Century Aluminum Co (CENX) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending the Century Aluminum Company fourth quarter 2025 earnings conference call. My name is Matt and I'll be your moderator for today's call. (Operator Instructions) I have to pass the conference over to our host, Chad Rigg, Vice President of Finance and Treasurer. Chad, please go ahead.

午安.感謝您參加世紀鋁業公司2025年第四季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作員指示）我必須把會議交給我們的主持人，財務副總裁兼財務主管查德·里格。查德，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to the fourth quarter conference call. I'm joined here today by Jesse Gary, Century's President and Chief Executive Officer, and Peter Trpkovski, executive Vice President and Chief Financial Officer.

謝謝接線生。各位下午好，歡迎參加第四季電話會議。今天和我一起出席的有世紀公司總裁兼執行長傑西·加里，以及執行副總裁兼財務長彼得·特普科夫斯基。

After our prepared comments, we will take your questions. As a reminder, today's presentation is available on our website at www.centuryaluminum.com. We use our website as a means of disclosing material information about the company and for complying with regulation FD.

在我們發表完準備好的發言後，我們將回答你們的問題。再次提醒，今天的簡報可在我們的網站 www.centuryaluminum.com 上查看。我們使用網站來披露有關公司的重要信息，並遵守 FD 法規。

Turning to slide 2, please take a moment to review the cautionary statements with respect to forward-looking statements and non-GAAP financial measures in today's discussion. And with that I'll hand the call to Jesse.

請翻到第二張投影片，花點時間回顧今天討論中有關前瞻性陳述和非GAAP財務指標的警示性聲明。接下來，我將把電話交給傑西。

Thanks, Chad. Thanks to everyone for joining. I'll start today with a discussion of Century's leading position in the American aluminum market, including exciting developments on our Oklahoma smelter partnership with EGA and the redevelopment of the Hawesville site into an AI digital infrastructure campus.

謝謝你，查德。感謝大家的參與。今天我將首先討論世紀鋁業在美國鋁市場的領先地位，包括我們與EGA在俄克拉荷馬州冶煉廠合作方面取得的激動人心的進展，以及將霍斯維爾廠址改建為人工智慧數位基礎設施園區。

I'll then review our Q4 operational performance, including good news on the timing of the restart of line two at Grundartangi before concluding my initial remarks with v a review of the outstanding global market conditions that we are operating in today.

接下來，我將回顧我們第四季度的營運業績，包括格倫達坦吉工廠二號生產線重啟時間的好消息，最後，我將回顧我們目前所處的卓越的全球市場狀況，以此結束我的開場白。

Peter will then walk you through our Q4 results and Q1 outlook before I conclude the call with a discussion on the significant tailwinds we see for the company in 2026, including our Mount Holly expansion project.

接下來，Peter 將帶您了解我們的第四季度業績和第一季展望，最後我將討論我們認為公司在 2026 年將面臨的重大利好因素，包括我們的 Mount Holly 擴建項目。

No company is more dedicated to US aluminum production than Century. Century is already the largest producer of aluminum in the United States, smelting nearly 60% of the country's primary aluminum, employing more American primary aluminum workers than any other company, and thanks to President Trump's leadership and the Section 232 program, we plan to invest billions more in new and expanded production at Mount Holly and our Oklahoma smelter project.

沒有一家公司比Century更致力於美國鋁的生產。世紀鋁業已經是美國最大的鋁生產商，冶煉了全國近 60% 的原鋁，僱用的美國原鋁工人比其他任何公司都多。感謝川普總統的領導和第 232 條款計劃，我們計劃在芒特霍利和俄克拉荷馬州的冶煉廠項目上再投資數十億美元，用於新的和擴大生產。

This has all been enabled by President Trump and the administration's policies, including the Section 232 program, which continues to be enforced with no exceptions and no exemptions. This sacred program has leveled the playing field for American aluminum producers and workers, and now for the first time in a generation, is leading to the reshoring of production of this critical mineral in a new modern smelter in Oklahoma.

這一切都歸功於川普總統及其政府的政策，包括第 232 條款計劃，該計劃將繼續嚴格執行，沒有任何例外或豁免。這項神聖的計畫為美國鋁生產商和工人創造了公平的競爭環境，現在，一代人以來第一次，它正引領著這種關鍵礦物的生產在俄克拉荷馬州新建的現代化冶煉廠中重新回流。

The Century is grateful to President Trump for his leadership, and we intend to continue to invest in America as the largest supplier of this critical mineral in the United States for decades to come.

世紀礦業感謝川普總統的領導，我們將繼續投資美國，在未來幾十年繼續成為美國最大的這種關鍵礦產供應商。

To this end, Century made substantial progress on our new smelter project in 2025, culminating in our recently announced partnership with EGA to build the first new smelter in the US in nearly 50 years. By combining efforts with EGA, we will pair Century's significant operating and supply chain expertise in the US with EGA's world-class expertise in aluminum smelting technology, construction, and operations.

為此，Century 在 2025 年的新冶煉廠項目上取得了實質進展，最終促成了我們最近宣布與 EGA 合作，在美國建造近 50 年來第一座新冶煉廠。透過與 EGA 攜手合作，我們將把 Century 在美國的卓越營運和供應鏈專業知識與 EGA 在鋁冶煉技術、建設和營運方面的世界級專業知識相結合。

As partners in the Oklahoma smelter, EGA will own 60% and Century will own 40%, and the project will benefit from our previously announced $500 million grant from the US Department of Energy. The project recently retained Bechtel to complete the next stage of engineering work, which should enable a final investment decision and groundbreaking by the end of the year.

作為俄克拉荷馬冶煉廠的合作夥伴，EGA 將擁有 60% 的股份，Century 將擁有 40% 的股份，該項目將受益於我們先前宣布的來自美國能源部的 5 億美元撥款。該項目最近聘請了貝克特爾公司完成下一階段的工程工作，這將使最終投資決定和破土動工成為可能，預計在年底前完成。

In addition, the Oklahoma smelter will be the first new smelter built with EGA's state of the art EX smelting technology, which will integrate cutting edge industry 4.0 and AI applications into the design and operation of the smelter, and it's expected to improve production capacity by over 20% from previous technology. This has allowed us to increase the expected size of the smelter to 750,000 metric tons, which alone will more than double the total US aluminum production and expand Century's position as the largest American producer.

此外，俄克拉荷馬州冶煉廠將是第一座採用 EGA 最先進的 EX 冶煉技術建造的新冶煉廠，該技術將尖端的工業 4.0 和人工智慧應用整合到冶煉廠的設計和運營中，預計其產能將比以前的技術提高 20% 以上。這使我們能夠將冶煉廠的預期規模擴大到 75 萬噸，僅此一項就將使美國鋁總產量翻倍以上，並擴大 Century 作為美國最大生產商的地位。

Truly, once built, the Oklahoma wood smelter will be amongst the most efficient and advanced in the world and the crown jewel of the US industrial base. We were also very pleased earlier this month to announce the sale and redevelopment of the Hawesville site into a digital infrastructure campus supporting high performance computing and artificial intelligence workloads by TeraWulf. This was an excellent result for the site and the community, which will benefit from the significant investment and job creation that will come from the data center development.

的確，一旦建成，俄克拉荷馬州的木材冶煉廠將成為世界上最有效率、最先進的冶煉廠之一，也是美國工業基礎的璀璨明珠。本月初，我們也非常高興地宣布，TeraWulf 已將 Hawesville 地塊出售並重新開發為數位基礎設施園區，以支援高效能運算和人工智慧工作負載。這對場地和社區來說都是一個極好的結果，資料中心開發帶來的大量投資和就業機會將使社區受益。

Under the terms of the transaction, Century received $200 million in cash and a 6.8% interest in the completed data center.

