General

3 Months Ended

Mar. 31, 2026

1. General

Description of Business

Century Aluminum is a producer of primary aluminum, which trades as a global commodity, and owns a 55% interest in a bauxite mining and alumina refinery joint venture. We are organized as a holding company, with our operating primary aluminum smelters and our bauxite mining and alumina refinery joint venture owned by separate subsidiaries.

Throughout this Form 10-Q, and unless expressly stated otherwise or as the context otherwise requires, "Century Aluminum", "Century", "the Company", "we", "us", "our" and "ours" refer to Century Aluminum Company and its consolidated subsidiaries.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements of Century Aluminum Company should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025. In management’s opinion, the unaudited interim consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for the first three months of 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Our consolidated financial statements include the consolidated results of the Jamalco joint venture ("Jamalco"), an unincorporated joint venture between Clarendon Alumina Production Limited ("CAP") and General Alumina Jamaica Limited ("GAJL"), an indirect, wholly-owned subsidiary of the Company through General Alumina Holdings Limited ("GAHL"). CAP's interest in the joint venture is reflected as noncontrolling interest on the accompanying Consolidated Balance Sheets.

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These immaterial reclassifications had no effect on the previously reported net income or net cash flows.

Restatement

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 as of and 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.

The following tables present a summary of the effects of the correction of the Company’s previously issued consolidated financial statements as of and for three months ended March 31, 2025.

The effects of the corrections described above to the Company's consolidated statements of operations are shown below.


	Three months ended March 31, 2025
	As Previously Reported		Restatement Impacts		As Restated
Cost of Goods Sold	$	573.3	$	3.3	$	576.6
Gross profit	60.6		(3.3)		57.3
Operating income	46.1		(3.3)		42.8
Income before income taxes	27.3		(3.3)		24.0

Net income	25.7		(3.3)		22.4
Net loss attributable to noncontrolling interests	(4.0)		(3.3)		(7.3)
Net income attributable to Century stockholders	29.7		—		29.7
Less: Net income allocated to participating securities	1.5		—		1.5
Net income allocated to common stockholders	$	28.2	$	—	$	28.2

The effects of the corrections described above to the Company's consolidated balance statements were are shown below.


	March 31, 2025
	As Previously Reported		Restatement Impacts		As Restated
ASSETS
Non-trade receivables	$	—	$	7.7	$	7.7
Total current assets	821.9		7.7		829.6
Property, plant and equipment - net	972.2		169.8		1,142.0
Other assets	69.3		0.9		70.2
TOTAL	$	1,954.5	$	178.4	$	2,132.8
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accrued compensation and benefits	$	40.6	$	1.0	$	41.6
Non-trade payables	7.4		(7.4)		—
Accrued and other current liabilities	36.6		2.6		39.2
Total current liabilities	447.4		(3.8)		443.6
Accrued benefits costs - less current portion	129.3		14.5		143.8
Asset retirement obligations - less current portion	64.4		20.7		85.1
Total noncurrent liabilities	816.4		35.2		851.6

SHAREHOLDERS’ EQUITY:
Noncontrolling interests	(35.6)		147.1		111.5
Total equity	690.7		147.1		837.8
TOTAL	$	1,954.5	$	178.4	$	2,132.8

The effects of the corrections described above to the Company's consolidated statements of shareholders' equity are shown below.


Three Months Ended March 31, 2025
(As Previously Reported)	Noncontrolling interest		Total equity
Balance, December 31, 2024	$	(31.6)	$	662.7
Net income (loss)	(4.0)		25.7
Other comprehensive income (loss)	—		1.7
Share-based compensation	—		0.6
Noncontrolling interest of business acquired	—		—
Balance, March 31, 2025	$	(35.6)	$	690.7

(Restatement Impacts)
Net income (loss)	$	(3.3)	$	(3.3)
Noncontrolling interest of business acquired	7.8		7.8

(As Restated)
Balance, December 31, 2024	111.0		805.3
Net income (loss)	(7.3)		22.4
Other comprehensive income (loss)	—		1.7
Share-based compensation	—		0.6
Noncontrolling interest of business acquired	7.8		7.8
Balance, March 31, 2025	$	111.5	$	837.8

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that requires disclosure of the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense line item on the income statement. The standard also requires a qualitative description of other amounts included in each relevant expense line item on the income statement that are not separately disclosed. In addition, entities are required to disclose the nature and amount of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We do not expect any impact to the consolidated financial statements, but the standard will require certain additional disclosures. The Company plans to adopt this guidance for the annual period ending December 31, 2027.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance on the recognition, measurement and presentation of government grants. The new standard is effective for fiscal years beginning after December 15, 2028. Early adoption is permitted. The Company has previously analogized to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, to account for refundable tax credits as an income grant. The Company's policy on income grants under IAS 20 aligns with the updated guidance, and the Company does not expect a material effect on its consolidated financial statements upon adoption.