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ACCEL ENTERTAINMENT Q3 2026 INVESTOR PRESENTATION | November 2026
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Important Information Forward - Looking Statements This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . All statements, other than statements of historical fact, contained in this presentation are forward - looking statements, including, but not limited to, any statements regarding our ability to invest organically and pursue disciplined acquisitions , e stimates of number of gaming terminals, locations, and revenues, expected financial performance and growth, including net income, EPS, Adjusted EBITDA, profitability and margins, expected cash flow generation and liquidity, the opportunities in di str ibuted gaming and local entertainment within the broader gaming market, including in the city of Chicago, our ability to expand and scale operations in developing markets, our ability to roll out new technology to enhance player convenience and o per ational efficiency over time, and our expansion into casino operations and horse racing, including development plans at Fairmount. The words “predict,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “wi ll,” “would,” “continue,” and similar expressions are intended to identify forward - looking statements. These forward - looking sta tements represent our current reasonable beliefs, expectations and assumptions and involve inherent risks, uncertainties and other fa cto rs 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 r ely 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 abilit y to operate in existing markets and to expand into new jurisdictions; Accel’s ability to introduce new and appealing product s and services amid uncertain market demand and regulatory outcomes; Accel’s ability to maintain or improve its competitive adv ant ages in a highly competitive industry; Accel’s dependence on a concentrated network of key manufacturers, developers and third party providers for gaming terminals, amusement machines, and related software, content and technologies ; A ccel’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 - politi cal 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 inter pre tations, 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 s yst ems offered, including the physical security of its gaming terminals and cash at third - party locations , which, if breached or disrupted, could expose Accel to liability; Accel’s dependence on the protection of trademarks and other intellectual propert y; 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 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, publicly update or alter any forward - looking statement, whether as a result of new information, subsequent events or otherwise, except as required by law. 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, 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 presentation concerning our industry and the markets in which we op era te, 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, an d o n 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 o ur 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 Gross Revenue, Adjusted EBITDA, enterprise value / EB ITDA, free cash flow yield, operating cash flow conversion of Adjusted EBITDA, free cash flow conversion of Adjusted EBITDA, Net debt, and Net leverage. Management believes that these non - GAAP measures of financial results enhance the understand ing 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 rep resent 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 performa nce 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 alte rnative 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 t he 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.
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WHY ACCEL Locations/machines: Historical Growth Trends slide. Revenue CAGR FY22 – 25 ($970M to $1,331M); Adj. EBITDA FY22 – 25 ($162M to $210 M). *2020 revenue declined during state - mandated COVID closures. (1) For more information with respect to Adjusted EBITDA, net leverage, and EV/EBITDA Non - GAAP financial measures, see page 2 “U se of Non - GAAP Financial Measures.” For a reconciliation of these measures to its most directly comparable GAAP measure, see Appendix . 01 GROWTH EVERY YEAR Locations up every year since 2019, including 2020: 2,313 → 4,501. Machines 10,499 → 27,950.* 02 ~2 – 3X INFLATION Revenue 11% CAGR FY22 – 25; Adj. EBITDA 9% CAGR, with margin expanding. 03 RESILIENT BY DESIGN Small - ticket, local, convenience entertainment across ~4,700 sites under long - term contracts. 04 CASH AND BALANCE SHEET $ 2 2 0 M LTM Adj. EBITDA; 1. 4 x net leverage; capital goes to revenue - generating assets. (1) 05 RUNWAY AHEAD Chicago, Nebraska, Georgia, Louisiana, Nevada expansion and Fairmount Park ramp. 06 ATTRACTIVE VALUATION ~ 6. 1 x EV/EBITDA and ~13.5x forward P/E (1)
