Accel Entertainment Reports Record Fourth Quarter Results Including 7.5% Revenue Increase and Full-Year Revenue of $1.3 Billion

Accel Entertainment Reports Record Fourth Quarter Results Including 7.5% Revenue Increase and Full-Year Revenue of $1.3 Billion March 03, 2026 Accel Entertainment, Inc. (NYSE: ACEL), a leading locals-focused gaming operator partnering with small businesses, local communities, and state governments to provide entertaining, convenient, and safe gaming experiences nationwide, today announced financial and operating results for the fourth quarter and year ended December 31, 2025. Highlights: Record revenue of $341.4 million for Q4 '25; an increase of 7.5% compared to Q4 '24Ended Q4 '25 with 4,501 locations; an increase of 2.2% compared to Q4 '24Ended Q4 '25 with 27,950 gaming terminals; an increase of 2.9% compared to Q4 '24Record revenues of $1.3 billion for YE 2025; an increase of 8.1% compared to YE 2024Net income of $16.2 million for Q4 '25; an increase of 91.7% compared to Q4 '24, partially attributable to a gain of $0.6 million on the change in the fair value of the contingent earnout shares (Accel Class A-2 common stock) compared to a loss of $2.9 million in the prior periodNet income of $51.3 million for YE 2025; an increase of 45.3% compared to YE 2024Diluted earnings per share of $0.60 for YE 2025, an increase of 46% compared to $0.41 in YE 2024Record Adjusted EBITDA of $56.3 million for Q4 '25; an increase of 18.9% compared to Q4 '24Record Adjusted EBITDA of $210.1 million for YE 2025; an increase of 11.1% compared to YE 2024Cash and cash equivalents of $296.6 million and net debt of approximately $311 million at December 31, 2025Repurchased 1.5 million shares of Accel Class A-1 common stock in Q4 '25 for approximately $16.2 millionCompleted new $900.0 million credit facility in September 2025, extending maturities to 2030, lowering cost of capital and further enhancing growth capital flexibilityFirst full year of racing operations and almost nine months of casino operations at Fairmount Park Casino & Racing Accel CEO, Andy Rubenstein, commented, “Accel delivered a strong finish to 2025, highlighted by 7.5% revenue growth and an 18.9% increase in Adjusted EBITDA in the fourth quarter. For the full year, we generated record revenue of $1.3 billion and $210 million in Adjusted EBITDA, reflecting the growth and resilience of our distributed gaming model combined with our disciplined capital deployment. We ended the year supporting more than 4,500 locations and nearly 28,000 gaming terminals, underscoring the scale and durability of our platform. “In Illinois and Montana, we continue to optimize our footprint and machine base, driving steady hold-per-day improvement and margin expansion. The Illinois rollout of ticket-in, ticket-out technology is progressing as planned and is expected to enhance player convenience and operational efficiency over time. We are excited by the potential to bring our distributed gaming and local entertainment model to the city of Chicago following public announcements regarding the possible introduction of Video Gaming Terminals in licensed locations. We believe we are well positioned to leverage our strong balance sheet, existing fixed operating infrastructure, route management capabilities, and fixed asset base to capitalize on opportunities in a Chicago Video Gaming Terminals market, and we continue to monitor developments as we establish our strategies for maximizing returns from this possible opportunity. “Across our developing markets, we are seeing meaningful scale and momentum. Nevada terminal count increased 13% year-over-year, supported by recent strategic accretive route expansions, while Louisiana revenue increased approximately 75% compared to the prior year as we execute on our bolt-on acquisition strategy. Nebraska and Georgia also delivered strong growth, demonstrating the continued expansion and increased leverage of our operating platform. At Fairmount Park Casino & Racing, we completed our first full year of operations and continue to see steady customer engagement as the property ramps. “With the completion of our previously-announced $900 million credit facility, we strengthened our balance sheet, extended maturities to 2030, and enhanced our growth capital flexibility. Reflecting our commitment to shareholder returns and our view that Accel shares remain undervalued, during 2025, we repurchased approximately 3.7 million shares of our common stock, including 1.5 million shares in the fourth quarter. “Looking ahead, we remain focused on driving steady organic growth, capturing efficiencies at