acel-20250505

Accel Entertainment Reports Record First Quarter Revenue and Strong Operating Results

Chicago, IL – May 5, 2025 – Accel Entertainment, Inc. (NYSE: ACEL) today announced financial and operating results for the first quarter March 31, 2025.

Highlights:

•Record revenues of $323.9 million in Q1 '25; an increase of 7.3% compared to Q1 '24

•Net income of $14.6 million for Q1 '25; an increase of 97.0% compared to Q1 '24

•Adjusted EBITDA of $49.5 million for Q1 '25; an increase of 7.1% compared to Q1 '24

•Ended Q1 '25 with 4,391 locations; an increase of 2.9% compared to Q1 '24

•Ended Q1 '25 with 27,180 gaming terminals; an increase of 4.4% compared to Q1 '24

•Net debt of $309 million at March 31, 2025

•Repurchased 1 million shares of Accel Class A-1 common stock in Q1 '25 for approximately $10.2 million

•Commenced our casino and racing operations at Fairmount Park Casino & Racing in April 2025.

Accel CEO Andy Rubenstein commented, “Our operating and financial momentum continues in 2025. In the first quarter, we generated our highest quarterly revenue since going public and strong Adjusted EBITDA as we expanded the number of locations we serve and increased the number of gaming terminals. In April, we opened Phase I of our casino and commenced horse racing operations at Fairmount Park Casino & Racing, which has already garnered solid customer visitation and play. This past Saturday, we hosted Fairmount Park’s “Derby Day at the Track.” Despite the inclement weather forcing us to cancel races at our Derby Day, we still had a fantastic turnout that drove very strong play at the casino, demonstrating the value of our acquisition. We remain confident that Fairmount will be another meaningful growth driver for Accel.”

“We continue to execute on our near- and long-term growth plans to improve our core operations and expand into complimentary markets, including Fairmount, to leverage our operating disciplines. These initiatives are already benefiting our operating performance and we expect our expansion efforts will allow Accel to maintain attractive low-teens returns on capital, generate growing free cash flow, and ultimately improve our trading multiples to enhance shareholder value.”

Condensed Consolidated Statements of Operations and Other Data


	Three Months Ended March 31,
(in thousands)	2025		2024

Total net revenues	$	323,912	$	301,817
Operating income	25,952		25,559
Income before income tax expense	19,606		12,183
Net income	14,613		7,416
Other Financial Data:
Adjusted EBITDA(1)	49,514		46,247
Adjusted net income (2)	20,218		19,505

(1)Adjusted EBITDA is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to GAAP.

(2)Adjusted net income is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to GAAP.

Net Revenues


(in thousands)	Three Months Ended March 31,				Increase / (Decrease)
	2025		2024		Change ($)		Change (%)
Net revenues by state:
Illinois	$	233,479	$	224,863	$	8,616	3.8	%
Montana	41,136		38,141		2,995		7.9	%
Nevada	27,617		29,209		(1,592)		(5.5)	%
Louisiana	9,025		—		9,025		N/A
Nebraska	7,230		5,834		1,396		23.9	%
Georgia	4,325		2,624		1,701		64.8	%
Other	1,100		1,146		(46)		(4.0)	%
Total net revenues	$	323,912	$	301,817	$	22,095	7.3	%

Key Business Metrics


Locations (1)	As of March 31,		Increase / (Decrease)
	2025	2024	Change	Change (%)
Illinois	2,745	2,786	(41)	(1.5)	%
Montana	618	609	9	1.5	%
Nevada	355	355	—	—	%
Louisiana	96	—	96	N/A
Nebraska	267	237	30	12.7	%
Georgia	310	280	30	10.7	%
Total locations	4,391	4,267	124	2.9	%