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THE ACCEL ADVANTAGE
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4,705 29,548 1,579 $ 3.5 DONATED TO 145 CHARITIES OVER 5 YEARS ACCEL Full - Time Equivalent Employees MACHINES PARTNER LOCATIONS $ 2.0 IN TAXES PAID TO LOCAL AND STATE GOVERNMENTS SINCE JAN 2021 MILLION BILLION WHY ACCEL... Resilient distributed local gaming operator As of September 30, 2026
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WHAT WE DO: LAST - MILE LOGISTICS + LOCAL GAMING Operating data as of September 30, 2026 (Q2 2026 investor presentation). LOGISTICS GAMING ACCEL The route operator between the two LAST - MILE LOGISTICS Owned fleet, warehouses and field techs Dense routes across 4,705 partner locations Daily cash logistics, collections and redemption 24/7 service and remote monitoring of 29,548 machines LOCAL GAMING Contracted revenue share, up to 8 years in Illinois Statutory splits in IL, GA and PA Licensing creates high barriers to entry Small - ticket, convenience entertainment WE KEEP Recurring, contracted route revenue Route density economics: each added location lowers cost per stop Regulated, high - margin gaming spend Thousands of small sites: absence of single - asset risk WE AVOID Casino - scale property, hotel and F&B capex Destination travel and convention exposure Commodity pricing and fuel - driven margins Customer concentration
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ROUTE GAMING AT A GLANCE Negotiated Split WA OR CA NV ID MT WY UT AZ NM CO KS OK TX ND SD NE AR MO IA WI MN LA KY TN AL MS GA FL SC NC VA WV OH IN MI AK PA NY VT NH ME MA NJ CT RI DE MD D.C. Total Machines: 19,607 Total Licensed Locations: 2,110 Gross Gaming Revenue : N/A Average HPD: N/A Total Licensed Locations: 1,341 Gross Gaming Revenue : $557 Million Average HPD: $83 Total Machines: 11,120 Total Licensed Locations: 1,397 Gross Gaming Revenue : $333 Million Average HPD: $82 Total Machines: 5,800 Total Licensed Locations: 1,761 Gross Gaming Revenue : N/A Average HPD: N/A Live Since: 2019 Total Machines: 49,450 Total Licensed Locations: 8,861 Gross Gaming Revenue : $3,185 Million Average HPD: $177 Live Since: 2009 Total Machines: 405 Total Licensed Locations: 81 Gross Gaming Revenue : $41 Million Average HPD: $150 Total Machines: 8,652 Total Licensed Locations: 1,200 Gross Gaming Revenue : $474 Million Average HPD: $150 Total Machines: 42,099 Total Licensed Locations: 7,877 Gross Gaming Revenue : ~$1,590 Million Average HPD: $107 Live Since: 2013 Total Machines: 12,199 Total Licensed Locations: 1,386 Gross Gaming Revenue : ~ $750 Million Average HPD: ~ $170 Accel Operates Machines Accel Sells Machines Potential Gaming Legislation Changes IL Reference Slide 37 in the Appendix (Glossary) for definitions and detailed explanations of the acronyms used on this slide Source: State Gaming Commissions 2025
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Negotiated Split* Nevada Montana Iowa Louisiana Nebraska Pre - Defined Revenue Splits* Illinois Georgia Pennsylvania REVENUE SPLITS BETWEEN OPERATOR & LOCATION BY MARKET *After - tax revenue splits negotiated between Operator and Location. *After - tax revenue splits determined by state gaming statutes.
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A high - performing, recurring revenue model generating approximately $125,000 per location for state and municipal governments. TERMINAL OPERATOR (Accel Entertainment) LICENSED LOCATIONS PLAYERS VIDEO GAMING TERMINALS ILLINOIS NET TERMINAL INCOME SPLIT Long - Term Contract (Up to 8 Years in Illinois) ~92% Payouts on Bets Accel owns and operates VGTs and redemption terminals in licensed locations, in compliance with state regulations. (In Illinois 6 VGTs + 1 redemption terminal) Location drives traffic to generate other revenues (drinks, food, etc.) OUR RECURRING REVENUE MODEL (ILLINOIS EXAMPLE) * *A 0.92% fee to Light & Wonder pursuant to contractual agreements related to the use of licensed hardware, software, and game content.
