Slides
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Century Aluminum Company 3rd Quarter Earnings Call November 6, 2025
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1 Certain statements in this presentation, and those made by Century Aluminum Company management on the quarterly conference call, relate to future events and expectations and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may” often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, assumptions, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements, whether as a result of new information, future events, or otherwise. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, quarterly reports on Form 10-Q and in other filings made with the Securities and Exchange Commission (“SEC”). Although we have attempted to identify material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, investors are cautioned not to place undue reliance on our forward-looking statements. Our forward-looking statements include, without limitation, statements with respect to: future global and local financial and economic conditions; the outlook for the global aluminum and alumina markets including benchmark and premium pricing levels; our assessment of U.S. and European energy and power markets; costs associated with our other key raw materials, and supply and availability of those key raw materials, including power (and related natural gas and coal); our assessment of power price and availability for our U.S. and European operations including the likelihood and extent of any power curtailments; the impact of the wars in Ukraine and in the Middle East, including any sanctions and export controls targeting Russia and businesses tied to Russia and to sanctioned entities and individuals; our plans and expectations with respect to future financial and operating performance of Century and its subsidiaries including our ability to successfully manage market risk and to control or reduce costs; our plans and expectations with respect to future curtailments or restarts of production, including the expected impact of any such actions on the Company’s future financial and operating performance; our plans and expectations with regards to any restart of curtailed production at Mt. Holly, including the timing, costs and benefits associated with restarting curtailed production; Any future impact of the equipment failure at Grundartangi and related events on our financial and operating performance, including our expectations as to timing for bringing the facility to 100% capacity with respect to insurance coverage relating thereto; Our plans with regards to future of our Hawesville smelter; our expectations as to the costs and benefits associated with Jamalco’s operations; our ability to successfully obtain and/or retain competitive power arrangements for our operations; our ability to qualify for and realize potential tax benefits under the Inflation Reduction Act of 2022; our ability to realize the full amount of the $500 million DOE funding, to raise additional capital through additional grants, incentives, subsidized loans and other debt and equity funding to support construction of a new aluminum smelter; our ability to access existing or future financing arrangements and the terms of any such future financing arrangements; our ability to repay or refinance debt in the future; and other factors described in more detail in our Annual Report on Form 10-K, quarterly reports on Form 10-Q and in our other SEC filings. In addition, throughout this presentation, we use non-GAAP financial measures. Non-GAAP financial measures should not be considered as alternatives to the measures derived in accordance with U.S. GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. Reconciliations to the most comparable GAAP financial measures can be found in the Appendix of today’s presentation. Cautionary Statement
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2 • Jesse Gary – President and Chief Executive Officer • Peter Trpkovski – EVP, Chief Financial Officer and Treasurer Speakers
