Century Aluminum Company Reports Fourth Quarter 2025 Results

CHICAGO, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its fourth quarter and full year 2025 results.

Fourth Quarter 2025 Highlights

Full Year 2025 Highlights

Fourth Quarter & Full Year 2025 Financial Results

In the fourth quarter of 2025, shipments of primary aluminum decreased 14% sequentially, attributable to idled production at our Iceland facility due to equipment failure. Net sales for the fourth quarter of 2025 increased marginally due to higher aluminum prices and increased regional premiums.

Century reported net income attributable to Century stockholders of $1.8 million for the fourth quarter of 2025, a $13.1 million decrease sequentially primarily due to the Iceland equipment failure and costs related to recovery from Hurricane Melissa. Fourth quarter results were impacted by $126.4 million of net exceptional items, in particular $30.9 million (net of tax) related to our Iceland equipment failure, $32.6 million in share-based compensation costs, $27.6 million of unrealized losses on forward derivative contracts, $5.7 million related to the hurricane impact at Jamalco, Hawesville inventory write-down of $9.9 million, Mt. Holly restart project costs of $8.0 million and $9.8 million of lower cost or net realizable value inventory adjustment. Thus, Century reported an Adjusted net income attributable to Century stockholders of $128.2 million for the fourth quarter of 2025, a $70.3 million improvement sequentially.

Adjusted EBITDA attributable to Century stockholders for the fourth quarter of 2025 was $170.6 million. This was a sequential improvement of $69.5 million. Adjusted EBITDA improved primarily driven by favorable realized LME and regional price premiums and improved operating costs and increased volume attributable to Mt. Holly over prior quarter.

Century's liquidity position at December 31, 2025, comprised of cash and cash equivalents of $134.2 million and $283.8 million in combined borrowing availability, was $418.0 million.

For the full year 2025, shipments of primary aluminum decreased by 5% sequentially. Net sales for the full year 2025 increased by $307.6 million sequentially, primarily due to higher realized aluminum prices.

Century reported net income attributable to Century stockholders of $41.8 million for the full year 2025, a $295.0 million decrease from the full year 2024. Full year 2025 results were impacted by $213.8 million of exceptional items, in particular $62.8 million of net losses on forward derivative contracts, partially offset by $47.0 million in share-based compensation costs, $37.3 million (net of tax) related to our Iceland equipment failure, $5.7 million related to the hurricane impact at Jamalco, Hawesville inventory write-down of $9.9 million, Mt. Holly restart project costs of $8.5 million and $10.5 million lower of cost or net realizable value inventory adjustment. Thus, Century reported an Adjusted net income attributable to Century stockholders of $253.8 million for the full year 2025, a $152.4 million improvement from the full year 2024.

Adjusted EBITDA attributable to Century stockholders for the full year 2025 was $425.1 million, an improvement of $180.9 million compared to the prior year, primarily driven by higher realized aluminum prices and regional premiums.

First Quarter 2026 Outlook

The Company expects first quarter Adjusted EBITDA attributable to Century stockholders to range between $215 to $235 million based on improved metal pricing and regional premiums, partially offset by temporary higher energy costs in the United States as a result of Winter Storm Fern.

About Century Aluminum Company

With its corporate headquarters located in Chicago, IL, Century Aluminum owns and operates primary aluminum smelting facilities in the United States and Iceland and is the majority owner and managing partner of the Jamalco alumina refinery in Jamaica. Visit www.centuryaluminum.com for more information.

Non-GAAP Financial Measures

Adjusted net income (loss), Adjusted earnings (loss) per share and Adjusted EBITDA 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 excluding 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 tables below, under the heading "Reconciliation of Non-GAAP Financial Measures," provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Century'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 this press release 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. 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.

Forward-Looking Statements

Forward-looking statements in this press release and statements made by Century Aluminum Company management on the quarterly conference call, for example, may include statements regarding: Our assessment of the aluminum market and aluminum prices (including premiums); Our assessment of prices of our key raw materials and supply and availability of those key raw materials, including alumina, coke, pitch and aluminum fluoride; Our assessment of power prices and availability, including any potential curtailments or other disruptions in the supply of power; The impact of the wars in Ukraine and in the Middle East, including any sanctions and export controls targeting Russia and businesses or individuals tied to Russia; The future financial and operating performance of the Company and its subsidiaries; Our ability to successfully manage market risk and to control or reduce costs; Our plans and expectations with respect to future operations of the Company and its subsidiaries, including any plans and expectations to curtail or restart production, including the expected impact of any such actions on our future financial and operating performance; Our plans and expectations with regards to the restart of curtailed production at Mt. Holly including the timing, costs and benefits associated with restarting curtailed production; Our expectations as to the costs and benefits associated with Jamalco’s operations; any future impact of the equipment failure at Grundartangi and related events on our financial and operating performance; The timing of our ability to return our operating facilities to full and normal operation following equipment failure or other extraordinary events including our expectations as to timing for bringing our Grundartangi facility back to 100% and returning Jamalco to full and normal operation following the restart after Hurricane Melissa; Our ability to recover losses from our insurance, including with respect to losses incurred in connection with the October 2025 equipment failure at Grundartangi; The timing and terms of the data center being constructed on our former Hawesville site to commence commercial operations and our ability to monetize our minority interest therein; The impact of Section 232 and 301 and other trade actions, including tariffs or other trade remedies, the extent to which any such remedies may be changed, including through exclusions or exemptions, and the duration of any trade remedy; The impact of any new or changed law or regulation, including, without limitation, sanctions or other similar remedies or restrictions or any changes in interpretation of existing laws or regulations; Our anticipated tax liabilities, benefits or refunds including the realization of U.S. and certain foreign deferred tax assets and liabilities; Our ability to qualify for and realize potential tax benefits under the Inflation Reduction Act of 2022 and the anticipated amounts of such benefits; Our expectations regarding the availability of the $500 million DOE funding to our new smelter project, including our ability to raise additional capital through additional grants, incentives, subsidized loans and other debt and equity funding to support construction of a new aluminum smelter and our ability to successfully complete our new smelter project; The likelihood of our formalizing a joint venture with Emirates Global Aluminum for the new smelter project, and if we do, our ability to secure necessary power arrangements for the project on commercially reasonable terms, to timely complete construction of the project on budget, and to commence profitable operations; 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; Our assessment and estimates of our pension and other postretirement liabilities, legal and environmental liabilities and other contingent liabilities; Our assessment of any future tax audits and expected outcomes; Negotiations with current labor unions or future representation by a union of our employees; Our assessment of any information technology-related risks, including the risk from cyberattacks or other data security breaches; Our plans and expectations regarding potential M&A and joint venture activity including our ability to consummate such transactions and our assessments of certain risks associated with the same, including, for example, unforeseen costs and expenses associated with unidentified liabilities, and difficulties integrating an acquired asset into our existing operations; and Our future business objectives, plans, strategies and initiatives, including our competitive position and prospects.