Century Aluminum Company (CENX) Q3 2026 earnings summary

Executive summary

• Q3 net sales were $961.2M, net income attributable to common stockholders was $302.6M, and adjusted EBITDA was $331.6M; shipments totaled 173,483 tonnes.

• Grundartangi Line 2’s restart and favorable realized metal prices supported sequential growth; Q4 adjusted EBITDA guidance is $275M–$300M.

• Nine-month results included a $287.9M Hawesville sale gain and $89.0M in net insurance gains related to Grundartangi equipment failures.

Financial highlights

• Q3 net sales rose to $961.2M from $752.1M QoQ and $632.2M YoY; shipments rose to 173,483 tonnes from 130,632 tonnes QoQ.

• Net income attributable to common stockholders was $302.6M, or $2.89/diluted share; adjusted net income was $271.6M, or $2.58/adjusted share.

• Adjusted EBITDA was $331.6M, up $4.7M QoQ; favorable volume, mix and realized prices offset higher expenses and weaker power-price realization.

• Q3 operating cash flow was $365M; cash conversion included $94M of FY2025 Section 45X credits, $19M of Iceland insurance proceeds and nearly $40M released from working capital.

• Q3 gross profit was $302.9M and operating income was $292.3M, versus $74.9M and $55.9M, respectively, in Q3 2025.

Outlook and guidance

• Q4 adjusted EBITDA guidance is $275M–$300M; expected pricing changes are a $35M–$45M sequential headwind.

• Q4 assumptions include lagged LME of $3,150/tonne, Midwest premium of $2,425/tonne, European duty-paid premium of $550/tonne and Indy Hub power of $51/MWh.

• Q4 energy costs are expected flat to $5M better QoQ; raw materials are a $5M–$10M headwind, operating expenses rise ~$5M, and volume/mix improve $5M–$10M.

• FY26 shipment guidance is 630 KMT; sustaining capex is $55M–$60M and investment capex is $70M–$80M. Site guidance: Sebree 215 KMT, Mt. Holly 200 KMT, Grundartangi 215 KMT.

• 2026 capital spending estimate is $180M–$190M, including $70M–$80M for Grundartangi repairs, ~$50M for Mt. Holly restart and $20M–$25M at Jamalco.