Century Casinos (CNTY) Q4 2025 earnings summary

Executive summary

• Achieved 3% year-over-year growth in full-year adjusted EBITDA/EBITDAR for 2025, despite headwinds from lost sports betting income in Colorado, licensing disruptions in Poland, and weather impacts.

• Operates 16 gaming properties across the US, Canada, and Europe, with 7,562 gaming machines, 199 tables, and 2,153 hotel rooms as of December 31, 2025.

• Management owns 15% of shares and has over 100 years of industry experience.

• Strategic review process underway, considering asset sales, partnerships, or potential company sale, including possible sale of Polish operations.

• Net loss attributable to shareholders for 2025 was $61.42M, improved from $153.60M loss in 2024.

Financial highlights

• Q4 2025 net operating revenue was $137.99M (flat year-over-year); full-year 2025 revenue was $572.98M (down 1%).

• Adjusted EBITDAR for Q4 2025 was $23.86M (up 13%); full-year Adjusted EBITDAR was $105.38M (up 3%), with margin of 18.4%.

• Q4 2025 earnings from operations: $10.44M (up 117%); full-year: $51.28M (up 331%).

• Net loss for Q4 2025 was $(17.95)M; full-year net loss was $(61.42)M.

• Caruthersville EBITDA grew 28% year-over-year to $24.4M in 2025; Q4 EBITDA rose from $4.9M to $6.1M.

Outlook and guidance

• 2026 capital expenditures expected at $14.0M–$15.4M, mainly for maintenance, down from $18M in 2025.

• Cash rent for 2026 projected at $75.2M, with $4.2M in scheduled principal payments and $32.4M–$34.0M in gross cash interest.

• Net debt leverage anticipated to decline to ~6.2x by end of 2026.

• Double-digit EBITDA growth reported at every U.S. and Canadian property so far in Q1 2026.

• Positive trends expected to continue through 2026 barring unforeseen events.