grepcent / static financial knowledge base

Informational only - not investment advice.

CENTURY ALUMINUM CO (CENX)

CIK: 0000949157. SIC: 3334 Primary Production of Aluminum. Latest 10-K as of: 2026-03-03.

SIC breadcrumb: Manufacturing > SIC Major Group 33 > SIC 3334 Primary Production of Aluminum

SEC company page: https://www.sec.gov/edgar/browse/?CIK=949157. Latest filing source: 0001628280-26-013788.

Selected Fundamentals

MetricValueUnitFYFiled
Revenue2,527,900,000USD20252026-03-03
Net income41,800,000USD20252026-03-03
Assets2,269,300,000USD20252026-03-03

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000949157.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Metric2016201720182019202020212022202320242025
Revenue1,319,100,0001,589,100,0001,893,200,0001,836,600,0001,605,100,0002,212,500,0002,777,300,0002,185,400,0002,220,300,0002,527,900,000
Net income-252,400,00048,600,000-66,200,000-80,800,000-123,300,000-167,100,000-14,100,000-43,100,000336,800,00041,800,000
Operating income-227,900,00097,200,000-59,000,000-72,100,000-80,500,00066,000,000-150,200,00027,500,000108,400,000158,100,000
Gross profit-6,100,000131,300,000-22,900,000-23,900,000-36,500,000124,200,00046,700,00087,600,000172,000,000256,400,000
Diluted EPS-2.900.51-0.76-0.91-1.38-1.85-0.15-0.473.270.42
Assets1,540,300,0001,581,600,0001,537,500,0001,499,700,0001,399,600,0001,569,900,0001,472,000,0002,028,800,0002,120,000,0002,269,300,000
Stockholders' equity756,700,000829,600,000762,200,000675,000,000546,100,000421,000,000399,300,000355,600,000694,400,000805,600,000
Cash and cash equivalents132,403,000167,200,00038,900,00038,900,00081,600,00029,000,00054,300,00088,800,00032,900,000134,200,000
Net margin-19.13%3.06%-3.50%-4.40%-7.68%-7.55%-0.51%-1.97%15.17%1.65%
Operating margin-17.28%6.12%-3.12%-3.93%-5.02%2.98%-5.41%1.26%4.88%6.25%

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000949157.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

QuarterEnd DateRevenueNet IncomeDiluted EPSMethod
2022-Q12022-03-310.18reported discrete quarter
2022-Q22022-06-300.36reported discrete quarter
2022-Q32022-09-300.43reported discrete quarter
2022-Q42022-12-31529,900,000-113,500,000derived Q4 = FY annual - nine-month YTD
2023-Q12023-03-31552,400,000-38,600,000-0.42reported discrete quarter
2023-Q22023-06-30575,500,0007,500,0000.07reported discrete quarter
2023-Q32023-09-30545,200,000-42,000,000-0.45reported discrete quarter
2023-Q42023-12-31512,300,00030,000,000derived Q4 = FY annual - nine-month YTD
2024-Q12024-03-31489,500,000246,800,0002.26reported discrete quarter
2024-Q22024-06-30560,800,000-2,500,000-0.03reported discrete quarter
2025-Q12025-03-31633,900,00029,700,0000.29reported discrete quarter
2025-Q22025-06-30628,100,000-4,600,000-0.05reported discrete quarter
2025-Q32025-09-30632,200,00014,900,0000.15reported discrete quarter
2025-Q42025-12-31633,700,0001,800,000derived Q4 = FY annual - nine-month YTD
2026-Q12026-03-31649,200,000337,500,0003.23reported discrete quarter

Quarterly Charts

Macro Cross-References

Latest quarter (10-Q)

Latest 10-Q source: 0001628280-26-032094.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-05-07. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Management’s Discussion and Analysis ("MD&A") provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Century Aluminum Company and its subsidiaries (collectively, "Century," the "Company," "our" and "we") and should be read in conjunction with the accompanying consolidated financial statements and related notes thereto. This MD&A contains "forward-looking statements" - see "Forward-Looking Statements" above.

Overview

We are a global producer of primary aluminum and alumina with production facilities in the United States, Iceland and Jamaica. Our primary aluminum smelters are concentrated in the U.S. and Iceland, while in Jamaica we maintain a 55% joint venture interest in the Jamalco alumina refinery, from which we off-take a proportionate amount of alumina production. We intend for the majority of our Jamalco off-take to be consumed internally at our primary aluminum smelters in a vertical integration model. We also own a carbon anode production facility located in the Netherlands ("Vlissingen"). Carbon anodes are consumed in the production of primary aluminum. Vlissingen supplies carbon anodes to our aluminum smelter in Iceland. Each of our aluminum smelters in the United States produces anodes at on-site facilities.

The key determinants of our results of operations and cash flows from operations are as follows:

•the price of primary aluminum, which is based on the London Metal Exchange ("LME"), plus any regional premiums and value-added product premiums;

•the cost of goods sold, the principal components of which are electrical power, alumina, carbon products, labor and other controllable costs, which in aggregate represent more than 78% of our cost of goods sold; and

•our production volume and product mix.

Recent Developments

New Smelter Project

On January 26, 2026, we announced that we had entered into a joint development agreement with Emirates Global Aluminium ("EGA") to build the first new primary aluminum smelter in the United States since our Mt. Holly facility came online in 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century Aluminum owning the remaining 40 percent. The new plant, to be built in Inola, Oklahoma, is expected to produce 750,000 tonnes of aluminum per year, more than doubling current U.S. production of primary aluminum. Construction of the project is expected to start by the end of 2026, subject to the completion of detailed engineering work, completion of negotiations with Public Service Company of Oklahoma on a competitive long-term power supply agreement and the negotiation of a definitive joint venture agreement with EGA.