根據交易條款，Century 公司獲得了 2 億美元現金以及已建成資料中心 6.8% 的股份。

We are very glad to retain the stake in the future of the Hawesville site, which will allow us to participate in the value creation of a cutting-edge AI data center with ready access to 482 megawatts of immediately available power. The speed to power possibilities of the site have driven lots of immediate demand from hyperscale's and should drive desirable lease rates for the site, and TeraWulf has indicated it could have a data center online by the second half of 2027.

我們非常高興能夠保留 Hawesville 基地未來發展的股份，這將使我們能夠參與創造一個尖端人工智慧資料中心的價值，並隨時獲得 482 兆瓦的可用電力。該網站的快速發展潛力已經引發了超大規模企業的大量即時需求，並且應該會推高該網站的租賃價格。 TeraWulf 表示，到 2027 年下半年，其資料中心可能會上線。

We are confident that this equity stake should provide returns well in excess of the initial cash payment. Our 6.8% interest does not require any additional funding toward the multi-billion-dollar data center buildout, and we have the right to put our interests to TeraWulf on the first anniversary of data center operations commencing, providing a certainty of exit should we so choose.

我們相信，這項股權投資帶來的回報將遠遠超過最初的現金投入。我們持有的 6.8% 的股份無需為數十億美元的數據中心建設提供任何額外資金，而且我們有權在數據中心運營開始一周年之際將我們的股份轉讓給 TeraWulf，從而確保如果我們選擇退出，就能順利退出。

Turning to page four on operations, we saw excellent performance across our smelter assets in the fourth quarter, with Grundartangi quickly and safely restoring stability following the outage of potlines 2 and Mount Holly returning to the strong performance we have come to expect from the plant.

翻到營運方面的第四頁，我們看到，在第四季度，我們冶煉廠資產的整體表現非常出色，Grundartangi 在 2 號電解槽生產線停產後迅速安全地恢復了穩定性，而 Mount Holly 也恢復了我們一直以來對該工廠所期望的強勁表現。

I would like to take a specific moment to commend the team at Seabree who battled through some tough weather in the fourth quarter to conclude a record year for the smelter across a suite of KPIs and profitability metrics. To be able to achieve record performance after 50 years of operations is a testament to plant management and our entire workforce at Seabree. Congratulations to all.

我想藉此機會特別表揚一下 Seabree 團隊，他們在第四季度克服了惡劣天氣，最終使冶煉廠在各項關鍵績效指標和盈利能力指標方面都取得了創紀錄的成績。經過 50 年的運營，能夠取得創紀錄的業績，證明了 Seabree 工廠管理層和全體員工的卓越能力。恭喜各位。

At Jamalco, as everyone knows, in late October, Hurricane Melissa made landfall in Jamaica as a Category five hurricane. Our team did a good job preparing the plant, which included exercising their precautionary shutdown procedures ahead of the storm. This preparedness paid off as the refinery made it through the storm without significant damage and without suffering a single injury.

眾所周知，10 月下旬，颶風梅麗莎以五級颶風的強度在牙買加登陸。我們的團隊在工廠準備工作上做得很好，包括在暴風雨來臨前演練了預防性停機程序。這種準備工作得到了回報，煉油廠在風暴中安然無恙，沒有遭受重大損失，也沒有人員傷亡。

Following the storm, the plant was able to quickly restart basic operations. Damage to the broader Jamaican grid, however, did create significant instability in the supply of electrical power to the refinery, including lengthy periods where the refinery was without external power at all. This instability in electrical supply led to higher-than-expected costs in November and December and lower production volumes from a number of outages and a slower return to full capacity.

風暴過後，該工廠迅速恢復了基本運作。然而，牙買加電網的整體損壞確實對煉油廠的電力供應造成了嚴重的不穩定，包括煉油廠長時間完全沒有外部電力供應。電力供應的不穩定性導致 11 月和 12 月的成本高於預期，並且由於多次停電和恢復滿載生產能力的速度較慢，產量有所下降。

Good news is the refinery is now well on its way to full and stable production. Importantly, at Jamalco, we are also nearing completion of our first major capital improvement project at the plant with the installation of our new on-site power generation turbine known as TG4 on track to be completed in April.

好消息是，煉油廠目前正朝著全面穩定生產的方向穩步邁進。重要的是，在 Jamalco，我們工廠的第一個重大資本改進項目也即將完成，我們新的現場發電渦輪機 TG4 的安裝工作正按計劃進行，預計將於 4 月完成。

Once complete, TG4 will enable us to run the refinery with entirely self-generated energy, eliminating expensive purchases from the Jamaican grid and allowing us to run the entire refinery independently. The completion of TG4, which will gradually ramp up over the second quarter, will substantially lower the cost structure of the refinery and is a big part of our overall goal of returning the refinery to the second quartile of the global cost curve.

TG4 建成後，將使我們能夠完全依靠自發電來運營煉油廠，從而省去從牙買加電網購買昂貴電力的費用，並使我們能夠獨立運營整個煉油廠。TG4 的完工將在第二季逐步提高產能，這將大幅降低煉油廠的成本結構，也是我們使煉油廠恢復到全球成本曲線第二季度水準的總體目標的重要組成部分。

Nice job to the Jamalco team on keeping this project safe and on track despite the hurricane.

儘管遭遇颶風，Jamalco團隊依然出色地完成了工作，確保了專案的安全和按計劃進行。

Turning to Iceland, we have good news to report at Grundertangi, where our global team is working tirelessly to return the smelter to full production much faster than originally anticipated. As we announced in October, the Grundartangi smelter was forced to temporarily stop production in pot line two following the failure of three of its electrical transformers, and the timeline for restart was dependent on how quickly replacement transformers could be manufactured, shipped, and installed at Grundartangi.

再來看看冰島，我們有好消息要報告，Grundertangi 冶煉廠的全球團隊正在不懈努力，使該冶煉廠恢復全面生產的速度比最初預期的要快得多。正如我們在 10 月宣布的那樣，由於三台電力變壓器發生故障，格倫達坦吉冶煉廠被迫暫時停止二號電解槽生產線的生產，而重啟的時間取決於替換變壓器的製造、運輸和在格倫達坦吉安裝的速度。

With global supply chains for transformers stressed by the unprecedented demand from global data center construction, we continue to expect it will take until Q4 of this year for the new replacement transformers to be installed. The replacement transformers have all been ordered and are being manufactured now.

由於全球資料中心建設對變壓器的需求空前高漲，導致全球變壓器供應鏈面臨壓力，我們仍預期新的替換變壓器要到今年第四季才能安裝。替換用的變壓器已經全部訂購，現在正在生產中。

The good news here is we now expect that we will be able to repair some of the damaged transformers and begin to restart line two at the end of April, about six months sooner than originally anticipated. We still plan to install the new replacement transformers once they are completed, but we are confident that the repaired transformers will allow us to return the line to close to full production in the interim.

好消息是，我們現在預計能夠修復一些受損的變壓器，並在四月底開始重啟二號線路，比原計劃提前了大約六個月。我們仍計劃在新變壓器完工後進行安裝，但我們相信，維修後的變壓器將使我們能夠在過渡期間使生產線恢復到接近滿載的生產狀態。

While we'll be conservative in our ramp up plans and operations to avoid undue stress on the repaired transformers, we expect that line two and Grundartangi as a whole will return to close to full production by the end of July. This schedule and our anticipated production are included in our full year volume guidance shown on page 12.

