Century Aluminum Company (CENX) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached $628.1M, up year-over-year, with 175,741 tonnes shipped and strong domestic demand supported by Section 232 tariff increases to 50% in June.

• Gross profit for Q2 2025 was $36.2M, up from $20.4M year-over-year, aided by higher realized aluminum prices and Section 45X tax credits.

• Reported net loss attributable to stockholders was $4.6M for Q2 2025, with adjusted net income at $30M ($0.30/share).

• Announced restart of 50,000 metric tons of capacity at Mount Holly, expected to boost U.S. aluminum production by nearly 10% by Q2 2026.

• Completed $400M Senior Secured Notes issuance in July 2025, refinancing prior notes, extending maturities, and reducing interest expense.

Financial highlights

• Q2 2025 net sales: $628.1M; adjusted EBITDA: $74M; adjusted net income: $30M ($0.30/share); reported net loss: $4.6M ($(0.05)/share).

• Cash and cash equivalents at June 30, 2025: $40.7M; liquidity: $363M; net debt: $446M.

• Gross profit for Q2 2025: $36.2M; gross margin: 5.8%.

• Aluminum shipments in Q2 2025: 175,741 tonnes, up 4% sequentially.

• Midwest premium rose to $850/ton in Q2; LME prices averaged $2,540/ton.

Outlook and guidance

• Q3 2025 adjusted EBITDA expected between $115M and $125M, with further upside in Q4 if current spot prices persist.

• Section 232 tariff increases and higher Midwest Premiums expected to benefit future results.

• Section 45X tax credits to continue reducing cost of goods sold through 2030.

• Capital expenditures for 2025 estimated at $70–$80M, including $40M for Jamalco investments.

• Mount Holly restart project expected to be completed by end of Q2 2026, with first hot metal in Q1 2026.