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Q3 2025 Results October 24, 2025 NYSE: EAF www.graftech.com
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Today’s Presenters 2 Tim Flanagan Chief Executive Officer and President Rory O’Donnell Chief Financial Officer and Senior Vice President
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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 reflect our current views with respect to, among other things, financial projections, plans and objectives of management for future operations, future economic performance and short-term and long-term liquidity. Examples of forward-looking statements include, among others, statements we make regarding future estimated volume, pricing and revenue, and anticipated levels of capital expenditures and cost of goods sold. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident,” or the negative versions of those words or other comparable words. Any forward-looking statements contained in this presentation are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to: our dependence on the global steel industry generally and the electric arc furnace steel industry in particular; the cyclical nature of our business and the selling prices of our products, which may further decline in the future, and may continue to lead to prolonged periods of reduced profitability and net losses or adversely impact liquidity; the sensitivity of our business and operating results to economic conditions, including any recession, and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all; the possibility that we may be unable to implement our business strategies in an effective manner, including our ability to effectively implement price increases and shift sales to regions with higher average selling prices; continued overcapacity of the global graphite electrode industry, which may further adversely affect graphite electrode prices; the competitiveness of the graphite electrode industry; our dependence on the supply of raw materials, including decant oil and petroleum needle coke, and disruptions in supply chains for these materials; our primary reliance on one facility in Monterrey, Mexico for the manufacturing of connecting pins; the cost of electric power and natural gas, particularly in Europe; our manufacturing operations are subject to hazards; the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; the possibility that our results of operations could further deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as a global pandemic, political crises or other catastrophic events; the risks and uncertainties associated with litigation, arbitration, and like disputes, including disputes related to contractual commitments; our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are subject to information technology systems failures, cybersecurity incidents, network disruptions and breaches of data security, including with respect to our third-party suppliers and business partners; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions; the sensitivity of long-lived assets on our balance sheet to changes in the market; our dependence on protecting our intellectual property and the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the impact of inflation and our ability to mitigate the effect on our costs; the impact of macroeconomic and geopolitical events on our business, results of operations, financial condition and cash flows, and the disruptions and inefficiencies in our supply chain that may occur as a result of such events; the possibility that the imposition of current, new or increases of existing custom duties and other tariffs in the countries in which we, our customers and our suppliers operate could adversely affect our ability to compete, operations and results of operations; the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness; the fact that any current or future borrowings may subject us to interest rate risk; risks and uncertainties associated with our ability to access the capital and credit markets could adversely affect our results of operations, cash flows and financial condition; the possibility that disruptions in the capital and credit markets could adversely affect our customers and suppliers; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; and changes in health, safety and environmental regulations applicable to our manufacturing operations and facilities. These factors should not be construed as exhaustive and should be read in conjunction with the Risk Factors and other cautionary statements that are included in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this presentation, in our Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q that could cause actual results to differ before making an investment decision to purchase our common stock. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. 3
