Strategic Performance Drivers

• Performance was driven by the successful transition of Caruthersville to a permanent land-based facility, which effectively doubled its EBITDA over a six-year period.

• Management attributed Missouri growth to the property's ability to attract high-value customers ($400+ ADT) and middle-aged segments from expanded geographic catchments.

• The strategic removal of table games at Colorado properties proved accretive as payroll savings more than offset lost gaming revenue without impacting slot performance.

• Mountaineer's EBITDA growth was primarily driven by aggressive cost-saving initiatives and iGaming performance, helping mitigate high state gaming taxes and regional competition.

• The Nugget in Reno is undergoing a strategic pivot toward the mid-value customer segment and revamped marketing to stabilize performance after a transitional year.

• Poland operations have stabilized following the resolution of administrative and licensing delays, with all current licenses now secured through at least 2028.

2026 Outlook and Strategic Priorities

• Management characterizes 2026 as a 'harvesting' year, focusing on generating returns from recent capital investments rather than initiating new large-scale projects.

• Financial guidance assumes a significant reduction in cash CapEx from €18 million in 2025 to between €14 million and €15 million in 2026.

• The outlook for the Nugget relies on a robust entertainment lineup and rebounding group business to drive year-over-year performance improvements.

• Strategic assumptions for 2026 include potential catalysts from consumer tax cuts and the continued ramp-up of the new Missouri facilities.

• The company is actively engaged in a strategic review process with selected assets currently under exclusivity agreements for potential divestiture.

Non-Recurring Factors and Market Risks

• Year-over-year comparisons in Colorado were skewed by $2.5 million in one-time sports betting contract termination payments received in the prior year.

• Severe winter weather in December and early 2025 acted as a significant headwind for Rocky Gap and Mountaineer due to limited customer accessibility.

• A recent federal ruling against unregulated video lottery terminals in Missouri is viewed as a potential tailwind for the company's licensed casino operations.

• The company faces a high-leverage profile with a net debt to EBITDA ratio of 6.9x, though management noted no debt maturities until 2029.

Q&A Session Summary

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