Century Casinos, Inc.

Good day, everyone, and welcome to today's Century Casinos Q2 2026 earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and 1 on your telephone keypad. Please note, this call is being recorded and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead, sir.

Good morning, everyone, and thank you for joining our earnings call.

First, we would like to remind everyone that we will be discussing forward-looking information under the safe harbor provisions of the U.S. federal security laws. The company undertakes no obligation to update or revise the forward-looking statements, and actual results may differ from those projected. Throughout our call, we referred to several non-GED financial measures, including but not limited to adjusted EBITDA. Reconciliations of our non-GED measures to the appropriate GED measures can be found in our news releases and SEC filings, available in the investor section of our website at cmqi.com. With me today are my co-CEO, Erwin Haitzmann, our CFO, Margaret Stapleton, as well as our new Executive VP of US Operations, Lyle Randolph. After our prepared remarks, we'll open the call for questions from analysts. I'm pleased to report that our diversified portfolio delivered a strong, solid quarter, as net operating revenue came in at 152 million and 1% increase over Q2 of last year. Adjusted EBITDA was 31.7 million and 5% increase. Both are all-time records for us. We've never had higher revenues and higher EBITDA in the second quarter in the history of the company. Congrats to all staff members and management teams at our properties. The results reflect the continued benefits of our diversified business model The success of our recent capital investment program and growth in play across our casino portfolio. Poland spoiled the party a bit. That segment was underperforming due to the closure of the casino at the Hilton Hotel in Warsaw, as well as an unusually low hold on the gaming tables. But we are hopeful and already see signs for improved performance over the next several quarters. But moving away from Poland, I want you to focus on the North American operations, which had a great quarter and which generate around 90% of our total results. Going forward, the core operational metric that we will focus on will be US plus Canada plus corporate. That EBITDA was up a strong 12% in Q2 and up 17% year to date. Every single property in our North American portfolio has grown revenue as well as EBITDA year-to-date, with most properties growing EBITDA by double digits year-over-year. In more detail, in the second quarter, U.S. revenue and EBITDA were up 5% and 12%, respectively, and Canadian revenue and EBITDA were up 2% and 11%, respectively, Q over Q. The highlights of the quarter were the tremendous performance at the Nugget, with revenue in EBITDA up 16% and 93%, respectively, as well as strong performances in both Missouri and Colorado. We continue to increase operating efficiencies throughout the business, delivering higher property operating margins than last year. The average margin of U.S. properties increased from 24% to 26%.