Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q4 2025 Earnings Presentation
40 slides from Century Casinos's earnings presentation, Mar 13, 2026
Slide 1: Results through Q4 2025 Investor Presentation
Results through Q4 2025 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 (the “Exchange Act”), and the Private Securities Litigation Reform Act of
Slide 3: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS • Well Established Multi-Channel Gaming Company: 7,562 gaming Growth Drivers machines, 199 gaming tables and 2,153 hotel rooms and suites as well as • Continued ramp of new land-based casino and hotel in Caruthersville, MO. horse racing and sports betting across 16 properti
Slide 4: North American Property Footprint
NORTH AMERICAN PROPERTY FOOTPRINT 11 Properties In the USA (Nevada, Colorado, Missouri, West Virginia and Maryland) and Canada (Alberta). 2,153 Hotel Rooms Across eight casino hotel/resort properties. 7,147 Slot Machines & 123 Table Games Offering popular and exciting slot machines and the latest in
Slide 5: 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 6: Regional Markets Overview
REGIONAL MARKETS OVERVIEW Diverse regional exposure in stable, mature gaming markets in the U.S. Gross Gaming Revenue (GGR)1 • Regional markets resilient during the pandemic 1,121 1,111 • 2021 through 2025 Gross Gaming Revenue levels materially up versus 2019 1,088 Colorado GGR 1,060 976 across all
Slide 7: U.S. Operations Overview
U.S. OPERATIONS OVERVIEW East, Midwest and West Regions 6
Slide 8: East Region Market Overview: 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 v
Slide 9: East Region Market Overview: 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 ev
Slide 10: East Region Results
EAST REGION RESULTS West Virginia and Maryland Net Operating Revenue Adjusted EBITDAR1 60.0 10.0 9.2 8.9 9.0 8.5 50.0 8.0 47.1 47.8 8.0 7.9 45.1 44.6 7.6 44.0 44.2 41.0 7.0 40.0 40.0 38.5 37.1 5.9 6.0 5.7 30.0 28.2 5.0 4.8 26.7 4.2 3.9 3.9 4.0 20.0 3.0 2.0 10.0 1.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 20
Slide 11: Midwest Region Market Overview: 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 demograph
Slide 12: Midwest Region Market Overview: 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. ma
Slide 13: Next Stage of Growth
NEXT STAGE OF GROWTH Missouri Projects – Caruthersville Permanent Land-Based Casino & Hotel • Opened November 1, 2024. • Transformation to full destination resort to attract customers from further into Missouri, Tennessee and Arkansas and provide guests with a better, more convenient casino experien
Slide 14: Midwest Region Results
MIDWEST REGION RESULTS Colorado and Missouri Net Operating Revenue Adjusted EBITDAR1 45.0 18.0 41.4 42.0 40.6 40.4 40.8 39.9 40.8 39.7 39.2 39.8 39.2 15.9 40.0 16.0 15.4 15.5 15.3 37.6 15.2 14.4 14.6 14.5 14.2 35.0 14.0 13.4 13.5 13.6 30.0 12.0 25.0 10.0 20.0 8.0 15.0 6.0 10.0 4.0 5.0 2.0 0.0 0.0 Q1
Slide 15: West Region Market Overview: 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. “Biggest
Slide 16: West Region Results
WEST REGION RESULTS Nevada Net Operating Revenue Adjusted EBITDAR1 35.0 8.0 32.5 7.0 6.8 30.0 29.2 6.5 27.0 25.2 6.0 5.8 25.0 20.8 21.2 5.0 20.2 4.7 20.0 19.1 18.4 17.7 16.4 4.0 15.0 3.0 2.9 2.3 10.0 2.0 1.3 1.1 5.0 1.0 0.7 0.6 0.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2023 2024 2025 In USD
Slide 17: Consolidated Results
CONSOLIDATED RESULTS 16
Slide 18: CNTY Results
CNTY RESULTS 2023 – 2025 Quarterly Results 1 Net Operating Revenue Adjusted EBITDAR2 180 35 33.3 32.9 161.2 155.7 30.3 31.1 153.7 160 146.4 150.8 143.8 30 29.3 27.4 136.0 130.4 136.8 137.8 138.0 26.1 140 25.4 25 23.9 120 108.5 21.3 20.2 21.1 100 20 80 15 60 10 40 20 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 202
Slide 19: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE As of December 31, 2025 in USD, $ millions Cash 6.9X Net Debt Leverage 1,2 68.9 Anticipate Net Debt Leverage to trend towards approximately 6.2X by the end of 2026. Total Principal Debt 1 337.7 7.9X Adjusted Net Debt Leverage 1,3 Net Debt 1 (Max First Lien Net Leverage Rat
Slide 20: 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 $18.0M (excluding $4.0M related to Caruthersville financed by VICI funding) in 2025. Approximately $75.2M related to the Master Lease and Nugg
Slide 21: Key Financial Forecasts for 2026