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ACCEL Turnkey, full - service gaming partner to thousands of local establishments Accel manages virtually every aspect of gaming operations for bars, restaurants, convenience stores, truck stops and other li cen sed establishments – from licensing and installation through service, cash management, marketing and optimization PLATFORM SERVICES ONE INTEGRATED PLATFORM Location Partners Bars, restaurants, convenience stores, truck stops and other l icensed establishments Gaming Equipment Gaming terminals, redemption solutions and related equipment Content Game mix, machine refreshes and ongoing optimization Payments Cashless, TITO, redemption infrastructure where permitted Licensing & Compliance Applications, regulatory support and adherence to state and local requirements Installation & Operations Own, install, operate and maintain equipment 24/7 Service Field service, repairs, monitoring and uptime management Payments & Cash Management Collections, secured cash logistics, reconciliation & processing Marketing, Analytics & Optimization Promotions, player engagement, performance reporting, content refreshes & machine redeployment TURNKEY GAMING SOLUTIONS LOCATION PARTNERS EQUIPMENT & CONTENT 24/7 SERVICE, PAYMENTS & CASH MANAGEMENT LICENSING & COMPLIANCE One integrated platform combining licensing, equipment, content, payments, service, marketing and analytics 10
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OUR MARKETS
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OUR CORE MARKETS Historical Trends: Growing Revenue at Inflation or Better + Growing Profit Well Above Inflation Grounded in Strength, Positioned for Growth.
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2,685 NUMBER OF LOCATIONS $237M GROSS GAMING REVENUE* OUR ILLINOIS ROUTE 15,519 NUMBER OF MACHINES • Largest and Most Established Market - With an early license secured in 2012, Accel built a first - mover advantage in Illinois that now serves as a stable foundation supporting long - term growth and expansion. • Integrated Marketing & Loyalty Ecosystem - Accel offers a robust player engagement strategy including AE Player Rewards, targeted promotions, and in - location marketing designed to maximize play and retention. • Revenue Optimized Through Operational Excellence - 24/7 field service, centralized call center support, and performance monitoring tools that enhance uptime, reduce friction, and increase machine productivity. • Positioned for Chicago Market Opportunity - Accel is uniquely positioned as a leading Illinois operator to participate meaningfully as the market develops. As of September 30, 2026 * Before revenue shares to State, Local Municipality and Retail Partners.
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631 NUMBER OF LOCATIONS $37M GROSS GAMING REVENUE* OUR MONTANA ROUTE 6,805 NUMBER OF MACHINES • Diversified Growth & Proprietary Platforms - through the Century Gaming acquisition, Accel expanded beyond traditional route operations by adding a complementary operating model with proprietary assets that enhance portfolio diversification and long - term competitive positioning. • Innovative Player Rewards Platforms - iRewards system delivers highly engaging, customizable loyalty experiences that drive repeat play and strengthen partner economics. • Proprietary Game Content and Premium Paytables - exclusive offerings like the new Viper or Century Select gaming machines, Signature Series games create differentiated player experiences and revenue performance. • L argest Provider of U1 Gaming in Montana - distributes the #1 most played game in the state, reinforcing strong engagement and competitive positioning. As of September 30, 2026 * Before revenue shares to State, Local Municipality and Retail Partners. • Owned Yellowstone Casinos Complement the Route - five locations provide direct exposure to higher - value casino gaming, enhance margin control, and diversify in - state revenue.