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GrafTech’s Third Quarter Performance Demonstrates Ongoing Momentum Grew total sales volume 9% year-over-year; 8% growth year-to-date Delivered 10% year-over-year decline in cash costs per metric ton Achieved 53% year-over-year volume growth in the United States 4 Generated positive EBITDA and cash flow Cash flow performance and quarter-end liquidity position exceeded our expectations
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Geopolitical uncertainty, particularly as it relates to global trade and tariffs, continues to have a significant impact on broader steel industry trends Q3 2025 global steel production, excluding China, of 206 million tons versus 203 million tons in Q3 2024(1) Steel Industry Trends 5 (1) Source: World Steel Association, as of October 2025. (2) Source: World Steel Association, Metal Expert and GrafTech analysis for Global (ex-China) rates. American Iron and Steel Institute for U.S. rates. Data as of October 2025. 66% 67% 67% 67% 66% 76% 73% 76% 77% 78% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Global (ex-China) U.S. Steel Capacity Utilization Rates(2)
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Global Steel Industry – Potential Near-term Catalysts 6 (1) Source: World Steel Association Short Range Outlook, as of October 2025. Easing geopolitical tensions Infrastructure investments Defense spending Increased trade protections CBAM implementation Construction spending Easing monetary policy Improving macroeconomics “This positive outlook is underpinned by the demonstrated resilience of the global economy, continued strength in public infrastructure investments … and the expected easing in financial conditions.” (1) “The long-awaited return of steel demand growth in the EU reflects the impact of increased infrastructure and defense spending in the continent in combination with improving macroeconomic conditions…” (1)
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Prioritizing Safety 7 0.94 0.61 0.59 0.33 2022 2023 2024 Q3 YTD 2025 (1) TRIR measured per 200,000 hours worked. Total Recordable Incident Rate (“TRIR”)(1)
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Production and Sales 8 Sales Volume (in thousands of MT) Net Sales (in millions) Production Volume (in thousands of metric tons (“MT”)) Q3 2025 production volume up 37% and sales volume up 9% compared to Q3 2024 On a full-year basis, our expectation remains to balance our production and sales volume levels Q3 2025 net sales up 10% compared to Q3 2024, as the recognition of previously deferred revenue as well as the benefit of higher sales volume were only partially offset by lower weighted-average realized prices 19.4 25.1 28.5 29.4 26.6 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 26.4 27.2 24.7 28.6 28.8 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 $131 $134 $112 $132 $144 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25
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Significant Improvement in Cost Performance 9 Cash Cost of Goods Sold per MT(1) $5,863 $4,197 $3,795 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 $5,537 $4,290 $3,738 FY 2023 FY 2024 Q3 YTD 2025 Identifying and executing cost reduction opportunities: • Reducing raw material consumption • Optimizing energy efficiency • Enhancing procurement strategies • Reducing fixed cost expenditures • Improving fixed cost leverage • Managing tariff impacts (1) Non-GAAP financial measure, see appendix for reconciliations.
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Earnings and Cash Flow 10 (1) Loss per share represents diluted loss per share. Adjusted loss per share represents diluted adjusted loss per share. (2) Non-GAAP financial measure, see appendix for reconciliations. Adjusted Loss Per Share(1)(2) Adjusted EBITDA(2) (in millions) Adjusted Free Cash Flow(2) (in millions) Q3 2025 net loss of $28 million, or $1.10 per share(1), and adjusted EBITDA(2) of $13 million Q3 2025 net cash provided by operating activities of $25 million and adjusted free cash flow(2) of $18 million Q3 2025 cash cost of goods sold per MT(2) declined 10% year-over-year $20 ($21) ($40) ($53) $18 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 ($6) ($7) ($4) $3 $13 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/23($1.33) ($1.28) ($1.32) ($1.63) ($1.03) Q3/24 Q4/24 Q1/25 Q2/25 Q3/25
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Liquidity and Debt Maturity Profile 11 Liquidity (in millions) Liquidity of $384 million as of September 30, 2025 continues to support our ability to manage through the near-term, industry-wide challenges Substantially no debt maturities until December 2029 Debt Maturity Profile (in millions)
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Delivering on Initiatives to Meet Our Key Commercial, Operational and Financial Objectives Leveraging our strong customer value proposition to drive volume and market share growth Executing initiatives to significantly improve our cost structure Optimizing order book by strategically shifting the geographic mix of our sales volume to regions with higher pricing 12 2 1 3 Executing actions to accelerate our path back to normalized levels of profitability Maintaining a strong liquidity position4