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Company and Market Update 3 Industry Fundamentals Operations • Positive market conditions continued in Q3, driving LME price to its highest level since 2022 • Midwest Premium at $1,950/MT • Global aluminum inventory levels remain at historic lows of 47 days • U.S. billet premiums expected to increase ~$110/MT for FY26 volumes • Recorded $101MM in Q3 Adjusted EBITDA • Bond refinancing bolstered cash in the quarter; proceeds used to repay Iceland casthouse facility in October • Received 2024 45X refund totaling $75MM in October Financials Costs • Energy prices were slightly elevated in Q3 • Raw material costs remained in line with expectations • Moderately higher realized alumina prices resulting from LME-linked contracts • Sebree continues excellent operating performance, near multiyear production highs • Mt. Holly volume impacted by instability that is now resolved. Restart of idle capacity is on schedule for Q226 • Electrical equipment failure at Grundartangi affected one potline; impact fully covered by insurance policies • Jamalco refinery operations restarting after safely managing Hurricane Melissa impact
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0 20 40 60 80 100 120 140 160 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Power Rates $/MWh Indy Hub Germany & France 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 LME $/MT 150 200 250 300 350 400 450 500 550 600 650 700 750 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 API $/MT 4 Industry Environment LME Aluminum Alumina Price Index Power Rates Century power market1) Source: CRU Group, Century Aluminum Company Power RatesRegional Premiums - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Regional Premiums $/MT MWP EDPP
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(3.9) (4.0) (4.0) (3.2) (3.1) (2.9) (5.0) (4.0) (3.0) (2.0) (1.0) - 2023 2024 2025 Primary Aluminum Balance (MT in MM's) US Balance EU Balance 5 Industry Environment 1) Source: CRU Group, Century Aluminum Company Global Inventory Days of Primary Aluminum Consumption Aluminum Supply and Demand Balance – FY25 Primary Aluminum Balance – US and EU Billet Premiums – Upcharge 43.7 43.6 0.1 30.3 30.5 (0.2) 73.9 74.1 (0.1)-10 0 10 20 30 40 50 60 70 80 Supply Demand Balance Supply Demand Balance Supply Demand Balance China World Ex China World Primary Aluminum (MT in MM's) 40 50 60 70 80 90 100 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Days of Inventory - 50 100 150 200 250 300 350 400 450 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Billet Premiums $/MT US Midwest ($/MT) European Germany ($/MT)
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$505 $418 $437 $370 2023 2024 2025 YTD Spot $68 $70 $64 $65 2023 2024 2025 YTD Spot 6 Industry Environment Indy Hub $/MWh Coke $/MT Caustic $/MT HFO $/bbl Smelter Input PricesRefinery Input Prices 1) Source: CRU Group, Platts, Century Aluminum Company $33 $31 $43 $38 2023 2024 2025 YTD Spot $558 $392 $470 $480 2023 2024 2025 YTD Spot
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7 Summary of Financial Results 1) See reconciliation to comparable GAAP financial measure in appendix 2) Principal amount 3) Net debt is a non-GAAP financial measure equal to total debt minus cash ($MM, except per share and tonne amounts) Q225 Q325 Income statement Aluminum shipments (tonnes) 175,741 162,442 Net sales $ 628 $ 632 Net income (loss) (5) 15 Earnings per share (0.05) 0.15 Adjusted net income1 30 58 Adjusted earnings per share1 0.30 0.56 Adjusted EBITDA1 74 101 Liquidity Jun 30, 2025 Sep 30, 2025 Cash $ 41 $ 151 Credit facility availability 322 337 Total 363 488 Total debt2 487 626 Net debt3 446 475
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8 Financial Results 1) See reconciliation to comparable GAAP financial measure in appendix Q225 to Q325 Adjusted EBITDA ($MM) 1 74 48 (9) 1 1 (12) 101 Q225 EBITDA LME + Delivery Premiums Energy Raw Materials FX / OPEX / Other Volume / Mix Q325 EBITDA 1
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9 Financial Results Q225 to Q325 Cash Flow ($MM) 1 1) See reconciliation to comparable GAAP financial measure in appendix 41 101 139 (16) (12) (16) (59) (25) 151 Q225 Cash Adj. EBITDA Debt Issuance Proceeds (net) Capex Interest Debt Repayment WC / Other 45X Receivable Q325 Cash
