Graftech International Ltd. · NYSE:EAF
Graftech International — Q1 2026 Earnings Presentation
20 slides from Graftech International's earnings presentation, May 1, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results May 1, 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 Implementing price increase on uncommitted volume 2 Advocating for fair trade and market stability 3 Managing impact of geopolitical developments 4 Positioning GrafTech to capitalize on emerging opportunities We will continue to act decisively to build on our commercial,
Slide 5: Steel Industry Trends
Steel Industry Trends (1) ▪ Q1 2026 global steel production, excluding China, of 212 million tons was up ~1% compared to Q1 2025 Steel Capacity Utilization Rates(2) 78% 78% 77% 76% 75% 68% 68% 67% 67% 66% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Global (ex-China) U.S. (1) Source: World Steel Associat
Slide 6: Global Steel Industry – Potential Near-term Catalysts
Global Steel Industry – Potential Near-term Catalysts Easing geopolitical tensions CBAM implementation “We are now transitioning to a path of modest growth in 2026, with a more pronounced acceleration Infrastructure investments Construction spending projected for 2027.”(1) “We expect to see all majo
Slide 7: Prioritizing Safety
Prioritizing Safety Total Recordable Incident Rate (“TRIR”)(1) 0.94 0.61 0.59 0.41 0.35 2022 2023 2024 2025 Q1 2026 (1) TRIR measured per 200,000 hours worked. 7
Slide 8: Production and Sales
Production and Sales ▪ Q1 2026 versus Q1 2025: • Production volume up 3% and sales volume up 14% • Net sales up 12% as the benefit of higher sales volume was partially offset by lower weighted-average realized prices Production Volume Sales Volume Net Sales (in thousands of metric tons (“MT”)) (in t
Slide 9: Cost Performance
Cost Performance Cash Cost of Goods Sold per MT(1) Identifying and executing $5,537 cost reduction opportunities: $4,595 $4,019 $4,290 $3,652 $3,848 $3,807 • Reducing raw material consumption • Optimizing energy efficiency • Enhancing procurement strategies • Reducing fixed cost expenditures • Impro
Slide 10: Earnings and Cash Flow
Earnings and Cash Flow ▪ Q1 2026: • Net loss of $43 million, or $1.66 per share(1) and adjusted EBITDA(2) of negative $14 million • Net cash used in operating activities of $15 million and adjusted free cash flow(2) of negative $27 million Adjusted Loss Per Share(1)(2) Adjusted EBITDA(2) Adjusted Fr
Slide 11: Liquidity and Debt Maturity Profile
Liquidity and Debt Maturity Profile ▪ Liquidity of $329 million as of March 31, 2026 continues to provide stability and a strong foundation from which to execute our strategies ▪ Substantially no debt maturities until December 2029 Liquidity Debt Maturity Profile (in millions) (in millions) 11
Slide 12: Why GrafTech?
Why GrafTech? An Industry Leader in the Production of High-Quality Graphite Electrodes ▪ Graphite electrodes are essential to the operation of an EAF ▪ Reflecting environmental benefits, growth in EAF steelmaking expected to continue outpacing integrated steelmaking Sustainable Competitive Advantage
Slide 13: Appendix
Appendix International 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow and
Slide 15: Reconciliation to Adjusted Net Loss
Reconciliation to Adjusted Net Loss Three Months Ended Mar 31, Dec 31, Sept 30, June 30, Mar 31, ($ in thousands) 2026 2025 2025 2025 2025 Net loss $ (43,277) $ (65,116) $ (28,482) $ (86,886) $ (39,351) Adjustments, pre-tax: Pension and OPEB plan expenses(1) 531 (3,109) 719 633 628 Foreign currency
Slide 16: Reconciliation to Adjusted Loss Per Share
Reconciliation to Adjusted Loss Per Share Three Months Ended Mar 31, Dec 31, Sept 30, June 30, Mar 31, 2026 2025 2025 2025 2025 Loss per share $ (1.66) $ (2.50) $ (1.10) $ (3.35) $ (1.52) Adjustments per share, pre-tax: Pension and OPEB plan expenses(1) 0.02 (0.12) 0.03 0.03 0.02 Foreign currency re
Slide 17: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended Mar 31, Dec 31, Sept 30, June 30, Mar 31, ($ in thousands) 2026 2025 2025 2025 2025 Net loss $ (43,277) $ (65,116) $ (28,482) $ (86,886) $ (39,351) Add: Depreciation and amortization 15,048 15,799 16,499 15,562 13,783 Interest expense 24,196 24,28
Slide 18: Reconciliation to Adjusted Free Cash Flow
Reconciliation to Adjusted Free Cash Flow Three Months Ended Mar 31, Dec 31, Sept 30, June 30, Mar 31, ($ in thousands) 2026 2025 2025 2025 2025 Net cash (used in) provided by operating activities $ (14,934) $ (20,894) $ 24,700 $ (53,236) $ (32,186) Capital expenditures (12,145) (18,371) (6,324) (3,
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 Mar 31, Dec 31, Sept 30, June 30, Mar 31, Dec 31, Sept 30, June 30, Mar 31, Dec 31, Dec 31, Dec 31, ($ in thousands, except per MT amounts) 2026 2025 2025 2025 2025 2024 2024 2024 2024 2025 2024 2023 Cost of goods sold $
Slide 20: GrafTech International Ltd. 982 Keynote Circle Brooklyn Heights, Ohio 44131
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
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