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0001698991false00016989912025-08-052025-08-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2025
ACCEL ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
 
 
Delaware 001-38136 98-1350261
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
140 Tower Drive
Burr Ridge,
Illinois 60527
(Address of principal executive offices) (Zip Code)

(630) 972-2235
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Class A-1 common stock, par value $0.0001 per share ACEL New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On August 5, 2025, Accel Entertainment, Inc. (the "Company") issued a press release announcing its financial and operating results for the three months ended June 30, 2025. Copies of the Company’s press release and investor presentation are attached and furnished herewith as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated herein by reference.
Information in this report (including Exhibits 99.1 and 99.2) furnished pursuant to Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. 
The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, and the Company’s investor relations website (https:// ir.accelentertainment.com). These communications serve to disclose material non-public information and comply with the Company's disclosure obligations under Regulation FD.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
99.1
99.2
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


2



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ACCEL ENTERTAINMENT, INC.
Date: August 5, 2025
By:
/s/ Mark Phelan
Mark Phelan
Acting Chief Financial Officer (Principal Financial Officer)
 

3
EX-99.1 2 q22025earningspressrelease.htm EX-99.1 Document

accel_logographicxglossya.jpg

Accel Entertainment Reports Second Quarter Results
Highlights Include Record Quarterly Revenue

Chicago, IL – August 5, 2025 – Accel Entertainment, Inc. (NYSE: ACEL) today announced financial and operating results for the second quarter ended June 30, 2025.

Highlights:
•Record quarterly revenues of $335.9 million in Q2 '25; an increase of 8.6% compared to Q2 '24
◦Ended Q2 '25 with 4,427 locations; an increase of 3.1% compared to Q2 '24
◦Ended Q2 '25 with 27,388 gaming terminals; an increase of 3.4% compared to Q2 '24
•Net income of $7.3 million for Q2 '25; a decrease of 50.2% compared to Q2 '24, partially attributable to a loss on the change in the fair value of the contingent earnout shares (Accel Class A-2 common stock) compared to a gain in the prior period
•Record quarterly Adjusted EBITDA of $53.2 million for Q2 '25; an increase of 7.1% compared to Q2 '24
•Net debt of $331 million at June 30, 2025
•Repurchased 0.6 million shares of Accel Class A-1 common stock in Q2 '25 for approximately $6.7 million
•Commenced our casino and racing operations at Fairmount Park Casino & Racing in April 2025
Accel CEO Andy Rubenstein commented,

“Our record second quarter results demonstrate continued progress and consistent execution with year-over-year revenue and Adjusted EBITDA growth in all of our core and developing markets. Our results reflect the benefits of our disciplined expansion strategy and our successful improvement of the operating results in new and acquired locations.

“In our core markets, Illinois and Montana, we continue to use our market-leading position to drive economies of scale and are focused on leveraging our operating expertise to generate growth. Profitability is improving in our developing markets, Nebraska, Georgia and Nevada, where our strategic early investments are now beginning to contribute to our overall growth. Finally, in our new markets, recent results from Toucan Gaming in Louisiana and Fairmount Park Casino & Racing in Illinois, reinforce our confidence that these acquisitions will contribute even more as we move into next year.

“Accel is a leader in a resilient and growing market segment, with large untapped potential. This presents us with multiple opportunities to continue to generate strong and consistent financial performance to support our goal of delivering enhanced long-term value to our shareholders.”

1



Condensed Consolidated Statements of Operations and Other Data
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands) 2025 2024 2025 2024
Total net revenues
$ 335,909  $ 309,413  $ 659,821  $ 611,230 
Operating income 26,874  22,683  52,826  48,242 
Income before income tax expense 12,352  18,519  31,958  30,702 
Net income 7,262  14,586  21,875  22,002 
Other Financial Data:    
Adjusted EBITDA(1)
53,180  49,665  102,694  95,912 
Adjusted net income (2)
22,491  21,383  42,709  40,888 

(1)Adjusted EBITDA is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP metric.
(2)Adjusted net income is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP metric.

Net Revenues
(in thousands) Three Months Ended
June 30,
Six Months Ended
June 30,
2025 2024 2025 2024
Net revenues by state:
Illinois $ 245,434  $ 227,093  $ 478,913  $ 451,956 
Montana(1)
40,107  42,583  81,243  80,724 
Nevada
27,078  29,322  54,695  58,531 
Louisiana
9,630  —  18,655  — 
Nebraska 7,881  6,249  15,111  12,083 
Georgia
4,814  3,137  9,139  5,761 
Other 965  1,029  2,065  2,175 
Total net revenues $ 335,909  $ 309,413  $ 659,821  $ 611,230 
(1)Includes $38.3 million and $75.6 million of net gaming revenues and $1.8 million and $5.6 million of manufacturing revenues for the three and six months ended June 30, 2025, respectively. In comparison, includes $37.4 million and $73.3 million of net gaming revenues and $5.2 million and $7.4 million of manufacturing revenues for the three and six months ended June 30, 2024, respectively.
2