KEY FINANCIAL FORECASTS FOR 2026 $12.9M - $13.9M, including stock-based compensation (estimated stock-based compensation is $0.8M for 2026). CORPORATE EXPENSE Corporate expense was $13.7M including stock-based compensation of $1.1M in 2025. Trends in our operating cash flows tend to follow trends in
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: Appendix
APPENDIX 22
Slide 24: Additional Results by Reportable Segment Q4 2025
APPENDIX Additional Results by Reportable Segment Q4 2025 1 Earnings (Loss) from Operations Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders US East: 14% US East: -110% Poland: 0% Poland: -1% US Midwest: 74% Canada: 19% Canada: 27% US West: -94% US West: -15% US Midwest: 86% In
Slide 25: 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 26: 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 27: Non-GAAP Financial Measures
APPENDIX Non-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-GAAP financial measures, which management believes are useful in properly understanding the
Slide 28: Non-GAAP Financial Measures
APPENDIX Non-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, n
Slide 29: Non-GAAP Financial Measures
APPENDIX Non-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, Adjuste
Slide 30: Non-GAAP Financial Measures
APPENDIX Non-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 Lease D
Slide 31: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended December 31, 2025 2024 Net operating revenue $ 137,992 $ 137,766 Net loss attributable to Century Casinos, Inc. shareholders (17,946) (90,325) Interest income (259) (534) Interest expense 26,118 25,9
Slide 32: Reconciliation of Adjusted EBITDAR: US East
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR US EAST 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 6 $ (968) $ (1,249) $ (800) $ (4,047) $ (10,250) $ (1,527) $ (31,297) $ (6,203) $ (2,263) $ (1
Slide 33: Reconciliation of Adjusted EBITDAR: US Midwest
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR US MIDWEST 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 5,369 $ 5,391 $ 5,191 $ 3,769 $ 4,283 $ (7,198) $ 5,552 $ 3,920 $ 3,103 $ 4,640 $ 4,819 $ 3
Slide 34: Reconciliation of Adjusted EBITDAR: US West
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR US WEST 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net earnings (loss) attributable to Century Casinos, Inc. shareholders — $ 2,829 $ 1,331 $ (2,486) $ (3,018) $ (10,145) $ 676 $ (48,811) $ (4,450) $ (2,864) $ (517) $
Slide 35: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net loss attributable to Century Casinos, Inc. shareholders $ (1.2) $ (2.0) $ (14.2) $ (10.8) $ (13.5) $ (41.6) $ (8.1) $ (90.3) $ (20.6) $ (12.3) $ (10.5) $ (17.9) Interest i
Slide 36: Reconciliation of Adjusted EBITDAR: Year Ended
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR Year Ended Year Ended December 31, December 31, 2025 2024 Net operating revenue $572,975 $575,919 Net loss attributable to Century Casinos, Inc. shareholders $(61,416) $(153,601) Interest income (1,317) (2,644) Interest expens
Slide 37: Calculation of Interest Expense (Income), Net
APPENDIX Calculation of Interest Expense (Income), Net Year Ended Year Ended December 31, December 31, 2025 2024 Interest expense - Credit Agreements 35,187 38,931 Interest expense - Master Lease Financing Obligation 66,174 61,356 Interest expense - Deferred Financing Costs 2,695 2,695 Interest expe
Slide 38: Calculation of Rent Payments
APPENDIX Calculation of Rent Payments Year Ended Year Ended December 31, December 31, 2025 2024 Cash payments on Master Lease 58,644 51,834 Cash payments on Nugget lease (50%) 1 7,768 7,001 Rent Payments $66,412 $58,835 In USD, $ thousands. 37 1. Represents the 50% interest in the Nugget Lease owned
Slide 39: Calculations and Components Used in Calculations
APPENDIX Non-GAAP Financial Measures – Calculations and Components Used in Calculations Trailing Twelve Months Ended December 31, 2025 Cash $68.9 Cash in Casinos $38.9 Total Principal Debt $337.7 Net Debt $268.8 1 Adjusted EBITDAR $105.4 Rent Payments 2 ($66.4) Net Debt Leverage 3 6.9x 4 Adjusted Ne
Slide 40: Calculation of Net Debt
APPENDIX Non-GAAP Financial Measures – Calculation of Net Debt December 31, 2025 December 31, 2024 Total long-term debt, including current portion $ 328,931 $ 328,156 Deferred financing costs 8,759 11,454 Total principal $ 337,690 $ 339,610 Less: Cash and cash equivalents $ 68,921 $ 98,769 Net Debt