雖然我們將採取保守的增產計劃和運營措施，以避免對修復後的變壓器造成過大的壓力，但我們預計到 7 月底，二號生產線和整個格倫達坦吉工廠將恢復到接近滿負荷的生產狀態。此生產計劃和我們預計的產量都包含在我們第 12 頁所示的全年產量指引中。

Finally, our insurers have now confirmed coverage from the event and the subsequent business interruption as we anticipated. We have recently received our first payment under these insurance policies, and we expect to receive additional payments under the policies on a lag as the claim is processed month by month through the end of the year. People will keep you updated as the cash comes in.

最後，我們的保險公司已經確認了此次事件及隨後業務中斷的保險範圍，正如我們預期的那樣。我們最近收到了這些保險單項下的第一筆賠款，預計在年底前，隨著理賠逐月處理，我們將陸續收到額外的賠款。資金到帳後，會有人及時通知你。

If you turn to page five, let's take a minute to review the excellent market conditions that we find ourselves in before I turn it over to Peter. Aluminum prices continue to rise in Q4 and into Q1 as global demand growth paired with a persistently challenged supply side drove aluminum prices to a four-year high of 3,325 in January, with spot prices today of approximately 3,100. The concurrent rally in copper and other industrial metals is providing additional support to the aluminum price rally.

翻到第五頁，在我們把麥克風交給彼得之前，讓我們花一分鐘時間回顧一下我們所處的優越市場環境。第四季及第一季度，全球需求成長加上供應持續面臨挑戰，推動鋁價在1月份達到四年來的最高點3,325美元，而目前的現貨價格約為3,100美元。銅和其他工業金屬價格的同步上漲為鋁價上漲提供了額外支撐。

As you can see on page 6, we continue to project global deficits of aluminum units in 2026, driving further contraction of global inventories to another post-financial crisis low and leaving the market exposed to further supply disruptions.

正如您在第 6 頁所看到的，我們繼續預測 2026 年全球鋁供應短缺，這將進一步導致全球庫存縮小至金融危機後的另一個低點，並使市場面臨進一步的供應中斷風險。

A good example of the supply side challenges is the recent confirmation that the 580,000 metric ton Mozal smelter in Mozambique will curtail full operations in March, causing a further drop in global inventories in order to replace those units in the market.

供應方面面臨的挑戰的一個很好的例子是，最近確認莫三比克年產能 58 萬噸的 Mozal 冶煉廠將於 3 月全面停產，這將導致全球庫存進一步下降，以便填補市場上的空缺。

The Mozal closure is likely to have the largest impact on the European regional premium as it is one of the largest suppliers of low carbon aluminum to continental Europe. Mozal, like Grundartangi, benefits from tariff-free access to the EU market, but replacement units will likely need to be sourced from tariff countries, putting further upward pressure on the EU duty paid premium and providing a benefit to other European producers like Grundartangi . The European premium has already begun rising following the initial implementation of Europe's carbon border adjustment tax, otherwise known as CBAM.

Mozal 的關閉可能會對歐洲區域溢價產生最大的影響，因為它是歐洲大陸最大的低碳鋁供應商之一。與 Grundartangi 一樣，Mozal 也受益於歐盟市場的免稅准入，但其替換零件可能需要從徵收關稅的國家採購，這將進一步推高歐盟關稅溢價，並使 Grundartangi 等其他歐洲生產商受益。。在歐洲碳邊境調節稅（又稱 CBAM）初步實施後，歐洲溢價已經開始上漲。

In the US, the increasing strength of the US economy, as demonstrated by strong industrial manufacturing activity and end user demand and improving building and construction data, has continued to drive the Midwest premium higher in Q4 and into Q1. Power and data infrastructure buildout should continue to drive additional aluminum demand in both the US and globally. Midwest and European spot premiums have climbed to $1 per pound and $365 per ton respectively as of today.

在美國，強勁的工業製造業活動和終端用戶需求，以及不斷改善的建築和施工數據表明，美國經濟的日益強勁，這繼續推動中西部地區的溢價在第四季度和第一季度走高。電力和數據基礎設施的建設將繼續推動美國乃至全球對鋁的需求成長。截至今日，美國中西部和歐洲的現貨溢價分別攀升至每磅 1 美元和每噸 365 美元。

Peter will now take you through our financial performance for Q1 and full year outlook.

接下來，Peter 將為大家介紹我們第一季的財務表現和全年展望。

Thank you, Jesse. I will start by outlining our year-end financial results and cash flow. I'll then address the timing of cash flows from the business interruption losses in Iceland, followed by a discussion of proceeds from Hasville, including our joint venture stake in the new data center project.

謝謝你，傑西。我將首先概述我們的年終財務表現和現金流狀況。接下來，我將討論冰島業務中斷損失的現金流量時間安排，然後討論 Hasville 的收益，包括我們在新資料中心專案中的合資股份。

Finally, I'll provide our Q1 outlook and highlight key expectations for the full year 2026. Let's turn to slide 8 and review our Q4 performance.

最後，我將提供我們第一季的展望，並重點介紹 2026 年全年的主要預期。讓我們翻到第 8 張投影片，回顧一下我們第四季的業績。

On a consolidated basis, fourth quarter shipments totaled approximately 140,000 tons, a decrease from the prior quarter due to the line loss in Iceland. Net sales for the quarter were $634 million a $2 million increase sequentially, primarily due to higher realized LME and Midwest premium, partially offset by lower shipments.

綜合來看，第四季出貨量約 14 萬噸，由於冰島航線停駛，比上一季下降。本季淨銷售額為 6.34 億美元，季增 200 萬美元，主要原因是倫敦金屬交易所 (LME) 和中西部地區溢價實現額增加，但部分被出貨量下降所抵銷。

For the quarter, we reported net income of $1.8 million or $0.02 per share. Our adjusted net income was $128 million or $1.25 per share, excluding exceptional items. Exceptional items mainly comprise of adjustments for share-based compensation. Unrealized losses on derivative contracts, business interruption losses in Iceland, and the impact of Hurricane Melissa in Jamaica.

本季度，我們公佈的淨收入為 180 萬美元，即每股 0.02 美元。扣除特殊項目後，我們調整後的淨收入為 1.28 億美元，即每股 1.25 美元。特殊項目主要包括以股份為基礎的薪酬調整。衍生性商品合約未實現損失、冰島的業務中斷損失以及颶風梅麗莎對牙買加的影響。

Adjusted EBITDA for the quarter was $171 million primarily attributable to higher LME and regional premiums, as well as improved operating expenses and increased volume at [Mozambique] from Q3 levels.

本季調整後 EBITDA 為 1.71 億美元，主要歸功於 LME 和區域溢價上漲，以及營運費用改善和莫三比克銷售量較第三季有所成長。

During the quarter, we continued to strengthen our balance sheet. We ended the period with a cash balance of $134 million. As previously communicated, the proceeds from the refinancing of senior notes were utilized to fully repay the remaining Iceland cast house facility debt in Q4, further simplifying our capital structure and reducing net debt to $421 million.

本季度，我們繼續加強了資產負債表。期末現金餘額為 1.34 億美元。正如之前所溝通的那樣，高級票據再融資所得款項已用於在第四季度全額償還剩餘的冰島鑄造廠設施債務，進一步簡化了我們的資本結構，並將淨債務減少至 4.21 億美元。

Now let's turn to page NINE and I'll provide a breakdown of adjusted EBITDA results from Q3 to Q4. Adjusted EBITDA for the fourth quarter increased $70 million to $171 million. Realized LME of $2,615 per ton was up $105 versus prior quarter. Realized US Midwest premium of $0.80 a pound, or $1,775 per ton was up $350 and higher European premium was up $35 per ton to $230.

