Graftech International Ltd. · NYSE:EAF
Graftech International — Q4 2025 Earnings Presentation
23 slides from Graftech International's earnings presentation, Feb 6, 2026
Slide 1: Q4 2025 Results
Q4 2025 Results February 6, 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: GrafTech Delivered on 2025 Strategic Priorities
GrafTech Delivered on 2025 Strategic Priorities Grew full-year sales volume 6% year-over-year Achieved 48% year-over-year volume growth in the United States Delivered 11% year-over-year decline in cash costs per metric ton Achieved full-year cash flow performance and year-end liquidity position that
Slide 5: Prioritizing Safety
Prioritizing Safety Total Recordable Incident Rate (“TRIR”)(1) 0.94 0.61 0.59 0.41 2022 2023 2024 2025 Our 2025 TRIR represents GrafTech’s best safety performance on record (1) TRIR measured per 200,000 hours worked. 5
Slide 6: Steel Industry Trends
Steel Industry Trends Geopolitical uncertainty, particularly related to global trade and tariffs, has had a significant impact on steel industry trends Steel exports from China reached a record high in 2025 (1) Q4 2025 global steel production, excluding China, of 214 million tons versus 208 mi
Slide 7: Global Steel Industry – Potential Near-term Catalysts
Global Steel Industry – Potential Near-term Catalysts “This positive outlook is Easing geopolitical tensions CBAM implementation underpinned by the demonstrated resilience of the global economy, continued strength in public infrastructure investments … Infrastructure investments Construction spendin
Slide 8: Graphite Electrode Industry Dynamics
Graphite Electrode Industry Dynamics We are seeing signs of improving demand trends We project that global, excluding China, demand for graphite electrodes will increase slightly in 2026, compared to 2025 Reflects expectations for a modest improvement in steel industry trends as we proceed throu
Slide 9: Production and Sales
Production and Sales Q4 2025 versus Q4 2024: • Production volume up 11% and sales volume flat • Net sales down 13% reflecting lower weighted-average realized prices Full-year 2025 versus 2024: • Production volume up 15% and sales volume up 6% • Net sales down 6% reflecting lower weighted-average
Slide 10: Significant Improvement in Cost Performance
Significant Improvement in Cost Performance Cash Cost of Goods Sold per MT(1) Identifying and executing $5,454 $5,537 cost reduction opportunities: $4,086 $4,019 $4,290 $3,807 • Reducing raw material consumption • Optimizing energy efficiency • Enhancing procurement strategies • Reducing fixed cost
Slide 11: Earnings and Cash Flow
Earnings and Cash Flow Q4 2025: (1) (2) • Net loss of $65 million, or $2.50 per share , and adjusted EBITDA of negative $22 million (2) • Net cash used in operating activities of $21 million and adjusted free cash flow of negative $39 million Full-year 2025: (1) (2) • Net loss of $220 million, o
Slide 12: Liquidity and Debt Maturity Profile
Liquidity and Debt Maturity Profile Liquidity of $340 million as of December 31, 2025 continues to support our ability to manage through the near-term, industry- wide challenges Substantially no debt maturities until December 2029 Liquidity Debt Maturity Profile (in millions) (in millions) 12
Slide 13: 2026 Priorities and Outlook
2026 Priorities and Outlook Leveraging our strong customer value proposition to drive additional volume and 1 market share growth Further optimizing our order book by continuing to shift the geographic mix of our 2 sales volume to regions with higher pricing 3 Expanding on our initiatives to further
Slide 14: Long-term Industry Tailwinds
GrafTech Remains Well-positioned to Benefit from Long-term Industry Tailwinds Long-term Industry Tailwinds Shift to electric arc furnace (“EAF”) steelmaking expected to continue, driven by decarbonization efforts, resulting in further graphite electrode demand growth Synthetic graphite and petro
Slide 15: Why GrafTech?
Why GrafTech? An Industry Leader in the Production of High-Quality Graphite Electrodes Graphite electrodes are essential to the operation of an EAF Reflecting environmental benefits, growth in EAF steelmaking expected to continue outpacing integrated steelmaking Sustainable Competitive Advantage
Slide 16: Appendix
Appendix International 16
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow and
Slide 18: Reconciliation to Adjusted Net Loss
Reconciliation to Adjusted Net Loss Three Months Ended Year Ended Dec 31, Sept 30, June 30, Mar 31, Dec 31, Dec 31, Dec 31, ($ in thousands) 2025 2025 2025 2025 2024 2025 2024 Net loss $ (65,116) $ (28,482) $ (86,886) $ (39,351) $ (49,476) $ (219,835) $ (131,165) Adjustments, pre-tax: Pension and OP
Slide 19: Reconciliation to Adjusted Loss Per Share
Reconciliation to Adjusted Loss Per Share Three Months Ended Year Ended Dec 31, Sept 30, June 30, Mar 31, Dec 31, Dec 31, Dec 31, 2025 2025 2025 2025 2024 2025 2024 Loss per share $ (2.50) $ (1.10) $ (3.35) $ (1.52) $ (1.92) $ (8.45) $ (5.09) Adjustments per share, pre-tax: Pension and OPEB plan exp
Slide 20: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended Year Ended Dec 31, Sept 30, June 30, Mar 31, Dec 31, Dec 31, Dec 31, ($ in thousands) 2025 2025 2025 2025 2024 2025 2024 Net loss $ (65,116) $ (28,482) $ (86,886) $ (39,351) $ (49,476) $ (219,835) $ (131,165) Add: Depreciation and amortization 15,
Slide 21: Reconciliation to Adjusted Free Cash Flow
Reconciliation to Adjusted Free Cash Flow Three Months Ended Year Ended Dec 31, Sept 30, June 30, Mar 31, Dec 31, Dec 31, Dec 31, ($ in thousands) 2025 2025 2025 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ (20,894) $ 24,700 $ (53,236) $ (32,186) $ (26,417) $ (81,616) $
Slide 22: Reconciliation to Cash Cost of Goods Sold per MT
Reconciliation to Cash Cost of Goods Sold per MT Three Months Ended Year Ended Dec 31, Sept 30, June 30, Mar 31, Dec 31, Sept 30, June 30, Mar 31, Dec 31, Dec 31, Dec 31, Dec 31, ($ in thousands, except per MT amounts) 2025 2025 2025 2025 2024 2024 2024 2024 2023 2025 2024 2023 Cost of goods sold $
Slide 23: 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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