Fourth Quarter and Full Year 2025 INVESTOR PRESENTATION 1 Forward Looking Statements Certain statements made in this presentation contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of si ...

Core Insights - The company reported consolidated net sales of €8,260 million for 2025, reflecting a 0.5% increase on a like-for-like basis but a 2.5% decrease in total sales [6][11] - Adjusted EBITDA rose by €79 million to €655 million, marking a 13.7% increase, with adjusted EBITDA after lease payments increasing by 77% to €198 million [6][14][20] - The company is undergoing financial restructuring and aims to reach an agreement with creditors by June 2026, with a focus on strengthening its financial structure through the "Renouveau 2030" strategic plan [3][41][45] Financial Performance - The company achieved a trading profit of €64 million in 2025, a significant recovery from a loss of €49 million in 2024 [11][22] - The net loss attributable to the Group was €402 million, compared to a loss of €295 million in 2024, primarily due to financial restructuring costs [29][27] - Free cash flow improved by €519 million to -€120 million, indicating a positive trend despite ongoing challenges [30] Operational Highlights - The company closed or exited 1,178 outlets while opening 207 new stores and integrating 112 stores into franchises or business leases in 2025 [12] - Convenience brands generated €7.1 billion in sales, reflecting a 0.7% increase on a like-for-like basis, while Cdiscount sales decreased by 0.7% to €1.0 billion [12] - Cost-cutting measures and operational action plans were implemented to reduce shrinkage and improve receivables collection [12] Financial Position - As of December 31, 2025, the company's liquidity stood at €1,002 million, with cash and cash equivalents of €1,190 million [10][34] - The net debt increased to €1,493 million, up €290 million from the previous year, influenced by real estate disposals and finance expenses [32] - The company satisfied financial covenant requirements with a net debt to adjusted EBITDA ratio of 4.66x, below the threshold of 7.17x [9][38] Strategic Initiatives - The "Renouveau 2030" plan aims for a gross merchandise value of €15.8 billion and adjusted EBITDA after lease payments of €644 million by 2030 [41] - The company is targeting additional savings of over €150 million from 2029 to 2030 and plans to reduce the nominal value of Term Loan B to €800 million [47] - Ongoing negotiations with creditors are crucial for the successful implementation of the strategic plan and financial restructuring [45][43]

Financial Data and Key Metrics Changes - The company reported a record Net Gaming Revenue (NGR) of EUR 224 million for the full year 2025, with Adjusted EBITDA reaching EUR 13.8 million, more than double the previous year [4][12] - In Q4 2025, NGR was EUR 60 million, a 15% increase compared to Q4 2024, marking the highest quarterly NGR in the company's history [5][10] - Adjusted EBITDA for Q4 2025 was EUR 6.7 million, significantly up from EUR 1.9 million in Q4 2024, resulting in an EBITDA margin of around 11% compared to less than 4% in the prior year [12][13] Business Line Data and Key Metrics Changes - Casino operations accounted for 64% of total NGR in Q4 2025, while sports betting contributed 36%, consistent with previous quarters [5] - The average monthly active users reached approximately 177,000 in Q4 2025, a 20% increase year-on-year, indicating strong customer acquisition and retention [6][13] - The company acquired 89,000 first-time depositors in Q4 2025 at an average cost per acquisition (CPA) of EUR 166, the lowest since early 2023 [8][14] Market Data and Key Metrics Changes - In Mexico, NGR grew by 31% year-on-year to EUR 32.8 million, driven by a significant increase in active customers [10][15] - In Spain, NGR increased by 7% to EUR 24.5 million, supported by a 14% rise in the number of active customers [14] - Other markets, including Colombia and Panama, contributed EUR 3.5 million in Q4 2025, a 25% decline from the previous year due to a 19% tax on deposits in Colombia [11] Company Strategy and Development Direction - The company plans to guide NGR for 2026 in the range of EUR 235 million to EUR 245 million, reflecting confidence in continued growth and profitability [9][18] - The focus remains on optimizing marketing spend and customer acquisition strategies, particularly in Mexico, to leverage the upcoming World Cup [19] - The company is cautious about entering new markets and will prioritize investments in existing core markets, Spain and Mexico, where growth opportunities are evident [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to grow profitability despite challenges, including regulatory changes and competitive pressures [4][20] - The regulatory environment in Mexico remains uncertain, with ongoing discussions about federal regulations and tax implications [25][26] - Management noted that the online business has not been significantly affected by recent cartel-related issues, maintaining stable operations [27][30] Other Important Information - The company has executed a share buyback program, purchasing approximately 391,000 shares for around $2.7 million, reflecting management's confidence in the business outlook [8][16] - The company ended 2025 with EUR 50 million in total cash, with EUR 45 million available for operations and investments [16][17] Q&A Session Summary Question: How competitive is Spain currently on promotional activity, and are margins stabilizing in that market? - Management noted that while Spain remains competitive, they have stabilized their promotional activities and are seeing growth in customer base [23][24] Question: Can you update us on the regulatory environment in Mexico? - Management indicated that there is no significant news on federal regulations, and while two major competitors have been shut down, the online business remains unaffected [25][26] Question: What is the financial impact of the tax hike in Mexico on guidance? - Management acknowledged the tax increase as a negative factor but stated that they have implemented mitigation measures and do not foresee a significant risk to revenue generation [33][34] Question: What are the implications of the VAT tax removal in Colombia? - Management is cautious about investing in Colombia until it is confirmed whether the VAT removal is permanent, but they are seeing positive trends in player engagement [42][43] Question: What competitors are rumored to be entering the Mexican market? - Management mentioned several companies, including Hard Rock and Sportium, that are considering entering the market, but no significant changes have been observed yet [55][56]

