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Century Aluminum Company (CENX) investor relations material
Century Aluminum Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net sales rose to $632.2 million, up $4.1 million sequentially, driven by higher realized Midwest Premium and strong market conditions, despite lower shipment volumes and operational disruptions at Mount Holly and Grundartangi.
Adjusted EBITDA reached $101.1 million, a $26.8 million increase from Q2, supported by higher prices, cost management, and successful bond refinancing.
Net income attributable to stockholders was $14.9 million ($0.15/share), with adjusted net income at $57.9 million ($0.56/share), both up sequentially.
Jamalco refinery operations resumed after Hurricane Melissa, and a long-term power agreement for Mt. Holly was finalized through 2031, supporting expansion and restart of idled capacity.
Section 232 tariffs were increased to 50% in June 2025, boosting regional price premiums and positively impacting results.
Financial highlights
Q3 shipments totaled 162,442 tonnes, down from Q2 due to operational issues at Mount Holly and Grundartangi.
Gross profit for Q3 2025 was $77.3 million, up $41.1 million sequentially, mainly due to favorable price premiums and raw material price realization.
Cash and cash equivalents were $151.4 million at quarter end, with total liquidity at $488.2 million.
Net debt was $475 million, slightly up due to working capital build.
Received a $75 million Section 45X tax credit refund in October 2025.
Outlook and guidance
Q4 2025 adjusted EBITDA is expected to range between $170 million and $180 million, driven by higher realized LME and Midwest premiums.
Mount Holly restart is on schedule for Q2 2026, with full production expected by Q3, generating about $25 million in additional EBITDA per quarter at spot prices.
FY25 aluminum shipments expected at 660 KMT, with sustaining capex of $45–50 million and investment capex of $25–30 million.
Net debt target of $300 million anticipated to be reached early in 2026, supported by strong EBITDA and Section 45X tax credit receipts.
U.S. billet premiums for FY26 volumes are expected to increase by $110/MT.
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