Key Business Metrics
Locations (1)
As of June 30,
Increase / (Decrease)
2025 2024 Change
Change (%)
Illinois 2,741  2,816  (75) (2.7) %
Montana 616  620  (4) (0.6) %
Nevada 355  359  (4) (1.1) %
Louisiana 98  —  98  N/A
Nebraska 275  239  36  15.1  %
Georgia 342  260  82  31.5  %
Total locations 4,427  4,294  133  3.1  %

Gaming terminals (1)
As of June 30,
Increase / (Decrease)
2025 2024 Change
Change (%)
Illinois 15,670  15,743  (73) (0.5) %
Montana 6,508  6,435  73  1.1  %
Nevada 2,650  2,735  (85) (3.1) %
Louisiana 626  —  626  N/A
Nebraska 975  844  131  15.5  %
Georgia
959  724  235  32.5  %
Total gaming terminals 27,388  26,481  907  3.4  %

Location hold-per-day (2)
Three Months Ended
June 30,
Increase / (Decrease)
2025 2024
Change ($)
Change (%)
Illinois $ 910  $ 862  $ 48  5.6  %
Montana 622  612  10  1.6  %
Nevada 784  843  (59) (7.0) %
Louisiana
994  —  994  N/A
Nebraska 285  255  30  11.8  %
Georgia
149  111  38  34.2  %
Six Months Ended
June 30,
Increase / (Decrease)
2025 2024
Change ($)
Change (%)
Illinois $ 896  $ 861  $ 35  4.1  %
Montana 616  601  15  2.5  %
Nevada 792  845  (53) (6.3) %
Louisiana
978  —  978  N/A
Nebraska
271  243  28  11.5  %
Georgia
146  107  39  36.4  %
3



(1)Based on a combination of third-party portal data and data from our internal systems. This metric is utilized by Accel to continually monitor growth from existing locations, organic openings, acquired locations, and competitor conversions.
(2)Location hold-per-day is calculated by dividing net gaming revenue in the period by the average number of locations. We then divide the calculated amount by the number of operational days. We utilize this metric to compare market and location performance on a normalized basis. The percent change in location hold-per-day is the underlying metric used to determine the change in same-store sales.

Condensed Consolidated Statements of Cash Flows Data 

Year Ended
June 30,
Increase / (Decrease)
(in thousands) 2025 2024 Change ($) Change (%)
Net cash provided by operating activities $ 64,557  $ 57,614  $ 6,943  12.1  %
Net cash used in investing activities (59,963) (69,324) 9,361 13.5  %
Net cash (used in) provided by financing activities
(21,269) 5,022 (26,291) (523.5) %

Non-GAAP Financial Information
This press release includes certain financial information not prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”), including Adjusted EBITDA, Adjusted net income and Net debt. Adjusted EBITDA, Adjusted net income and Net debt are non-GAAP financial measures and are key metrics used to monitor ongoing core operations. Accel’s management believes Adjusted EBITDA, Adjusted net income and Net debt enhance the understanding of Accel’s underlying drivers of profitability and trends in Accel’s business and facilitates company-to-company and period-to-period comparisons because these non-GAAP financial measures exclude the effects of certain non-cash items or nonrecurring items that are unrelated to core operating performance. Accel’s management also believes that these non-GAAP financial measures are used by investors, analysts and other interested parties to more fully assess Accel’s financial performance. The non-GAAP financial measures presented in this press release should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with GAAP that are also presented in this press release. These measures are not substitutes for their comparable GAAP financial measures and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this press release may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way as Accel does.
Adjusted net income is defined as net income plus:
•Amortization of intangible assets and route and customer acquisition costs
•Stock-based compensation expense
•Loss from unconsolidated affiliates
•Loss (gain) on change in fair value of contingent earnout shares
•Other expenses, net which consists of (i) non-cash expenses including the remeasurement of contingent consideration liabilities, (ii) non-recurring lobbying and legal expenses related to distributed gaming expansion in current or prospective markets, and (iii) other non-recurring expenses Adjusted EBITDA is defined as net income plus:
•Tax effect of adjustments

4



•Amortization of intangible assets and route and customer acquisition costs
•Stock-based compensation expense
•Loss from unconsolidated affiliates
•Loss (gain) on change in fair value of contingent earnout shares
•Other expenses, net
•Tax effect of adjustments
•Depreciation and amortization of property and equipment
•Interest expense, net
•Emerging markets, which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where our operations are developing
◦Markets are no longer considered emerging when we have installed or acquired at least 500 gaming terminals in the jurisdiction, or when 24 months have elapsed from the date we first install or acquire gaming terminals in the jurisdiction, whichever occurs first
◦Prior to June 2025, Pennsylvania was considered an emerging market
◦Prior to January 2024, Iowa was considered an emerging market
◦As of June 2025, we no longer have any emerging markets.
•Income tax expense
Net debt is defined as debt, net of current maturities:
•plus Current maturities of debt
•less Cash and cash equivalents