Gaming terminals (1)	As of March 31,		Increase / (Decrease)
	2025	2024	Change	Change (%)
Illinois	15,624	15,494	130	0.8	%
Montana	6,526	6,280	246	3.9	%
Nevada	2,623	2,714	(91)	(3.4)	%
Louisiana	614	—	614	N/A
Nebraska	949	833	116	13.9	%
Georgia	844	708	136	19.2	%
Total gaming terminals	27,180	26,029	1,151	4.4	%


Location hold-per-day (2)	Three Months Ended March 31,				Increase / (Decrease)
	2025		2024		Change ($)		Change (%)
Illinois	$	885	$	860	$	25	2.9	%
Montana	610		594		16		2.7	%
Nevada	802		847		(45)		(5.3)	%
Louisiana	972		—		972		N/A
Nebraska	263		233		30		12.9	%
Georgia	145		91		54		59.3	%

(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 March 31,
(in thousands)	2025		2024		Change ($)
Net cash provided by operating activities	$	44,752	$	28,750	$	16,002
Net cash used in investing activities	(26,186)		(25,896)		(290)
Net cash used in financing activities	(27,932)		(10,546)		(17,386)

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

•(Gain) loss 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

•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

•(Gain) loss 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

◦We currently view Pennsylvania as an emerging market

◦Prior to January 2024, Iowa was considered an emerging market

•Income tax expense

Net debt is defined as debt, net of current maturities:

•plus Current maturities of debt

•less Cash and cash equivalents

Adjusted net income and Adjusted EBITDA


	Three Months Ended March 31,				Increase / (Decrease)
(in thousands)	2024		2023		Change ($)		Change (%)
Net income	$	14,613	$	7,416	$	7,197	97.0	%
Adjustments:
Amortization of intangible assets and route and customer acquisition costs	6,290		5,438		852		15.7	%
Stock-based compensation expense	2,091		2,350		(259)		(11.0)	%
Loss from unconsolidated affiliates	16		—		16		100.0	%
(Gain) loss on change in fair value of contingent earnout shares	(2,355)		4,716		(7,071)		(149.9)	%

Other expenses, net	2,817		2,426		391		16.1	%
Tax effect of adjustments	(3,254)		(2,841)		(413)		(14.5)	%
Adjusted net income	20,218		19,505		713		3.7	%
Depreciation and amortization of property and equipment	12,301		10,434		1,867		17.9	%
Interest expense, net	8,685		8,660		25		0.3	%
Emerging markets	63		40		23		57.5	%
Income tax expense	8,247		7,608		639		8.4	%
Adjusted EBITDA	$	49,514	$	46,247	$	3,267	7.1	%

Net Debt


	As of March 31,
(in thousands)	2025		2024
Debt, net of current maturities	$	546,425	$	511,425
Plus: Current maturities of debt	34,280		28,485
Less: Cash and cash equivalents	(271,939)		(253,919)
Net debt	$	308,766	$	285,991

Conference Call

Accel will host an investor conference call on May 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 https://www.netroadshow.com/events/login?show=e00222af&confId=80950 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 leading distributed gaming operator in the United States, as well as a developer of brick-and-mortar casinos that serve local gaming markets and horse racing venues. Accel is dedicated to delivering unmatched value to its customers through its innovative solutions and exceptional service and is a preferred partner for local business owners in the markets it serves. Accel is the largest terminal operator in the country, supporting more than 27,000 gaming terminals in 4,300 local and regional establishments across ten states. Offering turnkey full-service gaming solutions, Accel designs, manufactures, installs, and operates gaming terminals and related equipment, including slot machines, redemption terminals, video game machines, gaming software, and amusements to authorized non-casino locations including bars, restaurants, convenience stores, truck stops, fraternal and veteran establishments as well as casinos and horse racing venues.

