Financial Data and Key Metrics Changes - Net income for Q1 2022 totaled $124 million, translating to $0.47 GAAP earnings per share and $0.48 adjusted earnings per share, reflecting strong financial performance [20] - Adjusted EBITDA for Q1 2022 was $170 million, an increase of $15 million year-over-year, resulting in an adjusted EBITDA margin of 46% [20] - Operating cash flow generated in Q1 2022 was $146 million, with adjusted free cash flow at $130 million, both representing a year-over-year increase of 20% [21] Business Line Data and Key Metrics Changes - The company sold 43,000 metric tons of electrodes in Q1 2022, a 16% increase compared to the prior year [15] - Average non-LTA pricing rose by 19% in Q1 2022 compared to Q4 2021, following a 10% sequential increase in the previous quarter [11] - Production reached 46,000 metric tons for the second consecutive quarter, marking a 28% year-over-year increase [15] Market Data and Key Metrics Changes - First quarter global steel production, excluding China, was essentially flat year-over-year, with healthy capacity utilization rates particularly in North America [10] - The demand for petroleum needle coke, a key raw material for graphite electrodes, is expected to expand due to its use in electric vehicle batteries [9] Company Strategy and Development Direction - The company is focused on leveraging its vertical integration into petroleum needle coke as a competitive advantage, which supports higher electrode pricing [9] - GrafTech aims to capitalize on the growing demand for electric arc furnace (EAF) steelmaking, which is more cost-effective and environmentally friendly [27] - The company is committed to a disciplined capital allocation strategy, including debt reduction and stock repurchases, while investing in operational improvements [24][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing trends in the graphite electrode market, driven by strong demand and pricing [8][26] - The company anticipates that the electric arc furnace segment will continue to grow, contributing to the decarbonization of the steel industry [27] - Management acknowledged inflationary pressures but indicated confidence in managing costs due to strong supplier relationships and vertical integration [21][22] Other Important Information - The company has provided force majeure notices for certain LTAs serving customers in Russia due to the conflict, resulting in a shift of contracted volumes to 2023-2024 [12] - GrafTech's balance sheet was strengthened with a $70 million reduction in term loans during Q1 2022, improving the debt-to-adjusted EBITDA ratio to 1.4 times [23] Q&A Session Summary Question: Current pricing environment for spot sales - Management refrained from providing guidance beyond Q2 but acknowledged the pricing environment as consistent with expectations [31] Question: Evidence of inventory builds globally - Management indicated it is too early to point to significant inventory builds globally, as the American market remains strong [32] Question: Update on expanding petroleum needle coke production for EV market - Management confirmed ongoing studies regarding potential expansion into the EV market but did not provide further details [33] Question: European market development and strategy changes - Management continues to monitor the situation in Europe but has not changed its strategy, focusing on regional strengths and pricing opportunities [37] Question: Demand uptake from the EV anode market - Management is evaluating opportunities in the EV market but did not provide specific statistics at this time [39] Question: Plans for deploying free cash flow - Management emphasized a disciplined capital allocation strategy, focusing on debt reduction and returning capital to shareholders [58] Question: Update on CEO succession planning - Management confirmed that a global search for a new CEO is underway [61]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.01 par value per share EAF New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2022 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition perio ...

Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share EAF New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission f ...

Start Time: 10:00 January 1, 0000 10:45 AM ET GrafTech International Ltd. (NYSE:EAF) Q4 2021 Earnings Conference Call February 04, 2022, 10:00 AM ET Company Participants David Rintoul - President and CEO Timothy Flanagan - CFO, VP Finance and Treasurer Quinn Coburn - SVP Jeremy Halford - EVP, COO Adam Dible - Assistant Controller and Chief Accounting Officer Conference Call Participants David Gagliano - BMO Capital Markets Arun Viswanathan - RBC Capital Markets Alex Hacking - Citi Michael Glick - JPMorgan O ...

