Century Aluminum (NASDAQ: CENX) jumps to Q1 profit on Hawesville sale
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Century Aluminum Company reported a sharply stronger first quarter 2026, driven by a major asset sale and better underlying performance. Net sales were $649.2 million, up $15.5 million from Q4 2025, as higher realized aluminum prices more than offset lower shipments.
Net income attributable to Century jumped to $337.5 million, or $3.23 diluted EPS, versus $0.02 in the prior quarter, largely due to a $287.9 million gain on the sale of Hawesville and a $33.0 million gain on Iceland insurance proceeds. Adjusted net income rose to $170.7 million and adjusted EPS to $1.63, while adjusted EBITDA attributable to Century increased to $231.4 million from $170.6 million. Liquidity was $611.0 million as of March 31, 2026, and the company expects Q2 2026 adjusted EBITDA between $315 million and $335 million.
Positive
- Stronger underlying profitability and outlook: Adjusted EBITDA attributable to Century rose to $231.4 million from $170.6 million, and the company projects second quarter 2026 adjusted EBITDA between $315 million and $335 million, signaling materially improved operating performance alongside a reinforced liquidity position of $611.0 million.
Negative
- None.
Insights
Century’s Q1 2026 combines large one‑offs with meaningfully stronger core earnings.
Century Aluminum delivered Q1 2026 net income of $337.5M, propelled by a $287.9M gain on the Hawesville sale and a $33.0M insurance gain tied to Iceland equipment failure. These items transformed a small prior‑quarter profit into a very large headline result.
Excluding exceptional items, performance still improved notably. Adjusted net income rose to $170.7M and adjusted EBITDA attributable to Century increased to $231.4M, up $60.8M from Q4 2025, helped by higher realized metal prices, sales mix and lower operating expenses, partly offset by higher power and raw material costs.
Liquidity strengthened to $611.0M, supported by $200.0M of Hawesville proceeds and higher cash. The company guides Q2 2026 adjusted EBITDA to $315–$335M, indicating expectations for continued strong operating profitability despite ongoing impacts from the Iceland equipment failure and Jamalco hurricane recovery described in the results.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net sales: $649.2 million
Net income attributable to Century: $337.5 million
Diluted EPS: $3.23 per share
+5 more
8 metrics
Net sales
$649.2 million
Q1 2026; increased by $15.5 million sequentially
Net income attributable to Century
$337.5 million
Q1 2026; $335.7 million increase from prior quarter
Diluted EPS
$3.23 per share
Q1 2026 diluted earnings per share attributable to Century
Adjusted net income
$170.7 million
Q1 2026 adjusted net income attributable to Century; up $42.5 million sequentially
Adjusted EBITDA attributable to Century
$231.4 million
Q1 2026; increased by $60.8 million from prior quarter
Liquidity
$611.0 million
As of March 31, 2026; includes cash, restricted cash and borrowing availability
Hawesville sale gain
$287.9 million
Gain on the sale of Hawesville recorded in Q1 2026 operating income
Q2 2026 Adjusted EBITDA outlook
$315–$335 million
Company’s expected range for second quarter 2026 adjusted EBITDA
Key Terms
Adjusted EBITDA, non-GAAP financial measures, equipment failure, Hawesville, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA attributable to Century for the first quarter of 2026 was $231.4 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measures financial
"Adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA are non-GAAP financial measures that management uses"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
equipment failure technical
"equipment failure at Grundartangi"
Hawesville financial
"a one-time gain on sale of Hawesville of $287.9 million"
derivative instruments financial
"$48.1 million of unrealized losses on derivative instruments, net of tax"
Contracts whose value is tied to the price or performance of something else—like a stock, bond, commodity, currency or market index. Think of them as a bet or an insurance policy that lets investors gain exposure, hedge risk, or speculate without owning the asset itself; their use can amplify gains or losses and affect a portfolio’s risk profile, liquidity and potential returns.
