Century Casinos (CNTY) Q2 2026 earnings summary

Executive summary

• Net operating revenue for Q2 2026 reached $152.0 million, up 1% year-over-year, and Adjusted EBITDAR hit $31.7 million, up 5%, both all-time Q2 records; TTM revenue was $581.0 million and TTM Adjusted EBITDAR $111.5 million.

• Net loss attributable to shareholders improved 11% year-over-year to ($10.9) million for Q2 2026.

• Recent investments, including acquisitions of the Nugget and Rocky Gap, are now contributing to growth, especially in the Midwest and West regions.

• Strategic review process is underway to explore asset sales, partnerships, or a potential sale of the company to enhance shareholder value.

• Poland operations underperformed due to regulatory headwinds and casino closures, but signs of improvement are emerging.

Financial highlights

• U.S. revenue and EBITDAR up 5% and 12% respectively; Canadian revenue and EBITDAR up 2% and 11%; US West Q2 revenue up 16% and Adjusted EBITDAR up 93%.

• Net operating revenue for Q2 2026: $151.995 million, up 1% year-over-year; Adjusted EBITDAR: $31.7 million, up 5%.

• Net debt as of June 30, 2026: $276.3 million; cash and cash equivalents: $60.2 million; total principal debt: $336.5 million.

• Adjusted EBITDAR margin for Q2 2026: 21%; TTM Adjusted EBITDAR margin: 19.2%.

• Free cash flow is expected to improve as Adjusted EBITDAR grows and no major capital expenditures are planned.

Outlook and guidance

• Maintenance capital expenditures for 2026 are forecasted at $14.0–$15.4 million, down from $22.0 million in 2025; remaining 2026 CapEx estimated at $9.7 million.

• Management expects continued strong performance in North America, especially at the Nugget and in the US Midwest, and improvement in Poland.

• Net debt leverage is anticipated to trend toward 6.2x (5.7x without deferred rent) by year-end 2026.

• Focus remains on optimizing free cash flow, reducing debt, and disciplined capital allocation.

• Strategic review process ongoing, exploring asset sales, partnerships, or a potential sale of the company.