現在讓我們翻到第九頁，我將提供第三季到第四季的調整後 EBITDA 結果明細。第四季調整後 EBITDA 增加 7,000 萬美元，達到 1.71 億美元。倫敦金屬交易所（LME）實際成交價為每噸2,615美元，較上一季上漲105美元。美國中西部實際溢價為每磅 0.80 美元，或每噸 1,775 美元，上漲了 350 美元；歐洲溢價上漲了 35 美元，每噸 230 美元。

Taken together. LME and regional premium pricing contributed an incremental $59 million compared with the prior quarter. Energy costs were flat in Q4 as anticipated. Alumina and our other key raw materials were in line with our previously provided outlook.

綜合來看。與上一季相比，倫敦金屬交易所 (LME) 和區域溢價定價貢獻了 5,900 萬美元的增量收入。如預期，第四季能源成本保持穩定。氧化鋁和其他主要原料的供應情況與我們先前所給的預期一致。

As mentioned on our last call, improved operational performance at Mount Holly increased volume and lowered operating costs, improving adjusted EBITDA by $10 million and $5 million respectively compared to Q3.

正如我們在上次電話會議中提到的，Mount Holly 營運績效的提高增加了產量並降低了營運成本，與第三季度相比，調整後的 EBITDA 分別提高了 1000 萬美元和 500 萬美元。

Now let's turn to slide ten for a look at cash flow. We began the quarter with $151 million in cash. During the fourth quarter, we generated operating cash flow of $170 million and received our 45x check for fiscal year '24 in the amount of $75 million as mentioned on our last call.

現在讓我們翻到第十張投影片，看看現金流狀況。本季初，我們擁有1.51億美元的現金。第四季度，我們產生了 1.7 億美元的營運現金流，並收到了 2024 財年的 45 倍支票，金額為 7,500 萬美元，正如我們在上次電話會議上所提到的。

We continue to accrue 45X tax credits. As of December 31, we have a receivable of $173 million related to full year 2023 and 2025 US production. We expect to receive the majority of this credit in cash shortly after our tax filing sometime in Q2.

我們持續獲得 45 倍稅收抵免。截至 12 月 31 日，我們有 1.73 億美元的應收帳款，與 2023 年和 2025 年美國全年生產有關。我們預計將在第二季報稅後不久以現金形式收到這筆稅收抵免的大部分。

During the fourth quarter, we reduced net debt by $54 million. This reduction was primarily due to the repayment of the outstanding Iceland cast house notes, partially offset by the mismatch in timing from lost margin at Grundartangi. The Iceland revolver draw reflects increased working capital needs as business interruption losses started to accumulate when the Grundartangi line went down in late October.

第四季度，我們減少了5,400萬美元的淨債務。這一減少主要是由於償還了冰島鑄造廠的未償票據，部分被格倫達坦吉損失利潤導致的時機不匹配所抵消。冰島循環信貸額度的提取反映了隨著 10 月下旬 Grundartangi 輸油管停駛導致業務中斷損失開始累積，營運資金需求增加。

As Jessie mentioned, we now have confirmation of coverage from our insurers at Grundertoni, and we will have received a reimbursement of close to $40 million in Q1. We expect to receive insurance reimbursements on about a one to two quarter lag from our realized business interruption losses.

正如 Jessie 所提到的，我們現在已經從 Grundertoni 保險公司確認了承保範圍，我們將在第一季度收到近 4000 萬美元的賠償。我們預計在實際發生業務中斷損失後一到兩個季度左右會收到保險賠償。

We funded $34 million of capital expenditures in the quarter that went towards the new power generator and other ongoing investments at Jamalco, the initial payments for new replacement transformers in Iceland, as well as sustaining capex at the smelters. We had $15 million in hedge settlements during the quarter.

本季我們為 Jamalco 的新發電機和其他持續投資提供了 3,400 萬美元的資本支出資金，為冰島的新替換變壓器支付了首付款，以及為冶煉廠維持資本支出。本季我們進行了1500萬美元的對沖結算。

At year end, the company paid $18 million in withholding taxes on share-based compensation. Finally, we had a working capital build this quarter due to the timing of LME linked alumina shipments.

年底，該公司繳納了 1,800 萬美元的股權激勵預扣稅。最後，由於與倫敦金屬交易所 (LME) 相關的氧化鋁出貨時間，我們本季增加了營運資金。

We ended Q4 with $134 million in cash and strong liquidity in place to support our continued focus on restarting idle capacity at Mount Holly to increase US aluminum production by 10%.

在第四季末，我們擁有 1.34 億美元的現金和充足的流動性，以支持我們繼續專注於重啟 Mount Holly 的閒置產能，從而將美國鋁產量提高 10%。

As Jesse mentioned, we made good progress in Q4 on planning the restart of Line two at Grundartangi, where, amongst other things, we ordered three new transformers to replace the failed units. The cash flow timing mismatch from Grundartangi restart spend and loss margin in Q4 and the insurance recoveries received in Q1 left us short of our capital allocation targets at year end.

正如傑西所提到的，我們在第四季度對格倫達坦吉二號線的重啟計劃取得了良好進展，其中包括訂購了三台新的變壓器來替換故障的變壓器。第四季 Grundartangi 的重啟支出和損失率與第一季收到的保險賠償金之間的現金流時間錯配，導致我們在年底未能達到資本配置目標。

We are on track to exceed those capital allocation targets in Q1. And we would expect to come back to you on our Q1 call with detail on our go forward capital allocation plans in line with the guidance Jesse shared with you all on our Q3 call.

我們預計在第一季超額完成這些資本配置目標。我們預計將在第一季電話會議上向大家詳細介紹我們未來的資本配置計劃，與傑西在第三季電話會議上與大家分享的指導意見一致。

Our year-end cash does not include the $200 million from the recent sale of Hallsville, which closed in February. In addition, we retained a 6.8% non-diluted stake in the fully completed data center at the site. Based on current lease pricing, Terrewolf operating margins for data center co-location facilities, and prevailing sector evaluation multiples, we believe our 6.8% interest is worth well in excess of our initial cash proceeds. Importantly, Century has no obligation to fund development costs at Hawesville.

我們年末現金流不包括最近出售 Hallsville 所得的 2 億美元，該交易已於 2 月完成。此外，我們保留了該地已完全建成的資料中心 6.8% 的非稀釋股份。根據目前的租賃價格、Terrewolf 資料中心託管設施的營運利潤率以及現行的行業評估倍數，我們認為我們 6.8% 的權益價值遠遠超過我們最初的現金收益。重要的是，世紀公司沒有義務承擔霍斯維爾的開發費用。

Now let's turn to slide 11 and look ahead to the next 90 days. For Q1, the lagged LME of $2850 per ton is expected to be of about $230 versus Q4 realized prices. The Q1 leg US Midwest premium of $2140 per ton, or about 0.97 per pound, is up $365 per ton versus Q4. The European duty paid premium is expected to be about $315 per ton in Q1, or up about $80.

現在讓我們翻到第 11 張投影片，展望接下來的 90 天。預計第一季倫敦金屬交易所（LME）滯後價格為每噸 2850 美元，而第四季實際價格約為每噸 230 美元。第一季美國中西部地區的溢價為每噸 2,140 美元，或每磅約 0.97 美元，比第四季度上漲了每噸 365 美元。預計第一季歐洲完稅溢價約為每噸 315 美元，比上一季上漲約 80 美元。

Taken together, the lagged LME and delivery premium changes are expected to have a $70 million to $80 million increase to Q1 adjusted EBITDA when compared with Q4 levels.

綜合來看，滯後的 LME 和交割溢價變化預計將使第一季調整後的 EBITDA 比第四季增加 7,000 萬至 8,000 萬美元。

Partially offsetting improved revenues was a temporary US energy price spike that lasted about two weeks from Winter Storm Fern that impacted prices at Seabree. This approximate two week impact had a $20 million adjusted EBITDA headwind as Seabree.