5



Reconciliation of Net income to Adjusted Net income and Adjusted EBITDA

  Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands) 2025 2024 2025 2024
Net income $ 7,262  $ 14,586  $ 21,875  $ 22,002 
Adjustments:
Amortization of intangible assets and route and customer acquisition costs
6,322  5,589  12,612  11,027 
Stock-based compensation expense
2,789  3,235  4,880  5,585 
Loss from unconsolidated affiliates 17  —  33  — 
Loss (gain) on change in fair value of contingent earnout shares
5,734  (4,742) 3,379  (26)
Other expenses, net
4,096  7,327  6,913  9,753 
Tax effect of adjustments
(3,729) (4,612) (6,983) (7,453)
Adjusted net income 22,491  21,383  42,709  40,888 
Depreciation and amortization of property and equipment 13,095  10,794  25,396  21,228 
Interest expense, net 8,771  8,906  17,456  17,566 
Emerging markets
38  67  78 
Income tax expense 8,819  8,544  17,066  16,152 
Adjusted EBITDA $ 53,180  $ 49,665  $ 102,694  $ 95,912 


Reconciliation of Debt, net of maturities to Net debt
As of June 30,
(in thousands) 2025 2024
Debt, net of current maturities $ 561,450  $ 537,252 
Plus: Current maturities of debt 34,033  28,489 
Less: Cash and cash equivalents (264,630) (254,923)
Net debt $ 330,853  $ 310,818 

6



Conference Call
Accel will host an investor conference call on August 5, 2025 at 4:30 p.m. Central time (5:30 p.m. Eastern time) to discuss these financial and operating results. Interested parties may join the live webcast by registering at www.netroadshow.com/events/login?show=41dce4e6&confId=85454 or accessing the webcast via the company’s investor relations website: ir.accelentertainment.com. Following completion of the call, a replay of the webcast will be posted on Accel’s investor relations website.
About Accel
Accel Entertainment, Inc. (NYSE: ACEL) is a growing provider of locals-focused gaming and one of the largest terminal operators in the United States, supporting more than 27,000 electronic gaming terminals in over 4,400 third-party local and regional establishments and 20 self-operated gaming locations across ten states. Through exclusive long-term contracts, Accel serves licensed non-casino locations including bars, restaurants, convenience stores, truck stops, gaming cafes, and fraternal and veteran establishments. Accel also owns and operates a racino venue.

Accel provides its local partners with a turnkey, full-service, capital-efficient gaming solution that encompasses manufacturing, content, payments, loyalty, 24/7 customer service, data analysis and reporting and cash logistics. The Company’s racino, Fairmount Park - Casino & Racing, opened in April 2025 and features over 270 electronic gaming machines, food and beverage amenities, a sports book, para-mutuel betting and 55 days of thoroughbred horse racing a year.

Contact:
Joseph Jaffoni, Norberto Aja
JCIR
212-835-8500
acel@jcir.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including, but not limited to, any statements regarding our estimates of number of gaming terminals, locations, revenues, Adjusted EBITDA, and Adjusted net income, our ability to continue to generate strong and consistent revenue and returns on capital and improve profitability, the opportunities in local gaming within the broader gaming market, and our expansion into casino operations and horse racing, including at Fairmount. The words “predict,” “estimated,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions or the negatives thereof are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable expectations and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
7



We cannot guarantee the accuracy of the forward-looking statements, and you should be aware that results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors including, but not limited to: the significant variability and unpredictability in Accel’s operating results; Accel’s ability to offer new and innovative products and services that fulfill the needs of location partners and create strong and sustained player appeal; Accel’s dependence on relationships with key manufacturers, developers and third parties to obtain gaming terminals, amusement machines, and related supplies, programs, and technologies for its business on acceptable terms; the negative impact on Accel’s future results of operations by slow growth in demand for gaming terminals and by the slow growth of new gaming jurisdictions and related regulations; Accel’s heavy dependency on its ability to win, maintain and renew contracts with location partners; Accel's expansion into casino operations and horse racing; unfavorable adverse economic conditions or decreased discretionary spending due to other factors such as terrorist activity or threat thereof, epidemics, pandemics or other public health issues, civil unrest or other economic or political uncertainties that could impact Accel’s business; Accel’s ability to operate in existing markets or expand into new jurisdictions; the geographical concentration of Accel’s business, which subjects it to greater risks from changes in local or regional conditions; Accel’s ability to maintain or improve its competitive advantages in a highly competitive industry; strict government regulations that are constantly evolving and may be amended, repealed, or subject to new interpretations, which may limit existing operations, have an adverse impact on Accel’s ability to grow or may expose Accel to fines or other penalties; Accel’s dependence on the protection of trademarks and other intellectual property; opponents’ persistence in efforts to curtail the expansion of legalized gaming; Accel’s dependence on the security and integrity of the systems and products offered, which, if breached or disrupted, could expose Accel to liability; and other risks and uncertainties indicated from time to time in documents filed or to be filed with the U.S. Securities and Exchange Commission (the "SEC") including those described in the section entitled “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Form 10-K").
Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law. In addition, the inclusion of any statement in this press release does not constitute an admission by us that the events or circumstances described in such statement are material. We qualify all of our forward-looking statements by these cautionary statements.
Industry and Market Data
Unless otherwise indicated, information contained in this press release concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity, and market size, is based on information from various sources, on assumptions that we have made that are based on those data and other similar sources, and on our knowledge of the markets for our services. This information includes a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the Form 10-K, as well as Accel's other filings with the SEC. These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us.
8



