions, except per share data.
Slide 42: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF NET INCOME TO ADJU Reference Slide 2. Values in millions.
Slide 43: Reconciliation of EV/LTM Adjusted EBITDA
RECONCILIATION OFEV/LTM Adjusted EBITDA As of June 30, 2026. Dollar amounts rounded to the nearest million, except share price.
Slide 44: Glossary
GLOSSARY Adjusted Gross RevenueGross (AGR): Gaming Revenue (GGR) net of player reinvestment. This metric reflects gaming -fundedrevenue wagers nd excludes agenerated thefrom impact player of promotional credits as reflected by the Illinois Gaming Board website. Adjusted EBITDA: Adjusted EBITDA-GAAP
Slide 45: Thank You
https://ir.accelentertainment.com THANK YO https://ir.accelentertainment.c IR@accelentertainment.com P.O. BOX 1218 | Bolingbrook, IL