Century Casinos, Inc. Q4 FY2025 earnings call

• 2025 full-year adjusted EBITDA increased 3% y-o-y, excluding certain impacts EBITDA up 5%. • Fourth quarter net operating revenue flat, adjusted EBITDA up 13%, double-digit EBITDA growth at several casinos. • Missouri properties: Caravansville saw significant growth with property improvements, Cape Girardeau faced market share loss but is a strong property. • Colorado properties: Cripple Creek and Central City EBITDA affected by one-time payments but local teams working to improve. • West Virginia: Mountaineer had challenging first four months, then strong seven months, drivers of EBITDA increase were cost-saving initiatives. • Rocky Gap: Adverse weather in 2025, but first two months of 2026 promising. • Reno Sparks: Focus on developing mid-value customer segment, changes to loyalty program showing improvements, new GM hired. • Canada: Alberta operations had solid performance, Poland operations stabilized. • 2026 outlook: Expect higher EBITDA and cash flow, benefit from strong improvement at Nugget, continued ramp of new land-based facility in Carutherswil, consumer benefits from tax cuts, cash flow to benefit from decreasing capex

In 2025, full-year adjusted EBITDA increased 3% year-over-year. Excluding sports betting income in Colorado and Poland impact, EBITDA would have increased by 5%. Fourth quarter net operating revenue was flat, but adjusted EBITDA was up 13%. Missouri: Caravansville had fantastic quarter and year, EBITDA in Q4 2025 increased from 4.9 to 6.1 million, full-year from 19 to 24.4 million; Cape Girardeau saw declines in Q4 and year, EBITDA in Q4 2025 decreased from 6.8 to 5.9 million, full-year from 25.6 to 24.7 million. Colorado: Cripple Creek EBITDA in Q4 2025 increased from 1.1 to 1.5 million, full-year decreased from 7.5 to 6.3 million (skewed by one-time termination payment); Central City EBITDA in Q4 2025 increased from 0.5 to 0.7 million, full-year decreased from 4.9 to 3 million (skewed by one-time termination payment). West Virginia: Mountaineer EBITDA in Q4 2025 increased from 2.6 to 3 million, full-year increased from 13.1 to 14.1 million. Rocky Gap: EBITDA in Q4 2025 declined from 3.2 to 2.9 million, full-year declined from 14 to 13.2 million. Reno Sparks: Nugget EBITDA in Q4 2025 increased from 1.1 to 1.3 million, full-year declined from 9.7 to 9.1 million. Canada: Alberta operations saw solid performance in 2025, slot coin-in up 4%, net operating revenue up 2% in local currency, EBITDA up 1% to 20.3 million; Q4 slot coin-in up 4%, net operating revenue up 5%, EBITDA up 5% to 4.9 million. Europe: Poland challenging period ended, second broad-source location started operations in February 2026, Q4 net operating revenue up 4%, EBITDA up 245% to 0.9 million

• Expect higher EBITDA and cash flow for 2026 and beyond. • All U.S. and Canada properties showing double-digit EBITDA growth. • Cash flow to benefit from decreasing capex, expecting capex to come down to between 14 and 15 million in 2026. • Net operating revenue and adjusted EBITDA up significantly compared to last year. • Confident about growth trend across portfolio in North America, look forward to mid-May earnings call

• In Colorado, loss of sports betting income and licensing disruptions in Poland impacted results. • In West Virginia, Mountaineer faces stiff competition from Pennsylvania and Ohio casinos, low margins due to high gaming taxes. • In Rocky Gap, adverse weather conditions can have substantial negative impact. • In Poland, past license delays and relocations were challenges, but current licenses valid through 2028

Q: Can you elaborate on where you're seeing strength in retail customers?

A: Retail customer is coming back all across the board, increases in retail performance in both casinos and hotels.

Q: Have you seen historical precedent that higher oil prices benefit Canada properties?

A: No, oil price increase doesn't directly translate to more business.

Q: Confirm double-digit growth at every U.S. property for Q1 and reason to believe trends continue?

A: Yes, heard right, see all signs positive, no reason to believe trends shouldn't continue.

Q: On Nugget, update on conference pipeline?

A: Secured a few large conferences for 2030, 31, 32, see positive trend in shorter-term bookings, up 15% year over year in year for year.

Q: Focusing on Missouri, court ruling against video lottery terminal games, benefit?

A: Think it will be definitely good for casinos, both Caravansville and Cape Girardeau have video lottery terminal games within proximity.

Q: What are you seeing in terms of promotions from other land-based operators in West Virginia and Cape Girardeau?

A: Don't see anything unusual with regard to promotions from them and those from us, retail is getting strong everywhere.

Q: Update on initiatives to drive trialing and repeat visitation in Missouri, cost optimization?

A: Carradasville is a model property with high margins, little room for cost optimization, but upside on revenue side, marketing hotel rooms heavily, sportsbook in Cape Girardeau helps.

Q: Impact of weather on revenues in Q4 and Q1?

A: In Q4, a few properties hit in December a little bit, in Q1 so far, not really anything to mention.

Q: Capital allocation approach for 2026, focus on debt paydown vs share purchases?

A: Main focus on debt paydown vis-à-vis share purchases, some assets under exclusivity, expect decisions for divestitures fairly soon