Century Aluminum Company · NASDAQ:CENX
Century Aluminum — Q2 2026 Earnings Presentation
23 slides from Century Aluminum's earnings presentation, Aug 6, 2026
Slide 1: Century Aluminum Company Earnings Call Q2 2026
Century Aluminum Company Earnings Call Q226 August 6, 2026
Slide 2: Cautionary Statement
Cautionary Statement This presentation, and statements made by Century Aluminum Company management on the quarterly conference call, include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future
Slide 3: Earnings Call
Earnings Call Jesse Gary Peter Trpkovski President and Executive Vice President and Chief Executive Officer Chief Financial Officer 3
Slide 4: Company and Market Update
Company and Market Update • Market fundamentals remain strong, with prices returning to pre-conflict levels with spot LME ~$3,250/MT, MWP ~$1.11/lb, and EDPP ~$500/MT • Global aluminum inventory levels have fallen further to new historic lows Industry • Section 232 50% aluminum tariff continues to b
Slide 5: Industry Environment: Regional Premiums
Industry Environment LME ALUMINUM ALUMINA PRICE INDEX 4,000 800 3,500 600 LME $/MT API $/MT 3,000 400 2,500 2,000 200 2024 2025 2026 2024 2025 2026 REGIONAL PREMIUMS POWER RATES 3,000 150 Regional Premiums $/MT Power Rates $/MWh 2,000 100 1,000 50 — 0 2024 2025 2026 2024 2025 2026 MWP EDPP Indy Hub
Slide 6: Primary Aluminum Balance
Industry Environment ALUMINUM SUPPLY AND DEMAND BALANCE 2026 PRIMARY ALUMINUM BALANCE - US AND EU 80 74.4 75.3 — Primary Aluminum (MT in MM) Primary Aluminum Balance 70 (0.5) 60 (1.0) 50 45.2 47.2 (1.5) (MT in MM) 40 (2.0) 29.2 28.1 30 (2.5) 20 (3.0) (2.7) (3.1) (3.0) 10 (3.5) (3.2) 1.1 0 (4.0) (3.8
Slide 7: Smelter Input Prices
Industry Environment INDY HUB $/MWH COKE $/MT $57 $58 $588 $558 $561 Smelter Input Prices $475 $44 $392 $33 $31 2023 2024 2025 2026 YTD Spot 2023 2024 2025 2026 YTD Spot CAUSTIC $/MT HFO $/BBL $505 $424 $73 $418 $418 $70 Refinery Input Prices $395 $68 $65 $61 2023 2024 2025 2026 YTD Spot 2023 2024 2
Slide 8: Financial Results
Financial Results ($MM, except per share and tonne amounts) Q126 Q226 Aluminum shipments (tonnes) 122,865 130,632 Net sales $ 649 $ 752 Net income $ 338 $ 249 Earnings per share $ 3.23 $ 2.39 Adjusted net income1 $ 171 $ 257 Adjusted earnings per share1 $ 1.63 $ 2.46 Adjusted EBITDA1 $ 231 $ 327 Mar
Slide 9: Q1 to Q2 Adjusted EBITDA Bridge
Financial Results Q126 to Q226 Adjusted EBITDA $MM 20 8 95 327 (14) (14) 231 Q126 Adj. EBITDA LME/Delivery Energy Raw Materials Volume / Mix OPEX / Other Q226 Adj. EBITDA Premiums *See reconciliation to comparable GAAP financial measure in appendix 9
Slide 10: Q1 to Q2 Cash Flow
Financial Results Q126 to Q226 Cash Flow $MM 327 Century cash exceeded total (26) debt as of the end of July (31) (37) (22) (30) (5) (54) 388 332 (66) Q126 Cash Adj. EBITDA 45X Timing GRT Growth Sustaining Hedge Interest and WC/Other Debt Q226 Cash Insurance Capex Capex Settlements Taxes Repayments
Slide 11: Q3 Outlook at Realized Prices