Sale of Hawesville

On February 2, 2026, we completed the sale of our Hawesville, Kentucky facility to an affiliate of Terawulf, Inc. for $200.0 million in cash and a 6.8% non-dilutive minority equity interest in the Terawulf affiliate that intends to develop and own a high-performance computing/artificial intelligence data center on the site. A large portion of the proceeds are intended to be deployed to expand our domestic primary aluminum production capacity through the restart of the last potline at our Mt. Holly facility and investments in our new smelter project.

Grundartangi Equipment Failure

In October 2025, our Grundartangi smelter was forced to temporarily cease production at one of its two potlines due to a failure of a transformer unit. As a result, production at the smelter has been temporarily reduced by approximately two-thirds. Grundartangi’s other potline remains unaffected and in full production. We expect that losses arising from this event, less applicable deductibles, will be covered under our insurance policies. As of March 31, 2026, we have received $37.0 million in insurance recoveries related to the equipment failure. In April 2026, we received an additional $46.1 million in insurance recoveries and expect to receive additional recoveries as our insurance carriers process our claims. We restarted production of the idled potline in the second half of April 2026, with a return to near full production currently expected by the end of July 2026.

28

Table of Contents

Section 232 Aluminum Tariffs

In March 2018, the U.S. implemented a 10% tariff on imported primary aluminum products into the U.S. These tariffs are intended to protect U.S. national security and incentivize primary aluminum production in the U.S., reducing reliance on imports and ensuring that domestic producers, like Century, can supply all the aluminum necessary for critical industries and national defense. In addition to primary aluminum products, the tariffs also cover certain other semi-finished products. All imports that directly compete with our products are covered by the tariff.

In February 2025, President Trump issued a new Presidential Proclamation directing the tariff rate on imported primary aluminum to be increased from 10% to 25% and for all existing country exemptions or product exclusion to be ended, in each case effective March 12, 2025. Then, in May 2025, President Trump again increased tariffs on primary aluminum from 25% to 50%, effective June 4, 2025. Since the implementation of these changes to the Section 232 tariff program, the LME and Midwest premium has increased to historically high levels, which has had a material positive impact on our financial position and results of operations.

U.S. Department of Energy Award

On January 10, 2025, the Company entered into a Cooperative Agreement with the U.S. Department of Energy's ("DOE") Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding to build a new aluminum smelter as part of the Industrial Demonstrations Program. With the help of this funding, we intend to construct, own, and operate the new aluminum smelter together with EGA in Inola, Oklahoma.

Jamalco Equipment Failure

In June 2023, Jamalco experienced a power disruption caused by damage to its power generation unit. The equipment failure resulted in a loss of production at Jamalco of approximately 84,000 tonnes for the year ended December 31, 2023. The impact of the equipment failure on gross margin was approximately $30.4 million. Despite returning the equipment to full capacity as of the end of October 2023, we continued to see some inefficiencies into the first quarter of 2024. We are engaged with our insurance carriers in connection with the equipment failure to determine the specific amount of coverage available to us, including any applicable deductibles.

Pricing of Aluminum

The overall price of primary aluminum consists of three components: (i) the base commodity price, which is based on quoted prices on the LME; plus (ii) any regional premium (e.g., the Midwest premium for metal sold in the United States ("MWP") and the European Duty Paid premium for metal sold into Europe ("EDPP")); plus (iii) any value-added product premium. Each of these price components has its own drivers and variability.

The price of aluminum is influenced by a number of factors, including global supply-demand balance, inventory levels, speculative activities by market participants, production activities by producers, geopolitical and economic conditions, including tariffs, as well as production costs in major production regions. These factors can be highly variable and difficult to predict, which can lead to significant volatility in the price of aluminum. Increases or decreases in primary aluminum prices result in variability in our revenues and profitability (assuming all other factors are unchanged). From time to time, we may seek to manage our exposure to fluctuations in the LME price of primary aluminum and/or associated regional premiums through financial instruments designed to limit our downside price risk. Information regarding financial contracts is included in Note 11. Derivatives and risks associated with such financial contracts are disclosed specifically in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

29

Table of Contents

We saw an increase in the pricing of aluminum through the first quarter of 2026 attributable to increases in the LME, MWP and EDPP. The LME and MWP prices have recently been at historically high levels and may change rapidly based on factors beyond our control, including changes in tariff policies, changes in supply in the U.S market, geopolitical events, and other factors. The following table summarizes the average price for primary aluminum per tonne for the three months ended March 31, 2026 and 2025.

Three months ended

($ per tonne)

March 31, 2026

March 31, 2025

Average LME

$

3,191 

$

2,631 

Average MWP

2,294 

729 

Average EDPP

390 

289 

Restatement of Prior Period Results

As noted in the Company's Form 10-K for the fiscal year ending December 31, 2025, as filed with the SEC on March 3, 2026, the Company has restated the comparative financial statements including the Consolidated Statement of Operations, Consolidated Balance Sheets, and Consolidated Statement of Stockholders' Equity for the three months ended March 31, 2025 and applicable footnotes. The restatement reflects a change related to the consolidation of the Company's Jamalco joint venture whereby the Company previously used the proportionate method of consolidation for certain of Jamalco's net assets versus the full consolidation method. The change in consolidation method did not have any impact on our net income attributable to Century stockholders for the periods that were restated. See Note 1. General, for additional information.

30

Table of Contents

Results of Operations

Quarter ended

Three months ended

Sequential

Year-to-date

March 31, 2026

December 31, 2025

March 31, 2026

March 31, 2025

Net sales

Related parties

$

305.9 

$

299.6 

$

305.9 

$

378.7 

Other customers

343.3 

334.1 

343.3 

255.2 

Total net sales

649.2 

633.7 

649.2 

633.9 

Gross profit

118.8 

90.6 

118.8 

57.3 

Selling, general and administrative expenses

25.8 

35.5 

25.8 

12.5 

Net loss on forward and derivative contracts - nonaffiliates

(65.3)

(43.5)

(65.3)

(5.4)

Loss on early extinguishment of debt

— 

(1.5)

— 

— 

Gain on the sale of Hawesville

(287.9)

— 

(287.9)

— 

Gain on insurance proceeds - net

33.0 

— 

33.0 

— 

Income tax benefit (expense)

(1.8)

12.3 

(1.8)

(1.6)

Net income

327.0 

(3.1)

327.0 

22.4 

Net loss attributable to noncontrolling interests

(10.5)

(4.9)

(10.5)

(7.3)

Net income attributable to Century stockholders

337.5 

1.8 

337.5 

29.7 

Shipment volume is a key determinant of our financial results. Fluctuations in production and shipment volumes, other than through acquisitions or expansions, are generally small period over period. Any adverse changes in the conditions that affect shipment volumes could have a material adverse effect on our results of operations and cash flows.

