Century Aluminum Company — Third Quarter 2026 Earnings Summary

Financial Performance

• Net sales for Q3 2026 reached $961.2 million, a $209.1 million increase from Q2 2026 ($752.1 million).
• Net income attributable to Century was $302.6 million for Q3 2026, up $53.3 million from Q2 2026 ($249.3 million).
• Diluted earnings per share (EPS) were $2.89 in Q3 2026, compared to $2.39 in Q2 2026.
• Adjusted net income attributable to Century was $271.6 million for Q3 2026, an increase of $14.3 million from Q2 2026 ($257.3 million).
• Adjusted EPS was $2.58 in Q3 2026, up from $2.46 in Q2 2026.
• Adjusted EBITDA attributable to Century was $331.6 million in Q3 2026, an increase of $4.7 million from Q2 2026 ($326.9 million).
• Aluminum shipments totaled 173,483 tonnes in Q3 2026, compared to 130,632 tonnes in Q2 2026.
• Liquidity position at September 30, 2026, was $1,161.5 million, consisting of $713.0 million in cash and cash equivalents, $41.6 million in restricted cash, and $406.9 million in combined borrowing availability.
• Total assets were $3,172.1 million at September 30, 2026, compared to $2,269.3 million at December 31, 2025.
• Total shareholders' equity was $1,712.0 million at September 30, 2026, compared to $805.6 million at December 31, 2025.
• Long-term debt was $480.3 million at September 30, 2026, compared to $479.5 million at December 31, 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $630.9 million, compared to $76.1 million in the same period in 2025.

Guidance and Future Outlook

• The Company expects fourth quarter 2026 Adjusted EBITDA to range between $275 million and $300 million.

Business Segments and Product Lines

• Q3 2026 sales growth was primarily driven by the restart of Line 2 at the Grundartangi, Iceland facility, which returned to near full production during the quarter.
• U.S. primary aluminum shipments in Q3 2026 were 98,183 tonnes with sales of $580.0 million, compared to 95,057 tonnes and $572.3 million in Q2 2026.
• Iceland primary aluminum shipments in Q3 2026 were 75,300 tonnes with sales of $316.9 million, compared to 35,575 tonnes and $121.2 million in Q2 2026.
• The Company owns and operates primary aluminum smelting facilities in the United States and Iceland and is the majority owner and managing partner of the Jamalco alumina refinery in Jamaica.

Market and Competitive Landscape

• Favorable realized metal prices contributed to the increase in net sales and net income.
• The Company noted the impact of global and local financial and economic conditions, aluminum market prices, and raw material supply availability in its forward-looking statements.

Risks and Challenges

• Q3 results were partially offset by unfavorable power price realization due to extreme hot weather.
• Results were impacted by a lower gain on insurance proceeds related to Iceland equipment failure compared to the prior quarter.
• Net exceptional items included $31.0 million, specifically $34.5 million of unrealized gains on derivative instruments (net of tax) and a $12.7 million gain on insurance proceeds (net of tax), partially offset by $15.1 million related to equipment failures in Iceland (net of tax).
• Forward-looking statements highlight risks including potential curtailments or disruptions in power supply, wars in Ukraine and the Middle East, sanctions, trade actions (Section 232 and 301), and the ability to secure financing for new smelter projects.
• Risks also include the timing of restarting curtailed production at Mt. Holly, the impact of equipment failures at Grundartangi, and the realization of tax benefits under the Inflation Reduction Act.

Management Commentary and Tone

• Management attributed the sequential increase in net earnings primarily to higher shipments from the Grundartangi Line 2 restart and favorable metal prices.
• Adjusted EBITDA growth was driven by favorable sales volume and mix and realized metal prices, offset by higher operating expenses and unfavorable power price realization.
• Management stated that non-GAAP measures are used to evaluate performance by excluding items not indicative of ongoing operating performance.

Other Key Points

• The Company reported a $287.9 million gain on the sale of the Hawesville site in the nine months ended September 30, 2026.
• Proceeds from the sale of Hawesville were $200.0 million in the nine months ended September 30, 2026.
• Carbon credit proceeds were $34.4 million and repayments were $29.5 million for the nine months ended September 30, 2026.
• The Company has a new smelter project under consideration, with potential formalization of a joint venture with Emirates Global Aluminium.
• The Company is evaluating the impact of the current administration's proposed program to reduce aluminum tariffs for parties with committed plans for new investment in U.S. production facilities.
• The Company expects to recover losses from insurance regarding the October 2025 equipment failure at Grundartangi.
• The Company is constructing a data center on its former Hawesville site and retains the ability to require Raylan Data Holdings LLC to repurchase its minority interest.