Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q1 2026 Earnings Presentation
43 slides from Century Casinos's earnings presentation, May 8, 2026
Slide 1: Results through Q1 2026 Investor Presentation
Results through Q1 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 EBITDAR IMPROVEMENT DRIVEN BY RECENT INVESTMENTS • 2023-2025 represented an investment period for the Company • Acquisition of the Nugget and Rocky Gap finalized in 2023 • Growth capital expenditure projects undertaken, including a casino expansion and two hotels built in Misso
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. 7,086 Slot Machines & 126 Table Games Offering popular and exciting slot machines and t
Slide 6: Expected Growth Drivers
EXPECTED GROWTH DRIVERS NEAR TERM FINANCIAL UPSIDE FROM RECENT NET DEBT LEVERAGE RATIO 1,2 8.0 TRANSFORMATIONAL INITIATIVES 6.9X 6.9X • Caruthersville ramp-up 7.0 • Missouri sports betting 6.0 5.5X • Operational improvements across portfolio 5.0 NET DEBT LEVERAGE RATIO IMPROVEMENTS • Expect Net Debt
Slide 7: U.S. Operations Results
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 60.0 190.0 171.6 169.5 171.3 50.0 47.1 47.8 170.0 45.1 44.6 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 EBITDAR2
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 45.0 41.8 41.4 42.0 190.0 39.8 40.6 40.8 39.9 40.8 39.2 40.0 165.9 170.0 160.5 163.8 35.0 30.0 150.0 25.0 130.0 20.0 15.0 110.0 10.0 90.0 5.0 70.0 0.0 Q1 Q2 Q3 Q4 50.0 2024 2025 2026 2024A 2025A TTM 2026 Adjust
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 30.0 25.2 79.6 80.2 25.0 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 EBITDAR2 7
Slide 16: Consolidated Results
CONSOLIDATED RESULTS 15
Slide 17: CNTY Results - Net Operating Revenue
CNTY RESULTS 2024 – 2026 Quarterly Results 1 NET OPERATING REVENUE 160.0 155.7 155.0 153.7 150.8 150.0 146.4 CURRENT QUARTER RESULTS 2 145.0 US East: 29% Poland: 15% 140.0 137.8 138.0 137.2 136.0 135.0 US Midwest: 31% 130.4 130.0 Canada: 13% 125.0 US West: 12% 120.0 115.0 Q1 Q2 Q3 Q4 2024 2025 2026
Slide 18: CNTY Results - Adjusted EBITDAR
CNTY RESULTS 2024 – 2026 Quarterly Results 1 ADJUSTED EBITDAR 2 35.0 32.9 31.1 30.3 30.0 27.4 24.9 CURRENT QUARTER RESULTS 3 25.0 23.9 US East: 19% 21.3 Poland: 2% 21.1 20.2 20.0 Canada: 19% 15.0 US Midwest: 55% 10.0 US West: 5% 5.0 0.0 Q1 Q2 Q3 Q4 2024 2025 2026 1. In USD, $ millions. 2. Adjusted E
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 March 31, 2026 in USD, $ millions Cash 6.9X Net Debt Leverage 1,2 60.0 Anticipate Net Debt Leverage to trend towards approximately 6.2X by the end of 2026. Total Principal Debt 1 336.7 7.8X Adjusted Net Debt Leverage 1,3 Net Debt 1 (Max First Lien Net Leverage Ratio
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 $75.3M related to the Master Lease and Nugget Lease (including $3.5M in deferred rent for the Caruthersville Pro
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 Q1 2026
APPENDIX Additional Results by Reportable Segment Q1 2026 1 Earnings (Loss) from Operations Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders US East: 10% US East: -136% Poland: -1% US Midwest: 76% Poland: -8% Canada: 14% Canada: 28% US West: -101% US West: -13% US Midwest: 131%
Slide 26: Stable Performance
STABLE PERFORMANCE US regional GGR has maintained stable growth since 2001 and has been resilient to macroeconomic changes including oil prices and CPI U.S. Regional GGR 1 70 63 58 52 47 37 39 40 32 34 34 35 29 31 30 29 29 30 31 31 24 24 26 27 22 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 201