ACCEL ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts) Three Months Ended
June 30,
Six Months Ended
June 30,
2025 2024 2025 2024
Net revenues:
Net gaming $ 313,919  $ 293,240  $ 615,870  $ 581,377 
Amusement 5,517  5,539  11,425  11,668 
Manufacturing 1,763  5,208  5,621  7,417 
ATM fees and other 14,710  5,426  26,905  10,768 
Total net revenues 335,909  309,413  659,821  611,230 
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization expense shown below) 229,758  213,317  451,230  422,484 
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) 886  3,162  2,962  4,321 
General and administrative 54,878  46,541  107,882  94,175 
Depreciation and amortization of property and equipment 13,095  10,794  25,396  21,228 
Amortization of intangible assets and route and customer acquisition costs 6,322  5,589  12,612  11,027 
Other expenses, net 4,096  7,327  6,913  9,753 
Total operating expenses 309,035  286,730  606,995  562,988 
Operating income 26,874  22,683  52,826  48,242 
Interest expense, net 8,771  8,906  17,456  17,566 
Loss from unconsolidated affiliates 17  —  33  — 
Loss (gain) on change in fair value of contingent earnout shares
5,734  (4,742) 3,379  (26)
Income before income tax expense 12,352  18,519  31,958  30,702 
Income tax expense 5,090  3,933  10,083  8,700 
Net income $ 7,262  $ 14,586  $ 21,875  $ 22,002 
Less: Net income attributed to redeemable noncontrolling interests (53) —  (79) — 
Net income attributable to Accel Entertainment, Inc. $ 7,315  $ 14,586  $ 21,954  $ 22,002 
Earnings per common share:
Basic $ 0.09  $ 0.17  $ 0.26  $ 0.26 
Diluted 0.08  0.17  0.25  0.26 
Weighted average number of common shares outstanding:
Basic 85,710  83,911  85,856  84,105 
Diluted 86,943  85,054  87,082  85,178 


9



ACCEL ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands, except par value and share amounts)
June 30,
December 31,
2025 2024
Assets
Current assets:
Cash and cash equivalents $ 264,630  $ 281,305 
Accounts receivable, net 11,764  10,550 
Prepaid expenses 8,716  8,950 
Inventories 9,690  8,122 
Interest rate caplets 3,644  6,342 
Other current assets 11,731  10,883 
Total current assets 310,175  326,152 
Property and equipment, net 328,304  307,997 
Noncurrent assets:
Route and customer acquisition costs, net 28,594  23,258 
Location contracts acquired, net 192,710  202,618 
Goodwill 116,252  116,252 
Other intangible assets, net 62,207  53,940 
Other assets 18,014  18,181 
Total noncurrent assets 417,777  414,249 
Total assets $ 1,056,256  $ 1,048,398 
Liabilities, Temporary equity, and Stockholders’ equity
Current liabilities:
Current maturities of debt $ 34,033  $ 34,443 
Current portion of route and customer acquisition costs payable 2,584  2,197 
Accrued location gaming expense 8,952  4,734 
Accrued state gaming expense 18,028  19,802 
Accounts payable and other accrued expenses 37,397  41,944 
Accrued compensation and related expenses 13,114  12,117 
Current portion of consideration payable 3,173  3,116 
Total current liabilities 117,281  118,353 
Long-term liabilities:
Debt, net of current maturities 561,450  560,936 
Route and customer acquisition costs payable, less current portion 9,985  7,160 
Consideration payable, less current portion 14,800  14,596 
Contingent earnout share liability 36,482  33,103 
Other long-term liabilities 7,461  7,571 
Deferred income tax liability, net 44,059  47,372 
Total long-term liabilities 674,237  670,738 
Temporary equity - Redeemable noncontrolling interest 4,199  4,278 
Stockholders’ equity:
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2025 and December 31, 2024
—  — 
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 96,289,273 shares issued and 84,471,410 shares outstanding at June 30, 2025; 95,865,026 shares issued and 85,670,255 shares outstanding at December 31, 2024
Additional paid-in capital 224,229  221,625 
Treasury stock, at cost (122,570) (105,485)
Accumulated other comprehensive income 2,182  4,145 
Accumulated earnings 156,690  134,736 
Total stockholders' equity 260,539  255,029 
Total liabilities, temporary equity, and stockholders' equity $ 1,056,256  $ 1,048,398 
10

EX-99.2 3 accelinvestorpresentatio.htm EX-99.2 accelinvestorpresentatio
Second Quarter 2025 Earnings Presentation August 2025