SHIPMENTS - PRIMARY ALUMINUM(1)

United States

Iceland

Total

Tonnes

Sales $

(in millions)

Tonnes

Sales $

(in millions)

Tonnes

Sales $

(in millions)

2026

1st Quarter

93,668 

$

494.3 

29,197 

$

87.3 

122,865 

$

581.6 

2025

4th Quarter

91,885 

$

413.1 

48,372 

$

138.3 

140,257 

$

551.4 

1st Quarter

94,601 

306.6 

74,071 

217.3 

168,672 

$

523.9 

(1)Excludes scrap aluminum sales, purchased aluminum and alumina sales.

Net sales

Net sales increased by $15.5 million for the three months ended March 31, 2026, compared to the three months ended December 31, 2025, primarily driven by an increase in the LME and in realized regional price premiums of $76.6 million attributable primarily to increase in the Midwest premium, partially offset by unfavorable volume and sa

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-03-03. Report date: 2025-12-31.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Century Aluminum Company and its subsidiaries (collectively, “Century,” the “Company,” “our” and “we”) and should be read in conjunction with the accompanying consolidated financial statements and related notes thereto in Item 8. Financial Statements and Supplementary Data and in Item 1A. Risk Factors. This MD&A contains “forward-looking statements” - See “Forward-Looking Statements” above. The following discussion and analysis are for the year ended December 31, 2025, compared with the same period in 2024 unless otherwise stated. For discussion and analysis of the year ended December 31, 2024, compared with the same period in 2023, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on March 3, 2025.

33

Table of Contents

Overview

We are a global producer of alumina and primary aluminum with production facilities in the United States. Iceland and Jamaica. Our primary aluminum smelters are concentrated in the U.S. and Iceland, while in Jamaica we maintain a 55% joint venture interest in the Jamalco alumina refinery, from which we off-take a commensurate amount of alumina production. We intend for the majority of our Jamalco off-take to be consumed internally at our primary aluminum smelters in a vertical integration model. We also own a carbon anode production facility located in the Netherlands. Carbon anodes are consumed in the production of primary aluminum. Vlissingen supplies carbon anodes to our aluminum smelter in Iceland. Each of our aluminum smelters in the United States produces anodes at on-site facilities.

The key determinants of our results of operations and cash flow from operations are as follows:

•the price of primary aluminum, which is based on the London Metal Exchange ("LME") and other exchanges, plus any regional premiums and value-added product premiums;

•the cost of goods sold, the principal components of which are electrical power, alumina, carbon products, labor and other controllable costs, which in aggregate represent more than 84% of our cost of goods sold; and

•our production volume and product mix.

Recent Developments

New Smelter Project

On January 26, 2026, we announced that we had entered into a joint development agreement with EGA to build the first new primary aluminum smelter in the United States since our Mt. Holly facility came online in 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century Aluminum owning the remaining 40 percent. The new plant, to be built in Inola, Oklahoma, is expected to produce 750,000 tonnes of aluminum per year, more than doubling current U.S. production. Construction of the project is expected to start by the end of 2026, subject to the completion of detailed engineering work, completion of negotiations with Public Service Company of Oklahoma on a competitive long-term power supply agreement and the negotiation of a definitive joint venture agreement with EGA.

Sale of Hawesville

On February 2, 2026, we completed the sale of our Hawesville, Kentucky facility to an affiliate of Terawulf, Inc. for $200.0 million in cash and a 6.8% non-dilutive minority equity interest in the Terawulf affiliate that intends to develop and own a high-performance computing/artificial intelligence data center on the site (the “Data Center Minority Interest”). A large portion of the proceeds are intended to be deployed to expand our domestic primary aluminum production capacity through the restart of the last potline at our Mt. Holly facility and investments in our new smelter project. See “Risk Factors – The new smelter joint venture project with EGA is subject to numerous risks and uncertainties.”

Grundartangi Equipment Failure

In October 2025, our Grundartangi smelter was forced to temporarily idle production on one of its two potlines due to the failure of two transformers over a seven week period in September and October 2025. As a result, production at the smelter has been temporarily reduced by approximately two-thirds. Grundartangi’s other potline remains unaffected and in full production. We expect that losses arising from this event, less applicable deductibles, will be covered under our insurance policies. We currently estimate that we will begin resumption of production of the idled potline by the end of April 2026.

Section 232 Aluminum Tariff

In March 2018, the U.S. implemented a 10% tariff on imported primary aluminum products into the U.S. These tariffs are intended to protect U.S. national security and incentivize primary aluminum production in the U.S., reducing reliance on imports and ensuring that domestic producers, like Century, can supply all the aluminum necessary for critical industries and national defense. In addition to primary aluminum products, the tariffs also cover certain other semi-finished products. All imports that directly compete with our products are covered by the tariff.

In February 2025, President Trump issued a new Presidential Proclamation directing the tariff rate on imported primary aluminum to be increased from 10% to 25% and for all existing country exemptions or product exclusion to be ended, in each case effective March 12, 2025. Then, in May 2025, President Trump again increased tariffs on primary aluminum from 25% to

34

Table of Contents

50%, effective June 4, 2025. Since the implementation of these changes to the Section 232 tariff program, the Midwest Premium has increased, which has had a material positive impact on our financial position and results of operations.

