CHICAGO, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Century Aluminum Company $(CENX)$ today announced its second quarter 2026 results.
Second Quarter 2026 Financial Results
$MM (except shipments and per share data)
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Q2 2026 Q1 2026
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Aluminum shipments (tonnes) 130,632 122,865
Net sales $ 752.1 $ 649.2
Net income attributable to Century $ 249.3 $ 337.5
Diluted earnings per share attributable to Century $ 2.39 $ 3.23
Adjusted net income attributable to Century(1) $ 257.3 $ 170.7
Adjusted earnings per common share(1) $ 2.46 $ 1.63
Adjusted EBITDA attributable to Century(1) $ 326.9 $ 231.4
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Notes:
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(1) Non-GAAP measure; see reconciliation of GAAP to
non-GAAP financial measures.
Business Highlights
-- Completed restart of last 90 pots at Mt. Holly -- Returned Line 2 at Grundartangi to near full production -- New Jamalco power generation turbine (TG4) online in August -- Received 2025 45X refund totaling $94.3 million in July -- As of the end of July, Century cash exceeded total debt
Net sales for the second quarter ended June 30, 2026 increased by $102.9 million sequentially primarily driven by an increase in realized metal prices and higher shipments attributable to increased production from the Mt. Holly expansion and restart of Line 2 at Grundartangi during the quarter.
Century reported Net income attributable to Century of $249.3 million for the second quarter of 2026, a $88.2 million decrease sequentially. The decrease in net earnings during the second quarter of 2026 was primarily attributable to the one-time gain on sale of Hawesville of $287.9 million in the first quarter, offset by favorable realized LME and regional premium prices, and an increase in gain on insurance proceeds related to Iceland equipment failure of $7.1 million and favorable power price realization due to improved weather conditions in the United States, partially offset by unfavorable raw material price realization.
Second quarter results were also impacted by $8.0 million of net exceptional items, in particular, $61.3 million related to equipment failures in Iceland, net of tax; $38.9 million of unrealized gains on derivative instruments, net of tax; $2.5 million of share-based compensation and Mt. Holly expansion project expenses of $10.7 million. Therefore, Century reported an Adjusted net income attributable to Century of $257.3 million for the second quarter of 2026, a $86.6 million increase sequentially.
Adjusted EBITDA attributable to Century for the second quarter of 2026 was $326.9 million. This was an increase of $95.5 million from the prior quarter, mainly from favorable realized metal prices, sales mix and operating expenses, favorable power price, partially offset by unfavorable raw material price realization.
Century's liquidity position at June 30, 2026 was $784.9 million, comprised of cash and cash equivalents of $343.4 million, restricted cash of $44.8 million, and $396.7 million in combined borrowing availability.
Third Quarter 2026 Outlook
The Company expects third quarter Adjusted EBITDA attributable to Century to range between $325 million to $345 million.