Q3 Outlook at Realized Prices Adjusted EBITDA Guide $MM Q2 Actual Adj. EBITDA Attributable to Century $327 LME/Delivery Premiums ~$5 - $10 LME $3,325/MT US Midwest Premium $2,400/MT or $1.09/lb European Duty Paid Premium $520/MT Energy ~$(15) - $(10) Indy Hub $58/MWh HFO $80/bbl Henry Hub $3.00/mmbt
Slide 12: Section 232
Section 232 • On July 20, 2026, President Trump issued a new executive order establishing an incentive for companies building or expanding new primary aluminum production in the U.S. Executive Order • Under the program, approved companies will be able to import primary aluminum up to the amount of n
Slide 13: Appendix
CenturyAuminum Appendix
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 Adjusted Net Income
Non-GAAP Reconciliation Adjusted Net Income Q126 Q226 $MM EPS $MM EPS Net income attributable to Century $ 337.5 $ 3.23 $ 249.3 $ 2.39 Lower of cost or NRV inventory adjustment — — 4.3 0.04 Unrealized loss (gain) on derivative contracts, net of tax 48.1 0.46 (38.9) (0.37) Share-based compensation 9.
Slide 16: Non-GAAP Reconciliation Adjusted EBITDA
Non-GAAP Reconciliation Adjusted EBITDA $MM Q126 Q226 Net income attributable to Century $ 337.5 $ 249.3 Add: Net loss attributable to noncontrolling interests (10.5) (5.5) Net income 327.0 243.8 Interest expense 10.5 10.1 Interest income (3.1) (4.4) Net loss (gain) on forward and derivative contrac
Slide 17: FY26 Outlook
FY26 Outlook Income Statement ($MM) YTD FY26 Cash Flow ($MM) YTD FY26 Aluminum shipments (kMT) 254 630 Sustaining CapEx1 $26 $55 - $60 D&A $35 $75 - $85 Investment CapEx1,2 $70 $70 - $80 SGA $42 $65 - $70 SGA $33 $50 - $55 Interest Expense $21 $30 - $35 Interest $17 $30 - $35 Varies based on Varies
Slide 18: Financial Hedge Landscape
Financial Hedge Landscape Commodity (unit) Q426 FY27 Volume (unit) % Hedged Price Volume (unit) % Hedged Price LME (MT) 12,000 6% $2,770 41,800 6% $3,102 MWP (MT) 19,200 17% $1,412 72,700 16% $1,905 Indiana Hub (MWh) 220,800 26% $51 542,760 16% $52 *Hedges in place as of 7/30/2026 18
Slide 19: FY26 Financial Information
FY26 Financial Information Annual Adjusted Pricing Convention Sensitivities Variance EBITDA4 U.S.: 50% ~ 1 month lag / 50% ~ 3 month lag LME +/- $100/MT LME $ 52.0 Iceland: primarily ~ 3 month lag MWP +/-$22.04/MT 9.0 MWP ~ 1 month lag EDPP +/- $22.04/MT 7.0 EDPP ~ 1 month lag Alumina Price Index +/
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 is • U.S. Department of Energy grant up to • Multiphase plannin
Slide 21: Hawesville Site Redevelopment
Hawesville Site Redevelopment New Digital Infrastructure Campus to be built at Hawesville • Closed February 2026 Transaction • $200MM cash upfront Terms • 6.8% non-dilutive interest in the fully completed data center • Expected data center energization 2H 2027 Timeline • Put option to sell stake one
Slide 22: Capital Allocation
Capital Allocation Capital Allocation Framework Current Status Update $MM Q226 Target Industry Maintain • $250-$300MM liquidity Liquidity2 $785 $250-$300 Liquidity target Through the • $300MM net debt target Cycle Net Debt2 $98 $300 Sustaining • Organic growth/Investment capex • $45-$55MM in histori
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
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