Century Aluminum Company (CENX) investor relations material

Executive summary

• Net income attributable to shareholders surged to $337.5 million in Q1 2026, mainly from a $287.9 million gain on the Hawesville sale and strong aluminum pricing, with adjusted EBITDA reaching $231.4 million, up $60.8 million sequentially.

• Net sales rose to $649.2 million, up $15.5 million sequentially, driven by higher realized metal prices despite lower shipments due to Iceland equipment failure.

• Major expansions at Mount Holly and Grundartangi are on or ahead of schedule, with full production expected by end of July 2026.

• Announced a joint venture with EGA for a new Oklahoma smelter, with $500 million DOE grant and groundbreaking expected by year-end.

• Liquidity at quarter-end was $611 million, including $244.1 million in cash and $278.8 million in borrowing availability.

Financial highlights

• Net sales reached $649.2 million in Q1 2026, up from $634 million in Q4 2025, primarily due to higher realized aluminum prices.

• Adjusted net income was $170.7 million ($1.63/share), up from $128 million ($1.25/share) sequentially.

• Cash and cash equivalents rose to $244.1 million at March 31, 2026, from $134.2 million at year-end 2025.

• Operating income rose to $374 million from $41.3 million sequentially.

• Gross profit increased to $118.8 million, reflecting higher LME and regional premiums.

Outlook and guidance

• Q2 2026 adjusted EBITDA is projected between $315 million and $335 million, driven by higher realized LME and regional premiums and Mt. Holly expansion.

• Full production at Grundartangi is expected by end of July 2026 following transformer repairs.

• Capital expenditures for 2026 are estimated at $170–$180 million, including $70–$80 million for Grundartangi repairs and $50 million for Mt. Holly restart.

• FY26 aluminum shipments expected at 630 kMT; sustaining capex forecasted at $55–$60 million.

• U.S. tax expense expected to be minimal due to large NOLs; Iceland taxed at 20%.