 
Important Information Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, contained in this presentation are forward-looking statements, including, but not limited to, any statements regarding our estimates of number of gaming terminals, locations, revenues, Adjusted EBITDA, and Adjusted net income, our expansion into casino operations and horse racing, including at Fairmount, and our ability to continue to generate strong and consistent revenue and returns on capital and improve profitability, and the opportunities in local gaming within the broader gaming market. The words “predict,” “estimated,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions or the negatives thereof are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable expectations and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We cannot guarantee the accuracy of the forward-looking statements, and you should be aware that results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors including, but not limited to: the significant variability and unpredictability in Accel’s operating results; Accel’s ability to offer new and innovative products and services that fulfill the needs of location partners and create strong and sustained player appeal; Accel’s dependence on relationships with key manufacturers, developers and third parties to obtain gaming terminals, amusement machines, and related supplies, programs, and technologies for its business on acceptable terms; the negative impact on Accel’s future results of operations by slow growth in demand for gaming terminals and by the slow growth of new gaming jurisdictions and related regulations; Accel’s heavy dependency on its ability to win, maintain and renew contracts with location partners; Accel's expansion into casino operations and horse racing; unfavorable adverse economic conditions or decreased discretionary spending due to other factors such as terrorist activity or threat thereof, epidemics, pandemics or other public health issues, civil unrest or other economic or political uncertainties that could impact Accel’s business; Accel’s ability to operate in existing markets or expand into new jurisdictions; the geographical concentration of Accel’s business, which subjects it to greater risks from changes in local or regional conditions; Accel’s ability to maintain or improve its competitive advantages in a highly competitive industry; strict government regulations that are constantly evolving and may be amended, repealed, or subject to new interpretations, which may limit existing operations, have an adverse impact on Accel’s ability to grow or may expose Accel to fines or other penalties; Accel’s dependence on the protection of trademarks and other intellectual property; opponents’ persistence in efforts to curtail the expansion of legalized gaming; Accel’s dependence on the security and integrity of the systems and products offered, which, if breached or disrupted, could expose Accel to liability; and other risks and uncertainties indicated from time to time in the section entitled “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in documents filed or to be filed with the Securities and Exchange Commission (“SEC”). Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law. In addition, the inclusion of any statement in this presentation does not constitute an admission by us that the events or circumstances described in such statement are material. We qualify all of our forward-looking statements by these cautionary statements. Industry and Market Data Unless otherwise indicated, information contained in this presentation concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity, and market size, is based on information from various sources, on assumptions that we have made that are based on those data and other similar sources, and on our knowledge of the markets for our services. This information includes a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the Form 10-K, as well as Accel’s other filings with the SEC. These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us. Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including Adjusted net income, Adjusted EBITDA, EBIT and Net Debt. Management believes that these non-GAAP measures of financial results enhance the understanding of Accel’s underlying drivers of profitability and trends in Accel’s business and facilitate company-to-company and period-to period comparisons, because these non-GAAP financial measures exclude the effects of certain non-cash items or represent certain nonrecurring items that are unrelated to core performance. Management of Accel also believes that these non-GAAP financial measures are used by investors, analysts and other interested parties as measures of financial performance and to evaluate Accel’s ability to fund capital expenditures, service debt obligations and meet working capital requirements. The non-GAAP financial measures presented in this presentation should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with GAAP that are also presented in this presentation These measures are not substitutes for their comparable GAAP financial measures and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this presentation may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non- GAAP financial measures the same way as Accel does. For definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the most directly comparable GAAP measure, please see the Appendix to this presentation. 2


 
Accel at a Glance 3 • Accel is a leader in the growing locals gaming segment, offering significant untapped potential within the broader gaming market • We operate a resilient business model with multiple opportunities to continue to generate strong and consistent financial performance • Our broader portfolio offers: – High Quality Turn-Key Solutions – Long-term Record of Growth – Contracted, Recurring Revenue – Disciplined Stewards of Capital


 
High Quality Turn-Key Solution Provider for Locals Gaming 4 • As of June 30, 2025, Accel owned and operated 27,388 gaming terminals across 4,427 locations in Illinois, Montana, Nevada, Louisiana, Nebraska and Georgia


 
Long-term Record of Growth 1. Calculated as Net Gaming Revenue in the period divided by the number of operational days. There were 217 and approximately 347 operational days for the years ended December 31, 2020 and 2021, respectively. 5 Average Daily Net Gaming Revenue(1) ($ in thousands) 882 1,125 1,383 2,030 2,534 3,051 3,204 3,403 2018 2019 2020 2021 2022 2023 2024 2025 CAGR: 21.3%


 
Strong Visibility with Contracted, Recurring Revenue 6 Long-term recurring agreements Continued strong customer engagement Diversified pipeline of soon to be contracted locations


 
Disciplined Stewards of Capital 1. Calculated using 94,081,346 shares outstanding on November 22, 2021, which was the date the Board approved the share repurchase program. 7 Balance sheet strength • $392 million of liquidity consisting of – $265 million of cash – $127 million of availability under our credit facility High returns on invested capital • Return capital to shareholders via share repurchase program • Since fourth quarter 2021, Accel repurchased 16% of its shares outstanding at an average price of $10.37(1)


 
Q2 2025 Highlights • Record revenues of $336 million − An increase of 8.6% compared to Q2 2024 • Without the acquisition of Fairmount Park and Toucan Gaming (Louisiana), total revenue was $317 million for Q2 2025, an increase of 2.4% compared to Q2 2024 • Net income of $7 million − A decrease of 50.2% compared to Q2 2024 • Partially attributable to a loss of $6 million on the change in the fair value of the contingent earnout shares (Accel Class A-2 common stock) compared to a gain of $5 million in the prior period • Record Adjusted EBITDA(1) of $53 million − An increase of 7.1% compared to Q2 2024 • Was attributable to an increase in the number of locations and gaming terminals 8 1. Adjusted EBITDA is a non-GAAP financial measure that may not be comparable to other similarly titled measures of other companies. Accel does not consider non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. For more information with respect to our non-GAAP financial measures, see page 2 “Use of Non-GAAP Financial Measures,” and for a reconciliation of each of these measures to their most directly comparable GAAP measure, see page 18 "Non-GAAP to GAAP Reconciliation.”