Asset retirement obligations financial
"Asset retirement obligations - less current portion | 70.9"
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
Earnings Snapshot
Net sales: $649.2 million · Guidance included
Q1 2026
Net sales
$649.2 million
+$15.5 million vs Q4 2025
Net income attributable to Century
$337.5 million
+$335.7 million sequentially
Adjusted net income attributable to Century
$170.7 million
+$42.5 million sequentially
Adjusted EBITDA attributable to Century
$231.4 million
+$60.8 million vs prior quarter
Guidance
Company expects Q2 2026 Adjusted EBITDA between $315 million and $335 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 7, 2026
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Zip Code) | |||||
(Address of Principal Executive Offices) | |||||
| (Registrant's telephone number, including area code) | |||||
| N/A | |||||
| (Former Name or Former Address, if Changed Since Last Report) | |||||
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||
(Nasdaq Global Select Market) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b– 2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026 , Century Aluminum Company (the "Company") issued a press release announcing its results of operations for quarter ended March 31, 2026. A copy of the Company’s press release is attached as Exhibit 99.1 and is incorporated herein by reference.
The Company will hold a follow-up conference call on Thursday, May 7, 2026 , at 5:00 p.m. Eastern Time. The earnings call will be webcast live on the Company’s website, located at www.centuryaluminum.com. Anyone interested in listening to the live webcast should plan to begin the registration process for the webcast at least 10 minutes before the live call is scheduled to begin. A replay of the webcast and associated presentation materials will be archived and available for replay approximately two hours following the live call.
The information in this Current Report and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Press Release dated May 7, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CENTURY ALUMINUM COMPANY | ||||||||||||||
| Date: | By: | /s/ PETER TRPKOVSKI | ||||||||||||
| Name: | Peter Trpkovski | |||||||||||||
| Title: | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||
Exhibit 99.1
Century Aluminum Company Reports First Quarter 2026 Results
Chicago, May 7, 2026 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2026 results.
First Quarter 2026 Financial Results
| $MM (except shipments and per share data) | |||||||||||||||||
| Q1 2026 | Q4 2025 | ||||||||||||||||
| Aluminum shipments (tonnes) | 122,865 | 140,257 | |||||||||||||||
| Net sales | $ | 649.2 | $ | 633.7 | |||||||||||||
| Net income attributable to Century | $ | 337.5 | $ | 1.8 | |||||||||||||
| Diluted earnings per share attributable to Century | $ | 3.23 | $ | 0.02 | |||||||||||||
Adjusted net income attributable to Century(1) | $ | 170.7 | $ | 128.2 | |||||||||||||
Adjusted earnings per common share(1) | $ | 1.63 | $ | 1.25 | |||||||||||||
Adjusted EBITDA attributable to Century(1) | $ | 231.4 | $ | 170.6 | |||||||||||||
| Notes: | |||||||||||||||||
(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. | |||||||||||||||||
Business Highlights
•Net sales of $649.2 million increased sequentially
•Achieved adjusted EBITDA attributable to Century of $231.4 million
•Received insurance proceeds totaling $83 million to date related to Iceland equipment failure
•Initiated expansion of last 90 pots at Mt. Holly and restart of Line 2 at Grundartangi in April 2026
Net sales for the first quarter ended March 31, 2026 increased by $15.5 million sequentially primarily driven by an increase in realized metal prices, despite lower shipments following the first full quarter of Iceland line 2 equipment failure in late October 2025 and lower third-party alumina sales.
Century reported Net income attributable to Century of $337.5 million for the first quarter of 2026, a $335.7 million increase sequentially. The increase in net earnings during the first quarter of 2026 was primarily attributable to a one-time gain on sale of Hawesville of $287.9 million, a gain on insurance proceeds related to Iceland equipment failure of $33.0 million, favorable realized LME and regional premium prices, partially offset by unfavorable power price realization due to extreme winter weather in the United States and unfavorable raw material price realization.
First quarter results were also impacted by $166.8 million of net exceptional items, in particular, the gains described above; $48.1 million of unrealized losses on derivative instruments, net of tax; $60.0 million related to equipment failures in Iceland, net of tax; $5.9 million related to the impact of Hurricane Melissa on Jamalco's operations; $13.3 million in emergency energy charges related to extreme winter weather at Mt. Holly; $9.4 million of share-based compensation; Mt. Holly expansion project expenses of $7.5 million and Hawesville inventory write-down of $3.3 million. Therefore, Century reported an Adjusted net income attributable to Century of $170.7 million for the first quarter of 2026, a $42.5 million increase sequentially.
