CNTY

• Overall Company Performance

  • Q2 2026 net operating revenue hit $152 million (1% YoY increase), and adjusted EBITDA hit $31.7 million (5% YoY increase), both all-time Q2 records for the company.
  • All North American properties grew revenue and adjusted EBITDA YoY year-to-date, with most posting double-digit adjusted EBITDA growth. North American combined (U.S. + Canada + corporate) adjusted EBITDA grew 12% QoQ and 17% YoY year-to-date.
  • The company's diversified portfolio of regional properties, reliance on local repeat customers, and limited exposure to new market supply supported resilient performance despite broader economic pressures. Capital investments completed over the past two+ years have entered a contribution phase, driving meaningful EBITDA growth.

• U.S. Operational Strategy

  • The company's core strategy preserves the unique identity of each individual property while applying consistent operating discipline to drive profitable, consistent growth.
  • Capital and operational investments have focused on optimizing gaming floors, improving targeted marketing, strengthening player development, enhancing guest experience, and maximizing utilization of non-gaming amenities (hotels, entertainment, convention space, dining).
  • All regions delivered consistent progress: Missouri has 7 consecutive quarters of YoY adjusted EBITDA growth; Colorado is building momentum with improving operating efficiency; the Nugget has 3 consecutive quarters of double-digit YoY adjusted EBITDA growth; Eastern properties maintained profitability despite new competitive entry.

• International Operations Updates

  • Canada: Recent capital improvements and expense discipline (total operating expenses declined 1.3% YoY) have driven growth, with market share outpacing broader Edmonton market growth at both Century Mile and Century St. Albert. A court decision delayed the proposed Camrose Casino relocation, removing an immediate new competitor near Century Mile.
  • Poland: The company has completed its portfolio transition, with no gaming license expirations scheduled over the next two years. The new Wroclaw Casino, located in a high-growth economic and tourism hub, is expected to ramp up gradually as customer awareness builds.

• Capital expenditure: Full-year 2026 CapEx is projected to be ~$15 million, down from $18 million in 2025, with ~$9.5 million planned for the second half.
• Leverage: The net debt to EBITDA ratio improved to 6.5x at the end of Q2 (excluding one-time deferred rent that was paid off early in 2026), and management expects it to fall to well below 6x by the end of 2026. There are no debt maturities until Q2 2029.
• Full-year performance: Management expects continued double-digit EBITDA growth in the second half of 2026, with July already tracking double-digit EBITDA growth across the business, including a much improved performance in Poland that generated nearly as much EBITDA in July as the entire first half of 2026.
• Long-term normalized Poland EBITDA: Management noted the historical upper range of Poland EBITDA was ~$10 million per year, and the normalized expected run rate is ~$8 million per year once Wroclaw ramps and temporary headwinds abate.
• Asset monetization: Management expects to be able to announce a definitive transaction for at least one Canadian asset package before the end of 2026, with more clarity on Poland sale processes expected within a few months.

1. U.S. Operations: Generated $111.6 million in net operating revenue (5% YoY increase), contributing ~75% of total company revenue and adjusted EBITDA. Adjusted EBITDA increased 12% YoY to $28.9 million, with 16% adjusted EBITDA growth YoY in the first half of 2026. U.S. average property operating margins increased from 24% to 26% YoY. Standout individual property results include the Nugget (16% revenue growth, 93% adjusted EBITDA growth), Central City (11.5% revenue growth, 32%+ adjusted EBITDA growth), and Missouri combined properties (8% revenue growth, ~7-10% adjusted EBITDA growth).
2. Canadian Operations: Delivered $20.4 million in net operating revenue (2.2% YoY increase), contributing ~13% of total revenue. Adjusted EBITDA increased 11% YoY to $6.2 million. All four Alberta properties grew revenue, with Century Mile hitting an all-time quarterly EBITDA record and Century St. Albert posting record coin-in in May and June. Combined with the U.S., North American operations generate ~90% of total company results.
3. Poland Operations: Generated $19.9 million in net operating revenue, with adjusted EBITDA of ~$0.1 million. Results were negatively impacted by the 2025 closure of the Hilton Warsaw Casino (license non-renewal), startup losses at the newly opened Wroclaw Casino, and an unusually low table game hold at Presidential Warsaw Casino that reduced revenue by ~$1 million relative to expectations.

• Poland faces ongoing regulatory uncertainty and lingering impacts from portfolio transition, with the new Wroclaw Casino carrying ramp-up risk and the country's proximity to the war in Ukraine creating an uncertain operating environment for potential buyers.
• New competition in multiple markets: Rocky Gap Casino faces new competition from the recently opened Happy Valley Casino in State College, Pennsylvania; a potential new competitor in the Edmonton market (Camrose Casino) is only delayed, not canceled; and the newly launched open online sports betting and iGaming market in Alberta carries unknown long-term risks to in-person visitation and gaming revenue.
• While regional consumer demand has been resilient to date, broader macroeconomic factors including inflation and high energy prices could still impact future customer spending at the company's regional properties.

Q: What impact did Missouri's spring ruling banning illegal skill games have on Q2 results, and what is the outlook for further benefits from ongoing enforcement? / A: Management confirmed that the Attorney General's ruling on illegal skill games had a positive impact on Q2 results, though most impacts were felt toward the end of the quarter. Many illegal machines are still active in the state, so management expects continued improvement from ongoing enforcement, with additional upside as more illegal machines are removed from the market.

Q: As the new Executive VP of U.S. Operations, what low-hanging operational improvements do you see to drive further growth across the portfolio? / A: The top priority is optimizing slot floors to meet changing customer demand: customers now learn about new games via social media and expect to find those games in-person, so the company will prioritize rotating in newer games and maximizing return on slot product investment. A second large opportunity is re-engaging inactive customers in the company's large existing databases to showcase recent property improvements and drive return visits.

Q: Century is exploring asset monetization of international operations to deleverage. What is the current status of sale processes for Canada and Poland? / A: Management is currently focused on monetizing all international operations to become fully U.S.-centric and reduce leverage. Two groups are currently in due diligence for Poland, though the market is more challenging due to regulatory uncertainty and proximity to the war in Ukraine. For Canada, there is buyer interest for both a bulk sale of all four properties and separate sales of the two racinos and two commercial casinos. Management expects to announce a definitive deal for at least one Canadian package before the end of 2026, with more clarity on Poland within a few months. The company will hold off on meaningful debt paydown until asset sale processes conclude.

Q: Has the newly launched Alberta online iGaming market caused in-person casino revenue cannibalization, and are there partnership opportunities with online operators? / A: Management has not seen any meaningful cannibalization of in-person revenue so far, and noted there may even be a mild mutually beneficial effect that increases overall engagement. There is potential for partnership with online sports betting operators for the company's in-person retail sportsbooks, but management is holding off on formal deals to wait for the outcome of ongoing asset sale processes for the Canadian portfolio.