Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q2 2026 Earnings Presentation
42 slides from Century Casinos's earnings presentation, Aug 7, 2026
Slide 1: Results through Q2 2026 Investor Presentation
Results through Q2 2026 INVESTOR PRESENTATION Peter Hoetzinger, Co CEO & President
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Century Casinos
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS NORTH AMERICAN1 GROWTH • Growth for the three and six months ended June 30, 2026 compared to June 30, 2025 • Net operating revenue grew $6.0M, or 5%, and $12.3M, or 5%, respectively • Adjusted EBITDAR2 grew $3.8M, or 12%, and $8.9M, or 17%, respectively EBITDAR IMPROVEMENT DRIV
Slide 4: Business Model
BUSINESS MODEL REGIONAL GAMING PLATFORM • Balanced portfolio of casino resorts and locals-driven properties delivering diversified cash flow • Protected position in attractive North American regional gaming markets with limited new competition and entrenched local market share • Focus on drive-to US
Slide 5: North American Property Footprint
NORTH AMERICAN PROPERTY FOOTPRINT 11 Properties In the USA (Nevada, Colorado (2), Missouri (2), West Virginia and Maryland) and Canada (Alberta) (4). 2,153 Hotel Rooms Across eight casino hotel/resort properties. 7,041 Slot Machines & 127 Table Games Offering popular and exciting slot machines and t
Slide 6: Expected Growth Drivers
EXPECTED GROWTH DRIVERS NEAR TERM FINANCIAL UPSIDE FROM RECENT Year-to-Date1 Adjusted EBITDAR2 Growth TRANSFORMATIONAL INITIATIVES by Reportable Segment 120% • Caruthersville ramp-up 100% West, 93% • Missouri sports betting 80% • Operational improvements across portfolio 60% 40% 20% Canada, 17% Midw
Slide 7: U.S. Operations
U.S. OPERATIONS RESULTS East, Midwest and West Regions 6
Slide 8: East Region Market - West Virginia
EAST REGION MARKET Overview - West Virginia POINTS OF DIFFERENTIATION MOUNTAINEER CASINO, RESORT & RACES MARKET DYNAMICS AND DEMOGRAPHICS • Represents the only full-service resort and casino • Located on the Ohio River in the northern • West Virginia was an early adopter of internet in the immediate
Slide 9: East Region Market - Maryland
EAST REGION MARKET Overview - Maryland POINTS OF DIFFERENTIATION ROCKY GAP CASINO, RESORT & GOLF MARKET DYNAMICS AND DEMOGRAPHICS • Full-service casino resort with Jack Nicklaus • Located against a picturesque outdoor backdrop • Maryland’s labor market is strong with an Signature golf course, large
Slide 10: East Region Results
EAST REGION RESULTS1 West Virginia and Maryland Net Operating Revenue Net Operating Revenue 60.0 190.0 171.6 169.5 170.3 50.0 47.1 47.8 170.0 45.1 44.6 43.6 41.0 40.0 38.5 37.1 38.9 150.0 40.0 30.0 130.0 20.0 110.0 90.0 10.0 70.0 0.0 Q1 Q2 Q3 Q4 50.0 2024 2025 2026 2024A 2025A TTM 2026 Adjusted EBIT
Slide 11: Midwest Region Market - Colorado
MIDWEST REGION MARKET Overview - Colorado POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL CENTRAL CITY MARKET DYNAMICS AND DEMOGRAPHICS • Strategically located in close proximity to Denver, • Denver and Colorado Springs MSAs, both Colorado (Central City ~35 miles away) and exhibiting strong demogra
Slide 12: Midwest Region Market - Missouri
MIDWEST REGION MARKET Overview - Missouri POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL CAPE GIRARDEAU MARKET DYNAMICS AND DEMOGRAPHICS & THE RIVERVIEW • Cape Girardeau and Caruthersville are both local, • Missouri is one of the largest regional gaming drive-to markets with loyal customer bases.