冬季風暴「蕨類植物」導緻美國能源價格暫時飆升，持續約兩週，部分抵消了收入的成長，也影響了 Seabree 的價格。大約兩週的時間，Seabree 的調整後 EBITDA 受到不利影響，導致其損失達 2000 萬美元。

As a reminder, we do have financial hedges that sit below the line and out of adjusted EBITDA that will have a cash settlement. For Q1, we had hedged approximately 25% of our Indiana hub exposure. Thus, the net cash impact of this two week impact is approximately $15 million after considering $5 million of positive hedge settlements.

再次提醒，我們有一些金融對沖產品位於調整後 EBITDA 之外，這些對沖產品將以現金結算。第一季度，我們對約 25% 的印第安納樞紐風險敞口進行了對沖。因此，考慮到 500 萬美元的正面對沖結算，這兩週的淨現金影響約為 1500 萬美元。

Temperatures have now improved across the Midwest, and energy prices have already returned to historical levels. Looking at our raw materials, we continue to see moderate increases in our coke, pitch, and caustic prices. Taken together, we see a small headwind of about 0 to $5 million sequentially. We expect OpEx to be a headwind of 0 to $5 million into Q1 as we prepare to bring back all of our idol production in Q2.

目前中西部地區的氣溫已經回升，能源價格也已恢復到歷史水準。從原料方面來看，焦炭、瀝青和燒鹼的價格持續溫和上漲。綜合來看，我們預計環比將出現約 000 至 500 萬美元的小幅不利影響。我們預計，由於我們準備在第二季度恢復所有偶像的生產，第一季的營運支出將面臨 000 至 500 萬美元的阻力。

Volume and sales mix should also improve by $5 million as our new sales contracts begin to reflect an uplift in bill of sales as indicated on our last call. Also, at expected realized prices, we expect Q1 adjusted EBITDA in the range of $215 million to $235 million.

正如我們上次電話會議中所指出的，隨著新的銷售合約開始反映出銷售額的成長，銷售和銷售組合也將改善 500 萬美元。此外，以預期實現價格計算，我們預計第一季調整後 EBITDA 將在 2.15 億美元至 2.35 億美元之間。

Consistent with prior practice, we also include the estimated hedge and tax impacts to help model our business at the bottom of the page. We expect a $10 million to $15 million headwind from realized hedge settlements and a 0 to $5 million tax expense, both flowing through our Q1 P&L and impacting adjusted net income and adjusted earnings per share. Our appendix details the full hedge book and continues to show the vast majority of LME and regional premium volumes are exposed to market prices.

與以往做法一致，我們還在頁面底部列出了估計的對沖和稅務影響，以幫助我們建立業務模型。我們預計已實現的對沖結算將帶來 1,000 萬至 1,500 萬美元的不利影響，同時還將產生 0 至 500 萬美元的稅收支出，這兩項支出都將計入我們第一季的損益表，並對調整後的淨收入和調整後的每股收益產生影響。我們的附錄詳細列出了完整的對沖帳簿，並繼續表明倫敦金屬交易所 (LME) 和區域溢價交易量的絕大部分都暴露於市場價格之下。

Finally, before I hand it back to Jesse, I'd like to walk through our fiscal year 2026 outlook, which is summarized on page 12. We expect to ship approximately 630,000 tons of primary aluminum this year. This reflects the partial impact of restarting the remaining 90 pots at Mount Holly and bringing back line twoi at Grundartangi earlier than previously anticipated. Once completed, our total annualized production levels would be closer to 750,000 tons per year.

最後，在將報告交還給傑西之前，我想回顧一下我們 2026 財年的展望，該展望總結在第 12 頁。我們預計今年將出貨約63萬噸原鋁。這反映了在霍利山重新開放剩餘的 90 個陶罐以及比預期更早恢復格倫達坦吉的二號線路的部分影響。一旦完成，我們的年化總產量將接近每年75萬噸。

Turning to capital spending, we expect total cutbacks for the year in the range of 115 to $125 million for both sustaining and investment. This includes $45 million to bring back the last 90 pots at Mount Holly. This does not include the investment in transformer replacements in Iceland, as this capital is expected to be largely offset by insurance proceeds met applicable deductibles.

就資本支出而言，我們預計今年維持性支出和投資支出將總共削減 1.15 億至 1.25 億美元。其中包括斥資 4500 萬美元，用於恢復芒特霍利最後 90 個高爾夫球洞。這不包括在冰島更換變壓器的投資，因為預計這筆資金將主要由保險賠償金在扣除適用的免賠額後抵消。

Across our portfolio, we are making positive high return investments to improve the performance and profitability of our asset base, including growing production at Mount Holly and continuing to lower the cost structure of our Jamalco investment. Finally, we expect cash interest to decline in 2026, reflecting lower coupon on our senior notes and simplified capital structure.

在我們的投資組合中，我們正在進行積極的高回報投資，以提高我們資產基礎的績效和盈利能力，包括提高 Mount Holly 的產量，並繼續降低我們對 Jamalco 的投資的成本結構。最後，我們預期 2026 年現金利息將會下降，反映出我們的優先票據票息降低以及資本結構簡化。

And with that, I'll hand the call back to Jesse.

就這樣，我把電話交還給傑西。

Thanks, Peter. The Century has an exciting 2026 ahead of us. Strong demand conditions combined with fundamentally short US and European markets have created large global aluminum deficits and historically low inventory levels. This environment creates a unique opportunity for century to be able to add production in a market that is otherwise becoming increasingly short.

謝謝你，彼得。世紀之交，2026年將迎來激動人心的一年。強勁的需求狀況，加上美國和歐洲市場基本面短缺，造成了全球鋁供應嚴重短缺和庫存水準處於歷史低點。這種環境為世紀公司創造了一個獨特的機會，使其能夠在日益短缺的市場中增加產量。

In Europe, our improved restart timeline in Iceland should enable Grundartangi to supply additional metal units into a rising EDPP environment caused by the initial implementation of CBAM and production shortfalls in Mozambique and elsewhere.

在歐洲，我們在冰島改進的重啟時間表應該能夠使 Grundartangi 向不斷上漲的 EDPP 環境供應更多的金屬單元，這是由於 CBAM 的初步實施以及莫三比克和其他地方的生產短缺造成的。

In the US, our Mount Holly Restart Project is on track to increase US aluminum production by nearly 10% in 2026. The project is progressing on time and on budget, and we expect to begin restarting production in April and to be complete by the end of June.

在美國，我們的芒特霍利重啟計畫預計在 2026 年將美國鋁產量增加近 10%。該專案進展順利，按時按預算完成，我們預計將於 4 月開始恢復生產，並於 6 月底完成。

We've already hired over 100 incremental workers who are undergoing training to support the additional production, and preparation in the pot lines and other areas of the plant are well advanced. Combined with our Oklahoma smelter project, no one is investing more in American primary aluminum than Century.

我們已經增聘了 100 多名工人，他們正在接受培訓以支持額外的生產，花盆生產線和工廠其他區域的準備工作進展順利。加上我們在俄克拉荷馬州的冶煉廠項目，沒有任何一家公司比Century在美國原鋁領域的投資更多。

We are proud to follow President Trump's lead and to do our part to reindustrialize the US and restore American aluminum expertise and support American workers. It's hard not to peek forward to this summer where for the first time in over a decade all of Century's assets will be operating at full production capacity. These units have never been more needed and valuable than in today's resource constrained world.