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OUR DEVELOPING MARKETS Historical Trends: Double - Digit Millions in Revenue + Double - Digit EBITDA Growth Expanding Our Footprint, Strengthening Our Foundation
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553 NUMBER OF LOCATIONS $31M GROSS GAMING REVENUE* OUR NEVADA ROUTE 4,099 NUMBER OF MACHINES • Significant A ddressable M arket and Coverage E xpansion - Nevada footprint continues to expand statewide, with the recent addition of Green Valley Grocery ( Anabi Oil) strengthening coverage in Southern Nevada by adding ~600 machines. • Accretive Growth Through Targeted Acquisitions - the acquisition of the Dynasty Games route assets adds ~20 locations and ~123 machines, strengthening market presence and contributing to expected growth. A recent add of 55 Rebel convenience stores increased space lease game count by 424 machines to our Las Vegas/southern Nevada market . • Competitive Advantage Through Proprietary Loyalty and Analytics - Nevada operations leverage the Gamblers Bonus loyalty program and data analytics to enhance customer engagement, drive repeat play, and support incremental revenue growth across the route. • Diverse Market Positioning Outside Traditional Casino Hubs - the Nevada route focuses on non - casino, restricted gaming environments (local bars/taverns/retail), reducing reliance on the Las Vegas Strip and capitalizing on community gaming demand. As of September 30, 2026 * Before revenue shares to Retail Partners.
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306 NUMBER OF LOCATIONS $11M GROSS GAMING REVENUE* OUR NEBRASKA ROUTE 1,115 NUMBER OF MACHINES • Fi rst - Mover A dvantage in a Newly R egulated E nvironment - allowing Accel to shape player behavior, partner expectations, and operational standards as the market matures. • Scalable Growth Opportunity - as Nebraska continues to build out its distributed gaming footprint, Accel is positioned to expand alongside increasing market adoption. • Active Role in Shaping Nebraska’s Regulatory Framework - Accel has helped lobby for and support legislation that improves oversight, clarity, and integrity in how route games operate statewide. As of September 30, 2026 * Before revenue shares to State, Local Municipality and Retail Partners.
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* 422 NUMBER OF LOCATIONS $7M GROSS GAMING REVENUE* OUR GEORGIA ROUTE 1,192 NUMBER OF MACHINES • Proprietary, In - House R edemption T echnology - including an exclusive kiosk platform built to support compliant, transparent player redemption. • Active Participant in the Evolution of Georgia’s Regulatory Framework - Bulldog Gaming has supported efforts to enhance oversight, clarity, and operational integrity across the state’s route gaming market. • Compliance - First Operating Model - differentiating Bulldog Gaming in a noncompliant market environment, building trust with partners, regulators, and players while reducing long - term risk. As of September 30, 2026 * Before revenue shares to State, Local Municipality and Retail Partners.
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Historical Trends: Double - Digit Millions in Revenue + Breakeven Profit with Expected Future Upside Investing Today for Tomorrow’s Return OUR STRATEGIC GROWTH VENTURES
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OUR LOUISIANA ROUTE 108 NUMBER OF LOCATIONS $11M GROSS GAMING REVENUE* 818 NUMBER OF MACHINES • St rategic Acquisition of Toucan Gaming Positions Accel to Capitalize on an Underinvested M arket O pportunity - P ositioning Accel to drive growth through capital deployment, refreshed gaming environments, and enhanced player engagement initiatives. • Large and Under - Penetrated Market Opportunity - Louisiana’s legislative framework for video gaming creates a substantial addressable market, and Toucan’s presence positions Accel advantageously in key regional corridors. • Route Anchored in Truck Stops - Toucan’s game rooms are strategically placed in high - traffic truck stops differentiate Accel’s Louisiana footprint versus traditional bar/restaurant - focused routes, enhancing visibility and revenue potential. • Demographic and Demand Dynamics - Louisiana’s gaming consumer base historically demonstrates strong participation rates in electronic gaming, contributing to stable route economics and long - term performance. As of September 30, 2026 * Before revenue shares to State, Local Municipality and Retail Partners.
