Century Aluminum Company (CENX) Q4 2025 earnings summary

Executive summary

• Largest U.S. aluminum producer, smelting nearly 60% of domestic primary aluminum and employing the most American workers in the sector.

• Announced a joint venture with Emirates Global Aluminium for a new Oklahoma smelter, supported by a $500 million DOE grant, with Century holding a 40% stake and EGA 60%.

• Sold and redeveloped the Hawesville site into a digital infrastructure campus, receiving $200 million in cash and a 6.8% equity stake in the data center, with a put option for liquidity.

• Strong operational performance in Q4 2025, with record results at Sebree and successful recovery from weather and operational disruptions.

• Mt. Holly restart to add over 50,000MT of production by Q2 2026, increasing U.S. production by nearly 10%.

Financial highlights

• Q4 2025 net sales were $633.7 million, with adjusted EBITDA of $170.6 million and adjusted net income of $128.2 million; full year 2025 net sales totaled $2.53 billion, adjusted EBITDA was $425.1 million, and adjusted net income was $253.8 million.

• Q4 2025 shipments fell 14% sequentially due to Iceland facility outage, but net sales increased on higher prices and premiums.

• Ended 2025 with $134 million in cash, $418 million in liquidity, and net debt of $421 million.

• Generated $183.6 million in operating cash flow in 2025 and received a $75 million 45X tax credit.

• Refinanced debt: repaid $250 million in 2028 notes, issued $400 million in 2032 notes.

Outlook and guidance

• Q1 2026 adjusted EBITDA expected between $215 million and $235 million, with higher realized LME and regional premiums, partially offset by higher U.S. energy costs from Winter Storm Fern.

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

• CapEx for 2026 forecasted at $115–$125 million, including $45 million for Mt. Holly restart; sustaining capex guided at $55–$60 million, investment capex at $60–$65 million.

• Cash interest expected to decline in 2026 to $30–$35 million due to lower coupon on senior notes and a simplified capital structure.