U.S. Department of Energy Award

On January 10, 2025, the Company entered into a Cooperative Agreement with the U.S. Department of Energy's ("DOE") Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding to build a new aluminum smelter as part of the Industrial Demonstrations Program. With the help of this funding, we intend to construct, own and operate together with EGA in Inola, Oklahoma.

Section 45X of the Inflation Reduction Act

On October 24, 2024, the U.S. Treasury Department and the Internal Revenue Service issued final regulations implementing Section 45X of the Inflation Reduction Act (the "IRA"), which provide guidance on rules taxpayers must satisfy to qualify for the advanced manufacturing production tax credit provided by the IRA. The government has incentivized the production of aluminum by offering a tax credit equal to 10% of eligible domestic production costs. Based on the final regulations, we have recognized a receivable and corresponding offset to cost of goods sold and selling, general and administrative expenses. Any changes to the final regulations could result in a subsequent adjustment to the estimated credit as of December 31, 2025.

President Trump signed Public Law No: 119-21, the One Big Beautiful Bill Act (the "Act") into law on July 4, 2025, which marks the date of enactment for the tax provisions included in the Act. The Act removed the exemption for critical minerals related to the phase out of the advanced manufacturing production tax credit under Internal Revenue Code Section 45X of the Inflation Reduction Act of 2022 and final regulations issued in October of 2024. Under the Act, beginning in 2031, the amount of the tax credit will be reduced by 25% each year and reduced to 0% in 2034. Additionally, the Act made changes to, but not limited to, permanently extending bonus depreciation that permits full expensing of qualified property, and changes to limitations on the deductibility of interest expense. The Act did not have a material impact on our financial results for the year ended December 31, 2025. We will continue to evaluate the effects of the Act on our results as further guidance is issued.

Acquisition of 55% interest in Jamalco

On May 2, 2023, our wholly-owned subsidiary, Century Aluminum Jamaica Holdings, Inc., completed the acquisition of all the outstanding share capital of General Alumina Holdings Limited, the holder of a 55% interest in Jamalco, an unincorporated joint venture with the Government of Jamaica through its controlled entity Clarendon Alumina Production Limited. Jamalco is engaged in bauxite mining and alumina refining in Jamaica. The Company's wholly-owned subsidiary, General Alumina Jamaica Limited, is the managing partner of the Jamalco joint venture. Jamalco has alumina production capacity of approximately 1.4 million tonnes. We recognized a bargain purchase gain of $245.9 million in connection to the acquisition within the Consolidated Statements of Operations for the year ended December 31, 2024. Refer to Note 2. Acquisition of Jamalco for further information.

Jamalco Equipment Failure

In June 2023, Jamalco experienced a power disruption caused by damage to its power generation unit. The equipment failure resulted in a loss of production at Jamalco of approximately 84,000 tonnes for the year ended December 31, 2023. The impact of the equipment failure on gross margin was approximately $30.4 million. Despite returning the equipment to full capacity as of the end of October 2023, we continued to see some inefficiencies into the first quarter of 2024. We are engaged with our insurance carriers in connection with the equipment failure to determine the specific amount of coverage available to us, including any applicable deductibles.

Pricing of Aluminum

The overall price of primary aluminum consists of three components: (i) the base commodity price, which is based on quoted prices on the LME and other exchanges; plus (ii) any regional premium (e.g., the Midwest premium for metal sold in the United States ("MWP") and the European Duty Paid premium for metal sold into Europe); plus (iii) any value-added product premium. Each of these price components has its own drivers and variability.

The price of aluminum is influenced by a number of factors, including global supply-demand balance, inventory levels, speculative activities by market participants, production activities by producers, geopolitical and economic conditions, as well

35

Table of Contents

as production costs in major production regions. These factors can be highly variable and difficult to predict which can lead to significant volatility in the price of aluminum. Increases or decreases in primary aluminum prices result in variability in our revenues (assuming all other factors are unchanged). From time to time, we may seek to manage our exposure to fluctuations in the LME price of primary aluminum and/or associated regional premiums through financial instruments designed to limit our downside price risk. Information regarding financial contracts is included in Note 20. Derivatives and risks affiliated with such financial contracts are disclosed specifically in Item 1A. Risk Factors.

The historic volatility of the price of aluminum is reflected in the chart below:

During 2025, global, macroeconomic trends continued to impact global LME inventory levels which remain near all-time lows. Low inventory levels, challenged aluminum supply growth and improving global demand for aluminum all led to a supportive pricing environment for aluminum in 2025. The following table summarizes the average price for primary aluminum per tonne for the years ended December 31, 2025, 2024 and 2023.

December 31,

($ per tonne)

2025

2024

2023

Average LME

$

2,630 

$

2,419 

$

2,252 

Average MWP

$

1,295 

$

427 

$

512 

Average EDPP

$

252 

$

314 

$

277 

Restatement of Prior Period Results

Subsequent to the issuance of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company identified an error in its historical financial statements related to its accounting for the consolidation of its Jamalco joint venture whereby the Company previously used the proportionate method of consolidation for certain of Jamalco's net assets versus the full consolidation method. The Company determined that corrections to the financial statements for the impacts of this error were required for all impacted prior periods presented in this Annual Report on Form 10-K. Therefore, the Company has

36

Table of Contents

reflected these corrections in the consolidated financial statements for the periods presented in this Annual Report on Form 10-K and in the discussion under "- Results of Operations" and "- Liquidity and Capital Resources" below. See Explanatory Note, Note 22. Restatement of Previously Issued Financial Statements and Note 23. Quarterly Financial Information (Unaudited and Restated) for additional information.

Results of Operations

The following discussion for the year ended December 31, 2025 reflects no change in production capacities as compared to the year ended December 31, 2024.

Our net sales are impacted primarily by the LME price for aluminum, regional and value-added premiums, and the volume and product mix of aluminum we ship during the period. In general, our results reflect the LME and regional premium pricing on an approximately one to three month lag basis reflecting contractual terms with our customers.