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FAIRMOUNT PARK - CASINO & RACING 1 NUMBER OF LOCATIONS $7M ADJUSTED GROSS REVENUE* 252 NUMBER OF MACHINES • Owned and Ope rated C asino A sset D iversifies Accel’s Revenue Mix - adding proprietary, venue - level gaming revenue alongside distributed route operations. • Direct Control Over Operations, Margins, and Customer Experience - provides Accel with flexibility and economics not available in traditional route environments. • Locals Gaming Platform - in addition to traditional casino, Fairmount Park offers pari - mutuel gaming, and online sports betting through its partnership with FanDuel. • Strengthens Accel’s Credibility as a Full - Spectrum Gaming Operator - expanding capabilities beyond distributed gaming and supporting future opportunities. As of September 30, 2026 *Reference Glossary in Appendix for definition of Adjusted Gross Revenue.
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OUR STRATEGIC ENABLER Innovation that Pays, Strategy that Matters
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GRAND VISION GAMING 34 Machine Units Sold $1M Gross Revenue 62 Software Units Sold • A Strategic Asset for Accel Entertainment, Grand Vision Gaming is a Licensed Gaming Manufacturer and Distributor - that builds proprietary hardware, develops exclusive software and utilizes licensing high - performing game titles that are deploy ed across regulated route markets primarily exclusive to Accel Entertainment. • Performance - Driven Game Selection and Deployment - enhances player engagement and route economics, supporting higher utilization and revenue per location. • Direct Collaboration on Game Performance and Innovation - enables Accel to influence content development and optimize software for real - world route environments. • Hardware Production Facility - e nables Grand Vision Gaming to manufacture custom gaming and payment cabinets supporting key Accel initiatives, including Georgia’s card redemption terminal, Nebraska’s cash redemption terminal, and Louisiana’s automated Bar Safe. As of September 30, 2026
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OUR COMPETITIVE ADVANTAGE
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CUSTOMER SERVICE L ong - standing relationships, built on consistent performance and strong management retention, reducing partner turnover and execution risk. Mature, scaled operating platform, with proven processes that delivers stable, reliable, and predictable outcomes for partners. 24/7 dedicated call center support, enabling rapid issue resolution, minimizing downtime, and protecting recurring revenue. I n - market support and marketing teams, providing hands - on service, proactive maintenance, and local expertise to prevent operational disruptions.
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Owned fleet and infrastructure, providing greater operational control, faster response times, and reduced third - party dependency risk. Strategically located facilities and warehouses, supporting efficient deployment, servicing, and maintenance while limiting logistics and service delays. Disciplined focus on low - cost, high - availability assets, designed to maximize uptime, extend asset life, and protect return profiles. Targeted investments in AI and technology, improving forecasting accuracy, asset performance monitoring, and operational efficiency, reducing volatility and surprise costs allowing for additional cost management. OPERATIONS FOCUSED
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Best - in - class compliance standards, compliance - focused operations within highly regulated environments and stringent reporting requirements. REGULATORY Trusted regulatory relationships built through active engagement with government stakeholders, with Accel frequently consulted as an industry subject - matter expert. In - house legal and compliance teams deeply embedded in the business, providing real - time guidance versus outsourcing.
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Capital deployed primarily into revenue - generating asset s, with both growth (new gaming machines) and maintenance (replacement gaming machines) producing attractive, measurable returns. Strong gaming software upgrade strategy that extends asset life, improves performance, and reduces obsolescence risk. GVG enables strategic growth, lowering equipment and operating costs while improving consistency and reliability across the route. Flexible footprint enabling redeployment and reuse of assets, limiting stranded capital and supporting efficient reallocation. Minimal capital spent on non - revenue - producing assets, preserving cash flow and protecting return profiles. DISCIPLINED CAPITAL DEPLOYMENT STRATEGIES
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https://ir.accelentertainment.com ACCEL AT A GLANCE • Proven, sustained growth across locations and our revenue - producing footprint. • Targeting performance that materially outpaces traditional gaming categories. • Seek to continue growth of our bottom line. • Operating model shares traits of scalable logistics platforms. • Ongoing focus on managing risk profiles through diversification, discipline, and long - term partnerships.