我們很自豪能夠追隨川普總統的領導，為美國的再工業化、恢復美國的鋁業專業技術以及支持美國工人貢獻一份力量。很難不去期待今年夏天，因為十多年來，世紀能源的所有資產將首次滿載運轉。在當今資源匱乏的世界裡，這些設備比以往任何時候都更加重要和寶貴。

Our new and existing production will benefit from strong spot aluminum prices flowing through our contractual lags, driving higher realized prices than we have seen at any point in 2025 or year-to-date. At the same time, our total cost structure should be improved as the addition of the TG4 power turbine at Jamalco will be complete, lowering Jamalco energy costs, and US power prices should have returned to normal following winter storm burns.

我們的新生產和現有生產將受益於強勁的現貨鋁價透過合約滯後階段流入市場，從而推動實際價格高於 2025 年或今年迄今的任何時期。同時，隨著 Jamalco 的 TG4 發電渦輪機投入使用完成，我們的總成本結構將得到改善，Jamalco 的能源成本將降低，而且冬季風暴過後美國的電力價格應該已經恢復正常。

2026 is setting up to be a historic year for the century, and we are laser focused on execution to benefit from the opportunities that are in front of us.

2026 年有望成為本世紀具有歷史意義的一年，我們將全力以赴，抓住擺在我們面前的機會。

Thanks for your time, and we look forward to taking your questions today.

感謝您抽出時間，我們期待今天回答您的問題。

(Operator Instructions) Nick Giles with B Riley. You have that open.

（操作說明）Nick Giles 與 B Riley。你已經打開那個視窗了。

Yeah, thank, thanks very much, operator. Guys, congrats on getting the Hawesville done a deal with a, leading player like TeraWulf. That was really good to see. My first question, maybe just to clarifying one, the Q1 guide $215 to $235, that does add back the EBITDA that would have been recognized from Grundartangi, correct?

是的，謝謝，非常感謝接線員。夥計們，恭喜你們讓 Hawesville 與 TeraWulf 這樣一家領先的公司達成了協議。看到這一幕真是太好了。我的第一個問題，或許只是為了澄清一個問題，第一季業績指引為 215 至 235 美元，這是否加上了原本應從 Grundartangi 確認的 EBITDA？

Hey Nick, it's Peter. That's correct. Similar to how we did on the last call, we are adding back the loss margin at Grundartangi and including that here in our guide, so no further adjustments are required.

嘿，尼克，我是彼得。沒錯。與上次電話會議的做法類似，我們將 Grundartangi 的虧損額度加回，並將其納入我們的指南中，因此無需進一步調整。

Okay, great, I appreciate that. Maybe a broader question, metal tariffs seem well intact here.

好的，太好了，謝謝。或許應該提出一個更廣泛的問題，這裡的金屬關稅似乎仍然完好無損。

Midwest premium remains at record highs, so it's nice to see you guys continue to benefit from this. But investors really have varying views of whether tariffs hold, where MWP goes. So, my question is, can you give us a sense of earnings power not only in the current environment but maybe other price environments and what this means for, your capital allocation approach.

中西部地區的保費仍居高不下，很高興看到你們繼續從中受益。但投資者對於關稅是否會維持以及MWP的走向，確實有不同的看法。所以，我的問題是，您能否談談在當前環境下，以及其他價格環境下的獲利能力，以及這對您的資本配置方法意味著什麼？

Yeah, thanks Nick it's Peter again and it's a great question. As we did on page 11, we gave you what that $215 million to $235 million gets you from a realized price perspective and you may have saw in our appendix on page 18 we included our sensitivities for the major inputs for our business, but just a quick highlights to point out again referencing page 11.

是的，謝謝尼克，我是彼得，你問了個好問題。正如我們在第 11 頁所做的那樣，我們從實際價格的角度向您展示了 2.15 億美元到 2.35 億美元能為您帶來什麼，您可能已經在我們的附錄第 18 頁中看到了我們對業務主要投入的敏感性分析，但這裡只是快速地再次提及第 11 頁，指出一些重點。

If you look at our realized LME in that guide of $2850 per ton and you sort of marked it to the spot price today, LME is around $3100 a ton, that's about a $250 per ton increase and you can use the sensitivity to see what that mark is and continuing on the revenue side, Midwest, again we use $0.97 per pound. In our guide on a realized basis today it's about 1$0.04 per pound and that increase will also equate to an uplift in Midwest and there is a little bit of an uptick in EDPP, the European duty paid premium.

如果你看一下我們在指南中給出的 LME 實際價格，即每噸 2850 美元，然後你把它換算成今天的現貨價格，LME 價格大約是每噸 3100 美元，這大約是每噸 250 美元的漲幅，你可以用敏感度來查看這個調整值是多少，繼續說收入方面，中西部地區，我們再次使用每磅 0.97 美元。根據我們今天的實際價格指南，每磅價格約為 10.04 美元，這一增長也將帶動中西部地區價格上漲，歐洲完稅溢價 (EDPP) 也略有上漲。

You know we use the $315 for expectation on the guide. I think spot price today is around $365 per ton, so that's another $50 per ton. So for the three major revenue components again, if you took our midpoint of our guide of $225 million I think that's just a little bit over $550 million of uplift when you mark the three revenue components to spot.

你知道我們在指南中用 315 美元作為預期值。我認為今天的現貨價格大約是每噸 365 美元，所以每噸還要再加 50 美元。所以，對於三大主要收入組成部分，如果你採用我們指導方針的中點 2.25 億美元，我認為當你確定這三大收入組成部分時，增長幅度將略高於 5.5 億美元。

And then don't forget we had the winter storm fern impact in the first quarter, already behind us with temperatures already moderating, but as you see here again on page 11 we had an Indiana hub for sea breeze power price of around $69 estimated.

別忘了我們在第一季也受到了冬季風暴的影響，雖然氣溫已經回暖，但正如你在第 11 頁再次看到的那樣，印第安納州海風電力中心的價格估計約為 69 美元。

I think if you look at where we are today, it's February 19, we have a good idea where we are in Q1 and just assume a forward for the for the balance of Q1 and maybe the forward price looking in the Q2 it's about $40 on the screen so that's about a, $30 improvement in Indiana hub power price and that sensitivity is going to be just over $20 million.

我認為，看看我們今天所處的位置，現在是 2 月 19 日，我們對第一季度的情況有了大致的了解，假設第一季度剩餘時間的遠期價格，以及第二季度的遠期價格，屏幕上顯示約為 40 美元，這意味著印第安納州樞紐電力價格大約提高了 30 美元，而這種敏感性將略高於 2000 萬美元。

So, long winded answer, but just to sum it up for you. In revenue and in power combined that's about a $75 million uplift from our midpoint if you're taking the guide of $225 million to spot.

好了，說了這麼多，簡單總結一下。如果以 2.25 億美元的指導價計算，那麼收入和電力加起來將比我們的中點高出約 7,500 萬美元。

I think that's super helpful. I really appreciate that. Maybe my next question, just, you're making progress in Oklahoma. Good to hear Bechtel's involved. Obviously one of the key aspects will be an energy contract.

我覺得這非常有幫助。我非常感謝。我下一個問題可能是，您在俄克拉荷馬州取得了進展嗎？很高興聽到貝克特爾公司也參與其中。顯然，關鍵方面之一是能源合約。

I think in your initial press release you used the word progressing, so I was curious if there's anything you can share on that front. How would you expect that asset to compare to, energy costs and the rest of your portfolio? Anything you can add on that process would be really helpful.

我認為您在最初的新聞稿中使用了“進展中”這個詞，所以我很好奇您能否就此分享一些資訊。您認為該資產與能源成本以及您投資組合中的其他資產相比如何？如果您能為這個過程補充任何內容，那就太好了。

Sure, hey, Nick. It's Jesse, and obviously we're super excited about the Oklahoma project, super excited to be joining with EGA, in that joint venture, and really, I think there's a bright future ahead for that project and What's to come.