Media Contact:

Eric Bonach

H/Advisors Abernathy

212-371-5999

[email protected]

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, Adjusted net income, location hold-per-day and capital expenditures, our ability to continue to generate returns on capital and improve our trading multiples, and our expansion into casino operations and horse racing. 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: Accel’s ability to operate in existing markets or expand into new jurisdictions; 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 the slow growth in

demand for gaming terminals and by the slow growth of new gaming jurisdictions; 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 macroeconomic conditions or decreased discretionary spending due to other factors such as interest rate volatility, persistent inflation, increased or retaliatory tariffs, actual or perceived instability in the U.S. and global banking systems, high fuel rates, recessions, epidemics or other public health issues, terrorist activity or threat thereof, civil unrest or other macroeconomic or political uncertainties, that could adversely affect Accel’s business, results of operations, cash flows and financial conditions 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").

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. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on Accel. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors 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"). Except as required by law, we do not undertake publicly to update or revise these statements, even if experience or future changes make it clear that any projected results expressed in this or other press releases or future quarterly reports, or company statements will not be realized. 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. In addition, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors including those described in the section entitled “Risk Factors” in the Form 10-K, as well as Accel’s other filings with the SEC. These and other factors could cause our results to differ materially from those expressed in this press release.

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.

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. Management of Accel 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, represents certain nonrecurring items that are unrelated to core performance, or excludes non-core operations. 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.

ACCEL ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


(In thousands, except per share amounts)	Three Months Ended March 31,
		2025		2024
Net revenues:
Net gaming		$	301,951	$	288,137
Amusement		5,908		6,129
Manufacturing		3,858		2,209
ATM fees and other		12,195		5,342
Total net revenues		323,912		301,817
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization expense shown below)		221,472		209,167
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)		2,076		1,159
General and administrative		53,004		47,634
Depreciation and amortization of property and equipment		12,301		10,434
Amortization of intangible assets and route and customer acquisition costs		6,290		5,438
Other expenses, net		2,817		2,426
Total operating expenses		297,960		276,258
Operating income		25,952		25,559
Interest expense, net		8,685		8,660
Loss from unconsolidated affiliates		16		—
(Gain) loss on change in fair value of contingent earnout shares		(2,355)		4,716

Income before income tax expense		19,606		12,183
Income tax expense		4,993		4,767
Net income		$	14,613	$	7,416
Less: Net income attributed to redeemable noncontrolling interests		$	(26)	$	—
Net income attributable to Accel Entertainment, Inc.		$	14,639	$	7,416

Earnings per common share:
Basic		$	0.17	$	0.09
Diluted		0.17		0.09
Weighted average number of common shares outstanding:
Basic		86,003		84,298
Diluted		87,223		85,300

ACCEL ENTERTAINMENT, INC.

CONSOLIDATED BALANCE SHEETS


(In thousands, except par value and share amounts)	March 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	271,939	$	281,305
Accounts receivable, net	12,673		10,550
Prepaid expenses	8,606		8,950
Inventories	8,558		8,122

Interest rate caplets	5,024		6,342


Other current assets	9,686		10,883
Total current assets	316,486		326,152
Property and equipment, net	321,802		307,997
Noncurrent assets:
Route and customer acquisition costs, net	23,578		23,258
Location contracts acquired, net	197,539		202,618
Goodwill	116,252		116,252
Other intangible assets, net	53,344		53,940
Interest rate caplets, net of current	—		479

Other assets	18,255		17,702
Total noncurrent assets	408,968		414,249
Total assets	$	1,047,256	$	1,048,398
Liabilities, Temporary equity, and Stockholders’ equity
Current liabilities:
Current maturities of debt	$	34,280	$	34,443

Current portion of route and customer acquisition costs payable	2,218		2,197
Accrued location gaming expense	10,175		4,734
Accrued state gaming expense	20,203		19,802
Accounts payable and other accrued expenses	51,892		41,944
Accrued compensation and related expenses	8,863		12,117
Current portion of consideration payable	3,137		3,116
Total current liabilities	130,768		118,353
Long-term liabilities:
Debt, net of current maturities	546,425		560,936
Route and customer acquisition costs payable, less current portion	7,475		7,160
Consideration payable, less current portion	14,403		14,596
Contingent earnout share liability	30,748		33,103
Other long-term liabilities	7,886		7,571
Deferred income tax liability, net	46,231		47,372
Total long-term liabilities	653,168		670,738

