Century Casinos, Inc. Q1 FY2026 earnings call

• Net operating revenue up 5% to all-time Q1 record. • Adjusted EBITDA up 24% YOY. • All US and Canada properties had higher revenues and EBITDA vs Q1 last year. • Highlights include 93% EBITDA increase at Nugget, strong performances of Missouri properties. • Benefits from growth across core and retail customers, improving weather, local repeat customers, diversified portfolio, limited new supply. • Positive trends since Dec 2025 despite higher gas prices, customers staying closer to home. • Benefited from capital investments over last 2+ years entering contribution phase. • Erwin discussed individual properties' performance with details on revenue, EBITDA, initiatives, customer trends.

Net operating revenue increased by 5% to an all-time Q1 record. Adjusted EBITDA increased 24% year-over-year. Rocky Gap Casino Resort & Golf: Revenue 6.5% increase to 14.8M, EBITDA 32% increase to 2.2M. Mountaineer Casino Resort and Races: Revenue 3.9% increase to 24.1M, EBITDA 24% increase to 3.2M. Century Casino and Hotel Cape Girardeau: Revenue 6.4% increase to 18.2M, EBITDA 12% increase to 6.9M. Century Casino and Hotel Carradasville: Revenue 3.1% increase to 14.6M, EBITDA 5% increase to 6.3M. Century Casino and Hotel Cripple Creek: Revenue 8.6% increase to 4.4M, EPITAR 37% increase to 1.5M. Century Casino and Hotel Central City: Revenue 4% increase to 4.6M, EBITDA more than quadrupled. Nugget Casino Resort: Revenue 4% increase to 17.1M, EPITAR 93% increase to 1.4M. Canada portfolio: Combined revenue 10.9% increase to 18.3M USD, combined EBITDA 26% increase to 5.5M USD. Poland: Revenue 2.3% increase to 21.1M USD, EBITDA decreased 8%.

• Heading into stronger cash flow quarters, on track to lower leverage. • Solid trend continuing into Q2, expects higher EBITDA and cash flow for 2026 and beyond. • Expect to benefit from strong performances at Nugget, Colorado, and ramp of new land-based facility. • Expect CapEx to decrease from $18M in 2025 to between $14 - $15M in 2026.

• Slow ramping new casino in Poland had extra costs. • Macro geopolitical backdrop could have some impact. • Dependence on regional and local consumer resilience to external noise.

Q: How much of margin expansion in Q1 was one-time vs structural?

A: Partly weather impact, larger part from cost savings initiatives across property, corporate, and marketing sides.

Q: Process of pulling back on marketing or promos and player level data?

A: Examples like Rocky Gap changing mailers, Mountaineer pulling back on free play, rethinking marketing initiatives with fresh eye.

Q: Impact of macroeconomic factors on Alberta portfolio vs company-specific initiatives?

A: Hard to link directly, marketing push and managers' ideas contributed.

Q: Visitation and impact of concerts on Nugget?

A: Concerts meaningful for food and beverage, casino revenue, hotel revenue, sell-outs like Brooks and Dunn.

Q: Poland EBITDA situation?

A: Ramp-up of second Wroclaw location needed, expecting revenue increase to boost EBITDA.

Q: Buyback of loan and role of new board member?

A: Planning to use proceeds from asset sales or cash flow to pay down loan, new board member to share experience and provide input