當然，嘿，尼克。我是傑西，顯然我們對俄克拉荷馬州的計畫感到非常興奮，非常興奮能與EGA公司合作成立合資企業，而且，我認為這個計畫以及未來的發展前景都非常光明。

As we mentioned, we are working on finalizing that power contract with EGA and with PSO who is the power provider, utility in that region, and we've been engaged making good progress. There's a lot of support, from the state, including from Governor Stitt, and so we just really need to do the work there and get where we need to be. .

正如我們之前提到的，我們正在與EGA以及該地區的電力供應商和公用事業公司PSO敲定電力合同，並且我們一直在積極推進，取得了良好的進展。州政府，包括州長史蒂特，都給了我們很多支持，所以我們只需要努力工作，達到我們想要的目標。。

In terms of where we end up on the pricing side, I'm not going to give any guidance there, but what I will say is, obviously for an investment of this size, that power contract needs to be enabling and attractive to make sure that we can get the return on the investment that's required, and that's obviously a key aspect for us and something that we're driving towards with PSO.

至於最終的定價，我不會給出任何指導意見，但我可以肯定的是，對於如此規模的投資，電力合約必須具有吸引力，以確保我們能夠獲得所需的投資回報，這顯然是我們關注的關鍵方面，也是我們透過PSO努力實現的目標。

Well, Jesse, that's good to hear, because I have more, but I'll turn it over for now. Thanks a lot.

傑西，聽到這個消息真好，因為我還有更多，但我現在先把它翻過來吧。多謝。

Thanks man.

謝謝老兄。

Thank you for your question.

謝謝你的提問。

(Operator Instructions) katja jancic from BMO capital markets. You don't have that open.

（操作員說明）來自 BMO 資本市場的 katja jancic。你沒有打開那個視窗。

Hi, thank you for taking my questions.

您好，感謝您回答我的問題。

Maybe starting on the new smelter. So, when you look ahead, what are some of the next milestones beyond the power contracts that we should be looking out for?

或許可以開始建造新的冶煉廠了。那麼，展望未來，除了電力合約之外，我們還應該關注哪些里程碑事件？

Sure, katja. Thanks. So, as I said, working with TGA, and as we recently announced, we've hired Bechtel to do the engineering work there. So, Next steps are finalize that power contract, work with Bechtel to finish the next stage of engineering work.

當然，卡佳。謝謝。所以，正如我所說，我們與TGA合作，而且正如我們最近宣布的那樣，我們已經聘請了貝克特爾公司在那裡進行工程工作。因此，下一步是敲定電力合同，並與貝克特爾公司合作完成下一階段的工程工作。

Finalize, our cost and CapEx structure, and as you might imagine there's a number of other work streams, there, but those are the really the big ones finalizing that, our contract, working through the final stages of engineering work, making some progress on the financing for the project, and, working towards making a final investment decision in Q4 this year.

最終確定我們的成本和資本支出結構，正如你可能想像的那樣，還有許多其他工作流程，但這些才是真正重要的：最終確定我們的合同，完成工程工作的最後階段，在項目融資方面取得一些進展，並努力在今年第四季度做出最終的投資決定。

And regarding financing options, are you in any discussions with potentially with the government to get or do you qualify for any government type of project level finance beyond the DOE money that you got?

至於融資方案，您是否正在與政府進行任何討論，以獲得或您是否有資格獲得您獲得的能源部資金之外的任何政府專案級融資？

There are a number of financing options available to us, Katia, some of which, are potentially available from the government, so we're working down all those paths simultaneously to find whatever is the most attractive package, but we are excited about the various different options outstanding. We do think they will be attractive in the end, and we just need to do the work to bring those to fruition.

卡蒂亞，我們有很多融資選擇，其中一些可能來自政府，所以我們正在同時研究所有這些途徑，以找到最有吸引力的方案，但我們對各種不同的選擇感到興奮。我們認為它們最終會很有吸引力，我們只需要努力將它們變成現實。

Let me just one quick one. I don't know if I missed this, but did you tell us, what the assumed margin loss, in [perscue] is for the Iceland? In the guidance.

就讓我快速問一個問題。我不知道我是否錯過了，但您有沒有告訴我們，在 [perscue] 中，冰島的假定保證金損失是多少？指南中。

Hey katja, no, I didn't, I didn't say the number specifically, but as you recall and I think what you saw on the cash flow walk, we had lost margin of $40 to $50 million in the fourth quarter. And the prices continue to rise higher that could have an impact on that number, so no specific guidance on that, but we're just mainly looking at price changes quarter to quarter.

嘿，卡佳，不，我沒有，我沒有具體說出那個數字，但正如你所記得的，我想你在現金流分析中也看到了，我們在第四季度損失了 4000 萬到 5000 萬美元的利潤。而且價格持續上漲可能會對這個數字產生影響，所以目前沒有具體的指導意見，我們主要關注的是季度間的價格變化。

And just a reminder katja that we did start to get the insurance proceeds to offset that lack of cash margin in the quarter. So, we will have the cash in the first quarter sort of lines up nicely with with the Q4 loss margin and as I said on the call earlier, continue to expect those insurance proceeds to come sort of on a one to two quarter like basis.

還有一點要提醒卡佳，我們本季已經開始收到保險賠償金，以彌補現金儲備不足的問題。因此，我們第一季的現金流與第四季的虧損率基本吻合，正如我之前在電話會議上所說，預計這些保險賠償金將在大約一到兩個季度內到達。

Okay, thank you.

好的，謝謝。

Thanks, katja.

謝謝你，卡佳。

(Operator Instructions) Matthew Key with Texas Capital. Your eyes in the open.

（操作說明）Matthew Key，來自德州資本。睜開你的雙眼。

Good afternoon and thanks for taking my questions. Wanted to touch on the outage at Iceland. What type of capacity utilization should we be expecting over the first half of 26, kind of while we wait for the new transformers? I'm just trying to get a sense for shipment cadence out of there.

下午好，感謝您回答我的問題。想談談冰島的停電事件。在等待新變壓器到位期間，我們應該預期 2026 年上半年的產能利用率是多少？我只是想了解那裡的發貨節奏。

Yeah, so until that line two comes back up, Nick, you're looking right now line one is producing about a third of the overall Grundartangi volume. So if you just take our normal run rate of 315 to 320,000, take that as a third, that's about what we're getting out of Iceland until, line two is back up and running.

是的，所以，尼克，在第二條線路恢復運行之前，你現在看到的這條線路大約生產了 Grundartangi 總產量的三分之一。所以，如果我們以正常運轉速度 315,000 到 320,000 來算，就以三分之一來算，這大概就是我們在冰島的產量，直到二號線恢復運作為止。

And then also just keep in mind in Q2 we're going to be restarting those additional Mount Holly tons and so those will come on over the course of that quarter returning that plant to full production. So really if you take both Grundartangi and Mount Holly.

另外，請記住，在第二季度，我們將重啟芒特霍利工廠的額外噸位產能，這些產能將在該季度逐步恢復，使該工廠全面投入生產。所以，如果你同時選擇格倫達坦吉山和霍利山的話。

Take yourself to, with respect to Mount Holly end of June, with respect to Grundartangi end of July, we should be entering August running at full production, 100% utilization capacity across the smelters.

就芒特霍利而言，預計六月底完工；就格倫達坦吉而言，預計七月底完工；進入八月份，所有冶煉廠的產能利用率將達到 100%。

Got it. Okay, that's helpful. And just in in regards to the sale of Hallsville and the put option on that data center ownership, do you expect to utilize that ownership, or that put option for the ownership to fund the new smelter, or should we be thinking that, thinking of that as more of a long-term investment for the company, based on the timing of when those both of those projects are expected to come online, I imagine it'd be pretty tight window there, but I just wanted to get your thoughts on that.