Financial Data and Key Metrics Changes - The company reported a record Net Gaming Revenue (NGR) of EUR 224 million for the full year 2025, with an Adjusted EBITDA of EUR 13.8 million, more than double the previous year [3][11] - In Q4 2025, NGR reached EUR 60 million, a 15% increase compared to Q4 2024, marking the highest quarterly NGR in the company's history [4][9] - Adjusted EBITDA for Q4 was EUR 6.7 million, significantly up from EUR 1.9 million in Q4 2024, resulting in an EBITDA margin of around 11% compared to less than 4% in the prior year [11][12] Business Line Data and Key Metrics Changes - Casino operations accounted for 64% of total NGR in Q4, while sports betting contributed 36%, consistent with previous quarters [4] - The average monthly active users reached approximately 177,000 in Q4, a 20% increase year-on-year, indicating strong customer acquisition and retention [5][12] - The company acquired 89,000 first-time depositors in Q4 at an average cost per acquisition (CPA) of EUR 166, the lowest since early 2023 [6][13] Market Data and Key Metrics Changes - In Mexico, NGR grew by 31% year-on-year to EUR 32.8 million, driven by a significant increase in active customers [9][14] - Spain's NGR increased by 7% to EUR 24.5 million, supported by a 14% rise in active customers [13][14] - Other markets, including Colombia and Panama, contributed EUR 3.5 million, a 25% decline from the previous year due to a 19% tax on deposits that was in effect for most of 2025 [10] Company Strategy and Development Direction - The company plans to guide NGR for 2026 in the range of EUR 235 million to EUR 245 million, reflecting confidence in continued growth despite recent regulatory and tax changes [7][18] - The focus remains on optimizing marketing spend and improving customer acquisition efficiency, particularly in Mexico, which is viewed as a key growth market [6][19] - The company is not currently looking to expand into new markets but will continue to invest in its core markets of Spain and Mexico [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to grow profitability in 2026 and beyond, despite challenges faced in 2025 [3][8] - The regulatory environment in Mexico remains uncertain, but management believes that the online business is not significantly affected by recent issues related to cartels [26][30] - The company anticipates that the World Cup will provide an opportunity to reinforce its brand and expand its customer base in Mexico [19][60] Other Important Information - The company has executed a share buyback program, purchasing approximately 391,000 shares for around $2.7 million, reflecting management's confidence in the business's medium-term outlook [6][15] - The company ended 2025 with EUR 50 million in total cash, with EUR 45 million available for operations and investments [15][17] Q&A Session Summary Question: How competitive is Spain currently on promotional activity, and are margins stabilizing in that market? - Management noted that while Spain remains competitive, they have stabilized their promotional activities and are seeing growth in their customer base [22][23] Question: Can you update us on the regulatory environment in Mexico? - Management indicated that there is no significant change in the regulatory framework, and the online business remains unaffected by recent cartel issues [25][26] Question: What is the financial impact of the tax hike in Mexico on guidance? - Management acknowledged the tax increase as a negative factor but stated that they have implemented mitigation measures to minimize its impact [33][35] Question: What are the plans for Colombia now that the VAT tax has been removed? - Management is cautious about investing in Colombia until it is confirmed whether the VAT removal is permanent, but they are seeing positive trends in player engagement [46][48] Question: How does the company view marketing spend as a percentage of revenue in the future? - Management believes that in mature markets like Spain, marketing spend will align with industry standards, while in Mexico, they are still in a growth phase and will continue to invest heavily [50][51]