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ACCEL ENTERTAINMENT
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THE EXECUTIVE LEADERSHIP TEAM Mark Phelan Chief Executive Officer & President Brett Summerer Chief Financial Officer Stan Guidroz Chief Operating Officer Scott Levin Chief Legal Officer & Secretary Steve Arntzen Chief Strategy Officer John Houseal Chief Commercial Officer Derek Harmer Chief Compliance Officer Irina Feldman Chief People Officer
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2022 Century Gaming Acquisition Entered Montana, Nevada, South Dakota & West Virginia markets 2024 T oucan Gaming Acquisition Games of Chance in Louisiana 2024 FanDuel Sportsbook & Horse Racing Acquisition Collinsville, Illinois 2025 Fairmount Park Opening Illinois’ first racino 2012 Live in Illinois Games of Chance 2020 Entered the Georgia Market Games of Skill 2022 Entered the Pennsylvania Market Games of Chance 2022 Entered the Nebraska Market Games of Skill HISTORY OF ACCEL ENTERTAINMENT
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OUR GROWTH RUNWAY
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A PROVEN RECORD OF ROUTE EXPANSION CAGR calculated from 2019 through 2025. Historical scale growth includes acquisitions. Source: Accel Quarterly Form 10Q and A nnu al Form 10K. PARTNER LOCATIONS 11.7% CAGR 2,313 2,435 2,584 3,598 3,961 4,403 4,501 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2019 2020 2021 2022 2023 2024 2025 LIVE MACHINES 17.7% CAGR 10,499 12,247 13,639 23,150 25,083 27,154 27,950 0 5,000 10,000 15,000 20,000 25,000 30,000 2019 2020 2021 2022 2023 2024 2025 SCALE HAS INCREASED THROUGH BOTH ORGANIC EXPANSION AND ACQUISITIONS, CREATING A LARGER PLATFORM FOR FUTURE GROWTH
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YEAR PARTNER LOCATIONS YoY CHANGE LIVE MACHINES YoY CHANGE 2019 2,313 - 10,499 - 2020 2,435 +5.3% 12,247 +16.6% 2021 2,584 +6.1% 13,639 +11.4% 2022 3,598 +39.2% 23,150 +69.7% 2023 3,961 +10.1% 25,083 +8.3% 2024 4,403 +11.2% 27,154 +8.3% 2025 4,501 +2.2% 27,950 +2.9% HISTORICAL GROWTH TRENDS
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THE CHICAGO OPPORTUNITY Multi - year, organic growth catalyst in our home market 1 Market Leader • Approved for 25 of 78 establishments (32%) as of 11/2/2026 • Expect share to normalize toward ~30% IL statewide position over time 2 Operationally Ready • Equipment staged, routes mapped and logistics in place • Existing Illinois scale provides low incremental cost to enter market 3 Disciplined, Multi - year Growth • ~4.5 machines per location • 12+ month ramp with mature margins expected in line with the rest of Illinois 4 Home Market Advantage • Decades of local relationships and a built - out service network • Proven regulatory and operating track record 25 Establishment approvals secured to date ~30% Expected long - term Chicago market share ~4.5 Average machines per location 2026 INVESTMENT 2027 RAMP 2028+ SCALE
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MULTIPLE, COMPLEMENTARY GROWTH DRIVERS Leverage new opportunities across a diversified path to sustained earnings growth CORE / EXISTING MARKETS • IL + MT • Route optimization • Hold - per - day • Content & location mix • TITO • Developing Markets (NE, GA, LA, NV) • Scale from revenue into meaningful EBITDA • High - return reinvestment in content and new machines CHICAGO & FAIRMOUNT • Chicago • Large organic expansion opportunity • Multi - year location ramp • Supported by Accel’s existing Illinois infrastructure and relationships • Fairmount Park • Casino momentum • Phase 2 permanent - facility expansion • Owned - venue economics that expand margin profile over time M&A / NEW MARKETS • Pursue accretive route acquisitions at attractive multiples • Buyer of choice in fragmented markets such as LA • Strong balance sheet to leverage opportunistically • Long - term state expansion targets • Missouri • Virginia • Pennsylvania STRONG BALANCE SHEET SUPPORTS MULTIPLE AVENUES FOR GROWTH