Temporary equity - Redeemable noncontrolling interest	4,252		4,278

Stockholders’ equity:
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2025 and December 31, 2024	—		—
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 96,110,689 shares issued and 84,927,240 shares outstanding at March 31, 2025; 95,865,026 shares issued and 85,670,255 shares outstanding at December 31, 2024	8		8

Additional paid-in capital	222,462		221,625
Treasury stock, at cost	(115,789)		(105,485)
Accumulated other comprehensive income	3,012		4,145
Accumulated earnings	149,375		134,736
Total stockholders' equity	259,068		255,029
Total liabilities, temporary equity, and stockholders' equity	$	1,047,256	$	1,048,398

First Quarter 2025 Earnings Presentation May 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, capital expenditures, our expansion into casino operations and horse racing, and our ability to consummate share repurchases in the amounts authorized pursuant to our share repurchase program or at all. 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: Accel’s ability to operate in existing markets or expand into new jurisdictions; 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 the slow growth in demand for gaming terminals and by the slow growth of new gaming jurisdictions; 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 macroeconomic condit ions or decreased discretionary spending due to other factors such as interest rate volatility, persistent inflation, increased or retaliatory tariffs, actual or perceived instability in the U.S. and global banking systems, high fuel rates, recessions, epidemics or other public health issues, terrorist activity or threat thereof, civil unrest or other macroeconomic or political uncertainties, that could adversely affect Accel’s business, results of operations, cash flows and financial conditions and other risks and uncertainties indicated from time to time 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. The forward-looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on Accel. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Except as required by law, we do not undertake publicly to update or revise these statements, even if experience or future changes make it clear that any projected results expressed in this or other presentations or future quarterly reports, or company statements will not be realized. 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. In addition, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors including those described in the section entitled “Risk Factors” in the Form 10-K, as well as Accel’s other filings with the SEC. These and other factors could cause our results to differ materially from those expressed in this presentation. 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, Capex, 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. 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 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. 2. Calculated as of March 31, 2025. Net Debt 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 10 "Non-GAAP to GAAP Reconciliation.” Strong Track Record of Growth Disciplined Stewards of Capital As of March 31, 2025, Accel owned and operated 27,180 gaming terminals across 4,391 locations in Illinois, Montana, Nevada, Nebraska, Georgia and Louisiana Average Daily Net Gaming Revenue(1) ($ in thousands) Long, recurring agreements Continued strong customer engagement Firm backlog of contracted locations waiting to go-live High Quality Service Company in Gaming Vertical Contracted, Recurring Revenue 3 Balance sheet strength Conservative net leverage $309 million of Net Debt(2) High returns on invested capital Return capital to shareholders via share repurchases $882 $1,125 $1,383 $2,030 $2,534 $3,051 $3,204 $3,599 2018 2019 2020 2021 2022 2023 2024 2025 YTD

Q1 2025 Highlights • Record revenues of $324 million for Q1 2025, an increase of 7% compared to Q1 2024 • Q1 2025 net income of $15 million, an increase of 97% compared to Q1 2024 • Adjusted EBITDA(1) of $50 million for Q1 2025, an increase of 7% compared to Q1 2024 • Repurchased $10 million of Accel Class A-1 Common Stock in Q1 2025, and $154 million since the repurchase program was announced in November 2021(2) • Casino and racing operations at Fairmount Park Casino & Racing commenced in April 2025 4 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 10 "Non-GAAP to GAAP Reconciliation.” 2. 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 March 31, 2025, the Company has purchased a total of 14,844,575 shares under the repurchase program at a cost of $154 million.