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13 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 needle coke demand expected to accelerate to support the building of western supply chains for battery material needs Long-term Opportunities for GrafTech Leveraging competitive advantages and compelling customer value proposition to capitalize on graphite electrode demand Leveraging assets and expertise to participate in development of domestic supply for battery materials for the electric vehicle (“EV”) and energy storage markets GrafTech Remains Well-positioned to Benefit from Long-term Industry Tailwinds
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Why GrafTech? 14 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 Advantages Operate some of the highest capacity graphite electrode manufacturing facilities in the world Substantial vertical integration into petroleum needle coke, our key raw material Needle coke demand expected to accelerate driven by use in the growing EV and energy storage markets Focus on Providing Value-Added Services and Solutions for Customers Extensive intellectual property portfolio and experience in research and development ArchiTech® Furnace Productivity System provides enhanced customer value Prudent and Disciplined Long-Term Capital Allocation Strategy Debt reduction to strengthen our balance sheet and provide strategic flexibility Investing in our operations Returning capital to our stockholders
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Appendix 15
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Non-GAAP Financial Measures 16 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 cash cost of goods sold per MT are non-GAAP financial measures. We define EBITDA, a non-GAAP financial measure, as net loss plus interest expense, minus interest income, plus income taxes and depreciation and amortization. We define adjusted EBITDA, a non-GAAP financial measure, as EBITDA adjusted by any pension and other post-employment benefit ("OPEB") expenses, rationalization and rationalization-related expenses, non-cash gains or losses from foreign currency remeasurement of non-operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, stock-based compensation expense, proxy contest expenses and Tax Receivable Agreement adjustments. Adjusted EBITDA is the primary metric used by our management and our Board of Directors to establish budgets and operational goals for managing our business and evaluating our performance. We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period-to-period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. We define adjusted net loss, a non-GAAP financial measure, as net loss, excluding the items used to calculate adjusted EBITDA and further excluding debt modification costs, less the tax effect of those adjustments and non-cash income tax expense related to the establishment of a deferred tax valuation allowance. We define adjusted loss per share, a non-GAAP financial measure, as adjusted net loss divided by the weighted average diluted common shares outstanding during the period. We believe adjusted net loss and adjusted loss per share are useful to present to investors because we believe that they assist investors’ understanding of the underlying operational profitability of the Company. We define free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow, a non-GAAP financial measure, as free cash flow adjusted by payments made for debt modification costs. We use free cash flow and adjusted free cash flow as critical measures in the evaluation of liquidity in conjunction with related GAAP amounts. We also use these measures when considering available cash, including for decision-making purposes related to dividends and discretionary investments. Further, these measures help management, the Board of Directors, and investors evaluate the Company's ability to generate liquidity from operating activities. We define cash cost of goods sold per MT, a non-GAAP financial measure, as cost of goods sold less depreciation and amortization, less cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes and less rationalization-related expenses, with this total divided by our sales volume measured in MT. We believe this is an important measure as it is used by our management and Board of Directors to evaluate our costs on a per MT basis. In evaluating these non-GAAP financial measures, you should be aware that in the future, we may incur expenses similar to the adjustments in the reconciliations presented below. Our presentations of these non-GAAP financial measures should not be construed as suggesting that our future results will be unaffected by these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider these non-GAAP financial measures alongside other measures of financial performance and liquidity, including our net loss, loss per share, cash flow from operating activities, cost of goods sold and other GAAP measures.
