Financial Data and Key Metrics Changes - Fourth quarter 2020 net sales were $338 million, an 18% sequential improvement from the third quarter [19] - Full-year EPS was $1.62, with fourth quarter net income of $125 million, up 33% from the third quarter [21] - Fourth quarter adjusted EBITDA was $176 million, up 15% from the third quarter [21] - Free cash flow for the full year was $528 million, with fourth quarter free cash flow of $142 million, also up 15% from the third quarter [21][22] Business Line Data and Key Metrics Changes - Production and sales volumes of graphite electrodes improved to 36,000 metric tons produced and 37,000 metric tons shipped in the fourth quarter [19] - Fourth quarter LTA shipments were 31,000 metric tons, while full-year LTA shipments totaled 113,000 metric tons [20] Market Data and Key Metrics Changes - Fourth quarter global steel production outside of China improved to 211 million tons from 191 million tons in the third quarter [13] - USA hot-rolled coil values were approximately $1,160 to $1,180 per ton, up over 75% in the fourth quarter [14] - Black Sea billet prices were approximately $540 to $560 per metric ton, up over 30% in the fourth quarter [14] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and reduce debt while investing in high-return operational improvements [25][36] - GrafTech focuses on providing superior services and solutions to customers, with a commitment to health and safety as a core value [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the steel market and its positive impact on the graphite electrode market later in 2021 [14][30] - The company anticipates continued cash flow generation in 2021, primarily directed towards debt reduction [25][36] Other Important Information - GrafTech reduced its debt by $400 million in 2020 and ended the year with total liquidity of approximately $392 million [23][24] - The company plans to publish its second annual sustainability report later in the year [12] Q&A Session Summary Question: Update on spot pricing in electrodes and needle coke - Management noted a lag in pricing improvements but expressed optimism for 2021 as pricing is expected to improve [30] Question: Current inventory position with customers - Management indicated that inventory levels have been significantly worked down and are approaching normal levels [31] Question: Expectations for merchant and spot volumes - Management is cautiously optimistic about an increase in spot business in 2021 compared to 2020 [32] Question: Capital allocation priorities for 2021 - The focus will be on maintaining a strong balance sheet and reducing debt, with potential for returning cash to shareholders later [36] Question: Optimal capital structure and potential for shareholder returns - Management is comfortable operating below a leverage level of 2x to 2.5x and will assess the timing for returning cash to shareholders [40][41] Question: Volume expectations for the first quarter - Management expects steady improvement quarter-over-quarter throughout the year, with no significant increase in Q1 [46] Question: Future capital projects and CapEx levels - Management views the current CapEx level as sustainable and does not foresee significant increases in the near future [49] Question: Long-term contracts and customer interest - Management plans to continue offering long-term contracts and believes there is still demand for such arrangements [51][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, 2020 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition p ...

GrafTech International Ltd. (NYSE:EAF) Q3 2020 Results Earnings Conference Call November 3, 2020 10:00 AM ET Company Participants Wendy Watson - VP President of IR Dave Rintoul - President and CEO Quinn Coburn - VP and CFO Conference Call Participants Curt Woodworth - Credit Suisse Arun Viswanathan - RBC Capital Markets Alex Hacking - Citi Operator Ladies and gentlemen, thank you for standing-by and welcome to the GrafTech’s Third Quarter 2020 Earnings Conference Call and Webcast. At this time all participa ...

GrafTech International Ltd. (NYSE:EAF) Q2 2020 Results Conference Call August 7, 2020 4:00 PM ET Company Participants Dave Rintoul - President and Chief Executive Officer Wendy Watson - Vice President of Investor Relations Quinn Coburn - Vice President and Chief Financial Office Conference Call Participants David Gagliano - BMO Capital Market Arun Viswanathan - RBC Operator Good afternoon, everyone, and welcome to the GrafTech International's Second Quarter 2020 Earnings Results Conference Call and Webcas ...

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 June 30, 2020 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period ...

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, 2020 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 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 (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, 2019 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 ...

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) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition ...