Slide 27: 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 28: 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 29: 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 30: 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) (including interest expense related to the Company’s Master Lease), net, income taxes (benefit), depreciation, amortization
Slide 31: 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 earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adju
Slide 32: 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 33: Reconciliation of Adjusted EBITDAR
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended March 31 2026 2025 Net operating revenue $ 137,239 $ 130,443 Net loss attributable to Century Casinos, Inc. shareholders (16,504) (20,613) Interest income (136) (380) Interest expense 25,947 26,03
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 2026 Net operating revenue $ 38,474 $ 45,121 $ 47,075 $ 40,970 $ 37,136 $ 44,556 $ 47,834 $ 39,971 $ 38,930 $ 171,291 Net loss attributable to Century Casinos, Inc. shar
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 2026 Net operating revenue $ 39,170 $ 40,598 $ 40,842 $ 39,927 $ 39,751 $ 41,374 $ 41,930 $ 40,756 $ 41,805 $ 165,865 Net earnings (loss) attributable to Century Casi
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 2026 Net operating revenue $ 18,390 $ 20,796 $ 29,222 $ 19,084 $ 16,409 $ 20,174 $ 25,233 $ 17,746 $ 17,067 $ 80,220 Net (loss) earnings attributable to Century Casinos,
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 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) Interest income (0.7) (0.7) (0.8) (0.5) (
Slide 38: Reconciliation of Adjusted EBITDAR
APPENDIX Non-US GAAP Financial Measures – Reconciliation of Adjusted EBITDAR Trailing- Twelve Months Ended Year Ended Year Ended Year Ended March 31, December 31, December 31, December 31, Q2 2025 Q3 2025 Q4 2025 Q1 2026 2026 2025 2024 2023 Net operating revenue $150,818 $153,724 $137,992 $137,239 $
Slide 39: Calculation of Interest Expense (Income), Net
APPENDIX Calculation of Interest Expense (Income), Net Trailing- Twelve Months Ended Year Ended March 31, December 31, Q2 2025 Q3 2025 Q4 2025 Q1 2026 2026 2025 Interest expense - Credit Agreements 8,864 8,918 8,614 8,155 34,551 35,187 Interest expense - Master Lease Financing Obligation 16,494 16,6
Slide 40: Calculation of Rent Payments
APPENDIX Calculation of Rent Payments Trailing- Twelve Months Ended Year Ended March 31, December 31, Q2 2025 Q3 2025 Q4 2025 Q1 2026 2026 2025 Cash payments on Master Lease 14,404 14,442 15,470 18,075 62,391 58,644 1 Cash payments on Nugget lease (50%) 1,936 1,937 1,982 2,005 7,860 7,768 Rent Payme
Slide 41: Calculations and Components Used in Calculations
APPENDIX Non-US GAAP Financial Measures – Calculations and Components Used in Calculations Trailing Twelve Months Ended March 31, 2026 Cash $60.0 Cash in Casinos $35.8 Total Principal Debt $336.7 Net Debt $276.7 1 Adjusted EBITDAR $110.2 Rent Payments 2 ($70.3) Net Debt Leverage 3 6.9x 4 Adjusted Ne
Slide 42: Calculations and Components Used in Calculations
APPENDIX Non-US GAAP Financial Measures – Calculations and Components Used in Calculations Year Ended December 31, 2025 2024 2023 Cash $68.9 $98.8 $171.3 Total Principal Debt $337.7 $339.6 $346.8 Net Debt $268.8 $240.8 $175.5 1 Adjusted EBITDAR $105.4 $102.7 $114.0 Rent Payments 2 ($66.4) ($58.8) ($
Slide 43: Calculation of Net Debt
APPENDIX Non-US GAAP Financial Measures – Calculation of Net Debt March 31, 2026 December 31, 2025 Total long-term debt, including current portion $ 328,601 $ 328,931 Deferred financing costs 8,085 8,759 Total principal $ 336,686 $ 337,690 Less: Cash and cash equivalents $ 59,964 $ 68,921 Net Debt $