Financial Data and Key Metrics Changes - Net income for Q3 2021 totaled $120 million, or $0.45 per GAAP earnings per share, with adjusted EBITDA of $172 million, reflecting a $19 million increase compared to Q3 2020 and an adjusted EBITDA margin of 50% [19][20] - Operating cash flow was strong at $134 million, with adjusted free cash flow of $125 million, achieving a 73% conversion rate of adjusted EBITDA to adjusted free cash flow [20][21] - Total debt was reduced by $100 million in Q3, with a year-to-date reduction of $300 million, resulting in a total debt to adjusted EBITDA ratio of 1.7 times [21][22] Business Line Data and Key Metrics Changes - Sales volumes of graphite electrodes reached 43,000 metric tons in Q3 2021, up 30% compared to Q3 2020, with shipments comprising 28,000 metric tons under long-term agreements (LTAs) at an average price of approximately $9,500 per metric ton and 15,000 metric tons of non-LTA sales at an average price of approximately $4,600 per metric ton [12][19] - Non-LTA prices increased by 12% in Q3 compared to Q2, with expectations for an additional increase of 7% to 9% in Q4 [10][12] Market Data and Key Metrics Changes - The global steel manufacturing utilization rate outside of China was 74% in Q3 2021, consistent with 75% in Q2 and a 15% improvement compared to Q3 2020 [6] - US steel industry utilization rates improved to 85% in Q3 from 82% in Q2 2021, compared to 65% in the prior year quarter [6] Company Strategy and Development Direction - The company is focused on enhancing its capital allocation strategy, which includes returning capital to shareholders while investing in business and reducing debt [24][26] - GrafTech aims to leverage its competitive advantages, including a low-cost structure and vertical integration into key raw materials, to position itself for long-term growth [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage through inflationary pressures and global supply chain challenges, while anticipating significantly higher graphite electrode prices in 2022 [7][8][25] - The company expects strong demand for graphite electrodes to continue, driven by the recovery in the steel industry and the growth of electric arc furnaces [25][27] Other Important Information - The company announced a new $150 million open market stock repurchase program, bringing the total authorized repurchase amount to $163 million [22][23] - A succession plan for the CFO was discussed, with Tim Flanagan set to replace Quinn Coburn, who will retire next year [4] Q&A Session Summary Question: Near-term pricing and volume pricing details - The CFO clarified that 75% of non-LTA business in Q3 was based on prior negotiations, leading to a larger percentage increase in pricing than reported [30][31] Question: Cost expectations for Q4 - The CFO indicated that total cost increases in Q4 are expected to be similar to previous quarters, around 1.5% to 2% [36] Question: Commercial strategy for next year - Management discussed the mix of annual, semi-annual, and quarterly agreements in the order book for next year, emphasizing the reset in pricing due to improved market conditions [40][42] Question: Needle coke availability and pricing - Management acknowledged tightness in the needle coke market and expected upward pressure on prices due to increased demand from various sectors, including EV production [46][59] Question: Contracting environment and customer expectations - Management noted that discussions regarding existing LTAs would likely not occur until late 2022, as customers are hedged and waiting to see market conditions [50][52]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.01 par value per share EAF New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition p ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for the periods ended June 30, 2021 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to $1.40 billion, driven by debt repayment and a reduction in cash | Account | June 30, 2021 ($ in thousands) | Dec 31, 2020 ($ in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 604,340 | 629,167 | | **Total Assets** | **1,397,140** | **1,432,712** | | **Total Current Liabilities** | 215,429 | 198,093 | | **Long-term Debt** | 1,224,897 | 1,420,000 | | **Total Liabilities** | 1,573,700 | 1,762,097 | | **Total Stockholders' Deficit** | (176,560) | (329,385) | | **Total Liabilities and Stockholders' Equity** | **1,397,140** | **1,432,712** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Net sales increased while net income significantly decreased due to higher selling and administrative expenses | Metric | Q2 2021 ($ in thousands) | Q2 2020 ($ in thousands) | H1 2021 ($ in thousands) | H1 2020 ($ in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | 330,750 | 280,718 | 635,147 | 599,364 | | **Gross Profit** | 128,883 | 150,118 | 286,884 | 329,847 | | **Operating Profit** | 52,082 | 133,407 | 188,961 | 297,492 | | **Net Income** | **28,165** | **92,776** | **126,964** | **215,044** | | **Diluted EPS** | $0.11 | $0.35 | $0.47 | $0.80 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased, while cash used in financing increased due to debt repayments | Cash Flow Activity | H1 2021 ($ in thousands) | H1 2020 ($ in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 208,755 | 287,656 | | **Net cash used in investing activities** | (25,833) | (24,290) | | **Net cash used in financing activities** | (214,612) | (155,729) | | **Net change in cash and cash equivalents** | (31,690) | 107,637 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a 'Change in Control' event from Brookfield's reduced ownership, which triggered a one-time expense - Brookfield's ownership of GrafTech common stock decreased from 55.3% as of December 31, 2020, to **23.9% as of June 30, 2021**[45](index=45&type=chunk) - The company's only reportable segment is **Industrial Materials**, which comprises graphite electrodes and petroleum needle coke products[46](index=46&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong sales volume growth, the impact of one-time charges, and a positive outlook [Commercial Update and Outlook](index=26&type=section&id=Commercial%20Update%20and%20Outlook) Sales