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
---------------------------
June 30, March 31,
2026 2026
Net sales
Related parties $ 330.9 $ 305.9
Other customers 421.2 343.3
--- ------ ------
Total net sales 752.1 649.2
Cost of goods sold 524.2 530.4
--- ------ ------
Gross profit 227.9 118.8
Selling, general and administrative
expenses 15.9 25.8
Gain on the sale of Hawesville -- (287.9)
Other operating expenses - net 0.4 6.9
--- ------ ------
Operating income 211.6 374.0
Interest expense - nonaffiliates (9.5) (9.9)
Interest expense - affiliates (0.6) (0.6)
Interest income 4.4 3.1
Net gain (loss) on forward and derivative
contracts - nonaffiliates 7.1 (65.3)
Gain on insurance proceeds - net 40.1 33.0
Other income (expense) - net 3.8 (5.5)
--- ------ ------
Income before income taxes 256.9 328.8
Income tax expense (12.1) (1.8)
Equity in losses of unconsolidated
subsidiaries (1.0) --
--- ------ ------
Net income 243.8 327.0
Net loss attributable to noncontrolling
interests (5.5) (10.5)
--- ------ ------
Net income attributable to Century 249.3 337.5
=== ====== ======
Net income attributable to Century per common share:
Basic $ 2.52 $ 3.41
Diluted $ 2.39 $ 3.23
Weighted-average common shares outstanding:
Basic 99.0 99.0
Diluted 104.8 104.6
CENTURY ALUMINUM COMPANY
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(Unaudited)
June 30, 2026 December 31, 2025
--------------- ---------------------
ASSETS
Cash and cash equivalents $ 343.4 $ 134.2
Restricted cash 46.3 1.4
Accounts receivable - net 136.2 109.9
Non-trade receivables 65.1 38.1
Due from affiliates 13.0 29.6
Manufacturing credit receivable 176.8 172.6
Inventories 582.9 519.6
Derivative assets 6.5 1.5
Prepaid and other current assets 31.4 24.4
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Total current assets 1,401.6 1,031.3
Property, plant and equipment -
net 1,253.0 1,167.6
Manufacturing credit receivable -
less current portion 48.4 --
Other assets 172.1 70.4
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Total assets $ 2,875.1 $ 2,269.3
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LIABILITIES AND SHAREHOLDERS'
EQUITY
LIABILITIES:
Accounts payable, trade $ 216.6 $ 187.2
Accrued compensation and benefits 77.1 74.4
Due to affiliates 71.9 70.8
Accrued and other current
liabilities 43.6 35.6
Derivative liabilities 71.6 58.2
Carbon credit repurchase liability 28.6 28.6
Current maturities of long-term
debt -- 68.8
---------- --------------
Total current liabilities 509.4 523.6
Long-term debt 480.0 479.5
Accrued benefits costs - less
current portion 92.1 97.7
Other liabilities 114.3 104.9
Deferred taxes 70.5 58.4
Asset retirement obligations -
less current portion 74.3 75.3
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Total noncurrent liabilities 831.2 815.8
SHAREHOLDERS' EQUITY:
Series A Preferred stock ($0.01
par value, 5,000,000 shares
authorized; no shares issued or
outstanding at June 30, 2026 and
December 31, 2025) -- --
Common stock ($0.01 value,
195,000,000 authorized;
106,179,816 issued and 98,993,295
outstanding at June 30, 2026;
106,155,528 issued and 98,969,007
outstanding at December 31,
2025) 1.1 1.1
Additional paid-in capital 2,574.5 2,571.5
Treasury stock, at cost (86.3) (86.3)
Accumulated other comprehensive
loss (47.6) (55.2)
Accumulated deficit (1,038.6) (1,625.5)
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Total shareholders' equity 1,403.1 805.6
Noncontrolling interest 131.4 124.3
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Total equity 1,534.5 929.9
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Total liabilities and equity $ 2,875.1 $ 2,269.3
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CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six months ended June 30,
2026 2025
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 570.8 $ 10.7
Adjustments to reconcile Net income to net cash provided
by operating activities:
Unrealized loss on derivative
instruments 8.8 14.5
Depreciation, depletion and
amortization 39.6 47.3
Share-based compensation 11.9 4.7
Net periodic benefit cost 9.5 5.5
Change in deferred tax provision 10.4 2.4
Gain on the sale of Hawesville (287.9) --
Gain on insurance proceeds
received for property damage (3.6) --
Other non-cash items - net 5.6 (3.6)
Change in operating assets and
liabilities:
Accounts receivable (40.9) (15.2)
Non-trade receivables (31.7) 11.6
