Graftech International Ltd. · NYSE:EAF
Graftech International — Q2 2026 Earnings Presentation
20 slides from Graftech International's earnings presentation, Jul 24, 2026
Slide 1: Q2 2026 Results
Q2 2026 Results July 24, 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 increases on uncommitted volume 2 Advocating for fair trade to support market stability 3 Improving efficiency and competitiveness of manufacturing footprint 4 Positioning GrafTech to capitalize on emerging opportunities We are taking decisive commercia
Slide 5: Steel Industry Trends
Steel Industry Trends (1) Q2 2026 global steel production, excluding China, of 217 million tons was up ~2% compared to Q2 2025 (2) In Q2 2026, the quarterly U.S. steel capacity utilization rate reached 80% for the first time since Q2 2022 Steel Capacity Utilization Rates(2) 80% 78% 78% 77% 75% 6
Slide 6: Global Steel Industry – Potential Near-term Catalysts
Global Steel Industry – Potential Near-term Catalysts Increased trade protections 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 major
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 Q2 YTD 2026 (1) TRIR measured per 200,000 hours worked. 7
Slide 8: Production and Sales
Production and Sales Q2 2026 versus Q2 2025: • Production volume increased 14%; sales volume increased 8% • Net sales declined 3% as higher sales volume was more than offset by lower weighted-average realized pricing Production Volume Sales Volume Net Sales (in thousands of metric tons (“MT”)) (in
Slide 9: Cost Performance
Cost Performance Cash Cost of Goods Sold per MT(1) Identifying and executing $5,537 cost reduction opportunities: $4,315 $4,290 $3,754 $3,848 $3,807 • Improving manufacturing productivity $3,517 • Enhancing operating discipline • Optimizing procurement effectiveness and energy efficiency • Offsettin
Slide 10: Earnings and Cash Flow
Earnings and Cash Flow Q2 2026: • Net loss of $40 million, or $1.54 per share(1) and adjusted EBITDA(2) of $2 million • Net cash used in operating activities of $69 million and adjusted free cash flow(2) of negative $75 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 During June 2026, we drew the remaining $100 million that was available under our delayed draw first lien term loan facility Liquidity of $253 million as of June 30, 2026 provides flexibility to execute our strategy while navigating the current environment S
Slide 12: Why GrafTech?
Why GrafTech? An Industry Leader in the Production of High-Quality Graphite Electrodes Graphite electrodes are essential to the operation of an EAF Reflecting environmental benefits, growth in EAF steelmaking expected to continue outpacing integrated steelmaking Sustainable Competitive Advantage
Slide 13: Appendix
Appendix International 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow and
Slide 15: Reconciliation to Adjusted Net Loss
Reconciliation to Adjusted Net Loss Three Months Ended June 30, Mar 31, Dec 31, Sept 30, June 30, ($ in thousands) 2026 2026 2025 2025 2025 Net loss $ (40,471) $ (43,277) $ (65,116) $ (28,482) $ (86,886) Adjustments, pre-tax: Pension and OPEB plan expenses(1) 532 531 (3,109) 719 633 Foreign currency
Slide 16: Reconciliation to Adjusted Loss Per Share
Reconciliation to Adjusted Loss Per Share Three Months Ended June 30, Mar 31, Dec 31, Sept 30, June 30, 2026 2026 2025 2025 2025 Loss per share $ (1.54) $ (1.66) $ (2.50) $ (1.10) $ (3.35) Adjustments per share, pre-tax: Pension and OPEB plan expenses(1) 0.02 0.02 (0.12) 0.03 0.03 Foreign currency r
Slide 17: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended June 30, Mar 31, Dec 31, Sept 30, June 30, ($ in thousands) 2026 2026 2025 2025 2025 Net loss $ (40,471) $ (43,277) $ (65,116) $ (28,482) $ (86,886) Add: Depreciation and amortization 14,913 15,048 15,799 16,499 15,562 Interest expense 24,370 24,1
Slide 18: Reconciliation to Adjusted Free Cash Flow
Reconciliation to Adjusted Free Cash Flow Three Months Ended June 30, Mar 31, Dec 31, Sept 30, June 30, ($ in thousands) 2026 2026 2025 2025 2025 Net cash (used in) provided by operating activities $ (68,612) $ (14,934) $ (20,894) $ 24,700 $ (53,236) Capital expenditures (6,864) (12,145) (18,371) (6
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 June 30, Mar 31, Dec 31, Sept 30, June 30, Mar 31, Dec 31, Sept 30, June 30, Dec 31, Dec 31, Dec 31, ($ in thousands, except per MT amounts) 2026 2026 2025 2025 2025 2025 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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