CENX · Century Aluminum Company

Century Aluminum's Q1 2026 results showed significant GAAP net income of $337.5 million, propelled by a one-time $287.9 million gain on the sale of Hawesville, alongside a $33.0 million gain from insurance proceeds related to Iceland's equipment failure in late October 2025. These exceptional items totaled $166.8 million net impact, including offsets from $48.1 million unrealized derivative losses, $60.0 million Iceland equipment costs, and other charges like Hurricane Melissa effects at Jamalco and extreme weather at Mt. Holly. Stripping these, adjusted net income rose 25% sequentially to $170.7 million, with adjusted EBITDA up 36% to $231.4 million, driven by higher realized LME and regional premium prices, improved sales mix, and lower operating expenses, despite headwinds from power and raw material costs. Net sales grew $15.5 million to $649.2 million on stronger metal prices, though shipments fell to 122,865 tonnes from 140,257 due to the full quarter impact of Iceland's Line 2 outage. Liquidity strengthened to $611.0 million at quarter-end, bolstered by $88.1 million restricted cash from the Hawesville sale. Business updates include $83 million insurance proceeds received to date for Iceland, initiation of Mt. Holly's last 90 pots expansion, and Grundartangi Line 2 restart in April 2026. Q2 outlook signals robust $315-335 million adjusted EBITDA, fueled by elevated premiums and Mt. Holly progress, positioning Century for improved profitability amid operational recoveries.