 
Q2 2025 Highlights (Continued) • CapEx totaled $26 million in Q2 2025 and $53 million year-to-date − We are affirming our full year 2025 forecast of $75-80 million, including approximately $39-41 million for our legacy markets, $5-7 million for Louisiana, and $31-32 million for Fairmount Park • Repurchased $7 million of Accel Class A-1 Common Stock in Q2 2025, and $160 million since the repurchase program was announced in November 2021(1) • Casino and racing operations at Fairmount Park Casino & Racing commenced in April 2025 9 1. On November 22, 2021, the Company’s Board of Directors approved a share repurchase program of up to $200 million of shares of its Class A-1 common stock, and on February 27, 2025, the Board of Directors approved an amendment to the share repurchase program to replenish the dollar amount that may be purchased under the program back up to $200 million shares of Class A-1 common stock. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. Under the repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases or privately negotiated transactions, in compliance with the rules of the United States SEC and other applicable legal requirements. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. As of June 30, 2025, the Company has purchased a total of 15,478,989 shares under the repurchase program at a cost of $160 million.


 
Expansion in Core and Developing Markets Locations (#) Terminals (#) 10 2,582 3,600 4,017 4,294 4,427 2,527 2,572 2,690 2,816 2,741 585 610 620 616 332 355 359 355 98 8 197 239 275 55 103 165 260 342 IL MT NV LA NE GA Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 13,370 22,521 24,861 26,481 27,388 13,177 13,801 14,767 15,743 15,670 5,742 6,210 6,435 6,508 2,585 2,782 2,735 2,650 626 609 844 975 193 365 493 724 959 IL MT NV LA NE GA Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 CAGR: 14.4% CAGR: 19.6%


 
Consistent, Strong Revenue and Adjusted EBITDA Performance Revenue ($ in millions) Adjusted EBITDA(1) ($ in millions) 11 $202 $228 $293 $309 $336 $201 $206 $216 $227 $245 $11 $39 $43 $40 $9 $30 $29 $27 $10 $4 $6 $8 $1 IL MT NV LA NE GA Other Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 1. Adjusted EBITDA is a non-GAAP financial measure that may not be comparable to other similarly titled measures of other companies. Accel does not consider this Non-GAAP measure in isolation or as an alternative to similar financial measures determined in accordance with GAAP. For more information with respect to this Non-GAAP financial measure, see page 2 “Use of Non-GAAP Financial Measures,” and for a reconciliation of this measure to its most directly comparable GAAP measure, see page 18 "Non-GAAP to GAAP Reconciliation.” $43 $43 $47 $50 $53 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025


 
Q2 2025 Results 12 Note: Numbers may not total due to rounding. Percent change may not recalculate due to rounding. $ in millions, except %s Q2 2025 Q2 2024 % Change Locations 4,427 4,294 3 % Terminals 27,388 26,481 3 % Revenue $336 $309 9 % Adj EBITDA(1) $53 $50 7 % CAPEX $26 $18 49 % Net Debt(1) $331 $311 6 % Q2 2025 Q2 2024 % Change Revenue By State Illinois $245 $227 8 % Montana 40 43 (6) % Nevada 27 29 (8) % Louisiana 10 — N/A Nebraska 8 6 26 % Georgia 5 3 53 % Other 1 1 (6) % 1. Adjusted EBITDA and Net Debt are non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies. Accel does not consider these Non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. For more information with respect to these Non-GAAP financial measure, see page 2 “Use of Non-GAAP Financial Measures,” and for a reconciliation of these measures to their most directly comparable GAAP measure, see page 18 "Non-GAAP to GAAP Reconciliation.”


