Century Aluminum Company (CENX) investor relations material

Strategic initiatives and asset updates

• Announced a joint venture with EGA to build a 750,000 MT aluminum smelter in Oklahoma, the first in the U.S. in 50 years, aiming to double domestic capacity and strengthen supply chains, with EGA holding 60% and Century 40%.

• The Oklahoma project is supported by a $500 million DOE grant, with first hot metal production targeted by end of 2029 and final investment decision expected in Q4 2026.

• Operating smelters in Kentucky, South Carolina, and Iceland, with a new facility planned in Oklahoma; upstream integration in Jamaica with bauxite mining and alumina refining targeting 1.4 million tons capacity.

• Mount Holly restart will increase U.S. production by 10% and is scheduled for completion by end of June; Grundartangi (Iceland) restart is six months ahead of schedule, to be completed by end of July.

• Sale of idle Hawesville site to TeraWulf yielded $200 million upfront cash and a 6.8% non-dilutive interest in a future data center, with energization expected in the second half of 2027.

Financial performance and outlook

• Q1 guidance at $225 million realized prices, with potential $80 million uplift from spot prices and normalized power costs, totaling $300 million quarterly run-rate EBITDA.

• Q1 2026 adjusted EBITDA outlook is $215–$235 million at estimated realized prices, with potential to exceed $300 million quarterly at spot pricing.

• Mount Holly restart expected to add 50,000 tons, with payback anticipated before year-end due to favorable pricing.

• Achieving 770,000 tons annualized capacity by mid-summer, marking full utilization for the first time in nearly a decade.

• Key earnings drivers include LME and delivery premiums, U.S. Midwest and European Duty Paid Premiums, and energy and raw material costs.

Market environment and pricing

• Strong U.S. demand supported by tariffs, with no negative impact on consumption since 2018.

• Global supply constrained by China’s 45 million ton cap and disciplined production, supporting elevated prices.

• Midwest premium and European premiums remain robust, covering import costs.