Adjusted EBITDA attributable to Century for the first quarter of 2026 was $231.4 million. This was an increase of $60.8 million from the prior quarter, mainly from favorable realized metal prices, sales mix and operating expenses, partially offset by unfavorable power price and raw material price realization.
Century's liquidity position at March 31, 2026 was $611.0 million, comprised of cash and cash equivalents of $244.1 million, restricted cash proceeds from the sale of Hawesville of $88.1 million, and $278.8 million in combined borrowing availability.
Second Quarter 2026 Outlook
The Company expects second quarter Adjusted EBITDA to range between $315 to $335 million primarily driven by higher realized LME and regional premiums and the expansion at Mt. Holly.
About Century Aluminum Company
With its corporate headquarters located in Chicago, IL, Century Aluminum owns and operates primary aluminum smelting facilities in the United States and Iceland and is the majority owner and managing partner of the Jamalco alumina refinery in Jamaica. Visit www.centuryaluminum.com for more information.
Non-GAAP Financial Measures
Adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA 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 with prior periods on a consistent basis by excluding items that management does not believe are indicative of Century’s ongoing operating performance and ability to generate cash. Management believes these non-GAAP financial measures enhance an overall understanding of Century’s performance and our investors’ ability to review Century’s business from the same perspective as management. The tables below, under the heading "Reconciliation of Non-GAAP Financial Measures," provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Century's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA included in this press release may not be comparable to similarly titled measures of other companies. Investors are encouraged to review the reconciliations in conjunction with the presentation of these non-GAAP financial measures. We do not provide a reconciliation of forward-looking Adjusted EBITDA because the corresponding forward-looking GAAP financial measures is not currently available and management cannot reliably predict all the necessary components of such forward-looking GAAP measures without unreasonable effort or expense due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation, including adjustments that could be made for restructuring, the variability of our tax rate, the impact of foreign currency fluctuation, and other charges reflected in our historical results. The probable significance of each of these items is high and, based on historical experience, could be material.
Cautionary Statement
This press release and statements made by Century Aluminum Company management on the quarterly conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the "safe harbor" created by section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may." Forward-looking statements, for example, may include statements regarding: Our assessment of global and local financial and economic conditions; Our assessment of the aluminum market and aluminum prices (including premiums); Our assessment of prices of our key raw materials and supply and availability of those key raw materials, including alumina, coke, pitch and aluminum fluoride; Our assessment of power prices and availability, including any potential curtailments or other disruptions in the supply of power; The impact of the wars in Ukraine and in the Middle East, including any sanctions and export controls targeting Russia and businesses or individuals tied to Russia; The future financial and operating performance of the Company and its subsidiaries; Our ability to successfully manage market risk and to control or reduce costs; Our plans and expectations with respect to future operations of the Company and its subsidiaries, including any plans and expectations to curtail or restart production, including the expected impact of any such actions on our future financial and operating performance; Our plans and expectations with regards to the restart of curtailed production at Mt. Holly including the timing, costs and benefits associated with restarting curtailed production; Any future impact of the equipment failure at Grundartangi and related events on our financial and operating performance; The timing of our ability to return our operating facilities to full and normal operation following equipment failure or other extraordinary events including our expectations as to timing for bringing our Grundartangi facility back to 100% and returning Jamalco to full and normal operation following the restart after Hurricane Melissa; Our ability to recover losses from our insurance, including with respect to losses incurred in connection with the October 2025 equipment failure at Grundartangi; The timing and terms of the data center being constructed on our former Hawesville site to commence commercial operations and our ability to require Raylan Data Holdings LLC to repurchase our minority interest therein; The impact of Section 232 and 301 and other trade actions, including tariffs or other trade remedies, the extent to which any such remedies may be changed, including through exclusions or exemptions, and the duration of any trade remedy; The impact of any new or changed law or regulation, including, without limitation, sanctions or other similar remedies or restrictions or any changes in interpretation of existing laws or regulations; Our anticipated tax liabilities,
benefits or refunds including the realization of U.S. and certain foreign deferred tax assets and liabilities; Our ability to qualify for and realize potential tax benefits under the Inflation Reduction Act of 2022 and the anticipated amounts of such benefits; Our expectations regarding the availability of the $500 million DOE funding to our new smelter project, including our ability to raise additional capital through additional grants, incentives, subsidized loans and other debt and equity funding to support construction of a new aluminum smelter and our ability to successfully complete our new smelter project; The likelihood of our formalizing a joint venture with Emirates Global Aluminium for the new smelter project, and if we do, our ability to secure necessary power arrangements for the project on commercially reasonable terms, to timely complete construction of the project on budget, and to commence profitable operations; Our ability to access existing or future financing arrangements and the terms of any such future financing arrangements; Our ability to repay or refinance debt in the future; Our assessment and estimates of our pension and other postretirement liabilities, legal and environmental liabilities and other contingent liabilities; Our assessment of any future tax audits and expected outcomes; Negotiations with current labor unions or future representation by a union of our employees; Our assessment of any information technology-related risks, including the risk from cyberattacks or other data security breaches; Our plans and expectations regarding potential M&A and joint venture activity including our ability to consummate such transactions and our assessments of certain risks associated with the same, including, for example, unforeseen costs and expenses associated with unidentified liabilities, and difficulties integrating an acquired asset into our existing operations; and Our future business objectives, plans, strategies and initiatives, including our competitive position and prospects.
