Century Aluminum Company (CENX) Q2 2026 earnings summary

Executive summary

• Achieved full capacity at all assets for the first time in over a decade, with major restarts at Mount Holly and Grundartangi completed ahead of schedule, and Jamalco’s new power turbine online.

• Net sales for Q2 2026 were $752.1 million, up both sequentially and year-over-year, driven by higher LME and regional premiums and increased production.

• Net income attributable to shareholders was $249.3 million, with adjusted net income of $257.3 million ($2.46/share), reflecting strong pricing, insurance recoveries, and a significant gain on the Hawesville sale.

• Announced joint venture for a new 750,000 MT Oklahoma smelter, the first new U.S. smelter in 50 years, with significant federal support and FID expected by year-end.

• Sale of Hawesville site for $200 million cash and a minority equity interest in a data center joint venture, recognizing a $287.9 million gain.

Financial highlights

• Q2 2026 shipments totaled 131,000 tonnes, up 6% sequentially, with gross profit at $227.9 million and adjusted EBITDA at $327 million, up $96 million sequentially.

• Diluted EPS for Q2 2026 was $2.39, with adjusted EPS at $2.46.

• Cash and cash equivalents at June 30, 2026, were $343.4 million, with total liquidity of $784.9 million and net debt reduced to $98 million.

• Operating cash flow for the first half of 2026 was $236.0 million, with capital expenditures of $134.4 million.

• Received $94 million in 45X tax credits and $19 million in insurance recoveries in July.

Outlook and guidance

• Q3 2026 adjusted EBITDA expected in the range of $325 million–$345 million, with incremental benefits from higher volumes and prices.

• FY26 aluminum shipments expected at 630,000 MT; sustaining capex $55–$60 million, investment capex $70–$80 million.

• Expects working capital tailwind in Q3 as finished goods inventory from Q2 ships.

• No production interruption expected during transformer installation at Grundartangi in Q4; volume to normalize post-installation.

• Annual benefit of up to 300,000 MT/year of imports at reduced 25% tariff rate expected from 2027.