[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Unaudited H1 2019 financials show net sales growth and a strengthened balance sheet, with strong operating cash flow despite a net income decline [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2019, total assets grew to **$1.73 billion**, liabilities decreased, and stockholders' deficit improved to **$(709.8) million** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2019 (million) | December 31, 2018 (million) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $205.3 | $49.9 | | Total current assets | $881.3 | $638.1 | | **Total assets** | **$1,726.4** | **$1,505.5** | | **Liabilities & Equity** | | | | Total current liabilities | $260.1 | $327.1 | | Long-term debt | $1,991.3 | $2,050.3 | | Total liabilities | $2,436.2 | $2,582.3 | | Total stockholders' (deficit) | **$(709.8)** | **$(1,076.8)** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q2 2019 net sales grew **5%** to **$480.4 million**, but net income decreased to **$196.4 million** due to higher cost of sales, with similar trends for the six-month period Q2 2019 vs Q2 2018 Performance (in millions, except EPS) | Metric | Three Months Ended June 30, 2019 (million) | Three Months Ended June 30, 2018 (million) | | :--- | :--- | :--- | | Net sales | $480.4 | $456.3 | | Gross profit | $283.3 | $290.4 | | Operating profit | $267.2 | $273.6 | | Net income | $196.4 | $201.4 | | Diluted EPS | $0.68 | $0.67 | H1 2019 vs H1 2018 Performance (in millions, except EPS) | Metric | Six Months Ended June 30, 2019 (million) | Six Months Ended June 30, 2018 (million) | | :--- | :--- | :--- | | Net sales | $955.4 | $908.2 | | Gross profit | $562.8 | $597.2 | | Operating profit | $530.8 | $564.0 | | Net income | $393.8 | $425.1 | | Diluted EPS | $1.36 | $1.41 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2019 operating activities generated **$359.0 million** in cash, with net cash outflow from financing activities primarily due to debt repayments and dividends Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Activity | 2019 (million) | 2018 (million) | | :--- | :--- | :--- | | Net cash provided by operating activities | $359.0 | $377.7 | | Net cash used in investing activities | $(29.1) | $(27.9) | | Net cash used in financing activities | $(174.4) | $(195.8) | | **Net change in cash and cash equivalents** | **$155.5** | **$154.0** | - The net change in working capital resulted in a cash outflow of **$102.5 million** in the first half of 2019, compared to an outflow of **$158.6 million** in the prior year period[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation, debt structure, contingent liabilities, and a post-quarter **$100 million** share repurchase program Disaggregated Revenue for Six Months Ended June 30 (in millions) | Revenue Source | 2019 (million) | 2018 (million) | | :--- | :--- | :--- | | Graphite Electrodes - Long-term contracts | $773.6 | $617.4 | | Graphite Electrodes - Short-term/spot | $123.5 | $210.5 | | By-products and other | $58.2 | $80.3 | | **Total Revenues** | **$955.4** | **$908.2** | - The company estimates **$4.5 billion** in future revenue from remaining performance obligations under its three-to-five-year take-or-pay contracts as of June 30, 2019[49](index=49&type=chunk)[50](index=50&type=chunk) - Total debt as of June 30, 2019 was approximately **$2.03 billion**. The company made a **$125 million** repayment on its 2018 Term Loan Facility in February 2019[68](index=68&type=chunk) - Subsequent to the quarter end, on July 30, 2019, the Board of Directors authorized a **$100 million** share repurchase program and declared a regular quarterly dividend of **$0.085 per share**[148](index=148&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights stability from long-term contracts, with Q2 2019 net sales up **5%** to **$480.4 million** despite gross profit decline, maintaining strong liquidity - The company's commercial strategy relies on three-to-five-year take-or-pay contracts, which have secured approximately **65-70%** of its production capacity[151](index=151&type=chunk) Key Operating Metrics - Q2 2019 vs Q2 2018 | Metric | Q2 2019 | Q2 2018 | | :--- | :--- | :--- | | Sales volume (MT, in thousands) | 45 | 42 | | Weighted average realized price ($/MT) | $10,014 | $9,783 | | Production volume (MT, in thousands) | 48 | 45 | | Capacity utilization | 83% | 87% | Reconciliation to Adjusted EBITDA (in millions) | Metric | Q2 2019 (million) | Q2 2018 (million) | | :--- | :--- | :--- | | Net income | $196.4 | $201.4 | | EBITDA from continuing operations | $281.8 | $228.1 | | Adjusted EBITDA from continuing operations | **$284.4** | **$292.0** | [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q2 2019 net sales increased **5%** to **$480.4 million** due to higher volume, but cost of sales surged **19%** to **$197.0 million**, leading to a **2%** gross profit decline - Q2 2019 net sales increased by **$24.1 million (5%)** YoY, driven by a **6%** increase in sales volume of graphite electrodes and a higher weighted average realized price of **$10,014 per MT**[180](index=180&type=chunk) - Q2 2019 cost of sales increased by **$31.1 million (19%)** YoY, primarily due to sales of inventory manufactured with higher-priced needle coke[180](index=180&type=chunk)[181](index=181&type=chunk) - The effective tax rate for Q2 2019 was **16.1%**, a significant shift from a benefit of **(9.4%)** in Q2 2018, impacted by a valuation allowance release[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2019, total liquidity was strong at **$452.2 million**, with a **$125 million** debt repayment and a **$100 million** share repurchase program authorized - As of June 30, 2019, total liquidity was **$452.2 million**, consisting of **$205.3 million** in cash and **$246.9 million** available under the 2018 Revolving Facility[209](index=209&type=chunk) - On February 13, 2019, the company repaid **$125 million** on its 2018 Term Loan Facility[222](index=222&type=chunk) - A program to repurchase up to **$100 million** of outstanding common stock was authorized by the Board of Directors on July 30, 2019[220](index=220&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, currency, and energy prices, with a **100 basis point** interest rate increase impacting interest expense by **$10.5 million** for H1 2019 - A hypothetical **100 basis point** increase in interest rates would have increased interest expense by **$10.5 million** for the six months ended June 30, 2019, due to floating-rate debt[253](index=253&type=chunk) - The company uses commodity derivative contracts to manage exposure to refined oil products, which had a net unrealized pre-tax gain of **$14.2 million** as of June 30, 2019[251](index=251&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, deemed disclosure controls and procedures effective as of June 30, 2019, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2019[260](index=260&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[261](index=261&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including long-pending litigation in Brazil regarding wage increases, with potential loss currently not estimable - The company is defending against litigation in Brazil brought by employees concerning wage increase provisions from 1989 and 1990, with the potential loss not estimable as of June 30, 2019[265](index=265&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K filed on February 22, 2019 - No material changes to the Risk Factors disclosed in the Annual Report on Form 10-K filed on February 22, 2019 have occurred[267](index=267&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications from the Principal Executive Officer and Principal Financial Officer - The report includes certifications from the CEO and CFO pursuant to Rules 13a-14(a) and Section 906 of the Sarbanes-Oxley Act of 2002[271](index=271&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to | --- | --- | |-------------------------------------------------------------------|-----------------------------------------| | | | | Com ...