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
| CENTURY ALUMINUM COMPANY | ||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three months ended | ||||||||||||||
| March 31, | December 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| Net sales | ||||||||||||||
| Related parties | $ | 305.9 | $ | 299.6 | ||||||||||
| Other customers | 343.3 | 334.1 | ||||||||||||
| Total net sales | 649.2 | 633.7 | ||||||||||||
| Cost of goods sold | 530.4 | 543.1 | ||||||||||||
| Gross profit | 118.8 | 90.6 | ||||||||||||
| Selling, general and administrative expenses | 25.8 | 35.5 | ||||||||||||
| Gain on the sale of Hawesville | (287.9) | — | ||||||||||||
| Other operating expenses - net | 6.9 | 13.8 | ||||||||||||
| Operating income | 374.0 | 41.3 | ||||||||||||
| Interest expense - nonaffiliates | (9.9) | (10.6) | ||||||||||||
| Interest expense - affiliates | (0.6) | (0.6) | ||||||||||||
| Interest income | 3.1 | 2.7 | ||||||||||||
| Net loss on forward and derivative contracts - nonaffiliates | (65.3) | (43.5) | ||||||||||||
| Loss on early extinguishment of debt | — | (1.5) | ||||||||||||
| Gain on insurance proceeds - net | 33.0 | — | ||||||||||||
| Other expense - net | (5.5) | (3.2) | ||||||||||||
| Income (loss) before income taxes | 328.8 | (15.4) | ||||||||||||
| Income tax (expense) benefit | (1.8) | 12.3 | ||||||||||||
| Net income (loss) | 327.0 | (3.1) | ||||||||||||
| Net loss attributable to noncontrolling interests | (10.5) | (4.9) | ||||||||||||
| Net income attributable to Century | 337.5 | 1.8 | ||||||||||||
| Net income attributable to Century per common share: | ||||||||||||||
| Basic | $ | 3.41 | $ | 0.02 | ||||||||||
| Diluted | $ | 3.23 | $ | 0.02 | ||||||||||
| Weighted-average common shares outstanding: | ||||||||||||||
| Basic | 99.0 | 96.9 | ||||||||||||
| Diluted | 104.6 | 98.0 | ||||||||||||
| CENTURY ALUMINUM COMPANY | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in millions, except per share amounts) | |||||||||||
| (Unaudited) | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 244.1 | $ | 134.2 | |||||||
| Restricted cash | 89.5 | 1.4 | |||||||||
| Accounts receivable - net | 111.0 | 109.9 | |||||||||
| Non-trade receivables | 41.8 | 38.1 | |||||||||
| Due from affiliates | 52.6 | 29.6 | |||||||||
| Manufacturing credit receivable | 173.3 | 172.6 | |||||||||
| Inventories | 512.1 | 519.6 | |||||||||
| Derivative assets | 6.8 | 1.5 | |||||||||
| Prepaid and other current assets | 23.3 | 24.4 | |||||||||
| Total current assets | 1,254.5 | 1,031.3 | |||||||||
| Property, plant and equipment - net | 1,205.1 | 1,167.6 | |||||||||
| Manufacturing credit receivable - less current portion | 24.9 | — | |||||||||
| Other assets | 170.4 | 70.4 | |||||||||
| Total assets | $ | 2,654.9 | $ | 2,269.3 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| LIABILITIES: | |||||||||||
| Accounts payable, trade | $ | 196.1 | $ | 187.2 | |||||||
| Accrued compensation and benefits | 71.8 | 74.4 | |||||||||
| Due to affiliates | 51.0 | 70.8 | |||||||||
| Accrued and other current liabilities | 27.0 | 35.6 | |||||||||
| Derivative liabilities | 104.0 | 58.2 | |||||||||
| Carbon credit repurchase liability | 28.7 | 28.6 | |||||||||
| Current maturities of long-term debt | 66.1 | 68.8 | |||||||||
| Total current liabilities | 544.7 | 523.6 | |||||||||
| Long-term debt | 479.8 | 479.5 | |||||||||
| Accrued benefits costs - less current portion | 97.5 | 97.7 | |||||||||
