ACEL · Accel Entertainment, Inc.

Accel Entertainment delivered a strong first quarter of 2026, achieving all-time quarterly record revenue of $352 million, a 9% increase year-over-year. This performance was driven by continued strength in the company's core Illinois market, where revenue grew 6% excluding Fairmount Park, supported by strategic location optimization, new machine placements, and the ongoing rollout of ticket-in, ticket-out (TITO) technology. Developing markets also contributed significantly, with Nebraska revenue surging 57% and Georgia rising 43%. Adjusted EBITDA increased 9% to $54 million, marking the highest Q1 Adjusted EBITDA in the company's history. Management noted that results were impacted by a shift in the timing of Fairmount Park purse expenses; excluding this item, Adjusted EBITDA would have been $2.0 million higher. The company maintained a strong balance sheet, ending the quarter with $274 million in cash and $306 million in net debt, translating to a net leverage ratio of approximately 1.4 times. Accel demonstrated its commitment to returning capital to shareholders by repurchasing 1.1 million shares for $12 million during the quarter. Management expressed confidence in near-term prospects, highlighting the potential for gaming terminal placements in Chicago as a significant opportunity, pending final regulatory approvals. Fairmount Park Casino & Racing launched table games in April 2026, broadening the entertainment offering and customer base.