scale, executing accretive tuck-in opportunities, and delivering strong free cash flow. We believe our scalable platform and disciplined capital deployment position us to convert earnings into cash while investing in high-return growth opportunities and returning capital to shareholders.” Condensed Consolidated Statements of Operations and Other Data Three Months Ended December 31, Twelve Months Ended December 31, (in thousands) 2025 2024 2025 2024 Total net revenues $ 341,446 $ 317,515 $ 1,330,960 $ 1,230,972 Operating income 29,664 20,797 107,851 90,884 Income before income tax expense 22,176 14,563 71,931 53,729 Net income 16,092 8,394 51,272 35,291 Other Financial Data: Adjusted EBITDA(1) 56,284 47,355 210,148 189,147 (1) Adjusted EBITDA 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 December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net revenues by state: Illinois $ 245,212 $ 231,278 $ 963,165 $ 906,572 Montana(1) 42,608 41,326 164,323 161,698 Nevada 27,951 27,670 108,884 114,551 Louisiana 9,461 5,445 37,580 5,445 Nebraska 9,622 6,763 33,233 25,384 Georgia 5,660 4,038 19,891 13,209 Other 932 995 3,884 4,113 Total net revenues $ 341,446 $ 317,515 $ 1,330,960 $ 1,230,972 (1) Includes $39.1 million and $153.5 million of net gaming revenues and $3.6 million and $10.9 million of manufacturing revenues for the three and twelve months ended December 31, 2025, respectively. In comparison, includes $38.2 million and $149.5 million of net gaming revenues and $3.1 million and $12.2 million of manufacturing revenues for the three and twelve months ended December 31, 2024, respectively. Gross Margin Percentage Three Months Ended December 31, 2025 2024 2023 Gross margin percentage: Illinois - our regulated split percentage 32.04 % 32.04 % 32.54 % Georgia - our regulated split percentage 43.50 % 43.50 % 45.00 % All other state splits, revenues and fees 30.32 % 25.30 % 23.48 % Total gross margin percentage (1) 31.72 % 30.41 % 30.33 % Twelve Months Ended December 31, 2025 2024 2023 Gross margin percentage: Illinois - our regulated split percentage 32.04 % 32.04 % 32.54 % Georgia - our regulated split percentage 43.50 % 43.50 % 45.00 % All other state splits, revenues and fees 29.04 % 24.20 % 22.81 % Total gross margin percentage (1) 31.35 % 30.17 % 30.18 % (1) Gross margin percentage represents the percentage of total net revenue remaining after subtracting the cost of revenue and cost of manufacturing goods sold and is not adjusted to exclude or modify amounts recognized under GAAP. Key Business Metrics Locations(1) As of December 31, Increase / (Decrease) 2025 2024 Change Change (%) Illinois 2,705 2,775 (70 ) (2.5 )% Montana 624 619 5 0.8 % Nevada 408 357 51 14.3 % Louisiana 100 96 4 4.2 % Nebraska 275 270 5 1.9 % Georgia 389 286 103 36.0 % Total locations 4,501 4,403 98 2.2 % Gaming terminals(1) As of December 31, Increase / (Decrease) 2025 2024 Change Change (%) Illinois 15,534 15,693 (159 ) (1.0 )% Montana 6,598 6,467 131 2.0 % Nevada 2,996 2,650 346 13.1 % Louisiana 684 588 96 16.3 % Nebraska 1,019 948 71 7.5 % Georgia 1,119 808 311 38.5 % Total gaming terminals 27,950 27,154 796 2.9 % (1) Based on a combination of third-party portal data and data from our internal systems. This metric is utilized by Accel to continually monitor growth from existing locations, organic openings, acquired locations, and competitor conversions. Location hold-per-day(2) Three Months Ended December 31, Increase / (Decrease) 2025 2024 Change ($) Change (%) Illinois $ 905 $ 868 $ 37 4.3 % Montana 621 614 7 1.1 % Nevada 731 786 (55 ) (7.0 )% Louisiana 1,011 979 32 3.3 % Nebraska 348 253 95 37.5 % Georgia 155 142 13 9.2 % Twelve Months Ended December 31, Increase / (Decrease) 2025 2024 Change ($) Change (%) Illinois $ 894 $ 864 $ 30 3.5 % Montana 617 609 8 1.3 % Nevada 728 823 (95 ) (11.5 )% Louisiana 979 979 — — % Nebraska 301 241 60 24.9 % Georgia 149 119 30 25.2 % (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 December 31, Increase / (Decrease) (in thousands) 2025 2024 Change ($) Change (%) Net cash provided by operating activities $ 150,875 $ 121,194 $ 29,681 24.5 % Net cash used in investing activities (100,554 ) (124,151 ) 23,597 19.0 % Net cash (used in) provided by financing activities (35,060 ) 22,651 (57,711 ) (254.8 )% 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 and Net debt. Adjusted EBITDA and Net debt are non-GAAP financial measures and are key metrics that Accel’s management uses to monitor ongoing core operations. Accel’s management believes Adjusted EBITDA 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 as measures of Accel’s 