Our operating costs are significantly impacted by changes in the prices of the materials used in the production of aluminum, including alumina, electrical power and carbon products. These costs may be subject to increasing inflationary pressures, which could adversely affect our business, financial condition and results of operations. Because we sell our products based principally on the LME price for primary aluminum, regional premiums and value-added product premiums, we are unable to pass increased production costs on to our customers. Although we attempt to mitigate the effects of price fluctuations from time to time through the use of various fixed-price commitments, financial instruments and also by negotiating LME-based pricing in some of our raw materials and electrical power contracts, these efforts also limit our ability to take advantage of favorable changes in the market prices for primary aluminum or raw materials and may affect our financial position, results of operations and cash flows.

Alumina and electrical power represent the two largest components of our cost of goods sold. As a result, the availability of these cost components at competitive prices is critical to the profitability of our operations. The pricing under our alumina supply contracts varies from contract to contract. A major portion of our alumina requirements is indexed to the price of primary aluminum, which provides a natural hedge to one of our largest production costs. We also purchase alumina based on a published alumina index and at fixed prices. The alumina price is influenced by a number of factors, including global supply-demand balance, natural disasters and weather events, and other factors outside of our control. Additionally, with our acquisition of a 55% interest in Jamalco, we secured a long-term supply of alumina and achieved increased transparency and control of our supply chain. The average market alumina index price as a percentage of market LME price per tonne was 15% for 2025, 21% for 2024 and 15% for 2023.

Electrical power is our other largest operating cost. Currently, our Sebree plant receives all of its electricity requirements under a market-based power agreement. Market-based energy prices are driven in large part by the price of coal, natural gas, and other fuel sources, weather influenced reservoir or generation levels for wind, solar and hydro production and weather-influenced electric loads. Extreme weather events, such as that experienced in mid-February 2021 throughout the United States, the low rain levels experienced in Nordic regions during winter 2021, 2022 and 2024, can result in low generation, power outages and/or significant increases in demand, which may result in significant increased power costs incurred in our operations. In December 2023 and August 2024, and again a year later, continued dry and cold conditions led the largest hydro energy company to issue partial curtailment orders across their industrial customers, including our Grundartangi smelter. The end of these curtailments remain subject to weather patterns and reservoir levels in Iceland and other factors. Additionally, extreme geopolitical events, such as the on-going Russia-Ukraine conflict, which led to the cut-off of natural gas supply to Western Europe and increased exports of U.S natural gas as result, may result in significant power costs globally.

Century Aluminum of South Carolina, Inc. ("CASC") has a power supply agreement with Santee Cooper that has an effective term through December 2031. Under this power supply agreement, 100% of Mt. Holly’s electrical power requirements are supplied from Santee Cooper’s generation at cost of service based rates. The contract provides sufficient energy to allow Mt. Holly to operate at full production capacity.

In Iceland, approximately 70% of the power requirements for our Grundartangi plant are fully-indexed to the price of primary aluminum, which provides a natural hedge of one of our largest production costs. Approximately 30% of the power is priced at a fixed price with an additional LME-linked component.

Shipment volume is another key determinant of our financial results. Fluctuations in production and shipment volumes, other than through acquisitions or expansions, are generally small period over period. Any adverse changes in the conditions that affect shipment volumes could have a material adverse effect on our results of operations and cash flows.

37

Table of Contents

SHIPMENTS - PRIMARY ALUMINUM(1)

United States

Iceland

Total

Tonnes

Revenue

Tonnes

Revenue

Tonnes

Revenue

(dollars in millions)

2025

371,708 

$

1,411.7 

275,404 

$

785.6 

647,112 

$

2,197.3 

2024

378,193 

$

1,076.6 

299,774 

$

793.3 

677,967 

$

1,867.9 

2023

389,331 

$

1,139.0 

311,349 

$

827.0 

700,680 

$

1,966.0 

(1)Excludes scrap aluminum, purchased aluminum and alumina sales

Year Ended December 31,

2025

2024

(As Restated)

Net sales

Related parties

$

1,365.5 

$

1,312.1 

Other customers

1,162.4 

908.2 

Total net sales

2,527.9 

2,220.3 

Gross profit

256.4 

172.0 

Selling, general and administrative expenses

79.9 

56.8 

Net (loss) gain on forward and derivative contracts - nonaffiliates

(94.7)

2.5 

Net gain (loss) on forward and derivative contracts - affiliates

— 

(0.5)

Loss on early extinguishment of debt

(7.7)

— 

Bargain purchase gain

— 

245.9 

Income tax benefit (expense)

13.1 

(3.2)

Net income

15.8 

306.7 

Net loss attributable to noncontrolling interests

(26.0)

(30.1)

Net income attributable to Century stockholders

41.8 

336.8 

Net sales

Net sales increased by $307.6 million for the twelve months ended December 31, 2025, compared to the same period in 2024, primarily due to favorable realized LME and regional price premiums of $415.9 million, partially offset by decreased third party alumina sales of $54.6 million and unfavorable volume and sales mix of $107.4 million.

Gross profit

Gross profit increased by $84.4 million for the twelve months ended December 31, 2025, compared to the same period in 2024, primarily due to favorable realized LME and regional price premiums of $415.9 million, partially offset by unfavorable raw material price realization of $115.7 million, higher power price realization of $93.0 million, higher other costs of $72.5 million including increased maintenance costs for non-recurring engineering projects, labor expenses associated with the Mt. Holly restart project and ramp up expenses related to the completed Grundartangi casthouse, and unfavorable volume and sales mix of $42.1 million.

Selling, general and administrative expenses

Selling, general and administrative expenses increased by $23.1 million for the twelve months ended December 31, 2025 2025 compared to the same period in 2024, primarily due to increases in share-based compensation due to the increase in the Company's stock price year over year. See Note 14. Share-based compensation to the consolidated financial statements included herein for additional information.