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10 Q4 Outlook at Realized Prices 1) Changes in LME, premiums, energy, and raw materials will affect actual results, perhaps by material amounts 2) Prices as of 11/5/2025 Adjusted EBITDA1 GUIDE Q3 Actual Adjusted EBITDA Attributable to Century $101 LME / Delivery Premiums ~$65 LME $2,705/MT US Midwest Premium $1,775/MT European Duty Paid Premium $275/MT Energy $ – Indy Hub $45/MWh HFO $65/bbl Henry Hub $3.53/mmbtu Raw Materials $(5) - $0 Coke $500/MT Pitch $1,050/MT Caustic $500/MT OPEX / Other $0 - $5 Volume / Mix ~$10 Q4 Outlook @ Estimated Realized Prices2 $170 – $180 Adjusted Net Income $MM Q4 estimated hedge impact - Realized P&L $(15) - $(10) Q4 estimated tax expense - Realized P&L ~$(5)
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Appendix
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12 Adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA and net debt are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period’s results with prior periods on a consistent basis by adjusting for items that management does not believe are indicative of Century’s ongoing operating performance and ability to generate cash. Management believes these non-GAAP financial measures enhance an overall understanding of Century’s performance and our investors’ ability to review Century’s business from the same perspective as management. The following slides provide a reconciliation of adjusted net income (loss), adjusted earnings (loss) and adjusted EBITDA to the most directly comparable GAAP financial measure. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA included in the following slides may not be comparable to similarly titled measures of other companies. Investors are encouraged to review the reconciliations in conjunction with the presentation of these non-GAAP financial measures. This presentation also provides forward-looking adjusted EBITDA. We do not provide a reconciliation of forward-looking adjusted EBITDA because the most closely comparable GAAP financial measure is not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation. We do not provide a reconciliation of forward-looking Adjusted EBITDA because the corresponding forward-looking GAAP financial measures is not currently available and management cannot reliably predict all the necessary components of such forward-looking GAAP measures without unreasonable effort or expense due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation, including adjustments that could be made for restructuring, the variability of our tax rate, the impact of foreign currency fluctuation, and other charges reflected in our historical results. The probable significance of each of these items is high and, based on historical experience, could be material. Non-GAAP Financial Measures
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13 Adjusted Net (Loss) Income Attributable to Century Non-GAAP Reconciliation Weighted Average # Shares Outstanding Q225 Q325 Common 93.3 93.3 Preferred 5.0 5.0 Convertible 4.6 4.6 Total 102.9 102.9 Q225 Q325 $MM EPS $MM EPS Net income (loss) attributable to Century stockholders $ (4.6) $ (0.05) $ 14.9 $ 0.16 Less: net income allocated to participating securities - - 0.8 0.01 Net income (loss) allocated to common stockholders (4.6) (0.05) 14.1 0.15 Lower of cost or NRV inventory adjustment, net of tax - - 0.7 0.01 Unrealized loss on derivative contracts, net of tax 11.5 0.11 20.7 0.19 Loss on extinguishment of debt - - 6.2 0.06 Iceland inventory adjustment, net of tax 14.5 0.15 - - Share-based compensation 2.8 0.03 9.7 0.09 Iceland casthouse inefficiency, net of tax 2.9 0.03 0.6 0.01 Iceland equipment failure, net of tax 2.1 0.02 4.2 0.04 Sebree river lock closure - - 0.8 0.01 Sebree storm damage repairs 0.8 0.01 0.3 - Mt. Holly restart - - 0.5 - Mt. Holly emergency energy charges 0.4 - 0.1 - Adjusted net income attributable to Century stockholders $ 30.4 $ 0.30 $ 57.9 $ 0.56