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 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 EBITDA is defined as net income plus: Amortization of intangible assets and route and customer acquisition costsStock-based compensation expenseLoss from unconsolidated affiliates(Gain) loss on change in fair value of contingent earnout sharesGain on expiration of warrantsOther 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 expensesDepreciation and amortization of property and equipmentInterest expense, netEmerging markets, which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where our operations are developingMarkets 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 expenseLoss on debt extinguishment Net debt is defined as debt, net of current maturities: plus Current maturities of debtless Cash and cash equivalents Reconciliation of Net income to Adjusted EBITDA Three Months Ended December 31, Twelve Months Ended December 31, (in thousands) 2025 2024 2025 2024 Net income $ 16,092 $ 8,394 $ 51,272 $ 35,291 Adjustments: Amortization of intangible assets and route and customer acquisition costs 6,424 5,769 25,425 22,577 Stock-based compensation expense 3,821 3,277 12,205 12,204 Loss from unconsolidated affiliates 4 (1 ) 59 — (Gain) loss on change in fair value of contingent earnout shares (636 ) (2,914 ) 573 1,276 Gain on expiration of warrants — (13 ) — (13 ) Other expenses, net 2,385 5,719 11,875 19,339 Depreciation and amortization of property and equipment 13,990 11,749 52,725 43,978 Interest expense, net 8,120 9,162 34,198 35,892 Emerging markets — 44 67 165 Income tax expense 6,084 6,169 20,659 18,438 Loss on debt extinguishment — — 1,090 — Adjusted EBITDA $ 56,284 $ 47,355 $ 210,148 $ 189,147 Reconciliation of Debt, net of current maturities to Net debt As of December 31, (in thousands) 2025 2024 Debt, net of current maturities $ 569,837 $ 560,936 Plus: Current maturities of debt 37,583 34,443 Less: Cash and cash equivalents (296,566 ) (281,305 ) Net debt $ 310,854 $ 314,074 Conference Call Accel will host a conference call and webcast at 5:00 PM ET / 4:00 PM CT today to review the results. Interested parties may join the live webcast by registering at https://events.q4inc.com/attendee/820426147. Registering in advance of the call will provide listeners with a personalized link to view the webcast and an individual dial-in for the call. This registration link to the live webcast, as well as a replay following the call, will also be available on Accel’s investor relations website: ir.accelentertainment.com. 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 nearly 28,000 electronic gaming terminals in over 4,500 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 approximately 260 electronic gaming machines, food and beverage amenities, a sports book, pari-mutuel betting, and approximately 57 racing days planned for 2026. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including, but not limited to, any statements regarding our ability to continue to drive steady organic growth, capture efficiencies at scale, execute accretive tuck-in opportunities, and deliver strong cash flow, estimates of number of gaming terminals, locations, revenues, and Adjusted EBITDA, the opportunities in distributed gaming and local entertainment within the broader gaming market, including in the city of Chicago, our ability to roll out new technology to enhance player convenience and operational efficiency over time, and our expansion into casino operations and horse racing, including at Fairmount. The words “predict,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable beliefs, expectations and assumptions and involve inherent 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. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: Accel’s ability to operate in existing markets and to expand into new jurisdictions; Accel’s ability to introduce new and appealing products and services amid uncertain market demand and regulatory outcomes; Accel’s ability to maintain or improve its competitive advantages in a highly competitive industry; Accel’s dependence on with a concentrated network of key manufacturers, developers and third party providers for gaming terminals, amusement machines, and related software, content and technologies; 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; decreased discretionary consumer spending due to broader macroeconomic and socio-political conditions; geographical concentration of Accel’s business, which heightens exposure to local or regional conditions; 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 security, integrity and regulatory compliance of products, services and systems offered, which, if breached or disrupted, could expose Accel to liability; Accel’s dependence on the protection of trademarks and other intellectual property; opponents’ efforts to curtail the expansion of legalized gaming; 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, 2025 (the "Form 10-K"). 