知道了。好的，這很有幫助。關於霍爾斯維爾的出售以及該資料中心所有權的賣出選擇權，您是否計劃利用該所有權或賣出選擇權為新的冶煉廠提供資金？或者我們應該將其視為公司的長期投資？考慮到這兩個項目預計上線的時間，我估計時間窗口會非常緊張，但我只是想聽聽您的看法。

Yeah, Matt. I think that it does provide a great liquidity option for us and certainty that we will be able to exit should we so choose, but as you as you can see and even just using the walk that he just did marking our current outlook to spot.

是的，馬特。我認為它確實為我們提供了一個很好的流動性選擇，並確保如果我們選擇退出，我們能夠退出。但是，正如你所看到的，即使只是利用他剛才的散步來標記我們目前的前景。

We will be generating significant EBITDA and cash flow just from the regular operation of the business, and that should be more than sufficient to cover any financing needs that we need for the new Oklahoma smelter over this time period. But so, we will just continue then to maximize the value of that hostel steak in whatever format it needs to be, but the put option is nice because it does give us certainty of exit should we still wish.

僅從業務的正常營運中，我們將產生可觀的 EBITDA 和現金流，這應該足以滿足我們在此期間為俄克拉荷馬州新冶煉廠所需的任何融資需求。所以，我們將繼續以任何形式最大化這家旅館牛排的價值，但看跌期權很好，因為它確實能給我們提供退出的確定性，如果我們仍然想退出的話。

We actually, are very hopeful that that stake is going to be quite valuable, and we will. Continue to either hold that if that's what makes the most sense, or we can look to sell or exit to a third-party as well if that happens to me it would make sense. So we'll just value maximize there, over time, but we're excited to own it. I think it's a great, way for us to stay participant in Hawesville, and also should hopefully create a lot of value for shareholders.

事實上，我們非常希望這筆投資能帶來相當大的價值，而我們也確實相信它會如此。如果繼續持有是最合理的選擇，那麼我們也可以考慮出售或退出給第三方，如果這種情況發生在我身上，那也是合理的。所以我們會隨著時間的推移，盡可能地實現價值最大化，但我們對擁有它感到很興奮。我認為這是我們繼續參與霍斯維爾計畫的好方法，並且有望為股東創造很多價值。

Got it. Well, I appreciate the time and best of luck moving forward.

知道了。感謝您抽出時間，祝福您未來一切順利。

Thanks.

謝謝。

Thank you for your question.

謝謝你的提問。

(Operator Instructions) Nick Giles

（操作說明）尼克吉爾斯

Hey guys, thanks for taking my follow-up. Just beyond the point of, when you start to analyze the Q1 guide, it is a significant amount of EBITDA and cash flow. I know there's a lot of noise in the cash flow statement this year with all that's happening, but you're not really going to be spending a lot of the cash in Oklahoma until I assume 2027 at the earliest.

大家好，感謝你們回覆我的後續問題。就在你開始分析第一季業績指引的時候，你會發現 EBITDA 和現金流數額龐大。我知道由於今年發生了很多事情，現金流量表中有很多波動，但據我估計，最早也要到 2027 年，你才有可能在俄克拉荷馬州花掉很多現金。

So, what do you plan to do with the cash in the meantime? Would you be willing to pay down, incremental debt between now and then? Would shareholder returns be on the table? Just appreciate any. Any commentary around timing.

那麼，你打算在這段時間如何使用這筆現金呢？從現在到那時，您是否願意逐步償還債務？股東回報是否會被提上議程？任何形式的幫助我都感激不盡。關於時間安排方面有什麼評論嗎？

Sure, Nick, thanks. Great question. And obviously on slide 22 of the appendix, we do have our capital allocation slide, and you have our capital allocation targets. Now, as Peter mentioned in Q1, we should achieve those targets and as you just said, we should be generating significant cash flow.

當然，尼克，謝謝。問得好。顯然，在附錄的第 22 頁，我們有資本配置投影片，以及我們的資本配置目標。正如 Peter 在第一季提到的那樣，我們應該實現這些目標，正如你剛才所說，我們應該產生可觀的現金流。

So, we always have the ability to pay down debt. We'll run down and continue to fund our organic CapEx, as we have those opportunities. Good examples there. Mount Holly Restart or TG4 at Jamalco, and we'll continue to be opportunistic when looking at what is at M&A, fianland then, if we do have cash left over, we will look at returns to shareholders and, as I laid out on our Q3 call, to give you some idea of the type of returns that we might be looking at.

所以，我們始終有能力償還債務。我們將繼續推進並資助我們的有機資本支出，只要有機會。這些都是很好的例子。Mount Holly Restart 或 Jamalco 的 TG4，我們將繼續在併購和金融領域尋找機會，如果還有剩餘現金，我們將考慮股東回報，正如我在第三季度電話會議上闡述的那樣，讓大家了解我們可能尋求的回報類型。

Awesome that's good to hear maybe just one more while I have you I'm sure it's more obvious to others than it is to me, but can you just talk about, the logical alumina supply for Oklahoma or just kinda, what remind us what type of excess capacity that you have at your disposal and you know we can make our assumptions about where that would go.

太好了，很高興聽到這個消息。趁你還在，我再問一個問題。我知道這對其他人來說可能比對我來說更顯而易見，但你能談談俄克拉荷馬州合理的氧化鋁供應情況嗎？或者，你能提醒我們一下你們有哪些過剩產能嗎？這樣我們就可以推測這些產能的用途了。

Sure. As our current book consists of our own production out of Jamalco, which is a great refinery, great quality of alumina, and so that would be one source that's available. We're also the largest, customer of the Gramercy, refinery in Louisiana, and we have a number of third-party contracts, that we source alumina from.

當然。由於我們目前的庫存全部來自 Jamalco 的自有產品，Jamalco 是一家很棒的精煉廠，生產高品質的氧化鋁，因此這是一個可用的來源。我們也是路易斯安那州格拉梅西煉油廠最大的客戶，我們也與多家第三方簽訂了合同，從中採購氧化鋁。

So, all of those are potential sources for the for the new smelter and we'll work with EGA to determine the best source for the new EX technology there and make sure we're running aluminous sources through that maximize the value of that really high caliber technology we're installing in Oklahoma.

所以，這些都是新冶煉廠的潛在來源，我們將與EGA合作，確定那裡新的EX技術的最佳來源，並確保我們使用的鋁源能夠最大限度地發揮我們在俄克拉荷馬州安裝的這項高水平技術的價值。

But basic answer to your question, nick, I think there's a number of sources that should be available, including sources within our own control.

但對於你的問題，尼克，最基本的回答是，我認為應該有很多資訊來源，包括我們自己可以控制的資訊來源。

Great. Well, guys, again, I appreciate the update and keep up the good work.

偉大的。各位，再次感謝你們的更新，請繼續努力。

Thanks, Nick.

謝謝你，尼克。

Thank you for your question.

謝謝你的提問。

(Operator Instructions) so I'll pass the call back to the management team for any closing remarks.

（操作員指示）因此，我將把電話轉回給管理團隊，讓他們做最後的總結發言。

Thanks to everyone for joining. Super excited about what 2026 holds for century and look forward to talking to you all again on the Q1 call. Thanks a lot. Bye.

感謝大家的參與。對 2026 年本世紀的發展充滿期待，期待在第一季電話會議上再次與大家交流。多謝。再見。

That concludes the conference call.

電話會議到此結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。