$46 $50 $46 $47$50 Q1 Q2 Q3 Q4 2024 2025 $302 $309 $302 $318$324 Q1 Q2 Q3 Q4 2024 2025 Accel Quarterly KPIs 1. Adjusted EBITDA is a non-GAAP financial measure that may not be comparable to other similarly titled measures of other companies. Accel does not consider this Non-GAAP measure in isolation or as an alternative to similar financial measures determined in accordance with GAAP. For more information with respect to this Non-GAAP financial measure, see page 2 “Use of Non-GAAP Financial Measures,” and for a reconciliation of this measure to its most directly comparable GAAP measure, see page 10 "Non-GAAP to GAAP Reconciliation.” Locations (#) Terminals (#) Revenue ($ in millions) Adjusted EBITDA(1) ($ in millions) 5 2,786 2,816 2,791 2,775 609 620 615 619 355 359 356 357 237 239 252 270 280 96 2,745 618 355 267 310 96 4,267 4,391 4,034 4,014 4,117 Q1 2024 Q1 2025 Q2 2024 Q3 2024 Q4 2024 A x is T it le Axis Title IL MT NV NE GA LA 15,494 15,743 15,714 15,693 6,280 6,435 6,448 6,467 2,714 2,735 2,685 2,650 833 844 882 948 708 588 15,624 6,526 2,623 949 844 614 26,029 27,180 25,757 25,729 26,346 Q1 2024 Q1 2025 Q2 2024 Q3 2024 Q4 2024 IL MT NV NE GA LA

2025 Results 6 Note: Numbers may not total due to rounding. Percent change may not recalculate due to rounding. $ in millions, except %s Q1 2024 Q1 2025 % Change Locations 4,267 4,391 3% Terminals 26,029 27,180 4% Revenue $302 $324 7% Adj EBITDA $46 $50 7% CapEx $21 $27 30% Net Debt $286 $309 8% Q1 2024 Q1 2025 % Change Revenues by State: Illinois 225$ 233$ 4% Montana 38 41 8% Nevada 29 28 -5% Louisiana - 9 N/A Nebraska 6 7 24% Georgia 3 4 65% Other 1 1 -4%

Historical Financial Summary 7 $ in millions Note: Numbers may not total due to rounding. Q1 YoY 2021 2022 2023 2024 2024 2025 Growth No. of Locations 2,584 3,741 3,961 4,117 4,267 4,391 3% No. of Terminals 13,639 23,541 25,083 26,346 26,029 27,180 4% Net Gaming Revenue 706 925 1,114 1,173 288 302 5% Other Revenue 29 45 57 58 14 22 61% Gross Revenues 735 970 1,170 1,231 302 324 7% % YoY Growth 132% 32% 21% 5% 7% Less: Cost of revenue (exclusive of amortization and depreciation expense shown below) (494) (671) (817) (859) (210) (224) 6% Gross Profit 241 299 353 371 91 100 10% % Margin 33% 31% 30% 30% 30% 31% Less: G&A Expenses (111) (146) (180) (195) (48) (53) 11% EBITDA 130 153 173 177 44 47 8% Adjusted EBITDA 140 162 181 189 46 50 7% % Margin 19% 17% 16% 15% 15% 15% % YoY Growth 312% 16% 12% 4% 7% Less: Depreciation & amortization of property & equipment (25) (29) (38) (44) (10) (12) Less: Amortization of intangible assets and route and customer acquisition costs (22) (17) (21) (23) (5) (6) EBIT 83 106 114 110 28 29 Less: Other expenses, net (13) (9) (6) (19) (2) (3) Less: Interest expense, net (13) (22) (33) (36) (9) (9) Less: Income tax benefit (expense) (15) (21) (20) (18) (5) (5) Less: Loss from unconsolidated affiliates -- -- -- -- -- (0) Less: Loss (gain) on change in fair value of contingent earnout shares (10) 20 (9) (1) (5) 2 Less: Gain on expiration of warrants -- -- -- 0 -- -- Less: Loss on debt extinguishment (1) -- -- -- -- -- Reported Net Income 32 74 46 35 7 15 Adjusted Net Income 71 80 83 77 20 20 Twelve Months Ended Three Months Ended December 31, March 31,