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Reconciliation to Adjusted Net Loss 17 (1) Net periodic benefit cost for our pension and OPEB plans. (2) Severance and contract termination costs associated with the cost rationalization and footprint optimization plan announced i n February 2024. (3) Other non-cash costs, primarily inventory and fixed asset write- offs, associated with the cost rationalization and footprint opt imization plan announced in February 2024. (4) Non-cash losses (gains) from foreign currency remeasurement of non- operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar. (5) Non-cash expense for stock-based compensation awards. (6) Expenses associated with our proxy contest. (7) Prior to the second quarter of 2025, represents expense adjustment for future payment to our sole pre- Initial Public Offering ("IPO") stockholder for tax assets that have been utilized. In the second quarter of 2025, represents the write-off of the remaining liability for pre-IPO tax assets that are not expected to be utilized. (8) Debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Consolid ated Statements of Operations. (9) Represents non-cash income tax expense recorded in the second quarter of 2025 related to the establishment of a full valuation allowance against the Company’s United States and Switzerland deferred tax assets. (10) Represents the tax impact on the non-GAAP adjustments. Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, ($ in thousands) 2025 2025 2025 2024 2024 Net loss $ (28,482) $ (86,886) $ (39,351) $ (49,476) $ (36,068) Adjustments, pre-tax: Pension and OPEB plan expenses(1) 719 633 628 967 479 Rationalization expenses(2) - - - - (99) Rationalization-related expenses(3) - - - - - Non-cash losses (gains) on foreign currency remeasurement(4) 41 1,363 (17) (507) (352) Stock-based compensation expense(5) 1,012 1,842 580 1,589 1,838 Proxy contest expenses(6) - - - - - Tax Receivable Agreement adjustment(7) - (3,802) 11 87 - Debt modification costs(8) - 932 5,361 18,369 - Total non-GAAP adjustments pre-tax 1,772 968 6,563 20,505 1,866 Income tax non-GAAP adjustments(9) - (42,624) - - - Income tax impact on non-GAAP adjustments(10) 78 (1,047) 1,367 4,172 74 Adjusted net loss $ (26,788) $ (42,247) $ (34,155) $ (33,143) $ (34,276)
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Reconciliation to Adjusted Loss Per Share 18 (1) Net periodic benefit cost for our pension and OPEB plans. (2) Severance and contract termination costs associated with the cost rationalization and footprint optimization plan announced i n February 2024. (3) Other non-cash costs, primarily inventory and fixed asset write- offs, associated with the cost rationalization and footprint opt imization plan announced in February 2024. (4) Non-cash losses (gains) from foreign currency remeasurement of non- operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar. (5) Non-cash expense for stock-based compensation awards. (6) Expenses associated with our proxy contest. (7) Prior to the second quarter of 2025, represents expense adjustment for future payment to our sole pre- IPO stockholder for tax as sets that have been utilized. In the second quarter of 2025, represents the write- off of the remaining liability for pre-IPO tax assets that are not expected to be utilized. (8) Debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Consolid ated Statements of Operations. (9) Represents non-cash income tax expense recorded in the second quarter of 2025 related to the establishment of a full valuation allowance against the Company’s United States and Switzerland deferred tax assets. (10) Represents the tax impact on the non-GAAP adjustments. Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, 2025 2025 2025 2024 2024 Loss per share $ (1.10) $ (3.35) $ (1.52) $ (1.92) $ (1.40) Adjustments per share, pre-tax: Pension and OPEB plan expenses(1) 0.03 0.03 0.02 0.04 0.01 Rationalization expenses(2) - - - - - Rationalization-related expenses(3) - - - - - Non-cash losses (gains) on foreign currency remeasurement(4) - 0.05 - (0.02) (0.01) Stock-based compensation expense(5) 0.04 0.07 0.02 0.06 0.07 Proxy contest expenses(6) - - - - - Tax Receivable Agreement adjustment(7) - (0.15) - - - Debt modification costs(8) - 0.04 0.21 0.72 - Total non-GAAP adjustments pre-tax per share 0.07 0.04 0.25 0.80 0.07 Income tax non-GAAP adjustments per share(9) - (1.64) - - - Income tax impact on non-GAAP adjustments per share(10) - (0.04) 0.05 0.16 - Adjusted loss per share $ (1.03) $ (1.63) $ (1.32) $ (1.28) $ (1.33)