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STRONG CASH GENERATION, DISCIPLINED RETURNS Capital - efficient model that converts earnings to cash and reinvests at attractive returns FREE CASH FLOW GENERATION ~70% Target operating cash flow conversion of Adj. EBITDA ~45% Target free cash flow conversion of Adj. EBITDA • Best evaluated over multiple quarters – working - capital and timing items move any single quarter • Capital - efficient model – majority of CapEx is replacement, with attractive 2 – 3 - year paybacks • Undrawn $ 300 M revolver facility • 1 . 4 x net leverage Focus on the highest risk - adjusted returns available EBITDA GROWTH More productive assets + broader earnings mix FREE CASH FLOW Targeting ~70% OCF and ~45% FCF conversion over time HIGHER RETURNS ON CAPITAL Reinvest where risk - adjusted returns are most attractive DISCIPLINED CAPITAL DEPLOYMENT Machine refreshes, new locations, growth projects & selective M&A O perating cash flow conversion of Adjusted EBITDA and free cash flow conversion of Adjusted EBITDA are Non - GAAP measures
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APPENDIX
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BALANCE SHEET WITH LEVERAGE & METRICS Net Debt: $272 million Gross Leverage: 2.8x Net (Debt-Cash) Leverage: 1.2x Reference Slide 2. Values in millions.
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SUMMARY INCOME STATEMENT DATA Reference Slide 2. Values in millions, except per share data.
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RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA Reference Slide 2. Values in millions.
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RECONCILIATION OF EV/LTM Adjusted EBITDA As of June 30, 2026. Dollar amounts rounded to the nearest million, except share price.
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GLOSSARY Gross Gaming Revenue (GGR): represents the total amount wagered by players minus winnings paid out to players during a given period. It reflects revenue bef ore taxes, revenue share, licensing fees, and operating expenses . Formula: Total Wagers (Coin - In) – Player Payouts = Gross Gaming Revenue Adjusted Gross Revenue (AGR): Gross Gaming Revenue (GGR) net of player reinvestment. This metric reflects gaming revenue generated from player - funded wagers a nd excludes the impact of promotional credits as reflected by the Illinois Gaming Board website. Hold Per Day (HPD): Location hold - per - day is calculated by dividing net gaming revenue in the period by the average number of locations. We then div ide 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 . Adjusted EBITDA: Adjusted EBITDA is a non - GAAP metric. See “Reconciliation of Net Income to Adjusted EBITDA" for a reconciliation to the most dir ectly comparable GAAP metric. Net debt: D ebt net of current maturities, plus current maturities of debt less cash and cash equivalents . Net leverage: Net debt divided by trailing twelve - month Adjusted EBITDA . Enterprise value (EV): is calculated as equity market capitalization plus Net debt and redeemable noncontrolling interests. Equity market capitaliza tio n equals the closing price of Accel’s Class A - 1 common stock on the specified valuation date multiplied by the shares outstanding on that date. EV / Adjusted EBITDA: equals EV divided by Adjusted EBITDA for the trailing twelve months ended . Free cash flow (FCF): Net cash provided by operating activities, less purchases of property and equipment, plus proceeds from sales of property and eq uipment. Free cash flow (Adjusted EBITDA reconciliation): Adjusted EBITDA, less cash payments for interest, net, less cash payments for income taxes, net, less purchases of property a nd equipment, plus proceeds from sales of property and equipment, plus all other cash flows from operations, primarily changes in working capital.
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https://ir.accelentertainment.com THANK YOU! https://ir.accelentertainment.com/ IR@accelentertainment.com P.O. BOX 1218 | Bolingbrook, IL 60440