Century Aluminum Company · NASDAQ:CENX

Century Aluminum — Q1 2026 Earnings Presentation

22 slides from Century Aluminum's earnings presentation, May 7, 2026

  1. Slide 1: Century Aluminum Company Earnings Call Q126

    Century Aluminum Company Earnings Call Q126 May 7, 2026

  2. 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

  3. Slide 3: Earnings Call

    Earnings Call Jesse Gary Peter Trpkovski President, Executive Vice President, Chief Executive Officer Chief Financial Officer

  4. Slide 4: Company and Market Update

    Company and Market Update • Aluminum market conditions tighten from Middle East conflict with spot LME ~$3,600/MT, MWP ~$1.14/lb, and EDPP ~$590/T Industry • Global aluminum inventory levels remain at historic lows • 50% Section 232 aluminum tariff continues to be enforced with no exemptions or exce

  5. 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

  6. 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

  7. 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

  8. Slide 8: Financial Results

    Financial Results ($MM, except per share and tonne amounts) Q425 Q126 Aluminum shipments (tonnes) 140,257 122,865 Net sales $ 634 $ 649 Net income (loss) 2 338 Earnings per share 0.02 3.23 1 Adjusted net income 128 171 Adjusted earnings per share 1 1.25 1.63 Adjusted EBITDA1 171 231 Dec 31, 2025 Mar

  9. Slide 9: Financial Results: Q4 25 to Q1 26 Adjusted EBITDA

    Financial Results Q425 to Q126 Adjusted EBITDA1 $MM 85 7 231 -22 7 -16 171 Q425 Adj. EBITDA LME / Delivery Energy Raw Volume / Mix OPEX / Q126 Adj. EBITDA Premiums Materials Other 1) See reconciliation to comparable GAAP financial measure in appendix 9

  10. Slide 10: Financial Results: Q4 25 to Q1 26 Cash Flow

    Financial Results Q425 to Q126 Cash Flow $MM 195 -26 -71 -5 -38 231 -19 -14 -8 332 -48 134 Q425 Cash Adj. EBITDA Hawesville 45X Timing Investment & Sustaining Capex GRT Insurance Interest and Hedge IRB Debt WC / Other Q126 Cash Proceeds, net Restart Capex Timing Taxes Settlements Repayment 1) See re

  11. Slide 11: Q2 Outlook at Realized Prices

    Q2 Outlook at Realized Prices Adjusted EBITDA1 Guide $MM Q1 Actual Adj. EBITDA Attributable to Century $231 LME/Delivery Premiums ~$85 - $95 LME $3,175/MT US Midwest Premium $2,450/MT or $1.12/lb European Duty Paid Premium $485/MT Energy ~$15 Indy Hub $41/MWh HFO $90/bbl Henry Hub $3.20/mmbtu Raw Ma

  12. Slide 12: Appendix

    Appendix Confidential & Proprietary

  13. 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

  14. Slide 14: Non-GAAP Reconciliation (Adjusted Net Income)

    Non-GAAP Reconciliation (Adjusted Net Income) Q425 Q126 $MM EPS $MM EPS Net income attributable to Century $ 1.8 $ 0.02 $ 337.5 $ 3.23 Net income allocated to common stockholders 1.8 0.02 337.5 3.23 Lower of cost or NRV inventory adjustment 9.8 0.09 - - Unrealized loss on derivative contracts, net o

  15. Slide 15: Non-GAAP Reconciliation (Adjusted EBITDA)

    Non-GAAP Reconciliation (Adjusted EBITDA) $MM Q425 Q126 Net income attributable to Century 1.8 337.5 Add: Net loss attributable to noncontrolling interests (13.2) (10.5) Net income (11.4) 327.0 Interest expense 11.3 10.5 Interest income (2.7) (3.1) Net loss on forward and derivative contracts 43.5 6

  16. Slide 16: FY26 Outlook

    FY26 Outlook Income Statement ($MM) YTD FY26 Cash Flow ($MM) YTD FY26 Aluminum shipments (kMT) 123 630 Sustaining CapEx1 $5 $55 - $60 1,2 D&A $23 $85 - $95 Investment CapEx $33 $60 - $65 SGA $26 $55 - $65 SGA $18 $40 - $45 Interest Expense $11 $30 - $35 Interest $16 $30 - $35 Varies based on market

  17. Slide 17: Financial Hedge Landscape

    Financial Hedge Landscape Commodity (unit)1 H226 FY27 Volume (unit) % Hedged Price Volume (unit) % Hedged Price LME (MT) 24,000 6% $ 2,725 29,800 4% $ 3,092 MWP (MT) 45,600 27% $ 1,354 49,900 11% $ 1,797 Indiana Hub (MWh) 441,600 26% $ 50 367,560 11% $ 51 HFO (bbls)2 75,000 18% $ 56 - - - 1) Hedges

  18. 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

  19. Slide 19: 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

  20. Slide 20: 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

  21. Slide 21: Capital Allocation

    Capital Allocation Capital Allocation Framework Current Status Update Maintain Q126 Target • $250-$300MM Liquidity liquidity target Liquidity2 $611 $250-$300 Through the Cycle • $300MM net debt target Net Debt2 $220 $300 • Organic growth/Investment capex Sustaining • $45-$55MM in Jamalco investment

  22. Slide 22: 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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