Century Aluminum Company (CENX) Q4 2025 earnings summary

Executive summary

• Maintained leading U.S. aluminum producer status, smelting nearly 60% of domestic primary aluminum.

• Announced joint venture with Emirates Global Aluminium for a new Oklahoma smelter, the first in the U.S. in nearly 50 years, supported by a $500 million DOE grant.

• Completed sale and redevelopment of Hawesville site into a digital infrastructure campus, receiving $200 million cash and a 6.8% equity stake.

• Achieved strong operational performance at Sebree and Mt. Holly; Jamalco refinery recovering post-hurricane.

• Strong aluminum market conditions in early 2026, with spot LME at ~$3,100/MT and global inventory at historic lows.

Financial highlights

• Q4 2025 net sales were $634 million, with adjusted EBITDA of $171 million, up $70 million from Q3.

• Full year 2025 net sales totaled $2.53 billion, with adjusted EBITDA of $425 million, up $180.9 million year-over-year.

• Q4 2025 adjusted net income was $128 million ($1.25/share); full year 2025 adjusted net income was $254 million ($2.46/share).

• Ended Q4 2025 with $134 million in cash and reduced net debt to $421 million; total liquidity was $418 million.

• Generated $170 million in Q4 operating cash flow; FY25 cash flow from operations was $183.6 million.

Outlook and guidance

• Q1 2026 adjusted EBITDA expected between $215 million and $235 million, with realized LME at $2,850/MT.

• Full-year 2026 shipments projected at 630,000 MT, with annualized production to reach 750,000 MT after restarts.

• FY26 sustaining capex guided at $55–$60 million; investment capex at $60–$65 million, including $45 million for Mt. Holly restart.

• Cash interest expense expected to decline to $30–$35 million in FY26 due to lower coupon and simplified capital structure.