Century Aluminum Company · NASDAQ:CENX
Century Aluminum — Q3 2025 Earnings Presentation
23 slides from Century Aluminum's earnings presentation, Nov 6, 2025
Slide 1: Century Aluminum Company 3rd Quarter Earnings Call
Century Aluminum Company 3rd Quarter Earnings Call November 6, 2025
Slide 2: Cautionary Statement
Cautionary Statement Certain statements in this presentation, and those made by Century Aluminum Company management on the quarterly conference call, relate to future events and expectations and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 19
Slide 3: Speakers
Speakers • Jesse Gary – President and Chief Executive Officer • Peter Trpkovski – EVP, Chief Financial Officer and Treasurer 2
Slide 4: Company and Market Update
Company and Market Update • Positive market conditions continued in Q3, driving LME price to its highest level since 2022 Industry • Midwest Premium at $1,950/MT Fundamentals • Global aluminum inventory levels remain at historic lows of 47 days • U.S. billet premiums expected to increase ~$110/MT fo
Slide 5: Industry Environment: Prices, Premiums and Power Rates
Industry Environment LME Aluminum Alumina Price Index 3,400 750 700 3,200 650 3,000 600 2,800 550 API $/MT LME $/MT 2,600 500 2,400 450 400 2,200 350 2,000 300 1,800 250 1,600 200 1,400 150 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225
Slide 6: Industry Environment: Supply and Demand Balance
Industry Environment Aluminum Supply and Demand Balance – FY25 Primary Aluminum Balance – US and EU 80 73.9 74.1 - Primary Aluminum (MT in MM's) Primary Aluminum Balance (MT in 70 60 (1.0) 50 43.7 43.6 40 (2.0) MM's) 30.3 30.5 30 (3.0) 20 (2.9) (3.2) (3.1) 10 (4.0) 0.1 (3.9) (4.0) 0 (4.0) (0.2) (0.1
Slide 7: Industry Environment: Smelter and Refinery Input Prices
Industry Environment Indy Hub $/MWh Coke $/MT $43 Smelter Input Prices $38 $33 $31 $558 $470 $480 $392 2023 2024 2025 YTD Spot 2023 2024 2025 YTD Spot Caustic $/MT HFO $/bbl $70 $505 Refinery Input Prices $437 $68 $418 $370 $65 $64 2023 2024 2025 YTD Spot 2023 2024 2025 YTD Spot 1) Source: CRU Group
Slide 8: Summary of Financial Results
Summary of Financial Results ($MM, except per share and tonne amounts) Q225 Q325 Income statement Aluminum shipments (tonnes) 175,741 162,442 Net sales $ 628 $ 632 Net income (loss) (5) 15 Earnings per share (0.05) 0.15 Adjusted net income1 30 58 Adjusted earnings per share1 0.30 0.56 Adjusted EBITD
Slide 9: Financial Results: Q2 to Q3 Adjusted EBITDA
Financial Results Q225 to Q325 Adjusted EBITDA ($MM) 48 1 1 (9) 101 (12) 74 Q225 LME + Delivery Energy Raw Materials FX / OPEX / Other Volume / Mix Q325 1 1 EBITDA Premiums EBITDA 1) See reconciliation to comparable GAAP financial measure in appendix 8
Slide 10: Financial Results: Q2 to Q3 Cash Flow
Financial Results Q225 to Q325 Cash Flow ($MM) 139 (16) (12) (16) (59) 151 101 (25) 41 Q225 Cash Adj. 1 Debt Issuance Capex Interest Debt WC / Other 45X Q325 Cash EBITDA Proceeds (net) Repayment Receivable 1) See reconciliation to comparable GAAP financial measure in appendix 9
Slide 11: Q4 Outlook at Realized Prices
Q4 Outlook at Realized Prices Adjusted EBITDA1 GUIDE Q3 Actual Adjusted EBITDA Attributable to Century $101 LME / Delivery Premiums ~$65 LME $2,705/MT US Midwest Premium $1,775/MT European Duty Paid Premium $275/MT Energy $– Indy Hub $45/MWh HFO $65/bbl Henry Hub $3.53/mmbtu Raw Materials $(5) - $0
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA and net debt are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period’s results
