Third Quarter 2025 Earnings NOVEMBER 5, 2025 Safe Harbor / Non-GAAP Financial Disclosures Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our business strategy, plans and objectives and our expected or contemplated future operations, results, financial condition, beliefs and intentions. In addition, any statements ...

Financial Data and Key Metrics Changes - Total revenue increased by 9.1% year-over-year to $330 million, with net income at $13 million and adjusted EBITDA growing by 11.5% to $51 million, reflecting strong execution and market expansion [6][18] - Operating income for the quarter was $25 million, up 16.1% year-over-year, while capital expenditures were approximately $21 million for the quarter and $72 million year-to-date [18] Business Line Data and Key Metrics Changes - Illinois revenue increased by 7% year-over-year to $239 million, driven by stable demand and location optimization [16] - Montana revenue grew by 2.1% to $40 million, while Nebraska revenue surged by 30% to $9 million, and Georgia revenue rose by 49.3% to $5 million [17] - Nevada revenue declined by 7.4% to $26 million due to the loss of a key customer [17] Market Data and Key Metrics Changes - Developing markets, including Nebraska and Georgia, contributed significantly to revenue growth, representing just over 12% of total revenue [8] - Louisiana, contributing about 3% of revenue, showed impressive results with 670 terminals across nearly 100 locations [9] Company Strategy and Development Direction - The company aims to drive steady growth and efficiency in core markets while scaling profitability in developing and new markets [12] - Focus on disciplined capital management and opportunistic share repurchases, with a strong emphasis on M&A opportunities in the fragmented local gaming market [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy and highlighted the importance of optimizing routes and enhancing player convenience through technology [23][24] - The company is well-positioned to deliver steady top-line growth and improving returns as it moves into 2026, supported by strong free cash flow generation [12][19] Other Important Information - A $900 million Senior Secured Credit Facility was completed, enhancing liquidity and lowering the cost of capital [11][19] - The company repurchased $6.8 million of common stock during the quarter, totaling approximately $23.7 million year-to-date [11] Q&A Session Summary Question: Illinois strategy and TITO rollout impact - Management indicated that the strategy involves optimizing routes and that TITO utilization is expected to grow, enhancing revenue and reducing costs [21][23] Question: Future uses of free cash flow - Management noted that cash is primarily used for loading redemption terminals and that they are under-levered compared to peers, with a focus on both bolt-on and transformational M&A opportunities [25][26] Question: M&A environment and seller expectations - Management observed no significant changes in seller expectations but noted a recognition of reduced transaction multiples in the current market [29][30] Question: Nevada market performance - Management confirmed that new locations are being added and that the market is expected to continue growing [31][32] Question: Potential for route gaming expansion in 2026 - Management highlighted states like Pennsylvania, Missouri, North Carolina, and Virginia as potential markets for future gaming expansion [33][34] Question: Priorities for bolt-on M&A - The primary focus for bolt-on M&A is Louisiana, with Illinois also being a target market due to available operators [37][38]