38

Table of Contents

Net (loss) gain on forward and derivative contracts - nonaffiliates

Net loss on forward and derivative contracts - nonaffiliates changed by $97.2 million for the twelve months ended December 31, 2025 compared to the same period in 2024, primarily due to an increase in volumes and fluctuations in forward prices related to MWP and LME hedges. See Note 20. Derivatives to the Consolidated Financial Statements included herein for additional information.

Net (loss) gain on forward and derivative contracts - affiliates

Net loss on forward and derivative contracts - affiliates was zero for the twelve months ended December 31, 2025, as there were no related party contracts executed during the period. We realized a net loss of $0.5 million for the twelve months ended December 31, 2024 attributable to LME hedges.

Loss on early extinguishment of debt

Loss on early extinguishment of debt was $7.7 million for the twelve months ended December 31, 2025 due to the redemption of our Senior Secured Notes due 2028 (the "2028 Notes") and the payoff of our Grundartangi Casthouse Facility. There was no loss on early extinguishment of debt in 2024.

Bargain purchase gain

We finalized the purchase accounting as of March 31, 2024 related to the acquisition of General Alumina Holdings Limited and subsidiaries, which was acquired on May 2, 2023, and recognized $245.9 million for the year ended December 31, 2024.

Income tax benefit (expense)

We have a valuation allowance recorded against our net U.S. and Jamaican deferred tax assets, and a portion of our Icelandic deferred tax assets as of December 31, 2025. Income tax expense decreased by $16.3 million for the twelve months ended December 31, 2025 compared to the same period in 2024, primarily driven by changes in the jurisdictional mix of earnings on a year-over-year basis. See Note 16. Income Taxes to the Consolidated Financial Statements included herein for additional information.

Liquidity and Capital Resources 

Liquidity

Our principal sources of liquidity are available cash and cash flow from operations. We also have access to our existing U.S. and Iceland revolving credit facilities (collectively, the "revolving credit facilities") and have raised capital in the past through public equity and debt markets. We regularly explore various other financing alternatives. Our principal uses of cash include the funding of operating costs (including post-retirement benefits), debt service requirements, capital expenditures, investments in our growth activities and in related businesses, working capital and other general corporate requirements.

We believe that cash provided from operations and financing activities will be adequate to cover our operations and business needs over the next 12 months. As of December 31, 2025, we had unrestricted cash and cash equivalents of approximately $134.2 million and unused availability under our credit facilities of $283.8 million. Our cash and cash equivalents and unused availability under our revolving credit facilities comprise our liquidity position, which was $418.0 million as of December 31, 2025. Our liquidity position at December 31, 2025 does not reflect the receipt of $200.0 million in cash and restricted cash proceeds from the sale of Hawesville or the termination of the $8.1 million letter of credit under our U.S. revolving credit facility on February 2, 2026. We may borrow and make repayments under our revolving credit facilities in the ordinary course based on a number of factors, including the timing of payments from our customers and payments to our suppliers.

The availability of funds under our credit facilities is limited by a specified borrowing base consisting of certain accounts receivable, inventory and qualified cash deposits which meet the lenders' eligibility criteria. Increases in the price of aluminum and/or restarts of previously curtailed operations, for example, increase our borrowing base by increasing our accounts receivable and inventory balances; decreases in the price of aluminum and/or curtailments of production capacity would decrease our borrowing base by reducing our accounts receivable and inventory balances.

39

Table of Contents

Our credit facilities contain customary covenants, including restrictions on mergers and acquisitions, indebtedness, affiliate transactions, liens, dividends and distributions, dispositions of collateral, investments and prepayments of indebtedness, including in the U.S. revolving credit facility, a springing financial covenant that requires us to maintain a fixed charge coverage ratio of at least 1.0 to 1.0 any time availability under the U.S. revolving credit facility is less than or equal to $25.0 million, or 10% of the borrowing base but not less than $17.9 million. We intend to maintain availability to comply with these levels any time we would not meet the ratio, which could limit our ability to access the full amount of our availability under our U.S revolving credit facility. Our Iceland revolving credit facility contains covenants that require Grundartangi to maintain a minimum equity ratio. The dividend and distribution limitations are applicable to certain of our subsidiaries only in the case of an event of default or failure to comply with certain financial covenants. As of December 31, 2025, we and our subsidiaries were in compliance with all such covenants or maintained availability above such covenant triggers.

On July 22, 2025, we completed the issuance of $400 million of Senior Secured Notes due 2032 (the "2032 Notes"). We also amended our U.S. Credit Facility to, among other things, extend the maturity date to July 22, 2030. With proceeds of the 2032 Notes, we redeemed the 2028 Notes at a redemption price of 101.875% for a total redemption price, including accrued and unpaid interest, of approximately $261.1 million. We applied the remaining net proceeds from the 2032 Notes offering to pay down our existing credit facilities including the repayment of all $116.4 million in outstanding borrowings and $1.9 million in interest under the Grundartangi Casthouse Facility, which was repaid on October 27, 2025.

In connection with our sale of the Hawesville facility, on February 2, 2026, we terminated the letter of credit in the amount of $8.1 million under our U.S. Credit Facility, effectively prepaying the IRBs.

See Note 8. Debt to the consolidated financial statements included herein for additional information on our debt.

Available Cash

Our available cash and cash equivalents balance at December 31, 2025 was $134.2 million compared to $32.9 million at December 31, 2024.

Sources and Uses of Cash

Our cash flows from operating, investing and financing activities as reflected in the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2025, 2024 and 2023 are summarized below:

Twelve months ended December 31,

(in millions)

2025

2024

2023

(As Restated)

(As Restated)

Net cash provided by (used in) operating activities

$

185.0 

$

(24.6)

$

105.6 

Net cash used in investing activities

(100.2)

(80.0)

(57.8)

Net cash provided by (used in) financing activities

15.1 

50.0 

(13.0)

Change in cash, cash equivalents and restricted cash

$

99.9 

$

(54.6)

$

34.8 

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

The change in net cash provided by operating activities for the year ended December 31, 2025 compared to cash used in operating activities for the year ended December 31, 2024 was driven by a an increase in net income adjusted for noncash items attributable to improved LME and regional premiums, partially offset by an increase in net working capital.

