Century Aluminum record Q2 profit as stronger prices, Mt Holly restart lift H1 earnings

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Century Aluminum has reported record second-quarter (Q2) 2026 financial results, backed by stronger aluminium prices, increased shipments and higher production driven by the completion of the Mt Holly restart and the recovery of operations at its Grundartangi smelter.

The robust quarterly performance also lifted the company’s first-half (H1) earnings well above the corresponding period last year, indicating improved market conditions and operational execution.

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Financial performance comparison: H1 2026 vs H1 2025

Combining the first and second quarters, Century Aluminum reported H1 2026 with gains by wide margins in comparison with the figures reported in H1 2025.

• Net sales: USD 1.4 billion vs USD 1.19 billion, up 17.65 per cent Y-o-Y
• Adjusted net income attributable to Century: USD 586.8 million vs USD 67 million, up 88.58 per cent Y-o-Y
• Adjusted EBITDA attributable to Century: USD 558.3 million vs USD 152.3 million, up 266.58 per cent Y-o-Y
• Diluted earnings per share (EPS): Rose to USD 5.62 from USD 0.59

These are indicators of the company’s improved operating performance during the first six months of the year.

Total primary aluminium shipments during H1 2026 stood at 253,497 tonnes, indicating a Y-o-Y surge of per cent compared with 344,413 tonnes in H1 2025.

The year-on-year boost in output was primarily propelled by stronger aluminium prices and higher shipments following increased production from the Mt Holly expansion by 10 per cent and the restart of Line 2 at Grundartangi.

Q2 2026 vs Q2 2025 financial snapshot

For the quarter ended June 30, 2026, the financial graph of Century Aluminum reflected a steady year-on-year upswing compared to the Q2 2025 financial performance across all the major segments.  

• Net sales: USD 752.1 million vs USD 558.1 million, up 34.76 per cent Y-o-Y
• Adjusted net income attributable to Century: USD 257.3 million vs 30.4 million, up 746.38 per cent Y-o-Y  
• Adjusted EBITDA: USD 326.9 million vs USD 74.3 million, up 77.27 per cent Y-o-Y
• Diluted EPS: Rose to USD 2.39 from USD 0.3
• Adjusted earnings per common share:  Rose to USD 2.46 from USD 0.05

Primary aluminium shipments during the quarter totalled 130,632 tonnes, down 25.7 per cent Y-o-Y from 175,741 tonnes shipped in Q2 2025.

Despite lower shipment volumes compared with the exceptionally strong Iceland output last year, improved realised metal prices and higher US production supported stronger financial returns.

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Q2 vs Q1 comparison

The quarter-on-quarter performance comparison reflects a chart moving at an upward growth trajectory.

• Net sales: USD 752.1 million vs USD 649.2 million, up 15.85 per cent Q-o-Q
• Adjusted net income attributable to Century: USD 249.3 million vs USD 337.5 million, down 26 per cent Q-o-Q
• Adjusted net income: USD 257.3 million vs 170.7 million, up 50.73 per cent Q-o-Q
• Adjusted EBITDA: USD 326.9 million vs USD 231.4 million, up 41.27 per cent Q-o-Q
• Diluted EPS: Dropped to USD 2.39 from USD 3.23
• Adjusted earnings per common share:  Rose to USD 2.46 from USD 1.63

Aluminium shipments in Q2 reflected a Q-o-Q gain of 6.32 per cent, expanding to 130,632 tonnes from 122,865 tonnes in Q1.  

Restarting the Mt Holly smelter as well as the operational resumption at the Grundartangi smelter helped boost the shipment figures.

What drove the second-quarter performance?

Adjusted EBITDA also improved by USD 95.5 million from the previous quarter, supported by higher realised LME aluminium prices and regional premiums, increased production from Mt Holly and Grundartangi, favourable sales mix, improved operating expenses as well as lower power costs following better weather conditions in the US.

These gains were partly offset by higher raw material costs.

Although reported net income declined sequentially from Q1, the comparison was affected by the one-time USD 287.9 million gain from the sale of Hawesville, which had boosted Q1 earnings.

Operationally, the company completed the restart of the final 90 pots at Mt Holly, returned Grundartangi Line 2 to near full production, brought the new TG4 power generation turbine at Jamalco online in August, and received a USD 94.3 million Section 45X tax refund in July. By the end of July, Century’s cash balance had exceeded its total debt.

Century Aluminum expects Q3 2026 adjusted EBITDA attributable to Century to range between USD 325 million and USD 345 million, indicating confidence that favourable market conditions and improved operating performance will continue into the second half of 2026.

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