Slide 14: Adjusted Net (Loss) Income Attributable to Century Non-GAAP Reconciliation
Adjusted Net (Loss) Income Attributable to Century Non-GAAP Reconciliation Q225 Q325 $MM EPS $MM EPS Net income (loss) attributable to Century stockholders $ (4.6) $ (0.05) $ 14.9 $ 0.16 Less: net income allocated to participating securities - - 0.8 0.01 Net income (loss) allocated to common stockho
Slide 15: Adjusted EBITDA Non-GAAP Reconciliation
Adjusted EBITDA Non-GAAP Reconciliation $MM Q225 Q325 Net income (loss) attributable to Century stockholders $ (4.6) $ 14.9 Add: Net loss attributable to noncontrolling interests (4.5) (4.3) Net income (loss) (9.1) 10.6 Interest expense – nonaffiliates 9.8 11.5 Interest expense – affiliates 1.9 1.5
Slide 16: 2025 Financial Assumptions
2025 Financial Assumptions Income Statement ($MM) YTD FY25 Cash Flow ($MM) YTD FY25 Aluminum shipments (kMT) 507 660 Sustaining Capex1 $27 $45-50 Investment Capex1 $23 $25-30 D&A $62 $85-90 SGA $34 $40-45 SGA $44 $50-60 Interest $31 $40-45 Interest Expense $30 $40-45 Varies based Hedge Settlements L
Slide 17: 2025 Financial Information
2025 Financial Information The following tables sets forth the approximate anticipated variance effect on our annualized adjusted EBITDA of specified variances in each of the specified sensitivity metrics, assuming all other sensitivity metrics are unchanged. The following are estimates only. Actual
Slide 18: Financial Hedge Landscape
Financial Hedge Landscape Volume (unit) / % Hedged / Price/unit1 Commodity (unit) FY26 FY27 Volume % Hedged Price Volume % Hedged Price LME (MT) 40,000 5% $ 2,605 - - - MWP (MT) 65,000 16% $ 1,200 7,000 2% $ 1,160 Indiana Hub (MWh) 710,000 22% $ 49 - - - HFO (bbls)2 205,000 25% $ 57 - - - 1) Hedges
Slide 19: Capital Allocation
Capital Allocation Capital Allocation Framework Current Status Update • $250-$300MM liquidity Q325 Target Maintain Liquidity Through the target Investment Cycle Capital Liquidity $488 $250-300 • $300MM net debt target Projects Net Debt $475 $300 Sustaining Capital • $45-50MM in historical Projects1
Slide 20: Section 232 Tariffs Benefit U.S. Production
Section 232 Tariffs Benefit U.S. Production • Tariffs support investment in U.S. production and American jobs • Reliable domestic supply to U.S. customers • Century evaluating locations in Mississippi/Ohio River Basins for new U.S. aluminum smelter Aluminum Smelter Norðurál Grundartangi Corporate Ic
Slide 21: Capacity and Production Information
Capacity and Production Information Aluminum facilities (kMT) Plant Country Capacity % Operating Sebree U.S. 220 100 Hawesville U.S. 250 0 Mt. Holly U.S. 230 75 Grundartangi1 Iceland 320 100 Total 1,020 70 Carbon anode facility (kMT) Plant Country Capacity % Operating Vlissingen Netherlands 163 100
Slide 22: New Century Aluminum Smelter Project
New Century Aluminum Smelter Project Investing in the future of U.S. aluminum production with first primary smelter in 50 years, doubling the size of the domestic industry • The U.S primary aluminum • Under award with the U.S. • Multiphase planning / market is short ~4.2 million Department of Energy
Slide 23: For Additional Information
For Additional Information Ryan Crawford investorrelations@centuryaluminum.com 312-696-3132 (Office) Century Aluminum Company One South Wacker Dr, Suite 1000 Chicago, IL 60606 312-696-3102 (Fax) www.centuryaluminum.com 22
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