 
Historical Financial Summary 13 $ in millions Note: Numbers may not total due to rounding. Twelve months ended Three months ended Q2 Six months ended YTD December 31, June 30, YoY June 30, YoY 2021 2022 2023 2024 2024 2025 Growth 2024 2025 Growth No. of Locations 2,584 3,741 3,961 4,117 4,294 4,427 3 % 4,294 4,427 3 % No. of Terminals 13,639 23,541 25,083 26,346 26,481 27,388 3 % 26,481 27,388 3 % Net Gaming Revenue 706 925 1,114 1,173 293 314 7 % 581 616 6 % Other Revenue 29 45 57 58 16 22 36 % 30 44 47 % Gross Revenues 735 970 1,170 1,231 309 336 9 % 611 660 8 % % YoY Growth 132 % 32 % 21 % 5 % 9 % 8 % Less: Cost of revenue (exclusive of amortization and depreciation expense shown below) (494) (671) (817) (859) (216) (231) 7 % (427) (454) 6 % Gross Profit 241 299 353 371 93 105 13 % 184 206 11 % % Margin 33 % 31 % 30 % 30 % 30 % 31 % 30 % 31 % Less: G&A Expenses (111) (146) (180) (195) (47) (55) 18 % (94) (108) 15 % EBITDA 130 153 173 177 46 50 9 % 90 98 8 % Adjusted EBITDA(1) 140 162 181 189 50 53 7 % 96 103 7 % % Margin 19 % 17 % 16 % 15 % 16 % 16 % 16 % 16 % % YoY Growth 312 % 16 % 12 % 4 % 7 % 7 % Less: Depreciation & amortization of property & equipment (25) (29) (38) (44) (11) (13) (21) (25) Less: Amortization of intangible assets and route and customer acquisition costs (22) (17) (21) (23) (6) (6) (11) (13) EBIT (1) 83 106 114 110 30 31 58 60 Less: Other expenses, net (13) (9) (6) (19) (7) (4) (10) (7) Less: Interest expense, net (13) (22) (33) (36) (9) (9) (18) (17) Less: Income tax expense (15) (21) (20) (18) (4) (5) (9) (10) Less: Loss from unconsolidated affiliates — — — — — — — — Less: Loss (gain) on change in fair value of contingent earnout shares (10) 20 (9) (1) 5 (6) — (3) Less: Loss on debt extinguishment (1) — — — — — — — Net Income 32 74 46 35 15 7 22 22 Less: Net income attributed to redeemable noncontrolling interests — — — — Net income attributable to Accel Entertainment, Inc. 32 74 46 35 15 7 22 22 Adjusted Net Income(1) 71 80 83 77 21 22 41 43 1. Adjusted EBITDA, EBIT and Net Debt are non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies. Accel does not consider these Non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. For more information with respect to these Non-GAAP financial measure, see page 2 “Use of Non-GAAP Financial Measures,” and for a reconciliation of these measures to their most directly comparable GAAP measure, see page 18 "Non-GAAP to GAAP Reconciliation.”


 
Income Statement 14 Note: Numbers may not total due to rounding. $ in millions, except per share amounts Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net revenues: Net gaming $ 314 $ 293 $ 616 $ 581 Amusement 6 6 11 12 Manufacturing 2 5 6 7 ATM fees and other 15 5 27 11 Total net revenue 336 309 660 611 Operating Expenses: Cost of revenue (exclusive of depreciation and amortization expense shown below) 230 213 451 422 Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) 1 3 3 4 General and administrative 55 47 108 94 Depreciation and amortization of property and equipment 13 11 25 21 Amortization of intangible assets and route and customer acquisition costs 6 6 13 11 Other expenses, net 4 7 7 10 Total operating expenses 309 287 607 563 Operating Income 27 23 53 48 Interest expense, net 9 9 17 18 Loss (gain) on change in fair value of contingent earnout shares 6 (5) 3 — Income before income tax expense 12 19 32 31 Income tax expense 5 4 10 9 Net income $ 7 $ 15 $ 22 $ 22 Less: Net income attributed to redeemable noncontrolling interests — — — — Net income attributable to Accel Entertainment, Inc. $ 7 $ 15 $ 22 $ 22 Earnings per common share: Basic $ 0.09 $ 0.17 $ 0.26 $ 0.26 Diluted 0.08 0.17 0.25 0.26 Weighted average number of common shares outstanding: Basic 85,710 83,911 85,856 84,105 Diluted 86,943 85,054 87,082 85,178


 
Balance Sheet 15 Note: Numbers may not total due to rounding. $ in millions June 30, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents $ 265 $ 281 Other current assets 46 45 Total current assets 310 326 Property and equipment, net 328 308 Route and customer acquisition costs, net 29 23 Location contracts acquired, net 193 203 Goodwill 116 116 Other assets 80 72 Total assets 1,056 1,048 Liabilities, Temporary equity and Stockholders' equity Current liabilities: Short term debt and current maturities 34 34 Accrued state and location gaming expense 27 25 Other current liabilities 56 59 Total current liabilities 117 118 Long-term liabilities: Long-term debt 561 561 Contingent earnout share liability 36 33 Other liabilities 76 77 Total liabilities 792 789 Total temporary and stockholders' equity 265 259 Total liabilities, temporary equity, and stockholders' equity $ 1,056 $ 1,048