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14 Adjusted EBITDA Non-GAAP Reconciliation 1) The Company expenses its pot relining costs through Costs of Goods Sold as incurred rather than capitalizing and amortizing over a period of years. For informational purposes, we have provided the amount of pot relining expense incurred for each period. Our calculation of Adjusted EBITDA above does not make any adjustment to exclude these charges. $MM Q225 Q325 Net income (loss) attributable to Century stockholders $ (4.6) $ 14.9 Add: Net loss attributable to noncontrolling interests (4.5) (4.3) Net income (loss) (9.1) 10.6 Interest expense – nonaffiliates 9.8 11.5 Interest expense – affiliates 1.9 1.5 Interest income (1.9) (2.8) Net loss on forward and derivative contracts – nonaffiliates 15.6 30.2 Loss on early extinguishment of debt - 6.2 Other expense – net 5.7 2.2 Income tax benefit (1.3) (1.1) Operating income $ 20.7 $ 58.3 Depreciation, depletion and amortization 20.7 20.3 Lower of cost or NRV inventory adjustment - 0.7 Iceland inventory adjustment 18.1 - Share-based compensation 2.8 9.7 Iceland casthouse inefficiency 3.6 0.8 Iceland equipment failure 2.7 5.3 Sebree river lock closure - 0.8 Sebree storm damage repairs 0.8 0.3 Mt. Holly restart - 0.5 Mt. Holly emergency energy charges 0.4 0.1 Adjusted EBITDA 69.8 96.8 Less: Adjusted EBITDA attributable to noncontrolling interests (4.5) (4.3) Adjusted EBITDA attributable to Century stockholders $ 74.3 $ 101.1 Supplemental Information Q225 Q325 Pot Relining Expense1 $ 11.8 $ 10.3
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15 2025 Financial Assumptions 1) Includes Century’s 55% interest in Jamalco Income Statement ($MM) YTD FY25 Aluminum shipments (kMT) 507 660 D&A $62 $85-90 SGA $44 $50-60 Interest Expense $30 $40-45 Realized Hedge Loss $15 Varies based on market Tax Benefit $ 1 U.S. < $1MM (~$1.5B Federal NOLs); Iceland 20% statutory rate Cash Flow ($MM) YTD FY25 Sustaining Capex1 $27 $45-50 Investment Capex1 $23 $25-30 SGA $34 $40-45 Interest $31 $40-45 Hedge Settlements Loss $12 Varies based on market Tax Expense $ 1 $5 Shipments (kMT) YTD FY25 Sebree 164 215 Mt. Holly 116 165 Grundartangi 227 280 Total 507 660
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16 2025 Financial Information Pricing Convention LME U.S.:50% ~1 month lag / 50% ~3 month lag Iceland: primarily ~3 month lag MWP ~1 month lag EDPP ~1 month lag Alumina Income stmt: 3-4 month lag Cash flow: ~1 month lag Indiana Hub MISO Day ahead Indiana Hub ATC Coke/Pitch Income stmt: Quarterly Cash flow: ~1 month lag Caustic Income stmt: 5-6 month lag Cash flow: ~1 month lag HFO / Nat Gas 1-2 month lag Pricing Formula Revenue P1020: LME + Regional Premium VAP: LME + Regional Premium + Value Added Product Premiums Value added premiums U.S. Mostly fixed annual contracts Europe Monthly market pricing, ~1 month lag Cash costs Alumina % LME (~50%), Jamalco/Fixed (~50%) Power KY – Market-based power (Indiana Hub) plus delivery SC – Cost of service-based rates Iceland – ~70% LME dependent / ~30% fixed rate plus an LME-linked component and transmission Carbon Coke – Index, direct counterparty pricing Pitch – Direct counterparty pricing Refinery Caustic Soda – Index, direct counterparty pricing HFO – Index, direct counterparty pricing Natural Gas – Henry Hub plus delivery Conversion Labor, pot relining, maintenance, supplies, other Sensitivities ($MM) Variance Annual EBITDA7 LME +/- $100/MT $ 46 MWP1 +/- $22.04/MT 9 EDPP2 +/- $22.04/MT 7 Alumina Price Index +/- $10/MT - MISO Indiana Hub3 +/- $1/MWh 3 Coke4 +/- $10/MT 3 Pitch4 +/- $10/MT 1 Caustic Soda5 +/- $10/MT 0.5 HFO6 +/- $1/bbl 0.7 Henry Hub6 +/- $0.10/mmbtu 0.2 1) Midwest Premium for all U.S. operations 2) European Duty Paid Premium for Grundartangi operations 3) Power market for Sebree operations 4) Raw materials for carbon anodes 5) Raw materials for Jamalco operations 6) Energy markets for Jamalco operations 7) Excludes impact of outstanding hedges The following tables sets forth the approximate anticipated variance effect on our annualized adjusted EBITDA of specified variances in each of the specified sensitivity metrics, assuming all other sensitivity metrics are unchanged. The following are estimates only. Actual results are likely to differ, perhaps materially.