Manufacturing credit receivable (52.6) (43.1)
Due from affiliates 16.5 11.3
Inventories (68.4) 27.5
Prepaid and other current assets (7.0) 3.5
Accounts payable, trade 53.9 18.0
Due to affiliates 1.1 (11.8)
Accrued and other current
liabilities 10.5 (3.9)
Other - net (10.5) 0.8
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Net cash provided by operating
activities 236.0 80.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and
equipment (134.4) (45.0)
Proceeds from the sale of Hawesville 200.0 --
Insurance proceeds received for
property damage 13.6 --
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Net cash provided by (used in)
investing activities 79.2 (45.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit
facilities 265.0 586.7
Repayments under revolving credit
facilities (326.1) (621.0)
Repayments of Industrial Revenue
Bonds (7.8) --
Repayments under Grundartangi
casthouse debt facility -- (4.5)
Payment of incentive compensation
withholding taxes (4.7) --
Contributions from joint venture
partner 12.5 11.4
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Net cash used in financing activities (61.1) (27.4)
---------- ---------
CHANGE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH 254.1 7.8
Cash, cash equivalents and restricted
cash, beginning of period 135.6 35.7
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Cash, cash equivalents and restricted
cash, end of period $ 389.7 $ 43.5
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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
--------
2nd
Quarter 95,057 $ 572.3 35,575 $ 121.2 130,632 $ 693.5
1st
Quarter 93,668 $ 494.3 29,197 $ 87.3 122,865 $ 581.6
2025
--------
2nd
Quarter 94,519 $ 324.4 81,222 $ 233.7 175,741 $ 558.1
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
June 30, 2026 March 31, 2026
---------------- -------------------
$MM EPS $MM EPS
------- ------- -------- ---------
Net income
attributable to
Century $249.3 $ 2.39 $ 337.5 $ 3.23
Lower of cost or
NRV inventory
adjustment 4.3 0.04 -- --
Unrealized
(gain) loss on
derivative
contracts, net
of tax (38.9) (0.37) 48.1 0.46
Share-based
compensation 2.5 0.02 9.4 0.09
Gain on the sale
of Hawesville -- -- (287.9) (2.75)
Hawesville
inventory
write-down -- -- 3.3 0.03
Gain on
insurance
proceeds - net,
net of tax (32.1) (0.31) (26.4) (0.25)
Iceland
equipment
failure(1) ,
net of tax 61.3 0.59 60.0 0.56
Jamalco
hurricane
impact(2) -- -- 5.9 0.06
Mt. Holly
expansion(3) 10.7 0.10 7.5 0.07
Mt. Holly
emergency
energy charges 0.2 -- 13.3 0.13
----- ----- ------ -----
Adjusted net income
attributable to
Century $257.3 $ 2.46 $ 170.7 $ 1.63
===== ===== ====== =====
(1) Represents impact of property damage and business interruption as a result of equipment failure at Grundartangi
(2) Represents Century's 55% share of 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
-----------------------------------
June 30, 2026 March 31, 2026
--------------- ------------------
Net income attributable to Century $ 249.3 $ 337.5
Add: Net loss attributable to
noncontrolling interests (5.5) (10.5)
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Net income 243.8 327.0
Interest expense - nonaffiliates 9.5 9.9
Interest expense - affiliates 0.6 0.6
Interest income (4.4) (3.1)
Net (gain) loss on forward and
derivative contracts -
nonaffiliates (7.1) 65.3
Gain on insurance proceeds - net (40.1) (33.0)
Other (income) expense - net (3.8) 5.5
Income tax expense 12.1 1.8
Equity in losses of unconsolidated
subsidiaries 1.0 --
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Operating income 211.6 374.0
Depreciation, depletion and
amortization 16.9 22.7
Lower of cost or NRV inventory
adjustment 4.3 --
Share-based compensation 2.5 9.4
Gain on the sale of Hawesville -- (287.9)
Hawesville inventory write-down -- 3.3
Iceland equipment failure(1) 76.6 75.0
Jamalco hurricane impact(2) -- 10.6
Mt. Holly expansion(3) 10.7 7.5
Mt. Holly emergency energy charges 0.2 13.3
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Adjusted EBITDA 322.8 227.9
Less: Adjusted EBITDA attributable to
noncontrolling interests (4.1) (3.5)
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Adjusted EBITDA attributable to
Century $ 326.9 $ 231.4
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(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
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