| Other liabilities | 116.9 | 104.9 | |||||||||
| Deferred taxes | 60.6 | 58.4 | |||||||||
| Asset retirement obligations - less current portion | 70.9 | 75.3 | |||||||||
| Total noncurrent liabilities | 825.7 | 815.8 | |||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||
Series A Preferred stock ($0.01 par value, 5,000,000 shares authorized; no shares issued or outstanding at March 31, 2026 and December 31, 2025) | — | — | |||||||||
Common stock ($0.01 value, 195,000,000 authorized; 106,160,568 issued and 98,974,047 outstanding at March 31, 2026; 106,155,528 issued and 98,969,007 outstanding at December 31, 2025) | 1.1 | 1.1 | |||||||||
| Additional paid-in capital | 2,572.7 | 2,571.5 | |||||||||
| Treasury stock, at cost | (86.3) | (86.3) | |||||||||
| Accumulated other comprehensive loss | (48.5) | (55.2) | |||||||||
| Accumulated deficit | (1,288.1) | (1,625.5) | |||||||||
| Total shareholders’ equity | 1,150.9 | 805.6 | |||||||||
| Noncontrolling interest | 133.6 | 124.3 | |||||||||
| Total equity | 1,284.5 | 929.9 | |||||||||
| Total liabilities and equity | $ | 2,654.9 | $ | 2,269.3 | |||||||
| CENTURY ALUMINUM COMPANY | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in millions) | |||||||||||
| (Unaudited) | |||||||||||
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | 327.0 | $ | 22.4 | |||||||
| Adjustments to reconcile Net income to net cash provided by operating activities: | |||||||||||
| Unrealized loss on derivative instruments | 48.0 | 3.0 | |||||||||
| Depreciation, depletion and amortization | 22.7 | 24.0 | |||||||||
| Share-based compensation | 9.4 | 1.9 | |||||||||
| Net periodic benefit cost | 9.5 | 2.8 | |||||||||
| Change in deferred tax provision | 2.2 | 1.2 | |||||||||
| Gain on the sale of Hawesville | (287.9) | — | |||||||||
| Gain on insurance proceeds received for property damage | (1.0) | — | |||||||||
| Other non-cash items - net | 0.9 | (4.7) | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | (8.9) | (12.5) | |||||||||
| Non-trade receivables | 1.0 | 15.4 | |||||||||
| Manufacturing credit receivable | (25.6) | (20.7) | |||||||||
| Due from affiliates | (23.0) | 16.7 | |||||||||
| Inventories | 6.8 | (0.1) | |||||||||
| Prepaid and other current assets | 1.1 | 4.0 | |||||||||
| Accounts payable, trade | 24.7 | 20.8 | |||||||||
| Due to affiliates | (19.8) | 12.2 | |||||||||
| Accrued and other current liabilities | (11.0) | (13.9) | |||||||||
| Other - net | (7.7) | (0.2) | |||||||||
| Net cash provided by operating activities | 68.4 | 72.3 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchase of property, plant and equipment | (74.8) | (21.2) | |||||||||
| Proceeds from the sale of Hawesville | 200.0 | — | |||||||||
| Insurance proceeds received for property damage | 5.0 | — | |||||||||
| Net cash provided by (used in) investing activities | 130.2 | (21.2) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Borrowings under revolving credit facilities | 160.6 | 257.6 | |||||||||
| Repayments under revolving credit facilities | (155.7) | (300.1) | |||||||||
| Repayments of Industrial Revenue Bonds | (7.8) | — | |||||||||
| Repayments under Grundartangi casthouse debt facility | — | (2.3) | |||||||||
| Payment of incentive compensation withholding taxes | (4.7) | — | |||||||||
| Contributions from joint venture partner | 7.0 | 5.7 | |||||||||
| Net cash used in financing activities | (0.6) | (39.1) | |||||||||
