Century Aluminum Company · NASDAQ:CENX
Century Aluminum — Q3 2026 Earnings Presentation
23 slides from Century Aluminum's earnings presentation, Nov 5, 2026
Slide 1: Century Aluminum Company Earnings Call Q326
Century Aluminum Company Earnings Call Q326 November 5, 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 spot LME ~$3,175/MT, MWP ~$1.12/lb, and EDPP ~$575/MT Industry • Global aluminum inventory levels remain at historic lows • Section 232 50% aluminum tariff continues to be in full force with no exemptions or exceptions • Power prices
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: Industry Environment
Industry Environment INDY HUB $/MWH COKE $/MT CAUSTIC $/MT HFO $/BBL Source: CRU Group, Platts, Century Aluminum Company 7
Slide 8: Financial Results
Financial Results ($MM, except per share and tonne amounts) Q226 Q326 Aluminum shipments (tonnes) 130,632 173,483 Net sales $ 752 $ 961 Net income $ 249 $ 303 Earnings per share $ 2.39 $ 2.89 Adjusted net income1 $ 257 $ 272 Adjusted earnings per share1 $ 2.46 $ 2.58 Adjusted EBITDA1 $ 327 $ 332 Jun
Slide 9: Financial Results
Financial Results Q226 to Q326 Adjusted EBITDA $MM 1See reconciliation to comparable GAAP financial measure in appendix 9
Slide 10: Financial Results
Financial Results Q226 to Q326 Cash Flow $MM 1Includes Cash and cash equivalents and Restricted cash 10
Slide 11: Q4 Outlook at Realized Prices
Q4 Outlook at Realized Prices Adjusted EBITDA Guide $MM Q3 Actual Adj. EBITDA Attributable to Century $332 LME/Delivery Premiums ~$(45) - $(35) LME $3,150/MT US Midwest Premium $2,425/MT or $1.10/lb European Duty Paid Premium $550/MT Energy ~$0 - $5 Indy Hub $51/MWh HFO $79/bbl Henry Hub $3.00/mmbtu
Slide 12: Appendix
CenturyAuminum 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: Non-GAAP Reconciliation Adjusted Net Income
Non-GAAP Reconciliation Adjusted Net Income Q226 Q326 $MM EPS $MM EPS Net income attributable to Century $ 249.3 $ 2.39 $ 302.6 $ 2.89 Lower of cost or NRV inventory adjustment 4.3 0.04 — — Unrealized gain on derivative contracts, net of tax (38.9) (0.37) (34.5) (0.34) Share-based compensation 2.5 0
Slide 15: Non-GAAP Reconciliation Adjusted EBITDA
Non-GAAP Reconciliation Adjusted EBITDA $MM Q226 Q326 Net income attributable to Century $ 249.3 $ 302.6 Add: Net loss attributable to noncontrolling interests (5.5) (0.3) Net income 243.8 302.3 Interest expense 10.1 9.4 Interest income (4.4) (5.1) Net gain on forward and derivative contracts (7.1)
Slide 16: FY26 Outlook
FY26 Outlook Income Statement ($MM) YTD FY26 Cash Flow ($MM) YTD FY26 Aluminum shipments (kMT) 427 630 Sustaining CapEx1 $42 $55 - $60 D&A $61 $75 - $85 Investment CapEx1,2 $70 $70 - $80 SGA $53 $65 - $70 SGA $42 $50 - $55 Interest Expense $30 $30 - $35 Interest $33 $30 - $35 Varies based on Varies
Slide 17: Financial Hedge Landscape
Financial Hedge Landscape Commodity (unit) FY27 FY28 Volume (unit) % Hedged Price Volume (unit) % Hedged Price LME (MT) 64,000 8% $3,126 600 <1% $3,005 MWP (MT) 99,700 22% $1,989 27,000 6% $2,115 Indiana Hub (MWh) 773,040 23% $54 10,800 <1% $61 *Hedges in place as of 10/30/2026 17
Slide 18: 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 Iceland: primarily ~ 3 month lag $ 52.0 MWP +/-$22.04/MT 9.0 MWP ~ 1 month lag EDPP +/- $22.04/MT 7.0 EDPP ~ 1 month lag Alumina Price Index +/
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 is • U.S. Department of Energy grant up to • Multiphase plannin
Slide 20: New Smelter Import Incentive
New Smelter Import Incentive • On July 20, 2026, President Trump issued a new Presidential Proclamation establishing an incentive for Presidential companies building or expanding new primary aluminum production in the U.S. Proclamation • Under the program, approved companies will be able to import p
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 Q326 Target Industry Maintain • $250-$300MM liquidity Liquidity2 $1,162 $250-$300 Liquidity target Through the • $300MM net debt target Cycle Net (Cash) $(269) $300 Debt2 Sustaining • Organic growth/Investment capex • $45-$55M
Slide 23: Contact us
Contact us Chad Rigg [email protected] 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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