volumes increased significantly year-over-year, with expectations of improving non-LTA pricing | Metric | Q2 2021 | Q1 2021 | Q2 2020 | | :--- | :--- | :--- | :--- | | **Sales Volume (kMT)** | 43 | 37 | 31 | | **Production Volume (kMT)** | 44 | 36 | 33 | - Non-LTA prices for graphite electrodes are expected to improve in the second half of 2021, with a projected **10%-12% increase in Q3 2021** compared to Q2 2021[144](index=144&type=chunk) Estimated LTA Revenue and Volume | Period | Estimated LTA Volume (kMT) | Estimated LTA Revenue (millions) | | :--- | :--- | :--- | | **2021** | 98-108 | $925-$1,025 | | **2022** | 95-105 | $910-$1,010 | | **2023-2024** | 35-45 | $350-$450 | [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Net income declined sharply despite higher sales, primarily due to significant one-time 'Change in Control' charges Q2 2021 vs Q2 2020 Performance (in thousands) | Metric | Q2 2021 | Q2 2020 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $330,750 | $280,718 | 18% | | **Cost of Sales** | $201,867 | $130,600 | 55% | | **Selling & Admin Expenses** | $75,783 | $16,001 | 374% | | **Net Income** | $28,165 | $92,776 | (70)% | - The increase in Cost of Sales for Q2 2021 was driven by higher sales volume and a one-time Long-term Incentive Plan (LTIP) charge of **$30.7 million** due to a Change in Control[177](index=177&type=chunk) - The surge in Selling and Administrative expenses in Q2 2021 was primarily due to a **$42.6 million** one-time LTIP expense and **$12.9 million** in accelerated stock-based compensation expense, both resulting from the Change in Control[178](index=178&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity and continued its strategy of prioritizing debt repayment - Total liquidity was **$360.5 million** as of June 30, 2021, comprising $114.1 million in cash and $246.4 million available under the 2018 Revolving Credit Facility[205](index=205&type=chunk) - The company repaid **$200 million** of principal on its 2018 Term Loans during the first six months of 2021 and anticipates using a majority of cash flow generated in 2021 to continue repaying debt[224](index=224&type=chunk) Cash Flow Summary (Six Months Ended June 30) | Activity | 2021 ($ in millions) | 2020 ($ in millions) | | :--- | :--- | :--- | | **Operating Activities** | 208.8 | 287.7 | | **Investing Activities** | (25.8) | (24.3) | | **Financing Activities** | (214.6) | (155.7) | [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company actively manages market risks from interest rates, currency exchange, and energy prices using derivatives - The company manages risks related to **interest rates** (from floating-rate debt), **currency exchange rates** (from international sales and operations), and **energy commodity prices** (for manufacturing)[247](index=247&type=chunk) - A hypothetical **100 basis point (1%) increase in interest rates** would have increased interest expense by $0.1 million for the six months ended June 30, 2021, net of the impact from interest rate swaps[255](index=255&type=chunk) - As of June 30, 2021, a **10% appreciation or depreciation of the U.S. dollar** against foreign currencies would result in a change of $6.8 million in the fair value of the foreign currency hedge portfolio[256](index=256&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021 - Based on an evaluation as of June 30, 2021, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** at the reasonable assurance level[261](index=261&type=chunk) - **No changes occurred** during the three months ended June 30, 2021, that materially affected or are reasonably likely to materially affect the company's internal control over financial reporting[262](index=262&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in customer arbitrations over LTAs, historical wage claims, and a stockholder lawsuit - The company is in arbitration with several customers, including Aperam and ArcelorMittal, who have failed to perform under their LTAs, with claimants seeking approximately **$61.0 million** in monetary relief[266](index=266&type=chunk) - A stockholder lawsuit filed in Delaware challenges the fairness of the company's **$250 million share repurchase** from Brookfield in December 2019 and asserts claims for breach of fiduciary duty[268](index=268&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the risk factors disclosed in the company's 2020 Annual Report - There have been **no material changes** to the Risk Factors disclosed in the company's Annual Report on Form 10-K filed on February 23, 2021[270](index=270&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in Q2 2021, with $59.0 million remaining under the authorized program Share Repurchases in Q2 2021 | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value Remaining Under Program | | :--- | :--- | :--- | :--- | | April 2021 | — | $— | $59,030,305 | | May 2021 | — | $— | $59,030,305 | | June 2021 | — | $— | $59,030,305 | | **Total** | **—** | **$—** | **$59,030,305** | [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required CEO and CFO certifications - The exhibits filed with this report include certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) and **Section 906 of the Sarbanes-Oxley Act**[280](index=280&type=chunk)

GrafTech International Ltd. (NYSE:EAF) Q1 2021 Earnings Conference Call May 5, 2021 10:00 AM ET Company Participants Wendy Watson - Vice President of Investor Relations and Corporate Communications David Rintoul - President and Chief Executive Officer Jeremy Halford - Senior Vice President of Operations and Development Quinn Coburn - Vice President of Finance and Chief Financial Officer Conference Call Participants Curtis Woodworth - Credit Suisse AG Arun Viswanathan - RBC Capital Markets David Gagliano - B ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.01 par value per share EAF New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition perio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission file number: 1-13888 GRAFTECH INTERNATIONAL LTD. (Exact name of registrant as specified in its charter) Delaware 27-2496053 (State or other jurisdict ...