Accel Entertainment (ACEL) investor relations material

Executive summary

• Q3 2025 revenue grew 9.1% year-over-year to $329.7–$330 million, with net income up 171.8% to $13–$13.4 million, driven by expansion in core and developing markets and the first full quarter of Fairmount Park Casino & Racing operations.

• Adjusted EBITDA increased 11.5% to $51–$51.2 million, reflecting operational efficiencies, higher gaming turnover, and market expansion.

• Operates over 27,700 gaming terminals across 4,451 locations in 10 states, with Illinois as the largest contributor.

• Continued disciplined growth investments, operational efficiency, and capital allocation, including share repurchases and a new CFO.

• Strong community impact, with $1.34 billion in taxes contributed since 2021 and $2.7 million donated to charities over five years.

Financial highlights

• Q3 2025 net revenues: $329.7–$330 million (+9.1% YoY); net income: $13–$13.4 million; EPS: $0.16 (basic/diluted).

• Illinois revenue: $239 million (+7% YoY); Montana: $40–$40.5 million (+2–2.1%); Nebraska: $9 million (+30%); Georgia: $3–$5 million (+49–49.3%); Nevada: $26 million (−7–7.4%); Louisiana: $9 million (new).

• Operating income: $25–$25.4 million (+16.1% YoY); gross margin: 30%; adjusted EBITDA margin: 15–15.5%.

• CapEx for Q3: $21 million; year-to-date: $72–$74 million; full-year 2025 forecast: $75–$80 million.

• Ended Q3 with $290.2 million in cash and cash equivalents; net debt: $305 million.

Outlook and guidance

• Affirmed full-year 2025 CapEx forecast of $75–$80 million, with significant investments in Fairmount Park and Louisiana.

• Management expects continued growth in core and developing markets, with a focus on efficiency, capital discipline, and ramp-up at Fairmount Park.

• Sufficient liquidity from cash, operations, and credit to meet capital needs for the next 12 months and beyond.