Core Insights - Wynn Resorts, Limited (WYNN) reported mixed fourth-quarter 2025 results, with earnings missing estimates while revenues exceeded expectations [1][3][9] Financial Performance - Adjusted earnings per share (EPS) for the quarter was $1.17, below the Zacks Consensus Estimate of $1.33, and down from $2.42 in the prior-year quarter [3][9] - Quarterly operating revenues reached $1.87 billion, surpassing the consensus mark by 0.7% and reflecting a year-over-year increase of 1.5% [3][9] Operational Highlights - Wynn Resorts experienced steady performance in key markets, particularly in Las Vegas and Macau, with Las Vegas showing EBITDA growth due to higher average daily rates and solid casino volumes [2][9] - Macau operations benefited from increased VIP turnover and mass table drop, contributing to improved property performance [9] Segment Performance - Wynn Palace's operating revenues were $596.4 million, up 5.9% year over year, but adjusted property EBITDAR decreased by 11.4% to $163.5 million [4] - Wynn Macau's operating revenues were $371.3 million, a 2.1% increase year over year, with adjusted property EBITDAR slightly down by 0.7% [6] - Las Vegas operations reported revenues of $688.1 million, down 1.6% year over year, with adjusted property EBITDAR decreasing by 10% [8] - Encore Boston Harbor's operating revenues were $210.2 million, down 1.2% year over year, with adjusted property EBITDAR falling by 3.1% [10] Cash and Debt Position - As of December 31, 2025, Wynn Resorts had cash and cash equivalents totaling $1.46 billion, a slight decrease from $1.49 billion in the prior quarter [12] - Total outstanding debt at the end of the fourth quarter amounted to $10.55 billion, including significant Macau-related debt [12] Overall Assessment - The adjusted property EBITDAR for the quarter totaled $568.8 million, down from $619.1 million in the prior-year quarter, with EBITDAR margin contracting to 30.5% from 33.7% [11]

Core Viewpoint - Wynn Resorts reported a mixed financial performance for the fourth quarter and year ended December 31, 2025, with operating revenues increasing but net income and adjusted earnings declining compared to the previous year [1][2]. Financial Results - Operating revenues for Q4 2025 were $1.87 billion, up $27.2 million from $1.84 billion in Q4 2024 [1]. - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024 [1]. - Diluted net income per share for Q4 2025 was $0.82, compared to $2.29 in Q4 2024 [1]. - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024 [1]. Year-End Results - For the year ended December 31, 2025, operating revenues were $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024 [1]. - Net income attributable to Wynn Resorts for the year was $327.3 million, down from $501.1 million in 2024 [1]. - Diluted net income per share for the year was $3.14, compared to $4.35 in 2024 [1]. - Adjusted Property EBITDAR for the year was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024 [1]. Segment Performance - Wynn Palace reported Q4 2025 operating revenues of $596.4 million, an increase of $33.4 million from Q4 2024 [2]. - Wynn Macau's Q4 2025 operating revenues were $371.3 million, up $7.7 million from Q4 2024 [2]. - Las Vegas Operations had Q4 2025 revenues of $688.1 million, a decrease of $11.4 million from Q4 2024 [2]. - Encore Boston Harbor's Q4 2025 revenues were $210.2 million, down $2.5 million from Q4 2024 [2]. Development Updates - The company is progressing on the Wynn Al Marjan Island project, with a cash contribution of $79.2 million in Q4 2025, totaling $914.2 million to date [2]. - The project is expected to open in Q1 2027 [2]. Balance Sheet Highlights - Cash and cash equivalents as of December 31, 2025, totaled $1.46 billion, excluding $601.8 million of short-term investments [2]. - Total current and long-term debt outstanding was $10.55 billion as of December 31, 2025 [2].