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Reconciliation to Adjusted EBITDA 19 (1) Net periodic benefit cost for our pension and OPEB plans. (2) Severance and contract termination costs associated with the cost rationalization and footprint optimization plan announced in February 2024. (3) Other non-cash costs, primarily inventory and fixed asset write-offs, associated with the cost rationalization and footprint optimization plan announced in February 2024. (4) Non-cash losses (gains) from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar. (5) Non-cash expense for stock-based compensation awards. (6) Expenses associated with our proxy contest. (7) Prior to the second quarter of 2025, represents expense adjustment for future payment to our sole pre-IPO stockholder for tax assets that have been utilized. In the second quarter of 2025, represents the write-off of the remaining liability for pre-IPO tax assets that are not expected to be utilized. Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, ($ in thousands) 2025 2025 2025 2024 2024 Net loss $ (28,482) $ (86,886) $ (39,351) $ (49,476) $ (36,068) Add: Depreciation and amortization 16,499 15,562 13,783 16,110 17,933 Interest expense 24,517 25,418 29,841 37,575 16,503 Interest income (1,383) (1,866) (1,935) (1,226) (1,098) Income taxes 90 51,207 (7,212) (11,978) (5,332) EBITDA 11,241 3,435 (4,874) (8,995) (8,062) Adjustments: Pension and OPEB plan expenses (1) 719 633 628 967 479 Rationalization expenses (2) - - - - (99) Rationalization-related expenses (3) - - - - - Non-cash losses (gains) on foreign currency remeasurement (4) 41 1,363 (17) (507) (352) Stock-based compensation expense (5) 1,012 1,842 580 1,589 1,838 Proxy contest expenses (6) - - - - - Tax Receivable Agreement adjustment (7) - (3,802) 11 87 - Adjusted EBITDA $ 13,013 $ 3,471 $ (3,672) $ (6,859) $ (6,196)
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Reconciliation to Adjusted Free Cash Flow 20 (1) Cash payments of debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Consolidated Statements of Operations and recognized in net cash (used in) provided by operating activities on the Consolidated Statements of Cash Flows. Three Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, ($ in thousands) 2025 2025 2025 2024 2024 Net cash provided by (used in) operating activities $ 24,700 $ (53,236) $ (32,186) $ (26,417) $ 23,709 Capital expenditures (6,324) (3,909) (10,281) (12,792) (4,027) Free cash flow 18,376 (57,145) (42,467) (39,209) 19,682 Debt modification costs(1) - 3,808 2,193 18,249 - Adjusted free cash flow $ 18,376 $ (53,337) $ (40,274) $ (20,960) $ 19,682
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Reconciliation to Cash Cost of Goods Sold per MT 21 (1) Reflects the portion of depreciation and amortization that is recognized in cost of goods sold. (2) Primarily reflects cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes. (3) Other non-cash costs, primarily inventory and fixed asset write-offs, associated with the cost rationalization and footprint optimization plan announced in February 2024. Three Months Ended Year Ended Nine Months Ended Sept 30, June 30, Mar 31, Dec 31, Sept 30, June 30, Mar 31, Dec 31, Sept 30, Dec 31, Dec 31, Sept 30, ($ in thousands, except per MT amounts) 2025 2025 2025 2024 2024 2024 2024 2023 2023 2024 2023 2025 Cost of goods sold $ 132,041 $ 129,885 $ 110,765 $ 131,698 $ 134,885 $ 131,970 $ 135,204 $ 144,393 $ 157,603 $ 533,757 $ 571,857 $ 372,691 Less: Depreciation and amortization(1) 14,905 13,946 12,144 14,466 16,281 12,648 12,207 12,163 15,291 55,602 50,124 40,995 Cost of goods sold - by-products and other(2) 7,840 8,585 8,415 6,094 7,806 9,301 9,600 780 430 32,801 14,500 24,840 Rationalization-related expenses(3) - - - - - - 2,655 - - 2,655 - - Cash cost of goods sold 109,296 107,354 90,206 111,138 110,798 110,021 110,742 131,450 141,882 442,699 507,233 306,856 Sales volume (in thousands of MT) 28.8 28.6 24.7 27.2 26.4 25.5 24.1 24.1 24.2 103.2 91.6 82.1 Cash cost of goods sold per MT $ 3,795 $ 3,754 $ 3,652 $ 4,086 $ 4,197 $ 4,315 $ 4,595 $ 5,454 $ 5,863 $ 4,290 $ 5,537 $ 3,738
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Ticker: EAF (NYSE) Website: www.graftech.com Contact: Michael Dillon Email: investor.relations@graftech.com Phone: 1.216.676.2000 GrafTech International Ltd. 982 Keynote Circle Brooklyn Heights, Ohio 44131