Slide 13: Midwest Region Results
MIDWEST REGION RESULTS1 Colorado and Missouri Net Operating Revenue Net Operating Revenue 50.0 190.0 44.7 45.0 41.8 41.4 40.8 42.0 40.8 169.2 39.2 39.8 40.6 39.9 170.0 163.8 40.0 160.5 35.0 150.0 30.0 25.0 130.0 20.0 110.0 15.0 10.0 90.0 5.0 70.0 0.0 Q1 Q2 Q3 Q4 50.0 2024 2025 2026 2024A 2025A TTM 2
Slide 14: West Region Market - Nevada
WEST REGION MARKET Overview - Nevada POINTS OF DIFFERENTIATION NUGGET CASINO RESORT MARKET DYNAMICS AND DEMOGRAPHICS • Full-service resort conveniently located on Route • Located in Reno-Sparks, Nevada (aka the • Reno is famous for its casinos and as a I-80 with easy access from the airport. “Bigges
Slide 15: West Region Results
WEST REGION RESULTS1 Nevada Net Operating Revenue Net Operating Revenue 35.0 90.0 87.5 29.2 85.0 83.4 30.0 25.2 79.6 25.0 23.4 80.0 20.8 20.2 20.0 18.4 19.1 75.0 17.1 17.7 16.4 15.0 70.0 10.0 65.0 5.0 60.0 0.0 55.0 Q1 Q2 Q3 Q4 50.0 2024 2025 2026 2024A 2025A TTM 2026 Adjusted EBITDAR2 Adjusted EBITD
Slide 16: Consolidated Results
CONSOLIDATED RESULTS 15
Slide 17: CNTY Results - Net Operating Revenue
CNTY RESULTS 2024 – 2026 Quarterly Results 1 NET OPERATING REVENUE 160.0 155.7 155.0 153.7 152.0 150.8 150.0 146.4 CURRENT QUARTER RESULTS 2 145.0 US East: 30% Poland: 13% 140.0 137.8 138.0 137.2 136.0 135.0 US Midwest: 29% 130.4 Canada: 13% 130.0 125.0 US West: 15% 120.0 115.0 Q1 Q2 Q3 Q4 2024 2025
Slide 18: CNTY Results - Adjusted EBITDAR
CNTY RESULTS 2024 – 2026 Quarterly Results 1 ADJUSTED EBITDAR 2 35.0 32.9 31.7 31.1 30.3 30.0 27.4 24.9 CURRENT QUARTER RESULTS 3 25.0 23.9 US East: 22% Poland: 0% 21.3 21.1 20.2 20.0 Canada: 18% 15.0 US Midwest: 47% 10.0 US West: 13% 5.0 0.0 Q1 Q2 Q3 Q4 2024 2025 2026 1. In USD, $ millions. 2. Adju
Slide 19: Key Drivers and Factors
KEY DRIVERS AND FACTORS Focus on growth projects between 2022-2025 to provide the opportunity for strong revenue and margin growth. UPSIDE GROWTH Incremental Adjusted EBITDAR 1 growth reduces leverage and improves equity. As liquidity improves, the Company will look for opportunities to reduce its d
Slide 20: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE As of June 30, 2026 in USD, $ millions Cash 7.2X Net Debt Leverage 1,2 60.2 Ratio includes $4.3M in deferred rent, without such amount the ratio would be 6.5X. Anticipate Net Debt Leverage to trend towards approximately 6.2X (5.7X without deferred Total Principal Debt 1 re
Slide 21: Key Financial Forecasts for 2026
KEY FINANCIAL FORECASTS FOR 2026 Approximately $14.0M to $15.4M primarily in maintenance capital expenditures. CAPITAL EXPENDITURES Capital expenditures were $22.0M in 2025. Approximately $71.8M related to the Master Lease and Nugget Lease, plus an additional $3.5M of deferred rent for the Caruthers
Slide 22: Strategic Review Process
STRATEGIC REVIEW PROCESS • Initiated comprehensive strategic review process of operations, capital structure and strategic growth options • Received various inquiries from third parties about potential asset sales and strategic partnerships • Part of our ongoing commitment to driving long-term value
Slide 23: Conclusion
CONCLUSION Century Casinos investment provides upside through: RECENT INVESTMENTS ENTERING CONTRIBUTION PHASE • 2023 acquisitions of Nugget and Rocky Gap complete with both properties expected to contribute to growth in 2026 • Continued growth in the Midwest segment • Missouri sports betting contrib
Slide 24: Appendix
APPENDIX 23
Slide 25: Additional Results by Reportable Segment Q2 2026
APPENDIX Additional Results by Reportable Segment Q2 2026 1 Earnings (Loss) from Operations Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders US East: 17% US East: -93% US Midwest: 58% Poland: -3% Poland: -17% Canada: 37% Canada: 23% US West: -23% US West: 5% US Midwest: 196% In
Slide 26: Abbreviations of Subsidiaries and Reporting Units
APPENDIX Abbreviations of Century Casinos, Inc. Subsidiaries and Certain Reporting Units Name Abbreviation Reportable and Operating Segment Mountaineer Casino, Resort & Races MTR or Mountaineer US East Rocky Gap Casino, Resort & Golf ROK or Rocky Gap US East Century Casino & Hotel Cape Girardeau & T
Slide 27: Terms and Definitions
APPENDIX Terms and Definitions • In this presentation, the term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars and the term “PLN” refers to Polish zloty. Amounts presented are rounded. As such, rounding differences could occur in period-over-period changes and percentages repo
Slide 28: Non-US GAAP Financial Measures
APPENDIX Non-US GAAP Financial Measures • The Company supplements its consolidated financial statements prepared in accordance with US generally accepted accounting principles (“GAAP”) by using the following non-US GAAP financial measures, which management believes are useful in properly understandi
Slide 29: Non-US GAAP Financial Measures
APPENDIX Non-US GAAP Financial Measures • Adjusted EBITDAR is defined as net (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions,
Slide 30: Non-US GAAP Financial Measures
APPENDIX Non-US GAAP Financial Measures • Adjusted EBITDAR (continued). Adjusted EBITDAR should not be construed as an alternative to net (loss) earnings attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, cons
Slide 31: Non-US GAAP Financial Measures
APPENDIX Non-US GAAP Financial Measures • Lease Debt is Rent Payments capitalized at 8.0x (a metric the Company believes is the industry standard used by analysts for this calculation). Lease Debt is not considered a measure of the Company’s financing obligations under GAAP. Management believes Leas
Slide 32: Reconciliation of Adjusted EBITDAR
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended June 30 2026 2025 Net operating revenue $ 151,995 $ 150,818 Net loss attributable to Century Casinos, Inc. shareholders (10,910) (12,309) Interest income (85) (273) Interest expense 25,937 26,211
Slide 33: Reconciliation of North America Adjusted EBITDAR
APPENDIX Non-US GAAP Financial Measures – Reconciliation of North America1 Adjusted EBITDAR For the three months ended For the six months ended June 30 June 30 2026 2025 2026 2025 Net operating revenue $ 132,073 $ 126,109 $ 248,200 $ 235,922 Net earnings (loss) attributable to Century Casinos, Inc.
