Century Aluminum Company · NASDAQ:CENX
Century Aluminum — Q4 2025 Earnings Presentation
23 slides from Century Aluminum's earnings presentation, Feb 19, 2026
Slide 1: Century Aluminum Company Earnings Call Q425
Century Aluminum Company Earnings Call Q425 February 19, 2026
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: Earnings Call
Earnings Call Jesse Gary Peter Trpkovski President, Executive Vice President, Chief Executive Officer Chief Financial Officer
Slide 4: Company and Market Update
Company and Market Update • Strong aluminum market conditions continue into 2026 with spot LME ~$3,100/MT, MWP ~$1.04/lb, and EDPP ~$365/T Industry • Global aluminum inventory levels remain at historic lows of 47 days • 50% Section 232 aluminum tariff continues to be enforced with no exemptions or e
Slide 5: Industry Environment
Industry Environment LME ALUMINUM ALUMINA PRICE INDEX REGIONAL PREMIUMS POWER RATES Century power market Source: CRU Group, Platts, Century Aluminum Company 5
Slide 6: Industry Environment
Industry Environment ALUMINUM SUPPLY AND DEMAND BALANCE 2026 PRIMARY ALUMINUM BALANCE – US AND EU GLOBAL INVENTORY OF PRIMARY ALUMINUM CONSUMPTION BILLET PREMIUMS UPCHARGE Source: CRU Group, Platts, Century Aluminum Company 6
Slide 7: Smelter Input Prices
Industry Environment INDY HUB $/MWH COKE $/MT Smelter InputPrices CAUSTIC $/MT HFO $/BBL Refinery Input Prices Source: CRU Group, Platts, Century Aluminum Company 7
Slide 8: Financial Results
Financial Results ($MM, except per share and tonne amounts) Q325 Q425 FY24 FY25 Aluminum shipments (tonnes) 162,442 140,257 677,967 647,112 Net sales $ 632 $ 634 $ 2,220 $ 2,528 Net income (loss) 15 2 337 42 Earnings per share 0.15 0.02 3.27 0.42 Adjusted net income1 58 128 101 254 Adjusted earnings
Slide 9: Financial Results
Financial Results Q325 to Q425 Adjusted EBITDA $MM 10 171 59 5 -2 -3 101 Q325 Adj. EBITDA LME / Delivery Energy Raw OPEX / Volume / Mix Q425 Adj. EBITDA Premiums Materials Other 1) See reconciliation to comparable GAAP financial measure in appendix 9
Slide 10: Financial Results
Financial Results Q325 to Q425 Cash Flow $MM 45 53 -48 171 -116 -34 -15 151 -26 134 -48 Q325 Cash Adj. EBITDA 45X Proceeds, net Iceland Borrowings GRT Equipment Casthouse Capex Hedge Taxes and Interest WC / Other Q425 Cash Failure Debt Settlements Repayment 1) See reconciliation to comparable GAAP f
Slide 11: Q1 Outlook at Realized Prices
Q1 Outlook at Realized Prices Adjusted EBITDA1 Guide $MM Q4 Actual Adj. EBITDA Attributable to Century $171 LME/Delivery Premiums ~$70 - $80 LME $2,850/MT US Midwest Premium $2,140/MT or $0.97/lb European Duty Paid Premium $315/MT Energy ~($20) Indy Hub $69/MWh HFO $56/bbl Henry Hub $3.60/mmbtu Raw
Slide 12: FY26 Outlook
FY26 Outlook Income Statement ($MM) FY25 FY26 Cash Flow ($MM) FY25 FY26 Aluminum shipments (kMT) 647 630 Sustaining CapEx 1 $45 $55 - $60 D&A $93 $85 - $95 Investment CapEx 1,2 $25 $60 - $65 SGA $80 $55 - $65 SGA $45 $40 - $45 Interest Expense $48 $30 - $35 Interest $40 $30 - $35 Varies based on Var
Slide 13: Appendix
Appendix Confidential & Proprietary
Slide 14: 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 15: Non-GAAP Reconciliation (Net Income)
Non-GAAP Reconciliation (Net Income) Q325 Q425 FY24 FY25 $MM EPS $MM EPS $MM EPS $MM EPS Net income attributable to Century stockholders $ 14.9 $ 0.16 $ 1.8 $ 0.02 $ 336.8 $ 3.27 $ 41.8 $ 0.44 Less: net income allocated to participating securities 0.8 0.01 - - 17.9 0.20 1.8 0.02 Net income allocated
Slide 16: Non-GAAP Reconciliation (Adjusted EBITDA)
Non-GAAP Reconciliation (Adjusted EBITDA) $MM Q325 Q425 FY24 FY25 Net income attributable to Century stockholders 14.9 1.8 336.8 41.8 Add: Net loss attributable to noncontrolling interests 1 (6.7) (5.5) (30.1) (26.0) Net income1 8.2 (3.7) 306.7 15.8 Interest expense 13.0 11.3 43.1 47.7 Interest inco
Slide 17: Financial Hedge Landscape
Financial Hedge Landscape Commodity (unit)1 FY26 FY27 Volume (unit) % Hedged Price Volume (unit) % Hedged Price LME (MT) 47,000 6% $ 2,655 20,000 3% $ 3,065 MWP (MT) 71,000 17% $ 1,245 31,000 7% $ 1,530 Indiana Hub (MWh) 856,000 25% $ 50 225,000 7% $ 51 HFO (bbls)2 225,000 28% $ 57 - - - 1) Hedges i
Slide 18: FY26 Financial Information
FY26 Financial Information Annual Adjusted Sensitivities Variance Pricing Convention EBITDA7 U.S.: 50% ~ 1 month lag / 50% ~ 3 month lag LME +/- $100/MT $52.0 LME Iceland: primarily ~ 3 month lag MWP1 +/-$22.04/MT 9.0 MWP ~ 1 month lag EDPP2 +/- $22.04/MT 7.0 EDPP ~ 1 month lag Income Statement: 3-4
Slide 19: Largest U.S. Primary Aluminum Producer
Largest U.S. Primary Aluminum Producer • Tariffs support investment in U.S. production and American jobs • Reliable domestic supply of key critical mineral to U.S. customers • New Oklahoma smelter with EGA to create future of U.S. industry Corporate Headquarters Aluminum Smelter Chicago, IL Grundart
Slide 20: New 750K MT Oklahoma Smelter Project
New 750K MT Oklahoma Smelter Project Joint venture with EGA (60%) / Century (40%) to build first new primary aluminum smelter in the United States in 50 years, doubling the size of the domestic industry • The U.S primary aluminum market • U.S. Department of Energy grant • Multiphase planning / is sh
Slide 21: Hawesville Site Redevelopment
Hawesville Site Redevelopment New Digital Infrastructure Campus to be built at Hawesville • Closed February 2026 Transaction Terms • $200MM cash upfront • 6.8% non-dilutive interest in the fully completed data center Timeline • Expected data center energization 2H 2027 • Put option to sell stake one
Slide 22: Capital Allocation
Capital Allocation Capital Allocation Framework Current Status Update Maintain Q425 Target • $250-$300MM Liquidity liquidity target Liquidity $418 $250-300 Through the Cycle • $300MM net debt target Net Debt $421 $300 • Organic growth/Investment capex Sustaining • $45-55MM in historical Jamalco inve
Slide 23: Contact Us
Contact Us Chad Rigg Investorrelations@centuryaluminum.com 312-696-3132 (office) Century Aluminum Company One South Wacker Dr. Suite 1000 Chicago IL 60606 312-696-3102 (fax) CenturyAluminum.com Confidential & Proprietary
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