Graftech International Ltd. · NYSE:EAF
Graftech International — Q3 2026 Earnings Presentation
20 slides from Graftech International's earnings presentation, Oct 23, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results October 23, 2026 NYSE: EAF www.graftech.com
Slide 2: Today’s Presenters
Today’s Presenters Tim Flanagan Rory O’Donnell Chief Executive Officer Chief Financial Officer and President and Senior Vice President 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation and related discussions may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements
Slide 4: Key Strategic Initiatives
Key Strategic Initiatives 1 Building pricing momentum through disciplined commercial execution 2 Optimizing our manufacturing footprint to improve long-term profitability 3 Advocating for fair trade and market stability 4 Positioning GrafTech to capitalize on emerging opportunities We are taking dec
Slide 5: Steel Industry Trends
Steel Industry Trends (1) July-August 2026 global steel production, excluding China, of 142 million metric tons increased 2% compared to July-August 2025 (2) U.S. steel capacity utilization remained at or above 80% for the second consecutive quarter in Q3 2026 Steel Capacity Utilization Rates(2)
Slide 6: Global Steel Industry – Potential Growth Catalysts
Global Steel Industry – Potential Growth Catalysts Increased trade protections Energy transition investment Recovery in construction WORLD STEEL ASSOCIATION Infrastructure investment activity Outlook for finished steel demand growth, excluding China 2026 +1.5% Defense spending AI and data center inv
Slide 7: Prioritizing Safety
Prioritizing Safety Total Recordable Incident Rate (“TRIR”)(1) 0.94 0.61 0.59 0.47 0.41 2022 2023 2024 2025 Q3 YTD 2026 (1) TRIR measured per 200,000 hours worked. 7
Slide 8: Production and Sales
Production and Sales Q3 2026 versus Q3 2025: • Production volume increased approximately 2%; sales volume was flat • Net sales declined approximately 3%, primarily reflecting lower weighted-average realized graphite electrode pricing Production Volume Sales Volume Net Sales (in thousands of metric
Slide 9: Cost Performance
Cost Performance Cash Cost of Goods Sold per MT(1) Identifying and executing $5,537 cost reduction opportunities: $4,197 $4,290 $3,795 $3,807 • Improving manufacturing productivity $3,517 $3,653 • Enhancing operating discipline • Optimizing procurement effectiveness and energy efficiency • Offsettin
Slide 10: Earnings and Cash Flow
Earnings and Cash Flow Q3 2026: • Net loss of $47 million, or $1.76 per share(1), and adjusted EBITDA(2) of $9 million • Net cash used in operating activities of $8 million and adjusted free cash flow(2) of negative $16 million Adjusted Loss Per Share(1)(2) Adjusted EBITDA(2) Adjusted Free Cash Fl
Slide 11: Liquidity and Debt Maturity Profile
Liquidity and Debt Maturity Profile Liquidity of $242 million as of September 30, 2026 supports the execution of our operational and strategic initiatives Substantially no debt maturities until December 2029 Liquidity Debt Maturity Profile (1) (in millions) (in millions) (1) Gross debt reflects
Slide 12: Why GrafTech?
Why GrafTech? An Industry Leader in High-Quality Graphite Electrodes Graphite electrodes are essential to electric arc furnace (“EAF”) steelmaking Long-term growth in EAF steelmaking supported by the transition toward more sustainable steel production Differentiated Manufacturing and Raw Materia
Slide 13: Appendix
Appendix International 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow, ne
Slide 15: Reconciliation to Adjusted Net Loss
Reconciliation to Adjusted Net Loss Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, ($ in thousands) 2026 2026 2026 2025 2025 Net loss $ (46,768) $ (40,471) $ (43,277) $ (65,116) $ (28,482) Adjustments, pre-tax: Pension and OPEB plan expenses(1) 531 532 531 (3,109) 719 Foreign currency
Slide 16: Reconciliation to Adjusted Loss Per Share
Reconciliation to Adjusted Loss Per Share Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, 2026 2026 2026 2025 2025 Loss per share $ (1.76) $ (1.54) $ (1.66) $ (2.50) $ (1.10) Adjustments per share, pre-tax: Pension and OPEB plan expenses(1) 0.02 0.02 0.02 (0.12) 0.03 Foreign currency r
Slide 17: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, ($ in thousands) 2026 2026 2026 2025 2025 Net loss $ (46,768) $ (40,471) $ (43,277) $ (65,116) $ (28,482) Add: Depreciation and amortization 15,277 14,913 15,048 15,799 16,499 Interest expense 25,916 24,3
Slide 18: Reconciliation to Adjusted Free Cash Flow
Reconciliation to Adjusted Free Cash Flow Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, ($ in thousands) 2026 2026 2026 2025 2025 Net cash (used in) provided by operating activities $ (8,445) $ (68,612) $ (14,934) $ (20,894) $ 24,700 Capital expenditures (7,847) (6,864) (12,145) (18,
Slide 19: Reconciliation to Cash Cost of Goods Sold per MT
Reconciliation to Cash Cost of Goods Sold per MT Three Months Ended Year Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, June 30, Mar 31, Dec 31, Sept 30, Dec 31, Dec 31, Dec 31, ($ in thousands, except per MT amounts) 2026 2026 2026 2025 2025 2025 2025 2024 2024 2025 2024 2023 Cost of goods sold $
Slide 20: GrafTech International Ltd. Contact Information
Ticker: EAF (NYSE) GrafTech International Ltd. Website: www.graftech.com 982 Keynote Circle Contact: Michael Dillon Email: investor.relations@graftech.com Brooklyn Heights, Ohio 44131 Phone: 1.216.676.2000
GrafTech International — Q3 2026 Earnings Presentation on 6ix