Slide 34: Reconciliation of Adjusted EBITDAR - US East
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR US EAST 2024 2025 2026 TTM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2026 Net operating revenue $ 38,474 $ 45,121 $ 47,075 $ 40,970 $ 37,136 $ 44,556 $ 47,834 $ 39,971 $ 38,930 $ 43,576 $ 170,311 Net loss attributable to Century Casino
Slide 35: Reconciliation of Adjusted EBITDAR - US Midwest
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR US MIDWEST 2024 2025 2026 TTM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2026 Net operating revenue $ 39,170 $ 40,598 $ 40,842 $ 39,927 $ 39,751 $ 41,374 $ 41,930 $ 40,756 $ 41,805 $ 44,680 $ 169,171 Net earnings (loss) attributable to
Slide 36: Reconciliation of Adjusted EBITDAR - US West
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR US WEST 2024 2025 2026 TTM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2026 Net operating revenue $ 18,390 $ 20,796 $ 29,222 $ 19,084 $ 16,409 $ 20,174 $ 25,233 $ 17,746 $ 17,067 $ 23,378 $ 83,424 Net (loss) earnings attributable to Cent
Slide 37: Reconciliation of Adjusted EBITDAR
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net loss attributable to Century Casinos, Inc. shareholders $ (13.5) $ (41.6) $ (8.1) $ (90.3) $ (20.6) $ (12.3) $ (10.5) $ (17.9) $ (16.5) $ (10.9) Interest income (0.7) (0.7) (
Slide 38: Reconciliation of Adjusted EBITDAR
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR Trailing- Twelve Months Ended Year Ended June 30, December 31, Q3 2025 Q4 2025 Q1 2026 Q2 2026 2026 2025 Net operating revenue $153,724 $137,992 $137,239 $151,995 $580,950 $572,975 Net loss attributable to Century Casinos,
Slide 39: Calculation of Interest Expense (Income), Net
APPENDIX Calculation of Interest Expense (Income), Net Trailing- Twelve Months Ended Year Ended June 30, December 31, Q3 2025 Q4 2025 Q1 2026 Q2 2026 2026 2025 Interest expense - Credit Agreements $8,918 $8,614 $8,155 $8,195 $33,882 $35,187 Interest expense - Master Lease Financing Obligation 16,637
Slide 40: Calculation of Rent Payments
APPENDIX Calculation of Rent Payments Trailing- Twelve Months Ended Year Ended June 30, December 31, Q3 2025 Q4 2025 Q1 2026 Q2 2026 2026 2025 Cash payments on Master Lease $14,442 $15,470 $18,075 $17,376 $65,363 $58,644 1 Cash payments on Nugget lease (50%) 1,937 1,982 2,005 2,018 7,942 7,768 Rent
Slide 41: Calculations and Components Used in Calculations
APPENDIX Non-US GAAP Financial Measures – Calculations and Components Used in Calculations Trailing Twelve Months Ended June 30, 2026 Actual Deferred Rent Adjusted Cash $60.2 $60.2 Cash in Casinos $37.1 $37.1 Total Principal Debt $336.5 $336.5 Net Debt $276.3 $276.3 1 Adjusted EBITDAR $111.5 $111.5
Slide 42: Calculation of Net Debt
APPENDIX Non-US GAAP Financial Measures – Calculation of Net Debt June 30, 2026 December 31, 2025 Total long-term debt, including current portion $ 329,074 $ 328,931 Deferred financing costs 7,411 8,759 Total principal $ 336,485 $ 337,690 Less: Cash and cash equivalents $ 60,179 $ 68,921 Net Debt $