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 198.0 | 12.0 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 135.6 | 35.7 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 333.6 | $ | 47.7 | |||||||
CENTURY ALUMINUM COMPANY
SELECTED OPERATING DATA
(in millions, except shipments)
(Unaudited)
SHIPMENTS - PRIMARY ALUMINUM(1) | ||||||||||||||||||||||||||||||||||||||
| United States | Iceland | Total | ||||||||||||||||||||||||||||||||||||
| Tonnes | Sales $ | Tonnes | Sales $ | Tonnes | Sales $ | |||||||||||||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||||||||||||||||
| 1st Quarter | 93,668 | $ | 494.3 | 29,197 | $ | 87.3 | 122,865 | $ | 581.6 | |||||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||||||||
| 4th Quarter | 91,885 | $ | 413.1 | 48,372 | $ | 138.3 | 140,257 | $ | 551.4 | |||||||||||||||||||||||||||||
| 1st Quarter | 94,601 | $ | 306.6 | 74,071 | $ | 217.3 | 168,672 | $ | 523.9 | |||||||||||||||||||||||||||||
(1) Excludes scrap aluminum sales, purchased aluminum and alumina sales.
CENTURY ALUMINUM COMPANY
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
| Three months ended | ||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||
| $MM | EPS | $MM | EPS | |||||||||||||||||||||||
| Net income attributable to Century | $ | 337.5 | $ | 3.23 | $ | 1.8 | $ | 0.02 | ||||||||||||||||||
| Lower of cost or NRV inventory adjustment | — | — | 9.8 | 0.09 | ||||||||||||||||||||||
| Unrealized loss on derivative contracts, net of tax | 48.1 | 0.46 | 27.6 | 0.27 | ||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | 1.5 | 0.01 | ||||||||||||||||||||||
| Share-based compensation | 9.4 | 0.09 | 32.6 | 0.32 | ||||||||||||||||||||||
| Gain on the sale of Hawesville | (287.9) | (2.75) | — | — | ||||||||||||||||||||||
| Hawesville inventory write-down | 3.3 | 0.03 | 9.9 | 0.10 | ||||||||||||||||||||||
| Gain on insurance proceeds - net, net of tax | (26.4) | (0.25) | — | — | ||||||||||||||||||||||
Iceland equipment failure(1), net of tax | 60.0 | 0.56 | 30.9 | 0.30 | ||||||||||||||||||||||
Jamalco hurricane impact(2) | 5.9 | 0.06 | 5.7 | 0.06 | ||||||||||||||||||||||
Mt. Holly expansion(3) | 7.5 | 0.07 | 8.0 | 0.08 | ||||||||||||||||||||||
| Mt. Holly emergency energy charges | 13.3 | 0.13 | 0.4 | — | ||||||||||||||||||||||
| Adjusted net income attributable to Century | $ | 170.7 | $ | 1.63 | $ | 128.2 | $ | 1.25 | ||||||||||||||||||
(1) Represents impact of property damage and business interruption as a result of equipment failure at Grundartangi
(2) Represents Century's 55% incremental and fixed costs incurred while alumina production at Jamalco was restarted after Hurricane Melissa
(3) Represents incremental costs associated with the Mt. Holly expansion project
| Three months ended | ||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Net income attributable to Century | $ | 337.5 | $ | 1.8 | ||||||||||
| Add: Net loss attributable to noncontrolling interests | (10.5) | (4.9) | ||||||||||||
| Net income (loss) | 327.0 | (3.1) | ||||||||||||
| Interest expense - nonaffiliates | 9.9 | 10.6 | ||||||||||||
| Interest expense - affiliates | 0.6 | 0.6 | ||||||||||||
| Interest income | (3.1) | (2.7) | ||||||||||||
| Net loss on forward and derivative contracts - nonaffiliates | 65.3 | 43.5 | ||||||||||||
| Loss on early extinguishment of debt | — | 1.5 | ||||||||||||
| Gain on insurance proceeds - net | (33.0) | — | ||||||||||||
| Other expense - net | 5.5 | 3.2 | ||||||||||||