 
Cash Flow 16 Note: Numbers may not total due to rounding. $ in millions $ in millions Six Months Ended Q2 2025 Q2 2024 Cash flows from operating activities: Net income $ 21.9 $ 22.0 Non-cash items included in net income: Depreciation and amortization of property and equipment 25.4 21.2 Amortization of route and customer acquisition costs and location contracts acquired 12.6 11.0 Loss (gain) on change in fair value of contingent earnout shares 3.4 — Stock based compensation 4.9 5.6 Deferred income taxes (2.6) (0.3) Changes in operating assets and liabilities, net of acquisition of businesses: (4.5) (7.8) Net cash provided by operating activities 64.6 57.6 Cash flows from investing activities: Purchases of property and equipment (52.8) (38.1) Proceeds from the sale of property and equipment 1.2 0.3 Proceeds from the settlement of convertible notes 1.5 — Advances against a portion of the purchase price on pending business acquisition — (9.0) Acquisition of Intangible Asset (9.5) — Investment in Equity Interest — (5.0) Business and asset acquisitions, net of cash acquired (0.4) (17.5) Net cash used in investing activities (60.0) (69.3) Cash flows from financing activities: Proceeds from debt 64.0 47.5 Payments on debt (64.2) (24.8) Repurchases of common stock (16.9) (15.3) Other financing activities (4.1) (2.4) Net cash (used in) provided by financing activities (21.3) 5.0 Net decrease in cash $ (16.7) $ (6.7)


 
Definition of Non-GAAP Financial Measures Adjusted net income is defined as net income plus: • Amortization of intangible assets and route and customer acquisition costs • Stock-based compensation expense • Loss from unconsolidated affiliates • Loss (gain) on change in fair value of contingent earnout shares • Gain on change in fair value of warrants • Other expenses, net – consists of (i) non-cash expenses including the remeasurement of contingent consideration liabilities, (ii) non-recurring lobbying and legal expenses related to distributed gaming expansion in current or prospective markets, and (iii) other non-recurring expenses • Tax effect of adjustments Adjusted EBITDA is defined as net income plus: • Amortization of intangible assets and route and customer acquisition costs • Stock-based compensation expense • Loss from unconsolidated affiliates • Loss (gain) on change in fair value of contingent earnout shares • Gain on expiration of warrants • Other expenses, net • Tax effect of adjustments • Depreciation and amortization of property and equipment • Interest expense, net • Emerging markets – reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where our operations are developing − Markets are no longer considered emerging when we have installed or acquired at least 500 gaming terminals in the jurisdiction, or when 24 months have elapsed from the date we first install or acquire gaming terminals in the jurisdiction, whichever occurs first − Prior to June 2025, Pennsylvania was considered an emerging market − Prior to January 2024, Iowa was considered an emerging market − As of June 2025, we no longer have any emerging markets. • Income tax expense • Loss on debt extinguishment 17 Accel uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. Management believes these non-GAAP financial measures enhance the understanding of our underlying drivers of profitability, trends in our business, and facilitate company-to-company and period-to-period comparisons. Management also believes that these non- GAAP financial measures are used by investors, analysts and other interested parties as measures of financial performance and to evaluate our ability to fund capital expenditures, service debt obligations and meet working capital requirements. For more information with respect to this non-GAAP financial measure, see page 2 “Use of Non-GAAP Financial Measures.” EBIT is defined as Adjusted EBITDA less: • Depreciation and amortization of property and equipment • Amortization of intangible assets and route and customer acquisition costs • Other expenses, net Net debt is defined as debt, net of current maturities plus: • Current maturities of debt less cash and cash equivalents


 
Non-GAAP to GAAP Reconciliation 18 Note: Numbers may not total due to rounding. $ in millions Twelve months ended Three months ended Six months ended December 31, June 30, June 30, 2021 2022 2023 2024 2024 2025 2024 2025 Net Income 32 74 46 35 15 7 22 22 (+) Amortization of intangible assets and route and customer acquisition costs 22 17 21 23 6 6 11 13 (+) Stock-based compensation expense 6 7 9 12 3 3 6 5 (+) Loss from unconsolidated affiliates — — — — — — — — (+) Loss (gain) on change in fair value of contingent earnout shares 10 (20) 9 1 (5) 6 — 3 (+) Other expenses, net 13 9 6 19 7 4 10 7 (+) Tax effect of adjustments (11) (8) (9) (14) (5) (4) (7) (7) Adjusted Net Income 71 80 83 77 21 22 41 43 (+) Depreciation and amortization of property & equipment 25 29 38 44 11 13 21 25 (+) Interest expense, net 13 22 33 36 9 9 18 17 (+) Emerging markets 3 3 (1) — — — — — (+) Income tax expense 26 29 29 32 9 9 16 17 (+) Loss on debt extinguishment 1 — — — — — — — Adjusted EBITDA 140 162 181 189 50 53 96 103 Three months ended Three months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net Income 7 15 5 8 15 7 (+) Amortization of intangible assets and route and customer acquisition costs 5 6 6 6 6 6 (+) Stock-based compensation expense 2 3 3 3 2 3 (+) Loss from unconsolidated affiliates — — — — — — (+) Loss (gain) on change in fair value of contingent earnout shares 5 (5) 4 (3) (2) 6 (+) Other expenses, net 2 7 4 6 3 4 (+) Depreciation and amortization of property & equipment 10 11 11 12 12 13 (+) Interest expense, net 9 9 9 9 9 9 (+) Emerging markets — — — — — — (+) Income tax expense 5 4 4 6 5 5 Adjusted EBITDA 46 50 46 47 50 53 June 30, 2024 2025 Debt. net of current Maturities 537 561 (+) Current Maturities of debt 28 34 (-) Cash and Cash Equivalents (255) (265) Net Debt 311 331