Core Insights - Red Rock Resorts reported revenue of $511.78 million for the quarter ended December 2025, reflecting a 3.2% increase year-over-year and surpassing the Zacks Consensus Estimate of $501.41 million by 2.07% [1] - The company's EPS was $0.75, slightly down from $0.76 in the same quarter last year, but significantly exceeding the consensus estimate of $0.41 with a surprise of 81.07% [1] Revenue Performance - Net Revenue from Las Vegas operations was $504.99 million, exceeding the four-analyst average estimate of $493.61 million, with a year-over-year increase of 2.5% [4] - Net Revenue from Corporate and other was $3.06 million, aligning closely with the average estimate of $3.05 million, showing no year-over-year change [4] - Net Revenue from Native American management reached $3.73 million, surpassing the average estimate of $3.35 million [4] Operating Revenues - Operating Revenues from Casino operations were $343 million, exceeding the average estimate of $329.62 million, with a year-over-year increase of 5% [4] - Operating Revenues from Food and Beverage were $93.26 million, slightly above the average estimate of $91.93 million, reflecting a year-over-year increase of 1.3% [4] - Operating Revenues from Room services were $47.2 million, below the average estimate of $48.6 million, showing a year-over-year decline of 9.8% [4] - Operating Revenues from Other sources were $24.59 million, falling short of the average estimate of $25.58 million, with a year-over-year decrease of 0.7% [4] Adjusted EBITDA - Adjusted EBITDA for Las Vegas operations was $231.13 million, exceeding the average estimate of $217.31 million [4] - Adjusted EBITDA for Corporate and other was reported at -$21.58 million, slightly worse than the average estimate of -$21.42 million [4] - Adjusted EBITDA for Native American management was $3.73 million, surpassing the average estimate of $3.3 million [4] Stock Performance - Shares of Red Rock Resorts have returned +5.9% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1 - VICI Properties Inc. is recognized as one of the 13 best extremely profitable stocks to invest in currently [1] - The consensus price target for VICI is $35.00, indicating a potential upside of 24.64%, with 80% of analysts maintaining a bullish outlook [3] - Recent analyst updates include a downgrade from 'Outperform' to 'Sector Perform' by Scotiabank, with a revised price target of $30 [3] Group 2 - Cantor Fitzgerald reduced its price target from $35 to $33 while keeping an 'Overweight' rating, citing stable fundamentals and a well-covered dividend yield of nearly 4% [4] - Barclays also lowered its price target from $37 to $33, reiterating an 'Overweight' rating, reflecting tenant-related risks [5] - VICI Properties operates as a gaming-focused real estate investment trust, generating consistent rental income from casino, hospitality, and entertainment properties across the U.S. [6]

Core Viewpoint - Analyst sentiment on DraftKings Inc. (NASDAQ:DKNG) is mixed ahead of its fourth-quarter results, with over 80% of analysts remaining bullish and a consensus upside potential of 64.10% [1]. Group 1: Analyst Actions - Rothschild & Co reduced its price target on DraftKings from $37 to $35 while maintaining a 'Neutral' rating, citing potential revenue misses and moderated growth for 2026, despite strong online sports betting volumes expected due to the upcoming FIFA World Cup [2]. - Stifel cut its price target on DraftKings from $46 to $44 but reiterated a 'Buy' rating, highlighting the company's short-term appeal driven by NBA handle share momentum and upcoming sporting events like the Winter Olympics and World Cup [3]. Group 2: Company Overview - DraftKings Inc., based in Boston, has been offering online sports betting, casino, fantasy sports, and other consumer gaming products since 2011 [4].

Core Viewpoint - French retailer Casino is entering a new round of debt restructuring discussions to support its "Renouveau years 2030" recovery plan, aiming to improve its financial position and operational efficiency [1][3]. Debt Restructuring - Casino is negotiating with lenders regarding over €1.4bn ($1.61bn) of Term Loan B facilities maturing in March 2027, proposing to cut the nominal value from €1.4bn to €800m and reduce the interest rate from 9% to 6% [1][2]. - The proposed restructuring includes extending the maturity of all group financing by five years and implementing a payment-in-kind (PIK) interest structure for the first two years [2]. Financial Goals - The restructuring aims to lower net leverage to below 1.7x by 2029 and address identified liquidity requirements of €500m through equity raises and reduced interest costs [3]. - Casino has set ambitious targets under the Renouveau 2030 plan, including €15.8bn in gross merchandise volume (GMV) by 2030 and adjusted EBITDA of €644m after lease payments [5]. Operational Strategy - The company plans a full refurbishment of the Monoprix chain by 2030 and aims to expand the Franprix Oxygène format to 800 outlets [6]. - Additional plans include the development of Naturalia's La Ferme concept and the introduction of new Spar and Casino formats in 300 shops, along with over 210 new Casino, Vival, and Spar stores by 2030 [6].