The increase in net cash used in investing activities during 2025 was primarily due to higher capital expenditures associated with the project to restore the remaining curtailed capacity at Mt. Holly and the transformer failure at Grundartangi.

The decrease in net cash provided by financing activities in 2025 compared to net cash provided by financing activities in 2024 was primarily due the early redemption of the 2028 Notes, the extinguishment of the Grundartangi casthouse facility, lower net borrowings on our revolving credit facilities, payment of taxes withheld for share-based compensation and repayment on our Vlissingen Credit facility, mostly offset by proceeds from the issuance of the 2032 Notes.

40

Table of Contents

Share Repurchase Program

In 2011, our Board of Directors approved a $60.0 million common stock repurchase program and subsequently increased this program by $70.0 million in the first quarter of 2015. Under the program, Century is authorized to repurchase up to $130.0 million of our outstanding shares of common stock, from time to time, on the open market at prevailing market prices, in block trades or otherwise. The timing and amount of any shares repurchased will be determined by our management based on its evaluation of market conditions, the trading price of our common stock and other factors. We made no repurchases during the years ended 2025, 2024, and 2023. As of December 31, 2025, we had $43.7 million remaining under the repurchase program authorization. The repurchase program may be expanded, suspended or discontinued by our Board, in its sole discretion, at any time.

Capital Resources and Commitments

We intend to finance our future capital expenditures from available cash, cash flow from operations and if necessary, borrowings under our existing revolving credit facilities. For major investment projects, we would likely seek financing from various capital and loan markets and may potentially pursue the formation of strategic alliances. We may be unable, however, to issue additional debt or equity securities, or enter into other financing arrangements on attractive terms, or at all, due to a number of factors including a lack of demand, unfavorable pricing, poor economic conditions, unfavorable interest rates, or our financial condition or credit rating at the time. Future uncertainty in the U.S. and international markets and economies may adversely affect our liquidity, our ability to access the debt or capital markets and our financial condition.

On January 10, 2025, the Company entered into a Cooperative Agreement with the DOE’s Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act (“Inflation Reduction Act”) funding. With the help of this funding, we intend to construct, own and operate together with EGA in Inola, Oklahoma. See Item 1A. Risk Factors in this Annual Report on Form 10-K for a description of certain risks related to the Cooperative Agreement.

Capital expenditures incurred for the year ended December 31, 2025 were $100.2 million. We estimate our total capital spending in 2026 will be approximately $170 to $180 million related to our ongoing investment and sustainability projects at our plants. This amount includes $60 to $70 million related to repairs at Grundartangi that we expect to be reimbursed by insurance, approximately $45 million representing investments related to the restart of operations at Mt. Holly and approximately $25 million representing investments in our Jamalco facility.

Our material contractual obligations consist of purchase obligations under long-term alumina and power contracts, debt and related interest payments and operating leases. See Note 18. Asset Retirement Obligations, Note 17. Commitments and Contingencies, Note 8. Debt and Note 6. Leases and to the accompanying consolidated financial statements for additional information regarding future maturities of debt and operating leases and obligations under power contracts.

We have certain legal commitments, including obligations related to retiree medical benefits, pension contributions, power supply contracts, and labor agreements. These include a settlement agreement for retiree medical benefits requiring annual payments and power supply arrangements with terms extending through 2036. Our legal commitments also include an immaterial amount due to retirees and the plan administrator related to the termination of our labor contract agreement at Hawesville. We are also a defendant in several actions relating to various aspects of our business. While it is impossible to predict the ultimate disposition of any litigation, we do not believe that any of these lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or liquidity. See Note 17. Commitments and Contingencies to the consolidated financial statements included herein for additional information.

Supplemental Guarantor Financial Information

The Company has filed a Registration Statement on Form S-3 (the "Universal Shelf Registration Statement") with the SEC pursuant to which the Company may, from time to time, offer an indeterminate amount of securities, which may include securities that are guaranteed by certain of the Company's subsidiaries. As of December 31, 2025, we have not issued any debt securities pursuant to the Universal Shelf Registration Statement. However, any securities that we may issue in the future may limit our ability, and the ability of certain of our subsidiaries, to pay dividends or make distributions in respect of capital stock.

"Guarantor Subsidiaries" refers to all of our material domestic subsidiaries except for Nordural US LLC, Century Aluminum Development LLC, Century Aluminum of West Virginia, Inc. and Century Aluminum Jamaica Holdings, Inc. The Guarantor Subsidiaries are 100% owned by Century. All guarantees will be full and unconditional; all guarantees will be joint

41

Table of Contents

and several. Our foreign subsidiaries, together with Nordural US LLC, Century Aluminum Development LLC, Century Aluminum of West Virginia, Inc. and Century Aluminum Jamaica Holdings, Inc. are collectively referred to as the "Non-Guarantor Subsidiaries." We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances.

The following summarized financial information of both the Company and the Guarantor Subsidiaries ("Guarantors") is presented on a combined basis. Intercompany balances and transactions between the Company and the Guarantors have been eliminated and the summarized financial information does not reflect investments of the Company or the Guarantors in the Non-Guarantor Subsidiaries. The Company’s or Guarantors’ amounts due from, amounts due to, and transactions with the Non-Guarantor Subsidiaries are disclosed below:

December 31, 2025

December 31, 2024

Current assets

$

646.0 

$

414.0 

Non-current assets

833.7

698.4

Current liabilities

268.2

247.1

Non-current liabilities

607.6

490.4

Twelve months ended December 31, 2025

Net sales

$

2,063.6 

Gross profit (loss)

334.7 

Income (loss) before income taxes

160.2

Net income (loss)

41.8 

As of December 31, 2025 and December 31, 2024, an intercompany receivable due to the Company and Guarantors from the Non-Guarantor Subsidiaries totaled $72.9 million and $40.4 million, respectively, and an intercompany non-current loan due to the Company from the Non-Guarantor Subsidiaries totaled $509.4 million and $358.1 million, respectively. As of December 31, 2024 and December 31, 2025, there was no intercompany current loan.