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17 Financial Hedge Landscape Volume (unit) / % Hedged / Price/unit1 1) Hedges in place as of 9/30/2025 2) Represents Jamalco’s estimated HFO usage on 55% basis Commodity (unit) FY26 FY27 Volume % Hedged Price Volume % Hedged Price LME (MT) 40,000 5% $ 2,605 - - - MWP (MT) 65,000 16% $ 1,200 7,000 2% $ 1,160 Indiana Hub (MWh) 710,000 22% $ 49 - - - HFO (bbls)2 205,000 25% $ 57 - - -
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18 Capital Allocation Sustaining Capital Projects1 Investment Capital Projects Maintain Liquidity Through the Cycle Capital Allocation $488 $475 $250-300 $300 • Organic growth/Investment capex − Jamalco investment projects − Mt. Holly restart project − New Century aluminum smelter • Opportunistic M&A − Will evaluate individual assets on an ongoing basis Liquidity Net Debt Q325 Target Capital Allocation Framework Current Status Update • $250-$300MM liquidity target • $300MM net debt target • $45-50MM in historical sustaining capex per year • Organic growth/Investment capex • Opportunistic M&A • Return to shareholders • Return to shareholders − Compare capital returns against organic growth or M&A opportunities When liquidity and net debt targets are met: 1) Includes Century’s 55% interest in Jamalco
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19 Section 232 Tariffs Benefit U.S. Production Corporate Headquarters Chicago, IL Aluminum Smelter Hawesville, KY Aluminum Smelter Norðurál Grundartangi Iceland Carbon Anode Plant Vlissingen Netherlands Alumina Refinery Clarendon,Jamaica • Tariffs support investment in U.S. production and American jobs • Reliable domestic supply to U.S. customers • Century evaluating locations in Mississippi/Ohio River Basins for new U.S. aluminum smelter ~$320/MT spot EDPP ~$25/MT spot Atlantic Differential Aluminum Smelter Sebree, KY Aluminum Smelter Mt. Holly, SC ~$1,950/MT spot MWP New Century Aluminum Smelter 1) Spot prices as of 11/5/2025
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20 Capacity and Production Information Plant Country Capacity % Operating Sebree U.S. 220 100 Hawesville U.S. 250 0 Mt. Holly U.S. 230 75 Grundartangi1 Iceland 320 100 Total 1,020 70 Aluminum facilities (kMT) Carbon anode facility (kMT) Plant Country Capacity % Operating Vlissingen Netherlands 163 100 Total 163 100 Bauxite mining and alumina refinery (kMT) Plant Country Capacity2 % Operating Jamalco Jamaica 1,400 80 Total 1,400 80 1) Curtailed one potline in Q425 2) Represents 100% of Jamalco production capacity
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21 New Century Aluminum Smelter Project Investing in the future of U.S. aluminum production with first primary smelter in 50 years, doubling the size of the domestic industry • Under award with the U.S. Department of Energy to receive up to $500 million in grant funding • Large scale, modern and efficient smelter primarily powered by carbon- free energy • Reshoring of production capacity to protect national security interests • The U.S primary aluminum market is short ~4.2 million tonnes per year1 • Only 4 operating smelters in the U.S. despite being the 2nd largest consumer • Strengthens domestic supply chains for critical minerals and national defense base 1) Source: CRU Group, Century Aluminum Company • Multiphase planning / construction process; 4-6 year timeline until first metal production • 5,500 construction jobs and 1,000 permanent, direct jobs • Near term milestones: ‒ Site selection ‒ Energy sourcing ‒ Detailed engineering work
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22 For Additional Information Ryan Crawford investorrelations@centuryaluminum.com 312-696-3132 (Office) Century Aluminum Company One South Wacker Dr, Suite 1000 Chicago, IL 60606 312-696-3102 (Fax) www.centuryaluminum.com