Third Quarter 2025 Investor Presentation November 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 gamin ...

Financial Data and Key Metrics Changes - In Q2 2025, Xcel generated record quarterly revenue of $336 million, representing a year-over-year growth of 9% [5][13] - Adjusted EBITDA for the second quarter was $53 million, a year-over-year increase of 7% compared to Q2 2024 [13] - Total revenue without the Fairmont Park acquisition was $317 million, reflecting a year-over-year growth of 2.4% [13] Business Line Data and Key Metrics Changes - Revenue from the Illinois distributed gaming market was $245 million, up over 8% year-over-year [6] - Montana's distributed gaming route grew revenue by 2.6% [7] - Revenue from developing markets, Nebraska and Georgia, increased by 26% and 35.5% respectively, while Nevada's revenue declined by 7.7% due to the loss of a key customer [7][8] Market Data and Key Metrics Changes - Xcel operated approximately 27,400 terminals across more than 4,400 locations, representing year-over-year increases of 3.4% and 3.1% respectively [13] - The local gaming market is estimated at over $15 billion nationally, with Xcel focusing on smaller, less professional operators for acquisition opportunities [11][30] Company Strategy and Development Direction - Xcel aims to leverage its competitive position and healthy balance sheet to pursue a multi-pronged growth strategy, focusing on overlooked M&A opportunities [6][11] - The company plans to enhance its operating expertise and expand its footprint while maintaining strong financial discipline [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the local gaming segment's resilience and growth potential, expecting continued revenue and EBITDA growth [6][22] - The company is optimistic about the contributions from the Fairmont Park Casino and Racing, as well as the revenue-sharing agreement with FanDuel [10][22] Other Important Information - Capital expenditures for Q2 totaled approximately $26 million, with a full-year forecast of $75 million to $80 million [19][20] - The company repurchased 634,000 shares at an average price of $10.58 per share, totaling $6.7 million in Q2 [20] Q&A Session Summary Question: Growth in Illinois market - Management noted consistent growth throughout the quarter without significant peaks or valleys [26] Question: M&A opportunities and leverage - Management stated they are opportunistic in acquisitions but will not leverage the company excessively, maintaining a conservative approach [28][29] Question: Impact of Tito implementation in Illinois - Management indicated it is too early to assess the impact of Tito, with expectations for improved player experience and reduced collection costs in the future [38] Question: Nevada market growth post key customer loss - Management reported slight revenue growth year-over-year despite the loss of a key customer, focusing on higher-margin locations [40][41] Question: Performance expectations for Fairmont Park - Management expressed positive indicators for Fairmont Park, aligning with internal expectations, and anticipates significant contributions in 2026 [44][45]

Financial Performance - Q2 2025 revenue reached a record of $336 million, an 8.6% increase compared to Q2 2024[24] - Excluding the acquisition of Fairmount Park and Toucan Gaming (Louisiana), revenue was $317 million, a 2.4% increase compared to Q2 2024[24] - Adjusted EBITDA for Q2 2025 was a record $53 million, a 7.1% increase compared to Q2 2024, driven by an increase in locations and gaming terminals[24] - Net income decreased by 50.2% to $7 million, partially due to a $6 million loss on the change in the fair value of contingent earnout shares[24] Capital Allocation - Capital expenditures (CapEx) totaled $26 million in Q2 2025 and $53 million year-to-date, with a full-year forecast of $75-80 million[27] - The company repurchased $7 million of Accel Class A-1 Common Stock in Q2 2025, bringing the total to $160 million since November 2021[27] - Since fourth quarter 2021, Accel repurchased 16% of its shares outstanding at an average price of $10.37[21] Operational Growth - As of June 30, 2025, Accel operated 27,388 gaming terminals across 4,427 locations in Illinois, Montana, Nevada, Louisiana, Nebraska and Georgia[13] - Locations increased to 4,427, a 3% increase compared to 4,294 in Q2 2024[34] - Terminals increased to 27,388, a 3% increase compared to 26,481 in Q2 2024[34]

Q1 2025 Financial Highlights - Accel achieved record revenues of $324 million in Q1 2025, a 7% increase compared to $302 million in Q1 2024[17, 24] - Net income for Q1 2025 was $15 million, a 97% increase compared to $7 million in Q1 2024[17, 32] - Adjusted EBITDA for Q1 2025 reached $50 million, a 7% increase compared to $46 million in Q1 2024[17, 22, 24] - Capital expenditures (CapEx) increased to $27 million in Q1 2025, a 30% increase compared to $21 million in Q1 2024[25] Operational Performance - As of March 31, 2025, Accel operated 27,180 gaming terminals across 4,391 locations in multiple states[9] - The number of locations increased by 3% from 4,267 in Q1 2024 to 4,391 in Q1 2025[25] - The number of terminals increased by 4% from 26,029 in Q1 2024 to 27,180 in Q1 2025[25] - Net Debt was $309 million as of March 31, 2025[11] Capital Allocation - Accel repurchased $10 million of its Class A-1 Common Stock in Q1 2025, bringing the total repurchased to $154 million since the program's inception in November 2021[17] Expansion and New Ventures - Casino and racing operations commenced at Fairmount Park Casino & Racing in April 2025[17]