Critical Accounting Estimates

Our significant accounting policies are described in Note 1. Summary of Significant Accounting Policies to the consolidated financial statements. The preparation of the financial statements requires that management make judgments, assumptions and estimates in applying these accounting policies. Those judgments are normally based on knowledge and experience about past and current events and on assumptions about future events. Critical accounting estimates require management to make assumptions about matters that are highly uncertain at the time of the estimate and a change in these estimates may have a material impact on our financial position or results of operations. Significant judgments and estimates made by our management include expenses and liabilities related to inventories, pensions and other postretirement benefits ("OPEB"), deferred tax assets and property, plant and equipment. Our management has discussed the development and selection of these critical accounting estimates with the audit committee of our Board of Directors and the Audit Committee has reviewed our disclosure.

Inventories

Our inventories are stated at lower of cost or net realizable value ("NRV").

Our estimate of the market value of our inventories involves establishing a net realizable value for both finished goods and the components of inventory that will be converted to finished goods, raw materials and work in process. This requires management to use its judgment when making assumptions about future selling prices and the costs to complete our inventory during the period in which it will be sold.

Our assumptions are subject to inherent uncertainties given the volatility surrounding the market price for primary aluminum sales and the market price for our major inputs, alumina and electrical power.

42

Table of Contents

Although we believe that the assumptions used to estimate the market value of our inventory are reasonable, actual market conditions at the time our inventory is sold may be more or less favorable than management’s current estimates.

Pension and Other Postretirement Benefit Liabilities

We sponsor several pension and OPEB plans. Our liabilities under these defined benefit plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of return on plan assets. We review our actuarial assumptions on an annual basis and make modifications to the assumptions when appropriate.

Discount Rate Selection

We select a discount rate for purposes of measuring obligations under defined benefit plans by matching cash flows separately for each plan to the yields on high-quality zero coupon bonds. We use the Ryan Above Median Yield Curve (the "Ryan Curve"). We believe the projected cash flows used to determine the Ryan Curve rate provide a good approximation of the timing and amounts of our defined benefit payments under our plans and no adjustment to the Ryan Curve rate has been made.

Weighted Average Discount Rate Assumption for:

2025

2024

Pension plans

6.00%

5.99%

OPEB plans

5.39%

5.62%

A change of a half percentage point in the discount rate for our defined benefit plans would have the following effects on our obligations under these plans as of December 31, 2025:

Effect of changes in the discount rates on the Projected Benefit Obligations for:

50 basis point increase

50 basis point decrease

(dollars in millions)

Pension plans

$

(13.3)

$

14.7 

OPEB plans

(2.9)

3.1 

Long-term Rate of Return on Plan Assets Assumption

Our expected long-term rate of return on plan assets is derived from our asset allocation strategies and anticipated future long-term performance of individual asset classes. Our analysis gives consideration to recent plan performance and historical returns; however, the assumptions are primarily based on long-term, prospective rates of return. The weighted average long-term rate of return on plan assets for our defined benefit pension plans is 7.40% for 2025.

Based on information provided by independent actuaries and other relevant sources, the Company believes that the assumptions used to estimate expenses, assets and liabilities of pensions and other postretirement benefits are reasonable; however, changes in these assumptions could impact the Company’s financial position, results of operations or cash flows.

Deferred Income Tax Assets

We regularly assess the likelihood that deferred tax assets will be recovered from future taxable income. To the extent we believe that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. The amount of a valuation allowance is based upon our best estimate of our ability to realize the net deferred tax assets. We have a valuation allowance of $471.0 million recorded against our net U.S. and Jamaican deferred tax assets and a portion of our Icelandic deferred tax assets as of December 31, 2025.

Property, Plant and Equipment Impairment

We review our property, plant and equipment for impairment whenever events or circumstances indicate that the carrying amount of these assets (or asset group) may not be recoverable. The carrying amount of the assets (or asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets (or asset group). In that case, an impairment loss would be recognized for the amount by which the carrying amount

43

Table of Contents

exceeds the fair value of the assets (or asset group), with the fair value determined using a discounted cash flow calculation. These estimates of future cash flows include management’s assumptions about the expected use of the assets (or asset group), the remaining useful life, expenditures to maintain the service potential, market and cost assumptions.

Determination as to whether and how much an asset is impaired involves significant management judgment involving highly uncertain matters, including estimating the future sales volumes, future selling prices and estimated raw material and conversion costs, alternative uses for the asset, and estimated proceeds from the disposal of the asset.

Inflation Reduction Act Manufacturing Production Credit

Our estimate of the Section 45X advanced manufacturing production tax credit is based on Final Regulations released by the U.S. Department of the Treasury and the Internal Revenue Service on October 24, 2024. Based on the final regulations, we have recognized a receivable and corresponding offset to cost of goods sold and selling, general and administrative expenses. A change in eligible costs of $10 million would impact our estimate by $1 million.

President Trump signed Public Law No: 119-21, the One Big Beautiful Bill Act (the "Act") into law on July 4, 2025, which marks the date of enactment for the tax provisions included in the Act. The Act removed the exemption for critical minerals related to the phase out of the advanced manufacturing production tax credit under Internal Revenue Code Section 45X of the Inflation Reduction Act of 2022 and final regulations issued in October of 2024. Under the Act, beginning in 2031, the amount of the tax credit will be reduced by 25% each year and reduced to 0% in 2034. Additionally, the Act made changes to, but not limited to, permanently extending bonus depreciation that permits full expensing of qualified property, and changes to limitations on the deductibility of interest expense. The Act did not have a material impact on our financial results for the year ended December 31, 2025. We will continue to evaluate the effects of the Act on our results as further guidance is issued.

Recently Issued Accounting Standards Updates

Information regarding recently issued accounting pronouncements is included in Note 1. Summary of Significant Accounting Policies to the consolidated financial statements included herein.