Accel Balance Sheet 8 Note: Numbers may not total due to rounding. $ in millions December 31, 2024 March 31, 2025 Assets Current Assets: Cash and cash equivalents $281 $272 Other current assets 45 45 Total current assets $326 $316 Property and equipment, net 308 322 Route and customer acquisition costs, net 23 24 Location contracts acquired, net 203 198 Goodwill 116 116 Other assets 72 72 Total assets $1,048 $1,047 Liabilities, Temporary equity and Stockholders' equity Current liabilities: Short term debt and current maturities $34 $34 Accrued state and location gaming expense 25 30 Other current liabilities 59 66 Total current liabilities $118 $131 Long-term liabilities: Long-term debt $561 $546 Contingent earnout share liability 33 31 Other liabilities 77 76 Total liabilities $789 $784 Total temporary and stockholders' equity $259 $263 Total liabilities, temporary equity, and stockholders' equity $1,048 $1,047

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 − We currently view Pennsylvania as an emerging market − Prior to January 2024, Iowa was considered an emerging market − Prior to April 2023, Nebraska was considered an emerging market • Income tax expense • Loss on debt extinguishment 9 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. EBIT is defined as EBITDA less: • Depreciation and amortization of property and equipment • Amortization of intangible assets and route and customer acquisition costs Capex is defined as purchases of property and equipment 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 10 Note: Numbers may not total due to rounding. $ in millions 2021 2022 2023 2024 2024 2025 Reported Net Income (Loss) 32 74 46 35 7 15 (+) Amortization of intangible assets and route and customer acquisition costs 22 17 21 23 5 6 (+) Stock-based compensation expense 6 7 9 12 2 2 (+) Loss from unconsolidated affiliates – – – – – 0 (+) Loss (gain) on change in fair value of contingent earnout shares 10 (20) 9 1 5 (2) (+) Gain on change in fair value of warrants – – – (0) – – (+) Other expenses, net 13 9 6 19 2 3 (+) Tax effect of adjustments (11) (8) (9) (14) (3) (3) Adjusted Net Income 71 80 83 77 20 20 (+) Depreciation and amortization of property & equipment 25 29 38 44 10 12 (+) Interest expense, net 13 22 33 36 9 9 (+) Emerging markets 3 3 (1) 0 0 0 (+) Income tax (benefit) expense 26 29 29 32 8 8 (+) Loss on debt extinguishment 1 – – – – – Adjusted EBITDA 140 162 181 189 46 50 Twelve Months Ended Three Months Ended December 31, March 31, Three Months Ended March 31, June 30, Sep. 30, Dec. 31, March 31, 2024 2024 2024 2024 2025 Reported Net Income 7 15 5 8 15 (+) Amortization of intangible assets and route and customer acquisition costs 5 6 6 6 6 (+) Stock-based compensation expense 2 3 3 3 2 (+) Loss from unconsolidated affiliates – – 0 (0) 0 (+) Loss (gain) on change in fair value of contingent earnout shares 5 (5) 4 (3) (2) (+) Other expenses, net 2 7 4 6 3 (+) Depreciation & amortization of property & equipment 10 11 11 12 12 (+) Interest expense, net 9 9 9 9 9 (+) Emerging markets 0 0 0 0 0 (+) Income tax expense 5 4 4 6 5 Adjusted EBITDA 46 50 46 47 50 Three Months Ended March 31, 2024 2025 Debt, net of current maturities 511 546 (+) Current maturities of debt 28 34 (-) Cash and cash equivalents (254) (272) Net Debt 286 309


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


Exhibit Number						Description

99.1						Press Release dated May 5, 2025
99.2						Accel Investor Presentation - First Quarter 2025 Earnings Presentation
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


	ACCEL ENTERTAINMENT, INC.

Date: May 5, 2025	By:	/s/ Mathew Ellis
		Mathew Ellis
		Chief Financial Officer