| Income tax expense (benefit) | 1.8 | (12.3) | ||||||||||||
| Operating income | 374.0 | 41.3 | ||||||||||||
| Depreciation, depletion and amortization | 22.7 | 21.8 | ||||||||||||
| Lower of cost or NRV inventory adjustment | — | 9.8 | ||||||||||||
| Share-based compensation | 9.4 | 32.6 | ||||||||||||
| Gain on the sale of Hawesville | (287.9) | — | ||||||||||||
| Hawesville inventory write-down | 3.3 | 9.9 | ||||||||||||
Iceland equipment failure(1) | 75.0 | 38.6 | ||||||||||||
Jamalco hurricane impact(2) | 10.6 | 10.4 | ||||||||||||
Mt. Holly expansion(3) | 7.5 | 8.0 | ||||||||||||
| Mt. Holly emergency energy charges | 13.3 | 0.4 | ||||||||||||
| Adjusted EBITDA | 227.9 | 172.8 | ||||||||||||
| Less: Adjusted EBITDA attributable to noncontrolling interests | (3.5) | 2.2 | ||||||||||||
| Adjusted EBITDA attributable to Century | $ | 231.4 | $ | 170.6 | ||||||||||
(1) Represents impact of property damage and business interruption as a result of equipment failure at Grundartangi
(2) Represents incremental and fixed costs incurred while alumina production at Jamalco was restarted after Hurricane Melissa
(3) Represents incremental costs associated with the Mt. Holly expansion project
| INVESTOR CONTACT | MEDIA CONTACT | |||||||
| Chad Rigg | Tawn Earnest | |||||||
| 312-696-3132 | 614-698-6351 | |||||||
| Source: Century Aluminum Company | ||||||||
FAQ
How did Century Aluminum (CENX) perform financially in Q1 2026?
Century Aluminum reported net income attributable to Century of $337.5 million, or $3.23 diluted EPS, for Q1 2026. Net sales were $649.2 million, up $15.5 million sequentially, mainly due to higher realized aluminum prices despite lower shipment volumes.
What were Century Aluminum’s non-GAAP results for Q1 2026?
Century Aluminum’s Q1 2026 adjusted net income attributable to Century was $170.7 million, with adjusted EPS of $1.63. Adjusted EBITDA attributable to Century reached $231.4 million, an increase of $60.8 million from the prior quarter, reflecting stronger underlying operations.
What major one-time items affected Century Aluminum’s Q1 2026 earnings?
Q1 2026 earnings included a $287.9 million gain on the sale of Hawesville and a $33.0 million gain on insurance proceeds related to Iceland equipment failure. Results also reflected various exceptional items totaling $166.8 million, including Iceland equipment, hurricane, energy and expansion-related impacts.
What is Century Aluminum’s liquidity position as of March 31, 2026?
As of March 31, 2026, Century Aluminum reported liquidity of $611.0 million. This comprised $244.1 million of cash and cash equivalents, $88.1 million of restricted cash proceeds from the Hawesville sale, and $278.8 million in combined borrowing availability under its credit facilities.
What Adjusted EBITDA does Century Aluminum expect for Q2 2026?
For the second quarter of 2026, Century Aluminum expects adjusted EBITDA to range between $315 million and $335 million. The company attributes this anticipated improvement primarily to higher realized LME and regional premiums and the expansion activities at its Mt. Holly facility.
How did Century Aluminum’s shipments and sales mix change in Q1 2026?
Primary aluminum shipments were 122,865 tonnes in Q1 2026, down from 140,257 tonnes in Q4 2025, reflecting Iceland line 2 equipment issues. Despite lower volumes, net sales rose to $649.2 million, supported by higher realized metal prices and favorable sales mix.