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, publicly update or alter any forward-looking statement, whether as a result of new information, subsequent events or otherwise, except as required by law. 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. ACCEL ENTERTAINMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Twelve Months Ended December 31, 2025 2024 2023 Net revenues: Net gaming $ 1,243,471 $ 1,172,777 $ 1,113,573 Amusement 21,685 22,244 23,973 Manufacturing 10,857 12,235 13,353 ATM fees and other 54,947 23,716 19,521 Total net revenues 1,330,960 1,230,972 1,170,420 Operating expenses: Cost of revenue (exclusive of depreciation and amortization expense shown below) 908,121 852,373 809,524 Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) 5,627 7,100 7,671 General and administrative 219,336 194,721 180,248 Depreciation and amortization of property and equipment 52,725 43,978 37,906 Amortization of intangible assets and route and customer acquisition costs 25,425 22,577 21,211 Other expenses, net 11,875 19,339 6,453 Total operating expenses 1,223,109 1,140,088 1,063,013 Operating income 107,851 90,884 107,407 Interest expense, net 34,198 35,892 33,144 Loss from unconsolidated affiliates 59 — — Loss on change in fair value of contingent earnout shares 573 1,276 8,539 Gain on expiration of warrants — (13 ) — Loss on debt extinguishment 1,090 — Income before income tax expense 71,931 53,729 65,724 Income tax expense 20,659 18,438 20,121 Net income $ 51,272 $ 35,291 $ 45,603 Less: Net (loss) income attributed to redeemable noncontrolling interests (198 ) 39 $ — Net income attributable to Accel Entertainment, Inc. $ 51,470 $ 35,252 $ 45,603 Earnings per common share: Basic $ 0.61 $ 0.42 $ 0.53 Diluted 0.60 0.41 0.53 Weighted average number of common shares outstanding: Basic 85,020 83,747 85,949 Diluted 86,367 84,977 86,803 ACCEL ENTERTAINMENT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) December 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 296,566 $ 281,305 Accounts receivable, net 14,198 10,550 Prepaid expenses 7,102 8,950 Inventories 8,231 8,122 Income taxes receivable 9,121 1,632 Interest rate caplets 430 6,342 Other current assets 7,386 9,251 Total current assets 343,034 326,152 Property and equipment, net 350,304 307,997 Noncurrent assets: Route and customer acquisition costs, net 31,147 23,258 Location contracts acquired, net 186,406 202,618 Goodwill 114,426 116,252 Other intangible assets, net 61,034 53,940 Interest rate caplets, net of current — 479 Other assets 17,042 17,702 Total noncurrent assets 410,055 414,249 Total assets $ 1,103,393 $ 1,048,398 Liabilities, Temporary equity, and Stockholders’ equity Current liabilities: Current maturities of debt $ 37,583 $ 34,443 Current portion of route and customer acquisition costs payable 2,473 2,197 Accrued location gaming expense 5,516 4,734 Accrued state gaming expense 21,065 19,802 Accounts payable and other accrued expenses 51,028 41,944 Accrued compensation and related expenses 9,946 12,117 Current portion of consideration payable 3,881 3,116 Total current liabilities 131,492 118,353 Long-term liabilities: Debt, net of current maturities 569,837 560,936 Route and customer acquisition costs payable, less current portion 10,232 7,160 Consideration payable, less current portion 15,790 14,596 Contingent earnout share liability 33,676 33,103 Other long-term liabilities 9,373 7,571 Deferred income tax liability, net 59,230 47,372 Total long-term liabilities 698,138 670,738 Temporary equity - Redeemable noncontrolling interest 4,080 4,278 Stockholders’ equity: Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024 — — Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 96,250,980 shares issued and 82,287,349 shares outstanding at December 31, 2025; 95,865,026 shares issued and 85,670,255 shares outstanding at December 31, 2024 8 8 Additional paid-in capital 229,028 221,625 Treasury stock, at cost (145,747 ) (105,485 ) Accumulated other comprehensive income 188 4,145 Accumulated earnings 186,206 134,736 Total stockholders' equity 269,683 255,029 Total liabilities, temporary equity, and stockholders' equity $ 1,103,393 $ 1,048,398 Joseph Jaffoni, Norberto Aja JCIR 212-835-8500 [email protected] Source: Accel Entertainment, Inc.